Integrated annual report 
2022  
group

4	 Proximus at a glance
	
5	
Foreword from our CEO and our Chairman
	
8	
About us and how we create value for society
 
18 
Key figures and highlights
	
22	 #inspire2022
	
26	
Build the best open gigabit network for Belgium
	
35	
Operate like a digital native company
 
44 
Grow profitably through partners and ecosystems
	
57	
Act for a green and digital society
	
75	
Getting our people and organization ready for the future
	 86	 Manage for impact, 
	
	 manage responsibly
	
87	
Governance and compliance
	
88	
Corporate governance statement
	 112	
Diversity and inclusion statement 
	 116	
Remuneration report 	
	 135	
Regulatory framework
	 140	
The Proximus share
 147 
Non-financial statements
	 148	
Contribution to the UN Sustainable Development Goals
	 153	
Materiality and stakeholder dialogue
	 160	
Social statement
	 171	
Environmental statement
	 183	
EU Taxonomy 
	 186	
Table of TCFD
	 188	
GRI content index
 203 
Consolidated financial statements
	 317	
Consolidated management report
 318 
Management discussion and analysis of financial results
	 346	
Risk management report
	 359	
Internal control system
	 362	
Expertise of the Audit & Compliance Committee members
	 362	
Evolution in research and development activities 
	 365	
Other information
Table of content
	 366	
Auditor’s report
Proximus Group    Integrated annual report 2022
2

Integrated reporting approach 2022
Since 2020, Proximus has been adopting an integrated reporting 
approach. This 2022 report follows the International Integrated 
Reporting Council (IIRC) framework, explaining how we create 
value for our stakeholders and society, and in relation to our 
ambitions, sense of purpose and goals.
Our stakeholders include all the individuals and organizations 
affected by our operations or with whom we have a relationship. 
They include, but are not limited to, enterprise, residential 
and wholesale customers, investors, employees, political and 
regulatory stakeholders, suppliers, partners, journalists and 
opinion leaders.
The scope of the information in this report covers Proximus Group, 
unless stated otherwise. Proximus Group comprises Proximus 
SA, its subsidiaries, as well as the Group’s interest in associates 
and joint ventures accounted for under the equity method and 
joint operations. We refer you to Note 8 (p.242) for the list of 
subsidiaries, associates, joint ventures and joint operations. 
Proximus SA is a “Limited Liability Company of Public Law”, 
registered in Belgium.
The purpose of this report is to inform our stakeholders about our 
role in society. We outline our corporate strategy and the progress 
we have made in achieving our goals, while making the link to our 
most material topics. This report also contains the full financial, 
environmental, social and governance statements and notes. 
The Audit and Compliance Committee assists and advises the 
Board of Directors in its oversight of the efficiency of the systems 
for internal control and risk management of the company, of the 
external auditors’ work and of the compliance with policies, legal 
and regulatory requirements. 
The report has been prepared in accordance with the EU Directive 
on disclosure of non-financial and diversity information and SASB 
(Sustainability Accounting Standards Board). 
It has also been prepared in reference to the GRI (Global 
Reporting Initiative) Standards  
. Proximus has not yet carried 
out a double materiality assessment which allows to identify 
actual and potential, positive and negative impacts both on 
the value of the company and on society and the environment. 
As a result, certain information is currently not yet available or 
complete in this year’s report. In the future, Proximus intends to 
perform such an analysis. 
Since its Annual Report of 2021, Proximus is integrating the 
recommendations of the TCFD (Task Force on Climate-related 
Financial Disclosure) to emphasize its efforts in identifying and 
mitigating climate-related risks and opportunities  
. We will 
continue to integrate TCFD recommendations in the coming years. 
Proximus also reports against the EU Taxonomy Regulations  
. 
Every year, Proximus completes questionnaires from ESG rating 
agencies such as CDP, Sustainalytics, Ecovadis and S&P. The 
evaluations enable us to monitor our performance to continuously 
improve.
Dive deeper into our stories
You will notice special icons throughout this 
annual report. Here is what they mean:
Read more
External link 
Proximus Group    Integrated annual report 2022
3

5	
Foreword from our CEO and our Chairman
	
8	
About us and the value we create for society
 
18 
Key figures and highlights
Proximus at a glance
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
4

Dear reader,
2022 has been a complicated year. While 2020 and 2021 
were marked by COVID-19 and its consequences, the past 
year presented families and businesses with new challenges 
in the wake of the war in Ukraine and its impact on the global 
economy. In Belgium, as elsewhere, we have witnessed levels 
of inflation and energy price volatility last seen in the 1970s. 
Not to mention the increasingly visible effects of global 
warming.
Given this particularly complex geopolitical and macroeconomic 
environment, the results posted by Proximus Group are quite 
simply remarkable. Last year, we were one of the best-performing 
European operators in terms of revenue growth, in line with what 
we promised in 2020 when we launched the #inspire2022 
strategic plan. At the time, we focused our efforts on industrial 
investment, banking on a return to profitable growth in 2022. 
It was an ambitious move, but one that paid off. Thanks to the 
extraordinary work of the teams across the Group, we are now 
looking to the future with confidence, despite the uncertainties 
of the world around us.
An increasingly strong international position
Our confidence is built on solid foundations. This is down to the 
unique structure of our Group, which allows us that our revenue 
grows faster than other telecom operators in Europe. Having 
acquired 100% of the shares in BICS and Telesign, we can count 
A bold strategy for a secure, 
connected and more prosperous society
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
5
Guillaume Boutin  |  CEO
Stefaan De Clerck  |  Chairman

on an increasing exposure to growth internationally, in addition 
to a strong position in domestic markets. In 2022, international 
business already accounted for a quarter of Proximus Group’ 
revenues. This proportion will most likely continue to increase in 
the years ahead.
Our BICS and Telesign subsidiaries definitely picked up speed 
in 2022, both posting double-digit growth while still harboring 
enormous growth potential. BICS and Telesign, world leaders 
in their domain, symbolize the growing convergence between 
telecoms and IT and give Proximus Group the capacity to grow 
beyond Belgium and Europe. 
Networks that give us a major lead
Our confidence in the future also comes from our technological 
infrastructure. We have managed to gain a decisive lead over 
the competition, both in terms of fiber and 5G. The various 
breakthroughs made in 2022 include the launch of 10 Gbps 
fiber technology in five Belgian cities, allowing download speeds 
of up to 8.5 Gbps. What’s more, in June 2022, the Atomium 
became the millionth building in Belgium to be connected to 
fiber. A symbolic milestone! And at the end of the year, our fiber 
network covered 21% of the Belgian premises. This is great 
news for families and businesses alike, as reliable, fast and secure 
connectivity is crucial for the digital development of our society. 
Building on this success, we will shift up a gear and roll out 
600,000 fiber connections per year over the next few years. 
Quite an achievement. In terms of fiber coverage, too, we have 
upgraded our ambitions. We initially planned to cover 70% of the 
country with fiber by 2028, but our new goal is to extend fiber 
coverage to 95% of Belgian premises, with the ambition to offer 
Gigabit coverage for 100% by 2032, leveraging fixed wireless 
access technology for the remaining 5%. This ultra-fast rollout 
represents significant investments: by 2032, we will have invested 
more than € 9 billion in our fiber network, together with our 
partners.
Deploying fiber to everyone, even in remote rural areas, reflects 
our commitment to greater digital inclusion.
As for 5G, we are pleased to see that the legal framework is 
gradually being put in place throughout the country, which 
will allow Belgium to catch up where it was lagging. Like fiber, 
5G is essential for the competitiveness of Belgian companies and 
for the digitalization of our country. Here too, we will move up a 
gear to cover all of Belgium's major cities by the end of 2024 and 
100% of the country by 2025. In the summer of 2022, Proximus 
successfully secured substantive spectrum rights, a key factor in 
maintaining our leading position in the mobile sector for the next 
20 years.
We are delighted that our commercial performance and customer 
satisfaction scores were also strong in 2022. Our Net Promoter 
Scores improved across all three of our residential brands as well 
as in the enterprise segment.
2022 was also the year that saw agile working methods being 
applied to 100% of our teams, an unprecedented transformation 
of our way of working that took place in a positive social climate. 
Combined with the further development of our “Think possible” 
corporate culture, this new operating model will enable us to 
innovate more quickly in order to even better meet our customers' 
needs. We also notice that agile working increases the autonomy 
and satisfaction of our employees.
Contributing to a more inclusive, safe and 
sustainable world
Proximus contributes to the country's competitiveness and the 
wellbeing of Belgians through its investments and innovations. 
But we won't settle for that. We want to step up as a company, 
as we have done, for example, by supporting Ukrainian refugees, 
hosting them in some of our Proximus buildings or providing them 
with 23,700 prepaid cards.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
6
 Our new goal is to extend 
fiber coverage to 95% of 
Belgian premises, with the 
ambition to offer Gigabit 
coverage for 100%  
by 2032.

Data security and privacy protection are also at the heart of our 
concerns. The war in Ukraine has revealed the extent to which 
cyber defense has become a strategic issue for states around 
the world. Proximus clearly has a role to play in this area in the 
interests of our customers and society as a whole. As such, we 
are particularly proud to have launched Proximus Ada, the first 
Belgian center of expertise combining artificial intelligence and 
cybersecurity, and to be one of the first operators in the world 
to have concluded an agreement with Microsoft to develop 
a sovereign cloud. This aligns with our commitment to help 
restoring the technological self-reliance of Europe and Belgium, 
in terms of both infrastructure and data management.
On the environmental front too, we want to set an example. In 
2022, Proximus became the third operator in the world to have its 
near- and long-term greenhouse gas emission reduction targets 
validated by the Science Based Target initiative (SBTi) to achieve 
net-zero greenhouse gas emissions by 2040. To meet this goal, 
we are reducing our own emissions and engaging our suppliers 
to follow suit. Proximus is committed to reducing its scope 3 
greenhouse gas emissions, which include all emissions from our 
indirect activities, by 60% by 2030 and 90% by 2040. 
bold2025, a new strategic plan for the next 
three years
After the successful execution of #inspire2022, now comes 
the bold2025 strategic cycle and a redefined purpose: "Boldly 
building a connected world that people trust so society blooms". 
Why? Because, while we are aware that we will still face 
challenges, we are convinced that the thousands of people who 
work for Proximus have a positive role to play in meeting these 
challenges. In these difficult times, the world needs leaders who 
will build the society of tomorrow. Proximus can, and must, take 
on this role. Digitalization, technological infrastructures, security, 
data protection, and environment: we are at the heart of all these 
crucial issues. 
Towards 2025, the opportunities for Proximus will amply 
compensate the potential headwinds. At Proximus, we are 
now, more than ever, ready to shape the Belgium of tomorrow. 
#thinkpossible
  
Guillaume Boutin	
Stefaan De Clerck
CEO	
Chairman of the Board of Directors
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
7
 On the environmental  
front too, we want to  
set an example.

Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
8
About us and how we 
create value for society

Proximus Group (Euronext Brussels: PROX) is a provider of future-proof connectivity and digital 
services, operating in the Benelux as well as global markets. As a major economic player in Belgium, 
we make the most of every opportunity to positively impact the world around us. The investments 
we make in our open fixed and mobile networks are critical for the growth of our economy and 
the development of new digital ecosystems and innovative solutions. Thanks to our affiliates BICS 
and Telesign – international frontrunners in digital identity APIs and communication platforms 
respectively – we provide reliable and secure communications experiences around the world. 
On a societal level, we are shaping a fair, trustworthy and inclusive digital world and accelerating 
the transition to a green society.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
9

Our brands
Through our leading brands, we meet the demands of a wide range of customers 
in the residential and enterprise segments, in the public sector as well as in the 
wholesale sector.
B2C brands
In Belgium, Proximus Group has adopted a multi-brand strategy that allows us to address 
the varied needs of a wide range of customers. 
The Proximus brand is a reference brand in Belgium and the leader in converged 
connectivity services. Proximus’ brand promise “Think possible” captures our strong 
belief that technology is a force for good and that our networks help build a connected 
and inclusive society where everybody thrives. With Proximus we help our customers 
get the most out of the digital world through our premium connectivity solutions, our 
digital platforms and our superior servicing approach of combining digital and human 
interactions. 
Scarlet is a “no frills” brand for customers looking for simple solutions at the best prices. 
Scarlet makes qualitative home and mobile connectivity affordable for all.
Mobile Vikings is a 100% digital brand offering both mobile and internet at home. Its 
high-performing solutions appeal to young (at heart) digital savvy customers.
In Luxembourg, Tango is the leading alternative operator providing the best technology at 
the right price. Tango offers fixed and mobile telephony, internet and television services to 
residential customers and small businesses.
B2B brands
Proximus Group is the B2B leader in our sector, servicing a wide range of customers within 
the Benelux – from small to large enterprises. We function as a one-stop shop with a 
fully converged telecom and integrated ICT range of services or can offer our solutions in 
an over-the-top way, irrespective of the underlying connectivity. Alongside its affiliates, 
Proximus Group is primarily active in Belgium, the Netherlands and Luxembourg to 
create solutions and services that accelerate the sustainable digital transformation of 
enterprise customers.
•	 Be-Mobile offers a wide array of smart mobility solutions to help public authorities, 
road operators, car manufacturers, individual drivers and private companies improve 
day-to-day mobility.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
10

•	 ClearMedia provides cloud, cybersecurity and digital workplace solutions, services and 
products tailored to the SME market through an indirect channel of local IT partners.
•	 Codit provides customers with tailored Microsoft Azure cloud solutions, focusing on 
automating business processes, building data platforms, app innovation, and providing 
IoT, AI and machine-learning solutions. It’s active in the Benelux region, the UK, France, 
Malta, Portugal and Switzerland.
•	 Davinsi Labs contributes to a trustworthy and seamless digital world by offering 
security and service intelligence solutions. Focusing on data and meaningful insights, 
these solutions allow businesses to provide their customers with digital services with 
the highest standards of security, availability and performance.
•	 Proximus SpearIT is the ICT integrator for mid-sized companies, helping customers 
focus on future-proof business IT infrastructure.
•	 Telindus Luxembourg and Telindus Netherlands develop smart and secure IT 
platforms, integrating networking, cloud services, cybersecurity, business applications, 
data and AI. 
•	 In the Netherlands, Umbrio offers strategic, security and service intelligence services 
that translate data into actionable insights.
Proximus Ada
Launched in March 2022, Proximus Ada, a wholly owned subsidiary of Proximus, is the 
first Belgian center of excellence dedicated to artificial intelligence and cybersecurity. 
Through collaborations and partnerships with universities, higher institutions of applied 
sciences, research institutions, public authorities and companies, our ambition is to develop 
a local ecosystem and boost the uptake of digital technology in society.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
11

International
BICS is a communications platform company based in Belgium. One of the key global 
voice carriers and the leading provider of mobile data services worldwide, it creates 
reliable and secure communications experiences anytime, anywhere. 
BICS provides high-quality, secure communication solutions to the world’s largest mobile 
operators, virtual network operators, service providers, enterprise software vendors, 
hyperscalers and enterprises in Africa, Asia, Europe, the Middle East and the US.
In recent years, BICS has transformed from a traditional international wholesale carrier into 
a two-sided communications platform company, serving both the telecommunications 
and enterprise audiences. Its integrated software-based solution services help companies 
to accelerate their digital transformation and enhance customer experience.
BICS’s solutions are essential for supporting today’s modern, digital lifestyle and the need 
for global mobile connectivity and seamless customer experiences. 
Telesign is a fast-growing leader in digital identity and programmable communications 
solutions, based in California. A trusted partner of enterprises around the globe, including 
eight of the world’s ten largest digital enterprises, Telesign provides services across more 
than 230 countries and territories. Through easy-to-integrate APIs, the Telesign suite 
of products provides solutions for security, authentication, fraud detection, compliance, 
reputation scoring, risk management and secure communications, helping to establish 
continuous trust between businesses and their customers.
With its digital identity and global omnichannel communication capabilities, Telesign helps 
enterprises connect with their customers, protect online users, and defend across the full 
customer journey while enabling customers to engage with their services using their digital 
platforms of choice. In addition to strengthening the trust between an enterprise and its 
customers, Telesign solutions enhance the overall experience for customers, allowing 
them to act with increased confidence.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
12

Our strategy
#inspire2022
In March 2020, we launched a three-year strategy for the 
period 2020-2022: #inspire2022  
. It was an ambitious 
industrial growth plan aimed at accelerating gigabit-network 
investments and transforming our operating model to be 
legacy-free and digital-first. A vital element in the pursuit of 
these goals was a responsible approach to environmental and 
social considerations. At the same time, we worked to improve 
the employability of our employees through up-skilling and 
re-skilling. Finally, we explored new paths for growth through 
partnerships and local ecosystems.
Challenging context
While we have achieved our key objectives, we did so in a unique 
context. As from the start of our #inspire2022 strategic cycle, we 
faced the most challenging public health crisis in modern times 
with the COVID-19 pandemic. 
We are now facing a challenging geopolitical and economic 
context, with the war in Ukraine and global supply crises resulting 
in major disruption to the energy market and the highest inflation 
levels in over 40 years. 
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
13

Another consequence of the war in Ukraine is that the protection 
of technological infrastructures becomes an even more strategic 
issue for states. 
Within the Belgian telecom market, several challenges lie ahead. 
Such as fresh competition, the future fiber partnership between 
Fluvius and Telenet in Flanders and the announced merger 
between Orange and Voo in Wallonia. All this means that our 
market structure will change considerably. 
bold2025: our new three-year strategy 
The world is changing, society is undergoing an unprecedented 
transformation, while the effects of global warming are becoming 
increasingly tangible.
In this global context, the transition to a new strategic cycle was 
the right time to reflect on our purpose and the bigger role we 
want to take in society. Our new purpose is: “Boldly building a 
connected world that people trust so society blooms.” We are 
actively building a connected world, shaped by strong connections 
between people, data, machines, ideas and companies. By 
protecting their data and securing our networks, we ensure that 
people can trust and embrace technology. If everyone makes 
the most of the possibilities of technology then individuals, 
households, companies and governments will flourish – and 
society will benefit.
This new purpose inspired our new three-year strategy for 2023-
2025: bold2025
Our bold2025 strategy further reinforces the path taken with 
#inspire2022. We chose the name ‘bold’ because we believe that 
it is by being bold that we will create most value for society, our 
customers and our shareholders. 
Our strategy relies on three exceptional strengths – our gigabit 
network, our technology assets and our people – which will 
deliver excellent value to our stakeholders: society, our customers 
and our shareholders.
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
14
 Boldly building a connected 
world that people trust so 
society blooms. 
Act for an inclusive society and be 
sustainable in everything we do
Foster an engaging culture and 
empowering ways of working
Delight customers  
with unrivalled experience
Rollout #1 gigabit network  
for Belgium experience
Grow profitably, locally and 
globally, through strong brands
Engineer technology assets to 
enable digital ecosystems 
We deliver  
great value for  
our stakeholders
through exceptional 
strenghts

The value for our stakeholders
Act for an inclusive society and be sustainable in everything we do
Today, more than ever, we are determined to fulfill our societal role. Beyond our commitments to be circular by 2030 
and reach net-zero greenhouse gas emissions across our whole value chain by 2040, Proximus is key to enabling 
other sectors to reach net zero. While tech innovation and digitalization are part of the answer to the climate challenge, 
we are vigilant in ensuring further digitalization does not aggravate the digital divide. That’s why we aim to bring 
gigabit connectivity to the Belgian population as quickly as possible, building digital trust through cybersecurity, online 
fraud prevention and data protection.
Delight customers with unrivalled experience
In the consumer market, building on the superior quality and performance of fiber and the latest Wi-Fi technologies, 
our premium mobile network and the value of our digital platforms Pickx and Proximus+, we aim to lead in customer 
experience. Our brands, Proximus, Scarlet and Mobile Vikings continue to fulfill our strategy by efficiently addressing the 
needs of the entire market.
In the enterprise market, we will continue to further leverage our digital channels and platforms, such as Proximus+ and 
MyProximus Enterprise, with self-servicing capabilities to drive digitalization and efficiency. In addition, we aim to become 
the leading ICT service company in the Benelux region, by developing convergent end-to-end ICT services that leverage 
both the superiority of our fiber and 5G networks, and our investments in cybersecurity and cloud, combined with our 
best-in-class servicing portfolio built on exceptional people capabilities.
Grow profitably, locally and globally, through strong brands
bold2025 is a growth strategy. Despite challenging market conditions, our ambition in the domestic market is to 
achieve above-market returns and grow, even with the substantial impact expected from the entry of a fourth 
mobile network operator into the Belgian market. Internationally, however, the global markets in which BICS and 
Telesign operate are growing rapidly. We are proud of the fact that we have made bold investments to accelerate this 
growth.
Our strengths
Foster an engaging culture and empowering ways of working 
After having exposed our entire workforce to agile work methodologies, we continue to unlock the benefits of the agile 
ways of working. We develop our people with training and coaching, grow our “Think Possible” culture and improve 
the way we operate as a group. To continue to retain and attract talent, we will prove we are a leading employer when 
it comes to offer real employment value and purpose to our employees. 
Rollout #1 gigabit network for Belgium
We are acting on our ambition to extend fiber coverage to 95% of Belgian premises, while leveraging fixed wireless 
access technology for the remaining 5%, to offer 100% gigabit coverage by 2032. The extensive spectrum package 
we acquired in 2022 will allow us to secure mobile leadership and stand out from the competition. 
Engineer technology assets to enable digital ecosystems
We are completing our IT transformation and delivering a future-proof IT landscape, infrastructure and processes. 
We are transforming our technology to develop new, leading app ecosystems. These ecosystems are built on digital-
native user experiences across our digital platforms and interfaces, and the use of data and Artificial Intelligence (AI).
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
15

Our business model: 
how we create value for society
Proximus Group aims to make a positive contribution to society, 
optimize the use of resources and create value with and for its stakeholders.
Natural resources
•	 445 TJ fossil fuel
•	 329 GWh electricity
•	 76.5 TJ natural gas
•	 1,063,493 m² building 
footprint
•	 62,919,000 L water 
Financial resources
•	 € 1,305 Mio investments
•	 € 3,307 Mio shareholders’ equity
•	 € 2,758 Mio adjusted net debt
Human capital
•	 Diverse talent of 11,634 
employees of 62 nationalities 
and 32% of women
•	 42.3 training hours/employee 
on average
•	 Expertise from partners
Resources
How we create value
Leading brands serving customers 
in the Benelux and internationally 
#inspire2022
Build the best 
open gigabit 
network for 
Belgium
Grow profitably 
through 
partnerships and 
ecosystems
Operate like 
a digital native 
company
Act for 
a green and 
digital society
We fulfill these ambitions thanks to agile working  
and the passion and expertise of our employees.
Think possible corporate culture
Based on 4 values 
Collaboration  |  Agility
   Customer Centricity  |  Accountability
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
16

Customers
•	 2,823,000 residential customers in 
the Benelux
•	 BICS and Telesign serving the needs of 
companies around the globe 
Employees
•	 1,324 internal moves
•	 1,306 new hires around the globe 
Suppliers
•	 3,856 direct suppliers
•	 488 suppliers, representing 68% of our external 
spend, were assessed by EcoVadis on their 
ESG-compliance and 76% of the assessed 
suppliers received a positive scoring
•	 All suppliers signed our Code of Conduct
•	 New supplier Engagement Program
Shareholders
•	 € 1,786 Mio Group underlying EBITDA
•	 € 387 Mio paid in dividend
•	 Corporate reputation and ESG as part of 
Management incentive plans
Belgian society
•	 128 Mio total tax contribution
•	 1.28 Mio homes & businesses enabled with fiber
•	 161 schools connected to fiber
•	 5G available in 94 cities and municipalities
•	 8,594 people trained through digital inclusion 
projects
•	 52% of tested devices accessible for at least 
five disabilities
Planet
•	 1st large company in Belgium with validated 
Net-Zero targets from SBTi
•	 87% waste recycled, reused or composted
•	 121,042 old mobile phones collected
•	 683,106 refurbished devices
The value we create for our stakeholders
Contributing to the Sustainable Development Goals
Detailed information on Proximus’ contribution to the SDGs can be found on page 148
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
17

Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
18
Key figures 
and highlights

1	
Excl. spectrum and football rights
2	
Scope 1, 2 and 3
Group underlying revenue
€ 5,909 Mio
Group underlying EBITDA
€ 1,786 Mio
Number of 
employees 
11,634
Total CO2 emissions
2
551 Kton
Avoided CO2 emissions 
by customers
741 Kton
Capex
1
€ 1,305 Mio 
Free Cash Flow (adjusted)
€ 181 Mio 
Board of Directors
43% women
Leadership Squad 
22% women

Refurbished devices
683,106 
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
19
Key figures

Launch of 
10 Gbps 
fiber 
technology
Acquisition of 
substantive 
spectrum 
rights for the 
next 20 years
Partnership with
 
to help SMEs in 
their digitalization
Solidarity for 
Ukraine 
through various 
initiatives
1.28 million homes 
and businesses enabled with 
fiber
Partnership with 
Microsoft 
to develop 
sovereign 
cloud 
solutions
Mobile 
Vikings 
launched its 
“internet at 
home” offer
Key highlights
New healthcare 
actors joining the 
local ecosystem 
Doktr
71% 
employee 
engagement
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
20

Set-up of three 5G labs to co-create 
use cases for enterprises
Proximus continues 
to take the lead 
in DigitAll, the 
Belgian ecosystem 
for digital 
inclusion
Strategic partnership 
between 
BICS and Qatari telecom 
company Ooredoo Group
Telesign 
opens a new 
data center in 
Brussels
First large Belgian 
company and third 
telco worldwide 
to acquire the 
SBTi 
validation for its 
greenhouse gas 
emissions 
net-zero targets
121,042 mobile 
phones collected 
for recycling
Full rollout 
of our agile 
operating model
Launch of Proximus Ada 
center of excellence 
for artificial 
intelligence and 
cybersecurity
Proximus Group    Integrated annual report 2022  ›  Proximus at a glance 
21

#inspire2022
	
26 	
Build the best open gigabit network for Belgium
	
35	
Operate like a digital native company
 
44 
Grow profitably through partners and ecosystems
	
57	
Act for a green and digital society
	
75	
Getting our people and organization ready for the future
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
22

#inspire2022
Since March 2020, Proximus has been executing its three-year 
strategy, #inspire2022. It was designed to accelerate change 
across our company so that we could return to profitable 
growth and address the competitive and societal challenges 
ahead. 
As described in the strategy section  
, this strategic cycle 
ended in December 2022 and is being replaced by bold2025, 
our new strategy for 2023-2025.
Over the following pages, we outline the progress towards 
#inspire2022 ambitions, with a link to our 14 most important 
material topics. These material topics were identified during 
the materiality assessment process that we conducted with 
external consultants in 2021. All details on our materiality 
determination can be found on page 153.
Build the best open 
gigabit network for 
Belgium.
Grow profitably 
through partnerships 
and ecosystems.
Operate like a digital 
native company.
Act for a green and 
digital society.
We fulfill these ambitions thanks to agile working and the passion and expertise of our employees.
The four strategic pillars of #inspire2022:
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
23

Build the best open gigabit network for Belgium
#inspire2022 ambitions
Baseline 2020
Status 2021
Status 2022
4.2 million gigabit 
homes and businesses 
enabled by 2028
460,000 homes and businesses 
connected by fiber
813,000 homes and businesses 
enabled with fiber
1.28 million homes and businesses 
enabled with fiber
Undisputed mobile 
leadership with 5G
• 	First operator to launch public 5G in 
Belgium 
• 	5G available at 138 sites in 69 cities 
and municipalities 
• 	20 use cases from enterprise 
customers on the 5G innovation 
platform
• 	5G available at 137 sites in 70 cities 
and municipalities
• 	14 use cases from enterprise 
customers on the 5G innovation 
platform
• 	5G available at 490 sites in 94 cities 
and municipalities
Open networks to 
grow wholesale 
revenues
•  8 new fiber wholesale partners in 
2020 
•	 5G network open to wholesale 
customers as from launch 
•  8 new fiber wholesale partners in 
2021
•	 9 MVNO partners have access to 5G
•  4 new fiber wholesale partners - 
over 35 fiber partners end 2022
•	 Around a dozen MVNO partners have 
access to 5G
Material topic: Support digital infrastructure for Belgian society
Operate like a digital native company
#inspire2022 ambitions Baseline 2020
Status 2021
Status 2022
Top 1 or 2 Telco 
NPS for convergent 
customers, driven 
by superior user 
experience, by 2022
•	 First operator to make commercial 
gestures following the COVID-19 
outbreak: > 95% customers 
appreciated the initiatives 
•	 MyProximus and Pickx app ratings in 
Google Play and App Store: 4/5 
•	 Satisfaction with our internet, TV 
and mobile products: > 90% 
•	 NPS of our residential 
internet+TV+postpaid customers 
increased in 2021
•	 NPS of our biggest enterprise 
customers increased in 2021
•	 NPS of our Small & Medium-sized 
enterprise customers decreased 
in 2021
•	 NPS of our residential 
internet+TV+postpaid customers: 
from +16 in 2021 to +17 
•	 NPS of Scarlet: remained stable 
at +21
•	 NPS of Mobile Vikings: from +43 
in 2021 to +46
-40% in IT costs by 
2025 with legacy-free 
IT 
•  Implementing a new simplified 
address management system 
•	 One single-data source for all billing 
aspects, improving data quality and 
user experience 
•	 Continuous integration, development 
and automation in IT operations to 
reduce time 
to market 
•	 Simplifying technology 
infrastructure 
•	 Implementing an engineering-
oriented culture 
•	 Increasing automation in the 
software delivery process
•	 Simplifying business processes and 
products 
•	 Exerting clear control over demands 
on IT
•	 Contracts Negotiation & Sourcing 
Model
•	 Architecture refactoring & re-
engineering.
•	 New Agile model implementation
•	 IT Delivery Model Optimization & 
Automation
•	 Progressive out-phasing of legacy 
systems
Train and selectively 
attract 
the best digital 
talents 
in Belgium
• 	> 200 employees recruited in 
domains of the future 
•	 Average of 39.5 hours of training 
per employee 
•	 € 34.45 million invested in 
employee re-skilling and up-skilling 
• 	172 employees recruited in domains 
of the future  
•	 Average of 41.3 hours of training per 
employee  
•	 € 32.34 million invested in 
employee re- and up-skilling  
• 	164 employees recruited in domains 
of the future
• 	Average of 42.3 hours of training per 
employee
• 	€ 33.49 million invested in employee 
re/up-skilling
Material topic: Delivering customer promises	
	
Overview of #inspire2022
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24

Grow profitably through partners and ecosystems
#inspire2022 ambitions Baseline 2020
Status 2021
Status 2022
> 3 million unique 
Proximus active 
monthly apps users 
by 2022
• 	1.6 million active users 
on MyProximus
•	 1.1 million active users on Pickx
• 	1.7 million active users 
on MyProximus
•	 1.2 million active users on Pickx
• 	1.72 million active users 
on MyProximus
•	 1.24 million active users on Pickx
> 2.1 million internet 
connections 
(consumer segment) 
by 2022
• 	1,965,000 internet connections 
(consumer segment, SE segment 
included)
• 	2,004,000 internet connections 
(consumer segment, SE segment 
included)
• 	1,735,700 internet connections 
(consumer segment) - 301,100 
internet connections (SE segment)
> € 100 million 
additional revenue 
from new non-telco 
domains by 2022
• 	Long-term commercial partnership 
with Belfius
•	 Addressable TV: > 150 targeted 
campaigns
• 	Financial services: Launch of Banx 
and Beats with Belfius
•	 eHealth: Launch of Doktr
•	 Smart building: Launch of aug•e 
platform with BESIX and i.Leco
•	 Addressable TV: > 400 targeted 
campaigns
• 	Financial services: further building 
on the innovative banking app Banx
•	 eHealth: reinforcing the ecosystem 
around Doktr
•	 Addressable TV: 440 targeted 
campaigns
Material topics: Delivering customer promises - Customer value for money - Support small and medium business development	
	
	
	
Getting our people and organization ready for the future
#inspire2022 ambitions Baseline 2020
Status 2021
Status 2022
Internal moves
• 	2,146 employees changed function
• 	782 employees changed function 
• 	1,324 employees changed function 
Good physical and 
mental well-being 
•  55% of employees giving a "good" 
score in the Speak-Up Survey (score 
of 4 and 5 on a 1-5 scale)
•  56% of employees giving a "good" 
score in the Speak-Up Survey (score 
of 4 and 5 on a 1-5 scale)
• 	The average score for all wellbeing 
questions in the Speak-Up Survey: 
78%
Material topics: Human rights - Workplace wellness - Employee up-skilling, re-skilling & employability - Business conduct & ethics 
Act for a green and digital society
#inspire2022 ambitions Baseline 2020
Status 2021
Status 2022
Sustainability and 
circularity embedded 
in everything we do
120 ongoing projects related to 
circularity and carbon emissions at the 
end of 2020
> 150 ongoing projects related to 
circularity and carbon emissions at 
the end of 2021
> 150 ongoing projects related to 
circularity and carbon emissions at the 
end of 2022
Net zero by 2040 
& truly circular 
by 2030 
• 	Own emissions: 27.4 KTons 
• 	Indirect emissions: 527.2 KTons  
• 	88% waste recycled  
• 	409,000 modems & decoders 
refurbished  
• 	72,764 mobile phones collected 
• 	Own emissions: -3% (vs. 2020)
• 	Indirect emissions: -3% (vs. 2020)
• 	89% waste recycled  
• 	845,000 devices refurbished  
(incl. 493,000 modems & decoders)
• 	80,406 mobile phones collected 
• 	Own emissions: +15% (vs. 2020)
• 	Indirect emissions: -1% (vs. 2020)
• 	87% waste recycled  
• 	683,106 devices refurbished 
(incl. 389,106 modems & decoders)  
• 	121,042 mobile phones collected 
Support digital 
re-skilling of 1,000+ 
Belgian job seekers 
yearly
• 	1,158 job seekers supported by our 
initiatives in Belgium  
• 	73% of tested devices accessible for 
at least five disabilities 
• 	1,145 job seekers supported by our 
initiatives in Belgium  
• 	55% of tested devices accessible for 
at least 5 disabilities 
• 	1,544 job seekers supported by our 
initiatives in Belgium  
• 	52% of tested devices accessible for 
at least five disabilities 
Material topics: Human rights - Sustainable infrastructure - Responsible supply chain - Circular economy - Energy and CO2 emissions - 
Digital access - Privacy & data security	
	
	
	
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
25

Build the best open 
gigabit network 
for Belgium 
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
26

As society becomes increasingly digitalized, data traffic 
continues to grow annually at double-digit % growth 
rates. To address the evolving needs of the users, we are 
building the best open gigabit network for Belgium. 
By rolling out fiber and 5G at an accelerated pace, 
we are quickly progressing towards our goal of 100% 
gigabit coverage across the country by 2032.  
We are working to provide flawless connectivity to 
everyone, including consumers, businesses of all 
sizes, public services and cities, wherever they may be. 
Our gigabit network has already become a catalyst 
for the economy. It encourages innovation, boosts 
competitiveness and stimulates job creation. 
Furthermore, fiber is the most energy-efficient way 
to bring multi-gigabit coverage into homes and 
enterprises, while 5G offers new applications to reduce 
carbon emissions.  
The goal of #inspire2022 was to roll out fiber to at least 
4.2 million premises by 2028, covering a minimum of 
70% of all homes and businesses in Belgium. To deploy 
fiber as quickly and cost-efficiently as possible, we are 
working with strategic partners willing to co-invest. 
In June 2022, Proximus announced its new ambition 
to extend fiber coverage to 95% of Belgian premises, 
leveraging other technologies like 5G for the remaining 
5%, to offer 100% gigabit coverage by 2032. 
Determined to maintain mobile leadership with 5G, 
Proximus secured an attractive and extensive spectrum 
package at the auction in July 2022. This is crucial, as 
this scarce resource, guaranteed for the next 20 years, 
will be an essential factor in confirming Proximus' 
leading position in mobile.
Our gigabit network is a fully open access platform on 
which all other service providers are welcome to offer 
their own specific services to their end customers under 
fair and non-discriminatory conditions.

Link to material topics 
Support digital infrastructure for Belgian society
Link to Sustainable Development Goals
Build the best open gigabit 
network for Belgium
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
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 In June 2022, Proximus 
announced its new ambition 
to offer 100% gigabit 
coverage by 2032.

Rolling out our fiber network across the country
In 2022, we revised our ambition upwards to cover at least 
5.9 million homes and businesses (95%) by 2032. 
This upscaling is made possible by:
•	 Proximus’ standalone rollout, covering 2.2 million premises in 
the densest areas. The rollout is to be finalized by the end of 
2026, with investments reaching peak levels in 2022-2023, 
before gradually decreasing.
•	 Deployment through partners Fiberklaar and Unifiber to 
2.1 million premises in medium-dense areas.
•	 A new project to connect 1.7 million additional homes and 
businesses in low-population-density areas.
Fiber is the broadband technology of the future
With virtually unlimited capacity, fiber supports advanced 
technological developments in the areas of artificial intelligence, 
virtual reality, data analytics, the Internet of Things (IoT), and 
quantum internet technologies. The fiber network is more 
energy-efficient and has a longer lifespan than any other fixed 
internet technology.
Our expertise in fiber technology allowed us to further improve 
our network with innovations such as the world speed record we 
broke with a 25 Gbps fiber technology connection, or the launch 
of 10 Gbps fiber technology.
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Leveraging the power of partnerships 
In order to cost-efficiently deploy fiber as quickly as possible, we 
are working with partners willing to co-invest.
In 2021, we co-created the joint ventures Fiberklaar in Flanders 
and Unifiber in Wallonia. They are deploying fiber to 2.1 million 
premises in medium-dense areas.
In 2022, Proximus has signed a Memorandum of Understanding 
(MoU) with a Consortium of Belgian financial partners with 
I4B - The Belgian Infrastructure Fund - as an anchor investor 
with the aim of bringing fiber coverage to rural zones around the 
country.  
In September 2022, the German-speaking Community of 
Belgium, Proximus, and Ethias created the joint venture 
Glasfaser Ostbelgien tasked with rolling out optical fiber 
throughout the region by 2026. Thanks to this public/private 
agreement, a first of its kind in Belgium, almost all of the 40,000 
premises in the German-speaking municipalities will have access 
to the best in broadband.
An innovative way to roll out fiber is to use electric poles. 
This allows users to be connected more quickly, while at the same 
time significantly reducing any impact that the rollout work might 
have on residents. To this effect, a new agreement was signed 
with ORES and discussions are ongoing with RESA to roll out 
optical fiber in Wallonia. In Flanders, discussions are ongoing with 
Fluvius to also reach a large-scale partnership allowing aerial fiber 
deployment leveraging electrical poles.
Outphasing our copper network
When fiber is available in their city, customers are informed and 
can migrate to the new network technology. In 2022, the first 
decommissioning of a full copper neighborhood has enabled 
us to industrialize the process, gather best practices, and set a 
standard for future decommissioning. Furthermore, deactivating 
our copper network allows for operational and energy savings 
and simpler infrastructure management. 
The residents in the areas where fiber is rolled out are being 
informed by means of mailings and local information sessions, 
thanks to the mobile information point that regularly drives 
around in the areas, or via our website  
, on which specific 
information on the progress of the works can be found.
Achievements 2022 
•	 The fiber rollout is ongoing in 93 cities and municipalities.
•	  467,000 more homes and businesses are connected to fiber, bringing the total to 1.28 million.
•	 The fiber footprint increased to 21% of the total Belgian premises (vs. 13.5% end 2021).
•	 We launched the 10 Gbps fiber technology.
•	 Through our partnership with Signpost, we connected already 161 schools to fiber  
.
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Offering the best mobile experience in Belgium  
We have a strong track record in pioneering mobile 
communications to deliver the best possible mobile experience 
for our customers. We aim to build on this by further 
strengthening our mobile network.
The multi-band spectrum auction that took place in June 2022 
is an essential factor in confirming Proximus’ ambition as mobile 
leader. With large portions of the auctioned spectrum to our 
name, we managed to secure more than other mobile players for 
the next 20 years. This allows us to increase mobile capacity, thus 
keeping up with customer data use, which is expected to continue 
growing in the coming decades. It also allows us to continue to 
innovate within the B2B landscape, as we develop new 5G use 
cases. 
Detailed information on the multi-band spectrum auction can be 
found in the Regulatory framework   
.

Together with fiber, 5G forms the foundation of 
tomorrow's digital economy. The faster speed – up 
to ten times faster than 4G – enables new applications 
and ways of working, such as decentralized clouds and 
the Internet of Things (IoT). And its ultra-low latency 
allows hyper-realistic rendering in virtual-reality 
images.
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Perspectives for new services  
Although our existing 4G network provides one of the best 
quality levels available in the world today, 5G opens perspectives 
for the creation of new services. Due to its ultra-low latency 
data transfer and higher capacity, it avoids network saturation 
while helping to respond to the increase in energy consumption 
associated with the exponential use of mobile data. Furthermore, 
5G is the most stable and secure wireless connection to date. 
Pioneering 5G 
The newly acquired spectrum in the 700 and 3600 MHz band 
makes it possible to deliver the benefits of 5G to the entire Belgian 
population through a reliable, future-proof, and energy-efficient 
open mobile network. We are a frontrunner in 5G technology: 
the first to commercially launch 5G in Belgium, demonstrate live 
end-to-end slicing, and deliver relevant use cases such as 5G 
security cameras and 5G drone warehouse scanning – all signs of 
our eagerness to leverage the full potential of 5G.
At the end of 2022, 5G was mainly available in Flanders. In 2022, 
we took substantial steps toward the launch of 5G technology 
in Wallonia and the Brussels Region as the legal framework is 
gradually being put in place. We will accelerate the deployment of 
5G in 2023, with a view to cover all major cities in Belgium by the 
end of 2024. Our aim is to cover 100% of the country by 2025.
Three 5G innovation labs have been established in partnership 
with advanced engineering center A6K, Howest and POM 
Fabriek Logistiek, to foster co-creation of relevant 5G use cases. 
Furthermore, the 5G technology allows us to set up a Mobile 
Private Network (MPN) for enterprises and public institutions. 
Thanks to this, they can run their private network and provide a 
service in a more secure and controlled way. 
In November 2022, Proximus Group affiliate BICS successfully set 
up the first-ever intercontinental 5G Standalone (SA) roaming 
connection between Proximus’ 5G network and a 5G network in 
the Middle East.
Leveraging the power of partnerships 
We want to work as efficiently as possible, increase operational 
synergies, and manage our network sustainably. 
Launched in 2020, Mwingz, the joint venture with Orange 
Belgium, aligns perfectly with that ambition. It will allow us to 
reduce each operator’s mobile sites by 35% while improving the 
coverage of the shared network as the number of mobile sites of 
the shared network will be around 20% higher compared to each 
operator’s former standalone network. The consolidation program 
progressed well in 2022, after some delay due to hardware 
deliveries impacted by the global supply chain disruptions. 
Proximus has also partnered with Nokia and Ericsson, enabling 
us to build an efficient, open, reliable and sustainable mobile 
network: Through our partnership with Nokia, we are upgrading 
our Mobile Radio Access Network (RAN) equipment, while our 
partnership with Ericsson is dedicated to modernizing our Mobile 
Data Core Network.
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
31
 The newly acquired  
spectrum makes it possible  
to deliver the benefits of 5G  
to the entire Belgian 
population through a  
reliable, future-proof,  
and energy-efficient  
open mobile network.

