Breaking Down Orange Belgium S.A. Financial Health: Key Insights for Investors

From its foundation as Mobistar in 1996 to its global rebrand as Orange Belgium on 9 May 2016, this telecom challenger-listed on the Brussels exchange as OBEL-has grown into a national force: by 31 December 2024 it reported revenues of €1.993 billion, served 3.5 million mobile customers and over 1 million fixed broadband subscribers, and was 76.97% owned by the Orange Group, while strategic moves such as the June 2023 acquisition of VOO S.A. and the full integration and transfer of assets and staff to Orange NetCo completed on 1 July 2025 (with VOO legally dissolved on 1 October 2025) reshaped its network footprint and wholesale capabilities; committed to sustainability and digital inclusion, Orange Belgium has also trained 1,410 people at its Orange Digital Center as of June 2025, making it a pivotal player to watch as it leverages convergent mobile, fixed, TV and wholesale services to monetize a broad customer base and pursue European Digital Decade goals.

Orange Belgium S.A. (OBEL.BR): Intro

• 1996 - Incorporated as Mobistar; began commercial operations in Belgium under France Télécom ownership.
• 2007 - France Télécom acquired VOXMobile and rebranded it as Orange Luxembourg, extending the Orange footprint into Luxembourg.
• 9 May 2016 - Mobistar rebranded to Orange Belgium, aligning brand identity with the Orange Group global positioning.
• June 2023 - Orange Belgium announced and completed the acquisition of VOO S.A., a major regional operator providing cable, broadband and pay-TV services in Wallonia and Brussels, significantly expanding Orange Belgium's infrastructure and customer base.
• 1 July 2025 - Orange Belgium completed the operational integration of VOO S.A., transferring employees and assets into Orange Belgium's organizational structure.
• 1 October 2025 - VOO S.A. was legally dissolved, streamlining operations and optimizing combined network assets for future scale and convergence offerings.

• Primary shareholder alignment with Orange Group (strategic and brand integration).
• Public float on Euronext Brussels (OBEL.BR) with institutional investor base across Europe.
• Integrated business units: Mobile, Fixed Broadband (including former VOO cable assets), B2B Solutions, and Wholesale.

• Network infrastructure: mobile (2G/3G/4G/5G) radio access network, national core network, fixed access comprising fiber and former VOO cable HFC networks, and data-center/backhaul assets.
• Retail & distribution: direct stores, online channels, partner resellers, MVNO wholesale, and enterprise sales teams for B2B solutions.
• Service portfolio: mobile plans (prepaid/postpaid), fixed broadband (fiber & cable), pay-TV and OTT partnerships, unified communications for businesses, IoT connectivity, cloud and managed services.
• Customer operations: integrated billing and CRM platforms supporting convergent offers across mobile, fixed broadband and TV; call centers and digital self-care channels.
• Wholesale & network sharing: passive/active infrastructure deals with other operators and tower-sharing arrangements to optimize capital expenditure.

• Mobile service revenue - monthly subscriptions (voice, data, roaming and value-added services) represent a core recurring revenue base.
• Fixed broadband & pay-TV - subscription revenue from fiber and cable broadband, plus pay-TV/entertainment bundles (VOO heritage in cable footprint bolsters ARPU and churn economics).
• Equipment sales - smartphones, routers, set-top boxes and accessories (often financed via handset plans).
• Business services & ICT - managed services, cloud, connectivity solutions, and IoT platforms for SMEs and enterprise customers.
• Wholesale & roaming - wholesale access to MVNOs and international roaming fees.
• Advertising & digital services - targeted digital advertising and third-party platform revenues (emerging, smaller share).

• Network diversification - combining mobile, fiber and HFC cable footprints reduces dependence on third-party wholesale and improves service control.
• Revenue synergy potential - cross-selling mobile to VOO's pay-TV and broadband base and upselling bundled products to Orange mobile customers.
• Cost synergies - operational consolidation, reduced duplicative back-office functions, unified procurement and optimized network sharing.
• Stronger bargaining power - improved content and wholesale negotiations due to larger subscriber base.

