In This Article:
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Revenue Growth: Domestic segment revenue grew by 3.4% for the full year of 2024.
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Domestic EBITDA Growth: Achieved a total growth of 2.8% for 2024.
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Group EBITDA Growth: Annual growth of 3.1% for 2024.
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Adjusted Free Cash Flow: EUR58 million for 2024.
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Internet and Mobile Base Growth: Internet base up by 2%, mobile base up by 2.5% year-over-year.
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Fiber Coverage: Over 2.2 million homes and businesses passed by the end of 2024, covering more than 37% of the population.
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Fiber Customer Growth: Activated 564,000 customers on fiber, with a growth of 45,000 in Q4 2024.
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Residential Revenue Growth: 4.3% growth for the full year of 2024.
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Convergent Revenue Growth: 7.8% increase in Q4 2024.
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B2B Revenue Growth: Fourth-quarter revenue increased by 2.1%.
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Proximus Global Direct Margin Growth: 16% increase in Q4 2024 for Communications and Data.
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Proximus Global EBITDA Growth: 6.6% year-over-year increase.
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Capital Expenditure: EUR1,355 million for 2024.
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Debt Ratio Expectation: Expected to be around 3x for 2025.
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Dividend Expectation: Stable gross dividend of EUR0.6 per share for 2025.
Release Date: February 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Proximus SA (BGAOF) reported a 3.4% revenue growth for the full year of 2024 in its domestic segment, exceeding expectations.
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The company achieved its bold 2025 target one year earlier, with a total domestic EBITDA growth of 2.8%.
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Proximus Global saw a 16% increase in direct margin growth for communications and data in Q4 2024, contributing to a 6.2% EBITDA growth for the full year.
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The company expanded its fiber coverage significantly, passing over 2.2 million homes and businesses by the end of 2024.
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Proximus SA (BGAOF) secured several significant B2B deals, including a seven-year cybersecurity contract worth over EUR100 million with the Belgium Federal government.
Negative Points
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The company faces challenges from new market entrants like Digi, which could impact its competitive dynamics.
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There was a 4.4% decline in mobile services revenue and a 7% drop in fixed voice revenue in the B2B unit.
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Proximus SA (BGAOF) experienced higher operating expenses due to factors like inflation, customer-related expenses, and transformation costs.
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The adjusted free cash flow for 2024 was EUR58 million, slightly lower than in 2023.
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The company anticipates continued cost pressures, including inflation and customer-related expenses, which may impact future financial performance.
Q & A Highlights
Q: How is Digi's fiber rollout impacting Proximus, and what are the competitive dynamics and pricing effects? A: Guillaume Boutin, CEO, stated that Digi's fiber rollout is limited and has not significantly impacted Proximus. The company has effectively managed price increases and does not see a significant churn effect, especially on the premium Proximus brand. The competitive impact from Digi is manageable, and Proximus expects domestic revenue to remain stable.