Proximus PLC Q1 2026 Earnings Recap

The +3.1% stock reaction reflects investor relief as domestic revenue growth, fiber subscriber gains, and stable Global direct margin signaled resilience amid mixed underlying trends. Key advances in fiber adoption and operational execution offset ongoing pressure in B2B hardware sales and a slight group EBITDA decline.

Key Takeaways

• Domestic service revenues were stable despite intense competition and a decline in sports content revenue; Domestic EBITDA grew 1.9% supported by lower OpEx.
• Broadband fiber customers increased by 45,000 in Q1 to a total of 776,000, with fiber homes passed reaching nearly 2.7 million (42% population coverage).
• The Global segment maintained a stable direct margin for the third consecutive quarter, though EBITDA remained down year-over-year, contributing to a 1.9% group EBITDA decline.
• B2B revenues declined due to a drop in IT hardware sales (-EUR 22 million), driven by a tough comparable base and some temporary business slowdown, partly offset by stable IT services and only a mild decrease in fixed data revenue (-1%).
• Free cash flow improved significantly to EUR 32 million (organic EUR 19 million), reflecting operating improvements and continued capex discipline despite heavy investments (EUR 261 million in Q1).