Proximus Sa · EURONEXT:PROX
Proximus Sa — Investor Day (February 2026)
95 slides from Proximus Sa's investor day presentation, Feb 27, 2026
Slide 1: Capital Markets Day 2026
Proximus Group Capital Markets Day 2026 Friday 27th February Brussels
Slide 2: Disclaimer
Disclaimer This communication may include some forward-looking statements, without limitation, regarding Proximus’ financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions and other risk factors. These forward-looking statem
Slide 3: Your hosts
Your hosts Nancy Goossens Stijn Bijnens Jim Casteele Geert Standaert Seckin Arikan Nicolas Gaertner Group Investor CEO Consumer Market Network & CEO Group Finance Relations Lead Proximus Group & AI Lead Wholesale Lead Proximus Global Lead a.i. Proximus Group | Capital Markets Day 2026 3
Slide 4: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 4
Slide 5: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 5
Slide 6: Building on a strong foundation
Building on a strong foundation Stijn Bijnens CEO Proximus Group | Capital Markets Day 2026 6
Slide 7: Proximus Group operates through distinct segments on the Domestic and Global markets
Proximus Group operates through 2 distinct segments on the Domestic and Global markets Domestic Benelux focus c. 1.7B€ c. 0.17B€ FY25 EBITDA FY25 EBITDA B2C B2B Wholesale Luxembourg Active in several markets with Leader in mature domestic telco market different dynamics and growth Challenger in grow
Slide 8: Our Domestic segment is in great shape, maintaining its leading position
Our Domestic segment is in great shape, maintaining its leading position in an increasingly competitive market Leading networks Strong brands #1 market positions Fixed Solid NPS in B2C Market shares (volume share; end ‘25 vs ‘22) NPS by brand (FY‘25) c. 42% National fiber coverage (end ‘25) 44% 33%
Slide 9: Strong Domestic commercial performance in 2025
We sustained strong Domestic commercial performance in 2025, supporting solid growth in service revenue and EBITDA Strong customer growth on key products... …drove solid domestic financial results2 # subscriptions (‘000) (In M€) +3.8% +3.6% +0.4% +2.3% +2.0% +1.5% 3,510 3,644 3,776 3,791 Services 2,
Slide 10: Proximus Global unites the strengths of BICS, Telesign and Route Mobile
Proximus Global unites the strengths of BICS, Telesign and Route Mobile to elevate digital communications Number one interoperability service provider, with a network of networks Enabling voice calls and SMS sending across the world Top 5, at-scale leading innovator in Omnichannel solutions Allowing
Slide 11: Market headwinds and integration challenges impacted Global's FY25 performance
Market headwinds and integration challenges impacted Global’s FY25 performance Financial results FY 2025 Actions taken -8.5% at CC2 501 445 Seckin Arikan new Global CEO Direct margin (M€, %YoY) Reset of 2026 ambition at Q3 ’25 results • EBITDA between 100-130M€ • Return to growth as of 2027 FY241 FY
Slide 12: FY'25 Group results met our projections
FY’25 Group results met our projections (Q3 2025), with organic FCF exceeding expectations Outlook FY 2024 FY 2025 FY 2025 Guidance metrics Updated on Actuals Actuals 7 November 2025 Underlying Domestic revenue 4,826M€ Broadly stable -0.1% Underlying Domestic EBITDA 1,682M€ Growth up to 2% +1.9% Und
Slide 13: Looking forward, we will focus on the four main tasks
Looking forward, we will focus on the four main tasks that need to be accomplished Domestic Global Sustain telco leadership and profitably 1 grow IT through the best network, products and services 4 Bring Global back to growth Deliver nationwide Gigabit access, through 2 a combination of own roll-ou
Slide 14: Building on B2C strengths and transforming B2B for profitable growth
1 We build on our strengths in B2C and transform for profitable growth in B2B, targeting broadly stable EBITDA over the next 3 years Residential Business SME NPS increase Positive Services Stay the Sustain solid Reinforce IT Positive Services across all revenue trend preferred market shares market s
Slide 15: Nationwide Gigabit access through own roll-out and partnerships
