Proximus : Factbook Q1 2022

Table of Content

Contact

Restatements

ESG KPIs

From reported to underlying EBITDA

Underlying

Group Financials

Group Revenue

Group Direct Margin

Group Opex

Group EBITDA

Domestic Financials

BICS Financials

TeleSign Financials

Group operationals

Residential revenue

Residential operationals

Residential X-play Revenue & ARPC

Residential X-play Operationals

Business revenue

Business operationals

Wholesale Revenue

Interim condensed consolidated financial statements

Ebitda to net income

Consolidated income statement

Consolidated statement of other comprehensive income

Consolidated balance sheet

Consolidated cash flow statements

Financing

Net financial position

Segment reporting

Definitions

Definitions ESG

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Contact

Contact Investor Relations

Call:

[phone]

[phone]

E-mail:

[e-mail]

Proximus Investor Relations website:

www.proximus.com/en/investors

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Restatements

Restatements
Restatement	Referring to Period	Location (Sheet Link)
Change in Domestic revenue per unit, without affecting the total Domestic revenue: 1) SE customer base moved from Consumer (now Residential) to Enterprise unit (now Business). 2) Some very minor impacts from stopping certain revenue allocations (within the support divisions)	Q1 2020-Q4 2021	Group revenue
Domestic Financials
Telecom operational data (Fixed Voice line, Internet …) per Business unit changed following the move of the SE customer base to the Business Unit. There is no change in the total. TV subscriptions will be reported as total of Residential and Business.	Q1 2020-Q4 2021	Group Operationals
The Residential revenue structure remains unchanged, however the Services Revenue per customer (X-Play) is impacted by: 1/ the move of SE revenue to the Business unit ; 2 ) the inclusion of Mobile Vikings in the X-Play overview.	Q1 2020-Q4 2021	RES Revenue
RES Operationals
RES X-Play Revenue & ARPC
RES X-Play Operationals
The Business revenue structure changed, as well as the scope/definitions for most product groups.	Q1 2020-Q4 2021	BUS revenue
Definitions

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ESG KPIs

ESG KPIs

Unit

Q120

Q220

Q320

Q420

2020

Q121

Q221

Q321

Q421

2021

Q122

Q222

Q322

Q422

2022

Environmental

Back to Table of Content

Emissions

CO2e emissions scope 1, 2 and 3

KTons

N/A

N/A

N/A

N/A

463.8

N/A

N/A

N/A

N/A

459.4

N/A

CO2e emissions scope 1 & 2 market based

KTons

N/A

N/A

N/A

N/A

27.4

N/A

N/A

N/A

N/A

26.6

N/A

CO2e emissions scope 1 - heating, refrigerants and fleet fuel

KTons

N/A

N/A

N/A

N/A

26.6

N/A

N/A

N/A

N/A

26.6

N/A

CO2e emissions scope 2 - electricity - market based method

KTons

N/A

N/A

N/A

N/A

0.8

N/A

N/A

N/A

N/A

0.0

N/A

CO2e emissions scope 3 - 11 relevant categories

KTons

N/A

N/A

N/A

N/A

436.4

N/A

N/A

N/A

N/A

432.8

N/A

Scope 3 - category 1 - purchased goods and services - Belgium

KTons

N/A

N/A

N/A

N/A

348.7

N/A

N/A

N/A

N/A

339.5

N/A

Carbon abatement (scope 4)

KTons

N/A

N/A

N/A

N/A

465.2

N/A

N/A

N/A

N/A

501.9

N/A

Carbon Intensity - Scope 1 & 2

Tons CO2e/ €M revenue

N/A

N/A

N/A

N/A

4.8

N/A

N/A

N/A

N/A

4.8

N/A

Energy

Total energy consumption within the organization

TJ

N/A

N/A

N/A

N/A

1,652

N/A

N/A

N/A

N/A

1,571

N/A

Total fuel consumption within the organization from non-renewable sources

TJ

N/A

N/A

N/A

N/A

384

N/A

N/A

N/A

N/A

391

N/A

Heating - NATURAL GAS

TJ

N/A

N/A

N/A

N/A

62

N/A

N/A

N/A

N/A

73

N/A

Heating - HEATING OIL

TJ

N/A

N/A

N/A

N/A

46

N/A

N/A

N/A

N/A

25

N/A

% electricity consumed from renewable sources with GoO or own production (RE100 Belgium/Group)

%

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

100%

N/A

PUE data center - Efficiency

Ratio

N/A

N/A

N/A

N/A

1.56

N/A

N/A

N/A

N/A

1.49

N/A

Circular Economy

Don't miss the call (# mobile phones collected for reuse and recycling)

Number

23,880

33,043

53,976

64,941

64,941

15,570

47,428

65,037

80,044

80,044

19,258

Refurbished modems & decoders (#)

Number

97,159

217,971

303,233

409,476

409,476

122,026

258,909

400,500

492,927

492,927

107,773

Refurbished fixed devices (#)

Number

N/A

N/A

N/A

561,486

561,486

215,111

430,643

669,820

826,788

826,788

180,225

Recycled Copper Cable

Tons

N/A

N/A

N/A

650.0

650.0

135.4

298.7

419.7

859.0

859.0

59.3

Waste reused/recycled - BELGIUM

%

N/A

N/A

N/A

N/A

88%

N/A

N/A

N/A

N/A

89%

N/A

Water consumption - BELGIUM

'000L

N/A

N/A

N/A

N/A

87,551

N/A

N/A

N/A

N/A

77,823

N/A

Social

Labor Management

Total number of employees Proximus Group (# FTEs)

Number

N/A

N/A

N/A

11,423

11,423

11,435

11,440

11,484

11,532

11,532

11,496

Total number of employees by gender - Proximus SA MALE (# FTEs)

Number

N/A

N/A

N/A

6,195

6,195

6,199

6,145

6,151

6,163

6,163

6,110

Total number of employees by gender - Proximus SA FEMALE (# FTEs)

Number

N/A

N/A

N/A

2,630

2,630

2,642

2,622

2,631

2,634

2,634

2,604

Share of women in total workforce - Proximus SA

%

N/A

N/A

N/A

30%

30%

30%

30%

30%

30%

30%

30%

Share of women in all management positions, inlcuding junior, middle and top management - Proximus SA

