Proximus : Management report consolidated accounts 2025 (628 KB) (05 management report consolidated accounts proximus 2025 en)

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Consolidated Management Report Management discussion and analysis of financial results 3 Risk Management Report 30 Internal control system 45 Expertise of the Audit & Compliance Committee members 49 Evolution in research and development activities 50 Other information 56 ‌Management discussion and analysis of financial results Introductory remarks Reporting changes Accounting policies The Group accounting policies and methods used throughout 2025 are consistent with those applied in the December 31, 2024, consolidated financial statements, with the exception that the Group applied the new standards, interpretations and revisions that became mandatory for the Group on January 1, 2025. These have no impact on the Group's financial statements. Segmentation The reporting of the Domestic segment includes a technical effect from the transfer of Scarlet Small Enterprise (SE) customers to the IT stack of the Proximus Group, without any impact on the aggregated Domestic Revenue or EBITDA. Before this migration, Scarlet SE customers were included in the reporting of the Residential business unit. The migration has following impacts: The total number of Customer ID's (source of the X-play customer count) decreased Scarlet customers identified as SE customers are allocated to the Enterprise Business unit (moving out of the Residential customer reporting) Scarlet customers which had in the previous IT stack two ID's (for example one for mobile and another one for a Fixed product or Pack) are now recognized as 1 single customer. This means a consolidation of customers in the Residential customer reporting, increasing the number of convergent customers, lowering the count of Fixed-only and Mobile-only customers. The number of subscriptions (Mobile, Internet, Fixed Voice) did not change on total Domestic level, however, the move from Scarlet SE customers to the Business unit result in a reallocation from these subscriptions Residential to Business. In this annual report, the 2024 reference base for both operationals and financials has been restated for the changes mentioned above to allow for a meaningful comparison. Simplification Effective 1 January 2025, Proximus Global reporting was simplified by including 'eliminations' in the product group 'Communications and Data', to which these eliminations are associated. This change led to a decrease in the revenue line for 'Communications and Data' (no meaningful eliminations on Direct margin). There is no effect on the total Global revenue, Direct margin, EBITDA, or FCF Underlying revenue and EBITDA Proximus' management discussion is focused on underlying figures, i.e., after adjustments. Proximus provides a transparent view of the operational drivers of the business by isolating adjustments, i.e., revenues and costs that are unusual or not directly related to Proximus' business operations, and which had a significant impact on the year-on-year variance of the Proximus Group revenue or EBITDA. In addition, following the application of the IFRS 16 accounting standard, the definition of "underlying" was adapted to include lease depreciation & interest in EBITDA as of 2019. The adjusted revenue and EBITDA are referred to as "underlying" and allow for a meaningful year-on-year comparison. Definitions can be found in Section 5 of this document. Revenues EBITDA (EUR million) 2024 2025 2024 2025 Reported 6,539 6,620 1,950 2,251 Adjustments -110 -313 -100 -368 Underlying 6,430 6,307 1,850 1,883 Adjustments -110 -313 -100 -368 Lease Depreciations -96 -99 Lease Interest -10 -10 Transformation 20 23 Acquisitions, mergers and disposals* -80 -298 3 -266 Litigation/regulation -30 -15 -17 -16 Remark: "Underlying Revenue" corresponds to "Total Income", excluding adjustments. *For 2025, mainly related to divestments, including Be-Mobile EUR -119 million, mobile towers Luxemburg EUR -88 million, datacenters EUR -77 million, buildings EUR -12 million and EUR -2 million for Doktr. For 2024, mainly related to Fiberklaar remeasurement of the participation for EUR -77 million. Pro-forma figures Following the acquisition of Route Mobile and the resulting full consolidation of its results in the Proximus Group as of 1 May 2024, this annual report provides 'pro forma 12 months' figures for 2024, in addition to the actual 2024 results, as such allowing for a more meaningful year-on-year comparison. Group P&L - Pro forma (EUR million) FY24* FY25 Change % Underlying Revenue 6.574 6.307 -4,1% Costs of materials and charges to revenue -2.478 -2.227 -10,1% Direct margin 4.096 4.081 -0,4% Direct margin % 62,3% 64,7% 2,4 p,p, Total expenses before D&A -2.227 -2.197 -1,3% Workforce expenses -1.426 -1.397 -2,1% Non-workforce expenses -801 -801 0,0% EBITDA 1.869 1.883 0,8% EBITDA margin % 28,4% 29,9% 1,4 p,p, CapEx (including Spectrum & Football rights) 1.383 1.261 -8,8% CapEx (excluding Spectrum & Football rights) 1.356 1.249 -7,9% *FY '24 presented on a 12-month "Pro forma" basis, including Route Mobile over the period Jan - Apr 2024, to allow for a comparable base Proximus Global P&L Pro forma (EUR million) FY24* FY25 Change % Underlying Proximus Global revenue (1) 1.817 1.548 -14,8% Communications & Data and eliminations 1.219 1.054 -13,6% P2P Voice & Messaging 598 494 -17,3% Proximus Global costs of materials and charges to revenue -1.316 -1.103 -16,2% Proximus Global Direct margin 501 445 -11,1% Communications & Data and eliminations 383 343 -10,5% P2P Voice & Messaging 118 103 -13,0% Proximus Global Direct margin % 27,6% 28,8% 1.2 p.p. Proximus Global total expenses before D&A -313 -275 -12,2% Workforce expenses -197 -162 -17,5% Non-workforce expenses -116 -113 -3,2% Proximus Global EBITDA 188 170 -9,3% Proximus Global EBITDA margin % 10,3% 11,0% 0.7 p.p. (1) Refers to total income * FY '24 presented on a 12-month "Pro forma" basis, including Route Mobile over the period Jan - Apr 2024, to allow for a comparable base Proximus Domestic P&L (EUR million) FY24 FY25 Change % Underlying Revenue 4.826 4.821 -0,1% Costs of materials and charges to revenue -1.218 -1.170 -3,9% Direct margin 3.608 3.651 1,2% Direct margin % 74.8% 75.7% 1.0 p.p. Total expenses before D&A -1.926 -1.938 0,6% Workforce expenses -1.231 -1.238 