Slide 1: Q2 2026 Results presentation
Q2 2026 Results presentation 31 July 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 Q2 2026 results
Slide 4: Highlights
Highlights • Domestic delivering robust Q2’26 financial results, with Services revenue stable, including a strong +2.1% YoY growth for Residential, and EBITDA +0.3% YoY • Solid Q2’26 commercial performance: +25,000 Mobile Postpaid cards; +8,000 Internet, +12,000 Convergent; +44,000 Fiber net adds •
Slide 5: Solid performance in Domestic, broadly stable EBITDA YoY
Solid performance in Domestic, broadly stable EBITDA YoY Global headwinds led to Group EBITDA of -3.0% Domestic Global Group Revenue (M€; %YoY) Direct margin (M€, %YoY) EBITDA (M€; YoY) ✓ Stable services revenue ✓ Easing comparable base YoY, QoQ Impacted by Global headwinds in a competitive environm
Slide 6: Continued solid Domestic commercial performance
Continued solid Domestic commercial performance Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,244k; Internet base Postpaid base* Convergence base -174k YoY, -12.3% YoY 2,367k; 5,247k; 1,246k; Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 +45k YoY, +1.9% YoY +12
Slide 7: Fiber footprint scaled to ~2.75 million fiber homes passed
Fiber footprint scaled to ~2.75 million fiber homes passed, covering over 43% of the population Fiber HP (park in ‘000)1 +75 +113 +61 +88 179 Cities and municipalities 2,491 2,604 2,665 2,753 2,416 with fiber works ongoing Q2’25 PXS and affiliates Q3’25 Q4’25 Q1’26 Q2’26 c. 2.75M Fiber Homes & Total
Slide 8: Major milestones achieved in our Fixed network strategy
Major milestones achieved in our Fixed network strategy Fiber collaboration agreement closed Full ownership of Unifiber JV Flanders Wallonia • Faster and broader Fiber coverage • Obtained 100% ownership in Unifiber by acquiring Eurofiber’s 50.01% stake for 75M€ • Improving network economics: • Maxim
Slide 9: Main takeaways from the Flanders collaboration agreement
Main takeaways from the Flanders collaboration agreement Collaboration zone Dense Mid-dense Rural ~1M ~1.928M ~0.7M Standalone 41.5% of fiber 58.5% of fiber collaboration area HFC or other Gigabit Fiber roll-out collaboration area ~800K broadband technology ~1,128K Duct access • Wyre committing to H
Slide 10: Closing of Flanders agreement solidifies CapEx and FCF trajectory
The closing of the agreement for Flanders solidifies our announced medium- and long-term CapEx and FCF trajectory Group CapEx (M€) Organic FCF (M€) Accrued, excl. spectrum & football rights 29% 1.200 31% 27% Fiber build 35% 1.000 c. 400M€ Customer capex Mobile Other Domestic Global 22 23 24 25 26 27
Slide 11: Proximus Global is executing its transformation
Proximus Global is executing its transformation while strengthening market leadership and building future growth engines 1 2 3 Industry recognition & Transformation on track Investment in AI strategic partnerships • 2026 integration commitments on • Ranked #1 Global Leader • New dedicated AI-focused
Slide 12: Q2 2026 results
Q2 2026 results 12
Slide 13: Q2 Domestic revenue grew +1.1% YoY
Q2 Domestic revenue grew +1.1% YoY, with stable Services revenue in a promotional market environment Q2 Revenue (underlying, M€) +1.1% 14 1,192 11 1,179 1 -12 -0.1% Services revenue Q2’25 Residential Business Wholesale Non-Services Q2’26 Customer Services Services Revenue* Services 2025 figures adju
