Proximus Sa · EURONEXT:PROX
Proximus Sa — Q3 2026 Earnings Presentation
33 slides from Proximus Sa's earnings presentation, Oct 30, 2026
Slide 1: Q3 2026 Results presentation
Q3 2026 Results presentation 30 October 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 ‘OxIMUS
Slide 4: Highlights
Highlights • Solid Q3’26 commercial performance: +18,000 Mobile Postpaid cards including +23,000 in Residential; +5,000 Internet, +7,000 Convergent; +38,000 Fiber net adds • Domestic Services revenue growth of +0.4%, including a strong +2.9% YoY growth for Residential. • Q3’26 Domestic EBITDA -1.4%
Slide 5: Q3 delivered slight growth in Domestic revenue; Global direct margin up
Q3 delivered slight growth in Domestic revenue. Global direct margin up +0.8% YoY. Strong Q3 cash generation resulting in YTD Organic FCF of 114M€ Domestic Global Group Revenue (M€; %YoY) Direct margin (M€, %YoY) EBITDA (M€; YoY) ✓ Services revenue growth ✓ Direct margin turning to growth Including
Slide 6: Maintaining good Domestic commercial performance despite intense promotions
Maintaining good Domestic commercial performance despite intense promotional activity during the quarter Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,206k; Internet base Postpaid base* Convergence base -174k YoY, -12.6% YoY 2,372k; 5,265k; 1,25
Slide 7: Fiber footprint scaled to ~2.81 million homes passed
Fiber footprint scaled to ~2.81 million fiber homes passed, covering over 44% of the population Fiber HP (park in ‘000)1 +113 +61 +88 +61 180 Cities and municipalities 2,604 2,665 2,753 2,814 2,491 with fiber works ongoing Q3’25 PXS and affiliates Q4’25 Q1’26 Q2’26 Q3’26 c. 2.81M Fiber Homes & Total
Slide 8: Satellite and AI agents put into perspective
Satellite and AI agents put into perspective Satellite AI agents technology complementary to a next step in the evolution our high-quality Fixed & Mobile network of customer choice Nation-wide high-quality Mobile network Our strong brands reinforce loyalty • 99% 5G indoor coverage by end’27 • Solid
Slide 9: Proximus Global is strengthening its core while building future growth
Proximus Global is strengthening its core while building the foundations for future growth 1 2 3 Grow the core Validate leadership Build the future • Improved farming of large • IoT Global Awards 2026 winner • Heltar fully integrated and customers in Protect/Engage for Sim for Things Secure Sovereig
Slide 10: Q3 2026 results
Q3 2026 results 10
Slide 11: Q3 Domestic revenue grew +0.3% YoY
Q3 Domestic revenue grew +0.3% YoY, with growing Services revenue in a promotional market environment Q3 Revenue (underlying, M€) +0.3% 14 0 0 1,183 1,179 -11 +0.4% Services revenue Q3’25 Residential Business Wholesale Non-Services Q3’26 Customer Services Services revenue1 Services 2025 figures adju
Slide 12: Q3 Residential revenue increased by +2.4% YoY
Q3 Residential revenue increased by +2.4% YoY, including robust +2.9% YoY growth in Customer services revenue Residential revenue (M€, YoY) Internet park (k) 2.4% 2.3% 1.1% 1.2% 1.5% 2.2% 1,840 1,856 1,867 1,876 1,883 650 631 635 640 625 60 53 55 55 55 92 63 67 70 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 69 Po
Slide 13: Residential services revenue supported by value management and Convergent base
Residential services revenue continues to be supported by value management and a growing Convergent customer base Customer services revenue up by +2.9% YoY,ARPC up +1.7% YoY Customer base (in k) • Modest support from renewed Belgian Jupiler Pro League broadcasting rights. • Continued migration of cu
Slide 14: Business revenue declined by -1.9% YoY
Business revenue declined by -1.9% YoY, impacted by lower Services revenue 1.8% -0.9% -1.5% -1.9% -6.0% 473 491 475 484 464 Selection of Q3 Customer wins 70 85 72 88 72 8 9 9 8 9 395 396 394 388 383 -1.1% -2.7% -2.3% -3.0% -2.8% Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Products Lux telco & other Services YoY B
Slide 15: Q3 Business services revenue down -2.8% YoY
Q3 Business services revenue was down -2.8% YoY, broadly in line with previous quarters Business Services revenue (M€) -2.8% IT Services • Project implementation delays, partly offset by continued cybersecurity -2.8% growth. 395 383 • Longer-term pipeline remains solid, performance expected to impro
Slide 16: Fixed & Mobile Wholesale Services revenue broadly stable
Fixed & Mobile Wholesale Services revenue remained broadly stable YoY, low-margin Interconnect revenue continued to decline Wholesale revenue (M€, YoY) -1.1% -7.7% -6.3% -8.1% -11.8% 63 60 57 Fixed & Mobile Services revenue +0.6% YoY 55 55 15 • Sustained MVNO growth, higher roaming and fiber volumes
Slide 17: Q3 Domestic EBITDA -1.4% YoY