%

N/A

N/A

N/A

29%

29%

29%

29%

29%

29%

29%

30%

Gender pay equality assessment - Proximus SA

Management (Fixed remuneration in EUR)

Number

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

146,617.7

N/A

Female

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

99.8%

N/A

Male

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

100.1%

N/A

Employees (Fixed remuneration in EUR)

Number

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

55,765.3

N/A

Female

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

97.1%

N/A

Male

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

101.4%

N/A

Total number of employees (FTE) by age group - Proximus SA

Number

N/A

N/A

N/A

N/A

8,824

N/A

N/A

N/A

N/A

8,796

N/A

Under 30

Number

N/A

N/A

N/A

N/A

839

N/A

N/A

N/A

N/A

758

N/A

30-50

Number

N/A

N/A

N/A

N/A

5,038

N/A

N/A

N/A

N/A

4,869

N/A

Over 50

Number

N/A

N/A

N/A

N/A

2,947

N/A

N/A

N/A

N/A

3,169

N/A

Percentage of total employees covered by collective bargaining agreements - Proximus SA

%

N/A

N/A

N/A

N/A

98.1%

N/A

N/A

N/A

N/A

98.1%

N/A

Training and development

Average hours of training that the organization's employees (FTE) have undertaken - Proximus SA (# hours)

Number

8

15

24

40

40

6

15

26

41

41

6

- In Class

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

45%

27%

- Digital

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

14%

15%

- Virtual Class

%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

41%

58%

Amount spent on training and development (€M)

Number

N/A

N/A

N/A

N/A

34.45

N/A

N/A

N/A

N/A

32.34

N/A

Satisfaction and retention

Employee turnover Proximus SA

%

N/A

N/A

N/A

N/A

24.7%

1.1%

2.2%

3.5%

4.4%

4.4%

1.3%

Results of employee engagement survey

%

N/A

N/A

N/A

N/A

71.5%

N/A

N/A

N/A

N/A

70.0%

N/A

Health & Safety

Injury rate

Rate

N/A

N/A

N/A

N/A

0.000008

N/A

N/A

N/A

N/A

0.0000004

N/A

Occupational disease rate

Rate

N/A

N/A

N/A

N/A

0.0000005

N/A

N/A

N/A

N/A

0.0000003

N/A

Lost day rate

Rate

N/A

N/A

N/A

N/A

0.0002

N/A

N/A

N/A

N/A

0.0001

N/A

Absentee rate (Rate)

%

N/A

N/A

N/A

N/A

6.3%

N/A

N/A

N/A

N/A

6.3%

N/A

Good physical and mental well-being (Percentage of employees)

%

N/A

N/A

N/A

N/A

55%

N/A

N/A

N/A

N/A

56%

N/A

Good work-life balance (Percentage of employees)

%

N/A

N/A

N/A

N/A

68%

N/A

N/A

N/A

N/A

73%

N/A

Social/Digital Inclusion

Community investment - in monetary values (€K)

Number

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

436,191

N/A

Community investment - in employee/volunteer hours (hours)

Number

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

2961

N/A

Donated laptops (# laptops)

Number

N/A

N/A

N/A

N/A

1,500

N/A

N/A

N/A

N/A

445

N/A

Donated Wi-Fi codes (# Wi-Fi codes)

Number

N/A

N/A

N/A

N/A

24,693

N/A

N/A

N/A

N/A

2,581

N/A

Total number of people trained through digital inclusion projects

Number

N/A

N/A

N/A

N/A

10,400

N/A

N/A

N/A

N/A

14,144

N/A

Tested devices accessible for at least 5 disability categories (percentage of devices)

%

N/A

N/A

N/A

N/A

73%

N/A

N/A

N/A

N/A

55%

N/A

Governance

Corporate Governance

Structure of the Board (breakdown)

Executive director

Number

N/A

N/A

N/A

N/A

1

N/A

N/A

N/A

N/A

1

N/A

Independent directors

Number

N/A

N/A

N/A

N/A

7

N/A

N/A

N/A

N/A

7

N/A

Other non-executive directors

Number

N/A

N/A

N/A

N/A

5

N/A

N/A

N/A

N/A

6

N/A

Percentage of independent board members

%

N/A

N/A

N/A

N/A

54%

N/A

N/A

N/A

N/A

50%

N/A

Percentage of female board members

%

N/A

N/A

N/A

N/A

38%

N/A

N/A

N/A

N/A

36%

N/A

Performance based LTIP included with Exec comp

(yes/no)

N/A

N/A

N/A

N/A

yes

N/A

N/A

N/A

N/A

yes

N/A

Group Policies

Policies reviewed (% of Group total)

%

N/A

N/A

N/A

N/A

25%

N/A

N/A

N/A

N/A

75%

N/A

Cyber Security

Cyber security resilience

%

N/A

N/A

N/A

N/A

93%

94%

95%

100%

100%

97%

100%

Infrastructure Reliability

Major internal escalations due to impactful incidents (# escalations)

Number

N/A

N/A

N/A

N/A

40

N/A

N/A

N/A

N/A

43

N/A

Ethics

Whistleblowing cases (# cases)

Number

N/A

N/A

N/A

N/A

2

N/A

N/A

N/A

N/A

5

N/A

Supply Chain

On-site audits in collab with Joint Audit Committee (# audits)

Number

N/A

N/A

N/A

N/A

80

N/A

N/A

N/A

N/A

71

N/A

Supplier evaluated by EcoVadis on ESG compliance (# suppliers)

Number

N/A

N/A

N/A

N/A

400

N/A

N/A

N/A

N/A

445

N/A

Circular manifestos (# signed manifestos in total)

Number

N/A

N/A

8

21

21

36

55

61

74

74

75

Circular manifestos (# newly signed manifestos)

Number

N/A

N/A

8

13

21

15

19

6

13

53

1

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From reported to underlying

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Reported	Back to Table of Content
EBITDA	495	501	490	435	1,922	460	476	466	425	1,828	465
Adjustments	-31	-24	-21	-9	-86	-14	-17	-9	-16	-56	-18
Underlying
EBITDA Group	464	477	469	426	1,836	446	459	457	409	1,772	448
Domestic	428	442	438	397	1,706	418	430	424	382	1,654	419
BICS	28	25	24	24	101	22	26	28	25	102	27
TeleSign	8	10	7	5	30	6	4	5	2	17	2

