Slides
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31 July 2026 Q2 2026 Results presentation
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Cautionary statement This presentation is a subset of the company’s results release. Please consult proximus.com/investors for the overall disclosed information. This communication may include some forward-looking statements, without limitation, regarding Proximus’ financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions and other risk factors. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside Proximus’ control. Therefore, the actual future results may differ materially from those expressed in or implied by the statements. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Except as required by applicable law, Proximus disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document and the Q&A session may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered in conjunction with all the public information regarding the Proximus Group available, including, if any, other documents released by the company that may contain more detailed information. Information related to Alternative Performance Measures (APM) used in this presentation are included in the consolidated management report. 2
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Highlights Proximus Q2 2026 results
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• Domestic delivering robust Q2’26 financial results, with Services revenue stable, including a strong +2.1% YoY growth for Residential, and EBITDA +0.3% YoY • Solid Q2’26 commercial performance: +25,000 Mobile Postpaid cards; +8,000 Internet, +12,000 Convergent; +44,000 Fiber net adds • End-June’26 Fiber footprint scaled to ~2.75M HP , > 43% population coverage. • Q2’26 Global EBITDA of 29M€, Direct margin confirming its steadier trajectory • H1’26 CapEx totaled 585M€, as of 1 June including Unifiber CapEx • H1’26 organic FCF of -25M€, marked by typical in-year phasing of interest, tax and working capital • Major milestones achieved on Fixed network strategy: ✓ Proximus obtaining 100% ownership in Unifiber, solid progress made on Fiber collaboration with Orange Belgium. ✓ Close of Fiber cooperation in Flanders post- BCA approval Highlights Guidance confirmed for all Domestic and Group metrics, Global EBITDA guidance range narrowed to 110M€ - 120M€ Outlook FY’26 4
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Solid performance in Domestic, broadly stable EBITDA YoY Global headwinds led to Group EBITDA of -3.0% *2025 figures adjusted for the BeMobile divestiture to allow for a comparable base Revenue and EBITDA refer to ‘underlying’, for adjustments see appendix **Non-Services revenue: aggregate of Residential Prepaid, Wholesale Interconnect, Lux. Telco, Terminals and IT hardware, Other revenue & Other Operating income Domestic Global Group CapEx (M€, accrued) EBITDA (M€, %YoY) Revenue (M€; %YoY) EBITDA (M€; %YoY) EBITDA (M€; YoY) Impacted by Global headwinds 45 29 Q2’25 Q2’26 -34.9% 440 441 Q2’25* Q2’26 +0.3% 113 101 Q2’25 Q2’26 -10.5% Organic FCF (M€) 527 569 15 H1’25 17 H1’26 542 585 Domestic Global Reported FCF (M€) ✓ Stable services revenue in a competitive environment ✓ Direct margin growth outpacing OpEx increase Direct margin (M€, %YoY) ✓ Easing comparable base YoY, QoQ marginally down ✓ Direct margin steadier trajectory ✓ OpEx reflecting ongoing investments in targeted growth initiatives -8.0% at CC 233 247 946 945 Q2’25* Q2’26 1,179 1,192 +1.1% -32.4% at CC -0.1% Non-Services revenue** Services revenue 5 485 470 Q2’25* Q2’26 -3.0% 266 -82 H1’25 H1’26 Unifiber consolidated as from June’26 -25 -5 H1’25 H1’26 incl. proceeds divestitures incl. acquisition Unfiber
