Proximus Group financial results – Second quarter 2022

Proximus continues its strong trajectory in the second quarter and raises its full-year guidance

  • Q2 delivered continued growth and strong commercial traction.
  • Fiber strategy scaling up: Fiber footprint >1 million HP, 194,000 activated Fiber lines end-June ’22.
  • Domestic revenue +1.9% to EUR 1,101 million, underlying Domestic EBITDA +0.3%.
  • Internationally, Telesign and BICS posted revenue growth of +39.5% and +11.2% respectively.
  • Proximus Group underlying revenue +4.9% YoY, underlying EBITDA +0.9% YoY.
  • Upward revision of full-year 2022 guidance.

Highlights Q2 2022


"Proximus continued to deliver growth in Q2 with Revenue and EBITDA up year-on-year, both domestically and internationally. With strong first half results, we raise our full-year guidance.

Looking back over the past three months, I am very pleased by Proximus’ robustness, achieving good progress despite the more difficult economical context we are operating in. I am especially satisfied with the continued NPS improvements, across our three brands. Thanks to our customer satisfaction efforts over the past years, the inflation-driven price indexations landed well, with no material increase in churn.

With our recent launches, we are further addressing the needs of each customer segment: Flex XS for our Proximus brand and a fixed internet option – including Fiber – for Mobile Vikings in the digital savvy segment. Moreover, our newly launched internet box will significantly boost the in-home experience of our customers thanks to Wi-Fi 6, which enables both a faster and more stable wireless connection.

Digital technology has become essential, and it is important that our customers - both citizens and companies - can count on trustworthy digital partners who understand their concerns. For the B2B domain, Proximus and Microsoft are joining forces to meet the privacy and sovereignty challenges of companies in public and regulated sectors by developing a ‘sovereign cloud’ solution, combining Microsoft’s Azure hyperscale capabilities and Proximus’s hybrid capabilities. This solution will enable customers to use the most powerful public cloud capabilities while benefiting from the ultimate sovereign and privacy controls. For smaller businesses, we will be partnering with Odoo, providing access to its full suite of digital solutions, whether for managing their customer relations, sales, e-commerce, accounting or human resources.

From a technology point of view, Fiber is providing a future-proof, secure and reliable customer experience. We are proud to have reached two major milestones. First, in June, we crossed the 1 million mark of homes and business passed with Fiber, highlighting the fast expansion of our Fiber network. Over the second quarter we passed an additional 122,000 premises with Fiber, bringing us to a nation-wide coverage level of 17% end-June. Second, we announced our plan to broaden our Fiber coverage by agreeing an MoU with a consortium of Belgian financial partners aligned with our vision to bring high-speed connectivity to the country’s low populated areas. Through this off-balance sheet structure, we aim to extend our Fiber coverage, with the goal of ultimately reaching 95% coverage by 2032. This partnership will have several benefits: it strengthens Proximus as the leading Fiber operator in Belgium, thereby generating financial benefits from a broader Fiber scale and copper decommissioning. It also supports our societal ambition with a major step towards covering 100% of the country with a gigabit network, leveraging fixed wireless access technology for the remaining 5%. We aim to reach a final agreement by year-end.

Aligned with our mobile strategy and cementing our position as the best mobile network in Belgium, we managed to secure a wide range of spectrum for the next 20 years, 285 Mhz in total, a crucial asset that will make a considerable difference in network quality and hence offering the best mobile experience to our customers. The newly acquired spectrum in the 700Mhz and 3600 MHz band will finally make it possible to bring the benefits of 5G to the entire Belgian population.

Turning to our two international software platforms, for both BICS and Telesign we delivered another sequential quarter of strong growth. For BICS, the second quarter showed, once again, a double-digit EBITDA growth, up by 25.5%, driven by margin growth in its Core services, messaging and mobility services, and once again an excellent performance in Cloud services. Notably, the good results in Voice services underline BICS’ continued relevance and ability to optimize value in this field. This was confirmed by the multi-year commercial agreement BICS has recently signed with international communications company Ooredoo Group, in which BICS is becoming the trusted communications partner. This innovative partnership underlines both Ooredoo’s and BICS’ commitment to fuel market-leading growth in this evolving telecommunications landscape. As the Voice market is consolidating, it is increasingly crucial to offer future-proof quality, stability and protection to both operator networks and subscribers.

Our second international business, Telesign, continued its strong commercial trajectory seen over the last quarters, posting revenue growth of 39.5%, thereby emphasizing the success of the strategic approach it has taken to reinforce its position in the Digital Identity and Communication market.

Given the wider economic context and impact this has had on financial markets, we did not reach the conditions that were necessary for Proximus to conclude the envisioned public listing of Telesign, despite such a strong commercial performance. We remain nonetheless as confident as ever with regard to Telesign’s future growth, sound strategy and strong value propositions. We are fully satisfied with Telesign’s track record so far and reiterate our commitment to further supporting its growth trajectory. We are considering our options and will inform the market once this crystalizes.

