Announcement • Apr 06
Orange Belgium S.A., Annual General Meeting, May 06, 2026 Orange Belgium S.A., Annual General Meeting, May 06, 2026, at 11:00 Romance Standard Time. Reported Earnings • Feb 08
Full year 2025 earnings released: EPS: €0.61 (vs €0.34 in FY 2024) Full year 2025 results: EPS: €0.61 (up from €0.34 in FY 2024). Revenue: €1.96b (down 1.5% from FY 2024). Net income: €41.3m (up 87% from FY 2024). Profit margin: 2.1% (up from 1.1% in FY 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jul 28
First half 2025 earnings released: EPS: €0.037 (vs €0.20 loss in 1H 2024) First half 2025 results: EPS: €0.037 (up from €0.20 loss in 1H 2024). Revenue: €962.7m (down 1.5% from 1H 2024). Net income: €2.50m (up €15.2m from 1H 2024). Profit margin: 0.3% (up from net loss in 1H 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Jun 15
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Price Target Changed • Jun 15
Price target increased by 7.6% to €17.70 Up from €16.45, the current price target is an average from 4 analysts. New target price is 5.4% above last closing price of €16.80. Stock is up 14% over the past year. The company posted earnings per share of €0.34 last year. Reported Earnings • Apr 07
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.34 (up from €0.001 in FY 2023). Revenue: €1.99b (up 14% from FY 2023). Net income: €22.1m (up €22.1m from FY 2023). Profit margin: 1.1% (up from 0% in FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 03
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €2.03b to €2.00b. EPS estimate rose from €0.739 to €0.859. Net income forecast to grow 244% next year vs 22% growth forecast for Wireless Telecom industry in Belgium. Consensus price target of €16.61 unchanged from last update. Share price was steady at €15.12 over the past week. Reported Earnings • Feb 09
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.33 (up from €0.001 in FY 2023). Revenue: €1.99b (up 14% from FY 2023). Net income: €22.2m (up €22.2m from FY 2023). Profit margin: 1.1% (up from 0% in FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Feb 07
Orange Belgium S.A. to Report First Half, 2025 Results on Jul 24, 2025 Orange Belgium S.A. announced that they will report first half, 2025 results on Jul 24, 2025 Announcement • Nov 16
Orange Belgium S.A. to Report Second Half, 2024 Results on Feb 07, 2025 Orange Belgium S.A. announced that they will report second half, 2024 results on Feb 07, 2025 Price Target Changed • Aug 13
Price target decreased by 9.9% to €17.10 Down from €18.98, the current price target is an average from 8 analysts. New target price is 15% above last closing price of €14.82. Stock is up 8.8% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.00073 last year. Reported Earnings • Jul 23
First half 2024 earnings released: €0.19 loss per share (vs €0.26 loss in 1H 2023) First half 2024 results: €0.19 loss per share (improved from €0.26 loss in 1H 2023). Revenue: €977.5m (up 32% from 1H 2023). Net loss: €12.7m (loss narrowed 17% from 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.003% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Feb 13
Full year 2023 earnings released Full year 2023 results: Revenue: €1.75b (up 26% from FY 2022). Net income: €0 (down €58.2m from profit in FY 2022). Profit margin: 0% (down from 4.2% in FY 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.51b to €1.56b. EPS estimate fell from €1.01 to €0.845 per share. Net income forecast to grow 260% next year vs 40% growth forecast for Wireless Telecom industry in Belgium. Consensus price target broadly unchanged at €19.87. Share price was steady at €13.56 over the past week. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.48b to €1.51b. EPS estimate fell from €1.22 to €1.01 per share. Net income forecast to grow 415% next year vs 40% growth forecast for Wireless Telecom industry in Belgium. Consensus price target broadly unchanged at €20.17. Share price was steady at €13.50 over the past week. Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.44b to €1.48b. EPS estimate fell from €1.43 to €1.22 per share. Net income forecast to grow 415% next year vs 4.4% decline forecast for Wireless Telecom industry in Belgium. Consensus price target down from €20.85 to €20.27. Share price rose 2.9% to €14.10 over the past week. Reported Earnings • Jul 24
First half 2023 earnings released: €0.26 loss per share (vs €0.45 profit in 1H 2022) First half 2023 results: €0.26 loss per share (down from €0.45 profit in 1H 2022). Revenue: €740.5m (up 9.3% from 1H 2022). Net loss: €15.3m (down 157% from profit in 1H 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, while revenues in the Wireless Telecom industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. New Risk • Jul 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Announcement • Jun 03
