Proximus Sa · EURONEXT:PROX
Proximus Sa — FY2025 Earnings Presentation
33 slides from Proximus Sa's earnings presentation, Feb 27, 2026
Slide 1: Q4 and FY 2025 Results presentation
Q4 and FY 2025 Results presentation 27 February, 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: Content
Content › Highlights › Overview results Q4 & FY 2025
Slide 4: Key takeaways from our FY25 results
Key takeaways from our FY25 results FY’25 guidance delivered (reviewed at Q3 results) • Domestic financials remained robust, despite increased competition • Strategically well prepared to face new entrant ✓ Domestic revenue broadly stable • Sustained solid commercial performance ✓ Domestic EBITDA +1
Slide 5: Closing 2025 with Q4 Domestic EBITDA +2.3% YoY, Global EBITDA in line with expectations
Closing 2025 with Q4 Domestic EBITDA +2.3% YoY, Global EBITDA in line with expectations. FY25 Group organic FCF rose to 130M€ Domestic Global Group Revenue Direct margin EBITDA (M€; %YoY) (M€, %YoY) Domestic offsetting Global headwinds ✓ Solid B2C commercial performance in highly (M€; YoY) +0.7% +0.
Slide 6: Another strong operational quarter, with robust growth in mobile postpaid and solid broadband net adds
Another strong operational quarter, with robust growth in mobile postpaid and solid broadband net adds, despite intense competition. Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,338K; -160k YoY, -10.7% YoY Internet base Postpaid base* Convergen
Slide 7: 2.6M fiber HP, around 42% population coverage, 731K active fiber customers
2.6M fiber HP, around 42% population coverage, 731K active fiber customers and 33% of network filling rate 731k fiber customers 176 2,604k ~42% Total park & net adds (k) Cities and municipalities Fiber Homes & Population with fiber works Businesses Passed coverage 731 ongoing 684 607 646 564 Fiber H
Slide 8: FY'25 results meet projections, with organic FCF exceeding expectations
FY’25 results meet projections, with organic FCF exceeding expectations Outlook FY 2024 FY 2025 FY 2025 Guidance metrics Updated on Actuals Actuals 7 November 2025 Dividend Underlying Domestic revenue 4,826M€ Broadly stable -0.1% policy Underlying Domestic EBITDA 1,682M€ Growth up to 2% +1.9% As par
Slide 9: Results Q4 & FY 2025
Results Q4 & FY 2025
Slide 10: Q4 Domestic revenue broadly stable YoY on like-for-like basis
Q4 Domestic revenue was broadly stable YoY on like-for-like basis, despite competitive environment and lower football content revenue Q4 Revenue (underlying, M€) FY -1.0% -0.1% 3 1,234 4,826 4,821 4 1,222 3 1,050 1,031 -23 o/w -11M€ due to divestiture Be-Mobile +0.4% 3,776 3,791 -1.7% Services reven
Slide 11: Q4 Residential revenue +1.2% YoY
Q4 Residential revenue +1.2% YoY, supported by higher Services revenue, up +0.7% YoY, despite impact of non-renewal Belgian football rights Residential revenue (M€, YoY ) +1.0% Fading double impact of 2,518 2,494 price indexations 221 226 Q4 revenue 3.0% 0.5% 1.2% 1.1% 1.2% 306 286 643 650 Customer
Slide 12: Residential Services revenue supported by Convergent revenue
Residential Services revenue supported by Convergent revenue, which grew YoY by 2.8% for Q4’25 Q4 FY Customer base (in k) +1.0% 2,852 2,881 Customer services revenue +0.7% YoY, Convergent revenue +2.8%. 1,173 +4.0% 1,221 • Despite lower Sport content revenue (non-renewal 65% of the services Belgian
Slide 13: Q4 B2B revenue impacted by the divestiture of Be-Mobile