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Group Financials

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Revenues	1,393	1,330	1,368	1,389	5,479	1,367	1,370	1,400	1,441	5,578	1,404
Costs of materials and charges to revenues	-487	-449	-468	-499	-1,904	-473	-480	-505	-541	-1,999	-487
Direct Margin	906	880	899	890	3,576	894	890	895	900	3,579	917
Direct Margin %	65.0%	66.2%	65.8%	64.1%	65.3%	65.4%	65.0%	63.9%	62.5%	64.2%	65.3%
Total expenses before D&A	-442	-403	-430	-464	-1,740	-448	-430	-438	-491	-1,807	-469
Workforce expenses	-284	-271	-288	-298	-1,141	-291	-289	-298	-314	-1,191	-305
Non Workforce expenses	-158	-132	-142	-167	-599	-157	-142	-140	-177	-616	-164
EBITDA	464	477	469	426	1,836	446	459	457	409	1,772	448
EBITDA Margin %	33.3%	35.9%	34.3%	30.7%	33.5%	32.6%	33.5%	32.6%	28.4%	31.8%	31.9%
Capex (including Spectrum & Football rights)*	1,053	1,279
Capex (excluding Spectrum & Football rights)	232	187	210	372	1,000	225	272	239	467	1,203	270
* Total Capex only disclosed on annual basis to ensure confidentiality on individual contracts

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Group Revenue

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Revenue per Segment	1,393	1,330	1,368	1,389	5,479	1,367	1,370	1,400	1,441	5,578	1,404
Domestic	1,103	1,054	1,094	1,105	4,356	1,084	1,080	1,085	1,132	4,381	1,097
Residential	534	524	542	552	2,152	543	539	553	572	2,207	553
Business	474	453	464	473	1,864	466	465	454	477	1,862	459
Wholesale	86	71	81	74	313	67	71	72	75	286	70
Other (incl. eliminations)	9	7	6	6	28	8	6	5	7	26	16
BICS	257	236	234	237	964	235	242	263	259	999	245
TeleSign	58	68	71	75	273	77	77	87	87	327	100
Eliminations	-25	-30	-31	-29	-115	-28	-30	-35	-36	-130	-38

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Group Direct Margin

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Direct Margin per Segment	906	880	899	890	3,576	894	890	895	900	3,579	917
Domestic	828	808	827	820	3,283	825	819	819	823	3,286	836
BICS	61	56	56	54	227	53	55	60	58	227	60
TeleSign	19	20	19	20	78	18	18	20	23	79	24
Eliminations	-2	-4	-3	-4	-13	-3	-3	-4	-4	-14	-3

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Group Opex

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Total expenses before D&A	-442	-403	-430	-464	-1,740	-448	-430	-438	-491	-1,807	-469
Workforce expenses	-284	-271	-288	-298	-1,141	-291	-289	-298	-314	-1,191	-305
Non Workforce expenses	-158	-132	-142	-167	-599	-157	-142	-140	-177	-616	-164
Domestic expenses before D&A	-400	-366	-389	-422	-1,578	-407	-390	-395	-441	-1,633	-417
Workforce expenses	-258	-246	-263	-271	-1,038	-264	-262	-268	-282	-1,076	-272
Non Workforce expenses	-142	-120	-127	-151	-540	-143	-127	-126	-159	-556	-145
BICS expenses before D&A	-33	-31	-32	-31	-126	-31	-30	-32	-33	-126	-33
TeleSign expenses before D&A	-11	-10	-12	-15	-48	-13	-15	-15	-20	-63	-22
Eliminations	2	4	3	4	13	3	3	4	4	14	3

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Group EBITDA

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
EBITDA Group	464	477	469	426	1,836	446	459	457	409	1,772	448
Domestic	428	442	438	397	1,706	418	430	424	382	1,654	419
BICS	28	25	24	24	101	22	26	28	25	102	27
TeleSign	8	10	7	5	30	6	4	5	2	17	2

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Domestic Financials

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Domestic Revenues	1,103	1,054	1,094	1,105	4,356	1,084	1,080	1,085	1,132	4,381	1,097
Residential	534	524	542	552	2,152	543	539	553	572	2,207	553
Business	474	453	464	473	1,864	466	465	454	477	1,862	459
Wholesale	86	71	81	74	313	67	71	72	75	286	70
Other segment (incl. eliminations)	9	7	6	6	28	8	6	5	7	26	16
Domestic Costs of materials and charges to revenues	-275	-246	-266	-286	-1,073	-259	-261	-266	-309	-1,095	-260
Domestic Direct Margin	828	808	827	820	3,283	825	819	819	823	3,286	836
Domestic Direct Margin %	75.1%	76.6%	75.7%	74.2%	75.4%	76.1%	75.9%	75.5%	72.7%	75.0%	76.3%
Domestic Total expenses before D&A	-400	-366	-389	-422	-1,578	-407	-390	-395	-441	-1,633	-417
Workforce expenses	-258	-246	-263	-271	-1,038	-264	-262	-268	-282	-1,076	-272
Non Workforce expenses	-142	-120	-127	-151	-540	-143	-127	-126	-159	-556	-145
Domestic EBITDA	428	442	438	397	1,706	418	430	424	382	1,654	419
Domestic EBITDA Margin %	38.8%	41.9%	40.1%	35.9%	39.2%	38.5%	39.8%	39.1%	33.7%	37.7%	38.2%

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Bics Financials

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
BICS Revenues by nature*	257	236	234	237	964	235	242	263	259	999	245
Core	81	77	86	86	331	87	97	104	97	386	96
Growth	8	9	9	10	37	9	9	12	13	43	14
Legacy	167	150	139	141	597	138	136	148	148	570	135
BICS Revenues by customer segment*	257	236	234	237	964	235	242	263	259	999	245
Enterprise	na	na	na	na	na	43	44	47	49	183	55
Telecom	na	na	na	na	na	192	199	216	210	816	190
BICS Costs of materials and charges to revenues	-196	-180	-178	-183	-737	-181	-187	-203	-200	-772	-185
BICS Direct Margin	61	56	56	54	227	53	55	60	58	227	60
BICS Direct Margin %	23.7%	23.8%	23.9%	22.9%	23.6%	22.8%	22.9%	22.8%	22.6%	22.7%	24.3%
BICS Total expenses before D&A	-33	-31	-32	-31	-126	-31	-30	-32	-33	-126	-33
Workforce expenses	-18	-18	-18	-18	-71	-18	-17	-19	-20	-75	-18
Non Workforce expenses	-15	-13	-14	-13	-55	-13	-12	-13	-13	-51	-15
BICS EBITDA	28	25	24	24	101	22	26	28	25	102	27
Ebitda %	10.9%	10.7%	10.3%	9.9%	10.5%	9.6%	10.7%	10.6%	9.7%	10.2%	10.9%
* Refers to total income