2 We target to deliver nationwide Gigabit access, through a combination of own roll-out and partnerships Proximus current footprint Belgian gigabit footprint ambition 2035 (indicative chart1) (indicative chart2) Fiber Fiber Copper Other Gigabit 2.6M homes passed c. 60% c. 20% Proximus fiber + 3rd-pa
Slide 16: Efficiency through simplification and AI
3 A strong focus on efficiency through simplification and AI will drive significant workload reductions Simplify… everything AI removes manual work at scale and materially reduces workload Examples simplification achievements Sample of AI use cases at Proximus (not exhaustive, ’24-’25 YoY) (not exha
Slide 17: We will lower headcount in a smart way by 2030
3 We will lower headcount in a smart way by 2030 through reskilling and upskilling c. 800 Controlled internal workforce reduction through partial replacement of natural outflow leavers due to retirements (estimated1) Proximus SA internal FTE (in ‘000s) 8.0 7.9K -1.2K 1 in 3 leavers replaced in non-s
Slide 18: An additional c. 1.4K retirements post 2030
3 An additional c. 1.4K retirements post 2030 create further non-disruptive workforce reduction options Retirements forecast per year (# retirements of internal FTE per year, Proximus SA) c. 1,400 c. 800 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Proximus Group | Capital Markets Day 2026 18
Slide 19: Amplify 2030 domestic strategic plan
The three domestic tasks to be accomplished have been translated into a 5-year strategic plan: Amplify 2030 Domestic Sustain telco leadership and profitably grow IT 1 through the best network, products and services Our Double down on our strengths in the customer consumer market impact Transform for
Slide 20: Global's jobs to be done
Global’s jobs to be done focus on returning back to growth and creating optionality for future value creation Domestic Global Sustain telco leadership and profitably 4 1 grow IT through the best network, products and services Deliver nationwide Gigabit access, through Bring Global back to growth 2 a
Slide 21: Elevate 2030 Proximus Global strategy
4 The new Proximus Global strategy, Elevate 2030, will build on the strengths of our 3 brands to capture selective pockets of growth Empower brands Be the trust to orchestrate champion for seamless secure digital customer interactions engagements Be the worldwide leader in connectivity Proximus Grou
Slide 22: Two-stage growth path with c. 400M€ organic FCF by 2030
As a group, we embark on a two-stage growth path with c. 400M€ organic FCF by 2030, and further upside potential by 2035 CapEx1 2nd phase of FCF growth c. 1.25B€ Substantial increase in retirements post ‘30 c. 1.2B€ Customer CapEx drops significantly <1B€ Copper phase-out at full speed Organic FCF c
Slide 23: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 23
Slide 24: Amplify our customer impact
Amplify our customer impact Sustainably differentiate B2C to grow further Jim Casteele Proximus Group | Capital Markets Day 2026 24
Slide 25: Internet and mobile postpaid provide growth in a mature Belgian telco market
Internet and mobile postpaid provide growth in a mature Belgian telco market, while TV and fixed voice are in decline Market value Market volumes (Residential, volumes in M) CAGR +2% Residential spend (In value, B€) Fixed internet 3.95 4.03 4.09 4.17 CAGR +2.4% 2022 2023 2024 2025 4.8 4.9 4.9 4.6 CA
Slide 26: Managing the impact of the 4th entrant
We have managed the impact of the 4th entrant in their first year, but remain vigilant as customers have become more price-sensitive Evolution of port-balance to DIGI (residential, all brands) Volume share of B-brands in total Residential mobile postpaid Launch of Launch prepaid offer €3 plan Launch
Slide 27: Strong commercial results while managing value
In this competitive market, we deliver strong commercial results while managing value, resulting in solid services revenue growth Sustained expanding customer base1 Price increases landed well, with Continuous service revenue growth (lines and cards, in ‘000) limited churn impact (in M€) Internet CA
Slide 28: Fiber drives revenue growth
Fiber drives revenue growth as it is a meaningful driver for acquiring new customers, reducing churn and increasing ARPC Fiber park (residential + business, in ‘000) Fiber share in Churn impact Fiber drives revenue growth acquisition (residential, normalized) (residential, M€) (residential) 731 +26p
