Proximus Group Integrated annual report 20242
Table of contents
Foreword 04
Foreword by the CEO 05
Foreword by the Chairman 07
Proximus Group at a glance 09
About us 10
Trends and events 10
Purpose 11
Strategy and key performance 11
Brands 14
Value creation model 17
Governance overview 20
Highlights 2024 25
Report on our activities 26
Domestic activities 27
International activities 39
Governance 42
Corporate governance statement 43
Remuneration report 54
Regulatory framework 78
Sustainability Statement 84
General information 85
Environmental information 111
Social information 153
Governance information 209
Management Report 221
Management discussion and analysis of
financial results 222
The Proximus share 247
Risk management report 254
Consolidated Financial Statements 266
Auditor’s reports and
Management responsibility statement 399
Annex
414
ESRS Index 415
Appendix B 444
TCFD Table 447
Contribution to the SDGs 449
Proximus Group Integrated annual report 20243
Integrated reporting approach 2024
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 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 is balanced, comparable, accurate, reliable, and in line 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, covering the
2024 financial year, is our first report compliant with the CSRD.
This report has been prepared in accordance with the current 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 Auditor’s 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 2025.
Each year, Proximus completes questionnaires from 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 in
our processes, policies, strategy and roadmaps. In 2024, Proximus has been given an “A” score in the climate change category by CDP
and has achieved the EcoVadis platinum medal.
Integrated annual report 2024
Foreword
by the CEO and the Chairman
Proximus Group Integrated annual report 20245
Foreword by the CEO
We’re in it for the long run
Dear Reader,
In 2024, we navigated in a rapidly changing market, marked by increased competition and the anticipation of changes in our market
structure. Despite these challenges, we achieved exceptional operational and strong financial performance, while investing heavily in
our future.
We have pursued our ambition to deploy the best networks in Belgium, with the ongoing roll-out of our fiber network set to establish
high-speed connectivity for decades to come. In the Benelux, our success was also driven by our multi-brand strategy and growth in
IT services. Internationally, the acquisition of Route Mobile and the creation of Proximus Global have reinforced our commitment to
sustainable growth, encouraging us to plan not just for the near term, but for years ahead. All of this is underpinned by our ongoing
drive to be at the forefront of innovation – particularly in the realms of AI and cybersecurity – that continues to dierentiate us,
enhancing the customer experience, our oerings, and our eciency across the Group.
Best networks
In 2024, thanks to the dedication of our employees and partners, we made significant progress on our network ambitions. In the
summer, we passed the milestone of 2 million homes and businesses connectable to fiber. Half of these connections have been made
in the past two years, which is a remarkable feat, and highlights our substantial gains in eciency and capacity. At the end of the year,
our footprint, combined with that of our partners, brought “fiber in the street” to more than 42% of the Belgian population, and we
continue working toward nationwide 5G coverage by 2026. Leveraging the broader spectrum that we acquired in 2022, we are able
to oer our customers the highest-quality mobile network. These significant investments underscore our long-term commitment to
Belgian society, despite limited government subsidies unlike other European countries.
Outstanding commercial performance
Thanks to our investments in fiber and 5G, we are reinforcing our product
leadership in Internet and mobile services. Combined with our ongoing
focus on customer experience, these eorts have positively impacted the
perception of our brands in the domestic market. This excellent commercial
momentum supported our strong financial results, allowing us to raise our
guidance twice in 2024. Domestic Revenue, Domestic EBITDA, and Group
EBITDA grew by 3.4%, 2.8% and 3.1% respectively, making us one of the
fastest-growing incumbents in Europe, despite a highly competitive domestic
market.
Partnering to roll out gigabit networks faster
and wider
At the end of 2023, the sector regulator – the Belgian Institute for Postal
and Telecom Services (BIPT) – and the Belgian Competition Authority
expressed openness to collaboration agreements between operators for
the deployment of fiber networks. Partnering with others would enable
us to extend high-speed access to less densely populated areas, reduce
redundant infrastructure, and minimize civil works. In July 2024, we signed
a Memorandum of Understanding (MoU) with Wyre/Telenet and Fiberklaar
to collaborate on the roll-out of fiber in Flanders. This approach would
enable faster and broader fiber coverage, and provide a solution for rural
areas in order to oer gigabit access for all. At the end of 2024, parties
are continuing to work intensively on the agreement, expecting a positive
outcome by the summer of 2025.
Proximus Group Integrated annual report 20246
Foreword by the CEO
Building trust in digital
We are equally committed to making the digital world safe and secure. We continuously invest in protecting our networks and critical
infrastructures from potential attacks. We are a key player in the government’s “StopPhishing” project, aimed at implementing anti-
phishing and anti-fraud platforms. Through co-investment, we implemented an AI-based solution to protect our customers against
fraudulent e-mails and SMS, preventing an average of 15 million malicious messages per month from being delivered to our clients.
In 2024, we extended this approach to voice calls with Call Shield, our solution to block monthly more than 200,000 fraudulent
international voice calls.
Growth ambitions
We are shaping our future by expanding internationally and diversifying the Group’s operations.
The acquisition of Route Mobile marked a key moment in our ambition to become a global leader in digital communications. In
December, we took another significant step forward by bringing our international activities under one umbrella, Proximus Global.
This new organization will allow simplification of the organizational structure and governance, and will drive commercial growth
opportunities and leverage the Group’s diverse talent and global presence.
On the domestic market, we launched Proximus NXT IT in July 2024, centralizing all our IT activities for our B2B customers into
a single entity. This new subsidiary enables us to deliver customized IT solutions faster and more eciently, and puts us in a good
position to exploit the growth potential of this market.
Culture, talents and skills
In our industry, innovation and agility are essential to maintaining market leadership. In order to keep our employees’ capacities up to
date, we are actively investing in reskilling and upskilling programs. This is crucial in achieving sustainable employment, and creating
jobs that are durable and future-proof for both Proximus and its employees.
Moreover, our company has embarked on its transformation into an international group. We aim to create a new corporate culture that
unites our employees in Belgium with their international counterparts. This will be a challenge, but we have taken the first step with
the launch of Proximus Global.
Share price
Finally, I would like to reflect on the evolution of our share price, which received particular media attention at the end of 2024. In
recent years, Belgian telecom companies have faced a significant drop in share value, primarily due to heavy investment cycles in
future networks and the announcement of the arrival of a new market entrant. As Belgium lagged in the roll-out of fiber, Proximus
accelerated its plans to catch up with its European peers, requiring substantial short-term investments for long-term returns. In 2024,
the Proximus share price continued to be overshadowed by these major investments and market structure concerns. However, the
fundamentals of Proximus remained strong. As you will read in this report, we have made significant progress on all pillars of the
bold2025 strategy, generating long-term value with excellent short-term operating results.
I trust the Proximus team will continue setting the pace and executing our multi-year investment plan with consistency and
determination, as it will bear fruit in the long term to the benefit of all our stakeholders and the digital society.
#thinkpossible
Guillaume Boutin
CEO
Note for the reader
On February 7, 2025, before the closing of this annual report, the Proximus
Group announced that its CEO, Guillaume Boutin, will be leaving the company
by mid-May 2025. This report covers the company’s performance and
achievements under Guillaume Boutin’s leadership in the 2024 reporting period.
Proximus Group Integrated annual report 20247
Foreword by the Chairman
Dear Reader,
As I write this introduction on December 31, 2024, I am proud to share in this Annual Report 2024 that Proximus, together with all
its employees, has achieved an outstanding year. We delivered excellent operational and financial results for the year, in spite of
challenging circumstances. From our technicians and shop sta to our account managers, IT & cybersecurity experts and support
services, all played a vital role in making this happen. The results are nothing short of impressive. All figures and parameters are
further detailed in this report.
Yet, the value of our share reached an all-time low.
This is the paradox faced by a listed telecom company investing in a long-term strategy, a public-sector company pushing boundaries,
and a national leader striving for international growth.
Any transformation requires both a clear vision and steadfast continuity. The Board of Directors has unanimously and unwaveringly
supported our CEO, Guillaume Boutin, and his team
1
.
Transformation means choosing a new path. In 2025, we look forward to:
1. A new government that speaks with a unified voice and, as a majority shareholder through SFPIM, defines its strategy in
collaboration with – and with due regard for – the company itself.
2. The Belgian regulators (BIPT and BCA) confirming an appropriate framework that makes the heavy investments in fiber quickly
feasible and aordable for all Belgians, following the first agreements between operators that have already been submitted to them.
3. The launch of Proximus Global, integrating the historical strengths of BICS, Telesign and Route Mobile into a single global provider
of digital communications services as of January 1, 2025.
4. Proximus’ continued resilience in facing intensified competition in the national market, regardless of the discriminatory advantage
granted to a fourth telecom player.
2025 will be particularly challenging, but we remain committed to forging a positive path for Proximus and the growing number of
customers we serve.
As I conclude my 12-year mandate, I take immense pride in
Proximus’ remarkable evolution and the choices we have made
for the future. Proximus delivers superior services to all its
customers on both its mobile (5G) and fixed (fiber) networks.
Beyond being a telecom operator, Proximus has become
an IT leader through Proximus NXT, serving corporations
and government agencies alike. Proximus is a frontrunner in
cybersecurity, plays a critical role in the Belgian innovation
ecosystem, and stands as a prominent provider of global
and secure digital communication services in the new global
economy. Additionally, we are committed to fulfilling our
ESG (environmental, social and governance) commitments.
Each and every employee deserves our utmost appreciation and
thanks. In a climate of social peace, a Belgian public entity has
transformed into a high-performing global enterprise. Within
a public-private model – moving from copper to fiber, from
hardware to software, from local to global – we have become a
pioneering company that is determined to remain firmly anchored
in Belgium in the future.
1 The foreword by the Chairman of the Board was written at the end of December 2024. On February 7, 2025, before the closing of this annual report, the
Proximus Group announced that its CEO, Guillaume Boutin, will be leaving the company by mid-May 2025.
Proximus Group Integrated annual report 20248
We will continue sharing our story with all stakeholders, including our shareholders, because we believe in the immense opportunities
that lie ahead. We want to deliver the most ecient telecom and IT services to all residents of Belgium while leveraging our knowledge
and expertise to keep pace with global technological progress and maintain our leadership as a Belgian company.
This is a legitimate ambition in a world we have always sought to connect.
Stefaan De Clerck
Chairman of the Board of Directors
Foreword by the Chairman
Proximus Group Integrated annual report 202410
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
About us
Proximus Group (Euronext Brussels: PROX) is a leading provider of future-proof connectivity, IT and digital services in the Benelux
region, also oering digital communications services across global markets.
With nearly a century of experience connecting Belgian society, we currently serve more than 2.8 million residential customers and
almost 450,000 businesses across Belgium every day. As a major economic player, we seize every opportunity to positively impact
the world around us. Our investments in open, fixed and mobile networks are crucial to driving Belgium’s economic growth and
fostering the development of new digital ecosystems and innovative solutions.
Internationally, Proximus Group aims to become a global leader in digital communications. At the end of 2024, it created Proximus
Global, integrating its three international aliates – BICS, Telesign and Route Mobile – under one umbrella. By leveraging BICS’s
global connectivity footprint, Telesign’s leadership in digital identity, and Route Mobile’s expertise in customer engagement channels,
Proximus Global oers seamless, end-to-end solutions to connect, engage and protect customers through every step of their digital
communications journey.
Our 13,862 employees are actively engaged in shaping a fair, trustworthy and inclusive digital world, while at the same time striving
for sustainable growth to the benefit of all of our stakeholders.
Trends and events impacting the telecom
& ICT market
Belgium’s market dynamics
In 2024, the Belgian economy demonstrated resilience despite uncertain circumstances, with increasingly negative consumer
confidence and low enterprise confidence. Inflation remained significantly higher than in the rest of Europe. SMEs continued to be
concerned about the economy, late payments and profitability.
In anticipation of increasing data consumption, telecom operators are making massive structural investments in high-quality fixed and
mobile networks. These include an extensive fiber roll-out, expansion of 5G networks, and upgrades to coaxial infrastructure.
At the same time, the Belgian market structure is becoming more competitive, with the entry of new network operator DIGI
Communications Belgium. Additionally, Telenet and Base are expanding nationwide by entering the Walloon market, while VOO’s
integration into Orange Belgium is also progressing in Wallonia.
Increased adoption of Generative AI
Generative AI is rapidly transforming various industries by enhancing productivity and fostering innovation. Its adoption has surged
across multiple sectors. As the technologies evolve, substantial investments in ICT infrastructure are needed to enable new use cases
and ensure data security.
Geopolitical context
Geopolitical tensions, armed conflicts, growing cyber threats, and other global instabilities highlight the necessity of strengthening
cybersecurity, protecting data, and ensuring digital sovereignty.
Regulatory context
The complexity of the legal and regulatory environment in which Proximus operates is increasing due to additional requirements. More
information can be found in the Regulatory framework.
Proximus Group Integrated annual report 202411
Purpose
Proximus’ sense of purpose, “Boldly building a connected world that people trust, so society blooms”, captures the DNA of
our company.
It is built on three dimensions: We are actively building a connected world (1) and have a unique role in ensuring the trustworthiness (2),
security and sovereignty of these digital societies. By investing in digital accessibility and inclusiveness, and by taking action in response
to global warming, individuals, households, companies and governments will flourish, and society (3) will benefit.
Our purpose is also our compass, guiding us in all we do and defining our nine Environmental, Social and Governance (ESG)
commitments in which we describe our societal goals. In 2024, for the first time, we reported in accordance with the CSRD, marking a
significant change in the way we report on these ESG commitments, enhancing our transparency and accountability.
More information can be found in the Sustainability Statement.
Strategy and key performance
Proximus shaped its bold2025 strategy by placing its purpose at the core and embedding its ESG commitments. The strategy relies
on these exceptional strengths: our people, our gigabit network, and our technology assets. They enable us to provide long-term value
to our customers, society and shareholders.
Below is a visual representation of our strategy:
Act for an inclusive society and
be sustainable in everything we do
Delight customers
with unrivalled experience
Grow profitably, locally and globally,
through strong brands
We deliver great value for
our stakeholders
Foster an engaging culture and
empowering ways of working
Roll out #1 gigabit network
for Belgium
Engineer technology assets
to enable digital ecosystems
through exceptional
strengths
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202412
International expansion
Over the past years, Proximus Group has accomplished a step change in its international activities.
In 2021, by acquiring full ownership of Telesign and BICS, the Group gained access to new markets beyond its traditional carrier
activities, fueling a steady journey of organic growth. Completed in May 2024, the acquisition of a major stake in Route Mobile paved
the way to reach global scale and create one of the worldwide leaders in the CPaaS
1
and Digital Identity markets.
On 17 December 2024, Proximus Group announced the creation of Proximus Global, overarching its international activities. Eective
as of January 1, 2025, this new organization, with a single, streamlined operating model and unified global leadership team, will allow
simplification of the organizational structure and governance. It will drive commercial growth opportunities and leverage the Group’s
diverse talent and global presence, and facilitate the creation of a global leader in digital communications, while at the same time
preparing the organization for a trajectory towards future value crystallization.
Technological and geographical synergies
Proximus Group oers a comprehensive suite of products covering the entire digital communications value chain – from person-
to-person (P2P) voice and messaging to CPaaS and digital identity – enabling secure, trusted digital experiences and enhancing global
customer engagement. From a customer perspective, the Group can now cater to a wide range of clients; from large digital platforms
to industry leaders across various sectors, as well as smaller enterprises.
Geographically, Telesign’s presence in America, Europe and Latin America, combined with Route Mobile’s presence in Asia, Africa
and the Middle East, solidifies Proximus as a truly global player. With operations in over 180 countries, we are well-equipped to meet
future global challenges.
1 CPaaS stands for Communications Platform as a Service. It is a cloud-based technology that allows businesses to integrate real-time communication
features like voice, video, and messaging into their applications using APIs (Application Programming Interfaces). CPaaS enables customizable
communication without the need to build a brand-new backend.
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202413
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Key Performance Indicators
The table below shows our progress towards our ambitions for 2025 and beyond:
3 year ambitions Status
2023
Status
2024
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
29%
34%
>37%
>42%
100% 5G indoor coverage in 2025
1
% indoor coverage 40% 67.6%
Engineer technology assets to
enable digital ecosystems
~ €70 Mio reduction in IT TCO (Total Cost of Ownership) by 2025
1
Status on track on track
Maintain high cybersecurity resilience
2
% Cybersecurity resilience index
4
95.9% 99%
Foster an engaging culture and
empowering ways of working
Reach employee engagement at > 75% by 2025
1
% Employee engagement 77% 76%
Increase % women in top management functions
3
% of women holding a top management function 24% 25%
By 2025, 95% of employees will have attended 5 training days or
more/year
1
% of employees having attended ≥ 5 training days
63% 82%
Delight customers with
unrivalled experience
Be number 1 in NPS in respective segments
2
NPS residential convergent customers (Internet + TV + Postpaid)
NPS Scarlet
NPS Mobile Vikings
+11
+17
+42
+1 3
+22
+46
Grow profitably, locally and
globally, through strong brands
More than 1 Mio fiber connections (residential & business)
1
Fiber connections 397,000 564,000
Grow domestic revenues
2
% year over year domestic revenues growth 4.2% 3.4%
Grow domestic EBITDA as of 2024 with 2025 EBITDA back to the
2022 level
2
% year over year domestic EBITDA growth -1.7% 2.8%
More than 35% of Enterprise revenues from IT
2
% of Enterprise revenues from IT 33% 22.3%
Grow international direct margin at high single digit CAGR
3
% year over year international direct margin growth 4.9% 5.2%
Act for an inclusive society and
be sustainable in everything
we do
Net zero by 2040
3
% year over year CO2 emissions Scope 1+2
% year over year CO2 emissions Scope 3
-1 3%
+1%
-16%
+0.5%
Truly circular by 2030
3
# refurbished fix devices
# mobile devices collected
799,432
128,002
935,378
140,587
Contribute to digital inclusion in Belgium
3
# people trained through digital inclusion projects 15,515 15,138
1
Proximus SA
2
Proximus Domestic
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 thanks to adequate security controls or for which the CSIRT was able to quickly mitigate the impact] on [the
total number of major incidents]. This index is calculated at Group level, excl. BICS, Telesign and Route Mobile.
Proximus Group Integrated annual report 202414
Brands
Proximus Group is divided into two distinct segments:
• domestic segment: our Telco and IT businesses in Belgium, the Netherlands and Luxembourg;
• international segment: our global digital communications operations.
Domestic
Telco & IT
International
Digital Communications
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202415
Domestic segment – Residential market
Proximus is our reference brand in Belgium, and the leader in converged connectivity services. With Proximus, we help our customers
get the most out of the digital world through our superior connectivity solutions, innovative digital platforms, and a superior servicing
approach.
Scarlet is a “no-frills” brand for customers looking for simple solutions at the best prices. Scarlet makes quality home and mobile
connectivity aordable for all.
Mobile Vikings is a 100%-digital brand oering both mobile and Internet-at-home solutions. Its high-performing and competitively
priced solutions appeal to young (at heart) digital-savvy customers.
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 features designed to simplify people’s 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.
The 4411 mobility app and the Flitsmeister navigation app are two services that improve the daily mobility of travelers.
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 to 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 & 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 & Intelligence Services players in the Benelux region. It oers cybersecurity and
intelligence solutions to protect enterprises against cyberattacks.
ClearMedia provides assets such as Infrastructure-as-a-Service (IaaS), cybersecurity services and digital workplace solutions tailored
to the SME market.
Be-Mobile specializes in smart mobility solutions for public authorities, road operators, car manufacturers and enterprises.
International segment
BICS enables global communications for telecom operators and enterprises all around the world by connecting people, applications,
and things across borders. It provides solutions ranging from global voice and messaging to roaming and fraud prevention, IoT,
and cloud communications. As a major global voice carrier and the leading provider of mobile data services worldwide, BICS is
headquartered in Brussels and has a strong presence in Europe, Africa, the Americas, Asia and the Middle East.
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202416
Telesign, based in the US, is a fast-growing leader in digital identity and programmable communications solutions, serving eight of the
world’s ten largest digital enterprises. Telesign helps enterprises connect with their customers, protect online users, and defend them
throughout the full customer journey. It provides services in over 180 countries.
Route Mobile, headquartered in India, is a leading global provider of cloud communication services, specializing in CPaaS solutions. Its
extensive product and service oerings include SMS, OTT messaging, chatbots, voice, email, SMS filtering, analytics, and monetization.
Operating in over 20 countries, it serves more than 3,000 enterprise customers.
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 artificial intelligence 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 Google Distributed Cloud Hosted (GDCH) oering to our professional customers in the Benelux region.
Fiberklaar, a fully-owned aliate of Proximus, is in charge of accelerating the fiber deployment in medium-density areas across
Flanders.
Unifiber, a joint venture between Proximus and Eurofiber, is in charge of accelerating the fiber deployment 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.
ConnectImmo, 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 at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202417
Value creation model
Proximus’ value creation model gives insights into what inputs we leverage, how we add value, and how we contribute to society.
Employees
• Engagement score 76%
• EUR 49.56 millioninvested in training
• 10% turnover rate
Suppliers
• Supplier Engagement Program with
our top 150 supplier
• Supplier Code of Conduct included
in all contracts
Environment
• 422,284 tons GHG emissions
• 5,873 tons waste
• >1 million collected mobilephones and
refurbished fix devices
Operations & society
• Connecting +5 billion mobile subscribers
• Fraud prevention solutions blocking >666
million fraudulent calls attempts and >127
million phishing messages annually, and
preventing the transmission of 30+ million
fraudulent transactions each month
• 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 1,850 million Group underlying
EBITDA
• EUR 0.6 per share dividend
• EUR 57 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
• 13,862 employees
• 25% women holding a top management
function
• 98.9% permanentcontracts
Suppliers
• 3,200 active suppliers
Environment
• 426,250 MWh energy consumption
Operations &society
• Presence in 180+ countries
• Global mobile network reaching 1,000+
destinations
• 5 cyberthreat detection centers worldwide
• >37% of Belgian premises connectable
to fiber
• 67.6% 5G indoor coverage in Belgium
Financial assets
• EUR 1,355 million CapEx
• EUR 3,912 million net debt
• 32% 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
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Telco, IT
and digital
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operators and
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customers
Residential,
Enterprise and
Public customers
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202418
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 3,200 suppliers across 52 countries.
Proximus Group is present in 180+ countries. We connect Belgium through future-proof gigabit networks and by strengthening
the capacity of our network and IT infrastructure, bringing “fiber in the street” to more than 42% of the Belgian population and
achieving 67.6% 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 426,250 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. It is also 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 sustainable 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 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 Sustainability Statement.
In terms of social indicators, Proximus measures the engagement of its employees and turnover rate, among other things.
With regards to our suppliers, supplier engagement in CO2 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. This is described in the
Report on our activities chapter. We are actively working towards a safer digital society, fighting online fraud and cybercrime, while all
the time 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.
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202419
When it comes to the environment, Proximus strives to minimize its impact by reducing its CO2 emissions, adopting circular behaviors,
and supporting its enterprise customers in reducing their greenhouse gas emissions.
Our main financial outputs are our EBITDA, dividend, and tax contribution. More information can be found in the Management Report
and the Consolidated Financial Statements.
Finally, our strategic partnerships and innovative services make extensive use of intellectual assets.
Impact on SDGs
Proximus’ activities contribute to seven of the Sustainable Development Goals (SDGs). Details of our contributions can be found in
the Annex.
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202420
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 Connectimmo and member of the Orientation Council of Euronext
and of the Bureau of Eurometropole Lille-Kortrijk-Tournai
Guillaume Boutin
CEO/Managing Director Proximus
• Chairman of the Board of Directors of Telesign, Route Mobile, BICS
• Managing Director of Proximus Global
• Chairman of the Stakeholder Relation Committee and Member of the Corporate Social Responsibility
Committee of Route Mobile, Member of the Board of Director Proximus Art, Lead Independent Director
Pluxee
Caroline Basyn
Chief Digital & Information Ocer Adecco Group
• Board advisor at Shared Services & Outsourcing Network
Cécile Coune
Director of companies
• Member of the Board of Directors QBE Europe, Securex Group, Credendo GSR
• Charity Chairwoman of the Belgian Federation of Philanthropic Foundations
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202421
Béatrice de Mahieu
Executive Director, CEO BeCode.org
• Executive Director BeCode SRL & VZW
• Member of the Board of Directors Fondation les Petits Riens, Akkanto, Chapter Zero Brussels,
Slimme Regio Vlaanderen VZW and BeImpact
• Member of the Investment Committee Miles Ahead
Martin De Prycker
Partner at Qbic
• Member of the Board of Directors of EVS, Arkite, Faktion, Fraudbuster (Paris)
• Observer at the Board of Morrow
Audrey Hanard
Partner Dalberg Global Advisors
• Chairwoman of the Board of Directors bpost
• Member of the Board of Directors Dalberg and Impact Finance Belgium
Ibrahim Ouassari
Founder and Managing Director MolenGeek
• Manager at Urbantech
Karel De Gucht
Director of Companies
• Independent Director on the Board of Directors and Audit Risk of ArcelorMittal SA
• Member of the Board of EnergyVision
• Chairman of the Board of Youston
• Member of the Advisory Board of CVC Capital Partners
• CEO of Sas La Macinaia
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202422
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Joachim Sonne
Senior Advisor AustralianSuper Ltd
• Senior Advisor at ErnieApp Ltd, Titanbay Ltd, 1FS Wealth Ltd, Suprafin Ltd, NPL Markets Ltd
Luc Van den hove
President & CEO imec
• Member of the Board of Directors Voka
• Member of Technology and Strategy Committee ASML
Catherine Rutten
Vice-President International, Government Aairs & Public Policy Vertex Pharmaceuticals
• Member of the Board of Women on Board
Claire Tillekaerts
Director of companies
• President of the Regency Council of the National Bank of Belgium
• Member of the Board of Directors imec, Belgian National Orchesta, International Film Festival Ghent,
Raad Het Laatste Nieuws
Catherine Vandenborre
CFO Elia Group
• Member of the Board of Directors and Audit Committee Rexel Franceand Eurogrid International
• Member of the Board of Directors of Pension Fund Proximus, Eurogrid GmBH, WinGrid, Re.alto-energy
SRL and Canel SRL
Proximus Group Integrated annual report 202423
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
The members of the Board of Directors bring complementary expertise and skills.
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 Group Integrated annual report 202424
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Leadership Squad
The role of the Proximus Leadership Squad (PLS) is to support the CEO in the day-to-day management of the Group and to act as a
team, leading forward all matters related to the Group.
In addition to the CEO, the PLS is composed of eight members.
The PLS is assisted by two committees: a Domestic Management Committee (DMC) and an International Management Committee (IMC).
More information can be found in the Corporate governance statement and the Sustainability Statement.
Guillaume Boutin
CEO
Jan Van
Acoleyen
Group HR
Lead
Mark
Reid
Group
Finance Lead
Renaud
Tilmans
Enterprise Telco
Services &
Operations Lead
Geert
Standaert
Network &
Wholesale
Lead
Anne-Sophie
Lotgering
Enterprise IT
Services &
Segments Lead
Ben
Appel
Group
Corporate
Aairs Lead
Jim
Casteele
Consumer
Market Lead
Antonietta
Mastroianni
Digital & IT
Lead
Proximus Group Integrated annual report 202425
76% >67% >42%
Highlights2024
2 The definition of the Group underlying revenue and EBITDA can be found in the Management discussion and analysis of financial results.
3 Excl. spectrum and football rights
4 Excl. M&A transactions and M&A related transaction costs.
EUR 6,430 million
Group underlying
revenue
2
EUR 1,850 million
Group underlying
EBITDA
2
EUR 1,355 million
CapEx
3
EUR 58 million
Free Cash Flow
(adjusted)
4
Employee engagement
Awarded the EcoVadis
Platinum medal
refurbished fix devices
mobile devices collected
for recycling
935,378
140,587
Acquisition of a majority
stake in Route Mobile
Launch of aliate
Proximus NXT IT
Release of
the Proximus+ app
Acquisition of full
ownership of Fiberklaar
Partnership with Infosys to
leverage Digital Identity (DI) and
Communications Platform as a
Service (CPaaS) solutions
Partnership with Microsoft
for collaboration on
digital communications
and cloud
5G indoor coverage Fiber in the street
Creation of Proximus Global,
overarching our international activities
“A” score in the climate
change category from CDP
Proximus Group at a glance
→ About us → Trends and events → Purpose → Strategy and key performance → Brands → Value creation model
→ Governance overview → Highlights 2024
Proximus Group Integrated annual report 202427
Report on our activities
→ Domestic activities → International activities
Domestic activities
Rolling out the best gigabit network for Belgium
Rolling out the best gigabit network for Belgium is one of Proximus’ 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. High-
speed gigabit networks are crucial to stimulating innovation, strengthening our economy and allowing citizens to keep up with the
ever-evolving digitalization. To that eect, fiber and 5G are undisputed superior technologies.
Proximus aims for 100% of Belgian households and businesses to have access to gigabit connectivity.
We foster a level playing field for competitors, as our gigabit network is a fully open-access platform on which all other service
providers are welcome to oer their own services to their end customers.
Fiber network
In 2024, Proximus and its partners continued to roll out the fiber network at a high pace, with one home or business being added
every 13 seconds. At the end of the year, the fiber footprint reached more than 37% of total Belgian premises, representing 2.2 million
homes and businesses connectable to fiber. Our footprint, combined with that of our partners, brings “fiber in the street” to more
than 42% of the Belgian population. Moreover, 66% of enterprises inside industrial zonings were connectable, and fiber works were
ongoing in 171 cities and municipalities.
In May 2024, Ookla®, a world-renowned independent provider of speed tests, confirmed that Proximus fiber is the fastest Internet
in Belgium.
Strategic steps in the deployment in Flanders
At the end of July 2024, we announced two separate agreements that mark significant strategic milestones in the fiber roll-out
across Flanders. Firstly, we signed a Memorandum of Understanding (MoU) on fiber collaboration with Wyre/Telenet and Fiberklaar.
Secondly, we acquired 100% of Fiberklaar, in which we previously held an approximately 50% minority stake.
Memorandum of Understanding
The MoU with Wyre/Telenet and Fiberklaar sets out the key terms for a potential future collaboration on faster and broader
deployment of (predominantly fiber) gigabit networks to approximately 2.7 million homes in areas with medium-to-low population
density in Flanders:
• In the medium-density areas, Wyre and Fiberklaar would build complementary fiber networks for approximately 2 million homes (of
which 60% by Wyre and 40% by Fiberklaar).
• In the more rural areas, covering approximately 700,000 homes, Proximus would have access to Wyre’s open Hybrid Fiber-Coax
(HFC) network.
The objective is to maximize the utilization of fiber networks while ensuring broader fiber coverage at an accelerated pace.
• Faster and broader coverage: With the envisaged collaboration, 80% of our customers in Flanders would benefit from ultra-fast
Internet, largely fiber-based.
• Cost eciency: We could significantly reduce our total investment in less densely populated regions, while keeping public works for
municipalities and citizens to a minimum.
1 For detailed information on our commercial and financial performance, refer to the Management discussion and analysis of financial results.
Detailed information on our ESG performance can be found in the Sustainability Statement.
Proximus Group Integrated annual report 202428
• Advocate of smart collaboration: Collaboration between operators can optimize deployment and maximize the use of networks.
This would benefit consumers, all stakeholders, and the competitiveness of our country.
The realization of the collaboration is dependent on the parties reaching a final agreement and obtaining regulatory & antitrust
approvals, and is also subject to no adverse regulatory findings or impacts.
Full acquisition of Fiberklaar
Established in 2021 as a joint venture with EQT Infrastructure, Fiberklaar has grown from a start-up to a strong partner. Now, it plays
a crucial role in accelerating our fiber roll-out in Flanders. In July 2024, we reached an agreement with EQT Infrastructure on the
acquisition of its majority stake, making Proximus the full owner of Fiberklaar.Through the future integration of Fiberklaar operations,
we secured full ownership economics of the network, ensuring enhanced strategic autonomy, with synergies expected through the
optimization of funding and operating costs.
Steady progress in Brussels and Wallonia
In 2024, we also continued to roll out fiber ourselves in densely populated areas in Flanders and in Brussels, and with our partner
Unifiber in Wallonia and GoFiber (Glasfaser Ostbelgien) in the German-speaking community with steady progress.
Mobile network
We have a strong track record in pioneering mobile communications to deliver the best possible mobile experience to our customers.
We aim to build on this by further strengthening our mobile network.
5G is essential for this progress: its speed – up to ten times faster than 4G – ultra-low latency, and expanded capacity enable new
applications and ways of working. Notably, we have observed a significant increase in Net Promoter Score (NPS) among customers
using 5G. More information can be found in the following sections of this chapter.
Mobile leadership
During the spectrum auction of 2022, Proximus acquired the largest share of the spectrum compared to its competitors, securing
this advantage for the next 20 years. This investment has created optimal conditions for Proximus to roll out 5G and oer the best
mobile experience in Belgium.
In April 2024, Proximus also purchased the 5G spectrum acquired by IT services company NRB at the same auction.
For Proximus, the acquisition of additional 5G spectrum will further enhance the mobile experience it oers its customers. It will
enable Proximus to add more capacity when needed, and allow it to serve more customers simultaneously. In this way, it greatly
reduces any risk of saturation of its mobile network.
In 2023, 5G was mainly available across Flanders. Thanks to the positive evolution of the legal framework, we were also able to
accelerate our roll-out in Wallonia and the Brussels Region throughout the course of 2024. By the end of the year, 5G was available in
more than 2/3 of the cities and municipalities, with national indoor coverage of 67.6%.
We invest where it matters for our customers. This explains why, in the BIPT 5G coverage maps of 2024, we held the first place for
5G indoor coverage (where the majority of the customer experience happens) and the second position for 5G outdoor coverage. This
is complementary to our undisputed 4G coverage leadership where we oer our customers the best reach in Belgium, including in
unfavorable areas such as trains.
Our continued investments in our network are paying o. According to the BIPT 2024 annual test campaign, Proximus network scores
best for both 4G and 5G download speed, and has the lead in mobile coverage. On the international scene, OpenSignal, a leading
independent analyst of consumer mobile experience, also recognizes Proximus as the leader in 5G download speeds.
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202429
Partnerships
Our joint venture with Orange Belgium, MWingz, aims to develop a mobile access network by sharing telecom equipment. The
spectrum licenses and our core networks remain discrete, however. 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 by 20%. The main benefits for end
users and society will be a better overall mobile experience thanks to wider coverage, deeper indoor coverage, and a faster 5G roll-out
with fewer mobile sites.
At the end of 2024, a total of 580 sites were dismantled through MWingz.
Proximus is also modernizing its mobile network together with major European partners. Through our partnership with Nokia, we are
upgrading our Mobile Radio Access Network (RAN) equipment. Our partnership with Ericsson is aimed at upgrading and modernizing
our Mobile Data Core Network.
Technological innovation
Together with Nokia and Ericsson, we continue to work on technological innovations that will lead to new opportunities for our
customers. An example of this is 5G slicing, which allows the network to be broken down into “slices” (or “virtual networks”) and
assigned to specific applications, such as emergency services in the event of a particular incident. With its ecosystem of partners,
Proximus continues to develop innovative 5G applications that address societal and business needs. More information can be found in
the Corporate Market section of this chapter.
As a leader in innovation and cybersecurity, Proximus is exploring with KU Leuven the possibility of establishing a chair in Quantum
Technology.
Record-high data trac during events
In 2024, Proximus had a presence at more than 90 events, deploying a temporary mobile network in order to oer its customers
a qualitative experience. More than 725 TB of data trac was exchanged, representing an increase of around 34% compared to
2023. 5G was available at every event, and has already captured over 30% of the total data trac. Finally, 2024 also marked
a turning point for Proximus, as 80% of our temporary sites were powered by biofuels, demonstrating our commitment to
sustainability.
Residential market
Business context
Belgium remains a highly convergent residential market, with oers addressing all customer segments; from complete convergent
oers including multi-mobile cards and entertainment packages to low-cost bundles and stand-alone oers.
Cord-cutting of TVs and a decrease in Fixed Voice lines continues, reflecting the gradual evolution of customer needs. Customers are
increasingly fulfilling their content needs via streaming platforms and replacing their Fixed Voice subscriptions with a mobile solution.
While the Fixed Internet market is growing slowly, fiber connectivity is creating more and more opportunities.
Operators generally applied selective price increases for fixed and convergent oers in line with inflation. At the same time, in
anticipation of the arrival of the fourth operator, pricing for the main mobile oering has remained more cautious, with increasing data
allowances. All operators in Belgium are applying a multi-brand strategy, with B brands in particular adjusting their prices downwards.
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202430
Multi-brand strategy
In Belgium, we build and maintain strong brands: Proximus, Mobile Vikings and Scarlet. We address the needs of each customer
segment in the market, from premium seekers to price-conscious consumers.
We also strive for every interaction our customers have with our respective brands resulting in great customer satisfaction, with this in
turn contributing to a higher NPS.
Proximus
Proximus is our premium brand for customers looking for the total experience. It oers access to the latest and best network
technologies, a wide range of premium telecom products and services, a series of customized digital experiences with Pickx and the
“Proximus for you” program. Proximus customers enjoy a personalized support and sales experience, both through digital and physical
channels.
Scarlet
Scarlet is our brand for customers looking for basic products and the lowest rates. Its mission is to provide aordable telecom to all
Belgian households. It proposes a limited oer tuned to meet basic telecom needs, at the lowest price within Proximus Group.
Mobile Vikings
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, and delivers the best data oers. Thanks to the “Viking Deals” smart service, customers can easily get
reductions on their bills.
In 2024, we were highly active in the Belgian market with our three brands, launching new oers, promotions, and strong commercial
campaigns. We continued to build our brands through impactful and recognizable communication campaigns. Our “I’ve got the fiber”
campaign was awarded a Gold Ee award and a Gold AMMA (Annual Master in Media Awards) award.
Tango (Luxembourg)
As the second largest telecom operator in Luxembourg, Tango achieved significant growth in the mobile segment in 2024, with a
remarkable year-on-year increase of 2.5% of its base.
Tango implemented strategic price adjustments in its broadband and mobile portfolios, ensuring competitive oerings for its
valued customers. Additionally, Tango set a new benchmark for TV experiences in Luxembourg by adopting the TV platform of
Proximus Group. This initiative was backed by a smooth migration from the legacy TV system and a strong marketing campaign.
Furthermore, Tango strengthened its leadership in digital experiences with a redesigned website, focused on intuitive purchasing
journeys and self-care options. The upgraded version of the MyTango app allows customers to easily manage their telecom
services.
Superior connectivity and product experience
Oering the best networks and products is essential for customer satisfaction and a high NPS.
High-speed Internet
Proximus fiber ensures an ultra-stable Internet connection, with download speeds of up to 8.5 Gbps and upload speeds of 1 Gbps; the
fastest Internet in Belgium. This advantage sets us apart from the competition, providing us with a significant growth driver in the
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202431
market.While the fiber technology is available both as stand-alone Internet and in our Flex packs, the best experience is available in
our Flex packs.
Fiber technology is also available on our Scarlet and Mobile Vikings brands, with product specifications in line with the brands’ positioning.
We continued to communicate the fact that the fastest Internet is delivered via Proximus fiber through advertising campaigns,
strengthening the association between Proximus and fiber. Simultaneously, we further enhanced customers’ experience when surfing
on the Internet via Wi-Fi at home. In July 2024, we were the first operator in Belgium to introduce Wi-Fi 6E technology into our new
Internet Box, further improving our customers’ experience with faster speeds, ultra-reliable connection and greater in-home security.
This combination of high speeds, increased stability and improved in-home experience translated into sustained NPS scores.
Mobile network experience
5G is crucial for enhancing the mobile experience. NPS data show that customers using 5G exhibit greater enthusiasm for its stability,
sound quality, and performance on the move. This also drives customer acquisition.
5G is available for Proximus and Mobile Vikings brands, with a speed tiering dierentiation.
Device partnerships
Proximus collaborates closely with device manufacturers to oer the latest and most relevant devices and accessories on the Belgian
market. We successfully launched flagship models like the Samsung S24, Flip 6, and Fold 6. Our exclusive operator launch of the
Google Pixel 9 and 9 Pro, featuring advanced AI capabilities, further strengthened our partnership with Google. Additionally, we
introduced the iPhone 16 range and oered an attractive year-end promotion with exceptional gifts.
Proximus digital platforms
To stay relevant to our customers, we must provide them with the best digital experiences on the platforms they use every day.
Proximus Pickx and premium content
To position Pickx as an all-in-one platform where users can easily find their favorite content, we continuously innovate with new
content and new features.
In 2024, we transitioned to a modern, flexible, and future-proof TV platform to further enhance the viewing experience. This new
back-end will bring about significant improvements for customers, ensuring a seamless viewing experience across all their screens.
We also launched a powerful, energy-ecient Android TV Box equipped with Wi-Fi 6 technology. This new TV Box consumes 20%
to 40% less electricity and uses 20% less plastic compared to its predecessor. More information can be found in the Sustainability
Statement: “Circular economy and waste”.
We also worked on improving the accessibility of our platforms and content. More information can be found in the Sustainability
Statement: “Digital inclusion”.
We renewed our partnerships with local sports leagues, including basketball, volleyball, and cyclocross, to continue oering the best
Belgian sports competitions. Additionally, we extended our long-standing partnership with the Royal Belgian Football Association
until 2028, rearming Proximus’ commitment to supporting Belgian football at all levels, from amateurs and young talents to the
national teams, including the Red Devils and the Red Flames.
Proximus+ app
In March 2024, Proximus launched Proximus+, an application replacing MyProximus and oering a wide range of digital services.
Available to everyone, both customers and non-customers, Proximus+ integrates the MyProximus services available to existing
customers for managing their products, Wi-Fi, support, usage, and invoices. Additionally, it introduces new digital services for energy
consumption, mobility, activities in the neighborhood and budgeting, as well as a cashback feature.
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202432
Built on low-code technology, Proximus+ enhances service development through improved collaboration between business and
development teams. Proximus customers have been successfully migrated to this new app.
Proximus for You program
Proximus for You was launched in June 2024. It can be accessed via the Proximus+ app and MyProximus on the website. It oers
an overview of all the extras and advantages we oer our customers. They can expect gifts, contests with prizes, exclusive
events, live streaming, great deals, tips & tricks, surprises, etc.
Doktr
We continued to expand the ecosystem around the Doktr app. We launched a service with Christelijke Mutualiteit/Mutualité
Chrétienne to provide video consultations between their members with long-term illnesses and their ‘return to work’ coordinators.
Doktr also launched video consultations with psychologists in both Dutch and French, extending its services to mental health care. At
the end of 2024, the Doktr app had more than 125,000 registered users, with a patient satisfaction rate of 95%.
4411 and Flitsmeister
In 2024, our 4411 mobility payment app handled over 35 million transactions from approximately 900,000 monthly active
users across the country, ensuring easy and fast parking payment and seamless train or bus ticket purchases for commuters. In the
Netherlands, our navigation app Flitsmeister has nearly 3 million monthly active users, driving circa 531 km per month on average
while using the app. In mid-2024, we successfully transitioned Flitsmeister from a free to a freemium model, with 370,000 drivers
already having taken up the PRO subscription.
Servicing residential customers
Each of our 3 brands oers a service adapted to their customer segment.
Proximus oers premium servicing combining advanced digital capabilities with a premium human touch. We have a network of
121 shops across Belgium, and our extended customer service is accessible across multiple channels at any time, with a digital
assistant available 24/7 and advanced digital servicing functionalities on our website and in the Proximus+ app.
Scarlet oers a solid service despite lower prices: customer service via phone or call back with extensive opening hours mainly during
the week, digital support via FAQs and the MyScarlet app.
Mobile Vikings oers an ecient digital-first customer service via the Viking app and FAQs, complemented with phone or call back,
available in the evening and at weekends for emergencies.
By improving these customer touchpoints and oering hassle-free interactions, we commit to exceeding expectations each time a
customer contacts us. Our continuous eorts to optimize our digital tools – while maintaining a human approach – bring us closer to
our customers, boost customer experience, and eventually drive up our NPS.
Digital assistance
Proximus Digital Assistant is available 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.
In 2024, we scaled up (Gen) AI initiatives to enhance experiences for both customers and employees. For instance, we improved our
chatbot and voicebot with Gen AI to better understand customer questions and provide more personalized responses. Additionally,
we made our website’s FAQ search more user-friendly. Gen AI also helps our agents better understand customer situations and
communicate with them more smoothly.
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202433
Simultaneously, our IT teams continued to improve the performance and stability of our digital tools and platforms. This is crucial to
ensure a fully digitally supported sales and servicing journey for both our customers and customer-facing employees.
Eortless activations
The DIY (Do-It-Yourself) initiative launched in 2023 continued to deliver excellent results in 2024. This DIY 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.
All this translates into good results in terms of customer experience. The Customer Eort Score (CES) for installations done by
customers, which measures how easy it is for customers to install the devices by themselves, was marked as “Excellent” in 2024.
SME market
Business context
The SME market has been confronted with an increasingly competitive environment: operators are seeking to increase their market
share, and are even taking proactive measures to cope with the expected new competition by oering more aggressive tari plans
and giving even better value for money. We are increasingly witnessing pricing pressure in the south of the country with a successive
number of portfolio moves by Orange Belgium.
As in the residential market, a decline in the number of TV and Fixed Voice subscriptions continues.
The adoption of IT solutions in the Belgian SME market is still moving slowly.
New organization model
Since July 2024, Proximus has implemented a new organization model specifically designed to better serve small- and medium-sized
enterprises (SMEs). This large market segment includes self-employed individuals, businesses with up to 200 employees, and large
companies with only telecom needs.
To serve these customers, we position Proximus as their trusted partner for their telecom and IT solutions. We aim to be the one-
stop-shop for SMEs with convergent oers, leveraging our superior mobile and fiber networks, and ensure an excellent servicing
experience.
On the IT side, we oer industrialized IT solutions for smaller enterprises via the partner network of our ClearMedia aliate, and
advanced ICT solutions through our IT partner community for larger enterprises.
Business Flex packs, for instance, include specific guarantees tailored to business needs. In the realm of cybersecurity, Proximus
provides successful oers for SME customers, including the Proximus Secure Net solution.
Servicing SME customers
We want to stay as close as possible to our SME customers and provide them with a specific support model tailored to their needs.
Our customer service is organized into multi-disciplinary teams with the expertise to assist clients end-to-end, regardless of the issue.
To further enhance our support, we have dedicated Business Experts, specifically trained to meet the unique needs of self-employed
and small enterprise customers.
Understanding the critical nature of telecom and IT infrastructure for businesses, we ensure 24/7 availability for technical issues.
We oer a range of Service Level Agreements, allowing customers to choose options based on their needs, such as repair time,
intervention windows, and redundancy.
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Proximus Group Integrated annual report 202434
Proximus continues to enhance its digital channels for professional customers. As described in the next section, we have made
significant improvements to MyProximus Enterprise, and redesigned the “quote-to-bill” process to the benefit of our SME customers.
Corporate market
Business context
The IT needs of businesses are constantly growing. The fast pace of developments in cybersecurity, cloud and artificial intelligence,
three areas that are seeing spiraling demand, is a case in point. These advanced applications require secure, high-performing and
scalable networks. At the same time, enterprises have to deal with huge amounts of data, which must be managed, stored and
analyzed. In turn, they are seeking partners to guide them through these digital challenges.
Competitors in this regard are highly diverse; from traditional and emerging telecom operators (Telenet, Orange Belgium, Citymesh) to
platform operators (Dstny) and IT integrators (Cegeka, Sopra Steria, NRB, Cronos Group, etc.).
Proximus NXT IT launch
To keep up with this ongoing market evolution, accelerate its growth in the IT market, and continue to innovate in telecom, Proximus
restructured its Enterprise division. In 2023, we launched Proximus NXT, our umbrella brand for our telecom and IT services,
to reposition ourselves in the market beyond our traditional telecom services. In 2024, we continued investing in our Proximus NXT
brand, and repositioned Telindus to Proximus NXT in the Netherlands and Luxembourg, further strengthening our Benelux market
position.
In July 2024, we consolidated our IT expertise into a new aliate, Proximus NXT IT, reinforcing our ambition to become the
reference IT service provider in the Benelux region, while telecom services remain with the parent company. Both entities collaborate
closely to deliver telecom and ICT solutions under the Proximus NXT brand.
This new organization allows us not only to foster our leadership in the telecom sector, but also to expand our IT capabilities through
an extensive partner network, enabling us to develop innovative IT solutions that address our customers’ challenges.
Hybrid cloud solutions
In today’s competitive market, businesses need to scale operations eciently, reduce costs, and enhance their IT infrastructure.
Organizations also need to be able to easily move data and workloads between dierent cloud platforms, based on the level(s) of
accessibility and usability of their data, or the data confidentiality and sovereignty required. The latter becomes increasingly important
in the face of rising regulatory requirements like the European NIS2 and DORA regulations.
Proximus NXT addresses these needs by developing hybrid cloud strategies tailored to each business, from on-premises datacenters
to innovative public and sovereign cloud services.
In 2024, we strengthened our cloud oering with:
• Multicloud: We extended our public cloud oering with Google Cloud and AWS.
• Azure Expert MSP: We achieved the Microsoft certification for Azure Expert Managed Services Provider (MSP).
• Microsoft Encrypted Public Cloud: In June 2024, Proximus NXT was the first in the world to launch a sovereign cloud solution,
combining Microsoft Cloud for Sovereignty with a European encryption layer fully secured by Thales and Intel. Agoria, Belgium’s
technology industry federation, was one of the first to test this solution.
• Google Disconnected Cloud: We have become the first in Europe to oer the Google Distributed Cloud Hosted solution, with data
securely stored and operated in our joint venture Clarence in Luxembourg. Our first customer on this solution is Luxembourg’s CSSF
(Commission de Surveillance du Secteur Financier).
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Proximus Group Integrated annual report 202435
In October 2024, Proximus reached an agreement with the Belgium-based service provider Datacenter United on the sale of its
datacenter business. While customers will continue to benefit from state-of-the-art infrastructure, with data stored in Belgium and
managed by an expert partner, Proximus NXT will pursue its hybrid cloud strategy and further focus on value-added IT services.
Building cyber resilience
Our Cybersecurity Survey Report 2024 revealed that one in three companies in Belgium and Luxembourg faced at least one
cybersecurity incident in 2023, with nearly half reporting decreased productivity as a result.
Proximus NXT provides robust security solutions, including Managed Security Services, to safeguard customers’ operations and data.
In 2024, we continued to roll out our Managed Detection and Response (MDR) solution, using technologies from leading providers
like Fortinet, Palo Alto and Microsoft. We are experiencing rapid market traction, with the Nationale Loterij as one of our customers for
this solution.
In addition, Proximus NXT concluded new partnerships with leading companies such as Netskope for SASE and Armis for OT
Security to cover the growing cyberthreat attack landscape. We also expanded our consultative services to help customers comply
with new cybersecurity regulations such as NIS2 and DORA.
Since 2023, our Managed Security Services have been granted the ISAE 3000 SOC 2 Type II attestation, which guarantees strong IT
security and privacy.
Fostering the potential of Data and AI
Since 2023, AI – and specifically Gen AI – has dominated technology discussions. With the Group’s aliates Codit and Proximus Ada,
Proximus NXT has invested heavily in these capabilities, building a strong center of excellence.
Proximus NXT helps businesses leverage valuable data insights to improve processes, make strategic decision, optimize eciency,
save costs and improve customer satisfaction. Our experts guide businesses through every step of the process: increasing data quality,
connecting data sources, establishing data governance, generating insights, and integrating AI functionalities.
Agoria partnered with Codit and Proximus Ada to create AI applications that improve productivity and member services. These
solutions streamline internal tasks and provide faster, more ecient access to information, ensuring long-term value for its over
2,100 members.
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Proximus Group Integrated annual report 202436
Proximus Ada
Proximus Ada is the first Belgian center of excellence dedicated to artificial intelligence (AI) and cybersecurity. It is
designed to be a pillar of innovation and a center of expertise for all the companies of Proximus Group. It enables them to
develop and launch new applications, create a more secure digital society, and build trust in the digital economy. Proximus Ada
employed 110 experts by the end of 2024.
Proximus Ada further strengthens the cyber resilience of companies that are part of Proximus Group through the CSIRT (Cyber
Security Incident Response Team). The CSIRT handled 31,170 alerts and 7,340 incidents for Proximus in 2024. Incidents
include, for instance, phishing emails to customers or employees in our company’s name. With the general increase in the
number of phishing attacks, experts from the CSIRT have an important role to play in educating and raising the awareness of
our employees. They organize information sessions on cybersecurity threats and trends that are detected within Proximus. They
have also performed several simulation exercises to assess Proximus’ ability to respond to cyberattacks and define actions for
improvement. They closely monitor the Internet to block cybercriminals’ attempts to abuse Proximus and its aliate brands.
Finally, the CSIRT extended its services to other enterprises, making 12 interventions against cyberattacks for enterprise
customers in 2024.
In the field of AI, Proximus Ada supports Proximus NXT and Codit in oering solutions on the Benelux market, encompassing
data foundations, AI algorithms and integration in a fully secured way. In parallel, Proximus Ada continued to develop and
enhance its AI models to improve Proximus Group’s operational eciency and customer experience.
Proximus Ada also led two societal projects in 2024 (with these having been initially launched in 2023) to help build trust in the
digital world. The first of these is the “Secure Public Digital Spaces” project: our cybersecurity experts oer their skills and
expertise free of charge to Brussels Digital Public Spaces (DPS) and associations. In these places, our experts provide information
and advice to users, who are often the most vulnerable and least digitally equipped citizens. They also deliver basic cybersecurity
training to DPS’ and associations’ employees and conduct security assessments of their infrastructure. Since the project’s
inception, nearly 20 DPS and associations have benefited from our services, and around 200 people attended our information
sessions. In the scope of our second societal project, Proximus Ada data scientists have continued to conduct AI awareness
sessions for students in secondary schools and for classes visiting the event “Digital Spring 2024”.
Driving innovation with 5G
5G is widely considered to be a key enabler of digital transformation in almost every industry, making it a significant long-term
growth driver for Proximus. We collaborate with partners to create advanced end-to-end solutions that add significant value for our
customers and benefit society.
We have, for instance, established several 5G innovation hubs in partnership with A6K and Fabriek Logistiek, Howest University
of Applied Sciences, and VIVES University of Applied Sciences. In these hubs, industry customers and partners develop and test
innovative 5G use cases across various domains, including industrial applications, construction, entertainment, transport & logistics,
and healthcare.
We successfully completed nine new proofs of concept, and commenced five pioneering 5G projects, which will be finalized in 2025.
Some examples of projects completed in 2024:
• AZ Groeninge: implemented the first private 5G network on a hospital campus, part of the H.E.A.L.T.H. (High-speed Enabled
Advanced Life-saving 5G Technological Hospital) project. It focuses on applications relating to remote care, clinical communication,
data and training. This includes testing 5G for robotic surgery, patient monitoring with biosensors, and smart alerts for nurses and
healthcare providers.
• Lusta 5G: deployed a 5G Mobile Private Network (MPN) in the “Port autonome” in Liege for remote crane operation and remote
shuttle control, supported by 5G high bandwidth and low latency. Partners include Novandi, Logistics in Wallonia, Multitel, Seafar
and EX9.
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Proximus Group Integrated annual report 202437
• Proximus Media House (PmH): set up a temporary 5G MPN to broadcast sports games in Waterloo and Waremme, demonstrating
5G flexibility for media broadcast.
• Groove: connected sensors to the 5G public network to measure air and sound quality in Durbuy and Charleroi, with data analyzed
and presented in a dashboard with user recommendations.
• Lens On Ghent: developed an augmented reality (AR) app with VisitGent, oering a historical tour of Ghent. The app uses
Proximus’ 5G network for an optimal user experience.
The innovative and socially relevant nature of these pilot projects, including the pioneering H.E.A.L.T.H. initiative, is recognized by the
stakeholders in the field, and is furthermore supported by public authorities.
Servicing corporate customers
We are committed to exceeding customer expectations in every interaction they have with us, whether in-person or digital.
A key driver of our success is our dedicated team of account, success and project managers, who build strong relationships with our
customers, fostering new ideas and partnerships. Our Executive Advisory Board, CEO dinners, and customer roundtables exemplify
our commitment to engaging at all levels to gather feedback and address key topics.
Over the past three years, we have significantly improved our customers’ digital journeys with user-friendly interfaces and dedicated
support models.
In 2024, we improved MyProximus Enterprise by increasing the availability, performance, incident resolution time and successful
transaction rate. We introduced new functionalities, so more and more customer interactions have a digital alternative. This shift
allows our agents to focus on more complex issues, increasing customer satisfaction in these cases as well.
We continued to migrate our Enterprise customers to ServiceNow for better incident and change management. This platform
simplifies customer assistance journeys. In 2024, we launched security and datacenter management capabilities in ServiceNow and
onboarded nearly all our ICT customers.
Finally, over the last few years we have been completely redesigning the “quote-to-bill” journey to oer a new contract-based
ordering experience that ensures speed, predictability, consistency and transparency. This project renews the IT tools used for quoting,
ordering and invoicing mobile, fixed and standard ICT solutions to our B2B customers. In 2024, we onboarded customers on mobile
solutions. The ongoing pilot for fixed and ICT solutions is showing promising results, with a commercial launch expected in early 2025.
Wholesale market
Proximus’ open network welcomes wholesale partners in a non-discriminatory way, fostering a level playing field between
competitors. Throughout the year, we gave our wholesale partners access to our fiber and 5G technology.
At the end of 2024, over 45 fiber partners and about 10 Mobile Virtual Network Operators (MVNO) use our networks. We have over
700 active roaming agreements, including Voice over LTE (4G), 5G and IoT coverage.
Mobile market
In 2024, Proximus Wholesale supported the launch of two new full MVNOs on the Belgian market: DIGI on the residential market and
CityMesh on the B2B market, with CityMesh transitioning from a light MVNO.
We also activated Dstny as a new light MVNO, an operator focusing on the B2B market with a convergent telco/IT value proposal.
Existing MVNO customers in both B2B and B2C continued their steady growth, relying on our superior mobile network.
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→ Domestic activities → International activities
Proximus Group Integrated annual report 202438
Roaming
We continued to implement VoLTE roaming agreements, with agreements having been entered into with 147 networks across 63
countries at the end of 2024.
Fixed market
Proximus fiber network is made available to other operators through regulated and commercial wholesale oers.
In 2024, Proximus Wholesale pre-launched e-access, a new type of commercial connectivity for B2B operators featuring a full
automated ordering process. A successful proof of concept was conducted with Colt.
Proximus Wholesale also prepared the expansion of its portfolio with a universal CPE oering, which can also be combined with
e-access. With a universal CPE, wholesale customers can enhance their oering and reduce operational costs, using Virtual Network
Functions (VNFs) such as SDWAN and security.
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→ Domestic activities → International activities
Proximus Group Integrated annual report 202439
Report on our activities
→ Domestic activities → International activities
International activities
Key trends in the digital communications market
Consumers expect companies to engage with them in a hyper-personalized, seamless, omni-channel and trustworthy way.
Hyper-personalized and interactive experiences: tailored interactions are a major driver of consumer preference, with 80% of
consumers being more likely to purchase from brands that provide personalized and two-way conversational experiences. Gen AI is
boosting these capabilities, enabling brands to deliver even more refined and engaging customer experiences.
Seamless interactions: with 71% of consumers expecting real-time, seamless communication, instant responses and feedback have
become essential. Customers want enterprises and brands to engage with them promptly across all touchpoints, creating a fluid and
responsive experience.
Shift to omni-channel communication: today’s consumers use a variety of channels – from messaging apps and social media to
email and SMS – and expect brands to be available and responsive across each one. They want a seamless, integrated experience that
allows them to switch between channels wherever they are, without losing context or quality. Brands that succeed in this build trust
and loyalty by putting customer preferences at the forefront of their communication strategy.
Heightened demand for secure digital communication: as online fraud and social engineering tactics become more sophisticated
with Gen AI, the demand for secure digital communication solutions is surging. With phishing and impersonation increasingly targeting
end-users, businesses are under pressure to protect digital identities and secure all of their communication channels.
As companies communicate more frequently with their customers, these trends highlight the growing need for advanced digital
communication solutions.
Becoming one of the global leaders in digital
communications
Proximus Global, integrating our 3 international brands
– BICS, Telesign and Route Mobile – under one umbrella,
encompasses the entire value chain of digital communication.
We connect customers globally, enable enterprises to engage
with end-users across a variety of channels, and protect
customers from fraud using digital identity. What makes us truly
unique is the fact that our services are mutually reinforcing,
providing our customers with a comprehensive product oering
through a holistic and integrated “Connect – Engage – Protect”
approach:
Having all services under one roof is a compelling benefit, taking
into account some of the key trends in the digital communication
market.
Connect
Engage Protect
Proximus Group Integrated annual report 202440
Connect
As the leading interoperability service provider, we connect with over 500 mobile operators directly, and work with hundreds of the
world’s enterprises, including the leading digital hyperscalers, to create a global “network of networks”.This enables telecom
operators to provide their customers with international voice calls, SMS and data roaming services worldwide, and allows enterprises
to ensure IoT and connected devices across borders and between operator and private networks.
In 2024, BICS carried 7.5 billion text messages and 17.8 billion voice minutes. Data trac carried across BICS’ networks increased by
45% compared to the previous year.
BICS’ mobility services securely connect people and devices anywhere in the world. In 2024, we handled around half of the world’s
data roaming trac, supporting 762 million roamers. Our anti-fraud solutions blocked 616 million robocall attempts and 48 million
attempts of Artificially Inflated Trac (AIT), and prevented 284 million smishing attacks.
Key projects for 2024:
• We partnered with ENGIE Vianeo to support smart EV charging stations by connecting them to the Internet of Things. This
solution provides real-time data, improving analytics and troubleshooting and enabling remote maintenance and better decision-
making.
• We launched the “Roaming SMS Translator” to ensure continuous service for travelers using 2G and 3G messaging technologies
while roaming abroad, even if local operators no longer support these networks. This solution prevents connectivity gaps that would
otherwise leave devices unconnected.
Engage
The number of touchpoints between enterprises and their customers has grown significantly, with each customer expecting
personalized interactions on their preferred channels.
Our Communications Platform as a Service (CPaaS) solutions strengthen connections between enterprises and their customers
by enabling seamless, personalized interactions across a wide array of communication channels, including SMS, email, WhatsApp,
RCS, chatbot, and other OTT platforms. We support enterprises, over-the-top (OTT) players and mobile network operators (MNOs)
in driving customer engagement and conversational commerce through consistent and personalized interactions on customer’s
preferred channel.
In 2024, we processed 140 billion billable transactions and we have direct connections to more than 280 MNOs and access to over
900 MNOs through our network of networks.
Key projects for 2024:
• Route Mobile became India’s largest WhatsApp ticketing enabler for the metro, serving over 7.5 million daily commuters. To
purchase tickets, commuters visit the ocial WhatsApp account of the respective metro, choose the stations, make the payment
and receive tickets directly through WhatsApp.
• Arm leverages Telesign’s phone number intelligence and risk signals to enhance user verification and fraud prevention,
resulting in higher sales conversions. In 2024, Arm expanded its SMS usage and entered new European markets, further
strengthening its commitment to secure and seamless financial services.
Protect
According to Telesign’s 2024 Trust Index, fraud victims in the US lost $8.8 billion in 2022. Beyond financial losses, fraud aects
customer loyalty, brand reputation, and trust, as consumers hold brands accountable for protecting their digital privacy.
Our robust identity verification solutions secure digital interactions, enabling businesses to build and maintain consumer trust at
every stage of the customer journey. At account creation and signup, we help detect bots and fake users, prevent abuse, verify identity
information, and reduce unnecessary Know Your Customer (KYC) expenses. At sign-in, we verify device possession with Multi-Factor-
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→ Domestic activities → International activities
Proximus Group Integrated annual report 202441
Authentication solutions and identify risk signals for Account Takeover attempts. During the account use, we help confirm and verify
identity for high value transactions and interactions. Finally, we help prevent communications fraud, such as spam, robocalling, and
phishing.
We serve eight of the world’s ten largest digital enterprises. Our solutions block more than 77 million fraudulent transactions per
month, such as fake account creations and artificially inflated trac (AIT) and protect more than 275 million accounts from takeovers
per year. In 2024, we verified more than 1.2 billion new accounts using Telesign’s global identity verification solutions.
Proximus Group’s synergies
Our international expansion strategy puts us in the right position to form key partnerships with major players in the IT and digital
sector, such as Microsoft and Infosys. This demonstrates our potential to evolve as a group.
• Microsoft partnership: Proximus Group and Microsoft have signed a five-year strategic partnership, allowing both companies to
strengthen their digital lead and accelerate their innovative oerings to business and residential customers, both within Belgium
and abroad. Microsoft will increase its use of the products of Proximus Global, while Proximus Domestic will accelerate its cloud
transformation, leveraging Microsoft Azure Cloud and all innovative AI & Data evolutions it enables.
• Infosys partnership: Proximus Group and Infosys announced a five-year strategic partnership focused on two areas. First, the
joint development of market solutions that combine Proximus Global’s digital communication solutions with Infosys’ digital services.
Second, the acceleration of our digital transformation in particular by optimizing the Proximus+ app and other digital channels, by
leveraging Infosys’ tech expertise.
Report on our activities
→ Domestic activities → International activities
Proximus Group Integrated annual report 202443
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, 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 collaborators is aware of the behaviors to follow and to avoid.
Therefore, Proximus adopted a Code of Conduct, applicable to all employees. 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 Sustainability Statement: “Business conduct”.
Board of Directors
The Board of Directors is composed of no more than fourteen members, including the person appointed as Chief Executive Ocer.
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 May 24 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 proposal of the Belgian State through the
Proximus Group Integrated annual report 202444
SFPIM. All other directors must be independent within the meaning of article 7:87 of the Belgian Code of Companies and 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
Name Gender* Age Position Term
Stefaan De Clerck M 73 Chairman 2013–2025
Guillaume Boutin
1
M 50 Chief Executive Ocer 2019–2028
Karel De Gucht M 71 Director 2015–2025
Béatrice de Mahieu F 52 Director 2022–2026
Audrey Hanard F 39 Director 2022–2026
Ibrahim Ouassari M 46 Director 2021–2025
Claire Tillekaerts F 68 Director 2022–2026
* F: Female / M: Male
1 By decision of the AGM of 17 April 2024, the mandate of Guillaume Boutin was extended until the AGM of 2028.
Members of the Board of Directors appointed by the General Shareholders’ Meeting
Name Gender* Age Position Term
Caroline Basyn
1
F 63 Independent Director 2024–2028
Cécile Coune F 62 Independent Director 2023–2027
Martin De Prycker M 70 Independent Director 2015–2027
Catherine Rutten F 56 Independent Director 2019–2027
Joachim Sonne
2
M 50 Independent Director 2019–2028
Catherine Vandenborre F 54 Independent Director 2014–2026
Luc Van den hove
2
M 65 Independent Director 2016–2028
* F: Female / M: Male
1 By decision of the AGM of 17 April 2024, Caroline Basyn was appointed until the AGM of 2028.
2 By decision of the AGM of 17 April 2024, the mandates of Joachim Sonne and Luc Van den hove were extended until the AGM of 2028.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202445
Attendance Board of Directors and Committee meetings
In 2024, 10 meetings of the Board of Directors were held, 6 meetings of the Audit & Compliance Committee, 6 of the Nomination &
Remuneration Committee, 2 of the Transformation & Innovation Committee and 2 of the International Committee.
Members of the Board of Directors appointed by the General Shareholders’ Meeting
Name Board (total 10) ACC (total 6) NRC (total 6) TIC (total 2) IC (total 2)
Stefaan De Clerck 10/10 6/6 6/6 2/2 2/2
Guillaume Boutin 10/10
Caroline Basyn
(1)
9/9 1/1
Cécile Coune 10/10 6/6 2/2
Karel De Gucht 10/10 6/6 2/2
Béatrice de Mahieu 10/10 2/2
Martin De Prycker 10/10 6/6 2/2
Audrey Hanard 10/10 2/2
Ibrahim Ouassari 10/10 2/2
Catherine Rutten 9/10 6/6
Joachim Sonne 10/10 6/6 2/2
Claire Tillekaerts 10/10 6/6 2/2
Catherine Vandenborre 9/10 6/6
Luc Van den hove 9/10 4/6 2/2
ACC: Audit & Compliance Committee; NRC: Nomination & Remuneration Committee; TIC: Transformation & Innovation Committee; IC: International
Committee
(1) Appointed on 17 April 2024.