Q4 B2B revenue impacted by the divestiture of Be-Mobile. Like-for-like, the YoY change was -1.6% -1.6% like-for-like Business revenue (M€, YoY) -1.9% -1.6% 2,001 1,963 like-for-like 2.3% 1.5% -0.8% 318 317 -4.4% 38 35 -3.9% 506 512 484 481 486 Q4 revenue 82 94 10 9 68 8 70 9 85 Services revenue -5.4
Slide 14: Q4 B2B services revenue -2.8% on like-for-like basis
Q4 B2B services revenue -2.8% on like-for-like basis Business Services revenue (M€) Q4 IT Services Q4 FY -2.8% -1.8% • Q4 reflects Be-Mobile divestiture, -3.6% like-for-like like-for-like like-for-like • Due to sale of datacenter activities and temporary business slowdown whilst preparing for the im
Slide 15: 7.4% growth in Wholesale services revenues
7.4% growth in Wholesale services revenues for large part offsetting the continued decline in low margin interconnect revenue Wholesale revenue (M€, YoY) -4.2% 255 244 0.0% 0.9% -3.9% -1.1% Q4 revenue -11.8% 91 68 63 60 61 60 63 Fixed & Mobile Services revenue +7.4% YoY 15 • Services provided in the
Slide 16: Domestic OpEx trend continued to improve
Domestic OpEx trend continued to improve, decreasing YoY by -0.8% on a like-for-like basis in Q4 -0.8% Q4 Domestic OpEx trend further improved in Q4 Management view like-for-like -1.9% 513 6.0% 5.5% 3.4% 503 3.8% 2.2% 1.3% -0.1% -1.9% Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Lower Infla
Slide 17: Q4'25 Domestic EBITDA grew by 2.3% YoY
Q4’25 Domestic EBITDA grew by 2.3% YoY, and +3.1% when adjusting for the Be-Mobile divestiture Q4 FY (M€) (M€) +3.1% +1.9% like-for-like 1,713 1,682 +2.3% 401 2 392 8 -1 Q4’24 Direct margin Workforce costs Non-Workforce Q4’25 FY24 FY25 costs ‘Like for like’: excluding Be-Mobile divestiture 17
Slide 18: Global Direct margin reflects continued headwinds in CPaaS SMS and P2P
Global Direct margin reflects continued headwinds in CPaaS SMS and P2P Voice & Messaging market decline Q4 -11.9% Revenue (M€) at cc -14.8% -17.1% at cc 1,817 1,548 Q4 Direct margin of 104M€, -22.2% 598 -16.4% YoY (constant currency) 473 494 436 367 377 368 156 145 116 119 115 1,219 1,054 317 291 25
Slide 19: Proximus Global OpEx synergies partially offset Direct margin headwinds
Proximus Global OpEx synergies partially offset its Direct margin headwinds in Q4, leading to EBITDA of 36M€ ,-14.2% YoY at constant currency OpEx (M€) EBITDA (M€) -6.7% ✓ Cost synergies from lower headcount, at cc and lower performance-related provisions, more than compensating -9.3% the inflationa
Slide 20: Closing the year 2025 with Group CapEx of 1.25B€
Closing the year 2025 with Group CapEx of 1.25B€ Group CapEx M€, booked, excl. spectrum & football rights On Pro forma basis YoY CapEx decrease: -7.9% 1,356 • Fiber network deployment in densely 1,249 populated areas beyond peak • Efficiencies in customer-related CapEx (higher refurbishment rates, I
Slide 21: FY25 Organic FCF increased compared to last year
FY25 Organic FCF increased compared to last year, mainly driven by lower cash CapEx and higher EBITDA Mainly: +450M€ Divestments: • Be Mobile FCF • • Datacenter business Lux towers (YoY, M€) • HQ sale -60M€ final payment for 100% of Fiberklaar -36M€ M&A related costs 480 Operations Investing 351 -71
Slide 22: Net income FY25 (Group share)
Net income FY25 (Group share) (M€) -11.0% 268 33 447 13 3 398 -341 -24 3 major divestments in Including EUR -275 million 2025 for a net amount of goodwill impairment on EUR +282 million Global FY24 Underlying Adjustments D&A and Net Tax expense Others (*) FY25 EBITDA goodwill finance impairment resu
