PROXIMUS (=) : 1Q26 Conf. Call Feedback

Research evidence excerpt

PROXIMUS (=) : 1Q26 Conf. Call Feedback

EQUITIES

TELECOM OPERATORS

PROXIMUS NEUTRALPRICE* EUR6.4  TARGET PRICE EUR7 (UPSIDE 9%)

FLASH NOTE

1Q26 Conf. Call Feedback

13 MAY 2026 Securities Research Report Production time: 14:18* (London time)

Research Analyst & Publishing Entities

Joshua Mills, CFA BNP Paribas London Branch (+44) 203 430 8670 Joshua.Mills@uk.bnpparibas.com

What happened?

Proximus 1Q26 Conf. Call concluded a few moments ago, with shares now +1.25% (as of time of writing) as expected

this morning. See below our 3x key takeaways:

1) Competitive landscape and financials: The mobile market remains “intense”, especially at the low-end, where

B-brands are launching aggressive promotions, while in the broadband segment pricing pressure is milder, with market

entry-level tariffs being modestly raised to preserve market value and offset higher inflation. The new DAZN agreement

for the Belgian league and national-team games is expected to add a modest boost to ARPU while maintaining a diverse

product offering for residential customers. This support will help sustain residential growth and good B2C numbers,

including the 4.2 % year-over-year increase in the convergent customer base this quarter. Moreover, the -1.7% opex

number is not expected to become the new baseline as some reversals will be anticipated but the company remains

confident it will meet its guidance.

2) Fibre developments: Proximus remains a 50 % owner of Unifibre, the joint venture that rolls out fibre in Wallonia.

Management signalled that the consolidation of Unifibre into Proximus is still expected for 2031, but it will evaluate any

acquisition opportunities earlier given the higher interest rate environment that may cause more difficult financing for fibre