To fuel innovation, we invest in future areas such as 5G slicing. 
Thanks to our partnership with Nokia, we are the first operator 
to achieve end-to-end resource reservation in a multi-vendor 
setup. This configuration enables key services to keep running 
smoothly even during demanding times. In our 5G innovation 
platform in Brussels, together with Ericsson, we successfully 
tested this functionality, which will allow us to offer our enterprise 
customers dedicated handling of business-critical applications.
A continued investment in 4G
While we await full 5G availability, we want to support the quality 
of our mobile services and respond to the strong growth in 
traffic. As such, we have continuously been investing to increase 
the capacity of our mobile network, particularly in locations 
where mobile traffic is very high. We are activating additional 
spectrum obtained through the spectrum auction in June 2022. 
In addition, we are accelerating the migration to our new 5G. 
network in selected locations and adding new mobile sites to 
improve the network coverage and increase capacity.
At the end of 2022, Proximus announced it would stop providing 
services on its 3G network by the end of 2024. Instead, we will 
invest heavily in newer mobile network technology that is more 
powerful and energy efficient. 
Addressing health concerns
Proximus is aware of concerns regarding electromagnetic fields 
and health. We provide information on these topics and take 
precautionary measures. We comply with the legislation in 
force, both for networks and for devices, and closely follow up 
developments in scientific research.
Removing mobile antennas, thanks to our network sharing with 
Orange Belgium, reduces any visual impact created by antennas 
and also partly addresses the concerns that some might have 
regarding the health impact of radio frequencies.
The potential health impact of radio frequencies, 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 are below internationally authorized 
thresholds, there is no evidence they have adverse health 
consequences. This will not change with 5G.
On our websites  
, we provide information about the potential 
consequences of electromagnetic waves on health and the 
environment. There are also links to information made available 
by Belgian regional authorities and the WHO regarding scientific 
research in this field, as well as responses to concerns about the 
potential risks of exposure to electromagnetic waves from mobile 
phones.
Achievements 2022 
•	 5G is now available on 490 sites in 94 cities and municipalities.
•	 We acquired substantive spectrum rights for the next 20 years. 
•	 Through MWingz, we were able to dismantle 72 sites, further consolidating our shared mobile network. 
•	 We realized 14 innovation use cases.
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32

Contributing to a better society
Reliable, fast connectivity is crucial for the digital development 
of our society. With the digitalization of government services, 
job interviews, registration of children at school, bill paying, etc., 
citizens without digital access are at risk of exclusion.
Leaving no one behind
There are still areas in Belgium where people do not benefit from 
high-performance internet connections (> 30 Mbit/s). These 
areas – called “white zones” – are primarily located in rural areas 
in Wallonia. Thanks to our efforts, 95.3% of the customers had 
access to high-speed connectivity (> 30 Mbit/s) at the end of 
2022, compared to 94.8% at the end of 2021. 
Thanks to the partnership with Ethias and the German-speaking 
Community of Belgium, white zones in this region are set to 
disappear, and fiber will be available throughout the region by 
2026. 
Our above-mentioned project with I4B – The Belgian 
Infrastructure Fund – is a major step toward 100% national 
gigabit coverage. 
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33

Transition to a sustainable infrastructure
As part of our commitment to a sustainable society, we apply 
circular principles to our network equipment and deploy more 
energy-efficient networks. 
We are continuously testing and implementing intelligent features 
on our networks to power down some temporarily unused 
frequencies to reduce the energy consumption.
Outphasing our copper network also means that we use this 
valuable resource less for our network. The copper we are able to 
recover is sold for reuse. In 2022, we managed to recover a total 
of 630 tons of copper cable.
The fiber we use can be entirely produced in Europe and consists 
of glass made from silicon dioxide, the most abundant element on 
Earth after oxygen. This resource is found in sand, clay, rocks and 
even water. 
The fiber rollout also frees up space in our street cabinets. 
It allows us to convert them into charging points for electric 
vehicles. After a successful pilot in Mechelen, we continued the 
project in Oudenaarde in 2022 and we are investigating further 
opportunities.  
As previously mentioned, Proximus shares its 5G mobile network 
with Orange Belgium, which will reduce the number of base 
stations by 35%. Redundant equipment is recycled or resold for a 
second life. 
The 5G technology improves the efficiency of mobile data 
transmission: less energy is required for the same amount of data. 
When traffic is low, 5G networks use little power, further reducing 
the power consumption of the antennas.
Detailed information on how our networks contribute to our net-
zero and circular ambitions is available in the chapter "Act for a 
green and digital society"  
.
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34
 The fiber rollout frees up 
space in our street cabinets.  
It allows us to convert  
them into charging points  
for electric vehicles.

Operate like a
digital native
company
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35

Operate like a digital 
native company 
Proximus has been transforming its operating model to 
make the company truly fit for the digital world. We 
aim to offer the same user standards as native digital 
players on the market. To this end, we largely adopted 
the agile way of working and simplified our processes 
with the aim of being more efficient, adapting swiftly to 
changing markets and evolving customer expectations. 
Our customers are at the center of everything we 
do. Our ambition is to delight our residential and 
professional customers with premium services through 
user-friendly and personalized experiences based on a 
best-in-class digital ecosystem. 
For instance, we have made good progress enhancing 
the assistance journey for residential and enterprise 
customers and boosting the in-home Wi-Fi experience. 
We also paid great attention to improving the 
experience of our fiber customers, both during and 
after the migration of their services to the fiber network.
To operate like a digital native company, we also need 
to become a legacy-free operator in terms of IT. 
We continue to replace outdated IT systems in our 
infrastructure and aim to complete this process 
by 2025. 
Additionally, we significantly reduced our IT costs 
and we are on target to reach our ambition to lower 
them by an estimated 40% by 2025. In parallel, 
we continued to invest in solid data foundations 
and the development of our automation and advanced 
analytic capabilities. Data is essential to creating 
and implementing even more proactive and 
personalized services.
Finally, we continue to substantially invest in the 
up-skilling and re-skilling of our employees, allowing 
talent to grow in a digital world. 


Link to material topics 
Delivering customer promises
Link to Sustainable Development Goals
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
36
 Data is essential  
to creating and  
implementing even  
more proactive and 
personalized services.

Prioritizing the customer experience  
Our customers interact with us in several ways: in person, on the 
phone, through digital platforms like our website or MyProximus. 
By improving these customer touchpoints and offering hassle-
free interactions, we are committing to exceeding expectations 
every time customers are in touch with us. Our continuous 
effort to optimize our digital tools – while maintaining a human 
approach – brings us closer to our customers and drives our Net 
Promoter Score.
Acting upon customer feedback
We have taken great strides in improving and redesigning our 
customer journeys, calling on our customers themselves. Our 
approach ensures that we include our customers from the start 
of the design process and guarantees that we build an intuitive, 
digital-first customer experience. 
Through "Voice of the Customer", our customer feedback 
platform, we collect and analyze residential and enterprise 
customer feedback. This allows us to act on it swiftly. In 2022, 
Proximus Group    Integrated annual report 2022  ›  #inspire2022 
37
 Through "Voice of the 
Customer", our customer 
feedback platform, we collect 
and analyze residential  
and enterprise customer 
feedback.

we further rolled out "Voice of the Customer" dashboards for 
all customer-facing employees and launched several surveys 
for enterprise customers. We also set up an “Executive Advisory 
Board” with some of our key enterprise customers to capture 
their feedback on strategic topics and foster a closer customer 
relationship.
We have also developed a customer experience dashboard 
to map and track the drivers of customer satisfaction and 
dissatisfaction, enabling root cause analysis and preparation of 
action plans. This has allowed us to greatly improve the customer 
journey, primarily focusing on administrative and technical 
assistance journeys. For instance, the digital interactive bill and 
advanced analytics recommendations for our customer-facing 
agents have enhanced the assistance journey for residential and 
enterprise customers. However, we acknowledge that we need to 
continuously improve, for instance by enhancing the experience of 
our SME customers. 
Customer interactions
We offer our customers a modern digital experience combined 
with human interaction whenever necessary. 
Digital self-service options
Digital self-service options make it easy for our customers to 
manage their products and services themselves.
Since its creation, we’ve continuously improved the MyProximus 
app for residential customers, making it more relevant, intuitive, 
stable and efficient. The app clearly details the customer’s 
subscription, usage, and normal and extra costs. Additionally, 
we introduced new features, such as an interactive view of the 
billing history, a new welcome screen including links to our Pickx 
entertainment platform and our e-Press offer, and an update to 
MyFootprint, allowing the app to give the customer more accurate 
insight into their ecological footprint. 
Enterprise customers can rely on our digital web and app portal 
with a wide range of self-servicing capabilities to manage their 
administrative requests. We are digitalizing our quote-to-bill 
journey and have already implemented online contract renewals, 
a centrally stored contract database and the digital bill. This 
revamped journey will be gradually rolled out to delight our 
enterprise customers. 
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38

Focus on digital sales channels
Multiple improvements were made to enhance the performance 
of our online store. As such, we managed to reduce the technical 
error rate to 8.8% (from 11.3% end of 2021).
We substantially improved the stability of our online tools, 
offering customers fast, easy and on-demand self-service 
options, requiring no help from our customer service or store 
employees.  
Balancing digital and human interaction
The digitalization efforts mentioned above free up our experts’ 
time, allowing them to help customers who have more complex 
questions or to help our customers who are not always at ease 
with digital.  
For customers who feel more comfortable with face-to-face 
interactions, our store employees play a crucial role. In 2022, we 
focused on improving the in-store experience for our customers. 
For example, we installed a Pickx experience table to inform 
our customers on the platform features, and we also further 
increased our in-store fiber experience.
User experience
We are committed to offering products and services of the highest quality.
In-home Wi-Fi experience
In a context where the quality and performance of the internet 
and Wi-Fi at home or in the office are becoming increasingly 
crucial, in May 2022, we launched our new Internet Box, 
enabling a faster, smarter, safer, and more energy-efficient Wi-Fi 
connection. Equipped with Wi-Fi 6 and Mesh technologies, it 
offers the fastest in-home Wi-Fi experience on the market, with 
surfing speeds up to 40% faster than Wi-Fi 5. The Internet Box 
was also designed to be more environmentally friendly: it uses 
24% less energy than the previous generation and the casing is 
made entirely of recycled plastic.
Besides, to provide the best unrivalled Wi-Fi experience 
throughout the home, our smart Wi-Fi solution monitors the 
Wi-Fi experience of our customers remotely and suggests, by 
means of the MyProximus app, pro-active actions to improve 
it. In addition, Smart Wi-Fi manages all connections and 
automatically adapts to provide customers with the best Wi-Fi 
coverage at home.
Lastly, we have introduced a set of quality checks that our 
technicians are required to perform when visiting a customer. 
This guarantees that all services work properly, improving our 
first-time-right score, as well as our product and customer 
satisfaction rates.
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MyProximus app for enterprise users
In 2022, we streamlined the interface of the MyProximus app for 
professional mobile end-users to show the same features as the 
residential customers’ interface. 
We have also expanded the self-service functionalities in 
billing, technical assistance, and mobile, fixed and ICT contract 
management, as well as revamping the flow of our online ticket 
creation. These updates have allowed us to drive our e-service 
shares to 30% for administrative assistance by the end of 2022.
More brand promoters, across brands and segments  
Proximus aims to become the operator with the best brand 
recommendation on the Belgian market. 
We measure our brand recommendation with the Net Promoter 
Score (NPS). We ask customers how willing they are to 
recommend our brands to friends and family. Their responses give 
us insight into their brand loyalty. 
In the residential market, our Mobile Vikings and Scarlet brands 
are already NPS leaders in the mobile and fixed segments 
respectively. In the convergent segment, the Proximus brand 
more than doubled its NPS over the last 3 years and reduced its 
gap vs. benchmarks.
In the enterprise market, the NPS of our small enterprise 
customers increased in 2022. Accounted customers also showed 
a better NPS, mainly thanks to our network enhancements, 
account managers and customer service officers. 
Achievements 2022 
•	 We had 1.72 million active users on MyProximus (vs. 1.7 million at the end of 2021).
•	 Net Promoter Scores (NPS):
•	 Residential internet+TV+postpaid customers: increase from +16 in 2021 to +17
•	 Scarlet: remained stable at +21
•	 Mobile Vikings: increase from +43 in 2021 to +46
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Digital transformation and IT
We need to break free from our legacy architecture and become 
a genuine software company with a digital native approach. 
The shift to legacy-free IT is expected to reduce our IT costs by 
an estimated 40% by 2025. We are on target to achieve this 
ambition.
To operate like a digital native company, our core IT systems 
should be flexible, cloud-based and able to fully support state-
of-the-art technologies. Resilience and stability are consistently 
at the center of our engineering culture to ensure an excellent 
experience for our customers and employees.
We have defined a solid foundation based on (i) a flexible, 
modular, and legacy-free architecture, (ii) innovative data 
streaming set-up and (iii) a state-of-the-art delivery model. 
The innovation pillars foster a digital-first approach, a new 
entertainment architecture and an innovative technical ecosystem 
set-up.
Simplification and IT transformation 
Our goal is to evolve toward a modular, resilient and cost-
effective IT landscape, allowing Proximus to:
•	 Tear down old-fashioned monolithic applications and 
implement flexible modular set up.
•	 Reduce time-to-market of IT deliveries.
•	 Implement efficient processes and push automation.
•	 Simplify business processes and products.
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The IT “Total Cost of Ownership” Reduction Program, launched 
in 2020, aims to decrease IT costs by 40% by 2025. We 
conducted a thorough review of IT development and processes 
in a wide variety of domains, from product provisioning through 
after-sales servicing. This has resulted in a series of solutions, 
which have allowed us to exceed our ambitions in 2022. For 
instance: 
•	 Transformational solutions: we are replacing our monolithic 
legacy billing ecosystem with open and modular functional 
based set-up.
•	 Tactical solutions: we renegotiated contracts with IT providers 
and moved to a more outcome-based partner model that 
limits financial risks while emphasizing quality deliveries.  
•	 We implemented and expanded a testing automation 
framework to reduce manual testing efforts.
•	 We set up a “Continuous Integration/Continuous Deployment” 
pipeline, allowing to put new code faster and more efficiently 
in production.
A fully digitally supported sales and servicing journey goes hand 
in hand with a stable IT environment. We’re paying particular 
attention to platform and infrastructure improvements that 
increase the resilience of our digital customer tools. In 2022, we 
launched a completely new division within our IT organization, 
uniquely dedicated to maintaining an optimal user experience. 
This new entity will ensure a quality-by-design change process, 
expanding monitoring capabilities to pro-actively detect 
instabilities and work toward an open-user community where 
IT and end users interact closely to achieve a better overall 
experience.
Additionally, we have engaged in a close partnership with HCL, 
which became fully operational in February 2022   
. 
Data analytics and AI
In 2022, we completed a major milestone in our data 
transformation through a new data platform that consolidates 
and structures our data in a secure and compliant-by-design 
manner. The platform takes Proximus a step closer to becoming 
a truly data-driven company that can make the right decisions 
for its customers, based on the valuable insights the platform 
provides. Furthermore, the platform will be a key enabler for 
our AI ambitions that were underscored by the 2022 launch of 
Proximus Ada. The new data architecture aims to ensure high-
quality data, based on logical organized streaming to democratize 
the data usage.
Proximus Ada is Belgium’s first center of excellence in AI and 
cybersecurity: two domains that will help society to address 
today’s challenges – namely, energy and mobility. AI already 
plays a crucial role in optimizing the allocation of our (scarce) 
resources by steering energy consumption based on actual needs 
or through smart traffic management to reduced congestion and 
emissions. Our cybersecurity capabilities will enable us to offer 
these smart solutions securely.
This new affiliate is crucial in gaining operational efficiency for 
Proximus. For example, we have developed AI models allowing us 
to improve our operational efficiency in the following domains:
•	 Sales: via predictive routing, customer calls are automatically 
linked to the appropriate personnel.
•	 Field technicians: to avoid unnecessary interventions as well as 
determine what expertise is needed.
•	 Logistics: to better distribute mobile devices to shops.
•	 Customer management: to detect fraud.
•	 Fiber deployment: to improve quality through image 
recognition.
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Agile software delivery
We’ve introduced additional software deployment slots that 
are in line with our agile methodology lifecycles to deliver new 
features to our customers on a bi-weekly basis. Today, 60% of 
our code releases occur through an agile go-live slot. Through 
automated testing, we cut down costs and time spent in the 
development lifecycle, enabling us to shift focus to value-adding 
improvements. Furthermore, we are balancing out agility and 
speed with a strong focus on quality through the adoption of 
uniform change standards and a “quality-first” mentality.
Number one entertainment platform
We aspire to make our entertainment platform Pickx the number 
one streaming service on the market, providing a broad offer of 
content and features that add to the viewing experience. Over 
the coming years, we will further personalize the customer 
experience through profiling and targeting of specific customer 
segments. 
This, as well as extending the search and filter options to include 
the various content metadata fields, will allow for a more 
advanced content discovery. Additionally, Pickx will support 
cross-device use, enabling the viewer to easily switch devices 
in the middle of a content piece.
Achievements 2022 
•	 We launched Proximus Ada.
•	 We conducted a thorough review of IT development and processes in a wide variety of domains, 
from product provisioning through after-sales servicing.
•	 We launched a completely new division within our IT organization, uniquely dedicated to maintaining 
an optimal user experience.
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 We aspire to make our 
entertainment platform  
Pickx the number one 
streaming service on the 
market, providing a broad  
offer of content and  
features that add to the  
viewing experience.

Grow profitably 
through partners
and ecosystems
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Our #inspire2022 strategy is a growth plan in which 
we monetize our investments in our core business and 
explore new paths for growth through partnerships 
and local ecosystems. We want this growth to be 
sustainable and responsible.
By capitalizing on our talents, brands, customer 
base, networks and services, we aimed for – and 
successfully returned to – profitable growth in 2022, 
both in revenue and EBITDA.
In the consumer market, our multi-brand approach 
and our network and product superiority fueled the 
growth of our customer base. Our ambition was 
to reach 2.1 million internet lines in the combined 
consumer and small enterprise (SE) segments by the 
end of 20221. We achieved 1,735,700 internet lines 
in the consumer segment and 301,100 in the SE 
segment. 
Growth has also come from wholesale, thanks to our 
open network strategy.
Developing strong local and global partnerships 
allowed us to target new business opportunities. 
We incorporate the innovative technology of these 
partners into our products and solutions. Through our 
digital platforms, such as MyProximus and Pickx, we 
are in contact with a huge number of customers every 
day. It’s a unique opportunity to develop and market 
new, value-added services for them while boosting the 
use of our apps. Our ambition was to have more than 
3 million active monthly app and web-portal users by 
the end of 2022. On MyProximus, we reached a total 
of 1.72 million active users and for Pickx we counted 
1.24 million active users.  
We are adding next-generation ICT solutions and 
professional services to our state-of-the-art fixed 
and mobile networks, offering our business customers 
tools and support that guide them through their digital 
transformations.
The acquisition of the full ownership of BICS and 
Telesign has resulted in the significant growth of our 
international activities.



Link to material topics 
Delivering customer promises
Customer value for money
Supporting small and medium business development
Link to Sustainable Development Goals
Grow profitably through 
partners and ecosystems
1	
Our strategic ambition included the Small Enterprise (SE) market. At 
the beginning of 2022, the entire SE customer base was moved from 
the Consumer unit to the Enterprise unit, impacting the revenue and 
operational data of both units, without affecting the total Domestic view.
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 By capitalizing on our  
talents, brands, customer 
base, networks and 
services, we aimed for – and 
successfully returned to – 
profitable growth in 2022.

Activities in the Benelux 
Proximus provides future-proof connectivity services, digital 
services and ICT solutions to the consumer, enterprise and 
telecom wholesale markets in the Benelux via leading brands.
We work together with partners to create ecosystems and 
develop innovative solutions that benefit our customers. They 
include strong local partnerships that allow the creation of new 
business opportunities. Moreover, we incorporate the innovative 
technology of our hyper-scaler and global partners into the 
products and solutions we bring to the market.
Residential customers
Proximus offers products and solutions that are tailored to the 
needs, expectations and budgets of all customer segments. 
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 Our complementary  
brand portfolio allows us 
to address value seekers 
as well as price-conscious 
consumers.

Multi-brand approach
Being relevant to our customers means addressing their digital 
needs with segmented value proposals.
Our complementary brand portfolio allows us to address value 
seekers as well as price-conscious consumers:
•	 Proximus offers the best quality and service with a 
comprehensive range for residential customers and companies, 
such as our Flex offer. We monitor our customers’ price/value 
perceptions through regular surveys. At the end of 2022, 
77% of our residential customers were satisfied with the price/
quality ratio of their Proximus pack, maintaining figures from 
2021 despite the turbulent economy. 
•	 The Scarlet range is aimed at customers looking for no-frills 
solutions at the best prices. Scarlet makes qualitative home 
and mobile connectivity affordable for all.
•	 Mobile Vikings is a 100% digital brand offering both mobile 
and internet at home. Its high-performing solutions appeal to 
young (at heart) digital savvy customers. 
Strong local partners
To be relevant in the daily digital lives of consumers, we’re 
expanding the number of services that we offer through mobile 
applications. 
For this, we not only build on our own services, but also work with 
strong local partners, laying the foundation for local ecosystems 
that support companies in reaching a new audience and offering 
customers easy access to digital solutions.
A selection of our ecosystems:
•	 Together with our partner Belfius, we further built on the 
innovative banking app Banx, with sustainability and digital 
experience as differentiators: 86% of users were satisfied 
with the app and 82% would recommend it. The positive 
impact on the planet and user-friendliness of the app were key 
motivators for satisfaction. At the same time, we want to offer 
our Banx customers a complete digital banking experience: 
Banx customers can now pay with Bancontact using Apple Pay.
•	 With the teleconsultation app Doktr, Proximus aims to use 
innovation and digitization to improve the healthcare and 
consultation experience for doctors and patients. 
In 2022, several health players reinforced the local ecosystem 
around Doktr together with Proximus:
•	 Alliance with the health insurance funds Christelijke 
Mutualiteiten/Mutualité Chrétiennes and Solidaris/
Socmut.
•	 Domus Medica, the biggest association of general 
practitioners in Flanders and Brussels.
•	 AG Insurance, Belgium’s market leader in group healthcare 
insurance.
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 We work with local  
partners, laying the 
foundation for ecosystems 
that support companies  
in reaching a new  
audience and offering 
customers easy access  
to digital solutions.

Achievements 2022 
Proximus
•	 Flex subscriptions of residential and SE customers reached a total of 1,067,000 (vs. 835,000 end 2021).
•	 Flex range extended with Flex XS.
•	 252,000 fiber lines were activated for residential and business customers by end 2022 
(vs. 146,000 end 2021).
•	 We reached a 100% digital onboarding of e-SIM customers through MyProximus app.
•	 The Doktr app had 68,000 registered users of, and a patient-satisfaction rate of 93% 
at the end of 2022.
Scarlet
•	 Scarlet launched Trio Mobile, the first convergent proposition with internet, TV and mobile. 
•	 The data allowance for mobile packs increased, but the prices remained unchanged.
Mobile Vikings
•	 Mobile Vikings launched the "internet at home" range, also available bundled with the mobile offer. 
•	 Mobile Vikings customers were migrated to the Proximus mobile network.
•	 We enhanced MyFootprint, a MyProximus app, developed 
with CO2logic, that calculates a customer’s CO2 emissions 
by means of predefined questions. This way, they can 
see the direct impact of their behavior and take action to 
reduce any negative effect they have on the environment. 
In 2022, we made it possible to use the app to calculate the 
environmental impact of telecom consumption.
•	 We further partnered with local players in mobility, energy 
and the service industries to develop and deliver relevant 
digital services to our customers to manage their household, 
finances, mobility and health by means of the super app 
Proximus+, which we introduced to a test group of customers 
at the end of 2022. 
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Beyond connectivity
To be relevant to SMEs, we’re building our services with the 
following partners who are recognized as SME market experts:
•	 In order to complement our own Business Booster range 
to allow SMEs to create their own websites and online social 
presence, we signed a strategic partnership with Odoo in 
July 2022. Odoo is a leading company offering a full suite of 
advanced digital solutions for SMEs. They include customer 
relations management, e-commerce, accounting and human 
resources.  
•	 Together with our partner UNIZO, we offer online training 
modules that cover all aspects vital to establishing a company’s 
online visibility, such as how to design a website or launch an 
online store.
Achievements 2022 
•	 The Business Booster was launched, offering a complete package of digital solutions for small enterprises to 
build and host company websites, manage social media and digital advertising.
•	 ClearMedia has increased its year-over-year revenue by 48%, with EBITDA up by 58%.
•	 The range of packs gained traction: the pack penetration of Business Flex increased from 20.4% end of 2021 
to 29.6% end of 2022.
•	 The Enterprise Pack Together showed strong commercial performance with over 1,300 packs sold in 2022. 
•	 We launched the “Mobile Threat Defense” option that protects smartphones against potential cyberattacks 
and threats as part of the Enterprise Pack Together.
Small and medium-sized enterprises
We accompany small and medium-sized enterprises (SMEs) 
throughout their growth journeys and empower them in the 
digitalization of their businesses in uncertain and fast-changing 
times.
Digitalization journey
In an increasingly globalized world, Proximus offers, also through 
its affiliate ClearMedia, relevant solutions designed to support the 
Belgian SMEs. This includes Business Flex, Business Booster, 
a suite of digital marketing services for SMEs or Enterprise Pack 
Together, our modular ICT bundle combining connectivity, 
communication solutions and IT options in an easy offering to 
guarantee that small businesses can focus on their core activities. 
In 2022, we changed our organizational model to put more 
focus on the SME market, which has different needs than the 
large enterprises and residential customers. They need to have a 
one-stop-shop ICT partner that offers peace of mind and enables 
them to be successful in competitiveness and growth. In co-
creation with our customers, we are investing in several structural 
initiatives to make the portfolio evolve in line with the needs of this 
important market segment.
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 We changed our 
organizational model  
to put more focus on  
the SME market.

Digital transformation powered by partnerships
We rely on partnerships to bring our business customers relevant 
and differentiating solutions, efficiently accompanying them in 
their digital transformations and helping them to tackle societal 
challenges.
A selection of partnerships:
•	 The IT infrastructure partnership between Proximus and 
HCL Technologies that was signed in 2021 became fully 
operational in 2022. HCL Technologies now manages and 
services the Proximus private cloud infrastructure and supports 
our transition to a hybrid end-to-end cloud solution provider, 
leading to a richer service catalogue for large enterprises. 
In 2022, this contract was expanded to include Telindus 
Netherlands.
•	 In June 2022, Proximus signed a strategic partnership with 
Howest University of Applied Science to create a state-of-
the-art 5G Lab. Equipped with Proximus 5G MPN technology, 
the 5G Lab supports various educational programs and 
allows students to discover, test and build new use cases with 
complementary technologies such as IoT, artificial intelligence, 
virtual reality and edge computing. Companies from various 
sectors will be able to investigate the possibilities of 5G for their 
businesses and develop new applications in collaboration with 
Howest students and under the guidance of Proximus experts.
•	 In July 2022, Proximus was selected as one of the few 
worldwide to co-develop a Sovereign Cloud solution – 
together with Microsoft. This will enable our customers in 
Belgium, Luxembourg and the Netherlands to use the most 
powerful public cloud capabilities while benefiting from the 
ultimate in sovereign and privacy controls.
•	 In June 2022, Proximus signed a unique partnership with 
La Petite Merveille and the city of Durbuy. Together, they’ll 
invest in fiber and 5G connectivity to enable innovative 
tourism services based on advanced analytics and augmented 
and virtual reality technology in the city of Durbuy.
Large enterprises
We are combining our state-of-the-art fixed and mobile networks 
and our expertise with next-generation ICT solutions and services 
to offer large enterprises tools and support to guide them 
through their digital transformation.
Technological leadership 
Companies require convergent ICT solutions that combine 
telecom and IT assets. We are investing heavily in both our 
gigabit networks (fiber and 5G) and in further strengthening 
our IT capabilities in areas like cybersecurity, cloud, advanced 
workplaces, data and Internet of Things (IoT). Thereby offering 
a catalogue of professional and managed services that guide 
our customers through their journeys to become digital, cloud-
enabled, data-driven and end-to-end secure.
We drive technological leadership and innovation through 
strategic partnerships with hyper-scalers like Microsoft 
and Google, leveraging their technologies such as Google 
Cloud, Microsoft Azure or Microsoft Teams. Global operational 
partnerships complement our ICT capabilities to accelerate our 
growth in specific domains such as cloud with partners like HCL 
Technologies.
Also, our affiliates, active in Belgium, the Netherlands and 
Luxembourg, provide us with a unique combination of assets 
and skills to create solutions and applications that accelerate our 
customers’ digital transformation  
.
Finally, 5G is generally considered to be a key enabler of digital 
transformation in almost every industry, and therefore, a long-
term growth driver for Proximus. Over the course of 2022, we 
co-created 5G, IoT and edge-computing use cases together 
with customers and partners such as A6K, Fabriek Logistiek 
and Howest.
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Achievements 2022 
We successfully delivered growth in new services while maintaining market leadership in traditional domains. The 
rich offering of Proximus and its affiliates as well as the combination of services and solutions were key to winning 
over many new customers and reconfirming partnerships with our existing customer base.
Cloud: 
•	 BAM InterBuild: our first Cloud Fusion deal with our partner HCL was complemented with our security 
solutions.
•	 La Baloise: Proximus Luxembourg will be delivering data center services (storage and housing) topped with a 
connectivity solution.
Security: 
•	 Astrid: SpearIT was selected for the delivery of Checkpoint Firewalls for emergency centers. 
•	 DPG Media: through demonstration of our security expertise via a consultancy mission, Davinsi Labs won a 
large Managed Detection and Response contract.
5G leadership: 
•	 Port of Antwerp: together with DroneMatrix we won the Drone and 5G Tender. This win is the ideal 
steppingstone to further roll out this innovative solution to the partner ecosystem of Port of Antwerp.
Fixed connectivity: 
•	 Deceuninck: we signed a 2-year fixed connectivity contract.
•	 VDAB: under the umbrella of our Flemish Government frame agreement, we were awarded the delivery of 
LAN, WAN & WLAN managed services.
Services: 
•	 Enbro: with Aug•e, we sold consultancy services in energy monitoring. As Enbro is the largest energy broker 
in Europe, serving 250,000 customers, this deal puts us in pole position for additional business in this 
domain.
•	 DPG and Sibelga: the Security Consultancy services by Davinsi Labs convinced the customers to partner 
with us for their security solutions.
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Achievements 2022 
•	 End of 2022, Proximus counted over 35 fiber partners and around a dozen Mobile Virtual Network 
Operators (MVNO) on its networks.
•	 Proximus also serves more than 150 fixed and mobile partners/customers/carriers.
•	 By expanding its international availability, Proximus has over 700 active roaming agreements for everything 
including VoLTE, 5G and IoT coverage.
•	 In the survey held end of 2022, 96% of our wholesale customers said they were satisfied, with 70% very 
satisfied to extremely satisfied.
Wholesale customers
Since 1998, Proximus has been connecting customers to the 
world and enabling communication service providers on the 
Belgian market to serve their customers.
Open network
Our gigabit networks (fiber and 5G) are open networks with 
fair and non-discriminatory conditions. This means all telecom 
operators are welcome to use them and offer services to their own 
end-customers. This way, we foster competition and innovation 
throughout Belgium. We provide our wholesale partners with 
fully automated and customized services, from quoting to billing. 
On top of this, we also deliver wholesale solutions that serve the 
different joint ventures in which Proximus is active.
Customization and digitalization
Our team of experts (pre-sales, sales, product and service 
managers) define which solutions fit our wholesale customers’ 
needs, together with them. Our main products are fixed assets 
(interconnect, transit, infrastructure, back-hauling, rental of 
internet and professional connectivity services), mobile assets 
(interconnect, MVNO, Instant Roaming) and digital assets (from 
quote to cash).
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 Our gigabit networks –  
fiber and 5G – are open 
networks with fair and  
non-discriminatory 
conditions.

International activities
The acquisition of the full ownership of BICS and Telesign 
in 2021 gave us full strategic and operational flexibility. Since 
that point, both businesses have grown rapidly thanks to their 
respective management teams. Developing our international 
activities through BICS and Telesign has given us direct access to 
highly growing, adjacent digital communication markets which 
have significant future potential to be accretive to Proximus 
Group. 
BICS 
BICS is responsible for international carrier activities on the international communications market. 
Communications platform
BICS’s strategy revolves around re-positioning the company 
as a communications platform at the center of the digital 
communication market. By leveraging its leadership position 
within the traditional telecoms market, BICS is providing 
communication solutions to the enterprise market.
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Partnerships
BICS has strengthened its leadership position through strategic 
partnerships across both the telecom and enterprise markets.
In July 2022, BICS announced its partnership with Ooredoo 
Group. BICS will manage voice services across Ooredoo Group’s 
inbound and outbound operations. It includes the provision of 
fraud-protection solutions and the use of machine learning to 
enhance customer experience.
BICS and Lynk, the world’s leading satellite-direct-to-phone 
telecoms service provider, announced their partnership, focused 
on using satellites to expand mobile coverage to remote and 
offshore areas around the globe. BICS is leveraging its network 
to pair Lynk’s satellite constellation with the world’s mobile 
operators, benefiting communities and allowing mobile operators 
to expand their coverage without investing in terrestrial cell 
towers.
In September, BICS partnered with global technology leader 
Thales to accelerate eSIM integration for IoT. Through an eSIM 
Connectivity Service, this partnership provides an instant bridge 
between IoT enterprises and mobile operators on a global scale.
BICS was also confirmed as a Microsoft Teams Operator Connect 
partner, enabling MS Teams Phone with cloud telephony via 
BICS’s SIP Trunking solutions. The services are fully integrated 
with Teams in the Microsoft Azure Cloud and invite a simplified 
adoption of MS Teams for enterprises globally.
Achievements 2022 
•	 The partnership with Ooredoo Group was announced.  
•	 After launching its Communication Platform as a Service, BICS was recognized as a “Notable Vendor for 
Communications Platforms as a Service" in the Gartner “Market Guide”. 
•	 Gartner acknowledged BICS in the “Magic Quadrant”, with a 4.5/5.0 rating for “Managed IoT Connectivity 
Services”. 
•	 BICS was recognized as Compliant with the Global Leader’s Forum Code of Conduct and as a Microsoft 
Teams Operator Connect partner.
Telesign
Telesign provides digital identity services, international delivery 
authentication, and programmable communications for the 
world’s largest internet brands, digital champions, and cloud-
native businesses.
Building trust in the digital experience
The prevalence and growth of communication fraud, account 
takeover fraud, and charge-back fraud have risen to alarming 
levels. They are costing companies billions of euros each year. 
With over 2,200 behavioral variables, phone number intelligence, 
traffic pattern analysis, and an extensive global fraud database, 
Telesign assesses the risk of bad actors and pre-empts 
fraudulent activities. 
From onboarding and engagement to account integrity and 
fraud protection, Telesign builds trust across the full journey of 
digital experience for companies and their consumers. By signing 
new users globally with safe, simple, and secure approaches to 
onboarding, Telesign has helped reduce the presence of fake and 
unreliable users. 
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Telesign’s growth strategy is built on four pillars: 
•	 Use-case and value-chain expansion – Telesign evaluates 
whether new use cases would benefit from its digital identity 
and programmable communication capabilities. Its current 
focus is on transaction-fraud management and risk-based 
authentication, while also seeing opportunities in areas such 
as single sign-on, document verification, and digital-channel 
measurement services. Additionally, there are substantial 
product-cross-selling opportunities across Telesign’s customer 
base.
•	 New customer segments – Telesign also sees profitable 
growth emanating from new customer segments. Today, 
its customers are mostly larger organizations with higher 
levels of sophistication. But a tremendous, margin-accretive 
opportunity is opening up in extending Telesign’s customer 
focus to mid-market companies and SMEs. Telesign is 
increasing digital marketing and internal sales resources to 
focus on these segments and integrating low-code/no-code 
graphical design tools popular with SMEs. 
•	 Geographic expansion – Telesign has opportunities to 
significantly add to its growth by expanding geographically. In 
2022, only 30% of its revenue came from customers based 
outside the US. Telesign can grow international revenue with 
its existing large-cap customer base, while also adding new 
non-U.S. customers. To accomplish this, Telesign is onboarding 
additional sales and marketing resources outside North 
America, including demand generation, account and customer 
success managers, and account-based marketing. M&A will 
also be considered to establish Telesign’s presence in regions 
of strategic interest.
•	 Market growth – As the world continues to transform offline 
consumer activities into digital experiences, as mobile becomes 
the primary source of identity, and as machine learning and 
analytics become critical in addressing fraud, Telesign’s global 
addressable market is also growing rapidly. Telesign is well 
positioned to take advantage of this growing market. 
Achievements 2022 
•	 Gartner recognized Telesign as a representative vendor for “Communications Platforms as a Service” 
in their 2022 “Market Guide”, while Forrester Research listed the company as a notable vendor in their 
“The Identity Verification (IDV) Landscape, Q3 2022” report. 
•	 Telesign has undergone considerable growth over the year. The team of 507 employees at the end of 2021 
has grown to 714 employees. 
•	 This was necessary with a 91% increase in sales bookings over the year and an expansion in our coverage 
that now sees us servicing more than 230 countries and territories. 
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55

Contributing to a better society
#inspire2022 is a growth plan and we want this growth to be 
sustainable and responsible. On the consumer market, being 
sustainable and responsible means, for example, offering easy 
access to essential services, such as health services or financial 
services. 
On the enterprise market, together with customers and partners, 
we are developing innovative and smart solutions that respond to 
critical environmental and societal challenges.
At the same time, we are fully aware that an increasingly digitized 
world raises new challenges and risks, that we try to address in a 
responsible way. 
Additionally, we are taking action to manage and minimize our 
impact on the environment with numerous initiatives, while 
helping our customers reduce their own carbon footprint  
.
The digital society must be inclusive  
. We already actively 
contribute to helping people develop digital skills. However, 
adequately up-skilling the entire population is a big challenge. 
Even if digital skills improve globally, they do so more slowly than 
the rate that society is becoming digitalized. As such, the issue of 
digital skilling is growing (and not only among senior citizens). 
Trust is one of the most important success factors for becoming 
a truly digital society. That’s why data security and cyber defense 
are so high on our agenda.
Detailed information on how Proximus contributes to making 
digital society accessible and to building trust in digital technology 
is available in the next chapter "Act for a green and digital society".
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Act for a
green and 
digital society 
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57

At Proximus, we want to help build a fairer and more 
inclusive society. We want to make the digital world 
we live in safer. And like all large companies, we have 
a role to play in the fight against global warming. 
We are aware that the nature of telecom operations 
can have a significant impact on the environment 
and climate change. That's why we have been taking 
action to reduce our impact on global warming.
Between 2007 and 2021, we cut our electricity 
consumption by 30%. And, by 2026, we want to 
reduce our consumption by another 20%. 
Confirming the strength of our commitment towards 
the environment, in September 2022, we became the 
first large Belgian company and third telco worldwide 
to acquire the SBTi validation for our net-zero targets. 
This means that as well as clear and scientifically 
validated targets to achieve net-zero greenhouse 
gas emissions by 2040, we have now also defined a 
comprehensive plan to achieve them.
Beyond our responsibility to reduce our impact on 
climate, the telecom and ICT sector also has the 
ability and the opportunity to help other sectors in 
their decarbonization efforts through smart digital 
solutions.
Tech innovation and digitalization are part of the 
answer to the climate challenge. But we also realize 
that the increasing digitalization of society increases 
the risk of a digital divide. We do not want to leave 
anyone behind. 
We’re aware that not everyone has the same access to 
our services and products. With our low-price Scarlet 
brand – the Proximus “entry” range – and with our 
social tariffs, we contribute to making connectivity 
affordable. We support partners that develop digital 
skills in Belgium. But Proximus is making its biggest 
impact in two domains. By building the best gigabit 
network, Proximus will grant the entire population 
access to high quality connectivity services. And, 
as a leader in security and cloud sovereignty, we are 
contributing to building trust in digital, a necessary 
condition for people and companies to thrive in the 
digital world.


Link to material topics 
Human rights
Sustainable infrastructure
Responsible supply chain
Circular economy
Energy and CO2 emissions
Digital access
Privacy & data security
Link to Sustainable Development Goals
Act for a green 
and digital society 
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 We became the first  
large Belgian company  
and third telco worldwide to  
acquire the SBTi validation 
for our net-zero targets.

Contributing to the green transition 
Proximus has a dual role to play in the fight against climate 
change. We reduce greenhouse gas emissions and move towards 
a circular economy, while also developing technology and 
solutions to empower consumers, businesses and organizations to 
limit their own footprint.
Our net-zero targets
By joining the European Green Digital Coalition in 2021, we 
committed ourselves to reach net-zero greenhouse gas emissions 
across our value chain by 2040. We also defined and aligned 
our environmental targets with the new Corporate Net-Zero 
Standard, launched by SBTi1 in October 2021, and developed an 
action plan to achieve these targets. 
In August 2022, the SBTi validated our near-term and long-term 
greenhouse gas (GHG) emission reduction targets. Concretely, 
we commit to reach net-zero greenhouse gas (GHG) emissions 
across our entire value chain by 2040, from a 2020 base year, 
ten years ahead of the 2050 ambitions pursued by Belgium. 
This target means an effective reduction of at least 90% of all 
our emissions (direct and indirect) and the use of carbon removal 
technology for the remaining emissions (less than 10%).
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1	
The Science Based Targets initiative (SBTi) is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide 
Fund for Nature (WWF). The SBTi drives ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets.

We defined two stages in the achievement of our objectives:
Near-term targets: 
•	 Reduce absolute scope 1 and 2 GHG emissions by 95% by 
2030 (from a 2020 base year).
•	 Continue to source 100% renewable electricity annually.
•	 Reduce absolute scope 3 GHG emissions by 60% by 2030 
(from a 2020 base year).


Long-term targets: 
•	 Maintain a minimum of 95% absolute scope 1 and 2 GHG 
emission reductions from 2030 through 2040 (from a 2020 
base year).
•	 Reduce absolute scope 3 GHG emissions by 90% by 2040 
(from a 2020 base year).
Reaching our net-zero target means we need to work on all three 
scopes. However, for a telco and ICT operator like Proximus, most 
of the work lies in reducing scope 3 emissions.
Scopes 1 and 2: our direct and indirect emissions 
Scope 1 emissions are direct emissions linked to fossil fuel 
combustion and refrigerant gases. Scope 2 emissions are our own 
indirect emissions linked to our electricity usage.
To date, 31.5 Ktons of our own direct emissions still need to 
be reduced to reach our 2030 target. This means replacing 
fossil fuel heating systems with alternative heating 
technologies, which requires an investment of € 17 million by 
2030. Electrification of our management fleet will also require 
investment, but it is part of our normal vehicle-replacement cycle.
By 2030, Proximus will have completely banned the use of fossil 
fuels for its vehicle fleet and buildings. This transition is following 
its predicted course. The main challenges ahead of us are supply 
chain issues and the inadequate EV charging capacity in Belgium 
as well as the immature market for alternatives to fossil-fueled 
technical vehicles.
We are extremely vigilant about our electricity consumption and 
have a series of measures in place to keep it under control despite 
growing demand. We are continuously evolving towards a more 
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Breakdown of Proximus Group CO2 footprint in 2022 (Scope 1 – 2 – 3)
Scope 1 
6% - 31.5 Ktons
Direct emissions  
from fossil fuel 
combustion and 
refrigerant gases
Scope 2 
0% - 0 Kton
Own indirect emissions  
from electricity usage
Proximus’ operations 4%
•	 Fuel & energy (excl 1 & 2)
•	 Waste
•	 Business travel
•	 Employee commuting
Procurement 85%
•	 Goods & services
•	 Upstream transportation  
and distribution
Customer use of products 11%
•	 Leased assets
•	 Downstream transportation  
and distribution
•	 Use of sold products
•	 End-of-Life treatment of sold devices
Scope 3
94% - 519.9 Ktons
Proximus' indirect emissions 
in the value chain
519.9 KTons
551.4 KTons

energy-efficient network by focusing on our technical buildings, 
mobile network, fixed access network and data centers. 
In this respect, the 5G technology has built-in calibrated 
efficiency mechanisms. In the long term, these mechanisms are 
expected to reduce the energy consumption of the network by 
a factor of up to ten compared to the energy consumption of 4G 
networks. Despite the expected high increase in data traffic, the 
increase in energy consumption of our mobile network will be 
limited to only 40% by 2026, thanks to 5G energy efficiency.
We made the switch to 100% renewable electricity in 2019. 
Over the course of the next two years, we will enhance the 
amount of locally produced electricity by deploying solar panels 
on our suitable buildings. We have an ambition to tenfold our 
current solar production. And by 2026, we will work with more 
local electricity sources through investments in Power Purchase 
Agreements and long-term partnerships with Belgian wind and 
solar plants.
Scope 3: indirect emissions resulting from our value chain
Our scope 3 emissions are highly concentrated within our 
procurement activities and represent 17 times the amount 
generated by our own operations. They account for about 94% of 
our total CO2 emissions in 2022. To reach our emission reduction 
targets, we are transitioning towards sustainable sourcing as a 
standard practice, which impacts the way we operate as well as 
the way we engage with our suppliers.
Internally, we are progressively transforming the way we operate 
to avoid carbon emissions:
•	 Source less: where possible we are shifting towards circular 
business models.
•	 Source right: when sourcing goods and services, we adapt our 
processes to select the most sustainable option from the most 
sustainable supplier. In other words, integrating environmental 
requirements in selecting what we buy and from whom we buy it.
Externally, we want to accelerate change by actively engaging 
our suppliers to embark on that same transition. Through our 
Supplier Engagement Program, we cooperate with our main 
suppliers to set emissions reduction targets that are just as 
ambitious as ours and to transparently disclose their progress 
annually. For key strategic suppliers, we continuously identify 
areas of improvement, for example validating (science-based) 
emission-reduction targets or purchasing renewable electricity. 
Identified action points are integrated into contractual clauses 
we invite our suppliers to commit to while supporting them to 
improve their climate change management.
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 Through our Supplier 
Engagement Program,  
we cooperate with our main 
suppliers to set emissions 
reduction targets that are 
just as ambitious as ours.