0,5% Non-workforce expenses -694 -700 0,8% EBITDA 1.682 1.713 1,9% EBITDA margin % 34.8% 35.5% 0,7 p.p. CapEx (excluding Spectrum & Football rights) 1.303 1.202 -7,7% Rounding In general, all figures are rounded. Variances are calculated from the source data before rounding, implying that some variances may not add up. Key Figures - 10-year overview (IFRS basis) Income Statement (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported income 5,873 5,802 5,829 5,697 5,481 5,579 5,914 6,048 6,539 6,620 Revenue adjustments 3 24 21 11 2 1 5 7 110 313 Underlying revenue 5,871 5,778 5,807 5,686 5,479 5,578 5,909 6,042 6,430 6,307 Reported EBITDA (1) 1,733 1,772 1,794 1,676 1,922 1,828 1,826 1,786 1,950 2,251 Lease depreciation and interest N/A N/A N/A 84 84 82 84 90 105 109 Other EBITDA adjustments -63 -51 -70 -278 1 -26 -44 -62 -6 258 Underlying EBITDA (1) 1,796 1,823 1,865 1,870 1,836 1,772 1,786 1,757 1,850 1,883 Depreciation, amortization and goodwill impairment -917 -963 -1,016 -1,120 -1,116 -1,183 -1,179 -1,185 -1,259 -1,601 Operating income (EBIT) 816 809 778 556 805 645 647 601 691 650 Net finance income / (costs) -101 -70 -56 -47 -48 -54 -49 -110 -159 -146 Share of loss on associates -1 -2 -1 -1 -1 -10 -20 -30 -18 -17 Income before taxes 715 738 721 508 756 581 578 461 513 487 Tax expense -167 -185 -191 -116 -174 -137 -128 -104 -57 -82 Non-controlling interests 25 30 22 19 18 1 0 0 9 7 Net income (Group share) 523 522 508 373 564 443 450 357 447 398 Cash flows (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash flows from operating activities 1,521 1,470 1,558 1,655 1,515 1,621 1,717 1,620 1,602 1,615 Cash paid for Capex -962 -989 -1,099 -1,091 -1,089 -1,137 -1,441 -1,453 -1,474 -1,316 Cash flows from / (used in) other investing activities 0 -189 -8 12 9 -168 -20 -57 -754 299 Lease payments N/A N/A N/A -78 -82 -79 -89 -92 -101 -118 Free cash flow (2) 559 292 451 498 352 237 167 18 -727 480 Organic Free Cash Flow (3) N/A N/A N/A N/A N/A N/A N/A N/A 57 130 Cash flows from / (used in) financing activities other than lease payments -764 -256 -444 -515 -363 -299 -119 398 506 -400 Net increase / (decrease) of cash and cash equivalents -205 36 7 -17 -13 -62 50 416 -219 68 Balance sheet (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Balance sheet total 8,117 8,527 8,671 8,978 8,779 9,233 10,541 11,153 13,327 12,967 Non-current assets 6,372 6,735 6,850 7,160 7,120 7,548 8,589 8,932 10,969 10,710 Investments, cash and cash equivalents 302 338 344 327 313 249 299 716 538 670 Shareholders' equity 2,819 2,857 3,005 2,856 2,903 2,978 3,307 3,300 4,310 4,505 Non-controlling interests 162 156 148 142 123 0 1 0 225 162 Liabilities for pensions, other post-employment benefits and termination benefits 544 568 605 864 645 508 413 378 358 318 Net financial position (incl. lease liability) N/A N/A N/A -2,492 -2,639 -3,013 -3,030 -3,429 -4,201 -3,932 Net financial position (excl. lease liability as from 2019) -1,861 -2,088 -2,148 -2,185 -2,356 -2,740 -2,758 -3,131 -3,907 -3,568 Weighted average number of ordinary shares (4) 322,317,201 322,777,440 322,649,917 322,918,006 322,752,015 322,751,990 322,552,465 322,442,197 322,573,717 322,837,609 Basic earnings per share - as reported (EUR) (5) 1.62 1.62 1.58 1.16 1.75 1.37 1.40 1.11 1.39 1.23 Total dividend per share (EUR) (6) 1.50 1.50 1.50 1.50 1.20 1.20 1.20 1.20 0.60 0.60 Proximus share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data on employees 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Number of employees (full-time equivalents) 13,633 13,391 13,385 12,931 11,423 11,532 11,634 11,654 13,131 12,560 Average number of employees over the period 13,781 13,179 13,161 13,007 11,544 11,445 11,529 11,650 12,629 12,786 Underlying revenue per employee (EUR) 425,997 438,413 441,238 437,173 474,647 487,381 512,534 518,604 509,116 493,303 Total income per employee (EUR) 426,201 440,240 442,870 438,005 474,783 487,451 512,936 519,163 517,794 517,747 Underlying EBITDA per employee (EUR) 130,315 138,325 141,681 143,801 159,057 154,814 154,912 150,844 146,507 147,303 Total EBITDA per employee (EUR) 125,743 134,483 136,342 128,856 166,467 159,721 158,394 153,326 154,395 176,062 Return on Equity 18.6% 18.3% 16.9% 13.1% 19.4% 14.9% 13.6% 10.8% 10.4% 8.8% Direct margin 61.8% 62.7% 63.5% 64.6% 65.3% 64.2% 63.0% 63.7% 63.8% 66.4% EBITDA Margin 30% 31% 31% 29% 35% 33% 31% 30% 30% 34% Ratios - on reported basis 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Return on Equity 19.4% 19.2% 18.4% 19.9% 19.5% 15.5% 14.6% 12.3% 10.0% 3.0% Direct margin 61.8% 62.5% 63.4% 64.6% 65.3% 64.2% 63.0% 63.7% 63.2% 64.7% EBITDA Margin 31% 32% 32% 33% 34% 32% 30% 29% 29% 30% Ratios - on underlying basis 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total CAPEX 949 1,092 1019 1035 1237 1246 1923 1328 1383 1261 Capex excl Spectrum and Football right 949 1,002 1019 1027 1000 1203 1,305 1,325 1,355 1,249 CAPEX 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Earnings Before Interests, Taxes, Depreciation and Amortization. Cash flow before financing activities but after lease payments. FCF excluding cash-out related to M&A transactions, related transaction costs and excluding proceeds from sold assets as part of the company's active asset portfolio management i.e. excluding Treasury shares No difference between basic and diluted earnings per share Accounting view (not cash view) Proximus Group posted 2025 underlying revenue of EUR 6,307 million and EUR 1,883 million EBITDA, respectively down 4.1% and up by 0.8% from 2024 on a pro forma basis. The Domestic segment continued its strong commercial performance in a highly competitive market . Domestic delivered +0.4% of Services revenue growth and +1.9% of EBITDA growth, year-on-year. Proximus Global Direct Margin totaled EUR 445 million, a year-on-year decrease of -11.1% on a pro forma basis and EBITDA totaled EUR 170 million, a decrease of 9.3%, reflecting a meaningful slowdown in the CPaaS SMS market, currency effects and integration challenges. Group CAPEX, excluding spectrum & football rights, totaled 1,249 million, a decline of 7.9% year-on-year. Total reported FCF of EUR 480 million; organic FCF of 130 million. 