Slide 29: Our brands address the various consumer segments
Our 3 brands successfully address the various segments in the consumer market, allowing us to maximize value Brand positioning Growing NPS scores across all brands Telco & VAS needs Willingness to pay Residential Services revenue mix (value, 2025) 18(RES 46 20 convergent) Trusted Digital No-frills p
Slide 30: Our 2030 target picture
Our 2030 target picture By 2030, we will be the preferred partner for every generation and empower our customers to seize any digital opportunity, through a best-in-class brand portfolio Drive customer Lead in Connect via Be attractive intimacy connectivity digital platforms at all price points Prox
Slide 31: Drive customer intimacy
Drive customer intimacy by balancing human and digital interactions across all touch-points Amplify priorities • Reinforce hyper-personalized marketing capabilities • Improve customer experience by leveraging new AI tools and proactively solving issues • Use human interactions to make a true differe
Slide 32: Lead in connectivity
Lead in connectivity, building on the best 5G & fiber-networks Amplify priorities • Ensure the best in-home and on-the-move connectivity experience • Maintain leadership through innovation (e.g. use Wi-Fi 7 to deliver a superior in-home fiber experience) • Drive our trustworthiness by ensuring digit
Slide 33: Emotionally connect with our customers through digital platforms
Emotionally connect with our customers through relevant, digital platforms Amplify priorities • Address both digital TV users and streamers with the best local and international content on our Pickx TV platform • Proximus+ app as trusted channel for daily customer interactions • Grow the loyalty pro
Slide 34: Attractiveness across all price points
We ensure attractiveness across all price points, with our 3 brands Amplify priorities • Strengthen the premiumness of Proximus • Be ready for market changes with a multi-brand toolbox Today’s proof points €8/m €25/m 65% Mobile entry offer Entry unlimited plan % revenue from at Scarlet (5GB) at Mobi
Slide 35: 2025-2028 financial ambitions
2025-2028 financial ambitions In a highly competitive B2C market, we aim to sustain our solid market shares, grow NPS across our brands & continue to grow services revenue NPS increase across all brands +1% B2C services revenue CAGR ’25-’28 Sustain solid market shares Proximus Group | Capital Market
Slide 36: Amplify our customer impact: Transform for profitable B2B growth
Amplify our customer impact Transform for profitable B2B growth Stijn Bijnens Proximus Group | Capital Markets Day 2026 36
Slide 37: Mature telco and structurally growing IT market
We operate in a mature telco and a structurally growing IT market, both dealing with evolving customer expectations Customer expectations set to increase Benelux B2B Telco market Increased IT/telco convergence, with different flavors for SME and corporate customers Mature market Outcome seekers, wit
Slide 38: B2B service revenue broadly stable, mix shifting to IT
B2B service revenue was broadly stable between ’22-’25, with the revenue mix shifting to IT solutions B2B Services revenue, IT services revenue split, M€, on like-for-like basis, Benelux M€, 2025, Benelux +0.2%CAGR 1,565 1,595 1,605 1,576 Data/AI & Other IT services 23% 24% 25% 26% Workplace Cloud S
Slide 39: Our 2030 target picture
Our 2030 target picture We aim to be the most trusted partner in the Benelux, delivering integrated Telco and IT solutions that empower enterprises and public institutions to turn digital complexity into clear, measurable impact From an IT/telco approach to a SME/NXT strategy 1,576 • Cloud 1,576 • C
Slide 40: In SME, building on strong foundations
In SME, Proximus can build on its strong foundations to adapt to the evolving markets, particularly around IT/Telco convergence Foundations Key challenges • Strong local brand Strong customer • Indirect channel for SME, Reconnect with growth intimacy strong results for ClearMedia1 by protecting our
Slide 41: SME focus on convergent bundles and indirect channels