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TeleSign Financials

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
TeleSign Revenues	58	68	71	75	273	77	77	87	87	327	100
Other operating income	0	0	0	0	0	0	1	0	0	1	0
Net Revenue	58	68	71	75	273	77	76	87	86	326	100
TeleSign Costs of materials and charges to revenues	-39	-48	-52	-56	-195	-58	-59	-67	-64	-248	-76
TeleSign Direct Margin	19	20	19	20	78	18	18	20	23	79	24
TeleSign Direct Margin %	32.6%	29.9%	26.7%	26.2%	28.6%	24.1%	23.6%	22.8%	26.4%	24.2%	24.2%
TeleSign Total expenses before D&A	-11	-10	-12	-15	-48	-13	-15	-15	-20	-63	-22
Workforce expenses	-8	-8	-8	-10	-34	-9	-10	-10	-12	-42	-15
Non Workforce expenses	-3	-2	-4	-5	-14	-3	-4	-5	-8	-20	-7
TeleSign EBITDA	8	10	7	5	30	6	4	5	2	17	2
Ebitda %	14.0%	14.7%	9.3%	6.6%	10.9%	7.6%	4.7%	5.5%	2.8%	5.1%	2.2%

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Group Operationals

Park and Net adds - Total Group (000's)
Q120	Q220	Q320	Q420	Q121	Q221	Q321	Q421	Q122	Q222	Q322	Q422	Back to Table of Content
PARK
Fixed Voice	2,349	2,327	2,273	2,213	2,148	2,099	2,049	2,004	1,951
Internet	2,090	2,108	2,122	2,137	2,148	2,158	2,163	2,178	2,193
TV	1,641	1,652	1,663	1,677	1,690	1,702	1,707	1,721	1,732
Mobile Postpaid excl. M2M*	4,120	4,165	4,222	4,264	4,301	4,540	4,598	4,651	4,689
M2M	1,923	2,098	2,205	2,367	2,539	3,046	3,211	3,365	3,547
Mobile Prepaid*	691	655	639	617	596	728	709	689	664
MVNO customers	2	2	2	2	3	5	8	14	19
NET ADDS
Fixed Voice	-52	-22	-54	-60	-65	-49	-50	-45	-53
Internet	1	19	14	15	12	10	5	15	15
TV	1	11	11	14	13	12	5	14	11
Mobile Postpaid excl. M2M	30	45	57	43	37	48	58	53	38
M2M	123	175	106	162	173	507	165	154	182
Mobile Prepaid	-19	-36	-16	-22	-22	-11	-20	-20	-25
MVNO customers	0	0	0	0	1	1	3	6	5
Parks split per segment (000's)
Q120	Q220	Q320	Q420	Q121	Q221	Q321	Q421	Q122	Q222	Q322	Q422
Fixed Voice	2,349	2,327	2,273	2,213	2,148	2,099	2,049	2,004	1,951
Residential	1,468	1,457	1,421	1,383	1,341	1,311	1,280	1,252	1,220
Business	838	827	809	786	762	743	723	706	684
Wholesale- retail	6	6	6	6	6	5	5	5	5
Tango	37	37	38	38	39	40	41	41	42
Internet	2,090	2,108	2,122	2,137	2,148	2,158	2,163	2,178	2,193
Residential	1,626	1,643	1,656	1,669	1,678	1,686	1,689	1,702	1,713
Business	428	428	428	429	431	433	434	435	438
Wholesale- retail	1	1	1	1	1	1	1	1	1
Tango	35	36	37	37	38	39	39	40	41
TV	1,641	1,652	1,663	1,677	1,690	1,702	1,707	1,721	1,732
Residential & Business	1,631	1,641	1,652	1,666	1,678	1,691	1,696	1,709	1,720
Tango	11	11	11	11	11	11	12	12	12
Mobile Postpaid Excl M2M	4,120	4,165	4,222	4,264	4,301	4,540	4,598	4,651	4,689
Residential	2,199	2,229	2,273	2,301	2,328	2,547	2,585	2,617	2,641
Business	1,657	1,667	1,676	1,688	1,697	1,714	1,729	1,746	1,758
Wholesale -retail	6	6	6	5	5	5	5	5	5
Tango	258	262	267	269	271	275	279	283	285
M2M	1,923	2,098	2,205	2,367	2,539	3,046	3,211	3,365	3,547
Business	1,916	2,091	2,197	2,359	2,531	3,038	3,202	3,355	3,537
Tango	7	7	8	8	9	9	9	10	10
Mobile Prepaid	691	655	639	617	596	728	709	689	664
Residential	668	633	618	597	576	709	689	669	645
Tango	23	22	21	20	19	19	19	20	19
MVNO customers	2	2	2	2	3	5	8	14	19
* The mobile park includes customers acquired on 1 June 2021 related to the acquisition of Mobile Vikings, increasing the Mobile Postpaid base by 191,000 and the Prepaid base by 144,000.

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RES Revenue

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Revenue	534	524	542	552	2,152	543	539	553	572	2,207	553	Back to Table of Content
Other Operating Income	5	6	3	4	18	5	5	6	5	20	5
Net Revenue	529	518	538	548	2,133	538	534	548	567	2,187	548
Customer services revenues (X-play)	426	425	433	431	1,715	430	430	439	436	1,735	439
Prepaid	10	13	10	9	42	8	11	13	12	44	11
Terminals	54	45	51	62	212	59	50	50	68	228	53
Luxembourg Telco	28	28	29	32	116	30	30	31	34	125	31
Others*	11	8	15	14	48	11	13	15	17	56	15
* relates to other products and non recurring/non customer related revenues (e.g. decoder penalties, TV Enterprise, webadvertising, , ...)