Orange Belgium S.A. (OBEL.BR): History

Orange Belgium S.A. (OBEL.BR) has evolved from a challenger Belgian telco into a group-backed operator with strengthened network and operational integration following recent corporate restructurings.

• Listed on the Brussels Stock Exchange under ticker OBEL.
• As of 31 December 2024, the Orange Group held a 76.97% stake in Orange Belgium, providing substantial financial backing and strategic direction.
• The remaining 23.03% of shares are publicly traded, allowing for a diverse shareholder base and liquidity for minority investors.
• In 2025, the integration of VOO S.A. resulted in the transfer of its assets and liabilities to Orange NetCo, a wholly owned subsidiary of Orange Belgium.
• The 2025 restructuring aimed to streamline operations and enhance network management efficiency, centralising passive and active infrastructure under Orange NetCo.
• The ownership structure reflects a strong commitment from the Orange Group, ensuring stability and resources for Orange Belgium's operations and future investments.

More detail: Orange Belgium S.A.: History, Ownership, Mission, How It Works & Makes Money

Orange Belgium S.A. (OBEL.BR): Ownership Structure

• Mission and values: Deliver high‑quality connectivity (mobile, fixed, internet, TV) to households and businesses while promoting sustainability, digital inclusion and a diverse, inclusive workplace.
• Sustainability focus: Investments to reduce ecological footprint (network energy efficiency, site electrification and circular economy initiatives) and targets to lower emissions across operations.
• Digital inclusion: The Orange Digital Center has trained 1,410 people in digital technology (as of June 2025), reflecting commitments to bridge the digital divide.
• Talent development: Internal learning programs and partnerships (e.g., Giga Academy) aim to upskill employees and attract tech talent to become the preferred tech & telecom employer in Belgium.
• Wholesale business: Provides partners with access to mobile and fixed infrastructure and a broad portfolio of connectivity and mobility services, enabling MVNOs and enterprise connectivity resellers.

• How it works: Revenue streams combine retail subscriptions (mobile postpaid/prepaid, fixed broadband, TV), equipment sales, business services (connectivity, cloud, managed services) and wholesale fees for network access.
• Monetization drivers: ARPU growth from data services and convergent offers, upselling to fixed‑mobile bundles, B2B contracts, roaming and wholesale access agreements.
• Operational levers: Network quality (5G and FTTH rollout), cost control (network sharing and efficiency), customer experience initiatives and digital channels to reduce churn and acquisition costs.

Orange Belgium S.A. (OBEL.BR): Mission and Values

• Network ownership and operation: Orange Belgium operates and maintains its own mobile (2G/3G/4G/5G) and fixed networks (fibre and hybrid-fibre/coax), with nationwide coverage in Belgium and service extension into Luxembourg via Orange Communications Luxembourg.
• Convergent offerings: The company bundles mobile, fixed internet, voice and TV packages (including original content such as Be tv and VOOsport) to increase ARPU and reduce churn.
• Segmented customer approach: Serves residential consumers, SMEs and large enterprises with tailored connectivity, ICT and managed services; wholesale offerings to MVNOs and other partners generate additional revenue streams.
• Content and partnerships: Proprietary and partner content is used to differentiate TV and bundled propositions; sports and premium channels (VOOsport, Be tv) strengthen customer stickiness.
• Infrastructure investment: Continuous CAPEX deployment in 5G, fibre rollout and network densification to meet Belgian digital needs and contribute to EU Digital Decade 2030 targets (connectivity, gigabit coverage, 5G population coverage).
• Post-VOO integration (2025): The integration of VOO S.A. improved fixed-network reach (additional cable/fibre footprint), scale efficiencies, and operational synergies across provisioning, IT and customer care.

• Retail subscriptions: Recurring monthly fees from mobile plans, fixed broadband, TV and bundled convergent offers are the core revenue source.
• Device sales and financing: Handset sales, device financing plans and accessories contribute to upfront and interest-bearing revenue.
• Wholesale and B2B services: Network wholesale (MVNOs, carrier services), enterprise connectivity, cloud and managed IT services generate higher-margin commercial revenue.
• Content and advertising: Subscription and pay-per-view revenue from proprietary channels (Be tv, VOOsport) plus advertising and sponsorship revenues.
• Value-added services: Roaming, roaming data packs, IoT connectivity, interconnection and premium services (e.g., security, streaming add-ons).
• Operational synergies post-merger: Integration with VOO increases ARPU potential on convergent bundles and reduces per-subscriber OPEX through shared IT, network and customer care platforms.

