Proximus Targeting € 400m FCF by 2030, dividend cut in FY26
Proximus reported solid 4Q25 results, with the underlying EBITDA of € 437m broadly in line with expectations (kbcse: € 433m, css: € 434m) while the FY25 organic FCF of € 130m came in slightly ahead (kbcse: € 107m, css: € 102m). Although the outlook 2026 was broadly in line, we welcome the lower capex spending of between € 1.20- € 1.25bn (kbcse: € 1.30bn, css: € 1.29bn), resulting in a better than expected FCF guidance for 2026 of up to € 100m (kbcse: € 39m, css: € 24m). By 2030, the group expects capex to decline to below € 1.0bn, resulting in a 2030 organic FCF of c. € 400m (kbcse: € 388m, css: € 336m). While the group announced a dividend of € 0.6ps for 2025, the dividend will be lowered to € 0.30ps in 2026, € 0.40ps in 2027 and € 0.50ps by 2028. We look forward to the CMD later today and reiterate our Accumulate and € 8.7 TP.Proximus 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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