2018: IFRS15 ; as from 2019:IFRS 15 and 16 Proximus Group Revenue The Proximus Group closed 2025 with total underlying revenue of EUR 6,307 million, a decline of 4.1% (EUR 267 million). The underlying Domestic revenue was broadly stable year-on-year, reaching EUR 4,821 million. Services revenue increased, primarily due to higher convergent revenue in the Residential unit, which rose by 4.8% compared to the previous year. In contrast, revenue from Terminals and IT hardware fell by 3.4%, with minimal effect on margins. On a pro forma basis, revenue from Proximus Global declined by 14.8% (-11.9% at constant currency) to EUR 1,548 million. The decrease was mainly due to declining legacy Voice services, an accelerated industry-wide trend of CPaaS SMS shifting to OTT solutions, and integration challenges causing delays in revenue synergies delivery. Meanwhile, new segments such as Omnichannel, Mobility, and IoT have expanded and brought higher margins. Group revenue by segment (EUR million) -4,1% 6.430 6.574 6.307 -62 -68 4.821 4.826 -0,1% -68 4.826 1.548 1.817 1.672 -14,8% 2024 Underying 2024 Pro forma 2025 Underlying Domestic Global Eliminations Direct margin For the full year 2025, Proximus Group posted an underlying direct margin of EUR 4,081 million, a slight decrease of 0.4% year-on-year (EUR 15 million) compared to pro forma 2024. The Domestic segment posted a 1.2% year-on-year increase (EUR 44 million) in its direct margin. Proximus Global recorded a 11.1% year-on-year decrease in Direct margin compared to pro forma 2024, reaching EUR 445 million and -4.8% on an underlying basis (-8.5% at constant currency). Direct margin (EUR million) -0,4% 4.063 4.096 4.081 -16 -13 3.651 3.608 +1,2% -13 3.608 445 501 468 -11,1% 2024 Underying 2024 Pro forma 2025 Underlying Domestic Global Eliminations Operating expenses (OpEx) The Proximus Group's operating expenses decreased by 1.3% year-on-year on a pro forma basis, reaching EUR 2,197 million. Compared to 2024 underlying figures, operating expenses decreased by 0.7%. Operating expenses (EUR million) In 2025, domestic operating expenses reached EUR 1,938 million, marking a 0.6% increase compared to the previous year. This increase was mainly due to inflation-driven cost pressures, such as salary adjustments implemented on June 1, 2024 and March 1, 2025, along with other effects related to inflation. Strong commercial results also resulted in higher customer-related costs. Transformation costs increased as well, influenced by greater cross-charging for Mobile pylons under the joint venture with Orange Belgium (Mwingz), and additional expenses from IT transformation projects, among other factors. The company managed to offset a large part of these increases -1,3% 2.213 2.227 2.197 299 313 -12,2% 275 1.926 -12 1.926 -12 +0,6% 1.938 -16 2024 Underying 2024 Pro forma 2025 Underlying through ongoing efforts to optimize costs and improve efficiency. This is also reflected in a lower Domestic headcount, totaling 9,959 FTEs end of 2025, or a decrease by 333 FTEs. Operating expenses for Proximus Global decreased by 12.2% year-on-year on a pro forma basis, reaching EUR 275 million (-8.1% on underlying figures). The lower operating expenses are primarily due to cost synergies from a reduced workforce, which more than compensated for wage indexations. By the end of 2025, Proximus Global-including Route Mobile since May 2024-employed 2,602 FTEs, marking a reduction of 238 FTEs compared to the previous year. Domestic Global Eliminations Headcount evolution (FTE) -4,3% 13.131 12.560 9.959 10.291 2.602 2.840 2024 2025 Domestic Global Underlying EBITDA Group EBITDA by segment (EUR million) The underlying Group EBITDA for 2025 totaled EUR 1,883 million, reflecting a 0.8% increase (EUR 14 million) on a pro forma basis + 0,8% compared to the previous year and a 1.8% rise on underlying figures. This growth was fully driven by the contribution of the Domestic segment. 1.850 1.869 1.883 169 188 -9,3% 170 Proximus' Domestic operations achieved an EBITDA of EUR 1,713 million in 2025, representing a year-on-year growth of 1.9%. This increase was driven by Direct Margin growth, more than offsetting the OPEX increase.. 1.682 1.682 +1,9% 1.713 Proximus Global reported an EBITDA of EUR 170 million in 2025. This represents a 9.3% year-on-year decrease on a pro forma basis and a 0.9% rise on underlying figures. 2024 Underying 2024 Pro forma 2025 Underlying Domestic Global Eliminations Reported EBITDA Excluding operating leases and including other adjustments, the Proximus Group reported an EBITDA of EUR 2,251 million for 2025, up 15.5% year-on-year compared to EUR 1,969 million in 2024 on a pro forma basis. On underlying figures, this represents a 1.8% increase from EUR 1,850 million to EUR 1,883 million. In 2025, the Proximus Group recorded net adjustments 1 totaling EUR 368 million compared to EUR 100 million in 2024. Lease depreciation and interest expenses for 2025 increased by EUR 3 million year-on-year, totaling EUR 109 million. (Since 2019, following the application of IFRS 16, these expenses have been excluded from reported EBITDA) This increase was partially Reported and underlying EBITDA (EUR million) +0,8% 2.251 1.950 1.969 1.850 1.869 +14,3% -100 -100 1.883 -368 offset by EBITDA adjustments for transformation costs of EUR 23 million and M&A-related adjustments of EUR 266 million. 2024 Underying 2024 Pro forma Reported Adjustments 2025 Underlying Depreciation, amortization and goodwill impairment In 2025, the Group depreciation, amortization and goodwill impairment totaled 1,601 million (incl. lease depreciation). The increase of EUR 342 million compared to EUR 1,259 million in 2024 is mainly due to the goodwill impairment on Global (EUR +275 million), while D&A increased due acquisitions (Route Mobile and Fiberklaar) and an expanding Fiber coverage. Net finance cost Net finance costs for 2025, including lease interest, were EUR 146 million, down EUR 13 million from last year. The decrease in net finance cost mainly reflects a more favorable interest rate on Spectrum and the refinancing of Fiberklaar at Proximus Group conditions upon consolidation. Depreciation, amortization and goodwill impairment (EUR million) +27.1% 1.259 1.601 2024 2025 Net finance cost incl. lease interest (EUR million) -8,1% 159 146 2024 2025 1. Adjustments details on page 4. Tax expense Tax expense (EUR million) In 2025, tax expenses totaled EUR 82 million, resulting in an effective tax rate (ETR) of 16.8%, significantly lower than the Belgian statutory tax rate of 25%. The ETR is mainly positively impacted by exempt capital gains on shares and innovation income deduction. 