Slide 14: Q2 Residential revenue increased by +2.2% YoY
Q2 Residential revenue increased by +2.2% YoY, including robust +2.1% YoY growth in Customer services revenue Residential revenue (M€, YoY) 1.1% 1.2% 1.5% 2.2% 1.2% 650 631 635 622 625 60 53 55 56 55 63 69 92 63 67 503 502 499 515 514 +2.5% +1.8% +0.7% +2.3% +2.1% Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Other
Slide 15: Residential services revenue supported by value management
Residential services revenue continues to be supported by value management and a growing Convergent customer base Customer services revenue up by +2.1% YoY Customer base (in k) • January 2026 price indexation • Continued migration of customers to higher-ARPC convergent offers 2,850 2,887 • Partly of
Slide 16: Business revenue up by +1.8% YoY
Business revenue up by +1.8% YoY, driven by significantly higher revenue from IT Products Business revenue (M€, YoY) 1.8% -0.9% -1.5% -4.9% -6.0% 475 473 491 475 484 68 70 85 72 88 8 8 9 9 8 Selection of Q2 Customer wins 400 395 396 394 388 -1.6% -1.1% -2.7% -2.3% -3.0% Q2’25 Q3’25 Q4’25 Q1’26 Q2’26
Slide 17: Q2 Business services revenue down -3.0% YoY
Q2 Business services revenue was down -3.0% YoY, mainly due to declines in Mobile & Fixed Voice revenues Business Services revenue (M€) -1.6% IT Services • Soft Q2 2026, with improvement expected later in the year, reflecting the -3.0% onboarding of major 2025 contract wins. 400 388 -1.6% -1.1% Fixe
Slide 18: Growth in Fixed & Mobile Wholesale Services revenue
Growth in Fixed & Mobile Wholesale Services revenue partly offsetting the YoY decline in low margin Interconnect revenue Wholesale revenue (M€, YoY) -3.9% -1.1% -7.7% -6.3% -11.8% Q2 revenue 61 63 60 55 57 15 18 17 14 Fixed & Mobile Services revenue +1.2% YoY 15 • Sustained MVNO growth and higher In
Slide 19: Q2 Domestic EBITDA grew by +0.3% YoY
Q2 Domestic EBITDA grew by +0.3% YoY with growth in Direct margin outpacing the higher OpEx OpEx - Management view (M€) Domestic headcount (FTE)* YTD June +1.2% -131 465 471 Executing new Workforce plan 9,959 76 ✓ Controlled internal WF reduction 15 9,827 through natural outflow -222 Incl. 12 ✓ 1/3
Slide 20: Global EBITDA reflects steadying Direct margin
Global EBITDA for Q2 reflects a sequentially steadying Direct margin combined with initial OpEx investments in growth-ambition Direct margin (M€) -8.0% at cc -10.5% Direct margin on a steadier trajectory since Q3’25; QoQ -1.5% 113 105 104 103 101 31 23 20 20 19 -36.6% • Communications & Data: Q2 dec
Slide 21: H1 Group CapEx of 585M€, up 8.0% YoY
H1 Group CapEx of 585M€, up 8.0% YoY including phasing of content renewal and consolidated Unifiber CapEx Group CapEx M€, booked, excl. spectrum & football rights +8.0% YoY CapEx increase mainly result of: 585 542 • Phasing in content renewal • Fiber-build related CapEx in the mid-dense areas, inclu
Slide 22: H1 Organic FCF of -25M€
H1 Organic FCF of -25M€ driven by lower Group EBITDA and higher interest payments, in part offset by lower Cash CapEx FCF (YoY, M€) 266 Operations Investing -271 -5 -33 -8 -25 -2 47 -21 -58 -3 -82 Reported Adjustments Organic Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other
Slide 23: FY'26 guidance confirmed for Domestic and Group
