Proximus (PROX) Q1 2025 earnings summary

Executive summary

• Q1 2025 showed resilience and growth in both Domestic and Global segments, with underlying Group revenue up 1.5% year-over-year (pro forma) and Group EBITDA up 2.8% (pro forma), supported by a successful multi-brand strategy and strong network investments.

• Fiber and 5G network expansion continued, with fiber street coverage surpassing 43% and 5G coverage over 75%.

• Asset disposal program advanced, with €330 million in proceeds confirmed and a target of over €500 million by 2027, including datacenter and HQ sales.

• Free cash flow improved to €81 million, with organic free cash flow at negative €36 million, a significant year-over-year improvement.

• Full-year 2025 guidance and dividend policy of €0.60 per share are reiterated.

Financial highlights

• Underlying Group revenue reached €1,636 million (+1.5% pro forma YoY), with Group EBITDA at €481 million (+2.8% pro forma YoY).

• Domestic revenue grew by 1.2% year-over-year to €1,216 million, with EBITDA up 1.5% to €430 million.

• Proximus Global EBITDA increased by 15.3% year-over-year (pro forma), with revenue up 2.7%.

• CapEx for Q1 was €270 million, tracking toward full-year guidance of €1.3 billion.

• Net income (Group share) was €140 million, up 39.4% year-over-year.

Outlook and guidance

• FY 2025 guidance confirmed: Domestic revenue and EBITDA expected to remain broadly stable, Global EBITDA to grow around 20%, and Group EBITDA to grow around 2%.

• CapEx envelope to remain around €1.3 billion annually until fiber build completion in 2028.

• Dividend of €0.60 per share for 2025, split into two tranches.

• Management remains vigilant regarding macroeconomic and currency headwinds.