Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: April 2, 2026
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Proximus plans to cut 1,200 jobs by 2030 as part of an AI-led efficiency drive and a wider €180m gross savings program through 2028, while keeping elevated fiber/infrastructure capex. The board’s new dividend policy cuts the gross dividend to €0.30/share for FY2026 (from €0.60 for FY2025), rattling
By Leo Marchandon
Feb 27 (Reuters) - Belgian telecom operator Proximus said on Friday it would cut jobs as part of an AI-driven effort to reduce costs, as a halving of its annual dividend pushed its shares towards their worst trading day ever.
Proximus will cut 1,200 jobs by 2030 due to AI-related efficiency measures, equivalent to 15% of its workforce, CEO Stijn Bijnens said during a presentation to investors on Friday.
It will also look to reduce its external workforce costs by 25 million euros by 2028, as part of a broader 180 million euro efficiency program driven mainly by workforce savings.
Shares in Proximus fell around 20% by 0830 GMT, after the company said it would propose a dividend of 0.30 euro per share, compared to last year's payout of 0.60 euro per share, as it works to keep debt levels under control.
Brokerage NewStreetResearch said the dividend cut was the main takeaway from the earnings release, adding it struggled to see the logic for the cut given Proximus' otherwise in-line guidance.
Proximus is betting that the short-term pain will restore its financial firepower as it races to build out infrastructure across Belgium.
The company said it planned to spend up to 1.25 billion euros on infrastructure, while increasing dividends back to 0.50 euro per share by 2028.
Proximus currently connects 42% of Belgian homes with fiber, targeting 60% by 2035, with a further 20% reachable through third-party partnerships including Orange.
A strong performance in its home market drove a 15.5% rise in the group's earnings before interest, taxes, depreciation and amortisation (EBITDA) to 2.3 billion euros ($2.7 billion), which beat analysts' average estimate of 2.1 billion euros in a company-compiled consensus.
Proximus expects its core domestic business to hold steady in 2026, while its international unit should generate between 100 million and 130 million euros in operating profit, it said.
($1 = 0.8470 euro)
(Reporting by Leo Marchandon in Gdansk; editing by Milla Nissi-Prussak and Matt Scuffham)
Proximus said it will cut 1,200 jobs by 2030 due to AI-related efficiency measures, equivalent to about 15% of its workforce.
Proximus said it would propose a dividend of €0.30 per share versus €0.60 per share last year.
Shares in Proximus fell around 20% by 0830 GMT after the company announced the proposed dividend cut.
Proximus outlined a broader €180 million efficiency program driven mainly by workforce savings, including a plan to reduce external workforce costs by €25 million by 2028.
Proximus said group EBITDA rose 15.5% to €2.3 billion, beating analysts' average estimate of €2.1 billion.
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