Proximus (PROX) Q4 2025 & CMD 2026 earnings summary

Executive summary

• Presented a five-year strategic plan focused on execution, efficiency, and growth in both domestic and global segments, with a focus on sustaining telco leadership and accelerating fiber and 5G rollout.

• Domestic operations maintained robust financials and market share, with strong commercial results and customer growth despite increased competition and new market entrants.

• Group EBITDA grew by 0.8% YoY, driven by domestic performance, while Global EBITDA declined 9.3% YoY due to market headwinds and integration challenges.

• Organic free cash flow reached EUR 130 million, exceeding guidance, and total free cash flow was EUR 480 million, including asset sales.

• New dividend policy aligns payouts with free cash flow, ensuring financial flexibility and introducing a three-year payout plan.

Financial highlights

• Domestic revenues stable year-over-year at EUR 4,821 million; domestic EBITDA up 1.9% YoY to EUR 1,713 million in 2025.

• Group CapEx was EUR 1.25 billion in 2025, down from EUR 1.36 billion in FY24; organic free cash flow at EUR 130 million, outperforming guidance.

• Asset sales of EUR 450 million in 2025 contributed to total free cash flow of EUR 480 million.

• Net debt/EBITDA at 2.7x at year-end, with a solid debt maturity profile and average coupon of 3.2%.

• Net income for 2025 was EUR 268 million to EUR 398 million, impacted by a EUR 275 million goodwill impairment in the Global segment.

Outlook and guidance

• Domestic EBITDA expected to remain stable from 2025-2028, with 1% CAGR in services revenue.

• Global EBITDA guided at EUR 100-130 million for 2026, with growth resuming from 2027.

• CapEx to decrease to EUR 1.2 billion by 2028 and below EUR 1 billion by 2030.

• Free cash flow projected to reach EUR 400 million by 2030.

• Dividend per share set at EUR 0.30 (2026), EUR 0.40 (2027), EUR 0.50 (2028), following a EUR 0.60/share payout for 2025.