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RES Operationals

Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Park (000's)	Back to Table of Content
Fixed Voice	1,468	1,457	1,421	1,383	1,383	1,341	1,311	1,280	1,252	1,252	1,220
Internet	1,626	1,643	1,656	1,669	1,669	1,678	1,686	1,689	1,702	1,702	1,713
Mobile Postpaid excl. M2M	2,199	2,229	2,273	2,301	2,301	2,328	2,547	2,585	2,617	2,617	2,641
Mobile Prepaid	668	633	618	597	597	576	709	689	669	669	645
* The mobile park includes customers acquired on 1 June 2021 related to the acquisition of Mobile Vikings, increasing the Mobile Postpaid base by 191,000 and the Prepaid base by 144,000.

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RES X-play Revenue & ARPC

Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Customer services revenues (EUR million)	426	425	433	431	1,715	430	430	439	436	1,735	439	Back to Table of Content
Convergent	229	231	236	237	934	240	241	245	246	972	251
4-Play	169	168	167	162	665	157	154	152	148	611	147
3-Play	50	52	57	64	224	71	76	82	86	316	93
2-Play	11	11	12	12	45	11	11	11	11	45	11
Fixed only	146	143	143	142	574	139	135	132	130	536	129
3-Play	76	74	74	72	296	69	66	64	62	262	61
2-Play	40	39	39	39	157	39	39	39	39	156	39
1P Fixed Voice	15	14	15	15	59	14	13	13	12	52	12
1P internet	15	15	16	16	62	16	16	17	17	66	18
Mobile Postpaid only	51	51	54	52	208	51	54	62	60	227	59
ARPC (EUR)	52.4	52.3	53.1	52.9	52.7	53.0	52.3	51.5	51.2	52.0	51.6
Convergent	86.4	86.0	86.6	85.5	86.1	84.7	83.7	83.8	83.1	83.8	83.4
4-Play	92.8	92.7	93.0	91.6	92.5	90.6	89.4	89.2	88.2	89.4	88.4
3-Play	78.4	77.8	79.7	80.0	79.0	80.0	79.5	80.3	80.1	80.0	80.8
2-Play	54.0	53.7	55.4	55.2	54.6	55.3	55.5	56.1	55.9	55.7	55.9
Fixed only	45.2	44.8	45.3	45.4	45.2	45.3	44.9	45.0	44.8	45.0	45.0
3-Play	55.8	55.6	55.7	55.5	55.7	54.8	54.6	54.4	53.6	54.4	53.9
2-Play	51.2	50.7	51.3	51.6	51.2	51.9	51.4	51.8	51.9	51.7	52.4
1P Fixed Voice	25.6	25.0	26.7	27.1	26.1	27.7	27.1	26.9	27.4	27.3	27.8
1P internet	30.3	29.8	30.1	30.2	30.1	30.4	30.2	30.5	30.8	30.5	30.8
Mobile Postpaid only	22.5	22.7	23.7	23.1	23.0	23.0	23.1	23.2	22.7	23.0	22.4

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RES X-play Operationals

Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Customers - Total (000's)	2,705	2,719	2,716	2,712	2,712	2,688	2,849	2,843	2,839	2,839	2,832	Back to Table of Content
Convergent	890	902	917	933	933	953	969	979	996	996	1,011
4-Play	604	604	593	582	582	575	572	564	558	558	553
3-Play	219	228	254	282	282	310	330	349	373	373	394
2-Play	68	70	70	69	69	68	66	65	65	65	64
Fixed only	1,066	1,061	1,046	1,035	1,035	1,011	991	974	961	961	947
3-Play	447	446	436	428	428	411	400	390	382	382	371
2-Play	256	254	254	254	254	254	252	249	247	247	246
1P Fixed Voice	196	190	182	175	175	166	158	152	145	145	138
1P internet	166	171	174	179	179	180	181	183	187	187	193
Mobile Postpaid only	749	756	754	744	744	724	888	890	882	882	873
% Convergent Customers*	55.9%	56.3%	57.1%	57.8%	57.8%	58.9%	59.8%	60.5%	61.3%	61.3%	62.1%
Average #RGUs per Customer - Total	2.49	2.49	2.50	2.51	2.51	2.54	2.47	2.48	2.49	2.49	2.50
Convergent	4.12	4.11	4.11	4.11	4.11	4.11	4.12	4.13	4.13	4.13	4.13
4-Play	4.62	4.62	4.63	4.64	4.64	4.65	4.67	4.68	4.69	4.69	4.70
3-Play	3.34	3.35	3.43	3.49	3.49	3.53	3.56	3.60	3.63	3.63	3.65
2-Play	2.20	2.20	2.21	2.20	2.20	2.20	2.19	2.19	2.19	2.19	2.19
Fixed only	2.07	2.07	2.06	2.06	2.06	2.05	2.05	2.04	2.04	2.04	2.02
3-Play	2.99	2.99	2.99	2.99	2.99	3.00	3.00	3.00	3.00	3.00	3.00
2-Play	1.97	1.98	1.98	1.97	1.97	1.98	1.97	1.97	1.97	1.97	1.97
1P Fixed Voice	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01
1P internet	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Mobile Postpaid only	1.14	1.15	1.15	1.15	1.15	1.15	1.14	1.14	1.14	1.14	1.14
Annualized full churn rate (Customer) - Total	14.7%	8.6%	16.1%	15.6%	13.7%	15.9%	14.0%	15.1%	16.1%	15.3%	15.9%
4-Play	4.8%	2.3%	5.1%	5.0%	4.3%	4.9%	4.4%	4.6%	5.5%	4.8%	5.8%
3-Play	12.5%	6.5%	12.6%	11.5%	10.8%	12.3%	11.3%	10.4%	10.8%	11.2%	11.1%
2-Play	14.7%	9.0%	14.4%	14.6%	13.2%	15.3%	12.9%	14.1%	14.6%	14.2%	14.6%
1-Play	21.3%	13.2%	24.7%	24.1%	20.8%	24.2%	21.2%	23.1%	24.6%	23.3%	23.8%
* (i.e. % of Customer having Mobile + Fixed component)

