Slides
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30 October 2026 Q3 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
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• Solid Q3’26 commercial performance: +18,000 Mobile Postpaid cards including +23,000 in Residential; +5,000 Internet, +7,000 Convergent; +38,000 Fiber net adds • Domestic Services revenue growth of +0.4%, including a strong +2.9% YoY growth for Residential. • Q3’26 Domestic EBITDA -1.4% YoY, including Unifiber consolidation impact on OpEx • Fiber footprint further scaling, ~2.81M HP , >44% population coverage • Global strategy delivering, Direct margin turned to growth (+0.8%) with Communications & Data up +4.4%, EBITDA of 35M€ • YTD’26 CapEx totaled 835M€ • YTD’26 organic FCF of 114M€ Highlights Reiterated for Domestic Global EBITDA raised to 125-135M€ CapEx to be below 1.3B€ Organic FCF raised to ‘around 100M€’. Outlook FY’26 4
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Q3 delivered slight growth in Domestic revenue. Global direct margin up +0.8% YoY. Strong Q3 cash generation resulting in YTD Organic FCF of 114M€ 2025 figures adjusted for the BeMobile divestiture to allow for a comparable base Revenue and EBITDA refer to ‘underlying’, for adjustments see appendix 1Non-Services revenue: aggregate of Residential Prepaid, Wholesale Interconnect, Lux. Telco, Terminals and IT hardware, Other rev enue & Other Operating income 2Definition of FCF has been refined, now including financing arrangements similar to leases . (FCF YTD 2025 was EUR 428M according to the old definition) Domestic Global Group CapEx (M€, adjusted) EBITDA (M€, %YoY) Revenue (M€; %YoY) EBITDA (M€; %YoY) EBITDA (M€; YoY) Including unfavorable OpEx comparison for Domestic 38 35 Q3’25 Q3’26 -8.1% 38 35 432 426 Q3’25 Q3’26 -1.4% 432 426 105 106 Q3’25 Q3’26 +0.8% 105 106 Organic FCF2 (M€) 800 811 26 YTD’25 24 YTD’26 826 835 Domestic Global Reported FCF 2 (M€) ✓ Services revenue growth in highly promotional market ✓ Higher DM not offsetting increase in non-workforce OpEx, largely due to Unifiber consolidation Direct margin (M€, %YoY) ✓ Direct margin turning to growth ✓ Margin increase offset by OpEx, reflecting initial investments in targeted growth initiatives +2.1% at CC 240 240 939 943 Q3’25 Q3’26 1,179 1,183 +0.3% 240 240 939 943 -6.2% at CC +0.4% Non-Services revenue 1 Services revenue 5 470 461 Q3’25 Q3’26 -2.0% 423 YTD ’25 YTD ’26 54 Unifiber consolidated as from June’26 153 114153 114 YTD ’25 YTD ’26 incl. proceeds divestitures incl. acquisition Unfiber
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Internet base 2,372k; +38k YoY, +1.6% YoY TV base 1,548k; -43k YoY, -2.7% YoY Postpaid base* 5,265k; +93k YoY, +1.8% YoY Quarterly Net adds – Total Domestic (total Residential, Business, Tango, in ‘000) Fixed Voice base 1,206k; -174k YoY, -12.6% YoY 12 14 10 8 5 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 45 33 17 25 18 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 -10 -9 -14 -6 -13 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 -39 -41 -53 -42 -38 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Convergence base 1,254k; +47k YoY, +3.9% YoY 12 14 14 12 7 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 *Excluding M2M Maintaining good Domestic commercial performance despite intense promotional activity during the quarter 6
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Fiber footprint scaled to ~2.81 million fiber homes passed, covering over 44% 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 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 2,491 2,604 2,665 2,753 2,814 +113 +61 +88 +61 Fiber HP (park in ‘000)1 Q3’23 Q3’24 Q3’25 26% 30% 33% Q3’26 35% Network filling rate3 Total park & net adds (k) 39 46 45 44 38 684 731 776 820 858 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 PXS and affiliates >44% Population coverage2 180 Cities and municipalities with fiber works ongoing 858k fiber customers c. 2.81M Fiber Homes & Businesses Passed
