Proximus Earnings: Belgium Awaits Launch of Citymesh-Digi; Dividend to Be Halved in 2024

There was little news in narrow-moat Proximus’ fourth-quarter 2023 results as the company held its capital markets day one month ago. Revenue fell by 1.8% in fourth-quarter 2023 largely due to its weaker international BICS and Telesign divisions, which fell 17.7% and 15.8%, respectively. Losses were offset by growth in the core Belgium telecom business, which grew by 3.5%. Proximus' EBITDA grew 1.4% in the quarter due to higher direct margins on improved efficiencies and inflation deceleration.