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
Proximus is proud to have a gender parity between male (50%) and female (50%) within 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.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202446
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 five regularly scheduled meetings annually, in addition to one meeting dedicated to the
aliates.
The Board of Directors also discusses and evaluates the strategic long-term plan during an additional annual meeting.
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 Board Charter 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, 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 | Proximus Group).
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 within the Risk Management Committee.
The Audit & Compliance Committee meets at least once every quarter.
The members of the Audit & Compliance Committee (composed of non-executive members, of which two are female and three are
male) are Catherine Vandenborre (Chairwoman), Stefaan De Clerck, Karel De Gucht, Joachim Sonne, and Catherine Rutten.
Governance
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Proximus Group Integrated annual report 202447
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 as well as 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 on proposal of 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 (TIC) 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.
The Transformation & Innovation Committee is a permanent committee of the Board, discussing selected files that need preparatory
reflection and need to mature before being brought to the Board for a decision. The topics discussed at the Transformation &
Innovation Committee may be diverse and will evolve over time depending on the company’s needs. It could deal with matters
concerning, among others, technology, network, branding/marketing, sustainability, transformation, HR skills, and digitalization.
If appropriate, the Board of Directors can decide to establish a special ad hoc Committee to deal with a specific subject, which is
composed of members with the appropriate experience.
The members of the Transformation & Innovation Committee (composed of non-executive members, of which three are female and
three are male) are: Stefaan De Clerck (Chairman), Martin De Prycker, Ibrahim Ouassari, Cécile Coune, Béatrice de Mahieu and Audrey
Hanard.
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Proximus Group Integrated annual report 202448
International Committee
Given the strong evolution of the international pillar of Proximus, 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.
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 six non-executive members, of which two are female and four are male)
are: Stefaan De Clerck (Chairman), Karel De Gucht, Joachim Sonne, Luc Van den hove, Claire Tillekaerts and Caroline Basyn (as of 17
April 2024).
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 22 February 2024 to have a conflict of interest in connection with his performance evaluation for 2023, which
was an item on the agenda of that Board meeting.
In accordance with article 7:96 of the Code of Companies and Associations, the CEO, Guillaume Boutin, informed the Board of
Directors on 25 July 2024 to have a conflict of interest in connection with the renewal of his contract and remuneration package, which
was an item 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.
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Proximus Group Integrated annual report 202449
Evaluation of the Board
The Board evaluates its performance and interaction with the executive management at least every three years. The Board conducted
a new evaluation at the end of 2024, following a previous evaluation in 2021, in collaboration with external partner Guberna. The
Board members were invited to complete an extensive questionnaire, followed by an interview between Guberna and each individual
Board member. The Board members were asked for their opinion on corporate governance at Proximus. The evaluation focused
especially on the creation, scope, composition, and functioning of the committees. This evaluation by Guberna will be concluded in
2025.
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.
1 On February 7, 2025, before the closing of this annual report, the Proximus Group announced that its CEO, Guillaume Boutin, will be leaving the company
by mid-May 2025.
Leadership Squad
Chief Executive Ocer
In its meeting on 27 November 2019, the Board appointed Guillaume Boutin as the new CEO. 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.
Guillaume Boutin’s contract is a renewable six-year fixed-term contract that started on 1 December 2019 and which was renewed on
26 July 2024 for another term of six years, until 30 June 2030.
The AGM of 17 April 2024 extended his mandate as Board member until the AGM to be held in 2028
1
.
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 2024, the Leadership Squad, in addition to the CEO, was composed of the following members:
Name Gender Age Position
Jim Casteele M 53 Consumer Market Lead
Anne-Sophie Lotgering F 50 Enterprise IT Services & Segments Lead
Ben Appel M 49 Group Corporate Aairs Lead
Antonietta Mastroianni F 51 Digital & IT Lead
Mark Reid M 53 Group Finance Lead
Geert Standaert M 54 Network & Wholesale Lead
Renaud Tilmans M 56 Enterprise Telco Services & Operations Lead
Jan Van Acoleyen M 62 Group HR Lead
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Proximus Group Integrated annual report 202450
Diversity at the Leadership Squad
The diversity characteristics for the Leadership Squad can be visualized as follows:
Gender
22% women
78% men
Nationality
56% Belgian 22% French
11% Scottish
11% Italian
Board of Auditors
Composition
The Board of Auditors of the company is composed as follows:
• Deloitte Auditors SRL, represented by Koen Neijens, also Chairman of the Board of Auditors;
• 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 Koen Neijens 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 2025.
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 2024 financial year to two auditors, members of the Joint Auditors: Deloitte Auditors
SRL, and Luc Callaert SRL.
The Group spent an amount of EUR 1,611,075.97 during the year 2024 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 166,985.00 704,596.00
Tax advice 0.00 0.00
Other missions 25 7,1 20.00 482,374.97
TOTAL 424,105.00 1,186,970.97
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Proximus Group Integrated annual report 202451
In 2024 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.
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 Sustainability Statement:
“Business conduct”.
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.
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Proximus Group Integrated annual report 202452
Ethics, human rights and business conduct
A Code of Conduct with guiding principles, further elaborated in policies and procedures for all key topics, aim to inform employees and
stakeholders and guide daily behaviors. More information can be found in the Sustainability Statement: “Business conduct”.
In the financial reporting domain, general and more detailed accounting principles, guidelines, and instructions are summarized in
reference material available on the Proximus intranet site. In addition, the Corporate Accounting department regularly organizes
internal accounting seminars to update finance and non-finance sta on accounting policies and procedures.
Sustainability reporting roles and responsibilities
More information can be found in the Sustainability Statement: “General information”.
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 the 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 had 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, financial products, etc.) through seminars and self-study. Additionally, Finance sta attend general training sessions on
Proximus’ new business products and services.
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Proximus Group Integrated annual report 202453
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.
Proximus’ Internal Audit department conducts regular audits across the Group’s operations. More information can be found in the
Sustainability Statement: “Business conduct”.
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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Proximus Group Integrated annual report 202454
Remuneration of Board of
Directors and executive
management board
The remuneration policies of the Directors and of the Leadership Squad are inspired by current legislation, and by the Belgian
Corporate Governance Code 2020 (“the 2020 Corporate Governance Code”) as well as by the market practices and trends, but
also according to the Proximus context, its specific strategies and its ambition to participate in an inclusive, secure, sustainable and
prosperous digital Belgium.
Our company is taking particular care to provide relevant and transparent information on the general principles governing its
remuneration policy and the level of remuneration of the members of the Board of Directors and of the Leadership Squad. A slightly
adapted version of the Proximus Remuneration Policy has been approved during the General Meeting of Shareholders of Proximus
on 17 April 2024 and is available on the corporate website of Proximus (Remuneration policy | Proximus Group). A new version of the
Proximus Remuneration Policy will be submitted to the votes of the shareholders at the General Meeting of Shareholders of Proximus
on 14 April 2025.
Unless otherwise stated, all amounts in this remuneration report are presented as gross amounts. For employees this is the gross
salary (excl. employer’s social contribution) and for self-employed employees this is the gross remuneration (excluding VAT), unless
the amount of the tax benefit applies.
Remuneration of the members
of the Board of Directors
Structure of the remuneration of the members of the Board of Directors
The principle of continuity with the past has been maintained. The remuneration adopted by the General Assembly of 2004 has
remained applicable in 2024 and no substantial change of the policy is expected for the coming years.
The Board of Directors is composed of no more than fourteen members, including the Chief Executive Ocer (“the CEO”). The CEO is
the only executive member at the Board, all other members are non-executive Directors.
Since 2024, the CEO is not remunerated for the exercise of his mandate as member of the Board of Directors and of the Committees,
nor for any other mandate within the Group subsidiaries Boards of Directors.
The non-executive Directors are remunerated as follows:
• for the Chairman of the Board of Directors:
» an annual fixed compensation of EUR 50,000 granted pro rata temporis of the duration of the mandate;
» an attendance fee of EUR 10,000 per attended meeting of the Board of Directors;
» an attendance fee of EUR 2,500 per attended meeting as a member of an advisory committee of the Board of Directors. This fee
is doubled per attended meeting as chairman of this advisory committee;
» an annual fixed allowance of EUR 4,000 for communication costs;
» the use of a company car.
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Proximus Group Integrated annual report 202455
Governance
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• for the other members of the Board of Directors:
» an annual fixed compensation of EUR 25,000 granted pro rata temporis of the duration of the mandate;
» an attendance fee of EUR 5,000 per attended meeting of the Board of Directors;
» an attendance fee of EUR 2,500 per attended meeting as a member of an advisory committee of the Board of Directors. This fee
is doubled per attended meeting as chairman of this advisory committee;
» an annual fixed allowance of EUR 2,000 for communication costs.
Summarized as follows:
Chairman of
the Board of
Directors
Non-executive
Director
Annual fixed compensation €50,000 €25,000
Attendance fee to meetings
Board of Directors €10,000 €5,000
Committee as Chairman of the
Committee
€5,000 €5,000
Committee as member of the
Committee
€2,500 €2,500
Allowance for communication costs €4,000 €2,000
These amounts are paid semi-annually and are not subject to indexation.
For the performance of their Board mandates, the non-executive
Directors do not receive any variable performance-based remuneration,
nor do they receive benefits linked to complementary pension plans or
any other group insurance.
Although the 2020 Corporate Governance Code recommends that
non-executive board members should receive part of their remuneration
in the form of shares in the company, the company has decided not to
comply with this provision taking into account its specific shareholdership,
having the Belgian State as majority shareholder.
The Chairman of the Board of Directors is also Chairman of the Joint
Committee, the Pension Fund and Proximus ART. He is member of the
Board of ConnectImmo, our immo-aliate. He does not receive any fees
for these mandates.
Remuneration granted to the members of
the Board of Directors in 2024
The total amount of the remunerations granted in 2024 to all the
members of the Board of Directors, Chairman included, is amounting to
gross EUR 1,296,068.
Given the strong evolution of the international pillar of Proximus, the
Board of Directors decided at its meeting of 19 December 2023 to create
an International Committee as of 2024 with the purpose to ensure Board
oversight on all international activities of the Group.
Board of Directors
Meetings Attendance rate
10 98%
Audit & Compliance Committee
Meetings Attendance rate
6 100%
Transformation & Innovation Committee
Meetings Attendance rate
2 100%
Nomination & Remuneration Committee
Meetings Attendance rate
6 93%
International Committee
Meetings Attendance rate
2 100%
Proximus Group Integrated annual report 202456
The overview of the individual gross amounts paid out to the Directors in 2024, based on their activities and attendance to Board and
Committee meetings, is presented in the following table.
Remuneration granted to the members of the Board of Directors in 2024
Directors Annual fix compensation Attendance fees
1
Allowance
2
TOTAL 2024
Caroline Basyn
3
€17,6 91 €47, 50 0 €1,415 €66,607
Cécile Coune €25,000 €70,000 €2,000 €97,000
Stefaan De Clerck €50,000 €165,000 €7,461 €222,461
Guillaume Boutin
Karel De Gucht €25,000 €70,000 €2,000 €97,000
Béatrice de Mahieu €25,000 €55,000 €2,000 €82,000
Martin De Prycker €25,000 €70,000 €2,000 €97,000
Audrey Hanard €25,000 €55,000 €2,000 €82,000
Ibrahim Ouassari €25,000 €55,000 €2,000 €82,000
Catherine Rutten €25,000 €60,000 €2,000 €87,000
Joachim Sonne4 €25,000 €70,000 €2,000 €97,000
Claire Tillekaerts €25,000 €70,000 €2,000 €97,000
Catherine Vandenborre €25,000 €75,000 €2,000 €102,000
Luc Van den hove
4
€25,000 €60,000 €2,000 €87,000
TOTAL €342,691 €922,500 €30,877 €1,296,068
1 Extraordinary remunerated Board meetings on 20 June, 31 July and 21 November 2024. New Committee (International Committee) as of 2024.
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 €3,461 in 2024.
3 Appointed on 17 April 2024
4 Mandate renewed on 17 April 2024
The following table gives an overview of the remuneration granted over the last 5 years to members of the Board of Directors,
Chairman included. The year-over-year variance is solely due to the number of board and committee meetings held per calendar year
and the attendance or absence of members at these meetings.
Remuneration granted to the members of the Board of Directors over 5 years
Total 2020 Total 2021 Total 2022 Total 202 3 TOTAL 2024
€1,231,116 €1,192,366 €98 7,7 23 €1,491,432 €1,296,068
year-over-year variance -3.1% -17. 2% +51.0% -13.1%
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Proximus Group Integrated annual report 202457
Global Rewards Program – general vision
As provider of digital services and communication solutions, our company is operating in a complex, dynamic and constantly changing
environment, on a highly competitive and rapidly evolving Belgian and international telecom market.
To achieve our transformation, ambitions and objectives, and so ensure the long-term sustainability of our Group, we need qualified,
talented and highly committed employees and managers, working in close cooperation, building resilience and promoting our culture
and values. We indeed consider the promotion of our Think possible culture as key to realize our strategy. Think possible is first and
foremost a mindset that makes us see opportunities everywhere. It is also a set of principles and behaviours that guide us in finding the
best solutions for our customers.
It is therefore critical to have a competitive and market attractive Global Rewards Program for both the Leadership Squad members
and all other members of the Top Management, as well as for the entire workforce. The competitiveness of our Global Rewards
Program is regularly assessed by using the services of a human capital and employee benefits consulting company.
Our company has innovative, competitive and market attractive remuneration policies and practices that are regularly assessed and
updated through close cooperation with universities, salary benchmark reports from specialized companies and external human
resources fora. The practices used for the remuneration of our employees – wages and working conditions included – are based on
the principles of non-discrimination and fairness and are defined in a process of dialogue with the Board of Directors and with the
social partners.
In view of its history as a company under public law, our company presents certain dierences, in its dynamics and structure, compared
to the private sector. These dierences have had a considerable influence on the evolution of its remuneration policy. Our human
resources department has thus developed creative and modular programs to meet our obligations related to the statutory nature of
the employment of certain sta members and has introduced new elements that have made it possible to harmonize policies between
statutory and contractual sta members.
The main objectives of our Global Rewards Program are as follows:
• to drive performance that generates long-term profitable growth and create long-term value for our Group as a reference operator;
• to stimulate empowerment to meet our commitment to participate in the creation of an inclusive, safe, sustainable and prosperous
digital Belgium;
• to oer a fair and equitable remuneration to our sta (both to civil servants and to the contractual employees), and competitive on
the market;
• to recognize and reward high performance in line with our company values and our culture Think Possible;
• to link pay to both individual performance and the overall success of our company in order to reinforce the alignment with the
business strategy and successful execution;
• to enable our company to attract and retain market’s talents at all levels, oering them to live intuitive and meaningful experiences,
to create a place of work where these talents can be the best version of themselves and to get them ready to win our company’s
challenges of today and tomorrow;
• to combine the needs and responsibilities of employees and their families with those of the company and society at large.
Our company also maintains – and modernizes – additional motivational instruments, such as work- life benefits (e.g. hospitalisation
and homeworking facilities), social assistance and wellbeing initiatives oered to all employees, Leadership Squad members included.
Our priority is to work on the basis of remuneration practices that prepare the future and support the promise made to our employees
to empower them to take accountability, to achieve our company’s ambition and strategic objectives and to make them proud of the
successes we achieve together.
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Proximus Group Integrated annual report 202458
Remuneration of the members
of the Leadership Squad
Decision-making process
The remuneration program of the Leadership Squad and the individual remuneration packages are set by the Board of Directors upon
recommendations from the Nomination & Remuneration Committee. The individual remuneration packages are defined according to
the individual responsibilities, sustained performance, critical skills and market practices. The Board of Directors always makes sure
that the remuneration policies for the Leadership Squad are consistent with our company’s overall remuneration framework.
Competitiveness of the remuneration of the Leadership Squad
The remuneration policies and practices applicable to the Leadership Squad are aimed to attract and retain talented executives,
reward them competitively and at rates that are attractive in the market, promote sustainable value creation, align the interests of
management and shareholders and comply with the governance rules applicable in Belgium. Although the 2020 Belgian Corporate
Governance Code recommends that the Board should set a minimum threshold of shares to be held by the members of the Leadership
Squad, the company did decide in the past not to comply with this provision taking into account its specific shareholdership, having the
Belgian State as majority shareholder. Nevertheless, in view of our Group’s increasing internationalization, our company is considering
introducing share-based compensation in the future, and did it exceptionally in 2024 for the CEO, which enables a better compliance
with the Belgian Corporate Governance Code.
To achieve its transformation, ambitions and objectives, and thus ensure the long-term sustainability of the Group, our company
intends to attract and retain qualified, talented and committed leaders for its Leadership Squad. We want to recognize clear role
models, who deliver a high level of performance and promote our culture and values.
Like the rest of the top management of our company, the members of the Leadership Squad benefit from dedicated reward programs
which focus on the principles of our strategy to consistently reward high performance of individuals and of the company. A significant
part of their total remuneration is variable, based on stringent quantitative and qualitative performance criteria, and is driven by our
company’s objectives in terms of performance and growth and by our company’s commitment to contribute to an inclusive, safe,
sustainable and prosperous digital Belgium. This way, our company wants to encourage them to deliver a long-term, sustainable
profitable growth, in line with our Group’s strategy and the expectations of our shareholders.
The market positioning of these remuneration packages is reviewed on a regular basis by benchmarking the remuneration of the
members of our Leadership Squad against both the BEL 20 companies (financial sector excluded) and a set of peer companies in
the European Telecommunications and ICT sector. This analysis is carried out by specialized and independent external consultants.
This analysis aims to ensure that the global remuneration of each member of the Leadership Squad remains adequate, reflecting
the complexity inherent in his/her role, fair and in line with market practices and consistent with the evolution of both his/her
responsibilities and the market situation of the Proximus Group in terms of size, scope of activities and financial results. As a company,
we ambition to position ourselves on the market median, which is our reference.
To distinguish ourselves from other employers, our company seeks to dierentiate in the total package oered, by providing not only
a cash remuneration but also other benefits. A limited degree of freedom is also left to the top management, the CEO and the other
members of the Leadership Squad included, with regard to the choice of the pay-out means of their variable compensation.
Unless otherwise stated, all the amounts mentioned in this report are gross amounts before employer’s social contribution.
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Remuneration structure of the Leadership Squad
The remuneration of the members of the Leadership Squad is built upon the following components:
Fixed remuneration
Short-term variable remuneration
Deferred share-based remuneration
Other long-term variable remuneration
Group insurance premiums
Other benefits
One-o and exceptional bonuses
Current variable remuneration policy is aligned for all Leadership Squad members, CEO included. The target percentage of both
the short and long-term variable remuneration amounts to 40% of the fixed remuneration, meaning that half of the CEO’s variable
remuneration is long-term, deferred over a 3-year period. This way, our company fully complies with the Article 7.91 of the 2020
Belgian Code on Corporate Governance, which stipulates that at least 50% of the variable remuneration should be deferred. For the
CEO, the percentages of variable remuneration are only applicable on the annual fixed remuneration perceived for his responsibilities
within Proximus.
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 2024)
CEO
Other Leadership
Squad members
59% 14% 14% 5% 8%
46% 19% 19% 11% 5%
The CEO has been oered the opportunity to receive up to 75,000 Proximus shares on 31 July 2024 by the Board of Directors of
Proximus, a one-time special success fee aiming to reward the dierent milestones, realized in the development, preparation and
execution of the international strategy of the Proximus Group. The CEO did accept the total number of shares, and therefore paid the
personal income tax due. These shares are subject to a blocking period of three years. Given the unique and exceptional nature of this
opportunity, it is not included in the chart related to on-target remuneration.
The other members of the Leadership Squad do not receive any remuneration in the form of Proximus shares or Proximus stock
options. But in view of our Group’s increasing internationalization, our company is considering introducing share-based compensation
as part of the Remuneration Policy which would enable a better compliance with the Belgian Corporate Governance Code.
Fixed remuneration
The fixed remuneration consists of a fixed salary earned by the CEO and by the other members of the Leadership Squad for the
reported year in such respective roles. This remuneration is defined by the nature and the specificities of the function and by the
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level of individual skills and experience, considering market practices. This remuneration is allocated regardless of the results and is
contractually subject to the consumer price index
1
.
The fixed remuneration of the CEO is set by the Board of Directors at the beginning of his six-year mandate for the duration of his
mandate. In order to ensure strategic continuity, an amendment to current management services agreement of the CEO has been
signed in 2024 further to the decision taken by the Board of Directors to already renew the CEO’s mandate for a new term of six
years as from July 2024, ending on June 30, 2030. As announced early February 2025, Guillaume Boutin has decided to leave the
Proximus Group by mid-May 2025.
The prolongation came with some modifications to the remuneration package of the CEO. His basic existing remuneration package
remains unchanged. However, the additional remuneration Guillaume Boutin receives for his international responsibilities has been
adapted to reflect the evolving international activities of the Group and the broader scope of his function as CEO of Proximus Global,
encompassing the responsibilities over BICS, Telesign and Route Mobile.
This additional remuneration has been fixed at EUR 400,000 gross per year as of 2024 and is contractually subject to the consumer
price index and replaces the fees paid to Guillaume Boutin by Telesign US until end 2023 for his mandate as Chairman of the Board of
Directors of Telesign US. This amendment also foresees a possible variable remuneration in case such variable remuneration would be
introduced for the Proximus Global management team.
Fixed remuneration in kEUR before employer’s social contribution over 5 years
As for the CEO, the increase from 2023 to 2024 is due to the additional annual gross compensation granted in the frame of the
amendment to his current management services agreement (see more info in the second paragraph above) for his mandate as CEO
of Proximus Global of 400,000 EUR as from 2024, as per Board decision. The evolution is also due to the two indexes which had to
be applied in 2023 and one index in 2024. Indeed, Proximus follows the public sector indexation system. In practice, this means that
as soon as the pivot index is exceeded, salaries are automatically increased by 2% two months after the index is exceeded.
As for the other members of the Leadership Squad, the increase from 2023 to 2024 is also mainly due to the two indexes of
2023 and one index in 2024.
In 2022 and 2023, fees were paid by Telesign US to Guillaume Boutin for his mandate as Chairman of the Board of Directors
of Telesign US, amounting to 75,000 USD, as is common practice in the United States. These fees were not included in the
fixed remuneration reported in the Remuneration Reports of 2022 and 2023, which focused on the compensation items
related to Proximus S.A. These fees are not granted to Guillaume Boutin anymore as of 2024 given his additional annual gross
compensation as CEO of Proximus Global.
1,010
3,368
2020 2021 2022 2023 2024
CEO
Other Leadership Squad members
507
513
549
587
2,166
2,535
3,056
3,341
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
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Global
Proximus
405
605
Proximus Group Integrated annual report 202461
The fixed remuneration of the Leadership Squad members others than the CEO is regularly assessed by the Nomination &
Remuneration Committee, based on an extensive review of sustained performance and assessment of potential of each member
provided by the CEO, as well as on external benchmarking data on market practices. Thereby, the evolution of the fixed remuneration
depends on the competency level of the Leadership Squad member, of his or her sustained performance level, of the evolution of his
or her responsibilities, as well as of the evolution of the market. Possible adjustments are always submitted to the Board of Directors
for approval.
Short-term variable remuneration
Purpose and components of the short-term variable remuneration
The members of the Leadership Squad, CEO included, receive a target short-term variable remuneration expressed as a percentage
of the annual fixed remuneration. This target percentage is identical for all Leadership Squad members, CEO included, and amounts
to 40% of the fixed remuneration. For the CEO, this percentage is only applicable on the annual fixed remuneration perceived for his
responsibilities with Proximus SA.
Our short-term variable remuneration system has been designed to support the strategy and the values of our Group and to enhance
a performance-based management culture.
Our company indeed considers close collaboration of all employees to be imperative. All eorts need to be focused and aligned
towards the Group’s ambition to be successful and ensure its sustainability.
The Group results are therefore highly impacting (for 60%) the short-term variable remuneration of the members of the Leadership
Squad, on top of the individual performance (for 40%), and this in line with our company values.
Group performance – Key Performance Indicators (KPIs)
The short-term annual variable remuneration is for 60% based on the Group’s performance against a set of Key Performance
Indicators (KPIs), that are, on a yearly basis, defined by the Board of Directors upon recommendation from the Nomination &
Remuneration Committee. These KPIs are the so called STI KPIs (Short Term Incentives KPIs). They focus on our domestic market
(Belgium, The Netherlands and Luxembourg).
The amounts of short-term variable remuneration mentioned in the current report are the ones paid out to the Leadership Squad
members in the course of 2024 and are thus related to the results of the Group KPIs of the 2023 performance year.
Our 3-year strategic cycle “Bold 2025” comprises a set of 6 strategic pillars, approved by the Board of Directors and applicable to the
performance year 2023:
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2023 Proximus strategic pillars
Act for an inclusive society and
be sustainable in everything we do
Delight customers with unrivalled
experience
Grow profitably, locally and
globally, through strong brands
We deliver great value for
our stakeholders
Foster an engaging culture and
empowering ways of working
Roll out #1 gigabit network for
Belgium
Engineer technology assets to
enable digital ecosystems
through exceptional
strengths
15% 25%
15% 10%
25% 10%
Each strategic pillar has a weight in the overall STI framework, in line with its relative importance for the Group, and has a number of
clearly identified, specific, measurable and actionable KPIs associated with it. These KPIs are either of a financial, a non-financial or a
mixed nature.
For the sake of confidentiality, the STI KPIs are only reported a posteriori in this report.
The high ESG (Environmental, Social and Governance) ambitions of our Group are reflected in our STI KPIs. The chosen KPIs
show our company’s commitment to contribute to a more green, circular and safe society. Over the last years, the weight of the ESG
and company culture related KPIs in the overall STI framework has been increased, up to 25% for the performance year 2023 in order
to reflect the more prominent role we wish to play in society.
A detailed definition for each of the STI KPIs can be found in the following table.
Strategic pillar 2023 KPI nature STI KPI
2023
Weight KPI Definition
Profitable Growth
Financial Domestic Revenue 5%
Top line revenue generated from the domestic business
operations.
Financial Domestic EBITDA 10%
Underlying EBITDA generated by the domestic business
operations.
Non-Financial
Broadband & Postpaid
GG & Churn
5%
Gross gains and churn volumes of broadband and mobile
postpaid equilines (all segments).
Financial Indirect OpEx 5%
Indirect OpEx spent in the observed year. Defined as the
total domestic OpEx minus the direct domestic OpEx.
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Delight Customers
Non-Financial NPS 7.5%
Net Promoter Score, computed as the weighted average of
NPS results per customer segment.
Non-Financial CES Fiber 2.5%
Customer Eort Score Fiber, including migrations from
copper to fiber and new fiber customers. Proximus brand
only, excluding Scarlet and Mobile Vikings.
Non-Financial Proximus Apps Users 5%
Monthly number of unique active users of the MyProximus
and Proximus+ Apps.
Green & Digital Society
Non-Financial Green 8%
This KPI consists of 2 sub-KPIs:
1. CO2 Emissions (5%): direct and up- & downstream
CO2 emissions related to Proximus’ business activities.
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-KPIs:
1. Cyber Security Resilience (5%): a measure of our
business resilience against cyber security threats/
attacks.
2. Digital Inclusion (2%): number of people that have
been trained through digital inclusion projects 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 in the observed year.
Including deployment from Proximus itself and its Joint
Ventures partners.
Non-Financial Fiber Filling Rate 10%
Ratio between the Park of Activate Fiber Homes and the
Park of Homes Passed that are eligible for Fiber Activation.
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-KPIs:
1. Digital Sales (4%): digital penetration of our fixed
internet, TV 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.
Organization & Culture
Non-Financial Employees 10%
Measure of our employees’ engagement, agility,
empowerment, accountability and strategic alignment with
respect to our company.
Total 100%
Measuring methodology: we all go the extra smile!
For each performance indicator, an end-of-year target has been defined, as well as a pay-out interval with a minimum (Min) and a
maximum (Max) threshold. The targets and thresholds have been defined in such a way that they stimulate the teams to go the extra
(s)mile whilst remaining realistic and achievable. For a KPI that meets its end-of-year target, the short-term variable remuneration
pay-out (“Multiplier”) is at 100% of its target level. In case of overperformance versus target at year end, the Multiplier linearly grows
to a maximum of 200% beyond which it is capped, whilst it linearly decreases to 0% in case of underperformance versus target at
year end.
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The EBITDA and the Indirect OpEx are determined based on audited financial figures, adjusted to obtain underlying financial figures
after exclusion of incidentals. Also CO2 results are submitted to an external audit. Non-financial indicators are measured by internal
experts and external agencies specialized in market and customer intelligence.
The achievements of these KPIs are regularly followed-up at the Leadership Squad and are discussed at the Remuneration
Committee and at the Board of Directors.
Individual performance
The individual performance is taken into account for 40% in the short-term variable remuneration.
On top of the Group results, the individual performance is annually evaluated in the course of the first quarter following the end of
the financial year by the Board of Directors. This evaluation is based on the recommendations made by the Chairman of the Board of
Directors for the CEO performance and by the CEO for the other members of the Leadership Squad.
Throughout each performance period, the achievements of the on-going year are regularly measured and discussed. The final
evaluation takes into account the realizations versus predefined measurable individual objectives as well as the achievements of the
Leadership Squad members in their leadership role and their active role in the promotion of our company culture and values.
These individual objectives are set every year in line with the specific role and responsibilities of each Leadership Squad member and
need to reflect our long-term corporate strategy which is cascaded within the company and included in the individual objectives as to
enable our Group to fulfil its ambitions.
ESG-related metrics are part of the individual annual targets, such as climate change KPIs (aiming to reduce our environmental
footprint, that of our customers and that of our suppliers), a positive influence on (digital) society, governance KPIs or parameters
with a social responsibility dimension. Our company wants to encourage permanent awareness and climate-friendly behavior and
management.
We are committed to stimulate high and sustainable levels of performance in a spirit of innovation, collaboration, agility and personal
development.
Upon final evaluation, the Board of Directors will not only take into consideration the individual dierentiation between the members
of the Leadership Squad in terms of performance and talent but will also ensure that the total amount allocated for individual
performance is in line with the results at Group level, in order to consolidate the interdependence between the individual contribution
and the company’s performance.
Short-term variable remuneration allocation
As mentioned above, the amount eectively paid to the CEO and to the other members of the Leadership Squad varies according to
the Group results (for 60%) and to the evaluation of the individual performances (for 40%) by the Board of Directors.
2023 performance year Objectives of the Short-term variable remuneration Weight % weight
CEO and other members of
the Leadership Squad
Group KPI Profitable Growth 15% 25%
Delight Customers 9% 15%
Green & Digital Society 9% 15%
Gigabit Network 15% 25%
Technology Assets 6% 10%
Organization & Culture 6% 10%
Personal objectives 40%
Total target 100% 100%
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In case of objectives realization at 100%, the CEO or the other members of the Leadership Squad gets 100% of his or her short-
term variable remuneration target amount. In case of excellent performance at Group and individual level, the short-term variable
remuneration can go above the 100% of the target amount, with a cap at 200%, according to a linear allocation curve. Conversely,
this percentage can drop down to 0% in case of severe underperformance.
The Board of Directors ensures that the amount allocated for individual performance is consistent with
the company’s performance.
However, there is no overall ceiling directly linked to the Group KPI results for the total individual short-term variable remuneration
allocated to the Leadership Squad members others than the CEO. Allocations are made individually on the basis of actual
performance against individual targets, in line with market practice for this level of responsibility.
One of the principles of our company’s remuneration policy is the degree of freedom for the top management, the CEO and the other
members of the Leadership Squad included, with regard to the choice of pay out means of their variable remuneration. They therefore
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 the limits of the relevant regulations.
Short-term variable remuneration in kEUR before employer’s social contribution over 5 years
In 2024, a short-term variable remuneration has been allocated to the CEO for a total amount of gross EUR 329,604. The increase
noticed in 2024 is mainly due to the variation in the Group KPI result but is also due to the 2 indexations applied on the fixed
remuneration in 2023. The amount reported for 2020 included the amount paid to the current CEO, Mr. Boutin (EUR 18,833 gross)
but also included the amount (EUR 440,000 gross) paid out to former CEO, Mrs. Leroy, for her performance years 2017 to 2019.
The total short-term variable remuneration eectively allocated in 2024 to the other members of the Leadership Squad (2023
performance year) amounts to gross EUR 2,001,657. As for the CEO, the increase noticed in 2024 is mainly due to the variation in
the Group KPI result but is also due to the 2 indexations applied on the fixed remuneration in 2023 and is also resulting from the
changes in the composition of the Leadership Squad over in 2023 and from the fact that there is no longer an overall ceiling directly
linked to the Group KPI results for the total individual short-term variable remuneration (as explained above). The other year-to-
year variations are mainly due to the same reasons.
2020 2021 2022 2023 2024
CEO
Other Leadership Squad members
1,756
1,403
1,124
1,807
302
276
266
459
2,002
330
Deferred share-based remuneration
As mentioned earlier in this document, the Board of Directors decided in July 2024 to grant a one-time special success fee of 75,000
shares (subject to Belgian personal income taxes) to the CEO to reward the dierent milestones realized in the development,
preparation and execution of the international strategy of the Proximus Group. Such a remuneration in shares for top executives is
recommended by the Belgian Corporate Governance Code 2020 and standard practice in the international business landscape. It
was also a clear demand from shareholders at the latest General Shareholders Meeting. It clearly demonstrates the engagement and
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commitment of Guillaume Boutin to drive further growth and the concrete execution of the developed strategy. It proves the shared
belief of the Board of Directors and the CEO in the future of the company and its sustainable capacity to create future value.
These 75,000 shares – with voting and dividends rights – were granted at closing share price of 31 July 2024 and are subject to a
blocking period of three years.
The CEO did accept the 75,000 number of shares. The amount reported in current Remuneration Report, i.e. EUR 431,250 gross, is
the amount of benefit in kind on which the personal income tax due as per Belgian legislation has been paid by the CEO.
The deferred nature of this exceptional reward – through the 3-year vesting period, ending on 31 July 2027 – motivates the CEO to
drive long-term value creation by aligning his interests with the long-term strategic goals of the company.
The other members of the Leadership Squad did not receive any Proximus shares in 2024, nor over the last 5 years.
The CEO and the other members of the Leadership Squad did not receive any Proximus stock options over the last 5 years neither. But
our company will ask the introduction of share-based compensation as of 2025 during the General Assembly of April 2025, which
would also enable a better compliance with the Belgian Corporate Governance Code. This share-based compensation would count for
50% of the long-term variable remuneration (see hereafter) while the long-term Performance Value Plan would remain counting for
the other 50% of the long-term variable remuneration.
Features of the one-time deferred share-based remuneration granted to the 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
Vesting date
End of retention period
Shares held at the
beginning of the year
Shares awarded
Shares vested
Shares subject to
performance conditions
Shares awarded and
unvested at year end
Shares subject to a
retention period
CEO 2024 2024-2027 31/07/2024 1/08/2027 31/07/2024
0
shares
75,000
shares
0
shares
0
shares
75,000
shares
0
shares
Other long-term variable remuneration
Defurred bonus over 3 years
Purpose and components of this long-term variable remuneration
Our company wants to encourage its Leadership Squad, as well as the other members of its top management, to generate sustainable
and profitable performance and growth over the long term, in line with our strategy at Group level, our societal ambitions and the
expectations of our shareholders and all our other stakeholders.
To achieve this ambition, the remuneration policy of our Leadership Squad, CEO included, significantly links their variable
remuneration to our Group’s long-term financial and non-financial strategic objectives through a long-term variable remuneration.
Long-term variable remuneration allocation
The members of the Leadership Squad, CEO included, receive a target long-term variable remuneration expressed in a percentage
of the fixed remuneration. This target percentage is the same as the percentage of their target short-term variable remuneration, i.e.
40% of the annual fixed remuneration.
This means that half of the CEO’s variable remuneration is long-term, deferred over a 3-year period. This way, our company fully
complies with the Article 7.91 of the 2020 Belgian Code on Corporate Governance, which stipulates that at least 50% of the variable
remuneration should be deferred.
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The long-term variable remuneration is allocated to the members of the Leadership Squad by the Board of Directors upon
recommendations made by the Nomination & Remuneration Committee. The long-term incentives plan currently in place is a long-
term Performance Value Plan, which has been adopted by our company in 2013 and has been reviewed in 2019 and 2022.
Long-term Performance Value Plan
The long-term incentive plan oered by our company to its executives is currently set up as a Performance Value Plan. Under this
Performance Value Plan, targets are defined and fixed for the next 3 years and as a result, the awards granted are blocked for a period
of 3 years. The amount actually paid after vesting, will depend on a final multiplier as described below.
This plan has been designed to keep the long-term variable remuneration of the executives balanced and attractive while maximizing
Proximus Group’s long-term value by aligning the interests of Proximus Group’s executives with Proximus Group’s shareholders
and stakeholders. It aims to ensure that the actions and initiatives taken by the executives are guided by long-term and sustainable
interests. Therefore, this remuneration clearly constitutes a long-term incentive.
Leadership Squad members who would put an end to their employment relationship with our company before the end of the blocking
period would lose the awards granted. This rule also applies in case the company puts an end to an employment relationship for
serious cause on the part of a member of the Leadership Squad.
Long-term Performance Value Plan Key Performance Indicators
Just like the STI KPIs, the Key Performance Indicators used in the frame of the Long-term Performance Value Plan – the so called LTI
KPIs – are also related to the strategic goals of our Group and enable us to assess the progresses of our Group towards our societal
ambitions, strategy and sustainability on the long term.
We keep the future in mind
In order to reflect the high ESG (Environmental, Social and Governance) ambitions of our Group in our LTI KPIs as well, a fourth KPI,
specifically related to ESG matters, has been added to the original ones since 2022. This way, encouraging ESG innovation, we want to
increase the focus on our eorts to evolve towards a more sustainable society. This ESG KPI will be reviewed over the years in line with
our ESG concerns and long-term commitment to contribute to the necessary changes.
If the introduction of share-based compensation as of 2025 is accepted by the shareholders during the General Assembly of April
2025, this share-based compensation would count for 50% of the long-term variable remuneration while the long-term Performance
Value Plan would remain counting for the other 50% of the long-term variable remuneration. In our ongoing commitment to
sustainability performance and responsible business practices, we would then update the Key Performance Indicators of our
Performance Value Plan by only keeping two kinds of KPIs: reputation and ESG portfolio. By concentrating on just two KPIs, we can
ensure a sharper focus and will drive the behaviors and outcomes on the areas that are most critical to our long-term success and
positive societal impact.
In 2024, 4 KPIs have been defined which enhance the sense of long-term and sustainable business vision among Proximus Group’s
senior management and support Proximus in delivering sustainable Free Cash Flow and improving our brand perception and
reputation:
• 2 financial KPIs: the Total Shareholder Return of Proximus and the Group Free Cash Flow
• 2 non-financial KPIs: the Reputation index of Proximus and an ESG (Environmental, Social and Governance) KPI
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2024
Long-term variable remuneration
Key Performance Indicators
Total shareholder
return
25%
Proximus’
reputation
25%
Free cash flow
25%
ESG KPI
25%
The KPIs have been given dierent weights in the overall Long-term Performance Value Plan framework, in line with their relative
importance in terms of long-term sustainability of the Group. The weight of each KPI has been reviewed with the introduction of the
ESG KPI as 4
th
KPI. A detailed definition for each of the KPIs, as well as their weight factors, can be found in the following table.
LTI KPI Weight KPI definition and measurement
Total shareholder
return
25% This criterium reflects Proximus’ long-term competitivity on the European telecom market by measuring
its position against a representative basket of comparable European companies with respect to their Total
Shareholder Return.
The Total Shareholder Return being defined as the combination of share price appreciation and the
dividends paid to show the total return to the shareholder.
Current basket of European companies is the following: Deutsche Telekom, Orange, KPN, BT, Swisscom,
Telefonica, Telecom Italia, Telenor, TeliaSonera and OTE.
This KPI is measured annually, per calendar year, and the annual result is expressed as a percentage
between 0 and 175, depending on the ranking of Proximus within the peer group.
Group free cash flow
25% The Group Free Cash Flow KPI will measure Proximus’ healthy financial evolution over the years. Group
Free Cash Flow targets are defined by Proximus’ Board of Directors in line with the 3-year plan. This KPI is
assessed annually against the objectives set and the annual result is expressed as a percentage between 0
and 175.
Proximus’ reputation
25% The Reputation Index is a holistic, measurable and actionable KPI enabling Proximus to fully integrate the
concept of reputation into its long-term strategy. It measures the perception about “the company behind
the brand” among a representative sample of the general public, (co-) responsible for telecom decisions in
their household.
A third-party company reports the annual results which are expressed as a percentage between 0 and 175.
ESG KPI
25% This ESG KPI reflects the high ambitions of Proximus to evolve towards a more sustainable society. The
KPI currently covers the companywide CO2 emissions reduction as well as a gender equality metric, but
additional ESG metrics could be considered to enrich the ESG KPI, in line with Proximus societal ambitions,
strategy and sustainability on the long term.
For the Reputation, the ESG KPI and the Group Free Cash Flow, targets and thresholds are defined in such a way that they stimulate
the teams to go the extra (s)mile whilst remaining realistic and achievable on the long-term.
Each year, an annual result is calculated on the basis of the weighted average of the 4 above-mentioned performance criteria. After
the blocking period of 3 years, the Performance Values vest and the Performance Values are then paid to the beneficiaries according
to the final multiplier, being the average of the three yearly multipliers.
In case of final multiplier at 100%, the executives get 100% of the long -term variable remuneration originally granted to them. In
case of sustained excellent Group performance over this 3-year period, the final multiplier for the long-term variable remuneration
can go above the 100%, with a cap at 175%. Conversely, this percentage can drop down to 0% in case of severe underperformance.
The payment of the Performance Values is made through a cash bonus.
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Proximus Group Integrated annual report 202469
Long-term variable remuneration granted in kEUR before employer’s social contribution over 5 years
Given Mr. Boutin started his CEO mandate in December 2019, only the long-term variable remuneration allocated to him in the
course of 2020 for one month performance in his CEO role is included in the reported granted amount for 2020. In 2024, a long-
term variable remuneration has been granted to the CEO for a total amount of gross EUR 230,190.
The total long-term variable remuneration eectively granted to the members of the Leadership Squad others than the CEO was
amounting to gross EUR 1,324,130 in 2024 and to gross EUR 1,282,784 in 2023.
The year-to-year variations for the CEO and the other members of the Leadership Squad are mainly resulting from the two
indexations applied on the fixed remuneration in 2023.
2020 2021 2022 2023 2024
CEO
Other Leadership Squad members
916
1,098
1,154
1,283
19
204
205
230
1,324
239
Group insurance premiums
Complementary pension
The CEO participates in a complementary pension scheme entirely financed by Proximus which foresees an annual defined
contribution calculated as a percentage of the fixed remuneration. This percentage amounts to 10%, only calculated on the fixed
remuneration related to his role as CEO of Proximus.
Formula for complementary pension of the CEO = 10% * W
W = reference salary as CEO of Proximus = monthly fixed salary multiplied by 12
The other members of the Leadership Squad participate in a complementary pension scheme entirely financed by Proximus which
consists of a “Defined Benefit Plan” oering pension rights which are in line with market practices. This scheme therefore corresponds
to a promise made by the company of a certain amount at retirement age based on the plan rules, an amount that does not depend on
an investment return.
Formula for complementary pension of the other members of the Leadership Squad
= N/60 * W - N/45 * ELP
N = number of service years expressed in months and years
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 members of the Leadership Squad also benefit from other group insurances in line with market practices, such
as life and invalidity insurances.
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As for the life insurance, the beneficiaries of the CEO or of another member of the Leadership Squad will receive, in the event of death
during the term of his or her contract, a gross capital lump equal to the monthly fixed salary multiplied by 60. For the CEO, this formula
only applies on his monthly fixed salary for his role as CEO of Proximus.
In the event of work incapacity due to illness or private accident, the professional income of the CEO or another member of the
Leadership Squad is 100% guaranteed for the first three months of the incapacity. For the CEO, this only applies on his monthly salary
for his role as CEO of Proximus. As from the fourth month, the disability insurance covers the payment of a disability annuity by the
insurance company on top of the ceiling of the legal sickness-disability insurance provided by the Belgian social security.
Average premiums for the company
The average premiums paid by our company for the group insurances of the CEO in 2024 is estimated to 9% of his fixed remuneration.
As for the other members of the Leadership Squad, the average premiums paid by our company for their group insurances in 2024
amounted to about 25% of their fixed remuneration.
Group insurance premiums in kEUR before employer’s taxes over 5 years
The year-to-year variations for the other members of the Leadership Squad are mainly resulting from the changes in the
composition of the Leadership Squad. The increase noticed in 2023 was mainly due to a very specific situation: even though
Mr. Lybaert retired in September 2023 after a full career, he retired before the age stipulated in the general contract signed with our
insurer, implying an additional payment (266 k€) by the company in his complementary pension plan. The increase noticed in 2023
is also the consequence of the multiple indexes of 2022 and 2023.
2020 2021 2022 2023 2024
CEO
Other Leadership Squad members
833
89
1,101
744
657
468
85
77
69
79
Other benefits
Our Group wants to stimulate its executives by oering a portfolio of benefits and advantages that are competitive in the marketplace
and consistent with the Group’s culture. The CEO and the other members of the Leadership Squad receive benefits on top of their
remuneration, including medical insurance, the use of a company car, welfare benefits and other benefits in kind. Comparative
assessments are regularly made on these benefits which are adapted according to the common market practices.
Where feasible, our portfolio of benefits and advantages is tailored and updated in line with our company’s ambition to act for a green
and digital society. For instance, our mobility program is now focused on clear objectives of a greener fleet and of a wide oer of green
alternatives to car use for our employees, members of the Leadership Squad included.
Non-recurring costs – like relocation costs upon recruitment of new members residing abroad, for instance – are impacting the
evolution from year to year of the total cost for our company for these benefits and advantages. The ratio versus the fix remuneration
can therefore significantly evolve from a year to another. For 2024, this ratio is estimated to 13% for the CEO and to 18% for the other
members of the Leadership Squad.
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Other benefits in kEUR before employer’s taxes over 5 years
The significant increase in other benefits for members of the Leadership Squad in 2021 was mainly due to specific advantages
related to the foreign executive status of several members, including the specific costs related to the recruitment of two members
from abroad, like the relocation costs.
2020 2021 2022 2023 2024
CEO
Other Leadership Squad members
357
132
338
330
443
136
88
89
86
55
One-o and exceptional bonuses
The Board of Directors may, in exceptional circumstances and upon recommendations made by the Nomination & Remuneration
Committee, grant one-o bonuses to one or more members of the Leadership Squad.
This may be necessary, for example, in the case of additional responsibilities exceptionally assumed by a member of the Leadership
Squad when a Leadership Squad position is vacant, or in the event that a sign-on or a special retention bonus would be necessary due
to market circumstances.
At Leadership Squad level, oering a hiring bonus is common practice in order to attract talented people and convince them to join
us. In the “war for talent”, hiring bonuses are increasingly common on the market, and are becoming part of employment contracts. In
addition to their attraction function, exceptional one-shot variable remuneration is also often granted as financial compensation for
the potential loss of variable remuneration (short- and long-term) when the related people resign from their current job.
If granted, such bonuses are reported together with the variable remuneration and are included in the total variable remuneration
allocated to the other Leadership Squad members at the time these possible exceptional bonuses are earned. Consequently, if
contractual promises for the future exist at the time of publication of this report, they will only be taken into account at the time these
will be earned.
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Recovery of undue variable remuneration
A claw back stipulation is part of the contract of the CEO enabling our company to recover the paid short-term and long-term variable
remuneration or to withhold the payment of this variable remuneration in the case of established fraud.
As for the other members of the Leadership Squad, the employment contracts of those members appointed as from 1 January 2020
include a specific claw back stipulation regarding the recovery in favour of our company of the short-term and long-term variable
remuneration that would have been attributed to them on the basis of erroneous financial information. The employment contracts of
those members appointed prior to 1 January 2020, however, do not include such a stipulation.
These stipulations do not mention the way undue variable remuneration would be recovered. If the case were to arise, which seems
unlikely in view of the multiple controls and audits carried out before publication of the results, the recovery would be analysed, both in
terms of the amounts to be recovered and the way to do it.
Main provisions of the contractual relationships
Proximus’ contractual relations with the CEO and the other members of the Leadership Squad are in line with current market practice.
Contractual arrangement with the CEO
The CEO has a contract as self-employed executive since December 2019 with a fixed six-year term.
On 25 July 2024, the Board of Directors has unanimously opted for a proactive prolongation of the mandate of Guillaume Boutin and
has thus decided to already renew his mandate as Proximus Group CEO for a period of six years. This decision has been ocialised
in an amendment to current management services agreement of Guillaume Boutin. As announced early February 2025, Guillaume
Boutin has decided to leave the Proximus Group by mid-May 2025.
The CEO is bound by a non-competition clause, prohibiting him during 12 months after leaving the Group from working for any
company of the telecommunication industry that is active in Belgium, in Luxembourg or in The Netherlands. If activated by our
company, the CEO would receive an amount equal to one year’s fixed remuneration as compensation.
The CEO is also bound by exclusivity and confidentiality obligations and is liable for respecting the company codes and policies, like the
Code of Conduct and the Dealing Code.
If the CEO mandate is revoked by our company before the end of the six-year term, except if the mandate is ended for reason of
material breach, our company will pay the CEO a contractual termination indemnity equal to one year’s fixed salary and target short-
term variable remuneration, including the compensation granted for his mandate as CEO of Proximus Global.
Main contractual terms of the other Leadership Squad members
Our company and the other members of the Leadership Squad are bound by employment agreements for an indefinite period that
comply with Belgian corporate governance legislation and are all subject to Belgian jurisdiction.
All members of the Leadership Squad other than the CEO are bound by a non-competition clause prohibiting them during 12 months
after leaving the Group from working for any other mobile or fixed licensed operator active on the Belgian market. If activated by our
company, he/she would receive an amount equal to six months’ fixed remuneration as compensation.
Just like the CEO, the other members of the Leadership Squad are also bound by exclusivity and confidentiality obligations and are
liable for respecting the company codes and policies, like the Code of Conduct and the Dealing Code.
They have a contractual termination clause which foresees an indemnity of one year’s remuneration. Nevertheless, we will apply the
Belgian mandatory employment law if it provides for a longer notice period (or a corresponding higher termination indemnity).
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Proximus Group Integrated annual report 202473
General overview
The charts below reflect the remuneration allocated to the members of the Leadership Squad over the last 5 years by our company or
any other undertaking belonging to the Group (benefit based on gross or net remuneration, depending on the type of benefit).
Remuneration overview of the CEO
As for the increase in the remuneration of Guillaume Boutin in 2024, the Board of Directors has decided to renew his CEO mandate
for a new term of six years in July 2024. The prolongation comes with some modifications to the remuneration package of the CEO.
His basic existing remuneration package remains unchanged. However, the additional remuneration Guillaume Boutin receives
for his international responsibilities has been adapted to reflect the evolving international activities of the Group and the broader
scope of his function as CEO of Proximus Global, encompassing the responsibilities over BICS, Telesign and Route Mobile. This
remuneration has been fixed at EUR 400,000 gross per year and replaces the fees paid to Guillaume Boutin by Telesign US for his
mandate as Chairman of the Board of Directors of Telesign US.
Besides, the Board of Directors decided to grant a one-time special success fee of 75,000 shares (subject to Belgian Taxes) to the
CEO with a blocking period of 3 years to reward the dierent milestones, realized in the development, preparation and execution of
the international strategy of the Proximus Group. The CEO did accept the total number of shares. The amount reported in current
Remuneration Report, i.e. EUR 431,250 gross, is the amount of benefit in kind on which the personal income tax due as per Belgian
legislation has been paid by the CEO.
CEO 2020 2021 2022 2023 2024
Fixed remuneration €507,492 45% €512,537 45% €549,015 42% €587, 2 2 6 45% €1,009,618 45%
Proximus €507,492 €512,537 €549,015 €587, 2 2 6 €604,951
Global €0 €0 €0 €0 €404,667
Short-term variable remuneration €458,833 40% €265,614 22% €276,019 21% €301,633 23% €329,604 15%
One-time deferred share-based
remuneration
€0 0% €0 0% €0 0% €0 0% €431,250 19%
Other long-term variable
remuneration
€18,833 2% €203,996 17% €208,073 16% €229,903 18% €239,190 11%
Group insurance premiums €78,550 7% €69,007 6% €76,962 6% €85,470 7% €89,456 4%
Other benefits €55,083 5% €86,402 7% €88,660 7% €87,8 2 3 7% €132,163 6%
SUBTOTAL (excl. employer’s
social contribution)
€1,118,791 €1,137,556 €1,198,729 €1,292,055 €2,231,281
Termination benefits €0 0% €0 0% €0 0% €0 0% €0 0%
TOTAL (excl. employer’s
social contribution)
€1,118,791 €1,137,556 €1,198,729 €1,292,055 €2,231,281
All these amounts are gross amounts before employer’s possible charge.
Remuneration overview of the other members of the Leadership Squad
The increase of fixed remuneration in 2022 and 2023 is mainly due to the multiple indexes which had to be applied in 2022
(five) and in 2023 (two) but is also resulting from the changes in the composition of the Leadership Squad: an additional role has
been created in 2021 in order to support our digital transformation and ambitions. Following the retirement of Mr. Dirk Lybaert in
September 2023 (resulting in an early payment of vacation pay), the amount reported in 2023 for the Group insurance premiums
includes the additional payment made by our company upon his retirement due to his specific situation. The increase since 2021
of the Other benefits is mainly due to specific advantages related to the foreign executive status of several members and the
recruitment of two of them.
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Proximus Group Integrated annual report 202474
Other members of
the Leadership Squad
2020 2021 2022 2023 2024
Fixed remuneration €2,166,045 39% €2,534,773 43% €3,055,941 46% €3,340,675 43% €3,368,224 43%
Short-term variable remuneration €1,807, 390 33% €1,123,605 19% €1,402,844 21% €1,756,326 22% €2,001,657 25%
Deferred share-based remuneration €0 0% €0 0% €0 0% €0 0% €0 0%
Other long-term variable remuneration €916,375 17% €1 ,097,703 19% €1,154,000 17% €1,282,784 16% €1,324,130 17%
Group insurance premiums €468,275 9% €6 5 7, 3 1 9 11% €743,750 11% €1,101,269 14% €833,310 10%
Other benefits €135,648 2% €442,935 8% €329,817 5% € 337,828 4% €357,3 2 7 5%
SUBTOTAL (excl. employer’s
social contribution)
€5,493,733 €5,856,335 €6,686,352 €7,818,882 €7,884,648
Termination benefits €0 0% €0 0% €0 0% €0 0% €0 0%
TOTAL (excl. employer’s
social contribution)
€5,493,733 €5,856,335 €6,686,352 €7,818,882 €7,884,648
All these amounts are gross amounts before employer’s social contribution and possible other charges.
Relative importance of the various components of the remuneration eectively allocated in 2024 before employer’s social contribution
CEO
Other Leadership
Squad members
43% 25% 17% 11% 4%
Fixed remuneration
Short-term variable
Deferred share-based remuneration
Long-term variable
Group insurance premiums
Other benefits
45% 15% 11% 4% 6%19%
0%
Wages and working conditions: internal
comparisons, and company performance
The global working conditions of our senior management, CEO and members of our Leadership Squad included, are highly similar to
the working conditions of all other employees.
Besides being limited, the few dierences in benefits that exist between top management and Leadership Squad members on the one
hand and the rest of the workforce on the other are usually related to general market practices or individual needs. For instance, while
medical coverage is the same for the vast majority of our employees, senior managers included, this medical coverage is extended for
employees whose taxable family income is below a certain ceiling – extension for dentures, hearing aids and other medical prostheses
– and is also extended for the members of the Leadership Squad as to oer market conform conditions. The dierences in benefits
between the members of the Leadership Squad and the rest of the employees are generally more related to the status of foreign
executive of several members of the Leadership Squad than to the function level or role.
In terms of remuneration, we ensure consistency between the remuneration and the business results as well as consistency between
the remuneration policy of our executives and the remuneration policy of all other employees, for instance by aligning the ratio of the
short-term variable remuneration actually allocated versus the target.
Our reward approach has always been designed to deliver long term sustainability, to reflect an excellent asset management risk
model and to support the long-term business interests of our shareholders. It takes into account our responsibility towards our
customers, our shareholders, the Belgian society and other stakeholders. This approach is also consistently applied to each subsidiary
entity of our Group.
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We want to recognize and fairly reward all employees’ contributions. Our Group is committed to providing fair, gender neutral and
consistent wages and working conditions to all employees, regardless of their level of responsibility or role. It is critical to have a
competitive and market attractive Global Rewards Program for our entire workforce as to propel our company, all together, towards
the future and to progress together in our ambition to participate in the construction of a green and digital Belgium we want to live in.
Pay ratio and pay evolution
The pay ratio portraying the gap between highest and lowest paid remuneration in the company (Proximus SA) on a full-time basis is
equal to 36 in 2024. This ratio is measured by comparing the highest (the CEO one) and lowest remuneration
2
, taking into account the
total target remuneration package (including base pay, premiums, variable pay, group insurances and benefits), excluding employer’s
social contributions.
Considering the scope of our organization, where everyone has a role to play but with very dierent levels of strategic responsibility,
such a ratio remains consistent and within market practices.
The table below aims at portraying the evolution of the average remuneration on a full-time equivalent basis of the company’s
employees (other than members of the Board of Directors and of the Leadership Squad) between 2020 and 2024.
Average remuneration of the company’s employees over years, including the year-over-year evolution
2020 2021 2022 2023 2024
Average remuneration* €86,677 €8 7,40 0 €93,471 €96,833 €100,858
Year-over-year evolution +1% +7% +4% +4%
* The average remuneration is measured by comparing the personnel costs – as published in the Social Balance sheet (code 1023) of the Annual Accounts of Proximus SA of the
involved year – with the number of full time equivalents employees (Leadership Squad excluded) of Proximus SA at the closing date of the period (for 2020, 2021 and 2022)
and with the average number of full time equivalents employees (Leadership Squad excluded) of Proximus SA of the involved year (for 2023 and 2024).
The year-over-year evolution (2024 vs. 2023) of the CEO total target remuneration is 38%. The increase is due to the additional
annual gross compensation granted in the frame of the amendment to his current management services agreement for his mandate
as CEO of Proximus Global as from 2024, as per Board decision. The year-over-year evolution (2024 vs. 2023) of the average
remuneration of the company’s employees is +4%.
The pay ratio portraying the gap between the CEO’s remuneration and the average remuneration of the company’s employees is equal
to 17,2 in 2024. This ratio is measured by comparing the total target remuneration package (including base pay, premiums, variable
pay, group insurances, benefits and employer’s social contributions) of the CEO with the average remuneration of the company’s
employees.
The pay ratio portraying the gap between the CEO’s remuneration and the median remuneration
3
of the company’s employees is
equal to 21,5 in 2024. This ratio is measured by comparing the CEO and median remuneration, taking into account the total target
remuneration package (including base pay, premiums, variable pay, group insurances and benefits), excluding employer’s social
contributions.
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.
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.
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Proximus Group Integrated annual report 202476
Evolution of the pay ratios over the last 3 years
2022 2023 2024
Pay ratio CEO vs. lowest remuneration 27.9 29.1 36.0
Pay ratio CEO vs. average remuneration 12.9 13.0 17. 2
Pay ratio CEO vs. median remuneration 14.9 14.9 21.5
The increase between 2023 and 2024 is due to the additional annual gross compensation granted to the CEO in the frame of the
amendment to his current management services agreement for his mandate as CEO of Proximus Global as from 2024, as per Board
decision.
Company performance
The table below shows the company’s performance between 2020 and 2024.
Company performance over years, including the year-over-year evolution
(€ million) Underlying revenue Underlying EBITDA
2024 6,430 +6.4% 1,850 +5.3%
2023 6,042 +2.2% 1,757 -1.6%
2022 5,909 +5.9% 1,786 +0.8%
2021 5,578 +1 .8% 1,772 -3.5%
2020 5,479 1,836
For more information, please see the Proximus Financial Report.
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Proximus Group Integrated annual report 202477
Application of the Remuneration Policy and
votes on previous Remuneration Report
Application of the Remuneration Policy and derogations
Proximus undertakes to remunerate the members of the Board of Directors, the CEO and the other members of the Leadership Squad
only in accordance with its Remuneration Policy, approved by the General Meeting of Shareholders of Proximus for the first time on
21 April 2021 and slightly adapted in 2023 and in 2024.
However, the Board of Directors may, in exceptional circumstances and upon proposal of the Nomination and Remuneration
Committee, temporarily derogate from all elements of the Remuneration Policy. Exceptional circumstances shall only cover situations
in which the derogation from the Remuneration Policy is necessary to serve the long-term interests and sustainability of Proximus as
a whole.
When resolving on derogations from the Remuneration Policy, the Board of Directors must comply with the decision-making
procedure set out in the Remuneration Policy.
Any derogation will be communicated at the first General Meeting of Shareholders following the derogation and will be explained in
the Remuneration Report for the related year.
Shareholders votes on previous Remuneration Report
A slightly adapted version of the Remuneration Policy document detailing the general principles governing our company
remuneration policy applicable to the members of its Board of Directors and its Leadership Squad has been submitted to the votes
of our shareholders at the General Assembly of 17 April 2024. The shareholders have shown their support and confidence in our
Remuneration Policy by a substantial majority (91.7%), which strengthens the choices we have made in this domain for the future.
The Remuneration Report of 2023, also submitted to the votes of our shareholders at the General Assembly of 17 April 2024, has
been approved by 88.0%. This excellent result reinforces our beliefs that we are right to adopt an open and transparent dialogue
with our shareholders on remuneration matters and governance in general. Since the 2022 report, we have adopted even more
transparency and gone even further in the preparation and level of details of the disclosed information, as the opinion and trust of our
shareholders are essential to us.
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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 have imposed a “fair pricing” model for the FTTH
monthly rental fees.
Concerning the Proximus wholesale fiber pricing, BIPT concluded on 9 March 2021 that the rates Proximus applies for FTTH
wholesale monthly rental fees are fair, and are in line with the regulation it set in 2018. These are the access prices other operators pay
for using Proximus’ FTTH fiber optic network.
The European regulatory framework foresees 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 to explain the postponement of its ongoing review process to take into account
possible new FTTH cooperation agreements. 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 will 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.
Memorandum of Understanding for the roll-out of FTTH networks
Proximus, Wyre, Telenet, and Fiberklaar have signed a Memorandum of Understanding to potentially collaborate on fiber network
deployment in Flanders, aiming to increase access to high-speed gigabit networks. The collaboration aims to accelerate fiber
deployment in Flanders, providing more consumers with access to high-speed gigabit networks while reducing civil works. The
realization of the collaboration is dependent on reaching a final agreement, obtaining regulatory and antitrust approvals, and ensuring
no adverse regulatory impacts.
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.
Proximus Group Integrated annual report 202479
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 30/06/2027
3600 MHz 01/09/2022 06/05/2040
Overview of the sector spectrum allocation in Belgium:
Spectrum allocation in Belgium (in MHz simplex)
Citymesh*
Citymesh Mobile**
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
45
10
20 20 20 30 30 30 40
20 20 20 45
10
100
120
100
50 50 40
20
10 30 10 30 50
20 20 15 40 3030
* The 2600 MHz frequencies are owned by Citymesh Air, and the 3600 MHz frequencies by Citymesh Safety Drones and Citymesh Integrator (valid until
6 May 2025).
** Citymesh Mobile SA/NV is the legal entity co-created by Citymesh SA/NV and DIGI for the acquisition of spectrum during the multiband auction in
2022. In 2023, Citymesh SA/NV also transferred 2x15MHz in the 2600 MHz band to Citymesh Mobile SA/NV.
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 (GBGB) from 2022, progressively decreasing to EUR 1 in 2027.
Furthermore, wholesale caps for voice and SMS are lowered based on a two-step glide path in 2022 and 2025. The Commission has
been tasked with reviewing the regulation, and its first report is scheduled for 30 June 2025.
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 for 2025 and beyond, subject to Commission review by 30 June 2025.
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Proximus Group Integrated annual report 202480
Coverage and quality of mobile and fixed networks
Through its Atlas 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.
Atlas indicates the 4G and 5G coverage of each of the three mobile operators (Telenet/Base, Orange and Proximus) individually on
the map of Belgium. It shows dierent coverage levels (very good/deep indoor, good/indoor, satisfactory/outdoor). For 4G, Proximus
has the most extensive coverage for all coverage levels, both in terms of territory and population. BIPT is preparing an update of the
mobile Atlas for early 2025.
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 recent 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 compared to 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 finishes second with 28.5 Mbps on
average. These excellent results also translate into the 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 2025.
Atlas also shows the aggregated fixed broadband coverage of all main fixed operators together by dierent download speeds, from
1 Mbps to 8,500 Mbps. A new functionality to zoom in and look up the technologies, download and upload speeds available at an
individual address is added. BIPT updates the coverage twice a year.
Net neutrality
On 28 June 2024, BIPT released its report on net neutrality monitoring in Belgium, covering the period from 1 May 2023 to 30 April
2024. In its eight annual report, the BIPT confirms again that there are currently no major reasons for concern in Belgium regarding
access to an open Internet.
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 in 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 the eligible households.
The system is mandatory for operators that have their own broadband network and a turnover of minimum 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).
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 aimed at ensuring privacy and confidentiality in electronic communications. It complements the General
Data Protection Regulation (GDPR) by focusing specifically on the electronic communications sector.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202481
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 several obligations, such as network protection, collaboration
with authorities, data retention obligations, consumer protection obligations specific to telecommunications subscribers (including
transparency), data breach notification, etc.
Data and cybersecurity regulation
Digital Services Act
The Digital Services Act (DSA) (applicable since 17 February 2024) mainly aims to have illegal content 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 include the obligation to respond to law enforcement authorities in this regard, to
provide a clear point of contact for complaints and complaint handling systems (communicating this in terms and conditions), and to
provide annual reporting.
NIS 2 Directive
Since 18 October 2024, the NIS 2 Regulation is applicable to Proximus. The Belgian NIS2 law transposing the European NIS 2 Directive
aims to strengthen cyber resilience for essential services provided in the European Union.
NIS 2 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.
NIS 2 is relevant for Proximus as a provider of digital infrastructure, e.g. as a provider of public electronic communication networks and
services.
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, particularly focusing on industrial data. The Data Act entered into force on 11 January 2024 and will become applicable on 12
September 2025.
As a telecom and digital company, Proximus will be impacted by the Data Act in several ways.
Main obligations:
Proximus has to identify potential connected products/related services that could fall under the Data Act and implement the adequate
technical/contractual measures to comply with its data sharing obligations as a data holder (e.g. API development for real-time access
to data).
Proximus has to comply with its B2G data sharing obligations, namely data sharing with certain public entities.
Proximus has to assess whether its cloud reselling activities will require specific measures to facilitate the implementation of cloud
easy switch obligations, depending on its relationship with the cloud provider.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202482
Opportunities:
Proximus might benefit from the implementation of the Data Act and develop after-sales activities that could compete with services
oered by big players and challenge customer lock-in. It is, however, important to note that the Data Act prohibits the development of
competing products by the companies receiving additional data (among other limitations).
Proximus could benefit from receiving data to enrich its existing products, if it is authorized to do so by the user of the product/service
and if it complies with Data Act limitations and other regulations such as GDPR, ePrivacy, etc.
GDPR
The General Data Protection Regulation (GDPR) is a comprehensive data protection law that came into eect in the European Union
(EU) on 25 May 2018. It aims to harmonize data protection laws across Europe, protect and empower all EU citizens’ data protection
rights, and reshape the way organizations across the region approach data protection.
The GDPR applies to all organizations that operate within the EU, as well as those outside the EU that oer goods or services to, or
monitor the behavior of, EU data subjects. This broad scope means that any company handling the personal data of EU residents
will probably be subject to the regulation, regardless of where the company is based. It also means that any company that has an
establishment within the EU will be subject to the GDPR, even if it only processes the data of non-EU citizens.
The impact of GDPR is significant, as it imposes stringent requirements on data handling practices. Non-compliance can result in hefty
fines of up to EUR 20 million or 4% of the global annual turnover, whichever is higher. Companies can also be forced to stop non-
compliant processing activities.
