Proximus Sa · EURONEXT:PROX
Proximus Sa — Q3 2025 Earnings Presentation
38 slides from Proximus Sa's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Results presentation
Q3 2025 Results presentation 7 November, 2025 Stijn Bijnens Mark Reid Group CEO Group CFO
Slide 2: Cautionary statement
Cautionary statement This presentation is a subset of the company’s results release. Please consult proximus.com/investors for the overall disclosed information. This communication may include some forward-looking statements, without limitation, regarding Proximus’ financial or operational results,
Slide 3: Agenda
Agenda › Highlights › Results overview Q3 2025 › Q&A
Slide 4: Q3 Highlights
Q3 Highlights Outlook • Domestic delivering robust financial results, with Q3’25 Services revenue broadly stable and EBITDA +1.8% YoY. 2025 • Domestic metrics reiterated • Strong Domestic commercial quarter in a highly competitive market: +45,000 Mobile Postpaid cards; +12,000 Internet. • Global EBI
Slide 5: Continued solid performance in Domestic, growing EBITDA +1.8% YoY, Global headwinds
Continued solid performance in Domestic, growing EBITDA +1.8% YoY, Global headwinds amplified by tough EBITDA comparison base Domestic Global Group -12.2% EBITDA -1.0% +0.1% Revenue Direct margin at CC Impacted by (M€; %YoY) (M€, %YoY) Global segment 1,191 1,191 -15.3% (M€; YoY) 480 475 ✓ Strong com
Slide 6: Strong operational quarter with robust mobile postpaid growth and solid broadband net adds
Concluding a strong operational quarter, underpinned by robust growth in mobile postpaid and solid broadband net adds, despite intense competition Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,379K; -159k YoY, -10.3% YoY Internet base Postpaid b
Slide 7: Strong residential commercial performance driven by value management and innovation
Strong residential commercial performance driven by efficient value management and ongoing innovation in the product portfolio Speed and data boost Launch of Mobile New referral Innovate on eSIM across multiple Vikings’ speed- program for Scarlet customer journey based unlimited customers mobile pla
Slide 8: Accelerating the B2B strategy towards growth
Accelerating the B2B strategy towards growth Develop value Leveraging Proximus’ Partnering with propositions aimed network assets for technology players for at growth in B2B sovereignty and AI co-creation markets evolution 8
Slide 9: Nearly 2.5M fiber HP, ~47% fiber in the street, 684K active fiber customers
Nearly 2.5M fiber HP, over 41% population coverage, or ~47% fiber in the street, with 684K active fiber customers 684k fiber customers 175 2,491k >41% Total park & net adds (k) Cities and municipalities Fiber Homes & Population +166 with fiber works Businesses Passed coverage 684 ongoing 646 607 564
Slide 10: BCA launched a market test on gigabit network collaboration in Flanders
BCA launched a market test on proposed gigabit network collaboration in Flanders. Fiber negotiations in Wallonia ongoing Outside collaboration scope Collaboration scope for fiber deployment and network usage Dense ~30% Mid- Dense ~50% Rural ~20% fiber already fiber HFC mostly deployed • BCA initiate
Slide 11: Well on track to achieve up to 600M€ proceeds from asset sales by end of 2027
Well on track to achieve up to 600M€ proceeds from asset sales by the end of 2027 Obtained and expected proceeds* from non-core assets management 63M€ HQ sold in Q1’25 30M€ received for HQ in Q4’23 130M€ Up to Datacenter business Closed in Q1‘25 Real estate 600M€ Assets Up to 100M€ Portfolio Selling
Slide 12: Guidance 2025
Guidance 2025 Outlook Outlook YTD 2025 FY 2025 FY 2025 Guidance metrics FY 2024 Actuals Updated on Updated on 25 July 2025 7 November 2025 Dividend Underlying Domestic revenue 4,826M€ +0.2% Broadly stable Broadly stable policy Underlying Domestic EBITDA 1,682M€ +1.8% Growth up to 2% Growth up to 2%
Slide 13: Resetting 2026 Global ambition to align with market conditions
Resetting 2026 Global ambition to align with the challenging fast-evolving market conditions New CEO appointed New growth initiatives & Ongoing market and integration for Proximus Global cost synergy delivery challenges • Mr. Seckin Arikan new Global CEO • Network API platform Konera • Inherently de
Slide 14: Results Q3 2025
Results Q3 2025
Slide 15: Domestic revenue broadly stable YoY in Q3
