Proximus Ends 2025 with Strong Domestic Performance Despite Group Downturn
Proximus Group reports a solid fourth quarter in 2025 with strong commercial performance in Belgium, highlighted by the addition of 33,000 mobile subscribers and 14,000 internet customers. On a consolidated level, revenue declined by 6.0% year-over-year on a constant perimeter basis, while EBITDA increased by 0.7%.
Robust Domestic Segment Performance in a Competitive Market
Proximus's domestic segment showed solid commercial performance in the highly competitive market during the fourth quarter of 2025. The group recorded the addition of 33,000 Mobile Postpaid cards and 14,000 internet customers during this period. In terms of revenue, the domestic segment remained nearly stable on a constant perimeter basis with a slight decline of 1% year-over-year on an underlying basis, excluding the impact of the Be-Mobile sale. Domestic EBITDA saw a growth of 3.1% year-over-year on a constant perimeter basis, or 2.3% on an underlying basis, driven by a reduction in operating expenses.
Consolidated Revenue Decline Amid Global Division Challenges
On a consolidated level, Proximus Group recorded a revenue decline of 6.0% year-over-year on a constant perimeter basis in the fourth quarter of 2025, or 6.6% on an underlying basis. This contraction primarily reflects the challenges faced by the Proximus Global division, whose EBITDA fell by 19.4% in the fourth quarter year-over-year, or 14.2% at constant exchange rates, due to negative impacts as anticipated. Nevertheless, consolidated EBITDA still managed to grow by 0.7% on a constant perimeter basis and remained nearly stable on an underlying basis. The fiber coverage expanded to 2.6 million homes and businesses connected to the network, representing about 42% coverage by the end of 2025.
Investment Expenditures and Financial Outlook for 2026
Proximus's investment expenditures amounted to 1,249 million euros for the entire year of 2025. Reported free cash flow reached 480 million euros during this period, including an organic free cash flow of 130 million euros. For 2026, the group forecasts nearly stable domestic revenue and EBITDA, Global EBITDA between 100 and 130 million euros, organic free cash flow up to 100 million euros, and investment expenditures between 1.2 and 1.25 billion euros. The Net Debt/EBITDA ratio is expected to be around 2.8x. The Board of Directors proposes a gross dividend of 0.6 euros per share based on the 2025 results.
