Solid Q1 EBITDAaL growth Updated dividend in the COVID-19 context - Seite 2

	Q1 2019	Q1 2020	change
Mobile postpaid customer base (in ‘000)	2,490	2,588	3.9%
Net adds (in ‘000)	21	9	-58.3%
Mobile only postpaid ARPO (€ per month)	20.8	20.3	-2.5%
Convergent customer base (in ‘000)	200	280	40.0%
Net adds (in ‘000)	20	21	8.1%
B2C convergent ARPO (€ per month)	77.4	75.9	-1.9%
Convergent mobile customer as % mobile contract customer base	12.7%	17.4%	470 bp

Q1’20 consolidated financial highlights

• Revenues increased by 1.9% yoy¹ to €333.9m mainly driven by improved retail service revenues (+4.6% yoy¹) supported by higher convergence services (+35.8% yoy), compensating lower wholesale revenues (-2.1% yoy). Wholesale revenues decreased mainly due to lower incoming SMS revenues (-€4.8m) which have no impact on EBITDAaL, partially compensated by higher MVNO revenues.
• EBITDAaL increased by 7.6% yoy¹ to €62.2m, mainly thanks to increasing retail service revenues, improved cable operations and cost efficiencies as a result of our Bold Inside transformation plan. Cable operations’ EBITDAaL had a positive result of €2.5m this quarter vs a €1.1m loss in Q1’19, but negative cash flow of -€6.3m (vs -€13.4m in Q1’19).

Orange Belgium Group: key financial figures

	reported	comparable1		comparable	reported
in €m	Q1 2019	Q1 2019	Q1 2020	change	change
Revenues	318.2	327.7	333.9	1.9%	4.9%
Retail service revenues	205.7	214.9	224.8	4.6%	9.3%
EBITDAaL	58.0	57.8	62.2	7.6%	7.1%
margin as % of revenues	18.2%	17.6%	18.6%	100 bp	38 bp
eCapex	-36.9	-36.9	-35.1	-4.8%	-4.8%
Operating cash flow2	21.1	20.9	27.0	29.6%	27.9%
Net financial debt	252.1		229.0		-9.2%

1. Comparable base includes BKM 2019 before acquisition
2. Operating cash flow defined as EBITDAaL – eCapex