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AI agents a next step in the evolution of customer choice Satellite technology complementary to our high-quality Fixed & Mobile network Satellite and AI agents put into perspective Belgium densely populated & very well connected • Belgium ranks among most dense EU countries1 • Fiber coverage towards 80% with fiber collaboration, HFC & FWA complement fiber gigabit coverage. • Fiber speed up to 10Gbps, symmetrical & low latency Build on our differentiated offers and services Generative engine optimization; understand AI agents choices and use flexibility in product portfolio across our 3 brands. Our strong brands reinforce loyalty • Solid NPS across all residential brands • Strong fiber association to Proximus brand • Proximus For You - loyalty program Satellite capacity & speed constraints • Shared medium, asymmetric, very limited upload speed • Capacity remains a physical constraint, even with further scaling, only limited share of households can be served Opportunity to offer satellite as paid add-on Investigating potential extension of offers with satellite option/add-on through wholesale agreements Highly converged Belgian market • Bundling of services improve retention. • c.85% of ‘25 broadband lines sold in Belgium were in a bundle • Nation-wide high-quality Mobile network • 99% 5G indoor coverage by end’27 • 5G data speeds up to 500Mbps; 5G+ up to 1Gbps • Obtained largest spectrum portfolio, valid till 2040+ Active back book management • Actively moving customers to new commercialized offers as part of portfolio simplification • 1 Belgium is the third most densely populated EU member state after Malta and the Netherlands, with ~167 households per km²
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Proximus Global is strengthening its core while building the foundations for future growth Grow the core 1 • Improved farming of large customers in Protect/Engage • Connect reinforced scale through new Roaming wins • Growth portfolio gaining traction, Validate leadership • IoT Global Awards 2026 winner for Sim for Things Secure Sovereign eSIM solution • Gold Winner in the 2026 Merit Awards for Technology, in the 5G and Next Generation Mobile Communications category • BICS finalist in Network APIs & Programmable Networks category of the 2026 Fierce Network Innovation Awards 2 Build the future 3 • Heltar fully integrated and expanding Proximus Global’s conversational AI capabilities • Telesign and Bancontact Company partnership to prevent payment fraud • Route Mobile launched new Salesforce-native messaging app on AgentExchange • Expanded ecosystem positioning by BICS joining the SCION Association Q3’25 Q3’26 DM – growth products (Omnichannel, Digital Identity, IoT, Cloud com) 9
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Q3 2026 results 10
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Q3 Domestic revenue grew +0.3% YoY, with growing Services revenue in a promotional market environment 14 0 Q3’25 Residential Customer Services Business Services Wholesale Services Non-Services revenue1 Q3’26 1,179 -11 0 1,183 +0.3% 1 Aggregate of Residential Prepaid, Wholesale Interconnect, Lux. Telco, Terminals and IT hardware, Other revenue & Other Operating income Revenue (underlying, M€)Q3 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base +0.4% Services revenue 11
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Q3 Residential revenue increased by +2.4% YoY, including robust +2.9% YoY growth in Customer services revenue Residential revenue (M€, YoY) 502 499 515 514 516 69 92 63 67 70 55 60 53 55 55 1.1% Q3’25 1.2% Q4’25 1.5% Q1’26 2.2% Q2’26 2.4% Q3’26 625 650 631 635 640 Other* Terminals Customer services YoY Residential revenue +1.8% +0.7% +2.3% +2.1% +2.9% Internet park (k) Postpaid park (k) Excl. M2M Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 1,840 1,856 1,867 1,876 1,883 2.3% Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 3,077 3,108 3,127 3,150 3,173 3.1% *Other includes Prepaid, Residential LuxTelco, Other Operating Income, Others 12
