Proximus Group financial results – Fourth quarter and full-year 2025
Proximus Group closes 2025 on another strong commercial quarter for Domestic and with Global trends evolving as anticipated
- Strong Domestic commercial quarter in a highly competitive market: +33,000 Mobile Postpaid ; +14,000 Internet net adds.
- End-2025 Fiber footprint scaled to 2.6 million fiber homes passed, ~42% population coverage.
- Q4’25 Domestic revenue broadly stable like-for-like, i.e. excluding the divestiture impact of Be-Mobile (-1% YoY underlying).
- Q4’25 Domestic EBITDA +3.1% YoY like-for-like (+2.3% YoY underlying), benefitting from lower OpEx.
- Q4’25 Proximus Global EBITDA -19.4% (-14.2% at cc), with headwinds in line with expectations.
- Q4’25 Group revenue -6.0% YoY like-for-like (-6.6% underlying), EBITDA +0.7% like-for-like (broadly stable underlying).
- FY ’25 CapEx at EUR 1,249 million and reported FCF of EUR 480 million, including Organic FCF of EUR 130 million.
- Guidance 2026: Domestic Services revenue and EBITDA broadly stable, Global EBITDA EUR 100-130 million, Organic FCF up to EUR 100 million, CapEx EUR 1.2-1.25 billion, net debt/EBITDA ratio c.2.8x.
- Board proposes gross dividend over 2025 result of EUR 0.60/share and approved new 3-year dividend policy.
Highlights Q4 2025
- Proximus' Domestic segment ended the fourth quarter of 2025 with a strong net gain of +33,000 Mobile Postpaid cards, in an intense competitive environment. Proximus' Fiber footprint reached 2,604,000 homes and businesses passed end-December 2025, fueling a solid growth for its Domestic Internet base with +14,000 in total. Likewise, Residential convergent offers grew by +14,000 customers to a total of 1,221,000, a +4.0% year-on-year increase. End-December 2025, the number of active Residential and Business Fiber lines totaled 731,000, adding +46,000 over the last 3 months of 2025, the strongest quarter of the year. The customer base for TV and Fixed Voice continued their steady decline, decreasing by -9,000, and -41,000 subscriptions respectively.
- Domestic's fourth quarter 2025 underlying revenue totaled EUR 1,222 million, -1.0% year-on-year, broadly stable like-for-like, i.e. excluding the divestiture impact of Be-Mobile. The Residential unit posted a +1.2% revenue increase, including a +0.7% growth in Customer Services revenue, fuelled by the continued strong commercial performance and the January 2025 inflation-based price adjustment. Convergent revenue grew by +2.8%. The fourth quarter 2025 revenue of the Business unit was down -3.9% year-on-year, with Business Services revenue -5.4%, or -2.8% on a like-for-like basis. This includes continued headwinds for Fixed Voice and traditional data connectivity, and competitive pressure on Mobile services, while Internet services revenue continued to grow.
- Proximus Wholesale posted fourth quarter revenue of EUR 63 million, representing a -1.1% year-on-year decrease, including a EUR -6 million reduction in Interconnect revenue (no margin impact). Wholesale Services revenue was up by +7.4%, reflecting higher services revenue from MVNO partnerships and Fiber JVs.
- The fourth quarter 2025 Domestic EBITDA totaled EUR 401 million, up +2.3% to the same period in 2024. On a like-for-like basis the EBITDA grew +3.1%, combining a higher direct margin with lower OpEx as the ongoing cost efficiencies have more than balanced out the effects of wage indexation and strategic transformation initiatives.
- Proximus Global revenue declined for the fourth quarter of 2025 by -22.2% year-on-year to EUR 368 million (-17.1% at constant currency) and Direct margin by -21.2% to a total of EUR 104 million (-16.4% at constant currency). Lower direct margin from P2P Voice & Messaging reflects a less favourable destination mix in Voice traffic, while Communications & Data faces a structural decline in the CPaaS SMS market, in particular for one-time-password. Moreover, integration challenges impact the Go-to-Market and therefore delay Direct margin synergy delivery. This was partly compensated by lower OpEx. Proximus Global posted a -19.4% year-on-year EBITDA decline to EUR 36 million (-14.2% at constant currency).
- In aggregate, the Proximus Group underlying revenue totaled EUR 1,577 million for the fourth quarter of 2025, down -6.6% driven by the decrease in Proximus Global revenue. The Underlying Group EBITDA totaled EUR 437 million, stable year-on-year as the growth in Domestic offset the lower Global EBITDA.