82 57 +42.8% ETR: 11.1% ETR: 16.8% 2024 2025 Net income The Proximus net income (Group share) decreased by 11.0% year-on-year to EUR 398 million resulting from a goodwill impairment on Global (EUR -275 million), higher depreciations and income taxes, partly offset by a EUR 33 million increase in underlying Group EBITDA and lower financing costs. One-off's impacting the reported Group EBITDA include 3 major divestments in 2025 (sale of datacenters, Luxemburg mobile towers and Be-Mobile) for a net amount of EUR +282 million. Net income (Group share) (EUR million) 447 -11.0% 398 2024 2025 Net income (Group share) evolution (EUR million) 268 33 447 13 3 398 -341 -24 2024 Underlying EBITDA Adjustments D&A (*) and goodwill impairment Net Finance Costs (**) Tax Expense Others (***) 2025 (*) including lease depreciation; (**) including lease interest; (***) includes Non-controlling interests and Share of loss from associates CapEx In 2025, the Proximus Group reported total accrued capital expenditures (CapEx) of EUR 1,261 million, inclusive of spectrum and football broadcasting rights. This figure represents a 7.0% decrease from the EUR 1,356 million recorded in 2024 on a pro forma basis. Excluding these specific items, accrued CapEx amounted to EUR 1,249 million, compared to EUR 1,356 million in 2024, reflecting a reduction of EUR 107 million year-over-year. The decline is primarily attributable to lower fiber build CaPex, lower content investments and reduced customer-related CapEx, driven by lower demand for modems and Wi-Fi boosters due to higher refurbishment rates, an increase in self-installation by customers, and enhanced operational processes. Additionally, the fiber network deployment in densely populated areas has progressed beyond its peak phase. Several major IT initiatives were also successfully completed during the period. Investments in Fiber accounted for 27% of total CapEx, slightly lower compared to 2024 (28%). By year-end, Proximus was actively rolling out Fiber in 175 cities and municipalities across Belgium. The Fiber footprint grew by 17% year-on-year, reaching 2,604,000 premises by end-2025. The Mobile network (RAN) consolidation, driven by the joint-operation Mwingz, and 5G rollout are getting close to completion. with CapEx aligned to the pace of mobile site integration. Accrued CapEx (EUR million) on pro forma basis (excl. spectrum and football rights) -7,9% 1.356 1.249 2 7 % 28% 2024 2025 Fiber build Customer related Other Global Free Cash Flow In 2025, the reported Free Cash Flow (FCF) was EUR 480 million, which includes adjustments related to acquisitions, M&A-related expenses, and asset sale proceeds totaling EUR 351 million. Excluding these items, organic FCF reached EUR 130 million, representing a year-on-year increase of EUR 72 million compared to the 2024 figure. Acquisition and M&A-related costs were related to the Fiberklaar acquisition for which a final payment of EUR 60 million was made end 2025, in addition to the EUR 186 million paid in 2024. The favorable year-over-year development was driven by reduced cash CapEx (EUR 158 million), higher underlying EBITDA (EUR 33 million), and lower income tax payments (EUR 16 million), compensated by higher interests paid (EUR -10 million), a lower working capital need (EUR -54 million) and an increase of other investing activities (EUR -71 million). EUR 130M organic FCF Free Cash Flow Year on Year comparison (EUR million) 351 480 158 -71 130 33 -54 784 57 -10 16 -727 Reported FCF Adjustments Organic FCF Underlying Change in WC Interest Income tax Cash Capex Cash other Organic FCF Adjustments Reported FCF FY 2024 FY 2024 FY 2024 EBITDA payments payments investing FY 2025 FY 2025 FY 2025 2.251 -368 1.883 EBITDA conversion to Free Cash Flow (EUR million) -131 -127 -92 -1.316 -88 130 351 480 Reported Adjustments Underlying Change in WC Interests Income tax paid Cash Capex Cash other Organic FCF FY Adjustments Reported FCF EBITDA FY 2025 FY 2025 EBITDA FY 2025 payments investing 2025 FY 2025 FY 2025 Net financial position At the end of December 2025, Proximus' adjusted net financial position was EUR -3,568 million (including re-measurements to fair value). Evolution of Adjusted Net Financial Position (excl. lease liabilities) (EUR million) -3.907 130 -99 450 -168 -33 65 -5 -3.568 Net fin position Organic FCF Acquisitions Divestments Dividends (incl. Hybrid bond Fixed deposit ( Other Net fin position at end December 2024 NCI) >3 months) at end December 2025 Domestic revenue reached EUR 4,821 million in 2025, broadly stable from 2024, with Services revenue up by 0.4% year-on-year. Proximus achieved robust operational growth driven by its complementary brand portfolio and network leadership. Residential revenue totaled EUR 2,518 million in 2025, up by 1.0% year-on-year. Business revenue decreased to EUR 1,963 million in 2025, reflecting a 1.9% decline compared to 2024, including a divesture impact. Wholesale revenue amounted to EUR 244 million in 2025, down by 4.2% year-on-year, due to eroding Interconnect revenue (no material margin impact), while services revenue was up 5.7%. Domestic EBITDA reached EUR 1,713 million, a year-on-year increase of 1.9%. Domestic For its Domestic operations, Proximus generated revenue of EUR 4,821 million in 2025, broadly stable compared to 2024. Domestic Services revenue was up year-on-year by EUR 15 million, while revenue from Terminals and IT hardware was lower by EUR -21 million. The Residential unit contributed approximately 52% of total Domestic revenue, the Enterprise unit 41%, and the Wholesale unit 5%. As Proximus expands its Fiber network across 175 cities and municipalities, Fiber has become a key selling point for both Residential and Business markets. In 2025, activated Fiber customers increased by 167,000, bringing the total to 731,000 by year-end through new activations and migrations from copper. Proximus maintained network leadership, adding 110,000 mobile postpaid and 35,000 fixed Internet customers. Meanwhile, TV and fixed voice subscribers continued to decline, reflecting market trends, reflecting the ongoing general trend in these markets. Domestic revenue by customer unit (EUR million) Domestic park 2% 5% 41% 4.821 52% Postpaid base excl. M2M 5.095 2.313 2.349 1.630 1.581 1.498 1.338 5.205 