Proximus (PROX) Q3 2025 earnings summary

Executive summary

• Domestic segment delivered robust operational results in Q3 2025, with stable service revenues and 1.8% EBITDA growth year-over-year, despite intense competition.

• Global segment faced significant headwinds from a shrinking P2P market, persistent SMS CPaaS challenges, integration issues, and currency effects, resulting in a 25.1% YoY EBITDA decline.

• Fiber rollout progressed, reaching 47% street coverage and 684,000 active fiber customers.

• Sale of Be-Mobile completed, advancing the non-core asset disposal program and progressing towards the €600 million asset sales target by 2027.

• New CEO and leadership changes in the Global segment to address integration and strategic challenges.

Financial highlights

• Group underlying EBITDA for Q3 2025 was €475 million, down 1% year-over-year, with domestic EBITDA up 1.8% and global EBITDA down 25.1%.

• Domestic revenue was broadly stable year-over-year (+0.1%), while global revenue declined 16.1% at constant currency.

• CapEx for the first nine months was €826 million, down 5.7% year-over-year, reflecting operational efficiencies.

• Free cash flow for the first nine months at €428 million; organic free cash flow at €159 million, a strong year-on-year improvement.

• Net income (Group share) rose 6.8% year-over-year to €398 million for YTD 2025.

Outlook and guidance

• FY 2025 group EBITDA expected to grow up to 1%; domestic EBITDA up to 2% growth; global EBITDA to decline 5–10% year-over-year.

• CapEx guidance for 2025 lowered to approximately €1.25 billion; organic free cash flow guidance raised to around €100 million.

• Net debt/EBITDA ratio projected to improve to around 2.8x by year-end.

• Dividend policy maintained at €0.60/share for 2025, split into interim and final tranches.

• Global segment 2026 EBITDA expected between €100–130 million, with growth targeted to resume from 2027.