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Internet base 2,367k; +45k YoY, +1.9% YoY TV base 1,561k; -40k YoY, -2.5% YoY Postpaid base* 5,247k; +120k YoY, +2.3% YoY Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,244k; -174k YoY, -12.3% YoY 4 12 14 10 8 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 38 45 33 17 25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 -13 -10 -9 -14 -6 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 -39 -39 -41 -53 -42 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Convergence base 1,246k; +52k YoY, +4.4% YoY 11 12 14 14 12 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 *Excluding M2M Continued solid Domestic commercial performance 6
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Fiber footprint scaled to ~2.75 million fiber homes passed, covering over 43% of the population 71 Fiber park: active Residential + Business fiber lines, incl. new & migrated customers 2 Population coverage: premises passed with fiber compared to total nr of premises 3 Network filling rate: ccompany definition - Homes Activated / Total Homes Passed Ready for commercialization Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 2,416 2,491 2,604 2,665 2,753 +75 +113 +61 +88 Fiber HP (park in ‘000)1 25% Q2’23 29% Q2’24 33% Q2’25 35% Q2’26 Network filling rate3 Total park & net adds (k) 38 39 46 45 44 646 684 731 776 820 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 PXS and affiliates >43% Population coverage2 179 Cities and municipalities with fiber works ongoing 820k fiber customers c. 2.75M Fiber Homes & Businesses Passed
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Major milestones achieved in our Fixed network strategy 8 Fiber collaboration agreement closed Full ownership of Unifiber JV c.80% of Flanders’ c.3.6M premises will be fiber-passed, Proximus to own >60% Solid progress made on future collaboration with Orange Belgium • Obtained 100% ownership in Unifiber by acquiring Eurofiber’s 50.01% stake for 75M€ • Financial & operational synergies largely realized • Eliminating CoGS and IRU working-capital outflows • Greater strategic flexibility to optimize execution and cost efficiency. • Strong utilization potential Flanders Wallonia • Faster and broader Fiber coverage • Improving network economics: • Maximizes network utilization • Wholesale revenue • Gigabit solution for rural areas, level playing field • Supports faster copper phase-out & c.70% of Wallonia’s c.1.9M premises aimed to be fiber-passed, Proximus to own >90%
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Main takeaways from the Flanders collaboration agreement HFC or other Gigabit broadband technology ~1.928M~1M ~0.7M 41.5% of fiber collaboration area ~800K 58.5% of fiber collaboration area ~1,128K Collaboration zone RuralMid-dense Dense • 580K HP by 30 June 2029 • 650K HP by 30 June 2031 • 800K HP by 30 June 2037 • 910K HP by 30 June 2029 • 1,128K HP by 30 June 2037 • ARPU cap at €25.2 for 2025 • Annually indexed by 1.9% • 1 July 2029: one-time 10% adjustment of the cap • Eventual HFC pricing depends on the tier mix • MRC at €19.83/ line/month for reference year 2024 • Compounded annually as of 2025 by a fixed escalator of 1.9%. • €20.97/ line/month for 2027 HFC Pricing (Active Access) FTTH Pricing (Passive Access) Duct access • For all dense areas in Belgium with Proximus P2MP footprint* • FRAND access principles • Sub-ducts Proximus does not need • Pricing is ‘current cost ‘-based, with annual indexation of 1.9%** : • All duct interventions are Proximus- only, charged through one-time fees (-50% from market test fees) • rental fee/meter/month for usage: 25% to 50% of actual cost, depending # of subducts used. • Rental for min. 5 Yrs, with 5Yr extensions. Upfront payment. 9 Standalone Fiber roll-out • Wyre committing to HFC- upgrade in rural areas * Point-to-Multipoint Fiber / Duct access is not offered in the FTTH cooperation area. ** with an exception in case the effective inflation deviates substantially