Internet base TV base Fixed Voice base Residential Business Wholesale Other (incl. eliminations) 2024 2025 Residential revenue Residential revenue Year-on-Year, underlying (EUR million) -18 -1 -5 -20 X-play revenue +2,0% 2494 59 6 4 2518 2024 Fixed only Mobile postpaid only Convergent Prepaid Terminals Lux Telco Other* 2025 *Other: Other revenue + other operating income Revenue generated by Proximus Residential customers totaled EUR 2,518 million over 2025, up by 1.0 % (EUR 25 million) compared to 2024. The total includes revenue from customer Services, up by 2.0%, Terminals, Mobile Prepaid, the Luxembourg telecom business, and Other revenue. Over 2025, Terminals generated EUR 286 million, down 6.5% or EUR 20 million from 2024. Mobile Prepaid revenue fell to EUR 24 million (EUR 5 million lower), while Proximus Luxembourg's revenue rose 4.3% to EUR 139 million (a EUR 6 million increase. Other revenue and Other operating income reached EUR 63 million, up EUR 4 million year-on-year. Proximus closed a robust operational year. Across its 3 brands Proximus, Scarlet, and Mobile Vikings, the Residential unit achieved in 2025 solid growth in its Internet and Mobile Postpaid customer bases, despite the intense competitive environment. In contrast, and pursuing the ongoing trend, Fixed Voice subscriptions further declined. In addition to a growing base across its core products, Residential revenue also benefited from inflation-based price adjustments on a broad range of Proximus services, implemented to offset inflationary pressures on the company's cost base. 2.994 3.108 Postpaid cards ('000) +3,8% Prepaid cards ('000) 462 404 -12,5% 2024 2025 2024 2025 1.856 1.814 Internet lines ('000) +2,3% Convergence ('000) 1.173 1.221 +4,0% 2024 2025 2024 2025 2025 was especially successful for Mobile Postpaid, with the number of Residential Mobile Postpaid cards for the year up by 114,000, in an intense competitive environment. This growth was driven by the complementary offerings of the Proximus brand, Scarlet, and Mobile Vikings. By the end of December 2025, Proximus' Residential Mobile Postpaid base totaled 3,108,000 cards, representing a 3.8% increase compared to the end of 2024. Driven by attractive Mobile Postpaid offers, the Prepaid base continued its steady downward trend in 2025, resulting in a total of 404,000 Prepaid cards by year-end, a decrease by 58,000 cards, Supported by Proximus' expanding Fiber network, the Residential unit grew its Internet customer base by 42,000 across its three brands. This marks a 2.3% increase from last year, bringing the total number of residential Internet lines to 1,856,000 at the end of 2025, a combination of customers on the copper network and increasingly on the Fiber technology. Customer Services revenue made up 80% (EUR 2,006 million) of Proximus' total Residential revenue in 2025, rising by 2.0% (EUR 40 million) from 2024. The overall ARPC reached EUR 58.6, a 1.3% year-on-year increase, benefitting from the inflation-driven price change effective January 1, 2025. Revenue from Convergent customers experienced notable growth, increasing by 4.8% year-on-year to reach EUR 1,300 million. In 2025, Proximus expanded its convergent customer base to a total of 1,221,000, representing a 4.0% increase compared to the previous year. 80% Residential revenue generated by Customer Services Customer services revenue (EUR million) 63 +2,0% 139 286 2.518 2.006 1.967 2.006 1.300 1.241 +4,8% 468 486 239 240 24 2024 2025 Customer services Prepaid Terminals Lux. Telco Other Convergent Fixed only Mobile postpaid only As more customers chose Proximus' convergent offers, the Fixed-only customer base fell by 32,000 to 773,000 by end-2025, with an ARPC of EUR 49.6, up 0.8% year-on-year. Over the same period, the Residential unit's Mobile Postpaid-only base rose 1.7% to 888,000 customers across Proximus, Scarlet, and Mobile Vikings, with an ARPC of EUR 22.7, down 1.5% from the previous year. Customers per X-play ('000) Average Revenue per Customer (EUR) Convergent Convergent 90,3 23,1 22,7 49,2 49,6 57,8 58,6 90,7 Mobile postpaid only Mobile postpaid only Fixed only Fixed only Total 2.852 2.881 Total 1.173 1.221 873 888 806 773 2024 2025 2024 2025 Average Revenue Generating Units per Customer Customer Services Revenues (EUR million) Convergent 3,94 1,17 1,17 1,92 1,83 2,52 2,49 3,86 Convergent Mobile postpaid only Mobile postpaid only Fixed only Fixed only Total Total 1.967 2.006 1.241 1.300 240 239 486 468 2024 2025 2024 2025 Business revenue Proximus' Business unit reported EUR 1,963 million in revenue for 2025, down 1.9% from 2024. This decrease was due to a 2.1% drop in Services revenue and a 0.4% decline in Products revenue. Within the Service revenues, the decline was mainly driven by a decrease of Fixed Voice revenue by 6.7% year-on-year or EUR 16 million and a decline of Mobile Services revenue by 2.2% year-on-year or EUR 10 million. Mobile Services' revenue decline was mainly attributed to Proximus' strategy of value-based pricing in a more competitive market. The decline of IT services revenue by 1.3% year-on-year was mainly due to the divestment of Be-Mobile in October 2025. Business revenue build up (underlying, EUR million) -16 -3 -10 1.963 -6 -1 -1 -2 Services revenue -2.1% 2.001 2024 Fixed Voice Fixed Data Mobile Services IT Services Products Lux Telco Others 2025 Proximus' Business unit IT Services revenue reached EUR 440 million in 2025, a year-on-year decrease of 1.3% or EUR 6 million, largely reflecting the divesture impact from Proximus' 92.3% majority stake in Be-Mobile, closed on the 2nd of October 2025. This aside, Proximus IT services revenue was broadly stable year-on-year, driven by lower one-off services compensated for by the increase of managed and recurring IT services revenues. IT Services revenue (EUR million) 445 440 -1,3% 2024 2025 The revenue from Fixed Data services was slightly down, -0.5% from the previous year, totaling EUR 498 million for 2025. Within the mix, revenue from Internet connections was up, resulting from a 4.8% increase in Broadband ARPU to EUR 50.3 in 2025 supported by price indexation, better tiering, and increased Fiber adoption. Despite the competitive and stagnating business Internet market, Proximus succeeded in mitigating losses, reporting a total of 445,000 lines at the end of 2025 - a 1.9% decline. In contrast, revenue from Data