Solid commercial performance leading to increased revenues and stable EBITDAaL, despite inflation headwinds in 2023

Press releaseEmbargo until 9 February 2024 at 7:00 am  Regulated information – Inside informationFinancial information for the second semester and full year 2023 Solid commercial performance leading to increased revenues and stable EBITDAaL, despite inflation headwinds in 2023 Mobile postpaid customer base +4% yoy / Cable customer base +5.5% yoyH2 Revenues +5.9% yoy / FY 2023 Revenues +4.6% yoyH2 and FY 2023 EBITDAaL remain stable on a comparable basis   ...

Brussels, 09/02/2024 (informazione.it - comunicati stampa - telecomunicazioni)

Embargo until 9 February 2024 at 7:00 am
 Regulated information – Inside information

Financial information for the second semester and full year 2023

Xavier Pichon, Chief Executive Officer, commented:

2023 was definitely a pivotal year for Orange Belgium. The acquisition of VOO was clearly a milestone event of the year, which made us stronger in the market. We have transformed our organization to act as One company, to maximize value creation and to materialize synergies following this acquisition.

In recent months, we have also been laying the foundations of our Lead the Future strategy. Regarding the first pillar on network leadership, we recently announced that Orange Belgium is Belgium's first telecom provider to offer a nationwide gigabit network, allowing 95% of Belgian citizens to enjoy very high broadband speeds of up to 1 Gbps. We had also promising results in terms of customer experience excellence, the second pillar of our strategy with an optimization of our digital touch points and our customer relation processes. We are also proud of our achievements on the third pillar of our strategy about being a responsible company; notably, we overachieved our digital inclusion ambitions for 2023, while being on track with our CO2 emission reduction target.

2024 will be a challenging year with market evolutions but we remain very confident in our ability to execute our strategy.

Antoine Chouc, Chief Financial Officer, stated:

I am pleased to announce our financial results for the second half of 2023, which for the first time include the consolidated figures of VOO for a whole semester. Our solid commercial performance, pricing adaptations and tight cost control enabled us to offset the impact of inflation on our margin. We are proud to having slightly overachieved our EBITDAaL guidance.

Following the acquisition, we are strongly focused on executing the synergies: the MVNO migration has already been completed, the first purchasing synergies are being unlocked and the common go-to-markets will create significant efficiencies. These promising results 6 months after the closing make us confident that we will deliver the expected synergies and thus unlock significant value and contribute to our overall growth strategy.

For our 2024 guidance we foresee EBITDAaL between €515m and €535m, while eCapex will be within the range of €365m and €385m.

Considering the balance sheet impact of the acquisition of VOO, the Board of Directors will not propose any dividend for the financial year 2023 at the Annual General Meeting.

The Company targets an EBITDAaL between €515m and €535m. Total eCapex in 2024 is expected to be between €365m and €385m.

2 May                     Annual General Meeting of Shareholders
1 July                     Start of quiet period
19 July                   Financial results H1 2024 (7:00 am CET) – Press release
19 July                   Financial results H1 2024 (2:00 pm CET) – Audio conference call

This is a preliminary agenda and is subject to changes

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