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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, €) Q3’25 Q3’26 58.5 59.6 +1.7% 60 60 60 60 61 114 118 116 114 326 325 337 338 341 1.8% Q3’25 0.7% Q4’25 2.3% Q1’26 2.1% Q2’26 2.9% Q3’26 502 499 515 514 516 115 Customer services revenue (M€, YoY) Convergent Fixed only Mobile voice only YoY Customer Services revenue Customer services revenue up by +2.9% YoY,ARPC up +1.7% YoY • Modest support from renewed Belgian Jupiler Pro League broadcasting rights. • Continued migration of customers to higher-ARPC convergent offers • January 2026 price increase • Partly offset by changing brand mix 884 890 778 748 1,206 Q3’25 1,254 Q3’26 2,867 2,892 Convergent Fixed only Mobile Voice only +3.9% +4.7% YoY 13
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14 Business revenue declined by -1.9% YoY, impacted by lower Services revenue 2024 and 2025 figures adjusted for the BeMobile divestiture to allow for a comparable base 395 396 394 388 383 70 85 72 88 72 8 -0.9% Q3’25 9 -1.5% Q4’25 9 -6.0% Q1’26 8 1.8% Q2’26 9 -1.9% Q3’26 473 491 475 484 464 Products Lux telco & other Services YoY Business Revenue -1.1% -2.7% -2.3% -3.0% Selection of Q3 Customer wins -2.8%
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Q3 Business services revenue was down -2.8% YoY, broadly in line with previous quarters Business Services revenue (M€) -2.8% IT Services • Project implementation delays, partly offset by continued cybersecurity growth. • Longer-term pipeline remains solid, performance expected to improve. +0.5% Fixed Data • Ongoing Internet revenue growth, partly offset by ongoing decline in traditional data connectivity. • Broadband ARPU +5.7%, with growing share of fiber in the total Internet park -3.7% Mobile • ARPU decline YoY reflecting lower out-of-bundle revenue in an intense competitive market -8.9% Fixed Voice • Volume decline in line with historic & market trends, partially contained through value management 54 49 112 108 124 124 104 101 Q3’25 Q3’26 395 383 -2.8% IT Fixed Data Mobile Fixed Voice 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base -2.8% +0.5% -3.7% -8.9% 15
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Fixed & Mobile Wholesale Services revenue remained broadly stable YoY, low-margin Interconnect revenue continued to decline Wholesale revenue (M€, YoY) Fixed & Mobile Services revenue +0.6% YoY • Sustained MVNO growth, higher roaming and fiber volumes • Partly offset by the consolidation effect of services provided to Unifiber Interconnect revenue -30.3% YoY • Ongoing trend of volume erosion in traditional messaging43 46 40 44 43 17 15 15 14 12 -11.8% Q3’25 -1.1% Q4’25 -7.7% Q1’26 -6.3% Q2’26 -8.1% Q3’26 60 63 55 57 55 Interconnect Fixed & Mobile services Other operating income YoY Wholesale revenue -4.6% +7.4% -2.7% +1.2% 16 +0.6%
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OpEx - Management view (M€) Q3’25 Lower Headcount & Efficiencies Inflation Transformation Customer, Operations & Other Q3’26 465 476 +2.4% 1Domestic headcount (FTE): Proximus SA and Domestic Subsidiaries Domestic headcount (FTE)1 187 Q3’25 New hirings Be-Mobile transaction Pensions/ natural outflow Q3’26 10,084 -125 -367 9,778 -306 FTEs 2025 figures adjusted for the BeMobile divestiture to allow for a comparable base Q3 Domestic EBITDA -1.4% YoY, as Direct margin growth was offset by higher OpEx, Unifiber included. 5 Q3’25 Direct margin OpEx Q3’26 432 -11 426 -1.4% Domestic EBITDA (M€) 17 123 FY’25 New hirings Pensions/ natural outflow Domestic subsidiaries Q3’26 9,959 -307 4 9,778 -180 YTD Sep Incl. 11 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 Q3 o/w ~5m Unifiber