Achievements 2022
 Transportation
•	 More than 75% of the new management cars we ordered were electric or hybrid. 
•	 Proximus teamed up with companies like Danone, Delhaize, Schoenen Torfs and Telenet to come up with an 
efficient and sustainable way of delivering parcels to consumers and stores. In March, CULT (Collaborative 
Urban Logistics & Transport) started making bundled emission-free deliveries in the city of Antwerp. 
Networks
•	 When phasing out old network equipment like legacy voice switches, we incorporate new, more energy-
efficient technologies. In 2022, we completed the phase-out of our old DWDM network, resulting in an 
electricity saving of more than 1.65 GWh on a yearly basis. 
•	 We are simplifying our network by replacing technical buildings with extremely compact units, resulting in 
electricity savings of more than 24.5 GWh or a reduction in CO2 emissions of 4.36 kilotons per year. We have 
phased out five large buildings in 2022, while a new program has been started up for phasing out smaller 
technical buildings as well. Thirty-four of those have already been phased out.
•	 As of 2022, we started with the simplification & consolidation of our testing labs for network equipment, 
service platforms and IT environments (which will continue in 2023 and 2024). Once these works have been 
completed, we will have one lab that will consume up to 40% less power and occupy up to 45% less floor 
space. As of now, we’ve already managed to reduce the power consumption by 0.8 GWh on a yearly basis 
thanks to legacy switch-off, lab network simplification and virtualization activities.
•	 The accelerated fiber rollout allowed us to reduce the number of remaining street cabinets, and make them 
more compact, with an associated reduction in electricity consumption. In 2022, we switched off nine street 
cabinets and performed a compaction in 33. These numbers will continue to rise significantly over the coming 
years as more customers are migrated to the fiber products.
•	 Through Mwingz, we have continued the consolidation of our mobile sites. Once fully operational, the 
network sharing approach will allow us to reduce the number of base stations by 35% as well as the mobile 
electricity consumption by 20%, compared to a standalone scenario. Thanks to this consolidation, we have 
been able to switch-off 72 mobile sites in 2022.
•	 We’ve kept the Power Usage Efficiency (PUE) of our data centers constant at 1.49 throughout 2022. This 
represents a 25% decrease for the last decade. 
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Truly circular by 2030
Applying the principles of circular economy, such as eco-design, 
leasing vs. selling devices, repairing and refurbishing, and sharing 
agreements, are among the biggest levers for reducing indirect 
emissions (scope 3). 
At Proximus, we are dedicated to no longer depleting raw 
materials but reusing them instead. Our ambition is to reuse or 
recycle up to 90% of waste by 2025 and to reach zero waste 
by 2030. 
The deployment of networks and the manufacturing of devices 
have a significant impact on the environment. This is why 
we are increasingly integrating circularity principles into our 
business models. Consequently, we are using less new material, 
refurbishing more frequently, reducing the amount of goods 
purchased and ultimately reducing our emissions.
For the latest and all new generations of Customer-Premise 
Equipment (CPE), we collaborate on their eco-design with our 
suppliers to minimize their environmental footprint. Our newest 
Internet Box has a casing made entirely of recycled plastics, and 
compared to the previous model, it uses 24% less electricity 
and has a 30% lower environmental footprint (CO2 emissions) 
per unit.
By delivering our equipment-as-a-service, we lease and retain 
ownership of our devices. After use by one customer, we collect 
the devices, refurbish them and repurpose them at another 
customer instead of purchasing new ones. By doing so, we are 
able to refurbish more than 90% of our modems and decoders. 
We return these devices to the market up to four times before 
recycling them.
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 Our ambition is to  
reuse or recycle up  
to 90% of waste by  
2025 and to reach  
zero waste by 2030.

Achievements 2022
 Devices
•	 By encouraging consumers to bring back their mobile devices, we collected 121,042 smartphones for 
refurbishment or recycling (vs. 80,406 in 2021).
•	 We offer refurbished smartphones as an alternative to new devices. 
•	 We refurbished 683,106 devices such as modems, decoders, power supplies and Wi-Fi Boosters 
(vs. 845,000 devices in 2021).
•	 We launched the new eco-designed Internet Box.
Packaging 
•	 We are eliminating unnecessary plastics, such as the plastic bags around cables or adapters. We use smaller 
boxes, made from recycled cardboard and our sleeves are printed using vegetable-based inks.
Network
•	 The replacement of the copper network with fiber has enabled Proximus to recover copper. In total, Proximus 
recovered 630 tons of copper cable (vs. 859 in 2021). Recovered copper is sold for reuse.
•	 Our street cabinets have been given a second life as charge points for electric vehicles. Determined to play a 
leading role in accelerating the electrification of the Belgian car fleet, Proximus aims, with a partnership model, 
to provide additional charging points for electric vehicles. 
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Achievements 2022
 
•	 Proximus launched the Eco Rating label for smartphones.
•	 Proximus' solutions enabled its business customers to reduce their CO2 footprint by 741 kilotons 
(vs. 502 kilotons in 2021). This figure is higher than Proximus' carbon emissions 
(551 kilotons in 2022 vs. 459 kilotons in 2021).
Enabling the transition to a greener society 
As a telco and ICT provider, Proximus is uniquely placed to enable 
its customers and society at large to reduce their greenhouse gas 
emissions. 
Digital4Climate, the first Belgian study to provide scientific 
figures on the potential of digital technology to reduce our 
country's CO2 emissions, demonstrates that by 2030, the positive 
impact of digital technology on the climate will be five times 
greater than its total footprint.
For consumers looking to make a responsible and sustainable 
choice when buying a new mobile phone, Proximus introduced 
the Eco Rating label in April 2022. This label, created by 
a consortium of telecom operators, is already used by 31 
participating suppliers in 35 countries. It provides a clear 
environmental score for mobile phones. 
Together with its business customers and partners, Proximus 
develops smart digital solutions that optimize the use of 
resources and reduce CO2 emissions, such as monitoring of 
energy consumption, device leasing solutions, online collaboration 
and conferencing solutions.
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Compliance and recognition
From working to reach net-zero greenhouse gas (GHG) emissions 
across our entire value chain by 2040 to being a truly circular 
company by 2030: our green ambitions are bold. We rely on 
certifications and programmes to tell us how we are doing and 
suggest further improvements.
Achievements 2022
 
•	 We became the third operator in the world to acquire the SBTi (Science Base Targets initiative) validation 
for our net-zero targets.
•	 The Proximus distribution center received the 3 stars Lean & Green label after cutting its CO2 emissions 
by 55% since 2015.
•	 Proximus received a CDP Climate Change “A” score. Proximus is also listed as a 2021 CDP Supplier 
Engagement Leader.
•	 For the sixth time in a row, Proximus received a Gold label from EcoVadis.
For more information  
Biodiversity 
In 2022 a workgroup started to explore what role Proximus 
should (or can) play in the field of biodiversity.
We already implemented some biodiversity-related initiatives 
such as reducing our land use, planting trees through our Banx 
partnership with Natuurpunt-Natagora, integrating biodiversity 
into the transformation of our Brussels headquarters and 
reducing our energy consumption.
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Contributing to the digital society
In a world that’s becoming increasingly reliant on digital solutions, 
we have a responsibility to ensure that everyone can use and 
benefit from this digitalization. First, by deploying a network 
for all Belgians and ensuring our digital services and products 
are safe, inclusive and accessible to everyone. Secondly, by 
helping people to acquire the skills they need to seize digital 
opportunities. Finally, by building cyber-resilient infrastructure 
and meeting high standards in data and privacy protection. 
Because, by playing a leading role in building the digital society in 
Belgium, we are committed to empowering everyone to benefit 
from technology. 
Access to digital for all
In 2022, we continued to improve connectivity in places that 
lacked high-performance internet connections. We made 
massive investments and entered joint ventures to provide gigabit 
connectivity throughout the country  
. 
Affordability is also key. Thanks to the wide range of products 
in our portfolio, we ensure that everyone can find a suitable 
solution. Our Scarlet brand serves price-conscious consumers 
while Mobile Vikings has a sharply-priced mobile and “internet at 
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 We have a responsibility  
to ensure that everyone  
can use and benefit from  
the digitalization.

home” product that appeals to young people who make intensive 
use of mobile data.
The Federal Minister for Telecommunications validated the 
"Internet for All" project in February 2022. This project, in 
partnership with social organizations, provides economically 
disadvantaged Belgians with a modem that connects to a mobile 
network, with Proximus offering 50 GB/month of mobile data for 
two years, an offer that may be renewed depending on the user's 
situation. In 2022, we distributed 1,633 modems via this initiative.
We offer social tariffs to people in difficult economic situations.  
Moreover, to support underprivileged families who have been 
feeling the brunt of the severe inflation, Proximus lowered the 
price for its entry-level Internet access offer Internet Essential 
from € 27.50 to € 25 per month in May 2022. 
In November 2022, the Belgian government agreed on a new 
social tariff for internet access, at € 19 per month. The new rate 
should be available from 2024 for over half a million low-income 
households. 
Proximus has undertaken several initiatives to show our support 
of the Ukrainian people since the beginning of the war. One of 
them was the distribution of Proximus prepaid cards to Ukrainian 
refugees in Belgium with 10 GB/month as well as unlimited 
SMS and calls in the European Union. While, for families hosting 
Ukrainian refugees, we have removed the fixed internet data 
limit and switched them to unlimited internet, for our internet 
customers that don’t have a pack where internet is already 
unlimited.
We have a partnership with Bednet and ClassContact, that allows 
children living with long-term illnesses to continue their education 
at home or in hospital through videoconferencing solutions. We 
support these organizations by providing internet connections and 
financial aid. 
We test the accessibility of new smartphones and tablets in 
collaboration with the Passe Muraille association. Through their 
independent panel of people with disabilities, they guarantee that 
our devices meet everyone’s needs. Our online catalogue uses 
icons to show which devices are adapted to users with disabilities. 
Our websites Proximus.be and Proximus.com and our 
MyProximus and Pickx platforms are accessible to people with 
hearing or visual impairments. We offer adapted subtitles and 
audio descriptions on several channels on the TV platform Pickx 
as provided by the content providers. We intend to extend this 
functionality to other channels and programs in our video-on-
demand catalogue. By 2024, 25% of programs in this catalogue 
should have audio descriptions and 25% should have adapted 
subtitles.
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Achievements 2022
 
•	  23 new devices were tested for their accessibility. 52% of the tested devices were deemed accessible 
for at least five disability categories (vs. 55% in 2021).
•	  151,587 people benefitted from our social tariffs (vs. 160,225 in 2021).
•	 23,700 prepaid cards were distributed to Ukrainian refugees.
•	 The DigitALL awareness campaign and the Digital Inclusion by Design Index were launched.
•	 Technobel trained 263 job seekers and taught 81 people fiber skills.
•	 241 schools have signed a contract for Academic Connect of which 161 schools were already connected to fiber.
DigitAll, the digital inclusion alliance
According to a study by the King Baudouin Foundation  
  as 
much as 46% of the Belgian population today risks being 
excluded from our increasingly digitalized society. Digital exclusion 
affects Belgians of all ages and backgrounds who lack access to 
technology or have inadequate digital skills. 
Proximus is a driving force, together with BNP Paribas Fortis, in 
DigitAll  
, an ecosystem of 49 companies, social organizations 
and government bodies working together for more digital 
inclusion in Belgium. By signing the Digital Inclusion Charter, they 
make a firm commitment towards taking action to close the digital 
divide and create awareness. 
In 2022, DigitAll launched MobiDig and the Digital Inclusion by 
Design Index. MobiDig, a mobile e-inclusion solution, stimulates 
and supports social organizations to teach digital skills to hard-
to-reach people, such as the homeless, vulnerable youngsters or 
elderly people.
The Digital Inclusion by Design Index is an online questionnaire 
to evaluate the inclusiveness and user-friendliness of digital 
tools such as apps and websites. It also provides tips to make 
improvements. 
To make everyone aware of the risks of digital exclusion, a 
nationwide communication campaign was launched in June 
2022. The campaign highlighted a little-known aspect of the 
problem, namely that many more of us than we realize are 
affected by digital exclusion. The campaign focused on the impact 
that digital exclusion can have on our human rights. 
Empowering through education
We are a partner of MolenGeek, an organization in Brussels that 
helps less privileged job seekers with an entrepreneurial mindset to 
build their careers in the new digital world, and one of the founding 
partners of School19, the first free Belgian coding school. 
Proximus is also a founder and long-term partner of Technobel, 
which offers ICT training courses to job seekers as well as 
information and awareness initiatives for citizens, schools and 
professionals. Technobel is – together with VDAB, Forem and 
Onem – one of the key players in equipping several hundreds of 
new people in our fiber ecosystem of partners.
Together with Signpost, Belgium’s market leader for IT solutions 
in education, we offer Academic Connect. This solution allows 
teachers and students to step into the digital era and adopt new 
ways of learning.
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Building trust in digital 
We are actively involved in developing a safer digital society, being 
aware that the use of our networks and services may result in a 
risk of data security and privacy. Cybercrime has now become the 
fastest-growing form of criminal activity, with examples including 
cyberbullying as well as identity and data theft. By building a 
cyber-resilient infrastructure and meeting high standards in data 
and privacy protection, we empower everyone to benefit from 
the exciting opportunities that the digital world offers.
Proximus’s role in the Benelux 
Security is our top priority when developing new infrastructure 
and digital services. To guarantee our customers a safe ICT 
environment, we offer them solutions for protection. We also 
keep our employees up to date with the latest security practices 
and raise awareness among our customers. And because digital 
threats cross borders, we collaborate closely with national and 
international cyber authorities.
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 Security is our top priority 
when developing new 
infrastructure and  
digital services.

Within our company
In 2022, Proximus invested about € 8 million in its Corporate 
Cyber Security Program (vs. € 6.8 million in 2021). This 
investment is helping to make our company more cyber-resilient, 
while offering best-in-class secured services and networks to our 
customers. Moreover, the program protects our company against 
business disruption, supports the development of a modern API 
Security and Cloud and boosts our cybersecurity capacity to cope 
with the acceleration of threats.
To safeguard our company data and our customers’ privacy we 
continuously modernize our Identity and Access Management 
(IAM) systems. 
To demonstrate our commitment to the security of our customers 
and stakeholders, we are committed to maintaining a Trusted 
Introducer Certification and four ISO 27001 certifications. 
These cover housing and hosting in our data centers, our 
remote operations center and our Explore range for enterprise 
connectivity.
We are compliant with the High Risk Vendors regulatory 
restrictions and with the regulatory restrictions for access to 
critical infrastructure. We have policies in place that ensure our 
vendors eliminate software vulnerabilities. When introducing new 
technologies, in-depth cyber security penetration tests are part of 
our standard processes.
Every year, our Cyber Security Incident Response Team (CSIRT) 
experts hold information sessions for our employees on the 
trends and threats CSIRT is monitoring at Proximus. We noticed 
an increase in social engineering attacks towards our employees 
with 199 attempts in 2022 compared to 152 in 2021. Due to 
the general increase in phishing attacks, we have also stepped 
up our efforts to train our employees to more easily identify 
phishing messages by organizing more frequent and diversified 
internal phishing simulations. We also encourage them to 
report suspicious emails to our CSIRT. These reports from our 
employees allow the Centre for Cybersecurity Belgium (CCB) to 
take action to prevent other organizations from falling victim to 
phishing.
For our customers 
With the outbreak of COVID-19 and the war in Ukraine, there 
has been a worldwide increase in cyberattacks involving more 
targeted and sophisticated phishing campaigns, Distributed Denial 
of Service (DDoS) attacks or ransomware. At the same time, data 
has become a key asset for many organizations. Its use increases 
the need for protection, privacy and sovereignty.
Numerous phishing campaigns targeted our customers by 
impersonating and abusing Proximus brands. 126 phishing 
campaigns were recorded in 2022 versus 166 in 2021. Phishing 
messages via SMS are also on the rise. 
Apart from phishing, Distributed Denial of Service-attacks (DDoS) 
are causing business disruptions within Belgian companies and 
governmental institutions. Therefore, we have doubled our DDoS 
Defense platform capacity and made additional investments to 
increase network protection from DDoS attacks.
In partnership with AXA Partners, we propose Cyber Care to our 
residential customers. This insurance policy offers technical, legal, 
financial and psychological support in the event of cybercrime. 
For our business customers, security and sovereignty have 
become critical, as they are compelled to be data driven, cloud 
enabled and digitally end-to-end secure. Today, Proximus is 
already recognized as a leader in security thanks to its strong 
assets and its continuous innovation efforts. For example, we have 
entered into a partnership with Microsoft for the development of 
a sovereign cloud solution. It enables us to offer our customers 
both the power of the artificial intelligence of American clouds 
and the high level of data protection required by the European 
regulations, guaranteed by Proximus.
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For society
Proximus is collaborating with the Centre for Cyber Security 
Belgium on the Belgian Anti-Phishing Shield (BAPS) project. 
It engages all Belgian telecom operators to block phishing 
websites that have been identified and verified by the Centre 
for Cyber Security. 
Public awareness remains the best way to mitigate the risk of 
attacks. The CSIRT posts warnings on social media whenever a 
new phishing campaign that impersonates Proximus is detected. 
Furthermore, via this channel, we advise people on how best to 
protect themselves from cyberthreats. In addition, the Proximus 
Security Operations Center monitored 3.2 billion notable events 
in 2022, alerting enterprise customers of incidents and 
remedying them.
To raise awareness of internet safety among young people, 
Proximus takes part in the Internet Safe & Fun Days twice a year. 
For ten years our employees, trained by partner organization Child 
Focus, have visited primary schools to make children aware of safe 
and responsible internet use. 
We also teamed up with the Centre for Cyber Security Belgium 
and the Cyber Security Coalition for the 8th National Cyber 
Security Awareness Campaign. In 2022, the focus of the 
campaign was on mobile security advising consumers to only 
download applications from official app stores.   
Fostering Belgian expertise
The first objective of Proximus Ada  
, the Belgian center 
of excellence for artificial intelligence and cybersecurity, is 
to become a pillar of innovation and a center of expertise for 
all the companies of Proximus Group, both in Belgium and 
internationally. Proximus Ada will not only enable them to develop 
and launch new applications that will fuel their growth in Belgium 
and abroad, but to also build a safer digital space for users and 
society.
Exchanging knowledge and experiences is key to cyber-
resilience in organizations and the protection of people. In 
2022, Proximus handled 707 requests from law enforcement 
authorities to block access to websites. We cooperate closely with 
the judicial authorities and help them in their investigations into 
criminal offences, such as the possession and distribution of child 
pornography.
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 The first objective of 
Proximus Ada is to become 
a pillar of innovation and a 
center of expertise for all  
the companies of Proximus 
Group.

We grow and share our expertise via a series of engagements:
•	 On a national level, we remain a committed partner to BE-
Alert, a 24/7 public warning system used by the Belgian 
authorities to broadcast news and information in the event of 
a crisis.
•	 The Belgian Cyber Security Coalition, of which we are a co-
founder, is a collaboration platform with cybersecurity experts 
from the public authorities, the academic world and the private 
sector. It aims to create awareness, exchange experience, foster 
operational collaboration and share policy recommendations. 
•	 We cooperate closely with other European telecom operators 
through the ETIS platform, where we preside over the security 
workgroup.We are working together with the European 
Network & Information Security Agency (ENISA) to better 
understand the evolution of regulations.
•	 To stay up to date on new cyberthreats, we also engage with 
NATO, Europol (Cyber Crime Centre) and Interpol (Global 
Cybercrime Expert Group).
Proximus’ role at EU and global level 
BICS
BICS provides a comprehensive range of fraud-prevention 
and security solutions to protect all forms of telecom service 
(voice, SMS, roaming, and signaling). Its fraud prevention hub 
carries around half the world’s data roaming traffic and analyzes 
millions of internal and external data points. Their solutions use 
crowdsourced intelligence, behavioral traffic analysis and machine 
learning to identify potential threats and global fraud trends. 
By offering near real-time protection against new and known 
security threats, BICS’ proactive fraud protection solutions block 
an average of 14 million fraudulent attempts per quarter and 
have saved their customers an estimated € 2.1 billion. In October 
2022, BICS was reconfirmed as compliant with the GLF Code of 
Conduct to prevent fraud in international communications. BICS 
believes that telecom fraud is a global issue and, as such, needs 
to be tackled with a global, collaborative and open approach. 
As an active member of fraud prevention working groups and 
associations, BICS actively works to collaborate in the fight against 
fraud.
To bolster IPX security, BICS provides expertise in Network 
Vulnerability Assessments to test vulnerabilities on networks, 
as well as a Telecom Intrusion Detection System, which provides 
firewall-enhanced real-time detection of signaling attacks.
Telesign
Telesign offers a suite of digital identity solutions, which aim to 
prevent fraud, secure communications, and enable the digital 
economy by allowing companies and their customers to act with 
confidence that their digital interactions are safe and trusted. 
Billions of global digital signals pass through Telesign solutions 
to bring a stop to fake accounts and account takeovers, secure 
customer interactions and reduce and prevent fraud.
In May 2022, the company opened a new data center in Brussels.
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Gaia-X
Since June 2021, Proximus has been a board member of 
Gaia-X, the European Association for Data and Cloud   
. The 
architecture of Gaia-X is based on the principle of decentralization, 
a result of a multitude of platforms that follow a common 
Gaia-X standard. The aim is to develop a data infrastructure 
based on the values of openness, transparency and trust. This 
membership puts Proximus at the forefront for the provision 
of innovative digital products and services, together with other 
European stakeholders from a variety of industries.
Achievements 2022
 
•	  Cyber Security Resilience – 98.3 % of major cybersecurity incidents with a potential visible impact on the 
business were prevented in 2022 vs. 96.81% in 2021. 
•	 The Cyber Security Incident Response Team (CSIRT) prevented 1,808,008 customers from accessing 
fraudulent websites in 2022 (vs. 1,131,110 in 2021).
•	 The CSIRT conducted three security assessments for external customers that are active in the sectors of 
manufacturing industry, healthcare and administrative & supporting services.
•	 The Internet Safe & Fun Days reached 4,600 children in 111 schools (vs. 10,020 children in 167 schools in 
2021).
•	  BICS was reconfirmed as compliant with the GLF Code of Conduct to prevent fraud in international 
communications.
•	 Telesign opened a new data center in Brussels.
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Getting our people 
and organization 
ready for the future
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Our people are the driving force of our company. We 
offer our employees a challenging and inspiring work 
environment where everybody is encouraged to grow 
and be at their best in an atmosphere of inclusion 
and collaboration, opportunities and contribution, 
innovation and responsibility. 
We are accelerating our transformation into a truly 
digital, customer-centric company, by transforming our 
operating model and adopting agile working methods. 
This approach allows us to respond to customer 
needs more quickly, delivering innovative solutions 
more swiftly. This is down to our engaging teams and 
individuals in a true spirit of ownership and customer 
orientation.
Teamwork and collaboration are at the heart of 
everything we do. Nurturing the positive team spirit in 
our workforce is at the core of our leadership practices. 
Over the coming years, we will be transforming our 
workspaces – both in Brussels and in our regional 
offices – to create a sustainable and inspiring digital 
campus that is inviting and inspiring to human contact 
and co-creation.
Link to material topics 
Workplace wellness 
Employee up-skilling, re-skilling and employability
Business conduct & ethics
Human Rights
Link to Sustainable Development Goals
Getting our people and organization 
ready for the future 
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 We will be transforming 
our workspaces to create 
a sustainable and inspiring 
digital campus that is inviting 
and inspiring to human 
contact and co-creation.

Agile: the new way of working
Our new operating model aims to develop agile working on 
a large scale across the whole of Proximus. Our agile way of 
working will future-proof our organization while furthering us as 
a truly digital customer-centric company and capitalizing on the 
talents of all.
Becoming a genuinely agile company  
In order to become the reliable reference brand and digital 
partner we want to be, more significant shifts are needed in the 
way we work. Shifts that will make us better able to adapt to 
changing markets and customer expectations with fast and 
efficient delivery of innovative solutions. 
We believe agile working is the answer. Agile working is a 
powerful way for us to fulfill our promises and prove to our 
customers that we deserve their trust. It will empower our 
employees, encourage them to use their talents and set new 
standards for customer satisfaction. We use different flavors of 
agile working tailored to the teams’ roles and needs. 
Our agile transformation has been implemented as of January 
2022. The new model became a reality for most Proximus 
employees, drastically changing the way they work, collaborate 
and deliver as an organization. Important training investments 
are made to build the right skills and leadership to make this 
happen. But there is still work to be done before it is fully 
adopted. Important training investments are made to build the 
right skills and leadership to make this happen.
We will continue the rollout in 2023. This way of working invites 
us to simplify our governance and to make our “Think possible” 
mindset and behaviors the motivating factor in everything we do.
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“Think possible” culture
At Proximus, not only is what we do important, but also 
how we do it. Our “Think possible” brand promise also 
reflects our corporate culture. Because thinking in terms 
of opportunities is exactly what we do, every day. It is the 
mindset via which we realize projects, build partnerships and 
close deals. Our culture creates an environment in which 
we achieve the impossible. And in which we are constantly 
challenged to grow and learn new things. For our customers, 
for ourselves and our colleagues, but also for Proximus and 
for society.
The “Think possible” culture can be summarized in four main 
behaviors and is built on four values:
Achievements 2022 
•	 More than 2,500 employees work in “agile tribes” – multidisciplinary teams of experts.
•	  10 “agile circles” have been launched with over 600 employees. They bring together our customer service 
representatives with complementary knowledge and expertise to help solve customer problems from 
start to finish.
•	 All employees are getting onboarded in new agile practices.
4 values: Collaboration - Agility - Customer Centricity - Accountability
I radically 
simplify
I make 
a difference
I embrace 
the future
I care
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Shaping the workforce of the future
With the war for talent set to intensify in the coming years, 
Proximus is proud of its stimulating, inspiring work environment. 
We are committed to helping our employees to blossom, and with 
a constant flow of attractive opportunities, we actively encourage 
them to continuously grow and develop. Particularly so for digital 
talents. In this fast-changing world, we fulfill every demand to 
keep up with new technologies and new ways of working. In doing 
so, Proximus also invests in the employability of its people in our 
digital future and their future professional life.
Up-skilling and re-skilling our workforce
Our employees have access to a range of up-skilling opportunities 
via our “learning@proximus” platform. It includes a broad 
portfolio of courses in various forms: from classroom training to 
digital modules and e-books.
The subjects range from mastering the basics of digital working, 
to specific courses designed to help employees stay up to date 
with developments in their fields of expertise. The platform also 
provides them with tools to build their futures and even take a new 
direction in their careers.
In 2022, we have supported our employees to adopt the 
agile way of working with investments in targeted coaching 
and learning modules. For example, we started a learning track 
on design thinking, a key aspect of our new agile approach. 
We organized an “Agile on Tour” week across various offices in 
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Belgium. All organized activities were about sharing knowledge 
and experiences with colleagues around the agile way of working.
We continuously upskill our field employees (engineers, 
technicians, splicers) and team members who are in direct contact 
with customers (in call centers and shops) in specific domains like 
fiber and other new technologies or applications. Our programs in 
cybersecurity lead to official certifications.
In 2022, through our partner Technobel, our employees had the 
opportunity to follow training courses related to the following 
topics: fiber, artificial intelligence, IoT, cybersecurity, programming, 
network fundamentals, cloud and 5G. 
We noted that senior employees make less use of learning 
opportunities, so we encouraged and promoted their learning 
development. In 2022, they were given the opportunity to 
perform an online Skillscan. The results of the test and the 
possibility of individual coaching were used to guide them in their 
careers and professional development.
Attracting the best talent
Despite the challenging socio-economical context, the 
competition between companies to attract talent has not 
diminished. Talent acquisition and retention are key to 
safeguarding today’s and tomorrow’s excellent and innovative 
client solutions. Starting from our culture and daily employee 
experience, we launched our employer branding campaign, 
“Think Possible with us”, in 2022. It introduces a new promise 
where, thanks to our mindset, “we make things possible”.
Through a targeted search for talent, we recruited employees in 
domains such as sales, data analysis, UX design, IT architects 
and software development. 
In 2022, our Proximus Graduate Program offered 13 newly-
graduated talents the exclusive opportunity to benefit from 
an extensive learning path. Made possible by a combination 
of challenging assignments and specially designed learning 
moments. A great chance to prepare for future key roles.
We aim for Proximus Ada  
  to be recognized as an international 
center of excellence with a strong Belgian base, capable of 
attracting, training and retaining highly qualified and motivated 
Belgian talents. Initially, Ada employed around 50 experts in 
artificial intelligence and cybersecurity, but the expectation is that 
this figure will triple over the next three years for a total of 150 
locally based experts.
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In May 2022, we organized the first Fiber Job Day together 
with our partners at our headquarters in Brussels. Our aim was 
to promote fiber jobs and find motivated, talented people for a 
variety of roles related to the installation, maintenance and repair 
of the fiber network. Organized with partners such as FOREM, 
Actiris, VDAB and Bruxelles Formation, it was attended by more 
than 500 people.
Our annual measurement of employee engagement is our 
compass for a multitude of initiatives. Thanks to the high rating, 
we're proud to see many of our employees excel as ambassadors 
of our employer brand. In June 2022, we launched our renewed 
employee referral program, “Bring a friend”. This stimulates 
employees to refer people in their personal networks for open 
positions at Proximus in return for a small bonus if successful.
Achievements 2022
•	 We invested € 33.49 million in employee re-skilling and up-skilling.
•	 On average, every employee attended 42.3 hours of training, in alignment with our ambitions.
•	  1,324 employees switched jobs internally, vs. 782 in 2021.
•	  456 new employees joined Proximus, vs. 443 in 2021.
•	  164 employees recruited in future-oriented domains, vs. 172 in 2021.
•	  514 new employees joined BICS and Telesign, vs. 286 in 2021. 
•	   336 new employees joined Proximus B2B affiliates, vs. 260 in 2021.
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Embracing the hybrid way of working
We are fully embracing the new ways of working, growing towards 
a new balance of working at the office and working from 
home, bearing in mind the environmental impact of commuting, 
the importance of face-to-face contact and the benefits and 
convenience that working from home offers. Even before the 
COVID-19 pandemic, Proximus allowed two days of homeworking 
for most of its employees and this evolved further to three days. 
We aim for success in this transition of work habits by investing in 
digital platforms and leadership coaching as well as supporting 
colleagues in the challenges of this new environment. One 
where results, effectiveness, balance and collaboration prevail on 
physical presence for everybody.
Campus: reinventing the workspace
By the end of 2026, our Brussels headquarters will be 
transformed into a sustainable and inspiring digital campus, 
connected to our regional offices and the home workspaces of 
our employees.   
With Campus, we will reshape our ways of working, transforming 
our culture, adapting our policies and processes, and leveraging 
technology to help us become more efficient and effective. In 
so doing, we’re ensuring that our workspaces support our “Think 
possible” mindset.
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Campus is not just about Brussels. We have foreseen eight 
administrative buildings as future regional campuses. As in 
Brussels, we will move away from the “one size fits all” philosophy. 
We plan on launching different pilot programs to test a range of 
different workspace concepts. We anticipate having the work on 
the regional campus buildings completed by the end of 2025.
In a nutshell, Campus will give us a choice of where and how we 
work. We target the combination of digital and physical work 
based on a belief that the encounter of human beings remains 
vital for selected activities. Campus also allows us to embrace and 
promote sustainability, helping us to minimize our environmental 
footprint while connecting our new building more with the 
neighborhood.
The right digital tools
To facilitate digital communication, we are offering our employees 
a set of secure and user-friendly digital tools that can be used 
on any device, as well as the training to master these tools. 
Examples include Dr Digital – training to improve digital skills 
in the different applications that make up Office 365 (Outlook, 
OneNote, SharePoint, PowerPoint, Excel, etc.).
WAP+, our social enterprise portal, connects our employees at 
both individual and organizational levels. The Spencer app helps 
them manage their holidays, absences and team calendar from 
their mobile devices. 
Proximus employees have access to Vaigo – the platform that 
integrates all the options within their mobility budget. This 
makes it easy for them to purchase train or bus tickets, enter their 
expenses, keep an overview of their spending, and plan their 
travel. Since June 2022, employees have been able to use their 
mobility budgets to buy a bicycle to travel to work. Via Vaigo, 
Proximus provides financial support for office equipment they use 
while working from home (chairs, monitors, wireless headsets, 
ergonomic computer mice).
In 2022, we also introduced several new handy services for our 
employees, such as an app to report problems in our buildings, 
and the “ProxiRoom” tool, which helps employees find a suitable 
workplace in one of our smaller Proximus buildings from which 
they can work remotely. 
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83
 Campus allows us to 
embrace and promote 
sustainability, helping us to 
minimize our environmental 
footprint while connecting  
our new building more  
with the neighborhood.

Creating a positive work environment 
for everyone
We are constantly working to build and maintain a positive 
work environment. Our workplace culture reflects the power of 
embracing diversity and inclusion. We strongly commit to fuel 
general well-being. Through various programs, workshops, 
campaigns and events, Proximus stimulates the physical, social 
and mental health of its employees.
 Diversity and inclusion
Diversity and inclusion are fully embedded in who we are at 
Proximus. Promoting diversity and inclusion, makes a vital 
contribution to well-being and creates the best conditions for 
our employees to develop personally and professionally. Our 
workforce is made up of 62 nationalities.
A diverse workforce helps to maintain a work environment 
that fosters different perspectives in its creativity and innovation, 
and reflects the diversity of our customers, market and society 
at large.
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In 2022, we developed a specific digital module for all our 
customer-facing employees on inclusive communication. The 
purpose of this module is to introduce a few principles for gender-
inclusive communication that each employee can draw on and 
adapt to the context in which they operate. In our recruitment and 
branding campaigns, we target under-represented communities 
to strengthen our talent base.
Find out more about our engagement in this domain in our 
‘Diversity and inclusion’ statement  
.
Being our best selves at work
We are creating a positive work environment where people feel 
good and feel valued, where working conditions are adapted to 
personal needs, and where employees are healthy, engaged and 
actively contribute to our company’s ambitions. This is a different 
story for every team and individual. That's why we must remain 
attentive, measure regularly and identify as well as address 
potential topics. 
We hold regular “Speak-Up” surveys among our employees on 
their experiences at work, where we assess all aspects that drive 
their engagement and well-being. These surveys have helped us 
take the steps necessary to improve employee well-being.
We regularly call on our internal social consultants and prevention 
advisors to support our employees in different areas of well-being 
at work, such as their psychosocial and ergonomic needs.
With our Work-Life Community, our employees and their families 
benefit from complementary services such as the Proximus Fun 
Day, organized school-holiday activity camps for children and, 
through Proximus Affinity, discounts on various brands.
We also ensure that every employee can work in a safe and 
healthy manner. Our departments Human Resources (HR) and 
Prevention and Protection (CPP) are the driving force behind all 
Proximus well-being activities. They define a common well-being 
policy and offer advice on all problems surrounding this topic.
Find out more about our commitment in this area in our social 
statement  
. 
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 We ensure that every 
employee can work in a  
safe and healthy manner.

87	
Governance and compliance
	
88	
Corporate governance statement
	 112	
Diversity and inclusion statement
	 116	
Remuneration report
	 135	
Regulatory framework
	 140	
The Proximus share
 147 
Non-financial statements
	 148	
Contribution to the UN Sustainable 
	
	
Development Goals
	 153	
Materiality and stakeholder dialogue
	 160	
Social statement
	 171	
Environmental statement
	 183	
EU Taxonomy 
	 186	
Table of TCFD
	 188	
GRI content index
 203 
Consolidated financial statements
	 317	
Consolidated management report
	 318	
Management discussion and analysis of 	 	
 
 
financial results
	 346	
Risk management report
	 359	
Internal control system
	 362	
Expertise of the Audit & Compliance 
	
	
Committee members
	 362	
Evolution in research and development 	 	
	
	
activities 
	 365	
Other information
Manage for impact, 
manage responsibly
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86

Governance 
and compliance
87
Proximus Group  |  Integrated annual report 2022  ›  Manage for impact, manage responsibly

Corporate 
governance statement
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88

Corporate governance aims to define a set of rules and behaviors according to which 
companies are properly managed and controlled, with the objective of increasing 
transparency. It is a system of checks and balances between the shareholders, the 
Board of Directors, the Chief Executive Officer and the Leadership Squad. Proximus is 
committed to comply with the legal and regulatory obligations and best practices.
Proximus governance model
At Proximus, we know that doing business the right way is our 
license to operate. We put the right measures in place to ensure 
our business is conducted ethically. This first of all means having 
a clear governance model, which for us, as a limited liability 
company under public law, is 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.  
 
The key features of Proximus’ governance model are:
•	 a Board of Directors, which defines Proximus’ general policy 
& strategy and supervises operational management
•	 an Audit & Compliance Committee, a Nomination & 
Remuneration Committee and a Transformation & Innovation 
Committee created by the Board within its structure
•	 a Chief Executive Officer (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 exercise 
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 a 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. 
Board of Directors
The Board of Directors is composed of no more than fourteen 
members, including the person appointed as Chief Executive 
Officer. The CEO is the only executive member at the Board. All 
other members are non-executive Directors.
Directors are appointed for a renewable term of up to four years. 
According to the limits for independent Directors, defined in 
article 7:87 of the Belgian Code of Companies and Associations 
and the 2020 Corporate Governance Code, the maximum term 
for independent Directors is limited to twelve years. The Board of 
Directors decided in 2021 that this maximum term also applies 
for the non-independent Directors.
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 and
Remuneration Committee. The Nomination and 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 his shareholding. Based on 
this rule the Belgian State has the right to nominate 7 Directors. 
All other Directors must be independent within the meaning of 
article 7:87 of the Belgian Code of Companies and Associations 
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89

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 Clerck1
M
71
Chairman
2013 – 2025
Guillaume Boutin
M
48
Chief Executive Officer
2019 - 2024
Karel De Gucht
M
69
Director
2015 - 2025
Béatrice de Mahieu3
F
50
Director
2022 - 2026
Martine Durez2
F
72
Director
1994 - 2022
Audrey Hanard3
F
37
Director
2022 - 2026
Ibrahim Ouassari
M
44
Director
2021 - 2025
Isabelle Santens2
F
63
Director
2013 - 2022
Claire Tillekaerts3
F
66
Director
2022 - 2026
Paul Van de Perre2
M
70
Director
1994 - 2022
Members of the Board of Directors appointed by the General Shareholders’ Meeting
Name
Gender*
Age
Position
Term
Pierre Demuelenaere
M
64
Independent Director
2011 - 2023
Martin De Prycker
M
68
Independent Director
2015 - 2023
Catherine Rutten
F
54
Independent Director
2019 - 2023
Joachim Sonne
M
48
Independent Director
2019 - 2024
Agnès Touraine4
F
68
Independent Director
2014 - 2026
Catherine Vandenborre4
F
52
Independent Director
2014 - 2026
Luc Van den hove
M
63
Independent Director
2016 - 2024
* 	 F: Female / M: Male
1  	 By decision of the AGM of 20 April 2022, the mandate of Mr. Stefaan De Clerck was extended until the AGM of 2025
2	
The mandates of Mrs. Martine Durez, Mrs. Isabelle Santens and Mr. Paul Van de Perre ended at the AGM of 20 April 2022
3	
By decision of the AGM of 20 April 2022, Mrs. Béatrice de Mahieu, Mrs. Audrey Hanard and Mrs. Claire Tillekaerts were appointed until 
the AGM of 2026
4	 By decision of the AGM of 20 April 2020, the mandates of Mrs. Agnès Touraine and Mrs. Catherine Vandenborre were extended until the 
AGM of 2026
and of the 2020 Corporate Governance Code and at any time the 
Board needs to have at least 3 independent Directors.
Proximus is proud of a substantial female representation on its 
Board of Directors. This composition and the complementary 
expertise and skills of all directors create a dynamic which 
benefits the good management of the company.
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90

Attendance Board of Directors and Committee meetings
In 2022, seven meetings of the Board of Directors were held, four 
meetings of the Audit & Compliance Committee, four of 
the Nomination & Remuneration Committee and two of the 
Transformation & Innovation Committee.
Name
Board 
(total 71) 
ACC 
(total 4)
NRC 
(total 4)
TIC 
(total 2)
Stefaan De Clerck
7/7
4/4
4/4
2/2
Guillaume Boutin
7/7   
  
  
  
Karel De Gucht 
7/7
4/4
  
  
Béatrice de Mahieu3
6/6
  
  
1/1
Pierre Demuelenaere
7/7
  
4/4
  
Martin De Prycker
7/7
  
4/4
2/2
Martine Durez2
1/1
  
1/1
    
Audrey Hanard3
3/6
  
  
  
Ibrahim Ouassari
7/7
  
  
2/2
Catherine Rutten
7/7
4/4
  
  
Isabelle Santens2
1/1
  
  
  
Joachim Sonne
7/7
4/4
  
  
Claire Tillekaerts3
4/6
  
2/2
  
Agnès Touraine
6/7
  
  
2/2
Catherine Vandenborre
6/7
4/4
  
  
Luc Van den hove 
7/7
  
4/4
2/2
Paul Van de Perre2
1/1
  
  
1/1
ACC: 	 Audit & Compliance Committee; NRC: Nomination & Remuneration Committee; TIC: Transformation & Innovation Committee
1	
Extraordinary remunerated Board meetings on 12 May 2022 and 27 June 2022
2	
Mandates ended on 20 April 2022
3	
Appointed on 20 April 2022
Diversity at the Board of Directors
The Board of Directors takes into account how it will enhance 
diversity of the Board of Directors with respect to gender, age and 
nationality when replacements and appointments are considered. 
The diversity characteristics for the Board of Directors can be 
visualized as follows:
6 women
8 men
Gender
11 Belgian
1 German 
2 French 
Nationality
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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, plus one meeting dedicated to the affiliates.
The Board of Directors also yearly discusses and evaluates the 
strategic long-term plan in an extra meeting.
In general, the Board’s decisions are made by simple majority of 
the Directors present or represented, although for certain issues a 
qualified majority is required.
The Board of Directors has adopted a Charter which, together 
with the Charters of the Board Committees, reflects the principles 
by which the Board of Directors and its Committees operate.
The Board Charter stipulates, among other things, that important 
decisions should have broad support, understood as a qualitative 
concept indicating effective 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 within the provisions of 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 and a Transformation & Innovation 
Committee.
The members of the committees are appointed by the Board 
of Directors, after consultation with the Nomination and 
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
•	 Efficiency of the systems for internal control and risk 
management of the company
•	 The company’s internal audit function and its efficiency
•	 The quality, integrity and legal control of the statutory and 
the consolidated annual accounts and the financial and non- 
financial statements of the company, including the follow-up 
of questions and recommendations made by the auditors
•	 The relationship with the company’s auditors and the 
assessment & monitoring of the independence of the auditors
•	 The company’s compliance with legal and regulatory 
requirements
•	 Compliance within the company 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 & IT security risks. Internal audit reports cover financial, 
compliance and IT security risks. The Audit & Compliance 
Committee is informed of all discussions and decisions taken by 
the management in 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: Mrs. Catherine Vandenborre (Chairwoman), 
Messrs. Stefaan De Clerck, Karel De Gucht (as of 1 January 2022), 
Joachim Sonne and Mrs. Catherine Rutten.
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A majority of the members of the Audit & Compliance 
Committee have extensive expertise in accounting and audit. 
The Chairwoman of the Audit & Compliance Committee, Mrs. 
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 exercised 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-officio 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 of 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 is 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 one is female and 
four are male) are: Messrs. Stefaan De Clerck (Chairman), Pierre 
Demuelenaere, Martin De Prycker, Luc Van den hove, Mrs. Martine 
Durez (until 20 April 2022) and Mrs. Claire Tillekaerts (as of 28 
April 2022).
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 ex-officio member, and the Committee 
is chaired by the Chairman of the Board of Directors. Three 
members are appointed among the independent Directors.
The Transformation and Innovation Committee 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 for decision. 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 a.o. 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.
The members of the Transformation & Innovation Committee 
(composed of non-executive members of which two are female 
and four are male) are: Messrs. Stefaan De Clerck (Chairman), 
Martin De Prycker, Ibrahim Ouassari (as of 1 January 2022), Luc 
Van den hove, Paul Van de Perre (until 20 April 2022), Mrs. Agnès 
Touraine and Mrs. Béatrice de Mahieu (as of 28 April 2022).
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Sustainability governance
The commitment of embedding sustainability in everything we do 
is achieved by integrating it in operational management under the 
supervision of the Board of Directors and under the responsibility 
of the CEO and the Leadership Squad in the capacity of the 
Corporate Affairs Lead as Sustainability Champion. 
By regularly introducing a variety of sustainability topics at the 
Board and its committees as well as discussing our ambitions, 
strategy, goals and advancement on sustainability we ensure that 
Board members acquire the right skills and experience and keep up 
to date with environmental, social & governance matters. Through 
the CEO Activity Report, achievements are reported bi-monthly 
towards the Board who also reviews progress on a quarterly basis 
as part of the strategic review. Sustainability related risks, including 
but not limited to climate-change risks, are part of the Audit & 
Compliance Committee’s oversight of risk management.
Reporting and tracking happen on a monthly basis towards 
the Leadership Squad allowing fact-based discussions and 
prioritization. Key sustainability initiatives have been identified and 
are managed jointly by the business units and the sustainability 
team. A monthly status is made to a steering committee, KPIs and 
budget are reported quarterly to the strategic management team. 
The sustainability impact is integrated into every file or initiative 
that comes on the agenda of the Leadership Squad meetings. 
Our sustainability ambitions are reflected in the management 
incentives (more details can be found in the remuneration report 
on page 116).
Further corporate governance, compliance and risk management 
information related to sustainability can be found in the 
Compliance & Ethical standards section of this Governance 
Report, the Risk management Report, the Diversity & Inclusion 
Statement and the non-financial Statements.
Detailed non-financial figures can be found in the Environmental 
and Social Statements.
The progress towards assessing EU taxonomy alignment and 
implementing the recommendations of the Task Force on 
Climate-Related Financial Disclosures (TCFD) is explained in the 
non-financial Statements.
The #inspire2022 strategy ambitions and 2022 achievements 
can be found in the second chapter   
.
Deviation from the 2020 
Corporate Governance Code
Proximus complies with the 2020 Corporate Governance Code 
except for two deviations.
Provision 7.6 stipulates that a non-executive board member 
should receive part of his/her remuneration in the form of shares 
in the company. Because of its specific shareholdership, having 
the Belgian State as majority shareholder, the company opts not 
to introduce share-related remuneration at this stage. 
For the same reason Proximus is not compliant with provision 7.9 
that stipulates that the Board should set a minimum threshold of 
shares to be held by the executives.
Relationship Agreement
In accordance with article 8.7. of the 2020 Corporate Governance 
Code, Proximus concluded in December 2022 a Relationship 
Agreement with its majority shareholder, the Belgian State. This 
agreement, that does not impact the autonomy of Proximus, nor 
the competences of its corporate bodies, has the aim to create a 
framework for the exchange of information, in full respect with 
the European and Belgian financial legislation. This Relationship 
Agreement is published on the company’s website.  
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Conflict of interest
A general policy on conflict of interest applies within the company. 
It prohibits the possession of financial interests that may affect 
personal judgment 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, 
which 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 conflict of interest, the meeting in which 
the conflict of interest is reported and the matter which gave rise 
to the conflict is published in the annual report of the relating 
financial year.  
  
