International arm beats fears and investors send Proximus almost 12 percent higher
The telecoms group raises its forecast for Proximus Global, while the home market holds steady and traditional TV keeps losing customers.
Proximus presented its third-quarter figures on Friday. Underlying revenue was virtually flat at 1.54 billion euros, Trends reports, citing news agency ABM. Underlying EBITDA came in at 461 million euros, down from a year earlier. Net profit rose from 85 to 96 million euros, according to La Libre. On the Brussels stock exchange the share gained 11.79 percent to 6.21 euros, while the Bel20 barely moved. De Tijd describes Proximus as the standout on a trading day otherwise dominated by a wave of selling.
The surprise came from Proximus Global, the international division that has disappointed in recent years. Its revenue fell 2 percent to 369 million euros, but its direct margin returned to growth faster than expected, rising 0.8 percent, La Libre writes. Chief executive Stijn Bijnens is therefore raising the forecasts for Global, De Tijd reports. According to La Libre, Proximus now targets 125 to 135 million euros for the division, more than previously projected. De Tijd argues that the stronger performance abroad outweighs a tougher home market.
In Belgium, Proximus posted revenue of 1.18 billion euros, up 0.3 percent according to La DH. The residential unit grew 2.4 percent to 640 million euros, while the business unit fell 1.9 percent to 464 million euros. The company added a net 18,000 mobile subscriptions and 5,000 internet customers, and by the end of September 2.8 million homes and businesses were connected to fibre, more than 44 percent of the population. The group confirms it expects virtually stable revenue and operating profit in Belgium for 2026.
Cash flow looks less rosy: organic free cash flow stood at 114 million euros at the end of September, compared with 153 million a year earlier, with investments of 835 million euros over nine months, La DH reports. The paper also points to the steady exodus from digital television: 13,000 customers cancelled their Pickx subscription in the third quarter, and 34,000 since January. Streaming services and illegal IPTV, which according to estimates by the FPS Economy already reaches 650,000 Belgian households, are putting pressure on that offering.