Orange Belgium B Stock

Good day, and welcome to today's Orange H1 2026 Results Conference Call. [Operator Instructions] And now I hand the call over to Koen Van Mol. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and welcome to the presentation of Orange Belgium's financial results for the first half year 2026. I'm pleased to have with us today, Xavier Pichon, our CEO. And for the first time, we have Matthieu Bouchery, our CFO, appointed since the 1st of July. They will share with us the strategic progress, performance highlights and the outlook for the coming months.

Xavier will begin by providing an overview of our new strategy, Trust the Future as well as the main highlights of the first semester of 2026. Matthieu will take us through the commercial results. After their presentations, we will open the floor for questions. Without further delay, I'll now pass the word to Xavier. Xavier, floor is yours.

Thanks, Koen. Hello. Good morning, everyone. We hope you are well. Thank you for joining us today as we present Orange Belgium's financial results for the first half of 2026. Today, we're pleased to share our strategic vision for Orange Belgium as we aim to become the preferred digital partner by leveraging trust and innovation. Our journey is guided by clear ambitions and priorities that will shape our growth and impact over the coming years. With our new strategy, Trust the Future, we are leveraging trust to establish ourselves as a preferred digital partner.

This involves strengthening our reputation through consistent delivery of reliable services and innovative solutions. We emphasize our technology innovation leadership. We are investing in advanced network technologies such as 5G and fiber to maintain our competitive edge and meet future connectivity demands. In terms of customer experience, we lead the market by focusing on providing high-quality, seamless services. This includes expanding our entertainment offerings and improving customer support.

We are also transforming our enterprise model to be more agile and collaborative, fostering partnerships and leveraging shared resources within the Orange Group to enhance our service offerings. Finally, we remain committed to our societal and environmental responsibilities, supporting community initiatives and sustainability goals that align with our long-term vision.

Now move to Slide 6. Moving to our technological innovation leadership, we are proud that Ookla has recognized our 5G network as the fastest in Belgium. We are affirming our position at the forefront of mobile technology. We are also innovating in entertainment and digital safety. Our new TV Box not only enhances user experience but also aligns with our sustainability goals by reducing energy consumption.

Furthermore, our Last Mile program is bringing ultrafast reliable connectivity to households in Wallonia, including the digital divide and reinforcing our leadership in high-speed broadband. For our FTTP rollout, we are introducing innovative robotized, street cabinet fostering innovation and efficiency.

Slide 7. Our focus on customer experience has been recognized with the Brand of the Year 26 award, which has attributed to hey! a historic achievement in our category. Testaankoop also awarded hey! with the double Best of the Test label, which emphasizes the strength of our brand and our customer-centric approach. In addition, we expanded our entertainment portfolio by partnering with Disney+, offering our customers access to premium content. We have reintroduced Belgian football for our customers, bringing the excitement of local sports back to our network. All these initiatives are designed to enhance customer satisfaction, deep loyalty and differentiators in a competitive market.

Slide 8. We are transforming our enterprise model to be more agile and collaborative. This includes mutualization and platforming within the Orange Group, which will enable us to share resources and expertise more effectively. We are upgrading our optical network with Nokia to ensure 5G leadership as well as to meet the demands of quantum-resilient Security and AI scale computing. These investments are crucial for maintaining our technological edge. Additionally, we are exploring innovative AI use cases to enhance operational efficiency and customer service. Our employees of WBCC have also approved the new social agreement, reinforcing our commitment to a positive and inclusive workplace culture.

Slide 9, our commitment extends beyond technology and business. We are also committed to people, society and environment. Orange Belgium has become the main sponsor of Royale Union Saint Gilloise, a partnership rooted in shared values and a love for football promoting community engagement. We are also raising awareness about digital safety, especially in esports to protect young users from digital abuse. Moreover, we are fostering innovation through initiatives like the Orange Fab program, which crowns 6 AI innovators this year. These efforts demonstrate our dedication to societal impact, digital safety and fostering innovation.

Now I'd like to hand over the floor to Matthieu Bouchery, who joined us as the new CFO on July 1 this year. Matthieu will now walk us through our commercial and financial results as well as the outlook for the coming period. Matthieu, the floor is yours.

Thank you, Xavier, and good morning, everyone. I'm pleased to be here today as the new CFO of Orange Belgium, having joined the team very recently on the first of July. I look forward to sharing with you a detailed overview of our financial performance for the first half of 2026 as well as our outlook for the months ahead. Over the past few weeks, I have been closely involved in analyzing our results, value growth drivers and meeting the teams. I'm fully confident that together, we are well positioned to continue delivering value for our customers and stakeholders.

