Proximus (PROX) Q4 2025 & CMD 2026 earnings summary

Executive summary

• Presented a five-year strategic plan focused on sustaining domestic telco leadership, nationwide gigabit access, operational efficiency, and returning the global segment to growth.

• Domestic operations maintained robust financials in FY25, with stable revenue and EBITDA growth despite increased competition and a new market entrant.

• Proximus Global faces structural headwinds in legacy SMS/voice and CPaaS, but is repositioning toward growth areas like omni-channel engagement and network APIs.

• Organic free cash flow reached EUR 130 million in 2025, exceeding guidance, and total free cash flow was EUR 480 million, including asset sales.

• Strategic focus includes accelerating fiber and 5G rollout, and driving efficiencies through AI and workforce optimization.

Financial highlights

• Domestic revenue was broadly stable YoY at EUR 4,821 million in 2025, with domestic EBITDA up 1.9% YoY to EUR 1,713 million.

• Group CapEx for 2025 was EUR 1.25 billion, down from EUR 1.36 billion in FY24.

• Asset sales in 2025 totaled EUR 450 million, with three major divestments generating net proceeds of EUR 282 million.

• Net debt/EBITDA at year-end 2025 was 2.7x, slightly better than guidance.

• Net income for 2025 was EUR 268 million, impacted by a EUR 275 million goodwill impairment in the Global segment.

Outlook and guidance

• Domestic EBITDA expected to remain stable from 2025–2028, with 1% CAGR in services revenue.

• Global EBITDA guided at EUR 100–130 million for 2026, with growth resuming from 2027.

• CapEx to decrease to EUR 1.2 billion by 2028 and below EUR 1 billion by 2030.

• Organic free cash flow projected to reach EUR 400 million by 2030.

• Dividend policy: EUR 0.60/share for 2025, then EUR 0.30 (2026), EUR 0.40 (2027), EUR 0.50 (2028).