As a Belgian telecom operator, Proximus, together with its EU aliates, is subject to the GDPR. Additionally, non-EU group entities
might be subject to the GDPR due to their potential oering of goods and services to individuals within the EU.
The GDPR requires a broad range of documentation and the implementation of technical and organizational measures to ensure
compliance with all GDPR principles and obligations.
As a telecom operator, Proximus is subject to both the GDPR and the ePrivacy Directive. This requires navigating a complex regulatory
framework that imposes dierent and complementary obligations on the same set of activities.
DPDP (India)
The Digital Personal Data Protection (DPDP) Actof India, adopted in 2023 (but not yet implemented), 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.
Entities of Proximus Group that are located in India and/or process the personal data of Indian residents must comply with this
legislation when acting as a data fiduciary.
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 and share this data. It was amended by the California
Privacy Rights Act (CPRA), which came into eect in 2023, further expanding consumer rights and enforcement mechanisms.
Entities of Proximus Group located in California and/or processing data of Californian residents must comply with CCPA 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.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202483
The AI Act classifies AI systems into dierent risk levels and imposes regulatory obligations according to this classification.
Timeline:
• Final text adopted and published in July 2024.
• 2025-2026: gradual implementation period. The regulation will be rolled out in phases, with companies given approximately two
years to comply after its enactment.
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 2024 financial year.
More information can be found in the Sustainability Statement: “General information”.
Governance
→ Corporate governance statement → Remuneration report → Regulatory framework
Proximus Group Integrated annual report 202485
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
General information
1 BICS and Proximus Luxembourg fulfil the conditions specified within the CSRD and are exempted from a CSRD report, as Proximus Group discloses a
consolidated annual report.
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. We also give 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 is balanced, comparable, accurate, reliable and in line with
the mandatory requirements of the Corporate Sustainability Reporting Directive (CSRD) (Directive 2022/2464). The structure of
the Proximus 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
1
, 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, associates, joint ventures and joint operations can be found in Note 8 of the Consolidated Financial
Statements. The scope of the consolidated Sustainability Statement is the same as the Financial Statements.
Due to the expansion in 2024 of our international activities, we are working on integrating those activities and are therefore
implementing processes and procedures to identify, collect and process data with regards to sustainability reporting. We plan to
harmonize our internal reporting practices within two to three years. In order to be fully transparent about what is included in the
Sustainability Statement, we will mention whether we have included the aliates in the relevant tables and in the text.
Proximus’ aliates
Proximus Group Proximus Domestic Proximus Global
Belgacom International Carrier Services SA (BICS)
Be-Mobile NV
ClearMedia NV
Codit Holding BV
ConnectImmo SA
Davinsi Labs NV
Doktr BV
Fiberklaar BV
Mobile Vikings NV
Proximus Ada
Proximus Luxembourg SA
Proximus Media House (PmH)
Proximus NXT NL
Proximus NXT IT SA
Proximus SA
Proximus Ltd. Belgrade
Route mobile Ltd.
Telesign Holdings Inc
Umbrio BV
Be-Mobile NV
ClearMedia NV
Codit Holding BV
ConnectImmo SA
Davinsi Labs NV
Doktr BV
Fiberklaar BV
Mobile Vikings NV
Proximus Ada
Proximus Luxembourg SA
Proximus Media House (PmH)
Proximus NXT NL
Proximus NXT IT SA
Proximus SA
Proximus Ltd. Belgrade
Umbrio BV
Belgacom International Carrier Services SA (BICS)
Route mobile Ltd.
Telesign Holdings Inc
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Proximus Group Integrated annual report 202486
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Value chain information
For each material topic, we have also indicated if the information presented applies to Proximus’ value chain or to our own activities.
This information is detailed in the IRO overview table.
No material information has been omitted.
Historical changes
This report has been prepared for the first time in accordance with the CSRD requirements. However, given that Proximus has
reported sustainability information in the past in accordance with the NFRD, some prior year information has been restated. All the
changes between the 2023 figures disclosed in this report and what has been published in the past are mainly due to the evolution
of the reporting perimeter, which is now aligned with the finance reporting scope. Since we did not include our aliates to this extent
before, we did not have all the required historical information. So, we opted to present data from the previous year for some metrics to
ensure comparability and consistency. The changes compared to the previous year are explained in the performance subsection within
each material topic section.
• Climate change: the 2023 figures have been revised compared to what has been published in the previous annual reports due to
major changes of our GHG accounting methodology. More information can be found in the “how we calculate our greenhouse gas
emissions and energy footprint” subsection.
• Circular economy and waste management metrics: the 2023 figures have been revised compared to what has been published in the
past due to the changes in the KPI definitions and the scope (from Proximus SA to Proximus Group).
• For all the social metrics related to our own workforce, it was impracticable to adjust comparative information for one or more prior
periods. We decided to not restate the past and have only disclosed the 2024 figures.
Methodologies and assumptions
Our focus
We concentrated on meeting the mandatory CSRD requirements and metrics. Where possible, we utilized the one-year phase-in
period to ensure the quality of this report, as it is our first time adhering to the CSRD. We have also included a limited number of
voluntary, company-specific metrics to maintain consistency with past reports. None of the metrics have been validated by an external
body other than the assurance provider.
Main challenges
We faced the challenge of needing to collect data from Route Mobile as of May and Fiberklaar as of August. Securing the necessary
data on time and with quality proved to be dicult for some specific domains given the maturity of reporting practices. Additionally,
reporting on our upstream and downstream value chains presented challenges, as we are not always in direct contact with the whole
chain of suppliers.
Time horizon
All data featured in this report covers the same period as our financial year, which ends on December 31.
Unless stated otherwise, Proximus Group adheres to the following time intervals for the end of the reporting period:
• short-term time horizon: within the current financial year, as outlined in the financial statements;
• medium-term time horizon: from the end of the reporting period up to a duration of 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.
Proximus Group Integrated annual report 202487
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
For the impact and financial materiality, Proximus adopted the following time horizons:
• short-term time horizon: from the end of the reporting period and up to three years, to align with the budget time horizon;
• medium-term time horizon: from three to five years, to align with the plan strategic cycle validated yearly by the Board of Directors;
• long-term time horizon: beyond six years, to consider long-term business cases.
Proximus Group adheres to the following time horizons for the climate change sections:
• short-term time horizon: from the end of the reporting period and up to three years, to focus on operational performance and
resilience against short-term climate variability (e.g. anticipate extreme weather events and optimize energy eciency);
• medium-term time horizon: from three to ten years, to align with strategic planning cycles (e.g. prepare the network and operations
for changing climate patterns and regulatory requirements on emissions and energy use);
• long-term time horizon: beyond ten years, to consider major infrastructure projects that match the lifespan of our core assets
(e.g. consider building and network infrastructure that can withstand the anticipated climate changes over decades, such as rising
temperatures and increased incidence of severe weather).
Estimations
To work more eciently, we focused on reporting our own material activities and included the aliates depending on how material the
topic was for them. For instance, the circularity topic focuses on telecom activities in Belgium and Luxembourg, so it was not deemed
material for our other aliates because they are service-oriented with limited hardware use, while we have linked circularity to the
sustainable use of appliances or infrastructure.
Where needed, (value chain) estimations have been made and we have identified the metrics that are subject to a high level of
measurement uncertainty. These are disclosed in the relevant material topic sections. In these sections, we also disclose the
assumptions, approximations and judgements made.
More information about the methodologies and assumptions used is provided in the Performance subsection of the sections “Climate
change” and “Circular economy and waste”.
Incorporation by reference
We disclose the mandatory disclosure requirements and refer to other parts of the Annual Report for more information (“Incorporate
by reference”). To increase the readability of our ESG information and prevent duplication of information, we have included a text box in
each of the four main sections of the Sustainability Statement that indicates which information has been incorporated by reference.
Proximus Group Integrated annual report 202488
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Disclosures incorporated by reference
The following information can be found in another part of this annual report and is incorporated into the Sustainability Statement
by reference:
• Proximus Group at a Glance;
• Corporate Governance statement;
• our sustainable value creation model;
• Proximus Group’s strategy;
• the composition of the Board of Directors;
• the skills and expertise of the Board of Directors;
• the remuneration report and policy;
• the description of our products and services;
• the description of our customers;
• the ESRS Index.
The following information can be found in another part of this Sustainability Statement and is incorporated into the section
“General information” by reference:
• material impacts, risks and opportunities, as well as their interaction with the strategy and business model, are described
at the beginning of each material topic section;
• engagement with employees is referenced in “Our own workforce”.
Consult the exact location of each disclosure in the ESRS Index.
Proximus Group Integrated annual report 202489
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Sustainability governance
Structure, roles and responsibilities
In preparation for the Corporate Sustainability Reporting Directive, the sustainability governance and its corresponding processes
have been reviewed and improvements were implemented in 2024.
* Where relevant international CEOs & STB SPOCs are invited
Corporate
ESG governance
Operational
ESG governance
BOARD (yearly or ad hoc upon needs)
Validates Group North Stars, long-term roadmaps, short-term action plans & KPIs across all ESG material topics
Co-creates & defines ambitions, long-term roadmaps & targets across the Group
Audit Committee (Quarterly)
Validates reporting
Oversight updates vs. KPIs
Ensures compliance
Transformation & Innovation
Committee (ad hoc)
Key transformational &
strategic cases evaluation
Nomination & Remuneration
Committee (Quarterly)
In charge of remuneration strategy &
system incl. ESG-related incentives
Sustainability Team as Group Centre of Excellence
• Holistic oversight on execution across decentralized WoW
• Safeguards guiding principles of CSRD & CS3D to embed
ESG in everything we do
• Subject matter expert, at environmental level, driving
Climate change and Circular ambitions
BUSINESS in lead for appointed material topic
• Accountable for end-to-end delivery of long-term roadmap
across the Group
• Defines short-term action plan & policies and prioritization
• Owns the targets
ESG Committee at PLS (bi-monthly)*
• Signs o on combined Domestic and Global North Stars, long-term roadmaps, short-term action plans and key performance
indicators
• Follows up execution, tackles roadblocks & defines priorities
Corporate ESG 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. For the next Double Materiality Assessment (DMA), scheduled for 2025, we will interview
members of the Board of Directors once again. They will then validate the Double Materiality Matrix.
Through the CEO Activity Report, achievements are reported bi-monthly to the Board, which also reviews the progress made in each
quarter as part of the strategic review.
Board Committees involvement
• The Audit & 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 & Remuneration Committee oversees the Group’s remuneration policies, including ESG-linked incentives,
during its quarterly meetings, ensuring alignment with sustainability objectives.
Proximus Group Integrated annual report 202490
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
• The Transformation & Innovation Committee meets on an ad hoc basis to evaluate key transformational and strategic initiatives,
ensuring they align with the Group’s long-term ESG goals.
Operational ESG governance
ESG Committee
The bi-monthly ESG Committee of the Proximus Leadership Squad, which can include CEOs from our international aliates, approves
Proximus’ domestic and international ambitions, long-term roadmaps, short-term action plans, sustainability targets and KPIs. The
committee tracks execution, sets priorities and oversees and controls the implementation of the ESG strategy.
The sustainability team as the Group’s Center of Excellence
The sustainability team acts as the Group’s Center of Excellence across all material topics, building on their expertise in several areas
around climate change, sustainable finance and sustainability reporting. The sustainability team defines the Group’s overarching long-
term sustainability ambitions, strategy and target setting. Each material topic has been appointed to a Business Lead, who translates
the ambition and strategy into roadmaps, short-term action plans and is end-to-end accountable for their execution and prioritization.
The sustainability team oversees execution across this decentralized model and provides subject matter expertise. In particular
concerning carbon reduction and circular economy initiatives, the sustainability team steers the decarbonization roadmaps. The
team also ensures that CSRD principles and sustainable value creation are fully integrated into our operations and decision-making
processes.
Environmental management system
Proximus’ environmental management system involves various stakeholders and resources to address environmental issues,
circularity and climate change. Key stakeholders include the Sustainability department, the Group Prevention & Protection
department, the Internal Audit department and external organizations.
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, as well as mobility plans that aim towards shifting to less car-based transport. Communication is maintained through
intranet news, toolboxes and internal reporting. The system also ensures integration with the ISO14001 certification, includes
environmental clauses in purchasing and manages regional permits for 5G roll-out. Additional eorts involve noise studies, soil
surveys, e-learning modules and toolboxes for waste sorting and PFAS matters.
Sustainability due diligence
Proximus is set on amplifying its positive impact through its operations and along its upstream and downstream value chain. While we
are still in the process of formalizing a comprehensive due diligence process to address all ESG topics, the activities described in this
annual report are linked with the core elements of due diligence:
Core element of due diligence Part of annual report
Embedding due diligence in the Group’s governance, strategy and business model Sustainability governance and Business conduct section
Engaging with aected stakeholders Stakeholder engagement
Identifying and assessing adverse impacts Double Materiality Assessment
Taking actions to address adverse impacts Actions as reported for each material topic
Tracking eectiveness of actions Performance as reported for each material topic
Proximus Group Integrated annual report 202491
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Risk management and internal control over sustainability reporting
2024 Sustainability reporting process
In parallel with the introduction of the new sustainability governance, we also implemented a new semi-automated collection process
to gather quantitative data for the 2024 reporting cycle. This process, developed with the support of the existing reporting teams
in Finance and Human Resources, ensures the completeness and integrity of the data, their traceability and auditability, and the
timely availability of the information. It is steered by the sustainability team, which reports progress through existing sustainability
management updates: monthly to sponsors and bi-monthly to the management committee and to the Proximus Leadership Squad.
Most of the collected data are based on full-year actuals, yet some estimates had to be done to cover the last months or smaller
entities. Their accuracy, documentation and validation must be guaranteed by the collection process. Most data are sourced from
internal systems, with automated links where possible or manual input where needed. Some data are sourced from upstream and/or
downstream value chain data, especially from hardware suppliers and waste subcontractors.
To manage the reporting exercise, we opted for a central collection process, while keeping individual data ownership within each
business team and within aliates. We worked at two complementary levels, assigning clear accountability per individual data point
in the business (providing data points and ensuring correctness and auditability) and transversal accountability to Business Leads at
the Group level, who are responsible for aligning definitions and validating the consolidated figures. This system includes embedded
checks for data coherence and quality and relies on the four-eyes principle between business owners and the central sustainability
and reporting teams.
The most important risk identified in the gap analysis study performed in 2023 was the consolidation of each metric at the Group
level because historical reporting often focused on Proximus SA in Belgium
2
only. As of now, our scope is the Group level by default,
enabled by our new governance and collection process. The two main challenges were the number of small aliates with limited
materiality versus main entities and the recent acquisitions of Route Mobile and Fiberklaar, for which some data were not yet available.
For this first reporting iteration, dry runs were carried out to test the eciency of the process and the alignment of the ESG data
management at the Group level, as well as to address any remaining data quality challenges. Monthly pre-alignment meetings were
held with the external auditor to ensure agreement on the methodology and the underlying assumptions. This ongoing collaboration
ensures that the ESG reporting process is both robust and aligned with the expectations of external stakeholders. We will learn from
this first CSRD reporting exercise and further improve our collection process for the next iteration, with a continuous improvement
focus. We will also continue to ensure alignment with the existing Enterprise Risk Management (ERM) processes and team, thus
ensuring the integration of sustainability into the broader risk management framework.
More information on this can be found in the Risk management report.
2 Aliates not integrated.
Proximus Group Integrated annual report 202492
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Our value chain
3 Logistics & transport activities are mainly included in the upstream activities “Hardware & material supply” and “Construction & installation”.
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 the customers.
Proximus value chain
3
Hardware &
material supply
Construction
& installation
Network
operations &
maintenance
Product and
services
development
Sales &
aftersales
Use of
products
and services
End
of life
Raw
materials
Upstream Own operations Downstream
Suppliers
Subcontractors
Customers
Proximus Group
Within Proximus Group, we dierentiate between the value chains of our domestic operations and those of our international
operations. Domestically, we leverage telecom assets to provide a broad range of entertainment, communication and ICT services
to both residential and business customers. These services depend on critical physical infrastructure – such as fixed and mobile
networks, datacenters, routers and servers – that must be built, maintained and operated. Since Proximus Group does not
manufacture hardware itself, our supply chain plays a crucial role.
We source devices globally, working with worldwide suppliers for manufacturing. In addition, we collaborate with local subcontractors
for certain tasks, such as installations and contact center operations. Our close relationships provide an opportunity to align more
closely on shared values and operational priorities. However, we have little control over other suppliers, such as smartphone
manufacturers or raw material suppliers.
Telesign and Route Mobile focus on delivering platform- and application-based communication services, such as verifying a
mobile phone user placing an order on Amazon. These are asset-light, platform-based solutions. BICS also delivers platform- and
application-based communication services but, like Proximus, runs a physical infrastructure but at a global scale. The physical
infrastructure is partly owned, partly shared and partly rented.
Proximus Group Integrated annual report 202493
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Stakeholder engagement
Proximus Group’s stakeholders with an interest in our sustainability performance can be categorized into aected stakeholders and
users of ESG information:
• Proximus has an actual or potential impact on current and future employees and others working for the company, as well as on
suppliers, partners, value chain workers and customers/end-users. Through the deployment of our gigabit networks and our
economic and societal role, we also aect society at large.
• Those seeking information on our sustainability performance include primary users of general-purpose financial reporting, such as
investors and analysts. Additionally, NGOs, the media, regulators and policymakers are identified as key stakeholders.
These stakeholders may also have an actual or potential impact on Proximus’ financial value.
Employees
Proximus actively engages with its employees through the Speak Up survey, which evaluates employee engagement in many of its
aspects. Results highlights for Proximus Group are presented to the Proximus Leadership Squad, the Human Resources Management
Committee and Unions. All team leaders are invited to consult their team’s detailed results on the survey’s online dashboard and
discuss them with their team members. This helps them develop action plans to improve their team members’ well-being and work
satisfaction. Actions are monitored by senior management. In 2024, employee engagement reached 76%.
More information on our Speak Up survey can be found in the section “Our own workforce”.
Moreover, our Proximus Leadership Squad regularly communicates with employees on strategic ambitions, progress and results,
including our sustainability topics and ESG commitments. This is achieved through various channels, including an annual strategy
cascade event, quarterly operational and financial results presentations, the company intranet and a weekly CEO newsletter. The
Proximus Leadership Squad also gathers employee feedback through direct interactions such as regular formal and informal
meetings, breakfasts and field visits.
At Proximus, we promote an open and constructive dialogue with the representative trade unions. Through social consultation,
management gathers feedback from the social partners regarding our daily activities and short- and long-term strategies. Strategy,
operational challenges and priorities as well as major merger and acquisition files are shared in a transparent way.
More information can be found in the section “Our own workforce”.
Suppliers and value chain workers
Proximus views its suppliers as partners and cares about the way they do business. We engage with our suppliers through:
• The Supplier Engagement Program: all the details are provided in the section “Climate change”.
• The collaboration with the Join Alliance for CSR (JAC): all the details are provided in the section “Human rights within our value
chain”.
Proximus has not yet developed a general approach in relation to engagement with value chain workers.
Customers
Proximus serves a diverse range of customers across all its brands, including residential, enterprise and wholesale clients, as well as
public authorities.
Proximus Group Integrated annual report 202494
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
We engage and communicate with residential customers through various channels:
• direct touchpoints (contact centers, technicians, shops, festivals);
• digital platforms (websites, emails, 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 the customer paths;
• the “Voice of the Customer” platform, which collects customers’ feedback on our 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 engage with customers through more personalized events and meetings such
as Executive Advisory Boards, CEO dinners and roundtables. Our communication channels also 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, such as Think NXT.
The Customer & Market Intelligence (CMI) team reports customer views and interests directly to the Group Strategy Lead. These
insights, such as the Net Promoter Score (NPS) and the Customer Eort Score (CES), inform the Group’s strategy. CMI provides
monthly reports on key results against targets, which are presented to the Proximus Leadership Squad on a quarterly basis. These
findings are also shared with relevant management committees and teams to support informed decision-making and adjustment
plans.
Investors
Proximus engages with investors and analysts through various investor relations activities, including the Annual Report, quarterly
financial results presentations, the Annual General Meeting and other briefings. Investors also engage with our Investor Relations
team via one-on-one conversations, roadshows, group meetings, conferences and industry events. For instance, in 2024, Proximus
organized a webinar dedicated to its international activities.
The Board receives reports on share price performance and investor and analyst engagement, which informs their decision-making on
our business strategy and model.
Public authorities and policymakers
Our Group Public Aairs (GPA) team manages Proximus’ relationships with ministers, elected representatives, legislative and policy-
making authorities or lobbying organizations. At the local level, the GPA team maintains close relationships with local authorities to
help facilitate the network roll-out process.
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.
We are represented in business associations such as FEB, AKT, Agoria, Voka, VVSG and BECI and industry associations such as
Connect Europe, ETIS and GSMA.
The Board is informed through the CEO Activity Report.
More information can be found in the section “Political influence and lobbying activities”.
Proximus Group Integrated annual report 202495
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Society at large
“Society at large” is a heterogeneous group of stakeholders that includes the general public, media, NGOs, community organizations
and academic institutions.
During each quarter, the CMI team conducts surveys amongst the general public in Belgium to understand public perceptions,
evaluate our performance on focus areas and follow up on them.
Additionally, we work with various Belgian NGOs and associations to address the challenge of digital inclusion. More information can
be found in the section “Digital inclusion”.
Lastly, we partner with research centers and universities on innovation projects and provide opportunities for students to gain
experience in advanced technological fields.
Our stakeholders influence and shape our business activities. We seek and integrate their feedback into our strategy and operations,
ensuring that their concerns and suggestions are appropriately addressed.
Proximus Group Integrated annual report 202496
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Double Materiality Assessment
Our Double Materiality Assessment (DMA) evaluated ESG-related topics and their associated impacts, risks and opportunities from
two perspectives:
• impact materiality (inside-out perspective): the impact of Proximus Group on people, society and the environment;
• financial materiality (outside-in perspective): external evolutions (risks and opportunities) – both environmental and social –
that aect the financial performance of Proximus Group.
Double Materiality Assessment process
The full DMA process was conducted through five steps:
Scope of the assessment
The analysis encompasses the activities of Proximus Group, including the upstream and downstream value chains. Proximus Group
comprises Proximus Domestic operations and Proximus International operations (BICS and Telesign aliates). Although, we acquired
a majority stake in Route Mobile in May 2024 and Fiberklaar in August 2024, the DMA covers the whole group and will be further
reassessed when performing our next DMA.
Identification of the topics and associated impacts, risks and opportunities
We used the sustainability matters outlined in the Delegated Regulation (2023/2772), commonly referred to as the ESRS standards,
as our foundation. We added entity-specific topics to the list that relate to Proximus Group’s business activities.
For each sustainability topic, we identified impacts, risks and opportunities using a range of sources, including internal sustainability
documentation, external ESG frameworks, data analytics (such as SASB, TCFD, etc.) and desk research (benchmarks, ESG
questionnaires and others). We also integrated the input from Proximus Group internal experts through workshops and interviews. In
total, we consulted 20 internal stakeholders, including Proximus Group employees and aliates, as well as four members of the Board
of Directors. We also interviewed 10 external stakeholders from suppliers and partners, customers, regulators and policymakers,
sector associations and trade associations.
The stakeholders involved were carefully selected based on their knowledge of the specific topics and their role as aected or
interested stakeholders in the Proximus Group’s value chain. The stakeholder engagement mapping and strategy ensured that the
identification and assessment of impacts, risks and opportunities for each ESG topic would be as accurate and objective as possible.
More information on the key stakeholders can be found in the section “Stakeholder engagement”.
Assessment of the impact materiality and financial materiality
The qualitative input gathered through stakeholder consultation was translated into a quantitative ranking by our consultancy partner
and the Proximus project teams. They scored the negative impacts on severity, based on three criteria:
• Scale: how significant is the impact on the environment and society?
• Scope: how widespread is the impact?
• Irremediability: how dicult is it to counteract the negative impact?
Potential negative impacts were assessed on both severity and likelihood. Our consultancy partner and our own project teams scored
positive impacts based on scale and scope, while potential positive impacts were evaluated using scale, scope and likelihood. We set
the threshold for impact materiality at 8/16.
Proximus Group Integrated annual report 202497
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Risks and opportunities were assessed based on the likelihood of occurrence and the potential magnitude of the financial eects.
The magnitude of impact scales used for the risk assessment ranged from “low” for impacts with a value less than EUR 100,000 to
“very high” for impacts that exceed EUR 12.5 million. The exercise was supported by ranking scores, following a rationale similar to the
existing Enterprise Risk Management process. We set the threshold at 2.5/5.
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. Some material topics were considered
from multiple perspectives. In general, the IRO assessment focused on specific natural and social resources on which Proximus
relies through its business operations, such as (non-exhaustive) energy, materials, infrastructure, human capital, community, etc.
These dependencies or impacts were subsequently scored based on scale, scope and irremediability to determine the criticality and
ultimately materiality of impacts.
With regards to the risks and opportunities analysis, we mostly evaluated current risks, given that the assessment of likelihood was
often based on the number of mitigating actions in place, which provide an estimate of how likely it is that a risk will materialize.
Opportunities were often identified based on how Proximus can leverage natural and social dependencies and convert them into
business opportunities.
Enterprise Risk Management integration
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.
But while the process of identifying, assessing and managing impacts and risks was inspired by the ERM, the exercise was done in
parallel with the overall risk management process because of timing issues. In the future, we plan to fully integrate both assessments.
One exception is climate risks, a topic Proximus already began structurally incorporating into its ERM processes in 2022. Therefore, we
opted to conduct a separate climate risk process for the years when the ERM exercise did not take place. With the Double Materiality
Assessment in mind, we have been reinforcing our processes linked to climate risk.
Validation in cooperation with senior leadership and the Board of Directors
Throughout the Double Materiality Assessment, the Proximus team held several internal discussion sessions. Feedback from those
discussions was incorporated into the final results, which were presented for validation to the Proximus Leadership Squad and the
Board’s Audit & Compliance Committee. The Proximus Leadership Squad and the Board of Directors validated the assessment in July
2023.
Creation of appropriate documentation and internal engagement
All steps of the process were thoroughly documented for audit purposes.
Proximus Group Integrated annual report 202498
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
The outcome
Materiality matrix
Financial materiality
Impact materiality
Environmental
1
Climate change
adaptation
2
Climate change
mitigation
3
Energy
4
Pollution
5
Water consumption
6
Biodiversity
7
Circular economy &
waste
Social
1
Work-life balance and well-being
2
Employee health and safety
3
Working rights, fair pay and social dialogue
4
Diversity and inclusion
5
Employee upskilling, reskilling and employability
6
Human rights within value chain
7
Local communities
8
Data protection
9
Cybersecurity
10
Digital inclusion: access, aordability & skills
11
Technology and innovation
Governance
1
Business conduct
2
Political
engagement &
lobbying activities
Material from an impact perspective
Material from a financial perspective
Material from both perspectives
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
16
14
12
10
8
6
4
2
0
1
2
3
4
5
6
7
9
10
8
1
2
3
4
5
6
7
1
2
11
Proximus Group Integrated annual report 202499
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
In the end, 17 material topics were identified. Following the implementation of the Group’s new sustainability governance, we have
finetuned our Double Materiality Assessment to current operation practices with new impacts, risks and opportunities identified by
Proximus’ internal experts.
After discussions with the management, we have finetuned our analysis to increase its accuracy and its quality:
• to “Our own workforce” (S1):
» “Working rights, fair pay and social dialogue”: The topic is now also material from an impact perspective with two new actual
positive impacts defined.
» “Employees health and safety”: The topic is now also financially material with a new opportunity defined.
• to “Consumers and end-users” (S4):
» “Data privacy, data security & cybersecurity” was divided into “Data protection” and “Cybersecurity”. This decision was intended to
streamline operational follow-up, ensuring that the division is in line with our current team accountabilities.
» “Digital stress and safe products” was divided into “Digital inclusion” and remains a part of S4; we have moved the potential stress
generated by mobile network pylons and related questions on the impact of electromagnetic waves on human health to S3 “Local
communities”.
Definition of ESG material topics
Material topics for Proximus Group
E
Climate change adaptation: The process of adjusting and responding to actual and expected extreme weather events (i.e. heat waves, flooding,
rises in sea level, droughts) and their associated impacts
Climate change mitigation: The process of reducing CO2 and other greenhouse gas emissions and limiting the increase in the global average
temperature to well below 2°C and pursuing eorts to limit it to 1.5°C above pre-industrial levels, as laid down in the Paris Agreement. For Proximus,
it is about decarbonizing our own operations and value chain emissions (upstream and downstream).
Energy: The process of managing energy production and consumption along the value chain of the company, including shifting to renewable sources
and implementing energy-ecient systems and products.
Circular economy and waste: It is about managing energy production and consumption along the company’s value chain, including shifting to re-
newable sources and implementing energy-ecient systems and products. We focus on the energy consumed in our own operations and the energy
used by our customers.
S
Work-life balance and well-being: Satisfactory equilibrium between an individual’s work and private life and ensuring the physical, social and
mental health of our employees. Well-being is all about how employees feel at work and about their work activities.
Employee health and safety: The anticipation, recognition, evaluation, and control of hazards arising in or from the workplace that could impair the
health and well-being of workers, considering the possible impact on the surrounding communities and the general environment.
Working rights, fair pay and social dialogue: Respecting employees’ fundamental human rights, including safe working conditions, secure
employment, and adequate working time. Guaranteeing that employees receive fair, transparent and adequate wages that meet basic needs and
comply with legal standards and market practices. Ensuring eective, transparent, and constructive communication between employers, employees
and their representatives through collective bargaining, social dialogue, freedom of association, the existence of works councils and the information,
consultation, and participation rights of employees.
Diversity, equity and inclusion: Diversity encompasses the unique characteristics that make each individual distinct, like race, gender, age, sexual
orientation, disability, cultural background or any other characteristic protected by the law. Inclusion is about the deliberate cultivation of an environ-
ment 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.
Employee upskilling, reskilling and employability: Appropriately investing in the workforce to ensure that the company keeps innovating,
maintains talent attractiveness, and ensure that sta remain motivated.
Human rights within our value chain: Workers in the value chain refers to employees connected to the operations of Proximus Group through its
broader supply network.
Local communities: The environmental and social eects of Proximus’ business operations on local communities and the opportunities and risks
arising from these eects.For this material topic, local communities are defined as the people living in the Belgian cities and municipalities where
Proximus undertakes its deployment works. Two main groups of stakeholders come into consideration: the regional and city authorities on the one
hand, and the citizens on the other hand.
Data protection: Data protection is the protection of the personal data of individuals.
Cybersecurity: Cybersecurity refers to the protection of electronic devices, networks and sensitive information from unauthorized access, theft or
damage.
Proximus Group Integrated annual report 2024100
Digital inclusion: access, aordability & skills: Proximus defines “Digital inclusion: access, aordability & skills” as the responsibility to provide
high-performance aordable connectivity to all, with a particular focus on disadvantaged groups, incorporating methods for learning and supporting
all citizens, young or old, in navigating the complexities of our digital world, including, but not limited to, customer service, public e-services and em-
ployment opportunities.
Technology and innovation: Developing or adopting technological solutions that help solve societal challenges, reduce the environmental impact
of customers, or create new market prospects to remain competitive in the market, while also taking into consideration the “low-tech” trend evident in
some customer segments.
G
Business conduct: Corporate behaviors that promote transparent and sustainable business practices, benefiting all stakeholders along the
company’s value chain. This includes our corporate culture, how we manage the relationships with our suppliers, protecting whistleblowers, and
ensuring fair payment practices, especially for small and medium-sized enterprises.
Political engagement and lobbying activities: Refer to activities carried out with the objective of influencing the formulation or
implementation of policy or legislation, or the decision-making processes of governments, governmental institutions, regulators, European
Union institutions, bodies, oces and agencies or standard setters.
All the impacts, risks and opportunities covered by the “Technology and innovation” material topics are additional entity-specific
disclosures, while all the other material topics are covered by the ESRS disclosure requirements.
Impacts, risks and opportunities overview
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.
More information can be found in the chapter “Proximus Group at a glance”.
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.
Impact Materiality
Positive material impacts
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
By rolling out fiber and 5G, Proximus Group can better manage its
energy footprint, even as the demand for digital services continues to
grow.
A
NA Energy section
Going all in in
the fight against
global warming
Own
operations
By leveraging advanced technologies and sustainable practices,
Proximus enables businesses and individuals to optimize their energy
consumption.
A
NA Energy section
Going all in in
the fight against
global warming
Down-
stream
Providing safe working conditions and secure employment has a
positive impact on job satisfaction and engagement, helping employees
feel valued, and fostering the mental stability needed to deliver high-
quality work.
A
NA
Working rights,
fair pay and social
dialogue section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Legend
A
actual
P
potential
ST
short term
MT
medium term
LT
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
Proximus Group Integrated annual report 2024101
With more than 13,800 employees, Proximus Group also makes
a lasting economic positive contribution to Belgian society. Strong
economic prosperity drives a more educated workforce and higher
workforce productivity as well as greater buying power for Proximus’s
customer base. Providing adequate minimum wages contribute to
ensuring fair competition, to stimulating productivity improvements and
to promoting economic and social progress.
A
NA
Working rights,
fair pay and social
dialogue section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Prioritizing diversity and inclusion helps foster equity, bridging bridge
pay gaps and ensuring ensure a fair, discrimination-free workplace,
where everyone feels welcome and valued. It enhances the
employability of individuals, regardless of their background, age, sexual
orientation, disability ...
P
ST
MT
LT
Diversity, equity
and inclusion
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
The primary positive impact of investing in our employees learning
and develoment is the creation of a workforce that is agile, skilled,
and capable of driving innovation. Employees who are continuously
learning are more likely to be engaged with their work, leading to higher
productivity and job satisfaction. This leads to a positive company
culture where professional growth is valued and encouraged.
P
ST
MT
LT
Employee
upskilling,
reskilling and
employability
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Deploying digital infrastructure and innovative technologies supports
the modernization of society and can be a real catalyst for the
global economy. It encourages innovation, boosts competitiveness,
enables new business models, creates jobs and supports the digital
transformation of the education system.
A
NA
Digital inclusion:
access,
aordability, and
skills section
Investing in digital
accessibility,
inclusiveness and
upskilling
Upstream
and
downstream
We make a positive impact on society by developing solutions to
cybersecurity issues and contributing to building trust in the digital
world.
P
ST
MT
LT
Cybersecurity
section
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Proximus plays a crucial role in developing new technologies and
must continuously innovate to remain competitive. The company’s
impact on society is mostly positive, driving advancements in network
infrastructure, AI-driven customer service and advanced cybersecurity
measures to support the digitalization of society and improve customer
satisfaction.
For society, these technological advancements improve access to digital
services, enhance communication and support economic development
by creating jobs and fostering a robust digital economy.
A
NA
Technology and
innovation section
Developing digital
solutions for
everyday life
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Proximus integrity helps to create a framework for responsible and
sustainable business practices that benefit all stakeholders, including
customers, employees, suppliers, and society as a whole. By considering
the long-term impact of its decisions and actions, Proximus can ensure
that it is operating in a way that is sustainable and socially responsible.
This can help to minimize the negative impact of business operations
on the environment and society, while also creating long-term value for
stakeholders.
A
NA Business conduct
Going all in in
the fight against
global warming
Upstream,
own
operations,
downstream
Proximus advocates for initiatives and regulations that create positive
societal impacts and drive economic growth, such as promoting digital
inclusion, ensuring digital security, and encouraging the responsible use
of technology. The company also recognizes the importance of local
collaboration (e.g. securing permits, engaging with politicians and city
councils) in deploying infrastructure to enhance societal security and
digital inclusion, particularly through the expansion of fiber and mobile
networks.
A
NA
Political
engagement and
lobbying activities
Embedding
highest ethics
and compliance
standards
Investing in digital
accessibility,
inclusiveness and
upskilling
Own
operations
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024102
Negative material impacts
4
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group's value chain is carbon-intensive because of its large-
scale network deployment, network infrastructure, service rollouts,
large workforce and corresponding fleet.
A
NA
Climate change
mitigation and
energy section
Going all in in the
fight against
global warming
Upstream,
own
operations,
downstream
The growing digitalization increases the energy consumption of
Proximus Group's customers and end-users. Furthermore, as a leading
telecommunication company in Belgium, Proximus is a significant
contributor to the energy consumption of the sector.
A
NA
Climate change
mitigation and
energy section
Going all in in the
fight against
global warming
Down-
stream
The telecom sector often uses customer acquisition models like
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 (CPEs) and network hardware intensifies the
pressure on rare or critical raw materials, making eective lifecycle and
e-waste management more challenging.
A
NA
Circular economy
and waste section
Going all in in the
fight against
global warming
Upstream,
downstream
Our communication and digital services heavily rely on network
hardware and user devices, that need many dierent scarce raw
materials during their production process and consume energy during
their use phase. This reliance negatively impacts both climate change
and resource availability.
A
NA
Circular economy
and waste section
Going all in in the
fight against
global warming
Down-
stream
Intensive workdays and the constant need to stay agile can take a toll
on employees’ physical and mental health, intensified by the transition
to new organizational structures and changes to the path we work (via
virtual communication and hybrid models, among others).
A
NA
Work-life balance
and well-being
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Employee safety is a concern, with incidents of third-party aggression
in Proximus stores and call centers (including serious robberies, verbal,
and physical aggression) negatively impacting sta’s physical and
emotional well-being.
A
NA
Employee health
and safety section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Proximus provides sedentary oce jobs that can have a significant
negative impact on employee’s health:
- The prolonged hours of sitting at a desk can cause a wide range of
health issues such as weight gain, poor posture, back pain, and even
increased risk of chronic diseases.
- Sitting for long periods can negatively impact mental health, leading
to increased levels of stress, anxiety, and depression.
- Employees who work in sedentary jobs often have less time to
exercise, which leads to an increased risk of obesity, cardiovascular
disease, and other health issues. The lack of physical activity can also
lead to a decline in cognitive function, which can negatively impact an
employee’s performance and productivity
P
ST
MT
LT
Employee health
and safety section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Employees face the risk of having occupational accidents occurring on
the way to or from work.
P
ST
MT
LT
Employee health
and safety section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
4 The material negative impacts are determined at the Proximus Group level, as they are not related to individual incidents.
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Proximus Group Integrated annual report 2024103
Digitalization can exacerbate the negative impacts of the digital divide.
Without a fast connection or digital skills, people find themselves
excluded from government services, job interviews, school registrations,
banking services, and more. What is more, vulnerable groups must be
protected from potentially inappropriate content.
P
ST
MT
LT
Digital inclusion:
access,
aordability, and
skills section
Investing in digital
accessibility,
inclusiveness and
upskilling
Down-
stream
Proximus Group may face diculties in ensuring all employers in its
value chain comply with human rights and labor laws. This is especially
hard in more complex supplier networks, such as those involving raw
materials sourcing and multiple layers of subcontractors spread across
dierent regions (e.g. electronics manufacturing sector). Gaining
transparency on human rights risks and ensuring the respect of human
rights standards down the supply chain requires meaningful industry
collaborations, which might be hindered by intellectual property secrecy
and limited resource allocation.
A
NA
Human rights
within our value
chain section
Building the best
gigabit network in
Belgium
Embedding
highest ethics
and compliance
standards
Upstream,
own
operations,
downstream
Expanding our network and replacing old infrastructure with new
technologies generate negative impacts, such as nuisances and
disturbances, for inhabitants in cities and municipalities. Deployment
and maintenance of fixed networks can cause temporary
inconveniences like roadworks, the opening of sidewalks, dicult access
to the house, or visual pollution when deployment is done on the
façade of their living unit. These impacts are perceived as widespread
because people generally dislike having roadworks in the vicinity of their
homes.
A
NA
Local
communities
section
Developing digital
solutions
for everyday life
Own
operations,
downstream
If Proximus unlawfully processes personal data or fails to protect it,
this can have a negative impact on individuals whose personal data is
processed. They could lose control over their personal data, leading
to potential privacy violations. This could result in discrimination,
identity theft or fraud, financial loss, damage to reputation, and loss of
confidentiality of personal data protected by professional secrecy. It can
also lead to other significant economic or social disadvantages.
P
ST
MT
LT
Data protection
section
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Excessive political engagement and lobbying can erode societal
trust and well-being, especially when misinformation is shared with
public institutions and politicians. Such actions can also undermine
fair competition, disrupt local cooperation, and hinder local economic
growth.
P
ST
Political
engagement and
lobbying activities
section
Going all in in the
fight against
global warming
Embedding
highest ethics
and compliance
standards
Own
operations
Financial Materiality
Material risks
Description
Time
horizon
Risk
management,
strategy and
performance
Bold 2025
strategic
pillars
ESG
commitments
Value
chain
Extreme weather events are expected to become more frequent and
widespread, even aecting areas previously considered low risk. These
events pose serious threats to our telco and ICT assets. Such events drive up
operational costs as damaged assets need to be replaced. Furthermore, it
reduces our revenue due to service unavailability.
ST
MT
LT
Climate change
adaptation
section
Connecting
people and
devices worldwide
Going all in in
the fight against
global warming
Own
operations
Our supply chain is also vulnerable to the eects of climate change. Extreme
weather events such as floods, hurricanes, and droughts can disrupt
production and transportation, leading to delays and increased costs. Resource
scarcity due to changing climate conditions can drive up the price of raw
materials and cause supply shortages. Additionally, geopolitical tensions can
create further disruptions across our value chain.
ST
MT
LT
Climate change
adaptation
section
Developing digital
solutions
for everyday life
Connecting
people and
devices worldwide
Going all in in
the fight against
global warming
Upstream,
downstream
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024104
New regulations could require us to invest considerably in cleaner technologies
and processes, which might directly or indirectly raise our operational costs.
For instance, a rapid transition could lead to operational disruptions. Moreover,
failing to comply with these regulations could harm our reputation and expose
us to legal risks, such as fines or litigation for non-compliance.
ST
MT
LT
Climate change
mitigation section
Embedding
highest ethics
and compliance
standards
Going all in in
the fight against
global warming
Own
operations
If our stakeholders do not perceive our actions to tackle climate change as
a priority, this might lead to reputational damage, resulting in the loss of
customer trust and brand value. Investor confidence may weaken, aecting
stock prices and access to capital. We could also face increased regulatory
scrutiny, with potential fines and legal challenges. Employee morale might
decline, negatively aecting productivity and retention. Furthermore,
competitors with stronger climate commitments could gain an edge by
attracting more customers and talent.
ST
MT
LT
Climate change
mitigation section
Going all in in
the fight against
global warming
Own
operations,
downstream
Uncertainty and limited predictability of the long-term risks of climate
change can lead to poor investment decisions. Capital may be misallocated
to assets vulnerable to climate risks, resulting in potential financial losses.
Underestimating future costs related to regulatory changes, physical damages,
and resource scarcity could hurt our profitability. Inadequate risk management
strategies may leave us exposed to unforeseen climate-related disruptions.
Additionally, missing out on opportunities in emerging sustainable technologies
and markets could hinder Proximus’ growth and competitiveness.
ST
MT
LT
Climate change
mitigation section
Going all in in
the fight against
global warming
Connecting
people and
devices worldwide
Own
operations
As the awareness and concern about climate change grow, our clients
increasingly demand higher environmental standards from the companies
they do business with. This trend is driven by regulatory pressures, consumer
expectations, and a broader societal push towards environmental stewardship.
If we fail to align with these evolving requirements, it could jeopardize essential
partnerships and client relationships, leading to significant financial and
reputational impacts.
ST
MT
LT
Climate change
mitigation section
Going all in in
the fight against
global warming
Connecting
people and
devices worldwide
Own
operations,
downstream
The current geopolitical landscape, in parallel with the energetic transition
underway in the EU, can lead to price volatility and shortages of renewable
energy. These can aect our business continuity and profitability. Proactively
managing these risks is crucial for maintaining operational stability and
financial health.
ST
Energy section
Connecting
people
and devices
worldwide
Upstream,
own
operations
Shifting our customer base to new energy-ecient products and services,
such as new Internet Boxes, requires a significant investment from Proximus.
This risk is increased by the rapid turnover of products driven by accelerated
innovation in energy-ecient technologies. As new, more ecient products are
being developed regularly, Proximus must continually invest in upgrades to stay
competitive and meet regulatory standards. This ongoing need for investment
can strain financial resources and impact profitability.
ST
Energy section
Going all in in
the fight against
global warming
Developing digital
solutions for
everyday life
Own
operations,
downstream
Not shifting to circular economy business models poses a risk, as it means
relying on raw material availability while global demand continues to
rise, making secure and aordable access to some materials increasingly
challenging. This could result in more frequent and severe raw material or new
components shortages impacting Proximus' supply chain. These shortages
potentially lead to higher operational costs and have an impact on customer
experience such as longer installation and repair lead times.
MT
Circular economy
and waste section
Going all in in
the fight against
global warming
Developing digital
solutions for
everyday life
Upstream,
own
operations,
downstream
The adoption of circular models also hinges on customer demand and
readiness. For instance, investing heavily in refurbished devices may yield
limited returns if the market is not mature enough to embrace them.
MT
Circular economy
and waste section
Going all in in
the fight against
global warming
Developing digital
solutions for
everyday life
Down-
stream
Employee health as a result of lack of balance, empowerment and personal
impact on working conditions could also have financial implications – aect
our attractiveness as an employer, which might lead to employee turnover.
Moreover, potential fines and litigation costs are a risk factor.
MT
Work-life balance
and well-being
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024105
The primary risk we face is the potential loss of talent, and unhealthy team
dynamics due to a non-inclusive work environment. An unwelcoming
atmosphere can lead to disengagement, reduced productivity and high
turnover rates. This in turn negatively aects our employer brand and overall
productivity.
LT
Diversity and
inclusion section
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
downstream
The rapid pace of technological change means that the skills acquired today
may become obsolete tomorrow. The challenge in the technology and
telecommunication sectors is to ensure that learning opportunities are relevant
and aligned with future industry needs, which requires a keen understanding of
market trends and technological advancements.
MT
Employee
upskilling,
reskilling and
employability
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
The shortage of technological talent in the market makes it imperative for an
our organization like ours to invest in upskilling and reskilling programs that can
enhance the digital literacy of our existing workforce. Such proactive measures
are essential to maintain competitiveness and foster a resilient and adaptable
human capital. It also preserves the company from financial risks in case of
massive restructuring due to talent readiness degradation.
MT
Employee
upskilling,
reskilling and
employability
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
The Group faces the risk of being held accountable for breaches of social and
labor regulations and/or of its supplier code of conduct. Such infringements
may lead to fines as well as operational (e.g. supply-chain disruption risk) and
reputation risks (e.g. loss of enterprise customers), all of which could damage
our financial performance.
ST
MT
LT
Human rights
within our value
chain section
Building the best
gigabit network in
Belgium
Embedding
highest ethics
and compliance
standards
Upstream,
own
operations,
downstream
There are risks linked to the deployment of new antenna sites for mobile
networks. Aected communities might raise visual concerns and we often
encounter resistance due to the NIMBY (Not In My BackYard) syndrome. They
also raise questions on the health impact of electromagnetic radiation. These
discussions may delay environmental and building permits, delay the network
roll-out, and potentially lead to stricter regulations, such as the 5G regulatory
framework in Brussels and Wallonia.
ST
MT
Local
communities
section
Developing digital
solutions for
everyday life
Own
operations,
downstream
Failing to address citizens’ concerns and maintain good relationships with
aected communities can lead to reputational risks to Proximus. It might lead
to distrust, and generate negative publicity and negative word-of-mouth
referrals. Reputational damage could ultimately have a negative financial
impact as it can lead to a decline in customer loyalty and a decrease in sales.
ST
MT
Local
communities
section
Embedding
highest ethics
and compliance
standards
Own
operations,
downstream
Proximus faces significant risks if it fails to comply with data protection
regulations. The company could be subjected to hefty fines, compensation
claims, operational disruptions like temporary bans on processing activities,
and increased regulatory scrutiny from data protection authorities. Additionally,
reputational damage could erode trust with customers and partners,
potentially leading to a loss of business, a drop in stock prices, and reduced
investor confidence.
ST
MT
LT
Data protection
section
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Cybersecurity threats pose significant risks to the security of Proximus as well
as its customers and suppliers. Significant financial losses may arise from direct
costs like ransomware payments and legal fines. Loss of revenue might also be
a possible outcome due to service interruptions and eroded customer trust.
ST
MT
LT
Cybersecurity
section
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Investing in technological innovation has economic implications and could lead
to errors and drawbacks, such as high investment in R&D, risk of technologies
not being deployable, risk of investing in the wrong technologies, challenges in
monetizing new innovations, etc.
ST
MT
LT
Technology and
innovation section
Developing digital
solutions for
everyday life
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024106
In the fast-changing landscape of ESG regulations and industry
standards, companies like Proximus face the risk of lagging behind. The
internationalization of our activities even causes an increased complexity
of compliance. Failing to adhere to diverse and new competition laws and
regulations globally could result in reputational damage, loss of trust from key
stakeholders, and financial penalties - risks that might have a financial impact
on Proximus.
ST
Business conduct
section
Embedding
highest ethics
and compliance
standards
Own
operations,
downstream
Given the large number of employees, contractors, and business partners
we work with, keeping everyone informed about our policies is an ongoing
challenge.
ST
Business conduct
section
Embedding
highest ethics
and compliance
standards
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
upstream
and
downstream
Any case of corruption, bribery, insider trading or conflict of interests involving
Proximus would harm our company’s reputation. In addition to the legal
repercussions, these events could also undermine sta morale and jeopardize
financial health.
ST
Business conduct
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
downstream
Material opportunities
Description
Time
horizon
Opportunity
management,
strategy and
performance
Bold 2025
strategic
pillars
ESG
commitments
Value
chain
Oering low-carbon products not only addresses climate change but also
provides us with a competitive edge, enabling regulatory preparedness and cost
savings, through for instance reduced energy use or raw material usage.
ST
MT
Climate change
mitigation section
Going all in in
the fight against
global warming
Own
operations,
upstream,
downstream
The evolving energy landscape is an opportunity for Proximus to oer innovative
(ICT) products and services that help customers reduce their energy usage,
attracting new clients and contributing to reducing energy consumption in
society.
ST
MT
Energy section
Going all in in
the fight against
global warming
Own
operations,
upstream,
downstream
Investing in energy-ecient and low-carbon infrastructure and solutions can
facilitate Proximus’ access to sustainable funding sources, such as sustainability-
linked loans and green bonds, supporting long-term investments.
ST
MT
LT
Climate change
adaptation
section
Going all in in
the fight against
global warming
Own
operations,
upstream,
downstream
There is the potential to expand hardware recovery and refurbishment to
include professional devices and more network hardware, which could drive
further cost savings or even create new revenue streams through resale.
MT
Circular economy
and waste section
Going all in in the
fight against
global warming
Developing digital
solutions for
everyday life
Down-
stream
Providing a healthy and safe working environment represents an opportunity to
reduce costs by preventing workplace accidents and occupational diseases.
ST
MT
LT
Employee health
and safety section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Oering flexible working conditions represent an opportunity for Proximus
to increase its attractivity. These flexible working conditions not only enhance
employee satisfaction and commitment but also strengthen our culture while
maintaining strong professional connections.
ST
MT
LT
Work-life balance
and well-being
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Creating a positive and safe work environment where each individual is
respected, heard and valued, and where all employees are treated on a fair
and equal basis, regardless of their background, combined with a competitive,
fair and market attractive remuneration package represents an opportunity
to attract and retain the right talents, needed to achieve our strategic ambitions.
ST
Working rights,
fair pay and social
dialogue section
Stimulating an
inspiring and
inclusive work
environment
Own
operations
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024107
Our dedication to D&I enhances our ability to comply with evolving legal
standards and legislation related to harassment, discrimination, and accessibility,
thereby reducing associated risks. Putting in place well-balanced and talented
mixed teams positions us as an innovative company that meets the demands of
a diverse market, enhancing our appeal to large customers and investors who
prioritize sustainability and inclusion.
ST
MT
LT
Diversity and
inclusion section
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
downstream
As the war for talent intensifies, by being an inclusive employer, we can also
attract a wider range of talents, further strengthening our teams and positioning
us as an employer of choice. Moreover, it stimulates our learning and feedback
culture, the engagement of our employees and our creativity to handle the
future challenges of a digital world.
ST
MT
LT
Diversity and
inclusion section
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
downstream
Opportunities arise from the ability to harness the potential of a well-trained
workforce. If a company can eectively upskill and reskill our employees,it
can gain a competitive edge in the market. This means it is better positioned
to innovate and adapt to changes, which can lead to the development of new
products, services, and business models. Moreover, a commitment to continuous
learning can attract top talent, seeking employers that invest in their professional
development.
ST
MT
LT
Employee
upskilling,
reskilling and
employability
section
Stimulating an
inspiring and
inclusive work
environment
Own
operations,
downstream
When conducted in a meaningful and genuine way, engaging with local
communities oers opportunities to build understanding, and facilitate the permit
approval processes, hence network deployment.
ST
MT
LT
Aected
communities
section
Developing digital
solutions
for everyday life
Own
workforce
Proximus has an opportunity to strengthen its position by ensuring the lawful,
ethical, safe and transparent handling of personal data. This would reinforce
the company’s commitment to protecting personal data and building trust,
enhancing Proximus’ reputation and creating business opportunities.
ST
Data protection
section
Ensuring
cybersecurity for
our customers
Grow profitably,
locally and
globally, through
strong brands
Own
operations
The Proximus NXT 2024 Cybersecurity Survey Report revealed that one in three
companies in the Benelux faced at least one cybersecurity incident in 2023. So
by investing in cybersecurity, we can stimulate the sustainable growth of our
company, beyond telco operations.
ST
MT
LT
Cybersecurity
section
Ensuring
cybersecurity for
our customers
Grow profitably,
locally and
globally, through
strong brands
Own
operations,
downstream
Digitalization oers significant opportunities for economic and social
development, even though it is a complex, multifaceted challenge. Society’s
growing demand for connectivity presents a business opportunity for Proximus.
Investing in safe, accessible and inclusive products and services and enhancing
people’s digital capabilities, not only supports social development but also
increases our revenue. Expanding our reach to new population segments and
creating user-friendly digital services will contribute to securing long-term
success.
ST
MT
LT
Digital inclusion:
access,
aordability, and
skills section
Investing in digital
accessibility,
inclusiveness and
upskilling
Down-
stream
Innovations provide opportunities for Proximus; the main one being driving
economic growth through the development of new products and services
and fostering new markets and customer segments. The rollout of gigabit
technology oers the potential for faster, more reliable services, leading to new
revenue streams and enhanced customer satisfaction. Implementing Artificial
Intelligence (AI) can optimize network management, predict maintenance
needs and personalize customer experiences, driving eciency and innovation.
Embracing greener technologies and sustainable practices helps reduce
environmental impact and meet the growing customer demand to reduce
their environmental footprint. By creating innovative ecosystems based on
multi-stakeholder collaboration with academia, partners and customers
Proximus can develop smart and sustainable solutions for both the industry
and residential customers.
ST
MT
LT
Technology and
innovation section
Developing digital
solutions for
everyday life
Ensuring
cybersecurity for
our customers
Own
operations,
downstream
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024108
Our corporate culture, grounded in high ethical standards and a strong
commitment to comply with legal and regulatory frameworks, including
ESG regulations, creates a significant opportunity. It builds trust in our B2B
and public sector relationships, which in turn helps us sustain and grow our
revenues in the enterprise segment, both domestically and internationally.
ST
MT
LT
Business conduct
section
Embedding
highest ethics
and compliance
standards
Upstream,
own
operations,
downstream
Strategic and ethical lobbying can be eectively utilized to secure subsidies that
support necessary investments, reduce barriers, and enable business continuity
and expansion.
LT
Political
engagement and
lobbying activities
section
Embedding
highest ethics
and compliance
standards
Own
operations
Next steps
In preparation for our next strategic cycle, which will be developed throughout 2025, we will integrate the three separate exercises
– the creation of a new strategy and the DMA and Enterprise Risk Management assessments – into one process. The input for these
exercises consists of stakeholders’ dialogues, forecasting information and an analysis of the IROs and business risks and opportunities.
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Description Type
Time
horizon
Impact
management,
strategy and
performance
bold2025
strategic
pillars
ESG
commitments
Value
chain
Proximus Group Integrated annual report 2024109
Proximus’ sustainability strategy
bold2025
In 2023, we initiated a new strategic cycle named bold2025. It was the right time to reflect on our sense of purpose and the bigger role
we wish to play in society. We defined a purpose that truly captures the DNA of our company: to “boldly build a connected world that
people trust, so society blooms”.
More information on our purpose can be found in the chapter “Proximus Group at a glance”.
With bold2025, we commit to sustainable value creation for all stakeholders through an inclusive growth strategy that fully integrates
our nine ESG commitments. These commitments are guided by our sense of purpose and are structured around these three
dimensions:
• building a connected world;
• ensuring that this world is secure and trustworthy;
• and finally, maximizing our concrete impact, especially in terms of climate and inclusiveness.
... a connected world... ... that people trust... ... so society blooms.
Boldly building...
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
More information on our bold2025 commitments can be found in the chapter “Proximus Group at a glance”.
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Proximus Group Integrated annual report 2024110
Financial resources allocated to the sustainability action plan
Out of a total invested capital expenditure (CapEx) of EUR 1.36 billion, we invested 42% (EUR 565 million) in sustainable CapEx
(defined as investments in fiber, mobile, backbone and network simplification) and 5% (EUR 67.5 million) in the circular economy
(defined as the purchase of modems, decoders and repeaters, which are bought by Proximus Group and put on the market as a service
through a renting model). The sustainable CapEx encompasses the financial resources allocated to the climate change action plan
and is consistent with our Taxonomy disclosure
5
: telecommunication network investments are excluded from EU Taxonomy eligible
activities and consequently come on top of it while our circular economy CapEx is fully reported under “Activity 5.5 Product-as-a-
service and other circular use- and result-oriented service models”.
In 2024, we dedicated EUR 26 million to improve our employees’ working conditions. This figure encompasses mainly our eorts
to ensure the sustainability and safety of our real estate portfolio. It also includes our actions to improve our employees’ digital
experience, in order to ensure a transparent and ecient work environment.
In 2024, we dedicated EUR 14.5 million as operational expenditure (OpEx) on green mobility to support our fleet decarbonization,
supporting for example the leasing of electrical vehicles and public transport options for our employees. We also invested
EUR 49.6 million in employee re-skilling and upskilling.
While the plan is based on our overall financial planning, we do not yet have a detailed overview of the future CapEx and OpEx
investments dedicated to the transition plan. 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 Note 4 and 5 of the Consolidated Financial Statements.
More information on our workforce and non-workforce expenses can be found in Note 26 and 27 of the Consolidated Financial
Statements.
5 More information can be found in the EU Taxonomy table on CapEx.
Sustainability Statement → General information
→ Basis of preparation → Sustainability governance → Our value chain → Stakeholder engagement
→ Double Materiality Assessment → Proximus’ sustainability strategy
Proximus Group Integrated annual report 2024111
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
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.
Our impacts, risks and opportunities
Climate change impacts
Proximus Group’s value chain is carbon-intensive because of its large-scale network deployment, network infrastructure, service
roll-outs, large workforce and corresponding fleet. The growing digitalization increases the energy consumption of Proximus Group’s
customers and end-users.
At the same time, by rolling out fiber and 5G, Proximus Group can better manage its energy footprint, even as the demand for digital
services continues to grow. These technological advancements not only support our sustainability goals but also ensure that we can
provide high-quality, reliable services to our customers in an energy-ecient manner.
Climate change risks
The risks listed in this section were identified as part of the Double Materiality Assessment (DMA), which was an outcome of Proximus’
Enterprise Risk Management (ERM).
More information can be found in the section “Double Materiality Assessment” and “climate change risks identification methodology”.
Transition risks
New regulations could require us to invest considerably in cleaner technologies and processes, which might directly or indirectly raise
our operational costs. For instance, the rapid transitions necessitated by new directives on energy (e.g. the obligation to transition to
a fossil-free technical fleet) could lead to operational disruptions. Moreover, failing to comply with these regulations could harm our
reputation and expose us to legal risks, such as fines or litigation for non-compliance.
If our stakeholders do not perceive our actions to tackle climate change as a priority, this might lead to reputational damage, resulting
in the loss of customer trust and brand value. Investor confidence may weaken, aecting stock prices and access to capital. We could
also face increased regulatory scrutiny, with potential fines and legal challenges. Employee morale might decline, negatively aecting
productivity and retention. Furthermore, competitors with stronger climate commitments could gain an edge by attracting more
customers and talent.
Uncertainty and limited predictability of the long-term risks of climate change can lead to poor investment decisions. Capital may
be misallocated to assets vulnerable to climate risks, resulting in potential financial losses. Underestimating future costs related to
regulatory changes, physical damages and resource scarcity could hurt our profitability. Inadequate risk management strategies
may leave us exposed to unforeseen climate-related disruptions. Additionally, missing out on opportunities in emerging sustainable
technologies and markets could hinder Proximus’ growth and competitiveness.
Proximus Group Integrated annual report 2024112
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
As public awareness and public concern about climate change continue to grow, our clients increasingly demand higher environmental
standards from the companies they do business with. This trend is driven by regulatory pressures, consumer expectations and a
broader societal push towards environmental stewardship. If we fail to align with these evolving requirements, it could jeopardize
essential partnerships and client relationships, leading to significant financial and reputational impacts.
The EU energy market can be influenced by, e.g. geopolitical tensions, electricity grid transformation due to the massive switch to
renewables, or water scarcity, which can impact nuclear plant operations. This may generate uncertainty and potentially price volatility
and shortages of (renewable) energy, which in turn can aect our business continuity and profitability. Additionally, financial risks arise
from the need to invest in alternative energy sources or energy-ecient technologies, which can be expensive and time-consuming.
Proactively managing these risks is crucial for maintaining operational stability and financial health.
Shifting our customer base to new energy-ecient products and services, such as new Internet Boxes, requires a significant
investment from Proximus. This risk is increased by the rapid turnover of products driven by accelerated innovation in energy-ecient
technologies. As new, more ecient products are being developed regularly, Proximus must continually invest in upgrades to stay
competitive and meet regulatory standards. This ongoing need for investment can strain financial resources and impact profitability.
Physical risks
Extreme weather events are expected to become more frequent and widespread, even aecting areas previously considered low risk.
These events pose serious threats to our telco and ICT assets. For instance, in 2021 the floods caused significant damage in Wallonia
and had detrimental eects on Proximus Group’s business. Such events drive up operational costs, as damaged assets need to be
replaced. Furthermore, it reduces our revenue due to service unavailability.
Increased precipitation such as rain, hail or snow also leads to a higher risk of erosion and long-term damage to transport structures,
potentially exposing cables and technical buildings. Moreover, heat waves might occur more often in the future, due to rising global
temperatures. A heat wave is defined as a period of five or more consecutive days with temperatures over 30°C. Heat waves can also
cause an increase in operation costs because of damage to infrastructure or increased maintenance/energy usage.
We conducted a review of the potential eects of climate change on our infrastructure in Belgium. This analysis has shown that, given
the current processes in place, there is a low risk of disruption to our operational processes in the short- and mid-term future. In case
of acute extreme weather events, procedures have been set in place to restore business continuity as quickly as possible. The exercise
was conducted in line with the legal requirements of the BIPT (Belgian Institute for Postal Services and Telecommunications), the
federal regulatory body responsible for regulating the electronic communications market.
Just like Proximus is impacted by climate change, its supply chain is also exposed. Extreme weather events such as floods, hurricanes
and droughts can disrupt production and transportation, leading to delays and increased costs. Resource scarcity due to changing
climate conditions can aect the availability of raw materials, driving up prices and causing supply shortages. Geopolitical tensions
increased by mass migrations and conflicts over resources can also be a source of disruption for Proximus’ value chain.
Climate change risks identification methodology
Alongside our Double Materiality Assessment, a specific approach was used to assess risks related to climate change in Proximus’
Enterprise Risk Management (ERM).
Proximus began structurally incorporating climate risk into its ERM processes in 2022. Every two years, we carry out a comprehensive,
bottom-up identification and prioritization of risks called the “full ERM” exercise. In the interim years, we conduct a “light ERM” to
review the risks. Additionally, during these years, we performed a separate assessment specifically focused on climate risk.
We define the scope of climate change risk assessment at the Group level, paying special attention to the BICS and Telesign
aliates due to their operational size and unique characteristics. Other Proximus Group aliates were covered through stakeholder
consultation
6
. We identified the key areas of our value chain by segmenting stakeholders into groups and focusing on three critical
factors:
6 Except for Route Mobile and Fiberklaar which joined Proximus in 2024.
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• the degree to which they have a direct influence on Proximus Group’s main business operations;
• the data availability of business activities along the value chain;
• stakeholder expertise, to ensure relevant insights.
Proximus’ climate change risk management framework is based on the principles and guidelines set out in ISO 31000, which provides
a structured and standardized approach to establishing risk management processes. We employ the relevant techniques outlined in
ISO 31010 to conduct the risk assessment. These techniques help us evaluate and analyze the risks associated with climate change,
including both physical risks (acute and chronic), as defined by Commission delegated regulation (EU) 2021/2139 and those related to
the transition to a low-carbon economy (policy and legal, technology, market and reputation risks), based on TCFD classification.
The main steps of the risk assessment process are visualized in the following figure:
Scope, Context, Criteria
Risk Identification
Risk Analysis
Risk Evaluation
Risk Treatment
Communication and consultation
Monitoring and review
Risk Assessment
We selected the climate change scenarios using the Network for Greening the Financial System (NGFS) scenarios framework. The
NGFS is a global network of central banks and supervisors that aims to enhance the role of the financial sector in managing climate
and environmental risks.
Based on this framework, we selected three future climate scenarios that project three dierent temperature paths: divergent net
zero (+1.5 degrees), delayed transition (+1.8°C) and current policies (+3°C). We will identify whether the scenarios are still applicable or
should be amended on a yearly basis.
The various scenarios, coupled with three distinct time frames, established the context for the risk assessment. These time frames are:
• short-term (0–3 years);
• medium-term (3–10 years);
• long-term (10–25 years).
The choice of the time horizons is provided in the section “General information”. For the identification of potential climate change
risks, we consulted publications from major management consulting firms, the European Investment Bank, HSBC Research and the
World Economic Forum. We carried out the final selection and prioritization of risks through workshops and interviews with dierent
stakeholders, both internal and external. The potential impact of a risk is determined through an impact table.
The magnitude of impact scales used for the risk assessment ranges from “low” for impacts with a value less than EUR 100,000 to
“very high” for impacts that exceed EUR 12.5 million (in line with the company’s Delegation of Powers Policy and the methodology
used for operational risk management). This alignment guarantees that risk assessments reflect the financial thresholds at which
dierent levels of decision-making authority are applied. In cases where risks cannot be quantified in financial terms such as
reputational damage, compliance issues, operational eciency or system and platform availability, we use a qualitative impact scale.
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This qualitative scale is also aligned with the financial impact scale to ensure a balanced and comparable approach when evaluating
dierent types of risks.
For each of the identified risks, we determined the likelihood of occurrence on a scale of 1 to 5 (1 being extremely unlikely and 5 being
extremely likely).
The combination of the impact and likelihood scale results in a positioning on a risk matrix leading to the final qualification of the
identified risks. The outcome of the risk analysis is presented in the table below.
Risk causes Climate change-related risk Policy ambition Short term Medium term Long term
Policy changes
1. Introduction of climate change-
related policies (including
governmental). Transition risk.
1.5°C Low High High
1.8°C Low High High
3°C Low Low Low
Market
2. Competition for scarce green
energy. Transition risk.
1.5°C Medium High High
1.8°C Medium High High
3°C Low Low Low
Market
3. Increased outsourcing & supply
chain risk as they are also exposed to
climate change impact. Physical risk.
1.5°C Medium Medium High
1.8°C Low Medium High
3°C Low Medium Medium
Reputation
4. External stakeholder/customer
perception not in line with Proximus
eorts. Transition risk.
1.5°C Medium High High
1.8°C Low Medium High
3°C Low Low Medium
Climate evolution
- Extreme weather
events
5. Insucient knowledge about the
long-term risks of climate change
may impact investment decisions and
infrastructure resilience. Transition &
physical risk.
1.5°C Low Low Low
1.8°C Low Medium Medium
3°C Low Medium High
The above-identified risks are listed and further detailed in the sections “Transition risks” and “Physical risks”.