In accordance with article 7:96 of the Belgian Code of Companies 
and Associations, the CEO, Mr. Guillaume Boutin, declared during 
the Board of Directors of 17 February 2022 to have a conflict of 
interest in connection with his performance evaluation for 2021, 
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.
Insider trading and market manipulation 
(market abuse)
In order to comply with legislation on insider trading and market 
manipulation, Proximus adopted a Dealing Code  
  prior to the 
Initial Public Offering. This Code aims to create awareness about 
possible improper conduct by employees, officers and Directors 
and possible sanctions. This Dealing Code has been widely 
communicated and is available to all employees. A list of
key persons is kept, and all members of the Board and key 
employees were requested to sign an affidavit that they had read, 
understood and agreed to comply with the requirements of the 
related legislation. Closed periods are defined and communicated 
by the Group Compliance Office to those concerned.
Evaluation of the Board
The Board evaluates its performance and interaction with the 
executive management at least every three years. The latest 
evaluation took place at the end of 2021 together with external 
partner Guberna. The Board members were invited to answer 
an extensive questionnaire, followed by an interview between 
Guberna and each individual Board member. The Board 
members were asked their opinion on corporate governance at 
Proximus, the functioning of the Board and of the committees. 
Guberna concluded in 2022 that the assessment was overall 
positive and identified as main strengths a well-balanced 
composition of the Board, the high quality of information flow to 
the Board, a Board culture stimulating the decision-making in 
the interest of the company and an excellent leadership by the 
Board’s Chair. As a result of the evaluation, the Board approved 
an action plan. First element is to increase the visibility for the 
Board on the governance of the affiliates. To this end a special 
yearly board is dedicated on this topic. The Board further decided 
to include in the management reporting to the Board a step-back 
of important investment files, comparing the business case with 
the achieved results. The Board further organised a benchmark 
on board and executive compensation and organized special 
onboarding sessions for the new members after the AGM of April 
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2022. Starting from the need for new competences, the Board 
did develop a competence dashboard, taking potential gaps into 
account when deciding on profiles for new directors.
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 every year, the committee chairs 
submit their annual reports to the Board.
Leadership Squad
Chief Executive Officer
In its meeting of November 27, 2019, the Board appointed Mr. 
Guillaume Boutin as new CEO. The CEO is entrusted with day- 
to-day management and reports to the Board of Directors. The 
Board has moreover delegated broad powers to the CEO.
The contract of Mr. Guillaume Boutin is a renewable six-year fixed 
term contract that started on 1 December 2019.
The AGM of 15 April 2020 extended his mandate as Board 
member until the AGM to be held in 2024.
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 of 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 exercise 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 2022, the Leadership Squad, in addition to the CEO, was 
composed of the following members:
Name
Gender
Age
Position
Jim Casteele
M
51
Consumer Market Lead
Anne-Sophie 
Lotgering
F
48
Enterprise Market Lead
Dirk Lybaert
M
62
Corporate Affairs Lead and 
Secretary General
Antonietta 
Mastroianni
F
49
Digital & IT Lead
Mark Reid
M
51
Finance Lead
Geert Standaert
M
52
Network & Wholesale Lead
Renaud Tilmans
M
54
Customer Operations Lead
Jan Van Acoleyen
M
60
Human Capital Lead

Diversity at the Leadership Squad
The diversity characteristics for the Leadership Squad can be 
visualized as follows:
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5 Belgian
1 Italian 
1 Scottish 
2 French 
2 women
7 men
Gender
Nationality

Board of Auditors
Composition
The Board of Auditors of the company is composed as follows:
•	 Deloitte Auditors SRL, represented by Mr. Geert Verstraeten 
(until April 20, 2022), also Chairman of the Board of Auditors 
and Mr. Koen Neijens (as of 20 April 2022)
•	 Mr. Jan Debucquoy, Member of the Court of Auditors
•	 Mr. Dominique Guide, Member of the Court of Auditors 
•	 CDP Petit & Co SRL, represented by Mr. Damien Petit 
(until 20 April 2022).
•	 Luc Callaert SRL, represented by Mr. Luc Callaert 
(as of 20 April 2022)
Deloitte Auditors SRL, represented by Mr. Koen Neijens and Luc 
Callaert SRL, represented by Mr. Luc Callaert are responsible for 
the audit of the consolidated financial statements of Proximus and 
its subsidiaries. Deloitte Auditors SRL is also responsible for the 
review of non-financial performance indicators.
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 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 §2 of the Belgian 
Code of Companies and Associations, Proximus declares the 
supplementary fees that it granted during the 2022 financial year 
to two auditors, members of the Joint Auditors: Deloitte Auditors 
SRL and CDP Petit & Co SRL (until 20 April 2022) and Luc 
Callaert SRL (as of 20 April 2022).
The Group spent an amount of € 1,026,653 during the year 
2022 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 €)
Auditor
Network of auditor
Other mandatory 
audit missions
107,776
694,562
Tax advice
Other missions
135,226
89,089
Total
243,002
783,651
In 2022 the Group did not spend an amount for non-mandate 
fees to CDP Petit & Co SRL and Luc Callaert SRL. 
Amount spent by the Group for non-mandate fees for 
CDP Petit & Co SRL / Luc Callaert SRL
(in €)
Auditor
Other mandatory 
audit missions
0.00
Tax advice
Other missions
Total
0.00
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Members of the Board of Directors
Guillaume Boutin
Mr. Guillaume Boutin has been Chief Executive Officer since 1st December 2019 and presides over the 
Leadership Squad of Proximus. He is Chairman of the Board of Directors of BICS and Telesign, as well as 
member of the Proximus Art Board.
Previously, Mr. Boutin joined the Proximus Leadership Squad as Chief Consumer Market Officer in August 2017.
Mr. Boutin started his career joining a web start-up. He then joined SFR where he successively held 
various positions in strategy, finance and marketing until he joined Canal+ Group in 2015 as Chief 
Marketing Officer.
He holds a “baccalauréat scientifique”, followed by a degree in telecommunications engineering (Telecom 
Sud Paris “Programme Grande Ecole”, 1997) and a degree from HEC Paris, “Programme Grande Ecole”, 
obtained in 1999.
Stefaan De Clerck
Mr. Stefaan De Clerck is Chairman of the Proximus Board of Directors since 20 September 2013.
He chairs the Proximus Joint Committee, the Proximus Pension Fund and the Proximus Art ASBL/VZW. 
He is board member of the Proximus Foundation and of Connectimmo.
He is also member of the Orientation Council of Euronext, of the Strategic Committee of FEB/VBO, of the 
BBR (Benelux Business Roundtable) and of the Bureau of Eurometropole Lille-Kortrijk-Tournai.
Before Proximus, he served as a Member of the Belgian Parliament from October 1990 until October 
2013. From June 1995 until April 1998 and from December 2008 until December 2011 he was the 
Belgian Minister of Justice. From 1999 until 2003 he was President of CD&V, the Flemish Christian- 
Democratic Party.
He was the Mayor of the city of Kortrijk (Belgium) from January 2001 until end-December 2012. Mr. De 
Clerck holds a Master’s degree in Law from the Catholic University of Leuven.
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Karel De Gucht
Mr. Karel De Gucht, State Minister, was the European Commissioner for Trade from February 2010 until 
31 October 2014, where he was pivotal in negotiating, concluding and managing several European Free 
Trade and Investment Agreements worldwide.
Previously he served as Belgium’s Minister of Foreign Affairs from 2004 to 2009, Deputy Prime Minister 
from 2008 to 2009, and as European Commissioner for International Cooperation, Humanitarian Aid and 
Crisis Response from 2009 to 2010.
Currently he is the President of the Brussels School of Governance at the Vrije Universiteit Brussel (VUB) 
– his alma mater (Masters of Laws, 1976) and where he teaches European Law. He serves as a Director 
on the Boards of ArcelorMittal SA, of EnergyVision, Youston (Chair), Sprimoglass and is a Member of the 
Advisory Board of CVC Capital Partners.
He is also the manager of La Macinaia, a family-run wine producing company in the Chianti region (Italy).
Béatrice de Mahieu
Mrs. Béatrice de Mahieu is the CEO of BeCode, the largest social impact coding school in Belgium, since 1 
September 2022. 
From 2019 until September 2021, Béatrice de Mahieu was the CEO of Co.Station Belgium (a tech startup 
co-working and innovation hub) where she created and developed the open innovation business line. 
Since the start of her career in 1999, Béatrice de Mahieu has worked successively for large telecom, tech 
and media companies (Telenet, Microsoft, Elle Belgium...) where she contributed to the growth strategies 
and digital transformation.
As of 2011, Béatrice de Mahieu started to work as a mentor and investor for technological and digital 
startups and guided them in their search for investors, the development of their strategy and the growth 
of these young companies.
Béatrice de Mahieu is currently a board member of Fintech Belgium, Ambassify, Slimme Regio 
Vlaanderen, Beefounders, We Tech Care and Agoria Brussels and an external innovation board member 
for NMBS and Elia Group. 
Béatrice de Mahieu has a degree in Applied Communication – Advertising at the Institute for Higher 
Social Communication Studies (IHECS) and is co-author of “Pimento Map: evaluate the strength of your 
business plan” (2014) and “Shiftmakers: L’Art du (self)leadership dans les années 2020” (2022).
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Pierre Demuelenaere
Until 31 August 2015, Mr. Pierre Demuelenaere was President and CEO of IRIS (Image Recognition 
Integrated Systems), a company he co-founded in 1987 to commercialize the results of his PhD and that 
became listed on Euronext in 1999.
Mr. Demuelenaere has more than 30 years of experience in Imaging and Artificial Intelligence. He has 
accumulated solid experience in technology company management, R&D management and setting up 
international partnerships with US and Asian companies (HP, Kodak, Adobe, Fujitsu, Samsung, Canon, etc.).
Throughout the years, he remained very involved in defining the R&D vision of IRIS and contributed to the 
development of new technologies, new products and the filing of a large number of patents.
In 2013, Mr. Demuelenaere successfully negotiated the acquisition of IRIS Group by Canon. The company 
has now become a member of the Canon Group.
Mr. Demuelenaere holds a Civil Engineering degree in Microelectronics from the UCLouvain and received 
his PhD in Applied Sciences in 1987. He has received the “2001 Manager of the Year” award and the 
“2002 Entrepreneur of the Year” award. In 2008, Data News elected him “ICT personality of the year”.
Amongst his other activities, in 2018 and 2019, he was Chairman of the Board of Directors and CEO 
ad interim of EVS Broadcast Equipment. He is also member of the Board of Directors of Guberna and 
Tessares, as well as Professor of management at the UCLouvain. He served for 7 years as a director on the 
Board of BSB, an insurance and banking software company, for 23 years on the Board of Pairi Daiza and 
for 10 years on the Board of e-capital, a Venture Capital Fund.
Martin De Prycker
Mr. Martin De Prycker is a managing partner of the Qbic Fund, an inter-university fund, supporting 
university spin-off companies in Belgium.
Mr. De Prycker was CEO of Barco between 2002 and 2009. Under his leadership he focused on, and made 
the company grow in markets using displays such as the medical, digital cinema, control and airline industry, 
and spinning off the non-core product lines such as graphics, textile and subcontracting.
Prior to that, he was CTO and member of the Executive Committee of Alcatel-Lucent. Before becoming CTO of 
Alcatel-Lucent, Mr. De Prycker was responsible for establishing the company’s worldwide market leadership in 
the broadband access market. Under his leadership, ADSL was transformed from a research project into a multi-
billion-dollar business for Alcatel-Lucent.
Between 2009 and 2013 Mr. De Prycker was CEO of Caliopa, a startup of UGent/IMEC in silicon photonics, 
allowing the transport of hundreds of Gbps on optical fiber. Caliopa was acquired by Huawei in 2013. He is also 
a member of the Board of Directors of several companies, including EVS, Sentiance, Arkite, Venture Spirit and 
Faktion and Chairman of the Board of Calltic.
Mr. De Prycker holds a Ph.D. in Computer Sciences, a Master of Science in Electronics from the University of 
Ghent, as well as an MBA from the University of Antwerp.
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Audrey Hanard
Mrs. Audrey Hanard is a Partner at Dalberg Global Advisors, a mission-driven strategy advisory firm 
focusing on sustainable impact. She works with her clients, who are NGOs, UN agencies, governments 
and foundations to improve educational and employment outcomes globally by developing, 
implementing and measuring impactful strategies in support of inclusive development. In doing so she 
leverages 10+ years of experience advising corporate, government and philanthropic clients on those 
topics as a manager with McKinsey & Co, and with Telos Impact.
Audrey Hanard is currently the Chair of the Board of Directors of bpost, the leading Belgian postal and 
e-commerce operator working with 36,000 staff worldwide. She is also the President of Be education, 
an organization supporting initiatives that contribute to improving the quality of education in Belgium. 
She previously was President of the Friday Group, a think tank of young Belgian talents from different 
professional backgrounds determined to inspire Belgian policy through diversity.
Audrey Hanard holds a MSc in Business Engineering from the Université Libre de Bruxelles (Solvay 
Brussels School, ULB) and a Master of Public Administration from Columbia University (School of 
International and Public Affairs).
Ibrahim Ouassari
Mr. Ibrahim Ouassari is the founder and CEO of MolenGeek. After an atypical and self-taught career in 
technology, Ibrahim has established himself as an accomplished consultant in the sector since 1999. He 
then left the consulting industry to launch his entrepreneurial career with several companies and worked 
with clients from some of the largest and most renowned companies.
It was his experience that led him to launch MolenGeek in May 2015, an inclusive international 
technological ecosystem that makes the “TechWorld” accessible. It is at that moment that Ibrahim took 
up one of his greatest challenges: to merge two worlds that do not meet. On the one hand, unsuspected 
talents from working-class neighborhoods and on the other hand, the world of technology.
MolenGeek is an international solution that brings new perspectives to thousands of young people. 
Ibrahim combined his entrepreneurial tech experience and his knowledge of the field to reveal talents by 
introducing them to new technologies. He is supported by the greatest names in the tech industry, cited 
in Davos by Sundar Pichai, CEO of Google, after his visit to MolenGeek, and was also selected by the latter 
in WIRED UK as “innovator who is building a better future for 2021”. Google, Meta, Microsoft, Salesforce, 
Amazon, PwC or even Proximus are investing in MolenGeek.
In 2018 Ibrahim was part as an expert of Horizon 2020 NMBP Advisory Group for DG Research & 
Innovation of the European Commission, whose mission is to help us notably to ensure impact of the R&I 
investments 2021-2027 in the fields of industrial technologies and improve societal involvement.
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Catherine Rutten
Mrs. Catherine Rutten is Vice-President International, Government Affairs & Public Policy at Vertex 
Pharmaceuticals since 1 July 2020. From September 2013 till end of June 2020 she was CEO of 
pharma.be, the association of innovative biopharmaceutical companies in Belgium. From 2003 to 2013 
she has been Member of the Council of the Belgian Institute for Postal Services and Telecommunications, 
the Belgian regulator for electronic communications, for the postal market, the electromagnetic spectrum 
of radio frequencies, and media regulator in the Brussels-Capital Region. Prior to that, she worked as 
Director Regulatory Affairs at the Belgian branch of BT. She started her career as a lawyer, member of the 
Brussels Bar, in 1994.
She is member of the board of Women on Board. Mrs. Rutten holds a Degree in Law from the University 
of Leuven and the University of Namur, a LL.M. in intellectual property law from the London School of 
Economics and Political Science and a LL.M. in European Law from the College of Europe.
Joachim Sonne
Mr. Joachim Sonne has over 20 years’ experience in Investment Banking. He is currently a Senior Advisor 
to AustralianSuper and board advisor to a number of technology companies. Until September 2019, Mr. 
Sonne served as Managing Director and Co-Head of the EMEA Telecom, Media and Technology Advisory 
Group at J.P. Morgan in London. He joined J.P. Morgan in 1998, worked from 2006 until 2010 in the 
Communications Group in New York and between 2010 to 2011 for the German mergers and acquisitions 
practice of J.P. Morgan in Frankfurt.
Mr. Sonne graduated with distinction from the European School of Management–EAP, Paris-Oxford-Berlin 
and holds a European Master of Management, a Diplom-Kaufmann and a Diplôme de Grande Ecole.
Claire Tillekaerts
From October 2006 until June 2022, Mrs. Claire Tillekaerts has been the general manager of Flanders 
Investment & Trade, the government agency supporting Flemish companies in their effort to deploy business 
internationally abroad and assisting foreign companies seeking to set up business or expand operations in 
Flanders, the northernmost region of Belgium. From May 1st, 2012, on, she was appointed CEO of FIT by the 
government of Flanders until June 30th 2022. Claire Tillekaerts has been an independent barrister at the 
Ghent Court of Law for 2 decades, along with a six-year academic teaching commission at Ghent University.
In 2001, she was commissioned to establish the law department at the Hogeschool Gent, in a bid to bring 
about the merger with other centers of higher education, an assignment combined a.o. with that of advisor at 
the creation of the Ghent University Association and with establishing international research fundings.
Claire Tillekaerts holds a Master's degree in law and a postgraduate degree in Management Studies.
She is member of the Board of Directors of the Belgian Foreign Trade Agency (Vice-President), VLEVA 
(Flanders-Europe Liaison Agency), De Warande, ORSI Academy and the Belgian National Orchestra and 
is President of the Board of Directors of the Flanders International Film Festival (Ghent), President of the 
Belgian National Bank Council of Regency and member of the Belgian National Bank Remuneration and 
Appointments Committee.
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Agnès Touraine
Mrs. Agnès Touraine is CEO of Act III Consultants, a management consulting firm dedicated to digital 
transformation.
Previously, Mrs. Touraine served as Chairman and CEO of Vivendi-Universal Publishing (video games and 
publishing), a $4.7 billion company, after having spent 10 years with the Lagardère Group as Head of 
Strategy and CEO of the mass market division and five years with McKinsey.
She graduated from Sciences-Po Paris and Columbia University (MBA). She sits on the Boards of 
Rexel SA, GBL, SNCF and previously Darty Plc as well as Neopost SA. She is also sitting on non-profit 
organizations board such as The French-American Foundation and IDATE. Until July 2019 she has been 
Chairwoman of the Board of Directors of IFA (French Governance Institute).

Catherine Vandenborre
Mrs. Catherine Vandenborre is Chief Financial Officer at Elia. Previously, she was a member of the 
Executive Committee of APX-ENDEX, the Anglo-Dutch gas and electricity exchange based in Amsterdam, 
and CEO of Belpex. She began her career at Coopers & Lybrand as an auditor.
Mrs. Vandenborre is member of various Boards, including Contassur, an insurance company. She 
holds a degree in Business Economics from the UCL as well as degrees in Tax Law and Financial Risk 
Management.
Luc Van den hove
Mr. Luc Van den hove is President and Chief Executive Officer (CEO) of imec since July 1, 2009. He spent 
his entire career in the domain of chip technology and digital technologies as enabled by semiconductors. 
He joined imec, at the moment when imec was founded in 1984, as part of the starting team. 
Under his guidance imec has become the world-leading R&D center on nanoelectronics, an organization 
with a staff of more than 5,000 people, operating with an annual budget of around € 800M (2022) 
and with offices in Belgium, the Netherlands, US, Japan and India. Imec is the world’s leading research 
center in the field of chip technology and digital applications such as healthcare, automotive, artificial 
intelligence, cybersecurity and 5G/6G connectivity.
Currently, Mr. Van den hove is also professor of Electrical Engineering at the University of Leuven. He is a 
member of the board of Proximus and a member of the Technology Board Committee of ASML. He is a 
member of the US Academy of Engineering. 
He has authored or co-authored more than 150 publications and conference contributions. He is a 
frequently solicited speaker on technology trends and applications for nano-electronics at major top 
conferences. He has presented more than 50 keynote presentations.
Mr. Van den hove received his Ph. D. in Electrical Engineering from the University of Leuven, Belgium.
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Members of the Leadership Squad
Guillaume Boutin
Mr. Guillaume Boutin has been Chief Executive Officer since 1st December 2019 and presides over the 
Leadership Squad of Proximus. He is Chairman of the Board of Directors of BICS and Telesign, as well as 
member of the Proximus Art Board.
Previously, Mr. Boutin joined the Proximus Leadership Squad as Chief Consumer Market Officer in August 2017.
Mr. Boutin started his career joining a web start-up. He then joined SFR where he successively held 
various positions in strategy, finance and marketing until he joined Canal+ Group in 2015 as Chief 
Marketing Officer.
He holds a “baccalauréat scientifique”, followed by a degree in telecommunications engineering 
(Telecom Sud Paris “Programme Grande Ecole”, 1997) and a degree from HEC Paris, “Programme 
Grande Ecole”, obtained in 1999.

Jim Casteele
Mr. Jim Casteele is Consumer Market Lead of Proximus since March 1st, 2020. He already assumed this post 
ad interim on 2 December 2019.
He started his career at Siemens Atea and joined the former Belgacom Group in 1997. Before being 
appointed as Director Consumer Products & Solutions and Innovation in January 2017, he held several 
management and director positions within Proximus Group in various disciplines such as strategy & 
innovation, product management, partnerships and pricing.
He is Board member of Proximus Luxembourg, and Chairman of the Boards of Proximus Media House, 
Scarlet Belgium and Mobile Vikings and has an advisory role in the Board of Be-Mobile.
Mr. Casteele holds a degree as Civil Engineer in Electronics (University of Ghent) as well as a degree in 
General Management (Vlerick Leuven Ghent Management School).

Anne-Sophie Lotgering
Mrs. Anne-Sophie Lotgering is Proximus’ Enterprise Market Lead since July 2020.
Previously, she was Chief Marketing and Digital Officer, Customer Marketing and Innovation at Orange 
Business Services. During her career with the Orange Group, Anne-Sophie held various senior positions in 
business-to-business sales, marketing and strategy for more than 15 years. She was also General Manager 
for Central & Eastern Europe at Microsoft Services.
She is Board member of Proximus Luxembourg, Belgian Mobile ID, Conscia and Chairwoman of Proximus ICT. 
Mrs. Lotgering is a graduate of the Sorbonne in Paris.
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Dirk Lybaert
Mr. Dirk Lybaert is Corporate Affairs Lead & Secretary General of Proximus and has the following 
responsibilities: Legal, Regulatory, Public Affairs, Group Communications, Internal Audit & Risk Management, 
Security Governance & Investigations, Corporate Prevention & Protection, Reputation & Sustainability and 
Data Protection.
Mr. Lybaert was Secretary General of Belgacom from 2005 to 2014. From 1995 until 2007, he was an 
assistant at the Law Faculty of the University of Brussels for the “Named Contracts” course. From 2000 to 
2005 he held different positions within the legal department of Belgacom.
Prior to joining Belgacom, Mr. Lybaert served as an officer with the Federal Police, where he reached the 
position of Lieutenant-Colonel and Director of the Anti-Terrorism Program.
Mr. Lybaert is a member of the Board of Directors of BICS, Telesign, Proximus Foundation, Proximus Art, 
Proximus Opal and MWingz. He also has external mandates at Aquafin, Bednet and Voka.
Mr. Lybaert holds a Master’s degree in Criminology from the University of Ghent, Law from the University of 
Brussels (VUB) and Business Law from the University of Antwerp, and degrees in Advanced Management 
from Vlerick Business School and Social and Military Sciences.
Antonietta Mastroianni
Mrs. Antonietta Mastroianni has been a member of the Proximus Leadership Squad since April 2021 where 
she acts as Chief Digital & IT Officer. Before joining Proximus, she was Group CIO and CDIO at the Danish 
TDC, Head of IT and Business Partner at Swiss Sunrise, and she had several roles in Swisscom and H3G Italy.
She is an influential IT leader with 20 years of international Telecom experience in leveraging technology to 
drive organizational growth, performance and profitability. She focuses on digital and agile transformation, 
the impact of leading-edge technology on business, technology and product innovation as well as IT and 
Telco transformation. She has worked in different European countries (Italy, Switzerland, Denmark and 
Belgium) and is a council member of Etis. Currently she also holds the VC Finance seat in the Board of 
Directors of Gaia-X and is chairwoman in the Board of Directors of Proximus Ada.
Mrs. Mastroianni studied Computer and Automation Engineering at university of Siena and she is a member 
of the Order of Engineers of the province of Caserta. In 2022, Antonietta was awarded the Telco Women of 
the Year Award by NetworkX and was also named Telco CxO of the Year in 2021.
Mark Reid
Mr. Mark Reid is Proximus’ Finance Lead since May 2021. Before joining Proximus, Mr. Reid served as the Chief 
Financial Officer of the Central European Region of Liberty Global, based in Zurich for 5 years. Prior to that 
role he was Deputy CFO at Virgin Media in London also part of the Liberty Global family. He has held Senior 
Financial roles in International Telecom, Digital Media & Travel companies for over 20 years and has worked in 
Switzerland, UK & the US. He is a Board member of BICS, Telesign, MWingz and the Proximus Pension Fund.
Mr. Reid holds an Honors Degree in Aeronautical Engineering from Glasgow University. He’s a Chartered 
Accountant with the certification from the Chartered Institute of Management Accountants (CIMA)..
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Geert Standaert
Mr. Geert Standaert is Network & Wholesale Lead. He has been a member of the Leadership Squad since 
March 2012. In this function, he currently is responsible for the Network Business Unit, overseeing all 
Network, Telco Platform & Infrastructure, Service Engineering & Operations for the Group including Carrier 
& Wholesale activities.
Mr. Standaert joined the Group in 1994 and held director positions in various disciplines, including IT, 
Infrastructure Operations and Data Operations before becoming Vice President Customer Operations in 
2007.
Mr. Standaert is a member of the Board of Directors of Fiberklaar, Unifiber and OLV hospital Aalst. Mr. 
Standaert holds a Master’s degree in Civil Engineering from the University of Ghent (RUG).
Renaud Tilmans
Mr. Renaud Tilmans is Customer Operations Lead. He joined the Leadership Squad of Proximus in May 2014. 
In this function, he works with his teams to align procedures and create synergies between the operational 
after-sales activities of the different Business Units. Mr. Tilmans is also in charge of transversal growth 
opportunities in the field of eHealth and eEducation.
Mr. Tilmans joined Belgacom in 1993. He held various director positions in the field of ICT and networks 
before becoming Vice President Customer Operations of the Business Unit Service Delivery Engine & 
Wholesale in 2012.
Within Proximus Group, Mr. Tilmans is since 26 September 2019 Chairman of the Board of Directors of 
Proximus Luxembourg. He is also member of the Board of Fiberklaar.
Mr. Tilmans is a civil engineer from the UCL (Louvain-la-Neuve) and holds degrees in IT and management.
Jan Van Acoleyen
Mr. Jan Van Acoleyen is Human Capital Lead of Proximus. He joined Proximus in May 2016, after a long 
career with various international HR management roles, mainly in high-tech companies such as Alcatel, 
Agfa-Gevaert and Barco. As an HR leader, he acquired extensive experience in organizational and cultural 
transformations.
Mr. Van Acoleyen has a Master’s degree in Educational Studies from Leuven University and an Executive MBA 
from the Antwerp Management School (University of Antwerp).
He is an independent member of the Board of Directors of SD Worx, independent member of the Board of 
Vlaeynatie and member of the Board of Experience@Work. Within Proximus Group he is board member 
of BICS, MWingz, Proximus Foundation, Proximus Pension Fund and is Chairman of the Remuneration 
Committee of BICS as well as Chairman of the Board of Be-Mobile..
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Chief executive officers of BICS and Telesign
BICS
Matteo Gatta
Mr. Matteo Gatta was appointed CEO of BICS in 2021 and has spearheaded the company’s transformation 
from a traditional wholesale carrier to a global leader in digital communications, cloud communication 
services, mobility and IoT. He aims to make BICS a true communications platform company and a reference 
partner for mobile operators and enterprises, globally.
He has acquired over 20 years’ experience in mobile and internet access services and software development, 
having held various positions in Italy, the UK and Belgium. 
Matteo has served as CEO of telecom provider Scarlet, Director of Network Strategy, Innovation & 
Partnerships at Proximus, and as Board Member of Proximus Luxembourg, previously Tango – Telindus, and 
Tessares. 
He was also a founding director of the IoT technology alliance, LoRa Alliance. Matteo was appointed CEO of 
BICS in January 2021, where he is accelerating the company’s growth and diversification strategy.
Telesign
Joseph Burton
Mr. Joseph Burton is the CEO of Telesign. Before Telesign, he served as CEO of Plantronics (now Poly) 
from 2016 to 2020, after joining the company in 2011 as Chief Technical Officer and then serving as Chief 
Commercial Officer.
He started his career in 1990 as a software engineer, was acquired into Cisco in 2001 and served as Cisco's 
CTO for Unified Communications until 2010.
He specializes in digital transformation, growth acceleration, corporate and go-to-market strategies, and has 
extensive expertise in technology and product development.
Mr. Burton is a Board member of AVI-SPL, ACCO Brands, and the University of California Santa Cruz.
He holds a Bachelor of Science in Computer Information Systems and completed the Stanford Executive 
program at Stanford University.
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Compliance & Ethical standards
Role of compliance at Proximus
Acting with integrity, compliance and honesty is an essential 
prerequisite for the success of Proximus Group. Fair and open 
competition is important to society and contributes to increased 
welfare for all. All Group employees are involved and made aware 
of the importance of compliant behavior. Together, we strengthen 
the trust of our customers, our business partners, and other 
stakeholders in our Group by treating each other fairly. 
The Group Compliance Office is responsible for coordinating 
compliance activities within Proximus Group, and aims to promote, 
at all levels, ethical conduct, respect of values and compliance 
with laws, internal and external rules, and policies. The Group 
Compliance Office also prevents unlawful or unethical behaviour 
and ensures an appropriate response in case such behavior 
occurs.
Our compliance program is a key building block for our 
Environmental, Social and Governance strategy.
The Proximus Code of Conduct was approved by the Proximus 
Board of Directors. All employees are expected to perform their 
daily activities and achieve their business objectives in accordance 
with the strictest ethical standards and principles, using the 
Proximus Code of Conduct, which is reflected in multiple Group 
and Company policies and procedures, as their guide. The Code 
of Conduct and other compliance policies can be found in the 
Compliance section  
  of our corporate website.
Tone from the top and middle management promotes the 
right culture regarding compliance and ethics. Proximus takes a 
strong stance against corruption, Code of conduct violations and 
privacy and runs a zero tolerance policy. Our employees attend 
mandatory training on the application of the principles of the 
Code of Conduct, Anti-Bribery and GDPR.  
We communicate our values and the behavior we expect to external 
employees and business partners through our Suppliers Code of 
Conduct.
Organization of compliance activities
The Group Compliance Office is managed by the Audit, Risk and 
Reputation Lead, who reports to the Chairperson of the Audit and 
Compliance Committee (ACC).
The ACC Charter (available on our corporate website) determines 
the ACC’s responsibility in helping and advising the Board of 
Directors with respect to monitoring Proximus’ compliance 
with the legal and regulatory requirements, as well as internal 
compliance with the Code of Conduct and the Group' policies and 
procedures.
The Compliance Program
The Proximus Code of Conduct reflects the fundamental 
principles and rules that form the basis of our commitment to 
being a responsible company and to contribute to the economic, 
social and environmental development of our society. The Code 
of Conduct applies to all Group employees. Proximus employees 
follow mandatory training on the application of the principles of 
the Code of Conduct and use it as a reference in their daily work.
Proximus has also developed a set of Policies that formally 
compile the behavioral guidelines that Proximus employees are 
expected to follow as well as the existing restrictions on key topics 
such as Insider Trading, Anti-Bribery and Corruption, Economic 
Sanctions and Human Rights.  
In a joint effort, Group Legal and the Compliance Office have 
prepared a Corporate Handbook for Proximus affiliates, detailing 
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governance, and compliance principles. In addition, affiliates 
ensure appropriate compliance programs are established to 
comply with their local and sectoral laws and regulations.  
Proximus has established reliable reporting channels for internal 
and external stakeholders that guarantees the protection of 
internal whistle-blowers from sanctions and help ensure possible 
misconduct is reported, thoroughly investigated, and clarified. 
8 whistleblowing cases were handled in 2022. All of them were 
thoroughly analyzed by Compliance and Investigations and 
appropriate action was taken. 
Regarding insider trading, Proximus uses a tool (InsiderLog) that 
allow lists of insiders to be dealt with automatically.  
To ensure compliance with the constantly evolving sanctions and 
embargoes the Proximus Compliance Office has implemented a 
new tool to screen third parties for sanctions (Dow Jones – Risk 
Center).
Proximus has asked its suppliers and business partners to 
subscribe to a code of conduct. This code is based on the 10 
principles of the United Nations Global Compact. It covers 
compliance with the law in general and our anti- bribery/
corruption policies, including provisions against anticompetitive 
practices and conflicts of interest.  
Checks are carried out by the Group Compliance Office and/or 
by owners of policies to verify their correct application. The Group 
Compliance Office supports policy owners with the creation, the 
review and the implementation of their compliance control plan.  
Non-compliant business behavior is addressed immediately 
and reported to the Audit and Compliance Committee (joint 
reporting of Security Governance & Investigations, Corporate 
Protection & Prevention and the Group Compliance Office). Red 
flags identified during our third-party business relationships due 
diligence processes are escalated to the right stakeholders to 
ensure they are addressed in a timely and appropriate manner. 
Negative results and related actions are also reported to the Audit 
& Compliance Committee.  
Incidents and policy improvements are integrated in an action plan 
which is part of the Compliance oversight.
KPIs 
Result 2021
Result 2022
Number of cases investigated by the 
Investigations Department for violation 
of policies/code of conduct
48
38
Number of whistleblowing cases
5
8
Number of dismissals resulting from 
investigations
10
6
Number of warnings resulting from 
investigations
7
16
The following efforts have been done in 2022 to promote compliance:
•	 Mandatory Code of Conduct, Anti-Bribery and GDPR eLearning for all Proximus Group employees.
•	 Adoption of the Corporate Handbook by Proximus affiliates.   
•	 Ongoing communication campaigns via the intranet for our employees, on topics related to compliance, such as conduct, 
anti-bribery and human rights. 
•	 New repository of policies and procedures, with an updated Policies Charter.  
•	 Communication to and adherence from suppliers of our Suppliers Code of Conduct.
•	 Definition of second line controls in collaboration with policies owners.
•	 Introduction of a new Sanctions Screening tool.
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Private customer data
We apply strict rules and policies within our company, complying 
with the GDPR and e-privacy directives.
Proximus is adapting its Privacy Ambassador network to adapt it 
to the new ‘Agile ways of working’ organization across different 
business units to ensure the highest level of awareness and 
accountability for privacy compliance. These Ambassadors receive 
regular privacy training.
We are constantly improving our Privacy Review Process to 
address all privacy matters at the highest level of management 
through dedicated Privacy Governance. The process has been 
carefully embedded into our corporate policy, making data privacy 
an absolute priority.
Additional resources have been made available to support the 
Legal Privacy team and the Data Protection Officer. This has 
allowed the acceleration of privacy reviews. The Legal Privacy 
Team and Data Protection Officer share valuable tools and 
content about privacy regulations, increasing awareness across 
the company.
For certain processing activities, Proximus collects a prior 
consent from its customers before processing their data for other 
purposes such as targeted advertisement. Proximus processes its 
customers’ personal data according to the opt-in method after 
obtaining their prior consent. Here are the numbers of consent 
records obtained by Proximus for some of these purposes in 
2022: 
•	 Opt-in consents for targeted advertising on TV: between 
135,000 and 140,000.
•	 Opt-in consents for use of web traffic data for marketing 
purposes: between 420,000 and 425,000.
In addition, in 2022, Proximus registered between 5,000 and 
6,000 general opt-outs for processing of personal data for direct 
marketing.
Human Rights
Respecting human rights is a fundamental value for us. People 
are entitled to be treated with respect, care and dignity. Our Code 
of Conduct, policies and procedures are inspired by fundamental 
principles such as those of the Universal Declaration of Human 
Rights, the European Convention on Human Rights, and the 
United Nations Convention on the Rights of the Child.
Proximus is committed to creating working conditions which 
promote fair employment practices and where ethical conduct 
is recognized and valued. We maintain a professional workplace 
with an inclusive working environment, and we are committed 
to respecting Belgian legislation and the International Labor 
Organization’s (ILO) fundamental conventions. Proximus 
recognizes and respects the right to freedom of association 
and the right to collective bargaining within national laws and 
regulations. 
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Sustainable supply chain
Next to ensuring compliance inside of the company, Proximus 
also pays attention to sustainability and ethics throughout its 
supply chain. We, therefore, have developed a Supplier Code of 
Conduct which is in line with national and international legislation 
and follows the standard set by the Responsible Business Alliance 
(RBA).
We have a leading position in the Joint Audit Cooperation (JAC, a 
global association of telecom operators aiming to verify, assess, 
share and develop sustainability practices for its suppliers and 
their tiers through risk audits, assessments and scorecards). As 
a member of JAC, we join 24 other telecom operators, together 
representing more than 60% of worldwide telecom turnover. We 
make sure audits are performed by third parties on the suppliers’ 
and supplier tiers’ premises. 
We integrate ESG standards into our supplier selection process 
and in all of our contracts. We monitor our key suppliers on their 
ESG standard by obliging them to undergo a valid evaluation by 
third-party assessment organizations. We accomplish this by 
inviting them to an EcoVadis assessment and by audits in frame of 
our role in the JAC. 
Through the JAC, an on-going human rights due diligence with 
our major supply chain partners monitors potential occurrence 
and/or impact of non-respect of UN Guiding Principles on 
Business and Human Rights. We recognize our corporate 
responsibility to respect these principles. We commit to "know 
and show" to mitigate potential human rights impacts beyond our 
direct control and influence the behaviour of suppliers and their 
stakeholders.
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Diversity & Inclusion 
Statement

In accordance with Article 3 of the law of 3 September 2017 on the disclosure of 
non-financial and diversity information by certain large companies and groups, 
Proximus’s diversity policy, and its purpose and results, are described below. 
Strategic orientation regarding diversity & inclusion
Proximus believes that a diverse workforce, through our 
employees’ unique talents, experiences and all other 
characteristics unrelated to someone’s abilities, will help us reach 
a more diverse marketplace and will create sustainable business. 
Therefore, Proximus has a Policy on diversity and equal 
opportunities  
, which applies to all employees. 
With this policy, Proximus wants to enable conditions in which 
individual differences are recognized and respected and all 
employees are treated fairly and equally regardless of their 
background. 
Diversity is part of Proximus Code of Conduct   
. For Proximus, 
diversity and equality mean: 
•	 Treating all applicants and employees equally, based only on 
relevant competencies and objective criteria.
•	 Creating an open and welcoming work environment that 
encourages contributions from people of all backgrounds and 
experiences. 
•	 Promoting a mindset of respect and openness throughout all 
levels of the organization.
•	 Demonstrating behavior free from any form of racism, 
intolerance, discrimination, harassment or other attitude that 
could negatively affect the dignity of men, women and x at the 
workplace. 
•	 Incorporating diversity in all aspects of the way we do business, 
without any form of intolerance.
Within Proximus, specific teams are in charge of monitoring 
compliance with the Code of Conduct and of taking the correct 
measures in case of non-compliance. 
Diversity & inclusion in our leadership and employee communities
Proximus is particularly conscious of the importance of diversity 
at all levels of the organization. To reinforce our commitment to 
recruiting employees with an inclusion and growth mindset and 
whose behavior is in line with the company’s four core values, 
we have put in place a non-discrimination clause for each new 
application. Once they are part of the company, we ensure that 
they are the best ambassadors of our company culture  
  by 
including a part on our inclusion program and philosophy in our 
on-boarding tool, our welcome days, and in all related training for 
team leaders, experts, trainees, etc. 
While taking care to put in place well-balanced and talented 
mixed teams, Proximus reinforces its capacity for innovation and 
fosters its learning and feedback culture, the engagement of its 
employees and their creativity towards the future challenges of 
a digital world. 
Gender mainstreaming 
Proximus is committed to a gender-neutral and non-
discriminatory policy, which is reflected in all types of 
communication. 
We are an inclusive company and equal opportunities is a basic 
principle of our mission statement that applies to everyone, 
regardless of gender or sexual orientation. 
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Inclusion puts into practice the concept of a gender-neutral 
and non-discriminatory policy by creating an environment of 
involvement, respect and connection. 
The strength of the company lies in the richness of the talents of 
all employees, which creates added value.
Proximus has also decided to extend its gender strategy through 
the following actions: 
•	 Celebration of International Women day on 8 March.
•	 Celebrations organized during diversity month (May) via 
various blog posts on the intranet and social networking sites.
•	 Actions in the framework of the international day against 
homophobia, transphobia and biphobia on 17 May. 
•	 Establishment of a working group for the drafting of the 
LGBTQIA+ / gender policy.
•	 Continued collaboration with Open@Work on the 
development of an LGBTQIA+ policy.
•	 Sign-up of a Memorandum of Understanding to confirm our 
partnership with Open@Work and endorse working towards a 
more inclusive workplace for our LGBTQIA+ personnel.
•	 Development of a corporate visual identity, branding and 
internal communication plan for D&I in collaboration with 
Group Communications Department and an external agency.
•	 Participation in the project for the development of the anti-
discrimination awareness campaign in the Proximus shops 
(campaign for tolerance and respect of the public towards our 
employees).
•	 Review of the training offer and development of a new module 
about gender neutral communication.
•	 Analysis of the remuneration structure by level.
Proximus has set itself the objective of being the most active 
company in the promotion of women in the digital world and 
reached its target of recruiting 30% of women with a university 
degree in technical areas by the end of 2022.
Within the framework of its Collective Agreement 2021-2022, 
Proximus commits to keep on taking initiatives in this domain 
and to remain open and non-restrictive in its communication, 
marketing and recruitment campaigns. Proximus has also taken 
additional initiatives to communicate its diversity and inclusion 
vision, strategy and actions via information to the business units’ 
staff, live information sessions that are offered to all employees, 
internal CEO communications to all employees, different social 
media and posts on the corporate website of Proximus. 
We will also continue to communicate via our diversity & inclusion 
page that provides information regarding events, celebrations and 
more on the topic of diversity and inclusion at Proximus and in the 
wider world.
In 2023, we will also launch an inspiring internal and external 
employer branding campaign with a focus on raising awareness 
of our relevant strategy and actions and strengthen Proximus' 
position on diversity & inclusion.
We have a Diamond Sponsorship in the "Women on Board" 
organization and we have continued to strengthen our partnership 
with Google, extending our #IamRemarkable community through 
the organization of new sessions all year long. At the heart of the 
#IamRemarkable initiative is a 90-minute workshop that strives 
to empower participants to talk openly about their achievements 
in their personal and professional lives, provides them with tools to 
develop this set of skills, and invites them to challenge the biases 
surrounding self-promotion. 
We will continue to form supportive networking groups in 
order that everyone can feel a sense of belonging within our 
community. 
With regards to gender diversity, this approach is also reflected in 
female representation at different levels of our company: 
Proximus Group also has a very diverse workforce in terms of 
culture with 62 nationalities.
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43%
of the  
Board of  
Directors
23%
of the  
members of the  
Leadership 
Team
22%
of the 
Leadership 
Squad 
32%
of all 
employees’ 
population

A culture allowing everyone to reconcile activities 
during different phases of life
Proximus wants to create conditions that allow its employees to 
reconcile various aspects of their professional and private lives 
with different phases of life by offering opportunities for internal 
job change and development opportunities, work-from-home, 
part-time schedules, home childcare, etc. These measures enable 
our employees to work in a safe, inspiring and inclusive workplace, 
with equal opportunities for everyone, allowing them to combine 
their personal and professional lives in order to be optimally 
present and feel supported, motivated and engaged at work. 
Proximus is a founding partner of "Experience@Work". Thanks 
to this company, experienced talents from organizations can 
be deployed in other organizations that are looking for specific 
experience and/or talent. 
We offer support to 50+ staff to assist them in their personal 
development. We offer them the possibility to assess their 
skills via a personal scan in order to evaluate their competences 
and aspirations and act on their results should they wish to. 
We regularly inform our 55+ employees about sustainable 
employability and the possibilities they have to manage their 
career goals via an updated brochure available on our intranet.
Human rights 
Our ethical business practices are defined by our code of conduct. 
Here next to, our Human Rights policy and our policy on Diversity 
and Equal Opportunities which have been reviewed in 2022 
ensure working conditions in which differences are recognised and 
respected, and where all employees are given equal opportunities. 
Both policies are applicable to all active employees of Proximus 
Group. 
Working conditions
Proximus is committed to creating working conditions that 
promote fair employment practices in which ethical conduct is 
recognized and valued. We maintain a professional workplace 
with an inclusive working environment, and we are committed 
to respecting Belgian legislation and the International Labor 
Organization’s (ILO) fundamental conventions. 
Proximus recognizes and respects the right to freedom of 
association and the right to collective bargaining within national 
laws and regulations. We will not contract child labor or any form 
of forced or compulsory labor as defined by the ILO’s fundamental 
conventions. Moreover, we are opposed to discriminatory practices 
and do our utmost to promote equality, diversity and inclusion in 
all employment practices. 
Our working environment standards are applied to every member 
of our diverse community and are exemplified by all managers, 
team leaders and employees, who are expected to act as role 
models in this matter.
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Remuneration report

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 2022 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 Officer (“the CEO”). 
The CEO is the only executive member at the Board, all other 
members are non-executive Directors.
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 with the exception of his mandate as Chairman of 
the Board of Directors of Telesign US, as per American market 
practices.
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
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. 
The Proximus Remuneration Policy has been submitted to the 
General Meeting of Shareholders of Proximus on 21 April 2021 
and is available on the corporate website of Proximus  
.
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).
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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.

