Proximus: 1Q26 - EBITDA ahead, Outlook reiterated

Research evidence excerpt

Proximus: 1Q26 - EBITDA ahead, Outlook reiterated

Equity Research

European Telecom Services

13 May 2026

Proximus

1Q26 - EBITDA ahead, Outlook

reiterated First Look

1Q26 Revenue came below expectations due to weaker B2B PROX.BR/PROX BB EQUAL WEIGHT

performance, reflecting lower IT hardware sales. Domestic European Telecom Services NEUTRAL

EBITDA growth remained solid and came ahead of Price Target EUR 8.00

Price (12-May-26) EUR 6.42

expectation. Outlook reiterated. We expect a positive reaction Potential Upside/Downside +24.7%

to results. Source: Bloomberg, Barclays Research

European Telecom ServicesProximus 1Q26 revenue came -1.2% below company consensus (-2.6% vs BARC) driven by miss

Ganesha Nagesha

in Domestic revenue (-1.8%/-2.7% vs cons/BARC). We note the miss in domestic is driven by

+91 (0)22 6175 1712

‘Enterprise’ segment where revenue declined y/y due to lower IT hardware revenue from a high ganesha.nagesha@barclays.com

comparable base in 2025. Underlying EBITDA for the quarter declined -1.9% y/y coming +2.6%/ Barclays, UK

+2.2% ahead of company consensus and our estimates driven by beat in the domestic segment.

Maxime Delaugerre

Domestic EBITDA up +1.9% y/y driven by operating efficiencies and also supported by lower

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real-estate tax provisions. Within divisions, Residential unit saw +2.3% y/y growth in Customer maxime.delaugerre@barclays.com

Services revenue, driven by commercial momentum and the January 2026 inflation-based price Barclays, UK

adjustment. Convergent revenue grew by +4.2% y/y and came broadly in-line with our

Maurice Patrick

expectation. Business Services revenue was -2.3% y/y driven by continued headwinds for Fixed

+44 (0)20 3134 3622

Voice and competitive pressure on Mobile services and came -1.3% below our expectations.