Proximus Group Integrated annual report 20252
Table of contents
Foreword
Foreword by the Chairman 03
Foreword by the CEO 05
Proximus Group at a glance 07
About us 08
Strategy and key performance 08
Brands 11
Governance overview 14
Key figures for 2025 17
Selected events of 2025 18
Governance 27
Corporate governance statement 28
Remuneration report 39
Regulatory framework 69
Sustainability statement 75
General information 76
Environmental information 97
Social information 128
Governance information 176
Management report 186
Management discussion and analysis of
financial results 187
The Proximus share 214
Risk management report 221
Consolidated Financial Statements 233
Auditor’s reports and
Management responsibility statement 374
Annex 390
Integrated reporting approach 391
ESRS Index 392
Appendix B 399
TCFD Table 402
Contribution to the SDGs 404
Proximus Group Integrated annual report 20253
Foreword by the Chairman
Dear Reader,
This annual report marks the conclusion of my mandate and provides the opportunity to reflect on a highly engaging period. When I
became Chairman of Belgacom in 2013, I was immediately confronted with a severe cyberattack and an open conflict between the
CEO at that time and the government, whose trust he had lost. These incidents meant I first got to know the departments responsible
for cybersecurity and audits.
Today, the threat of cybercrime has never been more pressing, and the tension between the majority shareholder and management
also played a role in our former CEO’s decision to leave our company in 2025. One might easily assume the world hasn’t changed
much during the 12 years I chaired the Board.
In reality, much has changed over the past 12 years. In 2014, Belgacom was rebranded as Proximus. Public phone booths disappeared
from our streets in 2015. In 2017, Proximus ceased sending and receiving telegrams, a service it had provided for over 150 years.
Meanwhile, mobile trac continued to grow exponentially: in 2025, people used on average more than 10 GB of mobile data per
month, tripling usage over the past three years. In the fixed network, copper is being replaced with fiber wherever possible. At the
same time, we faced the COVID-19 pandemic, which proved that telecommunication networks are essential for both everyday family
and professional life. Our way of living and working has changed significantly, and this was a factor in our decision to move away from
our iconic Towers in the center of Brussels, as we are now fully preparing for the construction of our new headquarters at Tour & Taxis.
Throughout this time, Proximus adapted to geopolitical shifts. Chinese technology for our mobile sites was replaced by European
alternatives, cyberattacks are often staged by actors involved in global conflicts, international connectivity is threatened through
submarine cables, spectrum is no longer purely national, and satellites provide new dimensions to our personal communications.
This is why Proximus continues to build on the latest technologies. By the end of 2026, 5G will reach near-full indoor coverage, and
around 42% of Belgian premises are connectable to fiber today. Artificial intelligence is being integrated everywhere and Proximus
Ada - our own expertise center - is developing cutting-edge applications. We are also exploring quantum communications in
collaboration with industrial and academic partners.
Proximus is not only the strongest Belgian brand; it is
also a leader in digital services, both in the Benelux and
internationally.
Therefore, I conclude my mandate with great pride in what
Proximus is today: a major Belgian listed company, with the
Belgian State still as its majority shareholder. Together with
all employees, managers, CEOs and fellow Board members,
we have taken our responsibilities throughout a period of
continuous transformation and innovation.
In 2025, we continued implementing the strategy defined by
former CEO Guillaume Boutin. Following his early departure,
Jan Van Acoleyen at Group level and Mark Reid at international
level assumed interim leadership. We are grateful for their
leadership. We are also pleased to have welcomed Stijn
Bijnens as the Group’s new CEO. We are confident that he
will leverage Proximus’ many strengths in a meaningful way,
bringing new energy and drive to the company.
Proximus Group Integrated annual report 20254
Proximus has strong foundations to build on:
• Outstanding employees who, inspired by Proximus’ Think possible culture, enable many developments and at the same time a
constructive social dialogue that supports change and progress.
• A well-established sustainability strategy that, alongside financial and economic performance, ensures social, environmental and
societal engagement.
• Plans for infrastructure projects with partners that could contribute to an accelerated and widespread roll-out of fiber and also
make use of new broadband technologies. The fiber roll-out has required huge investments, made without any subsidies, and we
will need to sustain these for several more years in the public interest. More and more customers are enjoying our excellent services
through a portfolio of very strong brands.
• An excellent mobile network that is continuously optimized and modernized with the latest technologies.
• Combining our telecom capabilities with strong IT expertise for all businesses and the public sector. The creation of Proximus NXT
and Proximus Ada (for AI) provides a solid foundation for further growth and development.
• Establishing Proximus Global by expanding our aliate BICS’ international services through the acquisitions of Telesign (USA) and
Route Mobile (India). This provides Proximus with a unique international footprint in digital communications.
I wish Proximus Group all the best for the future. The broad outlines of that future are already becoming clear:
• The European Union will further strengthen its influence on tomorrow’s digital society. I firmly believe in the strategy developed by
Mario Draghi and in the need to accelerate its implementation: a larger European single market, innovation and cooperation that lead
to faster and greater scalability, with more attention to sovereignty. Belgium and Proximus can play an active role in this.
• The telecom sector is of strategic importance for both the country and Europe. Ensuring cybersecurity and securing critical
communications are crucial, democratic oversight of communications and social media is essential, and from a defense perspective
the sector is vital. This underscores the need for a close relationship with the Belgian State.
• A strategic (public) company must also be managed in a professional and ecient way. The State’s shareholding (through SFPIM)
should essentially focus on defining and safeguarding the core missions, with a clear long-term vision based on mutual respect and
trust. Synergies should also be explored with services that are currently performed by the State itself, sometimes under challenging
technological or administrative conditions, and for which Proximus can be a suitable partner.
• Above all, Proximus’ core mission remains providing a 100% reliable and ultra-fast network available to all residents, businesses
and institutions. Rural areas will require special attention and hopefully receive the full support of the government. Everyone should
be able to connect equally and fully to the world: that is true proximity.
• Proximus will continue to innovate, not only as a provider of digital networks and services but also on the social, cultural,
environmental, and governance fronts.
It has been a privilege to serve Proximus as a model public company, in line with my previous social and political commitments. I
wish the new management under the leadership of Stijn Bijnens, and the Board of Directors under its new Chairman, every success.
Proximus is and remains a “digital champion”, one of Belgium’s crown jewels. Thank you.
Stefaan De Clerck
Chairman of the Board of Directors
Foreword by the Chairman
Proximus Group Integrated annual report 20255
Foreword by the CEO
Building a digital and competitive Belgium
Dear Reader,
When I took up my role as CEO of Proximus on 1 September 2025, I was immediately immersed in a company that is brimming with
energy. From my very first weeks, I was impressed by the diversity of our activities and by the expertise and passion of my colleagues.
Those first impressions leave me confident that we have all the assets we need to further strengthen our position as a local digital
frontrunner, especially through the roll-out of a digital infrastructure that is vital to Belgium’s competitiveness.
The infrastructure of tomorrow
We are rapidly rolling out fiber and 5G while adopting new technologies to maintain our leading position and stay at the forefront of
innovation.
Together with our partners, we continued the fiber roll-out across the entire country. By the end of 2025, our fiber footprint reached
around 42% of Belgian premises, representing 2.6 million homes and businesses connectable to fiber.
Our projects to explore possible collaborations with Telenet/Wyre and Orange Belgium for the further roll-out of ultra-fast gigabit
networks in Flanders and Wallonia, respectively, are ongoing and have been submitted to the competent authorities. If those
partnerships materialize, they could broaden and speed up the roll-out of gigabit networks, while minimizing public works, and help
accelerate digitalization in Belgium and boost the competitiveness of our economy.
We also continue to make progress in mobile connectivity. In 2025, we further expanded our 5G network, achieving 89.5% indoor
coverage. Our ambition is to provide near-full indoor coverage by the end of 2026.
Strengthening digital sovereignty
In an uncertain geopolitical context, marked by rising tensions and a growing number of cyberattacks, digital sovereignty is becoming a
major strategic issue for Belgium, the Benelux and Europe.
For Proximus, this means retaining local control over data, infrastructure
and technological choices. This allows us to ensure the continuity of critical
services for society and support the economy.
Through Proximus NXT, we invest in sovereign cloud solutions to ensure that
our customers’ critical data remains protected under European legislation.
In addition, we continue to further strengthen our cybersecurity expertise,
with specialized teams and robust systems that continuously monitor our
networks, IT and services, detect threats and neutralize them.
By providing our customers with a secure and resilient infrastructure and
reliable connectivity, with maximum protection of their data, we are making
digital sovereignty an important pillar of our sustainable growth.
AI-driven digital platforms
Proximus is already making strong use of artificial intelligence today. In
2025, more than 70 AI projects were underway, clearly underscoring our
ambition in this area. The benefits are already tangible, both in terms of our
services and in eciency and productivity.
Proximus Group Integrated annual report 20256
Foreword by the CEO
We will continue to make significant investments in AI in the future, allowing our network to evolve into a true digital infrastructure
powered by AI. This enables new applications in areas such as autonomous vehicles, virtual reality, and healthcare.
Making sustainability a driving force
Sustainability remained a priority in 2025. For the second year in a row, we were awarded the EcoVadis Platinum Medal, placing us
among the top 1% of companies worldwide in terms of sustainability performance. This recognition is the result of years of consistent
eort. For example, we refurbish 90% of our Internet and TV Boxes and continuously optimize the energy consumption of our
networks.
However, our ambitions extend beyond this. We must continue to innovate, demonstrate resilience and grow in a responsible way. This
is essential to keep our company future-proof.
Redefining the strategic plan for Proximus Global
In November 2025, Seckin Arikan took up his role as the new CEO of Proximus Global, which brings together BICS, Telesign and Route
Mobile. A solid strategic roadmap is now in place, focused on delivering smooth and consistent customer interactions, being the trust
champion for secure digital interactions, and becoming a worldwide leader in connectivity.
This plan will enable us to address the challenges arising from Proximus Global’s ongoing transformation and lay the foundations for
sustainable growth from 2027 onwards.
Looking ahead with confidence
At the end of February 2026, we launched Amplify, our new five-year strategic plan. By placing the customer at the heart of
everything we do, we aim to strengthen our customer impact by building on our strengths in the consumer market, while transforming
our enterprise and public activities to drive profitable growth. Our network is central to this ambition. By continuously investing to
future-proof our fixed and mobile networks, we are building a sovereign and resilient digital infrastructure.
At the same time, we are preparing for the future by fundamentally rethinking the way we work and evolving our network towards
edge computing. While our technological excellence in connectivity has long been a major asset, we are convinced that the quality of
the customer experience will make a real dierence in the future.
Our Think possible culture, which encourages us to turn every situation into an opportunity, remains an essential part of who we are. It
will support us as we implement our new strategic plan.
The renewed confidence of our reference shareholder provides us with continuity and flexibility to execute this long-term strategy
with determination.
I look forward to implementing our new strategic plan together with all the teams at Proximus. Together, we strengthen Proximus’ role
as a locally anchored leader, leveraging its investments in infrastructure and digitalization to foster a secure digital society, support a
stable economy, and enhance the attractiveness of our country, today and in the future.
Stijn Bijnens
CEO
Proximus Group Integrated annual report 20258
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
About us
Proximus Group (Euronext Brussels: PROX) is a leading provider of future-proof connectivity, IT, and digital services in the
Benelux, also oering digital communications services to global markets.
For nearly a century, we have played a central role in connecting Belgian society. Every day, we serve more than 2.8 million residential
customers through the Proximus, Mobile Vikings, and Scarlet brands and provide premium telecom and ICT solutions to more than
450,000 businesses through Proximus NXT. Proximus makes a significant contribution to the Belgian economy. We invest in open
fixed and mobile networks that support the digital economy and drive innovation. More information on our products and services can
be found on www.proximus.be.
Proximus Global unites the strengths of BICS, Telesign, and Route Mobile to oer digital communications solutions worldwide.
As a global player, we empower enterprises and mobile operators to connect, protect, and engage customers everywhere. More
information on our products and services can be found on www.proximusglobal.com.
We are committed to sustainability and to creating long-term value for society, embedding responsible business practices, respect
for people and communities, and environmental impact into the way we operate. More information on our initiatives for a more
sustainable future and impact can be found in the Sustainability statement.
Our 12,933 employees are actively engaged in exceeding our customers’ expectations and creating value for all stakeholders.
Strategy and key performance
bold2025
Launched in 2023 and concluding in 2025, the bold2025 strategy relied on three core strengths: our people, our gigabit network, and
our technology assets – pillars that form the foundation of everything we do.
Below is a visual representation of our strategy:
We deliver great value for
our stakeholders
Delight customers
with unrivalled experience
Grow profitably, locally and globally,
through strong brands
Act for an inclusive society and
be sustainable in everything we do
through exceptional
strengths
Roll out #1 gigabit network
for Belgium
Engineer technology assets
to enable digital ecosystems
Foster an engaging culture and
empowering ways of working
Proximus Group Integrated annual report 20259
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Key Performance Indicators
The table below shows the progress achieved over the three-year bold2025 cycle against the ambitions originally set. Explanations of
these results can be found in the Sustainability statement and the Management report.
3 year ambitions Status
2023
Status
2024
Status
2025
Roll out #1 gigabit network
for Belgium
50% fiber coverage by end 2025 (>3 Mio connectable)
1
Total % of Belgian premises connectable
% “fiber in the street” coverage
Near-full indoor coverage by 2026
2
% indoor coverage
29%
34%
40%
>37%
>42%
67.6%
~42%
47%
89.5%
Engineer technology assets to
enable digital ecosystems
~ €70 Mio reduction in IT TCO (Total Cost of Ownership) by
2025
1
Status
Maintain high cybersecurity resilience
3
% Cybersecurity resilience index
4
on track
95.9%
on track
99%
on track
87%
Foster an engaging culture and
empowering ways of working
Reach employee engagement at > 75% by 2025
1
% Employee engagement
Increase % women in top management functions
1
% of women holding a top management function
By 2025, 95% of employees will have attended 5 training
days or more/year
1
% of employees having attended ≥ 5 training days
77%
24%
63%
76%
25%
82%
76%
22%
90%
Delight customers with
unrivalled experience
Be number 1 in NPS in respective segments
5
NPS residential convergent customers (Internet + TV + Postpaid)
NPS Scarlet
NPS Mobile Vikings
+11
+17
+42
+1 3
+22
+46
+18
+20
+46
Grow profitably, locally and
globally, through strong brands
More than 1 Mio fiber connections (residential & business)
1
Fiber connections
Grow domestic revenues
5
% year over year domestic revenues growth
Grow domestic EBITDA as of 2024 with 2025 EBITDA back
to the 2022 level
5
% year over year domestic EBITDA growth
More than 35% of Enterprise revenues from IT
5
% of Enterprise revenues from IT
Grow international direct margin at high single digit CAGR
3
% year over year international direct margin growth
397,000
4.2%
-1.7%
33%
4.9%
564,000
3.4%
2.8%
22.3%
5.2%
731,000
-0.1%
1.9%
22.4%
-11 .1%
Act for an inclusive society and
be sustainable in everything
we do
Net zero by 2040
3
% year over year CO
2
emissions Scope 1+2
% year over year CO
2
emissions Scope 3
Be a blueprint for circularity by 2030
3
# refurbished fix devices
# mobile devices collected
Contribute to digital inclusion in Belgium
1
# people trained through digital inclusion projects
-1 3%
+1%
799,432
128,002
15,515
-16%
+0.5%
935,378
140,587
15,138
-14%
-11%
1,053,595
144,111
16,818
1 Proximus SA
2 At the end of 2023, the ambition of achieving 100% 5G indoor coverage by 2025 was first adjusted to 100% indoor coverage in the 2025–2026
timeframe, and subsequently in 2024 to near-full indoor coverage by 2026
3 Proximus Group
4 The Cybersecurity Resilience Index represents the ratio of the number of major incidents for which a visible business impact was prevented or quickly
mitigated by our Cyber Security Incident Response Team (CSIRT) to the total number of major incidents. This index is calculated at the Group level.
5 Proximus Domestic
Proximus Group Integrated annual report 202510
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
A new strategic cycle
Proximus Group’s new strategic cycle was presented at the Capital Markets Day on February 27, 2026. It includes distinct strategies for
Proximus Domestic and Proximus Global. More details are available in the press release published that day.
Proximus Domestic
Context and major trends
Global macro dynamics are reshaping the telecom and digital services landscape. Geopolitical tensions increase the need for
sovereign and secure digital solutions, while technological breakthroughs such as AI, edge computing and new access technologies
redefine infrastructure models. At the same time, competitive pressure continues to intensify across both telco and IT ecosystems.
Within this environment, the Belgian market remains mature and highly competitive, with pressure on value as customers increasingly
shift from A-brands to B-brands. Structural trends such as cord cutting and the decline of fixed voice continue to erode legacy
revenues, reinforcing the importance of high-speed internet, convergence and superior customer experience. As pressures intensify
in core telco activities, new sources of growth are emerging in the expanding IT market. However, its fragmentation and strong
competition mean that scale and clear dierentiation remain essential to capture value.
Proximus enters this phase with strong fundamentals, relying on leading networks, trusted brands, solid market positions and
sustained customer momentum. These strengths provide a robust foundation to execute our new strategy and to continue delivering
long-term value.
Amplify 2030
Through our new domestic strategy, we aim to become a locally anchored digital infrastructure champion, building
on our leadership in the consumer market while accelerating the transformation of our enterprise and public
activities. Customer intimacy will be our primary dierentiator as we strengthen our leadership in fixed and mobile
connectivity by expanding gigabit coverage and continuing to deliver best-in-class network performance. We will
simplify how we operate, embedding AI across our journeys and preparing our infrastructure for edge-enabled
services to create new value for households, businesses and society.
Proximus Global
Context and major trends
The global communications market is rapidly evolving as enterprises shift from traditional SMS toward richer, AI-supported
digital engagement. Channels such as RCS and WhatsApp are expanding fast, especially in marketing and utility use cases, while
authentication SMS declines with the rise of alternative verification methods and tighter fraud controls.
At the same time, legacy wholesale services (P2P voice and messaging) continue their structural decline, even as mobility and
enterprise eSIM remain solid growth drivers. The next wave of innovation will come from Network APIs, which are beginning to unlock
new use cases in identity, fraud prevention, location and quality-on-demand.
Together, these trends reinforce the need to progressively rebalance from declining legacy products toward higher-growth areas
enabled by richer channels, AI, trusted digital identity and advanced connectivity.
Elevate 2030
Our new global strategy positions Proximus Global as a worldwide leader in connectivity and digital communications, empowering
brands to deliver seamless engagements across channels, while becoming the trust champion for secure digital interactions. We will
accelerate the shift from SMS to richer channels, expand our digital identity and fraud-prevention capabilities, and strengthen our
leadership in Mobility, eSIM and next-generation Network APIs. By simplifying how we operate, sharpening our product focus and
embedding AI across our platforms, we aim to innovate faster and secure sustainable growth in a rapidly evolving digital ecosystem.
Proximus Group Integrated annual report 202511
Proximus Group at a glance
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→ Selected events of 2025
Brands
Proximus Group activities are structured into two segments:
• Domestic: delivering connectivity, IT, and digital services across Belgium, the Netherlands, and Luxembourg;
• Global: providing digital communications solutions worldwide.
Through its leading brands, Proximus Group meets the demands of a wide range of customers in the residential, enterprise, public
sector, and wholesale markets, across the Benelux and international markets.
Domestic International
Telco & IT Digital Communications
Proximus Group Integrated annual report 202512
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Domestic segment – Residential market
Proximus is our reference brand in Belgium and the leader in converged connectivity services. With our premium brand, customers
have access to the latest and best network technologies, a wide range of premium telecom products and services, customized digital
experiences through our digital platforms, Pickx and Proximus+, and a superior servicing approach.
Scarlet is our brand for customers looking for simple solutions at the best prices. Its mission is to provide aordable telecom to all
Belgian households, oering a limited range of products and services designed to meet basic telecom needs, at the lowest price within
Proximus Group.
Mobile Vikings is our 100% digital brand, the smartest choice for customers looking for innovative digital experiences. It oers both
mobile and Internet-at-home, along with the best data oers. Thanks to the Viking Deals smart service, customers can easily get
reductions on their bills.
Tango is the leading alternative operator in Luxembourg, oering fixed and mobile telephony, Internet, and television services to
residential customers and small businesses.
The Proximus+ app allows customers to manage their products and services and oers everyone, customers and non-customers,
digital services designed to simplify their daily lives.
Pickx is Proximus’ digital TV platform, oering live TV, streaming, and on-demand video, available on all customers’ screens (mobile,
TV, laptop, and tablet).
Doktr is a secure and user-friendly video consultation service for patients and healthcare professionals.
Domestic segment – Enterprise market
Proximus NXT is Proximus’ convergent B2B ICT umbrella brand for the Benelux region. Together with its ecosystem of partners
and aliates, Proximus NXT helps companies address the complexities of digitization, such as artificial intelligence, mixed reality, and
cloudification, securely and sustainably, leveraging its unique expertise in managed IT services and advanced connectivity.
Proximus NXT Luxembourg is a market leader in ICT and telecom services in Luxembourg. Areas of expertise include ICT
infrastructure, cloud, fintech solutions, cybersecurity, enterprise applications, managed services, and telecom services.
Proximus NXT Netherlands is a strategic IT service provider focused on building safe and reliable ICT infrastructures. It specializes
in networking, cloud, cybersecurity, and data and AI to help organizations accelerate their digital transformation and ensure business
continuity.
Codit designs, builds, and manages data-driven cloud solutions. Codit connects and aggregates the data derived from apps, objects,
and systems and turns it into value for companies.
Davinsi Labs is one of the leading digital security and intelligence services players in the Benelux region. It oers cybersecurity and
intelligence solutions to protect enterprises against cyberattacks.
ClearMedia provides assets such as IaaS (Infrastructure as a Service), cybersecurity services, and digital workplace solutions tailored
to the SME market.
International market
Proximus Global is the entity combining the three international aliates of Proximus Group.
BICS, headquartered in Belgium, enables global communications for telecom operators and enterprises by connecting people,
applications, and devices across borders. It oers a wide range of services, including international wholesale connectivity,
interoperability, state-of-the-art fraud prevention, managed services, and comprehensive global IoT connectivity solutions.
Proximus Group Integrated annual report 202513
Proximus Group at a glance
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→ Selected events of 2025
Telesign, based in the United States, provides digital identity services, international delivery authentication, and programmable
communication solutions that protect against fraud and secure communications. It enables companies to connect with their
customers, protect online users, and defend them throughout the full customer journey.
Route Mobile, headquartered in India, provides CPaaS (Communications Platform as a Service) solutions, helping enterprises,
OTT players, and MNOs (mobile network operators) deliver reliable, scalable, and intelligent communication through real-time,
conversational engagement. Its extensive portfolio, spanning from messaging apps, email, and voice solutions to chatbots and
AI-driven interactions, empowers companies to engage with their customers across their preferred channels.
Other brands
Proximus NXT IT is a specialized IT services organization dedicated to delivering end-to-end integrated IT solutions, including
consultancy, implementation, and managed services, across the Benelux region. It is structured around five core technology practices:
Security, Networking, Cloud, Workplace and Data & AI.
Proximus Ada, a fully owned aliate of Proximus, is the first Belgian center of excellence combining AI and cybersecurity. Proximus
Ada’s expertise is used to serve the Group’s various entities and their customers.
Clarence, a joint venture between Proximus NXT Luxembourg and LuxConnect, aims to market a disconnected sovereign cloud based
on the GDCH (Google Distributed Cloud Hosted) oering to our professional customers in the Benelux region.
Fiberklaar, a fully owned aliate of Proximus, is in charge of accelerating the fiber roll-out in medium-density areas across Flanders.
Unifiber, a joint venture between Proximus and Eurofiber, is in charge of accelerating the fiber roll-out in medium-density areas
across Wallonia.
GoFiber (Glasfaser Ostbelgien), a public-private partnership between the German-speaking Community of Belgium, Ethias, and
Proximus, aims to roll out fiber throughout the region.
MWingz, a joint venture between Proximus and Orange Belgium, is dedicated to building and operating a shared mobile access
network.
Proximus Real Estate, a fully owned aliate of Proximus, is the real estate company of Proximus Group.
Proximus Media House (PMH), a fully owned aliate of Proximus, specializes in content creation, editing, broadcasting, and live
production.
Proximus Group Integrated annual report 202514
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Governance overview
Board of Directors
The Board of Directors is composed of 14 people.
Stefaan De Clerck - Chairman of the Board of Directors of Proximus
• Chairman of the Board of Directors of the Proximus Pension Fund and Proximus Art
• Member of the Board of Directors of Proximus Real Estate and of the Bureau of Eurometropole
Lille-Kortrijk-Tournai
Stijn Bijnens - CEO and Managing Director of Proximus Group
• Chairman of the Board of Directors of Proximus Global
• Member of the Board of Directors of Kolmont NV and H. Essers NV
Caroline Basyn - Chief Digital & Information, and Global Business Services Ocer at Adecco Group
• Board advisor at Shared Services & Outsourcing Network
Cécile Coune - Director of companies
• Member of the Board of Directors of QBE Europe, Securex Group and Credendo GSR
• Chairwoman of Square Trade Europe Insurance and the Belgian Federation of Philanthropic Foundations
Béatrice de Mahieu - Executive Director and CEO of BeCode.org
• Member of the Board of Directors of Fondation Les Petits Riens, Chapter Zero Brussels and Trividend
• Member of the Board of Directors and Chair of Akkanto
Martin De Prycker - Partner at Qbic
• Member of the Board of Directors and Chairman of the Audit Committee of EVS
• Member of the Board of Directors of Fraudbuster, Morrow, and Faktion
Franck-Philippe Georgin
6
- General Secretary of Groupe Lucien Barrière
6 Franck-Philippe Georgin resigned on 6 February 2026.
Proximus Group Integrated annual report 202515
Proximus Group at a glance
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→ Selected events of 2025
Audrey Hanard - Partner at Dalberg Advisors
• Member of the Board of Directors of Sonaca
• Member of the Investment Committee of Phitrust Benelux
Koen Kennis - Vice Mayor of the City of Antwerp
• Chairman of the Board of Directors of PMV and Lantis/BAM
• Member of the Board of Directors of Port of Antwerp-Bruges
• Vice Chair of Fluvius
Catherine Rutten - Vice President International, Government Aairs, and Public Policy of
Vertex Pharmaceuticals
• Member of the Management Committee of the Prins Filipfonds
Joachim Sonne
• Senior Advisor at Australian Super Ltd
• Board Advisor at ErnieApp Ltd, Titanbay Ltd, Accuria Ltd, and 1FS Ltd
Claire Tillekaerts - Director of companies
• President of the Regency Council of the National Bank of Belgium
• Member of the Board of Directors of imec, Belgian National Orchestra, International Film Festival Ghent,
and Raad Het Laatste Nieuws
Catherine Vandenborre - CFO of Ion Beam Applications SA
• Member of the Board of Directors and Chairwoman of the Audit Committee of Rexel France and
of Les Petits Riens
• Member of the Board of Directors of the Pension Fund Proximus, Canel SRL, and PanTera
Luc Van den hove - CEO and President of imec
• Member of Technology and Strategy Committee of ASML
• Member of the Board of Directors of Voka
• Advisor to the Samsung Advisory Board
• Director of Leuven Mindgate
Proximus Group Integrated annual report 202516
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
The expertise and competences of the directors complement each other.
Telecom and media
Digital transformation and digital inclusion
lnnovation and technology
National security and cybersecurity
Finance, audit and risk
Regulatory and legal expertise
Governance and human rights
Sales and marketing
Human capital
Operations and supply chain
Climate change and energy
International experience
Executive management experience
Overview of the competences of the Board of Directors:
Proximus Leadership Squad
The Proximus Leadership Squad (PLS) supports the CEO in the day-to-day management of the Group and acts as a united team,
driving forward all matters related to the company. Alongside the CEO, the PLS includes eight members.
The PLS is assisted by two committees: the Domestic Management Committee (DMC) and the International Management Committee
(IMC). More information can be found in the Corporate governance statement and the Sustainability statement.
Stijn Bijnens - CEO
Jan Van
Acoleyen
Group HR
Lead
Geert
Standaert
Network &
Wholesale
Lead
Mark
Reid
9
Group
Finance Lead
Ben
Appel
Group
Corporate
Aairs Lead
Anne-Sophie
Lotgering
7
Enterprise
IT Services
& Segments
Lead
Renaud
Tilmans
Enterprise
Telco
Services &
Operations
Lead
Jim
Casteele
Consumer
Market Lead
Antonietta
Mastroianni
8
Digital & IT
Lead
7 Anne-Sophie Lotgering left the company on August 31, 2025, and was replaced ad interim by Fabrice De Windt.
8 Antonietta Mastroianni left the company on November 30, 2025, and was replaced ad interim by Jeroen Verbruggen.
9 Mark Reid left the company at the end of January 2026.
Proximus Group Integrated annual report 202517
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Key figures for 2025
Financial
Group underlying revenue
10
EUR 6,307 million
Group underlying EBITDA
10
EUR 1,883 million
CapEx
11
EUR 1,249 million
Free cash flow (adjusted)
12
EUR 130 million
Operational
731,000 fiber connections
2,349,000 Internet base
5,205,000 postpaid base
1,221,000 convergence base
89.5% 5G indoor coverage
47% fiber in the street
Sustainability
144,111 mobile devices collected
1,053,595 refurbished fix devices
50% women in the Board of Directors
76% employee engagement
87% Cybersecurity Resilience Index
10 The definition of the Group underlying revenue and EBITDA can be found in the Management discussion and the analysis of financial results.
11 Excluding spectrum and football rights.
12 Excluding cash-out related to M&A transactions and related transaction costs and excluding proceeds from sold assets as part of the company’s active
asset portfolio management.
Proximus Group Integrated annual report 202518
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Selected events of 2025
Leadership
Stijn Bijnens joined Proximus Group as CEO on September 1, 2025. Mr. Bijnens brings substantial experience in customer-
centricity, technological innovation, value creation, and building great teams, alongside a constructive dialogue with social
partners.
Seckin Arikan joined Proximus Global as CEO on November 1, 2025. With over 25 years of experience leading transformation
and growth in the global telecom and enterprise industry, Mr. Arikan has a proven track record in driving high-performing results
across multiple geographies.
Building the best gigabit network for Belgium
Rolling out the best gigabit network for Belgium is one of Proximus’ key strategic priorities. Together with our partners, we are
committed to investing in a future-proof network that guarantees reliable and fast connectivity for everyone, at all times. High-speed
gigabit networks are crucial to stimulating innovation, strengthening the economy, and enabling citizens to keep pace with the ever-
evolving digitalization. In this regard, fiber and 5G wireless technology are clearly the most eective technologies.
Fiber network
By the end of 2025, the fiber footprint reached ~42% of Belgian premises, representing 2.6 million homes and businesses
connectable to fiber. Our footprint, combined with that of our partners, brings “fiber in the street” to 47% of the population.
Our ambition under the bold2025 strategy was to achieve 50% fiber coverage. While we ended slightly below this target, primarily
due to the learning curve associated with accelerating deployment in mid-density areas, significant progress has been made. We
remain fully committed to expanding fiber coverage and driving connectivity across Belgium.
Moreover, 67% of enterprises inside industrial zonings were connectable, and fiber works were ongoing in 176 cities and municipalities.
For the second time, Ookla
®
, a world-renowned independent provider of speed tests, recognized Proximus for the fastest Internet in
Belgium, confirming its fiber leadership and superior network performance.
"Kortrijk is one of Belgium’s Fiber Friendly Cities. Today, almost all homes and businesses in the city
center are connectable to fiber. Fiber is the backbone of tomorrow’s digital world, and as a city, we
are pleased that all citizens, businesses, schools, and healthcare institutions will have access to the
fastest and most future-proof fiber optic network available.”
Ruth Vandenberghe
Mayor of the city of Kortrijk
Proximus Group Integrated annual report 202519
Proximus Group at a glance
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→ Selected events of 2025
Two major milestones marked the year with the proposed network collaborations in Flanders and Wallonia. These future
partnerships are set to shape the market for the next 50 years.
• In July, a Memorandum of Understanding (MoU) was signed with Orange Belgium to expand fiber deployment in Wallonia
and improve access to gigabit networks in less densely populated areas of Wallonia. The collaboration would also ensure
that more consumers benefit from the advantages and high-speed of existing gigabit networks, while reducing civil works.
The objective would be to ultimately cover approximately 70% of Walloon households with a FTTH (Fiber-to-the-Home)
network.
• In September, Proximus, Fiberklaar, Telenet, and Wyre welcomed the launch of a market test on the proposed gigabit
network collaboration in Flanders. The market test ended on Friday, November 21, and the parties are working to finalize
the agreement. Under the proposed collaboration, fiber connectivity would be provided to about 2 million homes and
businesses in medium-dense areas, supplemented by hybrid fiber-coax (HFC) technology for about 700,000 homes in
the most sparsely populated areas. Ultimately, Proximus aims to achieve 80% coverage in Flanders.
Mobile networks
Proximus has a strong track record in mobile communications, consistently pioneering in oering customers the best possible mobile
experience. We are continuing along this path by constantly optimizing our existing network and improving coverage, particularly
indoor, where it matters most.
We are also investing heavily in the deployment of 5G, with the ambition of achieving almost complete national coverage by 2026.
With speeds up to ten times faster than 4G, ultra-low latency, and expanded capacity, 5G enables new applications and ways of
working. Notably, we have observed a significant increase in Net Promoter Score (NPS) among customers using 5G. By the end of
2025, 5G was available in more than 95% of the cities and municipalities, with national indoor coverage reaching 89.5%.
Proximus has also received recognitions from independent institutions in Belgium and abroad, such as Testachats/Testaankoop
(Proximus ore la meilleure couverture réseau mobile en Belgique en 2024 – dating from February 2025), OpenSignal (Belgium,
March 2025, Mobile Network Experience Report | Opensignal), and Ookla
®
(Speedtest Connectivity Report | Belgium H1 2025),
showing our continued focus on performance.
Additionally, Proximus is modernizing its mobile network with the latest technologies from major European partners, Nokia and
Ericsson.
More information on our networks can be found in the section “Consumers and end-users” of the Sustainability statement.
Building trust in the digital world
In an era marked by accelerated digitization, the rise of technologies such as AI, and increasingly sophisticated cyber threats, trust
is more essential than ever. Proximus is deeply committed to making the digital world safe and secure for everyone – businesses,
consumers, and society at large.
In 2025, the Group continued to strengthen its cybersecurity resilience through significant investments in secure infrastructure,
advanced threat detection capabilities, and employee training. Despite a higher level of attacks, we remained robust and continued
to demonstrate solid cybersecurity resilience. Around 130 experts protect Proximus' operations at all times, while more than 350
certified professionals help customers secure their businesses.
Proximus also launched new services, such as Secure Net, to protect residential customers and continued to help larger organizations
design tailored security strategies and comply with legal and regulatory requirements.
Proximus Group Integrated annual report 202520
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Proximus plays an active role in Belgian cybersecurity programs, such as the BAPS (Belgian Anti-Phishing Shield) project and the
StopPhishing project, blocking millions of fraudulent messages, calls, and websites per month. Through awareness campaigns and
educational programs, we empower citizens – from young people to adults and more vulnerable groups – to stay safe online.
We also help shape the future of cybersecurity by pioneering quantum-safe communication. We align with the European
Commission’s ambition to develop a Quantum Internet across Europe. This innovation holds significant potential for sectors where
data confidentiality and integrity are critical, such as defence, finance, healthcare, and government.
“We all know how dicult it can be to tell whether an email or SMS is real. With our Smarter & Safer
Online tool, our goal is to give everyone simple, reliable guidance to better understand, respond and
protect against digital risks. We want to empower as many people as possible to navigate the
internet with confidence — because digital security shouldn’t be a privilege, it should be accessible to
everyone.”
Fabrice Clément
Chief Information Security Ocer at Proximus
• Internet Safe & Fun Days
Since 2011, Proximus and Child Focus have joined forces to organize the Internet Safe & Fun Days. Twice a year, Proximus
volunteers raise awareness among approximately 5,500 fifth- and sixth-grade students about safe and responsible
Internet use, with a focus on privacy, online harassment, sexting, and online friendships.
• Smarter and safer online tool
In September 2025, Proximus launched an interactive information tool to help everyone better understand and respond to
online threats. This tool is accessible to all, whether they are customers or not, and aims to raise public awareness of crucial
issues such as cyberbullying, phishing, and children’s online safety. It gathers content from dozens of trusted sources, such
as the Centre for Cybersecurity Belgium (CCB) and Child Focus, and brings together best practices and advice on digital
safety in one place. Supported by AI, it provides tailored answers to users’ questions. The tool is regularly updated to reflect
the latest recommendations and emerging threats.
• Proximus Chair in Quantum Science and Technology
Further reinforcing its commitment to innovation, Proximus inaugurated the Proximus Chair in Quantum Science and
Technology at KU Leuven in March 2025, supporting academic research and innovation over a four-year period. The
creation of this chair highlights our ambition to be a leader in quantum technology in Belgium. Our partnership with KU
Leuven accelerates innovation in a field critical to securing digital communications in the future.
“Taking part in the Internet Safe & Fun Days with Child Focus was an unforgettable experience. The children
were engaged, curious, and eager to learn how to use the internet and social media safely and responsibly. I felt
truly proud to contribute to a project with such a positive impact on their online confidence.”
Céline Honorez
Digital, Sales & Care M&P Coordinator at Proximus
Proximus Group Integrated annual report 202521
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
“The Proximus Chair in Quantum Sciences and Technology strengthens the collaboration
between KU Leuven, imec and Proximus and reinforces Belgium’s quantum research ecosystem.
The chair enables cutting-edge research on quantum computing and quantum communication
nodes, with a strong focus on coherent quantum repeater technologies. This partnership
accelerates the transition from scientific innovation to secure and high-performance digital
communication, laying the groundwork for the next generation of quantum technologies.”
Kristiaan De Greve
Fellow, Program Director Quantum Computing,
imec and Professor of Electrical Engineering, KU Leuven
More information on cybersecurity can be found in the section “Consumers and end-users” of the Sustainability statement.
Minimizing environmental impact
Proximus aims to achieve net-zero greenhouse gas (GHG) emissions across its value chain by 2040, with its targets validated by the
Science Based Targets initiative (SBTi). This ambition is translated into a Climate Transition Plan that outlines concrete actions both
within our own operations and across our value chain to support the transition to a low-carbon society. While the reduction of our
direct emissions (scope 1&2) is well under control, achieving our scope 3 near-term targets is highly challenging, particularly when it
comes to emissions from our supply chain. We currently anticipate a gap of 11% with our 2030 objective. Reducing this gap will require
prioritizing new strategies based on their impact, feasibility, resource needs, and potential risks.
Energy usage is a cornerstone of the transition to net zero. Proximus runs on 100% renewable electricity and seeks to systematically
improve its electricity eciency by optimizing consumption across its operations.
By 2030, Proximus aims to be a blueprint for circularity, by designing for reuse, maximizing recovery, and stimulating innovation and
collaboration within the supply chain. It is crucial for future-proofing our company and an imperative in our ambition toward net zero,
especially given the limited raw material availability and varied impacts of waste generation.
• EcoVadis Platinum
For the second year in a row, Proximus has been awarded the EcoVadis Platinum medal for its sustainability eorts, placing
us in the top 1% of the best-performing companies worldwide evaluated by EcoVadis. This recognition is the result of years
of consistent eort across our entire organization, from collaborating with our suppliers to fostering an inclusive workplace.
It reinforces our position as a leader in sustainable business, builds trust with partners and customers, and inspires us to
keep raising the bar.
• The Energy Box
Proximus has deployed the Energy Box across 44 buildings and mobile base stations. Developed in collaboration with
Companion.energy, this innovative software analyzes real-time energy use, market prices, contract terms, and in-house
energy generation to forecast needs and recommend cost-eective optimizations. It helps reduce energy consumption and
maximize the use of renewable sources across sites.
More information on our environmental impact can be found in the section “Environmental information” of the Sustainability
statement.
Proximus Group Integrated annual report 202522
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Fostering a motivating and inclusive workplace
Proximus considers its diverse workforce one of its most valuable assets in pursuing its ambitions and driving success. We oer our
employees an inspiring and safe work environment where everyone is encouraged to grow and develop in an atmosphere of inclusion
and collaboration, opportunities and contribution, innovation and responsibility.
Our Think possible company culture fosters a positive mindset through which we see opportunities in every situation. It is also a set of
principles and behaviors that guide us in finding the best solutions for our customers. In 2025, we continued to encourage employees
and managers to embrace this culture through advice, workshops, and training focused on continuous learning. As AI, digitalization,
and automation reshape the way we work, ongoing training and the development of new skills remain essential to sustaining our role
as a technology leader and innovation front-runner.
• In April 2025, Proximus and Nextensa signed an agreement for the sale of Proximus’ two oce towers and the
development of its future headquarters at Tour & Taxis. The new buildings will be among the most sustainable in Belgium,
setting an example in circularity and the use of bio-based and recycled materials. The move is planned for 2027.
• Also in 2025, we launched our new employer branding campaign, #TeamPossible, highlighting the people behind the
Group’s achievements and innovations.
• By the end of the year, we reached our objective to recruit 30% women with university degrees in digital and technical roles.
“Our cybersecurity team combines technical excellence with a strong sense of trust and
autonomy. Hybrid work, training opportunities and international collaboration define the daily
rhythm. And teamwork isn’t just talk; it’s part of our culture. We work hard, but we also support
each other. We also seek synergies with the AI team to strengthen our solutions. That mix of
expertise makes our outcomes stronger.”
Laura Terán Sánchez
Cybersecurity specialist at Proximus
More information on our employees can be found in the section “Own workforce” of the Sustainability statement.
Proximus Group Integrated annual report 202523
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Delighting customers
Residential market
In Belgium, we build and maintain strong brands: Proximus, Mobile Vikings, and Scarlet. We address the needs of every customer
segment, from premium seekers to price-conscious consumers. We also strive to ensure that each interaction customers have with our
brands results in great satisfaction.
Superior connectivity and product innovation
In 2025, delivering the best networks remained the main driver of customer satisfaction. Proximus further consolidated its leadership
in fiber, 5G, and Wi-Fi. Our fiber oering has been awarded the fastest Internet in Belgium, while 5G customers reported significantly
higher overall satisfaction.
We continued to innovate in our product oering throughout the year. We launched Flex+, a renewed convergent oer combining fiber
and 5G, complemented by a free one-year subscription to Perplexity Pro, an AI-powered productivity tool. We also released two new
features to facilitate the switch to eSIM: Quick Transfer and self-service eSIM activation in the Proximus+ app, designed to make the
switch as hassle free as possible.
In November, Proximus became the first operator in Belgium to launch tri-band Wi-Fi 7, setting a new standard for ultra-fast, stable
connectivity and further reinforcing its premium positioning.
Proximus digital platforms
Pickx and Proximus+ continued to play a central role in customer engagement by oering intuitive and personalized digital
experiences. Proximus+ saw growth in active users and stronger engagement thanks to our loyalty program, Proximus for You.
Servicing customers
Each brand continued to enhance its service model adapted to its customer segment. Proximus oers premium servicing that
combines advanced digital capabilities with a premium human touch.
In customer service, for instance, we scaled our AI-based digital assistant to operate as the first line of support for all residential calls.
Proximus Assistant handles the simplest request directly, with 24/7 availability, and routes customers to the best agent for more
complex questions.
With the launch of Flex+, we further increased our focus on quick and easy self-installation, and customers clearly appreciate the
flexibility they get with the do-it-yourself option. We also deployed the Certify app, which enables field technicians to check Wi-Fi
quality in customers’ homes, ensuring a smooth customer experience from installation to ongoing support.
Mobile Vikings improved its support experience by simplifying its help pages based on feedback from the community.
• Proximus was recognized as the strongest Belgian brand. According to the Kantar BrandZ Belgium Report 2025, our
continuous innovation ensures our brand remains dierent and continues to shake things up.
• The Play it Smart campaign of Mobile Vikings won the Ee Gold Award in the category Sustained Success.
• Our NPS scores improved for Proximus, and remained stable for Scarlet and Mobile Vikings:
• Residential convergent customers: +18
• Scarlet: +20
• Mobile Vikings: +46
Proximus Group Integrated annual report 202524
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
Doktr
In 2025, AG, the leader in the Belgian insurance market, joined Proximus, Christelijke Mutualiteit/Mutualité Chrétienne, and Solidaris
as a shareholder of the video consultation platform Doktr. At the end of the year, the Doktr app had more than 152,000 registered
users, with a patient satisfaction rate of 98%.
“At AG, we have believed in video consultations for some years now as a way to support
traditional visits to the doctor. And Doktr has been part of our range of services since 2022. By
being a shareholder in this 100% Belgian start-up, alongside the other major Belgian players
Proximus, CM-MC and Solidaris in the areas of technology and health care, we support the
acceleration of hybrid health care in Belgium. Our ambition is to be a key player in health care
innovation by focusing on practical, accessible digital solutions.”
Benoit Halbart
Managing Director Employee Benefits & Health Care at AG
Enterprise market
Proximus serves the full enterprise spectrum across the Benelux, from self-employed professionals and SMEs to large corporates and
public authorities. These organizations rely on Proximus for integrated IT and telecommunications solutions that support their digital
ambitions.
In the SME segment, Proximus positions itself as a trusted partner for both telecom and IT needs, oering convergent solutions
that leverage our superior mobile and fiber networks, combined with excellent servicing experience. In July 2025, we launched
the Business Flex+ packages to meet the growing needs of entrepreneurs and small enterprises in terms of connectivity, service
continuity, and cybersecurity, in an economic context where digital resilience has become a key driver of competitiveness. On the IT
side, we provide industrialized solutions through the partner network of our ClearMedia aliate for smaller enterprises, and advanced
ICT services through our IT partner community for larger organizations.
Proximus NXT is our umbrella brand for the corporate segment. Under this brand, we bring together our full telecom and IT oering:
from connectivity and smart networks to hybrid cloud, cybersecurity, digital workplaces, and data & AI. Proximus NXT is supported by
a strong network of aliates, including Proximus NXT IT, Proximus Ada, Codit, Davinsi Labs, Proximus NXT Netherlands, and Proximus
NXT Luxembourg. Together, our expert teams ensure the delivery of IT integration projects across the Benelux, design full ICT
ecosystems tailored to each organization, and provide a large portfolio of managed services and outsourcing capabilities.
“Proximus, Seafar, Urban Waterway Logistics, and Mappalink joined forces to make remote
ship navigation possible. With Proximus’ 5G technology at the heart of the project, we
explored how it can improve safety in urban waterways. But remote navigation takes more
than connectivity alone. It depends on a stable, reliable data connection with strict latency and
performance requirements. Edge computing plays a crucial role here. Real-time detection
and processing at the edge of the network enable actions within fractions of a second. That’s
the dierence between ‘just in time’ and ‘too late’. By processing data at strategic points across
our mobile network edge, we unlock the performance needed for safe, reliable, truly remote-
controlled vessels.”
Eric Ibens
5G business development manager at Proximus NXT
In short, we support our corporate customers’ digital transformation from strategy to execution, enabling them to focus on their core
business.
Proximus Group Integrated annual report 202525
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
In 2025, Proximus secured strategic deals that reinforce its position as a key technology player in the Benelux:
• Together with Thales, Proximus won a major NATO contract to modernize the organization’s IT infrastructure, delivering a
secure, agile, and future-proof network ecosystem.
• Proximus NXT secured a major new frame contract to provide managed cybersecurity services to several Belgian
Federal Public Services (FPS) and other federal agencies. The Security as a Service 2 (SECaaS2) agreement, which
includes a catalog of 75 managed security services, will help public sector organizations strengthen their cyber resilience
and comply with NIS2 regulations. The total contract value is expected to exceed 100 million euros over 7 years, making
it the largest managed cybersecurity deal for the public sector in Belgium. For Proximus NXT, this new agreement also
recognizes the ecient cooperation with federal government institutions in recent years under the current SECaaS1
contract.
Wholesale market
Proximus’ open network welcomes wholesale partners in a non-discriminatory way, fostering a level playing field between
competitors. Our wholesale partners benefit from access to our superior fiber and mobile networks, as well as a wide range of digital
assets.
At the end of 2025, over 45 fiber partners and about 10 Mobile Virtual Network Operators (MVNO) used our networks. We maintain
over 700 active roaming agreements, including Voice over LTE (4G), 5G, and IoT coverage.
In 2025, Proximus Wholesale launched a new portfolio called ONE (Open Network Ecosystem), oering wholesale partners
a new type of fiber connectivity that can be ordered in an automated and standardized way (based on industry-standard
Mplify API’s). This new connectivity is coupled with a new OneBox (universal CPE) that will support a OneMarketplace (oering
Virtualized Network Functions). This new portfolio paves the way for the evolution towards softwarization and network-as-a-
service, providing eased scalability, interoperability, and service delivery to wholesale partners.
Global market
Proximus Global, combining the strengths of BICS, Telesign, and Route Mobile, provides solutions across the full value chain of digital
communications and caters to the evolving needs of telco and enterprise organizations. Through its integrated Connect-Protect-
Engage product portfolio, Proximus Global enables secure, trusted, and seamless digital experiences for customers worldwide.
By securing international voice, messaging, and signaling layers, Proximus Global helps customers protect against fraud, ensures end-
users can communicate with confidence, and actively contributes to preserving the integrity of communications worldwide and for the
whole ecosystem.
Beyond network protection, Proximus Global enables businesses to engage securely with their end-users across multiple digital
channels. As consumers increasingly expect seamless experiences and strong protection of their identity and data, Proximus Global
delivers a broad portfolio of fraud prevention, identity verification, and authentication solutions that enable service providers and
enterprises to deliver safer, more reliable digital experiences.
With a presence in over 180 countries, Proximus Global connects more than 5 billion people and devices, serving digital platforms,
enterprise customers, and innovative businesses. It carries around 50% of global data roaming trac, secures over 180 billion
transactions annually, and connects 1,000+ destinations.
Proximus Group Integrated annual report 202526
Proximus Group at a glance
→ About us → Strategy and key performance → Brands → Governance overview → Key figures for 2025
→ Selected events of 2025
• In 2025, Proximus Global, via its messaging specialist 365squared, launched 365guard, an AI-powered solution that
protects mobile operators and users from SMS spam, fraud, and smishing attacks. The solution uses dynamic threat
detection and real-time analytics to block millions of malicious messages daily.
• Claro CENAM partnered with Proximus Global to enhance the security and monetization of A2P messaging across LATAM
using 365squared technology, creating a safer ecosystem that protects operators, brands, and end-users from fraud while
ensuring reliable message delivery.
• Proximus Global launched Konera, a unified network API platform aligned with GSMA’s CAMARA standards, at Global
Fintech Fest 2025 to enable seamless connectivity and unlock new monetization opportunities for operators and
enterprises worldwide.
• Proximus Global, through BICS, partnered with Starlink to provide direct-to-cell satellite connectivity across Europe,
leveraging its IPX network to bridge mobile operators with Starlink’s next-generation constellation for seamless coverage
and improved smartphone performance in remote areas.
More information on our customers can be found in the section “Consumers and end-users” of the Sustainability statement and in the
Management discussion and analysis of financial results.
Proximus Group Integrated annual report 202528
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Corporate governance statement
Proximus governance model
Proximus’ corporate governance principles are set forth in its Bylaws, Corporate Governance Charter, Charter of the Board of
Directors, Board Committees Charters, and policies.
Proximus has a clear governance model as a limited liability company under public law, imposed by the Law of 21 March 1991 on the
reform of certain autonomous economic public companies (“the 1991 Law”). For matters not explicitly regulated by the 1991 Law,
Proximus is governed by the Belgian Code of Companies and Associations of 23 March 2019 (“the Belgian Code of Companies and
Associations”) and the Belgian Corporate Governance Code of 2020. Any deviation from the 2020 Corporate Governance Code is
explicitly mentioned in this report. Only two deviations (to provisions 7.6 and 7.9) are currently noted, related to the remuneration of
Board members and executives. Indeed, Proximus opted not to introduce share-related remuneration due to the fact that the Belgian
State is the majority shareholder.
The key features of Proximus’ governance model are:
• a Board of Directors, which defines Proximus’ general policy and strategy and supervises operational management;
• an Audit & Compliance Committee, a Nomination & Remuneration Committee, a Transformation & Innovation Committee
(dissolved in May 2025), and an International Committee created by the Board within its structure;
• a Chief Executive Ocer (CEO), who takes primary responsibility for operational management, including, but not limited to,
day-to-day management;
• a Leadership Squad, which assists the CEO in the execution of his duties.
We not only follow the law but want to ensure every one of our employees and contractors is aware of the behaviors to follow and to
avoid. Therefore, Proximus adopted a Code of Conduct applicable to all employees and contractors. Proximus employees must follow
mandatory training on the application of the principles of the Code of Conduct. On top of this, we have various internal policies to make
sure our employees act ethically. More information can be found in the section “Business conduct” of the Sustainability statement.
Board of Directors
The Board of Directors is composed of no more than fourteen members, including the person appointed as Chief Executive Ocer
(CEO). The CEO is the only executive member of the Board. All other members are non-executive directors, and 50% of the members
of the Board of Directors are independent directors.
Directors are appointed for a renewable term of up to four years. Proximus does not apply an age limit for its directors, but, in
accordance with article 7:87 of the Belgian Code of Companies and Associations and the 2020 Corporate Governance Code, the
maximum term for directors is limited to twelve years.
The directors are appointed at the general meeting by the shareholders. The Board of Directors exclusively recommends candidates
who have been proposed by the Nomination & Remuneration Committee. The Nomination & Remuneration Committee takes the
principle of reasonable representation of significant stable shareholders into account, and any shareholder who holds at least 25% of
the shares has the right to nominate directors for appointment pro rata to their shareholding.
On 24 May 2024, the Belgian State transferred its shares in Proximus to the Federal Holding and Investment Company (SFPIM).
Currently, there are seven directors appointed by the General Shareholders’ Meeting upon the proposal of the Belgian State through
the SFPIM. All other directors must be independent within the meaning of article 7:87 of the Belgian Code of Companies and
Proximus Group Integrated annual report 202529
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Associations and of the 2020 Corporate Governance Code, and, at any time, the Board needs to have at least three independent
directors.
Composition of the Board of Directors
Members of the Board of Directors appointed by the General Shareholders’ Meeting
upon proposal of the Belgian State/SFPIM
Name Gender* Age Position Term
Stefaan De Clerck
1
M 74 Chairman 2013–2026
Guillaume Boutin
2
M 51 Chief Executive Ocer 2019–2025
Stijn Bijnens
3
M 57 Chief Executive Ocer 2025-2026
Karel De Gucht
4
M 72 Director 2015–2025
Béatrice de Mahieu F 53 Director 2022–2026
Franck-Philippe Georgin
5/6
M 45 Director 2025-2026
Audrey Hanard F 40 Director 2022–2026
Koen Kennis
5
M 59 Director 2025-2029
Ibrahim Ouassari
4
M 47 Director 2021–2025
Claire Tillekaerts F 69 Director 2022–2026
* F: Female / M: Male
1. By decision of the General Shareholders’ Meeting (AGM) of 16 April 2025 the mandate of Stefaan De Clerck has been extended until the AGM of 2026.
2. Guillaume Boutin resigned as CEO on 17 April 2025 and as director on 15 May 2025.
3. The Board of Directors appointed Stijn Bijnens as CEO on 13 June 2025, applicable as of 1 September 2025 and coopted him as director on
18 September 2025 until the AGM of 15 April 2026.
4. The mandates of Karel De Gucht and Ibrahim Ouassari ended at the AGM of 16 April 2025.
5. By decision of the AGM of 16 April 2025 Franck-Philippe Georgin and Koen Kennis were appointed as directors until the AGM of 2029.
6. Franck-Philippe Georgin resigned as director on 6 February 2026.
Independent members of the Board of Directors
Name Gender* Age Position Term
Caroline Basyn F 64 Independent Director 2024–2028
Cécile Coune F 63 Independent Director 2023–2027
Martin De Prycker M 71 Independent Director 2015–2027
Catherine Rutten F 57 Independent Director 2019–2027
Joachim Sonne M 51 Independent Director 2019–2028
Catherine Vandenborre F 55 Independent Director 2014–2026
Luc Van den hove M 66 Independent Director 2016–2028
* F: Female / M: Male
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Attendance Board of Directors and Committee meetings
In 2025, 13 meetings of the Board of Directors were held, 5 meetings of the Audit & Compliance Committee, 9 of the Nomination &
Remuneration Committee, and 2 of the International Committee.
Name Board (total 13) ACC (total 5) NRC (total 9) IC (total 2)
Stefaan De Clerck
1
13/13 2/2 9/9 2/2
Guillaume Boutin
2
5/6
Stijn Bijnens
3
4/4
Caroline Basyn 12/13 2/2
Cécile Coune 11/13 9/9
Karel De Gucht
4
5/5 1/1
Béatrice de Mahieu 13/13 3/3
Martin De Prycker 13/13 9/9
Franck-Philippe Georgin
5/6
8/8 2/2
Audrey Hanard 12/13 3/3
Koen Kennis
5
3/8
Ibrahim Ouassari
4
5/5
Catherine Rutten 12/13 5/5
Joachim Sonne 13/13 5/5 2/2
Claire Tillekaerts 13/13 9/9 2/2
Catherine Vandenborre 13/13 5/5
Luc Van den hove 12/13 8/9 2/2
ACC: Audit & Compliance Committee; NRC: Nomination & Remuneration Committee; IC: International Committee
1. By decision of the General Shareholders’ Meeting (AGM) of 16 April 2025 the mandate of Stefaan De Clerck has been extended until the AGM of 2026.
2. Guillaume Boutin resigned as CEO on 17 April 2025 and as director on 15 May 2025.
3. The Board of Directors appointed Stijn Bijnens as CEO on 13 June 2025, applicable as of 1 September 2025 and coopted him as director on
18 September 2025 until the AGM of 15 April 2026.
4. The mandates of Karel De Gucht and Ibrahim Ouassari ended at the AGM of 16 April 2025.
5. By decision of the AGM of 16 April 2025 Franck-Philippe Georgin and Koen Kennis were appointed as directors until the AGM of 2029. Koen Kennis
respected a cooling-o period until September 2025.
6. Franck-Philippe Georgin resigned as director on 6 February 2026.
Diversity at the Board of Directors
The Board of Directors takes into account how it will enhance the diversity of the Board of Directors with respect to gender, age,
and nationality when replacements and appointments are considered. The diversity characteristics of the Board of Directors can be
visualized as follows:
Gender Nationality
50% women 50% men 86% Belgian
7% German
7% French
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Proximus is proud to have a gender parity between male (50%) and female (50%) on its Board of Directors. This composition and the
complementary expertise and skills of all directors create a dynamic that benefits the good management of the company.
Functioning of the Board of Directors
The Board of Directors meets whenever the interests of the company so require, or at the request of at least two directors.
In principle, the Board of Directors holds seven regularly scheduled meetings annually; one meeting is dedicated to the aliates and
another to the evaluation of the strategic long-term plan.
In general, the Board’s decisions are made by a simple majority of the directors present or represented. However, for certain issues, a
qualified majority is required.
The Board of Directors has adopted a charter that, together with the charters of the Board Committees, reflects the principles by
which the Board of Directors and its Committees operate. These charters are published on the corporate website.
The Charter of the Board of Directors stipulates, among other things, that important decisions should have broad support. This
is understood as a qualitative concept indicating eective decision-making within the Board of Directors following a constructive
dialogue between directors.
Files on important decisions are prepared by standing or ad hoc Board Committees, with significant representation of non-executive
independent directors, in accordance with article 7:87 of the Belgian Code of Companies and Associations.
Committees of the Board of Directors
Proximus has an Audit & Compliance Committee, a Nomination & Remuneration Committee, a Transformation & Innovation
Committee (dissolved in May 2025) and an International Committee.
The members of the committees are appointed by the Board of Directors after consultation with the Nomination & Remuneration
Committee, for a renewable term of in principle three years (Bylaws & Charters).
Audit & Compliance Committee
The Audit & Compliance Committee (ACC) consists of five non-executive directors, the majority of whom are independent. In line with
its charter, the Committee is chaired by an independent director.
The Audit & Compliance Committee’s role is to assist and advise the Board of Directors in its oversight of:
• the financial and non-financial reporting processes;
• the ESG reporting processes;
• the eciency of the systems for internal control and risk management of the company;
• the company’s internal audit function and its eciency;
• the quality, integrity, and legal control of the statutory and consolidated annual accounts and the financial and non-financial
statements of the company, including the follow-up of questions and recommendations made by the auditor;
• the relationship with the company’s auditors and the assessment and monitoring of their independence;
• the company’s compliance with legal and regulatory requirements;
• internal compliance with the company’s Code of Conduct and the Dealing Code.
Critical concerns are communicated to the Board via the Audit & Compliance Committee. External audit reports comprise financial
and IT security risks, while internal audit reports address financial, compliance, IT, and network security risks. The Audit & Compliance
Committee is informed of all discussions and decisions made by the management in the Risk Management Committee.
The Audit & Compliance Committee meets at least once every quarter.
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The members of the Audit & Compliance Committee (composed of non-executive members, of which four are female and one is male)
are Catherine Vandenborre (Chairwoman), Stefaan De Clerck (until 8 May 2025), Karel De Gucht (until 16 April 2025), Joachim Sonne,
Catherine Rutten, Béatrice de Mahieu (as of 8 May 2025) and Audrey Hanard (as of 8 May 2025).
Expertise of the Audit & Compliance Committee members
A majority of the members of the Audit & Compliance Committee have extensive expertise in accounting and audit. The Chairwoman
of the Audit & Compliance Committee, Catherine Vandenborre, holds a degree in Business Economics and degrees in Tax and
Financial Risk Management. The Chairwoman and the majority of the members have held several board or executive mandates in
large Belgian or international companies.
Nomination & Remuneration Committee
The Nomination & Remuneration Committee (NRC) consists of five directors, the majority of whom are independent. In line with its
charter, this Committee is chaired by the Chairman of the Board of Directors, who is an ex-ocio member.
The Nomination & Remuneration Committee’s role is to assist and advise the Board of Directors regarding:
• the nomination of candidates for appointment to the Board of Directors and the Board Committees;
• the appointment of the CEO and the members of the Leadership Squad upon proposal by the CEO;
• the appointment of the Secretary General;
• the remuneration of the members of the Board of Directors and the Board Committees;
• the remuneration of the CEO and members of the Leadership Squad;
• the annual review of the remuneration concept and strategy for all personnel and specifically the compensation packages
of the Leadership Team;
• the oversight of the decisions of the CEO with respect to the appointment, the dismissal, and the compensation of management;
• the preparation of the remuneration report and the presentation of that report at the Annual General Shareholders’ Meeting;
• corporate governance matters.
The Nomination & Remuneration Committee meets at least four times per year.
At the beginning of each year, the Committee reviews the performance, budgets for pay-out of bonuses and merits, and long-
term and short-term incentive plans. At that meeting, the concept and strategy of the remuneration policy are also discussed. The
Committee determines the performance measurement targets of the CEO and the members of the Leadership Squad through Key
Performance Indicators.
The members of the Nomination & Remuneration Committee (composed of non-executive members, of which two are female and
three are male) are: Stefaan De Clerck (Chairman), Martin De Prycker, Luc Van den hove, Claire Tillekaerts and Cécile Coune.
Transformation & Innovation Committee
The Transformation & Innovation Committee was a permanent committee of the Board, discussing selected files that needed
preparatory reflection and needed to mature before being brought to the Board for a decision. With the aim of simplifying the
governance structure, the Board of Directors decided in May 2025 to dissolve this committee.
International Committee
Given the strong evolution of the international activities of Proximus and the evolving global governance, the Board of Directors
decided during its meeting of 14 December 2023 to create an International Committee.
The International Committee (IC) consists of a maximum of six directors. In line with its charter, the Chairman of the Board of Directors
is an ex-ocio member, and the Committee is chaired by the Chairman of the Board of Directors. Three members are appointed from
among the independent directors.
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The International Committee is a permanent committee of the Board, discussing the integration of international aliates, the setting
of KPIs for international business development, and international acquisitions.
The members of the International Committee (composed of non-executive members, of which two are female and four are male)
are: Stefaan De Clerck (Chairman), Karel De Gucht (until 16 April 2025), Joachim Sonne, Luc Van den hove, Claire Tillekaerts, Caroline
Basyn and Franck-Philippe Georgin (from 8 May 2025 to 6 February 2026).
Relationship Agreement
In accordance with article 8.7. of the 2020 Corporate Governance Code, Proximus concluded a Relationship Agreement with its
majority shareholder, the Belgian State, in December 2022. This agreement, which does not impact the autonomy of Proximus, nor
the competences of its corporate bodies, aims to create a framework for the exchange of information, in full compliance with European
and Belgian financial legislation. This agreement was amended in June 2024 with the transfer of the shares of the Belgian State to
SFPIM. The Relationship Agreement is published on the company’s corporate website.
Conflict of interest
A general policy on conflicts of interest applies within the company. It prohibits the possession of financial interests that may aect
personal judgement or professional tasks to the detriment of Proximus Group.
On 24 February 2011, the Board adopted a “related party transactions policy”, which was updated in September 2016. This policy
governs all transactions or other contractual relationships between the company and its Board members.
The Board and each individual director must respect all the rules relating to conflicts of interest between the company and a director.
In case of a conflict of interest, the meeting in which the conflict of interest is reported and the matter that gave rise to the conflict are
published in the annual report of the related financial year.
In accordance with article 7:96 of the Belgian Code of Companies and Associations, the CEO, Guillaume Boutin, declared during the
Board of Directors of 27 February 2025 to have a conflict of interest in connection with his performance evaluation for 2024 and the
Shareholders’ Remuneration, which were both items on the agenda of that Board meeting.
Proximus has contractual relationships and provides also telephony, Internet, digital and/or ICT services to many of the companies in
which Board members have an executive or non-executive mandate. These transactions take place in the ordinary course of business
and at arm’s length.
Evaluation of the Board
The Board of Directors evaluates its performance and interaction with the executive management at least every three years. A new
evaluation was done together with Guberna as external partner at the end of 2024. The Board members were invited to answer an
extensive questionnaire, followed by an interview between Guberna and each individual Board member. The Board members were
asked their opinion on corporate governance at Proximus, the functioning of the Board and of the committees. This evaluation was
discussed by the Nomination & Remuneration Committee and the Board in February 2025.
Guberna highlighted several key strengths, including the professional management of the relationship with the majority shareholder,
the well-structured organization of the Board, and the provision of accurate information. The Board of Directors excels in its roles,
particularly in strategic planning, and maintains a constructive relationship among the CEO, Chairman and Board of Directors.
Additionally, the Board members demonstrate an objective attitude, prioritizing the company’s interests.
The report also outlines areas for improvement, such as establishing an eective methodology for the Board of Directors to define
“risk appetite” and oversee Risk Management. Guberna suggests clearly assigning sustainability responsibilities between the Board,
its committees, and management. It emphasizes the importance of evolving the Board’s composition to align with the company’s
strategic challenges. Lastly, there should be continuous focus on the relationship with the majority shareholder.
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Non-executive directors regularly evaluate their interaction with the executive management and meet at least once a year without the
CEO. At the beginning of each year, the committee chairs submit their annual reports to the Board.
Leadership Squad
Chief Executive Ocer
Guillaume Boutin who acted as CEO since 1 December 2019, has resigned as CEO on 17 April 2025 and as Director on 15 May 2025.
The Board of Directors in its meeting of 13 March 2025, appointed Jan Van Acoleyen as CEO ad interim until the appointment of a new
CEO.
The Board of Directors appointed Stijn Bijnens as CEO on 13 June 2025, applicable as of 1 September 2025. The CEO is entrusted
with day-to-day management and reports to the Board of Directors. Moreover, the Board has delegated broad powers to the CEO.
On 18 September 2025, the Board of Directors decided to co-opt Stijn Bijnens as a director of Proximus until the 2026 Annual
General Meeting. In conjunction with his appointment as Chief Executive Ocer on 13 June 2025 (eective 1 September 2025), Stijn
Bijnens is hereby appointed “Managing Director”.
Leadership Squad members
The members of the Leadership Squad are appointed and dismissed by the Board of Directors at the proposal of the CEO, after
consultation with the Nomination & Remuneration Committee.
The powers of the Leadership Squad are determined by the CEO. The Leadership Squad’s role is to assist the CEO in the execution of
his duties.
The Leadership Squad aims to decide by consensus, but in the event of disagreement, the view of the CEO will prevail. The Leadership
Squad generally meets on a weekly basis.
In 2025, the Leadership Squad, in addition to the CEO, was composed of the following members:
Name Gender Age Position
Jim Casteele M 54 Consumer Market Lead
Anne-Sophie Lotgering
1
F 51 Enterprise IT Services & Segments Lead
Ben Appel M 50 Group Corporate Aairs Lead
Antonietta Mastroianni
2
F 52 Digital & IT Lead
Mark Reid
3
M 54 Group Finance Lead
Geert Standaert M 55 Network & Wholesale Lead
Renaud Tilmans M 57 Enterprise Telco Services & Operations Lead
Jan Van Acoleyen M 63 Group HR Lead
1. Anne-Sophie Lotgering left the company on 31 August 2025 and was replaced ad interim by Fabrice De Windt.
2. Antonietta Mastroianni left the company on 30 November 2025 and was replaced ad interim by Jeroen Verbruggen.
3. Mark Reid left the company at the end of January 2026.
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Diversity at the Leadership Squad
The diversity characteristics for the Leadership Squad can be visualized as follows:
Gender
100% men
Nationality
86% Belgian
14% Scottish
Anne-Sophie Lotgering and Antonietta Mastroianni have left the company. Proximus will prioritize the consideration of female
candidates for their replacements.
Board of Auditors
Composition
The Board of Auditors of the company is composed as follows:
• Deloitte Auditors SRL, represented by Koen Neijens (until 16 April 2025) and Fabio De Clercq (as of 16 April 2025),
also Chairman of the Board of Auditors (as of 17 July 2025);
• Jan Debucquoy, Member of the Court of Auditors;
• Christophe Rappe, Member of the Court of Auditors;
• Luc Callaert SRL, represented by Luc Callaert.
Deloitte Auditors SRL, represented by Fabio De Clercq and Luc Callaert SRL, represented by Luc Callaert, are responsible for the audit
of the consolidated financial statements of Proximus and its aliates. Deloitte Auditors SRL is also responsible for the review of the
sustainability reporting (CSRD).
The other members of the Board of Auditors are, together with Deloitte, entrusted with the audit of the non-consolidated financial
statements of Proximus as a parent company.
The mandates of Deloitte Auditors SRL and Luc Callaert SRL for the audit of the consolidated financial statements will expire at the
Annual General Shareholders’ Meeting in 2028.
Additional fees paid to the auditors
In accordance with the provisions of article 3:65 §3 of the Belgian Code of Companies and Associations, Proximus declares the
supplementary fees that it granted during the 2025 financial year to two auditors, members of the Joint Auditors: Deloitte Auditors
SRL, and Luc Callaert SRL.
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The Group spent an amount of EUR 389,689 during the year 2025 for non-mandate fees for Deloitte Auditors SRL, the Group’s
auditors. This amount is detailed as follows:
Amount spent by the Group for non-mandate fees for Deloitte Auditors SRL
(in EUR) Auditor Network of auditor
Other mandatory audit missions 124,334 27,000
Tax advice 0 0
Other missions 232,490 5,865
Total 356,824 32,865
In 2025 the Group did spend EUR 1,200 for non-mandate fees to Luc Callaert SRL.
Amount spent by the Group for non-mandate fees
for Luc Callaert SRL
(in EUR) Auditor
Other mandatory audit missions 1,200
Tax advice
Other missions
Total 1,200
Sustainability governance
For reporting clarity, we have separated sustainability governance from general governance to consolidate all sustainability content
into a single chapter. However, it is important to note that sustainability remains an integral part of our overall governance framework
and way of working. More information can be found in the Sustainability statement.
Internal control system
The Proximus Board of Directors is responsible for the assessment of the systems for internal control and risk management.
Proximus’ internal control system is characterized by an organization with a clear definition of responsibilities, alongside sucient
resources and expertise, and also appropriate information systems, procedures, and practices. Even though risks of misuse of assets
or misstatements can never be totally eliminated, Proximus organizes a continuous review and follow-up of all the components of its
internal controls and risk management systems to ensure they remain adequate.
Proximus gives high importance to the timely and qualitative delivery to all its internal and external stakeholders of complete, reliable,
and relevant financial information in conformity with International Financial Reporting Standards (IFRS) and Belgian Generally
Accepted Accounting Principles (BGAAP), and sustainability information in conformity with European Sustainability Reporting
Standards (ESRS). Therefore, Proximus has organized its internal control and risk management systems in accordance with its financial
and sustainability reporting in order to ensure this objective is met.
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Organization of internal control
In accordance with the bylaws, Proximus has an Audit & Compliance Committee (ACC), which plays a key role in the organization and
oversight of the internal controls and risk management systems. More information can be found in the section “Business conduct” of
the Sustainability statement.
Risk analysis, mitigating factors, and control measures
Major enterprise risks and uncertainties, mitigating factors, and control measures are reported in the Risk management report.
Information on the ESG IROs can be found in the Sustainability statement.
Sustainability reporting roles and responsibilities
More information can be found in the section “General information” of the Sustainability statement.
Financial reporting roles, responsibilities, and expertise
Most of the accounting records are maintained under IFRS as well as local GAAP. In general, financial information delivered to
management and used for budgeting, forecasting, and controlling activities is prepared under IFRS. A common financial language
used throughout the organization positively contributes to eective and ecient communication.
Every legal entity, business unit, division, and department has its vision, mission, and responsibilities, while on an individual level,
everybody has a clear job description and objectives.
The main role of the Finance Division is to support the legal entities, divisions, and aliates by providing accurate, reliable, and timely
financial information for decision-making, monitoring business profitability, and eectively managing corporate financial services.
The financial results are internally reported and validated at dierent levels. At the process level, validation meetings are held with
the business process owners. At the level of the major aliates, a validation meeting is organized with the persons responsible for
accounting and controlling. At Proximus Group level, the consolidated results are split per segment. For each segment, the analysis
and validation typically include a comparison with historical figures, as well as budget-to-actual and forecast-to-actual analysis.
Validation requires any variances to be analyzed and satisfactorily explained.
Afterwards, the financial information is reported and explained to the Proximus Leadership Squad (monthly) and presented to the
Audit & Compliance Committee (quarterly).
The Corporate Accounting department team assumes the accounting responsibility for the parent company Proximus and the major
Belgian companies. It also provides support to other aliates. For this centralized support, the organization is structured according to
key financial processes. These major processes include capital expenditures and assets, inventories, contracts in progress & revenue
recognition, financial accounting, operational expenditures, provisions & litigations, payroll, and post-employment benefits, and taxes.
This centralized support, organized around specific processes and IFRS standards, allows for in-depth accounting expertise, and
ensures compliance with group guidelines.
The consolidation of all dierent legal entities into Proximus Group’s Consolidated financial statements is managed centrally. The
Consolidation department defines and distributes information related to the implementation of accounting standards, procedures,
principles, and rules. It also monitors changes in regulations to ensure that the financial statements continue to be prepared in
accordance with IFRS, as adopted by the European Union. The monthly instructions for consolidation outline not only the schedules for
preparing accounting information for reporting purposes but also include detailed deadlines and items requiring particular attention,
such as complex issues or new internal guidelines.