In SME, we will focus on convergent bundles and indirect channels to lead the market by meeting our customers current and future needs From … to Telco Telco bundles … & IT convergent bundles Strengthen • Cybersecurity suite Telco/IT • Cybersecurity insurance convergent • AI solutions bundles • Smart
Slide 42: Proximus NXT builds on Telco and IT foundation
Proximus NXT can build on its strong Telco and IT foundation with solid local anchorage, to adapt to the evolving markets Foundations Key challenges • 90% 5G coverage and 67% of enterprises inside Unique industrial zonings connectable to fiber Adapt to customer needs shifting comprehensive ICT • Con
Slide 43: NXT: three strategic pillars
In NXT, we ambition to reinforce our market position in IT by executing on three strategic pillars, supported by a 2-year transformation program Strengthen value proposition Boost sales Optimize our effectiveness cost structure • Sovereignty and Edge computing • Focus on solutions adapted to • Bluep
Slide 44: NXT doubles down on mission-critical infrastructure
With Proximus NXT, we double down on mission-critical infrastructure to drive strategic growth Key opportunities One mission With a focus on The Ministry of Defense (MoD) is set to increase Cyber- & Physical defense spending to 2.5% security of GDP by 2034 Organizations like NATO, ESA, State Securit
Slide 45: 2025-2028 financial ambitions
2025-2028 financial ambitions In a highly competitive market, we ambition to keep our solid position in the B2B Telco market, reinforce IT market position. Post-transformation, we aim for an improved service revenue trend. Reinforce IT market share, with high single digit 3Y revenue CAGR, above mark
Slide 46: Amplify our infrastructure
Amplify our infrastructure Futureproof our fixed and mobile network Geert Standaert Proximus Group | Capital Markets Day 2026 46
Slide 47: Connectivity leader in both fixed and mobile
Our strategic actions have positioned Proximus as connectivity leader in both fixed and mobile Mobile #1 Download speed 90% 5G indoor coverage Fixed c. 42% 2.6M 33% National fiber coverage Fiber Homes passed Fiber Filling rate BCA assessment ongoing, Strategic following the market test in MoU signed
Slide 48: Gigabit collaboration in mid-dense and rural areas
Looking forward, we ambition a gigabit collaboration resulting in cross-network utilization in the mid-dense & rural areas Collaboration zone Dense Mid-dense Rural ~2.0M ~0.9M ~40% of fiber collaboration area or ~0.8M ~60% of fiber collaboration area or ~1,2M ~0.7M Flanders Network HFC or other Giga
Slide 49: ~80% of Belgian premises with fiber access by 2035
Standalone rollout and collaboration agreements would allow for ~80% of Belgian premises to have Fiber access by 2035 Belgian gigabit Fiber deployed in dense Distribution by area & living units network coverage 2035 and mid-dense areas (target picture 2035, indicative1) (indicative chart1) 1 20% 2 L
Slide 50: Gigabit access to all by 2035
For Proximus customers, our fixed network ambition is to provide gigabit access to all by 2035 % of total living % units in Belgium Dense Mid-dense Rural 30% 50% 20% Fiber standalone build Fiber collaboration Gigabit collaboration Proximus own 3rd party F 100% - Proximus own fiber 3rd party HFC W fi
Slide 51: Targeting fiber coverage of ~60% by 2030
Proximus, with its affiliates and JVs, targets fiber coverage of ~60% by 2030, sustaining fiber leadership Proximus fiber roll-out nearly completed by 2030 % completed end 2025 (past & expected Homes Passed roll-out in incremental M living units) c. 60% 500k 0.6 Dense >85% ~42% 0.5 400k 0.4 0.35 0.3
Slide 52: Gigabit access to ~95% of customers by 2030
On top of our fiber roll-out, partnerships would allow us to offer gigabit access to ~95% of our customers by 2030 and to all by 2035 Proximus gigabit access (M living units) 3rd-party Fiber, HFC1 & FWA, 2,6 PXS Fiber ~60% of total LUs 2025 2026 2027 2028 2029 2030 Proximus, Unifiber & Gofiber 3rd p
Slide 53: Progress towards a copper-free footprint
With the shift to Fiber, we progress towards a copper-free footprint, progressively realizing savings on energy, maintenance & renewal avoidance Full Copper-free copper footprint footprint Recurring cost saving1 Aiming to accelerate copper decommissioning & minimize copper investments during phase-o
