Proximus SA: A Deep Dive into Belgium’s Telecom Titan and Its Strategic Moves in 2025

Belgium’s telecommunications landscape is a battleground of high-speed internet wars, fiber-optic showdowns, and 5G supremacy—and Proximus SA is holding its ground like a seasoned gladiator. As the country’s leading telecom operator, Proximus has been flexing its financial muscle and strategic agility, proving that it’s not just surviving but thriving in an increasingly cutthroat market. The company’s Q1 2025 earnings call on May 9, 2025, was a masterclass in resilience, revealing strong domestic performance, aggressive infrastructure expansion, and shrewd financial maneuvers.
But what’s really fueling Proximus’ success? Is it just the usual telecom playbook of network upgrades and subscriber retention, or is there a deeper strategy at work? Let’s dissect the numbers, the moves, and the future roadmap to see how this Belgian giant is staying ahead of the curve—and whether it can keep up the momentum.

Domestic Dominance: Holding the Fort Against New Challengers

Proximus’ home turf remains its strongest asset. Despite fresh competition from low-cost disruptors like DIGI, the company posted solid year-over-year growth in both revenue and EBITDA in its Domestic segment. The real kicker? Positive net additions in Residential Internet and mobile post-paid services—a clear sign that Belgians aren’t just sticking with Proximus out of habit, but because the company is delivering value.
But let’s not sugarcoat it: the domestic telecom market is a bloodbath. With rivals slashing prices and bundling services, Proximus has had to fight tooth and nail to keep its customer base intact. So, how’s it doing it? A mix of customer retention strategies, competitive pricing tiers, and—most crucially—superior network quality. While budget operators may lure in cost-conscious consumers, Proximus is betting that reliability and speed will win in the long run.

5G & Fiber: The Infrastructure Arms Race

If telecom were a game of Risk, Proximus would be aggressively expanding its territory. By Q1 2025, the company had blanketed 75% of Belgium with 5G coverage and hooked up 43% of homes with fiber-optic connections. These numbers aren’t just vanity metrics—they’re the backbone of Proximus’ future-proofing strategy.
Why does this matter? Because fiber and 5G aren’t just upgrades—they’re inevitabilities. As remote work, streaming, and smart home tech become the norm, consumers and businesses alike will demand faster, more reliable connections. Proximus knows this, and its aggressive rollout ensures it stays ahead of competitors still playing catch-up.
But infrastructure isn’t cheap. The company shelled out €874 million in CapEx in the first nine months of 2024 alone. That’s a staggering investment, but one that positions Proximus as Belgium’s undisputed connectivity king. The question now is whether this spending will translate into long-term returns—or if the debt load will become a drag.

Global Gambits & Financial Chess Moves

While Belgium is Proximus’ stronghold, the company isn’t ignoring the world beyond its borders. Its International Segment EBITDA grew by 4.2%, proving that even in a high-interest, inflation-squeezed economy, the company can squeeze out profits.
But the real intrigue lies in Proximus’ asset disposal program, which has already raked in €330 million and aims to surpass €500 million by 2027. This isn’t just about trimming fat—it’s a deliberate strategy to refocus capital on high-growth areas while keeping the balance sheet lean.
The company’s adjusted free cash flow of €58 million in 2024 and 3.1% EBITDA growth suggest financial discipline is paying off. Still, with ambitious 2025 targets—including 2.8% domestic EBITDA growth and a 16% earnings boost for Proximus Global—the pressure is on to keep delivering.

The Verdict: Can Proximus Stay on Top?

Proximus SA isn’t just another telecom giant coasting on legacy infrastructure—it’s a company making calculated, aggressive moves to stay relevant in a rapidly evolving industry. Its domestic resilience, infrastructure investments, and financial maneuvering paint a picture of a firm that knows where it’s going.
But challenges loom. Competition is fiercer than ever, CapEx demands are relentless, and shareholders expect consistent growth. If Proximus can keep executing its playbook—leveraging its network superiority, optimizing assets, and expanding smartly—it has a solid shot at remaining Belgium’s telecom titan.
The real test? Whether it can turn today’s investments into tomorrow’s profits. For now, though, Proximus isn’t just playing defense—it’s playing to win.