Q3 Domestic EBITDA -1.4% YoY, as Direct margin growth was offset by higher OpEx, Unifiber included. OpEx - Management view (M€) Domestic headcount (FTE)1 YTD Sep +2.4% Executing new Workforce plan o/w ~5m Unifiber ✓ Controlled internal WF -180 476 reduction through natural 123 465 9,959 outflow 4 9,
Slide 18: Global Direct margin turning to growth in Q3
Global Direct margin turning to growth in Q3, partly offsetting inflationary OpEx impacts and initial investments in targeted growth initiatives Direct margin (M€) +2.1% at cc +0.8% Direct margin increase +0.8% YoY, QoQ +4.5% DM % of revenue 28.7% , +0.8 pp YoY 105 104 103 101 106 20 20 -12.7% 23 20
Slide 19: YTD CapEx of 835M€
YTD CapEx of 835M€. YoY increase contained by phasing and disciplined capital allocation Group CapEx (underlying)1 (in M€) YoY CapEx increase mainly result of: • Phasing in content renewal 826 835 • Fiber-build related CapEx in the mid-dense areas, including the consolidation of Unifiber CapEx as of
Slide 20: Strong organic FCF in Q3'26 lifts YTD FCF
Strong organic FCF of 142 M€ in Q3’26 lifts YTD FCF to 114M€. FCF (YoY, M€) 423 Operations Investing -269 153 -19 -47 48 -1 -14 -6 114 -59 54 Reported Adjustments Organic FCF Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other Organic FCF Adjustments Reported FCF FCF YTD ’25 YT
Slide 21: Guidance: Global EBITDA raised, organic FCF raised
Guidance: Global EBITDA raised to 125–135M€, organic FCF raised to ‘around 100M€’ YTD 2026 Outlook FY 2026 Outlook FY 2026 Guidance metrics Actuals Update July 31st 2026 Update October 30th 2026 Domestic Services +0.1% Broadly stable Broadly stable revenue 1,5 Domestic EBITDA1 +0.3% Broadly stable B
Slide 22: Q&A
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 23
Slide 24: From reported EBITDA to pro-forma
From reported EBITDA to pro-forma (M€) Q3’26 479 9 1 461 -25 -3 Reported Lease Lease Transformation Acquisitions, Underlying depreciations interest mergers and disposals Q3’25 495 6 5 475 470 -25 -3 -3 -4 Reported Lease Lease TransformationAcquisitions, Litigation / Underlying BeMobile Pro forma dep
Slide 25: Q3 Group EBITDA
Q3 Group EBITDA (all underlying, M€) Revenue Direct margin -0.2% 0.7% 4 2 1,004 1,537 5 1 2 1,535 996 -8 +0.3% -0.5%1 +0.5% +2.1%1 Q3’25 Domestic Proximus Others2 Q3’26 Q3’25 Domestic Proximus Others2 Q3’26 Global Global OpEx EBITDA o/w c. 5M Unifiber 3.2% -2.0% consolidation 4 2 543 470 11 461 -6 5
Slide 26: EBITDA conversion to FCF YTD 2026
EBITDA conversion to FCF YTD 2026 (M€) 1,544 1,399 -144 -140 -89 -70 114 54 -972 -15 -59 Reported Adjustments Underlying Change in WC Interests paid Income Tax paid Cash Capex Cash Other Organic Adjustments Reported EBITDA EBITDA YTD’26 and received Investing FCF YTD’26 YTD’26 FCF YTD’26 YTD’26 26
Slide 27: Q3 Organic FCF of 142 M€
Q3 Organic FCF of 142 M€, a 20M€ decline YoY, mainly due to higher cash CapEx, partly offset by working capital FCF (YoY, M€) Operations Investing 2 2 47 -59 160 162 2 -14 142 140 2 -1 Reported Adjustments Organic Underlying Change in Interests paid Income Tax paid Cash CapEx Cash Other Organic FCF
Slide 28: YTD'26 Net income (Group share)
YTD’26 Net income (Group share) (M€) -5.9% 398 10 3 374 30 47 -47 -67 Includes a.o. 69M€ gain on Unifiber in 2026 vs. gains in 2025: 77M€ on Datacenter sale; 88M€ on Luxembourg mobile towers sale YTD’25 Underlying Adjustments D&A and Net Tax expense Others2 YTD’26 EBITDA1 goodwill finance impairment
Slide 29: YTD Adjusted Net Financial Position
YTD Adjusted Net Financial Position (excl. lease liabilities) (M€) Adj. Net fin Adj. Net fin position position at end at end December Dividends Fixed September 2025 Organic FCF M&A Divestments (incl. NCI) deposit1 Unifiber Other2 2026 114 23 -3,568 -82 -103 -19 -400 -6 -4,041 1 > 3 months 2 Other: M
Slide 30: Strong liquidity position
Strong liquidity position 5,095 4,873 5,018 4,914 Strong liquidity position… 4,612 4,609 4,606 4,551 4,135 4,072 4,422 (M€, end-September) 3,960 3,932 3,906 700 1,170 470 1,023 737 652 677 700 441 470 Cash & short Revolving Total liquidity end-Sept Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3
Slide 31: Debt portfolio
Debt portfolio Debt by type Fixed vs. floating Long term debt maturity profile (M€) 800 8% 1% 750 750 750 14% 0% 700 550 500 78% 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 6.5 years Eurobo
Slide 32: Shareholder structure
Shareholder structure Status 30/09/2026 Total number of shares Free-float Belgian Government Market Capitalization Gross Dividend yield3 338,025,135 42% 54% ~€ 2.0Bn ~5.0% Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend r
Slide 33: Contact
Contact Investor Relations Nancy Goossens Bart Boone Investor Relations Lead Investor Relations Manager E-mail: Call: [email protected] +32 2 202 82 41 Proximus Investor Relations website: 33 www.proximus.com/en/investors