So let me walk you through the main drivers behind our performance and our key financial highlights. Let's start by some of our key achievements for the first half of 2026. Commercially, we've maintained growth despite a challenging market environment. Our mobile postpaid customer base increased by 41,000 net adds, reaching 3.59 million, which is a 2.2% increase year-on-year. On the fixed side, our cable customer base grew by 8,000, totaling over 1 million customers, a 1.3% increase this semester.

Financially, revenues reached EUR 966.5 million, a slight increase of 0.4% driven by balanced volume and value management. EBITDAaL grew significantly by 10.5%, reaching EUR 292.5 million, mainly due to synergies, cost efficiency and also some one-off impact, including football rights. Our investments in network infrastructure, particularly in mobile and fixed networks continue to support our growth ambitions with eCapEx at EUR 184.8 million.

So now let's look more closely at our commercial performance. On the fixed side, our cable customer base growth of 8,000 reaching over 1 million is supported by our high-speed gigabit network. These results highlight the continued success of our convergent offers and our focus on delivering high-quality connectivity. Our mobile postpaid customer base increased by 41,000 driven by improved customer management and attractive offers, bringing us to 3.59 million subscribers. This demonstrates our ability to retain and attract customers in a challenging market.

Turning to our financial results. We generated EUR 966.5 million in revenues, a modest increase of 0.4%. Major part of this growth is thanks to the service revenue being up 0.7%. This reflects our balanced approach to volume and value management, even amidst some short-term headwinds, like the decline in interconnection revenues, and the temporary impact of the absence of football rights.

Our EBITDAaL grew by 10.5%, reaching EUR 292 million driven by synergies from recent acquisitions and ongoing cost management efforts and supported by some one-off impacts. We maintained our investments in network infrastructure at a stable level compared to last year, with eCapEx totaling EUR 184.8 million. This was primarily driven by mobile network consolidation and initiatives in fixed deployments.

Looking ahead, we are confident in our trajectory. We have upgraded our guidance for 2026, expecting EBITDAaL to grow by more than 5% in comparison to 2025 and maintaining our eCapEx around EUR 360 million. These targets reflect our commitment to sustainable growth and technological leadership.

With that, I would like to conclude our presentation.

Thank you. We will now have a Q&A session where you will have the opportunity to ask questions regarding the results. So operator, may I ask you to open the floor for questions.

[Operator Instructions] We'll now take the first question. Please go ahead.

David Vagman here from ING. So the first one is on the financial guidance for this year. Could you please quantify the full year one-off for 2026? And could you update us on the different building blocks of the EBITDAaL growth this year, so including the VOO synergies tailwinds? So that's my first question.

Second question is on revenue growth. How do you see your revenue and ARPU developed in the second half compared to H1? Do you expect some further improvement on convergent revenues and mobile only, so these 2 specifically?

And then last question is on the Orange NetCo. What's your view on the expected timing for the approval in Wallonia?

David, this is Matthieu. Thank you for your questions. I will take the first 2 questions and Xavier will answer your third question. Will not be that specific. But if you look at the effect of one-offs for the first half on how this will develop for second half. So they are. First of all, it's the EBITDAaL performance is a combination of operational execution on nonrecurring items with some seasonality. So the 2 temporary factors impact positively first half of EBITDAaL.

First, as we highlighted, the agreement with [ Disney ] during the -- was just signed and no content costs related to these rights were recognized in H1, and this was partially offset by a lower contribution to revenue during the period. And secondly, we have a change in our accounting policy for the tax treatment of pylons that will create a favorable year-on-year comparison in the first half.

We will not disclose more in detail the impact of these individual items. But if you look ahead, that we expect that our underlying operational drivers, revenue growth and value management strategy, together with the continued synergies and cost efficiency will continue to fuel our EBITDAaL growth and more importantly, in the second half.

The temporary benefits that you'll see in H1, including the absence of football content costs will reverse in H2. So all in all, in the overall performance of H2, you will have a stronger contribution from efficiency revenue growth, somehow linked to seasonality, you have a reverse effect of one-off. And overall, the growth for the full year will be mainly driven by operational drivers. With regard to revenue growth in H2, without being too specific, we continue to expect service growth to [indiscernible] retail in the H2. So you will see overall growth of this line for the full year, probably to a lower extent than the H1.

Okay. And the lower contribution, let's say, the lower growth in H2 is due to some specific factors?

