Proximus Announces Full Ownership of Unifiber

Proximus is acquiring Eurofiber's stake in their Unifiber JV for €560mn EV, leading to a consolidation that raises 2026 Capex and reduces FCF guidance.

Key Takeaways

• 1.Proximus has agreed to buy out Eurofiber's stake in the Wallonia fiber joint venture, Unifiber, at an implied Enterprise Value (EV) of €560mn.
• 2.The full consolidation of Unifiber will increase near-term capital expenditure, pushing the peak capex period out to 2027, one year later than previous guidance.
• 3.Proximus lowered its 2026 organic Free Cash Flow (FCF) guidance to €50mn from previous estimates of up to €100mn due to the consolidation impact.

Table of Contents

• Updated guidance
• Valuation and key risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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