Proximus: domestic segment advances, Global division EBITDA declines in Q2 2026
Published on 31 July 2026, Proximus's quarterly report illustrates the divergence between the trajectory of its operations in Belgium, where the group is consolidating its position in fiber optics, and the persistent challenge represented by its Global division.
While the domestic segment displays moderate revenue growth from residential customer services, the Global division is going through a period of adjustment marked by competitive pressures and margin contraction.
The group confirms its 2026 outlook for its Belgian base while tightening expectations for international operations.
Domestic stability, international deceleration
In the second quarter of 2026, the group recorded underlying revenue of €1,530 million, virtually flat on a year-on-year basis on a pro forma basis. The domestic segment generated €1,192 million in revenue, up 1.1% (pro forma), with the residential segment recording growth of 2.2%, driven by a 2.1% increase in customer service revenue.
The residential convergent customer base grew 4.4% year-on-year to reach 1,246,000 customers. Meanwhile, the Global division recorded revenue of €353 million, down 3.9% (or -0.6% at constant exchange rates).
The group's underlying EBITDA stood at €470 million in Q2 2026, down 3% year-on-year (pro forma). At the domestic level, EBITDA reached €441 million, virtually unchanged (+0.3%) compared with Q2 2025, with direct margin improving by 0.8% but offset by a 1.2% increase in operating expenses. Conversely, Global's EBITDA fell 34.9% to €29 million, affected by intensified operating investment to support business recovery and an unfavorable destination mix in voice traffic.
Fiber expansion, cash-flow deterioration
Fiber infrastructure remains the driving force of Proximus's strategy. At end-June 2026, the group had connected 2,753,000 homes and businesses to fiber, bringing the number of active residential and business fiber lines to 820,000, up 44,000 during the quarter. This commercial momentum was accompanied by net additions of 25,000 postpaid mobile cards despite an intense promotional environment.
The group also made progress on two fronts of its network deployment. On 23 July 2026, the Belgian Competition Authority approved the cooperation between Fiberklaar (Proximus subsidiary) and Wyre (Telenet operator) to accelerate multigigabit fiber network deployment in Flanders' peri-urban areas. In Wallonia, Proximus completed the acquisition of all Unifiber shares at end-May 2026, strengthening its control of strategic fiber infrastructure and facilitating completion of the planned network partnership with Orange Belgium to extend gigabit access.
These advances contrast with a deterioration in cash-flow in the first half. Proximus recorded organic free cash-flow of -€25 million in H1 2026, versus -€5 million in 2025, reflecting the 3% decline in underlying EBITDA, higher interest charges and the staggering of multi-year contract renewals. Capital expenditure reached €585 million in H1, up €43 million year-on-year.
2026 guidance confirmed for domestic, tightened for Global
Proximus confirms for 2026 an expectation of underlying revenue for domestic services and domestic EBITDA virtually flat on a pro forma basis. For its Global division, the group has tightened its 2026 EBITDA forecasts, revising them to €110-120 million from the €100-130 million range announced in May 2026, a revision it justifies by the progressive improvement in direct margin trajectory observed since the third quarter of 2025.
The group maintains its 2026 objectives for accounted CAPEX of up to €1.3 billion and organic free cash-flow of approximately €50 million, as well as its Net Debt/EBITDA ratio below 3.0x (S&P definition). Gross dividend per share remains set at €0.30.
According to the group, the guidance adjustment for Global reflects better visibility on operating trends in the course of the year, while the Unifiber acquisition and the cooperation agreement in Flanders are intended to reduce risks weighing on the CAPEX and cash-flow trajectory in the medium and long term.