Reflecting on what has been a continuation of the strong commercial performance in the first half of 2022 and our outlook for the rest of the year we raise our guidance for the year 2022, with Domestic Revenue expected to grow by 1% to 2% year-on-year and Domestic EBITDA at the upper range of our previous guidance of ‘growing up to +1%. Including our strongly performing international businesses BICS and Telesign, we expect our Group EBITDA to grow up to +1% from the year before. Our Capex and Net Debt ratio expectations remain unchanged."

Key Figures

Operationals, in thousands

  Net adds in the quarter Park at end of quarter
    2021 2022 2021 2022 %
Fiber Homes Passed 89 122 621 1,031 66.0 %
Activated retail lines 14 23 111 194 75.0 %
Residential customers Convergent 16 11 969 1,022 5.5 %
Group (subscriptions/SIM cards) Internet 10 8 2,158 2,202 2.0 %
TV 12 -1 1,702 1,731 1.7 %
Fixed Voice -49 -46 2,099 1,905 -9.3 %
Mobile Postpaid (excl. M2M) 48 52 4,540 4,741 4.4 %
M2M 507 154 3,046 3,701 21.5 %
Prepaid -11 -2 728 662 -9.1 %

Financials (EUR million)

  2nd Quarter Year-to-date
    2021 2022 % Change 2021 2022 % Change
Group 1,370 1,437 4.9 % 2,737 2,841 3.8 %
Domestic 1,080 1,101 1.9 % 2,164 2,198 1.5 %
BICS 242 270 11.2 % 477 515 7.9 %
Telesign 77 107 39.5 % 154 208 35.2 %
Direct Margin
Group 890 931 4.7 % 1,784 1,848 3.6 %
Domestic 819 840 2.6 % 1,644 1,677 2.0 %
BICS 55 68 21.9 % 109 127 16.8 %
Telesign 18 27 51.2 % 37 52 41.1 %
Group -430 -468 8.7 % -878 -937 6.7 %
Domestic -390 -409 5.1 % -797 -826 3.7 %
BICS -30 -35 18.7 % -60 -68 12.4 %
Telesign -15 -28 89.8 % -27 -50 82.8 %
Group 459 463 0.9 % 905 911 0.7 %
as % of revenue 33.5 % 32.2 % -1.3 p.p. 33.1 % 32.1 % -1.0 p.p.
Domestic 430 431 0.3 % 848 850 0.3 %
BICS 26 33 25.5 % 48 59 22.3 %
Telesign 4 0 nr 9 2 -78.5 %
Group Ebitda
  476 473 -0.7 % 936 938 0.2 %
Net income   118 122 3.7 % 241 243 0.6 %
(excl. spectrum
& football rights)
  272 287 5.8 % 497 557 12.1 %
Free Cash Flow
  119 -36 nr 262 -3 -101.1 %
Adjusted Net Debt
(excl. lease liabilities)
  nr nr nr -2,673 -2,846 -6.5 %


  • Group revenue, Direct margin, Operating Expenses and EBITDA include intersegment eliminations
  • Adjusted FCF excludes M&A impacts but includes Fiber equity injections.
  • Mobile Vikings has been included in the Proximus Group consolidated financial statements as a fully consolidated subsidiary since 1 June 2021. This transaction affects the comparability of the figures for the current period with the prior-year figures. Where relevant, the comments in the report refer to the organic variance.

Revised full-year 2022 guidance

Based on the strong results of the first half of 2022 and the best estimate for the remainder of the year, Proximus expects for year-end 2022:

Guidance metric FY21
Underlying Domestic revenue
(excluding terminals)
€ 4,075M Growing up to 1 % YoY +2.0 % Growing by 1 % - 2 % YoY
Domestic underlying EBITDA € 1,654M Growing up to 1 % YoY +0.3 % Upper range of 'Growing up to 1 % YoY'
Underlying Group EBITDA  € 1,772M Around -1 % YoY +0.7 % Growing up to 1 % YoY
Capex (excluding Spectrum & football rights)  € 1,203M Close to € 1.3Bn € 557M Reiterating 'Close to € 1.3Bn'
Net debt / EBITDA 1.55x Around 1.6x nr Reiterating 'Around 1.6x'


  • Following the reporting changes (see full report, section 9.1), the full-year 2021 underlying Domestic revenue was adjusted accordingly. The full-year 2022 guidance remains unchanged.

Shareholder return 2022

Proximus remains committed to an attractive remuneration for its shareholders and intends to return over the result of 2022 an annual gross dividend of € 1.2 per share, in line with Proximus' announced three-year dividend policy over the period 2020-2022.

On an annual basis, the proposed dividend is reviewed and submitted to the Board of Directors, in order to keep strategic financial flexibility for future growth, organically or via selective M&A, with a clear focus on value creation. This also includes confirming appropriate levels of distributable reserves.

The shareholder remuneration policy is based on a number of assumptions regarding future business and market evolutions and may be subject to change in case of unforeseen risks or events outside the company's control.

Quarterly report financial files


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