Slide 54: Transforming network operations with AI
We are transforming our network operations with AI to boost efficiency & customer experience 2030 target state Automated planning, optimization, performance management Autonomous Network Network Network Cockpit Operations Operations Digital twins, intent management, network graphs AI powered Network
Slide 55: Strengthening mobile leadership
We are strengthening our mobile leadership by leveraging our spectrum supremacy, superior experience and next generation technologies Best capacity & coverage Best experience Available mobile spectrum (MHz) 125 75 Indoor Deep indoor PXS OBEL TNT DIGI • Build on spectrum supremacy through 2040 for hi
Slide 56: Software-defined network and nationwide edge infrastructure
Our network will offer software-defined capabilities and nationwide edge infrastructure to deliver real-time, on-demand services Wholesale Network APIs Interoperability Network Enhanced Network • Network APIs to support Fraud Prevention On-Demand Quality (slicing) Network as a Service models On Prem
Slide 57: 2025-2030 ambitions
2025-2030 ambitions We sustain our competitive advantage in Mobile and Fiber, offering gigabit access to c. 95% of our customers, while improving execution efficiency #1 Mobile & Fiber Singular focus on execution c. 60% Fiber coverage Sustain our competitive c. 95% advantage Gigabit coverage Signifi
Slide 58: Break
Break Proximus Group | Capital Markets Day 2026 58
Slide 59: Global Elevate strategy
Global Elevate Elevate strategy strategy Seckin Arikan Proximus Group | Capital Markets Day 2026 59
Slide 60: Over 20 years of global impact and innovation
We build on over 20 years of global impact and innovation 2004 2005 Creation of Creation of 2024 2021 2017 Proximus Group Proximus Group acquires acquires acquires* 100% ownership of January 2025 Proximus Group | Capital Markets Day 2026 60 Notes: (1) Proximus Global acquired a 75% stake of Route Mo
Slide 61: Proximus Global unites BICS, Telesign and Route Mobile
Proximus Global unites the strengths of BICS, Telesign and Route Mobile to transform digital communications Number one interoperability service provider, with a network of networks Enabling voice calls and SMS sending across the world Top 5, at-scale leading innovator in Omnichannel solutions Allowi
Slide 62: Market and internal challenges in 2025
In 2025, our markets were confronted with accelerated change while we were navigating internal complexities Market challenges Internal challenges SMS OTP decline Integration challenges • Heavy reliance on declining SMS OTP1 • Rushed transformation • Accelerated fight against Artificially • Complex o
Slide 63: Trusted solutions across the entire customer lifecycle
Enterprises benefit from trusted solutions across the entire customer lifecycle Our customers can easily interact with customers on their favourite channel - anytime, anywhere Customer Awareness & Registration & Purchase Order Service Support Issue Measure & promotions verification confirmation aler
Slide 64: Customers trust us for global scale and digital solutions
Customers trust us for our global scale & digital solutions Connect Engage Protect Customer Large telecom group >4M Daily commuters 465M yearly event tickets Example 64 Customer Combat topline volatility: Heavy reliance on manual Low SMS delivery rates with Challenges high voice volumes with ticketi
Slide 65: 2026 a pivotal year for our product portfolio
2026 will be a pivotal year for our product portfolio towards high- growth areas Engage Protect Connect High Proximus Global Direct Margin Relative P2P Voice & SMS €€€ €€ € Market Share A2P SMS Data roaming 15% relative market share Cloud Comms Network API Low Relative Omnichannel Market share Prote
Slide 66: Markets with very different dynamics and growth profiles
We are active in several markets presenting very different dynamics and growth profiles Connect Engage Protect P2P voice & msg. Data roaming A2P SMS Omnichannel Digital Identity Enable people to send Allow people to use Enable enterprises to interact with their Provide enterprises and receive voice
Slide 67: Strengthening Telco leadership with focus on volumes