A specific mandatory training cycle has been established for financial reporting, for both junior and senior sta. These internally and
externally organized accounting seminars cover IFRS, local accounting rules and regulations, and tax and company law & regulations.
Knowledge and expertise are also kept up to date and extended for more specific domains (revenue assurance, pension administration,
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financial products, etc.) through seminars and self-study. Additionally, Finance sta attend general training sessions on Proximus’
new business products and services. General and more detailed accounting principles, guidelines, and instructions are summarized in
reference material available on the Proximus intranet site.
Supervision and assessment of financial internal controls
The accounting records of Proximus and most of its aliates are kept on large integrated IT systems. Operational processes are
frequently integrated into the same system (e.g. supply chain management, payroll). For the billing systems, which are not integrated,
adequate interfaces and a monitoring system have been developed. For consolidation purposes, a specific consolidation tool is used.
The organizational setup and access management are designed to ensure adequate segregation of duties, prevent unauthorized
access to sensitive information, and prevent unauthorized changes. The system set-up is reviewed regularly by the external auditors
and the Internal Audit department.
Each business owner is responsible for regularly reviewing and improving the business activities under their accountability, including
the process documentation, reporting on indicators, and monitoring.
Internal Audit
Proximus’ Internal Audit department conducts regular audits across the Group’s operations. More information can be found in the
section “Business conduct” of the Sustainability statement.
The Audit and Compliance Committee reviews the quarterly interim reporting and the specific accounting methods. The main disputes
and risks facing the Group are considered; the recommendations of internal audit are followed up; compliance within the Group with
the Code of Conduct, Dealing Code, and other key policies is regularly discussed.
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Remuneration Report 2025
Introduction
The remuneration policies applicable to the members of the Board of Directors and the Leadership Squad are shaped by the evolving
legal framework, the Belgian Corporate Governance Code 2020 (“the 2020 Corporate Governance Code”), market practices
and trends, and the strategic context of Proximus. They reflect our ambition to contribute to an inclusive, secure, sustainable and
prosperous digital Belgium.
Proximus attaches great importance to providing clear, relevant and transparent information on the principles governing its
remuneration policy and on the remuneration allocated to the Board of Directors and the Leadership Squad.
Unless stated otherwise, all amounts in this Remuneration Report are presented as gross amounts. For employees, this refers to gross
salary (excluding employer social contributions). For self-employed individuals, this refers to gross remuneration excluding VAT, unless
a tax benefit applies.
This Remuneration Report provides a transparent overview of:
• the remuneration structure and levels applicable to the Board of Directors and the Leadership Squad,
• the implementation of the Remuneration Policy during the financial year,
• the alignment between remuneration, company performance and sustainability objectives,
• internal pay comparisons, including pay ratios and average remuneration evolution, and
• shareholder votes and governance provisions relating to remuneration.
Through this report, Proximus rearms its commitment to responsible, fair and future oriented remuneration practices that
support the sustainable performance and long-term success of the Group, while remaining aligned with the expectations of our
shareholders, our employees and the society we serve.
We firmly believe that remuneration should foster not only high levels of performance but also the well-being, development and
empowerment of our employees. We want all members of our organization to feel valued, respected and recognized for their
contribution to our shared success.
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Snapshot - Remuneration structure
Board of Directors (non-Executive Directors)
Component Chairman
Other non-executive
Directors
Notes
Annual fixed compensation EUR 50,000 EUR 25,000 pro rata to mandate duration
Attendance fee to meetings
paid per attended meeting and
applies to all advisory committees
Board of Directors EUR 10,000 EUR 5,000
Committee as Chairman of the Committee EUR 5,000 EUR 5,000
Committee as member of the Committee EUR 2,500 EUR 2,500
Allowance for communication costs EUR 4,000 EUR 2,000 pro rata to mandate duration
Company car Yes No for Chairman only
Variable pay No No
in line with the Corporate Governance
Code 2020
Share-based pay No No
provision not applied due to
shareholding structure
Pension / group insurances No No not applicable
Chief Executive Ocer (CEO)
Component Description
Fixed remuneration Annual fixed salary (indexed), set by Board of Directors
Short-term variable remuneration (STI) Target = 40% of fixed salary (60% Group KPIs / 40% individual KPIs)
Long-term variable remuneration (LTI) Target = 40% of fixed salary, deferred over 3 years; Performance Value Plan
Share- based remuneration No. Only exception: one-off (2024) for former CEO: 75,000 shares
Pension scheme & other group insurances
Defined contribution: 10% of CEO fixed remuneration
Life & disability coverage
Other benefits Company car, medical insurance, telecom, meal vouchers, …
Exceptional bonuses
Possible for sign-on needs or exceptional performance (Board decision)
Contractual terms Indefinite mandate (self-employed), non compete, rupture allowance, clawback
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Leadership Squad members (excluding CEO)
Component Description
Fixed remuneration
Annual fixed salary (indexed), reviewed regularly by the Nomination &
Remuneration Committee
Short-term variable remuneration (STI) Target = 40% of fixed salary (60% Group KPIs / 40% individual KPIs)
Long-term variable remuneration (LTI) Target = 40% of fixed salary, deferred over 3 years; Performance Value Plan
Share-based remuneration No
Pension scheme & other group insurances
Defined benefit plan
Life & disability coverage
Other benefits Company car, medical insurance, telecom, meal vouchers, …
Exceptional bonuses
Possible for temporary responsibilities, exceptional performance, sign-on or retention needs
(Board decision)
Contractual terms Indefinite contract (employees), non compete, rupture allowance, clawback
Remuneration of the members
of the Board of Directors
Structure of the remuneration
The remuneration model for Directors follows the principle of continuity and remains unchanged since its approval by the General
Assembly in 2004. No significant changes are foreseen in the coming years.
The Board of Directors is composed of up to fourteen members, including the Chief Executive Ocer (“the CEO”). The CEO is the only
executive member; all other Directors are non-executive.
The CEO is not remunerated for the exercise of his mandates as a member of the Board of Directors, its Committees or the Boards of
any Group subsidiaries.
Non-executive Directors are remunerated as follows:
• For the Chairman of the Board of Directors:
» An annual fixed compensation of EUR 50,000 (pro rata to the duration of the mandate)
» An attendance fee of EUR 10,000 per Board meeting attended
» An attendance fee of EUR 2,500 per advisory committee meeting attended (doubled when chairing the committee)
» An annual fixed allowance of EUR 4,000 for communication costs
» The use of a company car
• For other non-executive Directors:
» An annual fixed compensation of EUR 25,000 (pro rata to the duration of the mandate)
» An attendance fee of EUR 5,000 per Board meeting attended
» An attendance fee of EUR 2,500 per advisory committee meeting attended (doubled when chairing the committee)
» An annual fixed allowance of EUR 2,000 for communication costs
These amounts are paid semi-annually and are not indexed.
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Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
In 2026, the Board, with the help of Spencer Stuart as external party, performed a benchmark on board remuneration, comparing
this remuneration with a variety of peer groups, composed of Belgian government controlled enterprises, Bel20/BelMid companies,
European telco’s and other technology companies. Conclusion was that the total compensation of the Directors of Proximus in 2024
is in line with the average or the median of the dierent peer groups, with exception of the government controlled companies which
generally have a more limited scope.
In line with common Belgian governance practices, non-executive Directors do not receive variable, performance-based
remuneration, nor benefits linked to supplementary pension schemes or other group insurance.
Although the 2020 Corporate Governance Code recommends awarding part of non-executive Directors’ remuneration in company
shares, Proximus has decided not to apply this provision, given its specific shareholding structure with the Belgian State as majority
shareholder.
The Chairman of the Board also chairs the Joint Committee, the Pension Fund and Proximus ART. He is a member of the Board of
Proximus Real Estate, our real-estate aliate. No additional fees are granted for these mandates.
Remuneration granted in 2025
The total remuneration granted in 2025 to all members of the Board of Directors, including the Chairman, amounts to EUR 1,476,391
(gross).
Board of Directors
Meetings Attendance rate
13 93%
International Committee
Meetings Attendance rate
2 100%
Audit & Compliance Committee
Meetings Attendance rate
5 100%
Nomination & Remuneration Committee
Meetings Attendance rate
9 98%
The following table provides an overview of the individual gross amounts paid to Directors in 2025, based on their attendance at
Board and Committee meetings.
Proximus Group Integrated annual report 202543
Governance
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Remuneration granted to the members of the Board of Directors in 2025
Directors Annual fix compensation Attendance fees
1
Allowance
2
Total 2025
Guillaume Boutin
3
Stijn Bijnens
4
Caroline Basyn €25,000 €65,000 €2,000 €92,000
Cécile Coune €25,000 €77,500 €2,000 €104,500
Stefaan De Clerck €50,000 €190,000 €7, 24 3 €247,243
Karel De Gucht
5
€7, 26 0 € 2 7, 50 0 €581 €35,341
Béatrice de Mahieu €25,000 €72,500 €2,000 €99,500
Martin De Prycker €25,000 €8 7, 5 0 0 €2,000 €114,500
Franck-Philippe Georgin
6-7
€17,808 €45,000 €1,425 €64,233
Audrey Hanard €25,000 €67, 50 0 €2,000 €94,500
Koen Kennis
6
€17,808 €15,000 €1,425 €34,233
Ibrahim Ouassari
5
€7, 26 0 €25,000 €581 €32,841
Catherine Rutten €25,000 €72,500 €2,000 €99,500
Joachim Sonne €25,000 €82,500 €2,000 €109,500
Claire Tillekaerts €25,000 €92,500 €2,000 €119,500
Catherine Vandenborre €25,000 €90,000 €2,000 €117,000
Luc Van den hove €25,000 €85,000 €2,000 €112,000
Total €350,137 €1,095,500 €31,254 €1,476,391
1 Extraordinary remunerated Board meetings on 7 February, 13 March, 3 April, 9 April, 13 June and 10 October 2025.
2 Annual fixed telecom allowance. For the Chairman, this amount also includes the benefit in kind related to the use of company car, which amounted to 3,243 € in 2025.
3 Resigned on 15 May 2025
4 Appointed on 1 September 2025
5 Mandate ended on 16 April 2025
6 Appointed on 16 April 2025
7 Resigned on 6 February 2026
The table below presents the remuneration granted to Board members over the past five years, including the Chairman. Year on-year
dierences reflect the number of Board and Committee meetings held and the attendance of individual members.
Remuneration granted to the members of the Board of Directors over 5 years
Total 2021 Total 2022 Total 202 3 Total 2024 Total 2025
€1,192,366 €98 7, 7 2 3 €1,491,432 €1,296,068 €1,476,391
year-over-year variance -17. 2% +51.0% -1 3.1% +13.9%
Proximus Group Integrated annual report 202544
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Global Rewards Program – general vision
As a provider of digital services and communication solutions, Proximus operates in a market characterised by constant technological
shifts, evolving customer expectations and increasing competitive pressure, in the Belgian and international telecom markets. This
environment requires us to reinvent ourselves continuously — not only adapting to change but anticipating it, shaping it and repeatedly
transforming the way we work and deliver value. To succeed in this ongoing transformation and achieve our long term ambitions, we
rely on talented and committed employees and leaders who collaborate closely, show resilience and embody our culture and values.
Our Think Possible culture plays a central role in this. It represents a mindset focused on seeing opportunities in every challenge,
supported by principles and behaviours that guide us in finding the best solutions for our customers and for the society. We recognise
that this continuous transformation journey asks agility, adaptability and perseverance from all employees. Our remuneration policy is
designed to support and encourage them through this journey — acknowledging their contribution, reinforcing fairness and fostering a
sense of shared purpose as we build Proximus’ future together.
At Proximus, we recognize the critical contribution of all our employees, at every level. Each colleague plays an essential role in
delivering on our strategy, serving our customers and shaping the future of our Group. We strive to ensure that our remuneration
practices are fair, transparent and respectful of everyone’s responsibilities. Our ambition is to acknowledge and value the unique
contributions of every individual, fostering a workplace where all employees feel supported, included, and proud of the impact we
create together.
The inclusion of ESG metrics in executive remuneration also supports the Group’s continuous transformation in a rapidly evolving
market. As Proximus repeatedly emphasizes in its integrated annual reporting, long-term competitiveness depends not only on
financial strength, but also on trust, societal relevance, environmental stewardship and responsible digitalization. Anchoring ESG
objectives in remuneration ensures that leaders actively contribute to strengthening the resilience, agility and long-term sustainability
of the Group.
Having a competitive and attractive Global Rewards Program for our Leadership Squad, our Top Management and our entire
workforce is therefore essential. The competitiveness of this program is regularly assessed with the support of an external consulting
firm specializing in human capital and employee benefits.
Proximus applies innovative, market aligned remuneration practices, continuously updated through collaboration with
universities, independent benchmarking studies and external HR networks. Our remuneration principles — including wages and
working conditions — are grounded in fairness, non discrimination, and are shaped through constructive dialogue with both the
Board of Directors and the social partners. We are committed to ensuring equity across the organization and addressing any wage
gaps with transparency and responsibility.
Given our origins as a public-law company, certain structural dierences persist compared with purely private-sector organizations.
These specificities have influenced the evolution of our remuneration policy. Over time, our HR teams have developed creative
and modular programs that honour the statutory framework for part of our employees while introducing new elements that help
harmonize the overall approach between statutory and contractual sta.
Main objectives of our Global Rewards Program
Our remuneration design reflects our ambition to grow responsibly, support our employees’ wellbeing and contribute to a sustainable,
inclusive digital Belgium.
More specifically, our Global Rewards Program aims to:
• Drive performance that supports sustainable, profitable growth and creates long-term value for Proximus as a reference operator
• Encourage empowerment and responsibility, reflecting our societal mission – our commitment to building an inclusive, secure,
sustainable and prosperous digital Belgium
• Ensure fair, equitable and market-competitive remuneration for all employees, both statutory and contractual
Proximus Group Integrated annual report 202545
Governance
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• Recognize and reward high performance in line with our Think Possible culture and company values
• Strengthen alignment between individual contributions and the company’s overall results, reinforcing the successful execution of
our strategy
• Attract and retain the talents our company needs at every level by oering meaningful professional experiences and an
environment where people can grow, be the best version of themselves and get ready to win our company’s challenges of today and
tomorrow
• Balance the needs and responsibilities of our employees and their families with those of the company and society at large.
Proximus also maintains — and continuously modernises — a set of additional motivational measures, including work-life benefits
(such as hospitalization insurance and homeworking facilities), social assistance and wellbeing programs available to all employees,
including members of the Leadership Squad.
Our priority is to oer forward-looking reward practices that empower employees, support our strategic objectives and strengthen a
sense of pride in our shared achievements.
Remuneration of the members
of the Leadership Squad
General context
Decision-making process
The remuneration of the Leadership Squad, including individual remuneration packages, is determined by the Board of Directors based
on recommendations from the Nomination & Remuneration Committee. Packages are defined according to individual responsibilities,
sustained performance, critical skills and market benchmarks. The Board ensures that all remuneration policies for the Leadership
Squad remain fully aligned with Proximus’ overall remuneration framework.
Competitiveness of the remuneration of the Leadership Squad
While ensuring full compliance with Belgian governance rules, the remuneration policies for the Leadership Squad are designed to:
• attract and retain talented executives,
• oer competitive and market-aligned reward levels,
• promote sustainable value creation, and
• align the interests of management and shareholders.
Although the 2020 Belgian Corporate Governance Code recommends setting a minimum threshold of shares to be held by executive
leaders, Proximus has historically not applied this provision, given the specific shareholding structure of the company, with the Belgian
State as majority shareholder. However, as the Group continues to grow internationally and if the need arises from a competitive
reward perspective, Proximus is prepared to re-examine the introduction of share-based compensation in the future to enhance
alignment with the Corporate Governance Code. Such compensation was exceptionally granted in 2024 to the former CEO, Guillaume
Boutin.
To meet its strategic ambitions and ensure long-term sustainability, Proximus aims to attract and retain highly qualified and
committed leaders for its Leadership Squad, who act as role models, deliver strong performance and embody our culture and values.
Members of the Leadership Squad benefit from reward programs tailored to the strategic principle of rewarding high performance
— both individual and collective. A significant portion of their total remuneration is variable, based on strict quantitative and qualitative
criteria. This structure aligns their rewards with Proximus’ performance, growth ambitions and commitment to fostering an inclusive,
safe, sustainable and prosperous digital Belgium. This approach supports long-term, sustainable profitable growth, in line with our
strategy and the expectations of shareholders.
Proximus Group Integrated annual report 202546
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Market positioning
The competitiveness of Leadership Squad remuneration is regularly reviewed through benchmarking exercises performed by
independent, specialized external consultants. These analyses compare remuneration levels with:
• BEL20 companies (excluding the financial sector), and
• a selection of European peer companies in the Telecommunications and ICT sector.
This benchmarking ensures that remuneration remains adequate, fair and aligned with market practice, reflecting:
• the complexity of each role,
• the evolution of individual responsibilities, and
• the Group’s size, scope and financial results.
Proximus aims to position itself at market median, which serves as the reference point for these reviews.
To further dierentiate itself as an employer, Proximus oers a comprehensive total reward package that goes beyond cash
remuneration. Top management – including the CEO and the other Leadership Squad members – benefit from a degree of flexibility
in how their variable compensation is paid out.
Unless otherwise specified, all amounts in this report are gross amounts before employer social contributions.
What changed in 2025, in a nutshell
• CEO Transition
Former CEO (Guillaume Boutin) left in May 2025; new CEO (Stijn Bijnens) appointed in September 2025.
3.5 months without a CEO position filled; interim ensured by 2 members of the Leadership Squad.
• New CEO Remuneration Package
Identical to the previous CEO’s package for Domestic (pre 2024 adjustments).
Sign-on bonus and special LTI grant to compensate for forfeited benefits upon joining Proximus.
• Former CEO’s International Responsibilities
The additional EUR 400,000 annual responsibility remuneration introduced in 2024 no longer applies in 2025, a CEO being
appointed at Proximus Global.
• Leadership Squad Changes
Departure of two members (Anne-Sophie Lotgering and Antonietta Mastroianni), a third one (Mark Reid) resigned in December
2025. Early payment of vacation pay and short-term variable remuneration. Forfeiture of certain long-term incentives under plan
rules.
Two members held interim CEO roles (Jan Van Acoleyen for Proximus SA and Mark Reid for Proximus Global).
• Indexation and Workforce Context
Standard public sector indexation mechanism continued to apply.
The average remuneration of employees increased by 3% (index included).
• Shareholder Votes
Shareholders abstained on the new Remuneration Policy and the 2024 Remuneration Report (77% abstention).
A revised Remuneration Policy will be submitted to the Shareholders in April 2026.
Proximus Group Integrated annual report 202547
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Remuneration structure of the Leadership Squad
The remuneration of Leadership Squad members is composed of the following elements:
Fixed remuneration
Short-term variable remuneration
Possible deferred share-based remuneration
Other long-term variable remuneration
Group insurance premiums
Other benefits
One-off and exceptional bonuses
The variable remuneration policy is harmonized for all Leadership Squad members, including the CEO. The target level for both short-
and long-term variable remuneration is set at 40% of fixed remuneration, meaning that half of the CEO’s variable remuneration
is deferred over a three-year period. This structure ensures full compliance with Article 7.91 of the 2020 Belgian Code on Corporate
Governance, which requires that at least 50% of variable remuneration be deferred.
Fixed remuneration
Short-term variable
Other long-term variable
Group insurance premiums
Other benefits
Relative importance of the various components of the on-target remuneration before employer's social contribution (end 2025)
Other Leadership
Squad members
CEO
52% 21% 21% 5%
1%
46%
18% 18%
13%
5
%
Fixed remuneration
The fixed remuneration consists of the annual base salary earned by the CEO and the other members of the Leadership Squad for
their respective roles during the reporting year. It is determined by the nature and responsibilities of each position, the required skills
and experience, and relevant market benchmarks. Fixed remuneration is paid independently of results and is contractually indexed to
the consumer price index
1
.
CEO fixed remuneration
The fixed remuneration of the CEO is determined by the Board of Directors.
In September 2025, Stijn Bijnens was appointed CEO of the Proximus Group, succeeding Guillaume Boutin, who left the company in
May 2025. The remuneration package of the new CEO is identical to that of the former CEO prior to the adjustments introduced by the
Board of Directors in 2024.
1 In accordance with the rules laid down by the Law of 1 March 1977 organising a system of linking certain public sector expenditure to the State consumer
price index, as amended by Royal Decree No 178 of 30 December 1982.
Proximus Group Integrated annual report 202548
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The international responsibilities previously held by Guillaume Boutin are now carried out by the CEO of Proximus Global, a subsidiary
of Proximus SA that oversees BICS, Telesign and Route Mobile.
Fixed remuneration of other Leadership Squad members
The fixed remuneration of Leadership Squad members other than the CEO is reviewed regularly by the Nomination & Remuneration
Committee.
This review relies on:
• an extensive evaluation of each member’s sustained performance and potential, as assessed by the CEO,
• external market benchmarking provided by specialized consulting firms, and
• the evolution of responsibilities and competency levels.
Adjustments to fixed remuneration reflect experience, performance, changes in responsibilities and market evolution.
Any proposed changes are submitted to the Board of Directors for approval.
Fixed remuneration over 5 years (kEUR before employer social contribution)
The fixed remuneration amounts disclosed for 2021 to 2024 relate to the remuneration paid to the former CEO, Guillaume Boutin.
For 2025, the figures reflect the four and a half months performed by Guillaume Boutin and the four months performed by the
new CEO, Stijn Bijnens.
As from 2024, the former CEO also received an additional annual gross compensation linked to his mandate as CEO of Proximus
Global.
For the other members of the Leadership Squad, the increase between 2024 and 2025 is mainly due to the departure of two
members during 2025, which resulted in early payment of their vacation allowances. These positions had not yet been replaced by
the end of 2025.
The evolution of fixed remuneration is also influenced by indexation, as Proximus applies the indexation mechanism used in the
public sector. In practice, when the pivot index is exceeded, salaries are automatically increased by 2% two months later.
1,010
Global
587
Global
Proximus
Proximus
2021 2022 2023 2024 2025
CEO
Other Leadership Squad members
3,368
593
513
549
3,423
2,535
3,056
3,341
405
155
605
438
Proximus Group Integrated annual report 202549
Short-term variable remuneration
Purpose and components
Members of the Leadership Squad, including the CEO, receive a target short-term variable remuneration expressed as a percentage of
their annual fixed remuneration. This target percentage is identical for all Leadership Squad members and amounts to 40% of fixed
remuneration.
The short-term variable remuneration system is designed to support the Group’s strategy, promote our values and reinforce a
performance driven culture. Proximus considers close collaboration essential: aligning eorts across the company is key to achieving
our ambitions and ensuring long-term sustainability.
The total short-term variable remuneration is determined as follows:
• 60% based on Group results
• 40% based on individual performance
This balance reflects our company values and the importance of collective impact combined with individual contribution.
Group performance – Key Performance Indicators (KPI’s)
Sixty percent of the short-term variable remuneration is based on the Group’s performance against a set of Key Performance
Indicators (KPIs), defined yearly by the Board of Directors on the recommendation of the Nomination & Remuneration Committee.
These indicators — the STI KPIs — focus on our domestic operations (Belgium, the Netherlands and Luxembourg).
The amounts disclosed in this report correspond to the STI payments made in 2025 and therefore relate to the 2024 performance
year.
Our three-year strategic cycle, “Bold 2025”, includes six strategic pillars approved by the Board of Directors and applicable to the
2024 performance year:
Proximus strategic pillars
We deliver great value for
our stakeholders
15%
Act for an inclusive society &
be sustainable in everything we do
Delight customers with
unrivalled experience
15%
25%
Grow profitably, locally & globally,
through strong brands
through exceptional
strengths
10%
Engineer technology assets
to enable digital ecosystems
25%
Roll out #1 gigabit network
for Belgium
10%
Foster an engaging culture &
empowering ways of working
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Proximus Group Integrated annual report 202550
The STI framework covers all the strategic pillars, each with a given strategic weight, via a number of specific, measurable and
actionable KPIs. These KPIs include financial, non-financial and mixed indicators. For confidentiality reasons, STI KPIs are disclosed
only a posteriori in this report.
ESG integration
Proximus integrates ESG (Environmental, Social and Governance) metrics into both short-term and long-term incentives because
they reflect core areas where the Group aims to create meaningful societal and environmental impact. As highlighted in Proximus’
sustainability disclosures, the company is committed to reducing its environmental footprint, accelerating circularity, enabling digital
inclusion, strengthening trust in digital ecosystems and supporting Belgium’s transition to a more sustainable digital economy.
Proximus already sources 100% renewable electricity and has set science based, SBTi validated netzero targets while working closely
with suppliers to reduce emissions across the value chain.
Integrating ESG KPIs into the remuneration framework is therefore a natural extension of the Group’s strategy. It reinforces
accountability, aligns leadership behaviour with long-term commitments such as climate neutrality, digital trust and inclusion, and
ensures that non financial performance is valued alongside financial performance. These ESG metrics are selected because they
address areas where Proximus can have the largest impact – such as CO
2
reduction, circularity initiatives, gender equality and societal
inclusion – and because they support the Group’s purpose of “boldly building a connected world that people trust so society blooms”.
By embedding ESG targets in both STI and LTI structures, Proximus ensures that sustainability performance is not optional, but an
integral part of leadership responsibilities and long-term value creation for customers, society and shareholders.
Our strong ESG ambitions are therefore reflected in our STI KPIs: over recent years, the weight of ESG and culture related KPIs within
the STI framework has steadily increased, up to 25% in 2024.
A detailed definition of each 2024 STI KPI is provided in the following table.
Strategic pillar 2024 KPI nature STI KPI
2024
Weight KPI Definition
Profitable Growth
Financial Domestic Revenue 5%
Top line revenue generated from domestic business
operations.
Financial Domestic EBITDA 10%
Underlying EBITDA generated from domestic business
operations.
Non-Financial
Broadband & Postpaid
GG & Churn
5%
Gross gains and churn volumes of broadband and mobile
postpaid equilines (all segments and brands).
Financial Indirect OpEx 5%
Indirect OpEx spent in the observed year. Defined as the
total domestic OpEx minus the direct domestic OpEx.
Delight Customers
Non-Financial NPS 7.5%
Net Promoter Score, computed as the weighted average of
the NPS results per customer segment and brand.
NPS measures the likelihood for our customers to
recommend Proximus to friends, family, colleagues or
commercial partners.
Non-Financial CES Fiber 2.5%
Customer Eort Score for the journey to become a new
fiber customer or to migrate from copper to fiber (Proximus
brand only). CES measures how easy the customers found
the journey.
Non-Financial Proximus Apps Users 5%
Monthly number of unique active users of the MyProximus
and Proximus+ Apps.
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Proximus Group Integrated annual report 202551
Green & Digital Society
Non-Financial Green 8%
This KPI consists of 2 sub-KPI’s:
1. Direct CO
2
Emissions (5%): CO
2
emissions produced
by own sources within the organization (esp. transport,
heating, cooling).
2. Returned Devices (3%): number of mobile and fixed
devices collected for refurbishment or recycling.
Non-Financial Digital Society 7%
This KPI consists of 2 sub-KPI’s:
3. Cyber Security Resilience (5%): a measure of our
business resilience against cyber security threats/
attacks.
4. Digital Inclusion (2%): number of people who
followed a digital skills training from or in co-operation
with partners that we support.
Gigabit Network
Non-Financial Fiber Construction 10%
Deployment of our Fiber network: incremental number
of Fiber Homes Passed realized by Proximus itself in the
observed year. Excluding deployment from Joint Ventures
partners.
Non-Financial Fiber Filling Rate 10%
Ratio between the Park of Activate Fiber Homes and the
Park of Fiber Homes Ready for Sales. The KPI is computed
as the average of the monthly results in the observed year.
Non-Financial
5G Indoor Population
Coverage
5%
Indoor population coverage provided by the Proximus 5G
mobile network.
Technology Assets
Non-Financial Digital Ecosystems 8%
This KPI consists of 2 sub-KPI’s:
1. Digital Sales (4%): digital penetration of our fixed
internet and mobile postpaid sales volumes in the
residential and small enterprise segments.
2. Digital Customer Service (4%): percentage of
successful self-service interactions vs. total number
of interactions in the domains of billing, administrative
support and technical support.
Non-Financial Major Incidents 2%
Number of major IT/Telco incidents occurred in Proximus
networks. Excluding cyber security incidents.
Organization & Culture
Non-Financial Speak up 10%
Measure of our employees’ engagement, agility,
empowerment, accountability and strategic alignment
with respect to our company (based on yearly “Speak Up”
employee survey).
Total 100%
Measuring methodology
For each KPI, an end-of-year target is defined, along with a minimum and maximum threshold, in such a way that they stimulate the
teams to go the extra mile whilst remaining realistic and achievable.
• Delivering exactly on target leads to a 100% payout multiplier
• Overperformance leads to a linear increase up to a maximum multiplier of 200%
• Underperformance results in a linear decrease to 0%
The EBITDA and Indirect OpEx KPIs are based on audited financial figures, adjusted for incidentals to obtain underlying metrics. CO
2
KPIs are externally audited. Non-financial KPIs are assessed by internal experts and specialized external agencies.
KPI achievement is monitored throughout the year at Leadership Squad level and is reported to both the Nomination & Remuneration
Committee and the Board of Directors.
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Proximus Group Integrated annual report 202552
Individual performance
Individual performance accounts for 40% of the short-term variable remuneration.
Proximus is committed to stimulating strong, sustainable performance in a spirit of innovation, collaboration, agility and personal
development.
Individual objectives are defined annually according to each member’s responsibilities and must reflect the company’s long-term
strategy, which is cascaded throughout the organization.
ESG in individual objectives
ESG related metrics form an integral part of individual targets. These include:
• Climate-related KPIs focused on reducing environmental footprint (customers and suppliers)
• Objectives linked to a positive influence on societal or digital inclusion
• Governance and responsibility-based indicators
These elements foster continuous awareness and climate-friendly behaviour.
Performance evaluation
Progress is monitored throughout the year. The final evaluation considers achievements against predefined individual objectives,
leadership behaviours and the active promotion of our company culture and values.
The Board of Directors evaluates performance annually in the first quarter following the end of the financial year:
• For the CEO, based on the recommendations of the Chairman of the Board
• For other Leadership Squad members, based on the evaluation conducted by the CEO
The Board takes into consideration the individual dierentiation between the members of the Leadership Squad in terms of
performance and talent and ensures that the total amount allocated for individual performance remains consistent with Group results,
reinforcing the link between individual contribution and company performance.
Allocation of the short-term variable remuneration
As noted above, the amount eectively paid to Leadership Squad members, CEO included, depends on:
• 60% Group performance results, and
• 40% individual performance, as evaluated by the Board of Directors.
2024 performance year Objectives of the Short-term variable remuneration Weight
CEO and other members of
the Leadership Squad
Group KPI Grow profitably 15%
Delight Customers 9%
Society & Sustainability 9%
Gigabit network 15%
Digital ecosystems 6%
Organization & culture 6%
Personal objectives 40%
Total target 100%
In case of full achievement of objectives (100%), the CEO and Leadership Squad members receive 100% of their short-term
variable remuneration target. In cases of outstanding performance, payouts may exceed target, up to a maximum of 200%,
according to a linear payout curve. In case of severe underperformance, the payout can drop to 0%.
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Proximus Group Integrated annual report 202553
While individual allocations are based on individual performance, there is no collective cap linked to STI KPIs for the total individual
short-term remuneration (except for the CEO). This approach is aligned with common market practice for executive roles.
Flexibility in payout
A key principle of the remuneration policy is giving top management – including the CEO and other Leadership Squad members –
flexibility in how their variable remuneration is paid. They get the opportunity to invest part of their short-term variable remuneration
in a bonus pension plan, i.e. an additional supplementary pension plan, and to receive part of their short-term variable remuneration
in cash bonuses, in non-recurring benefit or in (non-Proximus) warrants or fund options, always within applicable legal and regulatory
frameworks.
Short-term variable remuneration over five years (kEUR before employer social contributions)
For the CEO, the amounts disclosed for 2025 consist of:
• the short-term variable remuneration paid to the former CEO, Guillaume Boutin, for his 2024 performance year,
• other short-term variable remuneration, including EUR 93,131 gross paid to Guillaume Boutin for his pro rata 2025
performance (paid in 2025 instead of 2026, following his resignation)
For the other Leadership Squad members, the 2025 amounts include:
• the 2024 short-term variable remuneration paid out in 2025, and
• additional amounts related to:
» pro rata 2025 performance for two Leadership Squad members, Anne-Sophie Lotgering and Antonietta Mastroianni,
who left during the year (paid in 2025 instead of 2026, following their resignations)
» special bonuses like the ones for the interim CEOs of Proximus SA (Jan Van Acoleyen) and Proximus Global (Mark Reid)
2021 2022 2023 2024 2025
CEO
Other Leadership Squad members
266
1,124
1,756
1,403
2,774
276
440
330
Others
Others
Perf year
2024
Perf year
2024
302
2,002
Possible deferred share-based remuneration
Awarding part of executive remuneration in shares is recommended by the Belgian Corporate Governance Code 2020 and is a
common practice in the international business landscape.
No share-based remuneration was granted to the CEO in 2025.
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93
347
867
1,907
Proximus Group Integrated annual report 202554
In July 2024, the former CEO, Guillaume Boutin, was oered the opportunity by the Board of Directors to receive up to 75,000
Proximus shares as a one-time special success fee. These shares are subject to a three-year blocking period, which remains applicable
despite his departure in May 2025. The former CEO accepted the full allocation of 75,000 shares. The amount reported in this
Remuneration Report – EUR 431,250 gross – represents the taxable benefit in kind on which personal income tax has been paid by
the CEO in accordance with Belgian tax legislation.
No other members of the Leadership Squad received Proximus shares in 2024, nor during the last five years. Likewise, neither the CEO
nor any Leadership Squad member received Proximus stock options over the same period.
Features of the one-time deferred share-based remuneration granted to former CEO in 2024
Beneficiary Main conditions of share award plan Information regarding the reported financial year
Opening
balance
During the year Closing balance
Tranche
Performance period
Award date
First sale date
End of retention period
Shares held at the
beginning of the year
Shares awarded
Shares available
for sale
Shares subject to
performance conditions
Shares awarded and
unavailable for sale
at year end
Shares subject to a
retention period
CEO 2024 2024-2027 31/07/2024 1/08/2027 31/07/2024
75,000
shares
0
shares
0
shares
0
shares
75,000
shares
0
shares
Other long-term variable remuneration (deferred over 3 years)
Purpose and components
Proximus aims to encourage its Leadership Squad and broader top management to deliver long-term, sustainable and profitable
performance, in alignment with the Group’s strategy, its societal ambitions and the expectations of shareholders and stakeholders.
To support this ambition, the remuneration policy links a significant portion of variable remuneration – including for the CEO and the
other Leadership Squad members – to the achievement of long-term financial and non-financial strategic objectives through a long-
term variable remuneration plan.
Long-term variable remuneration allocation
Members of the Leadership Squad, including the CEO, receive a target long-term variable remuneration equivalent to 40% of
their annual fixed remuneration – the same percentage as the short-term target variable remuneration.
As such, half of the CEO’s total variable remuneration is long-term and deferred over a three-year period, fully in line with Article 7.91
of the 2020 Belgian Code on Corporate Governance, which requires that at least 50% of variable remuneration be deferred.
The long-term variable remuneration is granted by the Board of Directors upon recommendation from the Nomination &
Remuneration Committee. The plan currently in place is a Performance Value Plan, originally introduced in 2013 and reviewed in
2019, 2022 and 2025.
Long-term Performance Value Plan
The Performance Value Plan sets three-year targets from the moment an award is granted. Awards are blocked for three years, and
the value eectively paid after vesting depends on a final multiplier (see below).
This plan has been designed to keep the long-term variable remuneration of executives attractive and well balanced, while aligning
their interests with those of shareholders and stakeholders. It ensures that decisions taken by executives are guided by long-term,
sustainable priorities.
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Proximus Group Integrated annual report 202555
If the CEO or another Leadership Squad member ends his/her employment before the end of the blocking period, the granted awards
are forfeited. This also applies in the event of dismissal for serious cause.
Key Performance Indicators of the Long-term Performance Value Plan
As with the STI framework, the KPIs used for the Performance Value Plan (LTI KPIs) reflect the Group’s strategic objectives and
support long-term progress toward its societal ambitions and sustainability goals.
Focus on the future: ESG metrics
Proximus integrates ESG metrics into both short-term and long-term incentives because they reflect core areas where the Group aims
to create meaningful societal and environmental impact. To reinforce Proximus’ strong ESG ambitions, a fourth KPI specifically related
to ESG matters was added as from 2022.
As mentioned in the section of this report related to the short-term variable remuneration, integrating ESG KPIs into the remuneration
framework is therefore a natural extension of the Group’s strategy. It reinforces accountability, aligns leadership behaviour with
long-term commitments such as climate neutrality, digital trust and inclusion, and ensures that nonfinancial performance is valued
alongside financial performance. These ESG metrics are selected because they address areas where Proximus can have the greatest
impact – such as CO
2
reduction, circularity initiatives, gender equality and societal inclusion – and because they support the Group’s
purpose of “boldly building a connected world that people trust so society blooms”. By embedding ESG targets in both STI and LTI
structures, Proximus ensures that sustainability performance is not optional, but an integral part of leadership responsibilities and
long-term value creation for customers, society and shareholders.
ESG KPIs may evolve over time to ensure continued alignment with societal and sustainability commitments.
LTI KPIs applicable in 2025
For 2025, four KPIs have been defined to promote a long-term, sustainable business mindset among senior management and help
deliver sustainable Free Cash Flow and enhance brand perception and reputation:
• 2 financial KPI’s: Total Shareholder Return and the Group Free Cash Flow
• 2 non-financial KPI’s: Proximus reputation index and ESG (Environmental, Social and Governance) criteria
2025
Long-term variable remuneration
Key Performance Indicators
Total shareholder
return
25%
Reputation
25%
Group Free cash
flow
25%
ESG KPIs
25%
Each KPI carries a weight reflecting its relative importance for the Group’s long-term sustainability. Details on definitions and
weighting are provided in the table below.
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LTI KPI Weight KPI Definition and Measurement
Total Shareholder
Return (TSR)
25% TSR measures Proximus’ long term competitiveness in the European telecom market by comparing its
performance to a benchmark group of comparable European operators (Deutsche Telekom, Orange,
KPN, BT, Swisscom, Telefonica, Telecom Italia, Telenor, TeliaSonera and OTE). TSR combines share price
evolution and dividends to reflect total shareholder return. Results are calculated annually and expressed
as a percentage between 0 and 175, depending on the ranking of Proximus within the benchmark group.
Group Free Cash Flow
25% This KPI measures Proximus’ financial health over time. Targets are defined by the Board, aligned with the
Group’s three-year plan and assessed annually, with results expressed as a percentage between 0 and
175.
Proximus’ Reputation
25% The Reputation Index is a holistic KPI that assesses perceptions of “the company behind the brand” among
a representative sample of consumers responsible for telecom decisions within their household. Results
are provided annually by an external agency and expressed as a percentage between 0 and 175.
ESG KPI
25% The ESG KPI reflects Proximus’ ambition to contribute to a more sustainable society. It currently covers
three equally weighted metrics:
• reduction of company wide CO
2
emissions
• gender equality
• inclusion index
These metrics may evolve to remain aligned with the Group’s societal ambitions and long-term
sustainability goals, with results expressed as a percentage between 0 and 175.
Assessment and payout
Targets and thresholds for the Reputation, ESG and Free Cash Flow KPIs are set to stimulate long-term performance while remaining
realistic and achievable.
Each year, an annual result is calculated based on the weighted average of the four KPIs. After the three-year blocking period, the
Performance Values vest and are paid according to the final multiplier, defined as the average of the three annual multipliers.
• At a final multiplier of 100%, executives receive 100% of the granted long-term variable remuneration.
• Sustained excellent performance may result in a multiplier above 100%, capped at 175%.
• In case of severe underperformance, the final multiplier may fall to 0%.
The payment of the Performance Values is made through a cash bonus.
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Long term variable remuneration granted over five years (kEUR before employer social contributions)
Due to his resignation, the former CEO, Guillaume Boutin, did not receive an LTI grant in 2025. However, a sign-on LTI amounting
to EUR 248,852 was granted to the new CEO, Stijn Bijnens, in September 2025, in accordance with his contractual agreement and
as partial compensation for LTI entitlements forfeited by joining Proximus. Therefore, the amount reported for the CEO for 2025
entirely relates to this special grant.
The significant decrease in LTI amounts granted to other Leadership Squad members is attributable to the forfeiture of LTIs granted
on 30 April 2025 to three members who resigned during the year (Antonietta Mastroianni, Anne-Sophie Lotgering and Mark Reid,
who resigned on 16 December 2025). Under plan rules, LTIs are forfeited as of the date on which a resignation is submitted.
2021 2022 2023 2024 2025
CEO
Other Leadership Squad members
1,098
1,154
249
204
208
230 239
794
1,283
1,324
Group insurance premiums
Complementary pension
The CEO participates in a complementary pension scheme fully financed by Proximus. This scheme provides an annual defined
contribution calculated as a percentage of the CEO’s fixed remuneration. The applicable contribution rate is 10%.
Formula for the CEO’s complementary pension = 10% * W
where W = reference salary as CEO of Proximus = monthly fixed salary multiplied by 12
Other members of the Leadership Squad participate in a complementary pension scheme, also fully financed by Proximus, structured
as a Defined Benefit Plan. This plan provides pension rights aligned with market practice and guarantees a predetermined pension
amount based on the plan rules – independent of investment returns.
Formula for complementary pension of other Leadership Squad members
= N/60 * W - N/45 * ELP
where N = number of service years (expressed in years and months)
W = reference salary = monthly fixed salary multiplied by 12
ELP = estimated Legal Pension = the legal pension ceiling
Other group insurances
The CEO and the other Leadership Squad members also benefit from additional group insurance coverage aligned with market
practice, notably life insurance and invalidity insurance.
Life insurance
If the CEO or a Leadership Squad member passes away during the term of employment, the beneficiaries receive a lump sum payment
equal to 60 times the monthly fixed salary.
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Income protection in case of incapacity
In the event of incapacity to work due to illness or private accident:
• The CEO or Leadership Squad member receives 100% of their professional income for the first three months of incapacity.
• From the fourth month onward, the disability insurance provides a disability annuity, supplementing the legal sickness-disability
coverage oered through Belgian social security.
Average premiums for the company
In 2025, the average premium paid by Proximus for the CEO’s group insurances represented approximately 10% of the CEO’s fixed
remuneration.
For the other members of the Leadership Squad, the average premiums paid in 2025 amounted to approximately 27% of their fixed
remuneration.
Group insurance premiums over five years (kEUR before employer taxes)
The year-to-year variations in group insurance premiums for the CEO reflect the fact that, for 3.5 months of 2025, the CEO
position was vacant, resulting in no premium payments for that period.
For the other Leadership Squad members, annual variations mainly reflect normal evolutions and adjustments, as well as higher
underfunding contributions made in 2025.
The increase observed in 2023 stems from a specific situation:
• Although Mr. Lybaert retired in September 2023 after a full career, he retired before the age provided for in the general
insurance contract, triggering an additional company contribution of EUR 266k to his complementary pension.
• The multiple indexations applied during 2022 and 2023 also contributed to the increase.
920
2021 2022 2023 2024 2025
CEO
Other Leadership Squad members
833
89
1,101
744
657
85
77
69
59
Other benefits
Proximus aims to support and motivate its executives by oering a comprehensive portfolio of benefits that is competitive in the
market and aligned with the Group’s culture and values. The CEO and the other members of the Leadership Squad receive a range of
benefits in addition to their remuneration, including medical insurance, the use of a company car, welfare benefits and other benefits in
kind. These benefits are regularly benchmarked and adjusted in line with prevailing market practices.
Where possible, our portfolio of benefits is adapted to reflect Proximus’ ambition to contribute to a green and digital society. For
example, our mobility program now prioritises the deployment of a greener fleet and promotes a wide range of sustainable mobility
alternatives for employees, including members of the Leadership Squad.
Certain nonrecurring costs – such as relocation expenses linked to the recruitment of executives residing abroad – may influence year
on-year fluctuations in the total cost of these benefits for the company.
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Other benefits over five years (kEUR before employer taxes)
The decrease observed in 2025 for the CEO reflects the departure of the former CEO, who benefited from specific advantages
linked to his foreign executive status – advantages that do not apply to the new CEO.
Similarly, the decrease in 2025 for the other members of the Leadership Squad is due to the departure of certain executives who
were benefiting from advantages associated with foreign executive status.
2021 2022 2023 2024 2025
CEO
Other Leadership Squad members
357
132
338
330
443
274
88
89
86
70
One-o and exceptional bonuses
The Board of Directors may, in exceptional circumstances and upon recommendation from the Nomination & Remuneration
Committee, grant one-o bonuses to one or more members of the Leadership Squad.
Such bonuses may be warranted in situations where Leadership Squad members temporarily assume additional responsibilities, for
example when a Leadership Squad position is vacant or when the position of CEO is vacant – as was the case for several months in
2025. One-o bonuses may also be granted in the context of sign-on packages or specific retention needs linked to market conditions.
In the current talent landscape, oering a hiring bonus at Leadership Squad level is a common market practice, used to attract
high-calibre executives and support recruitment decisions. These hiring bonuses have become increasingly frequent in the “war for
talent” and are often included directly in executive employment contracts. Besides their attraction role, one-time exceptional variable
remuneration may also serve as compensation for the loss of variable remuneration (short-term and/or long-term) that candidates
forego when leaving their previous employer.
From now on, to reinforce transparency, any exceptional bonus granted to the CEO will be disclosed separately in this Report. In line
with this approach, the sign on bonus of EUR 250,000 gross awarded in September 2025 to the new CEO, Stijn Bijnens, is presented
individually. This bonus is subject to a retention clause: should the CEO voluntarily terminate his contract within the first three years, the
bonus must be repaid on a pro rata basis for each full year remaining before the third anniversary of the contract. Accordingly, the full
amount is repayable if the departure occurs within the first year, two thirds if within the second year, and one third if within the third year.
When such bonuses are granted to members of the Leadership Squad others than the CEO, they are reported together with the
variable remuneration and included in the total variable remuneration allocated to Leadership Squad members in the year in which
the exceptional bonuses are paid. As a result, any contractual promises for future bonuses that exist at the time of publication of this
report will only be disclosed once they are eectively earned.
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Recovery of undue variable remuneration
A clawback clause is included in the CEO’s contract, enabling Proximus to recover paid short-term and long-term variable
remuneration, or to withhold payment, in the event of established fraud.
For the other members of the Leadership Squad, a clawback clause has been included in employment contracts for all appointments
made as from 1 January 2020. This clause allows Proximus to recover short-term and long-term variable remuneration that may have
been granted on the basis of erroneous financial information. Employment contracts concluded before that date do not contain such a
provision.
These clauses do not specify the practical method for recovering undue remuneration. Should such a situation arise – which is
considered unlikely given the extensive controls and audits performed prior to results publication – Proximus would assess the
recovery approach on a case by-case basis, both in terms of the amounts concerned and the practical modalities.
Risk mitigation
Proximus’ remuneration framework incorporates several mechanisms to mitigate risk and discourage excessive or short term
behaviour. Variable remuneration is subject to clear caps, multi year performance measurement and deferral mechanisms, in line with
the Belgian Corporate Governance Code 2020 and international best practices. The inclusion of long term KPI’s, three year blocking
or vesting periods, and a clawback mechanism further ensures alignment with sustainable value creation. These elements collectively
safeguard the company against undue risk taking, ensure coherence between remuneration and long term strategic performance, and
reinforce responsible leadership conduct in the interests of all stakeholders.
Main provisions of the contractual relationships
Proximus’ contractual arrangements with the CEO and the other members of the Leadership Squad are aligned with market practice
and comply with applicable Belgian corporate governance standards.
Contractual arrangement with the CEO
In contrast to previous CEOs, who were oered fixed six-year employment contracts, the Board of Directors decided to oer the new
CEO, Stijn Bijnens, – who joined Proximus in September 2025 as a self-employed executive – a contract of indefinite duration.
Non-competition clause
The CEO is bound by a non competition clause preventing him, for a period of 12 months after leaving the Group, from working for any
company active in the telecommunications, CPaaS or Digital Identity sectors in:
• Belgium, Luxembourg or the Netherlands, or
• any other country generating at least 5% of the consolidated turnover of the Proximus Group.
If Proximus activates this clause, the CEO is entitled to a compensation equal to one year of fixed remuneration.
Other contractual obligations
The CEO is also bound by:
• exclusivity and confidentiality obligations
• full compliance with the company’s codes and policies, including the Code of Conduct and the Dealing Code
Termination provisions
If Proximus revokes the CEO’s mandate – other than in cases of material breach – the CEO is entitled to a contractual termination
indemnity equal to one year of fixed salary and target short-term variable remuneration.
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Proximus Group Integrated annual report 202561
Main contractual terms of the other Leadership Squad members
The other members of the Leadership Squad are bound by employment agreements for an indefinite period, fully compliant with
Belgian corporate governance legislation and subject to Belgian jurisdiction.
Non-competition clause
Each member is bound by a clause preventing them, for a period of 12 months after leaving the Group, from working for any mobile or
fixed licensed operator active on the Belgian market. If Proximus activates this clause, the individual is entitled to six months of fixed
remuneration.
Other contractual obligations
Like the CEO, the other Leadership Squad members are also subject to:
• exclusivity and confidentiality obligations
• full compliance with the company’s codes and policies, including the Code of Conduct and the Dealing Code
Termination provisions
Contracts include a termination clause providing an indemnity of one year of remuneration.
General overview
CEO remuneration at a glance: 2025 transition year
Two CEOs in 2025
• January–May: Guillaume Boutin (former CEO)
• September–December: Stijn Bijnens (new CEO)
Key components
Component Former CEO (until May 2025) New CEO (from Sept. 2025)
Fixed remuneration Pro rata 4.5 months Pro rata 4 months
Short-term variable remuneration Paid for 2024 + pro rata 2025 Not yet applicable for performance year
Exceptional payments - EUR 250,000 sign-on bonus
Long-term variable remuneration No 2025 grant Special LTI grant (EUR 248,852)
Pension and other group insurances
Defined contribution (10%) + life & disability
coverage
Defined contribution (10%) + life & disability
coverage
Benefits Foreign executive status benefits Standard CEO benefits (non foreign)
Why is 2025 non-representative?
• Transition year with a gap in mandate filling
• Exceptional sign-on and replacement related payments
• Additional compensation for former CEO (related to his international responsibilities) no longer applicable
Overview over 5 years
The charts below provide an overview of the remuneration allocated to the CEO over the past five years by Proximus or any other
entity within the Group. Depending on the nature of the benefit, amounts are presented on a gross or net basis.
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Remuneration overview of the CEO
The amounts disclosed for 2025 reflect the combined remuneration of:
• the former CEO, Guillaume Boutin, who left the company on 15 May 2025, and
• the new CEO, Stijn Bijnens, who joined Proximus on 1 September 2025.
As a result, there is a 3.5month gap during which no CEO remuneration was paid.
For clarity, the short-term variable remuneration disclosed for 2025 (thus paid in 2025) is split into two components:
1. Short-term variable remuneration paid to the former CEO for the 2024 performance year
2. Other short-term variable remuneration, including EUR 93,131 gross paid to the former CEO for his pro rata 2025
performance
For transparency, the sign on bonus of EUR 250,000 gross awarded in September 2025 to Stijn Bijnens is presented
individually. This bonus is subject to a retention clause: should the CEO voluntarily terminate his contract within the first three
years, the bonus must be repaid on a pro rata basis for each full year remaining before the third anniversary of the contract.
The long-term variable remuneration disclosed for 2025 relates entirely to a special long-term incentive grant awarded
to Stijn Bijnens upon joining Proximus. This grant was provided in accordance with his contractual agreement, partially
compensating the long-term incentives he forfeited at his previous employer.
The rise in the remuneration of Guillaume Boutin in 2024 results from decisions taken by the Board of Directors regarding
adjustments to the CEO’s package. While his basic remuneration remained unchanged, two additional components were
introduced:
1. An additional annual gross remuneration of EUR 400,000 (excluding indexation) for his international responsibilities
2. A one time special success fee consisting of 75,000 Proximus shares, granted in 2024
The amount reported for this share-based remuneration reflects the taxable benefit in kind on which personal income tax was due.
CEO 2021 2022 2023 2024 2025
Fixed remuneration €512,537 43% €549,015 42% €5 8 7, 226 45% €1,009,618 45% €593,342 36%
Proximus €604,951 €438,642
Global €404,667 €154,700
Short-term variable remuneration €265,614 22% €276,019 21% €301,633 14% €329,604 15% €439.575 26%
Rewarding 2024
performance year
€346,444
Rewarding 2025
performance year
€93,131
Sign-on bonus €0 0% €0 0% €0 0% €0 0% €250,000 15%
One-time deferred share-based
remuneration
€0 0% €0 0% €0 0% €431,250 36% €0 0%
Other long-term variable
remuneration
€203,996 17% €208,073 16% €229,903 18% €239,190 11% €248,852 15%
Group insurance premiums €69,007 6% €76,962 6% €85,470 7% €89,456 4% €59,396 4%
Other benefits €86,402 7% €88,660 7% €8 7, 8 2 3 7% €132,163 6% €69,638 4%
SUBTOTAL (excl. employer’s
social contribution)
€1,137,556 €1,198,729 €1,292,055 €2,231,281 €1,660,803
Termination benefits €0 0% €0 0% €0 0% €0 0% €0 0%
TOTAL (excl. employer’s
social contribution)
€1,137,556 €1,198,729 €1,292,055 €2,231,281 €1,660,803
All amounts presented are gross amounts, before employer social contributions and any other applicable charges.
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Proximus Group Integrated annual report 202563
Leadership Squad members (excluding the CEO) at a glance: 2025 transition year
2025 was a year of transition and restructuring within the Leadership Squad, marked by several departures, interim mandate
responsibilities and corresponding remuneration adjustments.
Leadership Squad Composition Changes in 2025
• Two members left the company during 2025:
» Anne Sophie Lotgering (end of August 2025)
» Antonietta Mastroianni (end of November 2025)
• One member resigned at year end:
» Mark Reid (16 December 2025)
• Two members temporarily held interim CEO responsibilities:
» Interim CEO for Proximus SA (Jan Van Acoleyen)
» Interim CEO for Proximus Global (Mark Reid)
• Vacant positions at year-end were not yet replaced.
Key components
Component Leadership Squad members (excluding CEO)
Fixed remuneration
Evolution reflects indexation and adjustments linked to departures (early payment of vacation pay
for departing members).
Short-term variable remuneration Paid for 2024 + pro rata 2025 for the two members who left
Exceptional payments Special bonuses for interim CEO mandates
Long-term variable remuneration
LTI for 2025 was significantly impacted by departures: the LTI granted in 2025 to three members
was forfeited under plan rules following their resignations.
Pension and other group insurances No change: defined benefit plan + life & disability coverage
Benefits
Decrease due to cancellation of specific advantages related to foreign executive status further to the
departure of one member.
Why is 2025 non-representative?
2025 is atypical for several reasons:
• Special bonuses were granted for interim leadership responsibilities (CEO roles)
• Multiple departures aected STI, LTI and benefits
• Forfeiture of LTI awards created a downward distortion in long-term incentive figures
• No replacement hires by year-end created temporary organizational gaps and exceptional cost patterns
Overview over 5 years
The charts below provide an overview of the remuneration allocated to Leadership Squad members (excluding the CEO) over the past
five years by Proximus or any other entity within the Group. Depending on the nature of the benefit, amounts are presented on a gross
or net basis.
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Remuneration overview of the other members of the Leadership Squad
The year-to-year evolution in remuneration for the other members of the Leadership Squad between 2024 and 2025 is
primarily linked to the departure of two Leadership Squad members during 2025:
• Anne Sophie Lotgering, who left at the end of August 2025
• Antonietta Mastroianni, who left at the end of November 2025
Both positions remained vacant at the end of 2025. Their departures resulted in early payments of certain elements of
remuneration, including vacation pay and pro rata short-term variable remuneration.
The total fixed remuneration increase also reflects indexation (June 2024 and March 2025).
For clarity, the short-term variable remuneration disclosed for 2025 is split into two components:
1. Short-term variable remuneration linked to the 2024 performance year, paid to all Leadership Squad members
2. Other short-term variable remuneration, which includes the pro rata short-term variable remuneration paid in advance
and at target for the two members who left during 2025, and special bonuses like the ones granted to the two Leadership
Squad members who assumed interim CEO responsibilities – for Proximus SA and Proximus Global respectively
The long-term variable remuneration disclosed for 2025 reflects the forfeiture of awards granted to three Leadership Squad
members who resigned during the year (Antonietta Mastroianni, Anne Sophie Lotgering and Mark Reid, who resigned on 16
December 2025). In accordance with plan rules, grants are forfeited on the date the resignation is formally submitted.
The retirement of Mr. Dirk Lybaert in September 2023 explains the higher Group insurance premium amount reported for
2023. His specific retirement conditions resulted in an additional company contribution to his complementary pension plan.
The increase in Other benefits since 2021 is mainly attributable to specific advantages linked to foreign executive status for
several members, and benefits associated with the recruitment of two Leadership Squad members.
Other members of
the Leadership Squad
2021 2022 2023 2024 2025
Fixed remuneration €2,534,773 43% €3,055,941 46% €3,340,675 43% €3,368,224 43% €3,422,873 42%
Short-term variable remuneration €1,123,605 19% €1,402,844 21% €1,756,326 22% €2,001,657 25% €2,774,080 34%
Rewarding preceeding
performance year
€1,9 0 7, 1 23
Others €866,957
Deferred share-based remuneration €0 0% €0 0% €0 0% €0 0% €0 0%
Other long-term variable remuneration €1,0 9 7, 703 19% €1,154,000 17% €1,282,784 16% €1,324,130 17% €794,395 10%
Group insurance premiums €65 7, 31 9 11% €743,750 11% €1,101,269 14% €833,310 10% 919,977 11%
Other benefits €442,935 8% €329,817 5% € 33 7,8 2 8 4% €357, 3 2 7 5% 274,249 3%
SUBTOTAL (excl. employer’s
social contribution)
€5,856,335 €6,686,352 €7,818,882 €7,884,648 €8,185,574
Termination benefits €0 0% €0 0% €0 0% €0 0% €0 0%
TOTAL (excl. employer’s
social contribution)
€5,856,335 €6,686,352 €7,818,882 €7,884,648 €8,185,574
All amounts presented are gross amounts, before employer social contributions and any other applicable charges.
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Relative importance of the various components of the remuneration eectively allocated in 2025 before employer’s social contribution
Other L
eadership
Squad members
Fixed remuneration
Short-term variable
Sign-on bonus
Long-term variable
Group insurance premiums
Other benefits
Wages and working conditions: internal
comparisons and company performance
The overall working conditions for our senior management – including the CEO and other members of the Leadership Squad – are
broadly aligned with those of all other employees at Proximus.
The limited dierences that do exist between the Leadership Squad and the broader workforce typically reflect general market
practices or individual circumstances. For example, while medical insurance coverage is identical for most of the employees (senior
managers included), additional coverage is granted for employees whose taxable family income falls below a certain threshold (e.g.,
enhanced coverage for dentures, hearing aids or other medical prostheses). Similar extended coverage is also provided to members of
the Leadership Squad to ensure a market-aligned package.
Where dierences arise, they are more often linked to the foreign executive status of several Leadership Squad members than to their
role or function level.
In terms of remuneration, Proximus ensures alignment between executive remuneration and company performance and
maintains consistency between the remuneration policy for executives and for all other employees — for instance by applying a
comparable ratio of actual versus target short-term variable remuneration.
Our remuneration philosophy supports long-term sustainability, reflects sound risk management principles and reinforces the long-
term business interests of shareholders. It also considers our responsibilities toward customers, shareholders, Belgian society and all
stakeholders, and is consistently applied across all subsidiary entities of the Group.
Proximus is committed to recognizing and fairly rewarding the contributions of all employees. We strive to provide fair, gender-
neutral and consistent wages and working conditions, regardless of level or role. A competitive and market-attractive Global
Rewards Program for the entire workforce is essential to propel our company forward and advance together toward our ambition to
help build the green and digital Belgium we aspire to.
Pay ratio and pay evolution
The Pay ratio comparing the highest and lowest remuneration within Proximus SA (on a full time basis) is 24.4 in 2025. This ratio
compares the CEO’s total target remuneration with the lowest remuneration
2
level in the company, including base pay, premiums,
target variable pay, group insurances and benefits, but excluding employer social contributions.
Given the size and scope of our organization — and the diversity of strategic responsibilities across roles — this ratio remains aligned
with market practices.
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→ Corporate governance statement → Remuneration report → Regulatory framework
2 Defined-duration contracts have been excluded from the scope due to the diculty in accurately calculating the annual remuneration package for such
contracts. It is however important to note that these contracts adhere to the same remuneration policy as the undefined-duration contracts, represent a
minority among our workforce and are not in the lowest pay range, what ensures consistency and integrity in the ratio calculation.
CEO
36% 26% 15% 15%
4% 4%
42%
34% 10
% 11%
3%
0%
Proximus Group Integrated annual report 202566
The table below shows the evolution of the average remuneration
3
(full time equivalent) of employees of Proximus SA (excluding the
Board of Directors and the Leadership Squad) between 2021 and 2025.
Average remuneration of the company’s employees and year-over-year evolution (index included)
2021 2022 2023 2024 2025
Average remuneration* €87,4 00 €93,471 €96,833 €100,858 €103,703
Year-over-year evolution +7% +4% +4% +3%
* The average remuneration is calculated by comparing personnel costs (as published in the Social Balance Sheet – code 1023 – of the Proximus SA Annual Accounts for the
relevant year) with the number of full time equivalent employees excluding the Leadership Squad. For 2021–2022, the reference is the closing FTE; for 2023–2025, the
reference is the average FTE over the year.
CEO remuneration evolution
The year over year evolution (2025 vs 2024) of the CEO’s total target remuneration shows a 31% decrease.
For 2025, the CEO remuneration used in this comparison is an annualized (12 month) projection of the target remuneration package of
the newly appointed CEO, given that his appointment took place during the year.
The decrease compared with 2024 mainly reflects the change in CEO. The former CEO, Guillaume Boutin, benefited as from 2024
from an additional remuneration of EUR 400,000 gross per year linked to international responsibilities, a component that does not
apply to the new CEO.
The year over year evolution of the average remuneration of Proximus employees is +3% in 2025.
Additional pay-ratio metrics
• The Pay ratio comparing the CEO’s remuneration to the average remuneration of employees is 11.6 in 2025. This ratio includes base
pay, premiums, target variable pay, group insurances, benefits and employer social contributions.
• The Pay ratio comparing the CEO’s remuneration to the median employee remuneration is 14.6 in 2025. This ratio includes base
pay, premiums, target variable pay, group insurances and benefits, but excludes employer social contributions.
Evolution of the pay ratios over the last 3 years
2023 2024 2025
Pay ratio CEO vs. lowest remuneration 29.1 36.0 24.4
Pay ratio CEO vs. average remuneration 13.0 17. 2 11.6
Pay ratio CEO vs. median remuneration 14.9 21.5 14.6
The decrease between 2024 and 2025 is attributable to the nomination of a new CEO: the former CEO’s package included, as from
2024, an additional annual remuneration of EUR 400,000 gross for his international responsibilities.
3 Defined-duration contracts have been excluded from the scope due to the diculty in accurately calculating the annual remuneration package for such
contracts. It is however important to note that these contracts adhere to the same remuneration policy as the undefined-duration contracts, represent a
minority among our workforce and are not in the lowest pay range, what ensures consistency and integrity in the ratio calculation.
Governance
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Proximus Group Integrated annual report 202567
Company performance
The table below represents the performance of Proximus between 2021 and 2025.
Company performance over years, including the year-over-year evolution
(€ million) Underlying revenue Underlying EBITDA
2025 6,307 -1 .9% 1,883 +1.8%
2024 6,430 +6.4% 1,850 +5.3%
2023 6,042 +2.2% 1,757 -1.8%
2022 5,909 +5.9% 1,786 +0.8%
2021 5,578 1,772
For more detailed financial information, please refer to the Proximus Financial Report.
Governance
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Proximus Group Integrated annual report 202568
Application of the Remuneration Policy and votes
on previous Remuneration Report
Application of the Remuneration Policy and derogations
Proximus applies the Remuneration Policy strictly when remunerating the members of the Board of Directors, the CEO and the other
members of the Leadership Squad. This Remuneration Policy was first approved by the General Meeting of Shareholders on 21 April
2021, with slight adaptations introduced in 2023 and 2024.
The adapted version of the Remuneration Policy submitted to the General Meeting of Shareholders on 14 April 2025 was not
approved. Consequently, the previous version – available on the Proximus corporate website (Remuneration policy | Proximus Group)
– continues to apply.
In exceptional circumstances, the Board of Directors may temporarily derogate from one or more elements of the Remuneration
Policy, based on a proposal from the Nomination & Remuneration Committee. Such derogations may only be applied when strictly
necessary to safeguard the long-term interests and sustainability of Proximus as a whole.
Any decision to derogate must follow the formal procedure described in the Remuneration Policy.
All derogations will be disclosed:
• at the first General Meeting of Shareholders following the decision, and
• in the Remuneration Report for the year concerned.
Shareholders’ votes on previous Remuneration Policy and Remuneration Report
The new Remuneration Policy – setting out the principles governing the remuneration of the Board of Directors and the Leadership
Squad – was submitted for shareholder approval at the General Meeting on 14 April 2025 but was not approved. Main shareholders
(representing 77%) abstained from voting.
The 2024 Remuneration Report, submitted to shareholders at the same General Meeting, was also not approved, with the same 77%
abstention rate.
Shareholder Engagement Following the 2025 Abstention Vote
Following the abstention of a significant proportion of our shareholders at the General Meeting of 14 April 2025, Proximus has
strengthened its dialogue with investors and other stakeholders to better understand their perspectives on remuneration matters.
Over the months that followed, we proactively reached out to key shareholders and proxy advisors to gather their feedback, clarify
expectations and identify potential areas for improvement.
These exchanges confirmed the importance of clarity, stability and predictability in our remuneration framework, as well as the
need to ensure full alignment with market practices and the long-term interests of all stakeholders. Their input has been carefully
considered in the preparation of the revised Remuneration Policy that will be submitted to the General Meeting of 15 April 2026.
This new version will be largely identical to the 2021 Remuneration Policy, reflecting our intention to restore alignment and clarity
following shareholder feedback.
Proximus remains committed to maintaining an open, constructive and transparent dialogue with its shareholders. Their support,
insights and trust matter to us and play a crucial role in strengthening our governance practices and ensuring that our remuneration
framework continues to evolve responsibly and sustainably.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202569
Regulatory framework
Telecom regulation
Cable & broadband regulation
The Belgian regulators’ decision of 29 June 2018 on the broadband and TV market analysis outlined the regulation of Proximus’
FTTH fiber and DSL network, and of the cable networks. In terms of pricing, the regulators imposed a “fair pricing” model for the FTTH
monthly rental fees.
Concerning Proximus’ wholesale fiber pricing, BIPT concluded on 9 March 2021 that the rates Proximus applies for FTTH wholesale
monthly rental fees are fair and in line with the regulation set in 2018. These are the access prices other operators pay for using
Proximus’ FTTH fiber optic network.
The European regulatory framework requires that regulators must review markets susceptible to ex-ante regulation on a regular
basis. Technical and competitive developments, as well as the evolution of needs and consumption habits, must be considered.
On 10 October 2023, BIPT released a communication explaining the postponement of its ongoing review process to consider possible
new FTTH cooperation agreements.
Cooperations for the roll-out of FTTH networks
On 15 May 2024, BIPT communicated that certain operators had indicated that they had initiated negotiations to cooperate in
rolling out fiber and that BIPT would regularly assess the progress of these negotiations. BIPT also declared that it would postpone
the consultation on its draft market analysis to consider these developments. On 26 July 2024 the Belgian Competition Authority
communicated that it had opened an investigation into a proposed cooperation agreement for the roll-out of fiber networks in
Flanders. It is expected that the market analysis will be postponed until the outcome of that investigation.
On 15 October 2025, the Belgian Competition Authority (BCA), supported by BIPT, launched the market test that was open for
public consultation until 21 November 2025. During this period, stakeholders and market players could provide feedback on the
commitments proposed by Proximus, Fiberklaar, Telenet, and Wyre for the joint fiber roll-out in Flanders.
The BCA is currently reviewing and processing the inputs received in view of finalising the commitments, after which it may make the
commitments binding if they are deemed sucient to address competition concerns identified in the context of their investigation.
If regulatory approval is granted, the cooperation agreements will be formally signed, and the joint deployment can begin. Until then,
the companies will continue to deploy fiber independently.
On 25 July 2025, Proximus and Orange Belgium announced that they had signed a Memorandum of Understanding to jointly expand
fiber deployment and gigabit network access in less densely populated areas of Wallonia, aiming to cover around 70% of homes
with Fiber-to-the-Home and to utilize hybrid fiber-coax (HFC) for the most remote zones. This collaboration is designed to accelerate
digitalization, minimize civil works, and improve cost eciency.
The conditions for implementing this Memorandum of Understanding will first be discussed with the Belgian Competition Authority.
On 31 July 2025, the BCA announced that it had opened an ex ocio investigation in the planned collaboration.
Governance
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Proximus Group Integrated annual report 202570
Radio spectrum
Belgium
Proximus has secured a spectrum amount that will ensure excellent network quality for the years to come and will allow it to continue
providing the best customer experience.
Proximus has at its disposal a total of 365 MHz spread across all frequency bands that have been made available for mobile
telecommunication services in Belgium. This includes the 20 MHz block that Proximus acquired from NRB in May 2024.
Most of these mobile licenses are valid until 2040, providing a long period of stability.
Spectrum bands Start date End date
700 MHz 01/09/2022 31/08/2042
800 MHz 30/11/2013 29/11/2033
900 MHz 01/01/2023 31/12/2042
1400 MHz 01/07/2023 30/06/2043
1800 MHz 01/01/2023 31/12/2042
2100 MHz 01/01/2023 31/12/2042
2600 MHz 01/07/2012 30/06/2032
3600 MHz 01/09/2022 06/05/2040
Overview of the sector spectrum allocation in Belgium:
Spectrum allocation in Belgium (in MHz simplex)
Citymesh Digi*
Telenet
Orange Belgium
Proximus
0 50 100 150 200 250 300 350 400
700 MHz
800 MHz
900 MHz
1400 MHz
1800 MHz
2100 MHz
2600 MHz
3400-3800 MHz
10
20
2
0
2
0
30 30 30
40
20
2
0
2
0
4
5
10
10
0
120
100
5
0
5
0 40
10 3
0
10
75
50
20 20 15 40 3030
* Citymesh Mobile SA/NV is the legal entity that has been co-created by Citymesh SA/NV and DIGI to acquire spectrum during the multiband auction
in 2022.
During the auction they acquired 700MHz, 900MHz, 1800MHz, 2100MHz and 3600MHz spectrum.
In 2023, Citymesh SA/NV also transferred 2x15MHz in the 2600 MHz band that they already owned to Citymesh Mobile SA/NV.
All these spectrum rights are now leased by Citymesh Mobile SA/NV to Digi Communications Belgium (BIPT decision of 3/6/25).
Citymesh Air owned spectrum in the 2600 MHz band (45MHz TDD). This spectrum is now also leased to Digi Communications Belgium (BIPT decision
of 24/9/25). These rights have been extended until 30/6/32 by decision of BIPT of 7/1/25.
The 3600 MHz spectrum rights (20MHz) previously owned by Citymesh Safety Drones and Citymesh Integrator have come to an end on 6/5/25.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202571
International roaming
On 4 April 2022, the European Council adopted a new legislative act to extend the existing roaming regulation until 30 June 2032.
In addition, the wholesale roaming charges (the prices that operators charge each other when their customers use other networks
while roaming in the European Union) are capped at EUR 2 per gigabyte (GB) from 2022, progressively decreasing to EUR 1 in 2027.
Furthermore, wholesale caps for voice and SMS were lowered based on a two-step glide path in 2022 and 2025. The Commission has
been tasked with reviewing the regulation, with its first report published on 25 June 2025 and its second report planned for 30 June
2027.
EURexcl. VAT 2023 2024 2025 2026 2027-2032
Voice call/min 0.022 0.022 0.019 0.019 0.019
SMS 0.004 0.004 0.003 0.003 0.003
Data/GB 1.8 1.55 1.3 1.1 1
Taris are subject to change following Commission reviews.
Coverage and quality of mobile and fixed networks
Through its data portal project, BIPT publishes detailed information on the coverage of mobile and fixed networks in Belgium and the
quality of the user experience on mobile networks.
BIPT’s data portal indicates the 4G and 5G coverage of each of the three mobile operators (Proximus, Telenet/Base and Orange)
individually on the map of Belgium. It shows dierent coverage levels (very good/deep indoor, good/indoor, satisfactory/outdoor). For
4G, Proximus has the highest population coverage for all coverage levels. For 5G, Proximus has the highest population coverage for
the very good/deep indoor coverage level and is second best for the other coverage levels. BIPT is preparing an update of the mobile
coverage for early 2026.
At the beginning of 2024, BIPT published a “drive test and train test study” on the quality of mobile user experience oered by the
three mobile operators, based on tests conducted in September 2023. It highlights that, based on international experience, Belgian
mobile operators oer very good quality for users with a 5G mobile phone.
For example, the drive tests for mobile calls show very high quality for all operators. Nevertheless, Proximus ranks as the fastest in
starting up a call, with an average startup time of 2.4 seconds.
The drive tests for mobile data show clear dierences between operators. The download speed on Proximus’ 4G network amounts to
84.9 Mbps on average, i.e. 25 to 50% faster than the other mobile networks. For 5G download speed, the dierence is even greater:
with an average of 136.8 Mbps, the Proximus network outperforms its competitors by 45-50%. The upload speed on Proximus’ 4G
network is also the highest, with an average of 24.5 Mbps, whereas on 5G, Proximus ranks second with 28.5 Mbps on average. These
excellent results also translate into a real user experience. For example, Proximus is the fastest on average when downloading a 10
MB file, opening a web page, and starting a YouTube video. BIPT is preparing an update for early 2026.
BIPT’s data portal also shows the aggregated fixed broadband coverage of all main fixed operators together, by dierent download
speeds, from 1 Mbps to 8,500 Mbps. The web tool publishes coverage maps, allowing them to zoom in and view the technologies,
download and upload speeds available at an individual address. BIPT updates coverage twice a year.
Net neutrality
On 27 June 2025, BIPT published its report on net neutrality monitoring in Belgium, covering the period from 1 May 2024 to 30 April
2025. In its ninth annual report, BIPT confirms again that there are currently no major reasons for concern in Belgium regarding access
to an open Internet.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202572
Universal service – social taris
Proximus has implemented the new social tari regime that entered into force on 1 March 2024. The law providing a legal basis for
the new social tari regime was adopted by Parliament on 8 July 2023. The model based on fixed reductions for all tari plans was
replaced by a basic Internet plan (30 Mbps/4 Mbps, 150 GB) available to the beneficiaries at a maximum price of EUR 19/month, with
an option for social customers to have a bundle with TV at a maximum of EUR 40/month. Eligibility requirements have been aligned
with those applicable in the energy sector, which has led to an expansion of eligible households.
