Proximus PLC (PROX.BR) Bundle
From its 1930 founding as Belgacom SA to the 2014 rebrand into Proximus and the 2024 launch of Proximus Global, Belgium's telecom giant has pushed deep into fiber, 67% 5G indoor coverage (2024) and enterprise-grade digital services while reshaping its portfolio-most notably the €128 million sale of data centers completed in March 2025-to sharpen focus on connectivity and platforms; with the Belgian state owning a controlling 53.51% stake (Oct 31, 2025), a 13-member board led by Stefaan De Clerck, and governance bolstered by independent directors and specialist committees, Proximus blends public influence with market discipline, reporting trailing-twelve-month revenue of €6.37 billion and net income of €473 million as it pursues bold2025, plans to divest over €400 million in non-core assets, drives high-single-digit Direct Margin growth for Telesign/BICS (2022-2025), and stakes a dominant position-39.26% market share and ~€2.26 billion market cap (Dec 19, 2025)-while offering a compelling 8.57% dividend yield (ex-dividend Dec 3, 2025); read on to unpack Proximus's history, ownership, mission, operating model and the revenue engines behind its resilience and strategic pivot.
Proximus PLC (PROX.BR): Intro
Proximus PLC (PROX.BR) traces its origins to 1930 when it was founded as Belgacom SA and has grown into Belgium's leading integrated telecommunications and digital services provider. Over decades the company transitioned from a national telecom monopoly to a diversified digital communications group focused on connectivity, ICT services, media and cloud solutions.- Founded: 1930 (as Belgacom SA)
- Rebrand: 2014 - Belgacom renamed Proximus to reflect a customer-centric, integrated strategy
- International consolidation: 2024 - launched Proximus Global to unify international activities
- Infrastructure milestone: 2024 - achieved over 67% 5G indoor coverage in Belgium
- Asset rotation: Oct 2024 - announced sale of data centers to Datacenter United for €128 million; transaction completed March 2025
- Core focus: fixed and mobile connectivity, fiber rollout, 5G services, ICT & managed services, and digital transformation for business customers
- Network modernization: sustained investments in fiber-to-the-home (FTTH) deployments and nationwide 5G rollout to increase capacity, speed and reliability
- Strategic pivot: greater emphasis on higher-margin B2B services, cloud and managed services, and international growth under Proximus Global
| Segment | Primary activities | Revenue drivers |
|---|---|---|
| Consumer (fixed/mobile) | Retail mobile subscriptions, fixed broadband (DSL / FTTH), TV/content packages | Monthly subscription fees, equipment sales (routers, set-top boxes), add-on services |
| Business & Enterprise | Connectivity, cloud & datacenter services (prior to sale), managed ICT, cybersecurity, IoT | Long-term contracts, service-level agreements, project-based professional services |
| Wholesale & Roaming | Network access to other operators, wholesale fiber access, roaming agreements | Interconnection fees, wholesale capacity sales, roaming settlements |
| New growth initiatives | Proximus Global, digital platforms, partnerships for edge/cloud services | International contracts, platform licensing, managed platform fees |
- Modernization spend: multi-year CAPEX programs focused on FTTH and 5G capacity upgrades to support higher ARPU services (incremental CAPEX prioritized toward fiber and 5G).
- Portfolio optimization: disposal of non-core assets such as the data center sale for €128 million to Datacenter United (announced Oct 2024; closed Mar 2025) to free capital and streamline operations.
- International scale: establishment of Proximus Global in 2024 to combine international activities, pursue cross-border enterprise contracts and scale managed services.
- Network performance: reached >67% 5G indoor coverage in Belgium in 2024, improving service quality for indoor mobile data users and enabling new enterprise use cases.
| Year | Event | Impact / Note |
|---|---|---|
| 1930 | Founded as Belgacom SA | Origins as national telecom provider |
| 2014 | Rebranded to Proximus | Refocused on customer-centric, integrated services |
| 2024 | Launch of Proximus Global; 5G indoor coverage >67% | Consolidation of international activities; enhanced connectivity capability |
| Oct 2024 - Mar 2025 | Sale of data centers to Datacenter United for €128 million | Monetized non-core assets to focus on core telecom and strategic initiatives |
- Mobile subscriptions: consumer and business mobile plans with 4G/5G access and device financing
- Fixed broadband: DSL and accelerating FTTH rollouts for higher-speed home and SME connectivity
- TV and content: bundled multimedia packages to increase ARPU and reduce churn
- Business ICT: managed services, cloud connectivity, security, IoT and tailored enterprise solutions (now coordinated internationally via Proximus Global)
- Wholesale offerings: fiber access and mobile wholesale for MVNOs and other operators
- Mission focus: enable digital lives and digital businesses through reliable, secure, and scalable connectivity and services
- Strategic priorities: accelerate FTTH and 5G adoption, expand high-value B2B services, monetize non-core assets, and scale international managed services via Proximus Global
Proximus PLC (PROX.BR): History
Proximus PLC (PROX.BR) traces its roots to the Belgian state-owned telecom operations that were progressively restructured and partially privatized from the late 1990s into the 2000s to create a competitive national telecom operator. Over successive waves of liberalization, Proximus evolved from a fully state-run PTT into a listed company on Euronext Brussels while the state retained a controlling stake to safeguard strategic interests.- Partial privatization began in the late 1990s, balancing market efficiency with state oversight.
