• Read the full Q4 Financial Report here

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 Bijnens, CEO of the Proximus Group:

"I 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."