The non-executive Directors are remunerated as follows:
•	 For the Chairman of the Board of Directors:
	- An annual fixed compensation of € 50,000 granted pro rata 
temporis of the duration of the mandate.
	- An attendance fee of € 10,000 per attended meeting of the 
Board of Directors.
	- An attendance fee of € 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 € 4,000 for communication 
costs.
	- The use of a company car.
•	 For the other members of the Board of Directors:
	- An annual fixed compensation of € 25,000 granted pro rata 
temporis of the duration of the mandate.
	- An attendance fee of € 5,000 per attended meeting of the 
Board of Directors.
	- An attendance fee of € 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 € 2,000 for communication 
costs.
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 and of the Pension Fund, and he does not 
receive any fees for these mandates.
Remuneration granted to the members of the Board of Directors in 2022
The total amount of the remunerations granted in 2022 to all 
the members of the Board of Directors, Chairman included, is 
amounting to gross € 987,723.
Board of Directors
meetings
 attendance rate
7
93%
Transformation & Innovation Committee
meetings
 attendance rate
2
100%
Nomination & Remuneration Committee
meetings
 attendance rate
4
100%
Audit & Compliance Committee
meetings
 attendance rate
4
100%
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The overview of the individual gross amounts paid out to the 
Directors in 2022, 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 2022 
Directors
Annual fix compensation
Attendance fees1
Allowance2
Total 2022
Stefaan De Clerck
€ 50,000
€ 110,000
€ 6,223
€ 166,223
Guillaume Boutin 
-
-
-
-
Karel De Gucht
€ 25,000
€ 45,000
€ 2,000
€ 72,000
Béatrice de Mahieu4
€ 17,361
€ 32,500
€ 1,389
€ 51,250
Pierre Demuelenaere
€ 25,000
€ 45,000
€ 2,000
€ 72,000
Martin De Prycker
€ 25,000
€ 50,000
€ 2,000
€ 77,000
Martine Durez3
€ 7,639
€ 7,500
€ 611
€ 15,750
Audrey Hanard4
€ 17,361
€ 15,000
€ 1,389
€ 33,750 
Ibrahim Ouassari
€ 25,000
€ 40,000
€ 2,000
€ 67,000
Catherine Rutten
€ 25,000
€ 45,000
€ 2,000
€ 72,000
Isabelle Santens3
€ 7,639
€ 5,000
€ 611
€ 13,250
Joachim Sonne 
€ 25,000
€ 45,000
€ 2,000
€ 72,000
Claire Tillekaerts4
€ 17,361
€ 25,000
€ 1,389
€ 43,750
Agnès Touraine
€ 25,000 
€ 35,000
€ 2,000 
€ 62,000
Catherine Vandenborre
€ 25,000
€ 50,000
€ 2,000
€ 77,000
Luc Van den hove
€ 25,000
€ 50,000
€ 2,000
€ 77,000
Paul Van de Perre3
€ 7,639
€ 7,500
€ 611
€ 15,750
TOTAL
€ 350,000
€ 607,500
€ 30,223
€ 987,723
1	
Extraordinary remunerated Board meetings on 12 May 2022 and 27 June 2022
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 € 2,223 in 2022.
3	
Mandates ended on 20 April 2022
4	 Appointed on 20 April 2022

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 2018
Total 2019
Total 2020
Total 2021
Total 2022
€ 1,000,499
€ 1,243,509 
€ 1,231,116 
€ 1,192,366 
€ 987,723 
year-over-year variance
+24.3%
-1.0%
-3.1%
-17.2%
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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. 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.
Our company has innovative, competitive and market attractive 
remuneration policies and practices that are regularly assessed and 
updated through close cooperation with universities and external 
human resources fora. The practices used for the remuneration 
of our employees – wages and working conditions included – 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 differences, in its dynamics and structure, 
compared to the private sector. These differences 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 staff members and has 
introduced new elements that have made it possible to harmonize 
policies between statutory and contractual staff 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 offer a fair and equitable remuneration to our staff (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 culture;
•	 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;
•	 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 modernises – additional 
motivational instruments, such as work- life benefits (e.g. sick 
childcare and hospitalisation), wellbeing initiatives and social 
assistance.
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.
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 
and critical skills.
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Competitiveness of the remuneration of the Leadership Squad
The remuneration policies and practices applicable to the 
Leadership Squad are aimed to reward the executives 
competitively and at rates that are attractive in the market, 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 has decided 
not to comply with this provision taking into account its specific 
shareholdership, having the Belgian State as majority shareholder.
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 
– carried out by specialized external consultants – aims to ensure 
that the global remuneration of each member of the Leadership 
Squad remains adequate, fair and in line with market practices and 
consistent with the evolution of both his/her responsibilities and 
the market situation of Proximus Group in terms of size, scope of 
activities and financial results.
To distinguish ourselves from other employers, our company 
seeks to differentiate in the total package offered, 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.
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
•	 Long-term variable remuneration 
•	 Group insurance premiums
•	 Other benefits
•	 One-off and exceptional bonuses.

Current variable remuneration policy is aligned for all Leadership 
Squad members, CEO included. The target percentage of 
both the short-term and the long-term variable remuneration 
amounts to 40% of the fixed remuneration.
Relative importance of the various components of the on-target remuneration before employer’s social contribution (end 2022)
CEO
Other Leadership 
Squad members
48%
19%
19%
6%
7%
19%
19%
11%
5%
47%
Fixed remuneration 
Short-term variable 
Long-term variable 
Group insurance premiums 
Other benefits
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The CEO and the other members of the Leadership Squad do 
not receive any remuneration in the form of Proximus shares or 
Proximus stock options.
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 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 index1.
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. 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.
Fixed remuneration in K€ before employer’ social contribution over 5 years
As for the CEO, the amounts reported for 2018 were paid to the former 
CEO, Mrs. Leroy, as for most of 2019 (385 k€) while one month in 2019  
(44 k€) and the amounts reported since 2020 were paid to the current 
CEO, Mr. Boutin. The increase from 2021 to 2022 is due to the five indexes 
which had to be applied in 2022. 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 2021 
to 2022 is also mainly due to the five indexes of 2022 but is also resulting 
from the changes in the composition of the Leadership Squad. A role has 
been partially vacant in 2021 and an additional role has been created at 
Leadership Squad level in 2021 in order to support our digital transformation 
and ambitions. A new member has therefore joined the Leadership Squad in 
April 2021.
Since 2022, fees are 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. The same 
way, fees are also paid by Telesign to a member of the Leadership 
Squad since 2022 for his mandate as Chairman of a Committee of 
Telesign US, amounting to 8,000 USD. These fees are not included in 
the fixed remuneration reported in this document, which focuses on the 
compensation items related to Proximus S.A.
513
549
523
429
507
2,535
3,056
2,467
2,632
2,166
2018
2019
2020
2021
2022
CEO	
Other Leadership Squad members
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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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.
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 efforts 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 – KeyPerformance 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). 
The amounts of short-term variable remuneration mentioned 
in current report are the ones paid out to the Leadership Squad 
members in the course of 2022 and are thus related to the results 
of the Group KPIs of the 2021 performance year.
The Remuneration Committee recommended the following set of 
KPIs to the Board of Directors for the 2021 performance year: 
Each Strategic Goal has a weight in the overall STI KPI framework, 
in line with its relative importance for the Group. Each Strategic 
Goal has a number of clearly identified, specific, measurable and 
actionable KPIs associated to 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. In the 2022 framework, dedicated 
metrics on CO2 emissions reduction have been added. The weight 
of the ESG-related KPIs in the overall STI framework increase year 
over year, in line with the increased importance of climate change 
and digital inclusion on the societal agenda.
2021 
Short-term variable remuneration Key Performance Indicators
Build the best 
open gigabit 
network for 
Belgium
Grow profitably 
through 
partnerships and 
ecosystems
Operate like  
a digital native 
company
Act for  
a green and  
digital society
25%
25%
35%
15%
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A detailed definition for each of the STI KPIs can be found in the following table.  
Strategic 
goal 2021
KPI nature
STI KPI 2021
Weight
KPI Definition
Sustainable 
Growth
Financial
Business Cash Flow 20%
Amount of Cash generated by the business operations.
Mixed
Net Acquisition 
Value
10%
Annualized value generated/destroyed by gains and losses of customers in the 
mass- and professional markets.
Financial
Net Indirect OPEX
5%
Net Indirect OPEX spent in the observed year. Defined as the Total OPEX minus a 
number of specific items.
Digital 
Company
Non-Financial
NPS
5%
Net Promoter Score, computed as the weighted average of NPS results per 
customer segment.
Non-Financial
Customer 
Excellence
10%
This KPI consists of 3 sub-KPIs. They only relate to the Proximus brand, excluding 
Scarlet. 
1. Customer Effort Score Fiber Migration (migration from copper to fiber).
2. Customer Effort Score Support Journeys (Administrative + Technical).
3. Contact Centre Volumes (calls, mails, chats): the increasing volume of digital-first 
interactions is expected to deflate Contact Centre Volumes and to have a positive 
impact on customer experience. 
Non-Financial
Digital 
Company
10%
This KPI consists of 3 sub-KPIs:
1.	 E-share of Sales: digital penetration of our sales volumes.
2.	 MyProximus Usage: monthly number of users of the MyProximus App.
3.	 Pickx Usage: monthly number of Pickx users (App + Web).  
Gigabit 
Network
Non-Financial
Fiber Construction
15%
Deployment of our new Fiber network: incremental number of Fiber Homes Passed 
realised in the observed year.
Non-Financial
Fiber Filling Rate
5%
Ratio between the Park of Activate Fiber Homes and the Park of Homes Passed that 
are eligible for Fiber Activation.
Non-Financial
5G Deployment
5%
Total number of active 5G sites.
Green & 
Digital 
Society
Non-Financial
Green & Digital 
Society
5%
This KPI consists of 3 sub-KPIs:
1. Returned devices: number of mobile and fixed devices collected for 
refurbishment or recycling.
2. Recycled Copper Cables: quantity of out-phased network copper cables offered 
for recycling.
3.	 Cyber Security Resilience: a measure of our business resilience against cyber 
security threats.
Non-Financial
Employees
10%
Measurement 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 zero in case of 
underperformance versus target at year end. 
The Business Cash Flow and the Indirect Opex Savings are 
determined based on audited financial figures, adjusted to 
obtain underlying financial figures after exclusion of incidentals. 
Non-financial and mixed 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. 
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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 
behaviour 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 differentiation 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 effectively 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.
2021 
performance 
year
Objectives of the Short-term variable 
remuneration
weight
CEO and other 
members of 
the Leadership 
Squad
Group KPI
Sustainable Growth
21%
Digital company
15%
Gigabit network
15%
Green & Digital Society
9%
Personal 
objectives
40%
Total target
100%
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.
As also stated above, the Board of Directors will always 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.
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. 
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125

Long-term variable remuneration
Purpose and components of the 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.
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 in 
2022.
Long-term Performance Value Plan
The long-term incentive plan offered 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 Incentive 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.
Short-term variable remuneration in K€ before employer' social contribution over 5 years
In 2022, a short-term variable remuneration has been allocated to the CEO 
for a total amount of gross € 276,019. The amounts reported till 2019 were 
paid to the former CEO, Mrs. Leroy. The amount reported for 2020 included 
the amount paid to the current CEO, Mr. Boutin (€ 18,833 gross) but also 
included the amount (€ 440,000 gross) paid out to former CEO, Mrs. Leroy, 
for her performance years 2017 to 2019.
The total short-term variable remuneration effectively allocated in 2022 
to the other members of the Leadership Squad (2021 performance year) 
amounts to gross € 1,402,844. The year-to-year variations are mainly 
resulting from (i) the variations in the Group KPI results, from (ii) the changes 
in the composition of the Leadership Squad and from (iii) the exceptional 
bonus paid in 2020 to our former Chief Financial Officer, Mrs. Dufour, 
rewarding her excellent performance in the course of 2019 in her ad interim 
CEO role. The reported amount for 2020 also included the amount paid to 
the current CEO, Mr. Boutin, for his performances in 2019 as member of the 
Leadership Squad (before his nomination as CEO).
266
2018
2019
2020
2021
2022
225
216
459
1,124
1,111
1,071
1,807
276
1,403
CEO	
Other Leadership Squad members
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126

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 efforts 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.   
Therefore, in 2022, 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.
The KPIs have been given different 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 4th 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%1
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%1
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.
Reputation index
25%2
The Reputation Index is a a holistic, measurable and actionable KPI enabling Proximus to fully integrate the concept 
of reputation into its long-term strategy. It measures the corporate reputation of the company in the perception 
of relevant external stakeholders, representing long term value creation for these stakeholders. A third-party 
company measures 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 but additional ESG metrics will be considered to enrich 
the ESG KPI, in line with Proximus societal ambitions, strategy and sustainability on the long term.  
For the Reputation Index, 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. 
2022  
Long-term variable remuneration Key Performance Indicators
Total Shareholder 
Return
Proximus' 
Reputation
Group Free  
Cash Flow 
ESG  
KPI
25%
25%
25%
25%
1	
40% for the Tranche 2020 and the Tranche 2021 – 25% as from the Tranche 2022
2	
20% for the Tranche 2020 and the Tranche 2021 – 25% as from the Tranche 2022
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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.
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%.
Formula for complementary pension of the CEO = 10% * W
W = reference salary = monthly 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” offering 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 Executive Committee = N/60 * W - N/45 * ELP
N = number of service years expressed in months and years
W = reference salary = monthly 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.
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 salary multiplied by 60.
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. 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. 
Long-term variable remuneration granted in K€ before employer 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. Since 2021, the amount allocated refers to full-year 
performances. The former CEO, Mrs. Leroy, was not eligible to long-term 
variable remuneration. In 2022, a long-term variable remuneration has 
been granted to the CEO for a total amount of gross € 208,073, which will 
vest in May 2025, therefore cannot be paid before May 2025.
The total long-term variable remuneration effectively granted to the 
members of the Leadership Squad others than the CEO was amounting to 
gross € 1,097,703 in 2021 and to gross € 1,154,000 in 2022. The year-to-
year variations are mainly resulting from the changes in the composition of 
the Leadership Squad.
2018
2019
2020
2021
2022
19
204
0
0
1,025
1,055
916
1,098
CEO	
Other Leadership Squad members
208
1,154
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Other benefits
Our Group wants to stimulate its executives by offering 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 offer 
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 2022, this ratio is estimated to 14% for the CEO and 
to 23% for the other members of the Leadership Squad.
Average premiums for the company
The average premiums paid by our company for the group 
insurances of the CEO is estimated to 14% 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 2022 
amounted to about 24% of their fixed remuneration.
Group insurance premiums in K€ before employer taxes over 5 years
The amounts reported till 2019 for the CEO were paid to the former CEO, 
Mrs. Leroy. The amounts reported since 2020 were paid to the current CEO, 
Mr. Boutin. The decrease is due to the change of complementary pension 
plan features with the nomination of current CEO, Mr. Boutin.
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.
69
180
157
79
657
494
529
468
2018
2019
2020
2021
2022
CEO	
Other Leadership Squad members
77
744
Other benefits in K€ before employer taxes over 5 years
The amounts reported for the CEO till 2019 were paid to the former CEO, 
Mrs. Leroy. The amounts reported for 2020 and 2021 were paid to the 
current CEO, Mr. Boutin. The increase in 2020 of the Other benefits are 
mainly due to specific advantages related to the foreign executive status of 
current CEO.
The significant increase in other benefits for members of the Leadership 
Squad is mainly due to specific advantages related to the foreign executive 
status of several members, including the specific costs related to the 
recruitment in 2021 of two members from abroad, like the relocation costs.
86
12
18
55
443
124
146
136
2018
2019
2020
2021
2022
CEO	
Other Leadership Squad members
89
330
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One-off and exceptional bonuses
The Board of Directors may, in exceptional circumstances 
and upon recommendations made by the Nomination & 
Remuneration Committee, grant one-off 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 Sqwuad position is vacant, 
or in the event that a sign-on or a special retention bonus would 
be necessary due to market circumstances. If granted, such 
bonuses are reported together with the short-term variable 
remuneration. These possible exceptional bonusses are included 
in the total short-term variable remuneration amount allocated to 
the other Leadership Squad members.
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 
January 1, 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 
January 1, 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 with a fixed 
six-year term.
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 Luxemburg 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.
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Main contractual terms of the other Executive Committee 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).
General overview
Below charts 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
Please note that for 2020, the current CEO, Guillaume Boutin, received 1/12 of the short- (€ 18.833 gross) and long-term variable remuneration 
(€ 18.833 gross). Since 2021, he is entitled to 12 months short- and long-term variable remuneration (in 2022, respectively € 276.019 gross STI in line with 
Group KPIs achievements and € 208.073 gross LTI).
CEO
2018
 
2019
 
2020
 
2021
 
2022
 
Fixed remuneration
€ 522,810 56%
€ 429,498 52%
€ 507,492 45%
€ 512,537 45%
€ 549,015 46%
Short-term variable remuneration 
€ 225,295 24%
€ 215,661 26%
€ 458,833 41%
€ 265,614 23%
€ 276,019 23%
Long-term variable remuneration
€ 0 
0%
€ 0 
0%
€ 18,833 
2%
€ 203,996 18%
€ 208,073 17%
Group insurance premiums
€ 180,003 19%
€ 157,433 19%
€ 78,550 
7%
€ 69,007
6%
€ 76,962
6%
Other benefits
€ 12,438 
1%
€ 17,619 
2%
€ 55,083 
5%
€ 86,402
8%
€ 88,660
7%
Subtotal (excl. employer’s social contribution)
 € 940,546 
 
 € 820,211 
 
 € 1,118,791 
 
€ 1,137,556
€ 1,198,729
Termination benefits 
€ 0 
0% 
€ 0 
0% 
€ 0
0% 
€ 0 
0%
€ 0
0%
Total (excl. employer’s social contribution)
 € 940,546 
 
 € 820,211 
 
 € 1,118,791 
 
€ 1,137,556
 
€ 1,198,729
 
*	
CEO: All amounts reported till 2019 were paid to the former CEO, Mrs. Leroy. The short-term variable remuneration amount reported for 2020 includes the amount of a 
deferred short-term variable remuneration (€ 440,000 gross) paid out to former CEO, Mrs. Leroy, for her performance years 2017 to 2019. The contract of current CEO 
foresees a short-term variable remuneration target amounting to 40% of the fixed remuneration. The decrease in 2020 of the Group insurance premiums is due to the 
change of complementary pension plan features with the nomination of current CEO. The increase since 2020 of the Other benefits is mainly due to specific advantages 
related to the foreign executive status of current CEO. The increase in fixed remuneration in 2022 is due to the five indexes which had to be applied in 2022. The reported 
fixed remuneration of 2022 does not include the fees paid by Telesign US for his Chairman mandate (amounting to 75,000 USD).
All these amounts are gross amounts before employer’s social contribution.
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Remuneration overview of the other members of the Leadership Squad
Please note that an additional role has been created at Leadership Squad level in 2021 in order to support our digital transformation and ambitions. 

Other members of the Leadership Squad
2018
 
2019
 
2020
 
2021
 
2022
 
Fixed remuneration
€ 2,466,946 47% € 2,632,038 48% € 2,166,045 39%
€ 2,534,773 43% € 3,055,941 46%
Short-term variable remuneration 
€ 1,110,745 21%
€ 1,070,733 20% € 1,807,390 33%
€ 1,123,605 19% € 1,402,844 21%
Long-term variable remuneration
€ 1,025,000 20% € 1,055,000 19%
€ 916,375 17%
€ 1,097,703 19% € 1,154,000 17%
Group insurance premiums
€ 494,319 
9%
€ 529,369 10%
€ 468,275 
9%
€ 657,319 11%
€ 743,750 11%
Other benefits
€ 124,172 
2%
€ 145,588 
3%
€ 135,648 
2%
€ 442,935 
8%
€ 329,817
5%
Subtotal (excl. employer’s social contribution)
€ 5,221,182 
€ 5,432,728 
€ 5,493,733 
€ 5,856,335 
€ 6,686,352
Termination benefits 
€ 0 
0%
€ 0 
0%
€ 0 
0%
€ 0 
0%
€ 0
0%
Total (excl. employer’s social contribution)
€ 5,221,182 
€ 5,432,728 
€ 5,493,733 
€ 5,856,335 
€ 6,686,352
* 
Other members of the Leadership Squad: the increase of fixed remuneration in 2022 is mainly due to the five indexes which had to be applied in 2022 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. The reported 
fixed remuneration of 2022 does not include the fees paid by Telesign US to a member of the Leadership Squad for his Chairman mandate in a Telesign US Committee 
(amounting to 8,000 USD).
The roles acted ad interim as CEO or as other member of the Leadership Squad are not taken into consideration for current report.
All these amounts are gross amounts before employer’s social contribution.
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 differences 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 offer market conform 
conditions. The differences 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. 
Relative importance of the various components of the remuneration effectively allocated in 2022 before employer's social 
contribution
CEO
Other Leadership 
Squad members
46%
23%
17%
6%
7%
21%
17%
11%
5%
46%
Fixed remuneration 
Short-term variable 
Long-term variable 
Group insurance premiums 
Other benefits
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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.
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 S.A.) on a full-time 
basis is equal to 27.9 in 2022. This ratio is measured by comparing 
the highest (the CEO one) and lowest remuneration, taking into 
account the total target remuneration package (including base 
pay, premiums, variable pay, group insurances and benefits), 
excluding employer’s social contributions. Taking the fees 
paid by Telesign US to the CEO for his Chairman mandate into 
consideration would bring this ratio to 29.6.
Considering the scope of our organization, where everyone has a 
role to play but with very different levels of strategic responsibility, 
such a ratio is consistent and below market practices1.  
Below table 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 2018 and 2022.

Average remuneration of the company’s employees over years, including the year-over-year evolution
2018
2019
2020
2021
2022
Average remuneration*
€ 77,786 
€ 81,802 
€ 86,677 
€ 87,400 
€ 93,471 
Year-over-year evolution
+5%
+6%
+1%
+7%
* 	 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 of Proximus SA at the closing date of the period (Leadership Squad excluded).
The Pay ratio portraying the gap between the CEO’s remuneration 
and the average remuneration of the company’s employees is 
equal to 12.9 in 2022. Taking the fees paid by Telesign US to the 
CEO for his Chairman mandate into consideration would bring this 
ratio to 13.7.
The year-over-year evolution (2022 vs. 2021) of the CEO 
total target remuneration and the average remuneration of the 
company’s employees is respectively +9.8% and +7%. Those 
increases are due to the five indexes which had to be applied in 
2022. 
1	
According to an analysis on the BEL20 published Remuneration Policies and Reports published by Willis Towers Watson– based on 17 
remuneration reports published by 7 June 2022 – the median of the disclosed pay ratio between the highest and the lowest remuneration 
was of 42.9 for 2021.
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133

Company performance
Below table shows the company's performance between 
2018 and 2022.  

For more info, please see the Proximus Financial Report.
Company performance over years, including 
the year-over-year evolution
(€ million)
Underlying revenue
Underlying EBITDA
2022
5,909 +7.8%
1,786 -2.7%
2021
5,578 +1.8%
1,772 -3.5%
2020
5,479 -3.6%
1,836 -1.8%
2019
5,686 -2.1%
1,870 +0.3%
2018
5,807
1,865
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 on 21 April 
2021. 
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
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 April 20, 2021. The shareholders have 
shown their support and confidence in our Remuneration Policy 
by a very substantial majority (97.5%), which strengthens the 
choices we have made in this domain for the future.
The Remuneration Report of 2021, submitted to the votes of 
our shareholders at the General Assembly of April 20, 2022, has 
been approved by 75.5%. This result has prompted us to adopt 
even more transparency in this report and to go further in the 
readiness and the level of details of the disclosed information, as 
the opinion and trust of our shareholders matters much for us. 
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135
Regulatory framework

Cable & broadband regulation
The Belgian regulators’ decision of 29 June 2018 on the 
broadband and TV market analysis outlined the regulation 
of Proximus’s 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 that 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's FTTH fiber optic network. 
In April 2021, BIPT made the first step for the preparation of 
the review of the Broadband and TV markets of June 2018. The 
regulatory framework foresees that the regulators must review 
markets that are susceptible to ex ante regulation on a regular 
basis. Technical and competitive developments as well as the 
evolution of needs and consumptions habits must be taken into 
account. 
In 2021, BIPT also announced its intention to apply the Proximus 
fiber access obligations to Proximus joint ventures Fiberklaar and 
Unifiber. These will be subject to the access, transparency, non-
discrimination and price control obligations imposed on Proximus 
based on the 2018 decision. The preparation of the reference 
offer and the determination of the underlying costs in the context 
of a fair pricing approach is expected to occur in the course of 
2023.
The decision of December 2019 on the review of the wholesale 
provision of high-quality access market entered into force on 
1 February 2020. Alternative operators purchase these high-
quality access services to connect sites (companies, base stations, 
interconnection points, etc.) that they cannot reach with their 
own infrastructure. Proximus has to apply fair pricing to monthly 
rental fees. Considering that several alternative infrastructures are 
already present, BIPT foresees a softer regulation in some areas, 
i.e. no price regulation on active access. In 2021, BIPT started its 
exercise to review the list of these competitive areas. Based on this 
analysis, new areas may be added to or removed from the list.
Radio spectrum
Belgium
The multi-band spectrum auction, including the renewal of the 
existing 2G/3G spectrum licenses (900 MHz, 1800 MHz and 
2100 MHz) as well as the granting of new 5G spectrum 
(700 MHz, 1400 MHz and 3600 MHz), has been closed on
 20 July 2022. In total, Proximus has been able to secure 
285 MHz for € 600 million. All licenses will be valid for 20 years, 
except the 3600 MHz band which will expire by 7 May 2040. 
The 900 MHz, 1800 MHz and 2100 MHz bands will start on 
1 January 2023 and the 1400 MHz band 6 months later on 
1 July 2023.
Spectrum holding per operator (MHz)
Total price paid (in € Mio)
100
250
300
20
20
10
10
20
20
20
10
50
30
40
30
50
30
30
10
45
30
15
100
100
50
20
05
0
100
150
200
Proximus
Orange
Telenet
Citymesh
NRB
700 MHz
900 MHz
1800 MHz
2100 MHz
1400 MHz
3600 MHz
Telenet
Orange
Proximus
600
391
302
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International roaming
On 4 April 2022, the European Council adopted a new legislative 
act to extend the 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 when roaming in the EU), are capped at € 2 per 
Gigabyte (Gb) from 2022 progressively down to € 1 in 2027. 
Furthermore, wholesale caps for voice and SMS are lowered 
based on a two-step glide path in 2022 and 2025.  
€ excl. VAT
1/1/2022-
30/6/2022
1/7/2022-
31/12/2022
2023
2024
2025
2026
2027 -2032
Voice call/min
0.032
0.022
0.022
0.022
0.019
0.019
0.019
SMS
0.01
0.004
0.004
0.004
0.003
0.003
0.003
Data/GB
2.5
2
1.8
1.55
1.3
1.1
1
Coverage and quality of 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 these networks.
BIPT published the last edition of its mobile maps on 10 February 
2022 (status October 2021). These maps enable to verify the 
coverage of each of the three mobile operators (Telenet/Base, 
Orange and Proximus) individually on the map of Belgium. The 
maps show different coverage levels (very good/deep indoor, 
good/indoor, satisfactory/outdoor). They show that, for 4G, 
Proximus has the highest population coverage for all coverage 
levels. BIPT prepares an update of the mobile Atlas for early 2023.
Begin 2022 BIPT published a “drive test and train test study” on 
the quality of mobile user experience offered by the three mobile 
operators. The study concludes that the performance of mobile 
networks in Belgium has been stable or has improved, both for 
voice and data, thanks to advancements in technology as well as 
investments and optimization by the operators. It highlights that, 
based on international experience, Belgian mobile operators offer 
very good quality. For example, in drive tests, Proximus shows 
excellent results for call setup times, video streaming start times 
and Dropbox performance and, in train tests, Proximus achieved 
the highest score for 19 of the 21 indicators measured. BIPT 
prepares an update for end 2022 or early 2023.
For fixed networks, BIPT continues to publish aggregated 
coverage maps of Proximus and the cable operators by different 
download speeds: 1 Mbps, 10 Mbps, 30 Mbps, 50 Mbps and 100 
Mbps. BIPT prepares an update of the fixed Atlas for early 2023 
with more detailed maps. 
On 16 May 2022, BIPT published, for the first time, maps showing 
the actual and the short term planned FTTH (Fibre-To-The-
Home) coverage in Belgium  
   indicated in a specific color 
showing the FTTH operators present and the status of their 
rollout (deployed and planned). BIPT requests this information 
from the fiber operators. BIPT updates this map on a quarterly 
basis and thus provide a clear overview of the evolution of the 
deployment of optical fiber in Belgium. 
Since December 2021, BIPT publishes its “Fiber Vademecum”  
  
at in which it aims to inform a broad public (end-users, building-
owners, operators & public authorities) about fiber and its roll-
out. Given the large range of target audiences, the information 
remains high-level, and is rather objective-technical.
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Net neutrality
Following the rulings by the Court of Justice of 2 September 
2021, Proximus has been obliged to stop all its zero-rating offers 
(mostly Mobilus favorite app offers and Epic offers). This deletion 
was implemented on 1 September 2022. The Body of European 
regulators, BEREC, reviewed in consequence of the court ruling 
its Open Internet Guidelines for zero-rating practices considering 
now that such practices are incompatible with the Open Internet 
Regulation.
On 28 June 2022, BIPT adopted its 6th report on net neutrality 
monitoring in Belgium, covering the period from 1 May 2021 to 30 
April 2022. BIPT opinion is that so far there are no major reasons 
for concern in Belgium regarding open internet access.
Universal service – social tariffs
On 8 November 2022, the Belgian government agreed a new 
social tariff for internet access, at € 19 per month. The new rate 
should be available from 2024 for over half a million low-income 
households. 
Transposition of EU Code
From 3 January 2023, the prepaid mobile customers will have 
the right to request a refund of the remaining credit in case of a 
migration to another operator. This requirement was part of the 
EU telecom Code (adopted end 2018) which was transposed into 
the Belgian Telecom law on 31 December 2021. The transferring 
provider shall refund, upon request, any remaining credit to the 
customers using prepaid services. Refund may be subject to a fee 
of € 5 (not subject to VAT) only if indicated in the contract. 
The modalities to implement this obligation are defined in a Royal 
Decree published on 3 October 2022.
EU Digital Market Act and Digital Services Act
The EU's Digital Markets Act (DMA) came into effect on 
1 November 2022. The new competition law is aimed at large 
online marketplaces, app stores, search engines, social networks 
and cloud platforms, which will have until March 2024 to 
implement the new restrictions.  
The DMA prohibits various unfair practices identified in a number 
of earlier competition cases by the EU against internet giants. 
These include, among others, not favoring their own services 
over third parties using their online platforms, not re-using data 
obtained from competing sellers on the platforms and allowing 
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138

alternative payment services and app installations for access to 
their platforms. 
In addition, the so-called gatekeepers must notify the European 
Commission of all acquisitions, regardless of size, and the 
Commission has extra powers to impose remedies if it identifies 
competition concerns. Violations of the DMA can also result in 
fines of up to 10 % of turnover and 20 % for repeat offences.  
On 4 October 2022, the Council of the EU gave its formal 
approval to the new Digital Services Act (DSA). The Regulation 
shall apply from 17 February 2024.
First proposed in December 2020, the Digital Services Act sets a 
new level of accountability for online platforms to remove illegal 
and harmful content, while also increasing transparency on how 
algorithms are used and introducing protection for minors from 
personalized ads. It will cover a range of online intermediary 
services, including ISPs, hosting companies and large search 
engines and online marketplaces. Very large providers will also 
face extra regulatory requirements. 
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140
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 2022
Proximus closed 2022 at € 8.996, or 47.5% lower than the last 
closing price of 2021.
The Proximus share had a good start to the year, following the 
announced intention to take Proximus’ international subsidiary 
Telesign public. 
In late March, the fear of a new mobile entrant was stirred by the 
regulator’s (BIPT) announcement that a newcomer in June’s 
spectrum auction had exercised the option to access reserved 
spectrum. This means that this new mobile operator can enter the 
Belgian mobile market with an adequate spectrum package. The 
uncertainty on the future Belgian mobile market structure put 
significant pressure on the Proximus share for an extended period 
and came on top of the war in Ukraine impacting the overall 
market.  
The outcome of the Belgian Mobile spectrum auction in June was 
broadly in line with analyst expectations on price, while the key 
surprise was the Romanian Telecom provider Digi which obtained 
the reserved spectrum in partnership with Citymesh.
Proximus announced early July that it no longer intended to take 
Telesign public. This decision was a result of the high market 
volatility linked to the external macro-economic environment. 
Despite continued good quarterly results, with the full-year 
guidance upgraded twice, the share also remained under pressure 
in the second half of the year, driven by ongoing fears that the 
mobile market structure was to become more challenging, 
but also due to the potential overlapping Fiber deployment in 
Belgium, exposure to high wage inflation, and rising energy costs. 
All this was expected to put pressure on the Free Cash Flow (FCF), 
with research analysts pointing to an uncovered dividend by FCF.   
Proximus share price evolution 2023 vs. 3 indices (in %- rebased) 
 Source: Nasdaq
Proximus (PROX-BRU)	
Belgium BEL-20 (BEL-20-ENX)	
STOXX Europe 600/Telecommunications (Capped) - SS (SXKP)	
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
31 Dec
10%
0%
-10%
-20%
-30%
-40%
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141

Key figures on the Proximus share 
Share 
information 
2013
2014
2015
2016
2017
2018
IFRS15
2019
IFRS16
2020
2021
2022
Share price 
high
23.25
32.29
35.67
31.74
32.81
28.10
28.17
27.12
19.16
18.65
Share price low
16.32
20.78
27.93
25.31
26.42
19.31
21.96
15.01
15.95
8.47
Share price on 
31 December
21.55
30.10
30.00
27.36
27.35
23.62
25.52
16.21
17.14
9.00
Annual trading 
volume 
(number 
of shares)
189,753,834
178,802,905
179,825,076
157,368,090
147,754,799
169,849,252
168,509,614
206,692,812
199,060,570
259,157,567
Average trading 
volume per 
day (number of 
shares)
744,133
701,188
702,442
612,327
579,431
650,763
660,822
804,252
774,555
1,008,395
Number of 
outstanding 
shares
319,204,181
321,230,597
322,003,751
322,637,103
322,638,989
322,703,817
322,982,509
322,690,026
322,741,364
322,392,507
Weighted 
average 
number of 
outstanding 
shares
318,759,360
320,119,106
321,767,821
322,317,201
322,777,440
322,649,917
322,918,006
322,752,015
322,751,990
322,552,465
Market 
capitalization 
on 31 
December 
(€ billion)1
6.88
9.67
9.66
8.83
8.82
7.62
8.24
5.23
5.53
2.90
Key data per share - on reported basis
EBITDA
5.33
5.48
5.12
5.38
5.49
5.56
5.19
5.95
5.66
5.66
Earnings²
1.98
2.04
1.50
1.62
1.62
1.58
1.16
1.75
1.37
1.40
Price/
earnings on 31 
December3
10.9
14.73
20.03
16.86
16.90
15.00
22.09
9.27
12.48
6.43
Ordinary 
dividend 
(gross)4
1.68
1.00
1.00
1.00
1.00
1.00
1.00
0.70
0.70
0.70
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 
yield³
10.10%
4.98%
5.00%
5.48%
5.48%
6.35%
5.88%
7.40%
7.00%
13.34%
Key data per share - on underlying basis
EBITDA
NA
5.15
5.38
5.57
5.65
5.78
5.79
5.69
5.49
5.54
Earnings
NA
1.85
1.68
1.71
1.72
1.71
1.76
1.75
1.38
1.50
Price/
earnings on 31 
December
NA
16.28
17.87
15.96
15.92
13.78
14.51
9.25
12.44
6.00
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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142

Our shareholders
Proximus’ main shareholder is the Belgian Government, owning 
53.51% of the company’s shares. Proximus held 4.62% of its own 
shares end-2022. The free float represented 41.86% or nearly 
142 million shares, about 57% of which was held by institutional 
shareholders.
Proximus’ main institutional shareholders are located in the United 
States and France, followed by Germany and UK.
Proximus shares ownership – 31 December 2022
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%
56.11%
55.99%
180,887,569
180,887,569
Proximus own shares
15,632,628
4.62%
0.00%
0.21%
0
693,702
Free-float
141,504,938
41.86%
43.89%
43.80%
141,504,938
141,504,938
Total
338,025,135
100.00%
100.00%
100.00%
322,392,507
323,086,209
Evolution of treasury shares
End of period 2021
15,283,771
Changes through liquidity contract
359,086
Discount Purchase Plan employee
-10,229
End of period 2022
15,632,628
End-2022, Proximus held 15,632,628 treasury shares, 
representing 4.62% of the total number of shares. In the course 
of 2022, 10,229 treasury shares were used in a Discounted Share 
Purchase Plan, and no options were exercised1. 
The voting rights of all treasury shares are suspended by law. 
Proximus has 14,938,926 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.
 1	 For more information, please see Remuneration Report
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
143
Institutional shares per geography
US 42%
France 13%
Germany 12%
Benelux 8%
UK 10%
Nordics 6%
Rest of Europe 4%
Rest of the world 3%
Geography
Proximus shares ownership 
Belgian government 
53.51%
Free float 
41.86%
Own shares 
4.62%
Source:	 Shareholder analysis November 2022 
 
% of identified institutional shareholders - Nasdaq
Ownership

Transparency declarations
According to Proximus' bylaws, the thresholds as from which a 
shareholding needs to be disclosed have been set at 3% and 
7.5%, in addition to the legal thresholds of 5% and each multiple 
of 5%.
In 2022, Blackrock Inc. notified of the changes in their Proximus 
shareholding as listed below.
To Proximus’ knowledge, no other shareholder owned 3% or 
more of Proximus’ outstanding shares as at December 31, 2022.
Notifications of important shareholdings to be made according to 
the Law of May 2, 2007 or Proximus’ bylaws should be sent to
•	 FSMA on trp.fin@fsma.be
•	 Proximus on investor.relations@proximus.com
 
Date on which 
threshold was 
crossed
Notified on
Notifier
Reason for 
notification
Voting rights
Total incl. equivalent financial 
instruments
# 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
20/12/2022
22/12/2022
Blackrock Inc.
<5%
13,727,440
4.06%
15,572,027
4.61%
19/12/2022
22/12/2022
Blackrock Inc.
<5%
15,546,657
4.60%
17,369,412
5.14%
02/12/2022
06/12/2022
Blackrock Inc.
>3%
11,894,985
3.52%
14,561,603
4.31%
01/12/2022
05/12/2022
Blackrock Inc.
<3%
10,047,819
2.97%
13,640,775
4.04%
30/11/2022
02/12/2022
Blackrock Inc.
<5%
10,403,276
3.08%
13,988,006
4.14%
22/11/2022
23/11/2022
Blackrock Inc.
<5%
15,224,290
4.50%
19,890,618
5.88%
17/10/2022
19/10/2022
Blackrock Inc.
>5%
18,766,191
5.55%
20,320,944
6.01%
10/10/2022
11/10/2022
Blackrock Inc.
<5%
16,525,862
4.89%
19,381,651
5.73%
21/09/2022
23/09/2022
Blackrock Inc.
>5%
18,605,105
5.50%
20,376,172
6.03%
29/07/2022
02/08/2022
Blackrock Inc.
<5%
16,669,500
4.93%
19,765,856
5.85%
23/05/2022
24/052022
Blackrock Inc.
>5%
17,084,870
5.05%
19,502,298
5.77%
19/05/2022
23/05/2022
Blackrock Inc.
<5%
16,576,558
4.90%
19,769,007
5.85%
05/05/2022
06/05/2022
Blackrock Inc.
>5%
17,885,787
5.29%
19,609,797
5.80%
21/04/2022
25/04/2022
Blackrock Inc.
<5%
16,893,662
5.00%
19,003,040
5.62%
07/04/2022
11/04/2022
Blackrock Inc.
>5%
16,991,604
5.03%
19,267,131
5.70%
29/03/2022
30/03/2022
Blackrock Inc.
<5%
15,899,684
4.70%
19,310,109
5.71%
28/03/2022
30/03/2022
Blackrock Inc.
>5%
17,186,212
5.08%
19,701,381
5.83%
25/03/2022
28/03/2022
Blackrock Inc.
<5%
16,701,096
4.94%
19,125,445
5.66%
24/03/2022
28/03/2022
Blackrock Inc.
>5%
17,129,572
5.07%
19,188,304
5.68%
11/03/2022
14/03/2022
Blackrock Inc.
<5%
16,081,527
4.76%
20,193,391
5.97%
31/01/2022
02/02/2022
Blackrock Inc.
>5%
17,144,751
5.07%
20,103,111
5.95%
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144

Shareholder remuneration
Dividend policy
bold2025 sets out an ambitious path for future growth and value 
creation for 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 keep a sound financial 
position leads to a rebasing of the dividend policy.
Proximus intends to return a stable gross 2023 dividend of € 1.20 
per share, subject to a financial performance delivery in line with 
the strategic plan. On the basis of the 2024 and 2025 results, 
Proximus will rebase its dividend level to € 0.60 per share. The 
rebased sustainable dividend level incorporates all currently 
known macro and inflationary headwinds, as well as expected 
changes in market structure.
On an annual basis, the proposed dividend is reviewed and 
submitted to the Board of Directors, in order to keep strategic 
financial flexibility for future growth, organically or via 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 case of unforeseen risks or events 
outside the company's control.
Dividend on the 2022 result
On February 16, 2023, the Board of Directors approved the 
decision to propose to the Annual General Shareholders’ Meeting 
of April 19, 2023 a gross dividend on the 2022 result of € 1.20 
per share, of which € 0.50 interim dividend per share was paid in 
December 2022. 
After approval by the Annual Shareholders’ Meeting, the normal 
dividend of € 0.70 per share will be paid on April 28, 2023, with 
record date on April 27, 2023 and ex-dividend date on April 26, 
2023. 
This brings the total declared dividend over the 2022 result to 
€ 387 million.
Investor relations
Proximus Investor Relations (IR) aims at ensuring 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, 
Proximus’ management speaks to the financial community on a 
regular basis. Each quarterly results announcement is followed by 
a conference call and investor/analyst presentation during which 
maximum time is reserved for a “question & answer” session.  
Throughout 2022, Proximus has organized several roadshows 
with top management. Furthermore, Proximus has participated 
in several major international investment conferences. In all these 
activities, management is supported by the Investor Relations 
team (IR). 
The Proximus IR team offers daily support to the retail and 
institutional shareholders as well as to the sell-side analysts. 
A strict quiet period is observed before the communication of the 
quarterly results. The start of the quiet period is published on the 
Proximus Investor Relations website: proximus.com/investors.
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145

Financial calendar 
2
April 12, 2023 
Start of quiet period ahead of Q1 2022 results 
April 19, 2023 
Annual General Shareholders’ Meeting (AGM) 
April 28, 2023
Dividend payment (to be approved by the AGM)
April 28, 2023 
Announcement Q1 2022 results 
July 12, 2023 
Start of quiet period ahead of Q2 2022 results 
July 28, 2023 
Announcement Q2 2022 results 
October 11, 2023 
Start of quiet period ahead of Q3 2022 results 
October 27, 2023 
Announcement Q3 2022 results
 2	 Note that these dates may be subject to change
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Non-financial
Statements
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147
147
Proximus Group  |  Integrated annual report 2022  ›  Manage for impact, manage responsibly