- Listed on Euronext Brussels under ticker PROX; corporate evolution included brand and operational transformations to adapt to mobile, broadband and digital services.
- Ongoing investments in fiber roll-out, 5G and enterprise services have shaped the company's recent strategic focus.
| Holder | Stake (%) | Notes |
|---|---|---|
| Belgian state (via SFPIM) | 53.51 | Controlling shareholder as of 31 Oct 2025 |
| Free float (Euronext Brussels) | 42.02 | Publicly traded shares under ticker PROX |
| Treasury shares | 4.47 | Held by the company |
- Board of Directors: 13 members, chaired by Stefaan De Clerck (mandate renewed April 2025 for one year).
- Notable independent directors: Caroline Basyn, Catherine Vandenborre.
- Representative directors: Franck-Philippe Georgin among others reflecting shareholder mix.
- Key board committees: Audit & Compliance Committee (chaired by Catherine Vandenborre), Nomination & Remuneration Committee, Transformation & Innovation Committee.
- Mission: Deliver reliable, secure connectivity and digital services to Belgian consumers, businesses and the public sector while supporting national digital sovereignty.
- Strategic priorities: nationwide fiber deployment, 5G rollout, fixed-mobile convergence, growth in ICT and cloud services for enterprise customers, and sustainability targets tied to energy efficiency and network modernization.
| Revenue stream | Explanation |
|---|---|
| Consumer services | Mobile subscriptions, fixed broadband (ADSL/fiber), pay-TV/streaming packages and equipment sales - recurring ARPU-driven income. |
| Enterprise & wholesale | ICT solutions, cloud, managed services, MPLS/SD-WAN, connectivity sold to businesses and wholesale access to other operators. |
| Network services & interconnect | Interconnection fees, roaming revenues and wholesale access to Proximus infrastructure. |
| Value-added services | Digital services, cybersecurity, IoT platforms and advertising/content partnerships. |
- Business model drivers: subscription scale (millions of fixed and mobile subscribers), ARPU trends, broadband & fiber penetration, enterprise contract wins, and efficient capex deployment for network upgrades.
- State influence: the 53.51% SFPIM stake enables strategic guidance on national infrastructure priorities and major corporate decisions.
Proximus PLC (PROX.BR): Ownership Structure
Proximus PLC (PROX.BR) positions itself as Belgium's leading integrated telecommunications and digital services group, focused on connecting people, businesses and public institutions via mobile (5G), fixed (fiber) and IT services under Proximus NXT. The company emphasizes trust, inclusion and sustainability while scaling cybersecurity and enterprise IT capabilities.- Mission and values: build a connected world people trust; enable an inclusive, sustainable digital society; deliver superior service on mobile (5G) and fixed (fiber) networks; lead in secure digital communications and enterprise IT (Proximus NXT).
- ESG & recognition: EcoVadis Platinum medal (2024); strong focus on decarbonization, responsible supply chains and governance.
- People & culture: 76% employee engagement rate in 2024, reflecting investment in talent and organizational health.
- Cybersecurity & innovation: leading offerings for secure connectivity and managed security services to corporates and public sector customers.
| Metric | Value (latest published) |
|---|---|
| Group revenue (2023) | €5.4 billion |
| Recurring EBITDA / EBITDAaL (2023) | ≈ €2.0 billion |
| Net profit (2023) | ≈ €450 million |
| Employees (2024) | ~11,300 |
| Market capitalization (mid‑2024) | ~€4.5 billion |
| 5G population coverage (Belgium) | ~95% |
| Fiber passings / homes passed | ~2.4 million |
| ESG rating | EcoVadis Platinum (2024) |
| Employee engagement (2024) | 76% |
- Belgian State / FPIM (Federal Participation and Investment Company): majority stake (historically ~53% - state-held voting control through public holding vehicles).
- Free float: institutional and retail investors representing the remaining c.45-47% (including international asset managers and pension funds).
- Major institutional holders (examples among free float): global asset managers and sovereign funds (typical names include BlackRock, Norges Bank / NBIM, other European institutional investors) - proportions vary over time.
