Pre-Q4 results commentary

Before entering the quiet period, Proximus reminds the market about some relevant items and factors outlined below.

Proximus Group
  • FCF
    • Interest payments are seasonally higher in Q1 and Q4. The 2025 Interest payments include the 700M bond issued end-March 2024. (As of 2026, interests due to the €750M 2025 bond, launched 1 April'25).
    • Cash capex is seasonally highest in the last quarter of the year.

    • Related to the acquisition of full ownership in Fiberklaar, i.e. buying out EQT for their 50%: 60M€ paid in Q4'25; in addition to the 186M€ paid in Q3'24

  • ASSET DISPOSAL PROGRAM - 'Up to 600M€' asset sales ambition by the end of 2027
    • On December 19 2025, Proximus buildings located in Mons were purchased by the Federal State for 18M€ (proceeds in Q1 2026)
    • Be-Mobile deconsolidated

      • Proximus Group has sold its 92.7% stake in BeMobile to Arrive, a global provider of digital parking and mobility solutions, based on an enterprise value of 170M€.

      • The deconsolidation as of Q4 2025 will impact the B2B IT services revenue and Domestic EBITDA. At results release we will provide a like-for-like variance in addition to the reported one.

      • For reference, as per our previous communication, BeMobile's revenue and EBITDA amounted to approximately 51M€ and 17M€ on an annualized basis, respectively.

    • Headquarter building: sold to Nextensa for EUR 62.5 million. Proceeds received in Q2'25.
    • Sale of Luxembourg mobile towers: Sold for c. EUR 111 million. Proceeds received in Q2'25.
    • Data centers: Sold to Datacenter United for c. 130M. Proceeds received in Q1'25.
  • DIVIDEND Over result of 2025, return of a stable dividend of 0.60€/share:

    • 0.30€/share interim dividend in December 2025.

    • 0.30€/share final dividend in April 2026.

    1. Domestic Segment Price indexations: 1stJan 2025, pricing going up around +3% on services revenue. Scarlet & Mobile Vikings not impacted. New price indexation announced beginning of Nov 25', applicable as of 1stof January 2026. The price adjustments primarily affect legacy products and packages, which are no longer being marketed. Current-generation packages (Flex+), fixed internet products, and mobile subscriptions remain unchanged. Mobile Vikings not impacted. Other product changes:

      • Mobile Proximus- new Boost (1st Oct'25): several mobile plans upgraded with more data and/or faster speeds.

      • Data boost for Proximus Mobile standalone offers (1 April' 25).

      • New Proximus convergent portfolio Flex+ (3 Mar'25).

        Financials and operationals:

        Residential:

        • Residential continues to show strong resilience, impact of Digi remains limited, multi-brand remains very supportive.

          Enterprise:

        • BeMobile revenue and EBITDA will be excluded from B2B IT services revenue and EBITDA since closure

        of the divestment beginning Oct 25'. (see above) OpEx:

        • Proximus SA wage increases following the crossing on the health index:

          • 2024: wages increased on June 1st.

          • 2025: wages adjusted as of March 1st,

          • 2026: next adjustment currently expected for March 2026.
        • Proximus continues its tight cost control as part of the saving program of 220M€ over the 3-year period 2023-2025.
  1. Global

  • The EBITDA guidance for 2025 was reset at around -10% YoY with the Q3 25 results.

  • Along with the Q3 2025 results, Proximus has reset the expectations for 2026 indicating Proximus Global EBITDA will fall in the range of EUR 100 million to EUR 130 million.

  • The reviewed expectations as mentioned above reflect following impacts on the direct margin:

    • Exposure to SMS CPaaS market, for which the trends worsened, especially for one-time-password (OTP), facing significant volume erosion and price competition:

      • Transition to other channels (WhatsApp, RCS, Voice, etc.).

      • Disintermediation by some large customers.

    • Integration challenges impacting the Go-to-Market and margin synergy delivery.

  • Global delivered a successful realization of OpEx synergies, realised ahead of plan.

  • Guidance - as updated on 07/11/2025:


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Proximus SA published this content on February 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 04, 2026 at 03:58 UTC.