Connectivity was down year-on-year, as growth in new data connectivity offerings did not fully offset the erosion of legacy services. Fixed data revenue (EUR million) -0,5% 501 498 Fixed Internet ARPU (EUR) 47,9 50,3 +4,8% Fixed Internet subscriber base ('000) 453 445 -1,9% 2024 2025 2024 2025 2024 2025 Internet Data connectivity & other In 2025, the Business unit's Mobile service revenue totaled EUR 452 million, a decline of 2.2% year-on-year. Proximus maintained a solid mobile customer base, with 1,768,000 cards, reflecting a reduction of 15,000 Postpaid cards over the past twelve months (-0.8%). This decline was primarily attributed to Proximus' approach of value-based pricing in a more competitive market. The Mobile ARPU experienced a decrease of 2.0% to EUR 18,6 compared to 2024, mainly reflecting lower out of bundle revenue and intense competition in the business market. The Business unit expanded its M2M park in 2025, ending the year with 4,379,000 Proximus M2M cards-a 1.2% annual increase. Mobile Services revenue (EUR million) Mobile postpaid cards ('000) 462 452 -2,2% 1.783 1.768 -0,8% 2024 2025 2024 2025 Machine-to-Machine cards ('000) Mobile postpaid ARPU (EUR) 4.327 4.379 +1,2% 18,9 18,6 -2,0% 2024 2025 2024 2025 Fixed Voice revenue continued its steady decline, for 2025 recording EUR 222 million, a 6.7% decrease from the previous year. This was mainly due to the ongoing eroding trend in the base of Fixed Voice lines, down by -11.1% over 2025 and ending the year with 458,000 lines. This was partly offset by value management. Fixed Voice ARPU increased by 2.7%, driven by inflation-based price adjustments, raising it to EUR 28.8. Fixed Voice revenue (EUR million) Fixed Voice park ('000) Fixed Voice ARPU (EUR) 237 222 -6,7% 514 458 -11,1% 28,1 28,8 +2,7% 2024 2025 2024 2025 2024 2025 In 2025, revenue from Products declined by 0.4% year-on-year, representing a reduction of EUR 1 million compared to 2024. This decrease was fully attributable to a 6.9% year-on-year decline in revenue from Terminals, which was only partially offset by a 1.9% year-on-year increase in IT Hardware revenue. IT Products revenue (EUR million) -0,4% 318 317 83 -6,9% 77 235 +1,9% 240 2024 2025 IT Hardware Terminals Wholesale revenue Proximus' Wholesale operations generated revenue of EUR 244 million in 2025, a decrease of 4.2% (EUR 11 million) compared to 2024. This was due to a EUR 22 million drop in Interconnect revenue - without meaningful margin impact - reflecting the continued volume erosion in traditional messaging. Meanwhile, revenue from Fixed and Mobile wholesale services increased by 5.7% year-on-year, reaching EUR 173 million. This growth was primarily driven by increased contributions from MVNO partnerships and Fiber Joint Ventures. Revenue (EUR million) -4,2% 255 244 173 164 +5,7% 91 68 2024 2025 Fixed & Mobile wholesale services Interconnect Other Operating Income Domestic Direct margin Proximus' Domestic operations reported a direct margin of EUR 3,651 million in 2025, reflecting a 1.2% year-on-year increase (EUR 44 million), outpacing the growth in Domestic revenues. This performance was primarily attributable to robust customer growth across key services such as Internet and Mobile, complemented by inflation-linked price adjustments and a favorable product mix. Domestic Direct margin (underlying, EUR million) +1,2% 3.608 3.651 2024 2025 Domestic OpEx Domestic operating costs rose 0.6% year-on-year to EUR 1,938 million in 2025, mainly due to inflation, customer growth (especially in Fiber), and higher transformation costs. Proximus' cost-efficiency measures partly offset these increases. Workforce expenses for the Domestic segment amounted to EUR 1,238 million, representing a 0.5% increase over the prior year. This rise was primarily attributable to automatic wage 1.926 +0,6% 1.938 694 +0,8% 700 Domestic operating expenses (underlying, EUR million) adjustments associated with inflation, partly offset by lower headcount. By the end of 2025, Proximus' Domestic workforce was 9,959 full-time equivalents (FTEs), down by 333 FTEs +0,5% 1.231 1.238 from the 10,291 reported at the end of 2024. This decline was mainly due to natural attrition and retirements, which exceeded the number of new hires. 2024 2025 The Domestic non-workforce expenses increased by 0.8% in 2025, representing a year-on-year rise to EUR 700 million. The Workforce Non-Workforce main factor was overall inflation, which raised costs like maintenance and rent. In addition, Proximus saw higher customer-related expenses compared to last year due to significant growth in its customer base. Domestic EBITDA Proximus' Domestic segment achieved an EBITDA of EUR 1,713 million in 2025, representing a year-on-year increase of 1.9%. This growth was primarily attributable to a higher direct margin, which more than offset increased costs. The Domestic EBITDA margin as a percentage of revenue reached 35.5%, up from 34.8% in 2024. Domestic EBITDA (underlying, EUR million) 1682 44 1713 -6 -6 2024 EBITDA Direct margin Workforce costs Non-workforce costs 2025 EBITDA Proximus Global Proximus Global faced a shrinking P2P market, persistent SMS CPaaS headwinds, currency effects and integration challenges, though OpEx synergies provided some relief. In 2025, Proximus Global reported EUR 1,548 million in revenue, down 7.4% year-on-year (down by 14.8% year-on-year on a pro forma basis). On constant currency basis, the revenue decline was 11.9% on a pro forma basis. This was driven by a decline in both P2P Voice & Messaging and Communications & Data. In an inherently declining market, P2P Voice & Messaging posted a 17.3% revenue decline compared to 2024. Communications & Data reflects the acceleration of a structural decline in the CPaaS SMS market - especially for one-time-password and international traffic - despite some growth in Indian domestic CPaaS. The level of evaporating SMS volumes ramped up due to a combination of the transition to other alternative channels (WhatsApp, RCS, email, etc.) and disintermediation by some large customers. These effects could not be offset by the growth of other Omnichannel solutions. Integration challenges also delayed synergy delivery and impacted the Go-to-Market strategy. For the same reasons, Proximus Global posted a Direct margin of EUR 445 million, down 11.1% year-on-year on a pro-forma basis. In constant currency this