Proximus Group financial results – First quarter 2024

Proximus maintained a strong commercial momentum in the first quarter 2024 and achieved an excellent 5% Group EBITDA increase.

  • Strong Domestic commercial performance sustained in Q1: Mobile postpaid +21,000, Internet +12,000 and convergent customers +17,000.
  • Fiber further scaling: 36% coverage in the street, +44,000 activated Fiber lines in Q1, total of 441,000 end-March 2024.
  • Q1’24 Domestic revenue +4.5% to EUR 1,201 million, Services revenue of Residential up +6.5% and Business +2.7%.
  • Domestic EBITDA of EUR 424 million in Q1’24, +4.7% YoY driven by strong +5.4% growth in Direct margin.
  • International EBITDA +8.6% to EUR 30 million, driven by Communications & Data Direct margin growth of +0.9% and lower costs.
  • Proximus Group Q1’24 underlying revenue of EUR 1,504 million, +1.2% YoY, underlying EBITDA of EUR 454 million, +5.0%.
  • Q1’24 Capex at EUR 294 million and adjusted FCF at EUR -112 million, impacted by timing of working capital.
  • Full confidence in reiterating guidance for full-year 2024.

Read the full Q1 Financial Report here

Highlights Q1 2024

The first quarter marks an excellent start to the year for our Domestic operations, while we are preparing to welcome Route Mobile as the next step in the development of our international growth plans.

We proudly present the results of the first 3 months of the year. In an evolving competitive environment, our Domestic operations continued to deliver strong commercial traction supported by our product superiority and multi-brand strategy. The combination with sound value management has led to an excellent year-on-year Domestic revenue growth of +4.5%. We are particularly pleased with our core Domestic Services, up by +4.9%. This combined with our continued cost efficiencies efforts resulted in a +4.7% Domestic EBITDA growth, confirming the return to EBITDA growth since Q4 2023. Our excellent start into the year is ahead of our initial expectations. While we remain cautious at this point of the year, this set of results gives me great confidence in achieving our objectives set for 2024.  

Our network superiority in both Fixed and Mobile remains a key support of our commercial achievements. For Fixed, the further deployment of our Fiber network remains therefore a high priority. We closed the first quarter of 2024 with over 1.8 million homes and businesses across 159 cities passed with Fiber. This continuously swift deployment is also supported by our fiber joint ventures, Fiberklaar and Unifiber, supporting us in consolidating our first mover position. By end-March 2024 we brought “Fiber in the street” to 36% of Belgian Homes and Businesses. While our fiber deployment journey continues, we are also progressing in our discussions to achieve fiber cooperation, in line with previous communications of BIPT and the Belgian Competition Authority.  

For Mobile, I am very pleased to see our Mobile Network has been continuously recognized for its premium quality. After Ookla and Test Achats, the BIPT published the results of its annual testing campaign. Proximus’ network, once again, clearly comes on top with unparalleled download speed for both 4G and 5G.  

The first months of the year have also been productive in terms of innovative product launches. First, we launched our brand-new compact TV Box made of recycled plastic. The new box is significantly smaller than its predecessors, guarantees an even better user experience, includes new features such as Wi-Fi 6 technology and consumes up to 40% less energy. We also released our new Proximus+ app, providing to users a wide range of high-end innovative services to easily organize their daily digital life.  

Regarding our International activities, we are paving the way to build a global digital communications champion. With all clearances obtained, we are nearing the final stages in the Route Mobile acquisition, with the transaction expected to close in May 2024. The financing of the transaction is secured with the successful issuance of a EUR 700 million bond, carrying a coupon of 3.75% for a 10-year maturity. 

In view of our integrated International ambitions, we aligned our International segment reporting with focus on the nature of delivered services. This sets the path to integrate Route Mobile within our International segment and being in the best possible position to realize the expected EBITDA synergies of at least EUR 90 million at run rate. Over the first quarter of 2024, the International segment posted a +0.6% increase in direct margin, or + 0.7% in constant currency. Direct margin of “Communications & Data” grew by +0.9%, including a mid-single digit direct margin growth for the CPaaS and DI platform. “P2P Voice & Messaging” direct margin remained stable year-on-year. 