• Accelerate fibre rollout and cable upgrades to deliver gigabit-capable broadband to households and businesses.
• Expand 5G coverage and enterprise 5G use-cases (industry, health, transport) to support digital transformation.
• Promote convergent bundles to increase customer lifetime value and cross-sell between fixed, mobile and content.
• Invest in sustainability and energy-efficient networks to meet regulatory and ESG expectations.

• Belgian market is mature and competitive with multiple mobile and fixed players; spectrum auctions and wholesale regulation (LLU, bitstream) shape pricing and rollout economics.
• Cross-border presence via Orange Communications Luxembourg provides diversification and access to a high-income subscriber base.
• EU Digital Decade targets (by 2030) drive public and private investment into gigabit and 5G coverage; Orange Belgium's CAPEX plans align with these objectives to support national digital ambitions.

Orange Belgium S.A. (OBEL.BR): How It Works

• Residential: mobile postpaid/prepaid plans, fixed broadband, IPTV and convergent bundles.
• Business & enterprise: mobile and fixed connectivity, unified communications, managed services, IoT and M2M solutions.
• Wholesale: MVNO agreements, fixed and mobile network access for operators and partners.
• Digital services and add‑ons: cloud, security, content partnerships and extended warranty/insurance products.

• Recurring subscription revenue from monthly mobile and fixed contracts provides the core cash flow and high retention.
• Upfront device financing and handset sales generate one‑time revenue plus financed receivables.
• Wholesale and roaming revenue monetize excess capacity on mobile and fixed networks.
• Enterprise contracts (SLAs, managed services, IoT platforms) deliver higher ARPU and longer contract terms.
• Cross-selling after the VOO integration increases ARPU by bundling TV, broadband and mobile into single invoices.

• 5G and fibre expansion reduce churn and enable premium tariffs (higher ARPU), enterprise SLAs and low-latency B2B services.
• Fibre and VOO fixed assets broaden total addressable market (TAM) for bundled offers and TV/content monetization.
• IoT and verticalized solutions (logistics, utilities, smart cities) create recurring MRR and device ecosystems beyond consumer voice/data.
• Wholesale access monetizes spare capacity and attracts MVNOs, generating margin on scale without proportional capex.

• Eco-friendly tariffs, device buyback and trade-in programs, and energy-efficient network upgrades can attract ESG-conscious consumers and corporate partners.
• Digital inclusion initiatives (affordable plans, social tariffs, funding programs) expand subscriber base in underserved segments and can be supported by public/private funding.

Orange Belgium S.A. (OBEL.BR): How It Makes Money

• Mobile services: postpaid and prepaid voice, SMS and data plans, including handset financing and value-added services.
• Fixed broadband & TV: retail fibre and copper broadband subscriptions, IPTV and bundled offerings for residential and SME customers.
• B2B and wholesale: connectivity, cloud, managed services, IoT solutions and carrier wholesale access to network resources.
• Digital services & content: apps, cybersecurity, fintech partnerships and advertising opportunities within customer ecosystems.
• Network leasing & co-investments: passive and active infrastructure sharing, site hosting and backhaul sales to other operators.

• Competitive standing: Orange Belgium is among the top national operators, directly competing with Proximus and Base across mobile and fixed segments.
• VOO integration (2025): the completion of the VOO S.A. transaction strengthens network capacity, fixed footprint and cross-selling potential, improving scale economics and competitive reach.
• Growth drivers: continued investments in 5G, fibre rollout, convergence bundles and enterprise digital services are expected to increase ARPU and reduce churn.
• Sustainability & inclusion: a focus on energy efficiency, net-zero targets and digital inclusion programs aligns the company with ESG-conscious consumers and institutional investors.
• Alignment with EU objectives: Orange Belgium's infrastructure investments and digital services support the European Union's connectivity and digital transformation goals, potentially unlocking public-private collaboration and funding.