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Proximus Increases EBITDA Guidance On Route Mobile Acquisition; Leverage Seen At Top Of Range

COMMUNICATIONS

Ratings: A2/BBB+

  • Proximus has issued revised guidance in the wake of its majority stake in Route Mobile; this was previously flagged and while higher, leverage remains within the target range and is guided to improve. Combined with the high rating, this is not a spread mover.
  • FY24 guidance: International segment mid-to-high single-digit direct margin growth, Group EBITDA growth up to 2% (from up to 1% prior).
  • S&P-adj net debt/EBITDA ratio seen at 2.9-3x from 2.6x at FY23 and against the management target of 2.5-3x (had seen ~2.7x though guided for an update post-acquisition). Ratio to improve following EBITDA trajectory and divestment.
  • 2026 International Segment targets: EUR 2-2.5bn revenue, EUR 600-650mn direct margin (FY23 pro-forma: EUR 477mn) and ~14% EBITDA margin (from ~9% in FY23).
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