Contribution to the UN Sustainable 
Development Goals
The Sustainable Development Goals (SDGs) define global 
sustainable development priorities for 2030 and seek to mobilize 
governments, businesses and society at large around a common 
set of objectives and targets. 
As a telco & ICT operator, we have a role to play in contributing to 
these goals. However, not all 17 SDGs are directly relevant to our 
business. In 2022, we performed a more precise mapping of our 
business model and sustainability strategy to the SDGs with the 
goal of creating greater focus and clarity. We chose to focus on 
four key SDGs where we believe Proximus can have the greatest 
impact and bring the largest contribution: SDGs 8, 9, 12 and 13.
We added SDG’s 4 “Quality education” and 5 “Gender equality”, 
for which we evaluate having a medium impact, but they are 
embedded in our corporate values.
SDG 
SDG 
sub-target
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:
A wide range of training programs on our 
“learning@proximus” platform from classroom 
training to digital modules and e-books for 
employees to stay up to date with developments in 
their fields of expertise. 
The learning platform provides employees with 
tools to build their futures and even take new 
directions in their careers.
Specific support offered to 50+ staff to support 
them in their personal development, with 
continuous learning, Experience@work, … 
Continuous up-skilling of our field employees 
(engineers, technicians, splicers) and customer-
facing employees (in call centers and shops).
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: a solution allowing teachers and 
students to step into the digital era and adopt new 
ways of learning.
Medium
Enhancing 
positive 
impact
Digital inclusion
Youth employment:
Thirteen recent master’s graduates hired for our 
Proximus Graduate Program and around 70 
internships.
Partnerships with MolenGeek, an organization 
helping less-privileged job seekers to build their 
careers in the new digital world and with School19, 
the first free Belgian coding school. 
Founding partner of Technobel, which offers 
ICT training courses to job seekers, as well as 
information and awareness initiatives for citizens, 
schools and professionals.
Medium
Enhancing 
positive 
impact
Employee 
up-skilling, 
re-skilling & 
employability

Digital inclusion
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148

SDG 
SDG 
sub-target
Proximus 
actions
Level of 
contribution
Sense of 
contribution
Link to 
material topics
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 difference between 
female and male workers is not due to a different 
pay policy but to the fact that women work more 
part-time than full-time compared to men.
Medium
Enhancing 
positive 
impact
Diversity & 
Inclusion
Parental leave and child care:
Proximus offers conditions that allow its employees 
to reconcile the different aspects of their 
professional and private lives during their different 
life phases: parental leave, home working, part-time 
schedules, sick childcare, childcare cost intervention, 
transition allowance, scholarship, children's holidays 
offer, kids' days, support of social consultants in case 
of difficult personal situation.
Medium
Enhancing 
positive 
impact
Diversity & 
Inclusion
Workplace harassment:
Proximus has a policy on diversity and equal rights 
which applies to all employees of Proximus Group. 
Diversity & Inclusion is also part of the Code of 
Conduct which is applicable to all employees and 
part of the mandatory training. Within Proximus, 
specific teams are in charge of monitoring 
compliance with the Charter and of taking 
the correct measures in case of non-respect.​ 
Specific training is given to frontline 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 is reported quarterly to the Audit & 
Compliance Committee.
Medium
Enhancing 
positive 
impact
Diversity & 
Inclusion
Non-discrimination:
Proximus has set itself the objective of being the 
most active company in the promotion of women 
in the digital world, reaching its target of recruiting 
30% of women in technical areas requiring a 
university degree by the end of 2022.
Medium
Enhancing 
positive 
impact
Diversity & 
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 affected by 
their activities.
Medium
Enhancing 
positive 
impact
Human rights

Responsible 
supply chain
5.5
Ensure women’s 
full and effective 
participation and 
equal opportunities 
for leadership at all 
levels of decision-
making in political, 
economic, and 
public life
Female representation at the different levels 
of our company:
43% of the Board of Directors
22% of the Leadership Squad
32% of all employee population
Medium
Enhancing 
positive 
impact
Diversity & 
Inclusion
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149

SDG 
SDG 
sub-target
Proximus 
actions
Level of 
contribution
Sense of 
contribution
Link to 
material topics
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 labour-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 our 
enterprise customers.
•	 Supporting the development of new ecosystems, 
new business models and job creation 
(e.g. Doktr ...).
•	 Supporting the development of artificial 
intelligence and cybersecurity expertise in 
Belgium with Proximus Ada.
High
Enhancing 
positive 
impact
Support digital 
infrastructure 
for Belgian 
society

Access to 
essential 
services
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
Proximus Group employs 11,634 employees.
Proximus welcomed 456 new hires, including 
172 in the shops and the contact centers. 
Regarding our employees, we are committed 
to fair pay, equal opportunities and training & 
development opportunities. We ensure a safe 
and secure working environment and promote 
wellbeing 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, offering the possibility to approximately 
200 people with disabilities to carry out activities 
such as cabling, kit assembly, repairs, and testing 
and packaging of its products.
High
Enhancing 
positive 
impact
Employee 
up-skilling, 
re-skilling & 
employability

Responsible 
supply chain
Build resilient 
infrastructure, 
promote inclusive 
and sustainable 
industrialization 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 
affordable and 
equitable access 
for all
With its gigabit network, Proximus builds the 
future-proof and sustainable digital infrastructure of 
Belgium and commits to offer a high-performance 
internet to all Belgians: 
•	 Ambition to offer 100% gigabit coverage 
by 2032.
•	 Ambition to achieve national 5G coverage by 
the end of 2024.
Our offering makes digital access affordable:
Low-cost Scarlet brand, attractive entry products 
for internet and mobile with Proximus brand, social 
tariffs, "Internet for All" offer for disadvantaged 
Belgians
We also foster the development of innovative 
products and services: 
•	 On our 5G innovation platform, customers from 
different industrial sectors can test new 5G use 
cases before starting development.
•	 Together with academia, partners and customers, 
Proximus develops innovative smart solutions 
that help industries to become more sustainable.
At the same time, we are aware of the public 
concerns regarding networks deployment and we 
do our best to answer those concerns:
•	 Health concerns linked to relectromagnetic fields: 
compliance with the legislation, follow-up of 
scientific research and feedback from the public.
•	 Mental health issues linked to digital 
addiction:feedback from the public.
•	 Visual pollution of the landscape: 35% fewer 
antennas thanks to Mwingz.
•	 Works in the street: agreements with utilities 
companies to optimize road works; aerial fiber 
deployment.
High
Enhancing 
positive 
impact


Minimizing 
negative 
impact
Support digital 
infrastructure 
for Belgian 
society

Sustainable 
infrastructure

Digital access

Address 5G 
concerns

Mental health
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150

SDG 
SDG 
sub-target
Proximus 
actions
Level of 
contribution
Sense of 
contribution
Link to 
material topics
Ensure sustainable 
consumption and 
production patterns
12.2 
By 2030, achieve 
sustainable 
management and 
efficient use of 
natural resources
Between 2007 and 2021, we reduced our 
electricity consumption by 30%, through:
•	 phasing out technical buildings and outdated 
network infrastructure.
•	 building energy-efficient technical rooms
•	 reducing the number of street cabinets 
(thanks to fiber rollout).
•	 sharing the mobile access network with 
Orange Belgium. 
Since 2019, Proximus has been sourcing only 
renewable electricity and is increasingly buying its 
electricity from local sources. 
By 2030, Proximus will have completely banned the 
use of fossil fuels for its vehicle fleet and buildings. 
We also organize greener urban deliveries. 
We enable our customers to reduce their 
environmental impact, by:
•	 Offering of refurbished smartphones.
•	 Offering customers apps to gain an insight into 
their ecological footprint (e.g. Banx, My Footprint, 
Eco-rating label).
•	 Solutions and expertise to enable the 
decarbonization of other industries 
(e.g. smart solutions such as aug.e).
High
Minimizing 
negative 
impact
Environmental 
solutions

Sustainable 
infrastructure
12.5 
By 2030, 
substantially reduce 
waste generation 
through prevention, 
reduction, recycling, 
and reuse
Proximus aims to be truly circular by 2030:
•	 Through eco-design, refurbishment, reuse 
and recycling, we extend our devices' lifecycle. 
Our new Internet Box, which has a casing made 
entirely of recycled plastic, has a 30% smaller 
environmental footprint and uses 24% less 
electricity than Bbox V3.    
•	 We collect old mobile phones for refurbishing 
and recycling.
•	 Proximus shares its mobile access network with 
Orange Belgium, thereby reducing the number 
of base stations by 35%.
•	 Copper from network is recycled.
•	 We propose leasing business models to our 
enterprise customers (e.g. Engage Packs). 
At the end of the leasing, we collect the devices 
for refurbishing or recycling. 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 
don't use anymore.
Proximus is working towards 90% re-used or 
recycled waste by 2025 and zero waste by 2030. 
In 2022, Proximus already recycled or re-used 87% 
of its waste.
High
Minimizing 
negative 
impact
Circular 
economy
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151

SDG 
SDG 
sub-target
Proximus 
actions
Level of 
contribution
Sense of 
contribution
Link to 
material topics
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 has started to implement TCFD 
recommendations. For example, since 2022, 
climate risks are structurally integrated into the 
Enterprise Risk Management (ERM) processes.
High
Minimizing 
negative 
impact
Energy and CO2 
emissions
13.2
Integrate climate 
change measures 
into national policies, 
strategies and 
planning
Fighting climate change is integral to Proximus' 
strategy:
•	 Since 2019, Proximus has been sourcing only 
renewable electricity and is increasingly buying its 
electricity from local sources.
•	 In 2021, we joined the European Green Digital 
Coalition.
•	 In 2022, Proximus was the first large company in 
Belgium and third telco worldwide to have its Net-
Zero targets validated by the SBTi (overall target, 
near-term and long-term targets).
•	 By 2030, Proximus will have completely banned 
the use of fossil fuels for its vehicle fleet and 
buildings.
•	 As our biggest remaining carbon footprint resides 
across our value chain, we work closely with our 
suppliers to achieve our ambition to be net zero 
by 2040.
High
Minimizing 
negative 
impact
Energy and CO2 
emissions
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152

Materiality and stakeholder dialogue
Materiality determination
In 2021, we conducted a materiality assessment in partnership 
with external consultants. The materiality matrix resulting from 
this process was validated by the Board of Directors in 2021. It 
served as a guide for defining the strategic priorities of our new 
strategic cycle, bold2025, and identifying areas of mutual benefit 
between Proximus and all its stakeholders.
The following steps were taken to conduct the materiality 
assessment:
Step 1	 Internal & external analysis
We conducted extensive desk research to establish the full 
universe of topics potentially relevant to our strategy. Our analysis 
included a range of internal sources such as past stakeholder 
surveys and strategy documents, as well as publicly available 
industry benchmarks and a review of sector peers.
Step 2	 Leadership Squad engagement
We consulted the Leadership Squad  
  to establish a shortlist of 
the most relevant topics to Proximus and get their assessment 
of each topic’s impact on Proximus long-term success.
Step 3	 Stakeholder consultation
We conducted online quantitative research as well as in-depth 
qualitative interviews to assess the importance of each material 
topic in the eyes of our stakeholders. The stakeholder groups 
consulted were: investors, employees and senior management 
(Proximus Leadership Team), political and regulatory 
stakeholders, suppliers, partners, enterprise customers, 
journalists & opinion leaders, and a general public sample 
including residential customers as well as non-customers.
Step 4	 Materiality matrix development
Based on the consultation’s findings, we plotted these most 
important topics, and their potential impact on Proximus’ 
long-term business success on a matrix. The integrated 
materiality matrix combines the view of our stakeholders and 
of the Leadership Squad. The topics are clustered in 5 areas of 
interest: customer trust, digital society, environmental impacts, 
employee welfare and business conduct.
However, in the specific context of annual reporting, we limit the 
number of material topics that are reported in this annual report 
to the 14 most important topics, included in zones "Very High" & 
"High" as shown in the matrix below.
Proximus materiality matrix is unchanged compared to 2021.
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153

List of material topics and definitions
Customer trust
Delivering customer promises: Deliver high-quality 
reliable digital services and great customer support.
Customer value for money: Give our customers the best 
possible service at the best possible price.
Environmental impacts
Energy and CO2 emissions: Reduce energy and CO2 
emissions, and use renewable energy resources. 
Sustainable infrastructure: Minimize the environmental 
impacts of the digital infrastructure (e.g. materials and 
energy). 
Circular economy: Reuse and recycling of electronic 
devices and materials. 
Environmental solutions: Develop solutions for 
consumers and businesses to reduce their environmental 
footprint. 
Employee welfare
Employee up-skilling, re-skilling & employability: 
Support employees with opportunities to develop their 
skills throughout their employment.
Diversity & Inclusion: Cultivate a diverse workforce, an 
inclusive company culture, and make minorities visible in 
our marketing. 
Workplace wellness: Ensure the physical and mental 
well-being of our employees.
Business conduct
Business conduct & ethics: Maintain the highest 
standards of integrity in all aspects of the business, 
including ethical data management. 
Responsible supply chain: Source materials in a way 
that respects people and the planet. 
Human rights: Respect human rights across our entire 
supply chain. 
Digital society
Digital access: Bridge the digital gap with affordable 
high-speed internet for every Belgian home. 
Digital inclusion: Equip people with digital skills for better 
learning, employability and online safety.
Privacy & data security: Ensure that data is secure and 
personal information is protected.
Support digital infrastructure for Belgian society: 
Help public service organizations (hospitals, government, 
schools...) build their digital infrastructure.
Access to essential services: Create tools to develop 
more inclusive access to essential services (e.g. health 
or banking apps).
Support small and medium business development: 
Help Belgian SMEs grow by providing digital tools and 
infrastructure. 
Address 5G concerns: Educate the public on 5G 
through evidence-based research. 
Mental health: Address digital issues that can affect 
mental health (e.g. overconsumption, freedom of choice).
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154

Materiality Matrix
The assessment identified 20 material topics that are all taken 
into account by Proximus in its new strategy for 2023-2025.
Correspondence between Proximus most material topics 
and the SASB sector-specific topics
To ensure our identified priorities are aligned with the SASB sector-specific topics we linked our 
most important topics to the SASB topics for the sector "Telecommunication services". See table below:
SASB topics
Proximus material topics
GHG Emissions
Energy and CO2 emissions
Energy Management
Energy and CO2 emissions 
Sustainable infrastructure
Customer Privacy
Privacy & data security
Data Security
Privacy & data security
Labor Practices
Human rights
Employee Health & Safety
Workplace wellness
Employee Engagement, Diversity & Inclusion
Diversity & Inclusion
Employee up-skilling, re-skilling & employability
Circular economy
Product Design & Lifecycle Management
Circular economy
Supply Chain Management
Responsible supply chain
Materials Sourcing & Efficiency
Circular economy
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155
Mental health
Digital inclusion
Digital access
Support small and medium business development
Address 5G concerns
Diversity & Inclusion
Workplace wellness
Employee up-skilling, re-skilling & employability
Support digital infrastructure 
for Belgian society
Importance to stakeholders
Impact on Proximus business success
Privacy & data security
Access to essential services
Environmental solutions
Sustainable infrastructure
Responsible supply chain
Business conduct & ethics
Human rights
Customer value for money
Delivering customers promises
Energy and CO2 emissions
Circular economy
Customer trust
Environmental impacts
Employee welfare
Business conduct
Digital society
Issues rising in importance
Very high
Very high
Relevant
Very high
High

Stakeholder dialogue
We engage with our stakeholder on a structured and regular 
basis. This is essential to the way we do business. These 
interactions are guided by a solid governance and a clear ethical 
compass: responsibly and respectfully.
First of all, we strive to improve our ESG measures 
(environmental, social and corporate governance) by defining 
a clear improvement strategy, setting up clear action plans and 
integrating them in the short-term and long-term incentives of 
top management.
In 2021, we conducted a materiality assessment. The new 
materiality matrix was validated by our Board of Directors. We 
repeat this assessment every 3 years. The next one will be held in 
2024.
Proximus is an autonomous public enterprise with the Belgian 
state as a majority shareholder, resulting in regular interactions 
with policymakers. We actively engage with decision makers on 
every political level and support activities which foster public 
debate about the consequences of a rapidly changing and 
increasingly digital world. Through our membership of various 
(business) associations, we also engage with politicians at the 
Belgian and European level.
Proximus refrains from any funding of political parties, political 
individuals or government institutions. Our management upholds 
strict standards on ethical and transparent behavior. Proximus 
has a Public Affairs policy defining how to engage with public 
authorities.
Our stakeholders include all the individuals and organizations 
affected by our operations or with whom we have a relationship. 
They include but are not limited to enterprise and residential 
customers, investors, employees, public authorities and regulatory 
bodies, suppliers and society at large.
Stakeholder 
group
How we engage
Main topics and concerns 
Our response
Employees
•	 Annual survey to evaluate 
employee engagement & 
satisfaction
•	 Strategy updates
•	 Weekly CEO newsletter
•	 Regular meetings, breakfasts, 
field visits with the Leadership 
Squad 
•	 Weekly 15-minute meeting with 
the CEO
•	 Dialogue with Unions
•	 Workplace wellness, incl. 
adapting to a post-COVID-19 
hybrid work environment 
•	 Up-skilling & re-skilling 
opportunities
•	 Opportunities for personal & 
career development
•	 Communication sharing with 
the Leadership Squad
•	 Climate action
•	 Position on societal issues
•	 Diversity & Inclusion
•	 Delivering customer promises
•	 Initiatives promoting a positive physical and mental health 
environment in the workplace
•	 Initiatives promoting a more inclusive culture, autonomy 
and flexibility (e.g. working from home)
•	 Our Agile transformation, aiming at more wellbeing at 
work through better collaboration, clear priorities and more 
autonomy
•	 Dedicated communication and change plans on agile 
operating model
•	 Series of post-COVID-19 reconnect events 
•	 Intermediate "Pulse" survey in June 2022
•	 Regular short surveys on specific topics (ex. work 
environment, new culture, …)
•	 Large offer of training courses, including developing skills in 
domains of the future 
•	 Strategic ambitions and achievements communicated on a 
regular basis to all employees, through digital channels and 
live events, incl. climate actions, position on societal issues 
such as the war in Ukraine, ...
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156

Stakeholder 
group
How we engage
Main topics and concerns 
Our response
Residential 
customers  
•	 Direct touchpoints (contact 
centers, technicians, shops)
•	 Digital channels (websites, 
emails, social media)
•	 Mass-communication 
campaigns (TV, radio, printed 
press, …)
•	 Self-service portal, 
"MyProximus"
•	 "Voice of the Customer" 
platform to collect customer’s 
feedback 
•	 "Customer experience 
dashboard" to track the drivers 
of customer satisfaction and 
dissatisfaction
•	 Dedicated design thinking 
sessions and focus groups
•	 Superior network quality & 
reliability
•	 Excellent customer support
•	 Customer value for money
•	 Delivering customer promises
•	 Privacy & data security 
•	 Environmental solutions
•	 Position on societal issues
•	 Inflation and energy crisis
•	 Accelerated roll-out of fiber, launch of the 10Gbps 
technology on fiber and further roll-out of 5G
•	 Collaboration with the Centre for Cyber Security Belgium 
on the Belgian Anti-Phishing Shield (BAPS) project to block 
phishing websites
•	 Launch of the first Internet Box integrating Wi-Fi 6 
technology and intelligent Wi-Fi repeaters for a better 
surfing experience
•	 Multi-channel customer support: online, on the phone and 
in shops
•	 Complementary brand portfolio incl. "internet at home" 
launch at Mobile Viking, Scarlet Trio Mobile launch and data 
doubling in mobile bundles, Flex XS launch at Proximus
•	 MyProximus app: improved performance and new features
•	 Improved administrative and technical assistance journey
•	 Strict rules and policies with regards to customer data, 
complying to GDPR and e-privacy directives
•	 Cyber Care insurance
•	 Offer of refurbished smartphones, smartphones recycling 
programs and launch of the Eco Rating label 
•	 Offer of solutions helping customers to reduce their 
environmental footprint (Banx, MyFootprint)
•	 Tips to keep telecom budget under control, tips to 
reduce the energy consumption of devices, EnergyID in 
MyProximus and social tariffs 
Enterprise 
customers 
•	 Account and customer success 
managers
•	 Business experts
•	 Contact centers
•	 Digital channels
•	 Indirect partner channel
•	 Self-service portal, 
"MyProximus"
•	 "Voice of the Customer" 
platform to collect customer’s 
feedback 
•	 Dedicated design thinking 
sessions, advisory boards and 
events
•	 Professional fairs and events
•	 Superior network quality & 
reliability
•	 Be the trusted partner in their 
digital transformation
•	 Personalized and high quality 
service
•	 Delivering on customer 
promises
•	 Customer value for money
•	 Privacy & data security and 
(cyber)security risks 
•	 Environmental solutions
•	 Industry leadership through 
innovation
•	 Position on societal issues
•	 Inflation and energy crisis
•	 War for talents 
•	 Business conduct & ethics and 
human rights 
•	 Accelerated roll-out of fiber, further roll-out of 5G and use 
of 5G innovation platform
•	 Additional investments to increase network protection from 
DDoS attacks
•	 Digital workplace, security and cloud solutions
•	 Partnership with Microsoft on Sovereign Cloud
•	 Creation of Proximus Ada, our center of excellence in 
cybersecurity and AI
•	 Continued investments in security, cloud sovereignty, cyber 
defence, digital identity and fraud protection
•	 Strategic workforce planning aligning profiles to customer 
projects 
•	 Managed IT Services offering to mitigate the shortage 
of IT talents 
•	 Solutions enabling customers to reduce their own footprint 
•	 Acting upon ESG 
•	 Mandatory Code of Conduct, Anti-Bribery and GDPR 
eLearning for all employees of Proximus Group, Supplier 
Code of Conduct
•	 Strict rules and policies with regards to customer data, 
complying to GDPR and e-privacy directives
•	 BICS repositioning as a communication platform
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157

Stakeholder 
group
How we engage
Main topics and concerns 
Our response
Public 
authorities 
& regulators
•	 Regular meetings 
with ministers, elected 
representatives, local 
authorities, regulators, 
legislative and policy making 
authorities or lobbying 
organizations
•	 Engagement through business 
associations such as UWE, 
Agoria, Voka, VVSG, the 
European Telecommunications 
Network Operators’ Association 
(ETNO), GSMA, etc. 
•	 Compliance to regulations in 
place in Belgium, Europe & 
internationally
•	 Business ethics 
•	 Climate action
•	 Position on societal issues, incl. 
digital access for all
•	 A legal watch is operated by Group Legal to keep track 
of the evolution of laws applicable to Proximus. These 
are then transmitted to the various Domain owners to 
be incorporated in ad-hoc or periodic policy reviews. 
Group Compliance Office regularly participates to round 
tables and seminars organised by our law firms and other 
organisations to remain aware of the latest laws and 
regulations of the Compliance Domains. 
•	 Group Public Affairs pro-actively advise, counsel and 
support Proximus Group in order to optimize the 
surrounding business climate, deliver as much as possible 
improved business conditions, as far as those conditions are 
influenced by public authorities.
Investors
•	 Quarterly results presentations 
with Q&A
•	 Annual General Meeting
•	 Investor roadshows with top 
management
•	 Sector conferences, IR-only 
roadshows and conference calls
•	 Meetings with institutional 
investors
•	 Communication and insights 
on the market we operate in, 
including impacts of inflation 
and energy crisis
•	 Information on achievements, 
strategy and domestic and 
international ambitions 
•	 Information on long-term value 
creation
•	 Clear ESG metrics and targets
•	 Business conduct & ethics 
•	 In 2022, investors and analysts received press releases 
detailing the latest developments regarding price 
indexations, fiber rollout, spectrum auction and plans with 
Telesign
•	 The quarterly presentations addressed the hot topics in the 
market such as updates on the Fiber project, the main KPIs 
for Consumer and Enterprise, and a more frequent view on 
the progress made in the ESG domain
•	 The Proximus IR team offers daily support to the retail 
and institutional shareholders as well as to the sell-side 
analysts.
Suppliers
•	 On-site supplier audits through 
JAC (Joint Audit Cooperation)
•	 Third-party risk assessments 
through EcoVadis
•	 Supplier Relationship 
Management
•	 Supplier Engagement Program
•	 Circular Demand Management
•	 Meeting our long-term 
commitment and obligations
•	 Transparent contract conditions 
with fair pricing conditions
•	 More collaboration on carbon 
footprint reduction objectives 
and circularity
•	 Supply chain disruptions and 
material shortage
•	 Inflation and energy prices
•	 Human rights
•	 Risks monitoring and mitigation by closely interacting with 
our key suppliers, in a bi-directional Supplier Relationship 
Management 
•	 Risk mitigation is done via multi-sourcing & tier 2 
management, improved inventory management (stock, 
forecast, transport), product/process reengineering and an 
enhanced and close Supplier Relationship Management 
(contracts...)
•	 Structural review in progress of Procurement processes and 
documentation to include environmental requirements. 
Assessment criteria were defined to score a supplier’s 
climate change maturity level which will be integrated in all 
interactions with suppliers
•	 Suppliers were assigned a criticality level to be engaged on 
climate change requirements. High and Medium criticality 
suppliers will be engaged next year to publicly set emission 
reduction targets and report transparently on their progress 
and initiatives
•	 Climate change and circularity requirements will be defined 
per purchasing cluster of goods and services as a guideline 
for decision makers relating to procurement demand 
management
•	 Supplier Code of Conduct under review to include stricter 
requirements related to climate change and human rights 
in line with increasingly stringent legislation
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
158

Stakeholder 
group
How we engage
Main topics and concerns 
Our response
Society 
at large
•	 Quarterly surveys amongst the 
general public in Belgium
•	 Partnerships and dialogue with 
various Belgian NGOs and 
associations 
•	 Access to the digital society
•	 Affordable access to high-speed 
internet for all
•	 Positive impact on Belgian 
society
•	 Climate action
•	 Data protection & privacy
•	 Geopolitical instability and 
(cyber)security risks 
•	 Highest standards of integrity 
and business ethics
•	 Ambition to extend fiber coverage to 95% of Belgian 
premises, with the ambition to offer 100% gigabit coverage 
by 2032
•	 Complementary brand portfolio that addresses value 
seekers as well as price-conscious consumers
•	 "Internet for All" project and social tariffs
•	 Partnerships and collaboration with a series of 
organizations to help reduce the digital divide (DigitAll, 
MolenGeek, School19, Technobel, …)
•	 Validation by the SBTi of our near-term and long-term 
greenhouse gas (GHG) emission reduction targets.  
Concretely, we commit to reach net-zero greenhouse gas 
emissions across our entire value chain by 2040 (10 years 
ahead of European objective) while engaging our suppliers 
to deliver on the same climate ambitions throughout their 
own value chains
•	 Proximus joining the efforts of Belgium for energy savings 
by implementing a series of energy efficiency measures 
•	 Strict rules and policies on data privacy, complying with the 
newest regulation
•	 Collaboration with the Centre for Cyber Security Belgium 
on the Belgian Anti-Phishing Shield (BAPS) project to block 
phishing websites
•	 Collaboration with Child Focus for the Internet Safe & 
Fun Days
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
159

S1
Workforce
Unit
2018
2019
2020
2021
2022
*
Total number of employees (FTE) 
for Proximus Group
Number
13,385
12,931
11,423
11,532
11,634
BICS
Number
505
467
468
450
503
Telesign
Number
222
322
504
504
704
Proximus Group excl BICS and 
Telesign
Number
12,658
12,143
10,530
10,577
10,427
Total number of employees and 
workers (FTE) 
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.70
Employees
Number
10,168.1
9,651.6
8,180.3
8,796.2
8,615.70
Workers
Number
1,001.6
904.6
643.7
0
0.0
Total number of employees (FTE) 
by gender
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Female
Number
3,375.5
3,232.7
2,629.5
2,633.5
2,627.6
Male
Number
7,794.2
7,323.5
6,194.5
6,162.7
5,988.1
Total number of employees (FTE) 
per level  
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Top management
Number
162.3
153.5
164
167
166.0
Female
Number
34.5
35.5
39
37
37.0
Male
Number
127.8
118
125
130
129.0
Senior management
Number
905.2
914.8
899.4
953
1,059.4
Female
Number
225.2
234
239.4
268.6
313.5
Male
Number
680
680.8
660
684.4
745.9
Middle management
Number
2,154.4
2,171.7
2,060.9
2,155.2
2,109.6
Female
Number
566.3
577.2
571.1
614.9
615.7
Male
Number
1,588.1
1,594.5
1,489.8
1,540.3
1,493.9
Lower management
Number
662.5
605.7
539.2
524.5
520.4
Female
Number
250.8
235.2
209.2
199.2
207.8
Male
Number
411.7
370.5
330
325.3
312.6
Sales
Number
1,605.5
1,516.6
1,123.1
1,087.8
1,049.1
Female
Number
693.1
643
435
403.9
377.6
Male
Number
912.4
873.6
688.1
683.9
671.5
Employees
Number
5,679.8
5,194
4,037.5
3,908.7
3,711.2
Female
Number
1,605.6
1,507.8
1,135.9
1,109.9
1,076.0
Male
Number
4,074.2
3,686.1
2,901.6
2,798.8
2,635.2
Social statement
General note to the social statement
The social statement describes the key indicators, scoping, 
boundaries, calculation methodologies and reporting standards 
for all social domains.
The indicators marked with a tick mark are subject to external 
limited assurance by Deloitte. 
Scope of the social statement
The scope of this statement is limited to the activity of Proximus 
SA, unless stated otherwise. It does not include activities linked to 
our Belgian affiliates. The numbers are expressed in FTE unless 
stated otherwise. Full year data are reported.
*External audit
S1: Workforce
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
160

S1
Workforce
Unit
2018
2019
2020
2021
2022
*
S1.1
Total number of employees (FTE) 
by employment contract, by 
gender and by region
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Defined duration
Number
184
164.8
131.8
99
118.0
Female
Number
84
58.8
65.8
33
43.0
Male
Number
100
106
66
66
75.0
Brussels
Number
51
37.8
28.8
27
26.0
Flanders
Number
83
68
77
42
56.0
Wallonia
Number
50
59
26
30
36.0
Replacement contract
Number
1
0
0
1
2.0
Female
Number
0
0
0
0
1.0
Male
Number
1
0
0
1
1.0
Brussels
Number
0
0
0
0
0.0
Flanders
Number
0
0
0
0
1.0
Wallonia
Number
1
0
0
1
1.0
Statutory
Number
3,238.6
2,768.8
1,879.1
1,737.6
1,544.8
Female
Number
600.2
512.6
336.6
318.3
290.6
Male
Number
2,638.4
2,256.6
1,542.5
1,419.3
1,254.2
Brussels
Number
1,372.5
1,226.1
955.3
897.1
843.3
Flanders
Number
954.1
779.3
424.5
384.2
316.1
Wallonia
Number
912
763.4
499.3
456.3
385.4
Undefined duration
Number
7,746
7,622.6
6,813.1
6,958.6
6,950.9
Female
Number
2,691.2
2,661.5
2,227.1
2,282.2
2,293.0
Male
Number
5,054.8
4,961.1
4,586
4,676.4
4,657.9
Brussels
Number
5,021.2
4,956.8
4,551.2
4,645.2
4,674.0
Flanders
Number
1,341.5
1,312.1
1,127.4
1,180
1,150.1
Wallonia
Number
1,383.4
1,353.7
1,134.6
1,133.4
1,126.8
Total number of employees (FTE) 
by language
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Dutch
Number
5,982.7
5,625.4
4,717.5
4,700.3
4,593.2
French
Number
5,155.5
4,900.4
4,088.7
4,078.6
4,006.9
German
Number
31.5
30.4
17.8
17.3
15.5
Total number of employees (FTE) 
by age group
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Under 30
Number
1,005.3
861.3
838.9
758.2
695.1
30-50
Number
6,222.1
5,917.9
5,038.4
4,869
4,683.2
Over 50
Number
3,942.3
3,777.1
2,946.8
3,169
3,237.3
Total number of employees (FTE) 
by employment type, by gender
Number
11,169.7
10,556.2
8,824
8,796.2
8,615.7
Full time
Number
9,362.8
9,125.9
8,093.7
8,063.9
7,894.0
Female
Number
2,541.8
2,499.6
2,202.3
2,224.7
2,234.3
Male
Number
6,821
6,626.3
5,891.4
5,839.2
5,659.7
Brussels
Number
5,686.6
5,623.3
5,224.4
5,245.5
5,203.6
Flanders
Number
1,803.7
1,701.1
1,423.3
1,413.8
1,343.1
Wallonia
Number
1,872.5
1,801.5
1,446.0
1,404.6
1,347.3
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
161

Definitions
•	 Workforce: number of active employees on Proximus SA 
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, long-term 
illness, students and sub-contractors.
•	 Proximus Group: Proximus SA and its subsidiaries form 
Proximus Group.
•	 Employees: employees perform mainly intellectual work.
•	 Workers: workers perform mainly manual work.
•	 Full time equivalent: the FTE of an employee is calculated 
by dividing the actual working hours of this employee by the 
total working hours of a full-time employee at the end of the 
reporting period.
•	 Statutory employee: any employee who is permanently 
appointed to a grade by the appointing authority of Proximus.
•	 Collective bargaining agreements: the Collective Agreement 
(CA) refers to an agreement between Proximus and its social 
partners (the three Representative Union Organizations). A CA 
consists of various topics, divided into four main pillars for the 
active employees: generic, well-being, employment (working 
conditions) and quantitative (compensation & benefits). 
The measures applicable to the non-active population, 
are classified into a fifth main pillar. Some measures are 
strictly limited to the duration of the CA period, while some 
cover a longer period and others have a recurring effect. 
Negotiations about a CA are driven by a list of requirements 
drafted by the representative unions. The CA 2021-2022 was 
unanimously approved by the Joint Committee on December 
22, 2021. All employees are covered by the collective 
bargaining agreements except the executive and the senior 
management. Proximus’ collective bargaining agreements 
cover systematically two years: 2017-2018, 2019-2020 and 
2021-2022.
Note
•	 S1.1 The number of statutory employees (FTEs) is decreasing 
each year because in 1996 Proximus stopped recruiting 
people with a statutory contract. Since the statutory members 
belong to the older age groups and naturally evolving towards 
retirement.
S1
Workforce
Unit
2018
2019
2020
2021
2022
*
Part time
Number
1,806.9
1,430.3
730.3
732.3
721.7
Female
Number
833.7
733.1
427.2
408.8
393.3
Male
Number
973.2
697.2
303.1
323.5
328.4
Brussels
Number
758.1
597.4
310.9
323.8
339.7
Flanders
Number
574.9
458.3
205.6
192.4
180.1
Wallonia
Number
473.9
374.6
213.9
216.1
201.9
Percentage of total employees covered 
by collective bargaining agreements
%
98.5%
98.5%
98.1%
98.1%
98.1%
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
162

S2
Well-being, satisfaction and retention
Unit
2018
2019
2020
2021
2022
*
S2.1
Results of employee engagement 
survey
Average 
score %
72.7%
56%
71.5%
70%
71%
S2.2
Total number and rate of employee 
turnover (FTE) during the reporting 
period, by gender and age group
% 
(Number)
6.6% 
(738.7)
7.6% 
(807)
24.7%
(2,179.7)
4.4%
(388.7)
5.9%
(506.2)
Female
% 
(Number)
4.9% 
(166.2)
6.5% 
(208.5)
30.5%
(803.3)
3.8% 
(100.7)
4.4%
(116.5)
Male
% 
(Number)
7.4% 
(572.5)
8.2% 
(598.5)
22.2%
(1,376.4)
4.7% 
(288)
6.5%
(389.7)
Under 30
% 
(Number)
9.5% 
(96.1)
14.8% 
(128.1)
20.1%
(168.9)
13.4% 
(101.6)
14.7%
(102.0)
30-50
% 
(Number)
2.1% 
(119.9)
3.2% 
(189.1)
16.1%
(810.7)
2.8% 
(135.6)
4.2%
(194.5)
Over 50
% 
(Number)
12.1% 
(522.7)
13% 
(489.8)
40.7%
(1,200)
4.8 % 
(151.5)
6.5%
(209.7)
Total number and rate of new employee 
hires (FTE) during the reporting period, 
by gender and age group
% 
(Number)
4.9% 
(548)
2.9% 
(308.8)
5.2%
(458.9)
5% 
(442.5)
5.3% 
(455.3)
Female
% 
(Number)
5.2% 
(177)
3.1% 
(101.8)
6.2%
(161.9)
5.5% 
(146)
5.7% 
(150.5)
Male
% 
(Number)
4.8% 
(371)
2.8% 
(207)
4.8%
(297)
4.8% 
(296.5)
5.1% 
(304.8)
Under 30
% 
(Number)
33.2% 
(341)
18.8% 
(162)
32.9%
(276)
28.1% 
(213)
29.2% 
(202.8)
30-50
% 
(Number)
3.2% 
(201)
2.3% 
(133.5)
3.5%
(175.9)
4.5% 
(217.5)
4.9% 
(228.5)
Over 50
% 
(Number)
15% 
(6)
0.4% 
(13.3)
0.2%
(7)
0.4% 
(12)
0.7% 
(24.0)
S2.3
Total number of employees that 
returned to work in the reporting period 
after parental leave ended, by gender
Number
351
340
537
231
276
Female
Number
184
181
261
119
126
Male
Number
167
159
276
112
150
S2.4
Total number of employees that returned 
to work after parental leave ended that 
were still employed 12 months after their 
return to work, by gender
Number
330
342
274
525
220
Female
Number
166
180
136
259
112
Male
Number
164
162
138
266
108
Return to work and retention rates of 
employees that took parental leave, 
by gender
%
Return to work
%
98%
95.2%
88.6%
96.7%
96.5%
Female
%
97.9%
95.8%
85.6%
96%
98.4%
Male
%
98.2%
94.6%
91.7%
97.4%
94.9%
Retention rates
%
92.4%
95.5%
76.8%
87.2%
92.1%
Female
%
94.3%
95.7%
72%
85.2%
90.3%
Male
%
90.6%
95.3%
82.1%
89.3%
93.9%
S2.5
Work-life balance
%
Working from home 
%
N.A.
N.A.
55%
76%
N.A.
Good physical and mental well-being 
% 
N.A.
N.A.
55%
56%
78%
Good work-life balance
% 
N.A.
69%
68%
73%
79%
S2: Well-being, satisfaction and retention
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
163

S2
Well-being, satisfaction and retention
Unit
2018
2019
2020
2021
2022
*
S2.6
Gender pay equality assessment
%
Management
Fixed Remu­
neration in €
N.A.
N.A.
N.A.
 € 146,617.7
162,841.0 €
Female
%
N.A.
N.A.
N.A.
99.8%
99.61% 
Male
%
N.A.
N.A.
N.A.
100.1%
100.11%
Employees
Fixed Remu­
neration in €
N.A.
N.A.
N.A.
 € 55,765.3
62,348.0 €
Female
%
N.A.
N.A.
N.A.
97.1%
97.72% 
Male
%
N.A.
N.A.
N.A.
101.4%
101.08%
Definitions
•	 Turnover: the number of employees (FTEs) who left the 
company during the reporting period. This number includes 
all kinds of leaves (voluntary or not, end of contract, pension). 
The rate is calculated by dividing the number of leavers (FTEs) 
during the reporting period by the number of employees 
(FTEs) at the end of the reporting period.
•	 New hires: number of employees (FTEs) hired during the 
reporting period. The rate is calculated by dividing the number 
of hired employees (FTEs) during the reporting period by 
the number of employees (FTEs) at the end of the reporting 
period. It is the number of new entries over the reporting 
period, divided by the total number of employees working in 
that category at the end of the reporting period. E.g.: (Number 
of new female hires within the reporting period/Number 
of women working at Proximus SA by end of the reporting 
period)*100.
•	 Return to work rate: calculation: Total number of employees 
that did return to work after parental leave/ Total number 
of employees due to return to work after taking parental 
leave*100. Expressed in headcount, not in FTE.
•	 Retention rate: calculation: Total number of employees 
retained 12 months after returning to work following a period 
of parental leave/ Total number of employees returning from 
parental leave in the prior reporting period(s)*100.
•	 Working from home: percentage of the total work duration 
performed from home.
•	 Good physical and mental well-being We calculate the 
average score of all wellbeing questions in Speak Up. Speak Up 
is an internal employee engagement survey.
•	 Good work-life balance (the percentage of employees giving 
a “good” score in the Speak Up Survey): "I can manage my 
job responsibilities in a way that enables a healthy work-life 
balance" Scale of 1-5, Good= 4 or 5. Speak Up is an internal 
employee engagement survey.
•	 Gender pay: is an analysis of the remuneration structure by 
level. This KPI is about percentage and fixed remuneration.
•	 Percentage (%): 100% is here equal to the average Proximus 
wage by level (management or employees) with which the 
wages per gender are compared. 
•	 Fixed remuneration consists of a fixed salary earned by the 
employee for the reported year. This remuneration is defined 
by the nature and the specificities of the function and by the 
level of individual skills and experience, considering market 
practices.
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
164

Notes 
•	 S2.1: The percentage for the employee engagement survey 
has fallen slightly, but despite this the score remains high. 
People respond positively to the level of autonomy and 
responsibility they get and take in their work. Engagement 
items relating to pride to work for Proximus and e-NPS 
(employee-Net Promotor Score) item also remain positive. 
A typical e-NPS question is “How likely would you be to 
recommend your company to people you know as a great 
place to work". Some categories in the employee satisfaction 
survey show a slight decrease.
•	 S2.2: 2020 was an exceptional year due to the transformation 
plan. In 2021 &2022, we notice that the normal turnover 
figures for the years prior to 2020 are returning. 
•	 S2.3: In 2022, 276 employees came back out of parental leave. 
All parental leaves in the year were taken into account, whether 
the person left at the end of the year or not.
•	 S2.4: 2021-22 decrease is the consequence, 12 months later, 
of previous KPI
•	 S2.5: The first quarter of 2022, the number of homeworkers 
remains affected by the COVID-19 situation. From April, we 
gradually returned to a normal situation, namely 3 days of 
homeworking authorized per week for employees whose 
function allows it. Following the introduction of a new 
mobility management system, we are unable to calculate the 
percentage of homeworking days for 2022.