was down 8.5% year-on-year. Global revenue by product group (EUR million) Global Direct margin (EUR million) 1.672 1.817 -14,8% 598 598 494 1.054 1.075 1.219 -13,6% -17,3% 1.548 468 501 -11,1% 118 103 -13,0% 118 343 350 383 -10,5% 445 2024 Underying 2024 Pro forma 2025 Underlying 2024 Underying 2024 Pro forma 2025 Underlying P2P Voice & Messaging Communications & Data and eliminations P2P Voice & Messaging Communications & Data and eliminations Proximus Global OpEx fell 12.2% year-on-year (pro forma) to EUR 275 million in 2025. Workforce OpEx dropped 17.5% (EUR 34 million) to EUR 162 million, mainly thanks to cost synergies outweighing wage indexations. As a result, Proximus Global reported 2025 EBITDA of EUR 170 million, a 9.3% drop year-on-year on a pro forma basis (+0.9% compared to underlying 2024 numbers). Global OpEx (EUR million) Global EBITDA (EUR million) 299 313 -12,2% 197 189 162 113 110 116 -3,2% -17,5% 275 188 -9,3% 170 169 2024 Underying 2024 Pro forma 2025 Underlying 2024 Underying 2024 Pro forma 2025 Underlying Non-Workforce Workforce ‌Definitions A2P: Application to Person messages Adjusted Net Financial Position: is the Net Financial Position from which lease liabilities are excluded. ARPC: Average underlying revenue per customer. Annualized full churn rate of X-play: a cancellation of a customer is only taken into account when the customer cancels all its plays. ARPU: Average Revenue per Unit. Business: unit addressing the professional market including Corporates, Medium and Small Enterprises (including businesses with less than 10 employees). CapEx: this corresponds to the acquisitions of intangible assets and property, plant and equipment, excluding Right of Use assets (leasing). Communications & Data: one of the two main product groups within the Global segment alongside "P2P Voice & Messaging". Communications & Data groups CPaaS, Digital Identity, Mobility, Cloud communications, and Internet of Things (IoT). Convergence rate: convergent residential customers taking both Fixed and Mobile services of Proximus. The convergence rate refers to the percentage of convergent customers on the total of multi-play customers. Cost of Sales: the costs of materials and charges directly related to revenues. CPaaS: Communications Platform as a Service is a cloud-based delivery model that allows organizations to add real-time communications capabilities, such as voice, video and messaging, to business applications by deploying application program interfaces (APIs). Digital Identity: groups DI - Phone ID and DI - Score products. Direct margin: the result of cost of sales subtracted from the revenues, expressed in absolute value or in % of revenues. Domestic: segment defined as the Proximus Group excluding Global and Eliminations. EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization; corresponds to Revenue minus Cost of sales, workforce and non-workforce expenses. Adjustments (Revenue/EBITDA): The lease depreciations and interests in the Operating Expenses, except for leases that would qualify as finance leases based on the criteria applied to a lessor under IFRS 16. Transformation: costs of employee transformation programs, the effect of settlements of post-employment benefit plans with impacts for the beneficiaries, or pre-identified material one-shot projects (such as rebranding costs) Acquisitions, mergers and disposals: gains and losses on disposal of buildings or consolidated companies, M&A-related transaction costs and deferred M&A purchase price. Litigation/regulation: financial impacts of material1 litigation files, fines and penalties and of law changes (one-off impacts relative to previous years) EBIT: Earnings Before Interest & Taxes, corresponds to EBITDA minus depreciation and amortization. Fixed Data Services (Business): Total revenues from Fixed Data, consisting of Broadband, Data Connectivity (including Explore solutions and SD-WAN) and TV. Fixed Voice park: PSTN, ISDN and IP lines. For Business specifically, this also contains the number of Business Trunking lines (solution for the integration of Voice and Data traffic on one single Data network). Fixed Voice Services (Business): Total revenues from Fixed Voice access lines and traffic, as well as fixed telephony systems installed at customer premise or serviced from the cloud. Free Cash Flow: this is cash flow before financing activities and after lease payments. Global: segment defined as including Proximus Group's international affiliates, BICS, Telesign and Route Mobile (As of December 2024). Internet ARPU (Business): total Internet underlying revenue, excluding activation and installation fees, divided by the average number of Internet lines for the period considered, divided by the number of months in that same period. Internet park: ADSL, VDSL and fiber lines. For Residential, this also includes Scarlet and Mobile Vikings. IT Services revenue (Business): Information Technology (IT) Services, including Managed, Integration and Consultative services, which enable users to access, store, transmit, and manipulate information, with the help of unified communications, computers, as well as necessary enterprise software, middleware, storage, and audio-visual systems. Proximus' IT solutions include, but are not limited to, Security, Cloud, Smart Network, Advanced Workplace and Smart Mobility solutions. It also includes recurring equipment sales to support these services. IT Products revenue (Business): Revenues from one-shot IT products (boxes, hardware) or one-shot licenses, with the change of ownership towards the customer. Luxembourg Telecom: including fixed & mobile services, terminals & other. Mobile ARPU (Business): monthly ARPU is equal to total Mobile services revenues (excl. M2M & network services), divided by the average number of active cards for that period, divided by the number of months of that same period. Mobile cards: refers to active Voice and Data cards, excluding free Data cards. Postpaid customers paying a monthly subscription are by default active. Prepaid customers are considered active when having made or received at least one call and/or sent or received at least one SMS message in the last three months. An M2M card is considered active if at least one Data connection has been made in the last month. Mobile-only (Residential): Refers to Mobile Postpaid whereby no other recurring subscriptions