Proximus Group financial results – Second quarter 2026
Proximus Group continues its solid Domestic performance and reaches major fiber milestones
Read the full Quarterly Financial Report hereHighlights Q2 2026
- Proximus' Domestic segment ended the second quarter of 2026 with a solid net gain of +25,000 Mobile Postpaid cards, in a highly promotional market. Proximus' Fiber footprint reached 2,753,000 homes and businesses passed end-June 2026, fueling further growth for its total Domestic Internet base with +8,000. Likewise, Residential convergent offers grew by +12,000 customers to a total of 1,246,000, a +4.4% year-on-year increase. End-June 2026, the number of active Residential and Business Fiber lines totaled 820,000, adding +44,000 in the second quarter of 2026. The customer bases for TV and Fixed Voice continued their steady declining trend, with subscriptions for the second quarter 2026 lower by -6,000, and -42,000 respectively.
- Domestic's second quarter 2026 underlying revenue totaled EUR 1,192 million, up +1.1% year-on-year on a pro forma basis, i.e. excluding the divestiture impact of Be-Mobile (including this impact, the revenue was stable year-on-year). Whereas the pro-forma Services revenue was stable (-0.1%), the second quarter 2026 included higher revenue from Terminals and IT hardware, driving revenue growth in the Residential and Business segment.
- The Residential unit posted a +2.2% revenue increase mainly resulting from a +2.1% growth in Customer Services revenue, fueled by its solid commercial performance and the January 2026 inflation-based price adjustment. Convergent revenue grew by +3.9% year-on-year.
- The second quarter Business revenue was up +1.8% year-on-year, on a pro forma basis. The increase was driven by a +29.9% growth in Product revenue. Business Services revenue was -3.0% lower, resulting from the steady decline in Fixed Voice and traditional data connectivity, while Internet services revenue continued to grow. In addition, intense competition put some further pressure on the Mobile Services. IT Services revenue stayed soft over the second quarter, with improvement expected later in the year, reflecting the onboarding of new contract wins.
- Proximus Wholesale posted second quarter revenue of EUR 57 million, representing a -6.3% year-on-year decrease, including a EUR -4 million reduction in Interconnect revenue, reflecting the ongoing trend of volume erosion in traditional messaging (no margin impact). Wholesale Services revenue was up by +1.2%, driven by MVNO-revenue and growing Fiber wholesale volumes, partly offset by the consolidation-effect of services delivered to Unifiber.
- The second quarter 2026 Domestic EBITDA totaled EUR 441 million, +0.3% compared to the same period in 2025 on a pro forma basis (-1.1% year-on-year including Be-Mobile), with a +0.8% increase in Direct margin nearly fully offset by a +1.2% increase in OpEx. Domestic non-Workforce costs rose by +6.1% on a pro-forma basis, reflecting a low 2025 comparison base that benefited from a one-off partial real-estate tax reversal, while also affected by inflationary pressure and transformation-related OpEx. Workforce expenses were down by -1.4% year-on-year, with lower Domestic headcount through pensions and natural outflow more than offsetting the inflationary wage indexation impact.
- With the comparable base easing, Proximus Global further improved its Revenue and Direct margin year-on-year trend in the second quarter 2026, respectively declining by -3.9% to EUR 353 million (-0.6% at constant currency) and by -10.5% to a total of EUR 101 million (-8.0% at constant currency). The Direct margin was down -1.5% quarter-on-quarter, confirming its steadier Direct margin trajectory since the third quarter of 2025. The decline in Communications & Data direct margin was limited to -0.8% year-on-year, cycling the structural downturn in the CPaaS SMS market, whereas P2P Voice & Messaging was still impacted by a less favorable destination mix in Voice traffic. The Global EBITDA reached EUR 29 million, a -34.9% year-on-year decline (-32.4% at constant currency), with OpEx reflecting inflationary impacts and initial investments in targeted growth initiatives to foster the business turnaround.
- In aggregate, the Proximus Group underlying revenue totaled EUR 1,530 million for the second quarter of 2026, broadly stable year-on-year on a pro forma basis (-0.9% including Be-Mobile). The Underlying Group EBITDA totaled EUR 470 million, -3.0% year-on-year on a pro forma basis (-4.2% year-on-year including Be-Mobile).