The question on mental-physical wellbeing is no longer asked 
as such in our annual employee survey, we now calculate the 
average score of all wellbeing questions. We look at wellbeing 
from a more holistic perspective, including having trusting 
relationships at work, receiving appreciation, feeling energized, 
having fun at work besides work-life balance & being 
supported to remain resilient. New items have been added 
to reflect this broader view and we see that our employees 
overall feel well at Proximus.
•	 S2.6: In 2022, female managers received 0.39% less than 
the average salary for their status, while female employees 
received 2.28% less than the average for their status. This 
difference is due to the fact that women working at Proximus 
work more part-time than full-time compared with their male 
colleagues. The difference is therefore not due to a different 
pay policy for men and women.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
165

S3: Training and development
S3
Training and development
Unit
2018
2019
2020
2021
2022
*
S3.1
Total number of internal moves 
(function changes) during the 
reporting period
Number
983
519
2,146
782
1,324
S3.2
Average hours of training that the 
organization’s employees (FTEs) have 
undertaken during the reporting 
period, by gender and employee 
category 
Hours
24
39
39.5
41.3
42.3
Female
Hours
23
30
34.5
30.8
36.3
Male
Hours
24
42
41.7
45.8
44.9
Executive
Hours
35
37
26.1
26.3
47.7
Senior management
Hours
28
38
32.3
30.3
42.4
Middle management
Hours
24
38
30.3
32.2
41.6
Lower management
Hours
25
41
30.8
30.7
40.8
Employees
Hours
22
39
46.5
50.6
42.6
Definitions
•	 Internal moves: the number of employees (FTEs) who have 
changed function during the reporting period. 
•	 Training hours: average hours of training that the 
organization’s employees (FTEs) have undertaken during the 
reporting period.
Notes
•	 S3.1: In 2022, we have a relatively high number of internal 
moves, mainly related to the introduction of the PEAK 
organization, through which 350 functions have been 
redefined, the recruitment of a significant number of splicers 
and internal moves at Sales. We encourage internal mobility, as 
we want to ensure that all employees benefit from continuous 
learning and do a job that matches their talents. 
•	 S3.2: The average training hours per employee in 2022 (42.3) 
is above our internal ambitions (40.2). In 2022, we invested 
€ 33.49 Mio in training vs € 32.34 Mio in 2021. 78% of 
employees have completed minimum 2 days of training, above 
our goal (75% of employees).
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
166

S4: Health and Safety
S4
Health and Safety
Unit
2018
2019
2020
2021
2022
*
S4.1
Safety figures by gender 
(Proximus Group)
Injury rate (IR)
Rate
0.000007
0.000007
0.000008
0.000004
0.00001
Female 
Rate
0.000005
0.000008
0.000002
0.000001
0.000008
Male
Rate
0.000008
0.00001
0.00001
0.000005
0.00001
Occupational disease rate (ODR)
Rate
0.0000003
0.0000007
0.0000005
0.0000003
0.00000007
Female
Rate
0
0
0.0000002
0
0.0000002
Male
Rate
0.0000004 
0.000001
0.0000006
0.0000005
0
Lost day rate (LDR)
Rate
0.0003
0.0001
0.0002
0.0001
0.0001
Female
Rate
0.0002
0.0001
0.000004
0.000009
0.000010
Male
Rate
0.0004
0.0001
0.0002
0.0002
0.00015
Absentee rate (AR)
%
7.7%
7.9%
6.3%
6.3%
7.1%
Female
%
10.8%
11.6%
8.2%
8.2%
9.4%
Male
%
6.3%
6.2%
5.5%
5.4%
6.1%
Work-related fatalities
Number
0
0
0
0
1
Female
Number
0
0
0
0
0
Male
Number
0
0
0
0
1
S4.2
Injury rate (IR) and work-related 
fatalities for all workers (excluding 
employees) whose work, or workplace, 
is controlled by Proximus Group
Number
Injury rate
Number
2
28
15
10
10
Work-related fatalities
Number
0
0
0
0
0
Definitions
•	 Injury rate (IR): frequency of injuries, relative to the total time 
worked by all workers during the reporting period. Calculation: 
number of injuries in Proximus Group/total number of hours 
scheduled to be worked by Proximus Group employees.
•	 Occupational disease rate (ODR): frequency of occupational 
diseases (disease arising from a work situation or activity, or 
from a work-related injury) relative to the total time worked by 
all workers during the reporting period. Calculation: number of 
occupational diseases/total number of hours scheduled to be 
worked by Proximus Group employees.
•	 Lost day rate (LDR): impact of occupational diseases and 
accidents as reflected in time off work taken by the affected 
workers. A lost day is defined as time (“days”) that cannot 
be worked (and are thus “lost”) because of a worker or 
workers being unable to perform their usual tasks due of an 
occupational disease or accident. Calculation: total number 
of lost days (due to occupational disease or accident)/total 
number of hours scheduled to be worked by Proximus Group 
employees.
•	 Absentee rate (AR): measure of actual absentee days lost, 
expressed as the number of sick days divided by the number 
of theoretical working days, considering, by definition, the 
scheduled working hours of the person. An absentee is an 
employee who is absent from work because of taking a sick 
day (with or without attestation), excluding work accidents 
and pregnancy. Calculation example for female employees: 
(sum of all sick days registered amongst female employees/
sum of all the theoretical working days amongst female 
employees)*100
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
167

Notes
S4.1 and S4.2: Compared to 2021, in 2022 we see an increase 
in the rate of absenteeism due to illness. This increase is mainly 
due to short-term absences. In 2021, we continued to strictly 
enforce safety and health guidelines, which helped limit illnesses 
during the peak of the annual flu epidemic and illnesses due to 
Covid-19. As observed nationally, the gradual easing of health 
measures in 2022 has arguably increased our employees' 
exposure to the annual flu epidemic. 
The department for Prevention and Protection (CPP) is the 
driving force behind Proximus’ well-being activities. It defines 
a common well-being policy and gives advice on all issues 
surrounding this topic. All products, goods and services at 
Proximus need to meet the “well-being at work” standards. The 
Well-being Committee deals with the elaboration and follow- up 
of the prevention and protection plans and handles 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. 
Additionally, local well-being committees discuss topics such as 
accidents at work, local prevention matters or respect of safety 
instructions.
The Prevention & Protection measures related to the COVID-19 
pandemic outbreak implemented in 2020 are stopped as from 
May 2022. Because Corona is not gone from society, we kept 
active our information channels such as our Corona information 
on intranet, our Corona mailbox Proximus and corona telephone 
Hotline for answering any questions from employees about 
corona. 
We launched a campaign in cooperation with the business to 
prevent third-party aggression towards our shop employees 
and to reduce the impact on their psychosocial well-being. 
Psychosocial risk analyses were launched for specific work 
situations. A new psychosocial well-being vision has been 
developed in close collaboration with GHR with a new Feelgreat 
index that gives an indication of the psychosocial well-being 
of employees.
We started up our Campus project where employees will work in 
a new way of working offering them different work environment 
to work in such as specific collaboration zones, concentration 
zones and co-creation zones using adapted furniture like stand-
up tables, alcoves, etc.
We have an occupational medical surveillance program for 
workers who are exposed to occupational risks. Together with 
our affiliate Doktr and our medical partner Cohezio we set up 
a pilot program to do the occupational medical surveillance on 
a digital way, using a special smartphone App so that doctor 
and employee can talk to and see each other via digital way. 
In 2022, we implemented a new Global Prevention Plan by 
conducting risk analysis, taking the necessary prevention and 
protection measures to reduce work-related accidents, as well 
as communicating safety instructions to employees and the 
VCO/VCA rules for operational departments. We also conducted 
a risk analysis on installation work of fibre conductors in the 
neighbourhood of tramways, reviewed the risk analysis for our 
on-site technicians and warehouse employees, put in place 
safety measures related to the charging of our electrical vehicles, 
psychosocial risk analysis in different departments, reviewed the 
one about ergonomics in our shops, and we organized training on 
firefighting and BA4/BA5 training for working safely on electrical 
installations.
Due to new legislation, we adapted our procedures concerning 
the re-integration of long-term sick employees
Over the next years, we intend to roll out our new way of 
working Campus program. We will also continue to implement 
the VCA/VCO policies and continue to review our policy on 
ergonomics and analyse the risks related to the use of different 
equipment such as our new (digital) working equipment and 
telecom installations and determine appropriate prevention and 
protection measures. In addition, we will continue to organize 
safety trainings using digital technology and elaborate a work 
smarter charter. We will also further analyse the safety aspects of 
charging of our electrical vehicles and are working together with 
Vias to develop a road safety awareness campaign.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
168

S5
Responsible marketing
Unit
2018
2019
2020
2021
2022
*
S5.1
Number of complaints from JEP 
(# of which justified)
Number 
(Number)
7 (2)
2 (1)
1 (0)
2 (0)
1 (1)
Definitions
•	 Responsible marketing: applying responsible & ethical 
methods in marketing campaigns. These include transparency 
about promo costs and conditions, respect for the customer's 
debt profile/credit situation, proactive guidance towards 
the best offer for the customer, commitment to a better 
environment and striving for more digital versions to reduce 
the use of natural resources. 
•	 JEP: the Jury on Ethical Practices in Advertising is an 
independent self-regulatory body for advertising in Belgium, 
responsible for ensuring fair, truthful and socially responsible 
advertising. Any consumer can submit a complaint to JEP.  
Note
Proximus pays particular attention to responsible marketing 
practices and complies with the rules prohibiting the advertising of 
mobile phones to children under 7. 
Proximus actively protects their mobile post-paid customers from 
bill shocks. With Mobilus Full Control, customers can control their 
budget. With our new Flex packs with mobile, customers can surf 
out of bundle at no extra cost, only with a reduced speed. On the 
MyProximus app, mobile post-paid customers can keep track of 
their usage on calls, text messages and data. We also send them 
alerts about their current in-bundle and out-of-bundle usage, 
and we inform them of the possibility to buy additional oneshot 
data bundles or a data boost when reaching the end of the 
bundle. In addition, we proactively contact customers with regular 
out-of-bundle usage to suggest better tailored plans.
S5.1: We received only 1 complaint from the Jury on Ethical 
Practices which was justified, which remains notably low, as it has 
been for the past years. The referenced complaint concern only 
Proximus SA advertisements.
 
S5: Responsible marketing
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
169

S6
Digital inclusion
Unit
2018
2019
2020
2021
2022
*
Community investment
S6.1
Community investment 
€
N.A.
N.A.
N.A.
436,191
469,332
S6.2
Community investment 
Hours
N.A.
N.A.
N.A.
2,961
2,295
Access to digital
Numbers
Donated laptops 
Numbers
N.A.
N.A.
N.A.
445
259
Donated Wi-Fi codes 
Numbers
N.A.
N.A.
24,693
2,581
NA
Digital education
Numbers
Total number of people trained through 
digital inclusion projects 
Numbers
N.A.
12,524
10,400
14,144
8,594
S6.3
Digital accessibility
%
Tested devices accessible for at 
least 5 disability categories 
(percentage of devices)                  
%
N.A.
44%
73%
55%
52%

Percentage of accessible tested 
devices (at least for 5 disability 
category)
% 
N.A. 
N.A. 
N.A. 
61%
86%

Definitions
•	 Community investment - in monetary value: monetary 
investment we make in social organizations with a focus on 
digital inclusion.
•	 Community investment - in employee/volunteer hours: 
hours of employee volunteering in digital inclusion initiatives. 
•	 Donated laptops: number of computers offered to schools 
collecting old smartphones.
•	 Donated Wi-Fi codes: number of free access codes to our 
Proximus Public Wi-Fi network offered to disadvantaged 
pupils and students during COVID-19 period, allowing them to 
connect with schools when they were closed. 
•	 Digital inclusion projects (# persons reached): number of 
people (students, teachers, seniors) trained by the initiatives 
we support (MolenGeek, 19, Technobel, diggit, Internet Safe & 
Fun).
•	 Tested devices accessible for at least 5 categories of 
disability: number of tested smartphones and tablets that are 
accessible for disabled people (6 categories of disability in total 
are tested by Proximus).
•	 Percentage of accessible tested devices (at least for 5 
disability categories): % of tested devices during the reporting 
year compared to all devices added to the offerings during the 
reporting year 
Note(s)
•	 S6.1: We invest € 469,332 in digital inclusion projects for job 
seekers (MolenGeek, 19 and Technobel), children (Internet 
Safe & Fun together with Child Focus), long-term sick children 
(Bednet and ClassContact) and disabled people (Passe 
Muraille), and in the Digital Inclusion Alliance, DigitAll.
•	 S6.2: Our employees spent 2,295 hours in digital inclusion 
initiatives as volunteers in the Internet Safe & Fun project, as 
General Manager of Technobel and to install internet lines for 
long-term sick children.
•	 S6.3: We aim to test all the new devices that we integrate into 
our offer. This increase of the percentage of accessible tested 
devices (at least for 5 disability category) shows that we are on 
the right track.
S6: Digital inclusion
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
170

E1
Energy
Unit
2018
2019
2020
2021
2022
*
Total energy consumption within the 
organization
TJ
1,876
1,808
1,652
1,571
1,625

Evolution total energy consumption 
(vs previous year)
%
-5%
-4%
-9%
-5%
3%
Evolution total energy consumption 
(vs 2020)
%
-
-
-
-5%
-2%
Evolution total energy consumption 
(vs 2007)
%
-26%
-29%
-35%
-38%
-36%
E1.1
Total fuel consumption within the 
organization from non-renewable sources 
TJ
552
525
384
391
445

Heating: Natural gas 
TJ
101
105
62
73
71

Heating: Heating oil 
TJ
50
35
46
25
38

Vehicle fleet: Diesel 
TJ
398
373
262
259
261

Vehicle fleet: Petrol 
TJ
4
12
15
30
69

Vehicle fleet: CNG
TJ
-
-
-
4
5

Total fuel consumption within the 
organization from renewable sources
TJ
0
0
0
0
0
Heating, cooling or steam consumption
TJ
0
0
0
0
0
Electricity, heating, cooling or steam sold
TJ
0
0
0
0
0
Electricity consumption within the 
organization
TJ
1,323
1,283
1,267
1,180
1,180

Electricity consumption within the 
organization in GWh
GWh
368
357
352
328
329
Evolution electricity consumption 
(vs previous year)
%
-5%
-3%
-1%
-7%
0%
Evolution electricity consumption 
(vs 2020)
%
-
-
-
-7%
-7%
Evolution electricity consumption 
(vs 2007)
%
-21%
-23%
-24%
-29%
-29%
Fixed and mobile network
GWh
269
268
272
251
253
Data Centers
GWh
55
53
51
53
49
Offices + Shops
GWh
43
36
28
24
27
Environmental statement
General note to the environmental statement
The environmental statement describes the key indicators, 
scoping, boundaries, calculation methodologies and reporting 
standards for all environment domains. The indicators marked by 
a tick mark are subject to external limited assurance by Deloitte.  
Scope of the environmental statement
We measure all activities that are subject to operational control 
and material for Proximus Group. These include Proximus SA, 
Proximus Media House SA, BICS SA, Telesign Corporation, 
Connectimmo SA, Proximus ICT SA, Davinsi Labs SA, Codit 
SARL, ClearMedia SA, Telindus – ISIT BV, Umbrio BV, Proximus 
Luxembourg SA, Mobile Vikings SA and Be Mobile SA. All figures 
reported are Proximus Group based except when mentioned 
differently.
*External audit
E1: Energy
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
171

E1
Energy
Unit
2018
2019
2020
2021
2022
*
% electricity consumed from 
renewable sources with GoO or own 
production (RE100 Belgium/Group) 
%
100/99
100/100
100/100
100/100
100/100
Energy efficiency ratio (revenue based)
TJ/Mio €
0.322
0.317
0.290
0.280
0.278

Energy efficiency ratio (FTE based)
TJ/FTE
0.140
0.140
0.140
0.136
0.140

Energy savings network 
TJ
47
40
29
22
36
PUE data centers
Ratio
1.65
1.60
1.56
1.49
1.49
*External audit
Definitions
•	 TJ: Terajoule is a unit of energy. 
•	 Heating: natural gas: Calculation based on suppliers’ billing 
data based on gas meter readings. 
•	 Heating oil: Calculation based on suppliers’ billing data based 
on oil tank refills. 
•	 Electricity consumption within the organization: Calculation 
based on the Proximus energy management system GENY 
(Belgian activities) and the invoices of energy suppliers 
from 2022. 
•	 GoO: A Guarantee of Origin is a tracking instrument and labels 
electricity from renewable sources to provide information to 
electricity customers on the source of their energy. 
•	 RE100: RE100 is the global corporate renewable energy 
initiative bringing together hundreds of large and ambitious 
businesses committed to 100% renewable electricity. 
•	 FTE: Number of Full Time Equivalent employees. 
•	 Energy savings network: Calculation based on actions 
undertaken during the reporting period calculated over a 
window of 12 months. The savings projects were implemented 
during the reporting year, hence the results only become 
material in the current and following reporting year, but the 
order of magnitude remains comparable on a year-by-year 
basis. The infrastructure savings are calculated based on the 
directly measured electricity consumption and an estimated 
indirect consumption such as for cooling before and after 
the savings. 
•	 PUE: Power Usage Effectiveness, a ratio describing how 
efficiently a data center uses energy, focusing on how much 
the computing equipment uses compared to the cooling and 
other overhead that occurs.
Note
•	 E1.1: Increase compared to 2021 due to a normalization 
post-COVID-19.
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172

E2
Emissions
Unit
2018
2019
2020*
2021*
2022
*
CO2e emissions scope 1, 2 and 3 
KTons
847.7
847.7
779.3
779.3
554.6
554.6
536.0
551.4

Evolution CO2e emissions scope 1, 2 
and 3 (vs previous year)
%
4%
-8%
-29%
-3%
3%
Evolution CO2e emissions scope 1, 2 
and 3 (vs 2020 baseline)  
- SBTi Net-Zero
%
-
-
-
-3%
-1%
CO2e emissions scope 1 and scope 
2 market based
KTons
39.0
36.9
27.4
26.6
31.5

Evolution CO2e emissions scope 1 and 2 
(vs previous year)
%
-16%
-5%
-26%
-3%
18%
Evolution CO2e emissions scope 1 and 2 
(vs 2020 baseline) - SBTi Net-Zero
%
-
-
-
-3%
15%
Evolution CO2e emissions scope 1 and 2 
(vs 2007 baseline)   
%
-78%
-79%
-83%
-84%
-81%
E2.1
CO2e carbon credits obtained
KTons
42.2
40.1
27.4
26.6
5.9
Carbon intensity (scope 1 and 2) 
- Revenue based
Tons 
CO2e/Mio € 
revenue  
6.7
6.5
5.0
4.8
5.4
Carbon intensity (scope 1 and 2) 
- FTE base
Tons 
CO2e/#FTEs   
2.9
2.9
2.4
2.3
2.7
CO2e emissions scope 1 - heating, 
refrigerants and fleet fuel
KTons
38.0
36.0
26.6
26.6
31.5

E2.2
CO2e emissions scope 1 - 
heating
KTons
10.0
9.2
7.2
6.4
7.3

E2.3
CO2e emissions scope 1 - 
refrigerants
KTons
0.3
0.3
0.3
0.2
1.2

E2.2
CO2e emissions scope 1 - 
fleet fuel
KTons
27.7
26.5
19.1
20.1
22.9

CO2e emissions scope 2 - electricity - 
market based method
KTons
1.0
0.9
0.8
0.0
0.0

CO2e emissions scope 2 - 
electricity - location based method
KTons
65.0
62.5
70.4
52.2
53.9
CO2e emissions scope 3 - 12 relevant 
categories   
KTons
808.7
742.4
527.2
509.4
519.9

Evolution CO2e emissions scope 3 
(vs 2020 baseline) - SBTi Net-Zero
%
-
-
-
-3.4%
-1.4%
E2.4
Scope 3 - category 1 - purchased 
goods and services
KTons
540.0
460.4
440.6
421.7
437.3

E2.4
Scope 3 - category 2 - capital goods
KTons
184.5
199.8
0.0
0.0
0.0

E2.5
Scope 3 - category 3 - fuel and 
energy related activities (not in scope 
1 and 2)
KTons
8.9
9.3
8.7
8.9
15.1

Scope 3 - category 4 - upstream 
transportation and distribution
KTons
3.6
2.9
3.4
4.0
4.1

Scope 3 - category 5 - waste disposal
KTons
1.0
1.0
0.7
0.5
0.6

E2.2
Scope 3 - category 6 - business 
travel
KTons
1.3
1.8
1.6
0.4
1.4

E2.2
Scope 3 - category 7 - employee 
commuting
KTons
5.2
5.4
2.8
1.3
2.5

Scope 3 – category 9 - downstream 
transportation and distribution
KTons
-
-
-
0.7
0.7

E2: Emissions
*External audit
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173

E2
Emissions
Unit
2018
2019
2020*
2021*
2022
*
E2.6
Scope 3 - category 11 - use of sold 
products
KTons
4.6
4.5
13.4
19.8
2.9

Scope 3 - category 12 - end of life 
treatment of sold products
KTons
-
-
-
0.01
0.01

 E2.6
Scope 3 - category 13 - downstream 
leased assets
KTons
59.7
57.4
55.9
52.1
55.4

E2.7
Scope 3 - Category 15 - Investments
KTons
N.A.
N.A.
0.1
0.1
0.1

Scope 3 - category 8, 10, 14 - not 
applicable
KTons
N.A.
N.A.
N.A.
N.A.
N.A.
Definitions
•	 CO2e emissions scope 1+2+3: The CO2e consumption 
represents a CO2 equivalent emission figure of all greenhouse 
gases combined, i.e., CO2, CH4, N2O, HFCs, PFCs, SF6. The 
gases of primary interest for Proximus are CO2 and HFCs, but 
CH4 and N2O are also included in the calculation as stipulated 
by the GHG Protocol. Since many years we adopt the principle 
of best available data quality. 
•	 Science Based Target: Science-based targets provide a 
clearly defined pathway for companies to reduce Greenhouse 
gas (GHG) emissions, helping prevent the worst impacts of 
climate change and future-proof business growth. Targets 
are considered "science-based" if they are in line with what 
the latest climate science deems necessary to meet the 
goals of the Paris Agreement – limiting global warming. 
The Intergovernmental Panel on Climate Change warned 
that global warming must not exceed 1.5°C to avoid the 
catastrophic impacts of climate change and that GHG 
emissions must halve by 2030 and drop to zero by 2050.
 
-	 The Science BasedT argets initiative has validated that 
the corporate greenhouse gas emissions reduction 
targets submitted by Proximus have been deemed 
to be in conformance with the SBTi Criteria and 
Recommendations (version5). The SBTi’s Target 
Validation Team has classified Proximus’ scope 1 and 2 
target ambition and has determined that it is in line with a 
1.5°C trajectory.
	
	
Proximus commits to reduce absolute scope 1 GHG 
emissions 95% by 2030 from a 2020 base year. 
Proximus also commits to continue sourcing 100% 
renewable electricity annually until 2030. Proximus 
further commits to reduce absolute scope 3 GHG 
emissions 60% by 2030 from a 2020 base year.
-	 The Science Based Targets initiative also assessed 
Proximus’ near and long term targets against the SBTi 
net-zero criteria (version 5) and approved our submitted 
targets.
-	 Near-Term Targets
	
Proximus commits to reduce absolute scope 1 GHG 
emissions 95% by 2030 from a 2020 base year. 
Proximus also commits to continue sourcing 100% 
renewable electricity annually until 2030. Proximus 
further commits to reduce absolute scope 3 GHG 
emissions 60% by 2030 from a 2020 base year.
-	 Long-Term Targets
	
Proximus commits to maintain a minimum of 95% 
absolute scope 1 and 2 GHG emission reductions by 
2030 through 2040 from a 2020 base year. Proximus 
commits to reduce absolute scope 3 GHG emissions 
90% by 2040 from a 2020 base year.
•	 Carbon credits: Proximus is the main driving force behind the 
development of the multiannual “Gold Standard” certified 
climate project called the TEG Stove project 
(More info: www.tegstove.org).
*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
174

Notes 
•	 E2: As we aligned to the Net Zero standard in 2022, this has an 
influence on our calculations. Our new baseline is 2020. This 
means that the years marked with an * have been adapted 
according to the new guidelines – and thus deviate from the 
previous years. Starting from 2020, all our calculations are 
done according to the SBTi Net Zero guidelines. The upscaling 
to the validated Net Zero target had an impact on Scope 3 
category 1, 3, 4, 5, 6, 7, 11, 12, 13 and 15 in 2020 and 2021, 
compared to the figures reported in the annual report 2021. 
This mainly includes boundary extension to Proximus Group for 
Scope 3.  New lines have been added in this table to compare 
with the 2020 baseline.
•	 E2.1: Proximus compensated its own scope 1 and 2 emissions 
in the period 2016-2021. In 2022 Proximus abandoned the 
carbon neutrality claim. However, Proximus keeps supporting 
the TEG Stove project and reports the obtained carbon credits 
on its journey to Net Zero.
•	 E2.2: Increase compared to 2021 due to a normalization 
post-COVID-19.
•	 E2.3: On the one hand, we saw a significant increase in the 
dismantling of telecom and refrigeration equipment, where 
there is always a difference between the original charge of 
refrigerants and what is extracted during decommissioning. On 
the other hand, we noticed reliability problems in a certain type 
of machinery that led to some major leaks.
•	 E2.4: Scope 3 category 1 also embeds emissions related to 
Scope 3 category 2. Emission factors for certain commodity 
categories were changed to better reflect the activities 
captured in that category. Spend-based emissions were 
corrected with the average annual inflation rate. For certain 
suppliers with audited carbon accounting practises, we 
switched from an industry-average emission factor to a 
supplier-specific emission factor.
•	 E2.5: The significant increase is mainly due to a methodology 
update for green power (grid) resulting in higher emission 
factors.
•	 E2.6: Wi-Fi Boosters were moved from category 11 to category 
13 as we only lease them to our customers and no longer sell 
them.
•	  E2.7: This new category reflects the footprint of our joint 
ventures Fiberklaar and Unifiber in accordance with our Net 
Zero target.
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175

Overview of our Scope 1, 2 and 3 standards
Scope (GHG Protocol) 
+ activity
Possible impact 
from Proximus
Scope/% vs 
Group total
GWP
Source emission 
factors
External 
assurance level
Scope 1 – Direct emissions
Car fleet fuel
High
Proximus Group/ 
100%
AR5 IPCC
Base Carbone + Bilan Carbone
Limited
Heating of building installations
High
Proximus Group/ 
100%
AR5 IPCC
Gas: GHG protocol heating fuel: 
Base Carbone + Bilan Carbone
Limited
Cooling of building installations-
refrigerants
High
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone
Limited
Scope 2 – Indirect emissions
Emissions released during the 
generation of electricity that is 
purchased by the company. 
This includes also EV charging.
High
Proximus Group/ 
100%
AR5 IPCC
IEA (CO2 emissions from 
electricity – highlights) - 2022
Limited
Scope 3 - Cat. 1
Resource extraction, transportation 
and production of purchased goods 
and services
Medium
Proximus Group/ 
100%
AR5 IPCC
Supplier-delivered Life Cycle 
Assessments (Product-level), 
Bilan Carbone + Ademe, IEA, 
Carnegie Mellon EIO-LCA, 
CO2 emissions on supplier-level 
Limited
Scope 3 - Cat. 2
Capital goods
Medium
Proximus Group/ 
100%
AR5 IPCC
Integrated in Scope 3 - Cat. 1
Limited
Scope 3 - Cat. 3
Extraction, production and 
transportation of direct fuels and 
electricity purchased by Proximus 
Group, non-reported in scopes 1 and 
2. Network losses, among others, 
are included in transportation
High
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone, IEA
Limited
Scope 3 - Cat. 4
Transportation of subcontractors for 
network operations, subcontracted 
warehousing
Low
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone EEIO model 
(other subcontractors fall within 
Cat.1)
Limited
Scope 3 - Cat. 5
Treatment of waste flows
Medium
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone, Defra
Limited
Scope 3 - Cat. 6
International travel
by airplane or train
Low
Proximus in 
Belgium/ 100%
AR5 IPCC
Official figures of travel agency, 
Defra
Limited
Scope 3 - Cat. 7
Employee commuting
Company cars are accounted for in 
scope 1. Homeworking has been 
removed following SBTi Net Zero 
guidelines.
High
Proximus Group 
100%
AR5 IPCC
Bilan Carbone
Limited
Scope 3 - Cat. 9
Outbound transportation from the 
warehouse to customers and shops
Low
Proximus in 
Belgium/ 100%
AR5 IPCC
Supplier-level emission factors, 
otherwise integrated in Scope 
3 Cat. 1
Limited
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
176

Scope (GHG Protocol) 
+ activity
Possible impact 
from Proximus
Scope/% vs 
Group total
GWP
Source emission 
factors
External 
assurance level
Scope 3 - Cat. 11
Energy consumption of customers’ 
Proximus devices (sold mobile 
phones)
High
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone, IEA
Limited
Scope 3 - Cat. 12
End of life treatment of mobile 
phones
Low
Proximus Group/ 
100%
AR5 IPCC
Bilan Carbone
Limited
Scope 3 - Cat. 13
Energy consumption of customers’ 
Proximus devices (leased modems, 
TV decoders and WiFi- Boosters)
Medium
Proximus in 
Belgium/ 98%
AR5 IPCC
Bilan Carbone, IEA
Limited
Scope 3 - Cat. 15
Activities from Joint Ventures 
Fiberklaar and Unifiber
N.A.
Proximus in 
Belgium/ 100%
AR5 IPCC
N.A.
Limited
Scope 3 – Cat. 8, 10, 14
N.A.
N.A.
N.A.
AR5 IPCC
N.A.
N.A.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
177

*External audit
E3: Abatement of Carbon Emissions through our products & services
E3
Carbon Abatement
Unit
2018
2019
2020
2021
2022
*
Total 
KTon CO2e
-
-
465.19 
501.9
741.4
E3.1
Broadband enabled homeworking
KTon CO2e
-
-
372.5
382.2
612.2
Dematerialization & device leasing
KTon CO2e
-
-
41.2
63.2
66.5
E3.2
Online conferencing & collaboration
KTon CO2e
-
-
32.9
36.6
34.4
Cloud & IP communication
KTon CO2e
-
-
1.3
1.5
1.6
E3.3
Proximus & public cloud
KTon CO2e
-
-
3.9
4.0
1.6
Vehicle & traffic management
KTon CO2e
-
-
7.4
8.7
9.1
E3.4
Smart building & metering
KTon CO2e
-
-
5.9
5.7
16.1
Definitions
•	 Carbon abatement: We chose to calculate the avoided 
emissions we can account for based on our products and 
solutions direct margin. The following elements have been 
considered in the calculation: 
•	 The volume of products and solutions sold
•	 The contribution of our solution or product to the carbon 
abatement
•	 The amount of CO2 emissions the product or solution 
itself generates
•	 The direct margins on our products or solutions.
•	 Dematerialization: suppressing the use of physical material by 
for example offering a digital alternative. 
•	 IP: The Internet Protocol is a family of computer network 
communication protocols designed for use on the Internet. 
•	 Smart building & metering: The IoT (Internet of Things) 
solution embody intelligence in buildings in order to consume 
energy and space more efficiently. IoT solutions will also help 
to monitor how rooms are used and to adjust their function 
whenever possible.
Notes
•	 E3.1: Broadband enabled Homeworking avoided emissions 
increase is due to a higher homeworking frequency in Belgium 
compared to previous years which were based on pre-
COVID-19 statistics.
•	 E3.2: The decrease in Online Conferencing is due to the 
Proximus Meeting Service (Audioconferencing), which stopped 
in Q2 2022.
•	 E3.3: Due to data availability, this year’s Proximus & Cloud 
solutions emissions avoidance is based on the Housing 
solution only and excluding Data Centers and Public Cloud 
solutions. 
•	 E3.4: Emission avoidance increase associated to the Smart 
building & metering solution is mainly driven by the large-scale 
deployment of smart electricity and gas meters in Belgium.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
178

E4: Circularity
E4
Circularity
Unit
2018
2019
2020
2021
2022
*
E4.1
Total waste - Belgium
KTons
14.7
13.6
10.78
8.70
6.97

% of hazardous waste - Belgium 
%
4.0%
8.7%
5.4%
3.5%
2.7%

% waste reused-recycled - Belgium
%
87%
87%
88%
89%
87%

Non-hazardous waste - recycled or 
reused - Belgium
KTons
12.20
10.60
8.82
7.45
5.86

Recycled copper cables - Belgium
KTons
-
-
-
0.86
0.63

Non-hazardous waste - with energy 
recovery - Belgium
KTons
2.00
1.80
1.32
0.95
0.92

E4.2
Hazardous waste - recycled or recovered 
- Belgium 
KTons
0.60
1.20
0.57
0.30
0.19

E4.3
Paper consumption - Belgium
KTons
0.97
0.65
0.59
0.38
0.29
E4.4
Water consumption - Belgium 
‘000L
146,599
109,392
87,551
77,823
62,919
E4.5
Total collected devices (including 
DTMC) - Belgium and Proximus 
Luxembourg
Number
-
-
-
907,194
776,914

E4.6
Total Don't Miss The Call (DMTC) Mobile 
phones collected
Number
18,279
31,475
72,764
80,406
121,042

E4.7
Mobile phones collected in Proximus 
SA and Proximus Luxembourg for 
reuse and recycling 
Number
9,237
19,255
64,941
70,830
103,435

Mobiles phones collected in schools 
with GoodPlanet Belgium for reuse 
and recycling
Number
9,042
12,220
7,823
9,576
17,607

Number of refurbished computers offered 
to schools as reward for mobile phone 
recycling - Belgium
Number
156
189
239
432
349
E.4.5 Number of refurbished modems - 
Belgium
Number
182,553
140,000
164,340
178,520
143,970

Number of refurbished modems-number 
of new installed modems - Belgium
%
32%
26%
32%
28%
25%
E.4.5 Number of refurbished TV decoders - 
Belgium
Number
222,991
196,000
245,136
314,407
244,990

Number of refurbished TV decoders - 
number of new installed TV decoders 
- Belgium
%
44%
39%
41%
51%
38%
Number of refurbished remotes - 
Belgium
Number
-
-
-
8,348
31,789

E.4.5 Number of refurbished PSU’s - Belgium
Number
-
-
-
231,357
173,385

E.4.5 Number of refurbished Wi-Fi boosters - 
Belgium
Number
-
-
-
78,400
46,460

Number of refurbished PABX - Belgium
Number
-
-
-
9,250
5,929

Number of refurbished network 
equipment - Belgium
Number
-
-
-
6,506
6,363

Number of refurbished ONT's - Belgium
Number
-
-
-
-
2,986

*External audit
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
179

Definitions
•	 Waste calculation: Monthly bills and certificates of waste 
processors are combined into a single annual report, which 
is then updated with additional information received from 
the waste processors:
•	 The weights of the subscriptions and the individually 
measured weights of the waste collections.
•	 Distinction between hazardous and non-hazardous waste.
•	 Processing methods such as composting, recycling, 
reprocessing, reuse or residual waste with energy recover
•	 DMTC: Our mobile phone collection program, "Don’t Miss 
The Call". 
•	 PSU’s: Power supply units are the power cables of the devices 
we recover.
•	 PABX: Private automatic branch exchange, is a private 
telephone switchboard. This is a telephone switchboard used 
privately by a company. 
•	 ONT: The Optical Network Terminal is a device that converts 
the optical signal coming through the fiber into separate 
signals for TV, voice and data.
Notes
•	 E4.1: A general reduction of wastes is observed, with the 
highest contribution coming from the reduction of wastes 
associated with excavation works (soil and rubble). This is the 
consequence of a reduced numbers of interventions on the 
copper network. 
•	 E4.2: 98% of the hazardous waste is related to batteries. In 
2022, less projects involving battery removal were conducted, 
leading to a decrease of the battery wastes, reflected in the 
total hazardous waste reduction.
•	 E4.3: The reduction in paper consumption is driven by three 
factors: less paper used on office printers, door-to-door 
advertising was replaced by inserts in daily press and there was 
a switch to electronic invoicing versus paper ones. 
•	 E4.4: “Water consumption - Belgium” is measured based on 
periodic bills. 
•	 E4.5: ONT’s were added to the categories of refurbished 
devices. In 2021, refurbishment activities increased because 
of the global chipset shortage. The stock of devices to be 
refurbished in 2022 was therefore lower and very dependent 
on the devices collected from our customers, which explains a 
reduced refurbishment activity in 2022 compared to 2021. In 
addition, some old devices are not compatible anymore with 
the technical requirements of our network and hence cannot 
be refurbished.
•	 E.4.6: Increased focus on mobile devices collection allowed 
Proximus to reach the target of 120.000 mobile phones 
collected.
•	 E4.7: Correction of the 2021 collected mobile phones: devices 
collected in Luxembourg were not included.
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180

E5: Supply Chain
E5
Supply Chain
Unit
2018
2019
2020
2021
2022
*
E5.1
% of the total spend covered by 
supplier Ecovadis sustainability 
scorecards - Proximus SA
%
40%
32%
55%
56%
68%
E5.2
Number of on-site audits in 
collaboration with JAC
Number
91
84
80
71
98
E5.3
Circular Manifesto’s signed  
Number
-
-
21
53
87
Procurement controlled spend covered 
by Circular Manifesto’s - Proximus SA
%
-
-
-
50%
50%
Definitions
•	 JAC:Joint Audit Co-operation, an association of telecom 
operators aiming to verify, assess and develop the CSR 
(Corporate Social Responsibility) implementation across the 
manufacturing centers of the most important ICT multinational 
suppliers. 
•	 Circular Manifesto: is a public letter of intent aligning the 
sustainable goals of the supplier with the ones of Proximus.
Notes
•	 E5.1: Increase due to Proximus increasing its efforts in 
engaging its suppliers and due to suppliers taking pro-active 
action to execute the self-assessment
•	 E5.2: Increase due to a normalization post-COVID-19.
•	 E5.3: Increase number of Manifesto’s signed due to increased 
engagement of suppliers by Proximus as we are internally 
increasing the importance of supplier engagement 
*External audit
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181

E6: Environmental management system
Proximus’ environmental management system is made up of 
different components. There are different parties involved and the 
system has a variety of tools and resources. 
Stakeholders
•	 The Sustainability department, with a strong focus on 
environmental issues, circularity and climate change 
•	 The Corporate Prevention & Protection department, including 
the Environmental department 
•	 The Internal Audit department reports to the Board of 
Directors and carries out audits on all kinds of environmental 
aspects at the request of the Environment or Sustainability 
departments, the Board of Directors, or the Executive 
Committee 
•	 Government-accredited independent external organizations, 
which audit our waste policy and procedures (packaging, 
WEEE, batteries). 

Resources and activities
•	 Procedures, guidelines, plans and campaigns related to 
environmental issues (e.g. surveys and info sessions for 
employees to improve our mobility policy) 
•	 New packaging waste prevention plan 2022-2025, approved 
by the Interregional Packaging Commission and awareness 
campaigns on waste recycling
•	 Anti-pollution plan in the event of severe air pollution in the 
Brussels Region 
•	 Environmental policy updated 
•	 Field visits concerning environmental issues such as hazardous 
products, waste and control of permit 
•	 Communication channels: intranet news, toolboxes, internal 
reporting to the Executive Committee 
•	 Integrated management system, ISO9001 certificate and 
ISO14001 certificate for our Data center in Machelen 
•	 Environmental and sustainability clauses in purchasing 
procedures 
•	 Regional permits for light 5G roll-out in Flanders and 
Brussels 
•	 Noise studies and control measurements to ensure 
compliance with noise standards and limit disturbance for 
neighbours 
•	 Soil survey for high-risk installations 
•	 E-learning module on the impact of mobile and wireless 
telephony on the health of employees
•	 Creation and communication towards concerned employees of 
a toolbox concerning PFAS matters.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
182

EU Taxonomy 
Introduction to EU Taxonomy
The EU Taxonomy is a classification system which establishes a list 
of economic activities that qualify as environmentally sustainable 
and that feeds 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 the role data centers play given their 
significant energy consumption. 
Being a critical player in enabling climate change mitigation, 
Proximus is ahead of the curve in developing sustainable 
investments, notably with its Fiber and 5G networks. 
Nevertheless, the current Taxonomy’s narrow scope which 
excludes the core activities of the Telecom industry, doesn’t allow 
us to highlight our most sustainable activities.  
Outcome of Taxonomy eligibility & alignment
Overall, and in line with its peers, Proximus has limited eligibility 
as the Taxonomy crucially leaves out Telecom networks from the 
targeted activities. Amongst these eligible activities, most are not 
aligned with the Taxonomy as Proximus does not meet some of 
the Technical Screening Criteria defined at this stage.
Given the lack of Revenues, CapEx and OpEx linked to eligible 
activities within Proximus’ overall business, the outcome of our 
EU taxonomy alignment exercise shows that the eligibility and 
alignment are immaterial for Proximus in 2022. Nevertheless, 
Proximus is committed to continue progressing towards our 
sustainability ambitions through numerous initiatives such as the 
rolling out of energy-efficient and future proof telecom networks 
which in turn will allow our customers to realize energy efficiency 
gains for their own activities.
Detailed assessment of relevant activities
Compared to its Annual Report 2021, Proximus has performed a 
detailed assessment of the Group’s economic activities to further 
refine its eligibility and expand on alignment by linking key metrics 
(Revenues/CapEX/OpEx) to eligible activities for FY2022.
Through this exercise, five economic activities as defined in the 
EU Taxonomy have been identified as potentially eligible. These 
activities are either referring to Climate Change Mitigation aiming 
at reducing the causes of climate change or Climate Change 
Adaptation aiming at addressing the effects of a changing 
climate. The activities have been mapped based on the detailed 
descriptions in the regulation: 
EU Taxonomy KPIs
Total 2022 (M€)
Eligible (%)
Aligned (%)
Turnover
 € 5,909
0%
0%
CapEx
€ 1,305
0%
0%
OpEx
€ 1,936
0%
0%
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
183

Taxonomy activity
Proximus Activity 
Climate Change 
Mitigation
Climate Change 
Adaptation
6.15	 Infrastructure enabling road transport and public transport 
EV charging points 


8.1	
Data processing, hosting and related activities 
Datacenters


8.2	
Data-driven solutions for GHG emissions reductions 
IoT activities

8.2	
Computer programming, consultancy and related activities 
ICT consulting

8.3	
Programming and broadcasting activities 
Proximus Media House

Out of the previously-mentioned activities, EV charging points 
and the smart building & metering IoT services have been 
assessed as eligible.
Detailed assumptions for retained eligible activities: 
•	 Activity 6.15 focuses on infrastructure that will enable zero-
emissions road transport which is fully in line with Proximus’ 
EV charging points activities. Although the development of EV 
Charging Stations are currently at pilot stage, this activity is part 
of Proximus’ strategic ambition which expects to grow in the 
coming years
•	 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 points, these 
activities are still relatively small but are also part of Proximus’ 
strategic ambition and are expected to grow in the coming 
years
Datacenter activities, ICT consulting services and Proximus Media 
House have not been assessed as eligible for Proximus because of 
the following interpretations of the EU Taxonomy Directive: 
•	 Eligible activities are only those for which Proximus has direct 
ownership of
•	 Eligible activities should be directly aimed at adapting society 
to a changing climate (for activities falling under the “Climate 
Change Adaptation” environmental objective)
Proximus’ core business, the development and management 
of Telecommunication networks, is excluded from the current 
Taxonomy regulation’s scope. 
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 considered as not aligned: 
•	 Still at pilot stage, EV Charging Stations activity cannot yet be 
fully assessed
•	 As for the IoT activities, no full life-cycle GHG emission analysis 
is formally completed for the moment
•	 Finally, 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 few 
publications efforts need to be addressed for Proximus to be 
fully aligned with the other minimum safeguard's conditions.
Looking forward
Sustainable change is one of the key pillars  
  at Proximus. We 
are undertaking strong actions to support the transition towards 
a sustainable society. Proximus will be able to showcase its 
sustainability credentials and engagement in a broader sense as 
part of the upcoming Corporate Sustainability Reporting Directive 
(CSRD), that will require large companies to report on their 
environmental and social impacts from FY 2024 onwards. 
Regardless of the limited eligibility for the economic activities of 
Proximus under the EU Taxonomy directive and the absence of its 
core activities within the framework, we believe that the Telecom 
industry and its network infrastructure is a critical enabler for 
climate mitigation solutions, both for our customers and for 
society.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
184

EU Taxonomy KPI tables
Substantial contributions (%)
Do no significant harm (Y/N)
Code(s)
Absolute turnover
Proportionof turnover
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned portion of 
turnover, year N 
Taxonomy-aligned portion of 
turnover, year N-1
Category (enabling activity) 
Category (transitional activity)
Economic activities
MEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.TAXONOMY-ELIGIBLEACTIVITIES
A.1 Environmentallysustainable activities(taxonomy-aligned)
None
0
0%
0%
-
-
-
Turnover of environmentally sustainable activities (taxonomy-
aligned) (A.1)
0
0%
0%
A.2 Taxonomy-eligible but not environmentallysustainable activities
(not Taxonomy-aligned activities)
None
0
0%
0%
Turnover
of
Taxonomy-eligible
but
not
environmentally
sustainable activities(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
0
0%
0%
B.TAXONOMY-NON ELIGIBLEACTIVITIES
Turnover of Taxonomy-non-eligible activities(B)
€ 5,909
100%
Total (A + B)
€ 5,909
100%
Substantial contributions (%)
Do no significant harm (Y/N)
Code(s)
Absolute CAPEX
Proportion of CAPEX
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned portion of 
CAPEX, year N 
Taxonomy-aligned portion of 
CAPEX, year N-1
Category (enabling activity) 
Category (transitional activity)
Economic activities
MEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.TAXONOMY-ELIGIBLEACTIVITIES
A.1 Environmentallysustainable activities(taxonomy-aligned)
None
0
0%
0%
-
-
-
CAPEX of environmentally sustainable activities (taxonomy-
aligned) (A.1)
0
0%
0%
A.2 Taxonomy-eligible but not environmentallysustainable activities
(not Taxonomy-aligned activities)
Data-drivensolutionsforGHGemissionsreductions
8.2
0
0%
0%
CAPEX of Taxonomy-eligible but not environmentally sustainable
activities(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
0
0%
0%
B.TAXONOMY-NON ELIGIBLEACTIVITIES
CAPEXof Taxonomy-non-eligible activities
€ 1,305
100%
Total (A + B)
€ 1,3305
100%
Substantial contributions (%)
Do no significant harm (Y/N)
Code(s)
Absolute OPEX
Proportion of OPEX
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation 
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned portion of 
OPEX, year N 
Taxonomy-aligned portion of 
OPEX, year N-1
Category (enabling activity) 
Category (transitional activity)
Economic activities
MEUR
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A.TAXONOMY-ELIGIBLEACTIVITIES
A.1 Environmentallysustainable activities(taxonomy-aligned)
None
0
0%
0%
-
-
-
OPEX
of
environmentally
sustainable
activities (taxonomy-
aligned) (A.1)
0
0%
0%
A.2 Taxonomy-eligible but not environmentallysustainable activities
(not Taxonomy-aligned activities)
Data-drivensolutionsforGHGemissionsreductions
8.2
0
0%
0%
OPEX of Taxonomy-eligible but not environmentally sustainable
activities(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
0
0%
0%
B.TAXONOMY-NON ELIGIBLEACTIVITIES
OPEXof Taxonomy-non-eligible activities
€ 1,936 
100%
Total (A + B)
€ 1,9936 
100%
ANNEX XII – Template 1 Nuclear and fossil gas related activities
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricitygeneration facilities that produce energy fromnuclear processes with minimal waste fromthe
fuel cycle.
NO
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricityor process heat, including for the purposes of district heating or industrial processes such as
hydrogenproduction, aswell astheir safetyupgrades, usingbest available technologies.
NO
3
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 fromnuclear energy, aswell astheir safetyupgrades.
NO
Fossil gas related activities
4
The undertakingcarriesout, fundsor hasexposuresto constructionor operationof electricitygeneration facilitiesthat produce electricityusingfossil gaseousfuels.
NO
5
The undertakingcarriesout, fundsor hasexposuresto construction, refurbishment, and operationof combined heat/cool and power generation facilitiesusingfossil gaseousfuels.
NO
6
The undertakingcarriesout, fundsor hasexposuresto construction, refurbishment and operationof heat generation facilitiesthat produce heat/cool usingfossil gaseousfuels.
NO
ANNEX XII – Template 2 Taxonomy-aligned economic activities (denominator)
Amount and proportion 
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
8
Total applicable KPI
0 €
0%
0 €
0%
0 €
0%
ANNEX XII – Template 4 Taxonomy-eligible but not taxonomy-aligned economic activities
Amount and proportion 
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 
of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activityreferred to in Section 4.27
of AnnexesIand IIto Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 
of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activityreferred to in Section 4.29
of AnnexesIand IIto Delegated Regulation 2021/2139 inthe denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 
of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 
of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred
to in rows1 to 6 above in the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
0 €
0%
0 €
0%
0 €
0%
ANNEX XII – Template 3 Taxonomy-aligned economic activities (numerator)
Amount and proportion 
CCM + CCA
Climate change mitigation 
(CCM)
Climate change adaptation 
(CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 inthe numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
8
Total amount and proportion of taxonomy-aligned economic activitiesin the numerator of the applicable KPI
0 €
0%
0 €
0%
0 €
0%
ANNEX XII – Template 5 Taxonomy non-eligible economic activities
Amount
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 €
0%
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above
in the denominator of the applicable KPI
0 €
0%
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable
KPI
0 €
0%
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
185

