Proximus (PROX) Company presentation summary

Investment highlights and financial performance

• Achieved solid FY 2025 financials with services revenue up 1.9% and EBITDA up 0.4%.

• Strong customer growth: Internet +1.5% YoY, Postpaid +2.2% YoY, Convergence +4.0% YoY.

• Group underlying revenue reached €6.3B, EBITDA €1.9B, and organic FCF €130M in 2025.

• CapEx peaked at €1.25B in 2025, with a target to trend down after 2027.

• Net debt/EBITDA ratio at 2.7x in 2025, expected to remain below 3.0x through 2028.

Market position and strategy

• Maintains leading network positions: >42% fiber coverage and 92% 5G indoor coverage.

• Operates three strong B2C brands: Proximus, Mobile Vikings, and Scarlet, covering all market segments.

• Holds #1 market share in mobile and convergent services, and is a challenger in fixed internet in Flanders.

• B2B segment leads in fixed and mobile, with a differentiated IT offering.

• Domestic strategy focuses on telco leadership, IT growth, gigabit access, and efficiency via AI.

Operational achievements and transformation

• Fiber rollout targets 60% coverage by 2030 and 95% gigabit access for customers.

• Efficiency program aims for €180M in gross savings by 2028, leveraging AI and workforce optimization.

• Headcount reduction planned through attrition and reskilling, with a net €25M Opex reduction by 2028.

• Proximus Global segment unites BICS, Telesign, and Route Mobile, focusing on omnichannel, digital identity, and network APIs.

• Global segment targets EBITDA growth from 2027, shifting from SMS to omnichannel and integrating fraud protection.