Our main opportunities related to climate change
Oering low-carbon products presents Proximus with a significant opportunity to stand out in the market. Consumer demand for
sustainable products is rising and meeting this demand can attract environmentally conscious customers. Overall, oering low-carbon
products not only addresses climate change but also provides us with a competitive edge, enabling regulatory preparedness and cost
savings through, for instance, reduced energy use or raw material usage.
Investing in energy-ecient and low-carbon infrastructure and solutions can facilitate Proximus’ access to sustainable funding
sources, such as sustainability-linked loans and green bonds, supporting long-term investments.
Policies
The Proximus Group Environmental Policy further reinforces our intention to identify and reduce our environmental impacts by
minimizing the use of raw materials and energy and avoiding ozone-depleting substances such as CFC or HCFC.
Our Code of Conduct is relevant to all Proximus 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.
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In our Supplier Code of Conduct, we set the expectation that our suppliers should contribute to our climate objectives by (i) disclosing
their GHG footprint, (ii) setting science-aligned public emissions reduction targets and (iii) 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.
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’ Business Continuity Management (BCM) is key to ensuring we manage the potential impact of physical climate change
risks for Proximus Group
7
. It is the capability to continue to deliver products and services at an acceptable level in case of major
incidents, including in case of extreme weather events. This company 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 the overall accountability for Proximus’ BCM and
for the bi-annual review and approval of this policy.
All our policies are available on the Proximus website, except the Procurement Policy and the Business Continuity Policy which are
only available in Proximus intranet.
More information about our policies can be found in the section “Business Conduct”.
Climate change mitigation and energy
Context
The telecom industry, a contributor to greenhouse gas 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 have pledged to meet the Science Based Targets approved by the Science
Based Targets initiative (SBTi). By aligning our strategies with 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 EU 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.
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. For Proximus, this covers the energy
consumed by our suppliers, in our own operations and by our products.
Climate change mitigation is the process of reducing CO2 and other greenhouse gas 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, this process involves a decarbonization of our own operations and a reduction in our
value chain emissions (upstream and downstream).
Resources and responsibilities
Climate change mitigation and energy management are centrally managed by Proximus Group’s sustainability team, which acts as a
center of excellence. The team provides 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
7 All of Proximus’ infrastructure are located in Belgium and Luxembourg. International activities are not material for this topic.
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our bi-monthly ESG committees, held at the level of the Proximus Leadership Squad. More information can be found in the section
“General information”.
In accordance with the Group’s overall Sustainability Governance, Proximus’ Energy Strategy is validated at the Board level and
embedded in our strategic plan. Our Energy Strategy is 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. The role of the team 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, e.g. the fleet team, procurement team, Customer Premises Equipment
team or Consumer Business Unit. Dedicated resources ensure the communication of our Group’s sustainability ambitions to our
aliates and are also used to respond to any questions aliates might have.
Strategic objectives
Proximus Group is committed to achieving 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 Science Based Target initiative (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 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 also addressing our IROs.
In 2024, due to a major GHG accounting methodology update, we began the concomitant update of our own SBTi targets. 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 (previously -95%);
• reduce absolute Scope 3 GHG emissions by 42% in 2030 from a 2020 base year (previously -60%);
• 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.
Our new Scope 1 target is consistent with the pace required to achieve our current fleet electrification and building decarbonization
plans. While we are fully transitioning our management fleet to electric vehicles, suitable alternatives for technical vehicles remain
limited on the market and, therefore, the pace of transition for those vehicles is slower. Regarding the decarbonization of our buildings,
we decided to increase the congruence of the decarbonization plans with our long-term real estate strategy. The reasoning behind
this decision was that it would optimize the eciency of our investments and avoid, for example, deploying heat pumps in buildings not
suited for this technology.
Our 2030 Scope 3 reduction targets are aligned with the 1.5°C pathway and the required minimum reduction of 42%. We chose to
reassess our target for three main reasons: first, we foresee a slower pace of decarbonization within our supply chain than initially
assumed when we submitted our targets to the SBTi in 2022. Second, we expect to be actively connecting clients to our fiber network
until 2030, which will contribute to a higher level of activity. This increased activity puts pressure on our Scope 3 reduction target.
Thirdly, while the impact of the recently acquired Route Mobile on our footprint is relatively limited, the contribution of Fiberklaar is
much more significant and has an impact on our ability to deliver our 2030 target.
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 Proximus adapts
to the ongoing energy transition, while making sure we optimize costs and exposure to market volatility. Our first focus is to increase
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our energy eciency by continuously improving and optimizing energy consumption across our network, buildings and datacenters.
We achieve this through phasing out old technologies (e.g. copper), modernizing our network (e.g. fiber deployment) or by sharing
agreements. Furthermore, because of the uptake of renewable electricity sources, the Belgian electricity grid is more and more 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
8
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 & 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.
2024 2030 2035 2040
Scope 1 & 2 emissions 23 9 6 0
Scope 1 & 2 emissions reduction levers (kT CO2 vs. 2024)
Continue sourcing 100% renewable electricity 0 0 0
Fleet decarbonization -12 -1 5 -18
Buildings decarbonization -2 -3 -3
8 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).
2030 Near-Term target:
-66% vs. 2020
2040 Long-Term target:
-90% vs. 2020
Fleet
Buildings
Carbon removals
2020 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
27
28
23
9
6
0
Scope 1 Net Emissions (kT CO2)
Evolution Scope 1 & 2 footprint
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2024 2030 2035 2040
Net Scope 3 emissions (kT CO2) 399 240 128 0
Scope 3 emissions reduction levers (kT CO2 vs. 2024)
Network transformation -38 -7 1 -82
Fossil-free operations -4 -5 -6
Supply chain engagement -58 -91 -120
Circular and energy ecient ICT equipment -16 -30 -43
Additional initiatives to be developed -44 -75 -107
The Climate Transition Plan applies to the entire Group, including all aliates. Currently, the implementation is focused on our
Telecommunication and Information and Communications Technology operations within Belgium and Luxembourg, which are the
most material from a GHG emissions perspective (in 2024, our Domestic activities accounted for 98% of the Group’s GHG footprint).
In the coming years, however, we will need to drive action across all entities of the Group, considering their specific challenges and
contributions.
The reduction of our Scope 1 & 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 of our networks and datacenters;
• continuing to source 100% renewable energy in an impactful way.
2040 Long-Term target:
-90% vs. 2020
2030 Near-Term target:
-42% vs. 2020
Purchased Goods/Services & Capital Goods
Fuel & energy related
Use of leased CPEs
Other Scope 3 categories
Carbon removals
2020 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
413
397
399
240
128
0
Scope 3 Net Emissions (kT CO2)
Evolution Scope 3 Footprint including additional initiatives
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With regards 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.
Based on our current assumptions and estimations, we anticipate a gap between our projected emissions and our 2030 ambitions
(gap of 44 kT CO2e or 11%) and 2040 ambitions (gap of 107 kT CO2e or 26%), highlighting the need to explore additional strategies
and emission reduction initiatives until 2030.
The climate transition actions presented are reflected in our business and financial planning and contribute to the sustainability pillar
of our bold2025 strategy. In 2025, Proximus’ three-year business strategy will be updated, which will provide an opportunity to
further embed the Climate Transition Plan into our company 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’ 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.
Moving away from fossil fuel in our operations
Our fleet represents approximately 80% 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, as of 2023, have transitioned to exclusively ordering electric vehicles (EVs)
for our Belgian fleet, representing more than 85% of our fleet emissions. In 2024, the percentage of EVs in our management
fleet increased from 16% to 28%. 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 2024, 5% 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 20%), 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 is deploying 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 Proximus’ green electricity and reduce our exposure to a volatile electricity market. In addition to the PPA we signed, we cover
the remaining 80% of our electricity consumption 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 is developing the Proximus Energy Box in collaboration with Companion.energy, an
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innovative software 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.
More information can be found in the section “Technology and innovation”.
Increase our energy eciency
Proximus’ 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 section “Network Transformation”.
In our datacenters, we continue to successfully balance the enhancement of daily operations with the introduction of new
technologies. The improvements in our daily operations yield immediate benefits, such as the ability to detect abnormal power usage
by individual devices via advanced analytics. Simultaneously, we are gradually introducing new technology to ensure long-term
improvements. For instance, Smart Power Distribution Units enrich our data, enabling us to make better-informed decisions. Following
the acquisition of our datacenters by Datacenter United, we anticipate an acceleration in our progress thanks to their expertise. We
reduced our power consumption in 2024 by 2% compared to 2023.
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 and datacenters. 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
2024, we switched o 190 copper cabinets, an increase compared to 2023 (69 cabinets switched o), 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, we aim to
limit network overbuild in mid-dense areas. Furthermore, in lower-density areas, Proximus will start oering services through Wyre’s
Hybrid Fiber Coax (HFC) network. 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 are not able to 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 mobile towers. 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 sites overbuild.
What is more, we are exploring the potential of advanced analytics and artificial intelligence to further increase the eciency of our 5G
network while managing the potential impact on our mobile customers.
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Supply chain engagement
Through our Supplier Engagement Program, we collaborated with our top 150 suppliers, who collectively represented 85% of our
Scope 3 emissions (Category 1 “Purchased Goods and Services”) in 2024. We support them in setting emission reduction targets that
are just 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 engaged with suppliers without established sustainability strategies, published reports or targets. We held workshops
introducing our expectations and oering guidance and feedback on how to accomplish these requirements. To assist our entire
Tier 1 supply chain, we organized a webinar attended by our Proximus Group CEO, in which we oered practical guidance on
calculating an organization’s carbon footprint. In the same webinar we also clarified our expectations and explained how they are
integrated throughout our procurement processes. In addition, we launched our supplier guidance portal
9
which contains additional
educational content, best practices and guidelines available to all.
Beyond engaging with our main suppliers, we also ensure that sustainability is included in important procurement decisions. Outgoing
tenders include climate-related criteria to evaluate vendors’ oers and these criteria account for up to 20% of the vendor’s total
performance score. Upon awarding a contract to the vendor, the climate clauses and Supplier Code of Conduct are integrated into all
contract templates.
To amplify our eorts with larger suppliers and increase our leverage, we collaborate with our telecommunications peers across the
globe. We have joined forces with our peers at the Joint Alliance for CSR (JAC), contributing to their supplier engagement workgroup
and carbon reduction workgroup. Through the JAC Carbon Reduction Program (CRP), we ask the suppliers we have in common
to deliver a life cycle assessment for prioritized goods (e.g. network equipment) and collaborate on developing methods to reduce
those goods’ carbon footprint and environmental impact. This enables us to gather product-level emission data and ensure a steadily
decreasing carbon impact from the goods we procure in high volumes.
Circularity and energy-ecient ICT equipment
A significant portion of Proximus Group’s Scope 3 emissions are 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. Proximus embeds circularity
principles in the deployment of ICT equipment across customer premises or in its 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 also 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 to our customers (CPEs).
In 2024, we reached a major milestone by clarifying our circularity roadmap and how it will contribute to our climate ambitions. More
details on how we plan to gradually increase circularity in our way of working are available in the section “Circular economy and waste”.
Internal and external engagement
Building a strong internal commitment to climate action requires eective employee training at all levels. To support this, we oer
training programs that align with our core values and climate ambitions, supported by internal communication campaigns and events
aiming to raise awareness on important topics. Here are some highlights from 2024:
• three Board Members followed the Director’s Climate Journey, delivered by Chapter Zero;
• a specific session focusing on ESG and the regulatory evolution on the subject was delivered to the Board of Directors;
• interactive and engaging training sessions within the scope of the Climate Fresk or the Digital Impact Pitch were provided to 145
Proximus employees, including two members of the Proximus Leadership Squad.
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.
9 https://www.proximus.com/suppliers/Sustainability.html
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At the industry level, we are active in several industry associations, collaborating with other telecommunication 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 2024, 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 a large number of customers on key climate
issues in order 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 (gap of 44
kT CO2e or 11%), highlighting the need to explore additional strategies.
We see potential in increasing the eco-design of our branded products and expanding circularity practices to our B2B ICT equipment
(through refurbishment or virtualization). Further opportunities lie in additional network-sharing partnerships.
The majority of our emissions come from Proximus’ Telco & ICT operations in Belgium, which represent 80% of our total GHG
emissions. Domestic aliates represent around 18% of our emissions, while the activities of our international aliates BICS, Telesign
and Route Mobile contribute to the remaining 2%. Although we anticipate growth in our international aliates, we expect their impact
on our overall carbon footprint to remain relatively limited. Nevertheless, our smaller domestic and international aliates play a role in
the Group’s climate transition and it is vital to include them in relevant initiatives.
Performance
Integration of climate change consideration in incentive schemes
All employees contracted by Proximus SA in Belgium have a variable remuneration directly linked to the Group KPIs. Within these KPIs,
there is the “Society and Sustainability” pillar, which represents 15%. This includes 5% related to direct carbon emissions
10
.
The remuneration of the Board of Directors is not linked to climate change. More information can be found in the remuneration report
about the inclusion of climate change considerations in the Proximus Leadership Squad remuneration.
10 Direct CO2 emissions related to Proximus’ domestic business activities. Direct emissions are produced by own sources within the organization.
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Greenhouse gas emissions
Scope 1
5%
- 23 KTons
Direct emissions
from fossil fuel
combustion and
refrigerant gases
Scope 2
0%
- 0 KTons
Own indirect emissions
from electricity usage
Proximus’ operations 5%
• Fuel & energy (excl. 1 & 2)
• Business travel
• Employee commuting
Procurement 85%
• Goods & services
• Upstream transportation
and distribution
Customer use of products 10%
• Leased assets
• Use of sold products
Scope 3
95%
- 399 KTons
Proximus' indirect emissions
in the value chain
399 KTons
422 KTons
2024 Breakdown of Proximus Group total GHG emissions
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 0, as we are committed to sourcing 100% renewable energy (as part of our SBTi targets). Scope 1 & 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
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 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 10% of our Scope 3 emissions.
It should be noted that in 2024 we reviewed our GHG accounting methodology, leading to significant changes in our Scope 3
emissions, including our 2020 baseline. In addition, we integrated our new aliates Route Mobile, Fiberklaar and Proximus Belgrade
Ltd. into our GHG footprint scope. 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.
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Total GHG emissions per Scope
Retrospective Milestones and target years
GHG emissions actuals and targets 2020 2023 2024
YoY
evolution
Evolution
vs.
baseline
2030 2040
Annual %
target/
base year
(2040)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2eq) 26,632 27,418 23,085 -16% -1 3% 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
(tCO2eq)
54,769 40,347 37,14 2 -8% -32%
Gross market-based Scope 2 GHG emissions
(tCO2eq)
785 0 0 0% -100% 0 0 0%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions
(tCO2eq)
413,100 397,10 0 399,199 1% -3% 239,598 41,310 -4.5%
1 Purchased goods and services 3 3 7, 8 24 335,168 333,467 -1% -1%
Subcategory: Cloud computing and datacenter
services
13,928 15,265 10%
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 -9% -10%
4 Upstream transportation and distribution 3,445 4,188 4,564 9% 32%
5 Waste generated in operations Not applicable
6 Business traveling 1,570 1,312 3,211 145% 105%
7 Employee commuting 2,773 3,114 3,685 18% 33%
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% -78%
12 End-of-life treatment of sold products Not applicable
13 Downstream leased assets 43,762 36,670 38,944 6% -11%
14 Franchises Not applicable
15 Investments 1 102 70 -31% 6,247%
TOTAL GHG EMISSIONS
TOTAL GHG EMISSIONS LOCATION-BASED
(TCO2EQ)
503,119 468,125 459,426 -2% -9%
TOTAL GHG EMISSIONS MARKET-BASED
(TCO2EQ)
440,517 424,518 422,284 -1% -4% 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 2024, 35% of Scope 3 GHG emissions, 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.
2024 marks a turn in the reduction of the Group Scope 1 emissions, down by 16% compared to previous year. The reduction is the
result of the uptake of electrical vehicles in our fleet which is the main source of our Scope 1 emissions. In addition, a significant
decrease of heating fuel and gas was observed in 2024 (see energy consumption paragraph), reinforcing the downwards trend.
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Group Scope 3 emissions are up by 0.5% compared to year 2023. Although we notice a higher purchase volume in 2024 due to new
entities joining the Group (e.g. Fiberklaar performing significant investments to deploy its fiber network), it is partly compensated by an
overall reduction of the carbon intensity of our purchases.
Other variations are noticed in the following emission categories:
• Route Mobile business travel emissions were added to Category 6 in 2024, explaining the increase;
• fuel and energy-related activities: decrease due to reduced usage of fossil fuel in our operations;
• upstream transportation and distribution: increased due to the higher activity level required to roll-out our fiber network;
• employee commuting: since 2024, emissions linked to the commuting of Route Mobile employees are included, explaining the
significant increase;
• downstream leased assets: emissions of leased equipment usage increased due to a combination of electricity usage uptake
(+1,4%) and an increase of the electricity grid emission factor (AIB supplier mix, +6%);
• emissions related to investments reduced, mainly driven by Fiberklaar joining the Group (not accounted for in investment anymore);
• a higher spend in the scope considered to estimate the subcategory cloud and data centre services explains the 10% increase vs.
2023, which is partially linked to better data availability for some aliates.
Direct GHG emissions by operating segments
Direct GHG emissions - Scope 1 (tCO2eq) 2024
GHG emissions - Group 23,085
GHG emissions - Domestic 22,518
GHG emissions - International 567
Scope: Proximus Group
In 2024, Group Scope 1 emissions decreased significantly, driven by the reduction at Domestic level. Scope 1 emissions from our
international activities increased in 2024 vs. 2023 due to the acquisition of Route Mobile and consolidation of emissions of their oces
into the Group emissions.
Energy certificates
(%) 2023 2024
Total share of contractual agreements used for energy attribute
certificates
100 100
Share of bundled EACs 15 32
Share of Unbundled EACs 85 68
Share of EACs acquired through PPAs 2 20
Scope: Proximus Group
Proximus acquires Energy Attribute Certificates (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 2024, the share of EACs acquired through PPAs increased as the volume of electricity purchased from the C-Power installation
increased from a few weeks to a full year (contract initiated in December 2023). It should be noted that Proximus sources its EACs in
alignment with the technical criteria of the RE100 initiative (www.there100.org/).
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Indirect GHG emissions by operating segments
Indirect GHG emissions - Scope 2 (tCO2eq) 2024
Gross location based
GHG emissions - Group 37,14 2
GHG emissions - Domestic 35,595
GHG emissions - International 1,547
Gross market based
GHG emissions - Group 0
GHG emissions - Domestic 0
GHG emissions - International 0
Scope: Proximus Group
Since we source 100% renewable electricity, our market-based emissions are equal to zero. Group location-based emissions
increased in 2024, driven by the additional contribution of Route Mobile.
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 (tCO2eq per million €) 2020 2023 2024 YoY evolution
Evolution vs.
baseline
Total GHG emissions (location-based) 92 78 72 -8% -22%
Total GHG emissions (market-based) 81 71 66 -7% -18%
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. The Group carbon intensity per net revenue has decreased between 2023 and 2024, reflecting
an overall reduction of the carbon intensity of our activities. This aligns with the diversification strategy and the acquisition of Route
Mobile, a service company with typically lower carbon intensity than the historical telecommunication infrastructure activities.
Suppliers with climate change ambitions
Through active engagement, Proximus encourages and empowers its suppliers to set 1.5°C Science-aligned emission reduction
targets. These are near-term reduction targets (within 5-10 years) that are validated by the Science Based Target initiative as being
aligned with 1.5°C climate science. For Proximus SA 37% of its emissions result from aligned suppliers, whereas on a group level 30%
of our total emissions result from aligned suppliers. Only suppliers from Proximus SA were assessed in this iteration, which represent
83% of Proximus Group-level Scope 3 Category 1 emissions. Our engagement program will be extended in the upcoming two to three
years to include the suppliers of the Proximus Group.
The metric represents the percentage of our Scope 3 Category 1 Purchased Goods & 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 as Proximus SA of the year prior to the reporting year. On a group-level , all
suppliers excluding those of Proximus SA were assumed non-compliant, as they were not analyzed. This results in an underestimation
of the metric on a group-level.
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Carbon credits outside value chain
11
Carbon credits outside value chain (tCO2eq) 2023 2024
Carbon credits cancelled 5,949 6,735
For several years now, Proximus Group has supported the multiannual “Gold Standard”-certified climate project called the TEG Stove
project (more info: www.tegstove.org), which aims at carbon emission reduction through wood consumption reduction. 100% of the
credits cancelled are due to reduction projects under the Gold Standard. The above table provides carbon credits generated by the
project in the last two years.
It is estimated that the TEG Stove project will generate around 6.000 tCO2eq in 2025. The partnership with Proximus Group will not
be continued beyond 2025.
Energy
Energy consumption
Energy consumption (MWh) 2023 2024
Non-renewable
Energy consumption from fossil sources (MWh) 114,318 96,526
Heating (gas and heating oil) 26,822 21,871
Vehicle fleet (diesel, petrol and CNG) 87,49 6 74,655
Energy consumption from fossil sources (%) 25 23
Renewable
Energy consumption from Proximus solar panels (MWh) 532 1,017
Renewable electricity purchased ... 336,338 328,707
... for fixed and mobile network 254,603 249,105
... for datacenters 53,394 51,922
... for oces & shops 28,322 28,557
Renewable energy produced by Proximus solar panels (MWh) 532 1,017
Energy consumption from renewable sources (%) 75 77
TOTAL ENERGY CONSUMPTION RELATED TO OWN OPERATIONS 451,188 426,250
11 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).
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, renewable hydrogen, etc.
Our total energy consumption continues to decrease in 2024 (-6% vs. 2023) as a result of our fleet electrification (electrical vehicles
are typically more ecient that internal combustion vehicles) and a better energy eciency in our network and administrative
buildings. The move from the Proximus Towers to the smaller Boréal building alone generated an energy saving of approximately
4 GWh. We notice an uptake of the electricity usage of our mobile network linked to the deployment of 5G and mobile data trac
increase, which we contain thanks to energy saving features. Uptake on the mobile side is more than compensated by the savings
achieved through legacy technologies out-phasing in our fixed network, including the gradual replacement of copper by fiber.
Furthermore, we are replacing technical buildings with highly compact units, further increasing our network energy eciency. The
consumption of our datacenters reduced by 2% in 2024 vs. 2023, as a result of several optimizations, e.g. data room temperature
control. An increase of the Proximus solar production in 2024 is the result of the continued roll-out of solar panels on our buildings.
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How we calculate our greenhouse gas emissions and energy footprint
Our greenhouse gas (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
our joint ventures Unifiber and GoFiber, we included their Scope 1 & 2 emissions in our Scope 3 emissions (Category 15 - investments).
The baseline year we have chosen for our targets is 2020. It is a representative year for our activities, although the 2020 Scope 1
& 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.). If the data we collect do not
cover the calendar year exactly, an estimation is made to reflect the calendar year emissions as accurately as possible.
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 which we have 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 0 as we procure Energy Attribute Certificates (EACs). To ensure the quality of the renewable
energy we supply, we procure EACs that are 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, the 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 is 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 does 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).
In 2024, our GHG accounting methodology undertook a major change, which included the following main adaptations:
• Scope 2: in order to better reflect the emissions of the electricity usage in the countries where Proximus operates, we changed the
emissions factor used to calculate Scope 2 emissions in European countries (including Belgium where the largest part of our Scope
2 emissions lies). Previously relying on the emission factors published by the International Energy agency (IEA), we switched to the
production mix emission factors published by the Association of Issuing Bodies (AIB).
• Scope 3 Category 1 (purchased goods and services), the most material GHG emissions category for Proximus, was calculated based
on the S&P Trucost database. In previous years, Proximus used industry average emission factors from the database Carnegie-
Mellon. The switch to the Trucost database represents a major methodology change. Our baseline year, 2023 and 2024 emissions
are all based on this new database, ensuring consistency and enabling comparability over time.
• Scope 3 excluded emission sources were updated based on the materiality of the various categories. Category 5 (waste) and
Category 12 (sold products end-of-life) are excluded from our footprint (considered non-material).
• Scope 3 Category 9 (downstream transportation and distribution) was previously reported separately. Because of the limited
materiality of this category, it was decided to not calculate it in detail anymore and it is now included in Category 1 (purchased goods
and services).
In alignment with the Scope 2 updates, emissions linked to electricity consumption in Scope 3 Category 11 (use of sold products) and
Category 13 (downstream leased assets) were calculated based on AIB supplier mix emission factors for European countries, instead
of the EIA emission factors used previously.
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More detail on the methodology used to calculate our Scope 3 emissions is provided below:
• Category 1 - Purchased Goods & Services and Category 2 - Capital Goods: includes purchased goods and services and capital
goods for the entire Proximus Group. It is calculated based on the following methodologies:
» product-specific: when specific data is 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 for the calculation of our Category 1 & 2 calculation, 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 and electricity and transmission and distribution losses of electricity are relevant and calculated based on
emission factors published by ADEME (Bilan Carbone).
• Category 4 - Upstream transportation and distribution: This emission category includes the inbound and outbound logistics
data of subcontractors. However, specific transportation data is not available for all suppliers and therefore part of the upstream
transport and distribution emissions are included in Category 1 (considered as services). Distance traveled and fuel consumption are
estimated and fuel emission factors (ADEME) are used for the calculation.
• 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 US EPA and Defra 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: 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. The emissions are calculated
based on ADEME (Bilan Carbone) emission factors.
• Category 11 - Use of sold products: This emission category encompasses the energy consumption of smartphones sold by
Proximus Group. This emission category 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 (change of
methodology, since in the past EIA emission factors were used).
• Category 13 - Downstream leased assets: This emission category encompasses the energy consumption of products leased
to Proximus’ customers that require energy consumption. It includes the total electricity consumption of modems, decoders, Wi-Fi
Boosters and ONTs (based on an average electricity consumption per device). AIB supplier mix emission factors are used to calculate
the carbon emissions (change of methodology since in the past EIA emission factors were used).
• Category 15 - Investments: 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 those joint ventures. The emissions are estimated based on buildings and fleet data.
The following Scope 3 categories were excluded from the Proximus Group 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 tons CO2e in 2023).
• Category 8 - Upstream leased assets: Upstream leased assets include the building space we rent to third parties (oces, shops
or to host telecommunication equipment) and for which we do not manage energy purchases. It is considered to be less than 2% of
our Scope 3 footprint. Because it is not material and we have limited influence on those emissions, we 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 of 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 KTons CO2e. Given the low materiality
and actionability, we do not include it 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.
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• 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 tons CO2e. 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
As we operate an infrastructure that is vital to society in Belgium and Luxembourg, we might be confronted with the consequences
of climate change such as extreme weather events. Therefore, climate change adaptation has been defined as material for Proximus
Group. Understanding and financially assessing 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 (i.e.,
heatwaves, flooding, sea level rise, droughts) and their associated impacts.
Resources and responsibilities
Business Continuity Management is the most important relay to integrate climate change risks into Proximus Group 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
Business Continuity Management 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 the 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, it is essential to identify and assess physical climate risks associated with Proximus’ operations under
dierent climate scenarios. This enables us to proactively anticipate, plan for and address climate change consequences, minimize risks
and make the most of opportunities.
Risk management and mitigation measures
The Business Continuity Program focuses on those 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 Business Continuity 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 by 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.
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Our ventilation systems are designed to handle maximum 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 System includes process flows on prevention, protection and
Disaster Recovery coordinated by our Proximus Emergency Response Team (PERT), which outline the steps for restoring essential
functions that have been temporarily disrupted. These processes specify 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.
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EU Taxonomy
Introduction to EU Taxonomy
The EU Taxonomy is a classification system that establishes 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 fulfil or enable the function of information processing and communication
by electronic means” is 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 is ahead of the curve with regards to sustainable investments,
notably with its fiber and 5G networks roll-out representing a large part of our CapEx plan which is staying consistent year over year.
Nevertheless, the current 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 related to Proximus’
Climate Transition Plan.
Outcome of EU Taxonomy eligibility and alignment
Overall and in line with its peers, Proximus has low eligibility, as the EU Taxonomy crucially leaves out telecom networks from the
targeted activities.
Proximus Group discloses financial KPIs for FY2024 on eligible and aligned revenues, CapEx and OpEx on economic activities that are
qualified as sustainable following the Regulation (EU) 2020/852 of the European Parliament and of The Council of 18 June 2020 on
the establishment of a framework to facilitate sustainable investment within the European Union and its annexes, as well as Delegated
Acts, covering 6 objectives:
• climate change mitigation;
• climate change adaptation;
• sustainable use and protection of water and marine resources;
• transition to a circular economy;
• pollution prevention and control;
• protection and restoration of biodiversity and ecosystems.
As a result of a detailed assessment of Proximus Group’s economic activities, we have identified revenues, CapEx and OpEx associated
with eligible activities. The table below summarizes the outcome of this exercise, showing limited eligibility for revenues, CapEx and
OpEx compared to the Group figures. These few eligible activities are not aligned with the EU Taxonomy, as Proximus Group does not
meet some of the technical screening criteria defined at this stage.
Proximus Group Integrated annual report 2024133
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
EU Taxonomy KPIs Total 2024 (€M)
12
Eligible (%) Aligned (%)
Turnover
13
6,376 2% 0%
CapEx 1,355 7% 0%
OpEx 323 21% 0%
The results of an EU Taxonomy eligibility and alignment exercise indicate that Proximus Group’s eligibility and alignment are rather in
line with market standards. Nevertheless, the core activities involved in providing telecommunication services remain currently out of
scope of the delegated acts of the European Commission.
Proximus is committed to continue progressing towards our sustainability ambitions through numerous initiatives such as the rolling
out of 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
Compared to the Annual Report 2023, Proximus has performed a detailed assessment of the Group’s economic activities to further
refine its eligibility and expand on alignment by linking key financial metrics (Turnover/ CapEx/ OpEx) to eligible activities for FY2024 as
disclosed in the 3 detailed tables below. Last year we still focussed on the two first objectives and applied a materiality approach leading
us to disclose 0% eligibility on each of the three KPIs. This year we dropped our materiality threshold for the eligibility analysis and went
more in details in the activity screening, especially for the new circular economy objective, so that the % of eligible activities has increased.
To ensure completeness of eligibility, Proximus used a multi-step approach. First, Proximus identified the activities that can contribute
to the EU Taxonomy objectives. In the second phase, the nature of Proximus Group’s activity was compared to the EU Taxonomy
description. As a final sanity check, peers’ existing disclosures were evaluated. During the assessment, Proximus used the four-eyes
principle to ensure dierent stakeholders were involved in the sign-o of the EU Taxonomy activities, 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 eligible. These activities are either
referring to (1) Climate change mitigation aiming at reducing the causes of climate change, (2) Climate change adaptation aiming 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:
12 More information in the chapter “Consolidated Financial Statements”. 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-capitalised 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 and to include all detailed information in the reporting templates, 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. We will assess in the upcoming
year how to improve granularity of our OpEx data to be more accurate in EU Taxonomy reporting.
13 The revenue derived from waste sales amount to 1.1M€ in 2024 and is classified as “other revenue”. This contribution to the circular economy is
therefore not reflected in the % of eligible activities which is calculated on the Group turnover (excluding “other revenue”).
Proximus Group Integrated annual report 2024134
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
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 reman-
ufacturing
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 refurbished
Mobile Devices
✔
6.4 Operation of personal mobility
devices, cycle logistics
Bike renting
✔
Note for climate-impacting activities: The main impact of those activities is on climate change mitigation, while impacts on climate
change adaptation are secondary. Therefore, financials related to climate-impacting activities are fully mapped on climate change
mitigation, to avoid any potential double counting.
Detailed assumptions for retained eligible activities:
• 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 has a car park for leasing vehicles,
comprised of (1) management cars and (2) small vans (light-duty vehicles) used by technical teams for on-site visits.
• Activity 7.3 focuses on expenses related to “Individual renovation measures consisting in installation, maintenance or repair of
energy-eciency equipment”. Proximus 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 either to replace or
maintain previously installed energy-eciency equipment to increase energy eciency or decrease future expenses.
• Activity 5.1 focuses on “Repair, refurbishment and remanufacturing of goods that have been used for their intended purpose before
by a customer”. Proximus outsources its repair and refurbishment services for (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.
• 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 buys Customer Premise Equipment (CPE) and leases CPE as a package to the mass market. CPE includes (1) modems, (2)
decoders/set-top 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.
• Activity 8.1 focuses on “Data processing, hosting and related activities”. Proximus reports on hosting, housing and data processing
services. Proximus’ datacenters are used mainly for hosting, housing and data processing services, predominantly operated by
Proximus Group Integrated annual report 2024135
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
external suppliers. For such datacenters, alignment is complex to assess. Additionally, Proximus invests in upgrading equipment and
infrastructure to reach higher energy eciency standards.
• Activity 7.4 focuses on “Installation, maintenance and repair of charging stations for electric vehicles in buildings and parking spaces
attached to buildings”. Proximus invests in the installation, maintenance and repair of charging stations in Proximus buildings
(chargers for vans of technical teams). Charging stations at employees’ homes are excluded.
• 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 of Proximus’ smart building and metering activities. Similarly to EV charging stations, these activities are
still relatively small but are also part of Proximus’ strategic ambition and are expected to grow in the coming years.
• Activity 7.6 focuses on the “Installation, maintenance and repair of renewable energy technologies, on-site”. Proximus is performing
a roll-out of solar panel installations in Proximus’ buildings.
• Activity 6.15 focuses on infrastructure that will enable zero-emissions road transport, which is fully in line with Proximus’ external
EV charging stations pilot activities, in which unused street cabinets are turned into charging stations.
• Activity 5.4 focuses on “Sale of second-hand goods that have been used for their intended purpose before by a customer (physical
person or legal person), possibly after repair, refurbishment or remanufacturing,” which is in line with Proximus’ sales activities
related to refurbished mobile devices.
• 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”.
Proximus’ core business, i.e. telecom and ICT services, is excluded from the current Taxonomy Regulation’s scope.
Each eligible activity has been assessed and quantified for its relevant turnover/OpEx/CapEx KPIs together with representatives
from Finance and the business. We did not work with estimates, but we sometimes had to consider some proxies to match 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 eligible activities. The detailed process
has been challenged by an external party as well and then documented for replicability, internal validation and auditability purposes.
The eligible activities have then been assessed against the Technical Screening Criteria (Substantial Contribution, Do No Significant
Harm (DNSH) to the other objectives and Minimum Safeguards) and they are all considered as not aligned at this stage, as:
• Data to assure compliance with Technical Screening Criteria (i.e., from suppliers) is not granular enough or not yet available to
perform a proper assessment. Given the relative immateriality resulting from the eligibility assessment on all three KPIs, we refer to
the specific European FAQ.
• Proximus as a Group is partially aligned with the Minimum Safeguards, as the criteria on human rights and corruption, bribe
solicitation and extortion are met but additional eorts are needed for Proximus to be fully aligned with the other minimum
safeguards conditions.
Proximus will pursue engaging suppliers in 2025 to start collecting the necessary granularity of data.
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 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 invests in (1) network-free cooling,
(2) replacement of high-voltage cabins and converters, (3) GTMC, (4) installation & maintenance of
heat pumps, (5) BMS and (6) thermal insulation. Expenses are either to replace or maintain previously
installed energy eciency equipment to increase energy eciency or decrease future expenses.
Proximus Group Integrated annual report 2024136
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
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 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.
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 buys Customer Premise
Equipment (CPE) and leases CPE as a package to the mass market. CPE includes (1) Internet Boxes,
(2) TV Boxes/set-top 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 reports on hosting,
housing & data processing services. Proximus’ datacenters are used mainly for hosting, housing
and data processing services, predominantly operated by external suppliers. For such datacenters,
alignment is complex to assess. Additionally, Proximus invests in upgrading equipment and
infrastructure to reach higher energy eciency standards.
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 invests in the installation, maintenance
and repair of charging stations in Proximus 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 of Proximus’ smart building & metering activities.
Similarly to EV charging stations, these activities are still relatively small but are also part of Proximus’
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 is performing a roll-out of installing solar panels on Proximus’ 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’ external EV charging station activities, 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 (physical person or legal person), possibly after repair, refurbishment or
remanufacturing,” which is in line with Proximus’ 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 detailed in the Sustainability statement chapter, we are undertaking decisive actions to support the transition towards a sustainable
society. Proximus Group is also disclosing clear sustainability credentials in its current Annual Report, as required by the newly
implemented 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.
Proximus Group Integrated annual report 2024137
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processeswith minimal waste from the fuel
cycle.
NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool
and power generation facilities using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
Proximus Group Integrated annual report 2024138
Proportion of turnover from products or services associated with Taxonomy-aligned - disclosure covering year
2024
Financial year 2024 Year
Substantial Contribution
Criteria
DNSH criteria
(‘Does Not Significantly Harm’)(h)
Economic Activities (1)
Code (a) (2)
Turnover (3)
Proportion of Turnover, year N (4)
Climate Change
Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Circular Economy (8)
Pollution (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Circular Economy (8)
Pollution (9)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) turnover,
year N-1 (18)
Category enabling
activity (19)
Category transitional
activity (20)
Text Currency %
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
€0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0
Of which Enabling €0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0 E
Of which Transitional €0 0% 0% N N N N N N N €0 T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)(g)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
5.4 Sale of second-hand
goods
CE 5.4 €0.1 M 0.00% N/EL N/EL N/EL EL N/EL N/EL 0%
5.5 Product-as-a-service
and other circular use- and
result-oriented service
models
CE 5.5 €82.9 M 1.30% N/EL N/EL N/EL EL N/EL N/EL 0%
6.15. Infra enabling low-
carbon road transport
CCM
6.15
€0.04 M 0% EL EL N/EL N/EL N/EL N/EL 0%
8.1 Data processing,
hosting and related
activities
CCM
8.2
€5.9 M 0.09% EL EL N/EL N/EL N/EL N/EL 0%
8.2 Data-driven solutions
for GHG emissions
reductions
CCM
8.2
€50.2 M 0.79% EL N/EL N/EL N/EL N/EL N/EL 0%
Turnover of Taxonomy-
eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned activities) (A.2)
€139.2 M 2.18% 0.88% 0% 0% 1.30% 0% 0% 0%
A. Turnover of Taxonomy
eligible activities
(A.1+A.2)
€139.2 M 2.18% 0.88% 0% 0% 1.30% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities
€6,237 M 97.82%
TOTAL €6,376 M 100%
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
Proximus Group Integrated annual report 2024139
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
Proportion of CapEx from products or services associated with Taxonomy-aligned - disclosure covering year 2024
Financial year 2024 Year
Substantial Contribution
Criteria
DNSH criteria
(‘Does Not Significantly Harm’)(h)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of CapEx,
year N (4)
Climate Change
Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Circular Economy (8)
Pollution (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change Adaptation
(12)
Water (13)
Circular Economy (14)
Pollution (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) CapEx,
year N-1 (18)
Category enabling
activity (19)
Category transitional
activity (20)
Tex t Currency %
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
€0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0
Of which Enabling €0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0 E
Of which Transitional €0 0% 0% N N N N N N N €0 T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
7.3 Installation, maintenance
and repair of energy
eciency equipment
CCM 7.3 €7.8 M 0.58% EL N/EL N/EL N/EL N/EL N/EL 0%
5.5 Product-as-a-service
and other circular use- and
result-oriented service
models
CE
5.5
€80.2 M 5.92% N/EL N/EL N/EL EL N/EL N/EL 0%
8.1 Data processing,
hosting and related
activities
CCM
8.1
€4.3 M 0.32% EL N/EL N/EL N/EL N/EL N/EL 0%
7.4 Installation,
maintenance and repair
of charging stations for
electric vehicles in buildings
CCM
7.4
€0.5 M 0.04% EL N/EL N/EL N/EL N/EL N/EL 0%
7.6 Installation,
maintenance and repair
of renewable energy
technologies
CCM
7.6
€1.4 M 0.10% EL N/EL N/EL N/EL N/EL N/EL 0%
CapEx of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-
aligned activities) (A.2)
€94.3 M 6.96% 1.04% 0% 0% 5.92% 0% 0% 0%
A. CapEx of Taxonomy eligible
activities
(A.1+A.2)
€94.3 M 6.96% 1.04% 0% 0% 5.92% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities
€1,261 M 93.04%
TOTAL €1,355 M 100%
Proximus Group Integrated annual report 2024140
Proportion of OpEx from products or services associated with Taxonomy-aligned - disclosure covering year 2024
Financial year 2024 Year
Substantial Contribution
Criteria
DNSH criteria
(‘Does Not Significantly Harm’)(h)
Economic Activities (1)
Code (a) (2)
OpEx (3)
Proportion of OpEx,
year N (4)
Climate Change
Mitigation (5)
Climate Change Adaptation
(6)
Water (7)
Circular Economy (8)
Pollution (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change Adaptation
(12)
Water (13)
Circular Economy (14)
Pollution (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
OpEx, year N-1 (18)
Category enabling
activity (19)
Category transitional
activity (20)
Tex t Currency %
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y; N; N/
EL (b)
(c)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
€0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0
Of which Enabling €0 0% 0% 0% 0% 0% 0% 0% N N N N N N N €0 E
Of which Transitional €0 0% 0% N N N N N N N €0 T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
EL; N/
EL (f)
6.5 Transport by
motorbikes, passenger
cars and light commercial
vehicles
CCM
6.5
€40.8 M 12.63% EL N/EL N/EL N/EL N/EL N/EL 0%
7.3 Installation,
maintenance and repair
of energy eciency
equipment
CCM
7.3
€3.4 M 1.04% EL N/EL N/EL N/EL N/EL N/EL 0%
6.4 Operation of personal
mobility devices, cycle
logistics
CCM
6.4
€1.6 M 0.50% EL N/EL N/EL N/EL N/EL N/EL 0%
7.6 Installation,
maintenance and repair
of renewable energy
technologies
CCM
7.6
€0.04 M 0.01% EL EL N/EL N/EL N/EL N/EL 0%
5.1 Repair, refurbishment
and remanufacturing
CE 5.1 €0.9 M
14
0.29% N/EL N/EL N/EL EL N/EL N/EL 0%
8.1 Data processing,
hosting and related
activities
CCM
8.1
€19.7 M 6.09% EL N/EL N/EL N/EL N/EL N/EL 0%
OpEx of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-
aligned activities) (A.2)
€66.4 M 20.55% 20.27% 0% 0% 0,29% 0% 0% 0%
A. OpEx of Taxonomy eligible
activities
(A.1+A.2)
€66.4 M 20.55% 20.27% 0% 0% 0,29% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities
€256.7 M 79.45%
TOTAL €323.2 M 100%
14 Note that most of expenses related to our refurbishment activities are not booked as OpEx in our financial statement and therefore do not appear in this
reporting template.
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
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→ Climate change → EU Taxonomy → Circular economy and waste
Circular economy and waste
Context
Shifting our business models toward a circular economy is crucial for future-proofing our company and an imperative in our ambition
towards Net Zero, especially given the limited raw material availability and 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 the lifecycle of products, 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 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 Group level, with an emphasis on domestic operations. Indeed, 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 eco-design to end-of-life
management.
Our 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 negatively impacts 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 (CPEs) and network hardware intensifies the pressure
on rare or critical raw materials, making eective lifecycle and e-waste management more challenging.
Furthermore, not shifting to circular economy business models poses a risk, as it means relying on raw material availability while
global demand continues to rise, making secure and aordable access to some materials increasingly challenging. This could result in
more frequent and severe raw material or new components shortages impacting Proximus’ supply chain. These shortages potentially
lead to higher operational costs and have an impact on customer experience such as longer installation and repair lead times.
The adoption of circular models also hinges on customer demand and readiness. For instance, investing heavily in refurbished devices
may yield limited returns if the market is not mature enough to embrace them.
There is also the potential to expand hardware recovery and refurbishment to include professional devices and more network
hardware, which could drive further cost savings or even create new revenue streams through resale.
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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 PLS level and a deputy in logistics operations. More information can be found in the section “General information”.
As explained in the operational sustainability governance, high-level implementation roadmaps and associated resources are
validated at the PLS level.
Engaging with our suppliers on circularity 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 aims 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.
Our goal is 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 are driving systemic
change and decoupling
growth from resource use
by rethinking our business
practices. Our focus is
on expanding services,
advancing virtualization and
exploring shared 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 crafted 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 in our refurbishment catalogue and by investigating alternative
customer acquisition and retention models, such as trade-in oers or rental or 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.
Fixed devices
For mass-market fixed devices, Proximus is committed to eco-design. Proximus designs its devices (such as Internet Boxes, TV Boxes
and Wi-Fi Boosters) to be energy-ecient, use fewer raw materials and facilitate easy refurbishment.
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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. 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. Eco-design initiatives have already lowered the power consumption of customer premise
devices, 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 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
15
.
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.
The subsequently developed roadmaps focus on seizing immediate opportunities to optimize resources, reduce waste and extend
lifecycles, all while preserving the flexibility to adapt and innovate in our operations and business model.
The objectives will be translated into targets in the years to come.
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 & waste - ESRS E5
(2023) and EU Ecodesign for Sustainable Products Regulation (2024).
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: Circulaire economie | Belgium.be
Policies
Proximus has already translated and implemented general policies to ensure the circularity principles are taken into account by our
operational teams: Proximus Environmental Policy, Proximus Code of Conduct, Supplier Code of Conduct and Proximus Procurement
Policy.
15 Copper infrastructure refers to the network of copper cables and related equipment used for telecommunication networks. Deactivating the copper
network allows Proximus 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.
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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
recuperate old devices are described and available to customers, technicians and sales agents.
Action plans
Proximus Group’s circularity ambitions contribute to a circular economy on various levels. First of all, to drive growth, we prioritize
services and platforms over products, largely due to our international expansion, while for our domestic operations, we pursue our
circular blueprint ambitions across our three main action domains: mobile devices, fixed devices and networks and buildings.
Mobile devices
Proximus collected 128,002 mobile devices in 2023 and 140,587 in 2024, which translates to 23% of mobile devices put into the
market via Proximus channels being recovered.
This was accomplished by encouraging our customers to bring back their devices through communication and incentivization
campaigns, such as activation campaigns during festivals.
This success can additionally be attributed to our initiative to allow customers to trade in their old smartphones for refurbishing or
recycling. Refurbished smartphones are put up for sale. Smartphones that can no longer be used are recycled by certified partners, as
90% of the materials in mobile phones can be recycled. These eorts will continue in 2025.
For enterprises, Proximus 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. As of March of 2024, our Pickx customers were gradually receiving a new Android TV
Box, which consumes between 20-40% less energy than previous models, depending on use patterns (based on supplier data
confirmed by Proximus measures). 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. The magazine Cable and Satellite International, better known as CSI, annually
recognizes the best products and initiatives in our industry. The 2024 CSI Award for Best Sustainable Initiative has been awarded to
Proximus and Vantiva. This award honors our innovative eorts to improve our environmental footprint. We intend to gradually phase
out older-generation TV Boxes.
To reduce electronic waste, Proximus repairs its devices, refurbishes and reuses them. In its Courcelles logistics center, Proximus is
now able to refurbish 90% of its 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, meaning we lease our equipment instead of selling it. We retain
the ownership, 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 collaboration models, we limit the
total resource consumption amongst operators.
In consolidating and sharing our mobile network through Mwingz with Orange Belgium, we reduced the number of mobile sites by
16% in 2024 compared to a non-collaboration scenario.
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We also limit overbuilding by opening up our network to other operators. This avoids building a parallel network and thus doubling
resource consumption. To that extent, in 2024 we signed a Memorandum of Understanding with Wyre, together with Telenet and
Fiberklaar. More information is available in the section “Rolling out the best gigabit network for Belgium”.
We aim to phase out legacy assets to optimize network eciency. Fiber technologies require much less 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 in another or stocked for future maintenance to maximize repair and reuse in
our network. Where possible, we remove decommissioned copper cables to be recycled. In 2024, we collected and recycled 517 tons
of copper cables from our network.
Buildings
At Proximus, sustainability principles are high on the agenda of the Real Estate and Facilities management team.
A good example in which we intend to apply these principles in practice is our current project to develop our new headquarters. By
optimizing our use of oce space, we are reducing energy consumption and costs. We also opted to use a combination of new, old and
refurbished furniture. The same principles are now further rolled out in our main other administrative buildings with the aim of keeping
only the space that we truly need and using it optimally.
We have also made progress on phasing out technical buildings, in combination with network optimization and transition to fiber.
For the buildings we lease, we take advantage of each contract renegotiation to challenge the owner and include sustainability clauses
in order to move towards eco-friendly buildings.
Finally, it is also worth mentioning other smaller-impact, symbolic actions such as discouraging our employees from using plastic
bottles and cutlery.
Waste management
Our facility department is responsible for the daily management of our oce and operational waste. In addition to the 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 the Proximus 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, the
waste from dismantled technical installations, returned customer premises equipment 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.
Performance
Reporting scope
The circular economy arguably influences all activities, but we are concentrating our quantitative inflow/outflow assessment on
the areas with the greatest impact and where we can take direct action. Consequently, our primary focus is on Proximus’ branded
customer devices: Internet Boxes, TV Boxes and Wi-Fi Boosters.
We are working to improve circularity roadmaps and we will engage with key suppliers to collect inflow/outflow 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 could make estimations) are not included despite the eorts made to obtain this information from
our suppliers. This data depends on our suppliers and is not yet available to us given the complexity of the information flows that must
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→ Climate change → EU Taxonomy → Circular economy and waste
be put in place across the full value chain. We have no plans at this stage to fully quantify inflow/outflows for non-core activities, such
as construction and administrative-related materials.
The figures presented below cover all Group-related activities, all of which take place in Belgium and Luxembourg, where we have
direct operations in telecommunication 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).
5. Oce, administrative (Paper / water / catering / others)
4. Network material (Copper / fiber optic / sand & earth from trenching / textile from workers)
3. Network hardware (Routers / servers / mobile antenna’s / fiber ONTs …)
2. Other customer devices (Smartphones / professional devices / TV / tablets)
1. Proximus branded devices
(Internet Box / TV Box / Boosters)
Packaging Hazardous (batteries)
Note that the inflow, outflow and waste metrics scope does not cover the suppliers’ operations in our upstream chain nor the
operations of our subcontractors.
Resource inflow
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, as explained above. 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. It is a cumbersome journey,
as standardization is still missing and many players in the upstream value chain have to feed their data in cascade-feed. 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 two to three years.
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Resource inflow weight
(tons)
2023 2024
Recycled material per
customer devices (tons)
2023 2024
Internet Boxes 721 401 Internet Boxes 280 162
TV Boxes 115 130 TV Boxes 65 79
Wi-Fi Boosters 142 166 Wi-Fi Boosters 62 70
Mobile phones 216 225 TOTAL 407 312
TOTAL 1,194 922
Scope: Proximus Group
Scope: Proximus Group
Recycled material per
customer devices (%)
2023 2024
Sustainably sourced
material per customer
devices (%)
2023 2024
Internet Boxes 39 40 Internet Boxes 15 14
TV Boxes 56 61 TV Boxes 0 0
Wi-Fi Boosters 43 42 Wi-Fi Boosters 16 15
AVERAGE 41 45 AVERAGE 13 12
Scope: Proximus Group Scope: Proximus Group
We observe a decrease in total material inflow driven by a strong decrease for internet boxes which is due to the last buy from old
generation and inventory build-up for the new generation that both happened in 2023 while repair and refurbishment activities for the
new model started in 2024. This trend is partly compensated by the inventory build-up for new TV Box and new Booster generation
that happened in 2024, combined with the growing demand in Android-powered TV Boxes, explaining most of the Year-on-Year
increase.
New generations of devices are more compact and lighter, using less virgin and recycled material overall. The percentage of recycled
material and sustainably sourced material per customer device was stable year-on-year and we are working to improve those figures
for the next generations of devices.
Definitions and accounting policies
For the 2024 reporting cycle, the scope for all the resource inflow metrics is limited to Internet Boxes (modems), TV Boxes
(decoders), Wi-Fi Boosters (repeaters) because we started to collect data where Proximus has the highest circularity impact from
design to end-of-life management. Additionally, in 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 logistic operations in Courcelles and from Proximus Luxembourg so that it represents the totality
of this activity for Proximus Group. The data source for volumes is the internal operational systems in which volumes per product
type are retrieved. Estimates of mobile phones’ unitary weight, including packaging, were made by the operational team based on
on-site measurements.
We receive specific information on recycled materials used and on “Percentage of biological inflow material sustainably sourced”
(defined as a 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, except for the secondary and tertiary packaging at Proximus Luxembourg that has been
extrapolated based on Belgian activities. Packaging inflow is included in the figures provided by the suppliers. Data is collected
through our 2024 sustainability reporting process and is consolidated centrally as a weighted average. As we were missing
supplier information on “sustainably sourced material” for TV Boxes, we took the conservative assumption to put 0% for this
particular data point.
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Resources outflows
In line with the inflow, the most relevant physical outflows are customer devices (fixed devices and mobile phones) in a pass-
through model (we do not have our own manufacturing activities), with the exception of the packaging that is sometimes adapted to
commercial channels. Eco-designed packaging and the reduction and recycling of packaging are important topics. They are included in
the action plans.
Thanks to our return and refurbish policies we stimulate the upgrade and reuse of the fixed customer devices, which increases their
durability and lowers the volumes needed in the inflow. We started to monitor the durability and repairability of our fixed customer
devices through a specific index, a first for the Belgian market. It will be extended to Luxembourg in a second step. We cannot publish
any comparison to a sector average as this information is not available to us.
Similarly to resource inflows, information related to mobile phones and network material outflow is not yet available, as this is fully
dependent on value chain information flows that have yet to be implemented with our suppliers and are too complex to be estimated
in isolation.
Expected durability per
customer device (index)
2023 2024
Repairability per
customer device (index)
2023 2024
Internet Boxes 68 72 Internet Boxes 64 70
TV Boxes 68 68 TV Boxes 84 84
Wi-Fi Boosters 63 63 Wi-Fi Boosters 61 60
AVERAGE 67 68 AVERAGE 69 73
Scope: Proximus Group Scope: Proximus Group
The improvement year on year of durability and repairability indexes is due to progressive replacement of old customer device models
by new generations with a better index.
Definitions and accounting policies
• The scope for all outflow metrics is limited to Internet Boxes/TV Boxes/Wi-Fi Boosters. Outflow metrics depend on
supplier data that have been recently implemented with pilot suppliers but have not yet been extended to cover mobile
phones and network components.
• These metrics have been recently introduced to Proximus. We have computed data for the Belgian market and estimated
that Luxembourg would have similar values, since Belgian figures represent a large majority of this activity for Proximus
Group and can be considered as a good proxy for the Group as well. Proximus Luxembourg’s real data is not yet available
as the same ITU-based reference is not yet in use with their suppliers (work in progress).
• Figures are based on ITU-T L.1023, which is an index going from 0 to 100%. This is an international standard to assess
the circularity performance of ICT goods. The scoring takes both the relevance and applicability of all circularity indicators
into account, as well as the margin of improvement of each circularity indicator. It helps to identify improvement areas and
promote more sustainable practices in product design and lifecycle management.
• Volumes are the same as the volumes included in the inflow metrics. On the one hand, year-on-year stock variation is
considered as not material and on the other hand, volumes and information related to re-used and refurbished devices are
not taken into account even if they are part of the volumes shipped to the end-customers. The reason for this choice is to
represent the index of the devices newly put on the market during the reporting year and avoid a potential dilution of this
index by our eorts to increase the actual lifetime of the devices via multiple refurbishment cycles.
• For those metrics, the specific data are directly sourced from suppliers per product type.
• Data is collected through our 2024 sustainability reporting process and is consolidated centrally as a weighted average
based on inflow volumes.
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At the end of their useful life, we recycle large quantities of material thanks to the high recyclability percentage.
Rate of recyclability per
customer device (%)
2023 2024
Internet Boxes 88 85
TV Boxes 69 79
Wi-Fi Boosters 87 86
AVERAGE 86 84
Scope: Proximus Group
The rate of recyclable content in our fixed devices and their packaging is around 85% and has been rather stable year on year.
Definitions and accounting policies
The rate of recyclability is defined as the percentage of material (including packaging) that can be recycled per type of device.
The main data source is suppliers’ information with no specific certification track. The scope for this metric is limited to Internet
Boxes/TV Boxes/Wi-Fi Boosters and represents the totality of this activity for Proximus Group. Outflow metrics are based on
supplier data that have been tested with a few suppliers but have not yet been extended to cover mobile phones or network
components. We will be working on this process during the coming two to three years.
Volumes are the same as the volumes included in the inflow metrics. On the one hand, year-on-year stock variation is considered
as not material and on the other hand, volumes and information related to re-used and refurbished devices are not taken into
account even if they are part of the volumes shipped to the end-customers. The reason for this choice is to represent the index
of the devices newly put on the market during the reporting year and avoid a potential dilution of this index by our eorts to
increase the actual lifetime of the devices via multiple refurbishment cycles. For those metrics, the specific data are directly
sourced from suppliers per product type and a weighted average is centrally computed based on inflow volumes.
Collection and refurbishment
To illustrate our eorts on promoting 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 integrated in our logistic center.
Total collected mobile
phones (#)
2023 2024
Mobile phones collected 128,002 140,587
Scope: Proximus Group
In 2024, we collected over 140,000 old mobile devices at Group level, which is 10% more than in 2023 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 the mobile phones collected from our customers, through our shops, or during collection
actions in multiple organizations (e.g. schools, festivals, etc.). The mobile phones are delivered in our logistic center in Courcelles.
No estimation has been made. The consolidated Group figure is collected through the 2024 Sustainability reporting process
directly from our logistic center in Courcelles.
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Refurbishment fixed
devices (#)
2023 2024
Internet Boxes 1 7 7,759 198,074
TV Boxes 211,987 302,880
Other devices 409,686 434,424
TOTAL 799,432 935,378
Scope: Proximus Group
Refurbished fixed devices (%) 2023 2024
Refurbished Internet Boxes vs. total Internet Boxes 31 41
Refurbished TV Boxes vs. total TV Boxes 53 49
Scope: Proximus Group
In 2024, we refurbished 935,378 fixed devices, which is 17% more than last year thanks to a more ecient collection process.
For example, half of the TV Boxes put on the market in 2024 were refurbished boxes. If we add the number of collected old mobile
devices, we reach over one million devices collected or refurbished during last year.
Definitions and accounting policies
• Data sources are internal systems, no estimates have been made.
• Data are gathered and consolidated through our 2024 sustainability reporting process.
• “Other devices” are remote controls, Power Supply Units, Private Automatic Branch Exchange (PABX), network equipment
and fiber related ONTs
16
.
• The percentage is computed by comparing the number of refurbished devices to the total number of devices installed
during the reporting year.
Waste
Our ambition is to directionally reach zero waste. We did not formalize yet any quantitative and measurable target due to lack of
standardization and clear definition for follow-up in this domain. In 2024, Proximus managed to divert 99% of the waste generated
from our own operations from disposal.
The most relevant types of waste streams in our activity sector are electronic 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 Exchange (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.
Yet the waste streams that are collected, appropriately handled and reported are much broader and spread over about 20 waste
streams including rubble associated with network infrastructure excavation works, batteries, metals, paper and cardboard, various
plastic types, wood and residual waste.
16 A fiber ONT, or Optical Network Terminal, is a crucial device in a fiber-optic network. It serves as the endpoint for the fiber connection at the customer’s
premises.
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Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
Impact on water is not deemed material in our Double Materiality Assessment. The explanation for this is that we do not use water as a
cooling method for our datacenters. However, we continue to focus on reducing our water consumption.
As already mentioned, Proximus has a dedicated facility in its distribution center to refurbish returned electronic devices, such as
Internet Boxes, TV Boxes, Wi-Fi Boosters, fiber ONTs remote controls, Power Supply Unit’s, network equipment. These devices do not
end up as waste and are not reported as such.
Proximus 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 types of cable. Some other
examples are fluorescent lamps, coolants, solvents. All hazardous waste is collected and recycled by specialized companies. There is
no radioactive waste in Proximus Group waste streams.
Waste by treatment (tons) 2024
Non-hazardous
waste
Hazardous
waste
TOTAL
Recovery operations types
Preparation for reuse 35 22 56
Recycling 1,899 1,496 3,396
Other recovery operations 2,302 51 2,354
TOTAL WASTE DIVERTED FROM DISPOSAL 4,236 1,569 5,805
Waste treatment types
Incinerated 18 5 23
Landfill 12 0.5 12
Other disposal methods 32 0 32
TOTAL WASTE DIRECTED TO DISPOSAL 62 6 68
TOTAL WASTE 4,298 1,575 5,873
Scope: Proximus Group
We are reporting for the first time on the total Proximus Group perimeter. As from this year, we applied new CSRD-compliant
definitions for hazardous waste, recovery operations and treatment types, we cannot publish any meaningful year-over-year
evolution in our reported waste metrics. We can mention though an intensive battery swap program and the finalization of emptying
our previous headquarters that impacted our 2024 figures significantly.
(tons) 2024 (%) 2024
Non-recycled waste 2,421 Non-recycled waste 41
Waste diverted from disposal 5,805 Waste diverted from disposal 99
Scope: Proximus Group
Proximus Group Integrated annual report 2024152
Definitions and accounting policies
Most of our waste is collected in Belgium and Luxembourg and reported by combining internal reporting and direct supplier data
for the aliates Proximus SA, Proximus Luxembourg, ConnectImmo, Proximus NXT, PMH, BICS Belgium operations and Doktr.
Most of waste figures and waste categorization are sourced from external suppliers.
For other aliates who have only oce-related activities, we adopt an FTE-based pro rata (based on December 2024
headcount actuals) estimated figure for oce waste in order to provide a Group view. For Proximus Global aliates, this waste
is all categorized as directed to disposal, while other domestic aliates follow the same waste treatment as the headquarters
building in Brussels. As the reference building to calculate the pro rata oce waste for the aliates, we refer to the measured
data from our headquarters building in Brussels.
Hazardous waste: The definition of hazardous waste is aligned with the principles of the Waste Framework Directive (Directive
2008/98/EC).
The calculation of the waste figures is based on the measured figures up to the end of November, 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, so it is incinerated with
or without energy recovery or directed to a landfill or other disposal operations. The percentage of non-recycled waste is the
total amount of non-recycled waste compared to the total amount of waste generated in our own operations.
In the coming years, we will continue to deploy and extend our eorts to become a blueprint for circularity so that we will
minimize our environmental impact and reduce reliance on scarce resources.
Sustainability Statement → Environmental information
→ Climate change → EU Taxonomy → Circular economy and waste
Proximus Group Integrated annual report 2024153
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Social information
Our own workforce
Introduction
The topics related to our own workforce, defined as material for Proximus Group are:
• working rights, fair pay and social dialogue;
• work-life balance and well-being;
• employee health and safety;
• diversity and inclusion;
• employee upskilling, reskilling and employability.
The upcoming sections present Proximus Group’s identified impacts, risks and opportunities as determined by our Double Materiality
Assessment for our workforce. It also outlines 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.
Some information required in this section is incorporated by reference.
Employees’ and non-employees’ definitions
The disclosed information concerns our employees 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.
We will also report on non-employees 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 also respecting the local
specificities and needs. In practice, the HR governance model is translated into the following structure:
• The Board of Directors sets Proximus Group’s policy and strategic direction, overseeing operations and approving key decisions
based on the Proximus Group Leadership Squad’s (PLS) 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 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 the coordination and
collaboration among the dierent entities and functions and the adaptation and execution of the HR strategy according to the local
context and challenges.
• Group HR comprises several departments that design, implement, support and evaluate the HR policies and practices at the Group
level. The main departments are:
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
» The Group HR Practices designs, implements, monitors and manages group policies and practices related to compensation,
data, Human Resources Information Systems, payroll & organization, performance, Group culture, employee engagement,
diversity and inclusion, talent development and mobility.
» The Group Prevention & Protection department assures and promotes a safe, secure and sustainable work culture by
monitoring the implementation of all legal requirements and codes of good practices to protect employees, their well-being,
assets and the Group’s reputation.
» The Business Partners and Strategic Partners act as the primary contacts for business units and aliates on all HR matters
and provide strategic guidance and support to the managers.
» The Learning and Development Center focuses on maintaining organizational culture and employee engagement while
driving diversity and inclusion objectives.
» The Talent Acquisition and Sourcing department ensures a consistent approach to labor market positioning in the Benelux and
collaborates with the aliates’ recruitment teams to maintain alignment. The overall goal is to acquire internal and external talent
to fill open vacancies.
» The Employee & Social Relations department is responsible for various activities ranging from social consultation with the
representative unions to employee services.
» The Workplace Transformation department supports the transformation of the workplace and the work environment to foster
collaboration, innovation and well-being.
» The Agile Enablement department supports the adoption of agile methodologies and practices to increase the organization’s
eciency, flexibility and responsiveness.
» The Benelux HR ICT Aliates department is responsible for delivering the HR services for ICT aliates.
Policies
The main policies related to Proximus Group’s responsibilities as an employer are:
• Code of Conduct;
• Human Rights Policy;
• Well-being at work;
• Diversity and equal opportunities;
• Whistleblowing procedure.
The Proximus Group Code of Conduct and the main policies listed are transposed and applied in all Group aliates
17
. 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 the policies and related procedures are available on the Proximus Group intranet. All employees of the Proximus Group have
access to the intranet except Route Mobile and Telesign
18
. More details on Proximus Group policies applicable to our own workforce
will be disclosed in the upcoming sections.
The overview of the main Proximus Group policies and charters can be found in the section “Business conduct”.
17 Except Fiberklaar acquired in August. Policies are currently under revision to be aligned.
18 Route Mobile and Telesign have adopted all the Group policies and manage the internal communication to their employees separately.
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Processes for engaging with own workforce
Employee engagement
Twice a year, Proximus Group organizes Speak Up surveys amongst all of our employees regarding their experiences at work, using
an internationally recognized tool. The survey run at the beginning of the year is most important and 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 via open questions. The survey run 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 for all Proximus Group businesses to participate on a voluntary basis.
All feedback helps us to identify focus domains across the organization. Results highlights for Proximus Group are presented to
the Proximus Leadership Squad, the Human Resources Management Committee and Unions and 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 the work satisfaction of their team members. Follow-up of the action
implementation is done by senior management.
Furthermore, the yearly survey is the most complete and targets all Proximus Group employees: 19 companies in more than 30
countries, both domestic and international, +12,000 employees of which overall 80% answered the survey.
(%) 2024
Employee engagement 76
Scope: Proximus Group
Next to that, employees are informed about the various initiatives through our intranet WAP+
19
and through the team leader or SPOC
of their division. Our CEO supports these initiatives through his weekly communication on our intranet WAP+.
Definitions and accounting policies
The employee engagement (%) is used to evaluate how engaged employees are within Proximus. The Group engagement
performance is based on the full-year internal survey sent in January. The result reported is derived
20
from employees
having answered positively to four selected questions divided by the total number of respondents. Positive answers are
“agree” or “strongly agree” on a five-point scale. The eectiveness of this channel, including the fact that the individuals
are well aware of the survey, is demonstrated by a participation rate of 80%. The data is provided and consolidated
automatically through the internal survey platform. The consolidated figure is then manually collected through the 2024
Sustainability reporting process. No estimation has been made.
More information on our whistleblower procedures can be found in the section “Business conduct”.
19 Except employees from Route Mobile and Telesign. They manage their own internal communication.
20 “I am proud to work for my company”, “My work gives me a feeling of personal accomplishment”, “My company motivates me to go beyond my everyday
role” and “I would recommend my company to people I know as a great place to work”.
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Disclosures incorporated by reference
The following information can be found in another part of this annual report and is incorporated into the Sustainability Statement
by reference:
• remuneration report and policy;
• ESRS Index.
The following information can be found in another part of this Sustainability Statement and is incorporated into the section
“General information” by reference:
• basis of preparation;
• Double Materiality Assessment.
See for the exact location of each disclosure the ESRS Index.
Working rights, fair pay and social dialogue
Context
At Proximus Group, we value the passion and expertise of our employees, who we see as the driving force of our company. In return,
we oer them a positive work environment where people feel appreciated, working conditions are adapted to personal needs and
employees can thrive and be engaged.
This topic refers to:
• Respecting employees’ fundamental human rights, including safe working conditions, secure employment and adequate working
time.
• Guaranteeing that employees receive fair, transparent and competitive wages that meet basic needs and comply with legal
standards and market practices.
• Ensuring eective, transparent and constructive communication between employers, employees and their representatives through
collective bargaining, social dialogue, freedom of association, the existence of works councils and the information, consultation and
participation rights of employees.
Our impacts, risks and opportunities
Providing safe working conditions and secure employment has a positive impact on job satisfaction and engagement, making
employees feel valued and fostering the mental stability needed to deliver high-quality work.