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Global Direct margin turning to growth in Q3, partly offsetting inflationary OpEx impacts and initial investments in targeted growth initiatives Direct margin (M€) 82 84 83 82 86 23 Q3’25 20 Q4’25 20 Q1’26 19 Q2’26 20 Q3’26 105 104 103 101 106 +0.8% +2.1% at cc Direct margin increase +0.8% YoY, QoQ +4.5% DM % of revenue 28.7% , +0.8 pp YoY • Communications & Data: Q3 +4.4% YoY on stabilizing CPaaS SMS and increased direct margin from ‘growth’ products • P2P Voice & Messaging limited its Direct margin decline; structural volume erosion in the legacy P2P Voice market P2P Voice & Messaging Commmunications & Data -12.7% YoY +4.4% YoY 67 67 70 72 71 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +5.8% 38 36 33 29 35 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 -8.1% OpEx (M€) -6.2% at cc EBITDA (M€) 18
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YTD CapEx of 835M€. YoY increase contained by phasing and disciplined capital allocation 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 • Customer connections and equipment Partly offset by • Lower CapEx needs for the already highly covered densely populated areas • RAN upgrade and 5G build beyond peak and moving into its final phase Group CapEx (underlying)1 (in M€) 1Management view 2Customer CapEx related to connection and activation of fiber and copper customers , and equipment (Modems, Decoders, Wi-Fi repeaters...) YTD Q3’25 YTD Q3’26 826 26 835 24 Other Customer related2 Fiber build Global 29% 30% 19
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Strong organic FCF of 142 M€ in Q3’26 lifts YTD FCF to 114M€. 153 114 54 48 Adjustments YTD ’25 Organic FCF YTD ’25 Underlying EBITDA* Change in WC Interests paid and received -1 Income Tax paid Cash CapEx Reported FCF YTD ’26 Adjustments YTD ’26 Organic FCF YTD ’26 Cash Other Investing 423 -47 -19 -6 -59 -269 -14 Reported FCF YTD ’25 FCF (YoY, M€) InvestingOperations *Group underlying, not adjusted for Be-Mobile 20 The FCF definition was adjusted , treating cash-out related to asset financing arrangements equally to leasing, with 2025 figures restated accordingly’
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21 1 On underlying basis, and 2025 adjusted for the divestiture of Be-Mobile to allow for a comparable base 2 Adjusted, management view 3 Organic FCF excludes impacts from asset sales or M&A 4 Aligned with S&P definition 5 2025 adjusted for Proximus ADA, following the organizational change, moving ADA into the Business unit Guidance metrics YTD 2026 Actuals Outlook FY 2026 Update July 31st 2026 Outlook FY 2026 Update October 30th 2026 Domestic Services revenue 1,5 +0.1% Broadly stable Broadly stable Domestic EBITDA1 +0.3% Broadly stable Broadly stable Global EBITDA 98M€ 110-120M€ 125-135M€ CapEx2 835M€ Up to 1.3B€ Below 1.3B€ Organic FCF 3 114M€ Around 50M€ Around 100M€ Net debt / EBITDA4 nr below 3.0X below 3.0X Gross dividend/share nr 30cts 30cts Guidance: Global EBITDA raised to 125–135M€, organic FCF raised to ‘around 100M€’
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Appendix 23
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From reported EBITDA to pro-forma 479 4619 1 Reported Lease depreciations Lease interest Transformation Acquisitions, mergers and disposals Underlying -25 -3 Q3’25 Q3’26 (M€) 495 475 4706 5 Reported Lease depreciations Lease interest TransformationAcquisitions, mergers and disposals Underlying BeMobile Pro forma -25 -3 -4 Litigation / regulation -3 24
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Q3 Group EBITDA 4 2 Q3’25 Domestic Proximus Global Others2 Q3’26 1,537 -8 1,535 -0.2% Revenue 5 1 2 Q3’25 Domestic Proximus Global Others2 Q3’26 996 1,004 0.7% Q3’25 Domestic Proximus Global Others2 Q3’26 470 -6 -3 0 461 -2.0% 11 4 2 Q3’25 Domestic Proximus Global Others2 Q3’26 526 543 3.2% 1 In constant currency 2 Eliminations Direct margin OpEx EBITDA +0.3% -0.5%1 +0.5% +2.4% +5.8% -1.4% -6.2%1 +2.1%1 (all underlying, M€) 2025 figures adjusted for the Be-Mobile divestiture to allow for a comparable base 25 o/w c. 5M Unifiber consolidation