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• 2026 CapEx estimated to be up to 1.3B€ • 2027 peak-investment year • As from 2028, CapEx to significantly trend down • By 2030, CapEx close to 1.1B€ 10 The closing of the agreement for Flanders solidifies our announced medium- and long-term CapEx and FCF trajectory 2025 2026 2027 2028 2029 2030 c. 400M€ 35% 22 31% 23 29% 24 27% 25 26 27 28 30 Fiber build Customer capex Mobile Other Domestic Global 1.200 1.000 Organic FCF (M€)Group CapEx (M€) Accrued, excl. spectrum & football rights • FY 2026 Organic FCF of c.50M€ • Organic FCF is expected to be above 100M€ for 2027 • Gradually improving to the ambitioned 400M€ by 2030 alongside decreasing CapEx as fiber rollout progresses
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Proximus Global is executing its transformation while strengthening market leadership and building future growth engines 11 Transformation on track 1 • 2026 integration commitments on track. • Bolstered the team with experienced CPaaS leaders • Increased OPEX and CapEx discipline Industry recognition & strategic partnerships • Ranked #1 Global Leader in Sponsored Roaming by Juniper Research • Recognized as a Leader in the 2026 Gartner® Magic Quadrant for CPaaS • Partnerships strengthening our leadership across trusted global communications 2 Investment in AI 3 • New dedicated AI-focused unit to drive AI transformation in our portfolio ✓ Architecture ✓ Data governance ✓ Use case industrialization Heltar, small-sized M&A, strengthens & accelerates AI portfolio AI chatbots Enterprise integrations Workflow automation Omnichannel engagement Connect Engage - Protect
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Q2 2026 results 12
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Q2 Domestic revenue grew +1.1% YoY, with stable Services revenue in a promotional market environment 11 1 14 Q2’25 Residential Customer Services Business Services Wholesale Services Non-Services Revenue* Q2’26 1,179 -12 1,192 +1.1% *Aggregate of Residential Prepaid, Wholesale Interconnect, Lux. Telco, Terminals and IT hardware, Other revenue & Other Operating income Revenue (underlying, M€)Q2 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base -0.1% Services revenue 13
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Q2 Residential revenue increased by +2.2% YoY, including robust +2.1% YoY growth in Customer services revenue Residential revenue (M€, YoY) *Other includes Prepaid, Residential LuxTelco, Other Operating Income, Others 503 502 499 515 514 63 69 92 63 67 56 55 60 53 55 1.2% Q2’25 1.1% Q3’25 1.2% Q4’25 1.5% Q1’26 2.2% Q2’26 622 625 650 631 635 Other* Terminals Customer services YoY Residential revenue +2.5% +1.8% +0.7% +2.3% +2.1% 14
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Residential services revenue continues to be supported by value management and a growing Convergent customer base Customer base (in k) YoY ARPC (overall, €) Q2’25 Q2’26 58.9 59.3 +0.8% 60 60 60 60 60 118 115 114 118 116 325 326 325 337 338 2.5% Q2’25 1.8% Q3’25 0.7% Q4’25 2.3% Q1’26 503 502 499 515 Q2’26 514 2.1% Customer services revenue (M€, YoY) Convergent Fixed only Mobile Voice only YoY Customer Services revenue Customer services revenue up by +2.1% YoY • January 2026 price indexation • Continued migration of customers to higher-ARPC convergent offers • Partly offset by changing brand mix and non-renewal of national Pro League football contract for the season 2025-2026 874 886 782 755 1,194 Q2’25 1,246 Q2’26 2,850 2,887 Convergent Fixed only Mobile voice only +4.4% +3.9% YoY 15