With more than 13,800 employees, Proximus Group also makes a lasting economic positive contribution to society. Strong
economic prosperity fuels a more educated, productive workforce and enhances the purchasing power of Proximus Group’s customer
base. By providing adequate wages, we contribute to fair competition, stimulate productivity improvements and promote economic
and social progress.
Creating a positive and safe work environment where each individual is respected, heard and valued and where all employees are
treated on a fair and equal basis, regardless of their background, combined with a competitive, fair and market-attractive remuneration
package represents an opportunity to attract and retain the right talents, needed to achieve our strategic ambitions.
More information can be found in the section “Double Materiality Assessment”.
Resources and responsibilities
More information on this topic can be found in the section “HR Governance”.
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→ Technology and innovation
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 and the workers’ rights to information, consultation and participation. We also ensure that our employees 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 our employees.
In Belgium, a majority of our employees
21
are covered by the collective bargaining agreements.
We have not yet established specific Group objectives or targets.
Policies
Collective bargaining agreements
In Belgium
22
, Proximus has its own Joint Committee (JC), the ocial consultative body that brings together Proximus and union
representatives, chaired by the Chairman of the Board of Directors. It consists of 18 members: nine management representatives and
nine union representatives. They meet ten times a year. Before consultation in the JC, a preliminary debate is held in one of the three
permanent workgroups: social negotiations, well-being at work and social benefits.
Working conditions, including remuneration, are continuously discussed with the employees’ representatives. This process involves
dialogue with the Proximus Leadership Squad and the social partners within the framework of collective agreements. Typically,
the representative unions submit a joint list of demands to the Joint Committee every two years, which serves as a foundation for
negotiating a new Collective Agreement. The HR department plays a pivotal role in these discussions. Some measures, such as
specific reward initiatives, are strictly limited to the duration of the Collective Agreement, while others have a recurring eect, such as
the convention on homeworking. The last Collective Agreement 2023-2024 was unanimously approved by union representatives in
February 2023.
Other Domestic aliates and BICS Belgium operations follow similar processes in place for Proximus SA employees in Belgium. They
are not subjected to the same law, but they are covered by social dialogue and a collective labor agreement at sector level according to
their respective joint committee. Certain aliates also have social bodies and collective labor agreements at company level.
Examples of what is happening within our aliates
Telesign’s Employee Ambassador Council is a group of employee leaders who provide feedback and support the company’s
employer brand narrative. This council was particularly important during the announcement of the merger of Telesign with Route
Mobile where they gathered insights and helped communicate updates to employees.
In our newly created aliate Proximus NXT IT, part of joint committee 200 in the private sector, we have an active ongoing
dialogue within the three representative labor organs (work councils, committee for prevention and protection, union delegation).
Within these organs, we have ensured representation of and by transferred colleagues from Proximus NV in July 2024, even if it
came after the ocial social elections outcome.
21 Except the executive and the senior management
22 For all employees who have a contract with Proximus SA
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Human rights
As outlined in our Human Rights Policy, which has been endorsed by all aliates, Proximus Group respects the internationally
recognized human rights, 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 policy was most recently updated and approved by the CEO and the Proximus Leadership Squad in July 2024. It applies to all
employees of Proximus Group, anyone doing business for or with Proximus Group and others acting on Proximus Group’s behalf.
In line with our commitment to upholding internationally recognized human rights, Proximus Group integrates the following principles
into our 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.
Taking actions on impacts
Working conditions
Proximus Group is committed to fostering a healthy work environment by providing various flexible working conditions and
development opportunities. The specific working conditions vary across aliates, depending on local legislation. Below you will find a
non-exhaustive list of practices within our Group:
• Internal mobility and development: employees have access to internal job opportunities and continuous development programs to
advance their careers.
• Working from home: the number of home oce days diers per aliate from full flexibility to full oce day.
• Flexible work arrangements: part-time schedules and parental leave options are available to accommodate the diverse needs of
employees
23
.
More information can be found on our corporate website.
23 Depending on local regulation.
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→ Technology and innovation
Within Belgium, there are additional specific programs to support experienced talents
24
:
• Experience@Work career opportunities: this initiative allows experienced talents (55+) and people in reconversion (with no age
requirement) to be shared between organizations mainly in the social-profit sector, matching their expertise with specific needs.
Proximus oers this alternative career opportunity in the context of a sustainable career policy.
• Personal development support: employees can take advantage of skill assessments to evaluate their competencies and pursue
further development.
• Sustainable employability resources: information and resources are available to support long-term employability.
Fair pay
Our fair remuneration policies and practices, regularly assessed and updated by external experts, benefit our workforce and
organizational attractiveness and competitiveness. Additionally, we oer a competitive and market-attractive Global Rewards
Program covering the Proximus Leadership Squad (PLS) members, the broader top management and all employees. All our aliates
within Proximus Domestic operations and BICS Belgium operations have reward practices that are continuously monitored and
adjusted to meet market conditions. Within Proximus Global, a job levelling exercise has started. This initiative aims to understand the
relative weight of each job and categorize dierent populations. Subsequently, it will facilitate salary benchmarks and support the
creation of compensation policies for these populations. The exercise is expected to be completed in in 2025.
More information on our remuneration policies can be found in the Remuneration report.
Social dialogue
Within our Domestic operations and BICS in Belgium we continuously invest in an open and constructive dialogue between the
employees, the company and the employees’ representatives, seeking mutually beneficial agreements while focusing on balancing
best-in-class working conditions with what is economically and operationally feasible for the company.
The action plan related to social dialogue within our aliates is managed locally and varies from one country to another depending on
local regulations. As the underlying laws and contracts vary from country to country, co-determination matters are managed locally
and always together with trade unions and employees’ representatives. Group management is generally involved in all major issues.
Performance
Characteristics of our employees
In 2024, the integration of Route Mobile and Fiberklaar expanded our workforce. Proximus Group now has over 13,800 employees,
working in more than 30 countries.
Employee headcount by gender
25
Gender
Number of employees
(headcount)
Male 9,571
Female 4,291
Not reported 0
TOTAL EMPLOYEES 13,862
Scope: Proximus Group
24 Only for 55+ employees who have a contract with Proximus SA in Belgium, as well as those in reconversion.
25 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.
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→ Technology and innovation
Employee headcount by countries
26
Countries
Number of employees
(headcount)
Belgium 10,132
Netherlands 307
Luxembourg 786
USA 257
Serbia 456
India 1,411
Colombia 243
Other (Malta, Singapore, Spain, etc.) 270
Scope: Proximus Group
Employees by contract type and gender
27
2024 Female Male Not disclosed Total
Number of employees (headcount) 4,291 9,571 0 13,862
Number of permanent employees (headcount) 4,245 9,469 0 13,714
Number of temporary employees (headcount) 46 102 0 148
Number of non-guaranteed hours employees
(headcount)
0 0 0 0
Scope: Proximus Group
Workforce turnover 2024
Employee turnover (headcount) 1,356
Employee’s rate turnover (%) 10
Scope: Proximus Group
26 The countries listed are the one where Proximus has more than 50 employees.
27 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.
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→ Technology and innovation
Definitions and accounting policies
Number of employees: Employee data is based on records from Proximus Group’s registration systems. The number of
employees is determined as the number of active employees on Proximus Group’s payroll at the end of the period. Those
numbers include part-time and defined duration/replacement contract employees but exclude employees with a dormant
contract, a long-term illness, students and subcontractors. We do not report an organization-wide average for this indicator.
Permanent employees: the headcount of our employees with a permanent contract as of 31 December.
Temporary employees: the headcount of our employees with a temporary contract as of 31 December.
Non-guaranteed hours employees: the headcount of our employees without a guarantee of a minimum or fixed number
of working hours as of 31 December.
Turnover: the number of employees (headcounts) who left the company during the reporting period. This number includes
all kinds of leave (voluntary or not, end of contract, pension). The rate is calculated by dividing the number of leavers
(headcount) during the reporting period by the number of employees (headcounts) at the end of the reporting period. For
Route Mobile and Fiberklaar who joined Proximus, respectively in May and August, we reported the number of leavers as
from the moment they joined the Group. The metrics listed in this section are reported through the 2024 Sustainability
reporting process for the first time at the Group level this year. No estimation has been made.
More information on our control procedures can be found in the Sustainability due diligence subsection.
Remuneration metrics
Since 2021, we have conducted annual gender pay equality assessments
28
, 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.
(%)
2024
Gender pay gap 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 European Union. 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 it is 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.
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.
28 Only for all employees who have a contract with Proximus SA.
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→ Technology and innovation
2024
Total remuneration ratio 22
Scope: Proximus Group
Definitions and accounting policies
The remuneration ratio portraying the gap between the CEO’s remuneration and the median remuneration of the
Group employees is equal to 22 in 2024. This ratio is measured by comparing the CEO (Guillaume Boutin) and median
remuneration, taking into account the total target remuneration package (including base pay, variable pay, group insurances
and benefits), excluding any employer’s social contributions and exceptional shares. Estimates were taken for employees
“other benefits” when actual data was not available.
Collective bargaining coverage and social dialogue
(%) 2024
Employees covered by collective bargaining
agreements
90
Scope: Proximus operations with the European Economic Area (EEA)
Collective bargaining coverage and social dialogue
Coverage rate
Collective bargaining coverage
Employees (EEA)
Social dialogue
Workplace representation (EEA only)
0-19% The Netherlands
20-39%
40-59%
60-79% The Netherlands
80-100% Belgium & Luxembourg Belgium & Luxembourg
Scope: Proximus operations with the European Economic Area (EEA)
Proximus Group operates in the following countries within the European Economic Area (EEA): Belgium, the Netherlands and
Luxembourg. Outside the EEA, only the following countries have more than 50 employees: USA, Serbia, India and Columbia. The
countries listed are the ones where Proximus has more than 50 employees.
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Definitions and accounting policies
The rate of employees covered by collective bargaining agreements has been calculated based on the fact that when a
Collective Agreement is signed, it covers all employees working for the Proximus entity (Except the executives and the senior
management). The Group figure is calculated for all countries within the European Economic Area.
The social dialogue rate has been calculated based on the total number of employees working in the main headquarters with
employees’ representatives of the countries where Proximus have more than 50 employees: Belgium, the Netherlands and
Luxembourg.
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, in general, we base ourselves on the minimum of our salary bands, as these reflect the minimum salary
that one should get for a particular grade. These bands are based on benchmarks, legislation and collective bargaining. For
entities where a job function classification system is not in place, we rely on market practices while ensuring the minimum
wage in the country.
Complaints and severe human rights impacts
There were no cases of severe human rights incidents related to Proximus’ workforce reported through the existing channels in 2024.
This means that there were no reports of forced labor, human tracking and child labor. Neither were there any violations of the UN
Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines
for Multinational Enterprises.
To date, Proximus Group has not received any fines or penalties related to severe human rights incidents.
(#) 2024
Employees’ complaints related to social and human rights 1
Scope: Proximus Group
This complaint concerns a court case started in 2021. The procedure is on-going.
Definitions and accounting policies
Employees have various internal channels through which they are encouraged to report suspected violations or concerns.
These include management, Human Resources, the Group Department for Prevention and Protection, the Data Protection
Ocer and the Group Ethics and Compliance ocer. The employees’ complaints related to social and human rights are
consolidated based on the Group 2024 sustainability reporting process. This is based on the current process and procedures
implemented. We are currently working on aligning our internal governance and reporting processes within the two to three
next years.
The complaints reported through the whistleblower channel are managed by the Group Ethics and compliance ocer.
More information can be found in the section “Business conduct”.
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Work-life balance and well-being
Context
Proximus operates in a highly dynamic business with rapidly multiple challenges. To face these challenges, Proximus’ employees
must be resilient and agile. That is why Proximus pays particular attention to well-being and work-life balance through dierent action
plans, which are integrated into normal business activities.
This topic refers to the satisfactory equilibrium in an individual’s work and private life and ensuring the physical, social and mental
health of our employees while balancing the dierent demands of life (work, family, hobbies, personal engagements, etc.). Well-being
is all about how employees feel at work and about their work activities.
Impacts, risks and opportunities
We recognize that intensive workdays and the constant need to stay agile can take a toll on employees’ physical and mental health,
intensified by the transition to new organizational structures and changes to the path we work (via virtual communication and hybrid
models, among others). As an answer, Proximus oers flexible working conditions as a way of enhancing employees’ work-life balance
but also in order to increase the attractiveness of Proximus as an employer. These flexible working conditions not only enhance
employee satisfaction and commitment but also strengthen our culture, while maintaining strong professional connections.
Employee health as a result of lack of work-life balance, lack of empowerment and the personal life impact of working conditions could
also have financial implications, as it aects our attractiveness as an employer, which might lead to high employee turnover. Moreover,
potential fines and litigation costs are a risk factor.
More information can be found in the section “Double Materiality Assessment”.
Resources and responsibilities
The well-being program is managed by the Group Prevention and Protection department within Group HR. The ambition is to expand
and harmonize the governance, the strategic objectives and the action plan within all our aliates.
Specialized team members (consisting of psychologists), together with stakeholders such as the Group HR lead and Prevention &
Protection Department Lead, are defining and implementing the well-being program within the company in Belgium
29
.
A well-being squad, with representatives from dierent HR departments, define the corporate roadmap in close collaboration with
HR sta and Management Committees of the various business units. This is based on a yearly analysis of nine dierent parameters/
metrics (psychosocial illness and turnover, Employee Assistance Program, number of informal and formal requests, re-integration
tracks, psychosocial risks analysis, well-being barometer development initiatives). The Proximus Leadership Squad is involved and
receives the results of our Group well-being barometer twice a year.
Employees are kept informed about the various initiatives through our intranet WAP+ and through their team leader or SPOC of their
division. Our CEO supports these initiatives through his weekly communication on our intranet WAP+.
Feedback from all our employees related to well-being is collected via our yearly Group-wide Speak Up survey so that we also receive
bottom-up information.
Strategic objectives
Our ambition is to guarantee our employees can work in a safe, healthy, sustainable and inclusive work environment, where mental,
physical and social well-being is a priority. We believe that a healthy life balance and positive well-being are essential for the
motivation, engagement and performance of our employees, as well as for the retention and attraction of talent. We create specific
29 In other countries and in other Aliates the governance may dier.
Proximus Group Integrated annual report 2024165
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
programs in which our colleagues, teams and team leaders take ownership of their well-being. We oer dedicated support to our
employees who drop out to help them re-integrate.
We have not yet established specific Group targets. This should be addressed within the next two to three years.
Policies
Proximus has a Group Well-being at Work Policy that includes the following areas: safety at work, protection of the employee’s health
in the workplace, the psychosocial aspects of work, ergonomics, occupational hygiene, embellishment of the workplaces and all the
measures taken by the company concerning the work environment. The policy applies to all aliates. We are currently adapting its
contents to align with local legislation.
In Belgium, a specific policy was developed to treat complaints in cases of moral or sexual harassment or violence at work. This policy
applies to Proximus operations in Belgium. Internal people of confidence and specific psychosocial prevention advisors are always
available to handle these complaints.
The Proximus Group aims to align its well-being policies across the entire organization within two to three years.
Processes to remediate negative impacts
Various support systems are available to our employees dealing with stress-related situations or burnout.
By example, within our Domestic operations, a psychosocial prevention advisor can conduct a psychosocial risk analysis or survey to
identify workplace issues and, based on this, implement measures together with the business manager to improve employee well-
being.
In Belgium, additionally, Personal Guide@work can refer employees to an Employee Assistance Program (EAP), which provides
employees with professional support for personal and work-related problems. This program is designed to be swift, discrete and
solution-oriented. For this purpose, a network of psychologists is made available to employees through an external partner.
The ISAT or Interactive Stress Assessment Tool, available on our intranet, allows employees to check whether and if so to what extent
they experience work-related stress. After completing the questionnaire, employees receive a score tailored to their profile along with
useful tips on how to manage their stress levels. Through Oh My People, our external partner, people on long-term sick leave due to
stress-related problems are supported by a network of psychotherapists who also assist with their return to work
30
.
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 Group-wide approach in line with local practices.
The specific channels available to our workforce to raise concerns or needs directly with Proximus and have them addressed are
described in the section “Business conduct”.
Taking actions on impacts
Well-being is a shared responsibility among individuals, teams, team leaders and the organization as a whole. In this work
environment, where Proximus as employer has a significant impact, we defined three major focus areas in our well-being roadmap:
• Job quality: we aim to strike 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.
• Psychosocial safety: our workplace needs to become even more of a safe place to work where, despite dierences, everyone feels
mentally and physically safe, especially in customer-facing roles.
30 Only for employees who have a contract with Proximus SA.
Proximus Group Integrated annual report 2024166
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
In 2024, we launched “Well-being@Proximus” in Belgium, an awareness-raising campaign emphasizing the importance of well-being
at work and the role everyone plays in it. In addition, we also focused on actions linked to our work environment (installation of phone
booths in our headquarters, e-learning on comfortable seating positions and stimulating physical energy through a running challenge,
etc.). Specific activities, like training and workshops, were also organized.
We have selected nine well-being parameters
31
, which can be categorized into subjects, i.e. psychosocial absenteeism, feedback and
analysis from various surveys, personal support and adoption initiatives such as training, among others. We survey this data twice
a year, i.e. in September and in January each year. A dashboard with these parameters is being developed to provide the Proximus
Leadership Squad and HR with an overview of the organization’s overall health
32
.
Proximus plans to include other aliates within two to three years. If remediation is needed, it will be discussed with the well-being
squad and the action plan will be adjusted accordingly.
Performance
Employee well-being
We achieved 79% on the well-being for the Proximus Group in 2024.
(%) 2024
Employee well-being 79
Scope: Proximus Group
Definitions and accounting policies
Group employees’ well-being, expressed as a percentage (%), is based on the full-year survey sent in January. Employees
are encouraged to complete the survey to provide insights into their well-being at the workplace. The result reported
is derived from employees having answered positively to a selection of seven questions
33
divided by the total number
of respondents. The results are discussed with the Proximus Leadership Squad, the management and unions. The
eectiveness of this channel, including the fact that the individuals are well aware of the survey, is demonstrated by a
participation rate of 80%. The data is provided and consolidated automatically through the internal survey platform.
The consolidated figure is then manually collected through the 2024 Sustainability reporting process.
31 Psychosocial illness and turnover, EAP program, number of informal & formal requests, re-integration tracks, psychosocial risks analysis, well-being
barometer, development initiatives.
32 Only available for Proximus Domestic operations in Belgium and BICS Belgium operations.
33 “I can manage my job responsibilities in a way that enables a healthy work-life balance”, “I have the support I need to persist through dicult times at
work”, “I have trusting relationships at work”, “I receive recognition when I do a good job”, “I have flexible work arrangements to meet both work and
personal needs (e.g. work from dierent locations, take breaks, exercise)”, “I feel energized by my work” and “I have adequate resources in my workplace
which support my health and well-being (e.g. information, contacts & services)”.
Proximus Group Integrated annual report 2024167
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Employee health and safety
Context
Our employees face various challenges, from mental and physical health issues to occupational accidents or even third-party
aggression. Focusing on health and safety at work is therefore essential to protect our employees and to create a supportive,
productive work environment.
This topic refers to the anticipation, recognition, evaluation and control of hazards arising in or from the workplace that could impair the
health and well-being of workers, considering the possible impact on the surrounding communities and the general environment.
Impacts, risks and opportunities
Third-party aggression towards employees working in Proximus stores and contact centers (serious robberies, verbal aggression,
physical aggression) poses risks to their safety and negatively impacts their physical and emotional health. Occupational accidents
have similar consequences. Such occupational accidents can stem from various sources such as inadequate safety measures, lack
of proper training, or unforeseen hazards in the workplace environment. Furthermore, sedentary oce jobs can have a significant
negative impact on employees’ health:
• The prolonged hours of sitting at a desk can cause a wide range of health issues such as weight gain, poor posture, back pain and
even increased risk of chronic diseases.
• Sitting for long periods can negatively impact mental health, leading to increased levels of stress, anxiety and depression.
• Employees who work in sedentary jobs often have less time to physically exercise, which leads to an increased risk of obesity,
cardiovascular disease and other health issues. The lack of physical activity can also lead to a decline in cognitive function, which can
negatively impact an employee’s performance and productivity.
Providing a healthy and safe working environment is a way of reducing costs by preventing workplace accidents and occupational
diseases. Moreover, fostering a culture of safety and well-being can enhance productivity, boost employee morale and reduce
absenteeism.
More information can be found in the section “Double Materiality Assessment”.
Resources and responsibilities
The Group Department for Prevention and Protection (GPP) is the driving force behind Proximus’ health and safety activities. It defines
a common health and safety policy and provides guidance on all issues surrounding this topic. A prevention and protection plan for
Proximus Domestic operations in Belgium
34
focuses on aspects such as risk analysis of workplaces, medical surveillance, personal
protective equipment, fire safety measures to protect workers and the evaluation and resolution of psychological risks and issues.
The Proximus Leadership Squad is responsible for executing prevention and protection plans. Line management shares responsibility
for implementing the approved action plan.
Social dialogue is organized within Proximus Domestic operations
35
, in accordance with legal requirements, through Prevention
Committees or direct employee consultations. The Prevention Committees primarily serve an advisory role to the employer.
Participants in this social dialogue include the employer (or their representative), labor unions, GPP and occupational physicians.
Within Belgium, through a five-year global prevention action plan and a yearly action plan topics such as occupational accidents,
safety risk analyses, local prevention matters and psychosocial risks are discussed.
34 And BICS Belgium operations.
35 And BICS Belgium operations.
Proximus Group Integrated annual report 2024168
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Non-Belgium aliates currently manage health and safety domains independently. Proximus is developing a plan to implement a
more comprehensive and harmonized health and safety governance for all aliates within the next two to three years.
Strategic objectives
Our ambition is to ensure the health and safety of our employees by proactively identifying, assessing and mitigating workplace risks.
We will 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.
Furthermore, we aim to cultivate a culture of safety and responsibility, empowering our workforce to contribute actively to a safe and
healthy work environment.
Proximus has set short-term targets for its Domestic operations in Belgium aimed at reducing the occupational accident rate by the
end of 2024. These targets include:
• further reduction of occupational accident rate by 10% compared with 2023 (6.8), which means 6.1
36
.
Proximus intends to further decrease its occupational accident rate over the next five years. Additionally, we have not yet established
specific Group objectives and targets. This should be addressed, including for all our aliates, within the next two to three years.
Policies
Proximus has a Group Well-being at Work Policy.
More information can be found in the section “Work-life balance and well-being”.
Processes to remediate negative impacts
In 2024, we implemented a new yearly action plan in Belgium, based on a comprehensive risk analysis. This plan outlines necessary
prevention and protection measures to reduce workplace accidents, including safety instructions for employees and the VCA/VCO
37
safety management systems for the operational departments.
We are also continuously updating our ergonomics policy, assessing risks associated with the use of our new digital working
equipment and telecom installations and implementing appropriate prevention and protection measures. A risk assessment has been
conducted for all employees who have a contract with Proximus SA in Belgium and their workstations, with periodic reviews. We set up
the following awareness campaigns: “Are you sitting comfortably?” at the oce (ergonomic domain) and “Stop smoking”.
We executed a psychosocial risk analysis in dierent departments. We reviewed our e-learnings
38
with VIAS
39
focusing on the risks of
electric vehicles, bikes and scooters. Training sessions on firefighting and safe practices for electrical installations were also organized.
In response to an increase in armed robberies in our stores in Belgium, we revised our preventive measures to protect customer-facing
employees from third-party aggression. The details of these measures remain confidential for security reasons.
Processes and actions to remediate the potential negative impacts within our value chain
Once a year, our subcontractors (non-employees) are informed via information sessions about Proximus Group’ inherent risks, for example,
the general safety rules applicable to our construction sites.
36 Frequency rate is defined by Belgian law as # occupational accidents with minimum 1-day absence (day of accident not considered) multiplied by 1.10
6
divided by # number of worked hours employees based in Belgium.
37 Veiligheid, Gezondheid en Milieu (VGM) Checklist Opdrachtgevers/ Veiligheid, Gezondheid en Milieu (VGM) Checklist Aannemers
38 E-learnings are accessible in our intranet to all employees except Route Mobile and Telesign.
39 Belgian Independent Institute for Road Safety
Proximus Group Integrated annual report 2024169
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
In performing its activities, Proximus Group must put as little strain as possible on the neighborhood and local communities and take
measures to avoid nuisances.
More information can be found in the section “Local communities”.
The specific channels available to our workforce to raise concerns or needs directly with Proximus and have them addressed are
described in the section “Business conduct”.
Performance
Proximus Belgium operations
Proximus oers a health and safety management system, covering all our employees based in Belgium, that complies with legal
requirements and recognized standards, including the Well-being Act and VCA system. In 2024, no fatalities have been reported.
Work-related accidents 2024
Employees’ work-related accidents (number) 67
Employees’ work-related accidents (%) 4.36
Scope: Proximus Belgium operations
Definitions and accounting policies
The health and safety management system is defined as a framework, based on local legal requirements, applied by
Proximus to manage health and safety risks within the workplace. It involves identifying, assessing, controlling and
monitoring these risks to ensure a safe working environment. The processes and procedures for hazard anticipation,
recognition, evaluation and control vary from one country to another, as the legal requirements for each are dierent. This
is why Proximus is dedicated to implementing a new health and safety governance with common policies, definitions and
processes.
Work-related accidents are defined as occupational accidents which happen during the execution of work for the employer.
Accidents that happen on the way to and from work are not included in this definition.
The frequency rate of occupational accidents is calculated by multiplying the number of accidents with at least one day of
absence by 1.10
6
, then dividing by the total number of worked hours by the employees based in Belgium.
Proximus Group
The data related to the health and safety metrics are provided with a level of measurement uncertainty. The source of measurement
uncertainty can be explained by the dierences between local regulations, measurement techniques and the availability of data. We
are working on aligning our internal reporting processes at the Group level in the upcoming two to three years
In 2024, no fatalities resulting from work-related injuries and work-related ill health have been reported through our current channels
by any of our employees or any value chain workers working on our premises.
(%) 2024
Employees covered by a health and safety
management system
100
Scope: Proximus Group
Proximus Group Integrated annual report 2024170
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Work-related accidents 2024
Employees’ work-related accidents (number) 67
Employees’ work-related accidents (%) 3.34
Scope: Proximus Group
Definitions and accounting policies
Health & Safety management systems applied within our aliates must be based on local legal requirements. The
processes and procedures for risk assessment, evaluation and control vary from one country to another, as the legal
requirements for each are dierent.
Work-related accidents are defined as occupational accidents which happen during the execution of work for the employer.
Accidents that happen on the way to and from work are not included in this definition. The employees’ work-related accident
rate represents the number of respective cases per one million hours worked. Estimations of the working hours and
related accident with respect to our international activities are based on the actual accidents and actual working hours in
our domestic operations, which constitute 70% of the group’s activities. We are currently working on aligning our internal
governance and reporting processes within the two to three next years. In 2024, we focused on building and implementing
our new group Health & Safety governance.
Diversity and inclusion
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, like race, gender, age, sexual orientation, disability,
cultural background or any other characteristic protected by the 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.
Our impacts, risks and opportunities
Prioritizing diversity and inclusion (D&I) helps foster equity, bridge pay gaps and ensure a fair, discrimination-free workplace, where
everyone feels welcome and valued. It enhances the employability of individuals, regardless of their background, age, gender, sexual
orientation, disability, etc.
The primary risk we face is the potential loss of talent and unhealthy team dynamics due to a non-inclusive work environment. An
unwelcoming atmosphere can lead to disengagement, reduced productivity and high turnover rates. This in turn negatively aects our
employer brand and overall productivity.
Our dedication to D&I presents numerous opportunities. It enhances our ability to comply with evolving legal standards and
legislation related to harassment, discrimination and accessibility, thereby reducing associated risks. Putting in place well-balanced
and talented mixed teams positions us as an innovative company that meets the demands of a diverse market, enhancing our appeal
to large customers and investors who prioritize sustainability and inclusion.
Proximus Group Integrated annual report 2024171
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
As the war for talent intensifies, being an inclusive employer helps us attract a wider range of talents, further strengthening our teams
and positioning us as an employer of choice. Moreover, it fosters our learning and feedback culture, employee engagement and our
creativity to handle the future challenges of a digital world.
More information can be found in the section “Double Materiality Assessment”.
Resources and responsibilities
Every aspect of D&I is led by our D&I team, which is part of the Group HR Practices department. This team is responsible for setting
strategic goals, reviewing policies and aligning them at the Group level. Additionally, we have a Diversity and Inclusion workgroup,
which includes D&I ambassadors from all business units. They act as champions, ensuring that our policies and practices are
implemented in the field. Our Chief Human Capital Lead acts as our sponsor for diversity and inclusion, oering crucial support and
advocacy. On an ad hoc basis, we set up specialized teams of experts who work intensively together, during a limited period, to achieve
a specific goal.
Strategic objectives
We are committed to increasing the diversity of our workforce, 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 our six key pillars, which target specific groups at risk of vulnerability within our
workforce:
• gender: promotion of women at all levels, especially in digital and technical functions;
• generations: specific initiatives for inclusion of all generations, with a focus on 50+ employees;
• disability: employing individuals with disabilities and neurodivergent traits, while promoting awareness of their unique challenges;
• LGBTQIA+: definition of 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.
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 biennial D&I certification, organize round tables on diversity and keep launching communication campaigns to raise
awareness.
In 2024, we planned
40
to:
• reach an inclusion index of 85% by 2025;
• recruit 30% of women with university degrees in technical and digital roles by 2025.
In the long term, the company will continue investing in continuous diversity programs and workshops to deepen the understanding
and reinforce these values.
We have not yet established specific Group targets. We aim to expand our governance, targets and action plans to all aliates within
two to three years.
40 For employees having a contract with Proximus SA.
Proximus Group Integrated annual report 2024172
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Policies
Proximus has a Group Policy on Diversity and Equal Opportunities applicable to all aliates. We are currently reviewing the content to
align with local legislation in Europe and the rest of the world. This will involve a comprehensive review of our policies, benchmarking
them against industry standards, consulting with stakeholders and updating them as needed to reflect our unified approach to
diversity and inclusion.
With this policy, Proximus wants to stimulate a positive and safe work environment where everyone’s authenticity is respected and
valued and where all employees are treated on a fair and equal basis, regardless of their background, which for Proximus 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 Departmental Lead, is reviewed and adapted every year. The latest version can be
found internally on the intranet site
41
and externally on the Proximus corporate website.
Compliance with 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 and Group Protection & Prevention teams work closely with HR to
monitor adherence to these guidelines and any breaches are addressed promptly with corrective actions, applying the zero-tolerance
principle.
Taking actions on impacts
Our commitment to diversity and inclusion is rooted in the understanding that a truly inclusive workplace goes beyond mere
representation. Our approach is both strategic and holistic, integrating diversity and inclusion into every aspect of our business, from
recruitment and talent development to leadership accountability and community engagement through targeted initiatives, impactful
communication, comprehensive training programs and open discussion groups.
By doing so, we are building a workplace where everyone can thrive. Our commitment to diversity and inclusion is ongoing and we are
dedicated to making continuous progress in this vital area.
Integrating D&I mindset in our ways of working
The scope of responsibilities for D&I at Proximus extends to all levels of the organization. While the D&I team leads the change,
employee engagement is at the heart of our diversity and inclusion strategy. We oer various programs and initiatives to foster an
inclusive environment, such as diversity training and discussion groups and have put in place a D&I community where everybody is
invited to interact.
Managers are particularly instrumental in this regard, as they are tasked with implementing D&I policy and practices within their teams
and fostering an environment where everyone feels valued and respected. We also have specialized training programs for leaders
and mandatory training for all domestic employees to build awareness and understanding of diversity issues. These programs are
designed to equip our workforce with the skills and knowledge needed to contribute positively to our D&I goals.
We also celebrate D&I through regular communication and various events and campaigns throughout the year, ensuring that D&I
remains a visible and integral part of our corporate culture. These are regularly sponsored by members of the Proximus Leadership
Squad. Additionally, our CEO actively communicates on D&I to the entire company.
41 Accessible to all employees except Route Mobile and Telesign who manage their own internal communication.
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Stakeholder engagement
Engaging with stakeholders is crucial to the success of our D&I initiatives. We regularly ask for our stakeholders’ opinions through
surveys, (mandatory) training and discussion groups. This allows us to understand the perspectives and needs of our employees,
customers and partners and to refine our strategies, ensuring that our initiatives resonate with the people they are designed to
support.
We also join external programs (such as Open@Work, IAmRemarkable and Women on Board) that support inclusion and engage with
diversity networks to stay informed about emerging trends and to collaborate on initiatives promoting inclusion across the industry.
This engagement also helps us align our D&I eorts with the expectations of our customers and society at large.
More information on our stakeholder engagement strategy is available in the section “General information”.
Diversity within technical roles
All of 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 end of 2024. We achieved and reconducted this target for next year. We implemented recruitment
campaigns aimed specifically at women graduates, particularly in STEM fields and attracted female candidates through internships,
mentorship programs and networking opportunities (such as Women in Tech, Wikithon).
Advancing women in leadership
In addition to recruiting, we are committed to advancing women in leadership. To support this, we launched leadership development
programs so that (female) employees acquire a clearer vision of themselves as novice or experienced leaders. We also enhanced our
succession planning process to ensure women are well-represented in the talent pipeline for senior roles.
Diversity and inclusion training
Furthermore, training and development are also central to our strategy. We implemented a mandatory diversity and inclusion
e-learning module for all employees at the domestic level, covering topics such as unconscious bias, discrimination, or non-compliance
with our policy. These interactive modules have been designed to reflect real workplace scenarios, ensuring they are both relevant and
impactful. Progress has been monitored through completion rates and employee feedback, allowing for continuous refinement of the
program. In 2024, the mandatory e-learning module on diversity and inclusion and unconscious biases was taken by 88.5% of the
employees of concerned entities.
Promoting inclusion and raising awareness
We have already launched two internal and external communication campaigns highlighting the importance of diversity and inclusion,
featuring employee testimonials about their experience, educational materials and interactive events such as webinars or participation
in Pride.
Expanding neurodiversity awareness is also a priority. We conducted 12 workshops on neurodiversity in Belgium, collaborating with
experts to design and deliver sessions that increase understanding and support for neurodiverse colleagues. These workshops will be
complemented by resources and tools to help managers and employees create an environment where everyone can thrive.
Proximus Group Integrated annual report 2024174
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→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
What is happening within our aliates
Telesign
Telesign’s Employee Experience team has focused on creating engagement opportunities for its global workforce. The company’s
programs are responsive to employee feedback and aim to advance diversity, equity, inclusion and belonging. Telesign hosts
snACT & Learn workshops aligned with cultural observances, inviting employees to learn from each other and external experts.
Additionally, Telesign’s STEM Equity program focused on social impact commitment, allowing employees to use “action credits” to
support social impact organizations related to the workshop’s focus.
Telesign also has three employee resource groups (ERGs) serving underrepresented populations. These groups organize learning
and social experiences to connect employees. One key initiative, EmpowerHER, is a mentorship program designed to support
women and non-binary employees across the company. In the inaugural cohort, the company will welcome 59 mentor-mentee
pairings.
BICS
BICS has a payroll in 14 countries, counts 46 nationalities; diversity and inclusion are part of BICS’ culture. This is repeatedly
confirmed in the Employee Engagement surveys. Culture and inclusion were the best scoring dimensions in the recent pulse
survey, with a score of 84% and 80%, respectively.
Performance
Diversity metrics
Workforce by gender in the top
management (headcount)
2024
Workforce by gender in the top
management (%)
2024
Male 134 Male 75
Female 44 Female 25
Not declared 0 Not declared 0
TOTAL 178
Scope: Proximus Group
Scope: Proximus Group
Workforce by age group (headcount) 2024
Under 30 2,247
Between 31 and 50 years old 6,716
Over 50 years old 4,899
TOTAL 13,862
Scope: Proximus Group
Proximus Group Integrated annual report 2024175
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Definitions and accounting policies
Top management is defined as the executives that are part of the Proximus Leadership Team. In the Remuneration report,
we mention this group of employees as Top Management or executives, a common nomenclature in the business world. The
reported figures are based on our internal employee database of the extended leadership team.
Defining whether a job is a Top Management position is not related to hierarchy; rather, it depends on the job content, which is
weighted according to a certain methodology. According to the job weight, this job is a top management job or not. Idem for the
aliates.
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 process and procedures implemented. The source of measurement uncertainty can be explained by the
dierences between local regulations. We are working on aligning our internal reporting processes at Group level in the upcoming two
to three years.
(#) 2024
Incidents of discrimination and harassment 5
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, Human Resources and the Group Department for Prevention and Protection. The Group Department
for Prevention and Protection is responsible for all complaints related to violence at work, moral or sexual harassment and
discrimination.
Employee inclusion
(%) 2024
Employee inclusion 85
Scope: Proximus Group
Proximus Group Integrated annual report 2024176
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Definitions and accounting policies
The Group employee inclusion (%) is based on 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, to which degree 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 result reported is derived from employees having answered positively to four selected questions
42
divided by the total
number of respondents. The results are discussed with the Proximus Leadership Squad and the management. The eectiveness
of this channel, including the fact that the individuals are well aware of the survey, is demonstrated by a participation rate of
80%. The data is provided and consolidated automatically through the internal survey platform. The consolidated figure is then
manually collected through the 2024 sustainability data reporting process.
Employee upskilling, reskilling and employability
Context
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 has the opportunity to upskill and reskill to excel in his/her
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.
Our impacts, risks and opportunities
Investing in employee learning and development is a strategic approach that yields significant impacts, risks and opportunities. The
primary positive impact of such an investment is the creation of a workforce that is agile, skilled and capable of driving innovation.
Employees who are continuously learning are more likely to be engaged with their work, leading to higher productivity and job
satisfaction. This leads to a positive company culture where professional growth is valued and encouraged and where we increase the
employability of our people.
However, there are inherent challenges and potential risks to this approach. The rapid pace of technological change means that the
skills acquired today may become obsolete tomorrow. The challenge in the technology and telecommunication sectors is to ensure
that learning opportunities are relevant and aligned with future industry needs, which requires a keen understanding of market trends
and technological advancements.
Additionally, the shortage of technological talent in the market makes it imperative for an organization like ours to invest in upskilling
and reskilling programs that can enhance the digital literacy of our existing workforce. Such proactive measures are essential to
maintain competitiveness and foster a resilient and adaptable human capital.
Opportunities arise from the ability to harness the potential of a well-trained workforce. If a company can eectively upskill and
reskill its employees, it can gain a competitive edge in the market. This means it is better positioned to innovate and adapt to changes,
which can lead to the development of new products, services and business models. Moreover, a commitment to continuous learning
can attract top talent, seeking employers that invest in their professional development.
More information is available in the section “Double Materiality Assessment”.
42 “At my company, employees are treated equally and fairly regardless of their background”; “I can be myself at work”; “I feel that I belong to the company’s
community”; “I feel respected at work”.
Proximus Group Integrated annual report 2024177
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Resources and responsibilities
The Learning & Development Center (LDC) is a department within Group HR, dedicated to fostering growth and enhancing skills
across the organization. Our Learning & Development Center collaborates with dedicated learning partners to craft dynamic and
innovative learning solutions that align with our strategic vision. Together, we support the growth and eectiveness of our organization
by encouraging a self-leadership approach to learning and empowering every employee to take charge of their development.
Furthermore, our commitment to continuous improvement is exemplified by the Learning Committee, a tripartite body that includes
union representatives, HR members and business representatives. This committee convenes quarterly to engage in in-depth
discussions on a range of topics crucial to workforce development, such as upskilling, reskilling and monitoring learning KPIs. Through
these meetings, we address specific learning initiatives, ensuring they are not only relevant and eective but also reflective of the
collective insights and needs of our workforce.
The HR team in each domestic aliate is responsible for the learning plan for the aliate. They implement programs and ensure the
provision of maximal learning opportunities to their people, while respecting the legally determined number of days of training per
person. Already currently the aliates can thereby leverage the Proximus MyLearning environment. Moreover, domestic aliates and
Proximus already work together in the “Talent, Learning & Culture” community to develop joint initiatives.
The Learning & Development Center is focusing on all employees with a contract with Proximus SA in Belgium. Governance at Group
level will be defined within the next 2 to 3 years.
Strategic objectives
Our ambition is to invest in our employees by providing appropriate and forward-looking learning and development opportunities.
We foster a culture of continuous learning and development, ensuring that every employee can upskill and reskill to excel in his/her
current role and adapt to future challenges. Through this dedication to professional growth, we aim to maintain a dynamic, skilled and
versatile team ready to drive innovation and success.
Our commitment to upskilling and reskilling is a strategic response to the evolving demands of the digital economy, ensuring that
our workforce and company remain competitive and future-ready. By investing in comprehensive learning programs, Proximus
Group not only enhances the skillset of its employees but also secures their long-term employability. This approach reflects a deep
understanding of the dynamic nature of the tech industry, where innovation and agility are key to maintaining market leadership.
Our goals are anchored around two major pillars:
• Strategic Workforce Planning;
• Skills Management.
The Strategic Workforce Planning program serves as a cornerstone for its talent management strategy. This program 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 alignment 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.
We have not yet established specific Group objectives and targets. This should be addressed, including for all our aliates, within the
next two to three years.
Proximus Group Integrated annual report 2024178
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Policies
Apart from the mandatory training within our Domestic operations and BICS Belgium operations, we do not have strict policies. These
mandatory training (on average two or three e-learning modules per year per employee) are launched yearly and will follow a new
standardized communication process from 2025; using an activating marketing-communication tool, allowing for individual triggering,
nudging and measuring.
Taking actions on impacts
Reskilling tracks - Strategic Workforce Planning
Proximus Group analyzed both present and future market trends and challenges from 2023 to 2026. We identified over sixty distinct
factors influencing our workload, anticipating both increases and decreases in demand. This process helped us to identify the activity
domains where we anticipate an excess of resources and those facing a potential resource gap in the coming years.
In 2024, we already implemented strategic workforce planning in most of the domestic aliates.
Skills Management
The journey towards becoming a skills-based organization at Proximus encompassed three primary phases: initiating a Strategic
Workforce Planning exercise, establishing a comprehensive skills taxonomy and developing a robust skills management system
and process. These three phases have been successfully executed and underwent a rigorous pilot to gain insights and enhance the
processes and approaches.
With regards to the skills taxonomy, we used AI technology to define the top 10 relevant skills. For this exercise, we involved business
unit representatives to ensure accuracy and relevance. In the skills management system development step, we developed an in-house
tool, called “Skills+”, which is used to review the skills of each employee identify their strengths, determine areas for improvements,
establish a targeted development plan, etc. The skills management approach facilitates the discussion between team leaders and
employees on development aspirations.
This phase has not yet been implemented within our aliates.
Leadership Booster
The Leadership Booster is a program targeted to our team leaders to invest in their personal development and support them in their
roles. The building blocks of this program are based on reflection, dialogue and connection while staying close to the reality of our
team leaders.
Introduced in 2024, the topic of this first Leadership Booster is “connection communication”. This way of communicating can help
team leaders address all kinds of topics including more sensitive areas such as workload and conflict constructively. Approximately
900 team leaders have participated in this program since its start in March 2024. In September 2024, this topic was available through
MyLearning to all employees
43
.
Building the Future
As of mid-2023 and running until the end of 2024, we organized the “Building the Future” learning oering for our internal employees.
It helps them better understand the basic technologies that are important within Proximus Group. The topics include networks and
connectivity, data science, machine learning and AI, cybersecurity and the cloud. Besides this oering, we have organized several
initiatives to allow employees to become aware of the value and risks of Gen AI.
Yumi@myBest
We have launched a performance-enabling approach, Yumi@myBest. Yumi stands for “You and me”, driving each other to get the
best out of each other. This approach centers around encouraging open communication, learning from failures, coaching & feedback,
making ongoing adjustments, greater responsibility and continuous learning. This feedback is given in an open and safe environment,
43 Only for employees who have a contract with Proximus SA.
Proximus Group Integrated annual report 2024179
where conversations are not linked to scores with a direct financial impact. That is why we are moving away from formal conversations
and scores. The way of working is still in progress.
All the initiatives mentioned were launched with employees who have a contract with Proximus SA. We anticipate harmonizing our
practices at the Group level within the next three years.
What is happening within our aliates
Several domestic aliates have implemented and/or updated their performance management systems in line with the Yumi@
myBest philosophy (e.g. Proximus Ada, Proximus NXT IT, Be-Mobile). Several domestic aliates have also launched specific
leadership development initiatives, thereby also leveraging existing Proximus SA leadership oerings (Empower, Engage, Enlight
programs) (e.g. Codit, Proximus NXT NL, Proximus NXT Lux).
Telesign
Telesign is committed to employee development and oers various learning and development opportunities. This includes
change management training, leadership round tables, mindfulness workshops, financial literacy workshops and mental wellness
dialogues. In 2024, Telesign also reinstated the Summer Friday program to support employee wellness and engagement,
allowing employees the opportunity to use Friday afternoons to focus on their wellness.
BICS
BICS defines a yearly Learning and Development Plan.
The technical upskilling for 2024 was built around three pillars:
• cloud learning and certification (100 people, 4 learning tracks);
• 5G training to support BICS’ ambition to extend its leadership position in mobility solutions (target audience: pre-sales,
sales, operational engineers);
• Generative AI (awareness, inspiration, training, collection of use cases).
Other important upskilling initiatives in 2024:
• consultative selling and negotiation skills training for the sales community across all regions (EU, MEA, Americas, APAC);
• cross-cultural workshops;
• insights Discovery workshops to raise awareness around work styles;
• career discussions with employees from lower salary bands.
In 2024, BICS ensured the registration of all training hours worldwide. Today, the average corresponds to 25 training hours per
employee for 2024.
Talent development
Every two years, BICS’ employees go through a Talent Review exercise. One of the main goals is to identify talents, engage them
and prepare them for internal mobility.
The Talent Program 2024 targeted 21 new talents. The program oered:
• career guidance;
• on-line training at a renowned business school (INSEAD, MIT, Vlerick, etc.);
• participation in the BICS Mentorship program;
• participation in the Proximus Leadership Development programs (Enlight, PRO) and keynote sessions;
• opportunity to participate in the BICS LTI program (discretionary).
Since the launch of this initiative, BICS identified around 75 talents. They play a key role in the realization of BICS’ strategy and are
BICS’ pipeline for filling critical vacancies.
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Proximus Group Integrated annual report 2024180
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Human rights within our value chain
44 More information can be found in the Data Protection chapter about how Proximus Group manages data protection.
Context
Proximus Group is dedicated to upholding human rights across all its operations. Every legal entity in the Group has endorsed the
Proximus Group Human Rights Policy. Our Supplier Code of Conduct outlines our expectations for external employees and business
partners regarding respect for human rights.
However, we acknowledge that we have not yet conducted a comprehensive Human Rights Impact Assessment (HRIA) for our
activities in every country, although we plan to complete the HRIA for the entire Proximus Group (including international activities) in
2025.
In 2024, we focused on the human rights that are most material in terms of posing inherent risks for our telecom sector:
• upstream value chain: the rights of workers within the global supply chain of Proximus Belgium activities;
• downstream value chain: the right to privacy, with a focus on customer data protection
44
.
Human rights within our value chain refers to the working conditions, equality and non-discrimination and other rights of workers in the
value chain. They are defined as “workers not included in Proximus Group workforce who work on the supplier’s premises, using the
supplier’s work methods”.
Impacts, risks and opportunities
Proximus Group may face diculties in ensuring that all employers in its value chain comply with human rights and labor laws.
This is especially hard in more complex supplier networks, such as those involving raw materials sourcing and multiple layers of
subcontractors spread across dierent regions (e.g. the electronics manufacturing sector).
Gaining transparency over human rights risks and ensuring the respect of human rights standards down the supply chain requires
meaningful industry collaboration, which might be hindered by intellectual property secrecy and limited resource allocation.
The Group faces the risk of being held accountable for breaches of social and labor regulations and/or of its Supplier Code of Conduct.
Such infringements may lead to fines, as well as operational (e.g. supply-chain disruption risk) and reputation risks (e.g. loss of
enterprise customers), all of which could damage our financial performance.
Resources and responsibilities
The Procurement team manages Proximus Group’s human rights due diligence thanks to the active membership with the Joint
Alliance for CSR (JAC).
The Group Compliance and Group Prevention and Protection departments ensure that any reported or suspicion of violation is
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
In the short term, Proximus Group aims to:
• perform a comprehensive Human Rights Risk Assessment at the Group level;
• reassess the internal governance and capacity needs to build a robust value chain human rights due diligence framework in
preparation for the Corporate Sustainability Due Diligence Directive application.
Proximus Group Integrated annual report 2024181
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
In the medium term, Proximus Group wants to:
• map its supply chains for higher risk suppliers, down to the sourcing of raw materials, potentially in collaborations with peers and/or
suppliers;
• develop complementary action plans to prevent and mitigate the risks.
No specific measurable target has been defined in 2024.
Policies
Proximus’ Group Human Rights Policy applies to all workers within our value chain. Proximus Group respects all internationally
recognized human rights, 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.
More information can be found in the section “Human Rights Policy”
45
.
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 Proximus Group Supplier Code of Conduct
is part of every new and extended contract since 2021. It’s also integrated into our General Terms and conditions, thus endorsed
by every purchaser. The policy is available online on our corporate website. The Group Procurement Lead is accountable for the
implementation of the policy.
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 and Proximus Group’s policies.
More information can be found in the section “Employee health and safety”.
Actions to remediate negative impacts
Our supply chain
The Group Proximus Procurement manages 3,200 suppliers in 52 countries. 97% of the Proximus spend is dedicated to purchasing
goods and services, a percentage which encompasses mainly the cost related to the network installation and activation for the roll-out
and maintenance of Proximus’ fiber and copper network (23%) to mobile devices (13%) and to IT services and FLECS
46
(12%).
Proximus has no manufacturing facilities. Procurement’s main current challenges are related to price inflation and security of supply,
due to geopolitical events, as well as increased administration due to risk and supplier management, and upcoming legislation in a
world of decreasing resources.
Critical suppliers
Among all suppliers holding contracts with Proximus SA, critical suppliers have been identified as Tier 1 suppliers based on their
annual spending and long-term relevance, such as whether they are likely to remain suppliers over the next five years. The suppliers
of our aliates are not yet included. We are planning to harmonize our procurement processes within two or three years. We have a
total of 1,900 suppliers. The top 240 suppliers represent 89% of the Group spend. These are classified as “High”, “Medium” and “Low
Criticality” to prioritize Proximus’ engagement with them concerning ESG and audit.
45 Working rights, fair pay and social dialogue section
46 Free Lifetime Email Consultation Service is primarily used for managing external workforce and procurement processes.
Proximus Group Integrated annual report 2024182
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Also, Proximus partnered with Dow Jones and GraydonCreditSafe to monitor and assess suppliers in its supply chain on sanctions
imposed by legal obligations Proximus Group is submitting to. All active suppliers and partners (+/- 4,800) are screened regularly, as
are new suppliers during their onboarding.
Awareness
By signing the Supplier Code of Conduct, the 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 with.
Within Proximus activities in Belgium, we conducted a Supplier Engagement Program (SEP) webinar, which was attended by 280
key suppliers. Furthermore, Proximus held a specific meeting with 66 suppliers to formally present the objectives of the Supplier
Engagement Program.
Additionally, in 2024, all buyers at Proximus SA received training on sustainable procurement practices. This training covered
comprehensive details regarding sustainable sourcing, the Supplier Code of Conduct and the Supplier Engagement Program.
How we incorporate ESG criteria into our supplier selection processes
EcoVadis
Proximus partners with EcoVadis, a globally recognized assessment platform that rates businesses’ sustainability, to manage its
ESG risk and compliance. EcoVadis assesses suppliers’ performance based on their environmental management practices, labor and
human rights standards, ethics and procurement practices.
We demand an EcoVadis score card as a prerequisite for every candidate in our tenders. These score cards need to be younger
than three years 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. 58% of the procured spend is
represented by suppliers with an EcoVadis scorecard. The aim is for all Critical Suppliers identified to have a valid EcoVadis score card.
Risk identification
Risk results: salient human rights risks in our supply chain
In 2023, we launched 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:
Proximus Group Integrated annual report 2024183
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Contact Centers
Facility Services
IT services & FLECS
Network Installation
& Activation
Logistics
IT Infrastructure
Mobile Devices
Home Devices &
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 views its suppliers as partners and cares about the way they do business. To reflect Proximus’ principles (Human rights
and fair labor practices, environmental considerations, business integrity, data security, privacy and confidentiality) 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 the Joint Alliance for CSR (JAC) 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 “Our due diligence approach” paragraph below.
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 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
Proximus’ core activities in Belgium as well as on the basis of their human rights risk profile.
The process was conducted at the supply chain level, excluding considerations of human rights risk in Proximus’ own operations and
detailed considerations at the individual supplier level. The identification of risk was limited to inherent risks, excluding hence any
consideration of existing management responses, plans or programs and their eectiveness (residual risks).
Proximus Group Integrated annual report 2024184
Our due diligence approach
Joint Alliance for CSR (JAC)
Proximus 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, the JAC encompasses a total of 29
telecom operators, together representing more than 50% of worldwide telecom turnover. In 2024, 150 dierent types of audits were
conducted, including Mobile Workers’ Surveys on sites, covering a total of 20,427 workers
47
. JAC also facilitates ongoing human rights
due diligence with key supply chain partners to monitor and address potential violations of the UN Guiding Principles on Business and
Human Rights.
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.
As a JAC member company, 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, we monitor our top 500 suppliers and their aliates, especially those critical for supply and business continuity, using
Sphera SCRM.
Compliance controls
All our control procedures are presented in the “Business conduct” section.
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 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.
Fiber construction sites: additional measures
In the wake of the January 2023 press reports mentioning alleged violations
48
of social legislation on fiber construction sites, Proximus
SA announced additional measures to ensure that all activities on sites commissioned by Proximus SA or its partners are performed in
full compliance with social legislation while respecting strict requirements related to the safety, well-being and working conditions of
employees. This resulted in a thorough review of internal processes, an evaluation of the ways of working with first-line construction
partners and the development of the Proximus Societal Responsibility Charter for fiber roll-out, discussed with the Belgian Social
Security department (RSZ/ONSS) and presented to the Mobility, Public Enterprises and Federal Institutions Commission of the
Chamber of Representatives in March 2023.
Among others, the charter guarantees the quality of the partners that Proximus SA works with through certification requirements
and codes of conduct, limits the number of layers in the chain of subcontractors and ensures the well-being of workers through strict
safety requirements, training and regular controls on facilities and social administration.
47 Based on the 2024 JAC Annual Report.
48 The alleged employment of illegal workers has been proven not to be linked to Proximus SA nor to its joint ventures. Proximus acknowledged that a
number of infringements, mainly related to the use of the “check in at work” application, had been identified on fiber construction sites of its partners.
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Proximus Group Integrated annual report 2024185
Performance
Due diligence
EcoVadis assessment
(%) 2024
Spend at suppliers with EcoVadis
sustainability score cards
58
Scope: Proximus Group
Definitions and accounting policies
The percentage of spend at suppliers with an EcoVadis scorecard is based on the information provided on the EcoVadis platform.
Suppliers with a scorecard available on the EcoVadis platform are compared to the Proximus supplier base. The invoiced spend
of the identified suppliers is then divided by the total Proximus Group spend, resulting in the percentage of spend with Suppliers
that have an EcoVadis score card. It is not practicable to disclose the performance of the prior year during the current reporting
period, so we decided not to disclose the 2023 figure. No estimations or assumptions have been made for this metric.
Outcome of the collaboration with JAC
On-site audit operations 2024 (%) 2024
On-site audit operations since 2010 1,210
Spend at suppliers submitted to on-site audit
operations
23
Annual on-site audit operations 150
Scope: Proximus Group
Scope: JAC Annual Report
Definitions and accounting policies
The annual on-site audit operations metric is based on the information provided by the 2024 JAC Report. The percentage
of spend at suppliers submitted to on-site audits with JAC is calculated in the following way: Common JAC audited Tier 1
suppliers are compared to the Proximus supplier base; then, 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 according to the JAC
methodology. No estimations or assumptions have been made for these metrics.
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Proximus Group Integrated annual report 2024186
Sustainability Statement → Social information
→ Our own workforce → Human rights within our value chain → Local communities → Consumers and end-users
→ Technology and innovation
Local communities
Context
One of the key strategic ambitions of bold2025 is to roll out fiber and 5G in Belgium, yet these operations have environmental and
social impacts on Belgium’s local communities. We acknowledge that these operations might create nuisances for the inhabitants and
we have put a number of actions in place to minimize their negative impacts and improve communication with aected inhabitants.
Local communities are defined as the people living in the Belgian cities and municipalities where Proximus undertakes its deployment
works. Two main groups of stakeholders come into consideration: the regional and city authorities on the one hand and the citizens on
the other hand.
Impacts, risks and opportunities
Expanding our network and replacing old infrastructure with new technologies generate negative impacts, such as nuisances and
disturbances, for inhabitants in cities and municipalities. Deployment and maintenance of fixed networks can cause temporary
inconveniences like roadworks, the opening of sidewalks, dicult access to the house, or visual pollution when deployment is done on
the façade of their living unit. These impacts are perceived as widespread because people generally dislike having roadworks in the
vicinity of their homes.
There are risks linked to the deployment of new antenna sites for mobile networks. Aected communities might raise visual concerns
and we often encounter resistance due to the NIMBY (Not In My Back Yard) eect. They also raise questions on the health impact
of electromagnetic radiation. These discussions may delay environmental and building permits, delay the network roll-out and
potentially lead to stricter regulations, such as the 5G regulatory framework in Brussels and Wallonia.
Failing to address citizens’ concerns and maintain good relationships with aected communities can lead to reputational risks to
Proximus. It might lead to distrust and generate negative publicity and negative word-of-mouth referrals. Reputational damage could
ultimately have a negative financial impact as it can lead to a decline in customer loyalty and a decrease in sales.
When conducted in a meaningful and genuine way, engaging with local communities oers opportunities to build understanding and
facilitate the permit approval processes, hence network deployment.
As the deployment and maintenance work is only relevant to Belgium, we have only mentioned the impacts, risks and opportunities for
the aected communities in Belgium.
Resources and responsibilities
The most senior role within Proximus that has the operational responsibility for ensuring that engagement with local communities
happens and that the results inform Proximus’ approach is the Network stakeholders management division lead. The person
occupying this role is responsible for defining, enabling and leading the implementation of the strategy to leverage stakeholders
and ensure the success of Proximus’ Fiber for Belgium and 5G program. The Network stakeholder’s management division lead is
responsible for developing and driving all actions with respect to communication, lobbying, partnering and legislative discussions
to facilitate the fiber and 5G deployment. The development of partnerships with various public organizations to enable fast, cost-
eective and agile roll-out of the fixed and mobile network is also under that person’s control.
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Strategic objectives
As we acknowledge the fact that network deployment and maintenance activities have an impact on the environment and society,
we are committed to mitigating these impacts. This commitment is realized through a comprehensive strategy that emphasizes
community engagement, transparent communication and collaborative eorts with local authorities. By building strong relationships
and openly discussing both the benefits and potential disruptions of network projects, Proximus ensures that aected communities
are well-informed.
No specific measurable target has been defined in 2024.
Policies
The following policies address the impacts on the aected communities:
• Code of Conduct: gives the guidelines to contribute to the development of society.
• Group Human Rights Policy: addresses the relevant human rights commitments to local communities.
• Environmental Policy: describes that Proximus makes eorts to keep disturbances to a minimum and examines every complaint.
• Supplier Code of Conduct: the deployment of our fixed and mobile networks is executed by subcontractors. Therefore, our legal
contracts explicitly specify compliance with all EU, federal, regional and city rules and laws applicable to the public domain.
Contracts also specify the compliance to the citizen-aected communities’ communication ruler and describe the presence of a
construction site responsible and his responsibilities, to react appropriately to any citizens’ complaint.
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
In some cases, communities might still be aected by our activities. This is why we have processes in place to remediate the negative
impacts.
Where possible, Proximus is looking to collaborate with other operators. Proximus and Orange Belgium created a joint venture,
Mwingz, to develop a mobile access network by sharing telecom equipment. This equipment sharing will lead to a reduction of the
mobile sites by 40% in 2026. More information can be found in the chapter “Report on our activities”.
Proximus is also looking for collaboration with other fixed network operators to co-build, use third-party networks, or extend its
wholesale agreement, to reduce the number of network overbuilds, drastically minimizing the impact on aected communities.
Furthermore, Proximus collaborates with other utility companies. Several years before the start of the roll-out, Proximus monitors any
roadworks from other utility companies (gas, water, electricity, other telecom) to assess if these works can all be done simultaneously.
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 key actions to involve stakeholders throughout the fiber roll-out.
First, we hold an appetite meeting with the city approximately one to two years before deployment begins. This meeting helps build
support from city authorities at both political and administrative levels. During this meeting, the context, scope and high-level planning
are discussed while the main concerns of the cities and their long-term vision are captured.
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→ Technology and innovation
Following this, we formalize an agreement with the city and administration. This is documented in a shared charter or a set of meeting
minutes, detailing specific agreements such as the frequency of construction coordination meetings and specific points of attention,
like local events or fairs and tourist centers. These agreements allow all parties to anticipate and reduce the impact on citizens.
Keeping the public informed is also essential. We share non-commercial updates on the roll-out via the local press, social media
and city information web pages. Throughout the deployment, we hold regular weekly and monthly meetings with the city to ensure
ongoing communication and coordination.
Finally, citizens receive targeted information during façade and underground works. For underground projects, we send flyers and for
façade work, letters are distributed five to ten working days before construction begins.
Mobile network
When building a new mobile network site, Proximus collaborates closely with the municipalities to find a mutually agreeable location
for the antenna that meets both municipal preferences and the mobile network’s radio requirements.
Channels to raise local community concerns
Despite our eorts to minimize disruptions, roadworks and potential issues with pavement repairs can lead to complaints and
reputational damage. These disruptions, even if temporary, can delay or halt construction. Maintaining open communication channels
is therefore essential as it facilitates dialogue and information exchange.
Proximus does not communicate directly with aected communities but instead engages through city political representatives, city
websites, paper communications and all-box advertising. Our aliate Fiberklaar in Flanders and joint venture Unifiber in Wallonia
adopt similar proactive communication strategies.
Various communication channels have been set up to capture remarks and complaints. For the fiber roll-out, a specific 0800
number and e-mail address are created for each city, with information also shared through city web pages, flyers, etc. These local
communication channels are co-managed by the construction partner and the Proximus project leader.
There is no central database for tracking complaints, instead, they are handled at the city level by subcontractors who can take
corrective measures. Finally, the Mediation Service for Telecommunications also receives mediation requests from citizens
dissatisfied with the way Proximus (or the latter’s contractors) repaired their driveway, garden or pavement after laying infrastructure
underground. The number of complaints and details can be found in their annual report, Rapport annuel 2023 du service de
médiation télécommunications (mediateurtelecom.be).
More information about our whistleblower procedures can be found in the section “Business conduct”.
Actions to improve communication and address concerns among local authorities
Proximus closely monitors the satisfaction levels of municipalities where fiber was rolled out. Biannually municipalities can fill out a
survey regarding political and administrative risks, capturing satisfaction levels in a structured manner.
Additionally, a pro-care study is conducted every one or two years, where we interview city stakeholders about their interactions with
Proximus and the quality of our construction works. In 2024, 93% of stakeholders consulted were at least satisfied by Proximus’
worksite management in their municipality.
This approach ensures that Proximus remains responsive to community concerns and maintains a positive relationship with local
authorities.
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→ Technology and innovation
Actions to address potential health and safety concerns related to
electromagnetic radiation
Proximus informs the aected communities on the potential health impact of electromagnetic radiation through extra info on the
health impact on our corporate website. Aected communities can also research in-depth information on a specific website, an
initiative of all Belgian governments.
Proximus is aware of concerns regarding electromagnetic fields and health. We provide information on these topics and take
precautionary measures against any potential negative health impacts. We comply with the legislation in force, both for networks and
for devices and closely follow developments in scientific research.
The potential health impact of radio waves, particularly those used in mobile telephony, has been the subject of scientific studies for
over 30 years. The vast majority of (inter)national authorities and institutions – including the World Health Organization (WHO) –
agree that when radio frequencies for mobile communication fall below internationally authorized thresholds, there is no evidence that
they have any adverse health consequences.
Additional information regarding scientific research in this field, as well as answers to concerns about the potential risks of exposure to
electromagnetic waves from mobile phones, can be found on our websites, on the specific Belgian authorities’ website (allesover5g.be,
parlons5g.be) and on the WHO. In case of health-related questions about mobile networks, Proximus redirects municipalities and
landlords to the Institut Scientifique de Service Public (ISSEP) in Wallonia, to Brussels Environment in Brussels and Departement
Leefmilieu and Natuur en Energie (LNE) in Flanders.
No metrics are currently in place for this topic.
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Consumers and end-users
49 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.
50 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.
The topics related to Consumers and end-users defined as material for Proximus Group are:
• data protection;
• cybersecurity;
• digital inclusion.
The upcoming sections present Proximus Group’ identified impacts, risks and opportunities as determined by our Double Materiality
Assessment for our Consumers and end-users. It also outlines 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.
Data protection
Context
Companies in the telecommunications and IT services sector handle vast amounts of personal data. To protect this information, we
have put in place the necessary processes and measures, in line with EU regulations like the General Data Protection Regulation
49
(GDPR) and the Directive on Privacy and Electronic Communications
50
.
Data protection is the protection of the personal data of individuals.
Within this section, consumers and end-users subject to material impact are defined as all the individuals whose personal data is
processed by Proximus. These individuals can be, but are not limited to, customers, end-users of our telecommunications or ICT
services, members of our workforce and representatives of the organizations that Proximus collaborates with.
Impacts, risks and opportunities
If Proximus unlawfully processes or fails to protect the personal data of a customer or end-user, this can have a negative impact
on said person. The user could lose control over their personal data, leading to potential privacy violations. This could result in
discrimination, identity theft or fraud, financial loss, damage to reputation and loss of confidentiality of personal data protected by
professional secrecy. It can also lead to other significant economic or social disadvantages. These potential impacts 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.
From a business perspective, Proximus faces significant risks if it fails to comply with data protection regulations. The company could
be subjected to hefty fines, compensation claims, operational disruptions like temporary bans on processing activities and increased
regulatory scrutiny from data protection authorities. Additionally, reputational damage could erode customers’ and partners’ trust in
Proximus, potentially leading to a loss of business, a drop in stock prices and reduced investor confidence.
However, Proximus has an opportunity to strengthen its position by ensuring the lawful, ethical, safe and transparent handling of
personal data. This will reinforce the company’s commitment to protecting personal data and building trust, enhancing Proximus’
reputation and creating business opportunities.
More information about our impacts, risks and opportunities can be found in the section “Double Materiality Assessment”.
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Resources and responsibilities
Employees who are directly responsible for respecting GDPR principles when processing personal data are our first line of defense.
They receive training to manage personal data lawfully and ethically, following strict guidelines. Within Proximus SA in Belgium, a
network of around 100 Privacy Ambassadors is also available to assist with privacy-sensitive projects when needed.
The second line of defense includes various teams within Proximus SA in Belgium who provide legal advice on GDPR and other
relevant data protection laws or operate data protection processes, like the management of personal data breaches, data protection
risk assessments, security reviews, etc. The aliates of Proximus Group that are subject to GDPR, or other data protection laws also
have dedicated resources who advise them on their obligations under these laws.
The third line of defense involves both internal and external auditors who 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 four 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 the maturity level of GDPR compliance and highlights any related risks to the Audit and Compliance
Committee. The aliates of Proximus Group whose core activities involve processing of personal data on a large scale, have also
designated a DPO or a person exercising an equivalent function under the applicable data protection legislation.
The Proximus Privacy Council, established within Proximus SA in Belgium, is an internal governance committee composed of key
senior sta members, including the Group Corporate Aairs Lead, the Group Cybersecurity Department Lead, the Group Legal
Department Lead and the Group Data Department Lead, who are involved in data protection matters. The council is responsible for
decision-making in cases where the processing of personal data may present risks to individuals. In the coming months, the aliates
will establish a similar governance body with equivalent responsibilities to the Proximus Privacy Council.
Proximus Group is working on a plan to further harmonize data protection and GDPR governance across all aliates.
Strategic objectives
Proximus is dedicated to continuously improving its compliance with data protection regulations, including GDPR. This objective
underscores our dedication to safeguarding the personal data of our customers, partners and employees and maintaining their trust in
our organization.