The system is mandatory for operators that have their own broadband network and a turnover of a minimum of EUR 50 million.
Proximus is hence obliged to oer this basic Internet plan to new social subscribers. The current system remains applicable for existing
users unless they switch operators or request the new system (grandfathering).
Current data indicate limited interest among eligible beneficiaries. In response the cabinet of Minister of Digitalization Vanessa Matz
proposes addressing this by enhancing the social internet oering to include unlimited monthly data volume (replacing the current
150GB cap), increasing speeds to 100Mbps (up from 30Mbps), and providing free installation. On October 20, the FOD Economy
initiated a consultation regarding these revised specifications for the social internet plan.
This initiative is not provided for in the Government Agreement and the FOD has not conducted any legal review in this regard. Proximus
and other providers of the social internet plan advocate maintaining the existing specifications entered into force on 1 March 2024.
ePrivacy Directive
The ePrivacy Directive (Directive 2002/58/EC), also known as the Directive on Privacy and Electronic Communications, is a key piece of
European Union legislation aiming to ensure privacy and confidentiality in electronic communications. It complements the General Data
Protection Regulation (GDPR) by focusing specifically on the electronic communications sector.
Proximus’ activities fall within the scope of the ePrivacy Directive, which has been (mostly) transposed into the Belgian Electronic
Communications Act (13/06/2005). The ePrivacy Directive imposes obligations relating to network security, consumer protection,
transparency for telecom subscribers, data-breach notification, etc. It also strictly protects the confidentiality of communications and limits
the processing of trac and location data.
Data regulation
Digital Services Act
The Digital Services Act (DSA) (applicable since 17 February 2024) mainly aims to ensure that illegal content is removed and to avoid
inappropriate practices. It covers a range of online intermediary services, including ISPs, hosting companies, large search engines, and
online marketplaces. Very large providers face extra regulatory requirements. The bulk of the new obligations are directed at social
media, search engines, marketplaces, and app stores.
Under the DSA, Proximus, as an Internet service provider, retains the long-standing liability exemption for information transmitted,
where it merely transmits the information to the user over its network, a principle known as “mere conduit”. A limited set of obligations
for Proximus’ activities within the scope of the DSA includes responding to law enforcement authorities in this regard, to provide a clear
point of contact for complaints and a complaint handling system (communicating this in terms and conditions) and providing annual
reporting.
NIS 2 Directive
The European NIS2 Directive aims to strengthen cyber resilience for essential services provided in the European Union. This directive
was transposed into Belgian law which is applicable since 18 October 2024.
Governance
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Proximus Group Integrated annual report 202573
NIS2 reinforces cybersecurity risk-management measures that entities must take, as well as the requirement to notify significant
incidents. It encourages the sharing of information on cybersecurity incidents and risks between the entities concerned and
the national CSIRTs. NIS2 is relevant for Proximus as a provider of digital infrastructure, e.g. as a provider of public electronic
communication networks and services. More information can be found in the section “Consumers and end-users” of the Sustainability
statement.
Data Act
The Data Act is a European Union regulation designed to enhance the data economy by making (non-personal) data more accessible
and usable. It aims to foster a competitive data market, encourage data-driven innovation, and increase data availability across various
sectors. The Data Act is applicable since 12 September 2025.
As a telecom and digital company, Proximus could be impacted by the Data Act through obligations related to data sharing for
connected products (e.g., IoT), public sector data access, and cloud service switching.
Proximus could also leverage the Data Act to develop competitive after-sales services and enrich existing oerings with user-
authorized data, while respecting legal limitations such as the prohibition on creating competing products and compliance with GDPR
and ePrivacy.
GDPR
The GDPR is a comprehensive EU regulation that aims to protect individuals’ fundamental rights to data protection, promote safe
data sharing, and reinforce the internal market. It applies to organizations that have an establishment in the EU (even if the processing
doesn’t take place in the EU) and those outside the EU that oer goods and services to individuals located in the EU or monitors their
behaviour, regardless of their nationality or residence.
Non-compliance can lead to significant fines and restrictions. As a Belgian telecom operator, Proximus and its EU aliates are subject
to the GDPR. Its non-EU entities may also be impacted if they fall under the GDPR’s extraterritorial scope. Compliance requires
robust documentation and measures, especially given the interplay with the ePrivacy Directive, which makes navigating this complex
regulatory framework even more challenging for a telecom company.
DPDP (India)
The Digital Personal Data Protection (DPDP) Act of India, adopted in 2023 (but not yet implemented, pending the notification of
specific rules and the operationalization of the Data Protection Board of India), aims to establish a comprehensive framework for the
protection of personal data and individual privacy in India.
This law is comparable to the EU’s General Data Protection Regulation (GDPR), but also includes unique elements tailored to India’s
legal and business environment, such as the designation of Significant Data Fiduciaries (data controllers) and a simplified lawful-basis
structure (primarily consent based).
Entities of Proximus Group that are located in India, and/or process the personal data of Indian residents located outside of India, must
comply with this legislation when acting as a data fiduciary (data controller).
CCPA (California)
The California Consumer Privacy Act (CCPA), which came into eect in 2020, grants California residents more control over their
personal data and holds businesses accountable for how they collect, use, sell, and share this data. It was amended by the California
Privacy Rights Act (CPRA), which came into eect in 2023, further expanding consumer rights, establishing the California Privacy
Protection Agency (CPPA) as a dedicated enforcement body, and enforcement mechanisms.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202574
Starting January 1, 2026, the CPRA will require businesses that process personal information presenting a “significant risk” to
consumers to begin conducting formal privacy risk assessments and providing enhanced transparency when using connected-devices
and mobile apps.
Entities of Proximus Group located in California and/or processing data of Californian residents (and meet the statutory thresholds)
must comply with CPRA requirements.
Artificial Intelligence Act
The EU AI Act aims to create a harmonized legal framework for the development, deployment, and use of artificial intelligence (AI)
systems across the EU. The act is part of the EU’s broader strategy to promote trustworthy AI, balance innovation with safety, and
establish a global standard for AI governance.
The AI Act classifies AI systems into dierent risk levels and imposes regulatory obligations according to this classification. Obligations
are being phased in during 2025-2026, with the majority originally expected to take eect by August 2026. It is important to note
that the AI Act is part of a broader simplification initiative launched by the European Commission under the Digital Omnibus. Due to
growing pressure from stakeholders and the current lack of finalized standards and guidelines, an extension of the implementation
timeline may be granted.
The AI Act will directly impact Proximus as a company that develops AI systems but also increasingly integrates AI into its operations,
services, and customer engagement strategies. Several business areas may require adjustments to align with the new legislation.
Sustainability reporting regulation
CSRD
The Corporate Sustainability Reporting Directive (CSRD) is an EU regulation requiring EU businesses to disclose their environmental
and social impacts, as well as their actions concerning environmental, social, and governance (ESG) matters. It aims to standardize
non-financial reporting, enhancing the consistency, comparability, and quality of publicly available data.
The CSRD mandates companies to disclose comprehensive and granular information on sustainability topics, including ESG aspects.
This includes details on a company’s sustainability strategy, targets, progress, products, services, business relationships, and incentive
programs.
Under the CSRD, Proximus Group is required to report according to the European Sustainability Reporting Standards (ESRS) and
disclose data for the 2025 financial year.
More information can be found in the section “General information” of the Sustainability statement.
Governance
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Proximus Group Integrated annual report 202576
General information
This section provides an overview of how Proximus prepares its sustainability data, including the scope of consolidation and
information on both our upstream and downstream value chains. It also gives an overview of our sustainability governance structure.
Some information required in this section is incorporated by reference.
Basis of preparation
Our reporting process ensures that we disclose sustainability data that are balanced, comparable, accurate, reliable, and in line with
the mandatory requirements of the Corporate Sustainability Reporting Directive (CSRD) (Directive 2022/2464). The structure of
Proximus Group’s Integrated annual report was developed in accordance with the European Sustainability Reporting Standards
(ESRS) (Delegated Regulation 2023/2772).
Sustainability reporting scope
The statements in this section, along with the ESRS Index, apply to all entities within Proximus Group. This includes Proximus SA, its
aliates, as well as the Group’s interests in associates and joint ventures accounted for under the equity method and joint operations.
A more detailed list of aliates, joint operations, joint ventures, and associates can be found in Note 8 of the Consolidated financial
statements. The scope of the Consolidated sustainability statement is the same as that of the Consolidated financial statements.
Proximus’ aliates
Due to the expansion of our international activities in 2024, we are working on integrating these activities and are therefore
implementing processes and procedures to identify, collect, and process data for sustainability reporting. We plan to harmonize our
internal reporting practices in the coming years.
Proximus Group Proximus Domestic Proximus Global
Belgacom International Carrier Services SA (BICS)
ClearMedia NV
Codit Group
Proximus Real Estate SA
Davinsi Labs NV
Fiberklaar BV
Mobile Vikings NV
Proximus Ada
Proximus Global SA
Proximus Luxembourg SA
Proximus Media House (PMH) SA
Proximus NXT Nederland BV
Proximus NXT IT SA
Proximus Services Private Ltd
Proximus SA
Proximus Ltd Belgrade
Route Mobile Ltd
Telesign Holdings Inc
UMBRIO BV
ClearMedia NV
Codit Group
Proximus Real Estate SA
Davinsi Labs NV
Fiberklaar BV
Mobile Vikings NV
Proximus Ada
Proximus Luxembourg SA
Proximus Media House (PMH)
Proximus NXT Nederland BV
Proximus NXT IT SA
Proximus Services Private Ltd
Proximus SA
Proximus Ltd Belgrade
UMBRIO BV
Belgacom International Carrier Services SA (BICS)
Proximus Global SA
Route Mobile Ltd
Telesign Holdings Inc
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202577
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
In 2025, the scope of the sustainability reporting perimeter was adjusted to reflect changes in the Group’s structure:
• Be-Mobile NV was divested in September 2025 and has been excluded from the sustainability reporting scope as of 1 January 2025
due to materiality reasons;
• Proximus Services Private Ltd was set up in September 2025 and will be integrated into the reporting perimeter beginning with the
2026 reporting cycle, as their current contribution is assessed as immaterial;
• Doktr BV became a joint venture in October 2025 and has been excluded from the sustainability reporting scope due to materiality
reasons
1
;
• Proximus Global SA became material in 2025 and has been added in the sustainability reporting scope;
• Connectimmo became Proximus Real Estate SA.
Due to the sensitivity of some information, Proximus has exercised the option not to disclose details linked to intellectual property,
commercial and technical know-how within its Sustainability statements. This report does not include any disclosures linked to
impending developments or matters in the course of negotiation.
Unless stated otherwise, the metrics disclosed in the Sustainability statement have not been validated by an external body other than
the limited assurance provider as part of CSRD assurance requirement.
Value chain information
For each material topic, we indicate whether the information presented applies to Proximus’ value chain or to our own activities. This
information is detailed in the IRO overview table. Reporting on our upstream and downstream value chains presented challenges, as
we are not always in direct contact with the entire chain of suppliers. However, no material information has been omitted.
Historical changes
This report has been prepared in accordance with the CSRD requirements. The changes compared to the previous year are explained
in the performance subsection within each material topic section.
Disclosures in relation to specific circumstances
Time horizon
All data featured in this report cover the same period as our financial year, which ends on December 31.
Unless stated otherwise, Proximus Group applies the following time intervals for the end of the reporting period:
• short-term time horizon: within the current financial year, as outlined in the Consolidated financial statements;
• medium-term time horizon: from the end of the reporting period up to five years;
• long-term time horizon: beyond five years; for impacts or actions anticipated beyond this period, an additional breakdown will be
provided in the respective sections.
Estimations
Where needed, estimations have been made, and metrics subject to a high level of measurement uncertainty have been identified.
These are disclosed in the performance subsection within each material topic. In these subsections, we also disclose the assumptions,
approximations, and judgements applied.
Additional information about the methodologies and assumptions used is provided in these subsections.
1 Except for climate change scope 3 which includes the emissions of our joint ventures. More information on our accounting policies is available in the
performance sub-section of the climate change chapter
Proximus Group Integrated annual report 202578
Incorporation by reference
A complete table of the disclosure requirements and specific data points (where applicable) can be found in the ESRS Index in the
appendices to the Sustainability statement.
Sustainability governance
Structure, roles and responsibilities
Corporate Sustainability
governance
Board of Directors (yearly or ad hoc as needed)
Validates Group North Stars, long-term roadmaps, short-term action plans, and KPIs across all ESG material topics
Audit and Compliance Committee (quarterly)
Validates reporting, oversees updates vs KPIs,
and ensures compliance
Nomination and Remuneration Committee (quarterly)
Oversees the remuneration strategy and system, including ESG-
related incentives
Operational Sustainability
governance
Sustainability Committee at Leadership Squad (PLS) level (bi-monthly)*
• Approves combined domestic and global North Stars, long-term roadmaps, short-term action plans, and KPIs
• Follows up execution, addresses roadblocks, and defines priorities
Co-creates and defines ambitions, long-term roadmaps, and targets across the Group
Sustainability team as the Group’s Center of Excellence
• Provides holistic oversight of execution across
decentralized ways of working (WoW)
• Safeguards guiding principles of CSRD and CSDDD to
embed sustainability throughout the organization
• Acts as subject matter expert at the environmental level,
driving climate change and circular economy ambitions
Business Lead for each appointed material topic
• Is accountable for end-to-end delivery of the long-term
roadmap across the Group
• Defines short-term action plans, policies, and priorities
• Owns the targets
* When relevant international CEOs and Sustainability SPOCs are invited.
Corporate sustainability governance
Board of Directors
Sustainability matters are discussed at the Board of Directors’ meetings. The Board bears ultimate responsibility for overseeing all
IROs and plays a crucial role in validating Proximus Group’s sustainability targets, long-term roadmaps, short-term action plans, and
KPIs across all ESG material topics.
In 2025, members of the Board of Directors were interviewed as part of the Double Materiality Assessment (DMA). They subsequently
reviewed and validated the results.
Achievements are reported bi-monthly to the Board through the CEO Activity Report, and progress is analyzed quarterly as part of the
strategic review.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202579
Board Committees’ roles
The Audit and Compliance Committee, in its quarterly meetings, validates ESG reporting, monitors and controls KPI updates,
and ensures compliance. The committee also manages sustainability-related risks, including climate risks, as part of its broader risk
management oversight.
The Nomination and Remuneration Committee oversees the Group’s remuneration policies, including ESG-linked incentives,
during its quarterly meetings, ensuring alignment with sustainability objectives.
Operational sustainability governance
Sustainability Committee
The bi-monthly Sustainability Committee of the Proximus Leadership Squad, which may include CEOs from international aliates,
approves Proximus Group’s domestic and international ambitions, long-term roadmaps, short-term action plans, sustainability
targets, and KPIs. It tracks execution, sets priorities, and oversees and controls the implementation of the sustainability strategy.
Sustainability team as the Group’s Center of Excellence
The Sustainability team acts as Proximus Group’s Center of Excellence across all material topics, building on its expertise in areas
such as climate change, sustainable finance, and ESG reporting. The team defines the Group’s overarching long-term sustainability
ambitions, strategy, and target setting.
Each material topic is assigned to a Business Lead, who translates the ambition and strategy into roadmaps and short-term action
plans, and is end-to-end accountable for execution and prioritization. The Sustainability team oversees execution within this
decentralized model and provides subject matter expertise. In particular, the team steers the decarbonization roadmaps and circular
economy initiatives. It also ensures that CSRD principles and sustainable value creation are fully embedded in Proximus Group’s
operations and decision-making processes.
Environmental management system
Proximus Group’s environmental management system involves various stakeholders and resources to address environmental issues,
circularity, and climate change. Key stakeholders include the Sustainability team, the Group Prevention and Protection department,
the Internal Audit department, and external organizations (e.g., Bebat, Valipac).
The system utilizes procedures, guidelines, and campaigns to address environmental concerns. Notable activities include:
• a packaging waste prevention plan;
• anti-pollution measures;
• updated environmental policies;
• managing environmental complaints;
• mobility plans aimed at reducing car-based transport.
Communication is maintained through intranet news, toolboxes, and internal reporting. Additional eorts include noise studies, soil
surveys, e-learning modules, and toolboxes for waste sorting and PFAS-related matters.
Sustainability due diligence
Proximus Group is committed to amplifying its positive impact both through its operations and across its upstream and downstream
value chain. While a comprehensive due diligence process addressing all ESG topics is still being formalized, the activities described in
this Integrated annual report already reflect the core elements of due diligence:
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202580
Core element of due diligence Part of the Integrated annual report
Embedding due diligence in governance, strategy, and business model “Sustainability governance” and “Business conduct”
Engaging with aected stakeholders “Interests and views of stakeholders”
Identifying and assessing adverse impacts “Double Materiality Assessment”
Taking actions to address adverse impacts Actions per material topic
Tracking the eectiveness of actions Performance per material topic
Risk management and internal control over sustainability reporting
Proximus Group has established an internal control and risk management system for the sustainability reporting process. Risk
management and internal controls over sustainability reporting constitute a critical element for CSRD-compliant reporting.
The initial CSRD reporting exercise highlighted the need to strengthen our controlling environment. The primary risk identified was the
reliance on predominantly manual data-collection processes. In 2025, we undertook a comprehensive review of our documentation,
introducing the Sustainability Data Governance Catalogue and implementing enhanced control mechanisms to minimize the likelihood
of errors. These measures include reasonableness tests, variance analysis, reconciliation across data sources, and a four-eyes review,
among others. To strengthen our internal control environment and prepare for CSRD assurance, Proximus conducted a dry run of the
sustainability reporting process, simulating external assurance conditions to test data readiness, validate control eectiveness, and
identify areas for improvement across reporting streams.
The Sustainability team is responsible for defining the reporting needs and the process for the collection, reviewing the input,
consolidation, verification, and compilation of sustainability information. For the material ESRS topics, together with the business, we
completed the Sustainability Data Governance Catalogue, where we describe the data definitions, data source, calculation methods,
assumptions, roles and responsibilities, and internal controls. Constant collaboration and consultations are maintained with key
corporate departments: Sustainability, Finance, Human Resources, Cybersecurity, Legal, Internal Audit and Risk Management, Group
Data, and Public Aairs. The quantitative data are mainly sourced from various internal IT systems. For some data sources, internal
control on data quality is built-in; however, for most of the data, manual verification is needed to detect inaccuracies. Validation of all
qualitative data is performed by the internal stakeholders, who are assigned responsibility for each sustainability issue.
More information on Proximus’ risk and internal control can be found in the Risk management report.
Strategy, value creation model, and value chain
Proximus’ sustainability strategy
At Proximus, our purpose is to “boldly build a connected world that people trust, so society blooms”. This purpose is the foundation
of our bold2025 strategy, which integrates sustainability into our business model and value creation. As a provider of critical digital
infrastructure and services, we recognize our responsibility to enable inclusive, secure, and sustainable digital societies in Belgium and
beyond.
Our sustainability strategy is structured around the three dimensions of our purpose:
• Building a connected world: delivering reliable, high-quality digital infrastructure and services that enable digital inclusion and
innovation.
• Ensuring trust and security: safeguarding privacy and maintaining resilient and secure networks.
• Maximizing positive impact: accelerating climate action, promoting circularity, and fostering an inclusive and future-ready
workforce.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202581
Overview of our 9 ESG commitments
Boldly building...
... a connected world... ... that people trust... ... so society blooms.
Building the best
gigabit network for Belgium
Developing digital solutions
for everyday life
Connecting people
and devices worldwide
Ensuring cybersecurity for
our customers
Supporting Europe in
achieving sovereignty
Embedding highest ethics
and compliance standards
Contributing to the fight
against climate change
Investing in digital accessibility,
inclusiveness and upskilling
Stimulating an inspiring and
inclusive work environment
Proximus’ new strategic cycle, started in early 2026, integrates the findings of the 2025 Double Materiality Assessment and will be
dis
closed in the 2026 Integrated annual report.
Financial resources allocated to the sustainability action plan
Out of a total invested capital expenditure (CapEx) of EUR 1.25 billion, we invested 38% (EUR 479 million) in sustainable CapEx
(defined as investments in fiber, mobile, backbone, and network simplification) and 5% (EUR 60 million) in the circular economy
(defined as the purchase of Internet Boxes, TV Boxes, and repeaters acquired by Proximus Group and put on the market as a service
through a rental model). The sustainable CapEx includes financial resources allocated to the Climate Change Action Plan and is
consistent with our EU Taxonomy disclosure while covering a broader scope. Telecommunications network investments are excluded
from EU Taxonomy-eligible activities and therefore come in addition to it, whereas circular economy CapEx is fully reported under
“Activity 5.5 Product-as-a-service and other circular use- and result-oriented service models”.
In 2025, Proximus Group dedicated EUR 26 million to improving our employees’ working conditions. This figure mainly encompasses
our eorts to ensure the sustainability and safety of our real estate portfolio. It includes actions to improve our employees’ digital
experience in order to ensure a transparent and ecient work environment.
We also dedicated EUR 23.4 million as operational expenditure (OpEx) on green mobility to support our fleet decarbonization,
including leasing electric vehicles and providing public transport options for our employees. In addition, we invested EUR 45.9 million in
employee reskilling and upskilling.
While the plan is aligned with Proximus Group’s overall financial planning, a detailed overview of future CapEx and OpEx investments
dedicated to the transition plan is not yet available. Financial resources are not specified for each material topic and action plan. We
only report significant financial allocations that exceed EUR 10 million.
More information on CapEx can be found in Notes 4 and 5 of the Consolidated financial statements.
More information on our workforce and non-workforce expenses can be found in Notes 26 and 27 of the Consolidated financial
statements.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Value creation model
Proximus’ value creation model provides insights into what inputs we leverage, how we add value, and how we contribute to society
Employees
• Engagement score 76%
• EUR 45.9 millioninvested in training
• 13% turnover rate
Suppliers
• Supplier Engagement Program with
our top 250 supplier
• Supplier Code of Conduct included
in all contracts
Environment
• 375,157 tons GHG emissions
• 4,711 tons waste
• >1 million collected mobilephones and
refurbished fix devices
Operations & society
• Connecting +5 billion mobile subscribers
• 12 million fraudulent SMS and MMS
blocked, over 200 million phishing emails
intercepted, more than 33 million fraudu-
lent and spoofed attempts blocked, and 11
million call anonymized
• BICS Roaming SMS Translator helping
bridge the global digital divide
• Good NPS scores for residential customers
in Belgium
• Fastest Internet in Belgium recognized by
Ookla
Financial assets
• EUR 1,883 million Group underlying
EBITDA
• EUR 0.6 per share dividend
• EUR 82 million tax contribution
Intellectual assets
• BICS: compliant with the GLF Code of
Conduct
• Strategic partnerships with start-ups,
academia and leading global players
• Pickx content and platform
Employees
• 12,933 employees
• 22% women holding a top management
function
• 99% permanentcontracts
Suppliers
• Around 3,470 active suppliers
Environment
• 370,639 MWh energy consumption
Operations &society
• Presence in 180+ countries
• Global mobile network reaching 1,000+
destinations
• ~42% of Belgian premises connectable
to fiber
• 89.5% 5G indoor coverage in Belgium
Financial assets
• EUR 1,249 million CapEx
• EUR 3,568 million net debt
• 30% sustainable sources of financing
on total
Intellectual assets
• Strong and trusted brands
• Strong know-how and expertise
• In-house developments protected by intel-
lectual property rights
Main inputsMain outputs
G
O
V
E
R
N
A
N
C
E
Purpose
Think possible culture
bold2025 strategy
ESG commitments
R
I
S
K
M
A
N
A
G
E
M
E
N
T
S
T
A
K
E
H
O
L
D
E
R
E
N
G
A
G
E
M
E
N
T
P
A
R
T
N
E
R
S
H
I
P
S
&
I
N
N
O
V
A
T
I
O
N
Business
model
Impact
on SDGs
Digital com-
munications
s
ervices
Telco, IT,
and digital
services
Telecom
operators and
Enterprise
customers
Residential,
Enterprise, and
Public customers
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202582
Proximus Group Integrated annual report 202583
Main inputs
We consider our diverse workforce to be one of our most valuable assets in pursuing our ambitions. We also view our suppliers as key
partners in realizing our vision, mission, and strategy. Our Procurement department manages our relationship with around
3,470 suppliers across 52 countries.
Proximus Group is present in more than 180 countries. We connect Belgium through future-proof gigabit networks and by
strengthening the capacity of our network and IT infrastructure, connecting fiber to ~42% of the Belgian population and achieving
89.5% indoor 5G coverage. Globally, our network of networks is one of our biggest assets, reaching over 1,000 mobile destinations,
including more than 500 direct connections to MNOs and MVNOs. We also operate 5 cyberthreat detection centers worldwide.
Proximus Group uses 370,639 MWh of energy in its operations.
Lastly, our input consists of financial and intellectual assets. The financial capital is made available by debt providers and is
predominantly invested in network deployment. Our strong and trusted brands, reputation, and capacity to drive innovation are part of
our intellectual capital.
Business model
Our sense of purpose – “Boldly building a connected world that people trust, so society blooms” – acts as our compass. Our Think
possible culture is a positive mindset through which we see opportunities everywhere. Moreover, it is a set of principles and behaviors
that guide us in finding the best solutions for our customers.
Our nine ESG commitments set out our societal values, while our bold2025 strategy puts our purpose and commitments into practice.
The value creation model is driven by our business activities. Through our leading brands, we meet the demands of a wide range of
customers in the residential, enterprise, public sector, and wholesale markets, both in the Benelux region and internationally. At the
global level, we invest in the domain of digital communications. We connect customers across the world and enable enterprises and
organizations to engage with their end-users across a variety of channels, while providing high levels of protection against fraud.
Good governance, eective risk management, and active stakeholder engagement are essential to sustainable governance. The
Corporate governance statement and the Sustainability statement describe in detail how all of this is organized and embedded within
Proximus. The Risk management report describes Proximus’ main risks and how these are mitigated. Innovative partnerships and a
mindset open to innovation help unlock new business opportunities that have a positive impact on the planet and society.
Main outputs
The value Proximus creates for its stakeholders is measured by financial return, social return, and environmental and social
indicators. More information on social and environmental returns and indicators can be found in the subsections “Performance” of this
Sustainability statement.
In terms of social indicators, Proximus measures the engagement of its employees and turnover rate, among other things. With regard
to our suppliers, supplier engagement in CO
2
emission reduction and adherence to our Supplier Code of Conduct are closely monitored.
We are committed to building trust in technology by providing high-quality services and products worldwide. We are actively working
towards a safer digital society, fighting online fraud and cybercrime, while raising awareness of data security and privacy risks.
Digitalization oers many opportunities but also poses a series of challenges. We want everyone to be able to use and benefit from
digitalization, so that nobody is left behind.
When it comes to the environment, Proximus strives to minimize its impact by reducing its CO
2
emissions, adopting circular behaviors,
and supporting its enterprise customers in reducing their greenhouse gas (GHG) emissions.
Our main financial outputs are our EBITDA, dividend, and tax contribution. More information can be found in the Management
discussion and analysis of financial results, and the Consolidated financial statements.
Finally, our strategic partnerships and innovative services make extensive use of intellectual assets.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202584
Impact on SDGs
Proximus’ activities contribute to seven of the Sustainable Development Goals (SDGs). Details of our contributions can be found in
the Annex.
Our value chain
Proximus’ value chain shows how it delivers a service to the market. Each step in the chain adds value, from raw material sourcing,
through manufacturing and sales, to its final delivery to customers.
Telecom / IT
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
• Extraction of raw materials
• Supplies / Purchases
• Network deployment
Upstream
Own Operations
• Products and services
development
• Network operation,
deployment and maintenance
• Support activities
• Marketing and sales
• Support and service after sales
Downstream
• Product and services
distribution
• Use of product and service
• End of life
CPaaS & Digital Identity
Upstream
• Supplies / Purchases
Own Operations
• Products and services
development
• Platform operations
• Support activities
• Marketing and sales
• Support and service after sales
Downstream
• Product and services
distribution
• Use of product and service
Within Proximus Group, we dierentiate between the value chains of our Telecom and IT operations and those of our CPaaS
(Communications Platform as a Service) and Digital Identity operations:
The Telecom and IT value chain
2
spans a comprehensive set of activities designed to deliver reliable connectivity, interoperability,
and innovative services to consumer and business segments as well as other telecom operators, OTT platforms, and aggregators.
Upstream, we source raw materials and procure essential technological components, including network infrastructure, hardware,
and cloud resources. These inputs enable the development and deployment of advanced networks and IT systems. Within our
own operations, we focus on network construction, installation, and maintenance, complemented by software development and
cybersecurity measures. These activities are supported by procurement, workforce management, and compliance functions to ensure
operational resilience. Downstream, our products and services reach customers through direct and indirect channels, including retail
shops, digital platforms, and strategic partners. We provide robust after-sales support and customer service, while managing end-of-
life processes through e-waste recycling and circular economy initiatives.
2 Proximus domestic and BICS telecom operations.
Proximus Group Integrated annual report 202585
The CPaaS and Digital Identity value chain
3
is built on cutting-edge technology to enable secure, scalable communication
solutions. Upstream, we work with telecom operators, OTT platforms
4
, aggregators, and technology providers to access cloud
infrastructure, APIs, and cybersecurity capabilities. These trusted business relationships underpin the development of advanced
platforms and digital identity solutions. Our own operations focus on platform and API development, research and innovation in AI,
and the integration of fraud prevention features. Continuous maintenance and data analytics ensure performance and security across
all services. Downstream, we deliver omnichannel messaging and identity solutions through direct sales and global partnerships with
leading technology firms. Customer engagement and support are integral to our oering, while the SaaS-based model minimizes
physical infrastructure and waste, reinforcing our commitment to sustainable digital services.
Interests and views of stakeholders
Active engagement with aected stakeholders is essential for building trust, supporting informed decision-making, and ensuring
that Proximus Group’s strategy and operations properly address their concerns and expectations. The interests of our stakeholders
are also integral to our DMA process, which is described in the Double Materiality Assessment section of this report. Proximus Group
engages with its various stakeholder groups through a range of initiatives and channels.
Employees
Proximus Group actively engages with its employees through the Speak Up survey, which evaluates employee engagement. Results
are shared with the Proximus Leadership Squad, the Human Resources Management Committee, and the unions. Team leaders are
encouraged to develop action plans based on these results to improve their team members’ well-being and work satisfaction, with
actions monitored by senior management.
More information on our Speak Up survey can be found in the section “Own workforce”.
The Proximus Leadership Squad regularly communicates with employees on strategic ambitions, progress, and results – including
sustainability topics – via multiple channels, such as the annual strategy cascade event, quarterly results presentations, and the
company intranet. Direct feedback is also gathered through meetings, field visits, and informal interactions.
Proximus Group maintains an open and constructive dialogue with representative trade unions. Through social consultation,
management gathers feedback from social partners on daily operations and strategic decisions.
More information can be found in the section “Own workforce”.
Suppliers and value chain workers
Proximus Group engages suppliers through the Procurement team via meetings, a Supplier Support portal, and ongoing relationship
management. Insights from these interactions inform procurement strategy and risk management.
Key engagement mechanisms include the Supplier Code of Conduct, the Supplier Engagement Program, collaboration with the Joint
Alliance for CSR (JAC), and sustainability performance assessments such as EcoVadis. These eorts focus on responsible business
conduct, compliance with sourcing policies, and alignment with Proximus Group’s sustainability standards.
While Proximus Group has not yet implemented a structured approach to directly engage value chain workers, the Supplier Code of
Conduct requires suppliers to ensure fair working conditions. We are working to strengthen engagement, including through JAC.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
3 Route Mobile, Telesign and BICS digital identity operations.
4 OTT (Over-The-Top) platforms deliver content and services directly over the internet, bypassing traditional telecom distribution channels. Examples
include WhatsApp, Viber, and similar applications.
Proximus Group Integrated annual report 202586
More information on the Supplier Engagement Program is available in the section “Climate change”.
More information on the collaboration with the Joint Alliance for CSR is available in the section “Workers in the value chain”.
Customers
Customers are a key stakeholder group for Proximus Group. We gather their feedback and concerns through a wide range of channels
tailored to dierent customer profiles.
For residential customers, engagement channels include:
• direct touchpoints (contact centers, technicians, shops, festivals);
• digital platforms (websites, emails, AI assistants, social media);
• mass communication campaigns (TV, radio, printed press, etc.);
• self-service portals (Proximus+, MyScarlet, My Viking, etc.);
• a customer experience dashboard that tracks customer interactions to visualize customer journeys;
• the Voice of the Customer platform, which collects feedback on brands, products, journeys, and touchpoints;
• dedicated design thinking sessions and focus groups;
• external research and surveys.
For enterprise and B2B customers, fostering close relationships is crucial for success. In addition to regular interactions with account
managers, success managers, and project managers, we build deeper relationships via executive-level forums (e.g., advisory boards,
CEO dinners, and roundtables), co-creation workshops, and customer-specific events. We also maintain an active presence in global
industry conferences, exhibitions, associations, and working groups. Additional channels include:
• contact centers;
• digital platforms;
• indirect partners and aliates;
• the Voice of the Customer platform;
• design thinking sessions, research, and surveys;
• professional fairs and events.
Customer feedback and insights are consolidated and analyzed by dedicated teams: the Customer and Market Intelligence (CMI) team
for the Domestic market, reporting directly to the Group Strategy Lead, and the Customer Operations Teams for our Global activities,
reporting to the Chief Operations Ocer. Core experience metrics (e.g., Net Promoter Score, Customer Eort Score, and customer
satisfaction indicators) are tracked and reported on a monthly and quarterly basis, reviewed by senior leadership, and shared with
relevant management teams to steer strategy, guide decision-making, and drive improvement actions.
Investors
Proximus maintains regular engagement with investors and analysts through a range of activities, including the Integrated annual
report, quarterly financial results presentations, the Annual General Meeting, and targeted briefings. The Investor Relations team also
conducts one-on-one meetings, roadshows, group sessions, conferences, and industry events to provide transparency and address
investor inquiries.
The Board of Directors and the Proximus Leadership Squad receive regular updates on share price performance and feedback on the
investment community’s sentiment regarding the company’s overall strategy.
Public authorities and policymakers
Proximus Group engages proactively with public authorities and policymakers at national, local, and international levels.
The Group Public Aairs (GPA) department manages relationships with national and local government ocials, legislative and policy-
making authorities, and lobbying organizations. The GPA team also maintains close relationships with local authorities to help facilitate
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202587
the network roll-out, and represents Proximus in relevant business associations such as FEB, AKT, Agoria, Voka, VVSG, and BECI.
International public aairs are overseen by the Proximus Global Chief Corporate Aairs Ocer.
The Regulatory team manages the relationship with the Belgian federal regulator (BIPT) and related institutions at community and
European levels. Proximus Group is also active in industry associations such as Connect Europe, ETIS, and GSMA.
Feedback and insights from these engagements are regularly communicated to the Proximus Leadership Squad and the Board of
Directors through established reporting channels, ensuring that regulatory and policy developments inform strategic decision-making.
More information can be found in the subsection “Political influence and lobbying activities”.
Society at large
Proximus Group actively engages with “society at large”, a heterogeneous group of stakeholders including the general public, the
media, NGOs, community organizations, and academic institutions.
Each quarter, CMI conducts surveys among the general public in Belgium to assess perceptions and track performance on key focus
areas, with results used to inform continuous improvement.
The Press team manages relationships with the media, maintaining open dialogue and providing trustworthy communication on the
Group’s activities and commitments.
Proximus collaborates with Belgian NGOs and associations to advance digital inclusion, trust in the digital world, and cybersecurity,
and maintains ongoing relationships with consumer organizations such as Testachats/Testaankoop.
The company also partners with research centers and universities to support innovation and help advance research while providing
opportunities for students to gain experience in advanced technology fields.
Double Materiality Assessment
Proximus Group’s Double Materiality Assessment (DMA) was updated in 2025. The process was performed in accordance with
the requirements of the European Directive on Corporate Sustainability Reporting (CSRD) and EFRAG implementation guides IG1
(Materiality Assessment) and IG2 (Value Chain). It was designed to identify and prioritize the sustainability topics most relevant to
Proximus and its stakeholders, which are addressed in this Sustainability statement.
The identification, assessment, and management of impacts and risks were performed in collaboration with the Strategic team, the
Risk Management team, and the Sustainability team. Proximus adopted a phased approach to risk and impact assessment, beginning
with the update of the DMA and followed by the Enterprise Risk Management (ERM) review. The outcomes of those reviews have fed
into the preparation for Proximus’ next strategic cycle.
Double Materiality Assessment process
The DMA followed a structured five-step methodology.
Context setting and value chain
The initial phase included a comprehensive review of Proximus Group’s business activities, including upstream and downstream value
chains. This was followed by an updated mapping of Proximus Group’s value chains following the acquisition of Route Mobile. Two
distinct value chains were identified: “Telecom and IT” and “CPaaS and Digital Identity”. This mapping provided the foundation for
identifying potential impacts, risks, and opportunities (IROs) across the Group’s operations and value chains.
More information on Proximus’ value chain can be found in the section “Our value chain”.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202588
Identification of Impacts, risks and opportunities (IROs) and sustainability topics
A long list of sustainability topics was compiled, based on Proximus Group’s previous DMA, peer benchmarking, input from internal
and external stakeholders, value chain analysis, and a review of industry standards (including SASB, MSCI, and GRI). This list was
refined and prioritized to result in a shortlist of sustainability topics deemed most relevant to Proximus.
IROs for each shortlisted topic were identified using internal documentation and policies, previous materiality assessments, external
research, and stakeholder input. The process also considered nature as a “silent stakeholder” and integrated insights from a parallel
Task Force on Climate-related Financial Disclosure (TCFD) project, which helped identify additional climate-related IROs.
Stakeholder engagement
Proximus Group engaged a wide range of internal and external stakeholders to validate IRO and sustainability topic lists. Stakeholder
groups were mapped against the identified topics to ensure targeted input. Tailored engagement strategies were developed per
stakeholder group, using interviews and surveys designed to gather both qualitative and quantitative insights.
In total, 17 interviews were conducted: 7 with Board or leadership members, 1 with a union representative, and 9 with external
stakeholders (including NGOs, enterprise customers, suppliers, business associations, and opinion leaders). Two internal online
surveys targeted experts and employees across the Group.
Materiality assessment
Scoring sessions were conducted with internal subject matter experts, incorporating qualitative insights gathered during external
consultations. Each IRO was scored for impact and financial materiality whether it applied to the “Telecom and IT” value chain, the
“CPaaS and Digital Identity” value chain or both, and across relevant time horizons. The scoring mechanism, aligned with EFRAG
guidelines, is described below.
Impacts
Positive
Likelihood Likelihood
→
→
→
→
→
→
Severity
x
= = ==
x x x
Risks
Opportunities
* For human rights impacts, severity takes precedence over likelihood.
Negative
Actual
Time horizon
For 2025, Proximus Group adopted a unified time horizon across the DMA, TCFD, and Integrated annual report, aligned with EFRAG
recommendations. More details can be found in the subsection “Basis of preparation”.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Actual
Potential
Potential
Scale Scale
Fin. MagnitudeScale Scale Fin. Magnitude
Scope Scope
Scope Scope
Irremediability Irremediability
100% 100%
LikelihoodLikelihood* Likelihood* Likelihood
=
Materiality result
Proximus Group Integrated annual report 202589
Impact assessment
Impact materiality scoring assessed potential or actual impacts across four dimensions:
• Scale (1-5): How grave the negative impact is or how beneficial the positive impact is. A tailored definition of scale for each impact
was developed to support more accurate expert scoring. Where possible, this included quantitative criteria; otherwise, a qualitative
definition was applied.
• Scope (1-5): The level of spread of the impact.
• Irremediability (1-4): To extent to which the negative impact can be reversed or restored (number of years/eort required for
restoration).
• Likelihood (1-5): The likelihood of potential impact occurrence over the time horizon, with severity taking precedence over
likelihood when the impact relates to human rights.
Severity was calculated as the sum of scale, scope, and irremediability. The overall impact materiality is the product of severity and
likelihood.
Risk and opportunities assessment
For financial materiality, scoring is the product of financial magnitude and likelihood. The financial magnitude scale is aligned with
Proximus' Enterprise Risk Management (ERM) process, using the same time horizons and thresholds. Since our scoring system was
based on the ERM, we used the same methodology to prioritize sustainability-related risks relative to other types of risks. Thresholds
were aligned with the Finance department, with operational risk thresholds based on Proximus’ Delegation of Authority and strategic
risk thresholds aligned with the Materiality Thresholds in Audits. The scoring took the following criteria into consideration: financial
impact, resource dependency (impact on access, price, or quality of resources), regulatory constraints, and reputational eects.
Final materiality
The assessment was conducted separately for each value chain and then aggregated at the Group level. A conservative approach
was applied: if an IRO was deemed material in either value chain, it was considered material for Proximus Group as a whole. Since
impact and financial materiality are closely linked, we also examined how impacts and dependencies (e.g., human capital, energy,
infrastructure, community) connect to the risks and opportunities arising from those impacts. Material topics were considered from
multiple perspectives.
The analysis resulted in a comprehensive list of material IROs, material sustainability topics, and material ESRS topics.
Results validation
The DMA process was overseen by the Proximus DMA core team, with regular input from the DMA Steering Committee. The process
and results were validated in stages, ending with final approval by the Proximus Sustainability Committee and the Board of Directors
in July 2025. All steps of this process are thoroughly documented for audit purposes.
Material topics and material impacts, risks, and opportunities
The above methodology resulted in 38 material IROs across 21 subtopics, which are grouped into 7 ESRS topical standards and
1 entity-specific topic.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202590
Environment Social Governance
Entity-specific
ESRS E1 - Climate change
• Climate change adaptation
• Climate change mitigation
• Energy
ESRS S1 - Own workforce
• Working conditions
» Work-life balance
& well-being
» Health & safety
» Participation & collective
bargaining
» Working conditions
» Adequate wage
• Equal treatment &
opportunities for all
» Training & skills development
» Diversity, equity & inclusion
ESRS S3 - Aected
communities
• Socio-economic impact
on local communities
ESRS G1 - Business conduct
• Business ethics,
practices & policies
• Political engagement &
lobbying activities
• Business model resilience &
systemic risk management
ESRS E5 - Resource use
& circular economy
ESRS E2 - Pollution Technology & innovation
ESRS E3 - Water
& marine resources
ESRS E4 - Biodiversity
& ecosystems
ESRS S2 - Workers in
the value chain
• Human rights
in the value chain
ESRS S4 - Consumers
& end-users
• Health & safety of end-users
• Responsible management of
the customer experience
• Data protection & privacy
• Digital inclusion
Cybersecurity
Material
Non-material
NEW
NEW
NEW
Compared to the previous reporting period, the material topics identified in the 2025 DMA remain consistent with those from the initial
2023 assessment. However, one topic – “Technology and innovation” – is no longer deemed material, mainly due to a reorganization
of the topics and IROs to better align with ESRS standards. Three new material subtopics have been identified: “Health and safety of
end-users”, “Responsible management of the customer experience”, and “Business model resilience and systemic risk management”.
It is worth noting that “Health and safety of end-users” was previously partially covered under the “Digital inclusion” topic.
Overview of material topics and IROs
EnvironmentGovernance Social
Climate change (E1)
Business Conduct (G1)
Own workforce S1)
Positive impact
Positive impact
Positive impact
Positive impact
Positive impact
Positive impact
Positive impact
Positive impact
Negative impact
Negative impact
Negative impact
Negative impact
Negative impact
Negative impact
Negative impact
Negative impact
Risk
Risk
Risk
Risk
Risk
Risk
Risk
Risk
Opportunity
Opportunity
Opportunity
Opportunity
Opportunity
Opportunity
Opportunity
Opportunity
Resource use & circular
economy (E5)
Workers in the value chain (S2)
Consumers & end-users (S4)
Aected communities (S3)
Cybersecurity (entity-specific)
Material Non-material
ESRS topics IROs for Proximus
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202591
The tables below give an overview of the positive and negative material impacts, as well as the risks and opportunities we have
assessed as material. In these tables, we have linked our IROs to our bold2025 strategy and our 9 ESG commitments.
Impact materiality
Subtopic or
sub-subtopic
Description Type
Value
chain
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Positive material impacts
Own workforce (S1)
Adequate wage
Providing adequate wages aligned with regional industry
standards and equal pay aligned with responsibility,
experience, abilities, inflation
A
•
S M L
Working
conditions section
Stimulating an
inspiring and
inclusive work
environment
Social dialogue Freedom of association and collective bargaining
A
•
S M L
Working
conditions section
Stimulating an
inspiring and
inclusive work
environment
Secure
employment
Providing secure employment to improve job stability
A
•
S M L
Working
conditions section
Stimulating an
inspiring and
inclusive work
environment
Diversity
A diverse and inclusive workforce results in employee
satisfaction, improved decision-making, talent attraction
and retention, improved cultural understanding and
innovation
A
•
S M L
Equal treatment
and opportunities
for all section
Stimulating an
inspiring and
inclusive work
environment
Training
and skills
development
By fostering employee development, especially in new
technologies, we increase the long-term employability of
our employees
P
•
S M L
Equal treatment
and opportunities
for all section
Stimulating an
inspiring and
inclusive work
environment
Consumers and end-users (S4)
Digital inclusion
/ Access to
products
and services
and non-
discrimination
By connecting people and businesses, we support the
modernization of society, encourage innovation, boost
competitiveness, enable new business models and
create jobs
A
S M L
Digital inclusion
section
Investing in digital
accessibility,
inclusiveness and
upskilling
By ensuring its platforms, products, and services are
accessible to all, Proximus enhances access to public
services, particularly for people with disabilities
A
S M L
Digital inclusion
section
Investing in digital
accessibility,
inclusiveness and
upskilling
Responsible
management
of the customer
experience
/ Access to
products and
services
By delivering high-quality, reliable networks we enable
access to essential services and platforms. As a critical
utility, it supports public safety and economic stability
A
•
S M L
Responsible
management
of the customer
experience
section
Investing in digital
accessibility,
inclusiveness and
upskilling
Legend
A
actual
P
potential upstream
•
own operations downstream
S
short term
M
medium term
L
long term
Foster an engaging culture and empowering ways of working Act for an inclusive society and be sustainable in everything we do
Engineer technology assets to enable digital ecosystems Grow profitably, locally and globally, through strong brands
Roll out #1 gigabit network for Belgium Delight customers with unrivalled experience
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202592
Subtopic or
sub-subtopic
Description Type
Value
chain
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
S - Entity specific
Cybersecurity
A secure digital environment helps prevent significant
harm (e.g., identity theft, financial loss), build digital trust,
and reduces societal costs of cybercrime
A
•
S M L
Cybersecurity
chapter
Ensuring
cybersecurity for
our customers
Business conduct (G1)
Political
engagement
and lobbying
activities
Proximus advocates for initiatives stimulating economic
growth and fostering societal impacts, incl. promoting
digital inclusion, ensuring digital security, encouraging
responsible use of technology
A
•
S M
Political influence
and lobbying
activities section
Embedding
highest ethics
and compliance
standards
Investing in digital
accessibility,
inclusiveness and
upskilling
Negative material impacts
Climate change (E1)
Climate change
mitigation
All direct (e.g. fleet) and indirect (e.g. purchases) value
chain GHG emissions linked to Proximus Group's activities
A
•
S M L
Climate change
mitigation and
energy section
Contributing to
the fight against
climate change
Energy
Energy consumption from networks, ICT infrastructure,
use of products & services
A
•
S M L
Climate change
mitigation and
energy section
Contributing to
the fight against
climate change
Resource use and circular economy (E5)
Waste
E-waste (e.g. phones, CPE) generated by Proximus
Group's activities
A
•
S M L
Waste section
Contributing to
the fight against
climate change
Resources
inflows,
including
resource use
The growing demand for telecom equipment increases
the pressure on critical raw materials in Proximus
Group's value chain, exacerbating the depletion of non-
renewable resources
A
•
S M L
Resources inflows
section
Contributing to
the fight against
climate change
Own workforce (S1)
Health and
safety
Physical (e.g. work accidents, serious robberies) and
psychological (e.g. high workloads, third parties’ verbal
aggressions, and toxic leadership) health and safety of
the workforce (incl. value chain workers working on our
sites)
A
•
S M L
Working
conditions section
Stimulating an
inspiring and
inclusive work
environment
Work-life
balance
Negative impact on employee well-being due to intense
nature of work, need for constant adaptability and AI
adoption
A
•
S M L
Working
conditions section
Stimulating an
inspiring and
inclusive work
environment
Diversity
The lack of a gender diverse leadership team leads to
lower performance, low retention
P
•
S M
Equal treatment
and opportunities
for all section
Stimulating an
inspiring and
inclusive work
environment
Legend
A
actual
P
potential upstream
•
own operations downstream
S
short term
M
medium term
L
long term
Foster an engaging culture and empowering ways of working Act for an inclusive society and be sustainable in everything we do
Engineer technology assets to enable digital ecosystems Grow profitably, locally and globally, through strong brands
Roll out #1 gigabit network for Belgium Delight customers with unrivalled experience
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202593
Subtopic or
sub-subtopic
Description Type
Value
chain
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Aected communities (S3)
Communities’
economic,
social and
cultural rights
Network roll-out and old infrastructure replacement lead
to temporary inconveniences (e.g. civil works, restricted
home access) and contribute to visual pollution,
disturbing local communities
A
S M L
Aected
communities
chapter
Developing digital
solutions
for everyday life
Consumers and end-users (S4)
Health and
safety of end-
users
The misuse of Proximus’ technologies, such as
misinformation, exposure to harmful content, or
excessive use, can result in potential negative impacts,
particularly among children and vulnerable users
P
S M L
Digital inclusion
section
Investing in digital
accessibility,
inclusiveness and
upskilling
Data protection
and privacy
Negative consequences for individuals in case of
improper processing of personal data or data breaches
resulting in privacy violations, fraud, or financial loss
P
•
S M L
Data protection
section
Ensuring
cybersecurity for
our customers
Digital
inclusion /
Access to
products
and services
and non-
discrimination
Digitalization and AI expansion exacerbate the
negative impacts of the digital divide through exclusion
from government services, job interviews, banking
services, etc.
A
S M L
Digital inclusion
section
Investing in
digital
accessibility,
inclusiveness and
upskilling
Responsible
management
of the customer
experience
/ Access to
products and
services
The failure to ensure continuous service availability
can delay emergency response and compromise
public safety. It may also result in financial losses
for business customers. Poor customer experience,
such as long wait times, delayed installations, and
inadequate support, further erode trust in digital
infrastructure
A
•
S M L
Responsible
management
of the customer
experience
section
Investing in
digital
accessibility,
inclusiveness and
upskilling
S - Entity specific
Cybersecurity
Customers impacted by online fraud or scams, cyber
threats, etc.
A
•
S M L
Cybersecurity
chapter
Ensuring
cybersecurity for
our customers
Business conduct (G1)
Business ethics,
practices &
policies
The lack of transparency and fairness in AI and
automated decisions can lead to bias, discrimination, and
ethical concerns
A
•
S M L
Business conduct
policies and
corporate culture
section
Embedding
highest ethics
and compliance
standards
Legend
A
actual
P
potential upstream
•
own operations downstream
S
short term
M
medium term
L
long term
Foster an engaging culture and empowering ways of working Act for an inclusive society and be sustainable in everything we do
Engineer technology assets to enable digital ecosystems Grow profitably, locally and globally, through strong brands
Roll out #1 gigabit network for Belgium Delight customers with unrivalled experience
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202594
Financial materiality
Subtopic or
sub-subtopic
Description
Value
chain
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Material risks
Climate change (E1)
Climate change
mitigation
Financial impacts related to CO
2
taxes, energy and
transport charges, and value chain decarbonization
eorts including third-party requirements to meet
carbon targets or manage climate-related risks
•
M L
Climate change
mitigation and
energy section
Contributing to the fight
against climate change
Climate change
adaptation
Extreme weather events
•
S M L
Climate change
adaption section
Contributing to the fight
against climate change
Connecting people and
devices worldwide
Developing digital
solutions for everyday life
Energy
Rising energy prices, regulatory costs linked to the energy
transition and energy price volatility
•
M L
Climate change
mitigation and
energy section
Connecting people and
devices worldwide
Own workforce (S1)
Health and
safety
Workplace aggression and unsafe conditions for
customer-facing employees
•
S M
Working
conditions section
Stimulating an inspiring
and inclusive work
environment
Training
and skills
development
Shortage of talent in digital and technological skills lead
to critical talent gaps, productivity loss, higher turnover;
short-term decisions neglecting workforce impacts can
erode employee engagement, institutional knowledge,
and social cohesion
•
M L
Equal treatment
and opportunities
section
Stimulating an inspiring
and inclusive work
environment
Workers in the value chain (S2)
Engagement
with workers in
the value chain
Suspected or confirmed human rights violations in
the supply chain (including child labor, forced labor,
discrimination, social fraud or unfair working conditions)
S M
Engagement
channels with
workers in the
value chain
Building the best gigabit
network in Belgium
Embedding highest
ethics and compliance
standards
S - Entity specific
Cybersecurity
Cyberattacks resulting in significant financial losses,
service disruptions, erosion of customer trust, or data
breaches. Additionally, reliance on external vendors,
introduces security risks and data sovereignty concerns
•
S M
Cybersecurity
chapter
Ensuring
cybersecurity for
our customers
Legend
A
actual
P
potential upstream
•
own operations downstream
S
short term
M
medium term
L
long term
Foster an engaging culture and empowering ways of working Act for an inclusive society and be sustainable in everything we do
Engineer technology assets to enable digital ecosystems Grow profitably, locally and globally, through strong brands
Roll out #1 gigabit network for Belgium Delight customers with unrivalled experience
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202595
Subtopic or
sub-subtopic
Description
Value
chain
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Business conduct (G1)
Corruption
and bribery &
Protection of
whistleblowers
Incidents of corruption, bribery, insider trading,
discrimination, conflicts of interest, or other ethical
breaches could lead to regulatory investigations, legal
penalties, financial losses, and reputational damage
•
S M L
Prevention and
detection of
corruption and
bribery section
Stimulating an inspiring
and inclusive work
environment
Business model
resilience &
systemic risk
management
Risks and uncertainties on business practices and
policies, supply chain and sourcing, as a consequence of
the geopolitical, regulatory and economic situation, and
dependency on foreign technology
•
S M
Risk management
report
Embedding highest
ethics and compliance
standards
Material opportunities
Climate change (E1)
Climate change
mitigation
Becoming a reference in energy transition and climate
action as market dierentiator
•
M
Climate change
mitigation and
energy section
Going all in in the fight
against global warming
Own workforce (S1)
Training
and skills
development
Talent attraction due to inclusive work environment and
healthy team dynamics
•
M
Equal treatment
and opportunities
section
Stimulating an inspiring
and inclusive work
environment
Consumers and end-users (S4)
Digital
inclusion /
Access to
products
and services
and non-
discrimination
By playing a more active role in the Digital Skills Agenda,
we contribute to improving customers’ and end-users’
use of digital technologies and best digital practices
M
Digital inclusion
section
Investing in digital
accessibility,
inclusiveness and
upskilling
S - Entity specific
Cybersecurity
Opportunities to dierentiate through cybersecurity
leadership, expand oerings in high-trust markets, and
attract customers seeking resilient and regulation-
aligned solutions
•
M
Cybersecurity
chapter
Ensuring cybersecurity
for our customers
Grow profitably, locally
andglobally, through
strong brands
Business conduct (G1)
Business model
resilience &
systemic risk
management
Investments in innovative technologies (incl. GHG-free
cooling installations and non-fossil heating solutions)
across the network helping to improve operational
resilience against external factors
•
M
Risk management
report
Embedding highest
ethics and compliance
standards
More information on IRO management can be found in the material topic sections, where we present the resources and responsibilities,
our strategic objectives and action plans, and explain how we measure our progress.
Legend
A
actual
P
potential upstream
•
own operations downstream
S
short term
M
medium term
L
long term
Foster an engaging culture and empowering ways of working Act for an inclusive society and be sustainable in everything we do
Engineer technology assets to enable digital ecosystems Grow profitably, locally and globally, through strong brands
Roll out #1 gigabit network for Belgium Delight customers with unrivalled experience
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202596
Next steps
Proximus Group’s new strategic cycle integrates the findings of the 2025 Double Materiality Assessment and will be disclosed in the
2026 Integrated annual report. The detailed sustainability challenges and solutions are currently under development as part of our
next strategic cycle.
Sustainability statement → General information
→ Basis of preparation → Sustainability governance → Strategy, value creation model, and value chain
→ Interests and views of stakeholders → Double Materiality Assessment
Proximus Group Integrated annual report 202597
Environmental information
Climate change
This section is divided into the following parts:
• overview of main impacts, risks, and opportunities;
• climate change mitigation and energy;
• climate change adaptation.
Impacts, risks, and opportunities
Overview of all IROs
The following material impacts, risks, and opportunities were identified as part of Proximus Group’s DMA:
Subtopic or sub-subtopic Description Type
Value
chain
5
Time horizon
6
Climate change mitigation
All direct (e.g., fleet) and indirect (e.g., purchases) value chain GHG
emissions linked to Proximus Group’s activities
Actual
negative impact
•
S M L
Financial impacts related to CO
2
taxes, energy and transport charges,
and value chain decarbonization eorts including third-party
requirements to meet carbon targets or manage climate-related risks
Risk
•
M L
Becoming a reference in energy transition and climate action as market
dierentiator
Opportunity
•
M
Climate change
adaptation
Extreme weather events Risk
•
S M L
Energy
Energy consumption from networks, ICT infrastructure, use of products
& services
Actual negative
impact
•
S M L
Rising energy prices, regulatory costs linked to the energy transition and
energy price volatility
Risk
•
M L
Proximus Group integrates the risks and opportunities identified into its Climate Transition Plan (cf. section “Climate Transition Plan”)
and business continuity plans (cf. section “Climate change adaptation”).
Methodology for assessing climate-related risks and opportunities
Phases of the analysis
In 2025, we undertook a revision of our climate-related financial analysis, in alignment with the Task Force on Climate-related
Financial Disclosure (TCFD) recommendations. As in previous years, the scope of the analysis encompasses the activities of Proximus
Group, including the upstream and downstream value chains (both the “Telecom and IT” and “CPaaS and Digital Identity” value chains).
Our analysis followed the outlined approach below:
Our list of risks and opportunities was developed based on the material topics identified in Proximus Group’s 2025 DMA and further
refined through a benchmark of peers’ DMA’s, input from internal and external stakeholders, analysis of stakeholders across our value
chain, as well as analysis of industry trends (e.g., SASB, MSCI, GRI). This took into consideration the sustainability matters outlined in
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
5 Value chain: upstream ( ), own operations (
•
), downstream ( ).
6 Time horizon: short-term (S), medium-term (M), long-t
erm (L).
Proximus Group Integrated annual report 202598
the Delegated Regulation (2023/2772), commonly referred to as the ESRS standards, as well as entity-specific topics that relate to
Proximus Group’s business activities.
Input from relevant internal and external stakeholder groups was gathered to validate the final list of material risks and opportunities.
The relevance of the physical and transition risks and opportunities was assessed taking into consideration the nature of our main
operations across both value chains over the dierent time horizons.
Physical and transition scenario analyses were undertaken to evaluate the potential implications of dierent GHG emissions pathways
on Proximus Group’s performance. Time-horizons considered for our climate-related risks analysis are aligned with the DMA.
More information can be found in the subsection “Double Materiality Assessment”.
Physical scenario analysis
The physical scenario analysis assesses the extent to which Proximus Group’s operations are exposed to specific climate-related
physical hazards and facilitates evaluation of how this exposure may shift under dierent emission trajectories. Twenty-one sites were
selected for the analysis, spanning our global network in six countries: Belgium, France, Luxembourg, USA, Singapore, and India.
The Intergovernmental Panel on Climate Change (IPCC) develops multiple global warming scenarios based on the latest climate
science
7
. For our analysis, two IPCC climate scenarios that project dierent temperature paths were used to assess the physical hazard
exposure of Proximus Group’s operations.
• SSP5-8.5: a worst-case (very high emissions) scenario where emissions peak around 2090, and global mean temperatures
rise approximately 4.3 °C by 2100;
• SSP2-4.5: a middle-of-the road (intermediate emissions) scenario aligned with a 2.4 °C temperature increase by 2100, where
overall emissions continue to rise through mid-century before beginning to decline.
Proximus Group will evaluate on a yearly basis whether the scenarios are still applicable or should be amended.
For all 21 sites, we analyzed exposure to physical climate hazards under the two IPCC climate scenarios using an AI-powered climate-
modelling tool. The assessment covered short-, medium-, and long-term timeframes and included both chronic hazards (e.g., heat
waves, sea level rise) and acute hazards (e.g., flooding, water stress, wildfires, cyclones). Because flooding is strongly influenced by
local factors such as drainage systems and urban infrastructure, and given Proximus Group’s past exposure to flooding, we carried
out a detailed, site-specific flood risk assessment to complement the physical scenario analysis using local tools. This helped us more
accurately determine the exposure of high-risk sites and plan for eective mitigation and adaptation strategies.
As part of the physical scenario analysis, we assessed the likelihood of climate-related hazards using an AI-powered climate risk
intelligence platform (Sust Global). This platform combines downscaled projections from CMIP6
8
global climate models with satellite-
based Earth observation data to provide site-specific insights. The hazards analyzed included wildfires, flooding, cyclones, heat waves,
sea level rise, and water stress. In addition to the likelihood, potential damage was estimated by combining hazard-specific indicators
(e.g., wildfire exposure, heat stress, flood risk) with empirically derived vulnerability functions that link hazard intensity to expected
physical or economic loss, calibrated for dierent sectors and asset types.
Financial impacts were assessed using two key metrics:
• Structural damage: the expected percentage of an asset’s value likely to be lost due to hazard events.
• Business interruption: the expected annual downtime in days when operations may be halted due to direct or indirect impacts.
Both metrics draw on peer-reviewed methodologies and consider hazard intensity, asset vulnerability, and local contextual factors
such as energy dependence, infrastructure, and market conditions.
7 IPCC Sixth Assessment Report, Climate Change 2023: Synthesis Report
8 The Coupled Model Intercomparison Project Phase 6 (CMIP6) is a global collaboration of climate modelling centers that produces standardized climate
simulations and projections used in IPCC reports and climate risk assessments.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 202599
By combining hazard exposure with these metrics, the analysis quantified forward-looking physical and operational risks under
multiple climate scenarios and time horizons. Results were aggregated across hazards and assets, identifying which physical hazards
our sites are most exposed to in the short-, medium-, and long-term, and providing likelihood estimates under dierent warming
scenarios.
Transition scenario analysis
Our transition scenario analysis evaluates the financial impacts of shifting to a lower-carbon economy by considering risks and
opportunities related to changing customer demand, evolving policies, stakeholder expectations, and the adoption of new
technologies and innovations.
To comprehensively assess these risks and opportunities, Proximus Group conducted an analysis based on the IEA Net Zero Emissions
by 2050 (NZE)
9
scenario, complemented by an assessment of how exposure to material risks would evolve under the IEA Stated
Policies Scenario (STEPS)
10
.
The NZE scenario outlines a pathway for the global energy sector to reach net-zero CO
2
emissions by 2050, with advanced economies
achieving this earlier, while ensuring universal energy access by 2030 and major improvements in air quality. It is consistent with
limiting global warming to 1.5 °C and relies on rapid deployment of clean energy technologies, energy eciency, and global
cooperation to deliver an orderly, secure, and fair transition.
STEPS projects the likely path of the global energy system based on policies already in place and those under active development,
without assuming full delivery of announced targets. It oers a sector-by-sector view of current and planned measures and serves as
a conservative benchmark, highlighting the gap between today’s policy trajectory and more ambitious pathways like the NZE scenario.
Region-level indicators such as carbon pricing and energy cost trends were incorporated to reflect market conditions across Proximus
Group’s key operating regions.
Policies
The Proximus Group Environmental Policy further reinforces our intention to identify and reduce our environmental impact by
minimizing the use of raw materials and energy and avoiding ozone-depleting substances such as CFCs or HCFCs.
Our Code of Conduct is relevant to all Proximus Group employees. It highlights our company’s role in the fight against climate change
and the importance of our employees’ contribution to reducing energy usage and carbon emissions.
In our Supplier Code of Conduct, we set the expectation that our suppliers should contribute to our climate objectives by disclosing
their GHG footprint, setting science-aligned public emission reduction targets, and publicly communicating their emission reduction
and renewable energy transition roadmap. In addition, the supply of ozone-depleting substances is excluded, unless specifically
authorized by Proximus Group.
The Proximus Group Procurement Policy highlights the Supplier Engagement Program, which describes how we collaborate with our
most carbon-intensive suppliers, who are key to decarbonizing our supply chain. In addition, the policy requires the inclusion of product
emissions as an evaluation criterion for all procurement files.
Proximus Group’s Business Continuity Management (BCM) is key to ensuring we manage the potential impact of physical climate
change risks for the entire Group.
11
It is the capability to continue to deliver products and services at an acceptable level in case of
major incidents, including extreme weather events. Our Business Continuity Policy is reviewed every two years or after any significant
change in the organization that might impact it. The Group Corporate Aairs (GCA) Lead has overall accountability for Proximus’ BCM
and for the biennial review and approval of the Business Continuity Policy.
9 IEA Net Zero Emissions by 2050 Scenario (NZE)
10 IEA Stated Policies Scenario (STEPS)
11
All of Proximus ’s infrastructure is located in Belgium and Luxembourg. International activities are not material for this topic.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025100
All our policies are available on the Proximus website, except the Procurement Policy and the Business Continuity Policy, which are
only available on the Proximus intranet.
More information about our policies can be found in the section “Business conduct”.
Climate change mitigation and energy
Context
Climate change mitigation is the process of reducing CO
2
and other greenhouse gas (GHG) emissions, mitigating the predicted increase
in global average temperatures to ensure it remains well below 2 °C and pursuing eorts to limit it to 1.5 °C above pre-industrial
levels, as laid out by the Paris Agreement. For Proximus Group, this involves a decarbonization of our own operations and a reduction
in our value chain emissions (upstream and downstream). The material topic “Energy” focuses on managing energy production and
consumption across the company’s value chain, including shifting to renewable sources and implementing energy-ecient systems
and products. This covers the energy consumed by our suppliers, in our own operations, and by our products.
The telecom industry, a contributor to GHG emissions, plays a significant role in addressing climate change by being a catalyst for
innovative solutions. Proximus recognizes the critical importance of mitigating climate change and is committed to playing its part in
this global eort. Therefore, in 2022, we pledged to meet the science-based targets approved by the Science Based Targets initiative
(SBTi). By aligning our strategies with the SBTi, we aim to significantly reduce our carbon footprint and promote sustainable practices
within our value chain and the sector.
Energy usage is a cornerstone of the transition to net zero, with the European Union aiming to increase renewables to at least 42.5%
by 2030. A robust regulatory framework backs this shift. Over the past years, the energy market has faced unprecedented volatility,
exacerbated by geopolitical tensions and supply chain disruptions. The war in Ukraine, in particular, has led to significant fluctuations in
energy prices, highlighting the need for a resilient and adaptable energy strategy. In this evolving landscape, Proximus Group remains
committed to contributing to the EU’s green transition, while navigating the complexities of the current market environment.
Resources and responsibilities
Climate change mitigation and energy management are centrally overseen by Proximus Group’s Sustainability and Energy teams,
which act as a center of excellence. The teams provide oversight, while the execution of action items is decentralized and carried out by
the relevant business departments, with transversal governance in place for CapEx investments. Climate change is one of the topics
discussed in our bimonthly Sustainability Committees, held at the level of the Proximus Leadership Squad. More information on our
sustainability governance can be found in the section “General information”.
In accordance with the Group’s overall sustainability governance, Proximus Group’s energy strategy is validated at the Board level and
embedded in our strategic plan. It is defined and operationalized through a transversal team – the Energy Tribe – led by an Energy
Lead. The team is composed of representatives from relevant internal departments and is organized around energy strategy, supply,
consumption, innovation, data acquisition, finance, and communication. Its role is to promote the energy topic and to coordinate and
follow up on the various energy initiatives implemented by the responsible business units.
Resources are allocated across the Group based on the specific climate/energy initiatives being implemented. The nature of each
initiative determines which team takes the lead – whether it’s the Fleet team, Procurement team, CPE team, or Consumer Business
Unit. Dedicated resources ensure communication of the Group’s sustainability ambitions to our aliates; they are also used to respond
to any questions aliates might have.
Strategic objectives
Proximus Group aims to achieve net-zero GHG emissions across our entire value chain by 2040, using 2020 as the baseline – ten
years ahead of Belgium’s 2050 target. This goal, which has been validated by the SBTi, requires cutting at least 90% of our direct and
indirect total emissions and using carbon removal technologies for the remaining emissions (less than 10%). This ambitious objective
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025101
aligns with industry leaders. By minimizing our climate impact, anticipating regulatory changes, reducing reliance on fossil fuels,
strengthening the resilience of our supply chain, and ensuring long-term, sustainable relationships with our customers and partners,
we are addressing our IROs.
In 2024, we reviewed our near-term targets for 2030 using the cross-sectoral pathway to ensure the alignment of our targets with the
1.5 °C trajectory. The updated Proximus Group near-term targets are as follows:
• reduce absolute scope 1 and scope 2 GHG emissions by 66% in 2030 from a 2020 base year;
• reduce absolute scope 3 GHG emissions by 42% in 2030 from a 2020 base year;
• continue active annual sourcing of 100% renewable electricity through 2030.
Proximus is still committed to reaching net-zero greenhouse gas emissions across its value chain by 2040.
These targets were validated by the SBTi in November 2024 and are fully consistent with the boundaries defined in our GHG inventory,
applying to 100% of our scope 1, 2, and 3 emissions.
Proximus Group’s energy strategy fully supports our climate ambitions by ensuring that we keep our scope 2 emissions at zero through
100% renewable electricity sourcing across the Group. In addition, our strategy focuses on making sure that we adapt to the ongoing
energy transition, while making sure we optimize costs and exposure to market volatility. Our first focus is to increase our energy
eciency by continuously improving and optimizing energy consumption across our operations. We achieve this through phasing
out old technologies (e.g., copper), modernizing our network (e.g., fiber deployment), or through sharing agreements. Furthermore,
because of the uptake of renewable electricity sources, the Belgian electricity grid is increasingly under pressure and market prices
are subject to higher volatility. In this context, we are exploring the potential of demand flexibility (adapting electricity demand to
renewables availability and/or market prices) and energy storage (e.g., through batteries).
Climate Transition Plan
12
Our vision
The Climate Transition Plan represents our vision towards a net-zero future, a vision that requires us to take action within our own
operations (scope 1 and 2) and across our value chain (scope 3). The Climate Transition Plan is a crucial element of our climate strategy
and will help us mitigate risks and seize opportunities as we transition to a low-carbon society. Developed in line with our bold2025
strategy, it reflects our current outlook on mid- and long-term investments and strategic priorities. The Sustainability team led the
development of this plan in collaboration with relevant internal stakeholders, and the plan was subsequently approved by Proximus’
Leadership Squad and Board of Directors.
12 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality
and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (“European Climate Law”) (OJ L 243, 9.7.2021, p. 1).
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025102
Evolution Scope 1 & 2 footprint
27
-1
-13
-5
8
-6
-1
-1
0
Base year 2020
Continue
sourcing 100%
renewable electricity
Fleet
decarbonization
Buildings
decarbonization
2030 Fleet
decarbonization
Buildings
decarbonization
Carbon
removal
2040
Evolution Scope 3 footprint including additional initiatives
413
-17
-6
-54
-54
-44
240
-44
-2
-63
-27
-63
-41
0
Base year
2020
2030 2040Fossil-free
operations
Circular and
energy ecient
ICT Equipment
Network
transformation
Supply chain
engagement
Additional initiatives
to be developed
Fossil-free
operations
Circular and
energy ecient
ICT Equipment
Carbon
removal
Network
transformation
Supply chain
engagement
Additional initiatives
to be developed
The Climate Transition Plan applies to the entire Group, including all aliates. Currently, the implementation is focused on our
Telecommunications and Information and Communications Technology operations within Belgium and Luxembourg, which are the most
material from a GHG emissions perspective (in 2025, our domestic activities accounted for 97% of the Group’s GHG footprint). In the
coming years, however, we will need to drive action across all aliates of the Group, considering their specific challenges and contributions.
The reduction of our scope 1 and 2 emissions will be achieved through three main levers:
• removing fossil fuels from our operations through fleet electrification and investments in building decarbonization;
• increasing energy eciency across our operations;
• continuing to source 100% renewable energy in an impactful way.
With regard to our scope 3 emissions, our Climate Transition Plan includes four main levers, which align with our core business activities:
• network transformation;
• supply chain engagement;
• circularity and business model evolution;
• internal and external engagement with our main stakeholders.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025103
Based on our current assumptions and estimations, we anticipate a gap between our projected emissions and our 2030 ambitions
(a gap of 44 ktCO
2
eq or 11%) and 2040 ambitions (a gap of 107 ktCO
2
eq or 26%), highlighting the need to explore additional
strategies and emission reduction initiatives. Achieving our near-term climate targets remains highly challenging, particularly for
scope 3 emissions. The majority of our footprint lies in our global and complex supply chain, where our ability to influence and control
emissions is limited. We therefore need to rely on industry-wide collaboration to accelerate decarbonization.
The climate transition actions presented are reflected in our business and financial planning and contribute to the sustainability pillar
of our bold2025 strategy. When Proximus Group’s business strategy is updated, it will provide an opportunity to further embed the
Climate Transition Plan into our company’s DNA and business objectives. Additionally, and to address the current gap, we will have to
develop bold, long-term initiatives that transcend traditional business models and push circularity to the next level, including via cross-
industry collaboration.
Proximus Group’s potential locked-in emissions are mainly linked to the electricity consumption of the devices we lease to our clients.
This park of devices is an asset powered by electricity from the local electricity grid. Therefore, we are dependent on the grid’s carbon
intensity and the investments made by governments to switch to more renewable energy sources. While this component was factored
into our decarbonization trajectory, we will need to re-assess the evolution of the Belgian electricity grid in the coming years to
accurately quantify the potential impact on our 2040 target.
Move away from fossil fuel in our operations
Our fleet represents approximately 75% of our scope 1 emissions and, as such, will be a major driver in the decarbonization of our
operations:
• We continue our management fleet electrification and, since 2023, have transitioned to exclusively ordering electric vehicles (EVs)
for our Belgian fleet, representing 85% of our fleet emissions. In 2025, the percentage of EVs in our management fleet increased
from 28% to 48%. Additionally, we provide employees with alternatives to a company car through comprehensive mobility
packages, such as the federal mobility budget.
• We are gradually integrating electric vehicles into our light technical fleet, ensuring that our field technicians are smoothly
onboarded during this transition. In 2025, 16% of our technical fleet was moved to EVs. At the same time, we are increasing our
ability to manage operational impacts linked to EVs, such as charging times and limited autonomy. We are assessing potential
options for heavy-duty vehicles, which are more challenging to decarbonize.
Our large buildings portfolio is another important source of scope 1 emissions (approximately 25%), which requires a transition to
energy-ecient and fossil-free alternatives:
• By deploying fiber, we are streamlining our network by replacing technical equipment buildings with highly compact and energy-
ecient units, enabling us to remove energy-intensive buildings from our portfolio.