We are strengthening our leadership in Telco by keeping a strong focus on volumes Connect Engage Protect Network API P2P voice & msg. Data roaming A2P SMS Omnichannel Digital Identity Key trends Volumes continue to be a key growth driver Our revised strategy P2P voice & msg. Be the worldwide leader
Slide 68: Shifting from SMS to omnichannel
We are shifting from SMS to omnichannel and reduce our dependency on OTP Connect Engage Protect Network API P2P voice & msg. Data roaming A2P SMS Omnichannel Digital Identity Key trends Important transformation ongoing from SMS to RCS Our revised strategy Empower brands to orchestrate seamless custo
Slide 69: Combining the Protect portfolio via a new platform
We are combining our Protect portfolio via a new platform Connect Engage Protect Network API P2P voice & msg. Data roaming A2P SMS Omnichannel Digital Identity Key trends The market is moving away from point solutions Our revised strategy Digital Identity Be the trust champion for secure digital int
Slide 70: Proximus Group | Capital Markets Day 2026
70 Proximus Group | Capital Markets Day 2026
Slide 71: The Proximus Global Mission
The Proximus Global Mission We enable seamless global connectivity and trusted engagements to power the world’s interactions 71 Proximus Group | Capital Markets Day 2026
Slide 72: The Proximus Global Mission
The Proximus Global Mission Trusted by +3500 With a reach of 5+ Detecting over 20 Carrying 160+bn active clients billion individuals, fraud attempts every messages, over (enterprises, carrying half the second, before people’s preferred OTTs and mobile world’s data roaming customers ever felt channel
Slide 73: Combination of three companies creates unique strengths
The combination of our three companies creates a unique blend of strengths, further driving the competitiveness of Proximus Global Key strengths Strong brand recognized in the US Solutions for Enterprises Innovation & execution speed Cost leadership Global scale Telco relationships 73 Proximus Group
Slide 74: 2026 is the year of execution for Proximus Global
Conclusion – 2026 is the year of execution for Proximus Global In 2026, we are: • Finalizing our integration • Improving our go-to-market • Re-allocating our OpEx to high-growth areas Financial implications • We confirm our ‘26 guidance of 100-130M€ EBITDA • We confirm our ambition to go back to EBI
Slide 75: Proximus Group | Capital Markets Day 2026
75 Proximus Group | Capital Markets Day 2026
Slide 76: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 76
Slide 77: Financial review
Financial review Our capital allocation strategy & outlook Nicolas Gaertner Proximus Group | Capital Markets Day 2026 77
Slide 78: Key takeaways from our FY25 results
Key takeaways from our FY25 results FY’25 guidance delivered • Domestic financials remained robust, despite increased (reviewed at Q3 results) competition • Strategically well prepared to face new entrant • Domestic revenue broadly stable • Sustained solid commercial performance • Domestic EBITDA +1
Slide 79: Q4 and FY25 results: Domestic, Global and Group
Closing 2025 with Q4 Domestic EBITDA +2.3% YoY, Global EBITDA in line with expectations. FY25 Group organic FCF rose to 130M€ Domestic Global Group Revenue (M€; %YoY) Direct margin (M€, %YoY) EBITDA ✓ Solid commercial performance in an intense Domestic offsetting Global headwinds ✓ CPaaS headwinds a
Slide 80: FCF to grow substantially by 2030
Looking ahead, we expect FCF to grow substantially by 2030, mainly due to lower projected CapEx and our EBITDA goals 2025-2028 By 2030 Domestic Broadly stable EBITDA 1 ’25-’28 EBITDA back to growth 2 as of ’27 CapEx decreasing to c. 1.2B€ CapEx further down by 2028 3 to <1B€ Organic FCF gradually im
Slide 81: Keeping domestic EBITDA stable through cost control
1 To keep domestic EBITDA stable in a highly competitive market, we target slight revenue growth and maintain rigorous cost control Services revenue Cost control through 3-year EBITDA broadly growth efficiency program of c. 180M€ stable (M€, like-for-like, CAGR) Domestic Opex (M€) Domestic EBITDA (M
Slide 82: 180M€ efficiency program driven by workforce savings and AI