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Business revenue up by +1.8% YoY, driven by significantly higher revenue from IT Products Business revenue (M€, YoY) 2024 and 2025 figures adjusted for the BeMobile divestiture to allow for a comparable base 400 395 396 394 388 68 70 85 72 88 8 -4.9% Q2’25 8 -0.9% Q3’25 9 -1.5% Q4’25 9 -6.0% Q1’26 8 1.8% Q2’26 475 473 491 475 484 Products Lux telco & other Services YoY Business Revenue -1.6% -1.1% -2.7% -2.3% -3.0% 16 Selection of Q2 Customer wins
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Q2 Business services revenue was down -3.0% YoY, mainly due to declines in Mobile & Fixed Voice revenues Business Services revenue (M€) -1.6% IT Services • Soft Q2 2026, with improvement expected later in the year, reflecting the onboarding of major 2025 contract wins. -1.1% Fixed Data • Ongoing Internet revenue growth, offset by ongoing decline in traditional data connectivity • Broadband ARPU +5.2%, with growing share of fiber in the total Internet park -3.5% Mobile • ARPU decline YoY reflecting lower out-of-bundle revenue in an intense competitive market • Customer base stable in Q2 -8.6% Fixed Voice • Volume decline in line with historic trends, partially contained through value management 56 51 114 110 126 125 104 102 Q2’25 Q2’26 400 388 -3.0% IT Fixed Data Mobile Fixed Voice 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base -1.6% -1.1% -3.5% -8.6% 17
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Growth in Fixed & Mobile Wholesale Services revenue partly offsetting the YoY decline in low margin Interconnect revenue Wholesale revenue (M€, YoY) Fixed & Mobile Services revenue +1.2% YoY • Sustained MVNO growth and higher Internet volumes Interconnect revenue -23.1% YoY • Ongoing trend of volume erosion in traditional messaging43 43 46 40 44 18 17 15 15 14 -3.9% Q2’25 -11.8% Q3’25 -1.1% Q4’25 -7.7% Q1’26 61 60 63 55 Q2’26 57 -6.3% Interconnect Fixed & Mobile services Other operating income YoY Wholesale revenue +6.0% -4.6% Q2 revenue +7.4% -2.7% +1.2% 18
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OpEx - Management view (M€) Q2’25 Lower Headcount & Efficiencies Inflation Transformation Customer, Operations & Other Q2’26 465 471 +1.2% *Domestic headcount (FTE): Proximus SA and Domestic Subsidiaries Domestic headcount (FTE)* 203 Q2’25 New hirings Be-Mobile transaction Pensions/ natural outflow Q2’26 10,135 -129 -381 9,827 -307 FTEs 2025 figures adjusted for the BeMobile divestiture to allow for a comparable base Q2 Domestic EBITDA grew by +0.3% YoY with growth in Direct margin outpacing the higher OpEx 7 Q2’25 Direct margin OpEx Q2’26 440 -6 441 +0.3% Domestic EBITDA (M€) 19 76 15 FY’25 New hirings Pensions/ natural outflow Domestic subsidiaries Q2’26 9,959 -222 9,827 -131 YTD June Incl. 12 FTEs Unifiber Executing new Workforce plan ✓ Controlled internal WF reduction through natural outflow ✓ 1/3 of leavers replaced in non- sales ✓ Reskilling/upskilling of employees YoY Q2
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Global EBITDA for Q2 reflects a sequentially steadying Direct margin combined with initial OpEx investments in growth-ambition Direct margin (M€) 83 82 84 83 82 31 Q2’25 23 Q3’25 20 Q4’25 20 Q1’26 19 Q2’26 113 105 104 103 101 -10.5% -8.0% at cc Direct margin on a steadier trajectory since Q3’25; QoQ -1.5% • Communications & Data: Q2 decline limited to -0.8% YoY, cycling the structural downturn in the CPaaS SMS market • P2P Voice & Messaging reflects a less favorable destination mix in Voice traffic P2P Voice & Messaging Commmunications & Data -36.6% YoY -0.8% YoY 68 67 67 70 72 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 +5.6% 45 38 36 33 29 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 -34.9% OpEx (M€) -32.4% at cc EBITDA (M€) 20
