Q2 2024 Proximus NV Earnings Call Transcript
Key Points
- Proximus SA (BGAOY) reported a 5.3% growth in group EBITDA for Q2 2024, driven by strong commercial achievements and customer growth.
- The residential unit added 46,000 mobile cards and activated 40,000 fiber customers, reaching a fiber industry footprint of 38%.
- The international segment grew its direct margin by 7% in Q2, benefiting from its unique position in the global digital communications market.
- Proximus SA (BGAOY) closed the Route Mobile acquisition and centralized B2B IT activities into Proximus NXT IT, enhancing service to professional customers.
- The company signed strategic agreements, including a partnership with Microsoft, and obtained full ownership of Fiberklaar, enhancing its fiber rollout efficiency and quality.
- Free cash flow for the first half of 2024 stood at minus EUR114 million, impacted by timing effects in working capital needs.
- The funding of the Fiberklaar transaction will temporarily increase the net debt-to-EBITDA ratio to around 3.1 times in 2024.
- Proximus SA (BGAOY) faces competitive pressures in the domestic market, particularly from Telenet and Digi, which could impact future growth.
- The company anticipates a decline in EBITDA for the second half of the year due to the lapping of price rises and potential market conditions.
- The regulatory and antitrust approvals for the fiber collaboration with Wyre and Telenet are still pending, which could impact the finalization of the agreement.
Hello, and welcome to the Proximus Q2 Results 2024. My name is Laura, and I will be your coordinator for today's event. Please note this conference is being recorded. (Operator Instructions)
I will now hand you over to your host, Nancy Goossens, Investor Relations Lead, to begin today's conference. Thank you.
Thank you. Welcome, ladies and gentlemen, to the Proximus webcast. We have, today, some ground to cover. So in addition to the second quarter results, we will also spend some time on the strategic announcements of last night. We will, of course, still foresee some time for your questions.
Before we get started, let me just introduce the participants on our side. Here with me today, I have the CEO Guillaume Boutin; the CFO, Mark Reid; the Consumer Lead, Jim Casteele; and the Corporate Affairs Lead, Ben Appel.
Let's now start the presentation. Guillaume, the floor is yours.
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