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BUS Revenue

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Revenue	474	453	464	473	1,864	466	465	454	477	1,862	459	Back to Table of Content
Other Operating Income	2	1	1	2	5	1	1	1	1	4	2
Net Revenue	472	452	463	471	1,858	465	464	453	476	1,858	457
Services	403	389	398	399	1,589	399	400	396	402	1,597	397
Fixed Voice	81	78	79	77	315	78	76	72	71	298	72
Fixed Data	109	106	109	111	435	112	111	112	112	447	114
Mobile	120	113	117	115	465	116	116	117	116	464	115
IT	94	91	93	97	374	94	97	96	102	388	95
Products	63	58	60	66	246	60	58	51	68	236	53
Terminals (fixed and mobile)	19	15	15	19	67	20	22	15	21	78	16
IT	44	43	45	48	179	40	36	35	47	158	37
Luxembourg Telco	6	5	6	6	23	6	6	6	7	24	7

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BUS Operationals

Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Park (000's)	Back to Table of Content
Fixed voice	838	827	809	786	786	762	743	723	706	706	684
Internet	428	428	428	429	429	431	433	434	435	435	438
Mobile Postpaid excl. M2M	1,657	1,667	1,676	1,688	1,688	1,697	1,714	1,729	1,746	1,746	1,758
M2M	1,916	2,091	2,197	2,359	2,359	2,531	3,038	3,202	3,355	3,355	3,537
ARPU (EUR)
Fixed voice	27.1	26.5	27.1	26.8	26.8	28.1	28.0	26.9	27.1	27.5	28.1
Boadband	40.9	40.8	40.9	40.8	40.8	41.4	41.4	41.5	41.5	41.5	42.3
Mobile postpaid	22.1	20.8	21.2	20.4	21.1	20.2	20.1	20.2	19.4	20.0	19.4

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Wholesale Revenue

(EUR million)	Q120	Q220	Q320	Q420	2020	Q121	Q221	Q321	Q421	2021	Q122	Q222	Q322	Q422	2022
Underlying	Back to Table of Content
Revenue	86	71	81	74	313	67	71	72	75	286	70
Other Operating Income	0	0	0	0	0	0	0	0	2	2	0
Net Revenue	86	71	81	74	313	67	71	72	73	284	69
Fixed & Mobile wholesale services	34	29	33	30	126	27	29	32	32	120	33
Interconnect	52	42	48	44	187	41	42	40	41	164	37

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EBITDA to net income

1st Quarter
(EUR million)	2021	2022	% Change
Group reported EBITDA	460	465	1.1%	Back to Table of Content
Depreciation and amortization	-289	-292	1.1%
Operating income (EBIT)	172	173	1.2%
Net finance costs	-11	-10	-9.1%
Share of loss on associates and JV	-1	-5	n.r.
Income before taxes	159	158	-0.7%
Tax expense	-36	-38	5.0%
Net income	123	120	-2.4%
Non-controlling interests	1	0	<-100%
Net income (Group share)	122	120	-1.2%

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Consolidated income statement

1st Quarter
(EUR million)	2021	2022	% Change
Net revenue	1,357	1,386	2.1%	Back to Table of Content
Other operating income	10	18	89.0%
Total income	1,367	1,405	2.7%
Costs of materials and services related to revenue	-472	-486	2.9%
Workforce expenses	-295	-309	4.9%
Non workforce expenses	-140	-144	2.8%
Total operating expenses before depreciation & amortization	-907	-939	3.6%
Operating income before depreciation & amortization	460	465	1.1%
Depreciation and amortization	-289	-292	1.1%
Operating income	172	173	1.2%
Finance income	2	1	-39.6%
Finance costs	-14	-12	-14.6%
Net finance costs	-11	-10	-9.1%
Share of loss on associates and JV	-1	-5	>100%
Income before taxes	159	158	-0.7%
Tax expense	-36	-38	5.0%
Net Income	123	120	-2.4%
Attributable to:
Equity holders of the parent (Group share)	122	120	-1.2%
Non-controlling interests	1	0	<-100%
Basic earnings per share	0.38	0.37	-1.2%
Diluted earnings per share	0.38	0.37	-1.2%
Weighted average number of outstanding shares	322,737,538	322,797,598	0.0%
Weighted average number of outstanding shares for diluted earnings per share	322,737,538	322,797,598	0.0%

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Other comprehensive income

1st Quarter
(EUR million)	2021	2022
Net income	123	120	Back to Table of Content
Other comprehensive income:
Items that may be reclassified to profit and loss:
Exchange differences on translation of foreign operations	10	3
Cash flow hedges:
Gain/(Loss) taken to equity	0	16
Transfer to profit or loss for the period	0	22
Total before related tax effects	10	41
Related tax effects
Cash flow hedges:
Gain/(Loss) taken to equity	0	-4
Transfer to profit or loss for the period	0	-5
Income tax relating to items that may be reclassified	0	-10
Total of items that may be reclassified to profit and loss, net of related tax effects	10	32
Total comprehensive income	133	152
Attributable to:
Equity holders of the parent	131	152
Non-controlling interests	2	0

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Balance Sheet

As of 31 December	As of 31 March
(EUR million)	2021	2022
ASSETS
Non-current assets	7,548	7,605
Goodwill	2,588	2,592	Back to Table of Content
Intangible assets with finite useful life	1,113	1,094
Property, plant and equipment	3,311	3,341
Right-of-use asset	274	285
Lease receivable	6	6
Contract costs	110	110
Investments in associates and JV	34	28
Equity investments measured at fair value	1	1
Deferred income tax assets	6	6
Pension assets	80	80
Other non-current assets	24	61
Current assets	1,685	1,813
Inventories	132	152
Trade receivables	879	940
Contract assets	120	122
Current tax assets	166	122
Other current assets	140	184
Cash and cash equivalents	249	292
TOTAL ASSETS	9,233	9,417
LIABILITIES AND EQUITY
Equity	2,978	3,131
Shareholders' equity attributable to the parent	2,978	3,131
Non-Current liabilities	3,779	3,831
Interest-bearing liabilities	2,737	2,783
Lease liabilities	204	208
Liability for pensions, other post-employment benefits and termination benefits	447	442
Provisions	153	153
Deferred income tax liabilities	136	143
Other non-current payables	102	102
Current liabilities	2,475	2,455
Interest-bearing liabilities	252	221
Lease liabilities	69	74
Liability for pensions, other post-employment benefits and termination benefits	62	56
Trade payables	1,515	1,456
Contract liabilities	135	146
Tax payables	11	12
Other current payables	432	490
TOTAL LIABILITIES AND EQUITY	9,233	9,417