• For the buildings remaining in our portfolio, we are gradually replacing fossil heating systems with electrical heat pumps.
Continue sourcing 100% renewable electricity
Proximus Group deploys solar panels to generate local electricity for its administrative and technical buildings, which are fully
powered by renewable energy.
In 2023, we signed a Power Purchase Agreement (PPA) with Engie, eective until 2028, that will contribute to securing approximately
20% of the Group’s green electricity and reduce our exposure to a volatile electricity market. The remaining 80% of our electricity
consumption is covered through Energy Attribute Certificates (EACs).
The growth of renewable electricity sources in Belgium is straining the grid and exposes companies to more volatile energy prices
throughout the day. In that context, Proximus Group is developing the Proximus Energy Box in collaboration with Companion.energy,
an innovative software solution that will help us integrate real-time and forecast data from assets, energy contracts, and the energy
market to optimize renewable energy usage and costs.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025104
Increase our energy eciency
Proximus Group’s energy eciency strategy consists of initiatives in three main areas in our network:
• Modernizing our network: Our strategy to build the best gigabit network aligns with our need to optimize energy consumption, both
for our fixed and mobile networks. Fiber is inherently more energy-ecient than copper and ensures we create a future-proof
network. The investments we are making in our buildings will also contribute to reducing our energy footprint.
• Smart Installed Base: Alongside our fiber roll-out, we are deploying more modern and more energy-ecient technologies and
phasing out older-generation technologies. For example, phasing out our copper network and legacy switching technologies will
generate substantial energy savings in the coming years.
• Network sharing: Sharing network infrastructure is another way to reduce our energy footprint and maximize network utilization.
More information can be found in the subsection “Network transformation”.
While we are continuously investing in energy eciency improvements, the increasing demand for bandwidth, data storage, and
computing results in a rise in electricity usage in our networks. Our energy savings initiatives allow us to at least oset this increase.
Network transformation
As we progress in deploying our fiber network, the carbon emissions linked to the roll-out and maintenance will be significantly
reduced leading up to 2030 and beyond. Firstly, because fiber is less energy-, resource-, and maintenance-intensive than copper
networks, the switch to fiber will reduce our carbon and energy footprints as we gradually compact or switch o copper cabinets. In
2025, we switched o 514 copper cabinets, which represents an increase of 171% compared to 2024 (190 cabinets switched o). This
is a testimony to the ongoing network transformation.
Secondly, as we come to the end of our fiber network deployment, we will gradually reduce the exceptional emissions associated with
this investment. By 2040, we expect this to lead to a reduction of approximately 9% of our scope 3 emissions compared to 2020.
In addition, by signing a Memorandum of Understanding (MoU) on fiber collaboration with Wyre/Telenet and Fiberklaar in Flanders,
and with Orange Belgium in Wallonia, we aim to limit network overbuild in mid-dense areas. This collaboration should result in a more
ecient network roll-out, reduce overbuild, and allow us to further pursue our circularity blueprint ambitions. Sharing a common
network will also allow Proximus to operate networks more eciently in those areas, reducing our carbon and energy footprints. While
we cannot provide a detailed impact on our emissions yet, we expect this to be a significant driver of emission reduction in the coming
years.
The deployment of mobile 5G networks requires an increase in the number of sites. Yet, by applying our circularity blueprint ambition
and sharing our mobile sites with Orange Belgium through Mwingz, we aim for a total reduction of up to 40% of sites by 2026, while
enhancing mobile coverage. This partnership will lower our scope 3 emissions through reduced infrastructure maintenance and the
avoidance of mobile site overbuild.
What’s more, we are exploring the potential of advanced analytics and AI to further increase the eciency of our 5G network while
managing the potential impact on our mobile customers.
Supply chain engagement
Through our Supplier Engagement Program, we collaborated with our top 250 suppliers, who collectively represented a large part of
our scope 3 emissions (category 1 “Purchased goods and services”). We support them in setting emission reduction targets that are as
ambitious as our own and in disclosing their progress in this respect on an annual basis. These goals are integrated into our contractual
clauses, positioning us as a key enabler for climate action across our value chain.
We also engage with suppliers without established sustainability strategies, published reports or targets. We hold workshops
introducing our expectations and oering guidance and feedback on how to accomplish our requirements. Beyond engaging with our
main suppliers, we ensure that sustainability is included in important procurement decisions. Relevant and impactful tenders take into
consideration climate-related and circular criteria to reduce the carbon footprint of purchased products and services to a sustainable
minimum. Upon awarding a contract to the vendor, the climate clauses and Supplier Code of Conduct are integrated into all contract
templates. All Proximus Group buyers participate in training sessions on sustainable and circular procurement practices to integrate
these principles into tenders and contract renewals.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025105
Circularity and energy-ecient ICT equipment
A significant portion of Proximus Group’s scope 3 emissions is linked to the manufacturing of the devices we sell or lease to our
customers, the transportation of these devices, and the energy consumption required to use them. We embed circularity principles
in the deployment of ICT equipment across customer premises, as well as in our network. Circularity eorts, including limiting virgin
resource use and optimizing recycled materials, contribute not only to waste reduction but also play a key role in our climate ambitions.
As we extend device lifespans, increase reuse, and repair or refurbish equipment, we continue to reduce our carbon footprint.
Lowering electricity consumption in ICT equipment drives down scope 3 emissions associated with leased or sold devices. Our
investments in this regard aim to continuously reduce the energy consumption of the devices we provide for our customers (Customer
Premises Equipment or CPE).
More details on how we plan to gradually increase circularity in our way of working and how it contributes to our climate ambitions can
be found in the section “Resource use and circular economy”.
Internal and external engagement
Building a strong internal commitment to climate action requires eective employee engagement and training at all levels. To support
this, we oer initiatives that align with our core values and climate ambitions, such as trainings and our Climate & Energy Community,
supported by internal communication campaigns and events. These initiatives aim to raise awareness of sustainability topics.
Here are some highlights from 2025:
• During summer, we launched an internal Climate & Energy Community, gathering domain experts from dierent business units and
(international) aliates, working on sustainability, climate, and/or energy-related topics. The purpose is to upskill and connect these
colleagues, to create greater impact. The Climate & Energy Community will progressively expand towards more employees. It is
concretized by a monthly digital gathering and a dedicated interactive web page on our intranet.
• In November, we hosted our first Climate & Energy Conference to inspire and engage employees on climate and energy topics. The
event featured presentations, including use cases, and a dynamic panel discussion with external climate and energy experts. Up to
800 colleagues joined the event.
• A Board member and a Proximus Leadership Squad member followed the Director’s Climate Journey, delivered by Chapter Zero.
• Interactive and engaging training sessions within the scope of the Climate Fresk were provided to 52 Proximus employees.
In addition, we regularly publish sustainability-related updates on our intranet. All employees also have access to a training catalogue,
which includes ESG-related courses.
At the industry level, we are active in several industry associations, collaborating with other telecommunications operators to address
the climate change challenge:
• ETIS: we are leading the sustainability workgroup of the European Community for Telecom Professionals (ETIS) which shares
strategies, learnings, and challenges related to decarbonization and implementing the circular economy in the telco environment.
• GSMA: we are actively participating in GSMA workshops and sessions. In 2025, we took part in the GSMA Climate Task Force Forum
in London, sharing the main challenges faced by our peers in the sector.
• JAC: through our active involvement in the JAC initiative, we eciently engage with many customers on key climate issues to scale
up the sector’s impact.
• Through our engagement in sustainability working groups of Connect Europe (previously ETNO) or Agoria, we work to increase the
visibility and impact of sustainability in the ICT space at the EU and local level.
Next steps
Based on our current assumptions and estimations, we anticipate a gap between our projections and our 2030 ambitions (a gap of
44 ktCO
2
eq or 11%), highlighting the need to explore additional strategies. To address this gap, we are identifying and prioritizing
actions based on impact, feasibility, resource needs, and potential risks. The most significant challenge lies in scope 3 emissions,
particularly within our global supply chain. Progress will depend largely on the decarbonization eorts of our suppliers, which we
actively stimulate through our Supplier Engagement Program. We will integrate further sustainability criteria into key projects and
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025106
procurement decisions, with a focus on circularity and reduced carbon intensity. Furthermore, we are also investigating the impact
of fiber deployment linked to fiber partnerships; detailed roll-out plans expected in 2026 will help us refine our trajectory. Finally,
improving the granularity and accuracy of our carbon accounting data is essential to reflect the benefits of our initiatives. We are
therefore investing in enhanced data integration to strengthen transparency and decision-making. Based on the outcome of these
investigations, we will have a clearer view of any remaining gap toward 2030 and needed steps to realize impact.
Performance
Integration of climate change consideration in incentive schemes
In the Remuneration report, more information can be found about the inclusion of climate change considerations in the variable
remuneration of Proximus leadership and employees in 2024.
All employees contracted by Proximus SA in Belgium have a short-term variable remuneration incentive directly linked to the Group’s
performance against a set of KPIs. Within these KPIs, there is the “Society and Sustainability” pillar, which represents 15%, of which
5% relates to scope 1 and scope 3 in 2025.
A long-term variable remuneration incentive applies to the Proximus Leadership Squad and Leadership Team. Within the ESG KPIs of
the long-term incentive, one third is linked to scope 1 and scope 3 carbon emissions, representing 8.33% of the total in 2025.
The remuneration of the Board of Directors is not linked to climate change.
Greenhouse gas emissions
2025 Breakdown of Proximus Group total GHG emissions
Scope 1
5%
- 20 KTons
Direct emissions
from fossil fuel
combustion and
refrigerant gases
Scope 2
0%
- 0 KTons
Own indirect emissions
from electricity usage
Scope 3
95%
- 355 KTons
Proximus' indirect emissions
in the value chain
355 KTons
Purchased goods
and services 85.2%
Customer use of products 9.4%
• Leased assets
• Use of sold products
Proximus’ operations 5.4%
• Fuel & energy (excl. 1 & 2)
• Business travel
• Employee commuting
Our direct emissions (scope 1) are linked to fleet fuel usage, fuel, or gas needed to heat administrative, technical, or retail buildings,
and, to a small extent, refrigerants in certain cooling systems. Using the market-based approach to calculate our scope 2 emissions,
the emission factor is zero, as we are committed to sourcing 100% renewable energy (as part of our SBTi targets). Scope 1 and scope
2 emissions only make up 5% of the Group’s total footprint.
Like most companies, the majority of our emissions come from our value chain’s indirect emissions (scope 3 – 95% of Proximus
Group’s emissions). These are highly concentrated in the “Purchased goods and services” category, which includes materials and
services for fiber network deployment, as well as hardware required for connectivity or smartphones. Manufacturing these goods and
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
375 KTons
Proximus Group Integrated annual report 2025107
delivering these services has a significant impact on climate change, but they are essential to our business model. The use of our ICT
products by customers represents 9% of our scope 3 emissions.
GHG emissions presented in the table below are calculated following the updated methodology to allow comparability over the years
and enable us to keep track of the progress we make.
Total GHG emissions per scope
Retrospective Milestones and target years
GHG emissions actuals and
targets
2020 2023 2024 2025
YoY
evolution
Evolution
vs.
baseline
2030 2040
Annual %
target/
base year
(2040)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 26,632 2 7,418 23,085 19,757 -14% -26% 9,055 2,663 -4.5%
Percentage of Scope 1 GHG emissions
from regulated emission trading
schemes (%)
Scope 2 GHG emissions
Gross location-based Scope 2 GHG
emissions (tCO
2
eq)
54,769 40,347 37,14 2 29,909 -1 9% -45%
Gross market-based Scope 2 GHG
emissions (tCO
2
eq)
785 0 0 21 -97% 0 0 0%
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions (tCO
2
eq)
413,100 3 9 7, 100 399,199 355,380 -1 1% -14% 239,598 41,310 -4.5%
1 Purchased goods and services 337,824 335,168 333,467 302,666 -9% -10%
Subcategory: Cloud computing and
datacenter services
13,928 15,265 19,342 27% 0%
2 Capital goods Incl. in Category 1
3 Fuel and energy-related Activities
(not included in Scope 1 or Scope 2)
14,724 14,535 13,237 11,346 -14% -23%
4 Upstream transportation and
distribution
3,445 4,188 4,564
Incl. in
Category
1 as from
2025
5 Waste generated in operations Not applicable
6 Business travel 1,570 1,312 3,211 4,024 25% 156%
7 Employee commuting 2,773 3,114 3,685 3,893 6% 40%
8 Upstream leased assets Not applicable
9 Downstream transportation Not applicable
10 Processing of sold products Not applicable
11 Use of sold products 9,001 2,011 2,022 1,441 -29% -84%
12 End-of-life treatment of sold
products
Not applicable
13 Downstream leased assets 43,762 36,670 38,944 31,987 -18% -27%
14 Franchises Not applicable
15 Investments 1 102 70 23 -68% 1,962%
Total GHG emissions (tCO
2
eq)
Total GHG emissions (location-based)
(tCO
2
eq)
503,119 468,125 459,426 405,045 -1 2% -19%
Total GHG emissions (market-based)
(tco
2
eq)
440,517 424,518 422,284 375,157 -11% -15% 248,653 43,973 -4.5%
Scope: Proximus Group
Notes:
- Proximus has a net-zero GHG emission goal. The figures related to the 2040 year present the emissions targeted before carbon removal.
- In 2025, 49% of scope 3 GHG emissions are calculated using primary data obtained from suppliers or other value chain partners.
- Biogenic emissions are not included in scope 1 figures and are equal to zero for Proximus Group.
- In 2025, we adjusted the emission factor selection mechanism for some suppliers to increase the representativeness of our emission calculations. This change generates a reduction of
our scope 3 emissions: -0.6% in 2020 (baseline), and -2.3% in 2025.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025108
Group scope 1 emissions are down by 14% compared to the previous year. This reduction is the result of the uptake of electric vehicles
in our fleet, which is the main source of our scope 1 emissions. In addition, a significant decrease in heating fuel and gas was observed
in 2025 (see Energy consumption paragraph), reinforcing the downward trend.
Group scope 3 emissions are down by 11% compared to 2024, due to a significantly lower amount of purchases in 2025, generating a
9% decrease for category 1 and 2.
Other variations are noticed in the following emission categories:
• Use of sold products and downstream leased assets decreased due to a combination of electricity usage reduction and a decrease
in the electricity grid emission factor (AIB supplier mix).
• Fuel- and energy-related activities: decrease due to reduced usage of fossil fuel in our operations.
• Business travel emissions increased due to more air travels in 2025.
• Emissions related to investments decreased, primarily due to Fiberklaar joining the Group in the second half of 2024 and therefore
no longer being accounted for as an investment in the full-year 2025 figures.
• Increase of the subcategory “Cloud and datacenter services” is due to an increased spend vs 2024, combined with a higher average
carbon intensity linked to this sub-category.
Direct GHG emissions by operating segments
Direct GHG emissions - scope 1 (tCO
2
eq) 2024 2025
GHG emissions - Group 23,085 19,757
GHG emissions - Domestic 22,518 19,188
GHG emissions - Global 567 568
Scope: Proximus Group
In 2025, Proximus Group’s scope 1 emissions decreased significantly, mainly driven by reductions at the domestic level. Emissions from
our international activities remained stable compared with 2024.
Energy certificates
(%) 2023 2024 2025
Total share of contractual agreements used for energy attribute
certificates (EACs)
100 100 100
Share of bundled EACs 15 32 32
Share of unbundled EACs 85 68 68
Share of EACs acquired through PPAs 2 20 21
Scope: Proximus Group
Proximus Group acquires EACs mainly through unbundled purchases, but part is acquired in a bundled way either through electricity
supply contracts (delivery of EACs by the energy supplier) or through Power Purchase Agreements (PPAs). In 2025, the share of EACs
acquired through PPAs remained relatively stable, as did the production of the C-Power o-shore wind park. It should be noted that
Proximus Group sources its EACs in alignment with the technical criteria of the RE100 initiative (there100.org).
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025109
Indirect GHG emissions by operating segments
Indirect GHG emissions - scope 2 (tCO
2
eq) 2024 2025
Gross location based
GHG emissions - Group 37,14 2 29,909
GHG emissions - Domestic 35,595 28,539
GHG emissions - Global 1,547 1,370
Gross market based
GHG emissions - Group 0 21
GHG emissions - Domestic 0 1
GHG emissions - Global 0 20
Scope: Proximus Group
Since we source 100% renewable electricity, our market-based emissions are close to zero. Proximus Group’s location-based
emissions decreased significantly in 2025, the result of reduced electricity usage (see Energy chapter) and a lower Belgian electricity
grid carbon intensity.
The share and types of contractual instruments used to calculate scope 2 emissions are provided in the energy certificates subsection.
Carbon intensity
Total GHG intensity per net revenue (tCO
2
eq per million €) 2020 2023 2024 2025 YoY evolution
Evolution vs.
baseline
Total GHG emissions (location-based) 92 78 72 65 -10% -30%
Total GHG emissions (market-based) 81 71 66 60 -9% -26%
Scope: Proximus Group
The net revenue considered for the GHG emissions calculation is provided in the subsection “Consolidated income statement” of
the Consolidated financial statements. Proximus Group’s carbon intensity per net revenue has decreased between 2024 and 2025,
reflecting an overall reduction in the carbon intensity of our activities and the reduction of our scope 3 emissions in 2025.
Suppliers with climate change ambitions
Through active engagement, Proximus Group encourages and supports its suppliers in setting science-aligned emission reduction
targets consistent with a 1.5 °C pathway. 42% of Proximus SA’s emissions are associated with suppliers that have validated
science-aligned targets (37% in 2024), while at Group level this represents 40% of total emissions (30% in 2024).
In this reporting cycle, only suppliers of Proximus SA were assessed, representing 71% of the Group’s scope 3 Category 1 emissions
(compared with 83% in 2024). Over the next two to three years, the engagement program will be progressively expanded to cover
suppliers across the entire Proximus Group.
The metric represents the percentage of our scope 3 category 1 “Purchased goods and services” emissions that result from
procurement from suppliers with an aligned emission reduction target. It is calculated by aggregating the described emissions from
aligned suppliers and dividing it by our total scope 3 category 1 emissions.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025110
Carbon credits outside value chain
13
Carbon credits outside value chain (tCO
2
eq) 2023 2024 2025
Carbon credits cancelled 5,949 6,735 7,950
Scope: Proximus Group
Since 2016, Proximus Group has supported the multiannual Gold Standard-certified climate project called the TEG Stove project
(more info: tegstove.org), which aims for carbon emission reduction through wood consumption reduction. Reduction projects under
the Gold Standard account for 100% of the credits canceled. The above table provides carbon credits generated by the project in the
last three years.
Proximus Group’s support for the TEG Stove project concluded in 2025. Starting in 2026, we do not anticipate purchasing any
additional carbon credits.
Energy
Energy consumption
Energy consumption (MWh) 2023 2024 2025
Non-renewable
Energy consumption from fossil sources 114,318 96,526 82,928
Heating (gas and heating oil) 26,822 21,871 20,774
Vehicle fleet (diesel, petrol and CNG) 87,49 6 74,655 62,154
Energy consumption from fossil sources (%) 25 23 22
Renewable
Energy consumption from Proximus solar panels 532 1,017 2,263
Renewable electricity purchased... 336,338 328,707 285,448
... for fixed and mobile network 254,603 249,105
242,75
2
... for datacenters 53,394 51,922 14,455
... for oces & shops 28,322 28,557 28,241
Energy consumption from renewable sources (%) 75 77 77
Total energy consumption related to own operations 451,188 426,250 370,639
Scope: Proximus Group
Energy production
(MWh) 2023 2024 2025
Renewable energy produced by Proximus solar panels 532 1,017 2,263
Total renewable energy production 532 1,017 2,263
Scope: Proximus Group
It should be noted that Proximus Group does not consume energy from nuclear sources or from renewable sources such as biomass,
biofuels, biogas, and renewable hydrogen.
Our total energy consumption continued to decline in 2025 (-13% vs 2024). This decrease is mainly explained by the deconsolidation
of electricity consumption from our three datacenters as of April 2025, following their sale to a third party. In addition, energy
consumption benefited in 2025 from the decommissioning of legacy technologies in our fixed network, the phase-out of large
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
13 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality
and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (“European Climate Law”) (OJ L 243, 9.7.2021, p. 1).
Proximus Group Integrated annual report 2025111
buildings, and the deployment of eciency measures across our operations. We have noticed an increase in the electricity usage of
our mobile network linked to the deployment of 5G and increased mobile data trac, which is more than compensated by the savings
achieved. Proximus Group's solar production increased in 2025 as a result of the roll-out of additional solar panels on our buildings.
How we calculate our greenhouse gas emissions and energy footprint
Our GHG accounting is based on the GHG Protocol Standard and uses the operational control consolidation approach. As a result,
all our aliates are included in the scope of our GHG emissions. Since we do not have operational control over Doktr and our joint
ventures Unifiber and GoFiber, we included their scope 1 and 2 emissions in our scope 3 emissions (category 15 ”Investments”).
The baseline year chosen for our targets is 2020. It is a representative year for our activities, although the 2020 scope 1 and 2
emissions were significantly reduced due to the COVID-19 crisis. We decided to keep 2020 as a baseline for simplicity, avoiding
adjustments that might prompt questions from external stakeholders.
To calculate our GHG footprint, we use direct data when available (amount of gas/fuel on invoices, kilometers travelled, etc.) or
indirect data when fewer details are available (square meters of oces, number and type of vehicles, etc.). The data we collect
generally do not cover the calendar year exactly. Therefore, an estimation is made to reflect the calendar year emissions as accurately
as possible (typically based on the first semester for small aliates and on the latest available data in November for larger aliates).
Proximus Group scope 1 emissions are linked to the use of fossil fuel in our buildings, management and technical fleets, and
refrigerant usage for assets under our operational control. We use emission factors published by ADEME (Bilan Carbone) or the GHG
Protocol (stationary combustion tool).
Our scope 2 emissions are linked to indirect emissions from the generation of power. Using the market-based approach, we can
conclude that our emission factor is close to zero, as we procure EACs. To ensure the quality of the renewable energy we purchase, we
procure EACs aligned with the RE100 technical criteria. They are sourced exclusively on our behalf, match our geographic and market
boundaries, and align with our annual electricity consumption.
If we use the location-based approach, scope 2 emissions are calculated based on direct consumption data (electricity bills) covering
all electricity purchased and consumed during the reporting period. If direct consumption data are not available, we use indirect data
(e.g., square meters of oces/technical buildings, etc.) to calculate our scope 2 emissions. If the available data do not cover the entire
calendar year, estimations are made to reflect the calendar year emissions as accurately as possible. For this approach, we use the
emission factors published by AIB (for European countries – a change of methodology implemented in 2024), EIA (for non-European
countries), and ADEME (Bilan Carbone).
More details on the methodology used to calculate our scope 3 emissions are provided below:
• Category 1 “Purchased goods and services” and category 2 “Capital goods”: These categories include purchased goods and
services and capital goods for the entire Proximus Group. Our calculations are based on the following methodologies:
» Product-specific: when specific data are available at product level, e.g., for modems purchased.
» Product average: for smartphones, we consider an average emission factor per device based on the top 10 smartphones
purchased.
» Supplier or industry-average emission factors collected through our Supplier Engagement Program or provided by the S&P
Trucost database.
In the coming years, we want to increase the specificity of the data we use to calculate our category 1 and 2 emissions by collecting
more product- and supplier-specific data.
• Category 3 “Fuel- and energy-related activities” (not included in scope 1 or 2): For Proximus Group, only upstream emissions
from purchased fuel/electricity and transmission/distribution losses of electricity are relevant. They are calculated based on
emission factors published by ADEME (Bilan Carbone).
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025112
• Category 4 “Upstream transportation and distribution”: This category includes the inbound and outbound logistics data of
subcontractors. Until 2024, emissions were estimated based on distance traveled and fuel consumption for some suppliers (ADEME
fuel emission factors). As of 2025, we decided to simplify our carbon accounting and not include a detailed calculation of category 4.
From now on, all emissions relating to upstream transportation and distribution are considered included in category 1.
• Category 6 “Business travel”: This category includes emissions linked to the transportation of employees for business-related
activities in vehicles not owned or operated by the company, including planes and trains. Electricity and fuel consumption is
estimated based on the length of the trip; it is based on UK BEIS emission factors and includes radiative forcing. For aliates with no
detailed information on work-related travel, an estimation is made based on the number of FTEs (rule of three).
• Category 7 “Employee commuting”: This category includes emissions linked to the transportation of employees between their
home and work in vehicles not owned or operated by the company such as cars (employee-owned), trains, or other public transport.
The distance is estimated between employees’ homes and oces and considers the type of commuting of each employee.
Emissions are calculated based on ADEME (Bilan Carbone) emission factors.
• Category 11 “Use of sold products”: This category encompasses the energy consumption of smartphones sold by Proximus
Group. It includes the total electricity consumption of mobile phones (smartphones) based on their average estimated electricity
consumption. Conversion into carbon equivalent emissions is based on AIB emission factors.
• Category 13 “Downstream leased assets”: This category encompasses the energy consumption of products leased to Proximus
Group’s customers that require energy consumption. It includes the total electricity consumption of Internet Boxes, TV Boxes,
Wi-Fi Boosters, and ONTs (based on an average electricity consumption per device). AIB supplier mix emission factors are used to
calculate carbon emissions.
• Category 15 “Investments”: This category includes the scope 1 and 2 emissions (market-based) of our joint ventures (over which
we do not have operational control) and is based on our share in them. Emissions are estimated based on buildings and fleet data.
The following scope 3 categories were excluded from Proximus Group’s GHG inventory:
• Category 5 “Waste generated in operations”: Waste generated by our operations was previously included in our footprint.
However, moving forward, we will exclude it from our reporting given that it is not material (670 tCO
2
eq in 2023).
• Category 8 “Upstream leased assets”: This category includes the building space we rent to third parties (oces, shops, or to host
telecommunications equipment) and for which we do not manage energy purchases. It is considered to be less than 2% of our scope
3 footprint. Because this category is not material and we have limited influence on the emissions involved, we have excluded it from
our footprint.
• Category 9 “Downstream transportation and distribution”: Transport linked to our products and services is included in
category 4 (e.g., maintenance or replacement of customer devices at their home) or in category 1 (transport services we pay for).
Emissions linked to the transportation of our customers to our shops are estimated to be 1.5 ktCO
2
eq. Given the low materiality and
actionability, we do not include this category in our carbon footprint.
• Category 10 “Processing of sold products”: This category represents emissions from the production of intermediate goods and
therefore does not apply to Proximus Group.
• Category 12 “End-of-life treatment of sold products”: This category used to be reported and is not material. In 2023, it
accounted for 10 tCO
2
eq. Because of this low materiality, it is excluded from our carbon footprint.
• Category 14 “Franchises”: Proximus Group does not operate under the franchise model as outlined by the GHG protocol.
Climate change adaptation
Context
Extreme weather conditions (e.g., heat waves, droughts, flooding, sea level rise) were identified as a material risk for Proximus. They
could lead to assets loss, operational disruptions, and potential legal, financial, and reputational issues in case of service outages. As
we operate an infrastructure that is vital to society in Belgium and Luxembourg, understanding our climate change risks and potential
vulnerabilities is essential to avoid disrupting our business activities.
Climate change adaptation refers to the process of adjusting and responding to actual and expected extreme weather events and their
associated impacts.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025113
Resources and responsibilities
Business Continuity Management (BCM) is our most important relay to integrating climate change risks into Proximus Group’s
operations. Its main objective is to continue to deliver products and services at an acceptable level in case of major incidents, in
alignment with industry good practices and the Belgian regulations on telecom and critical infrastructure. There is at least one person
responsible for BCM in each company of the Group. Reporting to the Audit Committee is organized at least on a yearly basis by the
Group Business Continuity Manager, with a focus on strategy as well as actions taken or ongoing to mitigate risks and major incidents.
Strategic objectives
Proximus Group’s network infrastructure is designed with built-in redundancy. This setup ensures that, if any specific network node
is disrupted, trac can be rerouted via other network pathways. As such, our business model does not need to be adapted to the
potential impacts of climate change at this stage.
To support operational resilience, we rely on our business continuity plans, which are designed to anticipate physical climate risks
associated with Proximus’ operations.
Risk management and mitigation measures
The Business Continuity Program focuses on aspects that are considered essential for the Group. Its scope is not limited to technical
assets but can encompass any domain that is considered critical to accomplishing our mission.
The objective of the Business Continuity Program is to:
• maintain or restore essential functions during a crisis to a certain level within an acceptable timeframe;
• develop business continuity plans for a number of threats, including climate-related threats, based on reusable building blocks;
• embed business continuity in the organization via communication and training.
We are aware that the increase in the severity and frequency of extreme weather events may result in extended temporary shutdowns
and a rising demand for reparations. For all new assets, we rigorously assess resilience against potential climate-related risks.
Our current preventive actions are considered sucient and are described below.
To address risks linked to heat waves, we have implemented several actions aimed at reducing cooling-related electricity
consumption. Our energy eciency projects include reducing the reliance on air conditioning through solutions such as free cooling
and equipment modernization. The network equipment has also been upgraded to operate eectively at higher temperatures.
Our ventilation systems are designed to handle peaks of up to 40 °C. They can withstand hot periods (maximum daily temperature
>30 °C) for up to 60 days per year. Current weather patterns in Belgium remain well within these thresholds. Additionally, alarm
systems are in place to provide notifications if temperature-related parameters approach or exceed these limits.
To proactively manage extreme weather events, our adaptation strategy includes measures to ensure the utmost resilience of our
operations against possible interruptions. The Business Continuity Program includes process flows on prevention, protection, and
disaster recovery coordinated by our Proximus Emergency Response Team (PERT). It outlines the steps for restoring essential
functions that have been temporarily disrupted and specifies roles and responsibilities in case of a critical impact on our infrastructure.
Recovery solutions have been defined for a wide range of asset groups and are immediately ready in case of an extreme weather
event.
No specific performance metrics have been defined for climate change adaptation.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025114
EU Taxonomy
Introduction to the EU Taxonomy
The EU Taxonomy is a classification system establishing a list of activities that qualify as environmentally sustainable and that feed
into the Action Plan on Financing Sustainable Growth, supporting the European Green Deal. By providing a common language
for sustainable activities, the EU Taxonomy is meant to drive financial flows towards the transition to a low-carbon, resilient, and
sustainable future society.
The ICT sector, defined as those industries that “intend to fulfill or enable the function of information processing and communication
by electronic means”, is only very partially covered in the Taxonomy Regulation because of the ICT industry’s relative size in the
economy and particularly due to the role datacenters play in this, given their significant energy consumption.
As a critical player in enabling climate change mitigation, Proximus Group is ahead of the curve with regard to sustainable investments,
notably with its fiber and 5G networks roll-out representing a large part of our CapEx plan, which stays consistent year over year.
Nevertheless, the current EU Taxonomy’s narrow scope, which excludes the core activities of the telecom industry, does not allow us
to highlight how our activities and eorts contribute to a more sustainable society, as explained in the subsection “Climate Transition
Plan” of this report.
Outcome of our EU Taxonomy eligibility and alignment
Overall and in line with its peers, Proximus Group has low eligibility, as the EU Taxonomy crucially leaves out telecom networks from
the targeted activities.
Proximus Group discloses financial KPIs for FY2025 according to Commission Delegated Regulation (EU) 2026/73 of 4 July 2025
amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of information to be
disclosed concerning environmentally sustainable activities and Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486 as
regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to
environmental objectives.
The two most important simplification dispositions versus last year’s reporting are:
• “A de minimis threshold of 10% would allow reporting companies to focus their eorts on assessing the taxonomy-eligibility and
alignment of those activities that represent a significant share of their revenues, capital, or operational expenditures.”
• “The summary template introduces a column to provide transparency on the non-assessed proportion of the denominator of the
respective KPIs that non-financial undertakings consider as not material.” Additionally, since zero eligibility is disclosed, Proximus
Group omits disclosing Template 2 for the three KPIs (turnover/CapEx/OpEx), as per the “Explanatory notes for Template 2” in
“Annex II” of the amending Delegated Act (EU 2026/73).
The table below summarizes the outcome of this exercise. It shows that all turnover, CapEx, and OpEx are considered as non-material
compared to the total Group figures and therefore will not be further assessed.
• For turnover and CapEx KPIs, a detailed assessment of Proximus Group’s economic activities has been performed as described
below: we have identified revenues and CapEx associated with relevant activities. None of these activities come close to the
considered materiality threshold of 10% of the total turnover or CapEx, so we consider all activities as non-material.
• Regarding the OpEx KPI, we computed the total relevant OpEx as per the EU Taxonomy definition leading to EUR 379 million.
Compared to our total reported turnover of EUR 6,248 million, this represents 6% and can be considered as not material to our
business model. Indeed, as rearmed in the recent Omnibus Delegated Act, "non-financial undertakings will be allowed not to
report on the taxonomy eligibility and alignment of operational expenditure if the OpEx KPI is not material for their business model."
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025115
2025
onomy eligible
activities
onomy aligned
e Mitigation
Breakdown by environmental objectives
of Taxonomy aligned activities
Adaptation
abling activities
sitional activities
ties considered
activities in
l ear (2024) y
y aligned activities
l ear (2024) y
KPI
TOTAL
14
(M€)
Proportion of Tax
activities
(%)
Taxonomy aligned
(M€)
Proportion of Tax
activities
(%)
Climate Chang
(%) (%)
Climate Change
(%) (%) (%) (%)
Water
Circular Economy
Pollution
Biodiversity
(%)
Proportion of en
(%)
Proportion of tran
(%)
Not assessed activi
non-material
(M€)
Taxonomy aligned
previous financia
(%)
Proportion of Taxonom
in previous financia
Turnover 6,248 0 0 0 0 0 0 0 0 0 0 0 2.2 0 0
CapEx 1,249 0 0 0 0 0 0 0 0 0 0 0 6.5 0 0
OpEx 379 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Scope: Proximus Group
TABLE as per “Template 1” in “Annex II” of the Commission Delegated Regulation (EU) published on July 4, 2025.
The results of our EU Taxonomy eligibility and alignment benchmarking exercise indicate that Proximus Group’s eligibility and
alignment are largely in line with market standards. Nevertheless, the core activities involved in providing telecommunications services
currently remain out of scope of the delegated acts of the European Commission.
Proximus Group is committed to continue progressing towards our sustainability ambitions through numerous initiatives, such as
rolling out energy-ecient and future-proof telecom networks, which in turn will allow our customers to realize energy eciency
gains for their own activities.
Detailed assessment of relevant activities
As our activities are relatively stable over time, Proximus Group conducted an updated screening of activities in 2025, yet still building on
the detailed reference analysis completed in 2024 using an extensive methodology. No new relevant activities were identified compared
to last year.
In the first step, the Group identified activities that can contribute to the EU Taxonomy objectives. In the second phase, the nature of our
activities was compared against the EU Taxonomy descriptions. As a final sanity check, peers’ existing disclosures were evaluated. During
the assessment, we used the four-eyes principle to ensure dierent stakeholders were involved in the sign-o on the EU Taxonomy
activities assessment, including internal business units (owners/experts) and the Finance and Sustainability teams.
Through this exercise, 11 economic activities as defined in the EU Taxonomy have been identified as relevant. These activities refer
to (1) climate change mitigation, aimed at reducing the causes of climate change, (2) climate change adaptation, aimed at addressing
the eects of a changing climate, or (3) transition to a circular economy. The activities have been mapped based on the detailed
descriptions in the regulation:
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
14 More information can be found in the Consolidated financial statements. Turnover in this table is to be understood as the “Net revenues” from our
“Consolidated income statement” (excluding “Other operating income”). The approach for the EU Taxonomy OpEx KPI deserves a special attention to
comply with the Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021, as it is specified that the considered OpEx perimeter should “cover
direct non-capitalized costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any
other direct expenditures relating to the day-to-day servicing of assets of property, plant, and equipment by the undertaking or third party to whom
activities are outsourced that are necessary to ensure the continued and eective functioning of such assets.” As we do not have the data granularity
to exactly match this definition, we opted for a prudent approach where we report on expense categories that match with those definitions with high
confidence: mostly non-workforce maintenance and short-term lease. We have more expenses related to those Taxonomy activities, yet we cannot isolate
needed data in order to add them in our reporting.
Proximus Group Integrated annual report 2025116
EU Taxonomy
activity
Proximus
activity
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution
prevention
Bio-
diversity
6.5 Transport by motorbikes, passenger
cars, and light commercial vehicles
Fleet
✔
7.3 Installation, maintenance, and
repair of energy eciency equipment
HVAC, heat
pumps, BMS, and
thermal insulation
✔ ✔
5.1 Repair, refurbishment,
and remanufacturing
Refurbishment of
fixed and mobile
devices
✔
5.5 Product-as-a-service and other
circular use- and result-oriented ser-
vice models
Leasing of CPE
✔
8.1 Data processing, hosting,
and related activities
Datacenters
✔ ✔
7.4 Installation, maintenance,
and repair of charging stations
for electric vehicles in buildings
EV charging
stations
✔ ✔
8.2 Data-driven solutions for GHG
emissions reductions
IoT activities
✔
7.6 Installation, maintenance, and repair
of renewable energy technologies
Solar panels
✔ ✔
6.15 Infrastructure enabling low-
carbon road transport and public
transport
EV charging
stations
✔ ✔
5.4 Sale of second-hand goods
Sale of refurbished
mobile devices
✔
6.4 Operation of personal mobility
devices, cycle logistics
Bike renting
✔
Each relevant activity has been assessed and quantified for its turnover and CapEx KPIs together with representatives from Finance
and Business teams. We did not work with estimates, but we sometimes had to consider some proxies to match EU Taxonomy
definitions with our internal data. As much as possible, financial data are directly sourced from financial systems, complemented by
some operational systems where granularity was required, given the narrow definitions of the activities. The detailed process has been
challenged by an external party as well and then documented for replicability, internal validation, and auditability purposes.
Environmental
objective
EU Taxonomy
activity
Proximus corresponding activity
CCM
6.5 Transport by
motorbikes, passenger
cars, and light commercial
vehicles
Activity 6.5 focuses on expenses related to the “Purchase, financing, renting, leasing, and operation of
(a) vehicles used for the carriage of passengers and (b) vehicles used for the carriage of goods (up to
3,5T)”. Proximus Group has a car park for leasing vehicles, comprised of (1) management cars and (2)
small vans (light-duty vehicles) used by technical teams to go on-site.
CCM, CCA
7.3 Installation,
maintenance, and repair
of energy eciency
equipment
Activity 7.3 focuses on expenses related to “Individual renovation measures consisting in installation,
maintenance, or repair of energy eciency equipment”. Proximus Group invests in (1) network-
free cooling, (2) replacement of high-voltage cabins and converters, (3) GTMC, (4) installation and
maintenance of heat pumps, (5) BMS, and (6) thermal insulation. Expenses are incurred either to
replace or maintain previously installed energy eciency equipment in order to increase energy
eciency or decrease future expenses.
CE
5.1 Repair, refurbishment,
and remanufacturing
Activity 5.1 focuses on “Repair, refurbishment, and remanufacturing of goods that have been used for
their intended purpose before by a customer”. Proximus Group outsources its repair and refurbishment
services on (1) mobile and (2) fixed devices to an external partner. For the EU Taxonomy, the
refurbishment expenses have been isolated from warehousing and handling expenses.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025117
CE
5.5 Product-as-a-service
and other circular use- and
result-oriented service
models
Activity 5.5 focuses on “Providing customers access to products through service models, which are
either use-oriented services, where the product is still central, but its ownership remains with the
provider and the product is leased, shared, rented, or pooled”. Proximus Group buys Customer Premise
Equipment (CPE) and leases CPE as a package to the mass market. CPE includes (1) Internet Boxes,
(2) TV Boxes, and (3) Wi-Fi Boosters. As the turnover from the leased CPE is complex to isolate from
the product bundle, only CapEx is reported. Additionally, telecom terminals are leased to professional
clients.
CCM, CCA
8.1 Data processing,
hosting, and related
activities
Activity 8.1 focuses on “Data processing, hosting, and related activities”. Proximus Group reports on
hosting, housing, and data processing services. Proximus Group is mainly using datacenters for own
operations as well as for hosting, housing, and data processing services, predominantly operated by
external suppliers.
CCM, CCA
7.4 Installation,
maintenance, and repair
of charging stations
for electric vehicles in
buildings
Activity 7.4 focuses on “Installation, maintenance, and repair of charging stations for electric vehicles
in buildings and parking spaces attached to buildings”. Proximus Group invests in the installation,
maintenance, and repair of charging stations in its buildings (chargers for vans of technical teams).
Charging stations at employees’ homes are excluded.
CCM
8.2 Data-driven solutions
for GHG emissions
reductions
Activity 8.2 focuses on solutions that are predominantly aimed at the provision of data and analytics
enabling GHG emission reductions, which is the case for Proximus Group’s smart building and metering
activities. These activities are still relatively small but are also part of the Group’s strategic ambition
and are expected to grow in the coming years.
CCM, CCA
7.6 Installation,
maintenance, and repair
of renewable energy
technologies
Activity 7.6 focuses on the “Installation, maintenance, and repair of renewable energy technologies,
on-site”. Proximus Group is performing a roll-out of installing solar panels on its buildings.
CCM, CCA
6.15 Infrastructure
enabling low-carbon
road transport and public
transport
Activity 6.15 focuses on infrastructure that will enable zero-emissions road transport, which is fully
in line with Proximus Group’s external EV charging station pilot, in which unused street cabinets are
turned into charging stations.
CE
5.4 Sale of second-hand
goods
Activity 5.4 focuses on “Sale of second-hand goods that have been used for their intended purpose before
by a customer (a physical or legal person), possibly after repair, refurbishment, or remanufacturing,” which
is in line with Proximus' Group sales activities related to refurbished mobile devices.
CCM
6.4 Operation of personal
mobility devices, cycle
logistics
Activity 6.4 focuses on expenses related to “Selling, purchasing, financing, leasing, renting, and
operation of personal mobility or transport devices where the propulsion comes from the physical
activity of the user, from a zero-emissions motor, or a mix of zero-emissions motor and physical
activity. This includes the provision of freight transport services by (cargo) bicycles”.
Looking forward
As this is detailed in this Sustainability statement, we are undertaking decisive actions to support the transition towards a sustainable
society. Proximus Group is also disclosing clear sustainability credentials in its current Integrated annual report, as required by the
Corporate Sustainability Reporting Directive (CSRD).
Regardless of the limited eligibility for the economic activities of Proximus Group under the EU Taxonomy Regulation and the absence
of its core activities within the framework, we believe that the telecom industry and its network infrastructure are a critical enabler of
climate mitigation solutions, both for our customers and for society.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025118
Resource use and circular economy
Context
Shifting our business models toward a circular economy is crucial for future-proofing our company and an imperative in Proximus
Group’s ambition towards net zero, especially given the limited raw material availability and the varied impacts of waste generation.
A circular economy focuses on sharing, leasing, reusing, repairing, refurbishing, and recycling materials and products for as long as
possible to extend their lifecycle, reduce the environmental impact of their use, minimize waste, and prevent the release of hazardous
substances at all stages of their lifecycle.
In addition to minimizing the use of virgin raw materials, embracing circular economy principles allows us to create more value by
lowering the carbon footprint, reducing costs structurally and even generating new revenue streams.
Scope
This topic is addressed and reported at the Group level, with an emphasis on domestic operations. Circularity and waste management
are especially relevant for hardware elements within our own networks or at customer premises, and those activities are hosted in our
domestic perimeter. We are considering end-to-end device and hardware management, from ecodesign to end-of-life management.
Impacts, risks, and opportunities
Our communication and digital services rely heavily on network hardware and user devices, which require many dierent scarce raw
materials during their production process and consume energy during their use phase. This reliance has a negative impact on both
climate change and resource availability.
Additionally, the telecom sector often uses customer acquisition models such as promotional deals that combine hardware and
subscriptions, known as joint oers. For instance, oering a new smartphone with a subscription can encourage customers to replace
their devices sooner than needed. This practice contributes to resource waste and sometimes unnecessary hardware replacements,
despite the significant energy and resources required to produce these devices.
As an example, a smartphone typically consists of the following main parts (and related raw materials): a shell (plastic composition),
a screen (europium, yttrium, terbium, gallium, etc.), a battery (lithium, cobalt, gold, and fluorinated electrolyte), and a circuit board
(precious metals, rare earth metals, plastic, and fiberglass).
The increasing demand for smartphones, fixed Customer Premises Equipment (CPE), and network hardware intensifies the pressure
on rare or critical raw materials, making eective lifecycle and e-waste management more important than ever to mitigate the risk of
losing scarce resources at device end-of-life. The adoption of circular models hinges on customer readiness. For instance, investing
heavily in refurbished devices may yield limited returns if the market is not mature enough to generate real commercial traction.
The material impacts that Proximus Group has identified for ESRS E5 “Resource use and circular economy”, as a result of the Double
Materiality Assessment (DMA), are the following:
Subtopic or
sub-subtopic
Description Type
Value
chain
15
Time horizon
16
Waste E-waste (e.g., phones, CPE) generated by Proximus Group's activities
Actual
negative impact
•
S M L
Resources inflows,
including resource use
The growing demand for telecom equipment increases the pressure on
critical raw materials in Proximus Group’s value chain, exacerbating the
depletion of non-renewable resources
Actual
negative impact
•
S M L
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
15 Value chain: upstream ( ), own operations (
•
), downstream ( ).
16 Time horizon: short-term (S), medium-term (M), l
ong-term (L).
Proximus Group Integrated annual report 2025119
Resources and responsibilities
Circularity is prioritized as a cross-function commitment, bringing together eorts from business teams, the Procurement department,
and sustainability specialists. Responsibility is well-defined, in alignment with the operational sustainability governance, with a
primary sponsor at the Proximus Leadership Squad (PLS) level and a deputy in logistics operations. More information can be found in
the section “General information”.
As explained in the subsection “Operational sustainability governance”, high-level implementation roadmaps and associated
resources are validated at the PLS level.
Engaging with our suppliers on circular topics is key. With some suppliers, we engage directly, incorporating circularity requirements
into our Requests for Proposals (RFP) where applicable. With others, particularly large-scale device manufacturers and regulatory
bodies, we work through sector organizations, such as GSMA, Connect Europe, and JAC.
We do not disclose specific circularity-related FTEs, as those activities are fully embedded in existing projects and teams. Rather than
treating circularity as a standalone challenge, we incorporate it as a core requirement within our business operations.
Strategic objectives
Adopting circular economy principles is vital for reducing global emissions. It is therefore our ambition to minimize our environmental
impact and reduce reliance on scarce resources. Proximus Group wants to be a blueprint for circularity by 2030, focusing on circular
by design, prioritizing reuse, optimizing recovery rates, reimagining innovation, and fostering ecosystems and collaboration across the
supply chain.
Circular
by design
Prioritizing
reuse
Optimizing
recovery rates
Reimagining
innovation
Fostering ecosystems
and collaboration
across the supply chain
We redefine products and
services by implementing
clear circular design criteria,
optimizing digital and physical
infrastructures, simplifying
our oerings, and using AI
to continuously enhance our
assets.
We aim to extend the
lifespan and utility of
products, infrastructure,
and services. We
emphasize refurbishment,
expand reuse possibilities,
and optimize maintenance
to maximize long-term
value.
We aim to maximize the
value recovered at the end
of a lifecycle or contract
by retaining ownership,
facilitating easy repairs,
and optimizing recycling
processes.
We drive systemic change
and decoupling growth
from resource use by
rethinking our business
practices. Our focus is
on expanding services,
advancing virtualization,
and exploring shared
infrastructure solutions
to reduce dependency on
physical resources.
We stimulate responsible
practices across our value
chain, accelerating the
shift to a fully circular
ecosystem, leveraging
industry coalitions,
and advocating for
circular practices with
policymakers.
We have defined two Company-wide ambitions:
• deliver the contribution of customer device circularity to our Climate Transition Plan by 2030;
• recycle almost all collected e-waste by 2030. The first reporting on this metric will be take place in 2026.
We have also developed pragmatic yet ambitious objectives, directly embedded within the core operations of our business units,
ensuring that circularity becomes an integral part of our day-to-day activities. Therefore, our objectives are structured by operational
domain: mobile devices, fixed devices, networks, and buildings.
Mobile devices
While we do not control the production of mobile devices, we aim to further pursue our circular ambitions by nudging the customers
to return obsolete devices, thus allowing them to be recycled or re-used on the secondhand market, and by investigating alternative
customer acquisition and retention models, such as trade-in oers or rental and pay-as-you-use options. Though we are carefully
balancing these options against the risk of reduced commercial eectiveness, we are committed to becoming a driver of the transition
to a circular economy.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025120
Fixed devices
For mass-market fixed devices, Proximus Group is committed to ecodesign. We design our devices (such as Internet Boxes, TV Boxes,
and Wi-Fi Boosters) to be energy-ecient, use fewer raw materials, and facilitate easy refurbishment.
We are extending these principles to more types of hardware, including equipment for professional customer services and network
operations, even though these typically have lower quantities and turnover rates.
While we do not manufacture any products or hardware ourselves, we take an active role in influencing and encouraging our suppliers
to adopt more circular practices, typically by adding circular requirements to our RFP processes. This is important, as we are partly
reliant on their own progress: some advances in circularity stem from our upstream value chain or sector-wide initiatives.
More importantly, we continually reassess the design of our own services, from sourcing through end-of-life. Our eorts in circularity
also create benefits in other domains. Ecodesign initiatives have already lowered the power consumption of CPE, contributing to
energy savings for customers and reducing our own scope 3 emissions. Additionally, our refurbishment operations support social
inclusion, creating over 100 adapted workplaces.
Network and buildings
For networks, we aim to take network transformation one step further, according to the principles explained in our Climate Transition
Plan. These include sharing strategic network assets to avoid redundancy in heavy infrastructure development and gradually rolling
out fiber-based, future-proof networks, while phasing out and recovering our old copper infrastructure.
17
For buildings, we plan to opt for maximum material recycling or reuse of building materials, technical installations, or furniture.
Standardization and modularity will also help us to follow the circularity blueprint.
A multi-level regulatory context
The regulatory context of circularity and waste management in the EU and Belgium is shaped by several key frameworks and
initiatives:
At the European level, we must adhere to the EU Circular Economy Action Plan (CEAP - 2020), Waste from Electrical and Electronic
Equipment (WEEE) (2003), EU Corporate Sustainability Reporting Directive (CSRD) reporting on circular economy and waste (ESRS
E5, 2023), and EU Ecodesign for Sustainable Products Regulation (2024). We are monitoring the updates currently being developed
(e.g., a new EU Circular Economy Act and WEEE Directive).
More information is available here: Circular economy action plan - European Commission (europa.eu).
In Belgium, waste management policies are largely managed at the regional level by Flanders, Wallonia, and the Brussels-Capital
Region. Each region has its own waste management plan and circular economy strategies. At the federal level, Belgium aligns with EU
directives and regulations, ensuring national policies support the broader EU goals of circularity and sustainability.
More information is available here: The circular economy | Belgium.be
Policies
Proximus has already translated and implemented general policies to ensure that circularity principles are taken into account by
our operational teams. These policies are the Proximus Environmental Policy, the Proximus Code of Conduct, the Supplier Code of
Conduct, and the Proximus Procurement Policy.
17 Copper infrastructure refers to the network of copper cables and related equipment used for telecommunications networks. Deactivating the copper
network allows Proximus Group to achieve significant operational and energy savings. The maintenance and operation of copper networks is more costly
and energy-intensive compared to that of future-proof fiber networks.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025121
Additionally, we have developed more specific guidance for employees on our intranet and defined specific processes that help put
circularity into practice for the operational teams. For example, the detailed fixed customer devices return processes that allow us to
recover old devices are described and available to customers, technicians, and sales agents.
Actions to remediate negative impacts
Proximus pursues its circular blueprint ambitions across our three main action domains: mobile and fixed devices, networks, and
buildings.
Mobile devices
Proximus Group collected 140,587 used mobile devices in 2024 and 144,111 in 2025 (3% increase), which represents between 30%
and 40% of mobile devices put into the market via our channels being recovered last year.
This was accomplished by encouraging our customers to bring back their devices through communication and incentivization
campaigns, such as activation campaigns during festivals or mobile phone collections in schools with our partner GoodPlanet.
This success can additionally be attributed to our initiative to allow customers to trade in their old smartphones for refurbishing or
recycling. Refurbished smartphones feed the global second-hand market, while smartphones that can no longer be used are recycled
by certified partners, as 90% of the materials in mobile phones can be recycled.
In 2025, we refreshed our range of refurbished devices and we introduced the new 6th generation Fairphone in June. We also
launched a collaboration with BLOOO, with pilots in our stores in Mons and Ghent. These repair spaces extend the lifespan of
smartphones by directly resolving most common hardware and software issues. This initiative is a concrete example of our
commitment to the circular economy, reducing electronic waste (e-waste) and giving devices a second life.
For enterprises, Proximus Group oers leasing services for smartphones and tablets, proposing a more circular “as a service” oer to
professional customers.
Fixed devices
With regard to the consumer market, we have already made significant progress.
Here is a recent illustration with high impact. Our most recent Android TV Box, launched in March 2024 and gradually rolled out in
2025 to our Pickx customers, consumes between 20-40% less energy than previous models, depending on use patterns (based on
supplier data confirmed by our own measurements). For our packaging, we use 20% less plastic and have opted for recycled materials
instead.
Furthermore, because the TV Box is much smaller, the amount that fits in a container for transportation has increased by 46%. This
lowers the emissions linked to transportation.
To reduce e-waste, Proximus Group repairs, refurbishes, and reuses its devices. At our Courcelles logistics center, we aim to refurbish
at least 90% of our Internet Boxes and TV Boxes and put them back into circulation up to four times.
On the professional market, we increase our as-a-service portfolio. We retain the ownership of our equipment, collect it after use, and
subsequently refurbish or recycle it.
Besides refurbishing our devices, we reduce plastics and paper in our packaging, for example by using less packaging for smaller
devices and opting for recycled cardboard and plant-based inks.
Networks
We design and build future-proof networks with sustainability and collaboration in mind. Through collaborative models, we limit the
total resource consumption amongst operators.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025122
By consolidating and sharing our mobile network through Mwingz with Orange Belgium, we continued to reduce the total number
of mobile sites in Belgium compared to a non-collaborative scenario. We also limit overbuilding by opening our network to other
operators. This avoids building a parallel network and thereby doubling resource consumption.
More information can be found in the subsection “Rolling out the best gigabit network for Belgium”.
We aim to phase out legacy assets to optimize network eciency. Fiber technologies require much less energy and space on average
than our copper assets. As our customer base gradually switches to fiber, we can phase out technical buildings and power-o street
cabinets. Network assets removed from one location are reused elsewhere or stored for future maintenance to maximize repair and
reuse in our network. Where possible, we remove decommissioned copper cables to be recycled. In 2025, we collected and recycled
501 tons of copper cables from our network.
Buildings
The Real Estate and Facilities Management team applies sustainability principles across building projects and operations. For the
design of the new headquarters, oce space is optimized to reduce energy use and costs, and a mix of new, reused, and refurbished
furniture is used. These measures are being extended to other administrative buildings. Technical buildings are being phased out in
line with network optimization and fiber deployment. Sustainability clauses are introduced during lease renegotiations, and single-use
plastics are being reduced in employee facilities.
Waste management
In general, our Facility department is responsible for the daily management of our oce and operational waste. In addition to Proximus
Group’s eorts to reduce material use, they strive to improve the sorting behavior of employees with waste islands, recycling zones,
and educational materials. The sorted waste streams, including residual waste, are collected at the site level and treated by contracted
waste management companies or by our distribution center for the refurbishment of electronic devices.
Our Value Recovery department is responsible for the removal and valorization of some specific waste streams like excess stocks,
waste from dismantled technical installations, returned CPE, and copper cables. The valorization can be obtained through resale or
recycling. If there is no resale potential, the material is removed and processed by recognized partners.
Both departments work with contracted waste management companies to handle and treat the waste and provide us with reports,
monthly bills, certificates, and additional information as input for calculating waste metrics.
As telecom operator, and in line with the outcome of our DMA, we have a specific focus on e-waste. First, we limit e-waste by
optimizing the refurbishment of fixed customer devices. Second, we educate customers by collecting old smartphones via various
channels. Third, we ensure eective recycling of collected e-waste to avoid loss of precious material.
Performance
Reporting scope
The circular economy arguably influences all activities, but we are concentrating our quantitative assessment on the areas with the
greatest impact and where we can take direct action. Consequently, our primary focus is on Proximus Group’s branded customer
devices: Internet Boxes, TV Boxes, and Wi-Fi Boosters.
We are working to improve our circularity roadmap, and we will engage with key suppliers to collect information for other categories of
hardware in the coming years, first for smartphones and then also for mainstream customer devices for professional customers and
main network hardware. For this reporting cycle, quantitative data on those categories (with the exception of inflow weight for mobile
phones, where we were able to make estimations) are not included, despite eorts made to obtain this information from our suppliers.
These data depend on our suppliers and are not yet available to us, given the complexity of the information flows that must be put
in place across the full value chain. We have no plans at this stage to fully quantify non-core activities, such as materials related to
construction and administration.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025123
The figures presented below cover all Group-related activities, all of which take place in Belgium and Luxembourg, where we have
direct operations in telecommunications network activities that have a direct relationship with mass-market end-users.
Reducing packaging across the supply chain and being fully compliant with hazardous waste management (typically batteries) are two
other focus points in our circularity eorts.
Our waste management metrics will cover the full scope of all activities, using extrapolations where needed (highlighted in the
illustration below).
Note that the metrics scope does not cover the suppliers’ operations in our upstream chain nor the operations of our subcontractors.
Resources inflows
The most relevant physical inflows for our own operations are fixed customer devices because of their relatively high volumes, high
rotation, and our impact on the design, operational model, and end-of-use process. Year-on-year evolution of the total customer devices
inflow is driven by the refurbishment rate and design optimization of new versions on the one hand (decrease in use of materials) and the
migration to the newest version and commercial success in gaining new customers on the other hand (increase in use of materials). We
are also working to increase the percentage of recycled material and sustainably sourced material in our new customer device models.
We have started to include mobile phones in our metrics, limited to the total inflow weight for this reporting cycle, since all other metrics
depend on supplier data that we have not yet been able to collect. Information related to network material is not yet available to us, as this
is fully dependent on value chain information flows that have yet to be implemented. This is a challenging process as standardization is still
missing and data must be passed sequentially through multiple players in the upstream value chain. We will work in collaboration with our
suppliers, in direct interactions or through sector-wide eorts, in order to be able to provide the information in the upcoming years.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
1. Proximus branded devices
(Internet Box / TV Box / Boosters)
4. Network material (Copper / fiber optic / sand and earth from trenching / textile from workers)
5. Oce, administrative (Paper / water / catering / other)
2. Other customer devices (Smartphones / professional devices / TV / tablets)
3. Network hardware (Routers / servers / mobile antennas / fiber ONTs …)
P
ackaging
Ha
zardous (batteries)
Proximus Group Integrated annual report 2025124
Resource inflow weight
(tons)
2024 2025
Recycled material per
customer devices (tons)
2024 2025
Internet Boxes 340 365 Internet Boxes 105 109
TV Boxes 130 60 TV Boxes 79 26
Boosters 140 80 Boosters 44 17
Mobile phones 225 192 Total 228 152
Total 834 697
Scope: Proximus Group
Scope: Proximus Group
Recycled material per
customer devices (%)
2024 2025
Sustainably sourced
material per customer
devices (%)
2024 2025
Internet Boxes 31 30 Internet Boxes 16 18
TV Boxes 61 43 TV Boxes 0 0
Boosters 31 21 Boosters 18 22
Average 37 30 Average 13 16
Scope: Proximus Group Scope: Proximus Group
We observe a decrease in total material inflow, primarily driven by a decline in TV Boxes and Wi-Fi Boosters. This trend is largely
attributable to the increased refurbishment activities for these devices. Additionally, refinements in packaging-related calculations
have slightly influenced the YoY comparison.
New generations of devices are designed to be more compact and lightweight, resulting in lower consumption of both virgin and
recycled materials. Furthermore, due to improvements in packaging-related calculations, we also observe a notable decrease in the
reported recycled content.
Figures for 2024 have been restated following the identification and correction of an error related to the double counting of primary
packaging.
Definitions and accounting policies
For the 2025 reporting cycle, the scope for all the resource inflow metrics is limited to Internet Boxes (modems), TV Boxes
(decoders), and Wi-Fi Boosters (repeaters) because we focus on collecting data where Proximus Group has the highest circularity
impact from design to end-of-life management. In line with prior year, as a first step to increase this scope, we also included
mobile phones (covering mobile phones and tablets) in the first metric on resource inflow weight.
Figures are collected from our logistics operations in Courcelles and from Proximus Luxembourg, so that they represent the
totality of this activity for Proximus Group. The data source for volumes is the internal operational systems from which volumes
per product type are retrieved. Estimates of mobile phones’ unitary weight, including packaging, were made by the operational
teams based on on-site measurements.
We receive specific information on “Recycled materials used” and on “Percentage of biological inflow material sustainably
sourced” (defined according to ESRS E5 as the percentage of sustainably sourced biological materials and biofuels used in the
manufacturing and packaging of the devices, for example cardboard that is either recycled or FSC certified) from suppliers without
a specific certification track. No estimates have been made by Proximus Group. Packaging inflow is included in the figures provided
by the suppliers for primary packaging (individual product packaging). Secondary and tertiary packaging (like big boxes and pallets)
are not material (<5% of total packaging weight) and are therefore not included in the reporting. Data are collected through
our 2025 sustainability reporting process and is consolidated centrally as a weighted average. As supplier is not able to provide
information on sustainably sourced material for TV Boxes, we took the conservative assumption of using 0% for this data point.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025125
Collection and refurbishment
In our eorts to promote circularity, we continuously improve our mobile device collection and our fixed device refurbishment process,
as shown in the following company-specific metrics. We achieve high standards in fixed customer device refurbishment thanks to our
end-to-end process and the integration of our partner CTDI in our logistics center.
Total collected mobile
phones (#)
2023 2024 2025
Mobile phones collected 128,002 140,587 144,111
Scope: Proximus Group
In 2025, we collected 144,111 used mobile devices at the Group level, which is 3% more than in 2024 thanks to several
communication campaigns and successful collection actions at festivals and in schools with our partner GoodPlanet.
Definitions and accounting policies
“Mobile phones collected” refers to all mobile phones collected from our customers, through our shops, or during collection
actions in multiple organizations (e.g., schools, festivals). The phones are delivered to our logistics center in Courcelles. No
estimate has been made. The consolidated Group figure is determined through our 2025 sustainability reporting process directly
from the logistics center.
Refurbishment fixed
devices (#)
2023 2024 2025
Internet Boxes 1 7 7,759 198,074 222,344
TV Boxes 211,987 302,880 284,680
Other devices 409,686 434,424 546,571
Total 799,432 935,378 1,053,595
Scope: Proximus Group
Refurbished fixed devices (%) 2023 2024 2025
Installed refurbished Internet Boxes vs total installed Internet Boxes 31 41 47
Installed refurbished TV Boxes vs total installed TV Boxes 53 49 45
Scope: Proximus Group
In 2025, we refurbished 1,053,595 fixed devices, which is 13% more than last year. Notably, 45% of the Internet Boxes and TV Boxes
put on the market in 2025 were refurbished boxes.
Definitions and accounting policies
• Data sources are internal systems; no estimates have been made.
• Data are gathered and consolidated through our 2025 sustainability reporting process.
• “Other devices” refers to remote controls, power supply units, private automatic branch exchanges (PABX), network
equipment, and Optical Network Terminals (ONTs). The percentage of "Installed refurbished fixed devices" is computed by
comparing the number of installed refurbished devices during the reporting year to the total number of devices installed
during the reporting year.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025126
Waste
Our ambition is to move toward zero waste. While some waste is inherent to economic activities, we aim to minimize waste generation
and ensure that no waste is lost - meaning all waste is either reused, recycled, or recovered - alongside our eorts to reduce overall
waste streams. It is a challenge to formalize any quantitative and measurable target due to a lack of standardization and a clear
definition for follow-up in this domain. In 2025, Proximus Group managed to divert 99% of the waste generated from our own
operations from disposal, maintaining this percentage already achieved in 2024.
The most relevant types of waste streams in our sector are e-waste from network infrastructure operations and from customer
premises: mobile phones, Internet Boxes, TV Boxes, Wi-Fi Boosters, fiber boxes, power supply units, private automatic branch
exchanges (PABX), network equipment, etc. This type of waste is typically composed of ferrous and nonferrous metals like iron, steel,
copper, or aluminum; plastics used in casing or insulation; electronic components like circuit boards or semiconductors; glass used
in fiber-optic cables and screens. We aim to recycle almost all collected e-waste by 2030. The first reporting on this metric will take
place in the year 2026.
Yet the waste streams that are collected, appropriately handled, and reported are much broader and spread over about twenty waste
streams, including rubble associated with network infrastructure excavation works, batteries, metals, paper and cardboard, various
plastic types, wood, and residual waste.
As already mentioned, Proximus Group has a dedicated facility in its logistics center to refurbish returned electronic devices, such as
Internet Boxes, TV Boxes, Wi-Fi Boosters, ONTs, remote controls, power supply units, and network equipment. These devices do not
end up as waste and are not reported as such.
Proximus Group adheres to the principles of the EU Waste Framework Directive (2008/98/EC) and the EU’s circular economy
categorization system.
The main recovery operation types are recycling and incineration with energy recovery.
The main sources of hazardous waste are the batteries from our network, customer devices, and old cable types. Other examples
include fluorescent lamps, coolants, and solvents. All hazardous waste is collected and recycled by specialized companies. There is no
radioactive waste in Proximus Group’s waste streams.
Waste by treatment (tons) 2024 2025
Non-
hazardous
waste
Hazardous
waste
Total
Non-
hazardous
waste
Hazardous
waste
Total
Recovery operations types
Preparation for reuse 35 22 56 20 26 46
Recycling 1,899 1,496 3,396 2,633 1,128 3,761
Other recovery operations 2,302 51 2,354 849 42 891
Total waste diverted from disposal 4,236 1,569 5,805 3,502 1,196 4,698
Waste treatment types
Incinerated without energy recovery 18 5 23 13 2 15
Landfill 12 0.5 12 10 2 11
Other disposal methods 32 0 32 37 1 38
Total waste directed to disposal 62 6 68 59 4 64
Total waste 4,298 1,575 5,873 3,562 1,200 4,762
Scope: Proximus Group
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025127
We are reporting on the total Proximus Group perimeter with CSRD-compliant definitions for hazardous waste, recovery operations,
and treatment types. It is worth noting a 19% decrease in total waste generated versus last year, mainly due to the decrease in our
own fiber rollout in Belgium; a less intensive battery swap activity; and the finalization of the emptying our previous headquarters. All
these elements significantly impacted our 2024 figures.
(tons) 2024 2025 (%) 2024 2025
Non-recycled waste 2,421 955 Non-recycled waste 41 20
Waste diverted from disposal 5,805 4,698 Waste diverted from disposal 99 99
Scope: Proximus Group Scope: Proximus Group
Definitions and accounting policies
Most of our waste is collected in Belgium and Luxembourg and reported by combining internal data and direct supplier data for
the aliates Proximus SA, Proximus Luxembourg, Proximus Real Estate, Proximus NXT, PMH, and the Belgian operations of
BICS. Waste figures and categorization are mostly sourced from external suppliers.
For other aliates with only oce-related activities, we use a headcount-based estimate (pro rata, based on October 2025
headcount actuals) for oce waste to provide a Group view. For Proximus Global aliates, this waste is all categorized as
directed to disposal due to unavailable treatment data, while we assume that other domestic aliates follow the same waste
treatment as the headquarters building in Brussels. To calculate the pro rata oce waste for aliates, we use measured data
from our headquarters building in Brussels as the reference.
The definition of hazardous waste is aligned with the principles of the Waste Framework Directive (Directive 2008/98/EC).
Waste figures are calculated based on the latest available actuals (mainly October figures), extrapolated to 12 months based on
the most obvious rule per subdomain (linear extrapolation).
The total amount of non-recycled waste refers to materials that cannot be eectively recycled or reused and are therefore
incinerated (with or without energy recovery) or directed to a landfill or other disposal operations. The percentage of non-
recycled waste is calculated as the total amount of non-recycled waste compared to the total amount of waste generated in our
own operations.
Sustainability statement → Environmental information
→ Climate change → EU Taxonomy → Resource use and circular economy
Proximus Group Integrated annual report 2025128
Social information
Own workforce
Introduction
Proximus Group recognizes that its employees are fundamental to the company’s success. The Group is committed to providing
a stimulating and supportive work environment. Material sub-topics identified for the workforce include working conditions (such
as freedom of association, adequate wages, secure employment, health and safety, and work-life balance) and equal treatment
and opportunities (including diversity, inclusion, and skills development). The following sections present the Group’s impacts, risks,
and opportunities as determined by the Double Materiality Assessment (DMA), and outline the governance, strategy, policies, and
performance measures in place to manage these aspects.
The DMA ascertained that Proximus Group’s entire workforce may be aected by the material IROs identified and is considered within
the scope of disclosure. Employees are defined as “active employees on the payroll”. This includes employees working part-time, as
well as fixed-term or replacement contracts. It excludes students and subcontractors. Non-employees are defined as “contractors
hired by Proximus Group to perform work in a public area or within our own operations; contractors can be self-employed or
employees provided by a third party primarily engaged by the Group.”
More information about our reporting scope can be found in the section “General information”.
Human resources governance
Proximus Group has established a comprehensive framework that clearly defines the roles and responsibilities of the dierent
stakeholders and aligns our HR policies and practices with our values. The HR governance model also ensures consistent and high-
quality HR services and processes across the various business units and international aliates, while respecting local specificities and
needs. In practice, the HR governance model is translated into the following structure:
• The Board of Directors sets Proximus Group’s strategic direction, oversees operations, and approves key decisions based on the
Proximus Group Leadership Squad’s proposals.
• The Proximus Leadership Squad (PLS) defines the vision, mission, values, and strategic objectives, as well as the key
performance indicators and targets of the Group. The PLS also oversees the alignment of the HR strategy with the business and
monitors the progress and results of HR activities and initiatives.
• The Remuneration Committee (respectively for Domestic and International) is responsible for setting and reviewing pay,
bonuses, incentives, and other compensation for senior executives, ensuring that remuneration aligns with company performance,
shareholder interests, and good governance practices.
• The International Management Committee (IMC) and the Domestic Management Committee (DMC) are responsible for
managing the activities of the international aliates and the various business units, respectively. They ensure coordination and
collaboration among the dierent aliates and functions and the adaptation and execution of the HR strategy according to the local
context and challenges.
• Group HR comprises several departments responsible for designing, implementing, and evaluating HR policies and practices at
Group level:
» Reward team: Oversees reward strategy, compensation philosophy, and executive pay, ensuring internal fairness and market
competitiveness.
» Group Talent team: Defines the strategic framework for talent management, focusing on culture, attraction, and development.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025129
» Group HRIS & Data: Manages HR systems and data to ensure consistency, compliance, and eciency, supporting strategic HR
decisions.
» Group Prevention and Protection: Safeguards security, safety, and well-being of employees and assets through proactive risk
management and continuous improvement.
» HR Operations: Delivers core HR services, including employee services, payroll, recruitment, and learning, ensuring compliance
and eciency.
» Social Relations: Manages social dialogue and consultation with representative unions.
» Workplace Transformation: Supports workplace evolution to foster collaboration, innovation, and well-being.
» HR Consumer – Enterprise – Global – Global Corporate Center: Ensures consistent HR strategies and policies across all business
units in alignment with operational priorities.
Policies
Proximus has a large number of internal policies and standards that address the management or resolution of material incidents,
risks, and opportunities related to all of its employees, without exception. The Proximus Group Code of Conduct and the main policies
listed below are transposed and applied in all Group aliates. They are followed up by local compliance representatives under the
supervision of the Group Compliance Oce. In addition, aliates have established appropriate compliance programs to adhere to
local and sectoral laws and regulations. All policies and related procedures are available on the Proximus Group intranet, to which all
employees have access.
An overview of the main Proximus Group policies and charters can be found in the section “Business conduct”.
Human rights
As outlined in our Human Rights Policy, which has been endorsed by all aliates, Proximus Group respects the internationally
recognized human rights as set out in the Universal Declaration on Human Rights and the International Labor Organization’s Core
Conventions. In December 2023, Proximus Group formalized its long-standing commitment to the UN Guiding Principles on Business
and Human Rights by joining the UN Global Compact.
All employment with Proximus Group is voluntary. Human tracking is strictly forbidden. We do not use child or forced labor in any
of our operations or facilities. We do not tolerate any form of unacceptable treatment of workers, including but not limited to the
exploitation of children, physical punishment or abuse, or involuntary servitude. We fully respect all applicable laws establishing a
minimum age for employment to support the eective abolition of child labor worldwide.
The Human Rights Policy applies to all employees of Proximus Group, anyone doing business for or with Proximus Group, and others
acting on the Group’s behalf.
In line with our commitment to upholding internationally recognized human rights, Proximus Group integrates the following principles
into its working conditions:
• Voluntary employment: all employment with Proximus Group is voluntary; we do not engage in the use of child or forced labor in
any of our operations or facilities.
• Compliance with pay practices: Proximus Group strictly adheres to all laws and regulations regarding fair pay and the classification
of employment based on job level and status.
• Freedom of association: we respect our employees’ right to choose whether to join a trade union or to participate in recognized
employee representation.
• Freedom of opinion and expression: we uphold the right of all employees to freedom of opinion and expression, including the
freedom to hold opinions without interference and to seek, receive and impart information and ideas through any medium,
regardless of borders.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025130
Occupational health and safety
In 2025, Proximus Group created the new Occupational Health and Safety Policy that applies to all aliates. In it, we outline how we
prevent occupational accidents, injuries, and illnesses, and how we ensure safe working conditions by eliminating hazards and reducing
occupational health and safety risks through eective prevention and protection. This policy, approved by the Group Prevention and
Protection Lead, is reviewed and adapted every year. The latest version can be found on the Proximus Group intranet.
In Belgium, a specific policy addresses complaints in cases of moral or sexual harassment or violence at work. This policy applies to
Proximus operations in Belgium. Internal trusted persons and specific psychosocial prevention advisors are always available to handle
these complaints.
Proximus Group aims to align its well-being policies across the entire organization within two to three years.
Diversity, equity, and inclusion
In 2025, Proximus Group reviewed its Diversity, Equity, and Inclusion Policy to better integrate international standards while respecting
local legislation in Europe and in the rest of the world. It is applicable to all our aliates. With this policy, Proximus Group aims to
stimulate a positive and safe work environment where everyone’s authenticity is respected and valued and where all employees are
treated fairly and equally, regardless of their background. This means:
• treating all applicants and employees equally, based only on relevant competencies and objective criteria;
• promoting a mindset of respect and openness at all levels of the organization;
• demonstrating behavior free from any form of racism, intolerance, discrimination, harassment, or other attitudes likely to negatively
aect the dignity of people in the workplace;
• incorporating diversity in all aspects of our business and opposing any form of intolerance.
This policy, approved by the Group HR Practices Lead, is reviewed and adapted every year. The latest version can be found on the
Proximus Group intranet.