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H1 Group CapEx of 585M€, up 8.0% YoY including phasing of content renewal and consolidated Unifiber CapEx YoY CapEx increase mainly result of: • Phasing in content renewal • Fiber-build related CapEx in the mid-dense areas, including the consolidation of Unifiber CapEx as of June 2026 Partly offset by • Lower CapEx needs for the already highly covered densely populated areas Group CapEx M€, booked, excl. spectrum & football rights *Customer CapEx related to connection and activation of fiber and copper customers , and equipment (Modems, Decoders, Wi-Fi repeaters...) 15 H1’25 17 H1’26 542 585 +8.0% Other Customer related* Fiber build Global 30% 28% 21
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H1 Organic FCF of -25M€ driven by lower Group EBITDA and higher interest payments, in part offset by lower Cash CapEx -5 -25 -82 -33 -21 -8 -58 -271 Adjustments H1’25 Organic FCF H1’25 Underlying EBITDA* -2 Change in WC Reported FCF H1’26 Adjustments H1’26 Organic FCF H1’26 Cash Other Investing Cash CapEx 47 Income Tax paid -3 Interests paid and received 266 Reported FCF H1’25 FCF (YoY, M€) InvestingOperations *Group underlying, not adjusted for Be-Mobile 22
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23 1 CapEx is accrued capex, excl spectrum and football rights 2 Organic FCF excludes impacts from asset sales or M&A Metrics YTD 2026 Actuals Outlook FY 2026 Update May 28th 2026 Outlook FY 2026 Update July 31st 2026 Domestic Services revenue 4 0.0% Broadly stable Broadly stable Domestic EBITDA +1.1% Broadly stable Broadly stable Global EBITDA 63M€ 100-130M€ 110-120M€ CapEx1 585M€ Up to 1.3B€ Up to 1.3B€ Organic FCF 2 -25M€ Around 50M€ Around 50M€ Net debt / EBITDA3 nr Remain below 3.0X Remain below 3.0X Gross dividend/share nr 30cts 30cts 3 Aligned with S&P definition 4 Services revenue: B2C Customer services , B2B Telco & IT services, Wholesale services FY’26 guidance confirmed for Domestic and Group, Global EBITDA guidance range narrowed to 110-120M€
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Appendix 25
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From reported EBITDA to underlying EBITDA and pro-forma 561 470 4 Reported Lease depreciations Lease interest Transformation Acquisitions, mergers and disposals Underlying -24 -3 -68 Q2’25 Q2’26 (M€) 598 491 485 5 Reported Lease depreciations Lease interest Transformation Acquisitions, mergers and disposals Underlying BeMobile Pro forma -25 -3 -85 -6 26
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Q2 Group EBITDA impacted by lower EBITDA from Global 13 Q2’25 Domestic Proximus Global Others** Q2’26 1,531 -14 0 1,530 -0.1% Revenue 7 Q2’25 Domestic Proximus Global Others** Q2’26 1,014 -12 0 1,009 -0.5% 1 Q1’25 Domestic Proximus Global Others** Q2’26 485 -16 0 470 -3.0% 6 4 Q1’25 Domestic Proximus Global Others** Q2’26 530 0 539 1.8% *In constant currency **Eliminations Direct margin OpEx EBITDA +1.1% -0.6%* +0.8% +1.2% +5.6% +0.3% -32.4%* -8.0%* (all underlying, M€) 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base 27
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H1 EBITDA conversion to FCF (M€) 938 -25 -82-16 -58 Reported EBITDA H1’26 Adjustments Underlying EBITDA H1’26 Change in WC Interests paid and received Income Tax paid Cash Capex Cash Other Investing Organic FCF H1’26 Adjustments H1’26 Reported FCF H1’26 1,065 -126 -171 -83 -64 -628 28
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Q2 Organic FCF of -43 M€, due to lower EBITDA, higher interest payments and negative change in WC 31 -43 -115 -33 -72 -154 Adjustments Q2’25 Organic FCF Q2’25 -21 Underlying EBITDA* -24 Adjustments Q2’26 Organic FCF Q2’26 Cash Other Investing 2 Cash CapEx 7 Income Tax paid -5 Interests paid and received 185 Change in WC Reported FCF Q2’26 Reported FCF Q2’25 FCF (YoY, M€) InvestingOperations *Group underlying, not adjusted for Be-Mobile 29