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Cash flow statement

1st Quarter
(EUR million)	2021	2022	Change
Cash flow from operating activities
Net income	123	120	-2.4%
Adjustments for:
Depreciation and amortization	289	292	1.1%	Back to Table of Content
Impairment on current and non-current assets	-1	0	>100%
Increase/(decrease) of provisions	5	0	<-100%
Deferred tax expense	-5	-2	-64.8%
Loss from investments accounted for using the equity method	1	5	>100%
Gain on disposal of property, plant and equipment	0	-1	93.0%
Operating cash flow before working capital changes	412	415	0.6%
Decrease in inventories	-18	-20	13.7%
Increase/(decrease) in trade receivables	5	-61	<-100%
Increase in other assets	2	10	>100%
Increase in trade payables	65	56	-13.8%
Increase in other liabilities	40	70	75.9%
Decrease in net liability for pensions, other post-employment benefits and termination benefits	-20	-10	-49.4%
Increase in working capital, net of acquisitions and disposals of subsidiaries	74	44	-40.7%
Net cash flow provided by operating activities (1)	486	458	-5.6%
Cash flow from investing activities
Cash paid for acquisitions of intangible assets and property, plant and equipment	-293	-406	38.7%
Cash paid for investments in associates and joint ventures	-31	0	-99.8%
Cash paid for acquisition of consolidated companies, net of cash acquired	-2	-3	49.2%
Net cash received from sales of property, plant and equipment and other non-current assets	3	2	-40.4%
Net cash used in investing activities	-323	-408	26.0%
Cash flow before financing activities	162	51	-68.7%
Lease payments (excl. interest paid)	-21	-22	3.6%
Free cash flow (2)	141	29	-79.6%
Cash flow from financing activities other than lease payments
Dividends to and transactions with non-controlling interests	-217	0	<-100%
Net sale/(purchase) of treasury shares	3	-1	<-100%
Decrease/(increase) of shareholders' equity	0	1	>100%
Asset financing arrangements	0	55	-
Issuance of long term debt	0	10	-
Repayment of long term debt	-1	-10	>100%
Issuance/(repayment) of short term debt	39	-41	<-100%
Cash flows used in financing activities other than lease payments	-176	14	>100%
Exchange rate impact	1	0	-23.3%
Net increase/(decrease) of cash and cash equivalents	-34	43	>100%
Cash and cash equivalents at 1 January
Cash and cash equivalents at the end of the period
(1) Net cash flow from operating activities includes the following cash movements :
Interest paid	-13	-10
Income taxes paid	-4	6
(2) Free cash flow: cash flow before financing activities and after lease payments

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Net financial position

As at 31 December	As at 31 March
(EUR million)	2021	2022
Investments, Cash and cash equivalents	249	292	Back to Table of Content
Derivatives	3	41
Assets	252	332
Non-current liabilities (*)	-2,944	-2,993
Current liabilities (*)	-321	-295
Liabilities	-3,265	-3,288
Net financial position (*)	-3,013	-2,956
of which Leasing liabilities	-273	-282
Adjusted net financial position (**)	-2,740	-2,674
(*) Including derivatives and leasing liabilities
(**) The adjusted financial position excludes leasing liabilities

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Segment reporting

As at 31 March 2022
Group Proximus	Underlying by segment
(EUR million)	Reported (IFRS 16)	Lease depreciation and interest	Incidental	Underlying	Domestic	BICS	TeleSign	Eliminations
Net revenue	1,386	0	0	1,386	1,078	245	100	-36
Other operating income	18	0	-1	18	19	0	0	-2	Back to Table of Content
Total income	1,405	0	-1	1,404	1,097	245	100	-38
Costs of materials and services related to revenue	-486	0	0	-487	-260	-185	-76	35
Direct margin	918	0	-1	917	836	60	24	-3
Workforce expenses	-309	0	4	-305	-272	-18	-15	1
Non workforce expenses	-144	-20	-1	-164	-145	-15	-7	2
Total other operating expenses	-453	-20	4	-469	-417	-33	-22	3
Operating income before depreciation & amortization	465	-20	3	448	419	27	2	0
Depreciation and amortization	-292
Operating income	173
Net finance costs	-10
Share of loss on associates	-5
Income before taxes	158
Tax expense	-38
Net income	120
Attributable to:
Equity holders of the parent (Group share)	120
As at 31 March 2021
Group Proximus	Underlying by segment
(EUR million)	Reported (IFRS 16)	Lease depreciation and interest	Incidental	Underlying	Domestic	BICS	TeleSign	Eliminations
Net revenue	1,357	0	0	1,357	1,073	234	77	-27
Other operating income	10	0	0	10	11	1	0	-2
Total income	1,367	0	0	1,367	1,084	235	77	-28
Costs of materials and services related to revenue	-472	-1	0	-473	-259	-181	-58	25
Direct margin	895	-1	0	894	825	53	18	-3
Workforce expenses	-295	0	3	-291	-264	-18	-9	0
Non workforce expenses	-140	-20	3	-157	-143	-13	-3	3
Total other operating expenses	-434	-20	6	-448	-407	-31	-13	3
Operating income before depreciation & amortization	460	-20	6	446	418	22	6	0
Depreciation and amortization	-289
Operating income	172
Net finance costs	-11
Share of loss on associates	-1
Income before taxes	159
Tax expense	-36
Net income	123
Attributable to:
Equity holders of the parent (Group share)	122
Non-controlling interests	1