To achieve this, Proximus Group is continuously investing in training and awareness. We are committed to regularly providing GDPR
training and awareness programs for all employees to promote a strong culture of privacy and security. Proximus Group aims to have
90% of employees trained on GDPR and data protection by end of 2025. In addition, Proximus will seek feedback from its customers
on its data protection practices and use this to identify areas for improvement.
Policies
Privacy management is backed by a Data Protection and Secrecy of Electronic Communications Policy and procedures that oer clear
guidance on data protection requirements and outline operational processes to ensure compliance. This policy lays down the rules
on the secrecy of electronic communications and the various principles and obligations provided by GDPR when processing personal
data. These 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 processing of personal data
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by Proximus Group and all employees, (sub)contractors and any third parties
working with or for Proximus Group, who have or may have access to personal data. The Proximus Leadership Squad is accountable
for the implementation of this policy.
51 This applies whether the data relates to customers, end-users of our telecommunication or ICT services, members of our workforce and representatives of
the organizations that Proximus collaborates with.
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The policy is also referred to in the Proximus Corporate Handbook, which has been adopted by the Board of the aliates of Proximus
Group. It is also available to all external stakeholders on Proximus Group’s corporate website.
Processes to engage with consumers and end-users
Being more transparent about data processing practices is crucial to building customer trust in Proximus Group and its brands.
Individuals can reach Proximus SA in Belgium to exercise their GDPR rights and ask questions about the processing of their personal
data through e-mail, letters and a dedicated web form. The eectiveness of these channels, including the fact that the individuals are
well aware of them, is demonstrated by the amount of data subject requests duly handled by Proximus SA in Belgium since the entry
into application of the GDPR, which is of approximatively 15.000.
For activities like targeted advertising, Proximus SA in Belgium collects prior consent from customers, processing personal data using
an opt-in method.
Proximus SA in Belgium has created a customer zone in Proximus+ allowing users to manage their privacy preferences in a simple and
accessible way via the Proximus+ website or Proximus+ app. Some privacy preferences can even be managed via the TV, the Pickx
website and the app.
To ensure compliance with the GDPR transparency principle, Proximus SA in Belgium made available several privacy notices for
customers, end-users and visitors on the Proximus commercial website:
• a general Privacy notice;
• Privacy notice for specific products and services, like the Proximus+ website and the Proximus+ app.
Proximus’ customers, end-users and visitors of the website can address their 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 when expressing such
complaints.
The aliates of Proximus Group that are subject to GDPR, or other data protection laws have equivalent data protection information
notices made available – and dedicated contact channels communicated – to their data subjects.
In 2025, Proximus will launch a customer trust survey in Belgium to gather feedback on our data protection practices and identify
areas for improvement. The Data Protection Oce of Proximus has the operational responsibility for sending out the customer trust
survey and ensuring that the survey’s results will be considered by Proximus.
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 to aected individuals. Proximus notifies relevant stakeholders,
including impacted individuals and regulatory authorities, where required by the law. Remedial actions, such as patching vulnerabilities
and enhancing security measures, are promptly taken to minimize harm and prevent recurrence.
Because Proximus considers that all employees have a role to play in protecting personal data, two mandatory e-learnings
about GDPR were launched in 2017 and 2022 and completed by more than 90% of Proximus Group’s employees. In addition, a
comprehensive training program (including theoretical and practical content) was developed internally and followed by the Privacy
Ambassadors in 2023 and 2024. Lastly, we held specific training sessions and provided work instructions for specific target groups,
such as employees working in contact centers and customer service.
In 2025, Proximus will launch a new campaign asking all the employees of Proximus Group to follow an e-learning module about
GDPR and data protection.
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The objective of the GDPR training is to ensure that all employees across Proximus Group understand their responsibilities under the
GDPR and are equipped to handle personal data in compliance with legal and organizational requirements.
To achieve this, we will launch in 2025 an interactive e-learning module accessible to all employees. Employees will be required to
complete the module within a specified timeframe, with completion tracked and reported to ensure progress. The goal is to achieve a
minimum completion rate of 90%.
We have set this target based on our analysis of previous mandatory e-learning campaigns within our organization and benchmarking
with industry peers in the telecommunications.
No metrics are currently in place for this topic.
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. Geo-political
tensions are adding to the risks. Cybercrime – now the fastest-growing form of criminal activity – includes ransomware, DDoS
attacks and identity or data theft, with global costs projected to reach $10.5 trillion by 2025
52
. This growing threat deters consumers
from adopting digital technologies due to fears of financial loss and theft of personal information. As a major global tech company,
Proximus is committed to building trust in the digital world by taking a 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, i.e. individual consumers who use products and services for personal or household purposes;
• enterprise customers, i.e. SMEs or large organizations requiring enhanced IT and telecom services, solutions and integrations.
Our impacts, risks and opportunities
Cybersecurity threats pose significant risks to the security of Proximus Group as well as its customers and suppliers. Significant
financial losses may arise from direct costs like ransomware payments and legal fines. Loss of revenue might also be a possible
outcome due to service interruptions and eroded customer trust.
We also make a positive impact on society by developing solutions to cybersecurity issues and contributing to building trust in the
digital world. Cybercrime and online fraud act as barriers for consumers to adopt digital technologies. The fear of financial loss, theft of
personal information and general lack of trust make consumers hesitant to engage in online transactions or use digital services.
We also see opportunities with regard to cybersecurity. The Proximus NXT 2024 Cybersecurity Survey Report revealed that one in
three companies in the Benelux faced at least one cybersecurity incident in 2023. So by investing in cybersecurity, we can stimulate
the sustainable growth of our company, beyond telco operations.
More information can be found in the section “Double Materiality Assessment”.
Resources and responsibilities
The Proximus Group Chief Information Security Ocer (CISO) is responsible for cybersecurity oversight at Group level. Under his
leadership, the primary goal of the Group Cybersecurity department is to safeguard Proximus Group against cyber threats, maintain
52 Research by Cybersecurity Ventures: Boardroom Cybersecurity Report 2023 (cybersecurityventures.com)
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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 & Aliates (C)ISOs: monitor cybersecurity risks within their respective business units or aliates;
• Security Governance: defines and enforces security policies on the Group and domain levels, ensuring alignment with all business
units and involved parties;
• Business Continuity: focuses on ensuring that 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 concerns related to cybersecurity, our residential
customers can use all Proximus servicing channels (e.g. shops, customer services, emails, website, etc.). Our enterprise customers can
directly contact their account managers.
Our customers can visit our Proximus.be website for more information about online fraud and how to protect themselves. In the
context of our Digital Trust campaign, we have also 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 it’s at rest, in transit, or actively being processed.
Make 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.
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. As part of our commitment to enhance cyber resilience across Proximus Group, we
have extended the Cybersecurity resilience index to encompass all Proximus aliates as of 2024. This includes a domestic index,
which is part of the Group STI KPI (influencing the bonus of our employees) and an international index covering BICS, Telesign and
Route Mobile.
More information can be found in the Performance part of this section.
Our bold2025 commitments: Reach by 2025, 93% Cybersecurity Index
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53 Proximus domestic operations
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Policies
Several cybersecurity policies have been established, which set out our internal governance to protect all of our customers,
employees, partners and Proximus Group. Each policy has an identified owner and an approver. The approvers, as members of the
Proximus Leadership Team, are accountable for the implementation of the policy.
Group’s Cybersecurity Policies
A disciplined approach to cyber risks is key in a fast-moving technological and competitive environment. The Group’s Cybersecurity
Policy outlines how risks should 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 5 sessions in 2024.
The Cybersecurity Policy and other Group level information security policies (such as Data Classification, Data Retention, etc.) apply to
the entire Proximus Group and all its employees.
The policies are internally available within Proximus intranet and are directly shared with the aliates if they do not have access to the
intranet. They are not available to our consumers and end-users and 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 policy;
• threat and vulnerability management.
These policies are regularly reviewed and cybersecurity controls are assessed and adjusted to address emerging cybersecurity threats
or changes in regulatory requirements.
Proximus requires that third-party vendors providing certain services adhere to applicable laws and regulations and security controls
that are included in our “Security Schedule”. This Security Schedule establishes the security measures of Proximus towards its
suppliers. The Supplier must consider these measures as a minimum-security standard and they must apply for the duration of the
Agreement.
Aliates develop topic-specific policies based on their regulatory and compliance requirements.
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Certifications
Proximus holds an ISO 27001 certification for information security, covering its datacenters’ housing and hosting services, our
cloud services, our remote operations and our Explore/SDWAN connectivity services for enterprise customers.
The Group Cybersecurity division is currently aligning the cybersecurity policies with the latest revision of the ISO 27001
standard and other frameworks like the Cyber fundamentals from the Center for Cybersecurity Belgium (CCB) in order to ensure
compliance with the recently adopted EU NIS2 Directive.
Our Belgian Cyber Security Incident Response Team (CSIRT) holds a Trusted Introducer certificate, which acknowledges its high
level of maturity in incident response and cybersecurity.
In early 2024, Proximus SA in Belgium also obtained the “ISAE 3000/SOC 2 - Type II” attestation for its managed security
services. ISAE stands for “International Standard on Assurance Engagement”. An ISAE 3000 attestation shows that we
guarantee strong IT security and privacy and we process our customers’ data with the greatest care.
Telesign is ISO 27001 certified for the provision of infrastructure, application development, SOC operations, cybersecurity and
global delivery of its Digital Identity Suite (PhoneID and Intelligence) and Programmable Communications Suite of Products (SMS
and Voice communications).
BICS holds an ISO 27001 certification for information security. BICS has been following the ISO 27001 standard for years
and initially built its security framework based on the standard, including the water-tight management of assets, incidents,
vulnerabilities and facilities, as well as robust physical security and human resources. BICS has also established its own Cyber
Security Incident Response Team (CSIRT) and detection centers, adding to its arsenal against cyber threats.
Taking actions on impacts
We use a variety of methods to engage with consumers and address their concerns and expectations regarding cybersecurity, aiming
to maintain and reinforce their trust in our digital products and services, as well as in the digital world in a broader sense.
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, making
sure security is taken into consideration in all business initiatives. In 2024, cybersecurity was incorporated in 856 business initiatives.
Additionally, we are actively engaged in a proof of concept (PoC) to develop an AI tool that assesses project security parameters,
further reinforcing our commitment to innovation and proactive security measures.
Corporate Cybersecurity Program
In 2024, Proximus invested EUR 7.2 million in its Corporate Cybersecurity Program, aimed at strengthening the company’s cyber
resilience, protecting it against business disruption and providing best-in-class secure services and networks to its customers. The
program focuses on four key areas:
• Continuously modernizing Identity and Access Management (IAM) systems for privileged users, business users, partners
and vendors. This ensures that application access is profile-based, boosting compliance with data protection regulations and
safeguarding company data and customer privacy.
• Securing critical infrastructure and protecting against disruptive malware such as ransomware. Our focus is on securing APIs, both
private and public clouds and protecting against Distributed Denial of Service (DDOS) attacks.
• Proximus is rolling out its “CallShield” platform, as part of the StopPhishing project, to protect its subscribers against voice scams.
This includes enhancing detection and response capabilities for spoofed calls by introducing additional signaling firewalls to secure
network interconnections.
• Strengthening 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.
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→ Technology and innovation
Proximus CSIRT and SOC
Proximus Ada Cyber Security Incident Response Team (CSIRT) is essential in maintaining the security and integrity of Proximus’
digital infrastructure. Their key responsibilities include:
• Incident Response: Addressing cybersecurity incidents such as phishing attacks, malware infections and other security breaches.
They work to contain and eradicate threats, restore business operations and implement measures to prevent future attacks.
• Monitoring and Detection: Continuous monitoring of the network trac and system activities using SIEM (Security Information and
Event Management) systems to detect and respond to suspicious behavior and potential threats.
• Threat Intelligence: Gathering and analyzing threat intelligence to stay ahead of emerging cyber threats and sharing this information
with stakeholders to enhance the overall security posture of the organization.
• Collaboration and Communication: Raising awareness about cybersecurity threats and best practices among employees and
customers.
• Proactive Measures: Strengthening cybersecurity defenses through security assessments, implementing controls and
recommending improvements.
Overall, the Proximus CSIRT is dedicated to protecting the organization’s digital assets and ensuring a secure environment for its
users and customers. The team is internationally recognized as an industry leader in SS7 Intelligence, which is unique in the global
telecommunications industry.
Proximus’ Security Operations Center (SOC), located in Brussels, with a Disaster Recovery site in Mechelen, provides 24/7 remote
monitoring of companies’ networks and applications. Security analysts conduct security analysis and health & availability monitoring
for enterprise customers, primarily governmental institutions and large industrial clients.
Business continuity plan
Proximus has developed a business continuity plan in case of a cyberattack which is regularly reviewed and updated. In addition to
technical testing, we conduct frequent drills with various levels of our crisis management team to ensure an eective response. We are
committed to continuously improving our preparedness to minimize the impact of cyberattacks.
Collaboration with partners
Collaboration is essential in the fight against cybercrime. The sharing of knowledge, insights and experiences helps strengthen cyber
resilience within organizations and the protection of individuals. We grow and share our expertise via a series of collaborations:
Belgian initiatives
We are a member and co-founder of the Belgian Cybersecurity Coalition, a collaboration platform for cybersecurity experts from
public authorities, the academic world and the private sector. Its objectives are to raise awareness, facilitate the exchange of expertise
and share policy recommendations. Since its founding in 2015, the Coalition’s membership has quadrupled, bringing together
Belgium’s most important organizations.
The business group Cyber Made in Belgium (CMiB), an initiative of Belgian employers’ organization Agoria, represents the Belgian
cybersecurity sector to key stakeholders such as governments, enterprises and the general public. Proximus is a board member.
International cooperation
We cooperate closely with other European telecom operators through the ETIS platform where we serve as a treasurer and board
member. We actively participate in the security working groups and preside over the SOC group. We also work together with the
European Union Agency for Cybersecurity (ENISA) to gain a better understanding of the regulatory environment and its evolutions.
We engage with NATO and Europol (Cyber Crime Centre) to stay up to date on new cyber threats.
Our aliate BICS actively participates in international industry bodies focused on fraud prevention, such as the i3Forum, Global
System for Mobile Communications (GSMA), BEREC, MEF, etc. promoting pan-industry collaboration in the fight against fraud.
Proximus Group Integrated annual report 2024198
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Awareness and education of employees, customers and society at large
Protecting our employees and customers against social engineering and fraud is a key attention point. In enterprises, the majority of
cybersecurity incidents are due to human behavior. Prevention through user awareness and education is essential to mitigate the risk
of attack.
Awareness of Proximus’ employees
To raise awareness about threats, best practices and incident response procedures, our Cyber Security Incident Response Team
(CSIRT) experts regularly communicate and hold information sessions for our employees.
Proximus Group introduced “Building the Future”, a tailored training program for all employees of the Group, focusing on vital current
and upcoming technologies, particularly in the realm of cybersecurity. In 2024, over 2,000 employees subscribed to the learning track
covering essential topics such as social engineering, layered security, cryptography, quantum principles and incident response.
More information can be found in the section “Employee upskilling, reskilling and employability”.
Additionally, phishing simulations have been intensified with over 415,500 simulations sent reaching 22,180 employees with a
reporting rate of 19% to CSIRT. These simulation exercises are crucial to ensure that our employees not only recognize the danger but
also adapt its behavior to threats. Employees are also encouraged to report suspicious emails to our CSIRT who then reports them to
the Centre for Cybersecurity Belgium (CCB). These reports allow the CCB to proactively prevent other organizations from becoming
victims of phishing.
Awareness of our customers and society at large – at international level
Telesign’s Continuous Trust™ Authority gathers resources, insights and expert collaboration to provide a deeper understanding of the
critical role of trust in the digital economy. It includes the following components:
• Trust Index – An annual research report on trends in consumer trust and their impact on brands. In September 2024, Telesign
released its second Trust Index Report, stating that nearly one in three people globally report being a victim of digital fraud and that
the majority of people worldwide (58%) are more fearful of becoming fraud victims now than they were two years ago.
• Trust Certified Badge – A visual assurance for businesses meeting stringent fraud protection standards.
• Trust Alliance – A group of thought leaders sharing best practices on fraud detection and prevention, aimed at helping organizations
build more trusted digital platforms. Its goal is to equip organizations with the knowledge to better protect people from digital fraud
and strengthen trust with customers and other key stakeholders.
Awareness of our customers and society at large – in Belgium
The CSIRT posts warnings on social media whenever a new phishing campaign that impersonates Proximus is detected. They also
advise people on how best to protect themselves against cyber threats via this channel.
Internet Safe & Fun: To promote Internet safety among young people, Proximus participates in the Internet Safe & Fun Days twice
a year in Belgium. For 13 years, employees trained by Child Focus have visited primary schools to teach children about safe and
responsible Internet usage. More information in the section “Digital inclusion”.
In Belgium, Proximus launched in October 2024 a national awareness campaign for a safe and secure online world. This campaign
enables us to rearm our societal responsibility in the crucial area of cybersecurity while highlighting the superior quality of our
networks and services.
We are a key player in the “StopPhishing” project, an initiative from the government to encourage telco operators to implement anti-
phishing and anti-fraud platforms for SMS, email and voice calls. Through a co-investment, we have developed an AI-based detection
solution that protects our customers from fraudulent SMSs. In 2024, this solution has screened and blocked over 23 million SMS and
MMS messages. Also more than 140 million phishing attempts sent by e-mail were caught by our anti-SPAM filters and blocked or
marked as junked. We also protected our customers from spoofed calls and blocked with over 1 million incoming call attempts.
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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 always been the telco pioneer in joint projects.
For instance, we are an active partner of the CCB in their yearly national cyber campaign to raise awareness towards citizens. In 2024
the campaign was dedicated to Two-factor authentication (2FA), which adds an extra layer of security to people’s password. On top of
“something you know,” like your password, you use “something you have” (like a code or the authenticator app on your smartphone) or
“something you are” (like facial recognition or a fingerprint). This simple extra step will reduce the risk of being hacked by up to 80%!
Proximus also collaborates with the CCB on the Belgian Anti-Phishing Shield (BAPS) project. This engages all Belgian telecom
operators in redirecting users clicking on malicious links to a warning page. In 2024, BAPS prevented customers from accessing
1.6 million fraudulent websites.
Performance
Cybersecurity resilience index
(%) 2024
Cybersecurity resilience index 99%
Scope: Proximus Group
Definitions and accounting policies
The Cybersecurity resilience index represents the ratio of the number of major incidents for which a visible business impact
was prevented thanks to adequate security controls or for which the CSIRT was able to quickly mitigate the impact on the total
number of major incidents. This index is calculated at the Group level. The Cybersecurity resilience index is deployed globally and
is reported domestically and internationally.
Each aliate does a monthly reporting of its cybersecurity incidents towards Group Cybersecurity. They must add each new
cybersecurity incident as a separate row to their own rolling csv file on the integrated reporting SharePoint. The entries in the file
require a specific format for the needed fields (id, summary, status, timestamps, etc.). The Cyber Resilience Index is calculated
based on the reporting in these files.
As part of reporting, cybersecurity incidents are categorized according to agreed cybersecurity incident categories (Brand
protection, Denial of Service, Unauthorized Access, etc.), with each category having defined severity classifications that are listed
in a table. Next, the business impact of each incident is assessed according to the Group Business Impact Evaluation Matrix, which
provides a comprehensive overview of the measurable consequences that incidents can have on the 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, where each unit increase on the scale corresponds to a more significant factor increase to better represent and
compare cybersecurity incidents that have significant dierences in magnitude. The Business Impact Penalty is the sum of
the weights.
The Cybersecurity resilience index represents the ratio of incidents for which a business impact was avoided due to adequate
security controls (e.g. dual factor authentication on O365) or for which we were able to quickly mitigate the impact (e.g. fast
patching, password reset, block website, etc.).
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Digital inclusion: access, aordability and skills
Context
According to the Digital Inclusion Barometer by the King Baudouin Foundation which has tracked digital inequalities in Belgium,
many citizens still struggle with accessing and using digital services due to poor Internet quality and lack of skills. The study reveals
that 40% of Belgians risk digital exclusion, impacting their ability to perform everyday tasks like making doctor’s appointments or
applying for jobs. This exclusion also aects their human rights. Additionally, the rapid development of AI could worsen these divides,
making digital inclusion even more critical. Playing a leading role in building the digital society in Belgium, Proximus is committed to
empowering everyone to benefit from technology.
Within this section, consumers and end-users subject to material impact are defined as residential customers, i.e. individual consumers
who use products and services for personal or household purposes.
Proximus defines “Digital inclusion: access, aordability & skills” as the responsibility to provide high-performance aordable
connectivity to all, with a particular focus on disadvantaged groups, incorporating methods for learning and supporting all citizens,
young or old, in navigating the complexities of our digital world, including, but not limited to, customer service, public e-services and
employment opportunities.
Our impacts, risks and opportunities
More than expected, digital inclusion is a topic that sits at the intersection of both positive impacts and financial opportunities. Through
access, aordability and upskilling, Proximus can create value for people and the company.
Deploying digital infrastructure and innovative technologies supports the modernization of society and can be a real catalyst for the
global economy. It encourages innovation, boosts competitiveness, enables new business models, creates jobs and supports the digital
transformation of the education system.
However, digitalization also has a downside, as it can exacerbate the negative impacts of the digital divide. Without a fast connection
or digital skills, people find themselves excluded from government services, job interviews, school registrations, banking services and
more. What is more, vulnerable groups must be protected from potentially inappropriate content. These impacts can be widespread
when people are systematically confronted with poor connectivity.
The potential negative impacts of expanding our network and upgrading infrastructure are detailed in the section “Local communities”.
Providing connections to everyone in society requires substantial investments. All the risks identified in the frame of fiber deployment
are presented in the Risk management report.
Digitalization oers significant opportunities for economic and social development, even though it is a complex, multifaceted
challenge. Society’s growing demand for connectivity presents a business opportunity for Proximus. Investing in safe, accessible and
inclusive products and services and enhancing people’s digital capabilities, not only supports social development but also increases
our revenue. Expanding our reach to new population segments and creating user-friendly digital services will contribute to securing
long-term success.
More information can be found in the section “Double Materiality Assessment”.
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Strategic objectives
We focus on three domains: providing access for all, joining forces with partners for more digital inclusion and supporting education
initiatives to enhance people’s digital capabilities.
Access to digital for all
Proximus makes significant investments to improve connectivity in rural zones or in areas with low population density, the so-called
“white zones”. We are also working to connect Belgian schools via the Academic Connect partnership with Signpost. Eorts to ensure
aordability include a multi-brand strategy and social taris for over 150,000 individuals. The click-call-connect principle ensures
digital inclusion through web, phone and in-store support.
On a global level, BICS and its partners leverage BICS’ extensive mobile infrastructure to significantly improve digital communications
and enhance living standards in remote and vulnerable regions. These solutions are quite technical and include work on satellite
connectivity, VoLTE and post-sunset roaming interoperability.
Joining forces with partners for more digital inclusion
As mentioned above, digital inclusion is a multi-facet challenge that we cannot tackle alone. That’s why we chose to collaborate with
local organizations for a greater impact. This allows us to improve the accessibility and inclusiveness of our platforms, products and
services for people with health issues or disabilities.
DigitAll
Proximus is one of the driving forces behind DigitAll, a national ecosystem that brings together private companies, social organizations
and government bodies to promote more digital inclusion in Belgium. DigitAll connect people and organizations committed to driving a
structural change and multiplying impact on digital inclusion in Belgium with an open and diverse mindset.
More information on DigitAll on the DigitAll website.
Empowering through education
Proximus is committed to equipping its employees with the digital skills they need to succeed in today’s digital landscape. The
company oers numerous opportunities for upskilling and development to ensure their long-term employability.
More information about our commitments, strategy and performance can be found in the section “Employee upskilling”.
Also, in the field of skills development and education, Proximus works with partners to develop the digital skills people need in our
society and in the workforce. All the details about our current initiatives are developed in the action plan section.
Responsibilities and resources
The Sustainability team, as Center of Excellence, works closely with various business units to co-create and define digital inclusion
ambitions, a long-term roadmap and targets across the Group. Several of our business units and Human Resources work side by side
to make digital inclusion a reality.
The ESG committee oversees all bold2025 ESG commitments, including digital inclusion matters. More information about ESG
governance can be found in the section “General information”.
The general process adopted to engage with residential customers, the channels to raise their concerns, and the eectiveness of these
channels are described in the general stakeholder engagement subsection.
Policies
Proximus has not yet developed a specific policy on Digital Inclusion.
The implementation of the Accessibility Policy, which refers to the European Accessibility Act, is foreseen between June 2025 and
June 2030. This directive will remove the barriers created by divergent rules in the Member States so businesses can benefit from
more market opportunities for their accessible products and services.
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Taking actions on impacts
We are pursuing several initiatives to ensure widespread access to digital technology and ensure that people can use and benefit from
these technologies.
Access to digital for all
Coverage of rural areas in Belgium
There are still areas in Belgium where people do not benefit from comfortable Internet speeds above 30 Mbit/s, the so-called “white
zones”. Those zones are primarily located in rural areas or areas with low population density across Wallonia. There, traditional cable
laying is either too expensive or not an option. Proximus is therefore constantly looking for new alternatives combining fiber with other
technologies to improve connectivity, such as aerial fiber installation, optical nodes connected via radio links and 4G modems. Thanks
to GoFiber, the partnership with Ethias and the German-speaking Community, nearly all white zones in this region will disappear, with
fiber available to almost all 40,000 homes and businesses by end 2026. GoFiber was granted EUR 40 million in public subsidies.
By the end of 2024, 96.6% of customers had access to Internet speeds above 30 Mbit/s.
Connecting schools
Proximus has partnered with Signpost, the leading provider of ICT solutions in education, to support the digital transformation of
the Belgian education system. A key component of this partnership is en; a fiber solution designed specifically for schools. Academic
Connect also includes Wi-Fi solutions, security and dedicated support. By the end of 2025, Proximus aims to connect almost all
secondary schools and large elementary schools to fiber. By the end of 2024, 367 schools were connected to Proximus gigabit
network.
Aordability
At Proximus, we believe 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 150,000+ persons in dicult economic situations and applies the new social rate for telecom.
More information on our multi-brand strategy can be found in the chapter “Report on our activities”.
Click-call-connect
Proximus operates according to the click-call-connect principle to ensure digital inclusion for all. We first direct our customers to
the website (click) and then assist them via phone or email (call) or, if they prefer, they can have personal advice in one of our shops.
(connect).
Improving the accessibility of our platforms, products and services
Proximus is dedicated to making technologies accessible to everyone. This includes testing the accessibility of devices for disabled
people and developing digital platforms for those with a hearing or visual impairment. Our websites Proximus.be, Proximus.com and
our MyProximus and Pickx platforms are accessible to people with hearing or visual diculties. On our Pickx TV platform, we provide
subtitles and audio descriptions on select channels and we plan to extend this feature to more programs in our video-on-demand
catalog.
Connecting the unconnected
In 2022, BICS and Lynk, a leader in satellite direct-to-phone communications, initiated a partnership to ensure mobile coverage in
remote and oshore areas using Lynk’s innovative satellite technology. This collaboration aims to provide aordable mobile coverage
across North America, the Caribbean, Latin America, Southeast Asia and rural Africa, benefiting those who had previously been o the
grid.
As operators phase out 2G and 3G networks to make way for 4G/5G technologies, concerns for those using older technologies
are arising. To address this, in 2023 BICS entered a collaboration with the network software provider Mavenir to facilitate seamless
roaming between older and newer networks. This initiative ensures that roamers from 2G/3G networks can make calls and access
emergency services on 4G/5G networks.
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Telecommunications play a crucial role in keeping people safe during disasters and emergencies. In 2023, BICS and Everbridge, a
Critical Event Management provider, partnered to improve the reach and reliability of Everbridge’s mass notification system worldwide.
This system alerts communities, businesses and governments across the globe through various means, including texts and automated
voice messages. This partnership has a real impact on human lives, particularly in remote and vulnerable communities, ensuring that
people everywhere remain connected to critical services.
Partnering for more digital inclusion
As it celebrated its fourth anniversary, in 2024, DigitAll has reached a new milestone by adopting ASBL non-profit status and
welcoming a 3
rd
structural partner, Accenture. DigitAll – an initiative launched by BNP Paribas Fortis in 2020, joined by Proximus one
year later, to improve digital inclusion in Belgium – has grown constantly and now has more than 120 ambassadors. These include
private-sector companies, public-sector entities and other social organizations. 25% of ambassadors became members of the DigitAll
ecosystem, such as itsme, bpostgroup, DigitalForYouth.be, VBO/FEB and UNIZO, which is the only one of its kind in Belgium. In an
open letter after the election of June 2024 in Belgium, 64 CEOs and senior managers from DigitAll ambassadors called upon the next
coalition to make digital inclusion a real priority.
In addition to its strategic partnership with DigitAll, Proximus supports several NGOs in Belgium to name a few:
ClassContact and Bednet: two organizations that allow children living with long-term illnesses to continue their education at home
or in hospital through videoconferencing solutions. Proximus provides the necessary lines and Internet connections to enable these
associations to oer their assistance to families who request it. If needed, Proximus can also undertake work such as trenching and
installing new telecommunication cables, ensuring a stable connection throughout the year. In 2024, 4,450 children were able to
attend live classes and communicate with their teachers and classmates, while respecting their own pace and medical needs.
Proximus collaborates with Passe Muraille, an association active in the inclusion of persons with disabilities, to test the accessibility
of new smartphones and tablets for people with disabilities. Our online catalogue features icons to indicate devices that have been
adapted for these users. In 2024, 23 devices have been tested.
Empowering through education
We contribute to youth digital education through partnerships with organizations like MolenGeek, Campus 19 and Technobel, which
provide job seekers with digital skills and increase employability. In 2024, 1,710 job seekers benefited from these programs.
In collaboration with research centers and universities such as A6K (Charleroi), Howest (Kortrijk) and VIVES Hogeschool, Proximus has
set up 5G innovation labs which are made available to students. These labs provide students and researchers with an opportunity to
gain experience in advanced technological fields and to collaborate on industrial projects.
Proximus Ada has structural research collaboration with universities by hosting master and bachelor students for internships and
thesis and is getting ready to collaborate with PhD candidates.
Since August 2023 Proximus Ada’s cybersecurity experts have oered their expertise free of charge to Brussels’ Digital Public Spaces
(DPS). In these places, the most vulnerable and least digitally equipped citizens can use computer equipment and attend IT initiations
and cybersecurity training. Through cybersecurity awareness workshops for Brussels residents and basic cybersecurity training for
DPS employees, the aim is to teach people how to use new technologies securely. By the end of 2024, 193 citizens had participated in
these initiatives.
Since 2011, Proximus and Child Focus have been joining forces for the Internet Safe & Fun Days. Each year, Proximus volunteers raise
awareness among approx. 4,000 5th- and 6th-grade students about safe and responsible Internet use. This gives students a better
foundation for their future social media use.
More information on our strategy, commitment and action plan for our employees can be found in the section “Our own workforce”.
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Performance
Digital inclusion metrics
2023 2024
Total number of people trained through digital inclusion projects 15,138
Accessible smartphones (%) 57
Scope: Proximus Group
Every year, Proximus launches on average 25 new models of smartphones in Belgium. We have the ambition to test the accessibility
of all of them regarding five categories of disability (motor, visual, blind, auditory, deaf, mental). Our partner Passe-Muraille, an
association that works on the inclusion of persons with a disability, tests the smartphones and the results of the tests are published on
our commercial website. In 2024, 95% of all our new smartphones have been tested. 57% have been recognized as accessible.
Definitions and accounting policies
The total number of external people trained through digital inclusion projects have been defined as the number of people
(students, teachers, seniors, children) trained by the initiatives we support (MolenGeek, Campus 19, Technobel, Internet Safe and
Fun). This metric is calculated based on the reporting provided by our partners MolenGeek, Campus 19 and Technobel. For the
Internet Safe and Fun event, we receive a reporting based on the total number of classes in which our Proximus volunteers gave
sessions on good online habits. We estimated that in average there are 25 children whithin those classes.
Accessible smartphones are defined as the smartphones recognized by Passe-Muraille as accessible for at least five disability
categories (motor, visual, blind, auditory, deaf, mental). The percentage is calculated based on the total number of smartphones
tested.
The reporting scope is Proximus Group. Our initiatives are mainly in Belgium where 95% of our residential customers are located.
It is not material to our international activities, which are focused on B2B engagements.
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Technology and innovation
Context
Technology and innovation refer to Proximus Group’s ability to develop or adopt technological solutions that create new market
opportunities, maintain competitiveness and help reduce environmental impact for both the company and its customers. It also
includes considering the “Low tech” trend of some customer segments. This topic has been defined as material for Proximus Group.
Internally, Proximus defines innovation as “a new match between a need and a solution that creates value”. This value can be better
customer experience, new revenue, cost reduction, eciency and reduced environmental impact, while building toward a prosperous
society.
Impacts, risks and opportunities
Proximus plays a crucial role in developing new technologies and must continuously innovate to remain competitive. The company’s
impact on society is mostly positive, driving advancements in network infrastructure, AI-driven customer service and advanced
cybersecurity measures to support the digitalization of society and improve customer satisfaction.
These innovations also provide opportunities for the company, the main one being driving economic growth through the development
of new products and services and fostering new markets and customer segments. The roll-out of gigabit technology oers the
potential for faster, more reliable services, leading to new revenue streams and enhanced customer satisfaction. Implementing
artificial intelligence (AI) can optimize network management, predict maintenance needs and personalize customer experiences,
driving eciency and innovation. Embracing greener technologies and sustainable practices helps reduce environmental impact and
meet the growing customer demand to reduce their environmental footprint. By creating innovative ecosystems based on multi-
stakeholder collaboration with academia, partners and customers Proximus can develop smart and sustainable solutions for both
the industry and residential customers. For society, these technological advancements improve access to digital services, enhance
communication and support economic development by creating jobs and fostering a robust digital economy.
However, this rapidly evolving topic also presents risks. Investing in technological innovation has economic implications and could
lead to errors and drawbacks, such as high investment in R&D, risk of technologies not being deployable, risk of investing in the wrong
technologies, challenges in monetizing new innovations, etc.
Roles and responsibilities
Technology and innovation are integral to the strategy for each department, making it a daily priority. Each division is responsible for
driving innovation for the company. However, to coordinate and help the divisions in this task, roles and responsibilities have been
divided across dierent levels:
• The Transformation and Innovation Committee (TIC)
At the highest level, the Transformation & Innovation Committee (TIC) 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 among the independent directors. The TIC is a permanent committee of the Board,
discussing those selected files that need preparatory reflection and need to mature before being brought to the Board. The topics
discussed at the Transformation and Innovation Committee may be of diverse nature and will evolve over time depending on the
company’s needs and could deal with matters concerning all areas of the business, e.g. technology, network, branding/marketing,
sustainability, transformation, HR skills, digitalization. If appropriate, the Board of Directors can decide on establishing a special ad
hoc Committee, dealing with a specific subject and composed of members with the appropriate experience.
More information on the Board can be found in the “Corporate governance statement”.
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• Proximus Innovation Committee
The Proximus Innovation Committee is a central hub for fostering internal alignment, collaboration and knowledge sharing. It also
manages external collaboration opportunities and funding requests, making it a key contributor to Proximus’ innovation strategy by
integrating both internal and external eorts.
• The Innovation Accelerator
The Innovation Accelerator is about identifying and supporting innovative initiatives that have the potential to become new revenue
streams, particularly in fields adjacent to our core business. This accelerator places a premium on initiatives with long-term growth
potential, prioritizing foresight over immediate impact.
Strategic objectives
At Proximus, innovation is more than a strategy, it is a guiding mindset focused on achieving superior customer experiences, exploring
new technologies for future telecommunication infrastructures and driving sustainability. We aim to be recognized as a technology
leader by being the first to deliver innovative products and services, leveraging our history as market pioneers.
Our strategy promotes open innovation through active collaboration with a wide range of partners, including research institutes,
universities and aliates. This approach integrates diverse expertise and technologies into our innovation processes.
Policies
Technology innovation is integral to our core business and is the responsibility of each business unit (BU). Each BU has specific
processes to foster innovation within their areas. No Group policies have been defined for Proximus.
Taking actions on impacts
Gigabit networks
Proximus participates in standard organizations like ETSI, ITU and GSMA, fostering knowledge sharing on network design, architecture,
power management and innovation. Partnerships with key suppliers like Nokia and Ericsson bring access to specialized equipment,
innovation facilities and intellectual property, leveraging existing infrastructure to stimulate innovation.
Fiber
Alongside accelerating the deployment, Proximus is integrating predictive models into roll-out and repair processes. In 2024, an
incident predictive model was implemented to evaluate defects before customer impact, enabling proactive maintenance and
improving customer experience.
5G, a driver of innovation
Proximus Group views 5G as essential for innovation, driving digital transformation across industries and improving customer
experiences. With ultra-fast speeds, low latency and high capacity, 5G supports the development of innovative solutions in healthcare,
manufacturing, logistics, media, etc.
More information about our main innovative projects in 2024 in the chapter “Report on our activities”.
Proximus actively participates in public calls for projects in Belgium to support 5G deployment in various public sectors.
2024 use cases delivered with the Walloon Region and dedicated partners:
• Media transmission: deployed to connect 5G cameras and enable event broadcasting;
• Air and sound monitoring: connecting wireless sensor data using the 5G network in Durbuy and Charleroi;
• Drone flights: testing 5G radio KPIs and a second communication system.
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Federal Call for 5G Projects (period 2024-2025):
• Manufacturing: smart manufacturing campus equipped with state-of-the-art research infrastructure to facilitate the digitalization
and automation of production processes;
• Road safety: development of a tool conducting risk analyses and sending alerts to increase trac safety, based on the basis of real-
time trac and route data;
• Healthcare: testing 5G applications in a real hospital environment;
• Prison services: the transformation of prison facilities with digital tools to make working conditions of prison guards more ecient
and safer and promote the reintegration of prisoners in society;
• Maritime transportation safety: Increasing safety in urban environments through a remote navigation system.
Security platform
Proximus enhanced its core platforms with AI technology to automatically detect and block phishing messages and calls. These
innovations have a direct impact on the user experience and help Proximus maintain its leadership position in mobile communication
services.
More information can be found in the section “Cybersecurity”.
Having introduced phishing protection on SMS and MMS in October 2023, further fine-tuning of the algorithm has allowed for more
fraudulent messages to be flagged, with well 23 million messages blocked in 2024.
Moreover, customers relying on a Proximus mailbox are now enjoying additional protection due to improved SPAM filters by which
more than 104 million e-mails were blocked or junked.
Quantum technology is set to play an essential role in the future in the field of cybersecurity. After a successful field trial of a
quantum-safe network in 2023, Proximus focused on expanding Quantum Circle in 2024. This ecosystem – the first quantum
community for Belgium – gathers over 80 partners from all industries, public institutions, academics, research, federations and
technology providers. It aims to inform the market about quantum computing, engage with the government for a positive investment
climate and foster collaboration and innovation.
AI and Generative AI
Launched in 2022, Proximus Ada is the first Belgian center of excellence dedicated to artificial intelligence (AI) and cybersecurity.
It is designed to be a pillar of innovation and a center of expertise for all the companies in Proximus Group. It explores the latest AI
advancements, including AI agents and multi-agent systems.
More information can be found in the chapter “Report on our activities”.
AI for superior customer service
Proximus leverages Generative AI to enhance its customer service, with Proximus Ada’s expertise driving its progress. Recent initiatives
include:
Customer Support initiatives:
• FAQ search enhancement: improved information discovery in the Help Center, increasing customer satisfaction by 6 points;
• Proximus Digital Assistant upgrade: chatbot using Gen AI for more accurate responses, with 40 new AI feeds in development.
Colleague Support initiatives:
• Writing assistant: aids in crafting customer communications, testing response suggestion features;
• My AI Assistant (MAIA): launched in August 2024, this chatbot streamlines information retrieval for customer-facing colleagues;
it has successfully handled over 239,479 queries, boosting eciency and user experience.
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→ Technology and innovation
Responsible AI
Proximus Ada continuously refines its methodology to remain at the forefront of AI solutions. We emphasize excellence, the respect
of regulations and ethics and increasingly focus on the security of our AI solutions. This approach aligns with the concepts of
“Trustworthy AI” and “Responsible AI”. Trustworthy AI ensures systems are reliable, safe and worthy of users’ trust. “Responsible AI”
emphasizes ethical development, clear accountability, societal and environmental impacts and inclusiveness, ensuring AI is developed
and used to maximize benefits for people and minimize risks.
To achieve these goals, we ensure AI operations are transparent and decisions are explainable. We develop robust and secure AI
systems capable of handling unexpected situations without causing harm and we adhere to ethical guidelines that respect privacy,
fairness and non-discrimination. We proactively address potential AI risks, such as bias, to build trust and ensure compliance with
emerging regulations.
Smart solutions
Healthcare
In 2024 we launched the H.E.A.L.T.H project, as part of which we deployed a 5G Mobile Private Network (MPN) at the hospital AZ
Groeninge. By doing so, AZ Groeninge became the first hospital in the Benelux region with 5G capabilities. The hospital will test
new medical applications, such as remote robotic surgery and smart glasses that allow doctors to follow along live with nurses.
Additionally, we are actively contributing to projects aimed at monitoring and following up with patients at home, particularly to
assess the risk of sepsis. And we are collaborating on projects, together with Maria Middelares and the Wit-Gele Kruis, the non-profit
organization for home nursing in Flanders, to equip our smart glasses with AI software to determine heart rate, breathing, blood
pressure and oxygen saturation. Furthermore, we are expanding our eorts to replicate connected ambulance use cases in other
hospitals, ensuring that more patients benefit from these cutting-edge technologies.
Energy management
As part of its ambition to reach net zero by 2040, Proximus wants to ensure that nearly all of its energy needs are covered by
renewable sources. This goal is challenging given the critical nature of the infrastructure Proximus operates and the limited
geographic availability of renewable energy. To address this, Proximus, in partnership with Companion.energy, has developed the
Proximus Energy Box – a software solution that optimizes energy flows by integrating real-time data, forecasting energy needs and
recommending optimizations.
International operations
BICS
BICS continuously invests in advancing its global communication solutions portfolio addressing telco, enterprise and cloud segments.
BICS focuses its R&D on delivering 5G services, (e)SIM and IoT technology, digital communication services and a strong fraud, security
and analytics oer. It monitors market evolution and customer needs to enhance its services, features and overall product portfolios.
Telesign
Telesign’s research and development eorts are focused primarily on building industry-leading digital identity solutions, developing
new use cases, enhancing deployment flexibility and providing seamless integration across cloud and on-premise applications.
Telesign regularly releases updates to its services which incorporate new features and enhance existing ones.
Route Mobile
Route Mobile R&D eorts are primarily focused on developing innovative solutions across industries that deliver enhanced customer
experiences.
No metrics and targets are currently in place for this topic.
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Governance information
The topics related to governance, defined as material for Proximus Group are:
• business conduct;
• political influence and lobbying activities.
In the upcoming sections, we will describe the impacts, risks and opportunities, internal resources and responsibilities, strategic
objectives, policies and performance metrics for both topics.
Business conduct
Context
As ESG expectations redefine the way businesses operate, acting with integrity has become 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 are at the core of our operations, guiding our decision-making processes and shaping 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, how we manage the relationships with our
suppliers, protecting whistleblowers and ensuring fair payment practices, especially for small and medium-sized enterprises.
Impacts, risks and opportunities
Proximus integrity helps to create a framework for responsible and sustainable business practices that benefit all stakeholders,
including customers, employees, suppliers, and society as a whole. By considering the long-term impact of its decisions and actions,
Proximus can ensure that it is operating in a way that is sustainable and socially responsible. This can help to minimize the negative
impact of business operations on the environment and society, while also creating long-term value for stakeholders.
In the fast-changing landscape of ESG regulations and industry standards, companies like Proximus face the risk of lagging
behind. The internationalization of our activities adds to the complexity of ensuring compliance. Failing to adhere to diverse and new
competition laws and regulations globally could result in reputational damage, loss of trust from key stakeholders and financial
penalties – risks that might have a financial impact on Proximus.
Given the large number of employees, contractors and business partners we work with, keeping everyone informed about our policies
is an ongoing challenge. That is why we invest significantly in training and communication – as described in the action plan below.
Cases of corruption, bribery, insider trading or conflict of interests involving Proximus would harm our company’s reputation. In
addition to the legal repercussions, these events could also undermine sta morale and jeopardize financial health.
Yet our corporate culture, grounded in high ethical standards and a strong commitment to comply with legal and regulatory
frameworks, including ESG regulations, creates a significant opportunity. It builds trust in our B2B and public sector relationships,
which in turn helps us sustain and grow our revenues in the enterprise segment, both domestically and internationally.
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Resources and responsibilities
Audit & Compliance Committee
The Audit and Compliance Committee (ACC) quarterly receives the number of investigated (potential) corruption and bribery cases
by the Group Compliance Oce. This report includes a high-level, anonymized description of the cases and the related remediation
actions (e.g. end of the contract with the supplier, disciplinary measures up to dismissal). If necessary, lessons learned from incidents
lead to policy improvements, which the Group Compliance Oce integrates into an action plan.
Any negative results and related actions during our third-party business relationships 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, Human
Rights policy, the Anti-Bribery & Conflicts of Interest Policy, the Dealing Code, the whistleblowing procedure and the Export Control
and Sanctions Compliance Policy. Concretely, it requests a yearly review of the Group’s policies from the respective policy owners.
The oce also supports policy owners with creating, reviewing and implementing their respective compliance control plans. All the
policies have controls in place at the Group level.
Non-compliant controls are addressed immediately and action points are set and followed up 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.
Moreover, 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 section on investigations.
Internal audit
In line with the international standards of the Institute of Internal Auditors, Proximus’ Internal Audit department forms an integral part
of the internal control system. The Internal Audit team must provide the Board and senior management with objective assurance,
advice, insight and foresight on governance and internal control practices.
The risk-based audit assignments provide independent assurance focusing on 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 Proximus Group’s activities and operations, respecting the local legislation and regulations. The
team can identify fraud indicators and advise on how to reduce vulnerabilities, but the deterrence of fraud is the responsibility of the
management and the examination of individual fraud incidents is the responsibility of the Investigations department.
The yearly internal audit plan as well as a summary of all internal audit assignments are presented to the Audit & Compliance
Committee.
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Since 2020, Proximus’ Internal Audit department, in accordance with IIA Standard 1312 - External Quality Assessment, has been
certified by IFACI/IIA. The next assessment is foreseen in 2025.
External audit
In case external audit reveals a weakness or identifies opportunities to improve internal controls, recommendations are made to the
management. These recommendations, the related action plan and implementation status are at least annually reported to the Audit
& Compliance Committee.
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 the economic, social and environmental well-being of our society. 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 corruption and bribery fosters public trust in institutions, upholds market integrity, ensures
fair competition and contributes to a more equitable and sustainable economy.
As Proximus Group expands internationally, we remain committed to consistently upholding our corporate culture and policies across
all our aliates. Our Corporate Governance Charter has already been endorsed by all our aliates’ Boards, but we still need to
reinforce ESG internal controls and governance, especially for the newest acquisitions or business ventures.
We are committed to achieving zero cases of:
• bribery and corruption;
• unreported conflicts of interest;
• infringements of competition laws;
• IP rights infringements;
• violations of the Export Controls and Sanctions Compliance Policy;
• infringements to the Dealing Code;
• breaches of the independence of both internal and external auditors, as well as our Investigations teams.
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 the dierent internal policies and procedures, also available
for every employee on Proximus’ intranet sites
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. Each policy has an identified owner and an approver. The approvers, as members of
the Proximus Leadership Team, are accountable for the implementation of the policy.
Proximus’ governance principles, Code of Conduct and the main policies (see: table below) are also transposed and applied in all
Group’s aliates. They are followed up by local compliance representatives under the supervision of the Group Compliance Oce.
54 Except for Route Mobile and Telesign that manage their own internal communication.
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Overview of Group policies & charters
Ethic/business conduct Resilience and business continuity Supply-chain & human rights
• Code of Conduct
• Anti-Bribery & Conflict of Interests
• Dealing Code
• Delegation of Powers by the CEO Policy
• Related party transactions
• Export Control and Sanctions Compliance
Policy
• Fraud Policy
• Competition incl. 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 and information
management
Responsible communication Environmental management
• Data protection and secrecy of electronic
communications
• 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
• Proximus Group Environmental Policy
A general policy on anti-corruption, bribery and conflict 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 for a few exceptions, such as accepting low-value items (excluding cash or
cash equivalents) if 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 which 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 when it comes to conflicts of interest between the company and a director. When a conflict of
interest occurs, the meeting where it is reported and the matter causing the conflict must be documented in the annual report.
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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 on the general principles governing
delegations, subdelegations 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 about 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.
A 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.
An 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 rights of third parties.
A Procurement Policy sets clear rules regarding integrity and fair treatment of suppliers, segregation of duties, signing of contracts,
etc. 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.
A Competition law and Chinese Walls Policy aims to ensure compliance with competition laws, both at a Belgian, European and
international level, 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 respects the internationally recognized human rights established in the Universal
Declaration on Human Rights and the International Labor Organization’s Core Conventions. More information can be found in the
section “Human rights within our value chain”.
Proximus Human Rights Policy
As outlined in our Human Rights Policy, which has been endorsed by all aliates, Proximus Group respects the internationally
recognized human rights, 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, the workers in our
value chain, potentially aected communities and all our consumers and end-users.
The policy was most recently updated and approved by the CEO and the Proximus Leadership Squad in July 2024. It 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 below:
• Working rights, fair pay and social dialogue
• Human rights within our value chain
• Consumer and end-users
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We communicate our values and the behavior we expect from external employees and business partners through our Suppliers
Code of Conduct. It covers compliance with the law in general and our anti-bribery/corruption policies, 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 reexport 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
process and harmonized the way of working for the entire Proximus Group.
Raising awareness among employees and stakeholders
All of our policies are available on Proximus Group’s intranet sites
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along with a summary of the key points of the policy.
Translations in local languages are available if needed (e.g. French and Dutch versions of all policies are available for Proximus Group).
Periodically and when a significant update occurs, internal communication is pushed to all employees (via email or a message on
the intranet), sometimes after a targeted communication to team leaders to raise their awareness and underline their role (e.g. for
the whistleblowing procedure). Major updates, such as the update of our Supplier Code of Conduct, are relayed in the CEO’s weekly
communication, which is sent to all employees and contractors.
Key policies are available to all stakeholders on our Proximus.com website and/or on our aliates’ public websites. We also have
a dedicated space for our suppliers, providing information on the “Reverse Factoring” system, which allows them to receive advance
payment on their invoices under very favorable conditions.
Taking actions on impacts
Identification of risks
We refer to the risk management process as described in the general disclosures.
Our Code of Conduct and the Anti-Corruption, Bribery and Conflict of Interest Policy mention that corruption and bribery are
prohibited. We manage our impacts, risks and opportunities related to business conduct by training our employees – also focusing on
key functions at risk – and by grievance mechanisms and investigating possible cases.
Mandatory e-learnings
In 2024, 74% of our employees and non-employees considered at risk have successfully completed the anti-bribery and conflict
of interest training (90% for Domestic). Trainings could not be completed by subsidiaries acquired in 2024 and these will be added
in 2025. Excluding those subsidiaries, the success rate is 86% at group level (91% for domestic). Moreover, in 2024, we also gave
additional training on the Proximus Code of Conduct to most of our employees and contractors, with similar results in term of
successful completion.
In 2025, extra workshops and information sessions will be planned in addition to the mandatory training for any employee group
considered a higher risk for corruption and bribery.
55 Except for Route Mobile and Telesign, which manage their own internal communications.
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Key employees
Special attention is given to the Dealing Code at the top management level. In line with Belgian legislation, the list of People
Discharging Managerial Responsibility is kept by the Group Compliance Oce, as well as the confirmation that they have read,
understood and agreed to comply with the requirements of the related 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 regulation of the Securities and Exchange Board of India.
Any interaction with competitors (beyond the usual commercial relationship with competitors as wholesale customers) is done 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 dare 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 the contact persons mentioned in those policies. The mandatory Code of Conduct
and anti-bribery training, which includes quiz questions, show employees how they can raise their concerns and needs. Proximus relies
on this training to assess that its own employees are aware of and trust the structures and processes in place to raise their concerns.
More information on our Speak Up engagement surveys and our cultural change programs is available in the section “Our own
workforce”.
If, for any reason, employees do not feel that reporting to their hierarchical superior or directly to the policy owners is appropriate,
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 is
applicable. In 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 for those who wish to do so, any violation of the Code of Conduct, internal
policies and procedures, laws and regulations and any breach of integrity.
There is also an alternative. The Belgian government has established an external whistleblowing channel, namely 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. This also
applies to any other information from which their identity can be (in)directly deduced. The data protection rights of the whistleblowers
are respected as detailed in the policy.
Complaints received through the whistleblowing channels for cases of violence and moral and sexual harassment in the workplace are
transferred to the prevention manager
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. When we receive complaints through the whistleblowing channels for cases of discrimination
in Belgium, we refer them to Unia (the Interfederal Center for Equal Opportunities) or the Institute for the Equality of Women and Men.
The dedicated Supplier Support portal can be used to report any payment or process issues experienced by our suppliers. More
info on the prevention, detection and management of incidents with suppliers in the Social Statement can be found in the section on
“Human rights within our value chain”.
56 Law of August 4, 1996, on the well-being of workers in the performance of their profession.
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Investigations
The Internal Investigation team is responsible for all business conduct incidents and whistleblowing cases deemed receivable. It
reports to the Group Cyber Security Departmental Lead in the Corporate Aairs division. This is meant to ensure that they remain
independent from the chain of management involved in preventing corruption and bribery. The team is tasked with handling 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 Investigations 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.
Cases can be brought 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’s Legal departments might be sought on this front. 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 is sent the report. This depends on
the case (e.g. hierarchy of the employee, HR, Legal, etc.). 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 Investigations team is shared monthly with the 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 & Compliance Committee.
For cases outside of Belgium, the Investigations team mandates a suitable partner. The decision to launch an investigation is based
on the existence of legal motives (in collaboration with the legal department), ethical motives or sucient material elements. 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 Protection and Prevention team in Human Resources is
responsible for the health, safety and employee well-being cases (Our own workforce).
Performance
Proximus SA’ high standards in business conduct, governance and internal controls are evidenced by certifications such as ISO27001,
ISO9001 and ISAE3000 and 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 aliates and aims to have
completed the process for all aliates by the end of 2025.
Corporate culture metrics
In 2024, there were no reported cases of confirmed incidents of corruption or bribery, no convictions for violations of anti-corruption
and anti-bribery laws and no fines related to such matters.
The Investigation department did investigate 69 cases of policy violations or breaches of the Code of Conduct. Additionally, 13
whistleblowing cases were reported in 2024.
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(#) 2023 2024
Cases investigated by the Investigations Department for violation of policies and Code of Conduct 51 69
Whistleblowing cases 10 13
Scope: Proximus Group
Definitions and accounting policies
Cases investigated by Investigations for violation of the policies and the Code of Conduct are defined as all incidents relating to
Proximus Group employees for whom an investigation was carried out to confirm or deny their involvement in the violation of
these policies and the Code of Conduct. 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 by the internal whistleblowing channel within
Proximus Group. This metric was consolidated at the Group level by the Ethics and Compliance ocer and has been collected
through the 2024 sustainability data collection process.
Supply chain management
More information on our supply chain management approach and processes can be found in the section “Human rights within our
supply chain”.
Payment practices
As imposed by Belgian law, Proximus Group has a maximum 60-day payment term for new contracts or contract extensions.
Proximus standard contractual payment terms dier depending on contract types. On average, Proximus Group pays its suppliers
within 61 days. 69% of our payments are aligned with standard payment terms. For the energy invoices of Proximus SA, we have a
mechanism of factoring, where the standard payment terms are set on 150 days. In this case 100% of the payments are aligned with
these payment terms.
We have currently no legal proceedings outstanding for late payments to suppliers who have a contract with Proximus SA. We have
currently 3 outstanding legal proceedings for our international business.
Payment practices
Number of days 2024
Average supplier payment days 61
Standard payment terms 43
Scope: Proximus Group
Definitions and accounting policies
The term “average supplier payment days” has been defined as “the number of days Proximus takes to pay its suppliers after
receiving an invoice”. This metric is calculated based on the number of invoices received during the reporting year by the Group,
based on the weighted average of 90% of our invoices. For the remaining 10% of invoices, we worked on the assumption that
payment practices are similar. The data was collected via our internal reporting system and has been consolidated through the
2024 sustainability reporting process.
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Political influence and lobbying activities
Context
Proximus advocates for initiatives and regulations that drive 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 use our position to
contribute to policy discussions that shape the digital landscape.
We uphold the highest ethical and professional standards in all those interactions as it is essential to developing and maintaining long-
lasting relationships based on trust, integrity and mutual respect.
Proximus views political influence and lobbying activities as attempting to influence the formulation or implementation of policy,
legislation, or decision-making processes at all levels, from local standard-setters to European institutions.
Impacts, risks and opportunities
We use our influence to stimulate our governments, peers and industry stakeholders to set up initiatives that positively impact our
society.
We also foster local collaboration with politicians and city councils to deploy infrastructure that enhances societal security and digital
inclusion.
However, political engagement and lobbying might erode public trust and societal well-being when misinformation is provided by
companies to public institutions and politicians. Lobbying that solely focuses on our own interests can also aect fair competition and
the industry as a whole. Furthermore, it might disrupt local cooperation and hinder local economic growth.
When conducted strategically and ethically, lobbying oers opportunities to secure subsidies for vital investments, reduce barriers
and support business continuity and expansion.
For more details on our Double Materiality Assessment, please go to the section on the topic.
Resources and responsibilities
The Group Public Aairs (GPA) department manages political concerns and advocates for Proximus Group’s interests in the
decision-making processes of public authorities. 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. Proximus is also listed in the EU transparency register (REG Number:
537380918401-76). For our international activities, public aairs are overseen by the Proximus Global Chief Corporate Aairs Ocer.
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 Proximus in Connect
Europe, where our Regulatory Lead has served as Executive Board Chair since 2015.
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 section Digital inclusion. Additionally, Proximus is a member of various associations involved in the green transition,
overseen by our Sustainability Lead.
Since 2020, a team dedicated to stakeholder management has been established within our Network Business Unit to support
communication and lobbying related to the deployment and commercialization of fiber and 5G. This team collaborates with the
Sustainability Statement → Governance information
→ Business conduct → Political influence and lobbying activities
Proximus Group Integrated annual report 2024219
Sustainability Statement → Governance information
→ Business conduct → Political influence and lobbying activities
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”).
Strategic objectives
Proximus actively engages with decision-makers on every political level and supports activities which foster public debate on:
• creating a better European and Belgian regulatory and commercial environment to continue rolling out innovative, high-quality
services and platforms benefiting consumers and businesses;
• stimulating public investments in awareness campaigns, partnerships, research and legislation to safeguard Belgian society from
cyber threats (see also section “Cybersecurity”);
• facilitating digital inclusion and advancing education in digital skills, cybersecurity & AI (see also section “Digital inclusion”);
• speeding up the energy transition, promoting green mobility and incentivizing circular projects in Belgium (see also section “Circular
economy and waste”).
No measurable target has been defined for this topic.
Policies
Proximus is an autonomous public enterprise with the Belgian state as a majority shareholder. In accordance with article 8.7 of the
2020 Corporate Governance Code, Proximus entered into a Relationship Agreement with the Belgian State in December 2022. This
agreement, which does not aect Proximus’ autonomy or the authority of its corporate bodies, aims to establish a framework for
information exchange, that fully complies with European and Belgian financial legislation. This Relationship Agreement is available on
the company’s website.
Proximus has a Public Aairs Policy defining the responsibilities, principles, ethical standards and governance rules that apply to
Proximus’ relations with public authorities.
Proximus avoids partaking in political activities linked to specific parties and refrains from funding political parties, individuals or
government institutions. Therefore, no political contributions were made in 2024. We are committed to ensuring that our actions never
cause or incite representatives of public authorities, politicians or public ocials to violate any laws, regulations or applicable rules.
Proximus’ employees are prohibited from giving gifts of any kind to public ocials and representatives of European institutions.
Invitations to Proximus-sponsored events and business diners are only allowed under strict conditions specified in the Anti-Bribery &
Conflict of Interest Policy. Any exception must be approved by the Group Compliance Oce and reported quarterly to the Audit &
Compliance Committee.
According to Article 22 of the Law of 21 March 1991, members of Proximus’ Board of Directors cannot be members of the European
Parliament, European Commission, legislative chambers, or the parliament/government of a community or region. They also cannot
be ministers, secretaries of state, governors of a province, or members of the permanent delegation of a provincial council (Charter of
the Board on Proximus.com).
No members of the Board or the Proximus Leadership Squad have held comparable positions in public administration in the two years
preceding their appointments.
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Sustainability Statement → Governance information
→ Business conduct → Political influence and lobbying activities
Taking actions on impacts
Advocacy
When presenting our positions to public authorities, we preferably formalize them in an ocial position paper. For example, the
“Proximus Memorandum” was shared with political party presidents ahead of the Belgian elections of June 2024 covering the
following topics:
• Regulatory framework: We advocated for a framework that aligns with the European Broadband Cost Reduction Act and
the European Gigabit Infrastructure Act. This framework supports our ambition of bringing a gigabit network to all Belgians by
facilitating collaboration with our partners for fiber deployment in less dense zones, providing subsidies and enabling public-private
initiatives to cover white zones and rural non-profitable areas. We also asked for a “fair share” regulation allowing operators to
negotiate fair commercial terms with large main providers of digital streaming and other data-intensive Internet services that
increasingly rely on our networks for data trac transport.
• Electromagnetic Field norms: We called for a re-evaluation of our current electromagnetic field standards to align with European
standards, which would simplify permit processes and eliminate taxes on antennas.
• Cybersecurity approach: We proposed a coordinated approach to cybersecurity across all political levels as digital tools
become more widely adopted by citizens and businesses. This strategy aims to make Belgium less vulnerable to emerging
threats by involving all relevant stakeholders. We also asked to increase public investment in cybersecurity awareness, research
& development. Additionally, we called for the development of legislation to safeguard Belgian society from cyber threats while
strengthening legislation and mechanisms for auditing and certifying companies regarding cybersecurity.
• Energy transition and circular projects: We supported accelerating the energy transition and incentivizing circular projects in
Belgium. This includes the promotion of digitalization as a tool to reach green ambitions.
• Digital skills: We advocated for investments in training programs to improve digital skills and combat digital exclusion by investing
in training programs and encouraging collaboration between dierent stakeholders across regions.
Control
Proximus’ political engagement and lobbying activities follow strict ethical standards and governance rules (see: above policies). The
Group Compliance Oce oversees controls on the Public Aairs Policy.
The Group Corporate Aairs Lead maintains and reviews the list of all associations of which Proximus is a member on a yearly basis.
Subsidies governance
In 2024, the Group Corporate Aairs team assessed, together with Schuman associates, the eectiveness of our subsidies
governance. An action plan was drawn up to adapt the roles and responsibilities, hire new talent with the appropriate skills, revise
internal funding and prioritization processes and increase collaboration with other European operators, where relevant.
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Management discussion and
analysis of financial results
Introductory remarks
Group reporting segmentation
The Group accounting policies and methods used throughout 2024 are consistent with those applied in the December 31, 2023,
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, 2024.
These have no impact on the Group’s financial statements.
• The Group changed its reporting segmentation, as explained below.
Proximus Group acquired a large majority interest in Route Mobile (see § 5.14), a global company specialized in CPaaS services, listed
on NSE and BSE in India. The new Group structure necessitated redesigning Proximus Group’s internal decision-making process,
governance, and management reporting to eectively allocate resources and assess the performance of operating segments.
In 2024, Proximus Group implemented a 2-pillar governance structure by establishing a new executive committee: the ‘International
Management Committee’, for Proximus Global, acting next to the ‘Domestic Management Committee’ that focuses on Domestic
operations. This international committee has been created to facilitate key decisions and ensure alignment between the Proximus
Global aliates, BICS, Telesign, and Route Mobile. The introduction of this new executive International Management Committee
provides a clear point of accountability and coordination, as well as a stronger voice in Group decision-making for the international
business.
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 in Section 5 of this document.
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Revenues Ebitda
(EUR million) 2023 2024 2023 2024
Reported 6,048 6,539 1,786 1,950
Adjustments -7 -110 -29 -100
Underlying 6,042 6,430 1,757 1,850
Adjustments -7 -110 -29 -100
Lease Depreciations -84 -96
Lease Interest -7 -10
Transformation 14 20
Acquisitions, mergers and disposals -6 -80 48 3
Litigation/regulation -30 -1 -17
Remark: “Underlying Revenue” corresponds to “Total Income”, excluding adjustments.
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 8 months’ figures for 2023, in addition to the actual 2023 results. The pro forma results of 2023
assume a full consolidation of Route Mobile over the same period as for 2024, as such allowing for a more meaningful year-on-year
comparison.
Group P&L - Pro forma 8 months
(EUR million) FY23* FY24 Change %
Underlying revenue 6,331 6,430 1.6%
Costs of materials and charges to revenue -2,418 -2,367 -2.1%
Direct margin 3,912 4,063 3.9%
Direct margin % 61,8% 63,2% 1.4 p.p.
Total expenses before D&A -2,117 -2,213 4.5%
Workforce expenses -1 , 3 43 -1 ,418 5.6%
Non-workforce expenses -774 -794 2.7%
EBITDA 1,795 1,850 3.1%
EBITDA margin % 28.4% 28.8% 0.4 p.p.
CapEx (including Spectrum & Football rights)* 1,332 1,382 3.8%
CapEx (excluding Spectrum & Football rights) 1,329 1,355 2.0%
* As of May 2023, figures include the Route Mobile consolidation impact.
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Proximus Global P&L Pro forma 8 months
(EUR million) FY23* FY24 Change %
Underlying Proximus Global revenue
1
1,731 1,672 -3.4%
Communications & Data
2
1,174 1,150 -2.1%
P2P Voice & Messaging
3
663 598 -9.9%
Proximus Global eliminations -107 -75 -29.4%
Proximus Global costs of materials and charges to revenue -1,286 -1,204 -6.3%
Proximus Global direct margin 445 468 5.2%
Communications & Data 328 354 8.1%
P2P Voice & Messaging 121 118 -2.3%
Proximus Global eliminations -4 -4 16.5%
Proximus Global direct margin % 25.7% 28% 0.1 p.p.
Proximus Global total expenses before D&A -286 -299 4.7%
Workforce expenses -180 -189 4.9%
Non-workforce expenses -106 -110 4.3%
Proximus Global EBITDA 159 169 6.2%
Proximus Global EBITDA margin % 9.2% 10.1% 0.9 p.p.
1 Refers to total income.
2 Communications & Data groups CPaaS, DI, Mobility, Cloud communications, and Internet of Things (IoT).
3 P2P Voice & Messaging groups Voice, Capacity, Other Legacy and P2P MMS.
* As of May 2023, figures include the Route Mobile consolidation impact.