In response to the escalating threat of cyber fraud and rising SMS costs, Telesign launched Verify API, a new omnichannel API which integrates the leading user verification channels (SMS, Silent Verification, Email, OTT ...) into a unified API. This future-proofed technology marks a significant milestone in the fight against fraudulent activities, while providing businesses with a predictive and cost-effective solution.  

To conclude, we started the second year of bold2025 strongly, continuing the positive EBITDA trend we initiated in the previous quarter, and step up to a strong 5% Group EBITDA growth for the first quarter. We delivered a strong Domestic commercial momentum, while we are on a clear path for our International ambition and the value creation that comes with that. As mentioned at the start, it’s with great confidence we can reiterate the guidance we set for 2024, in spite of the anticipated changes in market structure.

Key Figures

Operationals, in thousands

  Net adds in the quarter Park at end of quarter
    2023 2024 2023 2024 %
Fiber Homes Passed 91 92 1,373 1,841 34.1%
Activated retail lines 36 44 288 441 53.1%
Residential customers Convergent 14 17 1,061 1,130 6.5%
Group (subscriptions/SIM cards) Internet 11 12 2,227 2,279 2.3%
TV -12 -15 1,697 1,659 -2.3%
Fixed Voice -51 -43 1,759 1,608 -8.6%
Mobile Postpaid
(excl. M2M)
10 21 4,827 4,994 3.4%
M2M 92 26 4,069 4,273 5.0%
Prepaid -16 -28 606 520 -14.1%

Financials (EUR million)

  1st Quarter
    2023 2024 % Change
Group 1,486 1,504 1.2%
Domestic 1,149 1,201 4.5%
International 353 316 -10.3%
Direct margin
Group 947 994 5.0%
Domestic 857 903 5.4%
International 94 94 0.6%
Group Expenses
Group -515 -541 5.1%
Domestic -452 -479 6.0%
International -66 -64 -2.8%
Group 432 454 5.0%
as % of revenue 29.1% 30.2% 1.1 p.p.
Domestic 405 424 4.7%
International 28 30 8.6%
  445 465 4.4%
Net income   94 101 6.5%
Accrued CapEx
(excl. spectrum and
football rights)
  311 294 -5.5%
  -79 -112 -41.3%
Adjusted net fin position
(excl. lease liabilities)
  -2,870 -3,263 -13.7%


  • Group revenue, direct margin, Operating Expenses and EBITDA include intersegment eliminations
  • Adjusted FCF excludes M&A impacts but includes Fiber equity injections.

Reiterating 2024 full-year guidance

Closing a strong first quarter 2024, Proximus Group reiterates with full confidence its full-year guidance 2024, keeping some caution ahead of the anticipated changes in the Belgian competitive landscape.

Guidance metrics
Guidance metric FY23



Underlying Domestic revenue € 4,665M +4.5% YoY Growing up to
Domestic underlying EBITDA € 1,636M +4.7% YoY Growing up to
Underlying Group EBITDA € 1,757M +5.0% YoY Growing up to
CapEx (excluding Spectrum
& football rights)
€ 1,325M € 294M Around € 1.2Bn
Net debt / EBITDA
(As per S&P definition)
2.6x NR Around 2.7X*
*After closure of Route Mobile acquisition, these metrics will be updated to reflect the full parameters of that acquisition

Shareholder return

The Annual Shareholders’ meeting of 17 April 2024 approved the return to the Proximus shareholders a dividend of EUR 1.20 gross per share. The normal dividend of EUR 0.70 per share is payable on 26 April 2024 and completes the interim dividend of EUR 0.50 gross per share which was paid on 8 December 2023.

This brings the total declared dividend over the 2023 result to EUR 387 million.

In line with the Capital Markets Day announcement in January 2023, Proximus will rebase its dividend level to EUR 0.60 per share for the years 2024 and 2025. The rebased dividend level incorporates all currently known macro and inflationary headwinds, as well as expected changes in market structure. The proposed dividend is reviewed and submitted to the Board of Directors on an annual basis, 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 dividend of EUR 0.60 per share over the result of 2024 is expected to be returned in two tranches, with a gross interim dividend of EUR 0.50 per share payable in December 2024 and the remaining normal gross dividend of EUR 0.10 per share in April 2025.

Q1 financial results


Social media