Orange Belgium S.A. (ENXTBR:OBEL) acquired 75% minus one share in VOO SA from Nethys S.A. Orange Belgium S.A. (ENXTBR:OBEL) signed an agreement to acquire 75% minus one share in VOO SA from Nethys S.A. on December 24, 2021. The transaction is based on an enterprise value of €1.8 billion for 100% of the capital. Orange Belgium, which currently has a very low debt leverage, will finance this transaction through an intra-Group loan from Orange group. Until approvals and closing of the transaction are obtained, the two companies will continue to operate independently. The closing of the transaction is subject to customary conditions precedent, including the approval of the European Commission expected in 2022. Orange bid for a majority stake in cable operator VOO will be decided by EU antitrust regulators by July 28, 2022. As of August 1, 2022, the EU regulator is starting the in-depth investigation over concerns that the proposed transaction may reduce competition. The transaction has been approved by the board of directors of Enodia on November 22, 2021. As of October 13, 2022,tThe European Commission (EC) has again extended by two working days, its in-depth probe into French telecoms group Orange's agreement to buy a stake in VOO. As on February 8, 2022, the government of Wallonia has given its clearance for the transaction. As of February 1, 2023, European Commission has restarted its investigation into Orange Belgium's proposed takeover of Voo SA. As of March 20, 2023, the European Commission has given its approval. The transaction is expected to close in the first quarter of 2023. The transaction is expected to be completed by the end of Q2 2023.Eric Pottier of Linklaters LLP (Belgium) acted as legal advisor to Orange Belgium S.A. Jacques-Philippe Gunther and John Wileur of Latham & Watkins advised Orange on the acquisition of VOO. Orange Belgium S.A. (ENXTBR:OBEL) completed the acquisition of 75% minus one share in VOO SA from Nethys S.A. on June 2, 2023. Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.20 to €1.34. Revenue forecast steady at €1.43b. Net income forecast to grow 40% next year vs 11% growth forecast for Wireless Telecom industry in Belgium. Consensus price target broadly unchanged at €20.63. Share price rose 2.7% to €16.24 over the past week. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: €0.97 (vs €0.66 in FY 2021) Full year 2022 results: EPS: €0.97 (up from €0.66 in FY 2021). Revenue: €1.39b (up 2.0% from FY 2021). Net income: €58.2m (up 47% from FY 2021). Profit margin: 4.2% (up from 2.9% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Wireless Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 11
Orange Belgium S.A. Promotes Jacquet to Chief People Officer' Orange Belgium S.A. has appointed Jelle Jacquet its new chief people officer, with immediate effect. Jacquet started her career at Hudson as a recruitment consultant. She then worked at PWC and BNP Paribas Fortis, to join Orange Belgium in 2016 as director for learning development. Board Change • Dec 02
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Wilfried Verstraete was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 08
Orange Belgium S.A. to Report Fiscal Year 2022 Results on Feb 23, 2023 Orange Belgium S.A. announced that they will report fiscal year 2022 results on Feb 23, 2023 Announcement • Feb 13
Orange Belgium Group Provides Revenue Guidance for the Year 2022 Orange Belgium Group provided revenue guidance for the year 2022. For the year, the company expects low single-digit revenue growth. Announcement • Nov 24
Orange Belgium in Negotiation on the Acquisition of Control over VOO Orange Belgium S.A. (ENXTBR:OBEL) announced on November 23, 2021 that it has been chosen by industrial group Nethys S.A. for exclusive negotiations on the acquisition of control over Belgian telecoms operator VOO at an enterprise value for the target of €1.8 billion ($2bn). Orange Belgium will seek an agreement to buy 75% of Voo's equity minus one share. Voo owns the cable network in Belgium's French-speaking region of Wallonia and part of the Brussels region. Orange Belgium added that it would finance the potential transaction by increasing its debt, with the support of its French parent. An acquisition of control over VOO is seen as a means for Orange Belgium to control a very high-speed network in Wallonia and part of Brussels, thereby reinforcing the deployment of its convergent strategy at a national level. Announcement • Sep 24
Orange Belgium Launches Hey! Orange Belgium goes one step further in addressing all customer needs via the launch of a new and innovative b-brand to answer the needs of digital-savvy customers. hey! is a 100% digital brand which takes a participative approach specially designed to meet the needs of ultra-connected customers whose life is completely digitally oriented. This next generation value proposition is based on 4 pillars: 100% digital, Generous,Low impact, Evolutive. hey! will shake up the market by putting communities at the heart of its offers. The threehey! offers which boast attractiveonline pricing with extensive mobile data, will be launched on the 24 of September 2021. hey! meets the needs generated by new internet usages, which have become increasingly popular, particularly among digitally active customers. hey! is aimed at those who love efficiency and getting things done in a few clicks - the people who prefer the simplicity of a digital experience. Because online doesn’t mean compromising on quality and value. hey! addresses the needs of those who fully enjoy the benefits of digital and tend to favor such channels instead of more conventional ones, such as physical shops. Those people have a shared digital mind-set. As a fully digital brand, which empowers its customers, hey! offers can only be purchased via the website, and the My hey! ‘customer zone’ is tailored for self-service only. hey! offers very competitive prices and a brand new customer experience, but it also designed to have the lowest environmental impact possible: a recycled plastic sim cards, a fully digital customer journey, full carbon neutrality of its operations and certified 100% recycled packaging and paper use. hey! offers loads of data for a smart price, combined with a seamless digital experience. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 35% share price gain to €21.95, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 18.4x. This compares to an average P/E of 17x in the Wireless Telecom industry in Europe. Total returns to shareholders over the past three years are 30%. Announcement • Dec 01
Orange Belgium Announces Executive Appointments Orange Belgium announced that its Board of Directors validated the nomination of Isabelle Vanden Eede as Chief Brand, Communication & CSR Officer and Bart Staelens as Chief Transformation & Customer Experience Officer, both starting December 1, 2020. Isabelle Vanden Eede has 23 years of branding and communication experience. She started her career at Ogilvy & Mather Advertising, managing the agencies’ telecom clients. She continued to refine her communication skills at VVL BBDO and Famous agencies, before joining Mobistar in 2010 to be responsible for the residential communication. For the past 10 years Isabelle evolved to Brand & Communication Director, responsible for the rebranding from Mobistar to Orange Belgium. Known for her strategic skills and broad expertise in multiple communication areas, she was instrumental in growing the Orange brand and in doing so helped to realize the corporate and commercial ambitions of Orange Belgium. Bart Staelens has over 25 years of experience in the telecom industry, both in Belgium and abroad. He joined Mobistar in 1999 and has held technical, marketing, strategic and transformation positions in Belgium, but also in Russia, France and Egypt for the Orange Group. He returned back to Orange Belgium in February 2020 after he spent 3 years in Cairo as Chief Transformation Officer for Orange Egypt where he was responsible for the company-wide transformation. As from March 2020 he was 5G Program Director for Orange Belgium and Luxembourg. Bart has a solid track record of putting into execution strategic and transformation programs. Is New 90 Day High Low • Nov 12
New 90-day high: €15.52 The company is up 8.0% from its price of €14.32 on 14 August 2020. The Belgian market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Wireless Telecom industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €40.04 per share. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of €52.9m, up 70% from the prior year. Total revenue was €1.34b over the last 12 months, up 2.1% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 25
Third-quarter earnings released: Revenue and earnings beat expectations Third-quarter revenue exceeded analyst estimates by 1.1% at €335.3m. Earnings per share (EPS) also surpassed analyst estimates by 26% at €0.36. Revenue is forecast to grow 2.8% over the next year, compared to a 2.0% decline forecast for the Wireless Telecom industry in Belgium. Is New 90 Day High Low • Oct 25
New 90-day high: €15.48 The company is up 1.0% from its price of €15.40 on 27 July 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €34.71 per share. Is New 90 Day High Low • Sep 26
New 90-day low: €13.72 The company is down 6.0% from its price of €14.52 on 26 June 2020. The Belgian market is flat over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Wireless Telecom industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €52.90 per share. Announcement • Jul 07
Orange Belgium Announces Executive Changes The Board of Directors of Orange Belgium has decided to appoint Xavier Pichon to the position of CEO of Orange Belgium as from September 1st, 2020. He will succeed Michaël Trabbia, who will join the Orange Executive Committee as Chief Technology and Innovation Officer for the Group, overseeing the Technology & Global Innovation division. Xavier Pichon re-joins Orange from the Boston Consulting Group; prior to this, he was Deputy CEO at Orange France, leading its Finance, Strategy, Transformation and Development. Xavier Pichon has 20 years’ experience as an ExCom member in large corporations. He started his career in 1990 as Head of Finance of Bouygues’ affiliates, followed by an Audit & Consulting position at Calan Ramolino/Salustro Reydel before joining Orange in 1998 where he took up various positions, such as Chief Financial Officer of Orange France and Group Head of Investor Relations. His last role was Deputy CEO at Orange France, leading Finance, Strategy, Transformation and Development. There, he co-led one of the most successful transformations of an incumbent telco to date. He was President and Board member of different Orange affiliates. He joined the Boston Consulting Group (BCG) in October 2018 in Paris, then Sydney in Australia and was a core member of the TMT Practice focusing globally on large scale transformations. 