No, no, it's just seasonality.

All right. I think we've not answered your third question, David, if I may. So you -- the question, well, on the Orange NetCo, expecting timing for the approval. So it's true to say that we've been in close relationship with the watchdog, the ABC and the BIPT in H1. I would say late H1, we've just sent through the ABC BIPT, most of the document, most of the long form that have been, of course, established with Proximus.

And then we aim to get the approval, I would say, we hope that by the end of the year or maybe much more in Q1 2027. And of course, we will work hand in glove with the watchdog in this H2 to be the most, of course, efficient and reliable to get it. So by the end of the year and/or Q1 2027, we must be in this kind of timing in terms of clearance.

[Operator Instructions] It appears there are currently no further questions at this time. I'd like to hand the call back over to our hosts.

Apologies. We have a question, we have a pop-up question over the phone. Please go ahead, your line is open. .

I didn't dare to ask 4 questions in a row. So I'll ask my last question. On the commercial momentum and zooming on broadband net adds, could you give us a rough idea of the different dynamic in the north and in the south of the country? So are you, for instance, taking share in Flanders still in broadband while losing a bit in Wallonia?

And as a follow-up to that, do you expect your HFC network investment in Wallonia to help with net adds in the coming semester or years?

So David, I will take this one. So you're right to say that we do have different markets. You know that by heart now in Belgium. In the south of the country, we are co-leading the market with Proximus. Then of course, it's much more something like an anti-churn market, while in the North, it's clearly and purely a floor of acquisition for us, conquest market share at that time.

So we are leveraging, I would say, the 2 go-to-market system using the 2 brands as well. And it's clear that it's maybe a bit different in the South than in the north, while we are migrating the VOO customers from the VOO Brand to Orange at the same time. So we are closely monitoring these markets and the growth is clearly driven by the north of the country in terms of our market share -- in terms of conquest market share.

And any view whether the HFC investments you've been making could help in the south down the road?

Actually, it helps. I think you've seen that our convergence revenues are growing. So this is, of course, leveraged by the continuous investment and modernization we've made on the HFC in the South. We are also, of course, emphasizing the speed as well. So we have more and more customers that have been put on the 1 gig offers. And it helps also on the ARPU, you must have seen that the ARPU is growing on the broadband as well. So this, of course, helps us on the purpose.

There are currently no further questions over the phone.

Okay. We still have some questions which are -- have been raised online. So they are coming from Paul Sidney from Berenberg. First question is what impact are you seeing across your model footprint from Digi?

Actually, we continue to see several impacts on the mobile only -- to mobile-only market. It's not coming only from Digi, it's coming also from Telenet and Proximus, that are levering either their A or B brands to tackle this market. As said by Matthieu, it's very animated market. We see a lot of promotions across the footprint, discounts on the A brands and of course, the B brands. So we are leveraging all our tools on the mobile or brands, depending on the market, and Digi is one of, I would say, the peer we are scrutinizing, but of course, not [indiscernible].

Second question is, please, could you update us on the expected progress from here on the fiber JV with Proximus, including any key milestone dates going forward?

Thank you, Paul. So it's just to further, I would say, the sake of clarity, it's not a JV, we're having with Proximus. It's deal that has been proposed, as I said, to the watchdog a few weeks ago. As said to David, so we are expecting to get the clearance by the end of the year or at the latest Q1 2027. And of course, it indicates, as I said, hand-to-glove work with the watchdogs, but also with Proximus in the coming months to make sure that we will be -- we'll get the clearance as soon as we can. .

And then a last question from Paul. Over time, does Orange Belgium tend to resell the Flanders fiber proximus Telenet?

Yes. Sorry, want to resell the fiber for...

You want to resell. Yes, sure. We've signed these agreements with Telenet Wyre in the past to get either access to HFC, but also to fiber, they will build. So of course, as soon as we can, we will develop our commercial offer within the North within the Wyre Telenet footprint, of course.

Okay. There are no further questions. So we would like to thank you for your participation. And if you would have any further follow-up questions, please don't hesitate to contact the IR team. Thank you very much.

Thank you. Bye-bye.

Thank you.

This concludes today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

Hello, and welcome to the Orange Fiscal Year 2025 Financial Results Conference Call hosted today by Koen Van Mol, Xavier Pichon and Antoine Chouc. Please bear in mind, this call is being recorded. [Operator Instructions]. I will now hand you over to your host, Koen Van Mol, to begin today's conference. Thank you.