- The Proximus Group booked CapEx for the first half of 2026 totaled EUR 585 million, year-on-year higher by EUR 43 million. This increase was mainly driven by phasing of multi-year content contract renewals and the consolidation of Unifiber following the recently announced full takeover.
- The first half of 2026 organic FCF totaled EUR -25 million, compared to EUR -5 million for the same period in 2025. The year-over-year decrease was mainly driven by lower underlying Group EBITDA (EUR -33 million), higher interests paid (EUR -21 million) and higher cash-out for other investing activities (EUR -8 million), partly offset by lower cash CapEx (EUR +47 million).
Stijn BijnensCEO of the Proximus GroupWe delivered another solid quarter for our Domestic operations, growing our mobile and internet subscriber base, supported by our successful multi-brand strategy. Our B2C customer services revenue grew year-on-year, reflecting the successful execution of our new Amplify strategy.
In the B2B segment, while competitive market conditions continued to weigh on Services revenue, we are progressing on our transformation journey and expect last year's contracts to contribute to the second half of the year.
From a network infrastructure perspective, we achieved important milestones over the past few months. Starting with the Flanders region, I was very pleased we could announce last week the closing of the process regarding network collaboration with Wyre and Telenet, paving the way for a more capital-efficient fiber rollout in the mid-dense areas while minimizing the impact for local communes and citizens.
In the Walloon region, we obtained full ownership of Unifiber at the end of May with attractive economics: we strengthen Proximus' ownership of critical fiber infrastructure, we will benefit from a nearly fully utilized network, create financial and operational synergies and neutralize Proximus network access costs to Unifiber. The acquisition of Unifiber also facilitates the finalization of our envisaged network partnership with Orange Belgium, supporting faster fiber rollout and broader gigabit access across Wallonia.
These major milestones have substantially de-risked our medium- and long-term Capex and FCF trajectory, firmly underpinning the financial ambition we communicated to the market after acquiring full ownership of Unifiber.
As a final point, Proximus Global's performance over the first half of the year is broadly in line with our expectations, with Direct margin that turned for a few quarters now to steadier territory. This gives us confidence, and therefore we are comfortable in narrowing our EBITDA outlook for Proximus Global to a range of EUR 110-120 million.
Guidance 2026
Based on the financial performance over the first six months of the year, and Proximus' best estimate for the remaining of the year, the Domestic guidance is reiterated, expecting underlying Domestic Services revenue and EBITDA for 2026 to stay broadly stable on a pro forma basis.
For the Proximus Global segment, the first-half 2026 closed with EBITDA largely in line with the company's projections, with a sequentially more stable trajectory in direct margin. It's expected that the year-on-year direct margin trend will further improve, while OpEx investments, to support the turnaround in Global's business, will pick up. With visibility increasing, Proximus narrows the Global EBITDA guidance to EUR 110-120 million.
The other guidance metrics remain unchanged, with full-year 2026 accrued CapEx expected to be up to EUR 1.3 billion, and Organic FCF around EUR 50 million. The net debt to EBITDA ratio is expected to remain below 3.0x (S&P definition).
| Guidance metric | Actuals YTD 2026 |
Outlook FY 2026 Update 28/5/2026 |
Outlook FY 2026 Update 31/7/2026 |
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|---|---|---|---|---|---|
| Domestic Services revenue (1, 5, 6) | 0.0% | Broadly stable | Broadly stable | ||
| Domestic EBITDA (1) | +1.1% | Broadly stable | Broadly stable | ||
| Global EBITDA | EUR 63 million | EUR 100 million - 130 million | EUR 110 million - 120 million | ||
| CapEx (2) | EUR 585 million | Up to EUR 1.3 billion | Up to EUR 1.3 billion | ||
| Organic FCF (3) | EUR -25 million | Around EUR 50 million | Around EUR 50 million | ||
| Net debt / EBITDA (4) | n.r. | below 3x | below 3x | ||
| Gross dividend/share | n.r. | EUR 0.30 | EUR 0.30 | ||
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