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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Key Figures - 10-year overview (IFRS basis)
Income Statement (EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Reported income 6,012 5,873 5,802 5,829 5,697 5,481 5,579 5,914 6,048 6,539
Revenue adjustments 17 3 24 21 11 2 1 5 7 110
Underlying revenue 5,994 5,871 5,778 5,807 5,686 5,479 5,578 5,909 6,042 6,430
Reported EBITDA
1
1,646 1,733 1,772 1,794 1,676 1,922 1,828 1,826 1,786 1,950
Lease depreciation and interest N/A N/A N/A N/A 84 84 82 84 90 105
EBITDA adjustments -88 -63 -51 -70 -278 1 -26 -44 -62 -6
Underlying EBITDA
1
1,733 1,796 1,823 1,865 1,870 1,836 1,772 1,786 1,757 1,850
Depreciation and amortization -869 -917 -963 -1,016 -1,120 -1,116 -1,183 -1,179 -1,185 -1,259
Operating income (EBIT) 777 816 809 778 556 805 645 647 601 691
Net finance income / (costs) -120 -101 -70 -56 -47 -48 -54 -49 -110 -159
Share of loss on associates -2 -1 -2 -1 -1 -1 -10 -20 -30 -18
Income before taxes 655 715 738 721 508 756 581 578 461 513
Tax expense -156 -167 -185 -191 -116 -174 -137 -128 -104 -57
Non-controlling interests 17 25 30 22 19 18 1 0 0 -9
Net income (Group share) 482 523 522 508 373 564 443 450 357 447
Cash flows (EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Cash flows from operating activities 1,386 1,521 1,470 1,558 1,655 1,515 1,621 1,717 1,620 1,602
Cash paid for CapEx -1,000 -962 -989 -1,099 -1,091 -1,089 -1,137 -1,441 -1,453 -1,474
Cash flows from / (used in) other investing activities 22 0 -189 -8 12 9 -168 -20 -57 -754
Lease payments N/A N/A N/A N/A -78 -82 -79 -89 -92 -101
Free cash flow
2
408 559 292 451 498 352 237 167 18 -727
Adjusted Free Cash Flow
3
454 559 517 501 504 354 376 181 61 58
Cash flows from / (used in) financing activities other
than lease payments
-608 -764 -256 -444 -515 -363 -299 -119 398 506
Net increase / (decrease) of cash and cash
equivalents
-200 -205 36 7 -17 -13 -62 50 416 -219
Balance sheet (EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Balance sheet total 8,283 8,117 8,527 8,671 8,978 8,779 9,233 10,541 11,153 13,327
Non-current assets 6,386 6,372 6,735 6,850 7,160 7,120 7,548 8,589 8,932 10,969
Investments, cash and cash equivalents 510 302 338 344 327 313 249 299 716 538
Shareholders’ equity 2,801 2,819 2,857 3,005 2,856 2,903 2,978 3,307 3,300 4,310
Non-controlling interests 164 162 156 148 142 123 0 1 0 225
Liabilities for pensions, other post-employment
benefits and termination benefits
464 544 568 605 864 645 508 413 378 358
Net financial position (incl. lease liability) N/A N/A N/A N/A -2,492 -2,639 -3,013 -3,030 -3,429 -4,206
Net financial position (excl. lease liability as from
2019)
-1,919 -1,861 -2,088 -2,148 -2,185 -2,356 -2,740 -2,758 -3,131 -3,912
Proximus share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Weighted average number of ordinary shares
4
321,767,821 322,317,201 322,777,440 322,649,917 322,918,006 322,752,015 322,751,990 322,552,465 322,442,197 322,573,717
Basic earnings per share - as reported (EUR)
5
1.50 1.62 1.62 1.58 1.16 1.75 1.37 1.40 1.11 1.39
Total dividend per share (EUR)
6
1.50 1.50 1.50 1.50 1.50 1.20 1.20 1.20 1.20 0.60
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Data on employees 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Number of employees (full-time equivalents) 14,090 13,633 13,391 13,385 12,931 11,423 11,532 11,634 11,654 13,131
Average number of employees over the period 14,040 13,781 13,179 13,161 13,007 11,544 11,445 11,529 11,650 12,629
Underlying revenue per employee (EUR) 426,958 425,997 438,413 441,238 437,173 474,647 487,381 512,534 518,604 509,116
Total income per employee (EUR) 428,194 426,201 440,240 442,870 438,005 474,783 487,451 512,936 519,163 517,794
Underlying EBITDA per employee (EUR) 123,467 130,315 138,325 141,681 143,801 159,057 154,814 154,912 150,844 146,507
Total EBITDA per employee (EUR) 117,251 125,743 134,483 136,342 128,856 166,467 159,721 158,394 153,326 154,395
Ratios - on reported basis 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Return on Equity 17.2% 18.6% 18.3% 16.9% 13.1% 19.4% 14.9% 13.6% 10.8% 10.4%
Direct margin 60.5% 61.8% 62.7% 63.5% 64.6% 65.3% 64.2% 63.0% 63.7% 63.8%
Net debt / EBITDA
7
1.17 1.07 1.18 1.20 1.30 1.23 1.50 1.51 1.75 2.01
EBITDA Margin 27% 30% 31% 31% 29% 35% 33% 31% 30% 30%
Ratios - on underlying basis 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Return on Equity 18.9% 19.4% 19.2% 18.4% 19.9% 19.5% 15.5% 14.6% 11.8% 10.0%
Direct margin 59.6% 61.8% 62.5% 63.4% 64.6% 65.3% 64.2% 63.0% 63.7% 63.2%
Net debt / EBITDA
7
1.11 1.04 1.15 1.15 1.17 1.28 1.55 1.54 1.78 2.11
EBITDA Margin 29% 31% 32% 32% 33% 34% 32% 30% 29% 29%
CAPEX 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total CAPEX 1,002 949 1,092 1,019 1,035 1,237 1,246 1,923 1,328 1,383
CapEx excl Spectrum and Football right 927 949 1,002 1,019 1,027 1,000 1,203 1,305 1,325 1,355
1 Earnings Before Interests, Taxes, Depreciation and Amortization.
2 Cash flow before financing activities but after lease payments.
3 FCF adjusted to exclude M&A transactions and M&A-related transaction costs.
4 i.e. excluding Treasury shares.
5 No dierence between basic and diluted earnings per share.
6 Accounting view (not cash view).
7 Net debt excluding lease liabilities, Proximus definition. 2.9x as per S&P definition for FY 2024.
2018: IFRS15; as from 2019:IFRS 15 and 16
• Proximus significantly outperformed its initial 2024 revenue and EBITDA guidance set in February.
• The Domestic segment showed excellent commercial momentum.
• Underlying Domestic revenue rose 3.4% year-on-year, reaching EUR 4,826 million in 2024.
• Proximus Global revenue totaled EUR 1,672 million, a year-on-year decrease of 3.4% on a pro forma basis (up 16.0% on
underlying figures), reflecting a continued shift from traditional Voice and Messaging to OTT solutions.
• Inflationary eects on Proximus OpEx were partly mitigated by the multi-year cost eciency program.
• Domestic segment EBITDA increased by 2.8% compared to the previous year.
• Proximus Global EBITDA grew by 6.2% on a pro forma basis, supported by an 8.1% increase in Communications & Data
direct margin and cost eciencies.
• Underlying Group EBITDA of EUR 1,850 million, up 3.1% on a pro forma basis (5.3% on underlying figures).
• Group CapEx for the full year 2024 totaled EUR 1,355 million, excluding spectrum and football rights.
• Adjusted FCF was EUR 58 million. Including Route Mobile and Fiberklaar acquisition costs, reported FCF stood at
EUR -727 million.
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Proximus Group
Revenue
The Proximus Group closed 2024 with a total underlying revenue of EUR 6,430 million, an increase of 1.6% (EUR 99 million) on a pro
forma basis and 6.4% (EUR 388 million) compared to the prior year’s underlying figures.
Group underlying revenue (pro forma)
EUR 6,430M
Up 1.6% YoY
Amongst the pillars, the underlying Domestic revenue grew by 3.4% year-on-year, reaching EUR 4,826 million.
The Residential revenue increased by 4.3% to EUR 2,500 million, driven by a 5.0% increase in revenue from Customer Services. This
growth reflects a strong commercial performance further supported by price indexation. Convergent revenue saw robust growth of
9.0%. In addition, revenue from Terminals rose by 9.6%.
The Business unit posted a 2.2% revenue increase compared to 2023. Business Services revenue grew by 1.2%, supported by
higher revenue from IT Services (+6.5%) and Fixed Data (+3.3%) which oset declines in Mobile Services (-2.1%) and the ongoing but
moderating Fixed Voice revenue erosion (-5.8%). Additionally, strong growth was recorded in Terminals (+19.5%) and IT equipment
installations (+2.7%).
Proximus’ Wholesale unit recorded revenue of EUR 253 million in 2024, a decrease of 1.8% (EUR -5 million) compared to 2023. This
decline was entirely driven by a EUR -25 million decrease in low-margin interconnect revenue, while revenue from Fixed and Mobile
wholesale services grew strongly by 14.8% (EUR 21 million).
On a pro forma basis, revenue from Proximus Global declined by 3.4% (-3.2% at constant currency) to EUR 1,672 million. This
decrease was primarily driven by headwinds from low-margin legacy Voice services and the ongoing CPaaS transition from SMS to
OTT solutions. However, this was partially oset by the uptake in CPaaS Omnichannel solutions, Mobility and IoT services, which
deliver higher margins. Compared to 2023 underlying figures, Proximus Global grew by 16.0%, reflecting the inclusion of Route
Mobile following its acquisition in May 2024.
Group revenue by segment (underlying, M€)
Domestic
International
Eliminations
2023 2023 Pro forma 2024
4,665 4,665 4,826
1,442
1,731
1,672
6,042
6,331
-3.4%
+3.4%
6,430
-65 -65 -68
+1.6%
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Direct margin
For the full year 2024, Proximus Group posted an underlying direct margin of EUR 4,063 million, an increase of 3.9% (EUR 151
million) compared to pro forma 2023 (5.6% or EUR 214 million compared to 2023 underlying figures). This growth was largely driven
by strong contributions from the Domestic segment, which posted a 3.6% increase (EUR 126 million) in its direct margin.
Proximus Global recorded a 5.2% year-on-year increase in Direct margin compared to pro forma 2023, reaching EUR 468 million
(+5.3% at constant currency), supported by an 8.1% direct margin growth in Communications & Data.
Direct margin (underlying, M€)
Domestic
International
Eliminations
2023 2023 Pro forma 2024
3,481 3,481 3,608
381
445
468
3,849
3,912
+5.2%
+3.6%
4,063
-14 -14 -13
+3.9%
Operating expenses (OpEx)
The Proximus Group’s operating expenses increased by 4.5%
year-on-year on a pro forma basis, reaching EUR 2,213 million.
Compared to 2023 underlying figures, operating expenses rose
by 5.8%.
Domestic operating expenses totaled EUR 1,926 million in
2024, reflecting a 4.4% year-on-year increase. This rise was
primarily driven by inflationary cost pressures, including salary
indexations eective December 1, 2023, and June 1, 2024,
as well as other inflation-related eects. Additionally, strong
commercial performance led to higher customer-related costs. Transformation costs were also higher, driven by initiatives like Mwingz
and Cloudification, amongst others. These impacts were mitigated by optimizations achieved through the company’s ongoing cost
eciencies program.
Operating expenses for Proximus Global increased by 4.7% year-on-year on a pro forma basis, reaching EUR 299 million (15.1% on
underlying figures). This increase reflects exposure to high-inflation regions, such as India, partially mitigated by initial cost synergies.
The headcount evolution for Proximus Global reflects the integration of 1,607 FTE from Route Mobile at year-end 2024.
Group underlying direct margin
EUR 4,063M
Up 3.9% YoY
(Pro forma)
Operating expenses increased for 2024,
reaching a total of
EUR 2,213M
for the Proximus Group.
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Operating expenses (underlying, M€)
Domestic
International
Eliminations
2023 2023 Pro forma 2024
1,845 1,845 1,926
260
286
299
2,091
2,117
+4.7%
+4.4%
2,213
+4.5%
-14 -14 -12
Headcount evolution (FTE)
Domestic
International
2023 2024
10,358 10,291
1,296
2,840
11,654
-0.6%
13,131
+12.7%
Underlying EBITDA
Group EBITDA by segment (underlying, M€)
Domestic
International
2023 2023 Pro forma 2024
1,636 1,636 1,682
121
159
169
1,757
1,795
+6.2%
+2.8%
1,850
+3.1%
The underlying Group EBITDA for 2024 totaled EUR 1,850 million, reflecting a 3.1% increase (EUR 55 million) on a pro forma basis
compared to the previous year and a 5.3% rise on underlying figures. This growth was driven by solid contributions from both the
Domestic segment and Proximus Global.
Proximus’ Domestic operations reported an EBITDA of EUR 1,682 million for 2024, a year-on-year increase of 2.8%. This growth was
primarily driven by strong direct margin expansion, which largely oset rising costs.
Proximus Global achieved an EBITDA of EUR 169 million in 2024. This represents a 6.2% year-on-year increase on a pro forma basis
and a 39.2% rise on underlying figures.
Group EBITDA evolution (underlying, M€)
2023 Pro forma Direct margin Workforce Non workforce 2024
1,757
1 ,795
151
-75 -21
1 ,850
2023
Group underlying EBITDA
EUR 1,850M
Up 3.1% YoY
(Pro forma)
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Reported EBITDA
Excluding operating leases and including other adjustments, the Proximus Group reported an EBITDA of EUR 1,950 million for 2024,
up 6.9% year-on-year compared to EUR 1,824 million in 2023 on a pro forma basis. On underlying figures, this represents a 9.2%
increase from EUR 1,786 million.
In 2024, the Proximus Group recorded net adjustments
1
totaling EUR 100 million compared to EUR 29 million in 2023.
Lease depreciation and interest expenses for 2024 increased by EUR 15 million year-on-year, totaling EUR 105 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 20 million and M&A-related adjustments of EUR 3 million.
Reported and underlying EBITDA (M€)
Reported
Adjustments
2023 2023 Pro forma 2024
1,786 1,824 1,950
1,757
1,795
+6.9%
1,850
-29 -29 -100
Depreciation and amortization
In 2024, the Group depreciation and amortization (D&A) totaled
1,259 million, including lease depreciation. The increase of EUR
74 million compared to EUR 1,185 million in 2023 was for a
large part due to the acquisition of Route Mobile, and the higher
D&A following an expanding Fiber coverage.
Net finance cost
Full-year 2024 net finance costs, including lease interest,
totaled EUR 159 million, an increase of EUR 50 million
compared to the prior year. Besides the impact of the integration
of Fiberklaar as of August 2024, the rise in net finance costs was
primarily driven by interests on long-term loans (bonds issued in
March and November 2023 and March 2024).
Depreciation and amortization incl. lease
depreciation (M€)
2023 2024
1,185 1,259
+6.2%
Net finance cost incl. lease interest (M€)
2023 2024
110 159
+45.2%
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Tax expense
In 2024, tax expenses totaled EUR 57 million, resulting in
an eective tax rate (ETR) of 11.1%, significantly lower than
the Belgian statutory tax rate of 25%. The ETR is positively
impacted by several elements related to current and previous
years: investment deduction, higher innovative income
deduction and the remeasurement to fair value of the previously
held interest in Fiberklaar amongst others.
Net income
The Proximus net income (Group share) increased by 25.1%
to EUR 447 million resulting from a EUR 164 million increase
in Group EBITDA and lower tax expenses, partly oset by
higher depreciations and finance costs. The growth in EBITDA
was postively impacted by 2 one-os recognized in 2024:
remeasurement of the Fiberklaar participation and the
recognition in revenue of the cash received from Immobel.
EUR 447M
Net income (Group share)
Net income (Group share) evolution (M€)
FY23 Underlying EBITDA Adjustments D&A* Net Finance Costs** Tax Expense Others*** FY24
357
93
71
-74
-50
47
2
447
* excluding lease depreciation; ** excluding lease interest; *** includes Non-controlling interests and Share of loss from associates
CapEx
In 2024, the Proximus Group accrued a total CapEx of EUR 1,382 million, including spectrum and football broadcasting rights,
representing a slight increase from EUR 1,328 million in 2023. Excluding these items, accrued CapEx totaled EUR 1,355 million,
compared to EUR 1,329 million in 2023 on a pro forma basis, aligned with the Group’s guidance and slightly above the previous year.
The increase primarily reflects the consolidation of Fiberklaar at the end of Q2 2024, with its Fiber-related CapEx included from early
Q3 2024. Customer-related investments to connect and activate Fiber customers also rose slightly year-on-year.
Investments in Fiber accounted for 29% of total CapEx, consistent with 2023. By year-end, Proximus was actively rolling out Fiber in
171 cities and municipalities across Belgium. The Fiber footprint grew by 27% year-on-year, reaching 2,224,000 premises by end-
2024.
Tax expense (M€)
2023 2024
104
57
-45.1%
ETR: 22.6% ETR: 11.1%
Net income (Group share) (M€)
2023 2024
357 447
+25.1%
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The Mobile network (RAN) consolidation progressed as planned, driven by the joint operation Mwingz, with CapEx aligned to the pace
of mobile site integration.
In line with its strategic priorities, Proximus also made significant investments in digitalization and IT to enhance operational eciency
and customer experience.
29%
Accrued CapEx (M€)
(excl. spectrum and football rights)
2023 2024
29%
Fiber build
Customer related
Other domestic
International
1,325
1,355
Free Cash Flow
In 2024, reported Free Cash Flow (FCF) amounted to EUR -727 million, including acquisitions and M&A-related costs. Excluding these
items, the adjusted FCF stood at EUR 58 million, reflecting a year-on-year decrease of EUR -4 million compared to the adjusted FCF
of 2023. The acquisition and M&A-related costs primarily relate to the acquisitions of Route Mobile and Fiberklaar. The decrease in
adjusted FCF was driven by interest expenses, increased income tax payments, and higher cash needs for working capital more than
osetting higher EBITDA and lower equity injections.
EUR 58M adjusted FCF
Free Cash Flow Year-on-Year comparison (M€)
FCF FY
2023
Adjustments
FY 2023
FCF FY 2023
adjusted
Underlying
EBITDA
Change in WC Interest
payments
Income tax
payments
Cash Capex Cash other
investing
FCF FY 2024
adjusted
Adjustments
FY 2024
FCF FY
2024
18
43 61
93 -28
-14
-59
-21
25
58
-785 -727
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EBITDA conversion to Free Cash Flow (M€)
Reported EBITDA
FY 2024
Adjustments
FY 2024
Underlying
EBITDA FY 2024
Change in WC Interests
payments
Income
tax paid
Cash Capex Cash other
investing
FCF FY 2024
adjusted
Adjustments
FY 2024
FCF
FY 2024
1,950 -100
1,850 -77
-117
-108
-1,474
-16 58
-785 -727
Net financial position
At the end of December 2024, Proximus’ adjusted net financial position was EUR -3,912 million (including re-measurements to fair
value), keeping a very sound net debt/EBITDA ratio of 2.9x (as per S&P definition).
Evolution of Adjusted Net Financial Position (excl. lease liabilities), M€
-3,131 58
-785
90
-360
-500
700 16
-3,912
Net fin position at end
December 2023
Free Cash Flow M&A RM sell-down
1
Dividends Repayment of debt Hybrid bond Other
2
Net fin position at end
December 2024
• Domestic revenue reached EUR 4,826 million in 2024, up 3.4% from 2023.
• Proximus achieved robust growth driven by its complementary brand portfolio.
• Residential revenue totaled EUR 2,500 million in 2024, up 4.3% year-on-year.
• Business revenue increased to EUR 1,996 million in 2024, reflecting 2.2% growth compared to 2023.
• Wholesale revenue amounted to EUR 253 million in 2024, down by 1.8% year-on-year, fully attributable to Interconnect
revenue erosion with no material margin impact.
• Domestic EBITDA reached EUR 1,682 million, a year-on-year increase of 2.8%.
1 Route Mobile sell-down: In September 2024, the Proximus Group finalises the sale of the Route Mobile shares in order to comply with the minimum public
ownership requirement. These transactions generate gross proceeds of around EUR 90 million for Proximus Opal and result in a final stake in Route
Mobile of 74.90%.
2 Other: mainly re-measurements to fair value & amortisation of loans (incl. CF hedge for new LT loan); Own shares and New debts dierence (EUR +5.5
million).
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Domestic
For its Domestic operations, Proximus generated revenue of EUR 4,826 million in 2024, representing a 3.4% increase (EUR 160
million) compared to 2023. The Residential unit contributed approximately 52% of total Domestic revenue, the Enterprise unit 41%,
and the Wholesale unit 5%.
Following the expanding Fiber footprint of Proximus, with works ongoing in 171 cities and municipalities, Fiber increasingly became
a selling argument in both the Residential and Business market. During 2024, the number of activated Fiber customers grew by
167,000, a mix of Residential and Business customers, including both new activations and migrations from copper bringing the total
Fiber customer base to 564,000 by year-end. This compares to an increase of 145,000 activated Fiber customers in 2023.
2,500
4,826
1,996
253
76
Residential
Business
Wholesale
Other (incl. eliminations)
Residential revenue
Revenue generated by Proximus Residential customers totaled
EUR 2,500 million over 2024, up by 4.3% (EUR 104 million)
compared to 2023.
Residential revenue build up (underlying, M€)
2023 Fixed only Mobile
postpaid only
Convergent Prepaid Terminals Lu x Telco Other 2024
2,396
-10
0
103
-7
27
-2 -9
2,500
X-play revenue
+5.0%
Through its three complementary brands – Proximus, Scarlet, and Mobile Vikings – designed to address diverse residential market
needs, Proximus achieved strong growth in its Internet and Mobile Postpaid customer base in 2024. The Fixed Voice base continued its
steady decline, reflecting evolving customer preferences.
Convergent oers that combine Fixed and Mobile services supported strong performance, particularly driven by the success of
Proximus’ Flex oers. 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.
1,826,000
Fixed Internet customers
Up by 43,000 in 2024
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When zooming in on the Residential operational results, 2024 was especially successful for Mobile Postpaid, with the number of
Mobile Postpaid cards for the year up by 145,000, in spite of a rising competitive intensity.
Proximus’ mobile growth was driven by the complementary oerings of its premium Proximus brand, Scarlet, and Mobile Vikings,
which collectively contributed to its success in Mobile. By the end of December 2024, Proximus’ Residential Mobile Postpaid base
totaled 3,001,000 cards, representing a 5.1% increase compared to the end of 2023.
Postpaid cards (‘000)
2023 2024
2,855 3,001
+5.1%
The Prepaid base continued its inherent declining trend, stimulated by the attractive Mobile Postpaid oers. Proximus saw the Mobile
Prepaid base shrink in 2024 by 70,000 cards, leading to a total number of Prepaid cards of 462,000 by end December 2024.
Prepaid cards (‘000)
2023 2024
533 462
-13.2%
Strongly supported by Proximus’ expanding Fiber footprint, the Residential unit managed to accelerate the growth of its Internet
customer base, up by 43,000 customers in a competitive market. This is a 2.4% increase compared to one year ago, with end-2024
the Residential Internet base totaling 1,826,000 Internet lines, being a mix of customers on the historical copper network and a
growing number of customers on the new Fiber technology.
Internet lines (‘000)
2023 2024
1,783 1,826
+2.4%
The revenue generated by customers subscribing to Proximus’ dierent product lines is referred to as Customer Services revenue or
X-Play revenue. For 2024, 79% of the total Residential revenue, i.e., EUR 1,973 million was generated by Customer Services (X-Play),
an increase of 5.0% or EUR 93 million compared to 2023. The overall ARPC for 2024 of EUR 57.6 represents an increase of 3.9%
from one year back. This was mainly the result of the inflation-based price adjustments, eective on 1 July 2023 and 1 January 2024.
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In the mix, it is especially revenue from Convergent customers which showed strong growth, up by 9.0% year-on-year reaching EUR
1,240 million. In 2024, Proximus grew its convergent base by 59,000 customers, reaching a total of 1,172,000, up by 5.3% from 12
months back. The main growth driver of the Convergent revenue is the strong increase in the convergent 2-Play and 3-Play customer
base.
Proximus grew its convergent 3-Play base by 32,000 customers, reaching 484,000 customers by end-2024. This was combined
with 4.0% growth in 3-Play ARPC to EUR 91.5. This resulted in a 3-Play convergent revenue growth of 11.0% to a total of EUR 512
million.
In continuation of the successful launch of oers combining Mobile with Internet mid-2022, and the decreased TV fee for certain
customer units, the dual-play customer base grew by 57,000 customers in 2024.
The uptake of 2 and 3-Play convergent oers largely explains the steady downward trend in the number of 4-Play customers, down
by 30,000 to a total base of 481,000.
With the number of customers subscribing to Proximus’ convergent oers on the rise, Proximus’ base of Fixed-only customers
decreased to 819,000 by end-2024. These customers generated in 2024, an ARPC of EUR 49.0, a EUR 1.7 increase from the
previous year.
The number of customers who only have a Mobile subscription is stable compared to 2023. By end-2024, the Residential unit counted
a Mobile Postpaid-only base of 881,000 customers, Proximus, Scarlet and Mobile Viking brands combined. These Mobile-only
customers generated an ARPC of EUR 23.0, slightly down (-1.1%) compared to the previous year.
In addition to the above-described revenue from Customer Services, the Residential unit revenue also includes revenue from
Terminals, Mobile Prepaid, its Luxembourg telecom business and Other revenue. In 2024, Terminals’ total revenue reached EUR 306
million, a 9.6% increase from 2023. Driven by the decrease in the Proximus Prepaid base, revenue from Mobile Prepaid continued its
eroding trend, with revenues down to EUR 28 million for 2024 compared to EUR 35 million in 2023. Proximus Luxembourg telecom
revenue decreased by 1.2% year-on-year (EUR 2 million). Proximus’ Residential unit recorded EUR 37 million in Other revenue for
2024, reflecting a year-on-year decrease of EUR -9 million.
79% Residential revenue
generated by Customer Services
140
Convergent Revenue (‘000)
2023 2024
461
+9.0%
Conv 2P
Conv 3P
Conv 4P
1,137
1,240
587
512
585
90
Up 9.0%
Convergent revenue
1,973
2,500M
28
306
133 59
X-Play
Prepaid
Terminals
Lux. Telco
Other
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Customers per X-Play (‘000)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2023
1,112
1,172
868
860
2,841
881
819
2,871
Average Revenue per Customer (€)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2023
23.3
47.3
55.4
23.0
49.0
57.6
87.9
90.3
Average Revenue Generating Units per Customer
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2023
1.15
1.94
2.51
1.16
1.89
2.50
4.01
3.94
Customer Revenues (M€)
Convergent
Mobile
postpaid only
Fixed only
Total
2024
2023
241
502
1,880
242
492
1,973
1,137
1,240
Business revenue
Proximus’ Business unit generated revenue of EUR 1,996 million in 2024, a 2.2% increase compared to 2023. This growth was
supported by a 6.6% rise in Products revenue and a 1.2% increase in Services revenue. Within Services, higher revenue from Fixed
Data and IT Services oset declines in Mobile Services, impacted by the loss of the Flemish Government contract, and the ongoing
erosion of Fixed Voice revenue. For Products, revenue growth was driven by strong performance in both Terminals and IT equipment.
2024 revenue (M€)
2023 2024
+2.2%
1,954
1,996
461
1.996
445
318
37
238
Fixed voice
Fixed Data
Mobile Services
IT Services
Products
Lux Telco. & Other
497
2024 total revenue, per product (M€)
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IT Services
Proximus’ Business unit delivered strong growth in IT Services revenue, reaching EUR 445 million in 2024, a year-on-year increase of
6.5%. This performance is partly driven by the early success of Proximus NXT IT, a dedicated entity focused on designing, developing,
and delivering tailored IT solutions to meet evolving business needs more eciently, while also aiming to improve margins.
IT Services Revenue (M€)
2023 2024
+6.5%
418
445
Fixed Data
The revenue from Fixed Data services continued its positive trajectory in 2024, posting an increase of 3.3% from the previous year,
totaling EUR 497 million for 2024.
Within the Fixed Data revenue mix, the revenue growth was mainly driven by further improving revenue from Internet services. This
was explained by a progressing Broadband ARPU at EUR 48.6 for 2024, up 5.2% on the previous year, mainly benefitting from the
price indexation, improved price tiering and a growing share of Fiber in the total Internet park. Over 2024, the Business Internet base
slightly progressed to 442,000, up by 0.5% compared to one year back.
Revenue from Data Connectivity was slightly down year-on-year, as growth in new data connectivity oerings did not fully oset the
erosion of legacy services. This growth was supported by Proximus’ expanding point-to-point Fiber network.
Fixed Data revenue (M€)
2023 2024 2023 2024 2023 2024
+3.3%
481 497
Fixed Internet ARPU (€)
+5.2%
46,2 48,6
Fixed Internet subscriber base
(‘000)
+0.5%
440 442
Mobile Services
In 2024, the Business unit’s Mobile service revenue totaled EUR 461 million, a decline of 2.1% year-on-year. Proximus maintained
a solid mobile customer base, with 1,776,000 cards, reflecting a reduction of 32,000 Postpaid cards over the past twelve months
(-1.8%). This decline was primarily attributed to the loss of the Flemish Government contract. Additionally, Mobile ARPU experienced a
slight decrease of 2.2% compared to 2023.
The Business unit continued to grow its M2M park, with 102,000
additional M2M cards activated during the year. By the end of
December 2024, the Proximus M2M base reached 4,327,000
cards, marking a 2.4% increase year-on-year.
Mobile postpaid cards
(including M2M)
Up 70,000
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Mobile Services revenue (M€)
2023 2024
-2.1%
471 461
Mobile postpaid cards (‘000)
2023 2024
-1.8%
1,808 1,776
Machine-to-Machine cards (‘000)
2023 2024
+2.4%
4,225 4,327
Mobile postpaid ARPU (€)
2023 2024
-2.2%
19.4 19.0
Fixed Voice
The Business unit reported EUR 238 million in Fixed Voice revenue for 2024, reflecting a year-on-year decline of 5.8%. This decline
was primarily driven by the ongoing erosion of the Fixed Voice park, which decreased by 10.2% during the year. The Business
Fixed Voice base contracted by 58,000 lines, ending 2024 with a total of 508,000 lines. This trend reflects continued customer
rationalization of fixed-line connections, reduced usage, and migrations to VoIP technology. Partially osetting these eects, Fixed
Voice ARPU increased by 2.8%, driven by inflation-based price indexation, reaching EUR 28.4.
566 508
27.6 28.4
252 238
Fixed Voice revenue M€
2023 2024 2023 2024 2023 2024
-5.8%
Fixed Voice park (‘000)
-10.2%
Fixed Voice ARPU (€)
+2.8%
Products
Revenue from Products in 2024 grew by 6.6% year-on-year,
an increase of EUR 20 million compared to 2023. This growth
was primarily driven by strong performance in Terminals, which
increased by 19.5%, and steady growth in IT Hardware, up 2.7%.
Products Revenue (M€)
IT Hardware
Terminals
2023 2024
229 235
83
298
+2.7%
318
+6.6%
+19.5%
69
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Wholesale revenue
Proximus’ Wholesale operations generated revenue of EUR 253 million in 2024, a decrease of 1.8% (EUR 5 million) compared to
2023.
The decline in Wholesale revenue was entirely attributable to a EUR 25 million reduction in Interconnect revenue, which had no
material margin impact. This was partially driven by the EU regulation lowering Fixed and Mobile Termination rates eective January
1, 2024. The larger share of the decline resulted from the ongoing shift away from traditional SMS usage in favor of over-the-top
applications.
Meanwhile, revenue from Fixed and Mobile wholesale services increased by 14.8%, reaching EUR 163 million. This growth was
primarily driven by higher roaming revenue and increased contributions from services provided through Mwingz and Proximus’ Fiber
Joint Ventures.
Revenue (M€)
Fixed & Mobile wholesale services
Interconnect
Other Operating Income
2023 2024
142
163
91
258
+14.8%
253
-1.8%
116
Domestic Direct margin
Proximus’ Domestic operations achieved a direct margin of EUR 3,608 million in 2024, representing a 3.6% increase (EUR 126 million)
compared to the previous year. This growth was driven by solid customer expansion across Proximus’ main services, including Internet
and Mobile, and was further supported by inflation-based price increases.
Domestic Direct margin (underlying, M€)
2023 2024
+3.6%
3,481
3,608
Domestic OpEx
Domestic operating costs increased by 4.4% year-on-year to EUR 1,926 million in 2024. This rise was driven by significant inflationary
impacts on the cost base, higher costs to support customer growth – particularly in Fiber – and an increase in transformational costs.
These increases were partially oset by Proximus’ ongoing cost-eciency program.
Workforce expenses for the Domestic segment totaled EUR 1,231 million, up 5.6% from the previous year. This was largely due to
automatic wage adjustments linked to inflation, including 2 additional inflation-based salary indexations of 2% each.
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As of the end of 2024, Proximus’ Domestic headcount stood at 10,291 FTEs, a decrease of 66 FTEs compared to 10,358 FTEs at the
end of 2023. This reduction was primarily the result of natural attrition and retirements, which more than oset new hiring.
The Domestic non-workforce expenses increased by 2.3% in 2024, representing a year-on-year rise of EUR 5 million. This was
primarily driven by general inflationary eects on costs such as maintenance and rental expenses. Additionally, in line with the
company’s strong customer growth, Proximus experienced an increase in customer-related costs year-on-year.
Domestic operating expenses (underlying, M€)
Workforce
Non-Workforce
2023 2024
1,166 1,231
694
1,845
+5.6%
1,926
+4.4%
+2.3%679
Domestic EBITDA
Proximus’ Domestic segment reported an EBITDA of EUR 1,682 million in 2024, reflecting a year-on-year increase of 2.8%. This
growth was driven by higher direct margin outweighing the higher costs. The Domestic EBITDA margin as a percentage of revenue
stood at 34.8%, compared to 35.1% in 2023.
Domestic EBITDA (underlying, M€)
2023 2024
+2.8%
1,636
1,682
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Proximus Global
Proximus Global revenue
In 2024, Proximus Global reported EUR 1,672 million in revenue, reflecting a year-on-year decrease of 3.4% on a pro forma basis (an
increase of 16.0% compared to underlying figures).
Revenue from Communications & Data totaled EUR 1,150 million, limiting the year-on-year decline to 2.1% on a pro forma basis
(and marking a 29.9% increase on underlying figures). While the industry-wide reduction in CPaaS SMS volumes persisted, Proximus
Global successfully captured part of this trac through Omnichannel solutions, which maintained a strong growth trajectory. The
segment also posted robust growth in Digital Identity, Mobility, and IoT services.
In an inherently declining market, P2P Voice & Messaging revenue amounted to EUR 598 million, a 9.9% year-on-year decline, driven
by lower overall volumes.
Revenue by product group (M€)
P2P Voice & Messaging
Communications & Data
International Eliminations
2023 2023 Pro forma 2024
663 663 598
885
1,174
1,150
1,442
1,731
-2.1%
-9.9%
1,672
-107 -107 -75
-3.4%
Proximus Global Direct margin
Proximus Global achieved a direct margin increase of +5.3% at constant currency on a pro forma basis, reaching EUR 468 million
(up EUR 23 million). Including currency eects, the direct margin grew by 5.2%. This robust performance was driven by growth in
Communications & Data services. On underlying figures, the growth including currency eects was up 22.7%.
In 2024, Proximus Global achieved a direct margin of EUR 354 million in Communications & Data services, reflecting an 8.1% increase
on a pro forma basis and 34.1% growth compared to underlying figures. This strong performance was driven by contributions from
nearly all product lines within Communications & Data. In the CPaaS Product group, Proximus successfully recaptured part of the
trac that had shifted from CPaaS SMS, growing by 2.3% on pro forma basis, to CPaaS omnichannel, delivering solid growth for its
omnichannel oering. Additionally, Digital Identity showed strong results, with higher direct margin driven by growth in Phone ID.
In 2024, Proximus Global recorded a direct margin of EUR 118 million for P2P Voice & Messaging, a 2.3% decline year-on-year on
a pro forma basis. The decrease was driven by the continued erosion of Legacy Voice products, which was not fully compensated by
Other Legacy products and capacity.
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Direct margin (M€)
P2P Voice & Messaging
Communications & Data
International Eliminations
2023 2023 Pro forma 2024
121 121 118
264
328
354
381
445
+8.1%
-2.3%
468
-4 -4 -4
+5.2%
Proximus Global OpEx
Proximus Global OpEx increased by 4.7% year-on-year on a pro forma basis, reaching EUR 299 million in 2024. The rise in Workforce
OpEx was primarily driven by exposure to high-inflation markets, such as India, though this was partially mitigated by the realization of
cost synergies.
OpEx (M€)
Workforce
Non-Workforce
2023 2023 Pro forma 2024
166
180
189
260
286
+4.3%
+4.9%
299
+4.7%
110
94
106
Proximus Global EBITDA
Proximus Global reported an EBITDA of EUR 169 million for 2024, reflecting a year-on-year increase of 6.2% on a pro forma basis
and 39.2% based on underlying 2023 figures. This growth was driven by strong direct margin expansion in Communications & Data
and the realization of cost synergies, which began to materialize during the year.
EBITDA underlying (M€)
2023 2023 Pro forma 2024
121
159
169
+6.2%
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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 (residential) 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 Proximus Global alongside “P2P Voice & Messaging”.
Communications & Data groups CPaaS, DI, 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 BICS, Telesign 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, with the exception of leases that would qualify as finance
leases on the basis of 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, deferred M&A purchase price and impairment losses on goodwill;
• litigation/regulation: material*financial impacts of litigation files, fines and penalties and of law changes (one-o impacts
relative to previous years).
* The materiality threshold is met when exceeding individually EUR 5 million. No threshold is used for adjustments in a subsequent quarter if the threshold was met
in a previous quarter.
EBIT: Earnings Before Interest & Taxes, corresponds to EBITDA minus depreciation and amortization.
Proximus Group Integrated annual report 2024245
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Fixed Data Services (Business): total revenues from Fixed Data, consisting of Broadband, Data Connectivity (including Explore
solutions and SD-WAN) and TV.
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 premises or serviced from the cloud.
Free Cash Flow: this is cash flow before financing activities and after lease payments (since 2019).
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 Telco: including fixed & mobile services, terminals & other.
M2M: Machine-to-Machine cards
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 and amortization.
Other Operating Income: this relates to income from, for example, reimbursements from damages, employees, insurances, gain on
disposal, etc.
Proximus Group Integrated annual report 2024246
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P2P Voice & Messaging: one of the two main product groups within Proximus Global alongside “Communications & Data”. P2P Voice
& Messaging groups Voice, Capacity, Other Legacy and P2P MMS messaging.
Play: a subscription to either Fixed Voice, Fixed Internet, dTV or Mobile Postpaid (paying Mobile cards). A 4-Play customer subscribes
to all four services.
Proximus Global: defined as including Proximus Group’s international aliates, Route Mobile, BICS and Telesign.
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 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 and Amortization) 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 include 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).
Proximus Group Integrated annual report 2024247
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 2024
Proximus closed 2024 at €5.025, 41% lower than the final closing price of 2023: Intensive fiber investments and concerns
about new market players placed significant pressure on the Proximus share price.
The year began positively, with Proximus shares outperforming the market through January, driven by anticipation of the full-
year results and new guidance. However, the share price experienced a sharp decline post-FY 2023 results, despite the strong
performance, as concerns about the competitive landscape and investor expectations weighed on market sentiment.
Between late February and July, the share price recovered as the market responded to advances in fiber roll-out and strong Q1 results.
During this period, Proximus outperformed the rest of the telecom sector, reflecting optimism about its long-term strategy.
The Q2 results brought renewed challenges, with a sharp decline in the share price triggered by the acquisition of EQT’s stake in
Fiberklaar, with consequential increases in the CapEx plan for Proximus.
Proximus share price evolution 2024 vs. 3 indices (in %- rebased)
(Source: Nasdaq)
25%
15%
5%
-5%
-15%
-25%
-35%
-45%
—— Proximus (PROX-BRU) / —— Belgium BEL-20 (BEL20-ENX) / —— STOXX Europe 600/Telecommunications (Capped) - SS (SXKP-STX) / —— STOXX Europe 600 (SXXP-STX)
31 Dec 31 jan 29 Feb 31 Mar 30 Apr 31 May 30 Jun 31 Jul 31 Aug 30 Sep 31 Oct 30 Nov
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Proximus Group Integrated annual report 2024248
As Proximus’ strategic focus remained in sight, the share price recovered to a certain extent in subsequent months. Sales of strategic
assets, including the data centers and the tower infrastructure in Luxembourg, gave rise to cautious optimism.
Late in the year, volatility returned especially in the wake of Digi’s launch on the Belgian market in mid-December, which is set to intensify
competitive pressure. Proximus re-emphasized that the arrival of Digi had already been factored into its plans, and that the company is
well-prepared with strong residential brands and a winning strategy.
Key figures about the Proximus share
Share information 2015 2016 2017
2018
IFRS15
2019
IFRS16
2020 2021 2022 2023 2024
Share price high 35.67 31.74 32.81 28.10 28.17 27. 12 19.16 18.65 9.85 9.32
Share price low 2 7.93 25.31 26.42 19.31 21.96 15.01 15.95 8.474 6.42 4.81
Share price at 31 December 30.00 2 7.3 6 27. 35 23.62 25.52 16.21 1 7.14 8.996 8.51 5.025
Annual trading volume
(number of shares)
179,825,076 1 57, 36 8,0 90 147,754,799 169,849,252 168,509,614 206,692,812 199,060,570 2 59, 15 7,5 67 225,296,344 106,112,013
Average trading volume per
day (number of shares)
702,442 612,327 579,431 650,763 660,822 804,252 774,555 1,008,395 883,515 41 7,88 7
Number of outstanding
shares
322,003,751 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
Weighted average number
of outstanding shares
321,767,821 32 2, 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
Market capitalization at
31 December (billion €)
1
9.66 8.83 8.82 7.6 2 8.24 5.23 5.53 2.90 2.75 1.62
Key data per share - on reported basis
EBITDA 5.12 5.38 5.49 5.56 5.19 5.95 5.66 5.66 5.54 6.04
Earnings
2
1.50 1.62 1.62 1.58 1.16 1.75 1.37 1.40 1.11 1.39
Price/earnings at 31
December
3
20.03 16.86 16.90 15.00 22.09 9.27 12.48 6.43 7.67 3.63
Ordinary dividend (gross)
4
1.00 1.00 1.00 1.00 1.00 0.70 0.70 0.70 0.70 0.10
Interim-dividend (gross) 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Gross dividend yield
3
5.00% 5.48% 5.48% 6.35% 5.88% 7.40% 7.00% 13.34% 14.10% 11.94%
Key data per share - on underlying basis
EBITDA 5.38 5.57 5.65 5.78 5.79 5.69 5.49 5.54 5.45 5.74
Earnings 1.68 1.71 1.72 1.71 1.76 1.75 1.38 1.50 1.26 1.34
Price/earnings at
31 December
17.87 15.96 15.92 13.78 14.51 9.25 12.44 6.00 6.75 3.75
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)
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Proximus Group Integrated annual report 2024249
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 4.60% of its own shares at the end of 2024. The free float represented 41.88%, or nearly
142 million shares, about 54% of which were held by institutional shareholders.
Proximus’ main institutional shareholders are primarily based in the United States and the Benelux countries, as well as in the Nordic
countries and the UK.
Proximus share ownership – 31 December 2024
Number of shares % shares % voting rights % dividend rights Number of shares
with voting rights
Number of shares
with dividend rights
Belgian state
180, 887, 569 53.51% 56.10% 55.98% 18 0,88 7,5 69 18 0,88 7,5 69
Proximus own
shares
15,563,461 4.60% 0.00% 0.21% 0 693,702
Free-float
141,574,105 41.88% 43.90% 43.81% 141,574,105 141,574,105
o/w Carraun
Telecom Holdings
Limited
20,300,000 6.01% 6.30% 6.12% 20,300,000 20,300,000
Total
338,025,135 100.00% 100.00% 100.00% 322,461,674 323,155,376
Source: Shareholder analysis November 2024
% of identified institutional shareholders - Nasdaq
Institutional shares per geography
US 53%
UK 7%
Benelux 17%
Rest of Europe 4%
France 4%
Germany 3%
Nordics 10%
Rest of the world 2%
Belgian
government
53.51%
Proximus shares ownership
Free-float
41.88%
Own shares 4.6%
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Proximus Group Integrated annual report 2024250
Evolution of treasury shares
1 For more information, please see ‘Remuneration report’.
End of period 2023
15,401,433
Changes through liquidity contract
244,737
Employee discount purchase plan
82,709
End of period 2024
15,563,461
At the end of 2024, Proximus held 15,563,461 treasury shares, representing 4.60% of the total number of shares. In the course of
2024, 82,709 treasury shares were issued in a Discounted Share Purchase Plan, and no options were exercised
1
.
The voting rights of all treasury shares are suspended by law. Proximus has 14,869,759 treasury shares that are not entitled to
dividend rights and 693,702 treasury shares that are entitled to dividend rights.
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 2024, The Goldman Sachs Group, Inc. and the Belgian State (through SFPIM) notified of changes to their Proximus shareholdings as
listed below.
To Proximus’ knowledge, no other shareholder owned 3% or more of Proximus’ outstanding shares as of 31 December 2024.
Notifications of important shareholdings to be made according to the Law of 2 May 2007 or Proximus bylaws should be sent to:
• FSMA at trp.fin@fsma.be
• Proximus at investor.relations@proximus.com
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Proximus Group Integrated annual report 2024251
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
16/12/2024 18/12/2024 The Goldman Sachs
Group, Inc.
>7.5% 2,158,076 0.64% 26,230,796 7.76%
6/12/2024 12/12/2024 The Goldman Sachs
Group, Inc.
>7.5% 3,182,643 0.92% 31,276,566 9.25%
29/11/2024 5/12/2024 The Goldman Sachs
Group, Inc.
>7, 5% 5,353,218 1.58% 28, 52 7,7 25 8.44%
10/09/2024 16/09/2024 The Goldman Sachs
Group, Inc.
>7.5% 2,258,084 0.67% 25,520,837 7. 55%
28/08/2024 3/09/2024 The Goldman Sachs
Group, Inc.
<7.5% 1,624,532 0.48% 25,321,982 7.49%
27/05/2024 30/05/2024 The Goldman Sachs
Group, Inc.
>7.5% 1,509,415 0.45% 26,797,775 7.93%
23/05/2024 28/05/2024 The Goldman Sachs
Group, Inc.
>7.5% 1,550,360 0.46% 2 7,0 88 ,3 40 8.01%
22/05/2024 28/05/2024 The Belgian State >55% 196,482,202 58.13% 58.13%
17/05/2024 23/05/2024 The Goldman Sachs
Group, Inc.
>7.5% 1,509,415 0.45% 26,998,386 7.9 9%
6/05/2024 10/05/2024 The Goldman Sachs
Group, Inc.
>7, 5% 1,510,062 0.45% 26,639,957 7.88%
26/04/2024 3/05/2024 The Goldman Sachs
Group, Inc.
>7.5% 2,214,680 0.66% 31, 557,9 46 9.34%
23/04/2024 29/04/2024 The Goldman Sachs
Group, Inc.
>3% 10,627,624 3.14% 31,394,024 9.29%
22/04/2024 26/04/2024 The Goldman Sachs
Group, Inc.
>7.5% 5,800,301 1.72% 31, 37 7,038 9.28%
18/04/2024 24/04/2024 The Goldman Sachs
Group, Inc.
>7.5% 4,013,970 1.19% 2 7,08 7,632 8.01%
11/01/2024 16/01/2024 The Goldman Sachs
Group, Inc.
<7.5% 1,279,778 0.38% 24,845,257 7.3 5%
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Proximus Group Integrated annual report 2024252
Shareholder remuneration
Dividend policy
2024 saw Proximus close its second 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 maintain a sound financial position.
In line with the shareholder return policy announced at its Capital Markets Day on January 16, 2023, over the results of 2024 and
2025, Proximus will rebase its dividend level to EUR 0.60 per share. The rebased sustainable dividend takes into account all currently
known macro and inflationary headwinds, as well as expected changes in market structure.
The proposed dividend is reviewed and submitted to the Board of Directors on an annual basis, in order to uphold 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 the event of unforeseen risks or events outside the company’s control.
Dividend on the 2024 result
On February 27, 2025, the Board of Directors approved the decision to propose a gross dividend on the 2024 result of EUR 0.60 per
share at the Annual General Shareholders’ Meeting of April 16, 2025. Of this, an EUR 0.50 interim dividend per share was paid in
December 2024.
After approval by the Annual Shareholder Meeting, the normal dividend of EUR 0.10 per share will be paid on April 25, 2025, with a
date of recording of April 24, 2025 and ex-dividend date of April 23, 2025.
This brings the total declared dividend from the 2024 result to EUR 194 million.
Investor Relations
Proximus Investor Relations (IR) aims to ensure 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, the management reaches out to the financial community on a regular
basis. Each announcement of quarterly results is followed by a conference call and investor/analyst presentation, during which as
much time as possible is set aside for a “question & answer” session.
Throughout 2024, Proximus organized several roadshows featuring top management. Furthermore, Proximus participated in a
number of major international investment conferences. The Investor Relations (IR) team supports the management all such activities.
Additionally, the IR team also oers daily support to retail and institutional shareholders, as well as to sell-side analysts.
A strict quiet period is observed before the communication of the quarterly results. The start of the quiet period is announced on the
Proximus Investor Relations website: proximus.com/investors.
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Proximus Group Integrated annual report 2024253
Financial calendar
2
April 16, 2025 Annual General Shareholder Meeting (AGM)
April 17, 2025 Start of quiet period ahead of Q1 2025 results
April 25, 2025 Dividend payment (to be approved by the AGM)
May 09, 2025 Announcement of Q1 2025 results
July 14, 2025 Start of quiet period ahead of Q2 2025 results
July 25, 2025 Announcement of Q2 2025 results
October 15, 2025 Start of quiet period ahead of Q3 2025 results
November 07, 2025 Announcement of Q3 2025 results
2 Note that these dates may be subject to change.
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Proximus Group Integrated annual report 2024254
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 and reporting 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 Sustainability
Statement: “Double Materiality Assessment”.
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. A bottom-up identification and prioritization process is conducted
every two years. This process involves thorough desk-based research, in-depth interviews, and surveys targeting management and
subject matter experts. All relevant risks and opportunities are prioritized based on their potential impact and likelihood, taking into
account both quantitative and qualitative factors.
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 cost control
• Belgian telecom market competitive dynamics – residential market
• Belgian ICT market competitive dynamics – enterprise market
• Regulatory and legal risks
• Shareholders’ interests alignment
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Proximus Group Integrated annual report 2024255
Monetization of fiber investments
Fiber optic 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, 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 a part 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. Orange Belgium has also announced an ambition of up to 66% coverage in Wallonia and Brussels, and 75% of the
national footprint by 2040. Digi launched a fiber oer in December 2024 limited to selected suburbs in Brussels, but it intends to scale
its fiber footprint rapidly, targeting two million households within two years.
Proximus, Wyre, Telenet, and Fiberklaar have signed a Memorandum of Understanding to potentially collaborate on fiber network
deployment in Flanders, aiming to increase access to high-speed gigabit networks. The collaboration aims to accelerate fiber
deployment in Flanders, providing more consumers with access to high-speed gigabit networks while reducing civil works. The
realization of the collaboration is dependent on reaching a final agreement, obtaining regulatory and antitrust approvals, and ensuring
no adverse regulatory impacts.
Scaling both the number of fiber activations and the roll-out can be challenging in a tight labor market (see also “Human capital: talent
attraction, retention and development”, below). The roll-out of other infrastructure works may have a negative impact on the available
capacity for Proximus. Failure to retain the right talent for our 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: transferal of resources from copper to fiber, increase of capacity via outsourcing partners and upskilling
our existing employees, structurally 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. Among other things, Proximus issued a societal responsibility charter for fiber roll-out in March 2023.
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Proximus Group Integrated annual report 2024256
Most Belgian consumers 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 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. To reinforce the technological superiority, the multi-gig fiber technology with improved in-home experience has been made
available in all areas where fiber coverage exists. Fiber is also available for customers of the other consumer brands of Proximus:
Scarlet and Mobile Vikings.
Inflation impacts the cost of roll-out (see also “Operating model evolution and cost control”, below). Rising costs need to be balanced
with strong commercial results, price increases and additional eciencies. Competitive dynamics, with the arrival of Digi on the market,
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 that risk (see also “Belgian telecom market competitive
dynamics – residential market”, below).
A customer retention risk also exists in relation 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 in some periods of high demand vs. 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. For the few customers
that cannot be migrated to fiber, Proximus needs an alternative technology. 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.
FTTH is a regulated activity in Belgium. Pricing and access conditions for FTTH are monitored and/or set by the regulator. Adverse or
negative regulatory decisions on FTTH pricing and/or access conditions could negatively impact the roll-out of fiber in Belgium. This
could increase the digital divide between the dense city zones and the less dense zones that would prove too expensive to cover.
Proximus Group international growth
The development of the international activities of Proximus Group through Route Mobile, Telesign and BICS gives access to rapid-
growth adjacent digital communications markets. Those international activities are forecasted to be a major source of growth in the
coming years.
In May 2024, Proximus Group (through Proximus Opal) acquired Route Mobile, a global company specialized in Communications
Platform as a Service (CPaaS) services, listed on NSE and BSE in India. After a sell-down of Route Mobile shares to comply with the
minimum public holding requirement, Proximus holds a 74.90% stake in Route Mobile. The combined strengths of Route Mobile and
Telesign would allow Proximus Group to become one of the worldwide leaders in the fields of CPaaS and digital identity thanks to the
high complementarity of Route Mobile and Telesign, both in terms 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. As part of the new organizational structure, 100% of the shares of BICS were transferred from Proximus nv/sa to Proximus
Opal, the subsidiary of the Proximus Group holding 100% of Telesign as well as the majority stake in Route Mobile. End of 2024,
Proximus Opal ocially changed its name to Proximus Global. Failure to realize the expected synergies, in the new organization with
a streamlined operating model and unified global leadership team, would limit the Group EBITDA growth and ability to crystallize the
value in the future.
Profitable growth in a competitive and fragmented digital communications market depends on the ability to maintain and grow the
business with existing customers and attract new customers in a cost-eective way. It also depends on the ability to adapt to changing
technology standards and customer preferences. Competition is likely to further increase from established competitors and new
market entrants, making scale an important factor for success.
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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 of SMS) alongside SMS as communication
channels. Failure to integrate these new communication channels on a large scale could have a negative impact on the Group’s
EBITDA growth.
While Proximus Global is deemed to be well positioned to benefit from expected CPaaS spending growth, thanks to the strengthening
of omnichannel capabilities and a favorable geographical coverage resulting from the acquisition of Route Mobile, the markets in which
Telesign and Route Mobile operate are highly competitive.
Driven by a fragmented market and complex ecosystem, 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 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 on 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 lead to negative publicity, with Proximus Group’s
reputation, business, financial condition, and results of operations potentially being adversely aected as a result. Additionally, such a
(perceived) 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 slowing of the messaging & roaming market growth or an acceleration of the
voice market decline. Proximus Global adapts to this environment by upgrading its oer to the latest technology (e.g. 5G standalone
roaming), by addressing new customer segments (enterprises), and by investing in new growth domains (such as IoT, Security or Data
Intelligence). Such investments are made possible by cost-reduction initiatives in the legacy and core business (automation, customer
tiering, etc.).
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. Risks from foreign currencies are hedged to
the extent that they are liable to influence the Group’s cash flows.
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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 (campaigning, “always on” approaches on social media, presence on external jobsites, events, etc.). Recruitment channels have
been diversified: referral by employees (with a reward in the event of successful recruitment), internships, student jobs, etc., have
been introduced. Proximus also leverages strong ties with external partners including local agencies and recruiting oces to source
needed skills and develop new sourcing pools. The evolution towards Total Talent Management, integrating both internal and external
resources, will play a critical role in our sourcing strategy, thanks to the Flecs-MSP Program and its future evolution, with the launch of
direct sourcing of freelancers.
Our aliate, Proximus Ada, supports Proximus in expanding its talent pool in Data Science, AI and cybersecurity. Additionally,
transferring our B2B IT activities into a vibrant and dynamic ICT environment (as detailed in the “Belgian ICT market competitive
dynamics – enterprise market” section below) will enhance our ability to attract IT talent. Proximus SA, BICS and Telesign also
diversify their talent sourcing geographically, through Proximus Doo and Telesign Doo, and aliates in Serbia, among others. The
successful closure of the Route Mobile transaction also opened new sourcing options in India.
In the context of workforce cost increases (see “Operating model evolution and cost control” 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 invests
extensively in training programs and internal mobility, providing many opportunities for upskilling and development. A dedicated
project has been initiated with the aim of optimizing the use of Generative AI for productivity gains in a secure and ethical way.
Thanks to the focus on internal mobility, 738 employees changed jobs internally in 2024. With the evolution of Proximus as a group
and its internationalization, synergy initiatives between the recruitment teams have been initiated (common job fairs, common projects
such as internships, for example) and will be further developed (intragroup referral program, internationalization of the graduate
program, etc.). The importance of intragroup mobility is gaining in importance, with a dedicated framework having been established in
2024.
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 Sustainability Statement: “Social information”.
Operating model evolution and cost control
With a challenging socio-economic and geopolitical context, and inflation levels that remain high compared to the previous decades,
costs need to be carefully managed.
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 makes for a more complex group structure for Proximus, which
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brings with it 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.
To compensate for the general eects of inflation, Proximus Group implements a strict cost control discipline and cost reduction
programs. While being on track for the period 2019–2025 cost reduction ambition, failure to achieve the outstanding cost eciencies
would lead to a decrease in profitability. Proximus is constantly exploring ways by which to enhance and expedite cost savings without
compromising customer experience. These include leveraging Generative AI solutions, implementing network transformation
initiatives (such as centralization, virtualization, and the phase-out of legacy systems), and optimizing through the IT TCO program and
CapEx eciency initiatives (focusing on further improvements in fiber, 5G, and copper renewals). To mitigate inflationary pressures,
we utilize long-term supplier relationships, contract protections, advanced purchasing, multi-sourcing strategies, and hedging
mechanisms.
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 2024. Alongside strict
cost management, Proximus SA is countering this impact via price indexations. Should Proximus’ brand power not be strong enough,
the inability to compensate for part of the cost increase through targeted price increases would 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 as a result.
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. Proximus aims for 100% 5G coverage in the 2025–2026
timeframe. Alongside unexpected extra costs of maintaining the legacy network and upgrading it to meet capacity demands,
significant delays in the RAN swaps could weaken Proximus’ mobile leadership position. Proximus closely monitors and follows up on
the progress with its partners and suppliers in this regard.
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 up very closely by 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.
Inflation can also have a positive commercial impact, as Proximus NXT or BICS customers look toward digitalization or outsourcing
options to reduce their own operating costs.
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 cost control”), 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. Orange Belgium has acquired VOO. 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.
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 10K homes at the time of launch). Orange Belgium immediately responded to Digi’s oer by
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launching an equivalently priced tari through its “Hey!” subbrand. The pricing environment could deteriorate with the Digi launch and
ARPU growth could be negatively impacted.
In August 2023, Proximus reached an agreement with Digi and Citymesh Connect on mobile wholesale services, restricted to the 4G
network, and mobile infrastructure. DIGI aims to deploy its own mobile network and achieve 30% 5G population coverage by the end of
2025. The wholesale’s agreement mitigates the potential short-term revenue impact on Proximus Group through wholesale revenues.
Keen to provide the best mobile experience to its customers, 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 for the next 20 years.
Proximus’ superior fiber technology versus cable helps mitigate the churn risk in fiber zones and strengthen the brand, reduce
exposure to price disruption, and maintain pricing power. Proximus has also been consistently improving its multi-play value
propositions, and structurally improving customer experience and customer service.
Alongside competitive dynamics, evolving customer needs, such as the acceleration of the ‘cord-cutting’ trend, i.e. customers
canceling their digital TV subscriptions, would impact revenues and customer stickiness, as well as cost per digital TV customer due
to the high fixed costs. “Over the top” competition (streaming services) is driving up the cost of exclusive content. The high quality of
Proximus’ digital TV oer, the content-sharing strategy for sports rights, and the partnerships with streaming services mitigate these
risks. Network/product superiority and relevant digital services through the new Proximus+ app, which extends the functionalities
beyond the management of the Proximus products, with mobility, energy consumption, budgeting and nearby activities, all contribute
to mitigating risks relating to customer stickiness and brand relevance.
The multi-brand strategy of Proximus also contributes to risk mitigation. 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.
Finally, Proximus’ domestic financial performance could be impacted by disruptive technologies and new business models. Should
Proximus not be able to adapt rapidly and well enough, this would have an impact on market shares and profitability.
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.
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Regulatory and legal risks
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, lead to product shipment delays
or delays in the granting of patent applications, or require 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.
The outcome of pending disputes involving Proximus with or before Belgian governmental bodies could adversely aect Proximus’
operating revenue and net profit arising from data acquisition, as Telesign may not be able to pass the associated cost increase on to its
customers. This would result in a reduced profit margin for Telesign.
Shareholders’ interests alignment
Proximus could be influenced by the Belgian State whose interest may not always be aligned with the interests of Proximus’ other
shareholders and noteholders.
As majority shareholder, the Belgian State 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 creditors.
Periods of political uncertainty can be detrimental to the strategic alignment between Proximus and its majority shareholder and
strain Proximus’ relationship with other stakeholders.
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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
• Security (confidentiality, integrity, availability)
• Data protection and privacy
• Sourcing and supply chain reliability
• Legacy network infrastructure
Resilience and business continuity
Business Continuity Management is developing its abilities to detect, prevent, minimize and deal with the impact of disruptive events so
that business-critical services and functions can be operated at an acceptable level.
This approach is in line with the good practice standards and Belgian regulations on telecoms and critical infrastructure, and is
primarily achieved via the development of business continuity plans at corporate level for threats such as power interruptions,
ransomware attacks or natural disasters linked to climate change. Building and ensuring the resilience of our network, platforms and
IT systems remains a top priority in order to minimize the customer impact in the event of such incidents occurring.
These priorities are managed by the corresponding business units. The business continuity board is the steering committee that
defines the priorities and scope, and validates the outcome. The level of preparedness is reported annually to the Audit and
Compliance Committee.
Security
Escalating global cyber threats, along with the rise of increasingly sophisticated and targeted cyber-attacks, pose a risk to the security
of Proximus as well as its customers, partners, suppliers, and third-party service providers in terms of products, services, business
flows, systems and networks. The confidentiality, availability and integrity of the data of Proximus and its customers are also placed at
risk.
We are taking the necessary actions and making investments to mitigate those risks by enacting several measures, including
employee awareness and training, security-by-design, security testing, protective measures, detective measures, and maintenance of
contingency plans.
Proximus’ cybersecurity program places an important emphasis on Identity & Access Management for privileged users, business
users, partners and vendors, on securing Proximus’ critical infrastructure such as API, private and public clouds and DDoS protection,
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on protecting against advanced disruptive malware (such as ransomware), and expanding monitoring and detection capabilities.
Artificial intelligence and machine learning capabilities are also increasingly used in Proximus’ cybersecurity.
Besides this, Proximus invests in threat intelligence and security incident response. Moreover, Proximus operates several Malware
Information Sharing Platforms (MISPs) that enable the collection and sharing of structured information on cybersecurity threats.
Proximus actively participates in a number of cross-industry and international expert groups to stay up to date on the latest
threats. Collaboration with and through the expert groups of the European Telecom Operators platform (ETIS), GSMA, the Belgian
Cybersecurity Coalition and FIRST has been established in this regard.
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 Sustainability Statement: “Data protection”.
Sourcing & supply chain
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.
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.
Legacy network infrastructure
In 2004, Proximus was the first operator in Europe to launch an ambitious fiber-to-the-curb program, paving the way for the
subsequent national Fiber-To-The-Home network roll-out. And today it is among the world’s top five operators for the proportion of
fiber in its VDSL network, with tens of thousands of kilometers of optical fiber connecting its street cabinets and a massive increase in
the number of kilometers in the access part of the network.
With the rise in customer needs, we foresee a continued increase in data consumption on our networks for the coming year, and
this at far higher speeds than in the past. This is why Proximus is pursuing an aggressive multi-gigabit strategy, with the ambition
of leveraging more and more fiber and 5G to deliver relevant services to our customers. In this context, the relevance of copper will
gradually decrease.
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The fast pace of fiber deployment and adoption allows us to consider decommissioning our copper in the future and, as such, to be
in a position to realize substantial savings in terms of power consumption and maintenance, and avoid having to replace this ageing
technology.
Risk Management & Compliance Committee
In 2024, the Risk Management and Compliance Committee (RMC) held 5 sessions.
The RMC’s objectives are:
• to oversee the company’s most critical enterprise and operational risks and how management monitors and mitigates those risks;
• to review files in which decisions must be taken by finding a balance between risk-taking and cost, in line with the Group’s risk
appetite;
• to enhance pending/open internal audit action points that remain open for more than six months.
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.
The RMC decisions were reported to the Proximus Leadership Squad and the Audit & Compliance Committee.
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. Therefore, the
objectives of the Internal Audit, using the Institute of Internal Auditors’ standards and other professional frameworks, are to ensure:
• eectiveness and adequacy of internal controls;
• operational eectiveness (doing it right) and/or eciency (doing it well);
• compliance with laws, regulations and policies;
• the reliability and the accuracy of the information provided.
Internal Audit helps Proximus Group to accomplish these objectives through its systematic and disciplined approach to evaluating and
improving the eectiveness of risk management and control & governance processes.
Internal Audit’s activities are based on a continuous evaluation of perceived business risks. It has full and unrestricted access to all
activities, documents/records, properties and sta. The Internal Audit Lead has a reporting line to the Chairman of the Audit and
Compliance Committee. Quarterly Audit activity reports are submitted and discussed with the Audit and Compliance Committee.
Since 2020, Proximus’ Internal Audit department, in accordance with IIA Standard 1312 – External Quality Assessment, has been
certified by IFACI/IIA.
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.
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Proximus Group Integrated annual report 2024265
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 (A&CC) 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.
A highly detailed closing calendar is drawn up for Proximus and its major subsidiaries, 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 of these tests provides sucient
assurance on the reliability of the financials.
Management Report
→ Management discussion → The Proximus share → Risk management report
Integrated annual report 2024
Consolidated
Financial
Statements
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 267 Integrated annual report 2024
Consolidated Financial
Statements
Prepared under International Financial Reporting Standards for each of the two years ended 31 December 2024 and 2023.