are bought. Mobile Prepaid is not included in the Customer services revenue but reported separately. Mobile Services revenue (Business): Total revenues from Mobile Services including traditional mobile services, using the mobile network connectivity, as well as IoT (including M2M) and Next Generation Communication (including network services as well as new innovative solutions). Multi-play customer: two or more Plays, not necessarily in a Pack. Net Financial Position: refers to the net amount of investments, cash and cash equivalents minus any interest-bearing financial liabilities and related derivatives, including re-measurement to fair value and lease liabilities. The net financial position does not include the "other current & non-current payables interest-bearing". Network Services (Business): focuses on optimizing the interaction between Enterprise customers and its stakeholders, for which revenues are independent from the number of Postpaid cards. Non-workforce expenses: all operating expenses excluding workforce expenses and excluding depreciation & amortization. Net Revenue Retention rate (NRR): success indicator of the existing customer base, calculating the percentage of recurring revenue retained from existing customers compared to 12 months back. Organic Free Cash Flow: Free Cash Flow excluding cash-out related to M&A transactions and related transaction costs and excluding proceeds from sold assets as part of the company's active asset portfolio management. Other Operating Income: this relates to income from, for example, reimbursements from damages, employees, insurances, gain on disposal, etc. P2P Voice & Messaging: One of the two main product groups within the Global segment alongside "Communications & Data". P2P Voice & Messaging groups Voice, Capacity, Other Legacy and P2P MMS messaging. Play: a subscription to either Fixed Voice, Fixed Internet, digital TV or Mobile Postpaid (paying Mobile cards). A 4-Play customer subscribes to all four services. Reported revenues: this corresponds to the total income. Residential: unit addressing the residential market, including the Customer Operations Unit. Revenue-Generating Unit (RGU): for example, a customer with Fixed Internet and 2 Mobile Postpaid cards is considered as a 2-Play customer with 3 RGUs. Terminals: this corresponds to devices for Fixed Voice, Data, Mobile and related accessories. This excludes PABX, IT products and TV CPE. Underlying: refers to revenue and EBITDA (Total Income and Operating Income before Depreciation, Amortization and Goodwill Impairment) corrected for the EBITDA Adjustments in order to properly assess the ongoing business performance. Wholesale: unit addressing the telecom wholesale market including other telecom operators (incl. MVNOs) and ISPs. Wholesale fixed & mobile services includes all solutions that Proximus offers to other operators. These services include fixed internet and data connectivity services, fixed telephony and mobile (incl. MVNO and Roaming) services (excl. Interconnect). Wholesale Interconnect is the process of connecting an operator network with another operator network. This then allows the customers of one operator to communicate with the customers of another operator. Interconnect includes fix voice, mobile voice and mobile SMS/MMS services. Workforce expenses: expenses related to own employees (personnel expenses and pensions) as well as to external employees. X-Play: the sum of single play (1-play) and multi-play (2-play + 3-play + 4-play). ‌Risk Management Report Each of Proximus Group's activities is exposed to a variety of risks that have the potential to impact the financial performance of the Group. Proximus has implemented a risk management methodology that follows ISO 31000 - Risk Management Guidelines. Proximus' Risk Management System aims to identify and assess risks and opportunities in various domains and, wherever possible, to manage or mitigate them to an acceptable level of residual risk, in order to safeguard the Group's assets and protect its financial strength and reputation. Financial risk management objectives and policies are reported in Note 32 of the Consolidated Financial Statements, published on the Proximus corporate website. Risks related to important ongoing claims and judicial procedures are reported in Note 34 of these statements. The enterprise, operational, reporting and compliance risks are detailed below. It must be noted that this is not an exhaustive analysis of all potential risks that Proximus may face. Sustainability risks, and the impact they could have on people, society, and the environment, are reported in the section "Double Materiality Assessment" of the Sustainability statement. Enterprise-wide risks Proximus Group's Enterprise Risk Management (ERM) is a structured framework designed to identify, assess, respond to and report on strategic and business risks. These risks refer to potential adverse events or circumstances that could significantly impact the achievement of Proximus' strategic objectives. ERM is integrated into Proximus' annual strategic planning cycle. The risk identification and prioritization process involves desk-based research, interviews, and surveys targeting management and subject matter experts. Each member of the Proximus Leadership Squad (PLS) takes ownership of a subset of the prioritized risks and identifies the key internal stakeholders accountable for the follow-up measures. The risk prioritizations and treatments are reviewed at least once per year, or whenever there is a change of context. The ERM report, which provides an overview of major risks and their respective treatment plans, is reviewed and validated by the PLS (more information in the Corporate governance statement). The key findings and outcomes are then reviewed in coordination with the Board of Directors. Among the risks identified by the latest ERM exercise, the following risk categories were prioritized: Monetization of fiber investments Proximus Group international growth Human capital: talent attraction, retention and development Operating model evolution and third-party dependency Belgian telecom market competitive dynamics - residential market Belgian ICT market competitive dynamics - enterprise market (Cyber)security and critical infrastructure resilience Proximus Group

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