Domestic revenue broadly stable YoY in Q3 Revenue (underlying, M€) +0.1% 9 1,191 -4 1,191 -2 -2 +0.3% Services revenue Q3’24 Residential Business Wholesale Non-Services Q3’25 Customer Services Services Revenue* Services *Aggregate of Residential Prepaid, Wholesale Interconnect, Lux. Telco, Terminals
Slide 16: Q3 Residential revenue increased +1.1% YoY
Q3 Residential revenue increased +1.1% YoY, driven by continued revenue growth from Customer Services, up by +1.8% YoY Residential revenue (M€, YoY ) 3.0% 2.8% Fading double impact of 0.5% 1.2% 1.1% price indexations 643 625 618 621 622 58 55 56 55 56 70 89 63 63 69 Customer Services revenue +1.8% Y
Slide 17: Residential services revenue mix driven by growing convergent customers
The Residential services revenue mix maintains its strong profile, driven by a growing portion of revenue from Convergent customers Customer services revenue up by +1.8% YoY, Customer base (in k) in highly competitive market +0.7% 2,847 2,867 • Convergent revenue grew +4.5% • 65% of the services rev
Slide 18: B2B revenue declined -0.8% YoY
B2B revenue declined -0.8% YoY, due to Service revenue decline of - 1.1% YoY, partially offset by 1.5% YoY growth in Product revenue Business revenue (M€, YoY) Services revenue -1.1%, Increase in IT Services, offset by decline Fixed 2.3% 1.5% Voice and Mobile -0.8% -1.0% Products revenue +1.5%, -4.4
Slide 19: B2B services revenue -1.1% YoY
B2B services revenue -1.1% YoY, with gains in IT and Internet services partly offsetting continued declines in Fixed Voice and competitive pressures in Mobile Business Services revenue (M€) +2.8% IT Services -1.1% • Driven by growth in recurring services such as cloud, networking 407 402 and smart m
Slide 20: Decline in Wholesale services revenues from high comparable base
Decline in Wholesale services revenues from high comparable base, and continued decline in low margin interconnect revenue Wholesale revenue (M€, YoY) 3.7% 0.0% 0.9% -3.9% -11.8% 68 63 61 Fixed & Mobile Services revenue 60 60 23 -4.6% YoY; stable QoQ 21 19 18 17 • Exceptionally high comparable base
Slide 21: Domestic OpEx trend continued to improve, remaining stable YoY in Q3
Domestic OpEx trend continued to improve, remaining stable YoY in Q3 Domestic OpEx trend moved towards stabilization for Q3 Domestic OpEx (M€) 6.0% 5.5% 3.4% -0.1% 3.8% 2.2% 1.3% 472 -0.1% 3 471 -3 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q3’24 WF Non-WF Q3’25 Management view -0.1% 472 471 Domestic
Slide 22: Domestic EBITDA grew by 1.8% YoY
Domestic EBITDA grew by 1.8% YoY, fully driven by Direct margin improvement and supported by YoY stable OpEx (M€) +1.8% 3 -3 437 429 7 Q3’24 Direct margin Workforce costs Non-Workforce costs Q3’25 22
Slide 23: Global Direct margin reflects continued headwinds in CPaaS SMS and P2P
Global Direct margin reflects continued headwinds in CPaaS SMS and P2P Voice & Messaging market decline Revenue (M€) -16.1% at constant currency -19.4% 468 473 436 367 377 157 156 145 116 119 Direct margin -12.2% (constant currency) 311 317 291 251 258 • Communications & Data: structural Q3’24 Q4’24
Slide 24: Proximus Global OpEx synergies partially offset Direct margin headwinds
Proximus Global OpEx synergies partially offset its Direct margin headwinds in Q3, leading to -25.1% YoY EBITDA, or -22.3% at constant currency OpEx (M€) EBITDA (M€) ✓ Cost synergies from lower headcount, more than compensating -22.3% the inflationary impacts at cc -8.4% -25.1% 73 51 51 67 45 45 38
Slide 25: YTD 2025 Group CapEx of 826M€
YTD 2025 Group CapEx of 826M€ Group CapEx M€, booked, excl. spectrum & football rights On pro forma basis -5.7% 875 826 YoY CapEx decrease: • Decreased demand for modems and Wi-Fi boosters - higher refurbishment rates • Increased self-installation rates • Improvements in operational processes 26% 29
Slide 26: YTD Organic FCF increased compared to last year
YTD Organic FCF increased compared to last year, mainly driven by higher EBITDA and reduced cash CapEx FCF (YoY, M€) Operations Investing 428 269 159 6 94 46 33 -8 -20 9 774 -728 Reported Adjustments Organic FCF Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other Organic FCF Ad
Slide 27: Concluding remarks
Concluding remarks • Domestic segment in good shape, delivering strong operational results in highly competitive market, controlling costs and growing EBITDA +1.8% YoY. • Solid progress in fiber rollout, covering 47% in the Street, market test ongoing for fiber collaboration in Flanders, negotiation
Slide 28: Q&A
Q&A To ask a question, join the conference call → Register here for the Q&A to receive your dial-in details.
