Proximus (PROX) Q1 2026 earnings summary

Executive summary

• Q1 2026 began strongly with stable domestic service revenues and robust commercial KPIs, including 17,000 mobile postpaid net adds and 10,000 new internet lines, despite intense competition.

• Domestic EBITDA grew by 1.9% year-on-year, supported by lower OpEx, while Global EBITDA declined 34.3% year-on-year, in line with expectations.

• Fiber rollout reached 2.7 million homes (42% coverage), with 45,000 new active fiber customers in Q1 2026.

• Group revenue and EBITDA declined year-on-year, mainly due to a sharp drop in Global segment revenue.

• Net income (Group share) decreased 9.8% year-on-year to €124 million, impacted by the absence of a prior year one-off gain.

Financial highlights

• Group EBITDA declined by 1.9% year-on-year to €468 million, mainly due to lower Global EBITDA.

• Q1 CapEx was €261 million, down 3.2% year-on-year, mainly from lower fiber and mobile network investments.

• Organic free cash flow improved to €19 million, a significant year-on-year increase, driven by lower CapEx and working capital needs.

• Domestic services revenue was stable year-on-year at €949 million, with residential revenue up 1.5% and business services revenue down 2.3%.

• Wholesale revenue declined 7.7% to 11.8% year-on-year, mainly from lower interconnect and roaming revenues.

Outlook and guidance

• Guidance for all metrics reiterated; domestic services revenue and EBITDA expected to remain broadly stable for 2026.

• Global EBITDA for 2026 guided at €100–130 million; CapEx expected at €1.2–1.25 billion.

• Organic free cash flow for FY 2026 guided up to €100 million; net debt/EBITDA ratio expected around 2.8x.

• Anticipated headwinds in Q2 from reversal of real estate tax provision and salary indexations in H2.

• Major B2B IT contracts expected to start contributing revenue in the second half of 2026.