Fibre JV catalyst ahead, near-term cash flow remains challenged

Research evidence excerpt

Fibre JV catalyst ahead, near-term cash flow remains challenged

Equity Research

6 July 2026

Belgium Telcos

Fibre JV catalyst ahead, near-term

cash flow remains challenged

We believe Belgian Fibre partnerships can provide strategic European Telecom Services

upside and create value, but elevated capex and weak cash NEUTRAL Unchanged

flow still keep us cautious. While pricing discipline remain European Telecom Services

Ganesha Nageshaintact, competitive intensity could increase over time. We

remain EW PROX. +91ganesha.nagesha@barclays.com(0)22 6175 1712

Barclays, UK

Proximus is approaching key regulatory milestones in its fibre partnerships, which we see Maurice Patrick

as potentially important near-term catalysts with meaningful strategic implications. In +44 (0)20 3134 3622

Flanders, the fibre JV with Telenet remains under regulatory review, with Liberty Global maurice.patrick@barclays.com

indicating that discussions are well advanced and closure is expected soon, with limited Barclays, UK

risk of delays. We would view regulatory approval as highly constructive, as it would Mathieu Robilliard

remove a persistent overhang on both stocks, whilst at the same time structurally +44 (0)20 3134 3288

avoiding Fibre overbuild risk. In Wallonia, the 2025 deal with Proximus/Orange Belgium is mathieu.robilliard@barclays.com

also progressing well, with Proximus management signalling confidence on both the BBI, Paris

regulatory and negotiation fronts. Taken together, we believe these agreements point to a Maxime Delaugerre

more rationalised fibre rollout, improving capital efficiency, supporting higher penetration +44 (0)20 3555 5672

and driving incremental wholesale revenues and margin upside over time. We also note maxime.delaugerre@barclays.com