Consolidated Financial Statements ........................................................................................................................................................................................... 267
Consolidated Balance Sheet ................................................................................................................................................................................................. 269
Consolidated Income Statement ......................................................................................................................................................................................... 271
Consolidated Statement of Comprehensive Income .................................................................................................................................................. 272
Consolidated Cash Flow Statement ................................................................................................................................................................................... 273
Consolidated Statement of Changes in Equity ............................................................................................................................................................. 275
Notes to the consolidated financial statements ............................................................................................................................................................ 276
Note 1. Corporate information ........................................................................................................................................................................................ 276
Note 2. Material accounting policy information ........................................................................................................................................................ 277
Note 3. Goodwill .................................................................................................................................................................................................................... 297
Note 4. Intangible assets with finite useful life ........................................................................................................................................................ 303
Note 5. Property, Plant and Equipment ..................................................................................................................................................................... 305
Note 6. Leases ....................................................................................................................................................................................................................... 306
Note 7. Contract costs ........................................................................................................................................................................................................ 308
Note 8. Investments in subsidiaries, joint operations, joint ventures and associates ............................................................................ 309
Note 9. Equity investments measured at fair value .............................................................................................................................................. 328
Note 10. Income taxes ........................................................................................................................................................................................................ 329
Note 11. Assets and liabilities for pensions, other post-employment benefits and termination benefits ................................... 332
Note 12. Other non-current assets ............................................................................................................................................................................. 340
Note 13. Inventories ............................................................................................................................................................................................................ 340
Note 14. Trade receivables and contract assets .................................................................................................................................................... 341
Note 15. Other current assets .........................................................................................................................................................................................344
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 268 Integrated annual report 2024
Note 16. Non-current assets held for sale ................................................................................................................................................................344
Note 17. Investments and Cash and cash equivalents ......................................................................................................................................... 346
Note 18. Equity ....................................................................................................................................................................................................................... 346
Note 19. Interest-bearing liabilities ............................................................................................................................................................................... 349
Note 20. Provisions .............................................................................................................................................................................................................. 357
Note 21. Other non-current payables ......................................................................................................................................................................... 358
Note 22. Other current payables ................................................................................................................................................................................... 358
Note 23. Net revenue .......................................................................................................................................................................................................... 359
Note 24. Other operating income ................................................................................................................................................................................. 362
Note 25. Costs of materials and services related to revenue ........................................................................................................................... 362
Note 26. Workforce expenses......................................................................................................................................................................................... 363
Note 27. Non-Workforce expenses .............................................................................................................................................................................. 363
Note 28. Depreciation and amortization .................................................................................................................................................................... 364
Note 29. Net finance cost .................................................................................................................................................................................................. 365
Note 30. Earnings per share ............................................................................................................................................................................................ 366
Note 31. Dividends paid and proposed ........................................................................................................................................................................ 367
Note 32. Additional disclosures on financial instruments ................................................................................................................................... 367
Note 33. Related party disclosures ............................................................................................................................................................................... 383
Note 34. Rights, commitments and contingent liabilities ................................................................................................................................... 386
Note 35. Share-based Payment .................................................................................................................................................................................... 391
Note 36. Relationship with the auditors ..................................................................................................................................................................... 395
Note 37. Segment reporting ............................................................................................................................................................................................ 395
Note 38. Recent IFRS pronouncements .................................................................................................................................................................... 398
Note 39. Post balance sheet events ............................................................................................................................................................................ 398
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 269 Integrated annual report 2024
Consolidated Balance Sheet
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 270 Integrated annual report 2024
(EUR million)
As at 31 December
ASSETS
Note
2023
2024
NON-CURRENT ASSETS
Goodwill 3 2,592
Intangible assets with finite useful life 4 1,702
Property, plant and equipment 5 3,834
Right-of-use assets 6 307
Lease receivable 10
Contract costs 7 111
Investments in associates and joint ventures 8 90
Deferred income tax assets 10 4
Equity investments measured at fair value 9 3
Pension assets 11 187
Other non-current assets 12 92
CURRENT ASSETS
Inventories 13 159
Trade receivables 14 866
Contract assets 14 167
Current tax assets 12
Other current assets 15 202
Investments 17 0
Cash and cash equivalents 17 716
Non-current assets held for sale 16 99
TOTAL ASSETS
LIABILITIES AND EQUITY
Note
EQUITY
18
Shareholders' equity attributable to the parent 18 3,300
Non-Controlling interests 18 0
NON-CURRENT LIABILITIES
Interest-bearing liabilities 19 3,308
Lease liabilities 6 210
Liability for pensions, other post-employment benefits and termination benefits 11 337
Provisions
20
Deferred income tax liabilities 10 197
Other non-current payables non-interest-bearing 21 45
Other non-current payables interest-bearing 21 (*) 559
CURRENT LIABILITIES
Interest-bearing liabilities 19 611
Lease liabilities 6 88
Liability for pensions, other post-employment benefits and termination benefits 11 40
Provisions other than for pensions, other post-employment benefits and termination benefits 0
Trade payables (*) 1,433
Contract liabilities 22 126
Tax payables 58
Other current payables non-interest-bearing 22 666
Other current payables interest-bearing 22 (*) 37
Liabilities associated with assets classified as held for sale 16 0
TOTAL LIABILITIES AND EQUITY
(*) "Other current payables Interest-bearing" include interest-bearing payables "Trade payables"
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 271 Integrated annual report 2024
Consolidated Income Statement
(EUR million)
Note
2023
2024
Net revenue 23 5,993
Other operating income 24 56
Total income
Costs of materials and services related to revenue 25 -2,198
-2,364
Workforce expenses 26 -1,343
-1,435
Non-workforce expenses 27 -722
-790
Total operating expenses before depreciation and amortization
-4,262
-4,589
Operating income before depreciation and amortization
Depreciation and amortization 28 -1,185
-1,259
Operating income
Finance income 29 10
Finance costs 29 -119
-185
Net finance costs 29 -110
-159
Share of loss on associates 8.3 -30
-18
Income before taxes
Tax expense 10 -104
-57
Net income
Attributable to:
Equity holders of the parent (Group share) 357
Non-controlling interests 0
Basic earnings per share (in EUR) 30 1.11
Diluted earnings per share (in EUR) 30 1.11
Weighted average nb of outstanding ordinary shares 30 322,442,197
Weighted average nb of outstanding ordinary shares for diluted earnings per share 30 322,442,197
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 272 Integrated annual report 2024
Consolidated Statement of Comprehensive
Income
(EUR million)
Note
2023
2024
Net income
Other comprehensive income:
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations -5
Cash flow hedges:
Gain/(Loss) taken to equity -14
-3
Transfer to profit or loss for the period -4
-14
Other 0
-1
Total before related tax effects
-22
Cash flow hedges:
Gain/(Loss) taken to equity 3
Transfer to profit or loss for the period 1
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
-18
Items that will not be reclassified to profit and loss
Remeasurement of net defined benefit obligations 11 50
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 -12
-29
Income tax relating to items that will not be reclassified
-12
-29
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
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 273 Integrated annual report 2024
Consolidated Cash Flow Statement
As at 31 December
(EUR million)
Note
2023
2024
Cash flow from operating activities:
Net income
Depreciation and amortization 4/5/6 1,185
Net finance costs 110
Tax expense 104
Share of loss on associates and JV 8.3 30
Ebitda (Reported) (1)
Adjustments for non-cash items in Ebitda:
-51
Impairment on intangible assets and property, plant and equipment 16 0
Increase/(decrease) of provisions 20 2
-9
Remeasurement to FV of Previously held interest 8.4 0
-78
(Gain)/loss on disposal of other financial assets 9
(Gain) /loss on disposal of property, plant and equipment 24 -6
-3
(Decrease)/increase in working capital (net of interests, income tax,
acquisitions/disposals of subsidiaries):
-12
-62
Decrease/(increase) in inventories 28
Decrease/(increase) in trade receivables 74
-24
(Decrease)/increase in trade payables 10
-5
Decrease/(increase) in other assets -60
-30
(Decrease)/increase in other liabilities -23
(Decrease)/increase in net liability for pensions, other post-employment benefits
and termination benefits
11 -40
-29
Interests Paid/Received & Other financial cash outflows
-110
-127
Interests Received 8
Interests Paid -111
-146
Other financial cash outflows -7
-1
Income Tax Paid
-49
-108
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
-1,453
-1,474
Cash (paid to)/received from other participating interests (acquisition/sale, loans
and/or derivatives)
8.4
-90
-17
Cash paid for acquisition of consolidated companies, net of cash acquired
8.4
-737
Cash received from sales of intangible assets, property, plant and equipment and
other non-current assets
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 274 Integrated annual report 2024
B. Net cash flow from / (to) investing activities
-1,510
-2,228
Cash flow before financing activities (A. + B.)
-626
C.1 Lease payments
6
-92
-101
Free cash flow (A. + B. + C.1) (2)
-727
Cash flow from / (to) financing activities other than lease payments:
Dividends paid to shareholders 31 -387
-360
Dividends to and transactions with non-controlling interests 18.2 0
-2
Net sale of treasury shares 2
Net sale of investments 0
Impact of transactions with equity holders 8.4 0
Issuance / (repayment) of Perpetual subordinated borrowing 18.1 0
Cash received from /(paid to) cash flow hedge instrument related to long term debt 132
-1
Issuance / (repayment) of Asset financing arrangements 19.3 -10
-10
Issuance of long term debt
Repayment of long term debt 19.3 -101
-614
Repayment of short term debt 19.3 -475
-4
C.2 Net cash flow from / (to) financing activities (other than lease payments)
D. Exchange rate impact
-1
Net increase/(decrease) of cash and cash equivalents (A + B + C.1 + C.2 + D)
-219
Cash and cash equivalents at 1 January 299
Cash and cash equivalents at the end of the period 716
(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
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 275 Integrated annual report 2024
Consolidated Statement of Changes in Equity
(EUR million)
Issued
capital
Treasury
shares
Restric'd
reserve
Equity
instruments
and hedge
reserve
Other
remeasur
- ement
reserve
Foreign
currency
trans-
lation
Stock
Compen
-sation
Retained
Earnings
Hybrid
Instru-
ments
Share'rs'
Equity
Non-
control.
interests
Total
Equity
Balance as at 1 January 2023
-425
Total comprehensive income and expense
-13
-5
Dividends to shareholders (relating to 2022) 0 0 0 0
-226 0 -226 0
-226
Interim dividends to shareholders (relating
to 2023)
-161 0 -161 0
-161
Treasury shares
Sale of treasury shares 0 6 0 0
-4 0 2
Total transactions with equity holders
-391
-385
-385
Balance as at 31 December 2023
-419
Total comprehensive income
-14
Dividends to shareholders (relating to 2023) 0 0 0 0
-226 0 -226 0
-226
Interim dividends to shareholders (relating
to 2024)
-161 0 -161 0
-161
Dividends of subsidiaries to non-controlling
interests
-2 0 -2 0
-2
Business combination 0 0 0 0
Partial disposal of a subsidiary without loss
of control
Business combination under common
control
-32 0 -32 32
Perpetual subord borrowings 0 0 0 0
-12 700 688
Treasury shares
Sale of treasury shares 0 2 0 0
-3 0 -1 0
-1
Stock options
Exercise of stock options 0 0 0 0
-1 1
Total transactions with equity holders
-222
Balance as at 31 December 2024
-417
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 276 Integrated annual report 2024
Notes to the consolidated financial statements
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 277 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 278 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 279 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 280 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 281 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 282 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 283 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 284 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 285 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 286 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 287 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 288 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 289 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 290 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 291 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 292 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 293 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 294 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 295 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 296 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 297 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 298 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 299 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 300 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 301 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 302 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 303 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 304 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 305 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 306 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 307 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 308 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 309 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 310 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 311 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 312 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 313 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 314 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 315 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 316 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 317 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 318 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 319 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 320 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 321 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 322 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 323 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 324 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 325 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 326 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 327 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 328 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 329 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 330 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 331 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 332 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 333 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 334 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 335 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 336 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 337 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 338 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 339 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 340 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 341 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 342 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 343 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 344 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 345 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 346 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 347 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 348 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 349 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 350 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 351 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 352 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 353 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 354 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 355 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 356 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 357 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 358 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 359 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 360 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 361 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 362 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 363 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 364 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 365 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 366 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 367 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 368 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 369 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 370 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 371 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 372 Integrated annual report 2024
-2,413,736
0.80
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 373 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 374 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 375 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 376 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 377 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 378 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 379 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 380 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 381 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 382 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 383 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 384 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 385 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 386 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 387 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 388 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 389 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 390 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 391 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 392 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 393 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 394 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 395 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 396 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 397 Integrated annual report 2024
Consolidated Financial Statements
→ Consolidated Balance Sheet → Consolidated Income Statement → Consolidated Statement of Comprehensive Income
→ Consolidated Cash Flow Statement → Consolidated Statement of Changes in Equity → Notes to the Consolidated Financial Statement
Proximus Group 398 Integrated annual report 2024
Integrated annual report 2024
Auditor’s reports
and Management
responsibility
statement
Fout! Geen tekst met de opgegeven stijl in het 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 2024
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 17 april 2024, 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 on 31 December 2024 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 2024. We have performed our limited assurance
engagement on the consolidated sustainability statement for the first time during the current
reporting period.
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 the 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
Proximus NV van publiek recht / SA de droit public |
31 December 2024
2
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
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.
Other matters
The scope of our work is limited to our limited assurance engagement on the consolidated sustainability
statement of the group for the year ended 31 December 2024. Our limited assurance engagement does not
extend to information related to the comparative figures included in the consolidated sustainability
statement.
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 the 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
Proximus NV van publiek recht / SA de droit public |
31 December 2024
3
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.
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 the 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.
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.
Proximus NV van publiek recht / SA de droit public |
31 December 2024
4
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 the 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 2024
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 Koen Neijens
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 2024 - 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 2024
1
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 2024 - 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 20 April 2022, 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 2024.
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 15
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 3 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 2024, 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 13 327 million EUR and the
consolidated income statement shows a profit for the year then ended of 456 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 2024 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 2024
2
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 2024, goodwill amounts to
3 275 million EUR and relates to the group’s two
Cash Generating Units (‘CGU’), respectively
Domestic CGU (2 442 million EUR) and
International CGU (833 million EUR).
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 three
years. 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
specific assumptions on tax rates, capital spending
and discount rates.
We obtained an understanding, 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 2024
3
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 rate given the
sensitivity of the Domestic model.
• 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.
Purchase Price Allocation for the business
combination of Route Mobile
On 8 May 2024, Proximus Group completed the
acquisition of a 58% stake in Route Mobile for a
total consideration of 812 million EUR.
IFRS 3 Business combinations requires a purchase
price allocation exercise, whereby the total
consideration is allocated to identifiable assets,
liabilities and contingent liabilities, with the
remaining amount being presented as goodwill. A
purchase price allocation exercise has been
performed by management assisted by an external
expert. Management has the discretion to make
judgments, estimates and assumptions in
allocating the purchase price and determining the
fair values. Changes in these assumptions could
have a significant effect on the purchase price
allocation and fair values. We focused on this
because the acquisition is significant to the group
and requires use of significant management
judgment regarding the identification of assets
acquired and the valuation of assets and liabilities
acquired. More details on the acquisition
accounting and the disclosure requirements under
IFRS 3 Business Combinations are included in note
8.4 ‘Acquisitions and disposal of subsidiaries, joint
ventures and associates”.
We addressed this key audit matter through the
following main procedures:
• We obtained an understanding of management’s
processes over the acquisition accounting
• We obtained the underlying documentation,
terms and conditions of the transaction and
assessed the accounting treatment of the
consideration transferred and the assets and
liabilities acquired in accordance with IFRS 3
Business Combinations;
• We performed a risk assessment over the assets
acquired and liabilities assumed to determine the
nature and extent of further procedures and
performed opening balance sheet testing for
selected acquired assets and liabilities;
• Together with our valuation specialists we audited
management’s valuations and assessed the
methodology used to determine the assets
acquired and liabilities assumed, in particular the
methodologies and discount rates as key
assumptions, used in the valuation of the
acquired business, and a reconciliation of the key
inputs used in the fair value measurement.
• We assessed the adequacy of related disclosures
in note 8.4.
Proximus NV van publiek recht / Proximus SA de droit public | 31 December 2024
4
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.
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 2024
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.
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 2024
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 Koen Neijens
Luc Callaert BV/SRL
Represented by Luc Callaert
Proximus Group Integrated annual report 2024413
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.
The Proximus Executive Committee is represented by Guillaume Boutin, CEO, assisted by the Proximus Leadership Squad, the
Domestic Management Committee and the International Management Committee.
Guillaume Boutin
CEO
Auditor’s reports and Management responsibility statement
Proximus Group Integrated annual report 2024415
ESRS Index
Legend of colors used Identification of Voluntary DPs
ESRS 2 - General disclosures
General basis for preparation
ID Location in Proximus integrated annual report
BP-1_01-03 Sustainability Statement - General information - Basis of preparation - Sustainability reporting scope
BP-1_0 4 Sustainability Statement - General information - Basis of preparation - Sustainability reporting scope - Value chain information
BP-1_05-0 6 Not applicable
Specific circumstances for preparation
ID Location in Proximus integrated annual report
BP-2_01-02
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Time horizon and
under the chapters when necessary
BP-2_03-08
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Estimations and
under the chapters when necessary
BP-2_09
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions and under the
chapters when necessary
BP-2_10-1 2
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions and under the
chapters when necessary
BP-2_1 3-1 5 Not applicable
BP-2_16-17 Not applicable. The only sustainability framework applied is the ESRS/CSRD.
BP-2_18-19 Disclosure not mandatory
BP-2_20
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions and under the
chapters when necessary
BP-2_21-27 Not applicable as Proximus has more than 750 employees.
The composition and role of management
ID Location in Proximus integrated annual report
GOV-1_01-02 Corporate governance statement - Board of Directors
GOV-1_03 Not applicable as Proximus has no representant of employees in the Board of Directors.
GOV-1_04 Proximus Group at a glance - Governance overview - Board of Directors
GOV-1_05-07 Corporate governance statement - Board of Directors
GOV-1_08 Sustainability Statement - General information - Sustainability governance - Structure, roles and responsibilities
GOV-1_09
Corporate governance statement - Board of Directors
Sustainability Statement - General information - Sustainability governance - Structure, roles and responsibilities - Corporate
ESG Governance
GOV-1_10-1 2
Sustainability Statement - General information - Sustainability governance - Structure, roles and responsibilities - Operational
ESG Governance
GOV-1_1 3 Sustainability Statement - General information - Sustainability governance - Structure, roles and responsibilities
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024416
GOV-1_14
Sustainability Statement - General information - Sustainability governance - Structure, roles and responsibilities - Operational
ESG Governance
GOV-1_1 5-17 Proximus Group at a glance - Governance overview - Board of Directors
Sustainability information provided to management
ID Location in Proximus integrated annual report
GOV-2_01 Sustainability Statement - General information - Sustainability governance - Corporate ESG governance
GOV-2_02 Not yet available
GOV-2_03
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
GOV-2_04 Disclosure not mandatory
Incentive scheme
ID Location in Proximus integrated annual report
GOV-3_01-06 Governance - Remuneration of Board of Directors and executive management board
Sustainability due diligence
ID Location in Proximus integrated annual report
GOV-4_01 Sustainability Statement - General information - Basis of preparation
Risk management and internal controls
ID Location in Proximus integrated annual report
GOV-5_01-02
Sustainability Statement - General information - Sustainability governance - Risk management and internal controls over
sustainability reporting
GOV-5_03
Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Main challenges
Sustainability Statement - General information - Sustainability governance - Risk management and internal controls over
sustainability reporting
GOV-5_04-05
Sustainability Statement - General information - Sustainability governance - Risk management and internal controls over
sustainability reporting and under risk management chapter
Market position, strategy and business model
ID Location in Proximus integrated annual report
SBM-1_01-02 Report on our activities
SBM-1_03-04 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
SBM-1_05 Not applicable
SBM-1_06-08 Not applicable. It will be published once the sector ESRS are available.
SBM-1_09-20 Not applicable
SBM-1_21-23 Not yet available
SBM-1_24 Not applicable
SBM-1_25-28
Proximus Group at a glance - Value creation model
Sustainability Statement - General information - Our value chain
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024417
Stakeholder views and interests
ID Location in Proximus integrated annual report
SBM-2_01-07 Sustainability Statement - General information - Stakeholder engagement
SBM-2_0 8-1 1 Sustainability Statement - General information - Double Materiality Assessment - Next steps
SBM-2_12
Sustainability Statement - General information - Stakeholder engagement - Customers
Sustainability Statement - General information - Stakeholder engagement - Employees
DMA - Material impacts in relation to strategy
ID Location in Proximus integrated annual report
SBM-3_01-07
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
SBM-3_08
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process -
Assessment of the impact materiality and financial materiality
SBM-3_09 Phase-in provision is used and will be reported on in 2025.
SBM-3_10 Not yet available
SBM-3_11 Sustainability Statement - General information - Double Materiality Assessment - The outcome
SBM-3_12 Sustainability Statement - General information - Double Materiality Assessment - The outcome - Materiality matrix
DMA - Materiality assessment process
ID Location in Proximus integrated annual report
IRO-1_01
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process -
Scope of the assessment
IRO-1_02 Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
IRO-1_03
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process -
Scope of the assessment
IRO-1_0 4 Sustainability Statement - General information - Double Materiality Assessment
IRO-1_0 5
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process -
Identification of the topics and associated impacts, risks and opportunities
IRO-1_0 6-1 2
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process -
Assessment of the impact materiality and financial materiality
IRO-1_1 3-14 Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
IRO-1_1 5 Not applicable
DMA - Material topics included and omitted
ID Location in Proximus integrated annual report
IRO-2_01-03 Not applicable
IRO-2_0 4-12 Disclosure not mandatory
IRO-2_13 Sustainability Statement - General information - Double Materiality Assessment
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024418
Minimum Disclosure Requirement
ID Location in Proximus integrated annual report
MDR-P This information is presented within the “Policies” subsection for each material topic chapter.
MDR-A This information is presented within the “Taking actions on impacts” subsection for each materiality topic chapter.
MDR-T This information is presented within the “Strategic objectives” subsection for each materiality topic chapter.
MDR-M This information is presented within the “Performance” subsection for each materiality topic chapter.
ESRS E1 - Climate change
Integration of sustainability-related performance in incentive schemes
ID Location in Proximus integrated annual report
E1.GOV-3_01-03
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance
Transition plan
ID Location in Proximus integrated annual report
E1-1_01
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-1_02
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Strategic
objectives
E1-1_03
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-1_04-06
Sustainability Statement - General information - Proximus' sustainability strategy - Financial resources allocated to
sustainability action plan
E1-1_07
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan - Our vision
E1-1_08 Sustainability Statement - Environmental information - Climate change - EU Taxonomy
E1-1_09-1 1 Not applicable
E1-1_1 2 Not applicable as Proximus is not excluded from Paris-Aligned Benchmarks.
E1-1_1 3-1 5
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-1_16 Not applicable
Material impacts, risks and opportunities and their interaction with strategy and business model
ID Location in Proximus integrated annual report
E1.SBM-3_01
Sustainability Statement - Environmental information - Climate change - Our impacts, risks and opportunities - Climate
change risks
E1.SBM-3_02-05
Sustainability Statement - Environmental information - Climate change - Our impacts, risks and opportunities - Climate
change risks - Climate change risks identification methodology
E1.SBM-3_06
Sustainability Statement - Environmental information - Climate change - Our impacts, risks and opportunities - Climate
change risks
E1.SBM-3_07
Sustainability Statement - Environmental information - Climate change - Our impacts, risks and opportunities - Climate
change risks - Climate change risks identification methodology
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024419
Description of the processes to identify and assess material climate-related impacts, risks and opportunities
ID Location in Proximus integrated annual report
E1. IRO-1_01
Sustainability Statement - General information - Double Materiality Assessment - The Double Materiality Assessment
process
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
E1. IRO-1_02
Sustainability Statement - Environmental information - Climate change - Our impacts, risks and opportunities - Climate
change risks - Climate change risks identification methodology
E1. IRO-1_03-07
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
E1.IRO-1_08 Sustainability Statement - Environmental information - Climate change
E1. IRO-1_0 9-15
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
E1. IRO-1_16 Not yet available
Policies in place to manage its material impacts, risks and opportunities related to climate change mitigation and
adaptation
ID Location in Proximus integrated annual report
E1.MDR-P_01-06 Sustainability Statement - Environmental information - Climate change - Policies
Policies
ID Location in Proximus integrated annual report
E1-2_01 Sustainability Statement - Environmental information - Climate change - Policies
Disclosures to be reported in case Proximus has not adopted policies
ID Location in Proximus integrated annual report
E1.MDR-P_07 Not applicable
E1.MDR-P_08 Disclosure not mandatory
Actions and resources related to climate change mitigation and adaptation
ID Location in Proximus integrated annual report
E1.MDR-A_01-05
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1.MDR-A_06-07
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to
sustainability action plan
The link with Financial statements is not yet available.
E1.MDR-A_08 Disclosure not mandatory
E1.MDR-A_09-12
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to
sustainability action plan
The link with Financial statements is not yet available.
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024420
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
E1.MDR-A_13 Not applicable
E1.MDR-A_14 Disclosure not mandatory
Actions & resources
ID Location in Proximus integrated annual report
E1-3_01
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-3_02 Disclosure not mandatory
E1-3_03-05 Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-3_06-08 Not yet available
Tracking eectiveness of policies and actions through targets
ID Location in Proximus integrated annual report
E1.MDR-T_01-13
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Strategic
objectives
Disclosure to be reported if Proximus has not set any measurable outcome-oriented targets
ID Location in Proximus integrated annual report
E1.MDR-T_14-15 Disclosure not mandatory
E1.MDR-T_16-19 Not applicable
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
E1.MDR-M_01-02 Performance subsections within each material topic chapter
E1.MDR-M_03 Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Our focus
Targets
ID Location in Proximus integrated annual report
E1-4_01
Sustainability Statement - Environmental information - Climate change - Climate change - Policies /
Climate change mitigation and energy - Context
Sustainability Statement - Environmental information - Climate change - Climate change adaptation - Strategic objectives
E1-4_02
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-4_03
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan - Our vision
E1-4_04-05 Not applicable
E1-4_06-07
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-4_08-1 1 Not applicable
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024421
E1-4_1 2-1 3
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan - Our vision
E1-4_14 Not applicable
E1-4_1 5-16
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Proximus
climate transition plan - Our vision
E1-4_17 Not applicable
E1-4_18
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Strategic
objectives
E1-4_19 Disclosure not mandatory
E1-4_20
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - How we calculate our greenhouse gas emissions and energy footprint
E1-4_21 Not applicable
E1-4_22
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Strategic
objectives
E1-4_2 3
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy - Climate
Transition Plan
E1-4_24
Sustainability Statement - Environmental information - Climate change - Our Impacts, risks and opportunities - Climate
change risks - Climate change risks identification methodology
Energy consumption
ID Location in Proximus integrated annual report
E1-5_01-09
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Energy
E1-5_10-14 Not applicable
E1-5_1 5-17
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Energy
E1-5_18-21 Not applicable
E1-5_22-23 Disclosure not mandatory
GHG Scope 1, 2 & 3 emissions
ID Location in Proximus integrated annual report
E1-6_01-04
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-6_05 Not applicable
E1-6_06-07
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-6_08 Not applicable
E1-6_09-14
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-6_15
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - How we calculate our greenhouse gas emissions and energy footprint
E1-6_16 Not applicable
E1-6_17-18
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-6_19
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Energy
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024422
E1-6_20 Disclosure not mandatory
E1-6_21-23
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Energy
E1-6_24 Not applicable
E1-6_25
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-6_26-27
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - How we calculate our greenhouse gas emissions and energy footprint
E1-6_28 Not applicable
E1-6_29
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance
E1-6_30-35
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
GHG removal project
ID Location in Proximus integrated annual report
E1-7_01-09 Not applicable
E1-7_10 -1 1
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-7_1 2 Not applicable
E1-7_1 3
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-7_14-1 5 Not applicable
E1-7_16
Sustainability Statement - Environmental information - Climate change - Climate change mitigation and energy -
Performance - Greenhouse gas emissions
E1-7_1 7-1 9 Not applicable
E1-7_ 20 Not yet available
E1-7_21-25 Not applicable
Internal carbon pricing
ID Location in Proximus integrated annual report
E1-8_01-09 Not applicable
Financial eects
ID Location in Proximus integrated annual report
E1-9_01-11 Phase-in provision is used and will be reported on in 2025.
E1-9_1 2-13 Disclosure not mandatory
E1-9_14-23 Phase-in provision is used and will be reported on in 2025.
E1-9_24-28 Disclosure not mandatory
E1-9_29-35 Phase-in provision is used and will be reported on in 2025.
E1-9_36-38 Disclosure not mandatory
E1-9_39-44 Phase-in provision is used and will be reported on in 2025.
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024423
ESRS E2 - Pollution
Description of the processes to identify and assess material pollution-related impacts, risks and opportunities
ID Location in AR
E2.I RO-1_01-1 5 Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
All the other disclosure requirements are not material based on the DMA.
ESRS E3 - Water and marine resources
Description of the processes to identify and assess material water and marine resources-related impacts, risks and
opportunities
ID Location in AR
E3. IRO-1_01-15 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
Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and
opportunities
ID Location in AR
E4.I RO-1_01-1 5 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
Description of the processes to identify and assess material resource use and circular economy-related impacts, risks
and opportunities
ID Location in Proximus integrated annual report
E5.I RO-1_01
Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
Sustainability Statement - Environmental information - Circular economy and waste - Our impacts, risks and opportunities
E5.I RO-1_02 Sustainability Statement - General information - Double Materiality Assessment - Double Materiality Assessment process
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024424
Policies to manage Proximus' material impacts, risks and opportunities related to resource use and circular economy
ID Location in Proximus integrated annual report
E5.MDR-P_01-06 Sustainability Statement - Environmental information - Circular economy and waste - Policies
Disclosures to be reported in case Proximus has not adopted policies
ID Location in Proximus integrated annual report
E5.MDR-P_07 Not applicable
E5.MDR-P_08 Disclosure not mandatory
Policies
ID Location in Proximus integrated annual report
E5-1_01-02 Sustainability Statement - Environmental information - Circular economy and waste - Policies
E5-1_03-04 Disclosure not mandatory
Actions and resources related to climate change mitigation and adaptation
ID Location in Proximus integrated annual report
E5.MDR-A_01-05 Sustainability Statement - Environmental information - Circular economy and waste - Action plans
E5.MDR-A_06-07
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available.
E5.MDR-A_08 Disclosure not mandatory
E5.MDR-A_09-12
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available.
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
E5.MDR-A_13 Not applicable
E5.MDR-A_14 Disclosure not mandatory
Actions & resources
ID Location in Proximus integrated annual report
E5-2_01-10 Disclosure not mandatory
Tracking eectiveness of policies and actions through targets
ID Location in Proximus integrated annual report
E5.MDR-T_01-13 Not applicable as no measurable target yet
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024425
Disclosures to be reported if Proximus has not adopted targets
ID Location in Proximus integrated annual report
E5.MDR-T_14-15 Disclosure not mandatory
E5.MDR-T_16-19 Sustainability Statement - Environmental information - Circular economy and waste - Performance
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
E5.MDR-M_01-02 Sustainability Statement - Environmental information - Circular economy and waste - Performance
E5.MDR-M_03 Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Our focus
Targets
ID Location in Proximus integrated annual report
E5-3_01-04 Sustainability Statement - Environmental information - Circular economy and waste - Strategic objectives
E5-3_05 Not applicable
E5-3_06-07
Sustainability Statement - Environmental information - Circular economy and waste - Performance - Resources outflows /
Waste
E5-3_08-09 Sustainability Statement - Environmental information - Circular economy and waste - Strategic objectives
E5-3_10-12 Disclosure not mandatory
E5-3_13 Not applicable
Resource inflows
ID Location in Proximus integrated annual report
E5-4_01-06 Sustainability Statement - Environmental information - Circular economy and waste - Performance - Resource inflow
E5-4_07 Disclosure not mandatory
E5-4_08 Not applicable
Resource outflows
ID Location in Proximus integrated annual report
E5-5_01-06 Sustainability Statement - Environmental information - Circular economy and waste - Performance - Resources outflows
E5-5_07-17 Sustainability Statement - Environmental information - Circular economy and waste - Performance - Waste
E5-5_18 Disclosure not mandatory
Financial eects
ID Location in Proximus integrated annual report
E5-6_01-04 Phase-in provision is used and will be reported on in 2025.
E5-6_05-06 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024426
ESRS S1 - Own workforce
Material impacts, risks and opportunities and their interaction with strategy and business model
ID Location in Proximus integrated annual report
S1.SBM-2_01-03 Sustainability Statement - General information - Stakeholder engagement
S1.SBM-3_01-02 Sustainability Statement - Social information - Our own workforce - Employees’ and non-employees’ definitions
S1.SBM-3_03-05
Sustainability Statement - General information - Double Materiality Assessment - The outcome - Impacts, risks and
opportunities overview
S1. SBM-3_06-1 2 Not applicable
Policies to manage material impacts, risks and opportunities related to Proximus' workforce
ID Location in Proximus integrated annual report
S1.MDR-P_01-06 Sustainability Statement - Social information - Our own workforce - Policies
Disclosures to be reported in case Proximus has not adopted policies
ID Location in Proximus integrated annual report
S1.MDR-P_07 Not applicable
S1.MDR-P_08 Disclosure not mandatory
Policies
ID Location in Proximus integrated annual report
S1-1_01 Sustainability Statement - Social information - Our own workforce - Policies
S1-1_02 Disclosure not mandatory
S1-1_03- 09 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Policies
S1-1_10-11
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Policies
Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Policies
S1-1_1 2 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Strategic objectives
S1-1_1 3 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Policies
S1-1_14-22 Disclosure not mandatory
Process: Worker engagement
ID Location in Proximus integrated annual report
S1-2_01-04 Sustainability Statement - Social information - Our own workforce - Processes for engaging with own workforce
S1-2_05 Not applicable as Proximus does not have a Global Framework Agreement or other agreements with workers representatives.
S1-2_06 Sustainability Statement - Social information - Our own workforce - Processes for engaging with own workforce
S1-2_07 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Taking actions on impacts
S1-2_08 Not applicable
S1-2_09-1 5 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024427
Process: Remediate impacts
ID Location in Proximus integrated annual report
S1-3_01
Sustainability Statement - Social information - Our own workforce - Work-life balance and well-being - Processes to remediate
negative impacts
Sustainability Statement - Social information - Our own workforce - Employee health and safety - Processes to remediate
negative impacts
S1-3_02
Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
Sustainability Statement - Social information - Our own workforce - Processes for engaging with own workforce
S1-3_03-04 Disclosure not mandatory
S1-3_05
Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
Sustainability Statement - Social information - Our own workforce - Processes for engaging with own workforce
S1-3_06 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
S1-3_07
Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
Sustainability Statement - Governance information - Business conduct - Performance - Corporate culture metrics
S1-3_08-09 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
S1-3_10 Not applicable
S1-3_11 Disclosure not mandatory
Action plans and resources to manage its material impacts, risks and opportunities related to Proximus' workforce
ID Location in Proximus integrated annual report
S1.MDR-A_01-05 Within the material topic chapter
S1.MDR-A_06-07
Sustainability Statement - General information - Proximus' sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available.
S1.MDR-A_08 Disclosure not mandatory
S1.MDR-A_09-12
Sustainability Statement - General information - Proximus' sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available.
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
S1.MDR-A_13 Not applicable
S1.MDR-A_14 Disclosure not mandatory
Taking actions on impacts
ID Location in Proximus integrated annual report
S1-4_01-04 Within each material topic section
S1-4_05 Sustainability Statement - Social information - Our own workforce - Human Resources governance
S1-4_06-07 Within each material topic section
S1-4_08
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Taking
actions on impacts
Sustainability Statement - Social information - Our own workforce - Work-life balance and well-being - Taking actions on
impacts
Sustainability Statement - Social information - Our own workforce - Employee health and safety
Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Taking actions on impacts
Sustainability Statement - Social information - Employee upskilling, reskilling and employability - Taking actions on impacts
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024428
S1-4_09 Resources and responsibilities subsections within the material topic sections
S1-4_10-18 Disclosure not mandatory
S1-4_19 Not applicable
S1-4_20 Disclosure not mandatory
Targets set to manage material impacts, risks and opportunities related to Proximus' workforce
ID Location in Proximus integrated annual report
S1.MDR-T_01-13
Sustainability Statement - Social information - Our own workforce - Employee health and safety - Strategic objectives
Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Strategic objectives
Disclosures to be reported if Proximus has not adopted targets
ID Location in Proximus integrated annual report
S1.MDR-T_14-15 Disclosure not mandatory
S1.MDR-T_16-19 Within the material topic chapter
Targets
ID Location in Proximus integrated annual report
S1-5_01-03 Not applicable
S1-5_04-06 Disclosure not mandatory
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
S1.MDR-M_01-02 Performance subsections within each material topic chapter
S1.MDR-M_03 Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Our focus
Employee characteristics
ID Location in Proximus integrated annual report
S1-6_01 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-6_02-03 Not applicable
S1-6_04 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-6_05-06 Not applicable
S1-6_07 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-6_08 Not applicable
S1-6_09-10 Not applicable
S1-6_1 1-16 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-6_17 Consolidated financial statements - Note 1 Corporate information
S1-6_18-20 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024429
Non-employee characteristics
ID Location in Proximus integrated annual report
S1-7_01-10 Phase-in provision is used and will be reported on in 2025.
Collective bargaining
ID Location in Proximus integrated annual report
S1-8_01
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
Phase-in provision used for non-EEA countries.
S1-8_02
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
Phase-in provision used for non-EEA countries.
S1-8_03 Phase-in provision used for non-EEA countries and will be reported in 2025.
S1-8_04-05 Disclosure not mandatory
S1-8_06
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
Phase-in provision used for non-EEA countries.
S1-8_07
Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
Phase-in provision used for non-EEA countries.
S1-8_08 Phase-in provision is used and will be reported on in 2025.
Diversity metrics
ID Location in Proximus integrated annual report
S1-9_01-06 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Performance
Adequate wages
ID Location in Proximus integrated annual report
S1-10_01 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-10_02-03 Not applicable
S1-10_04 Disclosure not mandatory
Social protection
ID Location in Proximus integrated annual report
S1-11_01-09 Phase-in provision is used and will be reported on in 2025.
Persons with disabilities
ID Location in Proximus integrated annual report
S1-1 2_01 Phase-in provision is used and will be reported on in 2025.
S1-1 2_02 Disclosure not mandatory
S1-1 2_03 Phase-in provision is used and will be reported on in 2025.
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024430
Training and skills
ID Location in Proximus integrated annual report
S1-13_01-04 Phase-in provision is used and will be reported on in 2025.
S1-1 3_0 5-07 Disclosure not mandatory
Health and safety
ID Location in Proximus integrated annual report
S1-14_01-05 Sustainability Statement - Social information - Our own workforce - Employee health and safety - Performance
S1-14_06-07 Phase-in provision is used and will be reported on in 2025.
S1-14_08-1 2 Disclosure not mandatory
Work-life balance
ID Location in Proximus integrated annual report
S1-15_01-04 Phase-in provision is used and will be reported on in 2025
Compensation metrics
ID Location in Proximus integrated annual report
S1-16_01-03 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay and social dialogue - Performance
S1-16_0 4-07 Disclosure not mandatory
Human rights incidents
ID Location in Proximus integrated annual report
S1-17_01-02 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Performance
S1-17_03 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay, and social dialogue - Performance
S1-17_0 4 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance mechanisms
S1-17_0 5- 06 Sustainability Statement - Social information - Our own workforce - Diversity and inclusion - Performance
S1-17_07 Not applicable
S1-1 7_08-1 1 Sustainability Statement - Social information - Our own workforce - Working rights, fair pay, and social dialogue - Performance
S1-17_1 2 Not applicable as no human rights incidents has occured and therefore no fines, penalties and compensations.
S1-1 7_1 3-14 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024431
ESRS S2 - Human rights in the value chain
Material impacts, risks and opportunities and their interaction with strategy and business model
ID Location in Proximus integrated annual report
S2.SBM-2_01-03 Sustainability Statement - General information - Stakeholder engagement
S2.SBM-3_01-03 Sustainability Statement - Social information - Human rights within our value chain - Context
S2.SBM-3_04
Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
- Risk identification
S2.SBM-3_05 Sustainability Statement - Social information - Human rights within our value chain - Impacts, risks and opportunities
S2.SBM-3_06 Not applicable as no positive impact identified
S2.SBM-3_07 Sustainability Statement - Social information - Human rights within our value chain - Impacts, risks and opportunities
S2.SBM-3_08 Not applicable
S2.SBM-3_09 Sustainability Statement - Social information - Human rights within our value chain - Impacts, risks and opportunities
Policies to manage material impacts, risks and opportunities related to value chain workers
ID Location in Proximus integrated annual report
S2.MDR-P_01-06 Sustainability Statement - Social information - Human rights within our value chain - Policies
Disclosures to be reported if Proximus has not adopted policies
ID Location in Proximus integrated annual report
S2.MDR-P_07 Not applicable
S2.MDR-P_08 Voluntary disclosure
Policies
ID Location in Proximus integrated annual report
S2-1_01-02 Sustainability Statement - Social information - Human rights within our value chain - Policies
S2-1_03 Sustainability Statement - General information - Stakeholder engagement - Suppliers and workers in the value chain
S2-1_04-0 6 Sustainability Statement - Social information - Human rights within our value chain - Policies
S2-1_07 Disclosure not mandatory
S2-1_08 Sustainability Statement - Social information - Human rights within our value chain - Policies
S2-1_0 9 Not yet monitored for Proximus Group.
S2-1_10-1 1 Disclosure not mandatory
Process: Value chain workers engagement
ID Location in Proximus integrated annual report
S2-2_01-07 Not applicable
S2-2_08 Sustainability Statement - General information - Stakeholder engagement - Suppliers and value chain workers
S2-2_09 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024432
Process: Remediate impacts
ID Location in Proximus integrated annual report
S2-3_01-03 Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
S2-3_04
Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance
mechanisms
S2-3_05 It is not monitored for Proximus Group
S2-3_06
Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Grievance
mechanisms
S2-3_07 Not applicable as there are channels for raising concerns
S2-3_08-12 Disclosure not mandatory
Action plans and resources to manage Proximus' material impacts, risks and opportunities related to value chain
workers
ID Location in Proximus integrated annual report
S2.MDR-A_01-05 Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
S2.MDR-A_06-07 Sustainability Statement - Social information - Human rights within our value chain - Resources and responsibilities
S2.MDR-A_08 Disclosure not mandatory
S2.MDR-A_09-12
Sustainability Statement - General information - Proximus' sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available
Disclosures to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
S2.MDR-A_13 Not applicable
S2.MDR-A_14 Voluntary disclosure
Taking actions on impacts
ID Location in Proximus integrated annual report
S2-4_01-03 Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
S2-4_04 Sustainability Statement - Social information - Human rights within our value chain - Performance
S2-4_05-08 Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
S2-4_09 Not applicable as no opportunity identified.
S2-4_10 Sustainability Statement - Social information - Human rights within our value chain - Actions to remediate negative impacts
S2-4_11 Not yet monitored for Proximus Group.
S2-4_12 Sustainability Statement - Social information - Human rights within our value chain - Resources and responsibilities
S2-4_1 3-18 Disclosure not mandatory
Targets
ID Location in Proximus integrated annual report
S2-5_01-03 Not applicable as no measurable targets yet
S2-5_04-06 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024433
Targets set to manage material impacts, risks and opportunities related to value chain workers
ID Location in Proximus integrated annual report
S2.MDR-T_01-13 Not applicable as no measurable targets yet
Disclosures to be reported if Proximus has not adopted targets
ID Location in Proximus integrated annual report
S2.MDR-T_14-15 Disclosure not mandatory
S2.MDR-T_16 Sustainability Statement - Social information - Human rights within our value chain - Strategic objectives
S2.MDR-T_17-19 Sustainability Statement - Social information - Human rights within our value chain - Performance
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
S2.MDR-M_01-02 Sustainability Statement - Social information - Human rights within our value chain - Performance
S2.MDR-M_03 Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Our focus
ESRS S3 - Aected communities
Material impacts, risks and opportunities and their interaction with strategy and business model
ID Location in Proximus integrated annual report
S3.SBM-2_01-03 Sustainability Statement - General information - Stakeholder engagement
S3.SBM-3_01-03 Sustainability Statement - Social information - Local communities - Context
S3.SBM-3_04 Sustainability Statement - Social information - Local communities - Impacts, risks and opportunities
S3.SBM-3_05 Not applicable as no positive impacts identified
S3.SBM-3_06 Sustainability Statement - Social information - Local communities - Impacts, risks and opportunities
S3.SBM-3_07 Not applicable
S3.SBM-3_08 Sustainability Statement - Social information - Local communities - Impacts, risks and opportunities
Policies to manage material impacts, risks and opportunities related to aected communities
ID Location in Proximus integrated annual report
S3.MDR-P_01-06 Sustainability Statement - Social information - Local communities - Policies
Disclosures to be reported if Proximus has not adopted policies
ID Location in Proximus integrated annual report
S3.MDR-P_07 Not applicable
S3.MDR-P_08 Voluntary disclosure
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024434
Policies
ID Location in Proximus integrated annual report
S3-1_01 Not applicable
S3-1_02 Sustainability Statement - Social information - Local communities - Policies
S3-1_03 Not applicable
S3-1_0 4 Sustainability Statement - Social information - Local communities - Processes to engage with local community
S3-1_05-07 Sustainability Statement - Social information - Local communities - Policies
S3-1_0 8-0 9 Disclosure not mandatory
Process: Community engagement
ID Location in Proximus integrated annual report
S3-2_01-03 Sustainability Statement - Social information - Local communities - Processes to engage with local community
S3-2_04 Sustainability Statement - Social information - Local communities - Resources and responsibilities
S3-2_05 Sustainability Statement - General information - Stakeholder engagement - Society at large
S3-2_06-08 Not applicable
S3-2_09 Disclosure not mandatory
Process: Remediate impacts
ID Location in Proximus integrated annual report
S3-3_10 Sustainability Statement - Social information - Local communities - Processes to remediate negative impacts
S3-3_1 1-1 2 Sustainability Statement - Social information - Local communities - Channels to raise local community concerns
S3-3_13 Not monitored yet for Proximus Group
S3-3_14
Sustainability Statement - Social information- Local communities - Actions to improve communication and address concerns
among local authorities
S3-3_15 Sustainability Statement - Social information- Local communities - Processes to remediate negative impacts
S3-3_16 Not applicable
S3-3_17-21 Disclosure not mandatory
Action plans and resources to manage Proximus' material impacts, risks and opportunities related to aected
communities
ID Location in Proximus integrated annual report
S3.MDR-A_01-07 Sustainability Statement - Social information - Local communities - Processes to remediate negative impacts
S3.MDR-A_08 Disclosure not mandatory
S3.MDR-A_09-12 Sustainability Statement - Social information - Local communities - Processes to remediate negative impacts
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024435
Taking action on impacts
ID Location in Proximus integrated annual report
S3-4_01-06
Sustainability Statement - Social information - Local communities - Processes to remediate negative impacts
Sustainability Statement - Social information - Local communities - Actions to improve communication and address concerns
among local authorities
Sustainability Statement - Social information - Local communities - Actions to adress potential health and safety concerns related
to electromagnetic radiation
S3-4_07 Not available
S3-4_08-10
Sustainability Statement - Social information - Local communities - Processes to remediate negative impacts
Sustainability Statement - Social information - Local communities - Actions to improve communication and address concerns
among local authorities
Sustainability Statement - Social information - Local communities - Actions to adress potential health and safety concerns related
to electromagnetic radiation
S3-4_11 Not monitored yet for Proximus Group.
S3-4_12 Sustainability Statement - Social information - Local communities - Resources and responsibilities
S3-4_13-19 Disclosure not mandatory
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
S3.MDR-A_13 Not applicable
S3.MDR-A_14 Disclosure not mandatory
Targets set to manage material impacts, risks and opportunities related to aected communities
ID Location in Proximus integrated annual report
S3.MDR-T_01-13 Not applicable as no measurable targets yet
Disclosures to be reported if Proximus has not adopted targets
ID Location in Proximus integrated annual report
S3.MDR-T_14-15 Disclosure not mandatory
S3.MDR-T_16-19
Sustainability Statement - Social information - Local communities - Actions to improve communication and address concerns
among local authorities
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
S3.MDR-M_01-03 Not applicable
Targets
ID Location in Proximus integrated annual report
S3-5_01-03 Not applicable
S3-5_04-06 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024436
ESRS S4 - Consumers & end-users
Material impacts, risks and opportunities and their interaction with strategy and business model
ID Location in Proximus integrated annual report
S4.SBM-3_01-03
Sustainability Statement - Social information - Consumers and end-users - Data protection - Context
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Context
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills
- Context
S4.SBM-3_04
Sustainability Statement - Social information - Consumers and end-users - Data protection - Impacts, risks and
opportunities
Not applicable for Cybersecurity
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Our impacts, risks and opportunities
S4.SBM-3_05
Not applicable for data protection.
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
S4.SBM-3_06
Sustainability Statement - Social information - Consumers and end-users - Data protection - Impacts, risks and
opportunities
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Our impacts, risks and
opportunities
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Our impacts, risks and opportunities
S4.SBM-3_07
Not applicable for data protection and cybersecurity.
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Our impacts, risks and opportunities
S4.SBM-3_08 Not applicable for data protection, cybersecurity and digital inclusion.
Policies to manage material impacts, risks and opportunities related to consumers and end-users
ID Location in Proximus integrated annual report
S4.MDR-P_01-06
Sustainability Statement - Social information - Consumers and end-users - Data protection - Policies
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Policies
Not applicable for digital inclusion
Disclosures to be reported in case Proximus has not adopted policies
ID Location in Proximus integrated annual report
S4.MDR-P_07
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills
- Policies
S4.MDR-P_08 Disclosure not mandatory
Policies
ID Location in Proximus integrated annual report
S4-1_01
Sustainability Statement - Social information - Consumers and end-users - Data protection - Policies
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Policies
Not applicable for digital inclusion
S4-1_02
Sustainability Statement - Social information - Consumers and end-users - Data protection - Policies
Sustainability Statement - Governance information - Business conduct - Policies
S4-1_03 Sustainability Statement - Governance information - Business conduct - Policies
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024437
S4-1_0 4 Sustainability Statement - General information - Stakeholder engagement - Customers
S4-1_0 5 Sustainability Statement - Governance information - Business conduct - Policies
S4-1_0 6
Sustainability Statement - Social information - Consumers and end-users - Data protection - Policies
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Policies
S4-1_07 Not available yet
S4-1_08-09 Disclosure not mandatory
Process: Consumer engagement
ID Location in Proximus integrated annual report
S4-2_01
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 - Cybersecurity - Taking actions on impacts
Sustainability Statement - General information - Stakeholder engagement - Customers
Sustainability Statement - Social information - Consumers and end-users - DIgital inclusion: access, aordability and skills -
Taking actions on impacts
S4-2_02
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 - Cybersecurity - Taking actions on impacts -
Collaboration with partners
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts -
Awareness and education of employees, customers and society at large
Sustainability Statement - General information - Stakeholder engagement - Customers
Sustainability Statement - Social information - Consumers and end-users - DIgital inclusion: access, aordability and skills -
Taking actions on impacts
S4-2_03
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 - Cybersecurity - Taking actions on impacts
Sustainability statement - General information - Stakeholder engagement - Customers
Sustainability Statement - Social information - Consumers and end-users - DIgital inclusion: access, aordability and skills -
Taking actions on impacts
S4-2_04
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to engage with
consumers and end-users
Sustainability Statement - General information - Stakeholder engagement - Customers
S4-2_05
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to engage with
consumers and end-users
Sustainability Statement - General information - Stakeholder engagement - Customers
Sustainability Statement - Social information - Consumers and end-users - DIgital inclusion: access, aordability and skills -
Performance
S4-2_06 Not applicable for data protection and cybersecurity. No yet available for digital inclusion.
S4-2_07 Not applicable for data protection, cybersecurity and digital inclusion.
S4-2_08-09 Disclosure not mandatory
Process: Remediate impacts
ID Location in Proximus integrated annual report
S4-3_01
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
S4-3_02-03
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to engage with
consumers and end-users
Sustainability Statement - General information - Stakeholder engagement - Customers
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024438
S4-3_04-05
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to engage with
consumers and end-users
Sustainability Statement - General information - Stakeholder engagement - Customers
S4-3_06
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to engage with
consumers and end-users
Not applicable for cybersecurity.
Not yet available for digital inclusion.
S4-3_07 Not applicable for data protection, cybersecurity and digital inclusion.
S4-3_08-13 Disclosure not mandatory
Action plans and resources to manage Proximus' material impacts, risks and opportunities related to consumers and
end-users
ID Location in Proximus integrated annual report
S4.MDR-A_01-05
Sustainability Statement - Social information - Consumers and end-consumers - Data protection - Processes to remediate
negative impacts
Sustainability Statement - Social information - Consumers and end-consumers - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-consumers - Digital inclusion: access, aordability and
skills - Taking actions on impacts
S4.MDR-A_06-07
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available
Sustainability Statement - Social information - Consumers and end-consumers - Cybersecurity - Taking actions on impacts
- Corporate Cybersecurity Program
S4.MDR-A_08 Disclosure not mandatory
S4.MDR-A_09-10
Sustainability Statement - General information - Proximus’ sustainability strategy - Financial resources allocated to the
sustainability action plan
The link with Financial statements is not yet available
Sustainability Statement - Social information - Consumers and end-consumers - Cybersecurity - Taking actions on impacts
- Corporate Cybersecurity Program
S4.MDR-A_11-12 Not applicable
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
S4.MDR-A_13 Not applicable
S4.MDR-A_14 Disclosure not mandatory
Taking actions on impacts
ID Location in Proximus integrated annual report
S4-4_01
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
S4-4_02
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Not applicable for cybersecurity and digital inclusion
S4-4_03
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024439
S4-4_04
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Performance
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Performance
S4-4_05
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Resources and responsibilities
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Resources and responsibilities
S4-4_06
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Performance
S4-4_07
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
S4-4_08-09
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Not applicable for digital inclusion
S4-4_10
Sustainability Statement - Social information - Consumers and end-users - Data protection - Processes to remediate
negative impact
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Taking actions on impacts
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Taking actions on impacts
S4-4_11 Not yet monitored for Proximus Group.
S4-4_12
Sustainability Statement - Social information - Consumers and end-users - Data protection - Resources and responsibilities
Sustainability Statement - Social information - Consumers and end-users - Cybersecurity - Resources and responsibilities
Sustainability Statement - Social information - Consumers and end-users - Digital inclusion: access, aordability and skills -
Resources and responsibilities
S4-4_1 3-19 Disclosure not mandatory
Targets set to manage material impacts, risks and opportunities related to consumers and end-users
ID Location in Proximus integrated annual report
S4.MDR-T_01-13
Sustainability Statement - Social information - Consumers and end-consumers - Data protection - Strategic objectives
Sustainability Statement - Social information - Consumers and end-consumers - Cybersecurity - Strategic objectives
Not applicable for digital inclusion
Disclosures to be reported if Proximus has not adopted targets
ID Location in Proximus integrated annual report
S4.MDR-T_14-15 Disclosure not mandatory
S4.MDR-T_16-19
Not applicable for data protection and cybersecurity.
Sustainability Statement - Social information - Consumers and end-consumers - Digital inclusion: access, aordability and
skills - Performance
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024440
Targets
ID Location in Proximus integrated annual report
S4-5_01-03 Not applicable for data protection, cybersecurity and digital inclusion.
S4-5_04-06 Disclosure not mandatory
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
S4.MDR-M_01-02
Not applicable for Data Protection
Sustainability Statement - Social information - Consumers and end-consumers - Cybersecurity - Performance
Sustainability Statement - Social information - Consumers and end-consumers - Digital inclusion: access, aordability and
skills - Performance
S4.MDR-M_03 Sustainability Statement - General information - Basis of preparation - Methodologies and assumptions - Our focus
Entity specific topic - Technology and innovation
Minimum Disclosure Requirement
ID Location in Proximus integrated annual report
MDR-P Sustainability Statement - Social information - Technology and innovation - Policies
MDR-A Sustainability Statement - Social information - Technology and innovation - Taking actions on impacts
MDR-T Not applicable as no measurable target yet defined
MDR-M Not applicable as no metric defined yet
Policies to manage material impacts, risks and opportunities related to consumers and end-users
ID Location in Proximus integrated annual report
MDR-P_01-06 Not applicable
Disclosures to be reported in case the undertaking has not adopted policies
ID Location in Proximus integrated annual report
MDR-P_07-08 Sustainability Statement - Social information - Technology and innovation - Policies
Action plans and resources to manage its material impacts, risks and opportunities related to entity specific topic
ID Location in Proximus integrated annual report
MDR-A_01-12 Sustainability Statement - Social information - Technology and innovation - Taking actions on impacts
Disclosures to be reported if the undertaking has not adopted actions
ID Location in Proximus integrated annual report
MDR-A_13-14 Not applicable
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024441
Targets set to manage material impacts, risks and opportunities related to entity specific topic
ID Location in Proximus integrated annual report
MDR-T_01-13 Not applicable as no measurable target yet defined
Disclosures to be reported if the undertaking has not adopted targets
ID Location in Proximus integrated annual report
MDR-T_14-19 Sustainability Statement - Social information - Technology and innovation - Strategic objectives
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
MDR-M_01-03 Not applicable
ESRS G1 - Business conduct
The role of the administrative, supervisory and management bodies
ID Location in Proximus integrated annual report
G1.GOV-1_01 Sustainability Statement - Governance information - Business conduct - Resources and responsibility
G1.GOV-1_02 Proximus Group at a glance - Governance overview
Policies in place to manage Proximus' material impacts, risks and opportunities related to business conduct and corporate
culture
ID Location in Proximus integrated annual report
G1.MDR-P_01-06 Sustainability Statement - Governance information - Business conduct - Policies
Corporate culture
ID Location in Proximus integrated annual report
G1-1_01 Sustainability Statement - Governance information - Business conduct - Policies
G1-1_02 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
G1-1_03-0 4 Not applicable
G1-1_05 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
G1-1_06-07 Not applicable
G1-1_08 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
G1-1_09 Not applicable
G1-1_10-11 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
G1-1_1 2 Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024442
Supplier relationship
ID Location in Proximus integrated annual report
G1-2_01-03 Sustainability Statement - Governance information - Business conduct - Policies
Disclosures to be reported in case Proximus has not adopted policies
ID Location in Proximus integrated annual report
G1.MDR-P_07 Not applicable
G1.MDR-P_08 Disclosure not mandatory
Corruption and bribery detection
ID Location in Proximus integrated annual report
G1-3_01-03 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Investigations
G1-3_04 Not applicable
G1-3_05 Sustainability Statement - Governance information - Business conduct - Policies
G1-3_06-08 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts - Mandatory e-learnings
G1-3_09 Disclosure not mandatory
Action plans and resources to manage Proximus' material impacts, risks and opportunities related to corruption
and bribery
ID Location in Proximus integrated annual report
G1.MDR-A_01-07 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
G1.MDR-A_08 Disclosure not mandatory
G1.MDR-A_09-12 Sustainability Statement - Governance information - Business conduct - Taking actions on impacts
Corruption and bribery incidents
ID Location in Proximus integrated annual report
G1-4_01-02 Sustainability Statement - Governance information - Business conduct - Performance
G1-4_03-08 Disclosure not mandatory
Political influence activity
ID Location in Proximus integrated annual report
G1-5_01
Sustainability Statement - Governance information - Political influence and lobbying activities - Resources and
responsibilities
G1-5_02 Sustainability Statement - Governance information - Political influence and lobbying activities - Taking actions on impacts
G1-5_03 Sustainability Statement - Governance information - Political influence and lobbying activities - Policies
G1-5_04-05 Disclosure not mandatory
G1-5_06 Sustainability Statement - Governance information - Political influence and lobbying activities - Policies
G1-5_07 Not applicable
G1-5_08 Sustainability Statement - Governance information - Political influence and lobbying activities - Policies
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024443
G1-5_09
Sustainability Statement - Governance information - Political influence and lobbying activities - Taking actions on impacts -
Advocacy
G1-5_10
Sustainability Statement - Governance information - Political influence and lobbying activities - Resources and
responsibilities
G1-5_11 Sustainability Statement - Governance information - Political influence and lobbying activities - Policies
G1-5_12 Disclosure not mandatory
Disclosure to be reported if Proximus has not adopted actions
ID Location in Proximus integrated annual report
G1.MDR-A_13 Not applicable
G1.MDR-A_14 Disclosure not mandatory
Payment practices
ID Location in Proximus integrated annual report
G1-6_01-05 Sustainability Statement - Governance information - Business conduct - Performance - Supply chain management
Targets set to manage material impacts, risks and opportunities related to Business conduct
ID Location in Proximus integrated annual report
G1.MDR-T_01-13 Sustainability Statement - Governance information - Business conduct - Strategic objectives
Disclosures to be reported if the undertaking has not adopted targets
ID Location in Proximus integrated annual report
G1.MDR-T_14-19 Not applicable
Disclosures to be reported for metrics
ID Location in Proximus integrated annual report
G1.MDR-M_01-03 Sustainability Statement - Governance information - Business conduct - Performance
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024444
Appendix B
1 SFDR: Sustainable Finance Disclosure Regulation
List of datapoints that derive from other EU legislation
The table below outlines the data points derived from other EU legislation as listed in ESRS 2 Appendix B. It indicates where these data
points can be found in our report and identifies which data points are assessed as not material.
Disclosure
requirement
SFDR
1
+ PILLAR 3 + Benchmark +
Climate law
Localisation in Proximus integrated report
GOV-1_06-07 SFDR + BENCHMARK Corporate governance statement - Board of Directors
GOV-4_01 SFDR Sustainability Statement - General information - Basis of preparation
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 - Proximus 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 - Proximus 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 - Proximus 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 - Proximus 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 - Proximus 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 and will be reported on in 2025
E1-9_05 PILLAR 3 Phase-in provision is used and will be reported on in 2025
E1-9_17 PILLAR 3 Phase-in provision is used and will be reported on in 2025
E1-9_41-44 BENCHMARK Phase-in provision is used and will be reported on in 2025
E5-5_10-11 SFDR Sustainability Statement - Environmental information - Circular Economy and Waste -
Performance - Waste
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024445
E5-5_15-16 SFDR Sustainability Statement - Environmental information - Circular Economy and Waste -
Performance - Waste
S1.SBM-3_07-10 SFDR Not applicable
S1-1_03- 06 SFDR Sustainability Statement - Social information - Our own workforce - Working
rights, fair pay and social dialogue - Policies
S1-1_07 BENCHMARK Sustainability Statement - Social information - Our own workforce - Working
rights, fair pay and social dialogue - Policies
S1-1_08-09 SFDR Sustainability Statement - Social information - Our own workforce - Working rights,
fair pay and social dialogue - Policies
S1-3_05 SFDR Sustainability Statement - Governance information - Business conduct - Taking
actions on impacts - Grievance mechanisms
Sustainability Statement - Social information - Own workforce - Processes for
engaging with own workforce
S1-14_02-05 SFRD + BENCHMARK Sustainability Statement - Social information - Our own workforce - Employee health
and safety - Performance
S1-14_07 SFDR Phase-in provision is used and will be reported on in 2025.
S1-16_01 SFRD + BENCHMARK Sustainability Statement - Social information - Our own workforce - Working rights,
fair pay and social dialogue - Performance
S1-16_02 SFDR Sustainability Statement - Social information - Our own workforce - Working rights,
fair pay and social dialogue - Performance
S1-17_01 SFDR Sustainability Statement - Social information - Our own workforce - Diversity and
inclusion - Performance
S1-17_08-10 SFRD + BENCHMARK Sustainability Statement - Social information - Our own workforce - Working rights,
fair pay, and social dialogue - Performance
S2.SBM-3_04 SFDR Sustainability Statement - Social information - Human rights within our value chain -
Actions to remediate negative impacts - Risk identification
S2-1_01-06 SFDR Sustainability Statement - Social information - Human rights within our value chain -
Policies
S2-1_07 SFDR Disclosure not mandatory
S2-1_08 BENCHMARK Sustainability Statement - Social information - Human rights within our value chain -
Policies
S2-1_09 SFRD + BENCHMARK Not yet monitored for Proximus Group.
S2-4_11 SFDR Not yet monitored for Proximus Group.
S3-1_02 SFDR Sustainability Statement - Social information - Local communities - Policies
S3-1_03 SFDR Not applicable
S3-1_04 SFDR Sustainability Statement - Social information - Local communities - Processes to
engage with local community
S3-1_05 SFDR Sustainability Statement - Social information - Local communities - Policies
S3-1_06-07 SFRD + BENCHMARK Sustainability Statement - Social information - Local communities - Policies
S3-4_11 SFDR Not monitored yet for Proximus Group.
S4-1_02 SFDR Sustainability Statement - Social information - Consumers and end-users - Data
protection - Policies
Sustainability Statement - Governance information - Business conduct - Policies
S4-1_03 SFDR Sustainability Statement - Governance information - Business conduct - Policies
S4-1_04 SFDR Sustainability Statement - General information - Stakeholder engagement -
Customers
S4-1_05 SFDR Sustainability Statement - Governance information - Business conduct - Policies
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024446
S4-1_06 SFRD + BENCHMARK Sustainability Statement - Social information - Consumers and end-users - Data
protection - Policies
Sustainability Statement - Social information - Consumers and end-users -
Cybersecurity - Policies
S4-1_07 SFRD + BENCHMARK Not available yet
S4-4_11 SFDR Not yet monitored for Proximus Group.
G1-1_03-04 SFDR Not applicable
G1-1_06-07 SFDR Not applicable
G1-4_01-02 SFRD + BENCHMARK Sustainability Statement - Governance information - Business conduct - Performance
G1-4_03 SFDR Disclosure not mandatory
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024447
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 -
Our impacts, risks and opportunities - Climate change risks
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
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024448
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 -
Our impacts, risks and opportunities - Climate change risks - Climate change
identification methodology
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 -
Our impacts, risks and opportunities - Climate change risks - Climate change
identification methodology
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
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024449
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 at our Proximus Academy
Attractive oer of leadership development programs
Specific support to 50+ sta, Experience@work program, ...
Continuous up-skilling of field and customer-facing employees
EUR 49.56 million invested in employee re- and up-skilling and 82% of employees have attended 5
training days or more
Medium Enhancing
positive
impact
Employee
up-skilling,
re-skilling &
employability
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: end 2024, 367 schools connected to Proximus gigabit network
Proximus Ada experts providing cybersecurity initiations to Brussels residents and inspiration
sessions on AI to secondary schools students
Medium Enhancing
positive
impact
Digital inclusion:
Access,
aordability,
and skills
Employment:
19 recent master’s graduates hired for our Proximus Graduate Program and around 70 internships
Founding partner of Technobel and partnerships with MolenGeek and Campus 19 resulting in 1,710
job seekers trained via MolenGeek, Campus19 and Technobel
Medium Enhancing
positive
impact
Employee
up-skilling,
re-skilling &
employability
Digital inclusion:
access,
aordability,
and skills
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 to 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
Diversity and
inclusion
Working rights,
fair pay and
social dialogue
Parental leave and child care:
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
holidays oer, kids' days, support of social consultants in case of dicult personal situation.
Medium Enhancing
positive
impact
Diversity and
inclusion
Work-life
balance and
well-being
Working rights,
fair pay and
social dialogue
Workplace harassment:
Proximus has a policy on diversity and equal rights whichapplies to all employees of the Proximus
Group. Diversity & Inclusion is alsopart of the Code of Conduct which is applicable to allemployees
and part of mandatory training. Within Proximus, specific teamsare in charge ofmonitoring
compliance with the Charter and of taking approriate 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 thirds (e.g. customers in shops) and any corrective action, are
reported quarterly to the Audit & Compliance Committee.
Medium Enhancing
positive
impact
Diversity and
inclusion
Business
conduct
Non-discrimination:
By 2025, we planned to reach an inclusion index of 85% and to recruite 30% of women with
university degrees in technical roles.
Medium Enhancing
positive
impact
Diversity and
inclusion
Inclusive supply chain:
Our Supplier Code of Conduct requires suppliers to respect and support the protection of the human
rights of workers (including non-discrimination), as well as individuals and communities aected by
their activities.
Medium Enhancing
positive
impact
Human rights
within our value
chain
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024450
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 our company:
50% of the Board of Directors
22% of the Leadership Team
25% of women holding a top management function
31% of all employee population
Medium Enhancing
positive
impact
Diversity and
inclusion
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 & 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
Digital inclusion:
access,
aordability,
and skills
Technology &
innovation
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 13,862 employees.
For our employees, we are committed to fair pay, equal opportunities and training & development
opportunities. We ensure a safe and secure working environment and promote well-being at work.
By signing our Supplier Code of Conduct, our suppliers agree to adhere to the same level of
commitment as ours.
Proximus collaborates with several adapted work companies, oering the possibility to more than
130 people with disabilities to carry out activities related to device refurbishing.
High Enhancing
positive
impact
Working rights,
fair pay and
social dialogue
Human rights
within our value
chain
Build resilient
infrastructure,
promote
inclusive and
sustainable
industriali-
zation 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 oer a high-performance Internet to all Belgians.
Through to 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 to become more sustainable.
Proximus invests to ensure its cybersecurity resilience, and 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, info on website
- Digital stress linked to digital addiction: advices on website
- Works in the street: agreements with utilities companies to optimize road works; aerial fiber
deployment
High Enhancing
positive
impact
Minimizing
negative
impact
Digital inclusion:
access,
aordability
Technology &
innovation
Data protection
Cybersecurity
Local
communities
Ensure
sustainable
consumption
and production
patterns
12.2
By 2030, achieve
sustainable
management and
ecient use of
natural resources
Compared to 2023, we reduced our energy consumption by 6%, through:
- Modernizing our 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 fuel in its operations and plans to reduce its direct
emissions by 2/3
rd
in 2030 (vs 2020).
High Enhancing
positive
impact
Climate change
mitigation and
energy
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, we extend our devices' lifecycle.
- We collect old mobile phones for refurbishing and recycling.
- Proximus and Orange Belgium share a part of their mobile access networks.
- Old copper network is recycled.
- We propose leasing business models to our enterprise customers. On the residential market, this
leasing model is applied to our modems and decoders, 90% of which are refurbished and put back
in circulation four times. However, consumers are not yet ready to lease their smartphones. The
challenge lies in motivating them to bring back the phones they do not use anymore.
High Enhancing
positive
impact
Circular
economy &
waste
Annex
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs
Proximus Group Integrated annual report 2024451
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 began structurally incorporating climate risk into
its Enterprise Risk Management (ERM) process in 2022.
Also, we developed business continuity plans at corporate level for threats like power interruptions
or natural disasters linked to climate change.
High Enhancing
positive
impact
Climate change
adaptation
13.2
Integrate climate
change measures
into national policies,
strategies and
planning
Proximus is committed to achieve net zero GHG emissions by 2040 across its entire value chain.
In 2024, Proximus' Net-Zero targets have been 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
mitigation and
energy
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 violation 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 and runs a
zero tolerance policy. Employees attend mandatory training on those topics.
Suppliers and business partners are asked to subscribe to Proximus Supplier’s Code of Conduct,
based on the 10 principles of the United Nations Global Compact.
Medium Enhancing
positive
impact
Business
conduct
Political
influence
& lobbying
activities
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
→ ESRS index → Appendix B → TCFD → Contribution to the SDGs