Proximus: Domestic EBITDA remains resilient; fibre JV approval in focus

Research evidence excerpt

Proximus: Domestic EBITDA remains resilient; fibre JV approval in focus

similar Price Performance Exchange-BRU

to recent quarters. Management reiterated the outlook for the year. 52 Week range EUR 8.77-6.36

Fibre build progress, JV approval in focus: Proximus recently signed the long-form

cooperation agreement with Wyre and Telenet in Flanders, while it expects Wallonia to follow a

similar framework with a timeline roughly three months behind. Management stressed that

Flanders JV implementation is still subject to final regulatory approval, involving both the

telecom regulator and the competition authority, and did not provide any guidance on timing.

With regard to the on-going fibre rollout, the slower Q1 fibre build was attributed to seasonality

and the nearing completion of dense areas, and Unifiber’s funding needs were addressed via a Source: IDC

Link to Barclays Live for interactive charting

convertible loan, with Proximus reiterating that consolidation is contractually foreseen for 2031

but could be assessed earlier if value-accretive. Proximus says that pricing pressure remain

intense in mobile – particularly at the low end. On the domestic EBITDA outlook, management European Telecom Services

flags headwinds in later quarters from tax provision reversals and salary indexation, consistent Ganesha Nagesha

with full-year guidance for broadly stable EBITDA. +91 (0)22 6175 1712

ganesha.nagesha@barclays.com

Changes to estimates (EW, PT €8): Reflecting the results, we refresh our estimates, with our Barclays, UK

2026 revenue and adjusted EBITDAaL forecasts declining only -0.6%/-0.5%, respectively. Our Maurice Patrick

+44 (0)20 3134 3622

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies maurice.patrick@barclays.com