Thank you, operator. Good morning, everyone, and welcome to Orange Belgium H2 2025 Earnings Call. My name is Koen Van Mol. And with me today are Xavier Pichon, our CEO; and Antoine Chouc, our CFO. They will walk us through the company's performance as well as the strategic initiatives for the second half and full year of 2025. After the presentations, we will be open -- we will open the floor for questions. And now I will pass the floor to Xavier.

Thanks, Koen. Good morning, everyone. Thank you for joining us today as we present Orange Belgium's financial results for the second half and the full year of 2025.

So as we look back at the second semester and full year of '25, I'm pleased to report that we are on track with our Lead the Future strategy. We made significant progress across key areas, including network leadership, digital transformation and customer experience.

Let me start with some key highlights. At the start of the second semester, we signed an MoU with Proximus to access each other's infrastructure and improve access to gigabit networks in Wallonia. This collaboration will enable us to provide access to high-speed connectivity to our customers while optimizing our investment spend. In the meantime, we continue to extend and to upgrade our gigabit fixed network to meet the demand on our customers for the high-speed Internet.

Recently, our network leadership has been validated by Ookla, recognize Orange Belgium as having the fastest 5G network in Belgium, reflecting our commitment to superior mobile performance. Over the past semester, we have observed a consistent improvement in the customer experience, which directly reflects the dedicated efforts and strategic initiatives we have implemented to enhance this aspect of our service.

In parallel, we actively encourage our customers to migrate to the new portfolio and the reasons demonstrates its attractiveness and the value it offers to our customers. From an environment perspective with our efforts have resulted in a 6% year-over-year reduction in CO2 emissions, encompassing Scope 1, 2 and 3 emissions, reflecting our commitment to sustainability and environmental responsibility. Also, we launched the Smartphone Pass, empowering parents in digital education and increase our digital inclusion beneficiaries by 30% compared to '24.

Slide #6. So in a natural, turning to commercial results. Our performance in H2 '25 was very encouraging. Our mobile postpaid customer base grew by 2.5% year-on-year, reaching 3.5 -- 3.55 million customers with net additions of 38,000 during the semester. This growth was driven by the continued appeal of our customers' offers and targeted promotional campaigns.

On the fixed side, our cable customer base increased by 1.8%, totaling roughly 1.04 million customers reflecting the success of our convergent offers and high-speed connectivity. For the full year, our revenue performance was slightly below last year with total revenues at EUR 193 million, down 1.5%. This decline was partly due to the nonrenewal of Belgium cable rights as well as a decrease in low-margin activities such as incoming SMS. However, our EBITDA grew by 3.4% within EUR 566.1 million, supported by synergies from the VOO acquisition and ongoing cost efficiencies.

Our CapEx increased modestly by 1.8% to EUR 376 million rough million, reflecting investment in RAN sharing, 5G deployment and gigabit network expansion. These investments are crucial to provide the optimal customer experience we want to offer. These results show the strength of our strategy, the quality of our execution and the dedication of our teams. At this point, I'd like to hand over to our CFO, Antoine, who will provide a deeper dive into our financial performance and explain our guidance for '26.

Thank you, Xavier, and good morning, everyone. Let me take you through the details, starting with the evolution of our revenues on Slide 7.

So as shown on the slide, I hope you can see it on the stream, our total revenues declined slightly by 1.5%, partly due to the nonrenewal Jupiter Pro League football rights, which impacted the service revenues. Service revenues from convergent offers increased by 3.8%, reaching EUR 634 million, while mobile service revenues declined by EUR 6.7 million -- 6.7% to EUR 563 million, reflecting ongoing market dynamics.

On Slide 8, let's zoom on the EBITDAaL evolution. On the cost side, we maintained tight control of our expenses throughout the year. Our direct cost totaled EUR 636 million, reflecting disciplined management and ongoing efficiency initiatives. Indirect costs amounted to a bit less than EUR 500 million, which is down 6.2% compared to last year. This reduction was driven by our continuous effort to optimize overheads, streamline processes and of course, leverage synergies from the VOO integration and several other operational improvements. All these cost control measures contributed significantly to our EBITDAaL growth.

For the full year, EBITDAaL increased by 4%, reaching EUR 566 million, which is slightly above our initial guidance range. This growth was primarily fueled by the realization of energy from the VOO acquisition, which helped reduce operating costs as well as ongoing efficiency measures across network and corporate functions. Furthermore, our focus on operational excellence allowed us to offset some of the pressure from market dynamics. And finally, the nonrenewal football rights supported the improvement in EBITDAaL. This solid financial foundation demonstrates our ability to generate strong cash flow and maintain a healthy balance sheet.