Compliance with diversity and inclusion (D&I) policies is critical to maintaining our commitment to an inclusive workplace. We conduct
regular analyses to ensure adherence to legal and ethical standards. The Compliance team and the Prevention and Protection team
work closely with HR to monitor adherence to these guidelines. Any breaches are addressed promptly with corrective actions, applying
the zero-tolerance principle.
Processes for engaging with own workforce
Engagement survey
Twice a year, Proximus Group organizes Speak Up surveys among all employees regarding their experiences at work, using an
internationally recognized tool. The survey run at the beginning of the year is most important. It assesses all aspects that drive their
engagement and reports on indexes relating to well-being, culture, manager eectiveness, and ambassadorship (e-NPS and NPS). At
the same time, employees can share how they feel through open questions on a voluntary basis.
The survey conducted at mid-year is a shorter version, mainly to assess the eectiveness of our actions and capture feedback from
employees on recent events or changes. The mid-year pulse survey is open to all Proximus Group employees to participate on a
voluntary basis.
All feedback helps us identify focus areas across the organization. Result highlights for Proximus Group are presented to the PLS, the
Human Resources Management Committee, and the unions. All team leaders are invited to consult detailed results of their own teams
via the online dashboard in the platform. Team leaders also analyze their team results to develop action plans together with their
teams to improve work satisfaction. Follow-up of the action implementation is done by senior management. In addition, employees are
informed about the various initiatives through the intranet and through their team leader or SPOC of their division.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025131
Remediation processes and channels to raise concerns
Proximus Group takes a proactive approach to the remediation of actual material adverse impacts that may aect employees.
Employees can report incidents through the whistleblowing channel. Incidents are thoroughly analyzed, and corrective measures are
implemented to address them eectively. To reinforce trust in these processes, we regularly update and train employees via internal
communication channels and provide clear guidelines to ensure accessibility and eectiveness.
More information on our whistleblower procedures can be found in the section “Business conduct”.
Working conditions
Context
Our approach to working conditions is rooted in respect for fundamental human rights, including safe and secure working
environments, stable employment, and adequate working time. We ensure that all employees receive fair, transparent, and
competitive wages that meet basic needs and align with legal standards and market practices.
We also place strong emphasis on social dialogue and employee engagement. Through collective bargaining, freedom of association,
and the presence of works councils, we promote open, constructive, and transparent communication between employees and
management. These mechanisms are essential to building trust and ensuring that employees have a voice in shaping their work
environment.
In a rapidly evolving and demanding business landscape, we recognize the importance of supporting our employees’ well-being and
work-life balance. We integrate dedicated action plans into our daily operations to help them manage the demands of work, family,
and personal life. Well-being at Proximus Group is not just about physical health; it also encompasses mental and emotional resilience,
social connection, and a sense of purpose at work.
Impacts, risks, and opportunities
The material impacts and risks that Proximus Group has identified for ESRS S1 “Own workforce” as a result of the DMA are considered
widespread or systemic in the contexts in which the company operates. They are the following:
Subtopic or
sub-subtopic
Description Type
Value
chain
18
Time horizon
19
Adequate wage
Providing adequate wages aligned with regional industry standards and
equal pay aligned with responsibility, experience, abilities, inflation
Actual
positive impact
Secure employment Pr
oviding secure employment to improve job stability
Actual
positive impact
Social dialogue Fr
eedom of association and collective bargaining
Actual
positive impact
Work-life balance
Negativ
e impact on employee well-being due to intense nature of work,
need for constant adaptability and AI adoption
Actual
negative impact
Health and safety
Ph
ysical (e.g., work accidents, serious robberies) and psychological (e.g.,
high workloads, third parties’ verbal aggression, and toxic leadership)
health and safety of the workforce (incl. value chain workers working on
our sites)
Actual
negative impact
Workplace aggression and unsafe conditions for customer-facing
e
mployees
Risk
18 Value chain: upstream ( ), own operations ( ), downstream ( ).
19 Time horizon: short-term (S), medium-term (M), long-term (L).
•
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
•
S M L
•
S M L
•
S M L
•
S M L
•
S M L
•
S M
Proximus Group Integrated annual report 2025132
No significant opportunities have been deemed material for the sub-topic “Working conditions”.
Strategic objectives
Our ambition is to create working conditions that promote fair employment practices, including fair pay and good social dialogue. We
respect and uphold our employees’ working rights, including the right to collective bargaining, freedom of association, the existence
of works councils
20
, and workers’ rights to information, consultation, and participation. We also ensure that they are paid fairly and
equitably, based on objective criteria and market benchmarks, and that they receive adequate benefits and rewards. We value
constructive and trust-based dialogue with our social partners, and we aim to involve them in strategic decisions and changes that
aect our organization and employees.
We strive to provide a safe, healthy, inclusive, and sustainable work environment where mental, physical, and social well-being are
prioritized. Our well-being programs encourage ownership at all levels – individuals, teams, and leaders – and include dedicated
support for reintegration after absence.
Our strategic objective is to reach an employee engagement above 75% by 2025
21
.
Actions to strengthen positive impacts
Regarding secure employment, adequate wages and freedom of association, Proximus carries out the following actions:
• Most of our employees work under permanent contracts, reflecting our commitment to stable and reliable employment. This
approach supports long-term professional development while limiting the use of temporary contracts to specific and justified
needs. By prioritizing permanent contracts, we ensure that our employment practices contribute to social cohesion and employee
well-being, while also reinforcing our ability to deliver long-term value to stakeholders.
• Our fair remuneration policies and practices, regularly updated and assessed together with external experts, benefit our workforce
and organizational attractiveness and competitiveness. Additionally, we oer a globally competitive and market-attractive Rewards
Program covering several benefits for the PLS members, the broader top management, and all employees. Proximus Group aims
to align its remuneration policies and practices across Proximus Global within two to three years. The dierent reward policies and
processes, such as merit, short-term, and long-term incentives are also being harmonized.
• Freedom of association and collective bargaining are ensured through local joint committees, which oversee compliance with
collective agreements and adapt labor policies to employee needs. Each aliate manages its own social dialogue action plan,
tailored to local laws and regulations. Co-determination matters are addressed locally, always in collaboration with trade unions and
employee representatives. Group management is involved in all major decisions to ensure alignment across the organization.
Actions to remediate negative impacts and approaches to mitigating risks
Proximus Group has adopted various measures to mitigate negative material impacts on working conditions aecting its own
employees.
Regarding work-life balance and occupational health and safety, we carry out the following actions:
• Our well-being programs encourage ownership at all levels – individuals, teams, and leaders – and include dedicated support for
reintegration after absence. Focus areas include:
» Job quality: striking the right balance between workload and available energy resources; this includes tools to reduce stress and
increase job satisfaction.
» Work relations and conflict management: positive interactions among colleagues and supervisors, and eective conflict
management, are crucial for a healthy work environment.
20 E.g., the working group on social dialogue within Proximus SA.
21 Proximus SA.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025133
» Psychosocial safety: ensuring that everyone feels mentally and physically safe, especially in customer-facing roles.
• A preventive approach to occupational health and safety is followed, with ongoing training, health campaigns, and psychosocial
support. Proximus Group ensures the health and safety of our employees by proactively identifying, assessing, and mitigating
workplace risks. We also consider the potential impacts on neighboring areas and the environment. Recognizing the diverse risks our
employees face based on their roles – such as ergonomic challenges or occupational accidents – we implement eective measures
and policies. In addition, safety standards are monitored by committees, as well as through internal and external audits.
• To maintain the protection of our customer-facing employees from armed robberies in our stores in Belgium and our internal and
external technicians doing fieldwork, we have put in place preventive measures. For security reasons, the details of these measures
remain confidential.
• To manage the risks and safety rules associated with work carried out by contractors, we have implemented several measures.
These include safety requirements annexed to each contract, regular site inspections, and frequent alignment meetings focused on
safety.
Processes to support employees in recovering from stress-related situations or burnout are not yet standardized at the Group level.
We plan to evaluate all our local initiatives within the coming year and develop a company-wide approach in line with local practices.
The specific channels available to our workforce and contractors to raise their concerns or needs are described in the section “Business
conduct”.
Performance
Employee engagement survey
The Proximus Speak Up survey targets all Proximus Group employees
22
: 17 companies in more than 30 countries, both domestic and
international, totaling more than 12,900 employees, of whom 82% responded to the survey overall. Our strategic objective was to
achieve an employee engagement above 75%
22
by 2025. This target has been met, with the employee engagement at the end of
2025 reaching 78%
23
.
(%) 2024 2025
Employee engagement 76 76
Scope: Proximus Group
Definitions and accounting policies
Employee engagement rate (%) measures how engaged employees are within Proximus Group. The engagement
performance is based on the full-year internal survey sent in January. The reported result is derived from employees who
responded positively to four selected questions, divided by the total number of respondents. Positive responses are defined
as “agree” or “strongly agree” on a five-point scale. The eectiveness of this survey, including employees’ awareness of it, is
demonstrated by a participation rate of 82%. Data are collected and consolidated automatically through the internal survey
platform and manually incorporated into the 2025 sustainability reporting process. No estimates were used.
22 Except employees engaged in Business Process Outsourcer activities in India (representing 5.9% of our employees).
23 Proximus SA
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025134
Characteristics of our employees
Our total headcount stands at 12,933 employees in 2025, down 7% from 13,862 in 2024. This evolution is partly the result of clearer
reporting definitions that ensure our figures reflect our active workforce more precisely.
Employee headcount by gender
24
Gender 2024 2025
Male 9,571 8,966
Female 4,291 3,961
Not reported 0 6
Total employees 13,862 12,933
Scope: Proximus Group
Employee headcount by countries
25
Countries 2024 2025
Belgium 10,132 9,489
Netherlands 307 261
Luxembourg 786 781
USA 257 131
Serbia 456 447
India 1,411 1,318
Colombia 243 259
Other (Malta, Singapore, Spain, etc.) 270 247
Scope: Proximus Group
Employees by contract type and gender
26
2025 Female Male Not disclosed Total
Number of employees (headcount) 3,961 8,966 6 12,933
Number of permanent employees (headcount) 3,920 8,864 6 12,790
Number of temporary employees (headcount) 41 102 0 143
Number of non-guaranteed hours employees
(headcount)
0 0 0 0
Scope: Proximus Group
24 There is no “other” category because Proximus Group is reporting data from countries where it is not legally possible for persons to register themselves as
gender-neutral.
25 The countries listed are those where Proximus Group has more than 50 employees.
26 There is no “other” category because Proximus is reporting data from countries where it is not possible for persons to legally register themselves as
gender-neutral.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025135
Workforce turnover 2024 2025
Employee turnover (headcount) 1,356 1,738
Employee’s rate turnover (%) 10 13
Scope: Proximus Group
Definitions and accounting policies
Number of employees: Employee data are based on records from Proximus Group’s registration systems. The number
of employees is determined as the number of active employees on the company’s payroll at the end of the period. These
numbers include part-time and fixed-term/replacement contract employees but exclude employees with a dormant
contract, employees with a long-term illness, students, and subcontractors. We do not report an organization-wide average
for this indicator.
Permanent employees: the headcount of employees with a permanent contract as of December 31.
Temporary employees: the headcount of employees with a temporary contract as of December 31.
Non-guaranteed hours employees: the headcount of employees without a guarantee of a minimum or fixed number of
working hours as of December 31.
Turnover: The number of employees (headcount) who left the company during the reporting period. This number includes
all types of departures (voluntary or not, end of contract, retirement). The rate is calculated by dividing the number of leavers
during the reporting period by the number of employees at the end of the reporting period.
These metrics are reported monthly by HR and integrated in the annual sustainability reporting process. No estimate has
been made.
More information on our control procedures can be found in the subsection “Basis of preparation”.
Remuneration
Since 2021, we have conducted annual gender pay equality assessments
27
, which have consistently demonstrated that any pay
dierences between female and male employees are not the result of discriminatory pay practices. Instead, these dierences are
primarily attributable to a higher proportion of women working part-time compared to men. Between 2024 and 2025, the gender pay
gap has remained consistent, reflecting the absence of significant wage restructuring during the period.
(%)
2024 2025
Gender pay gap 6 6
Scope: Proximus Group
In addition to our ongoing assessments, Proximus Group is proactively engaging in a more comprehensive pay equity analysis in
preparation for the upcoming EU Pay Transparency Directive. This directive aims to enhance transparency in pay structures and
promote gender pay equity across the EU. However, as the directive has not yet been transposed into Belgian law, there are still
uncertainties regarding the specific comparison criteria required to ensure objectivity and accuracy in our analyses.
To navigate these complexities, we are working closely with our Legal department and plan to seek external expertise to ensure full
compliance with the directive once implemented. This proactive approach underscores our commitment to transparency, fairness, and
the continuous improvement of our pay equity practices in line with evolving EU regulations.
27 Only for all employees who have a contract with Proximus SA.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025136
Definitions and accounting policies
The gender pay gap, defined as the dierence in average pay levels between female and male employees, is expressed as a
percentage of the average pay level of male employees. No estimation has been made.
2024 2025
Total remuneration ratio 22 17
Scope: Proximus Group
The remuneration ratio portraying the gap between the CEO’s remuneration and the median remuneration of Proximus Group’s
employees was equal to 17 in 2025. The decrease between 2024 and 2025 is attributable to the nomination of a new CEO: the former
CEO’s package included, as from 2024, an additional annual remuneration of €400,000 gross for his international responsibilities.
Definitions and accounting policies
The remuneration ratio compares the total target remuneration package of the CEO (Stijn Bijnens) – including base pay,
variable pay, group insurance, and benefits – against the median total target remuneration of Proximus Group employees,
excluding employer social contributions and exceptional shares. Estimates were applied for employees to reflect premiums
and “other benefits”. The CEO's package used in this calculation is extrapolated to a full 12-month period, with the annual
bonus included.
Adequate wage
Within Proximus Group, all employees are paid adequate wages in line with applicable benchmarks, local regulations, and market
conditions.
Definitions and accounting policies
At Proximus Group, we ensure that every employee receives at least the legal minimum wage applicable in their country
of employment. We compare each employee’s monthly gross pay against the ocial minimum wage in their country, using
reliable sources such as Eurostat. This metric identifies employees whose pay falls below the legal threshold, ensuring
compliance with local legislation.
Collective bargaining coverage and social dialogue
(%) 2024 2025
Employees covered by collective bargaining
agreements
90 91
Scope: Proximus operations with the European Economic Area (EEA)
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025137
Coverage rate
Collective bargaining coverage
Employees (EEA)
Social dialogue
Workplace representation (EEA only)
0-19% Netherlands
20-39%
40-59%
60-79%
80-100% Belgium, Luxembourg Belgium, Netherlands, Luxembourg
Scope: Proximus operations with the European Economic Area (EEA)
Definitions and accounting policies
The rate of employees covered by collective bargaining agreements has been calculated based on the principle that when
a collective agreement is signed, it applies to all employees working for the Proximus Group entity (except executives and
senior management). The Group figure is calculated for all countries within the European Economic Area (EEA). Proximus
Group operates across multiple EEA countries; however, it has significant employment in Belgium, the Netherlands, and
Luxembourg.
Outside the EEA, Proximus Group only has more than 50 employees in the United States, Serbia, India, and Colombia.
The social dialogue rate has been calculated based on the total number of employees working in the main headquarters with
employee representatives in the countries where Proximus Group has more than 50 employees: Belgium, the Netherlands,
and Luxembourg.
Complaints and severe human rights impacts
No severe human rights incidents related to Proximus Group’s workforce were reported through existing channels in 2025.
This means there were no reports of forced labor, human tracking, or child labor, nor any violations of the UN Guiding Principles
on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for
Multinational Enterprises.
To date, Proximus Group has not received any fines or penalties related to severe human rights incidents.
(#) 2024 2025
Employees’ complaints related to human rights 1 0
Scope: Proximus Group
Definitions and accounting policies
Employees have various internal channels through which they are encouraged to report suspected violations or concerns.
These include management, HR, the Prevention and Protection department, the Data Protection Ocer, and the Ethics and
Compliance Ocer. The employee complaints related to human rights matters are consolidated through Proximus Group’s
2025 sustainability reporting process, based on current processes and procedures. We are working on aligning our internal
governance and reporting processes within the next two to three years.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025138
Work-life balance
(%) 2024 2025
Employee well-being 79 80
Scope: Proximus Group
Definitions and accounting policies
Employee well-being (%) is measured through the full-year survey sent in January. Employees are encouraged to complete
the survey to provide insights into workplace well-being. The reported result is derived from employees who responded
positively to seven selected questions, divided by the total number of respondents. Results are discussed with the PLS and
IMC, management, and unions. The eectiveness of this survey, including employees’ awareness of it, is demonstrated by
a participation rate of 82%. Data are collected and consolidated automatically through the internal survey platform and
manually incorporated into the 2025 sustainability reporting process. No estimates were used.
Health and safety
In 2025, no fatalities resulting from work-related injuries or work-related ill health were reported for our own workforce through our
established reporting channels.
For other workers operating on our premises, no fatalities resulting from work-related injuries were reported. Due to legal restrictions
that currently prevent Proximus from accessing health-related data, we are unable to report on fatalities specifically attributable to
work-related ill health for these workers.
(%) 2024 2025
Employees covered by a health and safety management system 100 100
Scope: Proximus Group
Definitions and accounting policies
Health and safety management systems applied within our aliates are based on local legal requirements. Although the
processes and procedures for risk assessment, evaluation, and control vary from country to country, as the national legal
requirements dier, all employees are covered by Proximus Group health and safety policy. The data is collected through the
annual sustainability reporting process. No estimate has been made.
Work-related accidents 2024 2025
Employees’ work-related accidents (number) 67 60
Employees’ work-related accidents (%) 3.3 3.0
Scope: Proximus Group
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025139
Definitions and accounting policies
Work-related accidents are defined as occupational accidents that occur during the execution of work for the employer. The
reported 2024 figures include accidents approved by the insurance between January 1, 2024, and December 31, 2024. To
improve the completeness and the accuracy of the reported data, we changed this year the reporting period to November 1,
2024, and October 31, 2025
28
. Accidents occurring on the way to and from work are not included.
The employee work-related accident rate (%) represents the number of respective cases per one million hours worked. The
working hours are based on real data for 60% of our total workforce. Estimates derived from the headcount of October 31,
2025, were made for the remaining workforce.
Equal treatment and opportunities
Context
Since Proximus Group operates in an environment that reflects the broader society, our actions have a meaningful impact beyond
the workplace. This is why prioritizing diversity and inclusion is essential to us. Diversity encompasses the unique characteristics that
make each individual distinct, such as race, gender, age, sexual orientation, disability, cultural background, or any other characteristic
protected by law.
Inclusion is about the deliberate cultivation of an environment where these dierences are not only acknowledged but leveraged,
ensuring that every employee feels valued, respected, and empowered to contribute to their fullest potential, driving innovation,
creativity, and a deeper connection with the diverse communities we serve.
In parallel, the high speed of technological evolution makes it essential for our employees to keep up to date. This is why we stimulate a
culture of continuous learning and development, ensuring that every employee can upskill and reskill to excel in their current role and
adapt to future challenges. This topic has been defined as appropriately investing in the workforce to ensure that the company keeps
innovating, maintains talent attractiveness, and ensures that employees remain motivated.
Impacts, risks, and opportunities
The material impacts identified by Proximus Group for ESRS S1 “Own workforce” as a result of the DMA are considered widespread or
systemic in the contexts in which the company operates. They are the following:
Subtopic or
sub-subtopic
Description Type
Value
chain
29
Time horizon
30
Diversity
A diverse and inclusive workforce results in employee satisfaction,
improved decision-making, talent attraction and retention, improved
cultural understanding and innovation
Actual positive
impact
The lack of a gender diverse leadership team leads to lower
p
erformance, low retention
Potential negative
impact
Training and skills
development
Talent attraction due to inclusive work environment and healthy team
dynamics
Opportunity
•
By fostering employee development, especially in new technologies, we
increase the long-term employability of our employees
Potential positive
impact
Shortage of talent in digital and technological skills lead to critical talent
gap
s, productivity loss, higher turnover; short-term decisions neglecting
workforce impacts can erode employee engagement, institutional
knowledge, and social cohesion
Risk
28 The numbers include also all the reported accidents for the 5.9% employees that are not covered by accident insurance.
29 Value chain: upstream ( ), own operations (
•
), downstream ( ).
30 Time horizon: short-term (S), medium-term (M), long-term (L).
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
•
S M L
•
S M
M
•
S M L
•
M L
Proximus Group Integrated annual report 2025140
Strategic objectives
Diversity and inclusion
We are committed to increasing the diversity of our workforce and the representation of women in top management functions,
ensuring equal career opportunities and providing an inclusive working environment. We celebrate diversity in terms of gender, age,
cultural background, disability, sexual orientation, and other legally protected characteristics.
Our diversity and inclusion goals are anchored around six key pillars, which target specific groups at risk of vulnerability within our
workforce:
• gender: promoting women at all levels, especially in digital and technical functions;
• generations: taking specific initiatives for inclusion of all generations, with a focus on employees aged over 50;
• diversability: employing individuals with disabilities and neurodivergent traits, while promoting awareness of their unique
challenges;
• LGBTQIA+: defining clear measures for the inclusion of colleagues from the LGBTQIA+ community;
• ethnicities: making employees aware of unconscious biases and strengthening their sense of belonging to our community;
• equity: ensuring gender equality and equal opportunities in the workplace through inclusive processes and equality policies.
Our strategic objective is to reach an inclusion index of 85% by 2025 for Proximus.
As we will increasingly rely on AI and technology in various aspects, mitigating biases inherent in these systems poses a challenge.
In the next three to five years, we will focus on regularly training employees on unconscious bias and cultural diversity. Additionally,
we will introduce a biannual Diversity & Inclusion certification, organize roundtables on diversity, and keep launching communication
campaigns to raise awareness.
Training and skills development
We foster a culture of continuous learning to ensure employees can upskill and reskill for current and future roles. This approach
supports innovation, agility, and long-term employability in a fast-evolving digital economy.
Our goals are anchored around two pillars:
• strategic workforce planning;
• skills management.
Proximus Group’s Strategic Workforce Planning program serves as a cornerstone for its talent management strategy. It allows
the company to forecast and prepare for future needs in terms of recruitment, skill enhancement, and reskilling, ensuring that the
workforce remains robust and capable of meeting new challenges. This foresight enables Proximus Group to remain resilient in the
face of industry shifts and to cultivate a workforce that is both diverse and proficient.
The transformation of Proximus Group into a skills-based organization underscores its dedication to aligning employee talents with
its strategic objectives. This is crucial for the company to achieve its goals and maintain a competitive edge. It also demonstrates
a commitment to the personal and professional development of its employees, fostering an environment where learning and
development are integral to the organizational ethos. In essence, Proximus Group is not just preparing its employees for the future; we
are shaping the future of the workplace itself, fostering an environment that encourages continuous improvement and learning, which
is essential for both individual growth and organizational success.
Our 2025 objective is to ensure that 95% of employees
31
have participated in at least five days of training within the year.
31 Proximus SA
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025141
Actions to strengthen positive impacts and approaches to mitigating risks and pursuing
opportunities
Proximus Group acknowledges the interdependences between the material impacts, risks, and opportunities related to the sub-
subtopics “Diversity” and “Training and skills development”. Therefore, the actions listed in this section generate positive impacts while
mitigating risks and contributing to pursuing opportunities.
Regarding diversity, Proximus Group carries out the following actions:
• Integrating a D&I mindset: Diversity and inclusion are embedded at all organizational levels. The D&I team leads the strategy, but
employee engagement is central, supported by training, discussion groups, and an open D&I community. Managers are responsible
for implementing D&I practices within their teams, with mandatory and specialized training provided for all employees. D&I is
reinforced through regular communications, events, and campaigns, ensuring it remains a visible part of our culture.
• Stakeholder engagement: We actively engage stakeholders through surveys, training, and discussion groups to ensure our
D&I initiatives reflect the needs of employees, customers, and partners. Participation in external programs (such as Open@
Work, IAmRemarkable, and Women on Board) and diversity networks keeps us aligned with industry best practices. In 2025, we
introduced guidance for employee communities, launching Think Proud to support LGBTQIA+ colleagues and allies.
• Diversity within technical roles: All our D&I goals are supported by specific action plans at a domestic level. First, to recruit 30%
of women with university degrees in digital and technical roles by the end of 2025. We achieved this target and we will renew it in
2026. We implemented recruitment campaigns aimed specifically at women graduates, particularly in STEM fields, and attracted
female candidates through internships, and networking opportunities (such as job fairs and Wikithon).
• Diversity and inclusion training: We implemented a mandatory diversity and inclusion e-learning module for all employees within
Benelux, covering topics such as unconscious bias, discrimination, or non-compliance with our policy. This training will be reworked
and extended to all Group aliates in 2026 to ensure consistency and shared understanding across our international teams.
• Promoting inclusion and raising awareness: We run regular campaigns and events, including a D&I awareness week focused
on neurodiversity, to foster an inclusive environment and support all employees. We also trained our recruitment team to better
support neurodivergent candidates and confirm our position as an inclusive employer.
Regarding training and skills development, Proximus Group carries out the following actions:
• Reskilling tracks - Strategic Workforce Planning: Proximus Group analyzed both present and future market trends and
challenges from 2024 to 2027. We identified over 15 distinct factors influencing our workload, anticipating both increases and
decreases in demand for specific work in the future. This process helped us identify the activity domains where we anticipate an
excess of resources and those facing a potential resource gap in the coming years. The scope of the exercise included Proximus SA
and the domestic aliates.
• Learning: Our priority is to ensure all employees remain skilled and future-ready. In 2025, we streamlined our training portfolio and
strengthened partnerships with external providers to address evolving business and technology needs. Training topics are aligned
with our skills management priorities, including stakeholder management, change management, assertiveness, and emerging areas
such as data science, AI, cybersecurity, and cloud technologies. Employees have access to online courses and conferences on AI, as
well as initiatives to raise awareness of the value and risks of generative AI.
• Leadership development: The annual Booster program focuses on a key leadership skill each year, such as change management
for 2025. The Deep Dive program allows leaders to develop targeted skills in areas like team functioning, context creation, or future
readiness. New team leaders benefit from tailored onboarding, and all employees are encouraged to participate in the Live My Life
experience to better understand colleagues’ roles and daily realities.
• Driving AI Awareness and Capability Building: In 2025, as part of our Embrace the Future program, Proximus Group
strengthened its commitment to innovation by embedding AI into its culture and learning ecosystem. Through initiatives such as
inspirational AI talks, immersive visits to The Flax - House of AI, and interactive events like the Promptathon, we inspired curiosity
and engagement across the organization. Our Building the Future 2.0 training tracks focused on generative AI and cyber resilience,
complemented by workshops on critical thinking and advanced prompting techniques. To support adoption, we continued hands-
on Copilot M365 enablement programs, initiated the development of a personalized guidance tool, and brought our experienced
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025142
change managers into our internal AI projects. Knowledge resources expanded with the distribution of over 300 AI-related books
and enhanced access to expert content via the O’Reilly elibrary. These eorts reflect our ambition to equip employees with the skills
and adaptive mindset to embrace fast-emerging technologies and drive sustainable growth.
Actions to remediate negative impacts
Achieving gender parity in leadership remains a significant challenge for Proximus Group, as it does across the broader telco and
IT sectors. These industries have traditionally been male-dominated, particularly in technical and executive roles, and intense
competition for the limited availability of female talent in technical and leadership roles continues to slow progress toward gender
balance in leadership.
Recognizing these challenges, Proximus Group has set a clear ambition to strengthen gender balance at executive levels. Through
targeted succession planning, robust assessment frameworks, and dedicated leadership development initiatives, we are working to
build a more diverse leadership pipeline.
Our targeted succession planning has delivered measurable progress. In 2025, 101 successors were nominated across the Group,
with 44% being women—doubling the previous year’s representation. Furthermore, 19% of these nominations were cross-business,
broadening leadership perspectives and strengthening organizational resilience. These outcomes reflect our commitment to building
a diverse and future-ready leadership pipeline.
Performance
Diversity and inclusion
Workforce by gender in the top management
Our bold2025 objective was to increase the representation of women in top management functions,
32
Starting from a baseline of 24%
in 2023, female representation reached 22% in 2025. Although this reflects a marginal decline in a highly competitive talent market,
we remain committed to strengthening our leadership pipeline and pursuing sustained progress toward greater gender balance at the
highest levels.
The increase in reported top management positions, from 178 in 2024 to 220 in 2025, reflects the inclusion of Proximus Global’s
leadership population for the first time.
Workforce by gender in the top
management (headcount)
2024 2025
Workforce by gender in the top
management (%)
2024 2025
Male 134 172 Male 75 78
Female 44 48 Female 25 22
Not declared 0 0 Not declared 0 0
Total 178 220
Scope: Proximus Group
Scope: Proximus Group
Definitions and accounting policies
Top management is defined as the executives that are part of the Group Leadership Team. The reported figures are based on our
internal employee database of the extended leadership team. No estimate has been made.
32 Proximus SA
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025143
Workforce by age group
Workforce by age group (headcount) 2024 2025
Under 30 2,247 1,675
Between 30 and 50 years old 6,716 6,675
Over 50 years old 4,899 4,583
Total 13,862 12,933
Scope: Proximus Group
Definitions and accounting policies
The workforce by age group is reported monthly by HR and integrated in the annual sustainability reporting process. No estimate
has been made.
Discrimination and harassment
To date, Proximus Group has not received any fines or penalties related to discrimination and harassment cases. This is based on the
current processes and procedures in place. Measurement uncertainty may arise due to dierences between local regulations. We are
working on aligning our internal reporting processes at the Group level in the next two to three years.
(#) 2024 2025
Incidents of discrimination and harassment 5 2
Scope: Proximus Group
Definitions and accounting policies
Employees have various internal channels through which they are encouraged to report incidents of discrimination. These include
management, HR, and the Prevention and Protection department. The Prevention and Protection department is responsible for
all complaints related to violence at work, moral or sexual harassment, and discrimination.
Employee inclusion
(%) 2024 2025
Employee inclusion 85 85
Scope: Proximus Group
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025144
Definitions and accounting policies
Employee inclusion rate (%) is measured through the full-year survey sent in January. Employees are encouraged to complete the
questions of the Speak Up survey, which provides insights into how well the company fosters an inclusive environment where fair
treatment is ensured for all; the extent to which employees feel safe to be their authentic selves; whether there is a strong sense of
belonging and connection to the organizational community; and whether employees feel respected by peers and leadership.
By measuring perceptions in these four areas, the company can assess the overall inclusiveness of its workplace culture and
identify areas for improvement. The reported result is derived from employees who responded positively to four selected
questions, divided by the total number of respondents. Results are discussed with the PLS and management. The eectiveness
of this survey, including employees’ awareness of it, is demonstrated by a participation rate of 82%. Data are collected and
consolidated automatically through the internal survey platform and manually incorporated into the 2025 sustainability data
reporting process.
Training and skills development
Our 2025 objective is to ensure that 95% of employees
33
have participated in at least five days of training within the year. While
we did not fully achieve the 95% bold25 objective, we made substantial progress: 90% of employees completed at least five days
of training, supported by an investment of 45.9 million and an average of 65.6 training hours per employee
33
. This reflects our
strong commitment to continuous learning and workforce development. The reported figures primarily reflect Proximus SA, which
represents more than 60% of our workforce. For the Group as a whole, the average training time was 44 hours per employee. While
this demonstrates strong progress towards our learning objectives, we acknowledge that further eorts are required to ensure
consistent participation across all aliates.
(#) 2025
Average training hours 44
Scope: Proximus Group
Definitions and accounting policies
The average training hours are defined as the average of the training hours completed by our employees within the internal
learning platform provided by Proximus. The training hours are collected through the annual sustainability data reporting process.
The average training hours are calculated based on the total number of hours extracted from the internal learning platform and
divided by the number of employees at the end of the reporting period (headcount).
33 Proximus SA
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025145
Workers in the value chain
Introduction
Context
The telecommunications industry operates through vast and complex global supply chains that span infrastructure deployment,
device manufacturing, IT services, and customer support. As a sector deeply reliant on outsourced labor and subcontracting, it faces
heightened exposure to human rights risks – ranging from unsafe working conditions and forced labor to limited access to grievance
mechanisms. These risks are particularly salient in upstream activities such as network installation and device assembly, where
visibility and control are often limited.
Types of workers in the value chain
Proximus Group’s supply chain is managed by the Group Procurement team and spans around 3,470 suppliers across 52 countries.
The spend is dedicated to purchasing goods and services, with significant allocations to fixed and mobile network installation and
activation for the roll-out and maintenance of Proximus’ fiber and copper networks (26%), to mobile devices (13%), and to IT services
(12%). Proximus does not operate manufacturing facilities.
We have identified the dierent types of workers who may be at risk in our value chain:
• Workers employed by product suppliers (e.g., device manufacturing such as routers and mobile phones) and by civil works and
service providers engaged in network deployment. These roles can involve hazardous activities such as working at heights or
working with electricity.
• Workers involved in civil works, network maintenance, and technical field services. These activities carry operational risks,
particularly in environments requiring physical intervention and compliance with strict safety standards.
• Customer-facing roles such as call center employees and maintenance technicians. These workers may be exposed to psychosocial
risks, including stress from high workloads and limited autonomy, as well as ergonomic risks in repetitive tasks.
Engagement channels with workers in the value chain
Proximus Group engages with value chain workers primarily through its membership of the Joint Alliance for CSR (JAC), which
serves as the Group’s main channel for indirect engagement. As the company does not directly employ value chain workers, it relies on
JAC’s engagement program, which includes:
• Mobile Workers’ Surveys (MWS): employees are asked to complete these anonymous surveys using a mobile device or similar
technology; they cover topics such as human rights and health and safety, providing insights into employee treatment and helping to
validate audit results.
• On-site audits: independent third-party auditors conduct audits using JAC’s Sustainability Supply Chain Guidelines.
• JAC Supplier Forum: a platform within JAC’s framework where JAC members, suppliers, and stakeholders from the ICT industry
meet to discuss relevant topics, share best practices, and recognize suppliers and their tiers who are working with members.
• Supplier recognition and awards: a process within the JAC Supplier Forum that formally acknowledges suppliers who have
completed audits and assessments within JAC’s framework and met the requirements of the JAC Audit Sustainability Guidelines
and regulations.
More information on JAC is provided in the subsection “Our due diligence approach”.
Proximus Group also applies structured processes to manage and engage with workers in its value chain. Subcontracting is limited to a
maximum of two levels, supported by an on-boarding tool developed by the Group and overseen by HR. This tool facilitates checks on
reputation, compliance with social legislation, solvency, and certification; it also documents the subcontracting chain.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025146
Engagement includes regular monitoring of operational KPIs and site audits adapted to the nature of activities, such as contact
centers and field technicians. For technical roles, certification processes are implemented for internal and external partners, covering
technical knowledge, work practices, and safety requirements. Where applicable, teams hold VCA certification, which promotes health,
safety, and environmental standards. Partner managers oversee contractual execution and maintain ongoing dialogue. Partners
also participate in scheduled communication sessions at both strategic and operational levels to ensure clarity on objectives and
expectations.
Process to raise concerns
Proximus Group has established secure and confidential whistleblowing channels that are accessible to both internal and external
stakeholders, including workers within its value chain. These channels are designed to ensure that any individual, whether employed
directly by the company or working for a supplier or subcontractor, can report concerns related to human rights violations, unethical
conduct, or breaches of internal policies.
Impacts, risks, and opportunities
The material risks that Proximus identified for ESRS S2 – “Workers in the value chain” as a result of the DMA are presented in the table
below.
Subtopic or
sub-subtopic
Description Type
Value
chain
34
Time horizon
35
Engagement with workers
in the value chain section
Suspected or confirmed human rights violations in the supply chain
(including child labor, forced labor, discrimination, social fraud, or unfair
working conditions)
Risk
No significant impacts or opportunities have been deemed material under ESRS S2 “Workers in the value chain”.
Resources and responsibilities
Proximus Group’s due diligence framework is managed by the Procurement department in collaboration with the Compliance
department and the Prevention and Protection department. The Procurement team oversees our membership in JAC, while the
Compliance team and the Prevention and Protection team ensure that any reports or suspicions of violations are handled in the most
appropriate way, depending on the nature of the issue.
More information can be found in the section “Business conduct”.
Strategic objectives
Proximus Group is committed to upholding internationally recognized human rights across its entire value chain. This commitment
is embedded in our Human Rights Policy, which is endorsed by all legal entities within the Group and aligned with the UN Guiding
Principles on Business and Human Rights, the ILO Core Conventions, and the OECD Guidelines for Multinational Enterprises.
Over the coming years, Proximus Group will strengthen its human rights due diligence framework across the value chain. This includes
conducting a comprehensive human rights risk assessment at the Group level and reassessing internal governance and our capacity to
ensure readiness for the Corporate Sustainability Due Diligence Directive (CSDDD).
No specific measurable target has been defined for 2025.
34 Value chain: upstream ( ), own operations ( ), downstream ( ).
35 Time horizon: short-term (S), medium-term (M), long-term (L).
•
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
S M
Proximus Group Integrated annual report 2025147
Policies
Our Human Rights Policy applies to all workers within our value chain. Proximus Group respects all internationally recognized human
rights as set out in the Universal Declaration on Human Rights and the International Labor Organization’s Core Conventions. We do not
tolerate any unacceptable treatment of workers, including but not limited to the exploitation of children, physical punishment or abuse,
human tracking, or involuntary servitude. We fully respect all applicable laws establishing a minimum age for employment and
support the eective abolition of child labor worldwide.
We communicate our values and the behavior we expect from external employees and business partners through our Supplier Code
of Conduct, which is based on the Ten Principles of the UN Global Compact. The Supplier Code of Conduct has been part of every new
and extended contract since 2021. It is also integrated into our General Terms and Conditions, thus endorsed by every purchaser. The
policy is available on our corporate website. The Group Procurement Lead is accountable for its implementation.
Proximus Group also has a comprehensive health and safety policy that extends to subcontractors. This policy obligates all
subcontractors to comply with applicable occupational safety laws and regulations, as well as Proximus Group’s policies.
More information can be found in the section “Health and safety”.
Actions to mitigate risks
Critical suppliers
Among all suppliers holding contracts with Proximus Group, critical suppliers have been identified as tier 1 suppliers based on their
annual spend and long-term relevance, such as whether they are likely to remain suppliers over the next five years. We are planning
to harmonize our procurement processes within the next two to three years. The Group has a total of 3,470 suppliers, of which the top
250 represent 80% of total spend. These suppliers are classified into high, medium, or low criticality levels to guide Proximus Group's
sustainability engagement and audit priorities.
Proximus Group has also partnered with Dow Jones and GraydonCreditsafe to monitor and assess suppliers in its supply chain for
sanctions imposed by legal obligations to which the Group is subject. All active suppliers and partners (approximately 9,200) are
screened regularly, as are new suppliers during their onboarding.
Awareness
By signing the Supplier Code of Conduct, suppliers formally commit to its principles. They are expected to have a policy and due
diligence processes in place to identify, prevent, mitigate, and address any potential adverse human rights impacts they may cause or
be linked to.
How we incorporate ESG criteria into our supplier selection processes
Proximus Group partners with EcoVadis, a globally recognized assessment platform that rates businesses’ sustainability, to manage its
ESG risks and compliance. EcoVadis assesses suppliers’ performance based on their environmental management practices, labor and
human rights standards, ethics, and procurement practices.
We require an EcoVadis scorecard as a prerequisite for every candidate in our tenders. These score cards need to be no more than
three years old and have a minimum score of 45. Critical suppliers are required to undergo a validated evaluation by third-party
assessment organizations, typically through EcoVadis self-assessments or equivalent processes.
Salient human rights risks
In 2023, we conducted an analysis to identify the salient human rights issues across our supply chain main categories by highest to
lowest saliency. The table below reflects the potential (inherent) risks that specific human rights may be impacted by activities in our
upstream supply chain, not actual findings of human rights violations.
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→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025148
Contact centers
Facility services
IT services
and FLECS
Network installation
and activation
Logistics
IT infrastructure
Mobile devices
Home devices
and platforms
Access network
Core network
Network material
Child labor
● ● ● ● ● ● ● ● ● ● ●
Forced labor*
● ● ● ● ● ● ● ● ● ● ●
Occupational health & safety
● ● ● ● ● ● ● ● ● ● ●
Working conditions
● ● ● ● ● ● ● ● ● ● ●
Discrimination and harassment
● ● ● ● ● ● ● ● ● ● ●
Freedom of association and
collective bargaining
● ● ● ● ● ● ● ● ● ● ●
Land, community, and indigenous
rights; FPIC
● ● ● ● ● ● ● ● ● ● ●
Right to adequate standard of
living
● ● ● ● ● ● ● ● ● ● ●
Right to health and a healthy
environment
● ● ● ● ● ● ● ● ● ● ●
Right to life, liberty, and security
● ● ● ● ●
● ● ● ● ● ●
Right to privacy
● ● ● ● ● ● ● ● ● ● ●
Access to remedy
● ● ● ● ● ● ● ● ● ● ●
Legend:
High saliency
Medium-high saliency
Medium-low saliency
Low saliency
Not identified for the category
* assessed on the basis of presence of indicators of forced labor as well as reported cases of forced labor in the relevant sectors.
Proximus Group views its suppliers as partners and cares about the way they do business. To reflect our principles in an increasingly
complex environment, we have adapted our Supplier Code of Conduct. These principles allow us to forge ahead with our long-term
vision, helping us to be a company committed to the development of society and the care of the planet.
Through JAC’s Human Rights working group, we focus on collaborating with suppliers and other stakeholders to identify, analyze,
evaluate, prioritize, mitigate, and control potential human rights risks in the supply chain.
More information on our collaboration with JAC can be found in the subsection “Our due diligence approach”.
Methodology and limitations
The methodology underpinning the salient human rights identification process is based on the key internationally accepted reference
points for human rights management: the UN Guiding Principles on Business and Human Rights and the OECD Due Diligence
Guidelines for Multinational Enterprises.
This assessment focused on the global supply chain of Proximus Belgium’s activities, which comprises 11 supplier categories, including
both suppliers of goods and services. The categories were identified based on their relevance as goods and services supporting our
core activities in Belgium, as well as based on their human rights risk profile.
The process was conducted at the supply chain level, excluding considerations of human rights risk in our own operations and
detailed considerations at the individual supplier level. The identification of risks was limited to inherent risks, excluding therefore any
consideration of existing management responses, plans, or programs and their eectiveness (residual risks).
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→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025149
Our due diligence approach
Joint Alliance for CSR (JAC)
Proximus Group is an active member of the JAC initiative, a global alliance of telecom operators that monitors, assesses, shares, and
develops sustainability practices for their suppliers through risk audits, assessments, and surveys. Currently, JAC encompasses a total
of 31 telecom operators, together representing more than 50% of worldwide telecom turnover.
In 2025, 151 dierent types of audits were conducted, including Mobile Workers’ Surveys on-site, covering a total of 12,552 workers.
JAC conducts ongoing human rights due diligence within key supply chains to monitor and respond to potential violations and
grievance mechanisms in line with the United Nations Guiding Principles on Business and Human Rights (UNGPs). Additionally, JAC
is actively involved in the decarbonization of telecommunications supply chains by aligning member demand for more circular and
ecient products.
As a member of JAC, we collaborate on on-site audit operations by performing our share of audits under a common auditing
methodology. The JAC audit process is a coordinated on-site audit and supplier development program in the area of Corporate Social
Responsibility (CSR) based on a common verification, assessment, and development methodology. It includes follow-up on corrective
action plans. Proximus Group has the responsibility to lead a complete audit process with a minimum of five suppliers. By conducting
audits and surveys with JAC, we aim to contribute to the overall improvement of sustainability practices and ethical standards across
the ICT industry, fostering a collaborative and responsible approach among stakeholders.
Furthermore, through Sphera Proximus supply chain risk management tool, Proximus Procurement team monitor our top 500
suppliers and their aliates on labor practices and human rights. No confirmed severe human rights incidents
36
connected to Proximus
workers in the value chain were reported through the existing channels in 2025. No cases of non-compliance with the United Nations
Guiding Principles on Business and Human Rights (UNGPs), the ILO Declaration on Fundamental Principles and Rights at Work, and
the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct involving consumers or end-users were identified
through the existing channels in the downstream stages of Proximus’ value chain.
Compliance controls
All our control procedures are presented in the section “Business conduct”.
Remedies
Employees and suppliers are encouraged to be vigilant for any evidence of human rights violations within our direct operations
or those of our business partners, and to report any suspected infringement. If, for any reason, this is not possible or appropriate,
infringements can be reported via the whistleblowing channels or the Proximus Group Compliance Oce.
More information on our whistleblowing procedure and how it is monitored can be found in the section “Business conduct”.
As stated in the Supplier Code of Conduct, if a supplier violates our policies, Proximus Group reserves the right to temporarily suspend
the business relationship or terminate it, if necessary, without the supplier being entitled to compensation.
Performance
Outcome of the collaboration with JAC
(%) 2024 2025
Spend at suppliers submitted to on-site audit
operations
23 13
Scope: Proximus Group
36 The severe human rights incidents in scope for the purpose of this disclosure refer to substantiated breaches of internationally recognized human rights.
Incidents considered include cases subject to litigation or formal complaints lodged through Proximus whistleblower procedure.
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→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025150
Definitions and accounting policies
The percentage of spend at suppliers submitted to on-site audits with JAC is calculated as follows:
- common JAC audited tier 1 suppliers are compared to Proximus Group’s supplier base;
- the invoiced spend of the identified suppliers is divided by the total Proximus Group spend, resulting in the percentage of spend
with suppliers and their tiers audited on-site.
The number of on-site audit operations according to the JAC methodology is based on the information provided by the 2025 JAC
Annual Report. No estimates or assumptions have been made for these metrics.
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→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025151
Aected communities
Context
One of the key strategic ambitions of Proximus Group’s bold2025 strategy is the nationwide roll-out of fiber and 5G in Belgium. These
operations inevitably have environmental and social impacts on local communities. We acknowledge that they may cause nuisances
for inhabitants, which is why we have put in place a range of actions to reduce negative impacts and strengthen communication with
those aected.
Aected communities are defined as the residents of Belgian cities and municipalities where Proximus carries out deployment works.
Within these communities, two main stakeholder groups are identified: regional and city authorities on the one hand, and citizens on
the other.
Impacts, risks and opportunities
The material impact that Proximus identified for ESRS S3 – “Aected communities” as a result of the DMA is presented in the table
below.
Subtopic or
sub-subtopic
Description Type
Value
chain
37
Time horizon
38
Communities’ economic,
social and cultural rights
Network roll-out and old infrastructure replacement lead to temporary
inconveniences (e.g. civil works, restricted home access) and contribute to
visual pollution, disturbing local communities
Actual negative
impact
S M L
Resources and responsibilities
The most senior role within Proximus Group with operational responsibility for engaging with aected communities is the Network
Stakeholder Management Lead. The Lead ensures that the engagement is eective and that the feedback from these communities
informs Proximus’ approach.
Responsibilities include:
• defining, enabling, and leading the implementation of the strategy to engage stakeholders and support the success of the Proximus
Fiber for Belgium and 5G programs;
• developing and driving all actions related to communication, lobbying, partnering, and legislative discussions to facilitate
deployment;
• building partnerships with public organizations to enable a fast, cost-eective, and flexible roll-out of fixed and mobile networks.
Strategic objectives
To mitigate environmental and social impacts, we follow a comprehensive strategy that emphasizes community engagement,
transparent communication, and collaboration with aected authorities. By building strong relationships and openly discussing both
the benefits and potential disruptions of network projects, Proximus ensures that aected communities remain well-informed.
No specific measurable target has been defined in 2025.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
37 Value chain: upstream ( ), own operations (
•
), downstream ( ).
38
Time horizon: short-term (S), medium-term (M), long-term (L).
Proximus Group Integrated annual report 2025152
Policies
Several Group-wide policies address the impacts on aected communities:
• Code of Conduct: provides guidance on contributing to the development of society.
• Human Rights Policy: defines our commitments to aected communities in the area of human rights.
• Environmental Policy: sets out how we make eorts to minimize disturbances and commit to reviewing all complaints.
• Supplier Code of Conduct: ensures subcontractors executing our network deployment comply with all EU, federal, regional, and city
regulations. Contracts require compliance with requirements for communication with local communities and mandate a designated
site manager responsible for responding to citizen complaints.
In 2025, Belgian telecom operators under Agoria signed a charter supporting respectful fiber network deployment for stakeholders
and communities. The Telecom Charter formalizes commitments to safety, regulatory compliance, high quality standards, citizen
communication, and best practices (e.g., respect of Flanders’ ‘Code Nuts’) while ensuring minimal impact from fiber deployment.
Signed by most operators, it is scheduled for publication in the first half of 2026.
All the policies are available on the Proximus website. More information about our policies can be found in the section “Business
conduct”.
Processes to remediate negative impacts
Despite our eorts, communities may still experience negative impacts from our activities. To address this, Proximus has established
several remediation processes:
• Sharing mobile infrastructure: Through MWingz, our joint venture with Orange Belgium, we are developing a shared mobile
access network while maintaining separate spectrum licenses and core networks. Sharing equipment allows us to reduce each
operator’s number of mobile sites by 40% by 2026, while simultaneously improving the coverage of the shared network sites by
20%. The main benefits for end-users and society will be a better overall mobile experience, thanks to wider and deeper indoor
coverage. At the end of 2025, a total of 965 Proximus installation sites were dismantled through MWingz.
• Forging strategic partnerships to accelerate fiber access: In July 2024, a Memorandum of Understanding (MoU) was signed
for Flanders between Proximus, Wyre, Telenet, and Fiberklaar. In July 2025, a Memorandum of Understanding was signed for
Wallonia between Proximus and Orange Belgium. These MoUs should enable a greater number of consumers to enjoy the benefits
and speed of gigabit networks while reducing construction works. Their implementation depends on the conclusion of definitive
agreements between the parties. It also relies on obtaining regulatory and antitrust approvals from the Belgian Competition
Authority and the BIPT. On 15th of October 2025, the Belgian Competition Authority (BCA), supported by the Belgian Institute
for Postal Services and Telecommunications (BIPT) launched the market test on the proposed gigabit-network collaboration in
Flanders.
• Duct sharing: Proximus has committed to sharing its existing subducts in dense areas, enabling other operators to use this
available capacity. This approach minimizes trenching and reduces disruption for local communities.
• Coordination with utility companies: monitoring planned works (gas, water, electricity, telecom) several years in advance to align
with roadworks and reduce disturbances.
Processes to engage with local community
Fiber roll-out
Rolling out a new network is a multiyear project that requires thorough preparation and engagement with aected communities.
Proximus takes several actions to involve stakeholders throughout the process.
• Initial meeting: one or two years before deployment, an appetite meeting with city authorities captures concerns, aligns with their
long-term vision, and builds political and administrative support.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025153
• Formal agreement: documented in a charter or meeting minutes, including commitments on meeting frequency, coordination
during local events, and points of attention such as tourist centers.
• Public communication: sharing non-commercial updates via local press, social media, and city information web pages.
• Ongoing coordination: holding weekly and monthly meetings with city representatives during deployment.
• Direct citizen information: flyers for underground works and letters five to ten working days in advance for façade works.
Mobile network
When building a new mobile network site, Proximus works closely with municipalities to find mutually acceptable locations for the
antenna that meet both local preferences and the network’s radio requirements.
Channels to raise aected community concerns
Open communication channels are essential to capture possible complaints and reputational risks:
• Communication approach: Proximus does not communicate directly with aected communities, but instead engagement
occurs through city political representatives, city websites, paper communications, and all-box advertising; our aliate Fiberklaar
(Flanders) and joint venture Unifiber (Wallonia) apply similar strategies.
• Dedicated local channels: for the fiber roll-out, a specific 0800 number and email address are set up for each city, co-managed
by the construction partner and Proximus project leader.
• Complaint handling: there is no central database for tracking complaints; instead, they are managed at the city level by
subcontractors, who can take corrective measures.
• Mediation service: citizens dissatisfied with repair work (e.g., driveways, gardens, pavements) can contact the Mediation Service for
Telecommunications, which publishes an annual report with complaint data.
More information on our Human Rights policy can be found in the section “Business conduct”.
Actions to improve communication and address concerns among local authorities
Proximus closely monitors the satisfaction of municipalities where fiber has been rolled out:
• Biannual survey: municipalities are invited to assess political and administrative risks and share satisfaction levels in a structured
way.
• Pro-care study: every one or two years, city stakeholders are interviewed about their interactions with Proximus and the quality of
our construction works. In 2024, 93% of respondents expressed satisfaction with Proximus’ worksite management. No survey was
conducted in 2025.
This systematic approach helps ensure responsiveness to community concerns and supports positive, long-term relationships with
local authorities.
Actions to address the potential health
and safety concerns related to electromagnetic radiation
Proximus acknowledges community concerns regarding electromagnetic fields (EMF) and health. To address these, several measures
are in place:
• Transparent information: our corporate website provides additional details on the potential health impacts of electromagnetic
radiation; citizens can also consult a dedicated government website for in-depth information.
• Compliance with legislation: Proximus complies with all applicable legislation for both networks and devices.
• Monitoring scientific research: We continuously monitor scientific research developments. Over the past 30 years, research has
consistently shown that when radio frequencies remain below internationally authorized thresholds, there is no evidence of adverse
health eects. This position is endorsed by national and international authorities, including the World Health Organization (WHO).
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025154
• Referral to authorities: health-related questions are redirected to competent public bodies: the Institut Scientifique de Service
Public (ISSEP) in Wallonia, Brussels Environment in Brussels, and the Department of Environment, Nature, and Energy (LNE) in
Flanders.
Through these actions, Proximus ensures communities have access to reliable information and that precautionary measures are in
place, reinforcing trust in the safety of our networks.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025155
Consumers and end-users
Introduction
The subtopics related to consumers and end-users defined as material for Proximus Group are:
• data protection;
• digital inclusion, including health and safety of the end-users;
• responsible management of the customer experience.
The following sections present Proximus Group’s key impacts, risks, and opportunities related to our consumers and end-users, as
determined by our Double Materiality Assessment. They also outline the internal resources and responsibilities, our strategy for
managing these impacts, risks, and opportunities, the policies and procedures in place, and the performance measures implemented
to address our impacts.
Types of consumers and end-users
Proximus provides services to a range of customers, including:
• Residential customers: individuals who enter into contractual agreements with Proximus to access and use our products and
services for personal or household use.
• Enterprise customers and public authorities: self-employed individuals, small and medium-sized enterprises (SMEs), Corporate
organizations, public authorities, and other telecom/ICT operators that establish contractual relationships with Proximus. These
entities require IT and telecommunications services, solutions, and integrations.
Within residential customers, five vulnerable groups have been identified as being particularly aected by the impacts:
• Consumers and users residing in rural or remote areas face infrastructural limitations, reduced service availability, or lower
network performance, hindering equitable access to high-quality digital communication services.
• Consumers and users with limited financial resources experience aordability barriers that restrict their ability to maintain
consistent access to essential digital services, including broadband, mobile connectivity, and digital tools.
• Consumers and end-users with physical, sensory, cognitive, or age-related limitations encounter usability challenges with
digital interfaces, devices, or service platforms, underscoring the need for inclusive design and accessibility features.
• As digital natives, younger generations are frequent users of online services. They may, however, be exposed to risks related to
privacy, safety, and content appropriateness.
• People with limited digital literacy lack the skills, confidence, or knowledge to navigate digital environments eectively. They are
therefore at higher risk of digital exclusion and may require targeted support, education, and simplified service interfaces.
Policies
Proximus has a large number of internal policies and standards that address the management and resolution of material incidents,
risks, and opportunities related to consumers and end-users. The Proximus Group Code of Conduct and the main policies listed below
are transposed and applied in all Group aliates. They are followed up by local compliance representatives under the supervision of
the Group Compliance Oce. In addition, aliates have established appropriate compliance programs to adhere to local and sectoral
laws and regulations. All policies and related procedures are available on the Proximus Group intranet, to which all employees have
access.
The overview of the main Proximus Group policies and charters can be found in the section “Business conduct”.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025156
Code of Conduct
The Code of Conduct guides responsible engagement with consumers and end-users. It embeds customer-centricity in stakeholder
relations and sets clear expectations for ethical behavior. Employees are required to provide accurate and respectful information,
protect digital assets, and ensure service continuity. The Code of Conduct reinforces Proximus Group’s commitment to secure
communications, data protection, and high service standards, helping build trust and deliver a reliable customer experience.
Data Protection and Secrecy of Electronic Communications Policy
Privacy management is supported by our Data Protection and Secrecy of Electronic Communications Policy and procedures,
which provide clear guidance on data protection requirements and outline operational processes to ensure compliance. The policy
establishes rules on the secrecy of electronic communications and outlines the principles and obligations under the General Data
Protection Regulation (GDPR)
39
when processing personal data. These rights are fundamental human rights, protected by Articles 7
and 8 of the Charter of Fundamental Rights of the European Union.
The policy applies to all personal data processing by Proximus Group and to all employees, (sub)contractors, and third parties
working with or for the Group who have, or may have, access to personal data.
40
The Proximus Leadership Squad is accountable for
implementing this policy.
The policy is also referred to in the Proximus Corporate Handbook, which has been adopted by the boards of Proximus Group’s
aliates. It is available to all external stakeholders on our corporate website.
Supplier Code of Conduct
Subcontractors executing Proximus Group’s network deployment are contractually required to comply with all applicable EU,
federal, regional, and city regulations governing public domain works. The Supplier Code of Conduct mandates adherence to local
communication protocols and assigns a construction site lead responsible for managing citizen complaints. These provisions ensure
lawful operations, minimize disruption, and uphold accountability throughout fiber and mobile network roll-outs.
Processes to engage with consumers and end-users
The general process adopted to engage with customers, the channels to raise their concerns, and the eectiveness of these channels
are described in the subsection “General stakeholder engagement”.
Data protection
Context
Companies in the telecommunications and IT services sector handle vast amounts of personal data. To protect this information,
Proximus Group has implemented robust processes and measures, in line with EU regulations such as GPDR and the Directive on
Privacy and Electronic Communications
41
.
39 Regulation 2016/679 EU of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the
processing of personal data and on the free movement of such data and repealing Directive 95/46/EC.
40 This applies whether the data relate to customers, end-users of our telecommunications or ICT services, members of our workforce, or representatives of
the organizations that Proximus Group collaborates with.
41 Directive 2002/58/EC of the European Parliament and of the Council of 12 July 2002 concerning the processing of personal data and the protection of
privacy in the electronic communications sector and ensures the protection of fundamental rights and freedoms, in particular the respect for private life,
confidentiality of communications and the protection of personal data in the electronic communications sector. The Directive has been transposed into
Belgian law by the Act of 13 June 2005 on electronic communications.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025157
Data protection refers to the protection of personal data of individuals. Within this section, consumers and end-users subject to
material impact are defined as all the individuals whose personal data are processed by Proximus Group. This includes, but is not
limited to, customers, end-users of our telecommunications or ICT services, members of our workforce, and representatives of the
organizations with which the company collaborates.
Impacts, risks, and opportunities
The potential material impact that Proximus Group has identified for ESRS S4 “Consumers and end-users”, and more specifically
related to the subtopic “Data protection and privacy”, as a result of the DMA, can be widespread when systematic vulnerabilities or
large-scale breaches occur. On the other hand, smaller-scale breaches or isolated incidents may aect only specific individuals or
groups. They are as follows:
Subtopic or
sub-subtopic
Description Type
Value
chain
42
Time horizon
43
Data protection and
privacy
Negative consequences for individuals in case of improper processing of
personal data or data breaches resulting in privacy violations, fraud, or
financial loss
Potential negative
impact
•
S M L
No specific risks or opportunities were deemed material.
Resources and responsibilities
Proximus Group applies a three-line defense approach to data protection:
1. First line of defense: operational sta
Employees are directly responsible for respecting GDPR principles when processing personal data and serve as the first line of
defense. They receive training to handle personal data lawfully and ethically, following strict guidelines. Within Proximus SA in
Belgium, a network of approximately 100 Data Ambassadors is available to assist with privacy-sensitive projects as needed.
2. Second line of defense: support functions
Various teams within Proximus SA in Belgium provide legal advice on GDPR and other relevant data protection laws, or operate
data protection processes such as management of personal data breaches, conducting data protection risk assessments, and
performing security reviews. Aliates of Proximus Group subject to GDPR or other data protection laws also have dedicated
resources to advise on their obligations under these laws.
3. Third line of defense: oversight functions
Internal and external auditors perform regular audits on GDPR compliance across Proximus Group. They report independently to
the internal Risk Management Committee and the Audit and Compliance Committee.
Proximus SA in Belgium has appointed a full-time in-house Data Protection Ocer (DPO), supported by a team of in-house privacy
experts. The DPO reports to the Group Corporate Aairs Lead, a member of the Proximus Leadership Squad. Annually, the DPO
provides a report on GDPR compliance maturity and highlights any related risks to the Audit and Compliance Committee. Aliates
whose core activities involve large-scale processing of personal data have also designated a DPO or an equivalent role under
applicable data protection legislation.
The Proximus Data Council is an internal governance committee comprising key senior sta, including the Group Corporate Aairs
Lead, the Group Cybersecurity Department Lead, the Group Legal Department Lead, and the Group Data Department Lead. The
council is responsible for decision-making in cases where personal data processing may present risks to individuals. Aliates are
expected to establish similar governance bodies with equivalent responsibilities.
Proximus Group is actively working on a plan to further harmonize data protection and GDPR governance across all aliates.
42 Value chain: upstream ( ), own operations ( ), downstream ( ).
43 Time horizon: short-term (S), medium-term (M), long-term (L).
•
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025158
Strategic objectives
Proximus Group is committed to continuously improving compliance with data protection regulations, including GDPR. This
commitment underscores our dedication to safeguarding the personal data of our customers, partners, and employees, while
maintaining their trust in our organization.
We have not yet established specific Group targets. This should be addressed within the next two to three years.
Processes to engage with consumers and end-users
Transparency about data processing is crucial for building customer trust in Proximus Group and its brands. Individuals can contact
Proximus SA in Belgium to exercise their GDPR rights or ask questions regarding the processing of their personal data via email,
letters, or a dedicated web form. The eectiveness and awareness of these channels is demonstrated by the volume of data subject
requests handled by Proximus SA in Belgium since GDPR came into eect, which totals approximatively 15,500.
For activities such as targeted advertising, Proximus SA in Belgium collects prior consent from customers using an opt-in method.
The company has also created a customer zone in Proximus+, allowing users to manage their privacy preferences easily via the
MyProximus website and Proximus+ app, and in some cases via TV, the Pickx website or app.
To ensure compliance with the GDPR transparency principle, several privacy notices are available to customers, end-users, and
visitors on the Proximus commercial website, including:
• a general Privacy Notice;
• privacy notices for specific products and services, such as the MyProximus website and the Proximus+ app.
Customers, end-users, and website visitors can submit complaints regarding the processing of their personal data to the
Data Protection Ocer, whose contact details are shared in the Privacy Notice. The Data Protection and Secrecy of Electronic
Communications Policy ensures that no retaliation measures will be taken against individuals for raising such complaints.
Aliates of Proximus Group that are subject to GDPR or other data protection laws maintain equivalent data protection information
notices and communicate dedicated contact channels to their data subjects.
In 2025, Proximus launched a customer trust survey in Belgium to gather feedback on our data protection practices and identify areas
for improvement. The survey will be conducted regularly to track changes in perceptions of our data protection practices.
The survey was carried out by an external specialized service provider using a panel-based approach. The panel was designed to
include individuals most aected by Proximus Group’s data protection practices and specifically residential customers of our mobile
and fixed services. It aimed to reflect the diversity of Belgian society, with participants aged 18 to 70, representing all genders and each
of the three Belgian regions. In total, 600 residential customers responded to questions regarding our data protection practices.
This first survey revealed a generally favorable perception of these practices. 70% of our customers hold a neutral or positive view of
how we handle their personal data, while 30% expressed at least slight concerns. Notably, 69% of respondents expressed confidence
in the security of their data with Proximus Group.
In terms of transparency about data processing, the survey found that 49% of our customers are aware of our Privacy Notice. Among
those who have read it, 45% found it easy to understand and navigate.
Among users of the MyProximus website or the Proximus+ app, 44% are aware of the section within the customer zone which allows
them to adjust their privacy preferences. Of those who used these settings, 77% feel somewhat or completely in control of their data.
Although the survey results were generally positive, we will evaluate whether measures should be taken to enhance customer
awareness of the Privacy Notice and the section within the MyProximus website and Proximus+ app where privacy preferences can be
adjusted.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025159
Processes to remediate negative impacts
Proximus has implemented a robust incident response process. A dedicated response team investigates the root cause and scope of
the personal data breach while assessing the potential impacts on aected individuals. Relevant stakeholders, including impacted
individuals and regulatory authorities, are notified when required by the law. Remedial actions, such as patching vulnerabilities and
enhancing security measures, are promptly taken to minimize harm and prevent recurrence. The eectiveness of the process is
periodically reviewed as part of broader compliance assessments.
Because all employees have a role to play in protecting personal data, Proximus Group regularly requests its employees to complete
GPDR e-learning modules. Mandatory e-learnings were introduced in 2017 and 2022 and have been completed by more than 90% of
Proximus Group employees.
In 2025, we launched a new interactive e-learning campaign on GDPR and data protection for all Proximus Group employees
44
. This
mandatory module was deployed via the corporate learning platform; 92% of the invited employees successfully completed the
training.
The objective of these initiatives is to ensure that all employees across Proximus Group understand their GDPR responsibilities and are
equipped to handle personal data in compliance with legal and organizational requirements.
In addition, a comprehensive training program, including both theoretical and practical content, was developed internally and followed
by the Data Ambassadors in 2023 and 2024. Specific training sessions and work instructions have also been provided for specific
target groups, such as contact center and customer service employees, with the objective that sta in high-impact roles are aware of
data protection requirements.
Digital inclusion
Context
Connecting people and businesses is central to Proximus Group’s purpose. As Belgium’s leading provider of digital infrastructure,
we invest in fixed and mobile technologies. These eorts support access to digital services, economic activity, and innovation across
sectors.
Despite significant progress, digital inclusion remains a societal challenge. According to the King Baudouin Foundation, 40% of
Belgians are at risk of digital exclusion due to limited Internet access and insucient digital skills. Proximus addresses this through
targeted actions focused on connectivity, accessibility, aordability, and digital literacy, ensuring that all citizens can benefit from the
opportunities of digital transformation.
Impacts, risks, and opportunities
The material impacts and opportunity that Proximus Group has identified for ESRS S4 “Consumers and end-users”, and more
specifically related to the subtopics “Digital inclusion” and “Access to products and services and non-discrimination”, as a result of the
DMA are considered widespread or systemic in the contexts in which the company operates. They are the following:
44 Employees performing Business Process Outsourcing activities in India (representing 5.9% of total employees) were excluded from the GDPR training
scope, as these roles are customer embedded, operate exclusively for non EU customers, and do not involve the processing of EU personal data.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025160
Subtopic or
sub-subtopic
Description Type
Value
chain
45
Time horizon
46
Digital inclusion / Access
to products and services
and non-discrimination
By connecting people and businesses, we support the modernization
of society, encourage innovation, boost competitiveness, enable new
business models and create jobs
Actual positive
impact
S M L
Digital inclusion / Access
to products and services
and non-discrimination
By ensuring its platforms, products, and services are accessible to all,
Proximus enhances access to public services, particularly for people with
disabilities
Actual positive
impact
S M L
Digital inclusion / Access
to products and services
and non-discrimination
Digitalization and AI expansion exacerbate the negative impacts of the
digital divide through exclusion from government services, job interviews,
banking services, etc.
Actual negative
impact
S M L
Digital inclusion / Access
to products and services
and non-discrimination
By playing a more active role in the Digital Skills Agenda, we contribute
to improving customers’ and end-users’ use of digital technologies and
best digital practices
Opportunity
M
The material impact identified under the subtopic “Health and safety of end-users” is also considered widespread or systemic:
Subtopic or
sub-subtopic
Description Type
Value
chain
47
Time horizon
48
Health and safety of end-
users
The misuse of Proximus’ technologies, such as misinformation, exposure
to harmful content, or excessive use, can result in potential negative
impacts, particularly among children and vulnerable users
Potential negative
impact
S M L
No significant risks were identified as material for the subtopics “Access to products and services and non-discrimination” and “Health
and safety of end-users”.
Resources and responsibilities
Ensuring that everyone can benefit from digital transformation is a shared responsibility across the entire Proximus Group. Several
business units are involved in integrating accessibility into our products and platforms, and enhancing digital skills, both within our
workforce and across society.
More information on sustainability governance can be found in the section “General information”.
Strategic objectives
Rolling out the best gigabit network for Belgium is one of Proximus Group’s main strategic priorities. Together with our partners, we
are committed to investing in a future-proof network that guarantees a secure and fast connection for everyone, at all times.
At the same time, we are committed to reducing the digital divide. Our multi-brand strategy and social taris ensure aordability,
while the ‘click-call-connect’ approach (see “Taking actions to remediate negative impacts”) provides accessible support across digital,
phone, and in-store channels. We collaborate with partners to promote digital inclusion, improve platform accessibility, and promote
digital skills, both within our workforce and across society.
Actions to strengthen positive impacts
Connecting people and businesses
We promote digital inclusion and provide access to communication services by deploying connectivity and coverage through the
following actions:
45 Value chain: upstream ( ), own operations ( ), downstream ( ).
46 Time horizon: short-term (S), medium-term (M), long-term (L).
47 Value chain: upstream ( ), own operations (
•
), downstream ( ).
48 Time horizon: short-term (S), medium-term (M), long-term (L).
•
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025161
• Rolling out our fiber network: By the end of 2025, the fiber network reached 2.6 million homes and businesses, covering ~42%
of Belgian premises. We primarily focused on expanding coverage in areas where deployment was already underway. In dense
areas, our deployment surpassed 80%, marking a significant milestone. Increasing focus is now directed toward the roll-out in
medium-density areas thanks to our aliate Fiberklaar in Flanders and our joint venture Unifiber in Wallonia, which together
accounted for twice as many units deployed as in dense areas. Our ambition under the bold2025 strategy was to achieve 50% fiber
coverage. While we ended slightly below this target, primarily due to the learning curve associated with accelerating deployment
in medium-density areas, significant progress has been made. We remain fully committed to expanding fibre coverage and driving
connectivity across Belgium.
• Eliminating white zones: By the end of 2025, 96.6% of our customers had access to Internet speeds above 30 Mbit/s. However,
in certain rural or sparsely populated parts, residents still lack access to reliable Internet speeds above 30 Mbit/s. These so-called
“white zones” are being addressed through network investments and subsidized projects. An example is GoFiber, a partnership
between Proximus, Ethias, and the German-speaking Community. This initiative aims to bring fiber connectivity to almost 40,000
homes and businesses, thereby eliminating nearly all white zones in the German-speaking Community by 2027. GoFiber received
EUR 40 million in public subsidies.
• Expanding 5G coverage: Under our bold2025 strategy, we initially set the ambitious goal of achieving near-100% 5G coverage
by 2025. By the end of 2023, due to the learning curve linked to the RAN swap and the early years of the MWINGZ 5G roll-out,
this evolved to a target of near-full indoor coverage by end of 2026. In 2025, we extended 5G reach to medium-populated areas,
resulting in availability across more than 95% of cities and municipalities and national indoor coverage approaching 90%. We
remain firmly committed to achieving near-complete coverage in the coming period.
• Modernizing our mobile network: Together with major European partners, we are upgrading our infrastructure. Through our
partnership with Nokia, we are upgrading our Mobile Radio Access Network (RAN) equipment, while our partnership with Ericsson is
aimed at upgrading and modernizing our Mobile Data Core Network.
Improving the accessibility of our platforms, products and services
We strive to make our services accessible to all customers. In 2025, we broadened our focus beyond digital accessibility to also
address the digital divide, ensuring that everyone, regardless of their digital skills, can easily access our services through digital and
physical channels, such as our shops.
We are committed to designing simple, intuitive websites and platforms and using inclusive and understandable language. In addition,
Proximus.be, Proximus.com, and our platforms Proximus+ and Pickx are designed to be accessible to people with hearing or visual
diculties. In the Proximus+ app, we improved the text-to-speech features to support intuitive interactions for visually impaired users.
On Pickx, we oer subtitles and audio descriptions on select channels and plan to extend this to more programs in our video-on-
demand catalog. To encourage broader use, we are running awareness campaigns and exploring more inclusive TV control options for
visually impaired users.
To continuously improve our platforms, we conduct user research and accessibility testing involving people with disabilities and
less digitally mature users. Based on the audit of our main digital environments under the Accessibility Conformance Testing (ACT)
framework, we enhanced our design system to better embed accessibility standards and strive for maximum compliance across all
platforms and channels.
Actions to remediate negative impacts
Contributing to reducing the digital divide
Bridging the digital divide is a continuous eort with a broad societal impact. It aects not only Proximus’ direct customers but
also communities across Belgium. While digital inclusion is a complex, multi-dimensional challenge, we recognize our role and
responsibility in addressing its root causes.
We are implementing targeted actions to improve access and aordability for our direct customers:
• We apply the click-call-connect principle to ensure inclusive access to digital services. This multi-channel approach enables
customers to engage via the website (click), receive assistance by phone or email (call), or access in-person support in retail shops
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025162
(connect). By oering digital, remote, and physical service options, Proximus ensures that individuals with varying levels of digital
literacy or accessibility needs can benefit from our services, thereby reinforcing our commitment to digital inclusion.
• Proximus believes that price cannot be an element of social exclusion. Our multi-brand strategy in Belgium – Proximus,
Scarlet, and Mobile Vikings – allows us to ensure that everyone can find a suitable solution, from value seekers to price-conscious
customers. Proximus also grants social taris to more than 150,000 persons in dicult economic situations and applies the social
rate for telecom.
In addition, Proximus has implemented a range of initiatives in Belgium, collaborating with various stakeholders:
• Proximus is a founding member and structural partner of DigitAll, Belgium’s national coalition for digital inclusion. Through this
partnership, we contribute to structural changes by co-creating solutions, raising awareness, and sharing best practices across
sectors. Proximus supports the Digital Inclusion Charter, promotes internal and external training, and engages in campaigns to make
digital inclusion a societal priority. These eorts help ensure that vulnerable groups, including low-income households, people with
disabilities, and those lacking digital skills, can access and benefit from digital services.
• ClassContact and Bednet are two organizations that allow children living with long-term illnesses to continue their education at
home or in the hospital through video conferencing solutions. Proximus provides the necessary lines and Internet connections to
enable both organizations to support families who request it. If needed, Proximus also installs new telecommunications cables to
ensure a stable connection throughout the year. In 2025, 2,586 children were able to attend classes online.
• Proximus and Signpost, Belgium's leading provider of educational ICT solutions, have partnered since 2021 to accelerate the
digital transformation of schools. At the heart of this collaboration is Academic Connect, a fiber-based solution delivering high-
performance, secure Internet access that provides the foundation for inclusive and engaging learning environments. By the end of
2025, more than 500 schools had signed up for Proximus gigabit network connectivity, with 441 schools already connected. To
ensure seamless support, Proximus provides a dedicated helpdesk specifically for schools, assisting them with any connectivity
questions or technical issues.