FY’26 guidance confirmed for Domestic and Group, Global EBITDA guidance range narrowed to 110-120M€ YTD 2026 Outlook FY 2026 Outlook FY 2026 Metrics Actuals Update May 28th 2026 Update July 31st 2026 Domestic Services 0.0% Broadly stable Broadly stable revenue 4 Domestic EBITDA +1.1% Broadly stable
Slide 24: Q&A
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Slide 25: Appendix
Appendix 25
Slide 26: From reported EBITDA to underlying EBITDA and pro-forma
From reported EBITDA to underlying EBITDA and pro-forma (M€) Q2’26 561 4 -24 -3 470 -68 Reported Lease Lease Transformation Acquisitions, Underlying depreciations interest mergers and disposals Q2’25 598 5 -25 -3 491 485 -85 -6 Reported Lease Lease Transformation Acquisitions, Underlying BeMobile Pr
Slide 27: Q2 Group EBITDA impacted by lower EBITDA from Global
Q2 Group EBITDA impacted by lower EBITDA from Global (all underlying, M€) Revenue Direct margin -0.1% 13 -0.5% 7 1,014 1,531 1,530 0 1,009 -14 0 -12 +1.1% -0.6%* +0.8% -8.0%* Q2’25 Domestic Proximus Others** Q2’26 Q2’25 Domestic Proximus Others** Q2’26 Global Global OpEx EBITDA 1.8% -3.0% 4 0 539 48
Slide 28: H1 EBITDA conversion to FCF
H1 EBITDA conversion to FCF (M€) 1,065 938 -126 -171 -83 -64 -628 -16 -25 -58 -82 Reported Adjustments Underlying Change in WC Interests paid Income Tax paid Cash Capex Cash Other Organic FCF H1’26 Adjustments H1’26 Reported EBITDA EBITDA and received Investing FCF H1’26 H1’26 H1’26 28
Slide 29: Q2 Organic FCF of -43 M€
Q2 Organic FCF of -43 M€, due to lower EBITDA, higher interest payments and negative change in WC FCF (YoY, M€) 185 -154 Operations Investing 31 -21 -24 -33 7 2 -5 -43 -72 -115 Reported Adjustments Organic Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other Organic FCF Adjustme
Slide 30: Net income
Net income (Group share) (M€) -11.2% 313 13 278 27 -33 -2 25 -65 YTD’25 Underlying Adjustments D&A and Net Tax expense Others** YTD’26 EBITDA* goodwill finance impairment result *Group underlying, not adjusted for Be-Mobile ** Others: Include non-controlling interests and Share of loss from associat
Slide 31: H1 Adjusted Net Financial Position
H1 Adjusted Net Financial Position (excl. lease liabilities) (M€) Adj. Net fin position Adj. Net fin at end position December Dividends Fixed at end 2025 Organic FCF M&A Divestments (incl. NCI) deposit* Unifiber Other** June 2026 21 -3,568 -25 -79 -97 -18 -400 -9 -4,174 * > 3 months **Other: Mainly
Slide 32: Robust liquidity position and strong investment grade profile
Robust liquidity position and reconfirmed strong investment grade profile 5,095 4,873 5,018 Strong liquidity position… 4,612 4,609 4,606 4,551 4,135 4,072 (M€, end-June) 3,960 3,932 3,906 700 1,141 441 1,023 737 652 677 700 441 Cash & short Revolving Total liquidity end-June Q1 2025 Q2 2025 Q3 2025
Slide 33: Debt portfolio
Debt portfolio Debt by type Fixed vs. floating Debt maturity profile (M€)* 800 8.1% 1% 750 750 750 14.1% 700 0.2% 550 500 77.6% 99% 150 Hybrid bonds EIB loan Fixed Floating Eurobonds Yen PP 11 ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 ’40 3.2% Credit ratings Hybrid bonds EIB Loan 7 years Eurobonds
Slide 34: Shareholder structure
Shareholder structure Status 30/06/2026 Total number of shares Free-float Belgian Government Market Capitalization Gross Dividend yield3 338,025,135 42% 54% ~€ 2.0Bn ~5.1% Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend r
Slide 35: Contact
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: 35 www.proximus.com/en/investors