Now let's move to Slide 7 regarding eCapEx. For the full year of 2025, our CapEx, excluding license fee totaled EUR 376 million represented an increase of EUR 2.1% year-on-year. This reflects our continued investment in key strategic carriers. A significant portion of the spending was allocated to the implementation of the renting program, which is critical to optimizing our network infrastructure, accelerating our 5G deployment and reducing our costs. We also invested in upgrading our cable network and began the initial stages of our FTTP rollout.

Let's move to Slide 7 -- 10 sorry. Consolidating our results, we can confirm we are well in line with our guidance for the full year of 2025. Thanks to the important efforts we've made, we slightly exceeded our EBITDA guidance and achieved EUR 566 million, as said, which is slightly above the range between EUR 545 million and EUR 565 million. And with an amount of EUR 376 million in eCapEx, we are exactly in the middle of our bracket, which was between EUR 366 million and EUR 385 million. All in all, we have well achieved the guidance we had established beginning 2025.

Let's move to Slide 12. Looking forward in 2026, we expect an increase in our EBITDA by around 3.5% in comparison to 2025. And we also forecast a decrease of our eCapEx and that will reach approximately EUR 360 million.

I'd like to conclude this presentation on a more personal note because today marks my final conference as CFO here as I'll be taking the role of CFO of Orange France as from April 1. I'd like to say how honored I've been to serve as CFO during this pivotal years for Orange Belgium. It's been a pleasure to engage with the analyst and investor community over the past few years. Thanks for challenging us and pushing us to do better and a special thanks to the most dedicated among you who continue to follow us despite the lower liquidity of the stock.

I'm very proud of what we achieved together with the team over the years. We strengthened Orange Belgium financial profile and profitability. We've always been very disciplined on execution and we have now a clear road map for sustainable value creation. I'm absolutely fully confident that Orange Belgium strengthened by the acquisition and the successful integration of VOO is very well positioned to tackle all the challenges ahead and I wish all the best to the Executive Committee and all the teams. With that, I'd like to conclude my presentation, and we'll be more than happy to answer all your questions.

Thank you. We will now the Q&A session where you have the opportunity to ask questions regarding the results. Operator, may I ask you to open the floor for questions.

[Operator Instructions] First caller, please go ahead.

David Vagman for ING. The first one on the 2026 EBITDA guidance. So can we discuss its key building blocks? So looking at incremental cost savings synergies, pricing revenues and also football rights. I guess it's quite some degree of uncertainty there, but what have you modeled basically there? So that's my first question.

Second one, you talked a little bit about the fiber investment and FTTP investment. Should we expect significant start, maybe not in 2026, but then when should we expect, let's say, then to come and you have the drop in RAN sharing investment. But so basically, how should your CapEx evolve in the coming years?

And then the last question, maybe more for Xavier, looking multiple commercially and strategically. So what are you hoping for Orange Belgium in the long term? So when you joined, I think you were very bullish on fixed and market share, if I remember correctly. Now of course, you have a high chance of achieving very significant wholesale fixed revenues in the South. So has your view changed on what Orange should do or not do?

Okay. So I'll maybe take the first 2 questions, and then I'll leave Xavier answer to your third question. Regarding the main building blocks of our EBITDAaL growth expected for next year. Clearly, the main driver is an increase in VOO's -- synergies coming from VOO acquisition. We're still -- we still have some room for such an increase over -- and I think we will reach kind of plateau for this synergy in 2028. But so we still expect a growth of, let's say, EUR 15 million of synergies next year that will fuel our EBITDAaL growth, and we have many other cost efficiencies that will also help us on top of these synergies.

We will also be helped by a slight increase that we expect in our service revenues. 2026 will be the year where we will be back to growth. It will be fostered by the good commercial dynamics, especially on mobile, but also thanks to the price increase that we announced that we launched and implemented at the beginning of the year.

And yes, football rights could also contribute to this EBITDA growth, but is there still some uncertainty as you know, regarding whether or not it will be renewed and at what price. There are still discussions ongoing, and we will be more than happy to continue the distribution of this football rights for our clients. We can do that. We will only do that if we can reach a good and healthy financial agreement with DAZN.

When it comes to CapEx, as you can see, we announced and we commit on a decrease of our CapEx for next year. So clearly, we will start -- we will increase our FTTH deployment, but it will remain quite limited in 2026. So no big change expected. It will be -- it will still be year for some kind of a preparation to lay the ground for an acceleration from 2027, 2028. So we will have an increase in our FTTH rollout pace from 2027. And maybe I can let Xavier answer to your third question.

