Slide 1: Q1 2026 Results presentation
Q1 2026 Results presentation 13 May, 2026
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: Highlights
Highlights Proximus Q1 2026 results
Slide 4: Key takeaways from the Q1 2026 results
Key takeaways from the Q1 2026 results • Solid start to the year, reiterating FY 2026 guidance. • Domestic delivering robust financial results, with Q1’26 Services revenue broadly stable, including a strong 2.3% YoY growth for Residential, EBITDA +1.9% YoY. • Sustained solid commercial performance i
Slide 5: Solid first quarter performance in Domestic, Global headwinds led to Group EBITDA of -1.9%
Solid first quarter performance in Domestic, growing EBITDA +1.9% YoY, Global headwinds led to Group EBITDA of -1.9% Domestic Global Group Revenue (M€; %YoY) Direct margin (M€, %YoY) EBITDA(M€; YoY) ✓ Broadly stable services revenue in an ✓ Challenging comparable base YoY, Impacted by Global headwin
Slide 6: Another solid commercial quarter in a highly competitive market
Another solid commercial quarter in a highly competitive market Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,285K; Internet base Postpaid base* Convergence base -171k YoY, -11.8% YoY 2,359K; 5,222K; 1,234K; Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 +41k Yo
Slide 7: Implementing our strategic plan for Domestic operations
Implementing our strategic plan for Domestic operations Sustain telco leadership Mobile & fixed network Stay relevant at all and profitably grow IT infrastructure leadership price points Launch of Mobile Kids offering, navigating Proximus NXT selected as a ~42% safe smartphone use sovereign cloud pr
Slide 8: Fiber footprint scaled to nearly 2.7 million fiber homes passed
Fiber footprint scaled to nearly 2.7 million fiber homes passed, covering just over 42% of the population 776k fiber customers 177 c.2.7M ~42% Total park & net adds (k) Cities and municipalities Fiber Homes & Population 776 731 with fiber works Businesses Passed coverage 607 646 684 ongoing 43 39 46
Slide 9: Concrete initial steps in the transformation of Proximus Global
Some concrete initial steps were taken in the transformation journey of Proximus Global Dividend policy 1 2 3 New operating model Improving go-to-market Network APIs & ecosystem positioning • 2 business units created: • Product and region-specific • Executing on network API go-to-market and sales: s
Slide 10: Q1 2026 results
Q1 2026 results Proximus Q1 2026 results
Slide 11: Q1 Domestic services revenue broadly stable on pro forma basis
Q1 Domestic services revenue broadly stable on pro forma basis, despite intense competitive environment Q1 Revenue (underlying, M€) -1.7% 1,205 11 1,184 -9 -1 -22 257 235 +0.1% 948 949 Services revenue Q1’25 Residential Business Wholesale Non-Services Q1’26 Customer Services Services Revenue* Servic
Slide 12: Q1 Residential revenue increased by +1.5% YoY
Q1 Residential revenue increased by +1.5% YoY, due to robust growth in Services revenue, while revenue from terminals was stable Residential revenue (M€, YoY ) 1.2% 1.1% 1.2% 1.5% 0.5% 625 650 631 621 622 55 60 53 55 56 63 63 69 92 63 503 503 502 499 515 +3.1% +2.5% +1.8% +0.7% +2.3% Q1’25 Q2’25 Q3’
Slide 13: Residential services revenue supported by value management and Convergent base
The Residential services revenue continues to be supported by value management and a growing Convergent customer base Customer services revenue up by +2.3% YoY Customer base (in k) • January 2026 price indexation 2,841 2,885 • Convergent revenue grew +4.2%, 66% of the services revenue is generated b
Slide 14: Business revenue YoY influenced by strong comparable base for IT hardware
Business revenue YoY influenced by an unusually strong comparable base for IT hardware revenue. Services revenue lower YoY Business revenue (M€, YoY) 1.4% -0.9% -1.5% -4.9% -6.0% 505 491 475 473 475 94 68 85 70 72 8 8 8 9 9 403 400 395 396 394 -1.1% -1.6% -1.1% -2.7% -2.3% Q1’25 Q2’25 Q3’25 Q4’25 Q1
Slide 15: Q1 Business services revenue -2.3% YoY on lower Telco revenue
Q1 Business services revenue -2.3% YoY on lower Telco revenue despite ongoing growth in Internet, and nearly stable IT services revenue Business Services revenue (M€) -0.4% IT Services stable YoY -2.3% • temporary business slowdown whilst preparing for the implementation of major contracts won in 20
Slide 16: Decline in Wholesale revenue driven by Interconnect
Decline in Wholesale revenue mainly driven by decreasing low-margin Interconnect revenue Wholesale revenue (M€, YoY) 0.9% Q1 revenue -3.9% -1.1% -7.7% -11.8% 60 61 60 63 Fixed & Mobile Services revenue -2.7% YoY 55 • Decrease in roaming traffic and lower revenue related to the 15 19 18 17 Fiber JVs