- Proximus recorded in the fourth quarter 2025 a goodwill impairment on its Global segment for EUR -275 million. For the full-year 2025, the net income (Group share) totaled EUR 398 million, -11.0% year-on-year, resulting from the goodwill impairment, higher depreciations and income taxes, partly offset by a EUR 33 million increase in underlying Group EBITDA and lower financing costs. One-off's impacting the reported Group EBITDA include 3 major divestments in 2025 for a net amount of EUR +282 million.
- The Proximus Group booked CapEx for the fourth quarter 2025 totaled EUR 424 million, bringing the full-year 2025 CapEx to EUR 1,249 million, year-on-year lower by EUR 107 million. The YoY decrease was driven by, among other factors, efficiencies in customer-related CapEx, and the conclusion of significant IT developments. Additionally, the fiber network deployment in densely populated areas has progressed beyond its peak phase. Overall, the Fiber deployment reached 2,604,000 FttH premises, i.e. around 42% population coverage.
- For the fourth quarter of 2025, Proximus Group reported a total reported Free Cash Flow of EUR 52 million, and EUR -29 million organic FCF. This brings the full-year 2025 total reported FCF to EUR 480 million or EUR 130 million on organic basis, i.e. excluding proceeds from asset sales. This compares to EUR 57 million organic FCF for 2024, with the improvement mainly driven by lower Cash CapEx and higher EBITDA.
Stijn BijnensCEO of the Proximus GroupI am overall very pleased with our performance over the fourth quarter 2025. In our Domestic markets, we managed to sustain a strong operational performance despite a highly competitive environment, adding +33,000 mobile postpaid cards and +14,000 internet subscriptions. The operational robustness, along with our focus on value management and cost efficiencies contributed to a solid 3.1% Domestic year-on-year EBITDA growth on a like-for-like basis.
Proximus' high-quality networks continue to play a key role in our commercial achievements. Our 5G network now reaches 90% of the population, and our Fiber coverage extends to around 42% of all premises.
Regarding the proposed network collaboration in Flanders, the discussion with the Belgian Competition Authority is ongoing.
Turning to Proximus Global, we have the right leadership in place, and made good progress in bringing the organization closer to our customers. We will be moving away from a functional organization, which will also create optionalities for future value crystallization.
Overall, we closed the year 2025 with results meeting our full-year outlook, and even overachieved on organic FCF, generating EUR 130 million. In terms of shareholder remuneration, the Board of Directors approved to propose the General Assembly in April 2026 to pay out 60cts per share over the result of 2025, of which an interim dividend of 30cts per share was paid in December last year.
Looking forward, for the year 2026, we expect the Domestic Services revenue and EBITDA to be broadly stable to 2025 on a like-for-like basis and the Global EBITDA to be between EUR 100 million and EUR 130 million.
The accrued Group CapEx is expected to be between EUR 1.2 billion and EUR 1.25 billion, and organic FCF up to EUR 100 million. The net debt to EBITDA ratio is expected to be around 2.8X (S&P definition).
Finally, in light of the ambitioned FCF generation over the coming years, and to increase confidence to keep our leverage ratio within a 2.5-3.0x comfort zone, we expect to pay over the results of 2026, 2027 and 2028 respectively EUR 30cts, EUR 40cts and EUR 50cts gross per share in single instalments. At our Capital Markets Day later today we will elaborate on our strategic plan and capital allocation for the coming 3-year cycle and beyond.