Thanks, David, for your specific question. On the goal we've had, I would say, 5 years ago, actually, this is exactly what we did. So we did what we announced. Of course, we did it for most of the numbers while we acquired VOO in the South. When we arrived 5 years ago, we were a whole buyer for the nationwide, I say. Since we bought VOO, now we became full MNO in the South, which is not, of course, the case in the North. But we're happy with Wyre and Telenet, of course, in the North, but this is not the same, I would say, situation between the -- between the 2 regions.

In the South, we are quite now a core leader with roughly 40% market share on the fixed and convergent area. So this is what we aim to do in the sales. And now, of course, nationwide, we need to deliver also growth -- organic growth in terms of net acquisition, which was not the case in '25. You're right, I would say.

And this is something also we've chosen to do pragmatically, seeing the market, seeing, of course, the value-driven strategy we're having since now years, okay, we decided not to, I would say, follow others and to make sure that the value generation was according to our plan. So of course, this is something we also -- we worked on through the head now. We see most of the peers also generating volumes on lead-ins. This is, of course, what we did, but we decided to smooth a little bit thanks to the value policy we're having.

Ladies and gentlemen, we currently have no questions coming through. [Operator Instructions]. Well, there are no further questions. So I will hand you back to Koen to take questions from the webcast. The floor is yours.

We still have some questions on the chat. So the question is twofold. Could you please zoom in on the time line to operationalize the fiber collaboration with Proximus? And second question, the mobile -- zoom in on the mobile competitive situation overall and specifically the evolution of the churn rate to Digi.

So maybe on the first one. So we are having, I would say, some discussion with the authorities here in Belgium locally, of course, BIPT and ABC. So this is something we are, I would say, working on at the moment for the South, of course. There is also requirement on the market, depending on the North as well. So this is something we have worked on as well.

So we are not, I would say, be on the driver's seat for that, but this is something that has been discussed with the authorities. Normally, they should give a statement on these agreements by the end, I would say, by the end of the year of '26. So of course, this is something we are waiting. And then afterwards, we'll see, of course, how to make sure to implement this agreement as soon as we can.

For the question #2, Digi?

The mobile competitive situation overall and focus specifically on Digi.

So on the market, this is maybe a bit different on the mobile side because you know that since Digi came, I would say, at the end of '24. So we've put a dedicated policy to make sure that our market share will be, of course, sticking to what it was previously. So we decided to align hey, I would say, to the first Digi offers late '24 and early '25.

Since the -- I would say, not so present in the market. So we decided to join the value policy we are having, I would say, broadly, including of course, the fix we've just discussed, but also on the mobile side. So this is why we haven't seen, honestly, so much churn from Orange to Digi so far. So this is something, of course, which is very scrutinized within the company. So, so far, I would say, so good for Orange. So this is it for the moment and we see, of course, for '26, what will happen on this dedicated market.

Okay. In the meantime, another question came in. So are you seeing much fiber deployment from Digi? Do you think Digi will be credible FMC competitor over the medium term?

I think in Belgium people who are familiar with -- so this is something that is organized, I would say, locally. So we are dedicated. We are having -- all the peers are having dedicated tools, technical tools where we need to announce and of course, say what we will do in terms of fiber rollout and all the civil works. So yes, we see Digi, coming in some dense areas in, I would say, around some cities. But this is not something we are focused on, actually.

We are having our own strategy. We are having our own now 4 gigabit and modernized network in the South. We are relating -- we are related to Wyre and Telenet in the North. So this is something that is, of course, very precious for us as we are having the most, I would say, integrated and gigabit proposal nationwide, of course, with satellite on top. So we are much more focused on what we are doing actually.

And another question from the chat. Any comments you can make on the mobile and fixed ARPU in 2026? You have said you hope to go back to growth on service revenues.

Yes, sure. As you know, we don't disclose our ARPUs anymore and of course, not forecast in our ARPU evolution. But what I can say is that, yes, we plan to be back to growth in B2C retail despite the market pressure and we -- that's -- and we are quite confident that we'll be able to achieve this goal. I would say a low single-digit growth.

But back to growth.

Okay. There are no further questions in the chat. So we can conclude this analyst call. We would like to thank you for your participation. Would you have any follow-up questions, please to contact the IR team for any additional questions you may have. Thank you very much, and have a good day.