Slide 17: Q1'26 Domestic EBITDA grew by +1.9% YoY on pro forma basis
Q1’26 Domestic EBITDA grew by +1.9% YoY on a pro forma basis, supported by lower OpEx Opex - Management view (M€) -1.7% Domestic EBITDA (M€) 490 482 +1.9% Q1’25 Lower Inflation Transformation Customer, Q1’26 8 435 Headcount & Operations Efficiencies & Other 427 Domestic headcount (FTE)* 0 163 10,222
Slide 18: Global posted Q1 EBITDA in line with company expectations
Global posted Q1 EBITDA in line with company expectations, with Direct margin broadly stable for third quarter in a row Direct margin (M€) -10.9% at cc Q1 Direct margin of 103M€, -10.9% YoY (constant currency), QoQ stabilizing -16.8% • Communications & Data: challenging comparable base, Route Mobile
Slide 19: Q1 2026 Group CapEx -3.2% YoY to 261M€
Q1 2026 Group CapEx -3.2% YoY to 261M€ including lower Fiber and Mobile Capex Group CapEx M€, booked, excl. spectrum & football rights -3.2% 270 YoY CapEx decrease mainly result of: 261 • Fiber network deployment in already highly covered densely populated areas further coming down • Mobile CapEx de
Slide 20: Q1 Organic FCF of 19M€, a YoY increase by 54M€
Q1 Organic FCF of 19M€, a YoY increase by 54M€, mainly driven by lower cash needs for CapEx, working capital and interests FCF (YoY, M€) 81 Operations Investing 32 -10 14 19 -116 40 3 12 22 -36 -13 Reported Adjustments Organic Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other
Slide 21: Reiterating guidance 2026
Reiterating guidance 2026 FY 2025 Outlook Q1 2026 Actuals FY 2026 Actuals Domestic Services 3,773M€ Broadly stable +0.1% revenue 1,5,6 Domestic EBITDA1 1,699M€ Broadly stable +1.9% Global EBITDA 170M€ 100-130M€ 33M€ CapEx2 1,249M€ 1.2B€-1.25B€ 261M€ Organic FCF 3 130M€ Up to 100M€ 19M€ Net debt / EB
Slide 22: To ask a question, join the conference call
Q&A To ask a question, join the conference call → Register here for the Q&A to receive your dial-in details.
Slide 23: Appendix
Appendix Proximus Q1 2026 results
Slide 24: From reported EBITDA to underlying EBITDA and pro-forma
From reported EBITDA to underlying EBITDA and pro-forma (M€) Q1’25 565 5 -25 -3 1 481 477 -62 -3 Reported Lease Lease Transformation Acquisitions, Litigation / Underlying BeMobile Pro forma depreciations interest mergers and regulation disposals Q1’26 503 6 1 468 -24 -3 -16 Reported Lease Lease Tran
Slide 25: Q1 Domestic underlying EBITDA growth partially offsets Global headwinds
Q1 Domestic underlying EBITDA growth partially offsets Global headwinds (all underlying, M€) Revenue Direct margin -6.2% 1,625 -2.1% 1,038 -21 0 2 1,524 1,016 -82 -21 -1 -1.7% -12.5%* 0.0% -10.9%* Q1’25 Domestic Proximus Others** Q1’26 Q1’25 Domestic Proximus Others** Q1’26 Global Global OpEx EBITDA
Slide 26: EBITDA conversion to FCF
EBITDA conversion to FCF Q1’26 (M€) 503 468 -35 -48 -52 -6 19 14 32 -323 -21 Reported Adjustments Underlying Change in WC Interests paid Income Tax paid Cash Capex Cash Other Organic Adjustments Reported EBITDA EBITDA and received Investing FCF Q1’26 Q1’26 FCF Q1’26 Q1’26 Q1’26
Slide 27: Net income
Net income (Group share) (M€) -9.8% 138 11 124 -13 24 -1 14 -49 Q1’25 Underlying Adjustments D&A and Net Tax expense Others (*) Q1’26 EBITDA goodwill finance impairment result * Others: Include non-controlling interests and Share of loss from associates
Slide 28: Adjusted Net Financial Position (excl. lease liabilities)
Adjusted Net Financial Position (excl. lease liabilities) Q1’26 (M€) Net fin position Net fin at end position December Dividends at end 2025 Organic FCF M&A Divestments (incl. NCI) Fixed deposit* Other** March 2026 20 19 0 -1 -6 -3,543 -7 -3,568 * > 3 months **Other: Mainly re-measurements to FV & a
Slide 29: Continued access to credit market with a solid debt maturity profile
Continued access to credit market with a solid debt maturity profile. S&P changed outlook from ‘negative’ to ‘stable’ (M€, Proximus SA, status end- March 2026) Credit ratings BBB+ S&P (stable outlook) A3 Moody’s (stable outlook) Green bond Green bond 3.2% Weighted average coupon (including hybrid) 7
Slide 30: Shareholder structure
Shareholder structure Status 31/03/2026 Total number of shares Free-float Belgian Government Market Capitalization Gross Dividend yield 338,025,135 42% 54% ~€ 2.4Bn ~8.6% Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend ri
Slide 31: Contact Investor Relations
Contact Investor Relations Nancy Goossens Bart Boone Investor Relations Lead Investor Relations Manager E-mail: Call: investor.relations@proximus.com +32 2 202 82 41 Proximus Investor Relations website: www.proximus.com/en/investors