Proximus - Once more results are in line, outlook is kept
Also in Q2, Proximus showed that commercial momentum is decent with sales up 4%, but high cost inflation, mainly wage-related, continues to spoil the party resulting in underlying EBITDA of -3.7%FCF in Q2 was slightly positive and is expected to improve in H2 thanks to business trends as well as the sale of its HQ. Outlook is reiterated whereby Domestic sales growth is now guided towards the high-end of the 1-3% rangeAll in all, another solid reporting – we stick to our Hold recommendationMore details in our note issued this morningProximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.
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