Proximus (PROX) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw stable domestic performance with EBITDA up 0.3% year-on-year and strong net adds: 25,000 mobile postpaid, 8,000 internet, 12,000 convergent, and 44,000 fiber customers; fiber rollout reached 2.75 million homes, covering over 43% of the population.

• Full ownership of Unifiber in Wallonia was achieved, and network collaboration agreements in Flanders with Wyre, Telenet, and Orange Belgium were finalized, supporting capital efficiency and de-risking CapEx.

• Group revenue and EBITDA remained broadly stable year-over-year on a pro forma basis, with Group EBITDA at EUR 470 million for Q2 2026; Global segment EBITDA declined 34.9% year-on-year to EUR 29 million due to market headwinds and growth investments.

• Major partnerships were established with Google Cloud and Truecaller, and a dedicated AI-focused unit was launched, including the acquisition of Heltar to enhance AI capabilities.

Financial highlights

• Domestic revenue grew 1.1% year-on-year in Q2 2026 to EUR 1,192 million, with residential revenue up 2.2% and business revenue up 1.8%; wholesale revenue grew 1.2% but was offset by a 23.1% decline in interconnect revenue.

• Group accrued CapEx for H1 2026 was EUR 585 million, up 8% year-on-year, mainly due to Unifiber consolidation and content contract renewals.

• H1 2026 free cash flow was EUR -82 million (including Unifiber acquisition); organic free cash flow at EUR -25 million, down from EUR -5 million last year, mainly due to lower EBITDA and higher interest payments.

• Net income (Group share) for H1 2026 was EUR 278 million, down from EUR 313 million in H1 2025, impacted by lower EBITDA and fewer one-off gains.

Outlook and guidance

• Full-year 2026 guidance confirmed for all domestic and group metrics; global EBITDA guidance narrowed to EUR 110–120 million.

• CapEx for 2026 expected up to EUR 1.3 billion; organic free cash flow around EUR 50 million; net debt/EBITDA ratio to remain below 3.0x.

• Gross dividend per share targeted at EUR 0.30 for 2026, with increases planned for subsequent years; no risk seen for dividend trajectory.

• Confident in restoring organic free cash flow to EUR 400 million by 2030, with CapEx expected to decline after 2027.