Slide 23: Guidance 2026
Guidance 2026 Dividend over the result FY 2025 FY 2026 of 2025 Guidance metrics Actuals Outlook The Proximus Board of Directors proposes to AGM a total dividend of € 60cts gross/share: Domestic services revenue1,5 3,755M€ Broadly stable ✓ Interim of € 30cts/share paid in December 2025 Underlying Dom
Slide 24: Appendix
Appendix
Slide 25: From reported to underlying – EBITDA adjustments
From reported to underlying – EBITDA adjustments (M€) Q4’24 Q4’25 594 7 -25 -3 11 437 48 401 437 5 -123 -14 -25 -3 Reported Lease Lease Transformation Acquisitions, Litigation / Underlying Reported Lease Lease Transformation Acquisitions, Litigation / Underlying depreciations interest mergers and re
Slide 26: Q4 Domestic underlying EBITDA growth offset Global headwinds
Q4 Domestic underlying EBITDA growth offset Global headwinds (all underlying, M€) Revenue Direct margin -6.6% 1,689 -2.6% 1,031 -12 -1 5 1,577 2 1,004 -105 -28 -1.0% -17.1%* -0.1% -16.4%* Q4’24 Domestic Proximus Others** Q4’25 Q4’24 Domestic Proximus Others** Q4’25 Global Global OpEx EBITDA -4.5% 0.
Slide 27: FY'25 Group EBITDA +0.8%, driven by domestic Direct margin growth
FY’25 Group EBITDA +0.8%, driven by domestic Direct margin growth (all underlying, M€) Revenue Direct margin -4.1% 6,574 -0.4% -4 44 4,096 6 6,307 4,081 -269 -56 -3 -0.1% -11.9%* +1.2% -8.5%* FY24 Domestic Proximus Others** FY25 FY24 Domestic Proximus Others** FY25 Global Global OpEx EBITDA -1.3% 0.
Slide 28: Q4 organic FCF of -29M€, +52M€ reported
Q4 organic FCF of -29M€, +52M€ reported Q4 FCF ( YoY, M€) Operations Investing • divestiture of Be-Mobile • Remaining payment of 60M€ to obtain 100% LT deposit of Fiberklaar placements 52 11 0 10 1 64 81 -76 -46 8 10 -29 Reported FCF Adjustments Organic FCF Underlying Change in Interests paid Income
Slide 29: EBITDA conversion to FCF FY 2025
EBITDA conversion to FCF FY 2025 (M€) 2,251 1,883 -368 -131 -127 -92 351 480 130 -1,316 -88 Reported Adjustments Underlying Change in WC Interests paid Income Tax paid Cash Capex Cash Other Organic Adjustments Reported EBITDA EBITDA and received Investing FCF FY25 FY25 FCF FY25 FY25 FY25 29
Slide 30: Continued access to credit market with a solid debt maturity profile
Continued access to credit market with a solid debt maturity profile (M€, Proximus SA, status end- December 2025) Credit ratings BBB+ S&P (negative outlook) A3 Moody’s (stable outlook) Green Green bond bond 700 3.2% 750 750 750 Weighted average coupon 400 700 (including hybrid) Long term 500 150 150
Slide 31: Adjusted Net Financial Position FY 2025
Adjusted Net Financial Position (excl. lease liabilities) FY 2025 (M€) Net fin Net fin position position at end at end December Dividends Interests Fixed December 2024 Organic FCF M&A Divestments (incl. NCI) hybrid bond deposit* Other** 2025 450 65 -168 -5 -3,568 130 -33 -3,907 -99 * > 3 months **Ot
Slide 32: Shareholder structure
Shareholder structure Status 31/12/2025 Total number of shares Free-float Belgian Government Market Capitalization Gross Dividend yield 338,025,135 42% 54% ~€ 2.3Bn ~8.5% Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend ri
Slide 33: Contact Investor Relations
Contact Investor Relations Nancy Goossens Bart Boone Investor Relations Lead Investor Relations Manager Proximus Investor E-mail: Call: Relations website: [email protected] +32 2 202 82 41 www.proximus.com/en/investors