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EBITDA conversion to FCF YTD 2026 (M€) 114 54 Reported EBITDA YTD’26 Adjustments Underlying EBITDA YTD’26 Change in WC Interests paid and received Income Tax paid Cash Capex Cash Other Investing Organic FCF YTD’26 Adjustments YTD’26 Reported FCF YTD’26 1,544 -144 1,399 -140 -89 -70 -972 -15 -59 26
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Q3 Organic FCF of 142 M€, a 20M€ decline YoY, mainly due to higher cash CapEx, partly offset by working capital 47 Cash CapEx 2 Cash Other Investing Organic FCF Q3’26 -1 Adjustments Q3’26 Reported FCF Q3’26 Income Tax paid 2 Interests paid and received 2 Change in WC Underlying EBITDA1 -14 Organic FCF Q3’25 Adjustments Q3’25 2 -59 160 162 142 140 Reported FCF Q3’25 FCF (YoY, M€) InvestingOperations 1 Group underlying, not adjusted for Be-Mobile 27 The FCF definition was adjusted , treating cash-out related to asset financing arrangements equally to leasing, with 2025 figures restated accordingly’
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YTD’26 Net income (Group share) (M€) 2 Others: Include non-controlling interests and Share of loss from associates 398 374 47 30 10 3 YTD’25 Underlying EBITDA1 Adjustments D&A and goodwill impairment Net finance result Tax expense Others2 YTD’26 -47 -67 -5.9% 1 Group underlying, not adjusted for Be-Mobile 28 Includes a.o. 69M€ gain on Unifiber in 2026 vs. gains in 2025: 77M€ on Datacenter sale; 88M€ on Luxembourg mobile towers sale
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YTD Adjusted Net Financial Position (excl. lease liabilities) 1 > 3 months 2 Other: Mainly re-measurements to FV & amortization of loans (incl. CF hedge for new LT loan) (M€) -82 -103 -19 -400 -6 Adj. Net fin position at end December 2025 Organic FCF M&A Divestments Dividends (incl. NCI) Fixed deposit1 Unifiber Other2 Adj. Net fin position at end September 2026 -3,568 114 23 -4,041 29
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470 700 Cash & short term investments Revolving Credit Facility Total liquidity end-Sept 1,170 Strong liquidity position… (M€, end-September) 11 550 500 Debt maturities 2026 Debt maturities 2028 Debt maturities 2030 Total maturities 2026-2030 1,061 …covering long term debt maturities until 2030 (M€) • S&P: BBB+/Stable and Moody’s: A3/Stable • On track to deliver FY 2026 guidance (leverage below 3.0x ; S&P definition) • Strong liquidity position of >1.0€B covering near term maturities Strong liquidity position 737 652 677 700 441 470 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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 4,914 4,422 Gross debt Net financial position (incl. lease liabilities) Cash & investments 30
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Long term 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 14% 78% 8% 0% 99% 1% 3.2% Weighted average coupon (including hybrid) 6.5 years Weighted average duration Fixed FloatingHybrid bonds Eurobonds EIB loan Yen PP Credit ratings BBB+/Stable - S&P A3/Stable - Moody’s Debt portfolio 31
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Shareholder structure Status 30/09/2026 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% 56.06% 55.94% 180,887,569 180,887,569 Proximus own shares2 15‚367,652 4.55% 0.00% 0.21% 0 693,702 Free-float 141,769,914 41.94% 43.93% 43.84% 141,769,914 141,769,914 Total 338,025,135 100% 100% 100% 322,657,483 323,351,185 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 ~5.0% Gross Dividend yield3 1 Through the Federal Holding and Investment Company (SFPIM) 32 3 Based on gross dividend of EUR 30cts per share over the result of 2026 and closing stock price on 30/09/2026 of 6.04€
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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 33