Sustained financial and commercial performance - Seite 2

Orange Belgium Group: key financial figures (incl. the month of June for VOO)	reported	Comparable1		reported	Comparable1
in €m	H1 2022	H1 2022	H1 2023	change	change
Revenues	677.3	719.4	740.5	9.3%	2.9%
EBITDAaL	166.8	177.2	178.8	7.1%	0.9%
margin as % of revenues	24.6%	24.6%	24.1%	-49 bp	-50 bp
eCapex2	-86.0	-94.6	-109.2	27.0%	15.5%
Adjusted Operating cash flow3	80.8	82.6	69.6	-14.0%	-15.8%
Net profit (loss) for the period	26.7	23.4	- 15.4	-157.8%	-165.7%

1. Comparable base includes 1 month of VOO Revenues, eCapex and EBITDAaL and Adjusted Operating cash flow with interco elimination
2. eCapex excluding licence fees.
3. Adjusted Operating cash flow defined as EBITDAaL – eCapex excluding licence fees

Xavier Pichon, Chief Executive Officer, commented:

Orange Belgium has achieved a strong commercial performance over the semester. Furthermore, the closing of the acquisition of VOO has taken place in the beginning of June, marking a significant milestone for our organization.

While we still operate as separate legal entities, the integration efforts have started, and we are already functioning as a unified company in terms of our commercial approach, go-to-market strategies, and organizational structure. This achievement highlights our commitment to seamlessly merging our operations and capitalizing on the synergies this acquisition offers.