Proximus（比利时电信集团）

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J P M O R G A N

Europe Equity Research

31 July 2026

Proximus

Overweight

PROX.BR, PROX BB

Price (30 Jul 26):€6.25

2% revenue beat (mainly global). EBITDA a touch

ahead. FCF light (capex phasing)

Price Target (Dec-27):€10.90

Our Take: (1) Results: Revenues €1,530m are 2.2% (€33m) ahead of company

consensus. Domestic service revenues €945m are -0.2% (€2m) light and Global

€353m is 7.0% (€23m) ahead. EBITDA €470m is 0.4% (€2m) ahead, with

Domestic €441m 0.9% (€4m) ahead and Global €29m +3.6% (€1m) ahead (the

slight inconsistency between the divisional and group EBITDA beats is because we

use median consensus). EPS €48c (cons €24c) with the large beat reflecting

reported to underlying EBITDA bridge items. Organic FCF -€43m (cons -€17m).

KPIs are mixed, (2) 2026 guide: Unchanged with the exception of a narrowing of

the Global EBITDA range from €100-130m to €110-120m (cons €116m).

European Telecommunication

Services

Specialist Sales contact details:

Noteworthy Areas: Underlying revenues of €1,530m are 2.2% (+€33m)

ahead of company-provided consensus, -0.1% y/y (Q1 -6.2%). In the mix,

underlying domestic service revenues of €945m are 0.2% below (-€2m) and

Global €353m 7.0% ahead (+€23m). Underlying domestic service revenue flat

y/y (Q1 +0.1%), while Global -3.8% y/y (Q1 -18.8%). Underlying group

EBITDA €470m is 0.4% ahead (€2m) -3.1% y/y (Q1 -1.9%), with Domestic

EBITDA €441m 0.9% ahead (+€4m) and Global EBITDA €29m +3.6% ahead

(+€1m). Accrued Capex €325m +13.6% (+€39m) ahead, and Organic FCF €43m (cons -€17m). Fiber build +88k premises (Q1 +61k), taking its fibre

footprint to 2,753m homes. KPIs are mixed, with convergent adds +12k (cons

+10k), broadband net adds +8k (cons +7k), TV -6k, postpaid +25k (cons +20k)

and fixed voice -42k (cons -35k).

Akhil Dattani AC

(44-20) 7134-4725

J.P. Morgan Securities plc

Ankur Baheti, CFA

(91-86) 5796-8820

J.P. Morgan India Private Limited

Scott Silver - Specialist Sales European TMT

(44-20) 7134-0412

Guidance: Unchanged with the exception of a narrowing of the Global

EBITDA range from €100-130m to €110-120m (cons €116m). (1) Domestic

service revenues expected to be “broadly stable” in 2026 on LFL basis i.e.

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