Proximus (PROX) Q3 2026 earnings summary

Executive summary

• Q3 underlying revenue was €1.535B, down 0.2% YoY; underlying EBITDA was €461M, down 2.0%.

• Domestic revenue rose 0.3% and Residential services grew 2.9%, offsetting pressure in Business and legacy services.

• Domestic EBITDA declined 1.4% as direct-margin growth was offset by higher OpEx, including Unifiber consolidation; Global direct margin rose 0.8%.

• FY26 Domestic guidance remained broadly stable; Global EBITDA and organic FCF guidance increased.

Financial highlights

• Q3 underlying Domestic revenue rose 0.3% to €1.183B and services revenue rose 0.4% to €943M; Global revenue fell 2.0% to €369M.

• Q3 EBITDA was €426M Domestic, down 1.4%, and €35M Global, down 8.1%; reported EBITDA was €479M.

• Q3 net income attributable to shareholders was €96M, up 13.5%; YTD net income was €374M, down 5.9%, including a €69M Unifiber gain.

• YTD underlying revenue was €4.589B, down 2.2%; underlying EBITDA was €1.399B, down 2.3%.

• YTD CapEx was €835M; organic FCF was €114M versus €153M, while Q3 organic FCF was €142M, down €20M YoY.

Outlook and guidance

• FY26 Domestic underlying services revenue and EBITDA guidance remained broadly stable on a pro forma basis.

• FY26 Global EBITDA guidance rose to €125–135M from €110–120M, reflecting earlier direct-margin improvement and disciplined investment.

• FY26 organic FCF guidance increased to ~€100M from ~€50M; CapEx guidance is below €1.3B and net debt/EBITDA is expected below 3x.

• Planned gross dividends are €0.30/share on FY26 results, €0.40/share on FY27 and €0.50/share on FY28, subject to AGM approval.

• Global plans increased selective OpEx investment from Q4 FY26, focused on customer acquisition and sustainable growth.