Protecting the health and safety of children and vulnerable end-users online
Proximus recognizes the risks associated with Internet use among vulnerable children and end-users, including exposure to harmful
content, misinformation, and excessive screen time. In response, we have launched several initiatives:
• In partnership with Gezinsbond, Proximus launched the Digital Hide and Seek campaign to raise awareness about responsible
screen use among young people. The initiative encouraged participants to go oine for an afternoon, highlighting the importance of
screen-free time in a fun and engaging way.
• As part of our commitment to a safer digital society, we have launched a free AI-powered interactive tool to help users,
customers, and non-customers alike, better understand and respond to online threats such as phishing, cyberbullying, and risks
to children’s online safety. The tool consolidates trusted content from partners like the Centre for Cybersecurity Belgium and Child
Focus, oering practical, real-time guidance. It complements Proximus’ broader digital safety eorts, including large-scale threat
prevention, public awareness campaigns, and our role as co-founder of the Cyber Security Coalition. It reflects our ambition to make
digital security accessible to all. More information is provided in the section “Cybersecurity”.
• Since 2011, Proximus has partnered with Child Focus to deliver the Internet Safe & Fun Days, a nationwide initiative aimed
at promoting safe and responsible Internet use among children. In 2025, trained Proximus volunteers visited primary schools to
engage approximately 5,500 pupils in interactive sessions on digital safety, helping them build a strong foundation for responsible
social media and online behavior (compared with 4,000 in 2024).
• Proximus Ada oered its expertise free of charge to several organizations, including public service entities and secondary schools,
to raise awareness on cybersecurity and artificial intelligence. These initiatives aimed to strengthen digital resilience and promote
responsible technology use among diverse audiences. In 2025, more than 2,800 citizens participated in these initiatives.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025163
Actions to pursue opportunities
To play a more active role in the overall Digital Skills Agenda, Proximus has taken several initiatives:
• We contribute to youth digital education through partnerships with organizations such as MolenGeek, 42 Belgium, BeCode and
Technobel, which provide job seekers with digital skills and increase employability. In 2025, 2,003 job seekers benefited from these
programs, reflecting an increase compared with 1,710 job seekers supported in 2024.
• In collaboration with research centers and universities such as A6K (Charleroi), Howest (Kortrijk), and VIVES Hogeschool, Proximus
has set up 5G innovation labs. These labs provide students and researchers with an opportunity to gain experience in advanced
technological fields and to collaborate on industrial projects.
• Proximus maintains structural research collaboration with universities across Belgium by hosting master’s and bachelor’s
students for internships and thesis projects. We are also preparing to collaborate with PhD candidates.
The actions launched internally to support the digital upskilling of Proximus employees are provided in the section “Own workforce”.
Performance
Digital inclusion metric
2024 2025
Total number of people trained through digital inclusion projects 15,138 16,818
Scope: Proximus Group
Definitions and accounting policies
The total number of external people trained through digital inclusion projects is defined as the number of people (students,
teachers, seniors, and children) trained through the initiatives we support (Internet Safe & Fun with Child Focus, Technobel, Ada,
MolenGeek, 42 Belgium, and BeCode). This metric is calculated based on the reporting provided by our partners. For the Internet
Safe & Fun initiative, reporting is based on the total number of classes in which Proximus volunteers delivered sessions on good
online habits. We estimate that on average there are 22 children per class. The reporting scope covers Proximus Group. Our
initiatives are mainly carried out in Belgium, where 95% of our residential customers are located. They are not material to our
international activities, which are focused on B2B engagements.
Human rights
No confirmed severe human rights incidents
49
connected to Proximus consumers and end-users were reported through the existing
channels in 2025. No cases of non-compliance with the United Nations Guiding Principles on Business and Human Rights (UNGPs), the
ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises on Responsible
Business Conduct involving consumers or end-users were identified through the existing channels in the downstream stages of
Proximus’ value chain.
49 The severe human rights incidents in scope for the purpose of this disclosure refers to substantiated breaches of internationally recognized human rights.
Incidents considered include cases subject to litigation or formal complaints lodged through Proximus whistleblower procedure.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025164
Responsible management of the customer experience
Context
At Proximus Group, responsible management of customer experience means ensuring that every customer, residential or
professional, can rely on our networks and services. We continuously improve our customers’ experience by oering user-friendly and
innovative platforms and by actively taking their feedback into account.
In parallel, we focus on ensuring continuity, resilience, secure and high-speed connectivity, and rapid recovery of our services and
platforms, as this has become a critical utility. Whether due to power outages, construction damage, or extreme weather, service
interruptions can prevent people from working, accessing public services, or conducting essential transactions. We recognize our
societal responsibility to maintain and restore our services swiftly and reliably.
Impacts, risks, and opportunities
Based on our Double Materiality Assessment, Proximus identified material impacts for the subtopic “Responsible management of
customer experience”. These are considered widespread or systemic:
Subtopic or
sub-subtopic
Description Type
Value
chain
50
Time horizon
51
Responsible management
of the customer
experience / Access to
products and services
By delivering high-quality, reliable networks we enable access to
essential services and platforms. As a critical utility, it supports public
safety and economic stability
Actual positive
impact
•
S M L
Responsible management
of the customer
experience / Access to
products and services
The failure to ensure continuous service availability can delay emergency
response and compromise public safety. It may also result in financial
losses for business customers. Poor customer experience, such as long
wait times, delayed installations, and inadequate support, further erode
trust in digital infrastructure
Actual negative
impact
•
S M L
No significant risks or opportunities have been deemed material for this subtopic.
Resources and responsibilities
The responsible management of customer experience is embedded in how we build our networks, design our core products (for TV,
Internet, mobile, and IT services), shape our commercial strategies, and deliver our services through digital channels and customer
support. This commitment is embedded in every team’s KPIs and integrated into all our business processes, ensuring that customer-
centricity is not just a principle but a practice across the organization.
The following teams are especially focused on customer experience:
• The Segment and Product teams are structured around an agile model that consists of multidisciplinary teams responsible for
the end-to-end servicing experiences of our customers. They are accountable for customer experience and continuously improve
operations based on structured customer feedback.
• The Channel execution teams – including shops, contact centers, technicians, and logistics – have dedicated operating models
per domain, and are guided by key performance indicators (KPIs) and service-level agreements (SLAs) aligned with customer
expectations.
• The Customer and Market Insight cell (CMI), centralized within the Group’s strategy, captures the voice of the customer during the
whole journey (from sales to provisioning and assistance) and validates projects to enable data-driven improvements.
• The Network Business Unit (NBU) is responsible for delivering resilient and future-proof connectivity. It ensures the stability and
reliability of the backbone infrastructure, rapid incident response, and high-quality service delivery.
50 Value chain: upstream ( ), own operations ( ), downstream ( ).
51 Time horizon: short-term (S), medium-term (M), long-term (L).
•
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025165
The Proximus Leadership Squad reviews a customer experience dashboard covering customer feedback along key segments,
journeys and touchpoints on a monthly basis.
Reliability is safeguarded through a comprehensive Business Continuity Management (BCM) framework, owned by Group Corporate
Aairs and led by dedicated Business Continuity Managers. BCM ensures that essential products and services can be maintained
or restored quickly in the event of major incidents, with clear escalation paths and crisis management protocols. The Proximus
Emergency Response Team (PERT) is a multidisciplinary team activated during critical incidents to coordinate technical recovery,
customer communication, and operational restoration.
This integrated approach ensures Proximus consistently delivers eortless, proactive, and personalized experiences for residential and
professional customers, while maintaining reliable and resilient services that adapt to evolving needs.
Strategic objectives
Our ambition is to provide high-quality experience to both residential and professional customers by leveraging the superiority of our
networks, delivering the best products, and crafting user-friendly and personalized experiences. To do so, Proximus provides secure,
high-performance, and resilient connectivity for all, ensuring uninterrupted access to digital services through robust fiber and 5G
networks, proactive support, and continuous investment, so everyone can stay connected, anytime and anywhere.
Our goal is to ensure that customers can continue to use the Internet and digital services without interruption. When connectivity fails,
the urgency to restore it becomes a matter of public trust and essential delivery service. This commitment is embedded in our business
continuity governance and operational resilience practices. We identify critical assets, assess risks, and implement recovery plans to
minimize customer impact.
Actions to strengthen positive impacts
Ensuring high-quality connectivity and coverage
Our fiber network oers ultra-stable Internet with download speeds up to 8.5 Gbps, recognized as the fastest in Belgium by nPerf and
Ookla. The oer is available across our main brands.
Proximus’ mobile network, supported by significant spectrum investments, leads in 5G indoor coverage and download speeds,
as confirmed by independent benchmarks from OpenSignal, Testachats, Ookla, and BIPT. According to the BIPT 5G 2025
coverage maps, Proximus provided the best indoor 5G coverage. In 2026, we intend to complete the 5G upgrade of our network,
complementing our leading 4G coverage.
Improving customer interactions through digital solutions
To enhance the digital experience of residential customers, Proximus oers innovative platforms such as:
• Proximus Pickx, an all-in-one digital TV service providing live, on-demand, and premium content across devices.
• The Proximus+ app enables customers to manage their services, access support, and benefit from additional digital features.
These platforms are continuously improved to ensure accessibility, security, and a seamless user experience. Together, these assets
position Proximus as a leader in delivering superior connectivity and digital services to both residential and business customers.
• Proximus Digital Assistant is available 24/7 to our customers via chat (chatbot) and phone (voicebot). This automated support
oers our customers even greater flexibility in managing their services and helps solve technical and administrative issues. It
also seamlessly routes the customer towards the best placed agent, to create the optimal servicing experience through hybrid
intelligence (AI & human).
• The DIY (Do-It-Yourself) process makes it much more convenient for the customer, as they do not need to make an appointment
with a technician and achieve a faster activation of their services. We ensure that the installation is easy by pre-selecting the
customer configuration that is best suited for a DIY installation.
For professional customers, Proximus’ digital servicing is articulated around the MyProximus Enterprise platform. This self-service
interface provides a single point of access for managing enterprise services. Customers can:
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025166
• consult their installed base and contracts and adapt services as business needs evolve;
• order new services from a customized catalogue reflecting contractual pricing and eligibility;
• analyze invoices, monitor real-time usage, and manage expenses;
• submit and track support requests in line with contractual SLAs;
• contact dedicated experts or account teams directly.
In 2025, 50% of all service interactions were processed via this platform and customer satisfaction improved to an all-time high
level. Proximus also provides an API framework that enables large organizations to integrate their systems with ours, supporting
operational eciency and data consistency.
Actions to remediate negative impacts
Servicing as a trust safeguard
Proximus Group proactively addresses key challenges such as wait times, installation delays, and support quality. Customers benefit
from a multi-channel support model, with assistance available online, by phone, and in person at Proximus shops and partner
locations, ensuring accessibility and convenience for all. We systematically review incidents and analyze customer feedback to identify
and address the root causes of service issues. Insights from these reviews drive continuous improvement in installation processes,
technical troubleshooting, and support quality.
For business clients, tailored solutions such as Business Flex+ provide 24/7 technical assistance and same-day repair guarantees,
supporting operational continuity and trust.
For business customers, we oer customizable Service Level Agreements (SLAs) with guaranteed repair times and intervention
windows. Dedicated account and project managers provide personalized support to manage incidents, expectations, and recovery,
reducing business disruption. On enhanced digital platforms, such as MyProximus Enterprise, customers can monitor the incidents in
real-time, helping them maintain operational continuity and manage their connectivity eectively.
Customer support performance is measured through structured quantitative and qualitative indicators, including Net Promoter Score
(NPS) and Customer Eort Score (CES). These metrics are monitored and reviewed monthly by senior management, with insights
consolidated by the Customer and Market Intelligence cell to ensure that improvement actions are data-driven and aligned with
customer expectations.
Through these measures, we demonstrate our ongoing commitment to providing timely, eective, and reliable support to all
customers.
Mitigating delayed installation
Proximus has implemented a structured onboarding process for customers joining the fiber network or migrating from copper to fiber.
This includes proactive communication with customers, comprehensive pre-installation assessments, and execution by qualified
teams using appropriate materials. Personalized support is available for exceptional cases to address specific needs. These measures
are designed to ensure installations are completed eciently and to prepare the customers’ premises for long-term, future-proof
connectivity.
We continuously monitor field capacity as part of our weekly operational governance with senior management, enabling early
identification and resolution of service delivery challenges. In line with other critical customer journeys, structured problem
management processes are in place to detect recurring issues and address exceptions. When we operate on other networks (including
Unifiber, GoFiber, and Fiberklaar), operational performance and customer experience is followed up as part of ongoing collaboration
reviews to ensure adherence to contractual obligations (defined by a set of processes, SLAs, etc.).
Customer feedback, including insights from Voice of the Customer surveys, is systematically reviewed to close the loop with impacted
users, ensuring that structural issues are resolved and customer experience improves over time.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025167
Preventing disruption, protecting trust
We keep investing in resilience-by-design across IT, network, and platforms. This allows us to minimize the impact or, in some cases,
even avoid incidents. A robust incident management process is in place. In case of a major incident, the Proximus Emergency Response
Team (PERT) coordinates all actions, from immediate response to ensuring minimum service and restoring normal service. The
team is also responsible for crisis communication to stakeholders and customers. Customer impact, support, and perception are
systematically monitored, and actions are taken to provide the most adequate response in all situations. All actions and outcomes are
documented and reviewed on an ongoing basis to improve incident response and maintain reliable connectivity.
Emergency calls are processed via two datacenters (in Mechelen and Evere) with multiple redundancy mechanisms. This ensures
automatic failovers in the event of a malfunction. Through continuous monitoring, testing, and structural preventive improvements,
Proximus Group guarantees robust and reliable service for emergency calls.
To ensure uninterrupted delivery service to our customers, Proximus Group applies a comprehensive approach focused on three
pillars: network and service infrastructure, IT systems, and workforce readiness.
• Network resilience: Our global network is designed with redundancy at its core. Points of presence are interconnected through
multiple pathways, following standard telecom practices, such as redundant power supplies, battery systems, and backup
generators. Monitoring alarms are in place to provide immediate alerts in case of anomalies, enabling swift corrective action.
• Systems and operational safeguards: A range of IT systems continuously monitors and manages our equipment. These systems
and associated procedures are fully documented, with redundancy built in where necessary. During system upgrades, failover
mechanisms are systematically tested to ensure seamless continuity.
• Workforce preparedness: Our technical and commercial teams are distributed worldwide, ensuring availability 24/7. Critical
roles are equipped with secure laptops, remote access capabilities, dedicated mobile Internet, mobile devices, and multi-factor
authentication (MFA). This enables them to operate securely from any location as soon as an Internet connection is available.
Proactive measures to reduce customer complaints
We have implemented targeted actions to address the root causes of recurring issues, enabling a structural reduction in customer
complaints by 20% and technical support calls by 15%. These improvements reflect our commitment to learning from past
challenges and continuously adapting our products and processes to prevent similar issues from arising in the future.
A key driver of this progress has been our focused analysis of complaints received through mediators and consumer organizations
such as Testachats/Testaankoop. By reviewing call transcripts and identifying patterns, we achieved and sustained a significant
decrease in complaints over several consecutive quarters.
At a broader level, our Problem Management Oce has played an instrumental role in diagnosing and resolving operational issues.
Complaints serve as a tangible example of these eorts, demonstrating how systematic root cause analysis can lead to measurable
improvements in service quality and customer satisfaction.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025168
Cybersecurity
Context
With rapid digitalization, remote working, and advancements in technologies like AI, the cyber threat landscape is expanding.
Cybercriminals are becoming increasingly organized and well-funded, employing more sophisticated attack methods. Geopolitical
tensions further add to the risks. Cybercrime – now the fastest-growing form of criminal activity – includes ransomware, DDoS
attacks, and identity or data theft. This growing threat deters consumers from adopting digital technologies due to fears of financial
loss and personal information theft. As a major global tech company, Proximus Group is committed to building trust in the digital world
by taking the lead in cybersecurity.
Cybersecurity refers to the protection of electronic devices, networks, and sensitive information from unauthorized access, theft, or
damage.
Within this section, consumers and end-users subject to material impact are defined as:
• residential customers: individual consumers who use products and services for personal or household purposes;
• enterprise customers: SMEs or large organizations requiring enhanced IT and telecom services, solutions, and integrations.
Impacts, risks and opportunities
Subtopic or
sub-subtopic
Description Type
Value
chain
52
Time horizon
53
Cybersecurity
A secure digital environment helps prevent significant harm (e.g., identity
theft, financial loss), build digital trust, and reduces societal costs of
cybercrime
Actual positive
impact
•
S M L
Cybersecurity Customers impacted by online fraud or scams, cyber threats, etc.
Actual negative
impact
•
S M L
Cybersecurity
Cyberattacks resulting in significant financial losses, service disruptions,
erosion of customer trust, or data breaches. Additionally, reliance on
external vendors, introduces security risks and data sovereignty concerns
Risk
•
S M
Cybersecurity
Opportunities to dierentiate through cybersecurity leadership, expand
oerings in high-trust markets, and attract customers seeking resilient
and regulation-aligned solutions
Opportunity
•
M
Resources and responsibilities
The Proximus Group Chief Information Security Ocer (CISO) is responsible for cybersecurity oversight at the Group level. Under his
leadership, the primary goal of the Group Cybersecurity department is to safeguard Proximus Group against cyber threats, maintain
customer trust, protect our reputation, ensure regulatory compliance, and provide consolidated assurance to the Proximus Leadership
Squad and the Audit & Compliance Committee.
The CISO also sets the overall cybersecurity strategy and goals for Proximus. Various cybersecurity teams report to the Group CISO,
such as:
• Cyber Security Awareness: educates employees about the importance of protecting information and systems from cyber threats,
helping them recognize and respond to potential security risks by means of communications, campaigns, and phishing simulations.
• Security Ocers and Aliates (C)ISOs: monitor cybersecurity risks within their respective business units or aliates.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
52 Value chain: upstream ( ), own operations (
•
), downstream ( ).
53
Time horizon: short-term (S), medium-term (M), long-term (L).
Proximus Group Integrated annual report 2025169
• Security Governance: defines and enforces security policies at the Group and domain levels, ensuring alignment across all
business units and involved parties.
• Business Continuity: ensures our organization can continue operating and recover quickly from disruptions, such as natural
disasters, cyberattacks, or other emergencies.
• Proximus Ada Cyber Security Incident Response Team (CSIRT): conducts vulnerability scanning and identifies, manages, and
mitigates cybersecurity incidents.
• Proximus Ada Security Management: executes the security-by-design process during a project’s lifecycle and manages third-
party security risk.
Around 130 cybersecurity experts protect the Group at all times. In case of cybersecurity concerns, residential customers can use all
Proximus servicing channels (e.g., shops, customer services, emails, website). Enterprise customers can directly contact their account
managers.
Our customers can also visit the Proximus website for more information on online fraud and how to protect themselves. In the context
of our “Digital Trust” campaign, we created a dedicated cybersecurity webpage where customers can address their cybersecurity-
related questions.
Strategic objectives
Shaping the future of cybersecurity
Proximus Group has launched several major cybersecurity innovation tracks aimed at providing future-proof, end-to-end data
protection throughout its entire lifecycle – whether at rest, in transit, or actively being processed.
Making the digital world safe and secure
Proximus Group invests in cybersecurity, online fraud prevention, and data protection not only in the Benelux but also globally. We
recognize the risks to data security and privacy that come with an increasingly digitized world and remain determined to prevent
breaches and mitigate such risks.
Extending our Cybersecurity Resilience Index
To measure our resilience, we have introduced the Cybersecurity Resilience Index (CSRI). It represents the ratio of the number of major
incidents for which a visible business impact was prevented or quickly mitigated by our Cyber Security Incident Response Team (CSIRT)
to the total number of major incidents. The CSRI includes a domestic index, which is part of the Group STI KPI (influencing employee
bonuses), and an international index covering Proximus Global.
Our bold2025 commitment: by 2025, reach a 95% Cybersecurity Resilience Index.
54
Policies
Several cybersecurity policies have been established, setting out Proximus Group’s internal governance to protect customers,
employees, partners and the Group as a whole. Each policy has an identified owner and approver. The approvers are accountable for
the implementation of the policy.
A disciplined approach to cyber risks is key in a fast-moving technological and competitive environment. The Group’s Cybersecurity
Policy outlines how risks are to be assessed and who within the organization is authorized to approve any residual risk. This ensures
that risks are identified and addressed at the appropriate level. High-level cyber risks are reviewed by the Risk Management and
Compliance Committee (RMC), which held six sessions in 2025.
54 Proximus domestic operations
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025170
The Cybersecurity Policy and other group-level information security policies (such as Data Classification and Data Retention) apply to
the entire Proximus Group and all its employees.
The policies are internally available on the Proximus intranet. They are not available to consumers, end-users, or clients.
Proximus’ domain cybersecurity policies
Proximus’ domain cybersecurity policies apply to Proximus SA and its employees. The following topics are covered:
• Cryptography;
• customer access;
• electronic message communications;
• end-user devices enterprise security architecture;
• external supplier management;
• information security incident management;
• logging and monitoring;
• threat and vulnerability management.
These policies are reviewed annually by the Security Governance team and every three years for the domain policies. Cybersecurity
controls are assessed and adjusted to address emerging cybersecurity threats or changes in regulatory requirements. Proximus
requires third-party vendors providing certain services to comply with applicable laws, regulations, and security controls, which are
included in our Security Schedule. This schedule establishes Proximus’ minimum security standards for suppliers, which must be
adhered to for the duration of the agreement.
Aliates develop topic-specific policies in line with their own regulatory and compliance requirements.
Certifications
Proximus Group
• ISO 27001 certification for information security
• Cybersecurity policies aligned with the latest ISO 27001 revision and the Cyber Fundamentals from the Center for
Cybersecurity Belgium (CCB), ensuring compliance with the EU NIS2 Directive
• Belgian Cyber Security Incident Response Team (CSIRT) holds a Trusted Introducer certificate, recognizing its high
maturity in incident response
Telesign
• ISO 27001 certification for information security
• Global delivery of its Digital Identity Suite (PhoneID and Intelligence)
• Programmable Communications Suite of products (SMS and Voice)
BICS
• ISO 27001 certification for information security
• Security framework built on ISO 27001.
• Own CSIRT and detection centers, strengthening defense against cyber threats
Compliance to the NIS2 Directive
The NIS2 Directive (Network and Information Systems Directive 2) is a European regulation aimed at significantly strengthening cyber
resilience across the EU. It applies to essential entities, including Proximus, as a provider of digital infrastructure critical to society.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025171
Belgium has assumed a reference role in the EU with its NIS2 transposition and has adopted an exemplary legal framework. This
framework requires organizations to demonstrate compliance through a company-wide ISO 27001 certification.
Proximus has made NIS2 a strategic priority, embedding it within its Cybersecurity Program and aligning it with ISO 27001 certification,
which serves as the key vehicle to demonstrate compliance. A dedicated NIS2 Program has been established, governed by a director-
level steering committee and actively sponsored by executive leadership, ensuring top-level oversight and accountability. Key
elements of the program include:
• NIS2 Lead Implementers coordinating implementation and remediation across business units;
• an expanded ISO team extending the scope of ISO 27001 certification;
• mandatory cybersecurity training for employees;
• continuous compliance monitoring, risk assessments, and both internal and external audits;
• remediation actions tracked and reported through monthly steering committees and quarterly executive updates.
By firmly integrating NIS2 into its operational and strategic agenda, Proximus demonstrates a strong commitment to cyber resilience
and regulatory alignment.
For stakeholders, NIS2 compliance reinforces trust. It ensures that Proximus applies robust cybersecurity and risk management
measures to protect essential services, and shares information on incidents and risks transparently. This not only strengthens the
security of customer data and communications but also enhances the Group's reputation and resilience in a digital economy where
trust is essential.
Actions to remediate negative impact and mitigate risks
Proximus SA
We use a variety of methods to engage with consumers and address their concerns and expectations regarding cybersecurity. Our aim
is to maintain and strengthen their trust in both our digital products and services, and in the digital world more broadly.
Security-by-design
This approach ensures that security is integrated from the very start of each project, embedding it into the design and development of
new products, solutions, and technologies. The security-by-design process covers the entire “Strategy Delivery” framework, ensuring
security is considered in all business initiatives.
In 2025, cybersecurity was incorporated into 1,077 business initiatives. In addition, we launched SAFE, an AI-based tool that assesses
project security parameters, further reinforcing our commitment to innovation and proactive security measures.
Corporate Cybersecurity Program
In 2025, Proximus invested about EUR 10 million in its Corporate Cybersecurity Program to strengthen cyber resilience, protecting
against business disruption, and provide best-in-class secure services and networks to customers. The program focuses on four key
areas:
• Identity and Access Management (IAM): Continuous modernization of IAM systems for privileged users, business users, partners,
and vendors ensures profile-based application access, enhancing compliance with data protection regulations and safeguarding
company data and customer privacy.
• Critical infrastructure protection: Safeguarding against disruptive malware such as ransomware, securing APIs, both private and
public clouds, and protecting against Distributed Denial of Service (DDoS) attacks.
• StopPhishing project: Proximus supports the StopPhishing initiative with measures against email, SMS and telephone fraud. We
block suspicious phishing links, filter misleading SMS messages, and protect our email domains against abuse. With CallShield, we
prevent voice scams and spoofed calls, and we anonymize fraudulent calls by detecting suspicious calling patterns and reinforcing
the security of our network interconnections.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025172
• Defense capabilities to address threats against Proximus Group employees and networks. The Security Orchestration and
Automated Response (SOAR) project leverages advanced analytics and machine learning to streamline incident handling. By
automating time-consuming manual tasks, analysts can focus on more complex cases, resulting in significant time savings.
Proximus Global
Proximus Global maintains a comprehensive information security program, implementing physical, technical, and administrative
measures and safeguards. Led by the Chief Information Security Ocer (CISO), the Corporate Security organization oversees all
security matters, ensuring compliance with ISO/IEC 27001:2022. Proximus Global ensures commitment to information security
via dedicated resources and tooling, and permanent monitoring of networks and systems. Personnel are trained on security
responsibilities, information security, and privacy. All employees and contractors sign non-disclosure and confidentiality agreements to
uphold information security.
Proximus CSIRT and SOC
The Proximus Ada Cyber Security Incident Response Team (CSIRT) plays a central role in protecting the group’s digital
infrastructure. Its responsibilities include:
• Incident response: managing cybersecurity incidents such as phishing attacks, malware infections, and other breaches by
containing threats, restoring operations, and preventing recurrence.
• Monitoring and detection: continuous monitoring of the network trac and system activity using SIEM (Security Information and
Event Management) systems to identify suspicious behavior and potential threats.
• Threat intelligence: analyzing emerging threats and sharing insights with stakeholders to strengthen the organization’s security
posture.
• Collaboration and communication: raising awareness about cybersecurity threats and best practices among employees and
customers.
• Proactive measures: conducting security assessments, implementing controls, and recommending improvements to strengthen
defenses.
• Vulnerability management: identifying vulnerabilities within the Proximus environment and guiding teams in remediation.
• Red Team operations: performing oensive security exercises targeting Proximus infrastructure to uncover weaknesses.
A key development in 2025 was the formal establishment of the Red Team within the CSIRT. Its mission is to strengthen the company’s
cybersecurity posture by simulating real-world cyberattacks. While Red Team exercises had been conducted previously, the team was
ocially created and reinforced with two additional FTEs.
In 2025, CSIRT members participated in NATO’s Locked Shield exercise, simulating a real life cyber attack. This took place in Latvia
as part of a joint Belgium-Luxembourg-Latvia team. They secured fourth place, confirming Proximus’ operational excellence in
cybersecurity. In addition, our CSIRT experts took part in the first European Cyber Defense Exercise (CDX), a large-scale simulation to
boost Europe’s cyber resilience. CDX was a unique opportunity to enhance collective preparedness across borders and sectors. The
insights help to strengthen our daily defense and Cyber Resilience Index. By collaborating with organizations that share our vision for
a secure digital future, we rearm our commitment to building digital trust. The team is also internationally recognized as an industry
leader in SS7 Intelligence, a unique expertise in the global telecommunications sector.
Proximus’ Security Operations Center (SOC), located in Brussels with a Disaster Recovery site in Mechelen, provides 24/7 remote
monitoring of company networks and applications. Security analysts deliver continuous security analysis and health and availability
monitoring for enterprise customers, primarily governmental institutions, and large industrial clients.
Business continuity plan
Proximus has developed a business continuity plan in the event of a cyberattack. The plan is regularly reviewed and updated. In
addition to testing, frequent drills are conducted with dierent levels of our crisis management team to ensure eective responses. We
are committed to continuously improving preparedness to minimize the impact of cyberattacks.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025173
Actions to strengthen positive impacts and approaches to pursuing opportunities
Collaboration with partners
Collaboration is essential in the fight against cybercrime. Sharing knowledge, insights, and experiences helps strengthen cyber
resilience across organizations and enhances the protection of individuals. Proximus grows and shares expertise through several
collaborations:
Belgian initiatives
• Proximus is a member and co-founder of the Belgian Cyber Security Coalition, a collaboration platform bringing together
experts from public authorities, academia, and the private sector. The Coalition aims to raise awareness, facilitate the exchange of
expertise, and share policy recommendations. Since its founding in 2015, membership has nearly fivefold, uniting Belgium’s most
important organizations.
• Proximus is also a board member of Cyber Made in Belgium (CMiB), an initiative of employers’ organization Agoria that represents
the Belgian cybersecurity sector to governments, enterprises, and the public.
International cooperation
• Proximus cooperates closely with European telecom operators through the ETIS platform, where we serve as treasurer and board
member. We actively participate in several security working groups and chair the SOC group.
• The Group also works with the European Union Agency for Cybersecurity (ENISA) to monitor regulatory developments.
• Engagements with NATO and Europol’s Cyber Crime Centre ensure Proximus stays informed of new threats.
• Our aliate BICS actively participates in international industry bodies focused on fraud prevention, such as the i3Forum, GSMA,
BEREC, and MEF, promoting collaboration across the sector.
Awareness and education of employees, customers, and society at large
Protecting our employees and customers against social engineering and fraud is a key priority. Since most cybersecurity incidents in
enterprises result from human behavior, prevention through awareness and education is essential to mitigate the risk of attack.
Awareness of Proximus’ employees
• Every Proximus employee plays a vital role in cybersecurity. To support this, CSIRT experts deliver regular information sessions, and
trainings has been intensified to help employees both recognize and respond to threats.
• Each year, Proximus conducts a Group-wide awareness campaign requiring all employees
55
and contractors to complete mandatory
cybersecurity e-learning modules. These trainings equip employees – the company’s first line of defense – to respond eectively to
risks such as phishing, social engineering, and data misuse.
A total of 355,160 phishing simulations were sent, reaching 19,477 employees, with a 21% reporting rate to CSIRT. Employees are
also encouraged to forward suspicious emails to CSIRT, which reports them to the Centre for Cybersecurity Belgium (CCB). These
reports allow the CCB to proactively protect other organizations.
Awareness of our customers and society at large – in Belgium
• The CSIRT issues warnings on social media when phishing campaigns impersonating Proximus are detected, advising people on
protective measures.
• Through the Internet Safe & Fun Days, Proximus promotes safe Internet use among young people. Twice a year, employees
trained by Child Focus visit primary schools to teach around 5,500 children about safe online behavior. More information in the
section “Digital inclusion”.
• In 2025, Proximus launched the second phase of its national Digital Trust awareness campaign, providing consumers with an
interactive tool, Smarter Online, to assess suspicious online situations, from strange messages to concerns about children’s online
55 Employees and contractors engaged in Business Process Outsourcer activities in India (representing 5.9% of our employees) were not in scope for the
Cybersecurity training due to the specific nature of their outsourced, India based, customer embedded roles.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025174
safety. The tool is free and accessible to everyone. It oers clear, personalized advice based on reliable sources like the Centre for
Cybersecurity Belgium (CCB) and Child Focus. To raise awareness, Proximus launched a national campaign across radio, television,
and digital channels, encouraging users to protect themselves against phishing, cyberbullying, and online risks for children by using
Smarter Online. To date, the tool has already been used by tens of thousands of people, showing strong public interest in safer
digital habits.
• As part of our Digital Trust eorts, we also launched Secure Net for our residential customers, a simple yet powerful way to
automatically protect them from online threats. No installation is needed: Secure Net shields devices from phishing, malware, and
other dangers the moment they connect.
• As part of the government’s StopPhishing project, through a co-investment, Proximus developed an AI-based detection solution.
In 2025, this solution screened and blocked 12 million SMS and MMS messages, and over 200 million phishing emails were
intercepted by anti-spam filters. More than 33 million fraudulent and spoofed call attempts were also blocked. Besides that, another
11 million call attempts were anonymized to urge people to be vigilant.
• Proximus ensures strong customer identification (DKYC – Digital Know Your Customer) on its digital channels. We oer recognized
and highly secure methods of identification, such as Itsme, helping prevent identity fraud and secure online transactions.
Close collaboration with the Center for Cybersecurity Belgium (CCB)
The Center for Cybersecurity Belgium (CCB) is the national authority for cybersecurity in Belgium. The CCB supervises, coordinates,
and controls the application of the Belgian cybersecurity strategy to protect the government, companies, essential services, and the
population. Proximus has worked closely with the CCB since its launch in 2015 and has been a pioneer in joint projects. For example:
• We participate in the CCB’s annual national cyber campaign to raise citizen awareness. The 2025 campaign focused on investment
fraud, where people are lured into fake financial products such as cryptocurrencies or forex.
• Proximus also collaborates with the CCB on the Belgian Anti-Phishing Shield (BAPS) project. This initiative, which involves all
Belgian telecom operators, redirects users who click on malicious links to a warning page. In 2025, BAPS prevented access to
200 million fraudulent websites.
Performance
Cybersecurity Resilience Index
The Cybersecurity Resilience Index shows how well Proximus prevents or limits the impact of major cybersecurity incidents by
measuring the share of incidents without visible business impact. In 2025, the Group score decreased to 87%, compared with 99% in
2024. This decline reflects the influence of incidents on the calculation, including a data disclosure incident that occurred at the end of
December 2025. As the index reflects both the number and the severity of incidents with business impact, such cases naturally reduce
the overall resilience score for the year.
This Group-level evolution is also reflected in our domestic performance. Within the framework of our bold2025 objective – to reach a
95% Cybersecurity Resilience Index for Proximus domestic operations by 2025 – a score of 87% was achieved. As at Group level, the
December incident had a direct impact on the domestic score, preventing the objective from being met, compared with 99% in 2024.
(%) 2024 2025
Cybersecurity Resilience Index 99 87
Scope: Proximus Group
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025175
Definitions and accounting policies
The Cybersecurity Resilience Index represents the ratio of major incidents for which visible business impact was prevented
thanks to adequate security controls, or for which the CSIRT was able to quickly mitigate the impact, to the total number of major
incidents. This index is calculated at the Group level. The Cybersecurity Resilience Index is deployed globally and reported both
domestically and internationally. Each aliate provides monthly reporting of its cybersecurity incidents to Group Cybersecurity.
As part of reporting, cybersecurity incidents are categorized according to agreed cybersecurity incident categories (e.g., Brand
Protection, Denial of Service, Unauthorized Access), each with defined severity classifications listed in a dedicated table.
The business impact of each incident is then assessed using the Group Business Impact Evaluation Matrix, which provides a
comprehensive overview of the measurable consequences incidents may have on Proximus Group’s financials, regulatory
compliance, reputation, operations, and competitive advantage.
Applying an exponential scale to the Business Impact Evaluation Matrix when calculating the ratio creates a more proportional
representation, whereby each unit increase on the scale corresponds to a significantly higher factor. This approach better reflects
and compares cybersecurity incidents with substantial dierences in magnitude. The Business Impact Penalty is calculated as the
sum of the weights.
Sustainability statement → Social information
→ Own workforce → Workers in the value chain → Aected communities → Consumers and end-users → Cybersecurity
Proximus Group Integrated annual report 2025176
Governance information
The topic related to governance, defined as material for Proximus Group, is business conduct.
In the upcoming sections, we will describe the impacts, risks, and opportunities, internal resources and responsibilities, strategic
objectives, policies, and performance metrics for this topic.
Business conduct
Context
Acting with integrity is a cornerstone of long-term success. At Proximus, we recognize that trust and transparency are essential not
only for maintaining strong relationships with our stakeholders but also for driving sustainable growth in a competitive and evolving
market.
Ethics and accountability guide our decision-making processes and shape how we interact with employees, customers, suppliers,
and society. By embedding these principles into every aspect of our business, we aim to create value that extends beyond financial
performance, ensuring that our actions today contribute to a more sustainable future.
Business conduct encompasses all corporate behaviors that promote transparent and sustainable business practices, benefiting all
stakeholders along the company’s value chain. This includes our corporate culture, the prevention and detection of corruption and
bribery, the protection of whistleblowers, and our political influence and lobbying activities.
Impacts, risks and opportunities
The material impacts, risks, and opportunities that Proximus has identified for ESRS G1 “Business conduct” as a result of the Double
Materiality Assessment are considered widespread or systemic in the contexts in which the company operates. They are the following:
Subtopic or
sub-subtopic
Description Type
Value
chain
56
Time horizon
57
Business ethics, practices
& policies
Lack of transparency and fairness in AI and automated decisions can lead
to bias, discrimination, and ethical concerns
Actual negative
impact
•
S M L
Corruption and bribery
& Protection of
whistleblowers
Incidents of corruption, bribery, insider trading, discrimination, conflicts of
interest, or other ethical breaches could lead to regulatory investigations,
legal penalties, financial losses, and reputational damage
Risk
•
S M L
Political engagement and
lobbying activities
Proximus advocates for initiatives stimulating economic growth and
fostering societal impacts, incl. promoting digital inclusion, ensuring
digital security, encouraging responsible use of technology
Actual positive
impact
•
S M
Business model
resilience & systemic risk
management
Risks and uncertainties on business practices and policies, supply chain
and sourcing, as a consequence of the geopolitical, regulatory and
economic situation, and dependency on foreign technology
Risk
•
S M
Investments in innovative technologies (incl. GHG-free cooling
installations and non-fossil heating solutions) across the network
helping to improve operational resilience against external factors
Opportunity
•
M
The actions related to business model resilience and systemic risk management are presented in the Risk management report.
Sustainability statement → Governance information
→ Business conduct
56 Value chain: upstream ( ), own op
erations (
•
), downstream ( ).
57
Time horizon: short-term (S), medium-term (M), long-term (L).
Proximus Group Integrated annual report 2025177
Strategic objectives
We believe in achieving strong business results with integrity and the highest ethical standards. Our goal is to ensure that our activities
contribute positively to society’s economic, social, and environmental well-being. These values are deeply embedded in our corporate
culture.
For instance, our Corporate Governance Charter states that we aim to meet the expectations of our stakeholders by taking into
account ethical standards and policies limiting operational risks.
We also view the fight against corruption and bribery, as well as avoiding conflicts of interest, as fundamental to our responsibilities
as a business. Combating these issues fosters public trust in institutions, upholds market integrity, ensures fair competition, and
contributes to a more equitable and sustainable economy.
In light of Proximus Group’s international expansion, we are committed to consistently upholding our corporate culture and policies
across all our aliates. Our aliates’ Boards have endorsed our Corporate Governance Charter, and we are reinforcing ESG internal
controls and governance.
We are committed to achieving zero cases of:
• bribery and corruption;
• unreported conflicts of interest;
• violations of the Export Controls and Sanctions Compliance Policy;
• infringements to the Dealing Code;
Business conduct policies and corporate culture
Policies
All employees are expected to carry out their daily activities and achieve their business objectives in line with our Code of Conduct.
The principles and rules of the Code of Conduct are further elaborated in dierent internal policies and procedures. Each policy has
an identified owner and an approver. The approvers, as members of the Proximus Leadership Team, are accountable for the policy’s
implementation.
Raising awareness among employees and stakeholders
All policies are available on Proximus Group’s intranet site, along with a summary of key points. Translations into local languages are
available if needed (e.g., French and Dutch versions are available for Proximus Group).
Periodically, and whenever a significant update occurs, internal communication is sent to all employees and contractors (via email or
intranet message), sometimes preceded by targeted communication to team leaders to raise awareness and underline their role (e.g.,
regarding the Whistleblowing Procedure).
Key policies are available to all stakeholders on the Proximus.com website and/or on the public websites of our aliates. A dedicated
Supplier Support portal provides information on the Reverse Factoring system, which allows suppliers to receive advance payment on
invoices under very favorable conditions.
Overview of Group policies and charters
Proximus’ governance principles, Code of Conduct, and the main policies are transposed and applied in all aliates of Proximus. They
are followed up by local compliance representatives under the supervision of the Group Compliance Oce.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025178
Ethics & business conduct Resilience & business continuity Supply chain & human rights
• Code of Conduct
• Anti-Bribery, Corruption, and Conflicts of
Interest Policy
• Dealing Code
• Delegation of Powers by the CEO Policy
• Related Party Transactions
• Export Controls and Sanctions
Compliance Policy
• Fraud Policy
• Competition Law and Chinese Walls,
Exchange of Information and Dawn Raids
• Whistleblowing Procedure
• Intellectual Property Rights Policy
• Management Consultancy Policy
• Pricing Policy
• Public Aairs Policy
• Memberships
• Diversity and Equal Opportunities
• Well-Being at Work
• Remuneration Policy
• Group Investigations Charter
• Group Internal Audit Charter
• Group Policies Charter
• Risk Management Policy
• Business Continuity Management
• Insurance Policy
• Procurement Policy
• Human Rights Policy
• Supplier Code of Conduct
• Proximus Societal Responsibility Charter
for Fiber Roll-out
Privacy, security & information
management
Responsible communication Environmental management
• Data Protection and Secrecy of Electronic
Communications Policy
• Data Retention Schedule
• Cybersecurity Policy
• Information Management Policy
• Information Ownership and Classification
Policy
• Good Habits Protect What Matters
• External Communication and Media
Relations
• Internal Communication
• Social Media
• Environmental Policy
A general policy on Anti-Bribery, Corruption, and Conflicts of Interest applies across the entire Group. This policy is consistent with
the 2003 UN Convention against Corruption and meets the requirements of the US Foreign Corrupt Practices Act, the UK Bribery Act
2010, and the Indian Prevention of Corruption Act:
• Bribery in any form is strictly prohibited. Employees must never – under any circumstances – request gifts or other favors in
exchange for carrying out their duties. The policy allows only a few exceptions, such as accepting low-value items (excluding cash or
cash equivalents) when there are no pending tenders.
• Employees shall not engage in any paid or unpaid sideline activities that would compete with the activities of Proximus Group.
• In performing their duties, employees may not take any actions or decisions regarding files that concern themselves or their close
family members.
• Employees cannot have any financial interests that could influence their judgment or professional duties to the detriment of
Proximus Group.
• Employees must never use the assets of Proximus Group to obtain a direct or indirect personal advantage, for themselves or
someone else.
• The Board must follow the rules regarding conflicts of interest between the company and a Board member. When a conflict of
interest occurs, the meeting in which it is reported and the matter causing the conflict must be documented in the Integrated annual
report.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025179
Proximus has contractual relationships and provides telephony, Internet, digital, and/or ICT services to many companies where Board
members hold executive or non-executive roles. Proximus’ Policy on Related Party Transactions ensures that these transactions are
conducted at arm’s length. Any consideration paid or received by the company or its aliates in connection with any such transaction
must be on terms no less favorable than terms available to an unaliated third party under the same or similar circumstances.
The Delegation of Powers by the CEO Policy informs every Proximus Group employee of the general principles governing delegations,
sub-delegations, and the applicable ceilings, as well as the specific delegations for certain contracts and specific acts. Exceptions for
major aliates are documented.
As Proximus is a listed company, our Dealing Code was created to raise awareness of possible improper conduct by employees and the
sanctions related to insider trading and market manipulation. Our Route Mobile aliate, which is listed on the Indian stock exchange
and is subject to the regulation of the Securities and Exchange Board of India, has its own policies.
The Fraud Policy details the measures to combat telecom fraud, internal fraud, and other criminal acts within Proximus Group and
must be applied by all Proximus Group employees.
The Intellectual Property Rights Policy allows employees to actively participate in protecting and optimizing Proximus’ intellectual
rights and the rights of use that Proximus holds on elements protected by the intellectual property rights of third parties.
The Procurement Policy sets clear rules regarding integrity and fair treatment of suppliers, segregation of duties, signing of contracts,
and more. To prevent late payments to suppliers, including small and medium-sized enterprises (SMEs), Belgian law imposes a
maximum 60-day payment term for new contracts or contract extensions.
The Competition Law and Chinese Walls Policy aims to ensure compliance with competition laws at the Belgian, European, and
international levels by all employees with decision-making powers who maintain relations with competitors, customers, or suppliers,
or who come into contact with them. The Chinese Wall principle insulates the wholesale telecom activities and information from the
retail units.
As outlined in our Human Rights Policy, Proximus Group respects the internationally recognized human right as, set out in the
Universal Declaration on Human Rights and the International Labor Organization’s Core Conventions. In December 2023, Proximus
Group formalized its long-standing commitment to the UN Guiding Principles on Business and Human Rights by joining the UN Global
Compact. This policy describes Proximus’ general approach in relation to respect for the human rights of our workforce, workers in
our value chain, potentially aected communities, and all our consumers and end-users. It was most recently updated and approved
by the CEO and the Proximus Leadership Squad in May 2025. The Human Rights Policy applies to all employees of Proximus Group,
anyone doing business for or with Proximus Group, and others acting on Proximus Group’s behalf.
More information can be found in the sections ““Own workforce”, “Workers in the value chain”, and “Consumers and end-users”.
We communicate our values and the behavior we expect from external employees and business partners through our Supplier
Code of Conduct. It covers compliance with the law in general and our Anti-Bribery, Corruption, and Conflicts of Interest Policy,
including provisions against anti-competitive practices and conflicts of interest. It also covers human rights, fair labor practices, and
environmental considerations. This Code has been aligned with the Responsible Business Alliance (RBA) Code of Conduct, Joint
Alliance for CSR (JAC) Supply Chain Sustainability Guidelines, and industry best practices.
As detailed in our Export Controls and Sanctions Compliance Policy, Proximus Group is committed to complying with US, UN, EU, and
UK regulations on sanctions and embargoes. We respect the specific rules regarding the unauthorized re-export of goods, services,
or technologies to countries or persons subject to export controls or economic sanctions. Furthermore, we do not take any action that
assists targets of sanctions in evading or avoiding the lawful application of sanctions and export controls.
Following the Belgian law transposing the EU Directive EU 2019/1937, the Group Compliance Oce has updated its Whistleblowing
Procedure and harmonized the way of working for the entire Proximus Group.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025180
Resources and responsibilities
Audit and Compliance Committee
The Audit and Compliance Committee (ACC) receives a quarterly report from the Group Compliance Oce on the number of
investigated (potential) corruption and bribery cases. This report includes a high-level, anonymized description of the cases and the
related remediation actions (e.g., termination of a supplier contract, disciplinary measures up to dismissal). Where relevant, lessons
learned from incidents lead to policy improvements, which the Group Compliance Oce integrates into an action plan. Any negative
results and related actions identified during our third-party business relationship due diligence processes are also reported to the ACC.
More information on the ACC can be found in the Corporate governance statement.
Group Compliance
The Group Compliance Oce coordinates compliance activities within Proximus Group, focusing on the Code of Conduct, the
Human Rights Policy, the Anti-Bribery, Corruption, and Conflicts of Interest Policy, the Dealing Code, the Whistleblowing Procedure,
and the Export Controls and Sanctions Compliance Policy. Concretely, it requests an annual review of the company’s policies from
the respective policy owners. The Group Compliance Oce supports policy owners in creating, reviewing, and implementing their
respective compliance control plans. All policies have controls in place at the Group level. Non-compliant controls are addressed
immediately, and action points are set and monitored by the Group Compliance Oce. The Group Compliance Oce collaborates with:
• Group Legal, to monitor compliance with IP rights and competition laws;
• Data Protection Oce, for compliance with data privacy regulations;
• Group Human Resources, for compliance with employment regulations and social laws.
The Regulatory team manages compliance related to domestic telecom activities. Financial compliance, including compliance with tax
laws, is handled by Group Finance.
More information can be found in the Corporate governance statement.
Internal Investigation team
More information can be found in the subsection “Investigations”.
Internal audit
In line with the Institute of Internal Auditors’ international standards, Proximus’ Internal Audit department is an integral part of the
internal control system. The team provides the Board and senior management with objective assurance, advice, insight, and foresight
on governance and internal control practices.
Risk-based audit assignments provide independent assurance regarding the adequacy and eectiveness of controls, compliance
with policies, and adherence to relevant laws and regulations. The Internal Audit team follows up with management on the identified
improvement points.
The team’s scope encompasses all activities and operations of Proximus Group, in compliance with local legislation and regulations.
It can identify fraud indicators and advise on how to reduce vulnerabilities, but the deterrence of fraud is the responsibility of
management, and the examination of individual fraud incidents is the responsibility of the Investigations department.
The annual internal audit plan, as well as a summary of all audit assignments, is presented to the Audit and Compliance Committee.
In 2020 and in 2025, Proximus’ Internal Audit department has undergone an External Quality Assessment and has been certified as
generally compliant with the Global Internal Audit Standards.
External audit
If the external auditor identifies a weakness or opportunity to improve internal controls, recommendations are made to management
and to the Audit and Compliance Committee. These recommendations, along with the related action plan and implementation status,
are reported at least annually to the Audit and Compliance Committee.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025181
Ethical concerns related to AI and automated decision-making
The increased adoption of AI generates legitimate concerns among our stakeholders, and its responsible deployment is an integral
part of our corporate culture and business ethics. Before the large-scale emergence of AI technologies in corporate processes,
Proximus had already implemented advanced analytics and machine learning technologies for day-to-day operations. As of 2024,
Proximus Domestic has set up a program with centralized budget and governance to accelerate the implementation and adoption of
generative AI technologies to boost delivery productivity and eciency, as well as optimize spending. Clear ethical guidelines have
been defined for selecting use cases, aiming at trustworthy, transparent, and safe AI.
The European AI Act has been entering into force progressively since February 2025. This regulation aims to ensure that AI is used
appropriately, ethically, fairly, and without risk of harming populations across the European Union. As Proximus both deploys AI
systems internally and develops AI systems, it is subject to certain AI Act requirements.
In 2025, a detailed action plan, based on ISO 42001, was drawn up to further align and reinforce AI governance across Proximus
Group and ensure compliance.
An AI Group policy was under development in 2025.
Prevention and detection of corruption and bribery
Identification of risks
We refer to the risk management process as described in the general disclosures.
Our Code of Conduct and the Anti-Bribery, Corruption, and Conflicts of Interest Policy state that corruption and bribery are prohibited.
We manage our impacts, risks, and opportunities related to business conduct by training our employees – with a specific focus on key
functions at risk – and by providing grievance mechanisms and investigating possible cases.
Mandatory e-learnings
In 2025, 87% of our employees considered to be at risk
58
completed the anti-bribery and conflict of interest training, up from 74% in
2024. This increase is partly due to the reassessment of the definition of employees considered at risk. For domestic employees, the
completion rate increased from 90% in 2024 to 94% in 2025. In 2026, most of our employees and contractors will follow a training
on the Proximus Code of Conduct as it was done in 2024.
Extra interactive workshops have been organized for employee groups considered at higher risk for corruption and bribery, namely the
Procurement and Enterprise sales team.
Key employees
Special attention is given to the Dealing Code at the top management level. In line with Belgian legislation, the Group Compliance
Oce maintains a list of People Discharging Managerial Responsibility, along with confirmation that they have read, understood, and
agreed to comply with the relevant legislation. Insiders’ lists are created, updated, and closed by the Group Compliance Oce.
The compliance team of our Route Mobile aliate manages a list of key employees, identified as Designated Persons, in line with the
regulations of the Securities and Exchange Board of India.
58 Employees at risk are defined as all cadre level employees (Level 1) and all employees working for aliated entities. Employees engaged in Business
Process Outsourcer activities in India (representing 5.9% of our employees) were not identified as at risk due to the specific nature of their outsourced,
India based, customer embedded roles.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025182
Any interaction with competitors (beyond the usual commercial relationship as wholesale customers) is conducted under the strict
supervision of Group Legal. Instructions are provided to key employees regarding appropriate interaction with competitors to avoid any
perceived collusion.
Grievance mechanisms
Proximus promotes an open communication culture in which employees are encouraged to speak up and flag risks and improvement
opportunities. Additionally, our Code of Conduct and policies clearly state that employees must report incidents and potential
infringements to their hierarchical superiors or to the contact persons mentioned in those policies.
The mandatory anti-bribery training, which includes a quiz, shows employees how they can raise their concerns. Proximus relies on this
training to ensure that our employees are aware of and trust the structures and processes in place to raise their concerns.
If, for any reason, employees do not feel comfortable reporting to their hierarchical superior or directly to the policy owners, they can
rely on the whistleblowing channels. Proximus has established reliable internal reporting channels (online, by phone, or by regular
mail) for internal and external stakeholders at the Group level and in all aliates where whistleblowing legislation applies. Since 2024,
the online reporting channel has been outsourced to a large accounting firm. This system enables employees and external parties to
report – confidentially and anonymously if they wish – any violation of the Code of Conduct, internal policies and procedures, laws and
regulations, or any breach of integrity. The Belgian government has also established an external whistleblowing channel: the Federal
Ombudsman’s Centre for Integrity.
Proximus Group prohibits and sanctions any form of retaliation against those who, in good faith, report a violation or suspected
violation. Even if the complaint is not anonymous, the whistleblower’s identity is kept strictly confidential. This information cannot be
disclosed without their explicit consent, other than to those authorized and competent to receive and follow up on reports. Additionally,
this applies to any other information from which their identity can be (in)directly deduced. The data protection rights of whistleblowers
are respected, as detailed in the Whistleblowing Procedure.
Complaints received through the whistleblowing channels concerning violence and moral or sexual harassment in the workplace are
transferred to the Prevention Manager.
59
When we receive complaints regarding discrimination in Belgium, we refer them to Unia (the
Interfederal Center for Equal Opportunities) or the Institute for the Equality of Women and Men. Whistleblowing ocers across all
aliates received training during the establishment of the whistleblowing procedure and the implementation of reporting channels.
This training ensures that ocers are equipped to handle complaints confidentially, impartially, and in full compliance with applicable
laws and internal policies.
The dedicated Supplier Support portal can be used to report any payment or process issues experienced by our suppliers. More
information on the prevention, detection, and management of incidents with suppliers can be found in the section “Workers in the
value chain”.
Investigations
The Internal Investigation team is responsible for all business conduct incidents and whistleblowing cases deemed receivable. It
reports to the Group Cybersecurity Lead in the Corporate Aairs division, ensuring independence from the management chain
involved in preventing corruption and bribery.
The team handles cases that could negatively impact the company, such as telecommunications fraud, theft, violations of the Code
of Conduct and policies, and unauthorized business practices. All members of the Internal Investigation team are required by law to
disclose any information related to a crime or criminal oence to the proper authorities. The investigators hold a private investigator’s
license issued by the Belgian Ministry of Domestic Aairs.
59 Law of August 4, 1996, on the well-being of workers in the performance of their profession.
Sustainability statement → Governance information
→ Business conduct
Proximus Group Integrated annual report 2025183
Cases can be reported by both internal and external stakeholders. The analysis of the case is initiated within days of the discovery or
notification of the incident. The evaluation criteria to start an investigation include legal and ethical considerations; advice from the
Group’s Human Resources and/or Group Legal departments might be sought. All investigations systematically examine inculpatory
and exculpatory evidence.
If there are serious concerns about the possible involvement of a Proximus employee or a contractor, that person will be invited to a
hearing conducted by the investigator. This investigator, who is bound by a strict duty of confidentiality, writes a report at the end of the
investigation. The Investigations Lead decides who receives the report, depending on the case (e.g., employee hierarchy, HR, Legal).
Any criminal act uncovered by the investigation must be reported in writing to the legal authorities (i.e., to the King’s Prosecutor of the
Court for Belgian cases).
An activity report of the Internal Investigation team is shared monthly with management. Each quarter, a report on the number and
types of investigation files, as well as the disciplinary measures resulting from investigations, is shared with the Audit and Compliance
Committee.
For cases outside Belgium, the Internal Investigation team mandates a suitable partner. The decision to launch an investigation is
based on the existence of legal or ethical motives or sucient material evidence. For whistleblowing cases outside Belgium, the
partner managing the digital whistleblowing channel can provide resources and expertise for the investigations.
Please note that a specialized Cybersecurity team handles cybercrime cases (“Cybersecurity” section), the Data Protection Oce
is in charge of data breach cases (“Data protection” section), and the Group Prevention and Protection team in Human Resources is
responsible for cases related to health, safety, and employee well-being (“Own workforce” section).
Proximus’ high standards in business conduct, governance, and internal controls are evidenced by certifications such as ISO27001,
ISO9001, and ISAE3000, and by strong ESG agency ratings. More broadly, these standards enhance our corporate reputation, as
measured by the Kantar external survey. These results are also tied to the management’s long-term incentives, as detailed in the
Remuneration report.
The Group Compliance Oce has started rolling out formal compliance controls with central oversight for all aliates, aiming to
complete the process by the end of 2026.
Confirmed incidents of corruption or bribery
In 2025, the Investigations team handled 33 cases of policy violations or breaches of the Code of Conduct, representing a significant
decrease compared with the 69 cases investigated in 2024. This decrease is explained by the dierences in case composition between
2024 and 2025. In 2024, several investigations involved large groups of employees, with each individual recorded as a separate
investigation. In 2025, only individual cases were handled, meaning the reduction reflects a change in case structure rather than a
decline in investigative activity.
Whistleblowing activity remained broadly stable, with 14 cases reported in 2025, up slightly from 13 cases in 2024.
(#) 2023 2024 2025
Cases investigated by the Investigations Department for violation of policies and Code of Conduct 51 69 33
Whistleblowing cases 10 13 14
Scope: Proximus Group
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→ Business conduct
Proximus Group Integrated annual report 2025184
Definitions and accounting policies
Cases investigated by the Investigations team for violations of policies and the Code of Conduct are defined as all incidents
involving Proximus Group employees for whom an investigation was carried out to confirm or deny their involvement. The results
of the investigation are forwarded to HR, which follows up on the incident and takes disciplinary action. Incidents and cases
investigated are reported monthly to the Group Corporate Aairs and Human Resources leads.
The term “Whistleblowing cases” refers to all non-commercial cases received through the internal whistleblowing channel of
Proximus Group. This metric was consolidated at the Group level by the Ethics and Compliance Ocer and collected through the
2025 sustainability data collection process.
Political influence and lobbying activities
Proximus advocates for initiatives and regulations that generate positive societal impact and sustainable economic growth. We
focus on advancing digital inclusion to bridge the digital divide, enhancing digital security to protect individuals and businesses, and
encouraging the responsible and beneficial use of technology.
To achieve these goals, we engage in targeted lobbying activities with policymakers and industry stakeholders, and contribute to policy
discussions that shape the digital landscape. We uphold the highest ethical and professional standards in all such interactions, as these
are essential to developing and maintaining long-term relationships based on trust, integrity, and mutual respect.
Proximus defines political influence and lobbying activities as attempts to influence the formulation or implementation of policy,
legislation, or decision-making processes at all levels, from local standard-setters to European institutions.
Resources and responsibilities
The Group Public Aairs (GPA) department manages political concerns and advocates for Proximus Group’s interests in the decision-
making processes. The GPA team also represents Proximus in key interest organizations and coordinating bodies (Union Wallonne
des Enterprises, Voka, BECI, Agoria, etc.). The GPA team covers the Group’s domestic activities, including domestic aliates. Team
members are registered as lobbyists in Belgium and maintain records of their political contacts, which are monitored by the Group
Compliance Oce. For international activities, public aairs are overseen by the Proximus Global Chief Corporate Aairs Ocer. This
team collaborates with the GPA team on critical public aairs cases related to the gigabit network. It discusses these public aairs
cases with regional and city authorities as well as with the construction and property management sectors (“syndics”). Proximus is
registered in the EU Transparency Register under ID 537380918401-76, and its lobbyists are registered in Belgium.
The Regulatory team manages our relationship with the Belgian federal regulator BIPT (Belgian Institute for Post Services and
Telecommunication) and related institutions at both the community and European levels. They also represent in the European trade
association, Connect Europe, where our Regulatory Lead has been confirmed as Executive Board Chair for the year 2026.
For Proximus’ role in the Belgian Cybersecurity Coalition and other cybersecurity associations, overseen by the Security &
Investigations Lead, we refer to the section Cybersecurity. Information on Proximus’ role in DigitAll and other digital inclusion initiatives
can be found in the “Digital inclusion” section. Additionally, Proximus is a member of various associations involved in the green
transition, overseen by our Sustainability Lead.
Proximus ensures that its governance structures remain free from conflicts of interest. In accordance with Article 22 of the Law of 21
March 1991, members of the Board of Directors are prohibited from holding political oce (Charter of the Board on Proximus.com).
No members of the Board or the Proximus Leadership Squad held comparable positions in public administration in the two years
preceding their appointments.
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Proximus Group Integrated annual report 2025185
Advocacy
The main topics addressed through Proximus’ lobbying activities include:
• advocating for a regulatory framework aligned with the European Broadband Cost Reduction Act and the European Gigabit
Infrastructure Act to support nationwide gigabit network deployment;
• promoting a coordinated cybersecurity strategy across all political levels, including increased public investment in awareness,
research, and legislation;
• supporting digital skills development and inclusive education in cybersecurity and AI;
• encouraging public-private partnerships and subsidies to expand digital infrastructure in underserved areas;
• accelerating the energy transition and promoting circular economy initiatives through digital innovation;
• pursuing a fair level playing field among telecom operators with respect for competition rules;
• calling for a harmonized, global regulatory framework that balances data protection and data usage, enabling proactive fraud
protection, accelerating intelligence sharing, and supporting both innovation and user protection;
• Proximus also advocates for digital inclusion through its active participation in DigitAll, fostering collaboration among public and
private stakeholders to co-create solutions, raise awareness, and share best practices across sectors.
Political contributions
The company does not make financial or in-kind political contributions, either directly or indirectly. In 2025, no political donations were
made, and Proximus maintains a strict policy of non-aliation with political parties. Employees are prohibited from oering gifts or
hospitality to public ocials, except under tightly controlled conditions defined in the Anti-Bribery, Corruption, and Conflicts of Interest
Policy. Any exceptions require approval from the Group Compliance Oce and are reported quarterly to the Audit and Compliance
Committee.
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→ Business conduct
Proximus Group Integrated annual report 2025187
Management discussion and
analysis of financial results
Introductory remarks
Reporting changes
Accounting policies
The Group accounting policies and methods used throughout 2025 are consistent with those applied in the December 31, 2024,
consolidated financial statements, with the exception that the Group applied the new standards, interpretations and revisions that
became mandatory for the Group on January 1, 2025. These have no impact on the Group’s financial statements.
Segmentation
The reporting of the Domestic segment includes a technical eect from the transfer of Scarlet Small Enterprise (SE) customers to the
IT stack of the Proximus Group, without any impact on the aggregated Domestic Revenue or EBITDA. Before this migration, Scarlet SE
customers were included in the reporting of the Residential business unit.
The migration has following impacts:
1. The total number of Customer ID’s (source of the X-play customer count) decreased
Scarlet customers identified as SE customers are allocated to the Enterprise Business unit (moving out of the Residential customer
reporting)
Scarlet customers which had in the previous IT stack two ID’s (for example one for mobile and another one for a Fixed product or
Pack) are now recognized as 1 single customer. This means a consolidation of customers in the Residential customer reporting,
increasing the number of convergent customers, lowering the count of Fixed-only and Mobile-only customers.
2. The number of subscriptions (Mobile, Internet, Fixed Voice) did not change on total Domestic level, however, the move from Scarlet
SE customers to the Business unit result in a reallocation from these subscriptions Residential to Business.
In this annual report, the 2024 reference base for both operationals and financials has been restated for the changes mentioned
above to allow for a meaningful comparison.
Simplification
Eective 1 January 2025, Proximus Global reporting was simplified by including 'eliminations' in the product group 'Communications
and Data', to which these eliminations are associated. This change led to a decrease in the revenue line for 'Communications and Data'
(no meaningful eliminations on Direct margin). There is no eect on the total Global revenue, Direct margin, EBITDA, or FCF.
Management report
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Proximus Group Integrated annual report 2025188
Underlying revenue and EBITDA
Proximus’ management discussion is focused on underlying figures, i.e., after adjustments.
Proximus provides a transparent view of the operational drivers of the business by isolating adjustments, i.e., revenues and costs that
are unusual or not directly related to Proximus’ business operations, and which had a significant impact on the year-on-year variance
of the Proximus Group revenue or EBITDA. In addition, following the application of the IFRS 16 accounting standard, the definition
of “underlying” was adapted to include lease depreciation & interest in EBITDA as of 2019. The adjusted revenue and EBITDA are
referred to as “underlying” and allow for a meaningful year-on-year comparison.
Definitions can be found at the end of this chapter.
Revenues Ebitda
(EUR million) 2024 2025 2024 2025
Reported 6,539 6,620 1,950 2,251
Adjustments -110 -313 -10 0 -368
Underlying 6,430 6,307 1,850 1,883
Adjustments -110 -313 -100 -368
Lease Depreciations -96 -99
Lease Interest -10 -10
Transformation 20 23
Acquisitions, mergers and disposals* -80 -298 3 -266
Litigation/regulation -30 -1 5 -1 7 -16
Remark: “Underlying Revenue” corresponds to “Total Income”, excluding adjustments.
*For 2025, mainly related to divestments, including Be-Mobile EUR –119 million, mobile towers Luxemburg EUR –88 million, datacenters EUR –77 million, buildings EUR -12
million and EUR -2 million for Doktr. For 2024, related to Fiberklaar remeasurement of the participation for EUR -77 million, mainly oset by the adjustment of EUR 36m for the
impairment of the Proximus towers.
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Proximus Group Integrated annual report 2025189
Pro-forma figures
Following the acquisition of Route Mobile and the resulting full consolidation of its results in the Proximus Group as of 1 May 2024,
this annual report provides ‘pro forma 12 months’ figures for 2024, in addition to the actual 2024 results, as such allowing for a more
meaningful year-on-year comparison.
Group P&L - Pro forma
(EUR million) FY24* FY25 Change %
Underlying revenue 6,574 6,307 -4.1%
Costs of materials and charges to revenue -2,478 -2,227 -10.1%
Direct margin 4,096 4,081 -0.4%
Direct margin % 62.3% 64.7% 2.4 p.p.
Total expenses before D&A -2,227 -2,197 -1.3%
Workforce expenses -1 ,426 -1 , 3 97 -2.1%
Non-workforce expenses -801 -801 0.0%
EBITDA 1,869 1,883 0.8%
EBITDA margin % 28.4% 29.9% 1.4 p.p.
CapEx (including Spectrum & Football rights) 1,383 1,261 -8.8%
CapEx (excluding Spectrum & Football rights) 1,356 1,249 -7.9%
* FY ‘24 presented on a 12-month “Pro forma” basis, including Route Mobile over the period Jan – Apr 2024, to allow for a comparable base.
Proximus Global P&L Pro forma
(EUR million) FY24* FY25 Change %
Underlying Proximus Global revenue (1) 1,817 1,548 -14.8%
Communications & Data and eliminations 1,219 1,054 -13.6%
P2P Voice & Messaging 598 494 -17.3%
Proximus Global costs of materials and charges to revenue -1,316 -1,103 -16.2%
Proximus Global Direct margin 501 445 -11.1%
Communications & Data and eliminations 383 343 -10.5%
P2P Voice & Messaging 118 103 -13.0%
Proximus Global Direct margin % 27.6% 28.8% 1,2 p,p,
Proximus Global total expenses before D&A -313 -275 -12.2%
Workforce expenses -197 -162 -17.5%
Non-workforce expenses -116 -113 -3.2%
Proximus Global EBITDA 188 170 -9.3%
Proximus Global EBITDA margin % 10.3% 11.0% 0,7 p,p,
(1) Refers to total income
* FY ‘24 presented on a 12-month “Pro forma” basis, including Route Mobile over the period Jan – Apr 2024, to allow for a comparable base.
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Proximus Group Integrated annual report 2025190
Proximus Domestic P&L Pro forma
(EUR million) FY24* FY25 Change %
Underlying revenue 4,826 4,821
-0.1%
Costs of materials and charges to revenue -1,218 -1,170
-3.9%
Direct margin 3,608 3,651
1.2%
Direct margin % 74,8% 75,7%
1,0 p,p,
Total expenses before D&A -1,926 -1,938
0.6%
Workforce expenses -1 , 231 -1 , 238
0.5%
Non-workforce expenses -694 -700
0.8%
EBITDA 1,682 1,713
1.9%
EBITDA margin % 34,8% 35,5%
0.7 p,p,
CapEx (excluding Spectrum & Football rights) 1,303 1,202
-7.7%
Rounding
In general, all figures are rounded. Variances are calculated from the source data before rounding, implying that some variances may
not add up.
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Proximus Group Integrated annual report 2025191
Key Figures - 10-year overview (IFRS basis)
Income Statement (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Reported income 5,873 5,802 5,829 5,697 5,481 5,579 5,914 6,048 6,539 6,620
Revenue adjustments 3 24 21 11 2 1 5 7 110 313
Underlying revenue 5,871 5,778 5,807 5,686 5,479 5,578 5,909 6,042 6,430 6,307
Reported EBITDA (1) 1,733 1,772 1,794 1,676 1,922 1,828 1,826 1,786 1,950 2,251
Lease depreciation and interest N/A N/A N/A 84 84 82 84 90 105 109
Other EBITDA adjustments -63 -51 -70 -278 1 -26 -44 -62 -6 258
Underlying EBITDA
(1)
1,796 1,823 1,865 1,870 1,836 1,772 1,786 1,757 1,850 1,883
Depreciation, amortization and goodwill impairment -917 -963 -1,016 -1,120 -1,116 -1,183 -1,179 -1,185 -1,259 -1,601
Operating income (EBIT) 816 809 778 556 805 645 647 601 691 650
Net finance income / (costs) -101 -70 -56 -47 -48 -54 -49 -110 -159 -146
Share of loss on associates -1 -2 -1 -1 -1 -10 -20 -30 -18 -17
Income before taxes
715 738 721 508 756 581 578 461 513 487
Tax expense -167 -185 -191 -116 -174 -137 -128 -104 -57 -82
Non-controlling interests 25 30 22 19 18 1 0 0 9 7
Net income (Group share) 523 522 508 373 564 443 450 357 447 398
Cash flows (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Cash flows from operating activities 1,521 1,470 1,558 1,655 1,515 1,621 1,717 1,620 1,602 1,615
Cash paid for Capex -962 -989 -1,099 -1,091 -1,089 -1,137 -1,441 -1,453 -1,474 -1,316
Cash flows from / (used in) other investing activities 0 -189 -8 12 9 -168 -20 -57 -754 299
Lease payments N/A N/A N/A -78 -82 -79 -89 -92 -101 -118
Free cash flow (2) 559 292 451 498 352 237 167 18 -727 480
Organic Free Cash Flow (3) N/A N/A N/A N/A N/A N/A N/A N/A 57 130
Cash flows from / (used in) financing activities other
than lease payments
-764 -256 -444 -515 -363 -299 -119 398 506 -400
Net increase / (decrease) of cash and cash
equivalents
-205 36 7 -17 -13 -62 50 416 -219 68
Balance sheet (EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Balance sheet total 8,117 8,527 8,671 8,978 8,779 9,233 10,541 11,153 13,327 12,967
Non-current assets 6,372 6,735 6,850 7,160 7,120 7,548 8,589 8,932 10,969 10,710
Investments, cash and cash equivalents 302 338 344 327 313 249 299 716 538 670
Shareholders' equity 2,819 2,857 3,005 2,856 2,903 2,978 3,307 3,300 4,310 4,505
Non-controlling interests 162 156 148 142 123 0 1 0 225 162
Liabilities for pensions, other post-employment
benefits and termination benefits
544 568 605 864 645 508 413 378 358 318
Net financial position (incl. lease liability) N/A N/A N/A -2,492 -2,639 -3,013 -3,030 -3,429 -4,201 -3,932
Net financial position (excl. lease liability as from
(019)
-1,861 -2,088 -2,148 -2,185 -2,356 -2,740 -2,758 -3,131 -3,907 -3,568
Proximus share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Weighted average number of ordinary shares (4) 322,317,201 322,777,440 322,649,917 322,918,006 322,752,015 322,751,990 322,552,465 322,442,197 322,573,717 322,837,609
Basic earnings per share - as reported (EUR) (5)
1.62 1.62 1.58 1.16 1.75 1.37 1.40 1.11 1.39 1.23
Total dividend per share (EUR) (6) 1.50 1.50 1.50 1.50 1.20 1.20 1.20 1.20 0.60 0.60
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Proximus Group Integrated annual report 2025192
Data on employees 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Number of employees (full-time equivalents) 13,633 13,391 13,385 12,931 11,423 11,532 11,634 11,654 13,131 12,560
Average number of employees over the period 13,781 13,179 13,161 13,007 11,544 11,445 11,529 11,650 12,629 12,786
Underlying revenue per employee (EUR) 425,997 438,413 441,238 437,173 474,647 487,381 512,534 518,604 509,116 493,303
Total income per employee (EUR) 426,201 440,240 442,870 438,005 474,783 487,451 512,936 519,163 517,794 517,747
Underlying EBITDA per employee (EUR) 130,315 138,325 141,681 143,801 159,057 154,814 154,912 150,844 146,507 147,303
Total EBITDA per employee (EUR) 125,743 134,483 136,342 128,856 166,467 159,721 158,394 153,326 154,395 176,062
Ratios - on reported basis 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Return on Equity 18.6% 18.3% 16.9% 13.1% 19.4% 14.9% 13.6% 10.8% 10.4% 8.8%
Direct margin 61.8% 62.7% 63.5% 64.6% 65.3% 64.2% 63.0% 63.7% 63.8% 66.4%
EBITDA Margin 30% 31% 31% 29% 35% 33% 31% 30% 30% 34%
Ratios - on underlying basis 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Return on Equity 19.4% 19.2% 18.4% 19.9% 19.5% 15.5% 14.6% 12.3% 10.0% 3.0%
Direct margin 61.8% 62.5% 63.4% 64.6% 65.3% 64.2% 63.0% 63.7% 63.2% 64.7%
EBITDA Margin 31% 32% 32% 33% 34% 32% 30% 29% 29% 30%
CAPEX 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total CAPEX 949 1,092 1019 1035 1237 1246 1923 1328 1383 1261
Capex excl Spectrum and Football right 949 1,002 1019 1027 1000 1203 1,305 1,325 1,355 1,249
(1) Earnings Before Interests, Taxes, Depreciation and Amortization.
(2) Cash flow before financing activities but after lease payments.
(3) FCF excluding cash-out related to M&A transactions, related transaction costs and excluding proceeds from sold assets
as part of the company’s active asset portfolio management
(4) i.e. excluding Treasury shares
(5) No dierence between basic and diluted earnings per share
(6) Accounting view (no cash view) 2018: IFRS 15; as from 2019: IFRS 15 and 16
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Proximus Group Integrated annual report 2025193
• Proximus Group posted 2025 underlying revenue of EUR 6,307 million and EUR 1,883 million EBITDA, respectively down
4.1% and up by 0.8% from 2024 on a pro forma basis.
• The Domestic segment continued its strong commercial performance in a highly competitive market.
• Domestic delivered +0.4% of Services revenue growth and +1.9% of EBITDA growth, year-on-year.
