Proximus Q2 – Global improving / Guidance reiterated

研报英文原文证据摘录

Proximus Q2 – Global improving / Guidance reiterated

Global Research

31 July 2026ab

Proximus Equities

BelgiumQ2 – Global improving / Guidance reiterated

Fixed-Line Communications

12-month rating Neutral

Q2 reassuring but longer-term Global trajectory and FCF debated

Q2 financials saw a +2.7% beat on revenue largely driven by easing Global declines with 12m price target €7.40

a +0.9% beat on Group EBITDA – see Figure 1ProximusQ2-26Beats&Mises for the beats and misses. Domestic KPIs

remained solid. 2026 Domestic guidance was reiterated with Global EBITDA guidance

Price (30 Jul 2026) €6.25

narrowed (mid-point unchanged). We think Q2 results are solid with the Global

trajectory particularly encouraging. Overall, Proximus shares have underperformed the RIC: PROX.BR BBG: PROX BB

sector materially (down -12% YTD vs the sector +9%) given a dividend cut at the CMD

Trading data and key metrics

and recent consolidation of a fibre JV (Unifiber). A positive catalyst in regulatory approval

52-wk range €8.47-5.77

of fibre cooperation with Telenet/Wyre in the North (link) led to a modest bounce in the

shares and further cooperation in the South with Orange could soon be announced Market cap. €2.01b/US$2.32b

(link). However, longer-term concerns remain on: [1] the Group’s FCF trajectory with the Shares o/s 322m (ORD)

dividend currently uncovered and; [2] if the Global unit can turnaround to growth amid Free float 41%

pressures on the legacy portion of the business. Whilst satellite competition may also a Avg. daily volume ('000) 366

concern, we think the Belgian market is unlikely to see meaningful disruption given high Avg. daily value (m) €2.3

levels of convergence and urban population density – see our deep-dive note / video for Common s/h equity (12/26E) €4.76b