Key figures
Operationals, in thousands
| Net adds in the quarter | Park at end of quarter | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2025 | % Change |
2024 | 2025 | % Change |
||
| Fiber | Homes Passed | 143 | 113 | -20.7% | 2,224 | 2,604 | 17.1% |
| Activated retail lines | 45 | 46 | 1.7% | 564 | 731 | 29.5% | |
| Residential customers | Convergent | 15 | 14 | -1.0% | 1,173 | 1,221 | 4.0% |
| Group (subscriptions/SIM cards) | Internet | 14 | 14 | 5.2% | 2,313 | 2,349 | 1.5% |
| TV | -7 | -9 | -34.9% | 1,630 | 1,581 | -3.0% | |
| Fixed Voice | -40 | -41 | -1.3% | 1,498 | 1,338 | -10.7% | |
| Mobile Postpaid (excl. M2M) |
30 | 33 | 10.1% | 5,095 | 5,205 | 2.2% | |
| M2M | 34 | 52 | 51.5% | 4,364 | 4,419 | 1.2% | |
| Prepaid | 18 | -13 | 29.6% | 473 | 413 | -12.7% | |
Summary financials (in EUR million)
| 4th Quarter | Year-to-date | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | % Change | 2024 | 2025 | % Change | |||
| Revenue | Group | Reported (1) | 1,691 | 1,719 | 1.7% | 6,539 | 6,620 | 1.2% |
| Underlying (1) | 1,689 | 1,577 | -6.6% | 6,430 | 6,307 | -1.9% | ||
| Domestic segment | Total Domestic | 1,234 | 1,222 | -1.0% | 4,826 | 4,821 | -0.1% | |
| o/w Domestic Services Revenue (2) | 952 | 936 | -1.7% | 3,776 | 3,791 | 0.4% | ||
| Residential | 643 | 650 | 1.2% | 2,494 | 2,518 | 1.0% | ||
| Business | 506 | 486 | -3.9% | 2,001 | 1,963 | -1.9% | ||
| Wholesale | 63 | 63 | -1.1% | 255 | 244 | -4.2% | ||
| Other (incl. eliminations) | 22 | 23 | 5.2% | 76 | 96 | 26.4% | ||
| Global segment | Total Global | 473 | 368 | -22.2% | 1,672 | 1,548 | -7.4% | |
| Communications & Data | 317 | 254 | -20.1% | 1,075 | 1,054 | -1.9% | ||
| P2P Voice & Messaging | 156 | 115 | -26.5% | 598 | 494 | -17.3% | ||
| Group eliminations | -18 | -13 | 27.3% | -68 | -62 | 9.4% | ||
| Direct margin (underlying) | Group | Total Group | 1,031 | 1,004 | -2.6% | 4,063 | 4,081 | 0.4% |
| Domestic segment | Total Domestic | 905 | 904 | -0,.1% | 3,608 | 3,651 | 1.2% | |
| % Domestic | 73.3% | 73.9% | 0.6 p.p. | 74.8% | 75.7% | 1.0 p.p. | ||
| Global segment | Total Global | 131 | 104 | -21.2% | 468 | 445 | -4.8% | |
| % Global | 27.8% | 28.1% | 0.4 p.p. | 28.0% | 28.8% | 0.8 p.p. | ||
| Communications & Data | 102 | 84 | -17.8% | 350 | 343 | -2.1% | ||
| P2P Voice & Messaging | 29 | 20 | -33.0% | 118 | 103 | -13.0% | ||
| Group eliminations | -5 | -3 | 42.1% | -13 | -16 | -27.6% | ||
| Expenses (underlying) | Group | Total Group | -594 | -567 | -4.5% | -2,213 | -2,197 | -0.7% |
| Domestic segment | Total Domestic | -513 | -503 | -1.9% | -1,926 | -1,938 | 0.6% | |
| Workforce expenses | -324 | -316 | 2.6% | -1,231 | -1,238 | 0.5% | ||
| Non-Workforce expenses | -189 | -187 | -0.9% | -694 | -700 | 0.8% | ||
| Global segment | Total Global | -86 | -67 | -22.1% | -299 | -275 | -8.1% | |
| Workforce expenses | -51 | -40 | -21.8% | -189 | -162 | -14.1% | ||
| Non-Workforce expenses | -35 | -27 | -22.5% | -110 | -113 | 2.3% | ||
| Group eliminations | 5 | 3 | 41.5% | 12 | 16 | -29.4% | ||
| EBITDA (underlying) | Group | Total Group | 437 | 437 | 0.0% | 1,850 | 1,883 | 1.8% |
| Domestic segment | Total Domestic | 392 | 401 | 2.3% | 1,682 | 1,713 | 1.9% | |
| % Domestic | 31.8% | 32.8% | 1.0 p.p. | 34.8% | 35.5% | 0.7 p.p. | ||
| Global segment | Total Global | 45 | 36 | -19.4% | 169 | 170 | 0.9% | |
| % Global | 9.6% | 9.9% | 0.3 p.p. | 10,1% | 11,0% | 0.9 p.p. | ||
| Group EBITDA (Reported) | 401 | 594 | 48.0% | 1.950 | 2,251 | 15.5% | ||
| Net income (Group share) | 75 | 0 | -99.9% | 447 | 398 | -11.0% | ||
| Accrued CapEx (excl. spectrum & football rights) |
481 | 424 | -12.0% | 1,355 | 1,249 | -7.8% | ||
| FCF | Organic (3) | 11 | -29 | n.r. | 57 | 130 | > 100% | |