Slide 29: Appendix
Appendix
Slide 30: From reported to underlying – EBITDA adjustments
From reported to underlying – EBITDA adjustments Q3’24 Q3’25 (M€) (M€) 598 4 495 -24 -2 6 5 475 -25 -3 -3 -66 480 -30 Reported Lease Lease Transformation Acquisitions, Litigation / Underlying Reported Lease Lease Transformation Acquisitions, Litigation / Underlying depreciations interest mergers and
Slide 31: Q3 Domestic underlying EBITDA growth partially offsets Global headwinds
Q3 Domestic underlying EBITDA growth partially offsets Global headwinds (all underlying, M€) Revenue Direct margin -5.4% 1,638 1 -1.5% 7 1,022 2 1,550 1,007 -19 -90 -4 +0.1% -16.1%* +0.8% -12.2%* Q3’24 Domestic Proximus Others** Q3’25 Q3’24 Domestic Proximus Others** Q3’25 Global Global OpEx EBITDA
Slide 32: YoY Q3 Organic FCF increased
YoY Q3 Organic FCF increased. Reduced Cash CapEx nearly offsets impact of changes in working capital Q3 FCF ( YoY, M€) Operations Investing 161 164 162 -2 -5 17 -78 72 162 2 -5 -1 Reported FCF Adjustments Organic FCF Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other Organic F
Slide 33: EBITDA conversion to FCF YTD 2025
EBITDA conversion to FCF YTD 2025 (M€) 1,658 1,446 -211 -181 -69 -69 269 428 159 -958 -9 Reported Adjustments Underlying Change in WC Interests paid Income Tax paid Cash Capex Cash Other Organic FCF Adjustments Reported EBITDA EBITDA and received Investing YTD ’25 YTD ’25 FCF YTD ’25 YTD ’25 YTD ’25
Slide 34: Net income
Net income (Group share) (M€) +6.8% 76 33 1 398 372 -78 -6 YTD 2024 Underlying Adjustments D&A Net Others (*) YTD 2025 EBITDA finance result * Others: Include non-controlling interests and Share of loss from associates 34
Slide 35: Strong liquidity position, funding needs covered until 2028
Strong liquidity position, funding needs covered until 2028 (M€, Proximus SA, status end-September 2025) Credit ratings BBB+ S&P (negative outlook) A3 Moody’s (stable outlook) Green Green bond bond 700 3.2% 750 750 750 Weighted average coupon 400 700 (including hybrid) Long term 500 150 150 100 8-ye
Slide 36: Adjusted Net Financial Position (excl. lease liabilities) YTD 2025
Adjusted Net Financial Position (excl. lease liabilities) YTD 2025 (M€) Net fin Net fin position position at end at end December Dividends September 2024 Organic FCF M&A Divestments (incl. NCI) Adjusted Cash Other* 2025 302 -70 -21 -18 -3,593 159 -33 -3,912 *Other: Mainly re-measurements to FV & amo
Slide 37: Shareholder structure
Shareholder structure Status 30/09/2025 Total number of shares Free-float Belgian Government Market Capitalization Gross Dividend yield 338,025,135 42% 54% ~€ 2.5Bn ~8.1% Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend ri
Slide 38: Contact Investor Relations
Contact Investor Relations Nancy Goossens Bart Boone Investor Relations Lead Investor Relations Manager Proximus Investor E-mail: Call: Relations website: investor.relations@proximus.com +32 2 202 82 41 www.proximus.com/en/investors