• Proximus Global Direct Margin totaled EUR 445 million, a year-on-year decrease of -11.1% on a pro forma basis and
EBITDA totaled EUR 170 million, a decrease of 9.3%, reflecting a meaningful slowdown in the CPaaS SMS market,
currency eects and integration challenges.
• Group CAPEX, excluding spectrum & football rights, totaled 1,249 million, a decline of 7.9% year-on-year.
• Total reported FCF of EUR 480 million; organic FCF of 130 million.
Proximus Group
Revenue
The Proximus Group closed 2025 with total underlying revenue of EUR 6,307 million, a decline of 4.1% (EUR 267 million).
The underlying Domestic revenue was broadly stable year-on-year, reaching EUR 4,821 million. Services revenue increased, primarily
due to higher convergent revenue in the Residential unit, which rose by 4.8% compared to the previous year. In contrast, revenue from
Terminals and IT hardware fell by 3.4%, with minimal eect on margins.
On a pro forma basis, revenue from Proximus Global declined by 14.8% (-11.9% at constant currency) to EUR 1,548 million. The
decrease was mainly due to declining legacy Voice services, an accelerated industry-wide trend of CPaaS SMS shifting to OTT
solutions, and integration challenges causing delays in revenue synergies delivery. Meanwhile, new segments such as Omnichannel,
Mobility, and IoT have expanded and brought higher margins.
Group revenue by segment (EUR million)
Domestic
Global
Eliminations
2024 Underlying 2024 Pro forma 2025 Underlying
4,826 4,826 4,821
1,672
1,817
1,548
6,430
6,574
-14.8%
-0.1%
6,307
-68 -65 -62
-4.1%
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Proximus Group Integrated annual report 2025194
Direct margin
For the full year 2025, Proximus Group posted an underlying direct margin of EUR 4,081 million, a slight decrease of 0.4% year-on-
year (EUR 15 million) compared to pro forma 2024. The Domestic segment posted a 1.2% year-on-year increase (EUR 44 million) in
its direct margin. Proximus Global recorded a 11.1% year-on-year decrease in Direct margin compared to pro forma 2024, reaching
EUR 445 million and -4.8% on an underlying basis (-8.5% at constant currency).
Direct margin (EUR million)
Domestic
Global
Eliminations
2024 Underlying 2024 Pro forma 2025 Underlying
3,608 3,608 3,651
468
501
445
4,063
4,096
-11.1%
+1.2%
4,081
-13 -13 -16
-0.4%
Operating expenses (OpEx)
The Proximus Group’s operating expenses decreased by 1.3% year-on-year on a pro forma basis, reaching EUR 2,197 million.
Compared to 2024 underlying figures, operating expenses decreased by 0.7%.
In 2025, domestic operating expenses reached EUR 1,938 million, marking a 0.6% increase compared to the previous year. This
increase was mainly due to inflation-driven cost pressures, such as salary adjustments implemented on June 1, 2024 and March
1, 2025, along with other eects related to inflation. Strong commercial results also resulted in higher customer-related costs.
Transformation costs increased as well, influenced by greater cross-charging for Mobile pylons under the joint venture with Orange
Belgium (Mwingz), and additional expenses from IT transformation projects, among other factors. The company managed to oset
a large part of these increases through ongoing eorts to optimize costs and improve eciency. This is also reflected in a lower
Domestic headcount, totaling 9,959 FTEs end of 2025, or a decrease by 333 FTEs.
Operating expenses for Proximus Global decreased by 12.2% year-on-year on a pro forma basis, reaching EUR 275 million (-8.1%
on underlying figures). The lower operating expenses are primarily due to cost synergies from a reduced workforce, which more than
compensated for wage indexations. By the end of 2025, Proximus Global—including Route Mobile since May 2024—employed 2,602
FTEs, marking a reduction of 238 FTEs compared to the previous year.
Operating expenses (EUR million)
Domestic
Global
Eliminations
2024 Underlying 2024 Pro forma 2025 Underlying
2,213
2,227
2,197
-1.3%
Headcount evolution (FTE)
Domestic
Global
2024 2025
13,131
12,560
-4.3%
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1,926 1,926 1,938
+0.6%
-12 -12 -16
10,291 9,959
-12.2%
2,840
2,602
299
313
275
Proximus Group Integrated annual report 2025195
Underlying EBITDA
The underlying Group EBITDA for 2025 totaled EUR 1,883 million,
reflecting a 0.8% increase (EUR 14 million) on a pro forma basis
compared to the previous year and a 1.8% rise on underlying figures.
This growth was fully driven by the contribution of the Domestic
segment.
Proximus’ Domestic operations achieved an EBITDA of EUR 1,713
million in 2025, representing a year-on-year growth of 1.9%. This
increase was driven by Direct Margin growth, more than osetting the
OPEX increase.
Proximus Global reported an EBITDA of EUR 170 million in 2025. This
represents a 9.3% year-on-year decrease on a pro forma basis and a
0.9% rise on underlying figures.
Group EBITDA by segment (EUR million)
Domestic
Global
2024 Underlying 2024 Pro forma 2025 Underlying
1,850
1,869
1,883
+0.8%
Reported EBITDA
Excluding operating leases and including other adjustments, the Proximus Group reported an EBITDA of EUR 2,251 million for 2025,
up 15.5% year-on-year compared to EUR 1,969 million in 2024 on a pro forma basis. On underlying figures, this represents a 1.8%
increase from EUR 1,850 million to EUR 1,883 million.
In 2025, the Proximus Group recorded net adjustments totaling EUR 368 million compared to EUR 100 million in 2024.
Lease depreciation and interest expenses for 2025 increased by EUR 3 million year-on-year, totaling EUR 109 million. (Since 2019,
following the application of IFRS 16, these expenses have been excluded from reported EBITDA) This increase was partially oset by
EBITDA adjustments for transformation costs of EUR 23 million and M&A-related adjustments of EUR 266 million.
Reported and underlying EBITDA (EUR million)
Reported
Adjustments
2024 Underlying 2024 Pro forma 2025 Underlying
1,950 1,969 2,251
1,850
1,869
+14.3%
1,883
-100 -100 -368
+0.8%
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1,682 1,682 1,713
-9.3%
+1.9%
169
188
170
Proximus Group Integrated annual report 2025196
Depreciation, amortization
and goodwill impairment
In 2025, the Group depreciation, amortization and goodwill
impairment totaled 1,601 million (incl. lease depreciation). The
increase of EUR 342 million compared to EUR 1,259 million in
2024 is mainly due to the goodwill impairment on Global (EUR
+275 million), while D&A increased due to acquisitions (Route
Mobile and Fiberklaar) and an expanding Fiber coverage
Depreciation, amortization and goodwill impairment
(EUR million)
2024 2025
1,259 1,601
+27.1%
Net finance cost
Net finance costs for 2025, including lease interest, were EUR
146 million, down EUR 13 million from last year. The decrease
in net finance cost mainly reflects a more favorable interest
rate on Spectrum and the refinancing of Fiberklaar at Proximus
Group conditions upon consolidation.
Net finance cost incl. lease interest (EUR million)
2024 2025
Tax expense
In 2025, tax expenses totaled EUR 82 million, resulting in an
eective tax rate (ETR) of 16.8%, significantly lower than the
Belgian statutory tax rate of 25%. The ETR is mainly positively
impacted by exempt capital gains on shares and innovation
income deduction.
Tax expense (EUR million)
2024 2025
ETR: 11.1% ETR: 16.8%
Net income
The Proximus net income (Group share) decreased by 11.0%
year-on-year to EUR 398 million resulting from a goodwill
impairment on Global (EUR –275 million), higher depreciations
and income taxes, partly oset by a EUR 33 million increase
in underlying Group EBITDA and lower financing costs. One-
o's impacting the reported Group EBITDA include 3 major
divestments in 2025 (sale of datacenters, Luxemburg mobile
towers and Be-Mobile) for a net amount of EUR +282 million.
Net income (Group share) (EUR million)
2024 2025
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447 398
-11.0%
57
82
+42.8%
159 146
-8.1%
Proximus Group Integrated annual report 2025197
Net income (Group share) evolution (EUR million)
2024 Underlying Underlying EBITDA Adjustments D&A (*) and goodwill
impairment
Net Finance Costs (**) Tax Expense Others (***) 2025
447
33
268
-341
13
-24
3
398
(*) including lease depreciation;
(**) including lease interest;
(***) includes Non-controlling interests and Share of loss from associates
CapEx
In 2025, the Proximus Group reported total accrued capital expenditures (CapEx) of EUR 1,261 million, inclusive of spectrum and
football broadcasting rights. This figure represents a 7.0% decrease from the EUR 1,356 million recorded in 2024 on a pro forma
basis. Excluding these specific items, accrued CapEx amounted to EUR 1,249 million, compared to EUR 1,356 million in 2024,
reflecting a reduction of EUR 107 million year-over-year. The decline is primarily attributable to lower fiber build CaPex, lower
content investments and reduced customer-related CapEx, driven by lower demand for modems and Wi-Fi boosters due to higher
refurbishment rates, an increase in self-installation by customers, and enhanced operational processes. Additionally, the fiber network
deployment in densely populated areas has progressed beyond its peak phase. Several major IT initiatives were also successfully
completed during the period.
Investments in Fiber accounted for 27% of total CapEx, slightly lower compared to 2024 (28%). By year-end, Proximus was actively
rolling out Fiber in 175 cities and municipalities across Belgium. The Fiber footprint grew by 17% year-on-year, reaching 2,604,000
premises by end-2025.
The Mobile network (RAN) consolidation, driven by the joint-operation Mwingz, and 5G rollout are getting close to completion. with
CapEx aligned to the pace of mobile site integration.
27%
Accrued CapEx (EUR million) on pro forma basis
(excl. spectrum and football rights)
2024 2025
Fiber build
Customer related
Other
Global
1,356
1,249
-7.9%
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28%
Proximus Group Integrated annual report 2025198
Free Cash Flow
In 2025, the reported Free Cash Flow (FCF) was EUR 480 million, which includes adjustments related to acquisitions, M&A-related
expenses, and asset sale proceeds totaling EUR 351 million. Excluding these items, organic FCF reached EUR 130 million, representing
a year-on-year increase of EUR 72 million compared to the 2024 figure. Acquisition and M&A-related costs were related to the
Fiberklaar acquisition for which a final payment of EUR 60 million was made end 2025, in addition to the EUR 186 million paid in 2024.
The favorable year-over-year development was driven by reduced cash CapEx (EUR 158 million), higher underlying EBITDA (EUR 33
million), and lower income tax payments (EUR 16 million), compensated by higher interests paid (EUR –10 million), a lower working
capital need (EUR –54 million) and an increase of other investing activities (EUR –71 million).
EUR 130M organic FCF
Free Cash Flow Year on Year comparison (EUR million)
Reported FCF
FY 2024
Adjustments
FY 2024
Organic FCF
FY 2024
Underlying
EBITDA
Change in WC Interest
payments
Income tax
payments
Cash Capex Cash other
investing
Organic FCF
FY 2025
Adjustments
FY 2025
Reported FCF
FY 2025
-727
784 57
33 -54
-10
16
158 -71
130
351 480
EBITDA conversion to Free Cash Flow (EUR million)
Reported EBITDA
FY 2025
Adjustments
FY 2025
Underlying
EBITDA FY 2025
Change in WC Interests
payments
Income
tax paid
Cash Capex Cash other
investing
Organic FCF
FY 2024
Adjustments
FY 2025
Reported FCF
FY 2025
2,251 -368
1,883 -131
-127
-92
-1,316
-88
130
351 480
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Proximus Group Integrated annual report 2025199
Net financial position
At the end of December 2025, Proximus’ adjusted net financial position was EUR -3,568 million (including re-measurements to fair value).
Evolution of Adjusted Net Financial Position (excl. lease liabilities) (EUR million)
-3,907
130
-99
450
-168
-33
65
-5 -3,568
Net fin position at end
December 2024
Organic FCF Acquisitions Divestments Dividends (incl. NCI) Hybrid bond Fixed deposit
(>3 months)
Other Net fin position at end
December 2025
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Proximus Group Integrated annual report 2025200
• Domestic revenue reached EUR 4,821 million in 2025, broadly stable from 2024, with Services revenue up by 0.4% year-
on-year.
• Proximus achieved robust operational growth driven by its complementary brand portfolio and network leadership.
• Residential revenue totaled EUR 2,518 million in 2025, up by 1.0% year-on-year.
• Business revenue decreased to EUR 1,963 million in 2025, reflecting a 1.9% decline compared to 2024, including a
divesture impact.
• Wholesale revenue amounted to EUR 244 million in 2025, down by 4.2% year-on-year, due to eroding Interconnect
revenue (no material margin impact), while services revenue was up 5.7%.
• Domestic EBITDA reached EUR 1,713 million, a year-on-year increase of 1.9%.
Domestic
For its Domestic operations, Proximus generated revenue of EUR 4,821 million in 2025, broadly stable compared to 2024. Domestic
Services revenue was up year-on-year by EUR 15 million, while revenue from Terminals and IT hardware was lower by EUR -21
million. The Residential unit contributed approximately 52% of total Domestic revenue, the Enterprise unit 41%, and the Wholesale
unit 5%.
As Proximus expands its Fiber network across 175 cities and municipalities, Fiber has become a key selling point for both Residential
and Business markets. In 2025, activated Fiber customers increased by 167,000, bringing the total to 731,000 by year-end through
new activations and migrations from copper. Proximus maintained network leadership, adding 110,000 mobile postpaid and 35,000
fixed Internet customers. Meanwhile, TV and fixed voice subscribers continued to decline, reflecting market trends, reflecting the
ongoing general trend in these markets.
52%
4,821
41%
5%
2%
Residential
Business
Wholesale
Other (incl. eliminations)
Domestic revenue by customer unit (EUR million)
Domestic park
Postpaid base excl. M2M
Internet base
TV base
Fixed Voice base
5,095
5,205
2,313
2,349
1,630
1,581
1,498
1,338
2024
2025
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Proximus Group Integrated annual report 2025201
Residential revenue
Residential revenue
Year-on-Year, underlying (EUR million)
2024 Fixed only Mobile
postpaid only
Convergent Prepaid Terminals Lu x Telco Other* 2025
2,494
-18 -1
59
-5 -20
6 4
2,518
X-play revenue
+2.0%
+1.0%
*Other: Other revenue + other operating income
Revenue generated by Proximus Residential customers totaled EUR 2,518 million over 2025, up by 1.0 % (EUR 25 million) compared
to 2024. The total includes revenue from customer Services, up by 2.0%, Terminals, Mobile Prepaid, the Luxembourg telecom
business, and Other revenue. Over 2025, Terminals generated EUR 286 million, down 6.5% or EUR 20 million from 2024. Mobile
Prepaid revenue fell to EUR 24 million (EUR 5 million lower), while Proximus Luxembourg's revenue rose 4.3% to EUR 139 million (a
EUR 6 million increase). Other revenue and Other operating income reached EUR 63 million, up EUR 4 million year-on-year.
Proximus closed a robust operational year. Across its 3 brands Proximus, Scarlet, and Mobile Vikings, the Residential unit achieved
in 2025 solid growth in its Internet and Mobile Postpaid customer bases, despite the intense competitive environment. In contrast,
and pursuing the ongoing trend, Fixed Voice subscriptions further declined. In addition to a growing base across its core products,
Residential revenue also benefited from inflation-based price adjustments on a broad range of Proximus services, implemented to
oset inflationary pressures on the company’s cost base.
Postpaid cards (‘000)
2024 2025
2,994 3,108
+3.8%
Prepaid cards (‘000)
2024 2025
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462 404
-12.5%
Proximus Group Integrated annual report 2025202
Internet lines (‘000)
2024 2025
1,814 1,856
+2.3%
Convergence (‘000)
2024 2025
1,173 1,221
+4.0%
2025 was especially successful for Mobile Postpaid, with the number of Residential Mobile Postpaid cards for the year up by 114,000,
in an intense competitive environment. This growth was driven by the complementary oerings of the Proximus brand, Scarlet, and
Mobile Vikings. By the end of December 2025, Proximus’ Residential Mobile Postpaid base totaled 3,108,000 cards, representing a
3.8% increase compared to the end of 2024.
Driven by attractive Mobile Postpaid oers, the Prepaid base continued its steady downward trend in 2025, resulting in a total of
404,000 Prepaid cards by year-end, a decrease by 58,000 cards,
Supported by Proximus’ expanding Fiber network, the Residential unit grew its Internet customer base by 42,000 across its three
brands. This marks a 2.3% increase from last year, bringing the total number of residential Internet lines to 1,856,000 at the end of
2025, a combination of customers on the copper network and increasingly on the Fiber technology.
Customer Services revenue made up 80% (EUR 2,006 million) of Proximus’ total Residential revenue in 2025, rising by 2.0% (EUR
40 million) from 2024. The overall ARPC reached EUR 58.6, a 1.3% year-on-year increase, benefitting from the inflation-driven price
change eective January 1, 2025.
Revenue from Convergent customers experienced notable growth, increasing by 4.8% year-on-year to reach EUR 1,300 million.
In 2025, Proximus expanded its convergent customer base to a total of 1,221,000, representing a 4.0% increase compared to the
previous year.
2,006
2,518
24
286
139 63
X-Play
Prepaid
Terminals
Lux. Telco
Other
80% Residential revenue
generated by Customer Services
Customer services revenue (EUR million)
2024 2025
+2.0%
Convergent
Fixed only
Mobile postpaid only
1,967 2,006
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1,300
+4.8%
1,241
240
239
486
468
Proximus Group Integrated annual report 2025203
As more customers chose Proximus’ convergent oers, the Fixed-only customer base fell by 32,000 to 773,000 by end-2025, with
an ARPC of EUR 49.6, up 0.8% year-on-year. Over the same period, the Residential unit’s Mobile Postpaid-only base rose 1.7% to
888,000 customers across Proximus, Scarlet, and Mobile Vikings, with an ARPC of EUR 22.7, down 1.5% from the previous year.
Customers per X-Play (‘000)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2025
1,221
1,173
888
773
2,881
873
806
2,852
Average Revenue per Customer (EUR)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2025
22.7
49.6
58.6
23.1
49.2
57.8
90.7
90.3
Average Revenue Generating Units per Customer
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2025
1.17
1.83
2.49
1.17
1.92
2.52
3.86
3.94
Customer Services Revenues (EUR million)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2025
239
468
2,006
240
486
1,967
1,300
1,241
Business revenue
Proximus’ Business unit reported EUR 1,963 million in revenue for 2025, down 1.9% from 2024. This decrease was due to a 2.1%
drop in Services revenue and a 0.4% decline in Products revenue. Within the Service revenues, the decline was mainly driven by a
decrease of Fixed Voice revenue by 6.7% year-on-year or EUR 16 million and a decline of Mobile Services revenue by 2.2% year-
on-year or EUR 10 million. Mobile Services’ revenue decline was mainly attributed to Proximus’ strategy of value-based pricing in a
more competitive market. The decline of IT services revenue by 1.3% year-on-year was mainly due to the divestment of Be-Mobile in
October 2025.
Business revenue build up (underlying, EUR million)
2024 Fixed Voice Fixed Data Mobile Services IT Services Products Lu x Telco Others 2025
2,001
-16
-3
-10 -6
-1 -1
-2
1,963
Services revenue
-2.1%
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Proximus Group Integrated annual report 2025204
Proximus' Business unit IT Services revenue reached EUR 440 million in 2025, a year-on-year decrease of 1.3% or EUR 6 million,
largely reflecting the divesture impact from Proximus’ 92.3% majority stake in Be-Mobile, closed on the 2nd of October 2025. This
aside, Proximus IT services revenue was broadly stable year-on-year, driven by the sale of Proximus datacenter business and lower
one-o services, compensated by the increase of managed and recurring IT services revenues.
IT Services revenue (EUR million)
445
2024
-1.3%
440
2025
The revenue from Fixed Data services was slightly down, -0.5% from the previous year, totaling EUR 498 million for 2025.
Within the mix, revenue from Internet connections was up, resulting from a 4.8% increase in Broadband ARPU to EUR 50.3 in 2025
supported by price indexation, better tiering, and increased Fiber adoption.
Despite the competitive and stagnating business Internet market, Proximus succeeded in mitigating losses, reporting a total of
445,000 lines at the end of 2025 - a 1.9% decline.
In contrast, revenue from Data Connectivity was down year-on-year, as growth in new data connectivity oerings did not fully oset
the erosion of legacy services.
Fixed data revenue (EUR million)
501
2024
-0.5%
498
2025
Fixed Internet ARPU (EUR)
2024 2025
Fixed Internet subscriber base
('000)
2024 2025
In 2025, the Business unit’s Mobile service revenue totaled EUR 452 million, a decline of 2.2% year-on-year. Proximus maintained
a solid mobile customer base, with 1,768,000 cards, reflecting a reduction of 15,000 Postpaid cards over the past twelve months
(-0.8%). This decline was primarily attributed to Proximus’ approach of value-based pricing in a more competitive market. The Mobile
ARPU experienced a decrease of 2.0% to EUR 18,6 compared to 2024, mainly reflecting lower out of bundle revenue and intense
competition in the business market.
The Business unit expanded its M2M park in 2025, ending the year with 4,379,000 Proximus M2M cards—a 1.2% annual increase.
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47.9
+4.8%
50.3
453 -1.9% 445
Proximus Group Integrated annual report 2025205
Mobile Services revenue (M€)
462
2024
-2.2%
452
2025
Mobile postpaid cards (‘000)
2024 2025
Machine-to-Machine cards (‘000)
2024 2025
Mobile postpaid ARPU (€)
2024 2025
Fixed Voice revenue continued its steady decline, for 2025 recording EUR 222 million, a 6.7% decrease from the previous year. This
was mainly due to the ongoing eroding trend in the base of Fixed Voice lines, down by -11.1% over 2025 and ending the year with
458,000 lines. This was partly oset by value management. Fixed Voice ARPU increased by 2.7%, driven by inflation-based price
adjustments, raising it to EUR 28.8.
Fixed Voice revenue (EUR million)
2024
-6.7%
2025
Fixed Voice park (‘000)
2024
-11.1%
2025
Fixed Voice ARPU (EUR)
2024
+2.7%
2025
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237 222
514 458
28.1 28.8
4,327 4,379
+1.2%
18.9
-2.0%
18.6
1,783
-0.8%
1,768
Proximus Group Integrated annual report 2025206
In 2025, revenue from Products declined by 0.4% year-on-year, representing a reduction of EUR 1 million compared to 2024. This
decrease was fully attributable to a 6.9% year-on-year decline in revenue from Terminals, which was only partially oset by a 1.9%
year-on-year increase in IT Hardware revenue.
IT Products revenue (EUR million)
318
2024
-0.4%
317
2025
IT Hardware
Terminals
Wholesale revenue
Proximus’ Wholesale operations generated revenue of EUR 244 million in 2025, a decrease of 4.2% (EUR 11 million) compared to
2024. This was due to a EUR 22 million drop in Interconnect revenue - without meaningful margin impact - reflecting the continued
volume erosion in traditional messaging.
Meanwhile, revenue from Fixed and Mobile wholesale services increased by 5.7% year-on-year, reaching EUR 173 million. This growth
was primarily driven by increased contributions from MVNO partnerships and Fiber Joint Ventures.
Revenue (EUR million)
255
-4.2%
244
Fixed & Mobile wholesale services
Interconnect
Other Operating Income
2024 2025
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91
164
+5.7%
68
173
83
235
-6.9%
+1.9%
77
240
Proximus Group Integrated annual report 2025207
Domestic Direct margin
Proximus' Domestic operations reported a direct margin of EUR 3,651 million in 2025, reflecting a 1.2% year-on-year increase (EUR
44 million), outpacing the growth in Domestic revenues. This performance was primarily attributable to robust customer growth
across key services such as Internet and Mobile, complemented by inflation-linked price adjustments and a favorable product mix.
Domestic Direct margin (underlying, EUR million)
2024 2025
Domestic OpEx
Domestic operating costs rose 0.6% year-on-year to EUR 1,938 million in 2025, mainly due to inflation, customer growth (especially
in Fiber), and higher transformation costs. Proximus' cost-eciency measures partly oset these increases.
Workforce expenses for the Domestic segment amounted to EUR 1,238 million, representing a 0.5% increase over the prior year. This
rise was primarily attributable to automatic wage adjustments associated with inflation, partly oset by lower headcount. By the end
of 2025, Proximus’ Domestic workforce was 9,959 full-time equivalents (FTEs), down by 333 FTEs from the 10,291 reported at the
end of 2024. This decline was mainly due to natural attrition and retirements, which exceeded the number of new hires.
The Domestic non-workforce expenses increased by 0.8% in 2025, representing a year-on-year rise to EUR 700 million. The main
factor was overall inflation, which raised costs like maintenance and rent. In addition, Proximus saw higher customer-related expenses
compared to last year due to significant growth in its customer base.
Domestic operating expenses (underlying, EUR million)
1,926
2024
+0.6%
1,938
2025
Workforce
Non-Workforce
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694
1,231
+0.8%
+0.5%
700
1,238
3,608
+1.2%
3,651
Proximus Group Integrated annual report 2025208
Domestic EBITDA
Proximus’ Domestic segment achieved an EBITDA of EUR 1,713 million in 2025, representing a year-on-year increase of 1.9%. This
growth was primarily attributable to a higher direct margin, which more than oset increased costs. The Domestic EBITDA margin as a
percentage of revenue reached 35.5%, up from 34.8% in 2024.
Domestic EBITDA (underlying, EUR million)
1,682
2024 EBITDA
44
Direct margin
-6
Workforce costs
-6
Non-workforce costs
1,713
2025 EBITDA
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Proximus Group Integrated annual report 2025209
Proximus Global
Proximus Global faced a shrinking P2P market, persistent SMS CPaaS headwinds, currency eects and integration challenges, though
OpEx synergies provided some relief.
In 2025, Proximus Global reported EUR 1,548 million in revenue, down 7.4% year-on-year (down by 14.8% year-on-year on a pro
forma basis). On constant currency basis, the revenue decline was 11.9% on a pro forma basis. This was driven by a decline in both P2P
Voice & Messaging and Communications & Data. In an inherently declining market, P2P Voice & Messaging posted a 17.3% revenue
decline compared to 2024.
Communications & Data reflects the acceleration of a structural decline in the CPaaS SMS market - especially for one-time-password
and international trac - despite some growth in Indian domestic CPaaS. The level of evaporating SMS volumes ramped up due
to a combination of the transition to other alternative channels (WhatsApp, RCS, email, etc.) and disintermediation by some large
customers. These eects could not be oset by the growth of other Omnichannel solutions. Integration challenges also delayed
synergy delivery and impacted the Go-to-Market strategy. For the same reasons, Proximus Global posted a Direct margin of EUR
445 million, down 11.1% year-on-year on a pro-forma basis. In constant currency this was down 8.5% year-on-year.
Global revenue by product group (EUR million)
1,672
2024 Underlying
P2P Voice & Messaging
Communications & Data and eliminations
1,817
2024 Pro forma
-14.8%
1,548
2025 Underlying
Global Direct margin (EUR million)
468
2024 Underlying
P2P Voice & Messaging
Communications & Data and eliminations
501
2024 Pro forma
-11.1%
445
2025 Underlying
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1,075
598
1,219
598
-13.6%
-17.3%
1,054
494
350
118
383
118
-10.5%
-13.0%
343
103
Proximus Group Integrated annual report 2025210
Proximus Global OpEx fell 12.2% year-on-year (pro forma) to EUR 275 million in 2025. Workforce OpEx dropped 17.5% (EUR 34
million) to EUR 162 million, mainly thanks to cost synergies outweighing wage indexations.
As a result, Proximus Global reported 2025 EBITDA of EUR 170 million, a 9.3% drop year-on-year on a pro forma basis (+0.9%
compared to underlying 2024 numbers).
Global OpEx (EUR million)
299
2024 Underlying
313
2024 Pro forma
Workforce
Non-Workforce
-12.2%
275
2025 Underlying
Global EBITDA (EUR million)
169
2024 Underlying
188
2024 Pro forma
-9.3%
170
2025 Underlying
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110
189
116
197
-3.2%
-17.5%
162
113
Proximus Group Integrated annual report 2025211
Definitions
A2P: Application to Person messages
Adjusted Net Financial Position: is the Net Financial Position from which lease liabilities are excluded.
ARPC: Average underlying revenue per customer.
Adjusted Free Cash Flow: Free Cash Flow adjusted to exclude M&A transactions and M&A related transaction costs.
Annualized full churn rate of X-play: a cancellation of a customer is only taken into account when the customer cancels all its plays.
ARPU: Average Revenue per Unit.
Business: unit addressing the professional market including Corporates, Medium and Small Enterprises (including businesses with less
than 10 employees).
CapEx: this corresponds to the acquisitions of intangible assets and property, plant and equipment, excluding Right of Use assets
(leasing).
Communications & Data: one of the two main product groups within the Global segment alongside “P2P Voice & Messaging”.
Communications & Data groups CPaaS, Digital Identity, Mobility, Cloud communications, and Internet of Things (IoT).
Convergence rate: convergent residential customers taking both Fixed and Mobile services of Proximus. The convergence rate refers
to the percentage of convergent customers on the total of multi-play customers.
Cost of Sales: the costs of materials and charges directly related to revenues.
CPaaS: Communications Platform as a Service is a cloud-based delivery model that allows organizations to add real-time
communications capabilities, such as voice, video and messaging, to business applications by deploying application program interfaces
(APIs).
Digital Identity: groups DI – Phone ID and DI – Score products.
Direct margin: the result of cost of sales subtracted from the revenues, expressed in absolute value or in % of revenues.
Domestic: segment defined as the Proximus Group excluding Global and Eliminations.
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization; corresponds to Revenue minus Cost of sales, workforce and
non-workforce expenses.
Adjustments (Revenue/EBITDA):
• The lease depreciations and interests in the Operating Expenses, except for leases that would qualify as finance leases based on the
criteria applied to a lessor under IFRS 16.
• Transformation: costs of employee transformation programs, the eect of settlements of post-employment benefit plans with
impacts for the beneficiaries, or pre-identified material one-shot projects (such as rebranding costs)
• Acquisitions, mergers and disposals: gains and losses on disposal of buildings or consolidated companies, M&A-related transaction
costs and deferred M&A purchase price.
• Litigation/regulation: financial impacts of material1 litigation files, fines and penalties and of law changes (one-o impacts relative
to previous years)
EBIT: Earnings Before Interest & Taxes, corresponds to EBITDA minus depreciation and amortization.
Fixed Data Services (Business): Total revenues from Fixed Data, consisting of Broadband, Data Connectivity (including Explore
solutions and SD-WAN) and TV.
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Proximus Group Integrated annual report 2025212
Fixed Voice park: PSTN, ISDN and IP lines. For Business specifically, this also contains the number of Business Trunking lines (solution
for the integration of Voice and Data trac on one single Data network).
Fixed Voice Services (Business): Total revenues from Fixed Voice access lines and trac, as well as fixed telephony systems installed
at customer premise or serviced from the cloud.
Free Cash Flow: this is cash flow before financing activities and after lease payments.
Global: segment defined as including Proximus Group’s international aliates, BICS, Telesign and Route Mobile (As of December
2024).
Internet ARPU (Business): total Internet underlying revenue, excluding activation and installation fees, divided by the average
number of Internet lines for the period considered, divided by the number of months in that same period.
Internet park: ADSL, VDSL and fiber lines. For Residential, this also includes Scarlet and Mobile Vikings.
IT Services revenue (Business): Information Technology (IT) Services, including Managed, Integration and Consultative services,
which enable users to access, store, transmit, and manipulate information, with the help of unified communications, computers, as well
as necessary enterprise software, middleware, storage, and audio-visual systems. Proximus’ IT solutions include, but are not limited
to, Security, Cloud, Smart Network, Advanced Workplace and Smart Mobility solutions. It also includes recurring equipment sales to
support these services.
IT Products revenue (Business): Revenues from one-shot IT products (boxes, hardware) or one-shot licenses, with the change of
ownership towards the customer.
Luxembourg Telecom: including fixed & mobile services, terminals & other.
Mobile ARPU (Business): monthly ARPU is equal to total Mobile services revenues (excl. M2M & network services), divided by the
average number of active cards for that period, divided by the number of months of that same period.
Mobile cards: refers to active Voice and Data cards, excluding free Data cards. Postpaid customers paying a monthly subscription are
by default active. Prepaid customers are considered active when having made or received at least one call and/or sent or received at
least one SMS message in the last three months. An M2M card is considered active if at least one Data connection has been made in
the last month.
Mobile-only (Residential): Refers to Mobile Postpaid whereby no other recurring subscriptions are bought. Mobile Prepaid is not
included in the Customer services revenue but reported separately.
Mobile Services revenue (Business): Total revenues from Mobile Services including traditional mobile services, using the mobile
network connectivity, as well as IoT (including M2M) and Next Generation Communication (including network services as well as new
innovative solutions).
Multi-play customer: two or more Plays, not necessarily in a Pack.
Net Financial Position: refers to the net amount of investments, cash and cash equivalents minus any interest-bearing financial
liabilities and related derivatives, including re-measurement to fair value and lease liabilities. The net financial position does not
include the “other current & non-current payables interest-bearing”.
Network Services (Business): focuses on optimizing the interaction between Enterprise customers and its stakeholders, for which
revenues are independent from the number of Postpaid cards.
Non-workforce expenses: all operating expenses excluding workforce expenses and excluding depreciation & amortization.
Net Revenue Retention rate (NRR): success indicator of the existing customer base, calculating the percentage of recurring revenue
retained from existing customers compared to 12 months back.
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Proximus Group Integrated annual report 2025213
Organic Free Cash Flow: Free Cash Flow excluding cash-out related to M&A transactions and related transaction costs and
excluding proceeds from sold assets as part of the company’s active asset portfolio management.
Other Operating Income: this relates to income from, for example, reimbursements from damages, employees, insurances, gain on
disposal, etc.
P2P Voice & Messaging: One of the two main product groups within the Global segment alongside “Communications & Data”. P2P
Voice & Messaging groups Voice, Capacity, Other Legacy and P2P MMS messaging.
Play: a subscription to either Fixed Voice, Fixed Internet, digital TV or Mobile Postpaid (paying Mobile cards). A 4-Play customer
subscribes to all four services.
Reported revenues: this corresponds to the total income.
Residential: unit addressing the residential market, including the Customer Operations Unit.
Revenue-Generating Unit (RGU): for example, a customer with Fixed Internet and 2 Mobile Postpaid cards is considered as a 2-Play
customer with 3 RGUs.
Terminals: this corresponds to devices for Fixed Voice, Data, Mobile and related accessories. This excludes PABX, IT products and TV
CPE.
Underlying: refers to revenue and EBITDA (Total Income and Operating Income before Depreciation, Amortization and Goodwill
Impairment) corrected for the EBITDA Adjustments in order to properly assess the ongoing business performance.
Wholesale: unit addressing the telecom wholesale market including other telecom operators (incl. MVNOs) and ISPs.
Wholesale fixed & mobile services includes all solutions that Proximus oers to other operators. These services include fixed
internet and data connectivity services, fixed telephony and mobile (incl. MVNO and Roaming) services (excl. Interconnect).
Wholesale Interconnect is the process of connecting an operator network with another operator network. This then allows the
customers of one operator to communicate with the customers of another operator. Interconnect includes fix voice, mobile voice and
mobile SMS/MMS services.
Workforce expenses: expenses related to own employees (personnel expenses and pensions) as well as to external employees.
X-Play: the sum of single play (1-play) and multi-play (2-play + 3-play + 4-play).
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Proximus Group Integrated annual report 2025214
The Proximus share
Share listing
Stock Market First Market of Euronext Brussels
Ticker PROX
ISIN code BE0003810273
Bloomberg code PROX BB
Nasdaq code PROX-EB
Reuters code PROX.BR
Proximus share performance in 2025
Proximus’ share delivered a strong rebound in 2025, closing the year up ~40.8% to € 7.075 versus end-2024, significantly
outperforming the STOXX Europe 600 telco index, the STOXX Europe wider index and the local BEL-20.
The Proximus share showed a positive rally up to mid-March, outperforming the market, driven by lower-than-expected impact from
the 4th entrant and strong commercial performance in the Domestic segment. In the period mid-March up to mid-May, before the
publication of Q1 2025 results, the share remained broadly stable, hovering around the €7 price level.
The share began a next period of outperformance towards the publication of the Q2 2025 results, driven by continued solid Domestic
performance, with confirmed limited impact from the 4th entrant and the announcements of successful asset sales, namely the
Luxembourg towers and the sale of the majority stake of Be-Mobile to Arrival.
The Q2 2025 results announcement end-July introduced renewed challenges, as the Proximus Global operations faced mounting
headwinds in the CPaaS SMS market, combined with integration challenges. These factors led to a downward revision of the Global
EBITDA outlook, putting pressure on the share price and erasing a proportion of earlier gains.
The share then continued with a more stable trajectory towards the announcement of the Q3 2025 results. This event created a
negative impact driven by the updated full-year 2025 guidance, where the upped Free Cash Flow forecast to “around EUR 100
million” for the full year 2025, compared to previously “stable” year-on-year could not compensate for the adjustment in full-year
2025 Global EBITDA to “around -10% year-on-year” from “between -5% and -10%” year-on-year. In addition, the 2026 EBITDA for
Global was also reset to the range of ‘EUR 100 million-EUR 130 million’ when Q3 2025 results were announced.
Towards the end of the year, the share recovered again, also driven by a late-November broker upgrade and further supported
sentiment, with the stock ending 2025 at €7.075, up 40.8% compared to end 2024.
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Proximus Group Integrated annual report 2025215
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
31-Dec 31-Jan 28-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep 31-Oct 30-Nov 31-Dec
Proximus (PROX-BRU) Belgium Bel-20 (BEL20-ENX)
STOXX Europe 600/Telecommunications (Capped) - SS (SXKP-STX) STOXX Europe 600 (SXXP-STX)
Proximus share price evolution 2025 vs. 3 indices (in %- rebased)
(Source: Nasdaq)
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Proximus Group Integrated annual report 2025216
Key figures about the Proximus share
Share information 2016 2017
2018
IFRS15
2019
IFRS16
2020 2021 2022 2023 2024 2025
Share price high 31.74 32.81 28.10 28.17 2 7.1 2 19.16 18.65 9.85 9.32 8.66
Share price low 25.31 26.42 19.31 21.96 15.01 15.95 8.474 6.42 4.81 4.80
Share price at 31 December 2 7.3 6 2 7. 35 23.62 25.52 16.21 17.14 8.996 8.51 5.025 7.08
Annual trading volume
(number of shares)
1 5 7, 36 8,09 0 147,754,799 169,849,252 168,509,614 206,692,812 199,060,570 259,1 57, 567 225,296,344 106,112,013 119,513,511
Average trading volume per
day (number of shares)
612,327 579,431 650,763 660,822 804,252 774,555 1,008,395 883,515 41 7,8 8 7 468,680
Number of outstanding
shares
32 2,6 37, 103 322,638,989 322,703,817 322,982,509 322,690,026 322,741,364 322,392,507 322,623,702 322,461,674 323,067,571
Weighted average number
of outstanding shares
32 2, 31 7, 2 01 322,777,440 322,649,917 322,918,006 322,752,015 322,751,990 322,552,465 322,442,197 322,573,717 322,837,609
Market capitalization at
31 December (billion €)
1
8.83 8.82 7.6 2 8.24 5.23 5.53 2.90 2.75 1.62 2.29
Key data per share - on reported basis
EBITDA 5.38 5.49 5.56 5.19 5.95 5.66 5.66 5.54 6.04 6.97
Earnings
2
1.62 1.62 1.58 1.16 1.75 1.37 1.40 1.11 1.39 1.23
Price/earnings at
31 December
3
16.86 16.90 15.00 22.09 9.27 12.48 6.43 7.67 3.63 5.74
Ordinary dividend (gross)
4
1.00 1.00 1.00 1.00 0.70 0.70 0.70 0.70 0.10 0.30
Interim-dividend (gross) 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.30
Gross dividend yield
3
5.48% 5.48% 6.35% 5.88% 7.4 0% 7.0 0% 1 3.34% 14.10% 11.94% 8.48%
Key data per share - on underlying basis
EBITDA 5.57 5.65 5.78 5.79 5.69 5.49 5.54 5.45 5.74 5.83
Earnings 1.71 1.72 1.71 1.76 1.75 1.38 1.50 1.26 1.34 0.42
Price/earnings at
31 December
15.96 15.92 13.78 14.51 9.25 12.44 6.00 6.75 3.75 16.96
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1 Calculation based on number of outstanding shares & last closing price of the respective year
2 Corresponds to the Net Income (Group Share) / weighted average number of outstanding shares
3 Based on the last closing price of the respective year
4 Accounting view (not cash view)
Proximus Group Integrated annual report 2025217
Our shareholders
Proximus’ main shareholder is the Belgian State, owning 53.51% of the company’s shares through the Federal Holding and Investment
Company (SFPIM). Proximus held 4.42% of its own shares end-2025. The free float represented 42.06% or just over 142 million
shares, around 60% of which was held by institutional shareholders.
Proximus’ main institutional shareholders are primarily based in the United States, the Benelux, the Nordics, the UK and Germany.
Proximus share ownership – 31 December 2025
Number of shares % shares % voting rights % dividend rights Number of shares
with voting rights
Number of shares
with dividend rights
Belgian state
5
18 0, 88 7, 5 6 9 53.51% 55.99% 55.87% 18 0, 88 7, 5 6 9 1 80,8 87, 5 69
Proximus own
shares
6
14 ,9 57, 56 4 4.42% 0.00% 0.21% 0 693,702
Free-float
142,180,002 42.06% 44.01% 43.92% 142,180,002 142,180,002
Total
338,025,135 100.00% 100.00% 100.00% 323,067,571 323,761,273
Source: Shareholder analysis January 2026 -
% of identified institutional shareholders - Nasdaq.
Institutional shares per geography
US 55%
UK 8%
Benelux 18%
Rest of Europe 3%
France 1%
Germany 4%
Nordics 7%
Rest of the world 3%
Belgian
government
53.51%
Proximus shares ownership
Free-float
42.06%
Own shares 4.42%
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5 Through the Federal Holding and Investment Company (SFPIM).
6 The voting rights of all treasury shares are suspended by law. Proximus has 14,263,862 treasury shares that are not entitled to dividend rights and
693,702 treasury shar
es that are entitled to dividend rights.
Proximus Group Integrated annual report 2025218
Evolution of treasury shares
End of period 2024
15,563,461
Changes through liquidity contract
605,897
Discount Purchase Plan employee
0
End of period 2025
14,957,56 4
End-2025, Proximus held 14,957,564 treasury shares, representing 4.42% of the total number of shares. The decrease of treasury
shares over 2025 was fully due to a decrease of the liquidity contract. There was no use of treasury shares for employee Discounted
Share Purchase Plans
7
.
Under Belgian law, companies are prohibited from owning more than 20% of their outstanding share capital.
Transparency declarations
According to Proximus bylaws, the thresholds for required shareholding disclosure have been set at 3% and 7.5%, in addition to the
legal thresholds of 5% and each multiple of 5%.
In 2025, The Goldman Sachs Group, Inc and Saxo Holding notified of the changes in their Proximus shareholding as listed below.
Voting rights Total incl. equivalent financial
instruments
Date on which
threshold was
crossed
Notified on Notifier
Reason for
notification
# voting rights
after the notified
transaction
% voting rights
in total of
338,025,135
voting rights
# voting rights
after the notified
transaction
% voting rights
in total of
338,025,135
voting rights
4/06/2025 11/06/2025 The Goldman Sachs
Group, Inc.
<7.5% 2,336,281 0.69% 22,197,946 6.57%
2/06/2025 10/06/2025 The Goldman Sachs
Group, Inc.
>7. 5% 8,153,339 2.41% 27,918,461 8.26%
14/03/2025 14/03/2025 Carraun Telecom
Holdings Limited
<3% 0 0.0% 0 0.0%
14/03/2025 14/03/2025 Saxo Holding >5% 0 0.0% 22,349,720 6.61%
17/01/2025 24/01/2025 The Goldman Sachs
Group, Inc.
<7.5% 1,978,481 0.59% 25,116,537 7.43%
To Proximus’ knowledge, no other shareholder owned 3% or more of Proximus’ outstanding shares as of December 31, 2025.
Notifications of important shareholdings to be made according to the Law of May 2, 2007 or Proximus bylaws should be sent to:
• FSMA at trp.fin@fsma.be
• Proximus at investor.relations@proximus.com
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7 More information can be found in the Remuneration report
Proximus Group Integrated annual report 2025219
Shareholder remuneration
Dividend policy
With 2025, Proximus closed its third and final year of bold2025, a strategy setting out an ambitious path for future growth and value
creation for the Proximus Group, continued investment in the #1 gigabit network for Belgium, enhanced customer experience, next-
generation products and services, and further international development, whilst balancing the need to keep a sound financial position.
In line with the announced shareholder return policy at its Capital Markets Day of 16th of January 2023, over the results of 2024 and
2025, Proximus rebased its dividend level to EUR 0.60 per share. The rebased dividend incorporated known macro and inflationary
headwinds, as well as the changes in market structure.
On an annual basis, the proposed dividend is reviewed and submitted to the Board of Directors, in order to keep strategic financial
flexibility for future growth, organically or through selective M&A, with a clear focus on value creation. This also includes confirming
appropriate levels of distributable reserves.
The shareholder remuneration policy is based on a number of assumptions regarding future business and market evolutions and may
be subject to change in case of unforeseen risks or events outside the company's control.
Dividend on the 2025 result
On February 26, 2026, the Board of Directors approved the decision to propose a gross dividend on the 2025 result of EUR 0.60 per
share at the Annual General Shareholders’ Meeting of April 15, 2026. Of this, an EUR 0.30 interim dividend per share was paid in
December 2025.
After approval by the Annual Shareholder Meeting, the normal dividend of EUR 0.30 per share will be paid on April 24, 2026, with a
date of recording of April 23, 2026 and ex-dividend date of April 22, 2026.
This brings the total declared dividend from the 2025 result to EUR 194 million.
Investor Relations
Proximus Investor Relations (IR) aims at ensuring open communication with the Belgian and international investment world on a
regular basis. Through transparent, consistent dialog with investors and financial analysts, the Group strives for a fair share value
based on high-quality financial information.
To keep Proximus’ current and potential shareholders informed, Proximus’ management reaches out to the financial community on a
regular basis. Each quarterly results announcement is followed by a conference call and investor/analyst presentation during which as
much time as possible is dedicated for a “question & answer” session.
Throughout 2025, Proximus organized several roadshows with top management. Furthermore, Proximus participated in several
major international investment conferences. In all these activities, management is supported by the Investor Relations (IR) team.
The Proximus IR team oers daily support to the retail and institutional shareholders as well as to the sell-side analysts.
A strict quiet period is observed before the communication of the quarterly results. The start of the quiet period is published on the
Proximus Investor Relations website: proximus.com/investors.
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Proximus Group Integrated annual report 2025220
Financial calendar
8
April 15, 2026 Annual General Shareholder Meeting (AGM)
April 16, 2026 Start of quiet period ahead of Q1 2026 results
April 24, 2026 Dividend payment (to be approved by the AGM)
May 13, 2026 Announcement Q1 2026 results
July 14, 2026 Start of quiet period ahead of Q2 2026 results
July 31, 2026 Announcement Q2 2026 results
October 15, 2026 Start of quiet period ahead of Q3 2026 results
October 30, 2026 Announcement Q3 2026 results
8 Note that these dates may be subject to change.
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Proximus Group Integrated annual report 2025221
Risk management report
Each of Proximus Group’s activities is exposed to a variety of risks that have the potential to impact the financial performance of
the Group. Proximus has implemented a risk management methodology that follows ISO 31000 - Risk Management Guidelines.
Proximus’ Risk Management System aims to identify and assess risks and opportunities in various domains and, wherever possible,
to manage or mitigate them to an acceptable level of residual risk, in order to safeguard the Group’s assets and protect its financial
strength and reputation.
Financial risk management objectives and policies are reported in Note 32 of the Consolidated Financial Statements, published on
the Proximus corporate website. Risks related to important ongoing claims and judicial procedures are reported in Note 34 of these
statements.
The enterprise, operational, reporting and compliance risks are detailed below. It must be noted that this is not an exhaustive analysis
of all potential risks that Proximus may face.
Sustainability risks, and the impact they could have on people, society, and the environment, are reported in the section “Double
Materiality Assessment” of the Sustainability statement.
Enterprise-wide risks
Proximus Group’s Enterprise Risk Management (ERM) is a structured framework designed to identify, assess, respond to and report
on strategic and business risks. These risks refer to potential adverse events or circumstances that could significantly impact the
achievement of Proximus’ strategic objectives.
ERM is integrated into Proximus’ annual strategic planning cycle. The risk identification and prioritization process involves desk-based
research, interviews, and surveys targeting management and subject matter experts.
Each member of the Proximus Leadership Squad (PLS) takes ownership of a subset of the prioritized risks and identifies the key
internal stakeholders accountable for the follow-up measures.
The risk prioritizations and treatments are reviewed at least once per year, or whenever there is a change of context. The ERM report,
which provides an overview of major risks and their respective treatment plans, is reviewed and validated by the PLS (more information
in the Corporate governance statement). The key findings and outcomes are then reviewed in coordination with the Board of Directors.
Among the risks identified by the latest ERM exercise, the following risk categories were prioritized:
• Monetization of fiber investments
• Proximus Group international growth
• Human capital: talent attraction, retention and development
• Operating model evolution and third-party dependency
• Belgian telecom market competitive dynamics – residential market
• Belgian ICT market competitive dynamics – enterprise market
• (Cyber)security and critical infrastructure resilience
• Shareholders’ interest alignment
• Regulatory and legal risks (See Regulatory framework and Compliance and legal exposure chapter below for more information)
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Proximus Group Integrated annual report 2025222
Monetization of fiber investments
Fiber is widely recognized as the superior and most future-proof fixed connectivity technology. On top of oering the highest
download and upload speeds and low latency, fiber is also highly reliable and secure. Proximus’ ambition is to provide gigabit network
coverage to 100% of premises in Belgium, maximizing fiber coverage and complementing with other technologies, to:
• support current and future customer needs (remote work, connected homes, next generation videos, gaming, etc.) and enable
ARPU uplift;
• retain and grow market share across residential and enterprise customers;
• attract new wholesale market opportunities;
• simplify the operating model and reduce operating costs, by ceasing the sale of copper and ultimately phasing out copper within
– at most – five years of the deployment of fiber in a given area.
Should some of these benefits not materialize the turnover and profitability of Proximus could be significantly aected.
During the past years, Proximus has significantly increased investments in accelerating the deployment of a fully open and non-
discriminatory performant fiber network with the ability to co-use fiber assets together with competition and maximize network
utilization. Proximus’ gigabit fiber network standalone deployment focuses on areas with the highest population density. In 2021,
Proximus created the joint ventures Fiberklaar (in Flanders) and Unifiber (in Wallonia) with the experienced industrial and financial
partners EQT Infrastructure and Eurofiber, respectively, to expand the fiber roll-out to medium-dense areas. In July 2024, Proximus
acquired full ownership of Fiberklaar to bring about enhanced strategic autonomy and increased flexibility for Proximus in the
deployment of fiber in Flanders. In the German-speaking Community, a region that typically has a very low population density,
Proximus, Ethias and the government of the German-speaking Community have set up GoFiber, a public-private partnership and joint
venture that will introduce fiber to the German-speaking municipalities by the end of 2026.
Beyond city centers, construction costs increase, making the deployment of fiber networks economically more dicult. Although
Proximus has the largest footprint of FTTH (Fiber-to-the-Home) in Belgium, the roll-out of competing FTTH networks could
negatively impact the profitability of Proximus’ investment by putting pressure on both wholesale and retail prices, making price tiering
more dicult, and requiring larger dierentiation between the oers.
Telenet and Fluvius set up Wyre, a joint infrastructure company with plans to cover up to 78% of all homes in Flanders and parts of
Brussels with fiber (FTTH) by 2038. Wyre’s roll-out began in the summer of 2023. To increase access to fiber for Flemish households
in less dense zones while reducing civil works, Proximus, Wyre, Telenet, and Fiberklaar signed a Memorandum of Understanding in
2024 to potentially collaborate on fiber network deployment. In October 2025, the Belgian Competition Authority (BCA) and the
BIPT, announced a market test on the collaboration of Proximus, Wyre, Telenet and Fiberklaar for joint fiber network deployment
in Flanders which is needed for BCA to conclude its investigation. Orange Belgium has announced an ambition of up to 66% fiber
coverage in Wallonia and Brussels, and 75% of the national footprint by 2040.
In July 2025, Proximus and Orange Belgium signed a Memorandum of Understanding to expand fiber deployment and increase
access to gigabit networks in Wallonia. At the end of 2025, the Belgian Competition Authority and the BIPT were still examining the
conditions for its implementation.
Until the fiber deployment collaboration process is fully concluded, all parties will continue to roll out their own networks
independently, which carries a risk of overbuild. Adverse or negative regulatory decisions on FTTH pricing and/or access conditions
could negatively impact the roll-out of fiber in Belgium, particularly in less dense zones that would prove too expensive to cover.
Next to Wyre and Orange Belgium, DIGI Belgium also started its fiber deployment in December 2024 with a coverage of about
100,000 households by the end of 2025. DIGI intends to significantly scale its fiber footprint in the coming years.
Scaling both the number of fiber activations and the roll-out can be challenging in a tight labor market. Failure to retain the right talent
for the deployment capacity could lead to delays in roll-out and activations, which in turn could have an impact on the timing of the
benefits and the cost of roll-out. Proximus and its partners are taking several measures to mitigate this risk: transfer of resources from
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Proximus Group Integrated annual report 2025223
copper to fiber deployment, increase of capacity via outsourcing partners, upskilling of existing employees, structural reduction of the
workload via self-install, and the flattening-out of seasonality via pro-active migrations.
Challenges in obtaining permits from municipalities or quality and compliance issues in operations could impede the speed of the
deployment. Proximus management puts a strong focus on quality standards and compliance across both standalone and joint
venture footprints.
Most Belgian consumers who are not yet connected to fiber already have access to higher speed Internet through VDSL or cable.
Proximus mitigates the risk of a lack of demand by actively promoting fiber and its benefits, including pre-roll-out marketing and
remarketing activities. Advertising campaigns, complemented by customer-centric use cases, have created a strong brand association
between fiber and Proximus. Fiber is also available for customers of the other consumer brands of Proximus: Scarlet and Mobile Vikings.
Cost control of fiber roll-out remains an attention point. Roll-out costs need to be balanced with strong commercial results, price
increases, and additional eciencies. Competitive dynamics, including fiber oers by Telenet and Orange as well as low price fiber
oers of DIGI, may lead to further pressure on market prices, and/or make price tiering and upselling more dicult. Proximus focuses
on product superiority, customer experience, and a multi-brand strategy to mitigate the risk (see also “Belgian telecom market
competitive dynamics – residential market”, below).
A customer retention risk also exists related to potential customer experience issues during the migration of customers of Proximus
and Other Licensed Operators (OLO) to fiber. For example, overly long installation delays during periods of high demand relative to
available personnel. Proximus’ management is monitoring the fiber migration customer eort and fiber customer experience closely,
and taking corrective actions through, among other things, dedicated fiber migration and in-home experience agile teams.
Copper cost avoidance is an important value driver for Proximus. Delays in deployment or gaps in deployment zones could impact
copper out-phasing, as the full benefits only materialize once we are able to fully cut the last copper line. Copper out-phasing is also
an important element in Proximus’ sustainability roadmap. Delays in copper out-phasing would thus aect both profitability and
sustainability goals. This risk is mitigated through careful planning of customer migrations and the allocation of dedicated resources,
including both personnel and IT investments.
Proximus Group international growth
The development of the international activities of Proximus Group through Route Mobile, Telesign and BICS gives Proximus access to
adjacent digital communications markets.
In 2024, Proximus Group (through Proximus Opal) acquired a majority stake in Route Mobile, a global company specialized
in Communications Platform as a Service (CPaaS) services, listed on NSE and BSE in India. The combined strengths of Route
Mobile and Telesign would allow Proximus Group to become a leader in the fields of CPaaS and digital identity thanks to the high
complementarity of product oerings and geographic coverage.
In December 2024, Proximus announced the creation of Proximus Global, integrating BICS, Telesign and Route Mobile under one
umbrella. Profitable growth in a competitive and fragmented digital communications market depends on the ability to retain and grow
the business with existing customers, including hyperscalers, and on attracting new customers in a cost-eective way. It also relies on
the ability to adapt to evolving technology standards and changing customer preferences.
The CPaaS market is evolving from being predominantly SMS-based towards a multichannel solution, including WhatsApp and RCS
(Rich Communication Services – a standard adopted by Telecom Operators as a successor to SMS) alongside SMS as communication
channels. Proximus Global results in 2025 have been impacted by this evolution and the ambition level has been revised downwards
while the company adapts to the evolving market needs. Failure to integrate the new communication channels on a large scale could
have a further negative impact on the Group’s EBITDA growth. Proximus Global is scaling omni-channel capabilities to limit negative
impact.
Driven by a fragmented market and complex ecosystem, CPaaS competition is expected to intensify further. New entrants are
emerging in the industry, and existing competitors are likewise seeking to expand their services. Consolidation among the Group’s
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Proximus Group Integrated annual report 2025224
competitors may also leave it at a competitive disadvantage. In addition, as the Group expands into international markets, it will
increasingly compete with local and global providers of messaging services and telecommunications value-added services.
Digital Identity services rely on data acquired from third parties. If a substantial increase in the cost of data acquisition occurs, the
Group may not be able to pass that cost increase to its customers, resulting in a reduced profit margin. Additionally, the Group has
no direct control over the quality of data it acquires from its suppliers. If the data quality deteriorates over time, the Digital Identity
products’ coverage may decrease and even become irrelevant for the customer.
If the Group or its third-party service providers experience a data security breach or network incident that allows, or is perceived to
allow, unauthorized access to its solutions or customers’ personal data, it could generate negative publicity and adversely aect the
Proximus Group’s reputation, business, financial condition, and results of operations. Additionally, such a breach or incident could lead
to enforcement actions, litigation, regulatory or governmental audits, investigations, inquiries and possible significant liability, as well
as increased numbers of requests by individuals regarding their personal data.
The increasing prevalence of AI-driven phishing fraud attacks poses a significant risk to the eectiveness of Digital Identity products.
These sophisticated attacks necessitate continuous updates and enhancements to solutions, to ensure they remain robust and
capable of mitigating emerging threats.
Proximus Global’s carrier activities could suer from a further slowing of the messaging & roaming market growth or an acceleration
of the voice market decline. Anticipating continued market trends pressure beyond 2025, Proximus Global, under new leadership, has
reset EBITDA expectations for 2026 and started a transformation of the operations and of the commercial organization aiming for a
return to growth as of 2027. Failure to set up a strong global commercial organization with a streamlined operating model would limit
the EBITDA return to growth and the ability of the Proximus Group to crystallize the value of Proximus Global in the future.
Changes in the political situation in a region or country where the Group is active, or changes in overall geopolitical conditions, could
impact the financial performance of the Group’s international activities. The direct and indirect consequences of military conflicts,
including potential measures taken by other countries, remain unpredictable and may contribute to increased instability in the global
economy, or negatively impact global trade, currency exchange rates, energy prices and regional economies, thereby posing significant
risks to the Group’s operations and financial performance. The enlistment of civilians in the army or the imposition of sanctions could
also impact operations.
Proximus Global is subject to many laws and regulations (e.g. competition and privacy laws in Europe and beyond). Proximus Group
strives for strict compliance and strong controls. Litigations, or regulatory or governmental inquiries, could negatively impact the
Group’s reputation. Rule changes may also aect revenues and profitability.
Finally, performance can be impacted by current and future economic conditions outside of Proximus Group’s control. A recession
may increase the number of bad debts; this is mitigated through strict credit risk management. The Group hedges foreign currency
exposures where these are expected to have a material impact on future cash flows.
Human capital: talent attraction, retention and development
Failure to recruit, sustainably employ, engage, and retain a talented workforce could impact Proximus’ competitiveness and ability to
achieve its strategic goals.
The Belgian labor market remains under pressure, with a low unemployment rate, especially in the north of the country, leading to
longer times needed to recruit for a broad range of profiles, e.g. field technicians, shop employees and ICT consultants.
To mitigate this risk facing talent attraction, Proximus runs various communication actions both on employer branding and recruitment
topics, diversifies recruitment channels with a strong focus on referral, and leverages strong ties with external partners including local
agencies. The evolution towards Total Talent Management, integrating both internal and external resources, also plays a critical role in
our sourcing strategy.
Proximus also diversifies talent sourcing geographically, through aliates in Serbia, India and Portugal to support Domestic activities.
Proximus Global also accesses a diverse global talent pool. In the context of workforce cost increases, particularly for Domestic
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activities, (see “Operating model evolution and third-party dependency” below), failure to adapt the current workforce’s skills to
ever-evolving needs would hinder Proximus’ ability to execute its strategic plan. A Strategic Workforce Planning program and a
skills mapping exercise allow Proximus to anticipate recruitment, upskilling and reskilling needs in both the short- and long-term. To
secure future-proof skills and to guarantee sustainable employment for existing employees, Proximus continues to invest in training
programs and internal mobility, providing many opportunities for upskilling and development. The use of Generative AI for productivity
gains is encouraged, with well-scoped use cases developed with the support of Proximus Ada data scientists, in a secure and ethical
way. Gen AI training is also oered to all employees to optimize daily tasks.
To boost employee engagement, Proximus’ Think possible company culture stimulates agile ways of working for greater
empowerment, customer-centricity, simplification and innovation. In 2024, a new evaluation system and a new remuneration
system (i.e. a simpler salary increase system to ease market alignment, as well as an optimized bonus system) have been introduced
for the employees of Proximus SA, in line with the desired cultural transformation. Those systemic changes increase the focus on
performance based on mutual trust and clear feedback.
Eligible Proximus SA employees are allowed up to 3 days of homeworking per week. Proximus oers employees a coherent set of
user-friendly and secure digital tools that can be used on any device, allowing increased flexibility and more hybrid ways of working.
Diversity, equity and inclusion policies and initiatives further contribute to the employees’ well-being and sense of belonging. More
information can be found in the section “Social information” of the Sustainability statement.
Operating model evolution and third-party dependency
With a challenging socio-economic and geopolitical context, and inflation levels that remain high compared to previous decades, costs
need to be carefully managed.
For Proximus SA and its Belgian aliates, the unique Belgian system of automatic salary indexation to protect employees’ purchasing
power, and Proximus’ obligation to index as soon as the pivotal index is reached, led to 1 salary indexation in 2025. International
sourcing for specific profiles (as detailed in “Human capital: talent attraction, retention and development”) and non-replacement of
natural leavers when possible helps limit the cost impact.
Proximus Group also enforces strict cost control discipline and cost reduction programs, constantly exploring ways in which to
enhance and expedite cost savings without compromising customer experience. To mitigate inflationary pressures, Proximus utilizes,
among others, long-term supplier relationships, contract protections, advanced purchasing, multi-sourcing strategies, and hedging
mechanisms. Proximus also puts a lot of focus on CapEx eciency initiatives. For example, by sharing parts of the mobile network
infrastructure with Orange Belgium, Proximus benefits from eciencies in network operations, and ensures sustainable investments
in new network technologies. Joint ventures and partnerships, combined with an increasingly global footprint, provide an opportunity
to gain scale and reduce operating costs in comparison to standalone operations. This also results in a more complex group structure
for Proximus, which brings higher compliance risks and increased third-party risks. Proximus Group’s governance structure and control
mechanisms are being adapted gradually to better deal with this heightened complexity.
Failure to achieve planned cost eciencies would lead to a decrease in profitability.
Alongside strict cost management, Proximus SA is countering this impact via price indexations. Should Proximus’ brand power not
be strong enough to allow for indexations, the inability to compensate for part of the cost increase through targeted price increases
would significantly impact margins. The potential churn impact of price indexations is mitigated by a more-for-more strategy, with
commercial results having remained strong after previous price indexations.
Although the telecom sector’s resilience has been demonstrated in recent years, a deteriorating economic climate could lead to a
decline in customer spending in both the Consumer and Enterprise markets, as well as higher bad debt levels.
Churn and bad debt evolutions are followed very closely by the management, with no worrying evolutions noted to date. Social taris
and no-frills oers help keep essential telecom services aordable to all. Struggling customers are oered adapted payment plans.
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Belgian telecom market competitive dynamics – residential market
The Belgian market is an evolving market with changing competitive dynamics that could impact market value going forward.
Proximus has demonstrated its ability to adapt to changing market conditions in the past. Failure to continue to adapt and mitigate the
impact of a changing market structure and pricing dynamics could significantly impact Proximus’ domestic EBITDA.
As mentioned above (see “Operating model evolution and third-party dependency”), it is critical that Proximus maintains its brand
strength and the resulting ability to monetize investments and to index prices to compensate for cost increases.
Proximus’ Belgian connectivity revenues are at risk from increased competition, particularly in Wallonia and Brussels, where Proximus
has a large market share. Following the 2022 spectrum auction with conditions favoring a new entrant, Citymesh and Romania’s DIGI
joined forces to acquire a portion of the spectrum and set up a joint venture for the network company to address business and private
individuals, respectively. DIGI began its commercial operations in Belgium in December 2024 with low mobile taris, as well as a fixed
Internet oer on their own fiber network (limited to about 100,000 homes by end 2025).
The arrival of DIGI on the Belgian market led to competitive reactions with price decreases, more for more and strengthened
commercial means for established operator’s sub brands. Orange Belgium cut prices of its Hey sub brand in 2024, ahead of DIGI’s
launch. In 2025, Orange is outphasing the VOO brand, betting on the strong Orange brand name for its nationwide convergent
premium oer. Telenet and Orange Belgium have respective commercial wholesale agreements providing access to each other’s HFC
and FTTH networks for a 15-year period, leading to increased convergent competition across the country. Telenet turned the Base
brand into a convergent brand back in 2024 and started oering a mobile-only solution under the TADAAM brand mid-2025.
Proximus’ fiber technology and strong brand association with fiber helps mitigate the churn risk in fiber zones, reduce exposure to price
disruption, and maintain pricing power. Proximus has also been consistently improving its multi-play value propositions. The Proximus
Flex+ portfolio has been launched in March 2025, adapted to fiber internet and oering customers the ability to fully personalize their
pack, selecting only the services they need or see as added value.
Also, in August 2023, Proximus reached an agreement with DIGI Belgium and Citymesh Connect on mobile wholesale services,
restricted to the 4G network, and mobile infrastructure. Whilst DIGI deploys its own 5G mobile network, the wholesale agreement
mitigates the potential short-term revenue impact of DIGI on Proximus Group through wholesale revenues. Another risk mitigation
against loss of market share in mobile is that Proximus has kept full control of its core network and spectrum assets. Proximus
managed to secure more spectrum – across all bands – than other mobile players during the spectrum auctions of 2022. This
strength mitigates the mobile churn and pricing risk for Proximus, as it allows Proximus to dierentiate and guarantee a superior
mobile experience.
Alongside competitive dynamics, evolving customer needs, such as the decreasing need for fixed voice and the acceleration of the
‘cord-cutting’ trend, i.e. customers cancel their digital TV subscriptions, impacts revenues and customer stickiness, as well as cost per
digital TV customer due to the high fixed costs. “Over the top” competition (streaming services) drives up the cost of exclusive content.
The high-quality Proximus’ digital TV oer, and the partnerships with streaming services partly mitigate these risks.
Proximus sub brands Scarlet and Mobile Vikings have very strong NPS scores and a convergent oer complementary to the Proximus
brand oer. Scarlet addresses the price-sensitive segment, while Mobile Vikings oers competitively priced Mobile and Internet to
young (at heart) digital-savvy customers.
Proximus’ strong convergent multi-brand oer mitigates the risks on the market shares and on the value of the Proximus premium
brand. However, an increase in the residential market shift to sub brands or further pressure on prices could negatively impact market
shares, ARPU and overall profitability of the Residential market activities of the Proximus Group.
Finally, Proximus’ performance in the Residential market could be impacted by disruptive technologies (e.g. satellite) and new business
models. Should Proximus not be able to adapt rapidly and well enough, this would have an impact on market share and profitability.
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Belgian ICT market competitive dynamics – enterprise market
On the domestic B2B mobile market, Proximus enjoys a solid market share. Intensifying price-based competition could lead to lower
revenues and margins in the Corporate and Small & Medium Business segments.
Citymesh, as part of European IT company Cegeka, is looking to monetize its mobile spectrum investments, acquired in a joint venture
with DIGI. The loss of key customers could impact brand perception and Proximus’ pricing power. In fixed connectivity, the range of
Explore (convergent service platform) and SD-WAN solutions is managed to address evolving customer needs while limiting revenue
impact through targeted and proactive migrations to next-gen solutions. Fixed voice erosion could further accelerate, thus impacting
revenues and margins beyond current forecasts. Proximus mitigates the telecom churn and value erosion risks through its network
leadership, good customer relationship management, and a strong portfolio of convergent ICT solutions.
In the highly competitive ICT market, the launch of Proximus NXT in June 2023 established a strong brand aimed at building a
leadership position in the Benelux region. With ambitions to further enhance its IT oerings and leverage its leading expertise in areas
such as workspace, cloud, sovereign cloud, security and AI, Proximus transferred its B2B IT activities to its aliate, Proximus NXT IT, on
July 1, 2024. This merger with existing teams enables a sharper focus on the unique aspects of the IT business, fostering a distinct B2B
IT identity and strengthening its integration with Proximus’ aliate and partner ecosystem.
Failure to eectively address evolving customer needs (including compliance with ESG standards), new technologies and market
developments within the enterprise sector in a timely manner, or a failure to introduce competitive products or services, could result in
lower revenues and reduced profitability for Proximus NXT IT. These risks, if realized, would ultimately have a negative impact on the
overall financial performance of Proximus, aecting both its top and bottom line.
(Cyber)security and resilience of critical infrastructure
Regional conflict or geopolitical escalation may disrupt infrastructure and aect Proximus’s operations and strategy.
The telecom sector has become a prime target in the current geopolitical environment. As operators of critical national infrastructure,
Proximus faces sustained threats from cyber-criminal groups seeking financial gain and from state-sponsored actors pursuing
espionage or destabilization. European and allied agencies report an increase in intrusions targeting telecom networks, including
compromises of core routers and backbone equipment. Recent incidents aecting submarine cables in the Baltic Sea and globally
observed campaigns attributed to foreign state-aligned groups underline the growing intensity and sophistication of cyberattacks,
many of which remain undetected for extended periods.
Our operations in Belgium, the Benelux region and international CPaaS markets expose us to a broad range of threat vectors,
including:
• Attacks on critical infrastructure: Advanced DDoS attacks and other coordinated campaigns may disrupt the availability of telecom,
digital identity, cloud and CPaaS services.
• Data-breach threats: Intrusions may target customer or employee personal data, business-sensitive information,
or identity-related assets.
• Social engineering and fraud: Phishing, smishing and impersonation attacks target employees, partners, and customers to obtain
privileged access.
• Supply-chain dependencies: A compromise aecting a supplier, cloud provider or international partner may create cascading
operational or data-security impacts.
A significant cyber incident could aect the confidentiality, integrity, and availability of our systems and data, leading to major service
disruption, data exposure, ransomware-related paralysis, and regulatory investigations or fines. Consequential impacts include erosion
of customer trust, reputational damage, contractual liabilities, and substantial remediation and recovery costs.
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To address these evolving threats, Proximus is implementing a multi-year cybersecurity program focused on structural resilience.
Key pillars include Identity & Access Management, securing critical infrastructure, protection against disruptive malware, customer
protection and fraud prevention, and strengthened detection and response capabilities. These eorts are complemented by security-
by-design practices, security testing, employee awareness and training, and the growing use of artificial intelligence and machine
learning to enhance monitoring and incident detection.
Proximus aggregates and analyses classified, commercial, and open-source threat intelligence and operates several Malware
Information Sharing Platforms (MISP) to collect and share structured cyber-threat indicators. We collaborate closely with Belgian
Cyber Command, the Centre for Cybersecurity Belgium (CCB), NATO, the European Union, and allied nations, as well as with industry
bodies such as ETIS, GSMA, FIRST and the Belgian Cybersecurity Coalition. This ecosystem provides actionable intelligence, joint
training, and improved readiness for large-scale, cross-border cyber incidents.
Furthermore, Proximus also acts to protect its customers against fraud. With the support of the government, Proximus invests in anti-
phishing and anti-fraud platforms (SMS, email, interconnect security). More information on data protection and privacy can be found in
the section “Data protection” of the Sustainability statement.
Shareholders’ interests alignment
As majority shareholder, the Belgian State through SFPIM has the power to determine matters submitted for a vote of shareholders,
including the ability to control the outcome of certain corporate actions such as dividend policy, mergers, and other extraordinary
transactions. The Belgian State also has the power to appoint and dismiss the directors, but it must comply with legal and statutory
requirements such as, for example, the appointment of independent directors. The interests of the Belgian State regarding director
appointments, dividend policy, mergers, and other matters and the factors it considers in exercising its votes could be dierent from
the interests of Proximus’ other shareholders or noteholders.
The lack of a clear vision of the State as shareholder in Proximus could be detrimental to the strategic alignment between Proximus
and its majority shareholder and strain Proximus’ relationship with other stakeholders.
Operational risks
Operational risk relates to risks arising from systems, processes, people, and external events that aect the operation of Proximus’
businesses. It includes product life cycle & execution, product safety & performance, information management, data protection &
cybersecurity, business continuity, supply chain, and other risks, including human resources and reputational risks. Depending on the
nature of the risk involved and the business or function aected, Proximus uses a wide variety of risk mitigation strategies, including
adverse scenario stress tests, back-up-/business-continuity plans, business process reviews, and insurance.
Proximus’ operational risk measurement and management relies on the Advanced Measurement Approach (AMA) methodology. A
dedicated ‘as-if’ adverse scenario risk register has been developed to make the stress tests relevant.
Proximus is covered by extended general and professional liability, property damage, and business interruption insurance, as well as
by a dedicated cybersecurity insurance program. Nevertheless, these insurance programs may not provide indemnification should the
traditional insurance exclusions (non-accidental events) apply.
The most prominent examples of operational risk factors are explained below:
• Resilience and business continuity
• Sourcing and supply chain reliability
• Data protection and privacy (See Sustainability statement for more information)
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Resilience and business continuity
The success of the Group depends on the continuous performance of its IT systems, networks, datacenters, people, and processes.
As a provider of essential electronic communications services, uninterrupted service delivery is critical for customers, partners,
and society.
Business continuity supports the organization’s ability to deliver its essential services and strategic objectives without unacceptable
interruption, even during disruptive events. The overarching objective is to ensure continuity of services and performance across all
core operations.
Continuity may be threatened by a wide range of events, including large-scale blackouts, floods, storms, fires, terrorist acts, sabotage,
cyberattacks, ransomware, natural disasters linked to climate change and human errors. These events can compromise network
availability, data integrity, platform stability, or the functioning of critical business processes.
Disruptions can adversely aect service continuity and profitability, leading to customer-impacting outages or degraded performance.
Consequential impacts may include erosion of customer trust, reputational damage, regulatory or contractual liabilities,
and substantial remediation and recovery costs. Prolonged outages could also aect public safety and critical sectors that depend on
our infrastructure.