- Retail connectivity: mobile subscriptions (postpaid/prepaid), fixed broadband and pay TV packages - core recurring revenue.
- Business / wholesale: Proximus NXT (IT, cloud, cybersecurity, managed services) and wholesale access to networks for other operators and ISPs.
- Enterprise services: connectivity, ICT integration, IoT, security and digital workplace offerings for corporates and public sector.
- Network investments & monetization: fiber roll‑out, 5G commercialization, and wholesale access fees; government contracts and public sector partnerships.
- Scale & cross‑sell: leveraging a nationwide fixed and mobile footprint to upsell bundles and enterprise services.
- Network capex vs. recurring revenue mix: continuous fiber and 5G investment to drive ARPU and lower unit costs long term.
- Efficiency & margin management: focus on EBITDAaL improvement through digitalization, operational simplification and growth in higher‑margin IT/security services.
Proximus PLC (PROX.BR): Mission and Values
Proximus PLC (PROX.BR) is Belgium's incumbent telecommunications operator and an expanding regional digital-services provider, combining legacy connectivity with cloud, security, data and identity solutions. In 2023 the group reported consolidated revenue of approximately €5.7 billion, EBITDAaL near €2.4 billion and invested roughly €800 million in capex to extend fiber and 5G coverage across Belgium and neighboring markets.- Mission: to connect people and businesses securely and sustainably, enabling digital transformation across public and private sectors.
- Values: customer-centricity, reliability, innovation, sustainability (carbon-neutral targets and circular economy initiatives), and data privacy.
- Segmentation: operations are organized into two principal reporting segments - Domestic (Belgium) and International - serving residential, SME and large enterprise customers.
- Residential brands (Belgium): Proximus, Mobile Vikings, Scarlet - providing fixed broadband (fiber, xDSL), TV, mobile (2G/3G/4G/5G) and bundled offers.
- Enterprise brands: Proximus NXT (Belgium & region) - delivering managed network services, unified communications, security, cloud, data/AI and industry-specific solutions.
- Regional presence: active in the Netherlands (Proximus NXT) and Luxembourg (Tango and Proximus NXT), scaling enterprise and consumer footprints.
- Proximus Global: an integrated international unit covering P2P voice & messaging, mobility services, CPaaS (Communications Platform as a Service) and Digital Identity offerings to digital-native businesses and internet brands.
| Revenue stream | Primary customers | 2023 contribution (approx.) |
|---|---|---|
| Fixed broadband, TV & voice | Residential households | ~35% of group revenue |
| Mobile services (postpaid/prepaid, MVNOs) | Consumers & MVNO partners (e.g., Mobile Vikings) | ~25% of group revenue |
| Enterprise services (connectivity, managed IT, security) | SMEs, large corporates, public sector | ~30% of group revenue |
| Proximus Global (P2P voice, CPaaS, digital identity) | Global internet brands, cloud-native firms, platforms | ~10% of group revenue |
- Network infrastructure: national fiber rollout (target: multi‑million homes passed), nationwide 5G mobile network and legacy copper management.
- Cloud & managed IT: multi-cloud hosting, private cloud, SaaS enablement and business applications for digital transformation.
- Cybersecurity: SOC services, managed detection and response (MDR), and consulting for enterprise customers.
- Data & AI: analytics platforms, AI-enabled customer experience tools, and industry-specific data products.
- Communication platforms: CPaaS for messaging, programmable voice and verification flows; P2P voice termination and carrier services for global traffic.
- Digital identity & authentication: international delivery authentication (number verification, SMS/voice verification) and identity services used by banks, cloud platforms and digital champions.
| Metric | Approximate figure (2023) |
|---|---|
| Total revenue | €5.7 billion |
| EBITDAaL | €2.4 billion |
| Capex | €800 million |
| Fixed broadband subscribers | ~1.8-2.0 million |
| Mobile subscribers (incl. MVNOs) | ~4.5-5.0 million |
| Enterprise & wholesale revenue share | ~40% of group revenue combined |
- Integrated stack: bundling connectivity, cloud, security and applications to increase ARPU (average revenue per user) in enterprise segments.
- Proximus Global scale: monetizing international messaging, CPaaS and digital identity to serve over-the-top and cloud-native customers beyond Belgium.
- Network monetization: wholesale access, tower and fiber partnerships, and MVNO-hosting to extract additional revenue from infrastructure.
- Sustainability and regulation alignment: leveraging green credentials and regulatory relationships to secure public-sector and large-corporate contracts.