| Reported | 1 | 52 | > 100% | -727 | 480 | n.r. | ||
| Adjusted net fin position (excl. lease liabilities) |
n.r. | n.r. | -3,907 | -3,568 | 8.7% | |||
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Notes
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Summary financials - pro forma (in millions of Euros)
| 4th Quarter | Year-to-date Pro forma | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | % Change | 2024 | 2025 | % Change | |||
| Revenue | Group | Reported (1) | 1,691 | 1,719 | 1.7% | 6,684 | 6,620 | -1.0% |
| Underlying (1) | 1,689 | 1,577 | -6.6% | 6,574 | 6,307 | -4.1% | ||
| Domestic segment | Total Domestic | 1,234 | 1,222 | -1.0% | 4,826 | 4,821 | -0.1% | |
| o/w Domestic Services Revenue (2) | 952 | 936 | -1.7% | 3,776 | 3,791 | 0.4% | ||
| Residential | 643 | 650 | 1.2% | 2,494 | 2,518 | 1.0% | ||
| Business | 506 | 486 | -3.9% | 2,001 | 1,963 | -1.9% | ||
| Wholesale | 63 | 63 | -1.1% | 255 | 244 | -4.2% | ||
| Other (incl. eliminations) | 22 | 23 | 5.2% | 76 | 96 | 26.4% | ||
| Global segment | Total Global | 473 | 368 | -22.2% | 1,817 | 1,548 | -14.8% | |
| Communications & Data | 317 | 254 | -20.1% | 1,219 | 1,054 | -13.6% | ||
| P2P Voice & Messaging | 156 | 115 | -26.5% | 598 | 494 | -17.3% | ||
| Group eliminations | -18 | -13 | 27.3% | -68 | -62 | 9.4% | ||
| Direct margin (underlying) | Group | Total Group | 1,031 | 1,004 | -2.6% | 4,096 | 4,081 | -0.4% |
| Domestic segment | Total Domestic | 905 | 904 | -0.1% | 3,608 | 3,651 | 1.2% | |
| % Domestic | 73.3% | 73.9% | 0.6 p.p. | 74.8% | 75.7% | 1.0 p.p. | ||
| Global segment | Total Global | 131 | 104 | -21.2% | 501 | 445 | -11.1% | |
| % Global | 27.8% | 28.1% | 0.4 p.p. | 27.6% | 28.8% | 1.2 p.p. | ||
| Communications & Data | 102 | 84 | -17.8% | 383 | 343 | -10.5% | ||
| P2P Voice & Messaging | 29 | 20 | -33.0% | 118 | 103 | -13.0% | ||
| Group eliminations | -5 | -3 | 42.1% | -13 | -16 | -27.6% | ||
| Expenses (underlying) | Group | Total Group | -594 | -567 | -4.5% | -2,227 | -2,197 | -1.3% |
| Domestic segment | Total Domestic | -513 | -503 | -1.9% | -1,926 | -1,938 | 0.6% | |
| Workforce expenses | -324 | -316 | -2.6% | -1,231 | -1,238 | 0.5% | ||
| Non-Workforce expenses | -189 | -187 | -0.9% | -694 | -700 | 0.8% | ||
| Global segment | Total Global | -86 | -67 | -22.1% | -313 | -275 | -12.2% | |
| Workforce expenses | -51 | -40 | -21.8% | -197 | -162 | -17.5% | ||
| Non-Workforce expenses | -35 | -27 | -22.5% | -116 | -113 | -3.2% | ||
| Group eliminations | 5 | 3 | 41.5% | 12 | 16 | -29.4% | ||
| EBITDA (underlying) | Group | Total Group | 437 | 437 | 0.0% | 1,869 | 1,883 | 0.8% |
| Domestic segment | Total Domestic | 392 | 401 | 2.3% | 1,682 | 1,713 | 1.9% | |
| % Domestic | 31.8% | 32.8% | 1.0 p.p. | 34.8% | 35.5% | 0.7 p.p. | ||
| Global segment | Total Global | 45 | 36 | -19.4% | 188 | 170 | -9.3% | |
| % Global | 9.6% | 9.9% | 0.3 p.p. | 10.3% | 11.0% | 0.7 p.p. | ||
| Group EBITDA (Reported) | 401 | 594 | 48.0% | 1,969 | 2,251 | 14.3% | ||
| Net income (Group share) | 75 | 0 | -99.9% | 466 | 398 | -14.6% | ||
| Accrued CapEx (excl. spectrum & football rights) |
481 | 424 | -12.0% | 1,356 | 1,249 | -7.9% | ||
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Notes
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Outlook & Shareholder return
Guidance 2025
| Guidance metric | FY24 Actuals |
FY25 Outlook Updated on 7 November 2025 |
FY25 Actuals |
||
|---|---|---|---|---|---|
| Underlying Domestic revenue | EUR 4,826 million | Broadly stable | -0.1% | ||
| Underlying Domestic EBITDA | EUR 1,682 million | Growth up to 2% |
+1.9% | ||
| Underlying Global EBITDA (1) | EUR 188 million | Around -10% | -9.3% | ||
| Underlying Group EBITDA (1) | EUR 1,869 million | Growth up to 1% |