Business continuity management focuses on detecting, preventing, minimizing, and responding to disruptive events so that business-
critical services and functions can continue operating at acceptable levels.
Our approach is aligned with good practice standards and Belgian regulations on telecoms and critical infrastructure. Key measures
include corporate-level business continuity plans, crisis management frameworks, network and platform resilience initiatives, and
increased preparedness for power interruptions, cyber incidents, and climate-related risks.
Priorities are coordinated by the respective business units and overseen by the business continuity board, which defines scope,
sets priorities, and validates outcomes. Preparedness levels and resilience progress are reported annually to the Audit and
Compliance Committee.
Sourcing & supply chain reliability
Proximus depends on its partnerships with suppliers to provide the equipment needed to ensure business continuity and a sustainable
supply chain. Global instability, logistics disruptions, energy crises, climate-induced natural disasters, etc. increase the risk to our
supply chain resilience.
Any breach of relevant legislation or non-compliance with international standards for human rights by our suppliers could lead to legal
action and negatively impact Proximus’ reputation.
Risk mitigation is done via multi-sourcing, Tier 2 management, improved inventory management (advanced ordering, better forecasts,
etc.), demand reduction, and product and process reengineering. Thanks to our enhanced Supplier Relationship Management (SRM),
we are able to continuously assess risks together with the partnering supplier, thus reducing vulnerability and ensuring continuity.
The relationship with key suppliers is assessed and documented by means of meeting minutes and surveys, which lay down the
common strategies.
We continuously monitor risks through an SCRM (Supply Chain Risk Management) by Sphera, alerting the appropriate stakeholder in
the event of any disruption along the supplier chain.
EcoVadis conducts sustainability performance evaluations, risk assessments, and audits for national direct suppliers, while major
global suppliers undergo these processes through the Joint Alliance for CSR (JAC) initiative.
We strictly follow up on critical suppliers’ contractual liability through our Supplier Code of Conduct and Service Level
Agreement clauses.
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Thanks to our active monitoring and risk mitigation actions, Proximus’ supply chain has proven itself resilient in previous crises, with
financial impact being limited as a result.
Financial reporting risks
In the area of financial reporting, besides the general enterprise risks impacting financial reporting, the main risks identified include
new transactions and evolving accounting standards, changes in tax law and regulations, and the financial statement closing process.
New transactions and evolving accounting standards
New transactions can have a significant impact on the financial statements, either directly in the income statement or in the notes.
Inappropriate accounting treatment can result in financial statements that fail to provide a true and fair view. Changes in legislation
(e.g. pension age, customer protection) can also significantly impact the reported financials. New accounting standards may require
the gathering of new information and the adaptation of complex (billing) systems. If not adequately foreseen, the timeliness and
reliability of the financial reporting could be jeopardized.
It is the responsibility of the Corporate Accounting department to follow developments in the area of evolving standards; both local
General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are considered.
Changes are identified, and the impact on Proximus’ financial reporting is proactively analyzed.
For each new type of transaction (e.g. new product, new employee benefit, business combination), an in-depth analysis is conducted
from the points of view of financial reporting, risk management, treasury, and tax. In addition, the development requirements for the
financial systems are defined in a timely manner and, in compliance with internal and external standards, are systematically analyzed.
Emphasis is placed on the development of preventive controls and the setting up of reporting tools that enable a posteriori control.
The Audit and Compliance Committee (ACC) and the Leadership Squad are informed on a regular basis about new and upcoming
financial reporting standards and their potential impact on Proximus’ financials.
Changes in tax law and regulations
Changes in tax laws and regulations (corporate income tax, VAT, etc.) and their application by the tax authorities can have a significant
impact on financial statements. To ensure compliance, it is often necessary to set up additional administrative processes within a short
timeframe, to collect relevant information, or to run updates on existing IT systems (e.g. billing systems).
The tax department continuously monitors potential changes in tax law and regulations, as well as interpretations of existing tax
laws by the tax authorities. Based on laws, doctrine, case law and political statements, as well as available draft laws, etc., a financial
and operational impact analysis is performed. The outcome of this analysis is reflected in the corresponding financial statements, in
accordance with the applicable framework.
The evolving complexity of the legal and regulatory environment, particularly in the context of international operations, poses risks
to financial reporting. Conflicting requirements among and between domestic, foreign, and supranational laws can complicate
compliance eorts, increase the likelihood of misstatements, and aect the integrity and accuracy of our financial statements.
Financial statement closing process
The delivery of timely and reliable financial statements remains dependent on an adequate financial statement closing process.
Clear roles and responsibilities in the closing process of the financial statements have been defined. During the monthly, quarterly,
half-yearly; and annual financial statement closing processes, continuous monitoring of the various steps is undertaken. In addition,
dierent controls are performed to ensure quality and compliance with internal and external requirements and guidelines.
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A highly detailed closing calendar is drawn up for Proximus and its major aliates, which includes a detailed overview of cross-
divisional preparatory meetings, deadlines for ending specific processes, exact dates and hours when IT subsystems are locked,
validation meetings, and reporting deliverables.
For every process and subprocess, dierent controls are performed, including preventive controls, where information is tested before
being processed, and detective controls, where the outcome of the processing is analyzed and confirmed.
Special attention is paid to reasonableness tests, where financial information is analyzed against underlying operational drivers, and
coherence tests, where financial information from dierent areas is brought together to confirm results, trends, etc. Tests on individual
accounting entries are performed for material or non-recurrent transactions. The combination of all these tests provides sucient
assurance on the reliability of the financials.
Compliance and legal exposure
Proximus is an autonomous public sector enterprise that has adopted the legal form of a limited liability company under Belgian public
law and therefore is also governed by certain provisions of Belgian public and administrative law. The interaction between the laws
applicable to all private limited liability companies and the specific public and administrative law provisions and principles has in the
past presented and may continue to present diculties of interpretation and may give rise to legal uncertainties for Proximus.
Proximus’ policies and procedures are designed to comply with all applicable laws, accounting and reporting requirements,
regulations, and tax requirements, including those imposed by foreign countries, the EU, as well as applicable labor laws.
The complexity of the legal and regulatory environment in which Proximus operates and the related costs of compliance are both
increasing due to additional requirements. Furthermore, foreign and supranational laws occasionally conflict with domestic law.
Failure to comply with the various laws and regulations, as well as changes in laws and regulations or the way they are interpreted
or applied, may result in damage to Proximus’ reputation, civil and criminal liability, fines and penalties, an increased tax burden, or
costs incurred through regulatory compliance and restatements of Proximus’ financial statements. Proximus is subject to significant
regulation and supervision, which could require it to make additional expenditures or limit its flexibility, aecting its financial results in
general and otherwise adversely aecting its business.
Proximus may be sued by third parties for infringement of proprietary rights. The telecommunications industry and related service
businesses are characterized by the existence of a large number of patents and trademarks. Litigation based on allegations of patent
infringement or other violations of intellectual property rights is common. As the number of entrants into the market grows, and the
overlap of product functions increases, the possibility of an intellectual property infringement claim against Proximus increases. In
addition, the Group may be sued for copyright or trademark infringement for purchasing and distributing content through various fixed
line or wireless communications and other media, such as through its portals. Any such claims or lawsuits, with or without merit, could
be time-consuming, result in costly litigation, and diversion of technical and management personnel, leading to product shipment
delays or delays in the granting of patent applications, or requiring the Group to develop non-infringing technology or to enter into
royalty or licensing agreements. Such royalty or licensing agreements, if required, may not be available on commercially reasonable
terms, or even at all.
If a successful claim of product infringement were to be made against the Group, or it was unable to develop non-infringing technology
or license the infringed or similar technology in a timely manner, and on a cost-eective basis, and commercially reasonable terms,
operating revenue and net profit could decline.
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Risk Governance
Proximus has established a comprehensive risk governance model designed to ensure eective oversight. The model is aligned with
the Belgian Corporate Governance Code and integrates board-level supervision with executive management responsibilities and an
embedded internal control framework.
Board oversight
The Board of Directors holds the ultimate responsibility for supervising the eectiveness of the Group’s risk management and internal
control systems. It is supported in this role by the Audit and Compliance Committee (ACC). More information can be found in the
Corporate governance statement.
In 2025, Proximus initiated an enterprise-wide exercise to develop risk appetite statements for key strategic, financial, operational,
compliance, and reputation risks. These statements, once approved by the Board:
• clarify the level of risk the Group is willing to accept in pursuit of its objectives;
• support consistent decision-making across the organization;
• enhance the integration of risk considerations into strategy, planning, and performance management;
• improve the quality of reporting to the Board and stakeholders.
Risk Management & Compliance Committee
The Risk Management and Compliance Committee objectives are:
• overseeing the company’s most critical enterprise and operational risks and how management monitors and mitigates those risks;
• reviewing files in which decisions must be taken by finding a balance between risk-taking and cost, in line with the Group’s risk appetite;
• ensuring timely follow-up of internal audit actions, with particular attention to those that are overdue.
Proximus has general response strategies for managing risks, which categorize them according to whether the company will avoid,
transfer, reduce, or accept the risk. These response strategies are tailored to ensure that risks are within acceptable risk and compliance
guidelines.
In 2025, the Risk Management and Compliance Committee held 5 sessions. Decisions and insights from the Risk Management and
Compliance Committee were systematically reported to the Proximus Leadership Squad and the Audit and Compliance Committee,
ensuring transparency and alignment between executive decision-making and board oversight.
Internal Audit
In line with international best practice requirements, Proximus’ internal audit function forms an integral part of the Internal Risk
Management and Control System and provides assurance to the Audit and Compliance Committee concerning the ‘in-control status’ of
Proximus Group segments/units/entities and processes. Internal Audit provides independent analyses, appraisals, recommendations,
counsel, and information to both the Audit and Compliance Committee and Proximus Management. More information can be found in
the section “Business conduct” of the Sustainability statement.
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Integrated annual report 2025
Consolidated
financial
statements
Proximus Group 234 Integrated annual report 2025
Consolidated financial
statements
Prepared under International Financial Reporting Standards for each of the two years ended 31 December 2025 and 2024.
Consolidated Balance Sheet ................................................................................................................................................................................................................... 236
Consolidated Income Statement .......................................................................................................................................................................................................... 238
Consolidated Statement of Comprehensive Income .................................................................................................................................................................. 239
Consolidated Cash Flow Statement .................................................................................................................................................................................................. 240
Consolidated Statement of Changes in Equity .............................................................................................................................................................................. 242
Notes to the consolidated financial statements ............................................................................................................................................................................ 243
Note 1. Corporate information ........................................................................................................................................................................................................ 243
Note 2. Material accounting policy information .......................................................................................................................................................................244
Note 3. Goodwill..................................................................................................................................................................................................................................... 264
Note 4. Intangible assets with finite useful life ......................................................................................................................................................................... 271
Note 5. Property, Plant and Equipment ....................................................................................................................................................................................... 273
Note 6. Leases ........................................................................................................................................................................................................................................ 275
Note 7. Contract costs .......................................................................................................................................................................................................................... 277
Note 8. Investments in subsidiaries, joint operations, joint ventures and associates ............................................................................................. 278
Note 9. Equity investments measured at fair value ............................................................................................................................................................. 300
Note 10. Income taxes ........................................................................................................................................................................................................................ 301
Note 11. Assets and liabilities for pensions, other post-employment benefits and termination benefits .................................................... 305
Note 12. Other non-current assets ................................................................................................................................................................................................ 313
Note 13. Inventories .............................................................................................................................................................................................................................. 313
Note 14. Trade receivables and contract assets ..................................................................................................................................................................... 314
Note 15. Other current assets .......................................................................................................................................................................................................... 317
Note 16. Non-current assets held for sale ................................................................................................................................................................................ 318
Note 17. Investments and Cash and cash equivalents ......................................................................................................................................................... 319
Note 18. Equity ....................................................................................................................................................................................................................................... 319
Proximus Group 235 Integrated annual report 2025
Note 19. Interest-bearing liabilities ............................................................................................................................................................................................... 322
Note 20. Provisions .............................................................................................................................................................................................................................. 330
Note 21. Other non-current payables .......................................................................................................................................................................................... 331
Note 22. Other current payables ................................................................................................................................................................................................... 332
Note 23. Net revenue .......................................................................................................................................................................................................................... 333
Note 24. Other operating income .................................................................................................................................................................................................. 336
Note 25. Costs of materials and services related to revenue ........................................................................................................................................... 336
Note 26. Workforce expenses .......................................................................................................................................................................................................... 337
Note 27. Non-Workforce expenses ............................................................................................................................................................................................... 337
Note 28. Depreciation, amortization and goodwill impairment ....................................................................................................................................... 338
Note 29. Net finance cost .................................................................................................................................................................................................................. 339
Note 30. Earnings per share............................................................................................................................................................................................................ 340
Note 31. Dividends paid and proposed ........................................................................................................................................................................................ 341
Note 32. Additional disclosures on financial instruments ................................................................................................................................................... 342
Note 33. Related party disclosures ............................................................................................................................................................................................... 358
Note 34. Rights, commitments and contingent liabilities ................................................................................................................................................... 361
Note 35. Share-based Payment .................................................................................................................................................................................................... 365
Note 36. Relationship with the auditors ...................................................................................................................................................................................... 369
Note 37. Segment reporting ............................................................................................................................................................................................................. 369
Note 38. Recent IFRS pronouncements ...................................................................................................................................................................................... 372
Note 39. Post balance sheet events .............................................................................................................................................................................................. 373
Proximus Group 236 Integrated annual report 2025
Consolidated Balance Sheet
Proximus Group 237 Integrated annual report 2025
(EUR million)
As at 31 December
ASSETS
Note
2024
2025
NON-CURRENT ASSETS
Goodwill
3
Intangible assets with finite useful life
4
Property, plant and equipment
5
Right-of-use assets
6
Lease receivable
Contract costs
7
Investments in associates and joint ventures
8
Deferred income tax assets
10
Equity investments measured at fair value
9
Pension assets
11
Other non-current assets
12
CURRENT ASSETS
Inventories
13
Trade receivables
14
Contract assets
14
Current tax assets
Other current assets
15
Investments
17
Cash and cash equivalents
17
Non-current assets held for sale
16
TOTAL ASSETS
LIABILITIES AND EQUITY
Note
EQUITY
18
Shareholders' equity attributable to the parent
18
Non-Controlling interests
18
NON-CURRENT LIABILITIES
Interest-bearing liabilities
19
Lease liabilities
6
Liability for pensions, other post-employment benefits and termination benefits
11
Provisions
20
Deferred income tax liabilities
10
Other non-current payables non-interest-bearing
21
Other non-current payables interest-bearing
21 (*)
CURRENT LIABILITIES
Interest-bearing liabilities
19
Lease liabilities
6
Liability for pensions, other post-employment benefits and termination benefits
11
Provisions other than for pensions, other post-employment benefits and termination benefits
Trade payables
(*)
Contract liabilities
22
Tax payables
Other current payables non-interest-bearing
22
Other current payables interest-bearing
22 (*)
Liabilities associated with assets classified as held for sale
16
TOTAL LIABILITIES AND EQUITY
(*) "Other current payables Interest-bearing" include interest-bearing payables "Trade payables"
Proximus Group 238 Integrated annual report 2025
Consolidated Income Statement
(EUR million)
Note
2024
2025
Net revenue
23
Other operating income
24
Total income
Costs of materials and services related to revenue
25
-2,364
-2,224
Workforce expenses
26
-1,435
-1,415
Non-workforce expenses
27
-790
-729
Total operating expenses before depreciation, amortization and goodwill impairment
-4,589
-4,369
Operating income before depreciation, amortization and goodwill impairment
Depreciation and amortization
28
-1,259
-1,326
Impairment on goodwill
28
-275
Operating income
Finance income
29
Finance costs
29
-185
-174
Net finance costs
29
-159
-146
Share of loss on associates
8.3
-18
-17
Income before taxes
Tax expense
10
-57
-82
Net income
Attributable to:
Equity holders of the parent (Group share)
Non-controlling interests
Basic earnings per share (in EUR)
30
Diluted earnings per share (in EUR)
30
Weighted average nb of outstanding ordinary shares
30
Weighted average nb of outstanding ordinary shares for diluted earnings per share
30
Proximus Group 239 Integrated annual report 2025
Consolidated Statement of Comprehensive
Income
(EUR million)
Note
2024
2025
Net income
Other comprehensive income:
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations
-163
Cash flow hedges:
Gain/(Loss) taken to equity
32.2
-3
Transfer to profit or loss for the period
32.2
-14
-19
Other
-1
Total before related tax effects
-170
Cash flow hedges:
Gain/(Loss) taken to equity
32.2
-3
Transfer to profit or loss for the period
32.2
Income tax relating to items that may be reclassified
Total of items that may be reclassified to profit and loss - net of related tax effects
-168
Items that will not be reclassified to profit and loss
Remeasurement of net defined benefit obligations
11
Total of items that will not be reclassified to profit and loss
Total before related tax effects
Related tax effects
Remeasurement of net defined benefit obligations
-29
-23
Income tax relating to items that will not be reclassified
-29
-23
Total of items that will not be reclassified to profit and loss, net of related tax effects
Total comprehensive income
Attributable to:
Equity holders of the parent
Non-controlling interests
-41
Proximus Group 240 Integrated annual report 2025
Consolidated Cash Flow Statement
As at 31 December
(EUR million)
Note
2024
2025
Cash flow from operating activities:
Net income
Depreciation, amortization and goodwill impairment
4/5/6
Net finance costs
Tax expense
Share of loss on associates and JV
8.3
Ebitda (Reported) (1)
Adjustments for non-cash items in Ebitda:
-51
-303
Impairment on intangible assets and property, plant and equipment
16
Impairment on other amounts receivable
Increase/(decrease) of provisions
20
-9
-19
Unrealized exchange gains/losses on loans
Remeasurement to FV of Previously held interest
8.4
-78
(Gain)/loss on disposal of consolidated companies
8.4
-285
(Gain) /loss on disposal of property, plant and equipment
24
-3
-14
(Decrease)/increase in working capital
(net of interests, income tax, acquisitions/disposals of subsidiaries):
-62
-104
Decrease/(increase) in inventories
Decrease/(increase) in trade receivables
-24
-44
(Decrease)/increase in trade payables
-5
Decrease/(increase) in other assets
-30
-78
(Decrease)/increase in other liabilities
-8
(Decrease)/increase in net liability for pensions, other post-employment benefits
and termination benefits
11
-29
-2
Interests Paid/Received & Other financial cash outflows
-127
-138
Interests Received
Interests Paid
-146
-152
Other financial cash outflows
-1
-4
Income Tax Paid
-108
-92
A. Net cash flow from operating activities
Cash flow from /(to) investing activities:
Cash paid for acquisitions of intangible assets and property, plant and equipment
4/5
-1,474
-1,316
Cash (paid to)/received from other participating interests (acquisition/sale, loans
and/or derivatives)
8.4
-17
-18
Proximus Group 241 Integrated annual report 2025
Cash paid for acquisition of consolidated companies, net of cash acquired
8.4
-737
-60
Cash received from sales of consolidated companies, net of cash disposed of
Cash received from sales of intangible assets, property, plant and equipment
Cash paid for other non-current assets
-73
B. Net cash flow from / (to) investing activities
-2,228
-1,017
Cash flow before financing activities (A. + B.)
-626
C.1 Lease payments
6
-101
-118
Free cash flow (A. + B. + C.1) (2)
-727
Cash flow from / (to) financing activities other than lease payments:
Dividends paid to shareholders
31
-360
-156
Dividends to and transactions with non-controlling interests
18.2
-2
-11
Interests paid on Perpetual subordinated borrowing
-33
Net sale of treasury shares
Net sale of investments
Impact of transactions with equity holders
8.4
Issuance / (repayment) of Perpetual subordinated borrowing
18.1
Cash received from /(paid to) cash flow hedge instrument related to long term debt
-1
Issuance / (repayment) of Asset financing arrangements
19.3
-10
-9
Issuance of long-term debt
Repayment of long-term debt
19.3
-614
-997
Repayment of short-term debt
19.3
-4
C.2 Net cash flow from / (to) financing activities (other than lease payments)
-400
D. Exchange rate impact
-11
Net increase/(decrease) of cash and cash equivalents (A + B + C.1 + C.2 + D)
-219
Cash and cash equivalents at 1 January
Cash and cash equivalents at the end of the period
(1) Ebitda: Earnings Before Interest, Taxes, Depreciation and Amortization; corresponds to revenue minus cost of
sales, workforce and non-workforce expenses.
(2) Free Cash Flow: this is cash flow before financing activities and after lease
payments.
Proximus Group 242 Integrated annual report 2025
Consolidated Statement of Changes in Equity
(EUR million)
Issued
capital
Treasury
shares
Restricted
reserve
Equity
instruments
and hedge
reserve
Other
remeasure-
ment reserve
Foreign
currency
translation
Retained
Earnings
Hybrid
Instruments
Shareholder’s
Equity
Non-control.
interests
Total Equity
Balance as at 1 January 2024
-419
Total comprehensive income and expense
-14
Dividends to shareholders (relating to 2023)
-226
-226
-226
Interim dividends to shareholders (relating to 2024)
-161
-161
-161
Dividends of subsidiaries to non-controlling interests
-2
-2
-2
Business combination
Partial disposal of a subsidiary without loss of control
Business combination under common control
-32
-32
Perpetual subordinate borrowings
-12
Treasury shares
Sale of treasury shares
-3
-1
-1
Stock options
Exercise of stock options
-1
Total transactions with equity holders
-222
Balance as at 31 December 2024
-417
Total comprehensive income
-5
-115
-41
Dividends to shareholders (relating to 2024)
-32
-32
-32
Interim dividends to shareholders (relating to 2025)
-97
-97
-97
Dividends of subsidiaries to non-controlling interests
-11
-11
Business combination
-12
-5
Perpetual subordinate borrowings
-33
-33
-33
Treasury shares
Sale of treasury shares
Stock options
Total transactions with equity holders
-155
-151
-23
-175
Balance as at 31 December 2025
-413
-89
Proximus Group 243 Integrated annual report 2025
Notes to the consolidated financial statements
Proximus Group 244 Integrated annual report 2025
Proximus Group 245 Integrated annual report 2025
Proximus Group 246 Integrated annual report 2025
Proximus Group 247 Integrated annual report 2025
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Integrated annual report 2025
Auditor’s reports
and Management
responsibility
statement
Error! No text of specified style in document.
Document subtitle= Verdana Heading 12 0/0 single
Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises
Proximus NV van publiek recht / SA de droit public
Limited assurance report of the statutory auditor on the consolidated
sustainability statement of Proximus NV van publiek recht / SA de droit
public
Proximus NV van publiek recht / SA de droit public | 31 December 2025
1
Limited assurance report of the statutory auditor on the consolidated
sustainability statement of Proximus NV van publiek recht / SA de droit
public
To the general shareholders’ meeting
In the framework of our legal limited assurance engagement on the consolidated sustainability statement of
Proximus NV van publiek recht / SA de droit public (“the company”) and its subsidiaries (“the group”), we
hereby submit our report on this mission.
We have been appointed by the general meeting dated 16 april 2025, in accordance with the proposal of the
board of directors issued upon recommendation of the audit committee, to perform a limited assurance
engagement on the consolidated sustainability statement of the group, included in section Sustainability
Statement of the Integrated Annual Report per 31 December 2025 and for the year then ended (the
“consolidated sustainability statement”).
Our mandate will expire on the date of the general meeting deliberating on the financial statements for the
financial year ended 31 December 2027. We have performed our limited assurance engagement on the
consolidated sustainability statement for 2 consecutive years.
Limited assurance conclusion
We have performed a limited assurance engagement on the consolidated sustainability statement of the
group.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the consolidated sustainability statement, in all material respects:
• has not been prepared in accordance with the requirements stipulated in article 3:32/2 of the Code of
Companies and Associations, including compliance with the applicable European Sustainability Reporting
Standards (ESRS);
• has not been prepared in accordance with the process carried out by the group to identify the
information reported in the consolidated sustainability statement (the “process”) as set out in note
“General information “;
• does not comply with the requirements of Article 8 of EU Regulation 2020/852 (the “Taxonomy
Regulation”) regarding the disclosures in subsection EU Taxonomy of the consolidated sustainability
statement.
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical
financial information (“ISAE 3000 (Revised)”), as applicable in Belgium.
Our responsibilities under this standard are described in more detail in the section of our report
"Responsibilities of the statutory auditor relating to the limited assurance engagement on the consolidated
sustainability statement”.
We have complied with all ethical requirements relevant to limited assurance engagements on the
consolidated sustainability statement in Belgium, including those regarding independence.
We apply the International Standard on Quality Management 1 (ISQM 1), which requires us to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Proximus NV van publiek recht / SA de droit public | 31 December 2025
2
We have obtained from the board of directors and the group’s officials all explanations and information
required for our limited assurance engagement.
We believe that the evidence we have obtained in the framework of our limited assurance engagement is
sufficient and appropriate to provide a basis for our conclusion.
Responsibilities of the board of directors relating to the preparation of the consolidated
sustainability statement
The board of directors is responsible for designing and implementing a process and for disclosing this
process in note “General Information“ of the consolidated sustainability statement. This responsibility
includes:
• understanding the context in which the group’s activities and business relationships take place and
developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the
group’s financial position, financial performance, cash flows, access to finance or cost of capital over the
short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions and estimates that are reasonable in the circumstances.
The board of directors is also responsible for the preparation of the consolidated sustainability statement,
which includes the information established by the process,
• in accordance with the requirements set out in article 3:32/2 of the Code of Companies and Associations,
including the applicable European Sustainability Reporting Standards (ESRS);
• in compliance with the requirements of Article 8 of the Taxonomy Regulation regarding the disclosure of
the information included in subsection EU Taxonomy within the environmental section of the
consolidated sustainability statement.
This responsibility comprises:
• designing, implementing and maintaining such internal control that the board of directors deems
necessary for the preparation of the consolidated sustainability statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making assumptions
and estimates that are reasonable in the circumstances.
The audit committee is responsible for overseeing the group’s sustainability reporting process.
Inherent limitations in preparing the sustainability statement
In reporting forward-looking information in accordance with ESRS, the board of directors is required to
prepare the forward-looking information on the basis of disclosed assumptions about events that may occur
in the future and possible future actions by the group. Actual outcomes are likely to be different since
anticipated events frequently do not occur as expected and deviations may be of material importance.
Proximus NV van publiek recht / SA de droit public | 31 December 2025
3
Responsibilities of the statutory auditor relating to the limited assurance engagement on the
consolidated sustainability statement
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the consolidated sustainability statement is free from material misstatement, whether due to fraud
or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence decisions of users taken based on the consolidated sustainability statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium,
we apply professional judgement and maintain professional scepticism throughout the engagement. The
work performed in an engagement aiming to obtain a limited level of assurance, for which we refer to the
section “Summary of the work performed” is less in scope than in an engagement aiming to obtain a
reasonable level of assurance. Therefore, we do not express an opinion with a reasonable level of assurance
as part of this engagement.
Since the forward-looking information in the consolidated sustainability statement and the assumptions on
which it is based, relate to the future, they may be affected by events that may occur in the future and/or by
potential actions of the group. The actual outcomes are likely to be different from the assumptions made, as
the anticipated events often do not occur as expected, and the deviation from them could be material.
Therefore, our conclusion does not provide any assurance that the reported actual outcomes will
correspond with those included in the forward-looking information in the consolidated sustainability
statement.
Our responsibilities in respect of the consolidated sustainability statement, in relation to the process,
include:
• obtaining an understanding of the process, but not for the purpose of providing a conclusion on the
effectiveness of the process, including the outcome of the process; and
• designing and performing procedures to evaluate whether the process is consistent with the group’s
description of its process, as disclosed in note “General Information”.
Our other responsibilities in respect of the consolidated sustainability statement include:
• acquiring an understanding of the group’s control environment, the relevant processes, and information
systems for preparing the consolidated sustainability statement, but without assessing the design of
specific control activities, obtaining supporting information about their implementation, or testing the
effective operation of the established internal control measures;
• identifying where material misstatements are likely to arise in the consolidated sustainability statement,
whether due to fraud or error; and
• designing and performing procedures responsive to where material misstatements are likely to arise in
the consolidated sustainability statement. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Proximus NV van publiek recht / SA de droit public | 31 December 2025
4
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the consolidated
sustainability statement. The procedures in a limited assurance engagement vary in nature and timing and
are less in extent than procedures performed for a reasonable assurance engagement. Consequently, the
level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that
would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of the procedures selected depend on professional judgement, including the
identification of areas where material misstatements are likely to arise in the consolidated sustainability
statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the process, we:
• obtained an understanding of the process by:
‒ performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
‒ reviewing the group’s internal documentation of its process; and
• evaluated whether the assurance evidence obtained from our procedures with respect to the process
implemented by the group was consistent with the description of the process set out in note “General
information”.
In conducting our limited assurance engagement, with respect to the consolidated sustainability statement,
we have:
• obtained an understanding of the group’s reporting processes relevant to the preparation of its
consolidated sustainability statement by obtaining an understanding of the group’s control environment,
processes and information system relevant to the preparation of the consolidated sustainability
statement but not with the purpose of providing a conclusion on the effectiveness of the group’s internal
control;
• evaluated whether the information identified by the process is included in the consolidated sustainability
statement;
• evaluated whether the structure and the presentation of the consolidated sustainability statement has
been prepared in accordance with the ESRS;
• performed inquires with relevant personnel and analytical procedures on selected information in the
consolidated sustainability statement;
• performed substantive assurance procedures on selected information in the consolidated sustainability
statement;
• compared disclosures in the sustainability statement with the corresponding disclosures in the financial
statements and Integrated Annual Report;
• obtained evidence on the methods and assumptions for developing estimates and forward-looking
information as described in the section “Responsibilities of the statutory auditor related to the limited
assurance engagement on the consolidated sustainability statement”;
• obtained an understanding of the group’s process to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in the consolidated sustainability statement.
Proximus NV van publiek recht / SA de droit public | 31 December 2025
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Registered Office: Gateway building, Luchthaven Brussel Nationaal 1 J, B-1930 Zaventem
VAT BE 0429.053.863 - RPR Brussel/RPM Bruxelles - IBAN BE90 4350 2974 5132 - BIC KREDBEBB
Member of Deloitte Touche Tohmatsu Limited
Statement related to independence
Our audit firm and our network have not performed any engagements which are incompatible with the
limited assurance engagement, and our audit firm has remained independent of the group throughout the
course of our mandate.
Signed at Zaventem.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Fabio De Clercq
Proximus NV van publiek recht / Proximus SA de droit public
Document subtitle= Verdana Heading 12 0/0 single
Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises
Proximus NV van publiek recht / Proximus SA de droit
public
Statutory report of the joint auditors to the shareholders’ meeting for the
year ended 31 December 2025 - Consolidated financial statements
The original text of this report is in Dutch and French
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
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Statutory report of the joint auditors to the shareholders’ meeting of
Proximus NV van publiek recht / Proximus SA de droit public for the year
ended 31 December 2025 - Consolidated financial statements
In the context of the statutory audit of the consolidated financial statements of Proximus NV van publiek
recht / Proximus SA de droit public (“the company”) and its subsidiaries (jointly “the group”), we hereby
submit our statutory audit report. This report includes our report on the consolidated financial statements
and the other legal and regulatory requirements. These parts should be considered as integral to the report.
We, members of the joint auditors, were appointed in our capacity as statutory auditor by the shareholders’
meeting of 16 April 2025, in accordance with the proposal of the board of directors issued upon
recommendation of the audit and compliance committee. Our mandate will expire on the date of the
shareholders’ meeting deliberating on the financial statements for the year ending 31 December 2027.
Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL has performed the statutory audit of the
consolidated financial statements of Proximus NV van publiek recht / Proximus SA de droit public for 16
consecutive periods. Luc Callaert BV/SRL has performed the statutory audit of the consolidated financial
statements of Proximus NV van publiek recht / Proximus SA de droit public for 4 consecutive periods.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated financial statements of the group, which comprise the consolidated
balance sheet as at 31 December 2025, the consolidated income statement, the consolidated statement of
other comprehensive income, the consolidated statement of changes in equity and the consolidated cash
flow statement for the year then ended, as well as the summary of significant accounting policies and other
explanatory notes. The consolidated balance sheet shows total assets of 12 967 million EUR and the
consolidated income statement shows a profit for the year then ended of 405 million EUR.
In our opinion, the consolidated financial statements give a true and fair view of the group’s net equity and
financial position as of 31 December 2025 and of its consolidated results and its consolidated cash flow for
the year then ended, in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in
Belgium. In addition, we have applied the International Standards on Auditing approved by the IAASB
applicable to the current financial year, but not yet approved at national level. Our responsibilities under
those standards are further described in the “Responsibilities of the joint auditors for the audit of the
consolidated financial statements” section of our report. We have complied with all ethical requirements
relevant to the statutory audit of consolidated financial statements in Belgium, including those regarding
independence.
We have obtained from the board of directors and the company’s officials the explanations and information
necessary for performing our audit.
We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
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Key audit matters
How our audit addressed the key audit matters
Revenue recognition on telecommunication
activities
The accuracy of revenue is an inherent risk in the
telecommunications industry. This is driven by the
complexity of billing systems, the magnitude of
volumes of data in combination with different
products on the market and price changes during
the year. The correct application of revenue
recognition accounting standards to the separate
elements of a customer’s contract is complex and
requires judgement by management.
The details on revenue recognition are included in
notes 2 ‘Material accounting policy information’,
14.2 ‘Contract Assets’, 22 ‘Other current payables
and contract liabilities’ and 23 ‘Net Revenue’.
We addressed this key audit matter by applying
the following controls and substantive test
procedures to the material revenue streams:
• We tested the design, implementation and
operating effectiveness of the relevant key
controls in place in the revenue cycle, as well as in
the IT environment in which billing, rating and
other relevant support systems reside, including
the change control procedures in place around
systems that support material revenue streams;
• We performed tests of details on a sample of
individual revenue transactions, tracing these
back to order documentation and cash receipts;
and
• We performed a substantive analytical review.
Additionally, we assessed the appropriateness of the
group's accounting policies with respect to revenue
recognition and assessed compliance with the
applicable accounting standards.
Goodwill impairment test
Per 31 December 2025, goodwill amounts to
2 899 million EUR and relates to the group’s two
Cash Generating Units (‘CGU’), respectively
Domestic CGU (2 423 million EUR) and
International CGU (475 million EUR). The result of
the year is impacted by an impairment on goodwill
of 275 million EUR on the International CGU.
The annual impairment testing of goodwill was
important for our audit because it relies on a
number of critical judgements, such as the
determination of the CGU as well as estimates and
assumptions used in a discounted free cash flow
model to determine the CGU’s recoverable value,
especially with respect to the ongoing fiber roll-out
project which impacts free cash flows over a longer
period than the typical forecast period of five years
and the impact of the structural deterioration in
the market conditions of the International CGU.
The group uses a business plan reflecting its
strategy and using internal and external sources for
macro-economic assumptions such as inflation and
long-term industry growth rate, as well as group
We obtained an understanding of and evaluated the
design of controls over the group’s goodwill
impairment review process.
We performed audit procedures that included
evaluating the appropriateness of the determination
of the CGU’s identified and tested the allocation of
assets and liabilities to the carrying value of each
CGU.
We assessed the available information with
reference to the recoverable value of the CGU:
• We assessed the key assumptions,
methodologies, key areas of judgement and data
used by the group in its determination of the
recoverable value, for example by analysing
sensitivities in the group’s discounted cash flow
models and benchmarking with external macro-
economic data to determine if they were
reasonable and consistent with the current
economic climate.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
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specific assumptions on tax rates, capital spending
and discount rates.
The details on the accounting for goodwill and the
disclosure requirements under IAS 36 - Impairment
of assets are included in note 2 ‘Material
accounting policy information’ and 3 ‘Goodwill’ of
the consolidated financial statements.
• We assessed management’s methodology to
determine the recoverable value, the mechanical
accuracy of the model and the appropriateness of
other assumptions applied.
• We involved our valuation specialists to challenge
the determination of the discount rates applied.
• We assessed the historical accuracy of
management’s estimates.
• We assessed the sensitivities of assumptions on
the CGU’s headroom and verified whether a
reasonable possible change in assumptions could
cause the carrying amounts to exceed its
recoverable value.
• We assessed the adequacy of the company’s
disclosures in the consolidated financial
statements.
Responsibilities of the board of directors for the preparation of the consolidated financial
statements
The board of directors is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium and for such internal
control as the board of directors determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the
group’s ability to continue as a going concern, disclosing, as applicable, matters to be considered for going
concern and using the going concern basis of accounting unless the board of directors either intends to
liquidate the group or to cease operations, or has no other realistic alternative but to do so.
Responsibilities of the joint auditors for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISA will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
During the performance of our audit, we comply with the legal, regulatory and normative framework as
applicable to the audit of consolidated financial statements in Belgium. The scope of the audit does not
comprise any assurance regarding the future viability of the company nor regarding the efficiency or
effectiveness demonstrated by the board of directors in the way that the company’s business has been
conducted or will be conducted.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
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As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from an error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the group’s internal control;
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board of directors;
• conclude on the appropriateness of the use of the going concern basis of accounting by the board of
directors and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
statutory auditor’s report to the related disclosures in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our statutory auditor’s report. However, future events or conditions may
cause the group to cease to continue as a going concern;
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
5
• evaluate the overall presentation, structure and content of the consolidated financial statements, and
whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities and
business activities within the group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the audit and compliance committee regarding, amongst other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the audit and compliance committee with a statement that we have complied with relevant
ethical requirements regarding independence, and we communicate with them about all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated to the audit and compliance committee, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our report unless law or regulation precludes
any public disclosure about the matter.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
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Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the
consolidated financial statements, including the sustainability statement and other matters disclosed in the
annual report on the consolidated financial statements.
Responsibilities of the joint auditors
As part of our mandate and in accordance with the Belgian standard complementary to the International
Standards on Auditing (ISA) as applicable in Belgium, our responsibility is to verify, in all material respects,
the director’s report on the consolidated financial statements and other matters disclosed in the annual
report on the consolidated financial statements, as well as to report on these matters.
Aspects regarding the directors’ report on the consolidated financial statements and other
information disclosed in the annual report on the consolidated financial statements
The annual report contains the sustainability statement which is the subject of a separate limited assurance
report on the sustainability statement. This section does not pertain to the assurance on the consolidated
sustainability statement included in the annual report. For this part of the annual report on the consolidated
financial statements, we refer to the relevant report on the matter.
In our opinion, after performing the specific procedures on the directors’ report on the consolidated
financial statements, this report is consistent with the consolidated financial statements for that same year
and has been established in accordance with the requirements of article 3:32 of the Code of companies and
associations.
In the context of our statutory audit of the consolidated financial statements we are responsible to consider,
in particular based on information that we became aware of during the audit, if the directors’ report on the
consolidated financial statements and other information disclosed in the annual report on the consolidated
financial statements are free of material misstatement, either by information that is incorrectly stated or
otherwise misleading. In the context of the procedures performed, we are not aware of such material
misstatement.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2025
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Registered Office: Gateway building,
Luchthaven Brussel Nationaal 1 J, B-1930 Zaventem
VAT BE 0429.053.863 - RPR Brussel/RPM Bruxelles -
IBAN BE90 4350 2974 5132 - BIC KREDBEBB
Member of Deloitte Touche Tohmatsu Limited
Luc Callaert BV/SRL
Bedrijfsrevisoren – Réviseurs d’Entreprises
Zwaluwstraat 117 – 1840 Londerzeel
VAT BE 0463 716 022 – RPR Brussel/RPM Bruxeslles
Statements regarding independence
• No services, incompatible with the statutory audit of consolidated financial statements as referred to by
the law, have been performed and our audit firms and, if applicable, our networks remained independent
from the company during the performance of our mandate.
• The fees for the additional non-audit services compatible with the statutory audit, as defined in article
3:65 of the Code of companies and associations, have been properly disclosed and disaggregated in the
notes to the consolidated financial statements.
Single European Electronic Format (ESEF)
In accordance with the draft standard on the audit of the compliance of the financial statements with the
Single European Electronic Format ("ESEF"), we have also performed the audit of the compliance of the ESEF
format and of the tagging with the technical regulatory standards as defined by the European Delegated
Regulation No. 2019/815 of 17 December 2018 ("Delegated Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the
consolidated financial statements in the form of an electronic file in ESEF format (“digital consolidated
financial statements”) included in the annual financial report.
Our responsibility is to obtain sufficient and appropriate evidence to conclude that the format and the
tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF
requirements as stipulated by the Delegated Regulation.
Based on our work, in our opinion, the format and the tagging of information in the digital consolidated
financial statements included in the annual financial report of the company as of 31 December 2024 are, in
all material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated
Regulation.
Other statements
This report is consistent with our additional report to the audit committee referred to in article 11 of
Regulation (EU) No 537/2014.
Signed at Brussels.
The joint auditors
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Fabio De Clercq
Luc Callaert BV/SRL
Represented by Luc Callaert
Proximus Group Integrated annual report 2025389
Management responsibility statement
The Proximus Executive Committee declares that, to the best of its knowledge, the consolidated financial statements, established
in accordance with International Financial Reporting Standards (‘IFRS’) as adopted by the EU, give a true and fair view of the assets,
financial position, and results of Proximus and of the entities included in the consolidation.
The financial report gives an accurate overview of the information that needs to be disclosed.
We also declare that this report has been prepared in accordance with the sustainability reporting standards (the “ESRS” standards)
and the specifications set out in Delegated Regulation (EU) 2021/2178 (the Taxonomy Regulation).
The Proximus Executive Committee is represented by Stijn Bijnens, CEO, assisted by the Proximus Leadership Squad, the Domestic
Management Committee, and the International Management Committee.
Stijn Bijnens
CEO
Auditor’s reports and Management responsibility statement
Integrated annual report 2025
Annex
Integrated reporting approach 391
ESRS Index 392
Appendix B 399
Table of Task Force on Climate-Related Financial
Disclosures (TCFD) 402
Contribution to the SDGs 404
Proximus Group Integrated annual report 2025391
Integrated reporting approach
2025
The purpose of this report is to inform our stakeholders about our role in society. It presents an overview of our strategy, and the
progress made toward achieving our goals. Additionally, it includes the full financial, environmental, social and governance statements
and notes.
The information in this report refers to Proximus Group, unless otherwise stated. Proximus Group consists of Proximus SA, its
aliates, as well as the Group’s interests in associates and joint ventures that are accounted for under the equity method and joint
operations. We refer you to Note 8 of the Consolidated Financial Statements for the list of aliates, associates, joint ventures and joint
operations. Proximus SA is a Limited Liability Company of Public Law, registered in Belgium.
Our reporting process ensures that we disclose sustainability data that are balanced, comparable, accurate, reliable, and aligned with
the mandatory requirements of the Corporate Sustainability Reporting Directive (CSRD). The structure of the Proximus integrated
annual report was developed in accordance with the European Sustainability Reporting Standards (ESRS).
This report has been prepared in accordance with the applicable EU Non-Financial Reporting Directive (NFRD), complies with the EU
Taxonomy requirements, and outlines how the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
have been applied.
The report has been independently verified by Deloitte. Deloitte’s reports on the sustainability statements and the financial
information can be found in the Auditors’ reports.
Proximus aims to improve its reporting through continuous stakeholder engagement. The main social aspects of the report are shared
with the social partners, while the complete document is presented to the shareholders during the Annual General Meeting held in
April 2026.
Each year, Proximus completes questionnaires issued by ESG rating agencies such as CDP, Sustainalytics and EcoVadis. These
evaluations enable us to monitor our performance and define actions to further embed Environmental, Social, and Governance (ESG)
criteria across our processes, policies, strategy and roadmaps. In 2025, Proximus received an “A” score in the climate change category
by CDP and was awarded the EcoVadis Platinum medal.
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025392
ESRS Index
ESRS 2 - General disclosures
Disclosure requirements Location in Proximus Group’s Integrated annual report
BP-1 General basis for preparation Sustainability statement - General information - Basis of preparation
BP-2 Specific circumstances for preparation
Sustainability statement - General information - Basis of preparation -
Disclosures in relation to specific circumstances
GOV-1 The composition and role of management
Corporate governance statement - Board of Directors
Sustainability statement - General information - Basis of preparation -
Sustainability governance - Structure, roles and responsibilities
GOV-2
Sustainability information provided to
management
Sustainability statement - General information - Basis of preparation -
Sustainability governance - Corporate sustainability governance
Sustainability statement - General information - Double Materiality
Assessment - Material topics and material impacts, risks and opportunities
GOV-3 Incentive scheme
Governance - Remuneration of Board of Directors and executive
management board
GOV-4 Sustainability due diligence
Sustainability statement - General information - Basis of preparation -
Sustainability due diligence
GOV-5 Risk management and internal controls
Sustainability statement - General information - Basis of preparation -
Risk management and internal controls over sustainability reporting
Risk management report - Operational risks - Resilience and business
continuity
SBM-1 Market position, strategy and business model
Sustainability statement - General information - Strategy, value creation
model and value chain - Value creation model
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
Sustainability statement - General information - Strategy, value creation
model and value chain - Our value chain
SBM-2 Stakeholder views and interests
Sustainability statement - General information - Interests and views of
stakeholders
Sustainability statement - General information - Double Materiality
Assessment - Next steps
SBM-3 DMA - Material impacts in relation to strategy
Sustainability statement - General information - Double Materiality
Assessment
IRO-1 DMA - Materiality assessment process
Sustainability statement - General information - Double Materiality
Assessment
IRO-2 DMA - Material topics included and omitted
Sustainability statement - General information - Double Materiality
Assessment
MDR-P Policies Minimum Disclosure Requirements
This information is presented in the “Policies” subsection of each material
topic chapter.
MDR-A Actions Minimum Disclosure Requirements
This information is presented in the “Taking actions on impacts” subsection
of each material topic chapter.
MDR-T Targets Minimum Disclosure Requirements
This information is presented in the “Strategic objectives” subsection of
each material topic chapter.
MDR-M Policies Minimum Disclosure Requirements
This information is presented in the “Performance” subsection of each
material topic chapter.
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025393
ESRS E1 - Climate change
Disclosure requirements Location in Proximus Group’s Integrated annual report
E1.GOV-3
Integration of sustainability-related performance
in incentive schemes
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance
E1-1 Transition plan
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
Sustainability statement - General information - Strategy, value creation
model, and value chain - Proximus' sustainability strategy - Financial
resources allocated to sustainability action plan
Sustainability statement - Environmental information - EU Taxonomy
E1.SBM-3
Material impacts, risks and opportunities, and
their interaction with strategy and business
model
Sustainability statement - General information - Double Materiality
Assessment - Material topics and material impacts, risks and opportunities
E1. IRO-1
Description of the processes to identify and
assess material climate-related impacts, risks
and opportunities
Sustainability statement - General information - Double Materiality
Assessment
Sustainability statement - Environmental information - Climate change
- Impacts, risks and opportunities - Methodology for assessing climate-
related risks and opportunities
E1-2 Policies
Sustainability statement - Environmental information - Climate change -
Policies
E1-3 Actions & resources
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
E1-4 Targets
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Strategic objectives
E1-5 Energy consumption
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance - Energy
E1-6 GHG scope 1-2-3 emissions
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance
E1-7 GHG removal projects
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance - Greenhouse gas
emissions
E1-8 Internal carbon pricing Not applicable
E1-9 Financial eects Phase-in provision is used.
ESRS E2 - Pollution
Disclosure requirements Location in Proximus Group’s Integrated annual report
E2. IRO-1
Description of the processes to identify and
assess material pollution-related impacts, risks
and opportunities
Sustainability statement - General information - Double Materiality
Assessment - Double Materiality Assessment process
All the other disclosure requirements are not material based on the DMA.
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025394
ESRS E3 - Water and marine resources
Disclosure requirements Location in Proximus Group’s Integrated annual report
E3 . IRO-1
Description of the processes to identify and
assess material water and marine resources-
related impacts, risks and opportunities
Sustainability statement - General information - Double Materiality
Assessment - Double Materiality Assessment process
All the other disclosure requirements are not material based on the DMA.
ESRS E4 - Biodiversity and ecosystems
Disclosure requirements Location in Proximus Group’s Integrated annual report
E4.IRO-1
Description of processes to identify and assess
material biodiversity and ecosystem-related
impacts, risks and opportunities
Sustainability statement - General information - Double Materiality
Assessment - Double Materiality Assessment process
All the other disclosure requirements are not material based on the DMA.
ESRS E5 - Resource use and circular economy
Disclosure requirements Location in Proximus Group’s Integrated annual report
E5.IRO
Description of the processes to identify and
assess material resource use and circular
economy-related impacts, risks,
and opportunities
Sustainability statement - General information - Double Materiality
Assessment - Double Materiality Assessment process
Sustainability statement - Environmental information - Resource use and
circular economy - Impacts, risks and opportunities
E5-1 Policies
Sustainability statement - Environmental information - Resource use and
circular economy - Policies
E5-2 Actions & resources
Sustainability statement - Environmental information - Resource use and
circular economy - Actions to remediate negative impacts
E5-3 Targets
Sustainability statement - Environmental information - Resource use and
circular economy - Strategic objectives
E5-4 Resources inflows
Sustainability statement - Environmental information - Resource use and
circular economy - Performance - Resources inflows
E5-5 Resources outflows
Sustainability statement - Environmental information - Resource use and
circular economy - Performance - Waste
E5-6 Financial eects Phase-in provision is used.
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025395
ESRS S1 - Own workforce
Disclosure requirements Location in Proximus Group’s Integrated annual report
S1.SBM-2 Interests and views of stakeholders
Sustainability statement - General information - Interests and views
of stakeholders
S1.SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Sustainability statement - Social information - Own workforce -
ntroduction
Sustainability statement - General information - Double Materiality
Assessment - Material topics and material impacts, risks and opportunities
S1-1 Policies Sustainability statement - Social information - Own workforce - Policies
S1-2 Process: Worker engagement
Sustainability statement - Social information - Own workforce -
Processes for engaging with own workforce
S1-3 Process: Remediate impact
Sustainability statement - Social information - Own workforce -
Working conditions - Actions to remediate negative impacts and
approaches to mitigating risks
Sustainability statement - Social information - Own workforce - Equal
treatment and opportunities - Actions to remediate negative impacts
S1-4 Taking action on impacts
Sustainability statement - Social information - Own workforce -
Working conditions - Actions to strengthen positive impacts
Sustainability statement - Social information - Own workforce - Equal
treatment and opportunities - Actions to strengthen positive impacts and
approaches to mitigating risks and pursuing opportunities
S1-5 Targets
Sustainability statement - Social information - Own workforce -
Working conditions - Strategic objectives
Sustainability statement - Social information - Own workforce -
Equal treatment and opportunities - Strategic objectives
S1-6 Employee characteristics
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
S1-7 Non-employee characteristics Phase-in provision is used.
S1-8 Collective bargaining
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
S1-9 Diversity metrics
Sustainability statement - Social information - Own workforce -
Equal treatment and opportunities - Performance
S1-10 Adequate wages
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
S1-1 1 Social protection Phase-in provision is used.
S1-1 2 Persons with disabilities Phase-in provision is used.
S1-1 3 Training and skills Phase-in provision is used.
S1-14 Health and safety
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
S1-1 5 Work-life balance Phase-in provision is used.
S1-16 Compensation metrics
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
S1-1 7 Human rights incidents
Sustainability statement - Social information - Own workforce -
Working conditions - Performance
Sustainability statement - Governance information - Business conduct
- Prevention and detection of corruption and bribery - Grievance
mechanisms
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025396
ESRS S2 - Workers in the value chain
Disclosure requirements Location in Proximus Group’s Integrated annual report
S2.SBM-2 Interests and views of stakeholders
Sustainability statement - General information - Interests and views of
stakeholders
S2.SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Sustainability statement - General information - Double Materiality
Assessment - Material topics and material impacts, risks and opportunities
S2-1 Policies
Sustainability statement - Social information - Workers in the value chain
- Policies
Sustainability statement - General information - Interests and views of
stakeholders - Suppliers and value chain workers
S2-2 Process: Value chain workers engagement
Sustainability statement - General information - Interests and views of
stakeholders - Suppliers and value chain workers
Sustainability statement - Social information - Workers in the value chain -
Introduction - Engagement channels with workers in the value chain
S2-3 Process: Remediate impacts
Sustainability statement - Social information - Workers in the value chain -
Actions to mitigate risks
Sustainability statement - Governance information - Business conduct
- Prevention and detection of corruption and bribery - Grievance
mechanisms
S2-4 Taking action on impacts
Sustainability statement - Social information - Workers in the value chain -
Actions to mitigate risks
S2-5 Targets Not applicable as no measurable targets yet
ESRS S3 - Aected communities
Disclosure requirements Location in Proximus Group’s Integrated annual report
S3.SBM-2 Interests and views of stakeholders
Sustainability statement - General information - Interests and views of
stakeholders
S3.SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Sustainability statement - Social information - Aected communities -
Impacts, risks and opportunities
S3-1 Policies
Sustainability statement - Social information - Aected communities -
Policies
S3-2 Process: Community engagement
Sustainability statement - Social information - Aected communities -
Processes to engage with aected communities
Sustainability statement - General information - Interests and views of
stakeholders - Society at large
S3-3 Process: Remediate impacts
Sustainability statement - Social information - Aected communities -
Processes to remediate negative impacts
Sustainability statement - Social information - Aected communities -
Channels to raise aected community concerns
S3-4 Taking action on impacts
Sustainability statement - Social information - Aected communities -
Actions to improve communication and address concerns among local
authorities
S3-5 Targets Not applicable as no measurable targets yet
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025397
ESRS S4 - Consumers and end-users
Disclosure requirements Location in Proximus Group’s Integrated annual report
S4.SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Sustainability statement - Social information - Consumers and end-users -
Data protection - Context
Sustainability statement - Social information - Consumers and end-users -
Data protection - Impacts, risks and opportunities
Sustainability statement - Social information - Consumers and end-users -
Digital inclusion - Impacts, risks and opportunities
Sustainability statement - Social information - Consumers and end-users
- Responsible management of customer experience - Impacts, risks and
opportunities
S4-1 Policies
Sustainability statement - Social information - Consumers and end-users
- Policies
Sustainability statement - Governance information - Business conduct -
Business conduct policies and corporate culture - Policies
S4-2 Process: Consumer engagement
Sustainability statement - General information - Interests and views of
stakeholders - Customers
Sustainability statement - Social information - Consumers and end-users -
Data protection - Processes to engage with consumers and end-users
S4-3 Process: Remediate impacts
Sustainability statement - Social information - Consumers and end-users -
Data protection - Processes to remediate negative impacts
Sustainability statement - General information - Interests and views of
stakeholders - Customers
Sustainability statement - Social information - Consumers and end-users -
Data protection - Processes to engage with consumers and end-users
Sustainability statement - Social information - Consumers and end-users -
Digital inclusion - Actions to remediate negative impacts
Sustainability statement - Social information - Consumers and end-
users - Responsible management of the customer experience - Actions to
remediate negative impacts
S4-4 Taking actions on impacts
Sustainability statement - Social information - Consumers and end-users -
Data protection - Processes to remediate negative impact
Sustainability statement - Social information - Consumers and end-users -
Data protection - Resources and responsibilities
Sustainability statement - Social information - Consumers and end-users -
Digital inclusion - Actions to strengthen positive impacts
Sustainability statement - Social information - Consumers and end-users -
Digital inclusion - Performance
Sustainability statement - Social information - Consumers and end-
users - Responsible management of the customer experience - Actions to
strengthen positive impacts
S4-5 Targets
Sustainability statement - Social information - Consumers and end-
consumers - Data protection - Strategic objectives
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025398
ESRS G1 - Business conduct
Disclosure requirements Location in Proximus Group’s Integrated annual report
ESRS 2 GOV-1
The role of the administrative, supervisory,
and management bodies
Sustainability statement - Governance information - Business conduct
- Business conduct policies and corporate culture - Resources and
responsibilities
Proximus Group at a glance - Governance overview
G1-1 Corporate culture and business conduct policies
Sustainability statement - Governance information - Business conduct -
Business condunct policies and corporate culture
G1-2 Management of relationships with suppliers Not material
G1-3
Prevention and detection of corruption and
bribery
Sustainability statement - Governance information - Business conduct -
Prevention and detection of corruption and bribery
G1-4 Confirmed incidents of corruption or bribery
Sustainability statement - Governance information - Business conduct -
Prevention and detection of corruption and bribery - Confirmed incidents
of corruption or bribery
G1-5 Political influence and lobbying activities
Sustainability statement - Governance information - Business conduct -
Political influence and lobbying activities
G1-6 Payment practices Not material
Entity specific topic - Cybersecurity
Disclosure requirements Location in Proximus Group’s Integrated annual report
MDR-P Policies Minimum Disclosure Requirements Sustainability statement - Social information - Cybersecurity - Policies
MDR-A Actions Minimum Disclosure Requirements
Sustainability statement - Social information - Cybersecurity - Actions to
remediate negative impact and mitigate risks
Sustainability statement - Social information - Cybersecurity - Actions to
strengthen positive impacts and approaches to pursuing opportunities
MDR-T Targets Minimum Disclosure Requirements
Sustainability statement - Social information - Cybersecurity - Actions to
remediate negative impact and mitigate risks
Sustainability statement - Social information - Cybersecurity - Actions to
strengthen positive impacts and approaches to pursuing opportunities
MDR-M Metrics Minimum Disclosure Requirements
Sustainability statement - Social information - Cybersecurity -
Performance
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025399
Appendix B
List of datapoints that derive
from other EU legislation
The table below outlines the datapoints derived from other EU legislation as listed in ESRS 2 Appendix B. It shows where these
datapoints can be found in our report and identifies which ones are assessed as not material.
Disclosure
requirement
SFDR
1
+ PILLAR 3 + BENCHMARK
+ CLIMATE LAW
Localisation in Proximus Group's Integrated annual report
GOV-1_06-07 SFDR + BENCHMARK Corporate governance statement - Board of Directors
GOV-4_01 SFDR Sustainability statement - General information - Basis of preparation -
Sustainability due diligence
SBM-1_09-20 SFDR + PILLAR 3 + BENCHMARK Not applicable
E1-1_01 Climate law Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
E1-1_12 PILLAR 3 + BENCHMARK Not applicable as Proximus is not excluded from Paris-Aligned Benchmarks
E1-4_03 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan - Our vision
E1-4_04-05 SFDR + PILLAR 3 + BENCHMARK Not applicable
E1-4_06-07 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
E1-4_08-11 SFDR + PILLAR 3 + BENCHMARK Not applicable
E1-4_12-13 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan - Our vision
E1-4_14 SFDR + PILLAR 3 + BENCHMARK Not applicable
E1-4_15-16 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan - Our vision
E1-4_17 SFDR + PILLAR 3 + BENCHMARK Not applicable
E1-5_01-08 SFDR Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance - Energy
E1-5_10-14 SFDR Not applicable
E1-5_18-21 SFDR Not applicable
E1-6_12-13 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance - Greenhouse gas emissions
E1-6_30-32 SFDR + PILLAR 3 + BENCHMARK Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance - Greenhouse gas emissions
E1-7_01-02 Climate law Not applicable
E1-9_01-04 BENCHMARK Phase-in provision is used.
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
1 SFDR: Sustainable Finance Disclosure Regulation
Proximus Group Integrated annual report 2025400
E1-9_05 PILLAR 3 Phase-in provision is used.
E1-9_17 PILLAR 3 Phase-in provision is used.
E1-9_41-44 BENCHMARK Phase-in provision is used.
E5-5_10-11 SFDR Sustainability statement - Environmental information - Resource use and circular
economy - Performance - Waste
E5-5_15-16 SFDR Sustainability statement - Environmental information - Resource use and circular
economy - Performance - Waste
S1.SBM-3_07-10 SFDR Not applicable
S1-1 _03-06 SFDR Sustainability statement - Social information - Own workforce - Policies
S1-1 _07 BENCHMARK Sustainability statement - Social information - Own workforce - Policies
S1-1_08-09 SFDR Sustainability statement - Social information - Own workforce - Policies
S1-3_05 SFDR Sustainability statement - Governance information - Business conduct -
Prevention and detection of corruption and bribery - Grievance mechanisms
S1-14_02-05 SFDR + BENCHMARK Sustainability statement - Social information - Own workforce - Working conditions -
Performance
S1-14_07 SFDR Phase-in provision is used.
S1-16_01 SFDR + BENCHMARK Sustainability statement - Social information - Own workforce - Working conditions -
Performance
S1-16_02 SFDR Sustainability statement - Social information - Own workforce - Working conditions -
Performance
S1-17_01 SFDR Sustainability statement - Social information - Own workforce - Equal treatment and
opportunities - Performance
S1-17_08-10 SFDR + BENCHMARK Sustainability statement - Social information - Own workforce - Working conditions -
Performance
S2.SBM-3_04 SFDR Sustainability statement - Social information - Workers in the value chain -
Actions to mitigate risks - Salient human rights risks
S2-1_01-06 SFDR Sustainability statement - Social information - Workers in the value chain - Policies
S2-1_07 SFDR Disclosure not mandatory
S2-1_08 BENCHMARK Sustainability statement - Social information - Workers in the value chain - Policies
S2-1_09 SFDR + BENCHMARK Sustainability statement - Social information – Workers in the value chain –
Actions to mitigate risks – Our due diligence approach – Joint Alliance for CSR (JAC)
S2-4_11 SFDR Sustainability statement - Social information – Workers in the value chain –
Actions to mitigate risks – Our due diligence approach – Joint Alliance for CSR (JAC)
S3-1_02 SFDR Sustainability statement - Social information - Aected communities - Policies
S3-1_03 SFDR Not material
S3-1_04 SFDR Sustainability statement - Social information - Aected communities -
Processes to engage with aected communities
S3-1_05 SFDR Sustainability statement - Social information - Aected communities - Policies
S3-1_06-07 SFDR + BENCHMARK Sustainability statement - Social information - Aected communities - Policies
S3-4_11 SFDR Not material
S4-1_02 SFDR Sustainability statement - Social information - Consumers and end-users - Policies
S4-1_03 SFDR Sustainability statement - Governance information - Business conduct -
Business conduct policies and corporate culture - Policies
S4-1_04 SFDR Sustainability statement - Governance information - Business conduct -
Business conduct policies and corporate culture - Policies
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025401
S4-1_05 SFDR Sustainability statement - General information - Interests and views of stakeholders -
Customers
S4-1_06 SFDR + BENCHMARK Sustainability statement - Social information - Consumers and end-users - Policies
Sustainability statement - Social information - Cybersecurity - Policies
S4-1_07 SFDR + BENCHMARK Sustainability statement - Social information - Consumers and end-users –
Digital inclusion – Performance – Human rights
S4-4_11 SFDR Sustainability statement - Social information - Consumers and end-users –
Digital inclusion – Performance – Human rights
G1-1_03-04 SFDR Not applicable
G1-1_06-07 SFDR Not applicable
G1-4_01-02 SFDR + BENCHMARK Sustainability statement - Governance information - Business conduct -
Prevention and detection of corruption and bribery - Confirmed incidents of corruption
and bribery
G1-4_03 SFDR Disclosure not mandatory
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025402
Table of Task Force on Climate-
Related Financial Disclosures
(TCFD)
Governance
Disclose the company’s governance around climate-related risks and opportunities.
Recommendations References
Describe the Board’s oversight of climate-related risks and
opportunities.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Resources and responsibilities
Describe management’s role in assessing and managing
climate-related risks and opportunities.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Resources and responsibilities
Strategy
Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses,
strategy, and financial planning where such information is material.
Recommendations References
Describe the climate-related risks and opportunities the
company has identified over the short, medium, and long
term.
Sustainability statement - Environmental information - Climate change - Impacts,
risks and opportunities - Overview of all IRO’s
Describe the impact of climate-related risks and
opportunities on the company’s businesses, strategy, and
financial planning.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Strategic objectives
Describe the resilience of the company’s strategy, taking into
consideration dierent climate-related scenarios.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025403
Risk management
Disclose how the company identifies, assesses, and manages climate-related risks.
Recommendations References
Describe the company’s processes for identifying and
assessing climate-related risks.
Sustainability statement - Environmental information - Climate change - Impacts,
risks and opportunities - Methodology for assessing climate-related risks and
opportunities
Describe the company’s processes for managing
climate-related risks.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Climate Transition Plan
Describe how processes for identifying, assessing, and
managing climate-related risks are integrated into the
company’s overall risk management.
Sustainability statement - Environmental information - Climate change -
Impacts, risks and opportunities - Methodology for assessing climate-related risks
and opportunities
Metrics and targets
Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such
information is material.
Recommendations References
Disclose the metrics used by the company to assess
climate-related risks and opportunities.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance
Disclose scope 1, scope 2, and, if appropriate, scope 3
greenhouse gas (GHG) emissions, and the related risks.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance
Describe the targets used by the company to manage
climate-related risks and opportunities and performance
against targets.
Sustainability statement - Environmental information - Climate change -
Climate change mitigation and energy - Performance
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025404
Contribution to the SDGs
Proximus supports the 10 principles of the UN Global Compact and has been working towards advancing the Sustainable
Development Goals (SDGs) for several years. In 2022, we conducted a detailed analysis to better define our contribution to the SDGs.
We aligned our business model and sustainability strategy with the SDGs to enhance focus and clarity.
SDG description SDG subtarget Proximus actions Level of
contribution
Sense of
contribution
Link to
material topics
Ensure inclusive
and equitable
quality
education
and promote
lifelong learning
opportunities
for all
4.4
By 2030,
substantially
increase the number
of youth and adults
who have relevant
skills, including
technical and
vocational skills,
for employment,
decent jobs and
entrepreneurship
Employee development:
Wide range of training programs and courses on our platform “Learning @Proximus”.
Attractive oer of leadership development programs.
Specific support to 50+ employees, Experience@work program,...
Continuous up-skilling of field and customer-facing employees.
EUR 45.9 million invested in employee re- and up-skilling and 90% of employees have attended
5 training days or more.
Medium Enhancing
positive
impact
Own workforce
Capacity building:
Supporting Bednet and ClassContact, two associations that allow children living with long-term
illnesses to continue their education at home or in the hospital.
Academic Connect: by the end of 2025, 441 schools connected to Proximus gigabit network.
Proximus Ada experts providing cybersecurity initiations to Brussels residents and inspiration
sessions on AI to secondary school students.
Medium Enhancing
positive
impact
Consumers and
end-users
Employment:
19 recent master’s graduates hired for our Proximus Graduate Program and 71 internships.
Founding partner of Technobel and partnerships with MolenGeek and Campus 19 resulting in
2,003 job seekers being trained via MolenGeek, Campus19, and Technobel.
Medium Enhancing
positive
impact
Own workforce
Consumers and
end-users
Achieve gender
equality and
empower all
women and girls
5.1
End all forms of
discrimination
against all women
and girls everywhere
Equal remuneration for women and men:
Proximus respects the equal pay principle. Since 2021, a gender pay equality assessment is
performed, showing that the dierence between female and male workers is not due to a dierent
pay policy but to the fact that women work more part-time than full-time compared with men.
Proximus is proactively engaging in a more comprehensive pay equity analysis in preparation for the
upcoming EU Pay Transparency Directive.
Medium Enhancing
positive
impact
Own workforce
Parental leave and childcare:
Proximus oers conditions that allow its employees to reconcile the dierent aspects of their
professional and private lives during their dierent life phases: parental leave, home working, part-
time schedules, sick childcare, childcare cost intervention, transition allowance, scholarship, children’s
holiday oers, kids’ days, and support from social consultants in case of a dicult personal situation.
Medium Enhancing
positive
impact
Own workforce
Workplace harassment:
Proximus has a policy on diversity and equal rights that applies to all employees of the Proximus
Group. Diversity & Inclusion is also part of the Code of Conduct which is applicable to all employees
and is part of mandatory training. Within Proximus, specific teams are in charge of monitoring
compliance with the Charter and taking appropriate actions in case of non-respect. Specific training
is given to front-line employees on how to deal with and report aggressive customers. Incidents,
including violence or harassment from third parties (e.g. customers in shops) and any corrective
action, are reported quarterly to the Audit & Compliance Committee.
Medium Enhancing
positive
impact
Own workforce
Business
conduct
Non-discrimination:
By 2025, Proximus planned to reach an inclusion index of 85% and to recruit 30% of women with
university degrees in technical roles. These targets have been achieved.
Medium Enhancing
positive
impact
Own workforce
Inclusive supply chain:
Proximus’ Supplier Code of Conduct requires suppliers to respect and support the protection of the
human rights of workers (including non-discrimination), as well as of individuals and communities
aected by their activities.
Medium Enhancing
positive
impact
Workers in
the value chain
5.5
Ensure women’s
full and eective
participation and
equal opportunities
for leadership at all
levels of decision-
making in political,
economic, and public
life
Female representation at the dierent levels of the company:
50% of the Board of Directors
22% of women holding a top management position, 31% of the entire employee population
Medium Enhancing
positive
impact
Own workforce
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025405
Promote
sustained,
inclusive and
sustainable
economic
growth, full
and productive
employment
and decent work
for all
8.2
Achieve higher
levels of economic
productivity through
diversification,
technological
upgrading and
innovation, including
through a focus on
high-value added
and labor-intensive
sectors
As the major provider of connectivity services, digital services, and ICT solutions in Belgium,
Proximus contributes to Belgium’s sustainable economic growth by:
- building the gigabit network for Belgium with fiber and 5G;
- enabling the digital transformation of its enterprise customers;
- supporting the development of new ecosystems, new business models, and job creation;
- pioneering sovereign cloud solutions;
- supporting the development of artificial intelligence and cybersecurity expertise in Belgium with
Proximus Ada.
High Enhancing
positive
impact
Consumers and
end-users
Cybersecurity
8.5
By 2030, achieve
full and productive
employment and
decent work for all
women and men,
including for young
people and persons
with disabilities, and
equal pay for work of
equal value
The Proximus Group employs 12,933 employees.
For its employees, Proximus is committed to fair pay, equal opportunities, and training &
development opportunities. Proximus ensures a safe and secure working environment and promotes
well-being at work.
By signing Proximus’ Supplier Code of Conduct, suppliers agree to adhere to the same level of
commitment as Proximus.
Proximus collaborates with several adapted work companies, oering the possibility for more than
130 people with disabilities to carry out activities related to device refurbishing.
High Enhancing
positive
impact
Own workforce
Workers in the
value chain
Build resilient
infrastructure,
promote
inclusive and
sustainable
industrialization
and foster
innovation
9.1
Develop quality,
reliable, sustainable
and resilient
infrastructure,
including regional
and transborder
infrastructure, to
support economic
development and
human well-being,
with a focus on
aordable and
equitable access
for all
With its gigabit network, Proximus builds the future-proof and sustainable digital infrastructure of
Belgium and commits to oering a high-performance Internet to all Belgians.
Through its various brands and social taris, Proximus oers products and services that are
aordable for everyone.
Proximus collaborates with academia, partners, and customers to foster the development of
innovative products and services (e.g., 5G use cases), while also creating smart solutions that help
industries become more sustainable.
Proximus invests to ensure its cybersecurity resilience protects and secures personal data for its own
operations and those of its customers.
At the same time, Proximus is aware of the public’s concerns about the network rollout and is doing
its best to address them:
-Health concerns linked to radiation & electromagnetic fields: compliance with the legislation,
follow-up of scientific research and, information on the website.
-Digital stress linked to digital addiction: advice on the website.
-Works in the street: agreements with utilities companies to optimize road works; aerial fiber
deployment.
High Enhancing
positive
impact
Minimizing
negative
impact
Consumers and
end-users
Cybersecurity
Aected
communities
Ensure
sustainable
consumption
and production
patterns
12.2
By 2030, achieve
sustainable
management and
ecient use of
natural resources
Compared to 2024, Proximus reduced its energy consumption by 13% through:
-modernizing its network;
-network sharing.
Since 2019, Proximus has been sourcing only renewable electricity and is increasingly buying its
electricity from local sources.
Proximus is gradually moving away from fossil fuels in its operations and plans to reduce its direct
emissions by two-thirds in 2030 (vs 2020).
High Enhancing
positive
impact
Climate change
12.5
By 2030,
substantially reduce
waste generation
through prevention,
reduction, recycling,
and reuse
Proximus aims to be a blueprint for circularity by 2030:
-Through eco-design, refurbishment, reuse, and recycling, Proximus extends its devices’ lifecycle.
-Proximus collects old mobile phones for refurbishing and recycling.
-Proximus and Orange Belgium share a part of their mobile access networks.
-Proximus’ old copper network is recycled.
-Proximus proposes leasing business models to its enterprise customers. On the residential market,
this leasing model is applied to modems and decoders, which are repaired, refurbished, and reused:
at the Courcelles logistics center, 90% of returned Internet and TV Boxes are refurbished and
are put back into circulation up to four times. However, consumers are not yet ready to lease their
smartphones, and the challenge lies in motivating them to bring back the phones they no longer use.
High Enhancing
positive
impact
Resource use
and circular
economy
Take urgent
action to combat
climate change
and its impacts
13.1
Strengthen resilience
and adaptive capacity
to climate-related
hazards and natural
disasters in all
countries
Proximus implements TCFD recommendations and has been structurally incorporating climate risk
into its Enterprise Risk Management (ERM) process since 2022.
Also, Proximus developed business continuity plans at the corporate level for threats like power
interruptions or natural disasters linked to climate change.
High Enhancing
positive
impact
Climate change
13.2
Integrate climate
change measures
into national policies,
strategies and
planning
Proximus is committed to achieving net zero GHG emissions by 2040 across its entire value chain.
In 2024, Proximus’ Net-Zero targets were validated by the SBTi (overall target, near-term, and
long-term targets).
Through its Supplier Engagement Program, Proximus is also acting on its value chain by actively
engaging with its suppliers to commit themselves to reducing their carbon footprint.
High Minimizing
negative
impacts
Climate change
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2025406
Promote just,
peaceful and
inclusive
societies
16.3
Promote the rule of
law at the national
and international
levels and ensure
equal access to
justice for all
Proximus has a strong governance model, embedding the highest ethics and compliance standards.
To further reduce any risk of Belgian labor law violations in the context of the large-scale fiber
deployment, Proximus and its joint venture partners adopted a specific social responsibility charter.
Proximus cooperates closely with the judicial authorities and helps them in their investigations in
the context of criminal oences such as the possession and distribution of images related to child
pornography.
Medium Enhancing
positive
impact
Business
conduct
16.5
Substantially reduce
corruption and
bribery in all their
forms
A relationship agreement with the Belgian state and a public aairs policy ensure that the rules of
engagement with the majority shareholder and with public authorities are clear.
Proximus takes a strong stance against corruption, Code of Conduct violations and privacy breaches
and runs a zero-tolerance policy. Employees attend mandatory training on these topics.
Suppliers and business partners are asked to subscribe to Proximus’ Supplier Code of Conduct,
based on the 10 principles of the United Nations Global Compact.
Medium Enhancing
positive
impact
Business
conduct
16.7
Ensure responsive,
inclusive,
participatory, and
representative
decision-making at
all levels
Proximus actively engages with its stakeholders on a structured and regular basis. Their feedback is
integrated into Proximus’ strategy and operations, ensuring that their concerns and suggestions are
appropriately addressed.
Medium Enhancing
positive
impact
Business
conduct
Annex
→ Integrated reporting approach → ESRS Index → Appendix B → TCFD → Contribution to the SDGs