1 The 180M€ efficiency program is mainly driven by workforce savings, with AI as an important enabler for workload reduction 3-year gross Workforce savings AI as key enabler, efficiency target (€M) levers example of projects • Intelligent fiber repair c. 180M€ Pxs SA 1 in 3 leavers replaced in assis
Slide 83: Global's Elevate strategy targets return to EBITDA growth in 2027
2 Global’s Elevate strategy targets a return to EBITDA growth as of ‘27 Capture the strong growth potential in Omnichannel & Digital Identity Efficient and lean cost management for products in declining markets ’26 EBITDA between 100-130M€ Pioneer the monetization of Network APIs and growing market
Slide 84: Group CapEx to land close to 1.2B€ in 2028 and below 1B€ by 2030
3 We target Group CapEx to land close to 1.2B€ for 2028 and below 1B€ by 2030, mostly driven by decreasing fiber CapEx need We have passed the peak CapEx, Main drivers of CapEx decline and expect to drive CapEx below 1B€ by ‘30 Group CapEx (€M) – Accrued, excl. spectrum & football rights Fiber build
Slide 85: Fiber build drives long-term FCF upside with temporary working capital effects
4 Our Fiber build & gigabit access set-up drives long-term FCF upside, but there are temporary working capital effects and equity injections Fiber-related working capital and equity injections impacts on group Main components organic FCF (indicative bars) • Prepayment of network renting (IRU) in exc
Slide 86: CapEx strategy results in FCF target of c. 400M€ by 2030
4 Our CapEx strategy is projected to result in a FCF target of c. 400M€ by 2030 Group Organic FCF and CapEx1 Main component parts driving FCF growth (M€ YoY FCF, excluding divestments) (M€ YoY FCF, excluding divestments) c. 1.25B€ 2025 130M€ c. 1.2B€ Domestic EBITDA Broadly stable CapEx <1B€ Domesti
Slide 87: Dividend policy aligned closer to expected FCF
We align the dividend policy closer to expected FCF, ensuring a sound balance sheet & enabling room for value accretive business initiatives Dividend / share In €/share, accounting view • 30 cts /share paid in Dec ’25 • 30 cts /share payable in April ’26 107 60cts New Dividend distribution policy (a
Slide 88: Staying within the 2.5-3.0X net debt/EBITDA range
With our new dividend policy, we expect to stay comfortably within the 2.5-3.0X net debt/EBITDA range Net debt / EBITDA (S&P definition1) Anticipated Net debt/EBITDA ratio to remain Add graph illustrating well between 2.5X-3.0X leverage framework 3.0X 107 Maintaining a solid credit profile BBB+ A3 2
Slide 89: Solid debt maturity profile
We maintain continued access to credit market with a solid debt maturity profile in terms of both costs and tenor Debt maturity schedule (€M) 800 750 750 750 700 End-2025 550 >99% of outstanding LT debt at fixed 500 rate 700 750 750 750 400 700 500 Average debt maturity of 7.5 years 150 150 150 100
Slide 90: Overview guidance 2026 and financial ambition
Overview guidance 2026 and financial ambition Outlook 3-Yr ambition Metrics FY 2025 By 2030 FY 2026 2025-2028 Domestic Services 3,755M€1 Broadly stable c. +1% CaGR - revenue 5 Domestic EBITDA 1,699M€1 Broadly stable Broadly stable - Back to growth in Global EBITDA 170M€ 100-130M€ - 2027 Close to 1.2
Slide 91: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 91
Slide 92: Executing a focused strategy to unlock long-term value by 2030
We are executing a focused strategy that strengthens leadership today and unlocks long-term value for the group by 2030 Domestically we are in great shape, with a solid foundation through our network and brands to 1 face the ongoing changes in the market, with increasing pressure from the 4th entran
Slide 93: Agenda
Agenda 1 Building on a strong foundation 2 New strategic cycle Proximus Domestic Amplify strategy • Amplify our customer impact • Amplify our infrastructure Proximus Global Elevate strategy 3 Financial review and ambitions 4 Concluding remarks 5 Q&A Proximus Group | Capital Markets Day 2026 93
Slide 94: Q&A
Q&A Proximus Group | Capital Markets Day 2026 94
Slide 95: Thank you
Thank you For further information Investor.relations@proximus.com Nancy Goossens Bart Boone Head of Investor Investor Relations Relations Proximus Manager Proximus Group Group Proximus Group | Capital Markets Day 2026 95