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Net income (Group share) (M€) ** Others: Include non-controlling interests and Share of loss from associates 313 278 25 27 13 YTD’25 Underlying EBITDA* Adjustments D&A and goodwill impairment Net finance result Tax expense Others** YTD’26 -33 -2 -65 -11.2% *Group underlying, not adjusted for Be-Mobile 30
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H1 Adjusted Net Financial Position (excl. lease liabilities) * > 3 months **Other: Mainly re-measurements to FV & amortisation of loans (incl. CF hedge for new LT loan) (M€) -25 -79 -97 -18 -400 -9 Adj. Net fin position at end December 2025 Organic FCF M&A Divestments Dividends (incl. NCI) Fixed deposit* Unifiber Other** Adj. Net fin position at end June 2026 -3,568 21 -4,174 31
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441 700 Cash & short term investments Revolving Credit Facility Total liquidity end-June 1,141 Strong liquidity position… (M€, end-June) 11 550 500 Debt maturities 2026 Debt maturities 2028 Debt maturities 2030 Total maturities 2026-2030 1,061 …covering debt maturities until 2030* (M€) • Increase in Gross Debt and Net Financial Position because of Unifiber acquisition • S&P: BBB+/Stable and Moody’s: A3/Stable reiterated after the acquisition of Unifiber • On track to deliver FY guidance (leverage below 3.0x ; S&P definition) • Strong liquidity position of >1.0€B covering near term maturities Robust liquidity position and reconfirmed strong investment grade profile 737 652 677 700 441 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 4,873 4,135 5,095 4,072 1,023 4,612 3,960 4,609 3,932 4,606 3,906 5,018 4,551 Gross debt Net financial position (incl. lease liabilities) Cash & investments 32 *Excluding 400M€ Unifiber bank debt repaid in July 2026
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Debt maturity profile (M€)*Fixed vs. floatingDebt by type 11 500 750 700 750 750 150 ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 ’40 550 800 Hybrid bonds Eurobonds EIB Loan Yen PP 0.2% 14.1% 77.6% 8.1% 99% 1% 3.2% Weighted average coupon (including hybrid) 7 years Weighted average duration Fixed FloatingHybrid bonds Eurobonds EIB loan Yen PP *Excluding 400M€ Unifiber bank debt repaid in July 2026 Credit ratings BBB+/Stable - S&P A3/Stable - Moody’s Debt portfolio 33
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Shareholder structure Status 30/06/2026 Number of shares % shares % Voting rights % Dividend rights Number of shares with voting rights Number of shares with dividend rights Belgian state1 180,887,569 53.51% 56.07% 55.95% 180,887,569 180,887,569 Proximus own shares2 15‚388,699 4.55% 0.00% 0.21% 0 693,702 Free-float 141,748,867 41.93% 43.93% 43.84% 141,748,867 141,748,867 Total 338,025,135 100% 100% 100% 322,636,436 323,330,138 2 The voting rights of all treasury shares are suspended by law. Proximus has 14,694,997 treasury shares that are not entitled to dividend rights and 693,702 treasury shares that are entitled to dividend rights. Transparency declarations: According to Proximus’ bylaws, the thresholds as from which a shareholding needs to be disclosed have been set at 3% and 7.5%, in addition to the legal thresholds of 5% and each multiple of 5%. 42% Free-float 54% Belgian Government 338,025,135 Total number of shares ~€ 2.0Bn Market Capitalization ~5.1% Gross Dividend yield3 1 Through the Federal Holding and Investment Company (SFPIM) 34 3 Based on gross dividend of EUR 30cts per share over the result of 2026 and closing stock price on 30/06./2026 of 5,85€
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Contact Investor Relations Proximus Investor Relations website: www.proximus.com/en/investors Call: +32 2 202 82 41 E-mail: investor.relations@proximus.com Nancy Goossens Investor Relations Lead Bart Boone Investor Relations Manager 35