Proximus PLC (PROX.BR): How It Works
Proximus PLC (PROX.BR) operates as Belgium's leading integrated telecommunications and ICT provider, combining consumer connectivity, business ICT, and international wholesale/digital services to generate diversified revenue and cash flow.- Domestic segment: fixed and mobile telephony, broadband internet, pay-TV and bundled residential/small-business offers.
- ICT and managed/platform services: networking, cloud, cybersecurity, business applications, data & AI, and managed services for enterprises and wholesale partners.
- International services: wholesale carrier services, roaming, and digital identity/communications platforms via units such as BICS and Telesign.
- Asset portfolio management: ongoing divestment of non-core assets to focus capital and operations on core growth areas.
- Subscription revenue from fixed and mobile retail customers (postpaid, prepaid, broadband subscriptions and TV packages).
- Business and wholesale contracts for connectivity, managed services, cloud and cybersecurity solutions.
- Platform and transactional revenues from digital services (e.g., Telesign's identity and messaging platform) and carrier wholesale services (BICS).
- One‑off and recurring professional services, integration, and long‑term ICT outsourcing contracts.
- Monetization of spectrum, tower leases, and selective asset disposals (targeting >€400 million divestments over the next three years).
- Managed & platform services are a strategic growth engine, integrating networking, cloud, cybersecurity, business applications and data/AI to increase ARPU and lock‑in enterprise customers.
- Telesign and BICS aim to deliver high single‑digit Direct Margin growth combined between 2022 and 2025, contributing outsized margin expansion in the international portfolio.
- Active portfolio simplification with a plan to divest over €400 million of non‑core assets over the next three years to redeploy capital into core connectivity and ICT capabilities.
| Metric | Value |
|---|---|
| Trailing twelve months Revenue | €6.37 billion |
| Trailing twelve months Net Income | €473 million |
| Targeted non‑core divestments (next 3 years) | €>400 million |
| International growth target (Telesign + BICS, 2022-2025) | High single‑digit Direct Margin growth |
- Bundling: Combining fixed, mobile, internet and TV to increase customer lifetime value and reduce churn.
- Cross‑sell/up‑sell: Leveraging retail footprint and enterprise sales teams to sell ICT and managed services to existing connectivity customers.
- Platform monetization: Charging per‑transaction, subscription, or volume tiers for digital services (e.g., messaging, verification) across global customers.
- Wholesale scale: Selling interconnect, roaming, and carrier services to other operators and large enterprises to capture international traffic margins.
Proximus PLC (PROX.BR): How It Makes Money
Market Position & Future Outlook- Leading telecom provider in Belgium with a market capitalization of approximately €2.26 billion (as of 19 Dec 2025).
- Holds a 39.26% share of the Belgian telecom market, underscoring a dominant national position.
- 52-week stock price range: €4.76 - €8.77, reflecting relative stability and investor confidence.
- Dividend yield: 8.57% (ex-dividend date: 3 Dec 2025), attractive to income-focused investors.
- Strategic plan 'bold2025' targets growth and long-term value creation; guidance indicates 2025 underlying Group EBITDA slightly above the 2022 level.
- Committed to building the #1 gigabit network in Belgium and developing digital ecosystems to support future services and monetization.
- Ownership structure: mix of institutional and retail shareholders with significant stakes held by Belgian institutional investors and the state via historic links (public-shareholding influence remains relevant to governance and strategy).
- Mission: provide ubiquitous, high-capacity connectivity, enable digital transformation for homes and businesses, and expand value-added digital services across Belgium.
- Fixed-line retail: broadband (FTTx), landline services, TV and bundled consumer packages.
- Mobile services: postpaid and prepaid subscriptions, mobile data, handset financing and distribution.
- Wholesale & network services: capacity and connectivity sales to other operators, MVNO agreements, and leased lines.
- Business solutions & ICT: cloud, cybersecurity, managed services, IoT and unified communications for enterprises and public sector.
- Advertising & digital services: platforms, content partnerships and value-added services monetized via subscriptions or ads.
| Metric | Value |
|---|---|
| Market capitalization (19 Dec 2025) | €2.26 billion |
| Belgian market share | 39.26% |
| 52-week share price range | €4.76 - €8.77 |
| Dividend yield | 8.57% (ex-dividend 03‑Dec‑2025) |
| 2025 underlying Group EBITDA (guidance) | Slightly above 2022 level |
| Strategic focus | #1 gigabit network; digital ecosystems; bold2025 plan |
- Bundling: higher ARPU from convergent fixed/mobile bundles and TV/content packages.
- Network monetization: wholesale access, dark fiber & enterprise connectivity contracts.
- Value-added services: upselling cloud, security, IoT and managed services to business customers.
- Cost efficiency & capex discipline under bold2025 to protect margins while investing in gigabit infrastructure.
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