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Financing

(EUR million)	As at 31 December 2021	Cash flows issuance	Cash flows repayments	Non-cash changes	As at 31 March 2022
Non-current
Unsubordinated debts (bonds, notes)	2,337	0	0	1	2,337	Back to Table of Content
Credit institutions	401	0	0	0	401
Other loans	0	54	-8	0	45
Derivatives held for trading	3	0	0	-1	2
Current portion of amounts payable > one year
Credit institutions held to maturity	1	0	0	0	1
Other financial debts
Credit institutions	150	0	-150	0	0
Unsubordinated debts (bonds, notes)	100	210	-100	0	210
Other loans	1	12	-3	0	10
Total liabilities from financing activities excluding lease liabilities	2,992	275	-261	0	3,006
Lease liabilities current and non-current	273	0	-22	31	282
Total liabilities from financing activities including lease liabilities	3,265	275	-283	31	3,288
(EUR million)	As at 31 December 2020	Cash flows issuance	Cash flows repayments	Non-cash changes	As at 31 March 2021
Non-current
Unsubordinated debentures	2,104	0	0	-499	1,605
Credit institutions	401	0	0	0	401
Other loans	1	0	-1	0	0
Derivatives held for trading	4	0	0	0	3
Current portion of amounts payable > one year
Unsubordinated debentures	0	0	0	500	500
Credit institutions held to maturity	1	0	0	0	1
Other financial debts
Credit institutions	0	100	0	0	100
Unsubordinated debts (bonds, notes)	150	100	-150	0	100
Other loans	12	-11	0	0	1
Total liabilities from financing activities excluding lease liabilities	2,673	189	-151	0	2,711
Lease liabilities current and non current	284	0	-21	24	287
Total liabilities from financing activities including lease liabilities	2,957	168	-127	24	2,998

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Definitions

A2P: Application to Person messages

Adjusted Net Financial Position: refers to the total interest-bearing debt (short term + long term) minus short-term investments, cash and cash equivalents, including related derivatives and excluding lease liabilities

ARPC: Average underlying revenue per (residential) customer.

Adjusted Free Cash Flow: adjusted for M&A transactions related cash effects

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.

BICS: 100% subsidiary of Proximus. Global voice carrier and leading provider of mobile data services worldwide. Providing global mobile connectivity, seamless roaming experiences, fraud prevention and authentication, global messaging and the Internet of Things.

o BICS legacy: represents mainly voice services.

o BICS core: represents messaging, mobility (roaming, signalling & Mobile IP) and infrastructure services.

o BICS growth: represents cloud communication enablement, SIM for things (travel SIM & IOT services) and fraud services.

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).

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 related to revenues.

Direct margin: the result of cost of sales subtracted from the revenues, expressed in absolute value or in % of revenues.

Direct Opex: refers to billable OPEX , for example OPEX directly linked to revenues of a Business project.

Domestic: segment defined as the Proximus Group excluding BICS, TeleSign and Eliminations.

EBITDA: Earnings Before Interest, Taxes, Depreciations and Amortization; corresponds to Revenue minus Cost of sales, workforce and non-workforce expenses.

Adjustments (Revenue/EBITDA):

o IFRS16: related reclass of lease depreciations and interest in the Operating Expenses.

o 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)

o Acquisitions, mergers and disposals: gains and losses on disposal of buildings or consolidated companies, M&A-related transaction costs, deferred M&A purchase price

o TeleSign Stock-Based compensation

o Litigation/regulation: Material (*) financial impacts of litigation files, fines and penalties and of law changes (one-off impacts relative to previous years)

(*) The materiality threshold is met when exceeding individually EUR 5 million. No threshold is used for adjustments in a subsequent quarter if the threshold was met in a previous quarter.

EBIT: Earnings Before Interest & Taxes, corresponds to EBITDA minus depreciations and amortizations.

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, but after lease payments as from 2019.

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.

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.

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 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 total interest-bearing debt (short term + long term) minus short-term investments, cash and cash equivalents, including related derivatives.

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 and 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.

Other Operating Income: this relates to income from, for example, reimbursements from damages, employees, insurances, gain on disposal, etc.

Luxembourg Telco: including fixed & mobile services, terminals & other

Play: a subscription to either Fixed Voice, Fixed Internet, dTV 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 and Amortization) 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).

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Definitions ESG

Absentee rate (Rate): measure of actual absentee days lost, expressed as the number of sick days divided by the number of theoretical working days, taking into account, by definition, the scheduled working hours of the person
Cyber security resilience (%): percentage of the number of major cyber security incidents for which a visible business impact was prevented thanks to adequate security controls or for which Proximus CSIRT was able to quickly mitigate the impact on the total number of major incidents.	Back to Table of Content
Digital inclusion projects - STUDENTS, TEACHERS, SENIORS (# persons reached): with our social/digital inclusion projects we: (i) train children on a safe internet usage, (ii) we support job seekers, looking for Digital Jobs, (iii) help seniors being trained digitally with Diggit, and (iv) connect sick children with Bednet/Classcontac
Donated laptops (# laptops): number of laptops offered to DigitalForYouth (children)
Employee turnover (%): number of employees (FTEs by employment contract with Proximus SA) who left the company during the reporting period divided by the total number of employees at the end of the period
Females in management (%): percentage of Females in Top, Senior, Middle and Lower Management
Good physical and mental well-being (Percentage of employees): Speak Up Survey: "Well-being refers to your physical & mental health, and how fulfilled you are in your work and life. In general, my sense of wellbeing is….' Scale of 1-5, Good= 4 or 5
Good work-life balance (Percentage of employees): Speak Up Survey: "I can manage my job responsibilities in a way that enables a healthy work-life balance" Scale of 1-5, Good= 4 or 5
Injury rate (Rate): number of injuries in Proximus Group/total number of hours scheduled to be worked by Proximus Group employees
Lost day rate (Rate): total number of lost days (due to occupational disease or accident) divided by total number of hours scheduled to be worked by Proximus Group employees
LTIP: Long Term Incentive Plan
Occupational disease rate (Rate): number of occupational diseases divided by the total number of hours scheduled to be worked by Proximus Group employees
On-site audits in collab with Joint Audit Committee (# audits)JAC: Joint Audit Co-operation, an association of telecom operators aiming to verify, assess and develop the CSR (Corporate Social Responsibility) implementation across the manufacturing centres of the most important ICT multinational suppliers.
Results of employee engagement survey: percentage of engaged employees measured by the "Speak Up" employee survey
Supplier evaluated by EcoVadis on ESG compliance (# suppliers): EcoVadis = ESG Rating Agency
Tested devices accessible for at least 5 disability categories (percentage of devices): devices (Mobile phones, tablets, ..) that we bring on the market are tested by a panel of disabled people.
Waste reused/recycled - BELGIUM (%): percentage of waste which is reused or recycled in Belgian operations

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