0.8% | ||
| Capex (excluding spectrum & football rights) | EUR 1,355 million | Around EUR 1.25 billion | EUR 1,249 million | ||
| Organic adj FCF (excl asset sales) |
EUR 58 million | Around EUR 100 million | EUR 130 million | ||
| Net debt / EBITDA (as per S&P definition) |
2.9x | Around 2.8x | 2.7x | ||
| Gross dividend | EUR 0.60 / share | EUR 0.60 / share | EUR 0.60 / share | ||
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Note
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Guidance 2026
In a highly competitive market, Proximus expects underlying Domestic Services revenue in 2026 to stay broadly stable on a like-for-like basis, i.e with 2025 adjusted for the divestiture of BeMobile. On that same basis, the Domestic underlying EBITDA is expected to remain broadly stable as well, supported by a new cost efficiency program that aims to achieve EUR 180 million in gross savings between 2025 and 2028.
Proximus Global faced significant challenges in 2025, mainly due to an accelerated slowdown in the CPaaS SMS market, especially in areas like one-time-password and international terminating traffic. These headwinds are expected to continue to have a notable impact on Global’s performance in 2026. The year 2026 will serve as a transition period with the introduction of a new strategy. The 2026 EBITDA is forecasted to be between EUR 100 million and EUR 130 million. Proximus aims at returning the Global EBITDA to growth in 2027.
The full-year 2026 accrued capex is expected to be between EUR 1.2 billion and EUR 1.25 billion, and organic FCF up to EUR 100 million. The net debt to EBITDA ratio is expected to be around 2.8X (S&P).
| Guidance metric | FY 2025 Actuals |
Outlook FY 2026 |
|---|---|---|
| Domestic Services revenue (1, 5) | EUR 3,755 million | Broadly stable |
| Domestic EBITDA (1) | EUR 1,699 million | Broadly stable |
| Global EBITDA | EUR 170 million | EUR 100-130 million |
| CapEx (2) | EUR 1,249 million | EUR 1.2 billion - 1.25 billion |
| Organic FCF (3) | EUR 130 million | Up to EURO 100 million |
| Net debt / EBITDA (4) | 2.7x | c. 2.8x |
| Gross dividend/share | EUR 0.60 | EUR 0.30 |
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Note
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Shareholder return 2025
The Board of Directors approved on 26 February 2026 to propose the General Assembly in April 2026 to pay out EUR 0.60 per share over the result of 2025, of which an interim dividend of EUR 0.30 per share was paid in December 2025. The remaining normal gross dividend of EUR 0.30 gross per share will be payable in April 2026, pending approval by the 2026 Annual General Meeting
Coupon #42
- Gross interim dividend: EUR 0.30/share
- Net dividend (30% withholding tax assumed): EUR 0.21/share
- Ex-coupon date: 22 April 2026
- Record date: 23 April 2026
- Payment date: 24 April 2026
New shareholder return policy
Proximus Group plans to maintain an attractive dividend return for its shareholders, consistent with future FCF, ensuring a sound balance sheet and enabling room for value accretive business initiatives.
As a result, Proximus intends to return a gross dividend of EUR 0.30 per share over the result of 2026, EUR 0.40 per share over the result of 2027 and EUR 0.50 per share over the result of 2028. Dividends will be payable in a single instalment, post approval by the Annual General Meeting.
The shareholder remuneration policy relies on assumptions about future business and market evolutions and may change if unexpected risks or external events occur. Each year, the proposed dividend is reviewed and presented to the Board of Directors, including confirming appropriate levels of distributable reserves.