Table of Task Force on Climate-Related 
Financial Disclosures (TCFD) 
As climate change is becoming increasingly important, in 2022, 
we continued the implemention of the recommendations of the 
Task Force on Climate-Related Financial Disclosures (TCFD), an 
international framework to financially assess climate risk and 
opportunities. In 2022, Proximus officially became a supporter of 
TCFD recommendations  
. It is the first year we used scenario 
analysis in our disclosure of climate-related risk and opportunities.
Governance
Disclose the company’s governance around climate-related risks 
and opportunities.
Recommendations 
References 
a	 Describe the Board’s oversight of climate-related risks 
and opportunities. 
- Corporate governance statement, p.88
- Sustainability governance, p.94
- Risk management report, p.346
- Risk Management & Compliance Committee, p.356 
- CDP Climate Change responses 2022: C1.1, C1.1a, C1.1b, C1.1.d, C1.2a 
b	 Describe management’s role in assessing and managing 
climate- related risks and opportunities. 
- Sustainability governance, p.94
- Remuneration report: short-term and long-term variable 
   remuneration, p.123
- Environmental management system, p.182
- CDP Climate Change responses 2022: C1.2, C1.2a, C1.3, C1.3a 
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 
a	 Describe the climate-related risks and opportunities the company 
has identified over the short, medium, and long term. 
- Applying high ethical standards, p.108
- Environmental risk and climate change, p.351
- Sourcing & supply chain, p.355
- CDP Climate Change responses 2022: C2.1a, C2.1b, C2.2a, C2.3, C2.3a, 
   C2.4, C2.4a, C3.1  
b	 Describe the impact of climate-related risks and opportunities on 
the company’s businesses, strategy, and financial planning.
- Contributing to the UN Sustainable Development Goals, p.148
- Act for a green and digital society, p.57
- Materiality and stakeholder dialogue, p.153
- EU taxonomy, p.183
- CDP Climate Change responses 2022: C3.1, C3.3, C3.4, C3.5, C3.5a 
c	 Describe the resilience of the company’s strategy, taking into 
consideration different climate-related scenarios. 
- Environmental risk and climate change, p.351
- Operational risk, p.354
- CDP Climate Change responses 2022: C2.3a, C2.4a, C3.1, C3.2
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
186

Risk Management
Disclose how the company identifies, assesses, and manages 
climate-related risks.
Recommendations 
References 
a	 Describe the company’s processes for identifying and assessing 
climate-related risks. 
- Risk management report, p.346
- Environmental risk and climate change, p.351
- CDP Climate Change responses 2022: C2.2, C2.2a, C3.1, C3.2
b	 Describe the company’s processes for managing climate-related 
risks. 
- Act for a green and digital society, p.57
- Risk management report, p.346
- CDP Climate Change responses 2022: C2.2, C2.2a, C3.1, C3.2
c	 Describe how processes for identifying, assessing, and managing 
climate-related risks are integrated into the company’s overall risk 
management. 
- Risk management report, p.346
- CDP Climate Change responses 2022: C2
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 
a	 Disclose the metrics used by the company to assess climate-related 
risks and opportunities. 
- Act for a green and digital society, including a status on our net zero 
   and truly circular ambitions, p.57
- Environmental statement, p.171
- CDP Climate Change responses 2022: C4.1a, C4.2a, C4.2c 
b	 Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse 
gas (GHG) emissions, and the related risks. 
- Status on our net zero and truly circular ambitions, p.176
- Emissions, p.173
- Abatement of carbon emissions through our products & services, 
   p.178
- CDP Climate Change responses 2022: C5.1a, C5.1b, C5.1c, C5.2, C6.1, 
   C6.2, C6.3, C6.5, C6.10, C7.2, C7.3, C7.5, C7.6b, C7.9a 
c	 Describe the targets used by the company to manage climate-
related risks and opportunities and performance against targets. 
- Environmental statement, p.171
- CDP Climate Change responses 2022: C4.1a, C4.2a, C4.2c, C4.3a, 
   C4.3c, C4.5a
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
187

GRI content index
Proximus has reported the information cited in this GRI content index for the period 
January 1st to December 31st 2022 with reference to the GRI Standards.
GRI 
standard
Disclosure
Disclosure requirements
Reference
GRI 2: General Disclosures 2021 - Disclosures about the reporting organization
1. The organization and its reporting practices	
	
	
 2-1
Organizational 
details
a.	 report its legal name;
b.	 report its nature of ownership and legal form;
c.	 report the location of its headquarters;
d.	 report its countries of operation.
a.	 Proximus
b.	 Limited company under Belgian Public 
Law
c.	 Boulevard du Roi Albert II, 27 B - 1030 
Brussels
d.	 Our brands (p.10-12)
 2-2
Entities 
included in the 
organization's 
sustainability 
reporting
a.	 list all its entities included in its sustainability reporting;
b. if the organization has audited consolidated financial statements or 
financial information filed on public record, specify the differences 
between the list of entities included in its financial reporting and the 
list included in its sustainability reporting;
c.	 if the organization consists of multiple entities, explain the approach 
used for consolidating the information, including:
i.	 whether the approach involves adjustments to information for 
minority interests; how the approach takes into account mergers, 
acquisitions, and disposal of entities or parts of entities;
ii. whether and how the approach differs across the disclosures in this 
Standard and across material topics.
a.	 Integrated reporting approach 2022 
(p.3)
b.	 n/a
c.	
i.	 n/a
ii.	 n/a
 2-3
Reporting 
period, 
frequency and 
contact point
a.	 specify the reporting period for, and the frequency of, its sustainability 
reporting;
b. specify the reporting period for its financial reporting and, if it does not 
align with the period for its sustainability reporting, explain the reason 
for this;
c.	 report the publication date of the report or reported information;
d.	 specify the contact point for questions about the report or reported 
information.
a.	 Jan 1 to Dec 31, 2022
b.	 Consolidated Financial Statements 
(p.204)
c.	 March, 2023
d. Corporate Affairs Proximus, Bd du Roi 
Albert II, 27 B-1030 Brussels
 2-4
Restatements 
of information
report restatements of information made from previous reporting periods 
and explain:
i.	 the reasons for the restatements;
ii. the effect of the restatements.
a.	 There is no restatement of information 
unless specifically otherwise stated in 
the text
 2-5
External 
assurance
a.	 describe its policy and practice for seeking external assurance, 
including whether and how the highest governance body and senior 
executives are involved;
b.	 if the organization’s sustainability reporting has been externally 
assured:
i.	 provide a link or reference to the external assurance report(s) or 
assurance statement(s);
ii.	 describe what has been assured and on what basis, including the 
assurance standards used, the level of assurance obtained, and any 
limitations of the assurance process;
iii.	describe the relationship between the organization and the 
assurance provider.
b. 
i. Auditor’s reports (p.366)
ii. Auditor’s reports (p.366)
iii. Board of Auditors (p.97)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
188

GRI 
standard
Disclosure
Disclosure requirements
Reference
2. Activities and workers
 2-6
Activities, 
value chain 
and other 
business 
relationships
a. 	report the sector(s) in which it is active;
b.	 describe its value chain, including:
i.	 the organization’s activities, products, services, and markets served;
ii.	 the organization’s supply chain;
iii.	the entities downstream from the organization and their activities;
c.	 report other relevant business relationships;
d. describe significant changes in 2-6-a, 2-6-b, and 
2-6-c. compared to the previous reporting period.
a.	 About us and how we
create value for society  (p.9)
b. 
i.	 About us and how we
create value for society  (p.9-12)
ii. 	
-	 Our business model:
how we create value for society 
(p.16-17) 
iii.	Proximus customers and the use 
of its products and services is 
mentioned throughout the report, 
for example on p.9 'About us and 
how we create value for society' 
and on p.17 the number of users is 
mentioned.
c.	 Key highlights  (p.20-21)
d. No specific changes to the organization 
and its supply chain.
 2-7
Employees
a.	 report the total number of employees, and a breakdown of this total by 
gender and by region;
b.	 report the total number of:
i.	 permanent employees, and a breakdown by gender and by region;
ii.	 temporary employees, and a breakdown by gender and by region;
iii.	non-guaranteed hours employees, and a breakdown by gender and 
by region;
iv.	full-time employees, and a breakdown by gender and by region;
v.	 part-time employees, and a breakdown by gender and by region;
c.	 describe the methodologies and assumptions used to compile the 
data, including whether the numbers are reported:
i.	 in head count, full-time equivalent (FTE), or using another 
methodology;
ii.	 at the end of the reporting period, as an average across the 
reporting period, or using another methodology;
d.	 report contextual information necessary to understand the data 
reported under 2-7-a and 2-7-b;
e. describe significant fluctuations in the number of employees during 
the reporting period and between reporting periods.
a.	 Social statement (S1: Workforce) 
(p.160)
b.
i.	 Social statement (S1: Workforce) 
(p.161)
ii.	 Social statement (S1: Workforce) 
(p.161)
iii.	n/a
iv.	Social statement (S1: Workforce) 
(p.161)
v.	 Social statement (S1: Workforce) 
(p.162)
c. 
i.	 Social statement (S1: Workforce) 
(p.160)
ii.	 Social statement (Scope of the 
social statement) (p.160)
d.	 Social statement (S1: Workforce) 
(p.162)
e. n/a"
 2-8
Workers 
who are not 
employees
a.	 report the total number of workers who are not employees and whose 
work is controlled by the organization and describe:
i.	 the most common types of worker and their contractual relationship 
with the organization;
ii.	 the type of work they perform;
b.	 describe the methodologies and assumptions used to compile the 
data, including whether the number of workers who are not employees 
is reported:
i.	 in head count, full-time equivalent (FTE), or using another 
methodology;
ii.	 at the end of the reporting period, as an average across the 
reporting period, or using another methodology;
c. describe significant fluctuations in the number of workers who are not 
employees during the reporting period and between reporting periods.
a.	 Social statement (S1: Workforce) 
(p.160)
ii.	 Social statement (S1: Workforce) 
(p.162)
b.
i.	 Social statement (S1: Workforce) 
(p.160)
ii.	 Social statement (Scope of the 
social statement) (p.160)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
189

GRI 
standard
Disclosure
Disclosure requirements
Reference
3. Governance
 2-9
Governance 
structure and 
composition 
a.	 describe its governance structure, including committees of the highest 
governance body;
b.	 list the committees of the highest governance body that are 
responsible for decisionmaking on and overseeing the management of 
the organization’s impacts on the economy, environment, and people;
c.	 describe the composition of the highest governance body and its 
committees by:
i.	 executive and non-executive members;
ii.	 independence;
iii.	tenure of members on the governance body;
iv. number of other significant positions and commitments held by 
each member, and the nature of the commitments;
v.	 gender;
vi.	under-represented social groups;
vii.	competencies relevant to the impacts of the organization;
viii.	stakeholder representation.
a.	 Proximus governance model 
(p. 89-93)
b.	 Committees of the Board of Directors 
(p.92-93)
c. 
i.	 Board of Directors (p.89-92) 
and Committees of the Board of 
Directors (p.92-93)
ii.	 Composition of the Board of 
Directors (p.90) and Committees of 
the Board of Directors (p.92-93)
iii.	Composition of the Board of 
Directors (p.90)
iv.	Members of the Board of Directors 
(p.98-103) and Members of the 
Leadership Squad (p.104-106)
v.	 Composition of the Board of 
Directors (p.90) and Committees of 
the Board of Directors (p.92-93)
vii.	Members of the Board of Directors 
(p.98-103) and Committees of the 
Board of Directors (p.92-93)
 2-10
Nomination 
and selection 
of the highest 
governance 
body
a.	 describe the nomination and selection processes for the highest 
governance body and its committees;
b.	 describe the criteria used for nominating and selecting highest 
governance body members, including whether and how the following 
are taken into consideration:
i.	 views of stakeholders (including shareholders);
ii.	 diversity;
iii.	independence;
iv.	competencies relevant to the impacts of the organization.
a. 
-	 Board of Directors (p.89)
-	 Committees of the Board of Directors 
(p.92)
b. 
i.	 Board of Directors (p.89)
iii.	Board of Directors (p.89)
 2-11
Chair of 
the highest 
governance 
body
a.	 report whether the chair of the highest governance body is also a 
senior executive in the organization;
b.	 if the chair is also a senior executive, explain their function within the 
organization’s management, the reasons for this arrangement, and 
how conflicts of interest are prevented and mitigated.
a.	 Board of Directors (p.89-92)
b.	 n/a
 2-12
Role of the 
highest 
governance 
body in 
overseeing the 
management 
of impacts
a.	 describe the role of the highest governance body and of senior 
executives in developing, approving, and updating the organization’s 
purpose, value or mission statements, strategies, policies, and goals 
related to sustainable development;
b.	 describe the role of the highest governance body in overseeing the 
organization’s due diligence and other processes to identify and 
manage the organization’s impacts on the economy, environment, and 
people, including:
i.	 whether and how the highest governance body engages with 
stakeholders to support these processes;
ii.	 how the highest governance body considers the outcomes of these 
processes;
c.	 describe the role of the highest governance body in reviewing the 
effectiveness of the organization’s processes as described in 2-12-b, 
and report the frequency of this review.
a.	 Sustainability governance (p.94)
b.	 Sustainability governance (p.94)
ii.	 Sustainability governance (p.94)
c.	 Sustainability governance (p.94)
 2-13
Delegation of 
responsibility 
for managing 
impacts
a.	 describe how the highest governance body delegates responsibility for 
managing the organization’s impacts on the economy, environment, 
and people, including:
i.	 whether it has appointed any senior executives with responsibility 
for the management of impacts;
ii.	 whether it has delegated responsibility for the management of 
impacts to other employees;
b.	 describe the process and frequency for senior executives or other 
employees to report back to the highest governance body on 
the management of the organization’s impacts on the economy, 
environment, and people.
a.
i.	 Sustainability governance (p.94)
ii.	 Sustainability governance (p.94)
b.	 Sustainability governance (p.94)
 2-14
Role of the 
highest 
governance 
body in 
sustainability 
reporting
a.	 report whether the highest governance body is responsible for 
reviewing and approving the reported information, including the 
organization’s material topics, and if so, describe the process for 
reviewing and approving the information;
b.	 if the highest governance body is not responsible for reviewing and 
approving the reported information, including the organization’s 
material topics, explain the reason for this.
a. 
- Sustainability governance (p.94)
- Materiality determination (p.153)
b.	 n/a
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
190

GRI 
standard
Disclosure
Disclosure requirements
Reference
 2-15
Conflicts of 
interest
a.	 describe the processes for the highest governance body to ensure that 
conflicts of interest are prevented and mitigated;
b. report whether conflicts of interest are disclosed to stakeholders, 
including, at a minimum, conflicts of interest relating to:
i.	 cross-board membership;
ii.	 cross-shareholding with suppliers and other stakeholders;
iii.	existence of controlling shareholders;
iv.	related parties, their relationships, transactions, and outstanding 
balances.
a. Conflict of interest (p.95)
b. Conflict of interest (p.95)
 2-16
Communica­
tion of critical 
concerns
a.	 describe whether and how critical concerns are communicated to the 
highest governance body;
b.	 report the total number and the nature of critical concerns that were 
communicated to the highest governance body during the reporting 
period.
a.	 Audit & Compliance Committee (p.92)
b.	 The Compliance Program 
(p.108-109)
 2-17 
Collective 
knowledge of 
the highest 
governance 
body
a.	 report measures taken to advance the collective knowledge, skills, 
and experience of the highest governance body on sustainable 
development.
a.	 Sustainability governance (p.94)
 2-18
Evaluation 
of the 
performance 
of the highest 
governance 
body
a.	 describe the processes for evaluating the performance of the highest 
governance body in overseeing the management of the organization’s 
impacts on the economy, environment, and people;
b.	 report whether the evaluations are independent or not, and the 
frequency of the evaluations;
c.	 describe actions taken in response to the evaluations, including 
changes to the composition of the highest governance body and 
organizational practices.
a.	 Evaluation of the Board (p.95-96)
b.	 Evaluation of the Board (p.95-96)
c.	 Evaluation of the Board (p.95-96)
 2-19 
Remuneration 
policies
a.	 describe the remuneration policies for members of the highest 
governance body and senior executives, including:
i. fixed pay and variable pay;
ii.	 sign-on bonuses or recruitment incentive payments;
iii.	termination payments;
iv.	clawbacks;
v. retirement benefits;
b.	 describe how the remuneration policies for members of the highest 
governance body and senior executives relate to their objectives and 
performance in relation to the management of the organization’s 
impacts on the economy, environment, and people.
a.
i. 
- 	 Structure of the remuneration 
of the members of the Board of 
Directors (p.122-124)
- 	 Remuneration structure of the 
Leadership Squad (p.126-133)
ii. One-off and exceptional bonuses 
(p.135)
iii. One-off and exceptional bonuses 
(p.135)
iv.	Recovery of undue variable 
remuneration (p.135)
v. 
- 	 Structure of the remuneration 
of the members of the Board of 
Directors 
(p.122-124)
- 	 Group insurance premiums 
(p.133-134)
b. 
-	 Short-term variable remuneration 
(p.128-131)
-	 Long-term variable remuneration 
(p.131-133)
 2-20
Process to 
determine 
remuneration
a.	 describe the process for designing its remuneration policies and for 
determining remuneration, including:
i.	 whether independent highest governance body members or an 
independent remuneration committee oversees the process for 
determining remuneration;
ii.	 how the views of stakeholders (including shareholders) regarding 
remuneration are sought and taken into consideration;
iii.	whether remuneration consultants are involved in determining 
remuneration and, if so, whether they are independent of the 
organization, its highest governance body and senior executives;
b.	 report the results of votes of stakeholders (including shareholders) on 
remuneration policies and proposals, if applicable.
a.
i. 
- 	 Remuneration of the members of 
the Leadership Squad (p.125-126)
- 	 Nomination and Remuneration 
Committee (p.93)
ii.	 Global Rewards Program - general 
vision (p.125)
b.	 Shareholders votes on previous 
Remuneration Report (p.139)
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191

GRI 
standard
Disclosure
Disclosure requirements
Reference
 2-21
Annual total 
compensation 
ratio
a.	 report the ratio of the annual total compensation for the organization’s 
highest-paid individual to the median annual total compensation for 
all employees (excluding the highest-paid individual);
b.	 report the ratio of the percentage increase in annual total 
compensation for the organization’s highest-paid individual to the 
median percentage increase in annual total compensation for all 
employees (excluding the highest-paid individual);
c.	 report contextual information necessary to understand the data and 
how the data has been compiled.
a.	 Pay ratio and pay evolution 
(p.138-139)
b.	 Pay ratio and pay evolution 
(p.138-139)
c.	 Wages and working conditions: 
internal comparisons, and company 
performance (p.137-138)
4. Strategy, policies and practices
 2-22
Statement on 
sustainable 
development 
strategy
a.	 report a statement from the highest governance body or most senior 
executive of the organization about the relevance of sustainable 
development to the organization and its strategy for contributing to 
sustainable development.
a. 	A bold strategy for a secure,
connected and more prosperous 
society  (p.5-7)
 2-23
Policy 
commitments
a. 	describe its policy commitments for responsible business conduct, 
including:
i. 	 the authoritative intergovernmental instruments that the 
commitments reference;
ii. 	whether the commitments stipulate conducting due diligence;
iii. 	whether the commitments stipulate applying the precautionary 
principle;
iv. 	whether the commitments stipulate respecting human rights;
b.  describe its specific policy commitment to respect human rights, 
including:
i. 	 the internationally recognized human rights that the commitment 
covers;
ii. 	the categories of stakeholders, including at-risk or vulnerable 
groups, that the organization gives particular attention to in the 
commitment;
c. 	provide links to the policy commitments if publicly available, or, if the 
policy commitments are not publicly available, explain the reason for 
this;
d. 	report the level at which each of the policy commitments was 
approved within the organization, including whether this is the most 
senior level;
e.  report the extent to which the policy commitments apply to the 
organization’s activities and to its business relationships;
f. 	 describe how the policy commitments are communicated to workers, 
business partners, and other relevant parties.
i. 	 Compliance & Ethical standards 
(p.108-109)
ii. 	Sustainable supply-chain (p.111)
iv. 	The Compliance Program (p.108); 
Human Rights (p.110)
b.
i. 	 The Compliance Program (p.108)
c. 	Proximus governance model (p.89) 
and Role of compliance at Proximus 
(p. 108)
e. 	Compliance & Ethical standards 
(p.108-109)
f. 	 Compliance & Ethical standards 
(p.108-109)
 2-24
Embedding 
policy 
commitments
a.	 describe how it embeds each of its policy commitments for responsible 
business conduct throughout its activities and business relationships, 
including:
i. 	 how it allocates responsibility to implement the commitments 
across different levels within the organization;
ii. 	how it integrates the commitments into organizational strategies, 
operational policies, and operational procedures;
iii. 	how it implements its commitments with and through its business 
relationships;
iv. 	training that the organization provides on implementing the 
commitments.
a. 
ii. 	Proximus governance model (p.89)
iii. 	Sustainable supply-chain (p.111)
iv. 	Compliance & Ethical standards 
(p.108-109)
 2-25
Processes to 
remediate 
negative 
impacts
a. 	describe its commitments to provide for or cooperate in the 
remediation of negative impacts that the organization identifies it has 
caused or contributed to;
b. 	describe its approach to identify and address grievances, including 
the grievance mechanisms that the organization has established or 
participates in;
c. 	describe other processes by which the organization provides for or 
cooperates in the remediation of negative impacts that it identifies it 
has caused or contributed to;
d. 	describe how the stakeholders who are the intended users of the 
grievance mechanisms are involved in the design, review, operation, 
and improvement of these mechanisms;
e.  describe how the organization tracks the effectiveness of the grievance 
mechanisms and other remediation processes, and report examples of 
their effectiveness, including stakeholder feedback.
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
192

GRI 
standard
Disclosure
Disclosure requirements
Reference
 2-26
Mechanisms 
for seeking 
advice and 
raising 
concerns
a. 	describe the mechanisms for individuals to:
i. 	 seek advice on implementing the organization’s policies and 
practices for responsible business conduct;
ii. 	raise concerns about the organization’s business conduct.
b.	 The Compliance Program 
(p.108-109)
 2-27
Compliance 
with laws and 
regulations
a.  report the total number of significant instances of non-compliance 
with laws and regulations during the reporting period, and a 
breakdown of this total by:
i.  instances for which fines were incurred;
ii. 	instances for which non-monetary sanctions were incurred;
b.  report the total number and the monetary value of fines for instances 
of noncompliance with laws and regulations that were paid during the 
reporting period, and a breakdown of this total by:
i.  fines for instances of non-compliance with laws and regulations 
that occurred in the current reporting period;
ii.  fines for instances of non-compliance with laws and regulations 
that occurred in previous reporting periods;
c.  describe the significant instances of non-compliance;
d.  describe how it has determined significant instances of non-
compliance.
 2-28
Membership 
associations
a. 	report industry associations, other membership associations, and 
national or international advocacy organizations in which it participates 
in a significant role.
a. 	VBO/FEB, VOKA, ETNO, Agoria, 
BECI, UWE, GSMA, ETIS, FITCE, 
Cyber Security Coalition, Guberna, 
Center on Regulation in Europe, 
Greenwin, Experience@work, 
#embrace difference, Open@work, 
Women on board, #iamremarkable, 
Belgian Association of Marketing, JAC 
(Non-exhaustive list)
5. Stakeholder engagement
 2-29
Nomination 
and selection 
of the highest 
governance 
body
Approach to 
stakeholder 
engagement
a.	 describe its approach to engaging with stakeholders, including:
i. 	 the categories of stakeholders it engages with, and how they are 
identified;
ii. 	the purpose of the stakeholder engagement;
iii. 	how the organization seeks to ensure meaningful engagement with 
stakeholders.
a. 
i. 	 Stakeholder dialogue (p.156)
ii. 	Stakeholder dialogue (p.156-159)
iii. 	Stakeholder dialogue (p.156-159)
 2-30
Collective 
bargaining 
agreements
a. 	report the percentage of total employees covered by collective 
bargaining agreements;
b. 	for employees not covered by collective bargaining agreements, report 
whether the organization determines their working conditions and 
terms of employment based on collective bargaining agreements 
that cover its other employees or based on collective bargaining 
agreements from other organizations.
a. 	Social statement (S1: Workforce) 
(p.162)
GRI 3: Material topics 2021 - Disclosures and guidance about the organization's material topics
 3-1
Process to 
determine 
material topics
a. 	describe the process it has followed to determine its material topics, 
including:
i.  how it has identified actual and potential, negative and positive 
impacts on the economy, environment, and people, including 
impacts on their human rights,
across its activities and business relationships;
ii. 	how it has prioritized the impacts for reporting based on their 
significance;
b. 	specify the stakeholders and experts whose views have informed the 
process of determining its material topics.
a.
i. 	 Integrated reporting approach (p.3) 
- Materiality determination (p.153)
ii. 	Integrated reporting approach (p.3) 
- Materiality determination (p.153)
b. 	Materiality determination (p.153)
 3-2
List of material 
topics
a. 	list its material topics;
b. 	report changes to the list of material topics compared to the previous 
reporting period.
a. 	Materiality determination (p.153)
b.	 Materiality determination (p.153)
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193

GRI 
standard
Disclosure
Disclosure requirements
Reference
INDIRECT ECONOMIC IMPACTS 2016
Linked with highly material topics Supporting digital infrastructure for Belgian society & Support small and medium business development
 3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Build the best open gigabit
network for Belgium (p.27); Grow 
profitably through partners and 
ecosystems (p.45)
c. 	Overview of #inspire2022 (p.24-25)
d. 
i. 
-	 Addressing health concerns (p.32)
-	 Sustainability governance (p.94)
iii. 
- Rolling out our fiber network across 
the country (p.28-29)
-  Offering the best mobile experience 
in Belgium (p.30-32)
- 	 Activities in the Benelux (p.46-48)
e.
ii. 
- 	 Overview of #inspire2022 
(p.24-25)
- 	 Build the best gigabit network for 
Belgium (p.27)
-  Rolling out our fiber network across 
the country (p.28-29)
-  Offering the best mobile experience 
in Belgium (p.30-32)
iii. 
- 	 Overview of #inspire2022 
(p.24-25)
- 	 Build the best gigabit network for 
Belgium (p.27)
-  Rolling out our fiber network across 
the country (p.28-29)
-  Offering the best mobile experience 
in Belgium (p.30-32)
- 	 Activities in the Benelux (p.46-48)
f. 	 Stakeholder dialogue (p.156-159)
GRI 203: 
Indirect 
Economic 
Impacts 
2016
203-1
Infrastructure investments and services
supported
-	 Overview of #inspire2022 (p.24-25)
- 	 Build the best open gigabit network 
for Belgium (p.26-34)
-  Grow profitably through partners and 
ecosystems (p.44-56)
Own indicator
Number of homes and business enabled with fiber
Overview of #inspire2022 (p.24-25)
Own indicator
Number of cities and municipalities where 5G is available
Overview of #inspire2022 (p.24-25)
Own indicator
Number of use cases on 5G innovation platform
Overview of #inspire2022 (p.24-25)
Own indicator
Number of new fiber wholesale partners
Overview of #inspire2022 (p.24-25)
Own indicator
Number of MVNO partners that have access to 5G
Overview of #inspire2022 (p.24-25)
Own indicator
Number of internet connections (consumer segment)
Overview of #inspire2022 (p.24-25)
Own indicator
NPS of PXS Small & Medium-sized enterprise customers
- 	 Overview of #inspire2022 (p.24-25)
- 	 Prioritizing the customer experience  
(p.40)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
194

GRI 
standard
Disclosure
Disclosure requirements
Reference
ANTI-CORRUPTION 2016
Linked to highly material topic Business conduct and ethics
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a.	 Role of compliance at Proximus 
(p.108)
c. 	The Compliance Program (p.108-
109)
d.
i. 
- 	 The Compliance Program (p.108-
109)
- 	 Proximus governance model (p.89)
- 	 Sustainability governance (p.94)
e.
ii. 	The Compliance Program (p.108-
109)
GRI 205: 
Anti-
corruption 
2016
Own indicator
Number of cases investigated by the Investigations Department for 
violation of policies/code of conduct
The Compliance Program (p.108-109)
Own indicator
Number of whistleblowing cases
The Compliance Program (p.108-109)
Own indicator
Number of dismissals resulting from investigations
The Compliance Program (p.108-109)
Own indicator
Number of warnings resulting from investigations
The Compliance Program (p.108-109)
MATERIALS 2016
Linked to highly material topic Sustainable infrastructure	
	
	
	
	
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
c. 	Act for a green and digital society 
(p.58-66)
d.
i. 	 Act for a green and digital society 
(p.58-66)
ii. 	Act for a green and digital society 
(p.58-66)
e.
i. 	 Sustainability governance (p.94)
ii. 
- 	 Overview of #inspire2022 (p.24-
25)
- 	 Environmental statements (E4: 
circularity) (p.179)
iii. 	Environmental statements (E4: 
circularity) (p.179)
GRI 301: 
Materials 
2016
Own indicator
Number of modems & decoders refurbished
-	 Overview of #inspire2022 (p.24-25)
-	 Environmental statements 
(E4: circularity) (p.179)
Own indicator
Number of mobile phones collected
- 	 Overview of #inspire2022 (p.24-25)
- 	 Environmental statement 
(E4: circularity) (p.179)
Own indicator
Number of refurbished computers offered to schools as reward for 
mobile phone recycling
Environmental statement (E4: circularity) 
(p.179)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
195

GRI 
standard
Disclosure
Disclosure requirements
Reference
ENERGY 2016
Linked to highly material topic Energy and CO2 emissions	
	
	
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Act for a green and digital society 
(p.58)
b. 	Contributing to the green transition 
(p.59-62)
c. 	Act for a green and digital society 
(p.58)
e. 
i. 	 Sustainability governance (p.94)
ii.  	Environmental statement (E1: 
Energy) (p.171-172)
iii. 	Environmental statement (E1: 
Energy) (p.171-172)
f. 	 Stakeholder dialogue (p.156-159)
GRI 302: 
Energy 2016
302-1
Energy consumption within the organization
Environmental statement (E1: Energy) 
(p.171-172)
302-3
Energy intensity
Environmental statement (E1: Energy) 
(p.171-172)
302-4
Reduction of energy consumption
Environmental statement (E1: Energy) 
(p.171-172)
302-5
Reductions in energy requirements of products and services
Environmental statement (E1: Energy) 
(p.171-172)
EMISSIONS 2016
Linked to highly material topic Energy and CO2 emissions
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a.	 Act for a green and digital society 
(p.58-65)
b. 	Contributing to the green transition 
(p.59-62)
c. 	Act for a green and digital society 
(p.58)
e. 
i. 	 Sustainability governance (p.94)
ii.	 Environmental statement 
(E2: Emissions) (p.173-177);  
Environmental statement (E3: 
Abatement of Carbon Emissions 
through our products & services) 
(p.178)
iii.	Environmental statement 
(E2: Emissions) (p.173-177);  
Environmental statement (E3: 
Abatement of Carbon Emissions 
through our products & services) 
(p.178)
f. 	 Stakeholder dialogue (p.156-159)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
196

GRI 
standard
Disclosure
Disclosure requirements
Reference
GRI 305: 
Emissions 
2016
305-1
Direct greenhouse gas (GHG) emissions (Scope 1)
Environmental statement (E2: Emissions) 
(p.173-177)
305-2
Energy indirect greenhouse gas (GHG) emissions (Scope 2)
Environmental statement (E2: Emissions) 
(p.173-177)
305-3
Other indirect greenhouse gas (GHG) emissions (Scope 3)
Environmental statement (E2: Emissions) 
(p.173-177)
305-4
Greenhouse gas (GHG) emissions intensity
Environmental statement (E2: Emissions) 
(p.173-177)
305-5
Reduction of GHG emissions
-	 Environmental statement 
(E2: Emissions) (p.173-177)
-	 Environmental statement 
(E3:Abatement of Carbon Emissions 
through our products & services) (p. 178)
WASTE 2020
Linked to highly material topic Circular economy
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a.	 Truly circular by 2030 (p.63-64)
d.
- 	 Truly circular by 2030 (p.63-64)
- 	 Sustainability governance (p.94)
i. 	 Truly circular by 2030 (p.63-64)
ii. 	Truly circular by 2030 (p.63-64)
iii. 	Truly circular by 2030 (p.63-64)
e.
ii. 
- 	 Environmental statement (E4: 
circularity) (p.179)
- 	 Environmental statement (E5: 
Supply chain) (p.181)
iii.
- 	 Overview of #inspire2022 (p.25)
- 	 Truly circular by 2030 (p.63-64)
- 	 Environmental statement (E5: 
Supply chain) (p.181)
GRI 306: 
Waste 2020
306-3
Waste generated
Environmental statement (E4: circularity) 
(p.179)
306-4
Waste diverted from disposal
Environmental statement (E4: circularity) 
(p.179)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
197

GRI 
standard
Disclosure
Disclosure requirements
Reference
SUPPLIER ENVIRONMENTAL ASSESSMENT 2016
Linked to highly material topic Responsible supply chain
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Act for a green and digital society 
(p.58)
c. 	Contributing to the green transition 
(p.59)
e.
i. 	 Sustainability governance (p.94)
ii. 	Environmental statement 
(E5: Supply chain) (p.181)
iii. 	Environmental statement 
(E5: Supply chain) (p.181)
f. 	 Stakeholder dialogue (p.156-159)
GRI 308: 
Supplier 
Environ­
mental 
Assessment 
2016
Own indicator
% of the total spend covered by supplier Ecovadis sustainability 
scorecards - Proximus SA
Environmental statement 
(E5: supply chain) (p.181)
Own indicator
Circular Manifesto’s signed
Environmental statement 
(E5: supply chain) (p.181)
EMPLOYMENT 2016
Linked to highly material topic Workplace wellness
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. Getting our people and organization
ready for the future (p.76); Creating a 
positive work environment
for everyone (p.89-90)
c. Creating a positive work environment 
for everyone (p.84-85)
d.
- Proximus governance model (p.89)
- Sustainability governance (p.94)
- The Compliance Program (p.108-109)
iii.  Creating a positive work 
environment
for everyone (p.84-85))
e.
ii. Social Statement (S2: Well-being, 
satisfaction and retention) 
(p.163-164)
iii. Social Statement (S2: Well-being, 
satisfaction and retention) 
(p.163-164)
f. Stakeholder dialogue (p.156)
GRI 401: 
Employment 
2016
401-1
New employee hires and employee turnover
Social statement (S2: Well-being, 
satisfaction, and retention) (p.163-164)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
198

GRI 
standard
Disclosure
Disclosure requirements
Reference
TRAINING AND EDUCATION 2016
Linked to highly material topic Employee upskilling, reskilling & employability
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Getting our people and organization
ready for the future (p.76); Shaping 
the workforce of the future (p.79-81)
c. 	Shaping the workforce of the future 
(p.79-81)
e.
i. 	 Sustainability governance (p.94)
ii. 	Social statement (E3: Training and 
development) (p.166)
iii. 	Social statement (E3: Training and 
development) (p.166)
f. 	 Stakeholder dialogue (p.156)
GRI 404: 
Training and 
Education 
2016
404-1
Average hours of training per year per employee
- 	 Overview of #inspire2022 (p.24-25)
- 	 Social statement (S3: Training and 
development) (p.166)
404-2
Programs for upgrading employee skills and transition assistance 
programs
Getting our people and organization 
ready for the future (p.75-81)
404-3
Percentage of employees receiving regular performance and career 
development reviews.
Performance review, development and 
career coaching are closely linked to our 
culture. Our performance review process 
focuses on the strengths of employees 
to sharpen them further, through 
continuous coaching and feedback. 
We are convinced that this approach 
is beneficial for the employee himself. 
Indeed, an employee who evolves and 
develops, will perform all the better. It is 
also beneficial for Proximus because it 
helps it, in the end, to return to growth. At 
least 2 times a year each active employee 
receives a performance/career review.
Own indicator
(€) million invested in employee re- and up-skilling in 2021
- 	 Overview of #inspire2022 (p.24-25)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
199

GRI 
standard
Disclosure
Disclosure requirements
Reference
LOCAL COMMUNITIES 2016
Linked with highly material topic Digital access
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Act for a green and digital society 
(p.58)
c. 	Act for a green and digital society 
(p.58)
d.
i. 	 Contributing to the digital society 
(p.67-69)
ii. 	Contributing to the digital society 
(p.67-69)
iii. 	Contributing to the digital society 
(p.67-69)
e.
i. 	 Sustainability governance (p.94)
ii. 	Social statement (S6: Digital 
inclusion) (p.170)
iii. 	Social statement (S6: Digital 
inclusion) (p.170)
f. 	 Stakeholder dialogue (p.156-159)
GRI 413: 
Local 
communities 
2016
Own indicator
Percentage of tested devices accessible for at least 5 disabilities
Overview of #inspire2022 (p.24-25)
Own indicator
Donated Wi-Fi codes
Social statement (S6: Digital inclusion) 
(p.170)
Own indicator
Donated laptops
Social statement (S6: Digital inclusion) 
(p.170)
SUPPLIER SOCIAL ASSESSMENT 2016
Linked to highly material topic Responsible Supply chain	
	
	
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Act for a green and digital society 
(p.57)
c. 	The Compliance Program 
(p.108-109)
d.
i. 	 The Compliance Program 
(p.108-109)
ii. 	The Compliance Program 
(p.108-109)
e.
i. 	 Sustainability governance (p.94)
f. 	 Stakeholder dialogue (p.156-159)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
200

GRI 
standard
Disclosure
Disclosure requirements
Reference
GRI 414: 
Supplier 
Social 
Assessment 
2016
Own indicator
Number of on-site audits in collaboration with JAC
Environmental statement 
(E5: Supply chain) (p.181)
CUSTOMER HEALTH AND SAFETY 2016
Linked to highly material topic Delivering customer promises & Customer value for money
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a.  Grow profitably through partners and 
ecosystems (p.45)
c.  Grow profitably through partners and 
ecosystems (p.45)
d.
iii. 	Activities in the Benelux (p.46-52); 
International activities (p.53-55)
e.
i. 	 Sustainability governance (p.94)
ii. 	Overview of #inspire2022 (p.24-
25)
iii. 	Overview of #inspire2022 (p.24-
25)
f. 	 Stakeholder dialogue (p.156-159)
GRI 416: 
Customer 
Health and 
Safety 2016
Own indicator
Residential customers satisfaction about the price/quality ratio of their 
Proximus pack
Activities in the Benelux (p.47)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
201

GRI 
standard
Disclosure
Disclosure requirements
Reference
CUSTOMER PRIVACY 2016
Linked to highly material topic Privacy and data security
3-3
Management 
of material 
topics
For each material topic reported under Disclosure 3-2, the organization 
shall:
a. 	describe the actual and potential, negative and positive impacts on the 
economy, environment, and people, including impacts on their human 
rights;
b. 	report whether the organization is involved with the negative impacts 
through its activities or as a result of its business relationships, and 
describe the activities or business relationships;
c. 	describe its policies or commitments regarding the material topic;
d. 	describe actions taken to manage the topic and related impacts, 
including:
i. 	 actions to prevent or mitigate potential negative impacts;
ii. 	actions to address actual negative impacts, including actions to 
provide for or cooperate in their remediation;
iii. 	actions to manage actual and potential positive impacts;
e.  report the following information about tracking the effectiveness of the 
actions taken:
i.  processes used to track the effectiveness of the actions;
ii. 	goals, targets, and indicators used to evaluate progress;
iii.  the effectiveness of the actions, including progress toward the goals 
and targets;
iv. 	lessons learned and how these have been incorporated into the 
organization’s operational policies and procedures;
f. 	 describe how engagement with stakeholders has informed the actions 
taken (3-3-d) and how it has informed whether the actions have been 
effective (3-3-e).
a. 	Act for a green and digital society 
(p.58)
c. 	Building trust in digital (p.70)
d.
i. 	 Building trust in digital (p.70-74)
ii. 	Building trust in digital (p.70-74)
e.
i. 	 Sustainability governance (p.94)
ii. 	Building trust in digital (p.74)
iii. 	Building trust in digital (p.74)
f. 	 Stakeholder dialogue (p.156-159)
GRI 418: 
Customer 
Privacy 
2016
Own indicator
Social engineering attempts aimed at our employees
Building trust in digital (p.71)
Proximus Group    Integrated annual report 2022  ›  Manage for impact, manage responsibly
202

Consolidated  
financial  
statements
Proximus Group     Integrated annual report 2022  ›  Manage for impact, manage responsibly
203

204 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Consolidated Financial 
Statements 
Prepared under International Financial Reporting Standards for each of the two years ended 31 December 2022 and 2021. 
 
Consolidated Financial Statements ............................................................................................................................ 204 
Consolidated Balance Sheet ................................................................................................................................................................................................................... 206 
Consolidated Income Statement............................................................................................................................................................................................................ 207 
Consolidated Statement of Comprehensive Income ................................................................................................................................................................... 208 
Consolidated Cash Flow Statement .................................................................................................................................................................................................... 209 
Consolidated Statement of Changes in Equity ................................................................................................................................................................................. 211 
Notes to the consolidated financial statements ............................................................................................................................................................................... 212 
Note 1. Corporate information ......................................................................................................................................................................................................... 212 
Note 2. Significant accounting policies ......................................................................................................................................................................................... 213 
Note 3. Goodwill...................................................................................................................................................................................................................................... 231 
Note 4. Intangible assets with finite useful life ........................................................................................................................................................................ 235 
Note 5. Property, Plant and Equipment ...................................................................................................................................................................................... 238 
Note 6. Leases ........................................................................................................................................................................................................................................ 239 
Note 7. Contract cost ........................................................................................................................................................................................................................... 241 
Note 8. Investments in subsidiaries, joint operations, joint ventures and associates ............................................................................................. 242 
Note 9. Equity investments measured at fair value .............................................................................................................................................................. 252 
Note 10. Income taxes ........................................................................................................................................................................................................................ 253 
Note 11. Assets and liabilities for pensions, other post-employment benefits and termination benefits .................................................... 255 
Note 12. Other non-current assets ............................................................................................................................................................................................... 264 
Note 13. Inventories ............................................................................................................................................................................................................................. 264 
Note 14. Trade receivables and contract assets ..................................................................................................................................................................... 265 
Note 15. Other current assets ......................................................................................................................................................................................................... 268 
Note 16. Non-current assets held for sale ................................................................................................................................................................................ 268 
Note 17. Cash and cash equivalents ............................................................................................................................................................................................. 269 
Note 18. Equity ....................................................................................................................................................................................................................................... 269 
Note 19. Interest-bearing liabilities ................................................................................................................................................................................................ 272 
Note 20. Provisions .............................................................................................................................................................................................................................. 279 
Note 21. Other non-current payables ........................................................................................................................................................................................ 280 
Note 22. Other current payables .................................................................................................................................................................................................. 280

205 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 23. Net revenue .......................................................................................................................................................................................................................... 281 
Note 24. Other operating income ..................................................................................................................................................................................................284 
Note 25. Costs of materials and services related to revenue ........................................................................................................................................... 285 
Note 26. Workforce expenses ......................................................................................................................................................................................................... 286 
Note 27. Non-Workforce expenses .............................................................................................................................................................................................. 287 
Note 28. Depreciation and amortization .................................................................................................................................................................................... 287 
Note 29. Net finance cost ..................................................................................................................................................................................................................288 
Note 30. Earnings per share............................................................................................................................................................................................................. 289 
Note 31. Dividends paid and proposed ....................................................................................................................................................................................... 290 
Note 32. Additional disclosures on financial instruments .................................................................................................................................................. 290 
Note 33. Related party disclosures ............................................................................................................................................................................................... 303 
Note 34. Rights, commitments and contingent liabilities .................................................................................................................................................. 306 
Note 35. Share-based Payment .................................................................................................................................................................................................... 310 
Note 36. Relationship with the auditors ....................................................................................................................................................................................... 311 
Note 37. Segment reporting .............................................................................................................................................................................................................. 312 
Note 38. Recent IFRS pronouncements ..................................................................................................................................................................................... 316 
Note 39. Post balance sheet events ............................................................................................................................................................................................. 316

206 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Consolidated Balance Sheet  
(EUR million) 
 
As at 31 December 
ASSETS 
Note 
2021 restated 
2022 
NON-CURRENT ASSETS 
 
7,699 
8,589 
Goodwill 
3 
2,588 
2,595 
Intangible assets with finite useful life 
4 
1,265 
1,779 
Property, plant and equipment 
5 
3,311 
3,531 
Right-of-use assets 
6 
274 
277 
Lease receivable 
 
6 
7 
Contract costs 
7 
110 
111 
Investments in associates and joint ventures 
8 
34 
43 
Deferred income tax assets 
10 
6 
5 
Equity investments measured at fair value 
9 
1 
1 
Pension assets 
11 
80 
140 
Other non-current assets 
12 
24 
99 
CURRENT ASSETS 
 
1,685 
1,952 
Inventories 
13 
132 
187 
Trade receivables 
14 
879 
938 
Contract assets 
14 
120 
137 
Current tax assets 
 
166 
24 
Other current assets 
15 
140 
269 
Cash and cash equivalents 
17 
249 
299 
Non-current assets held for sale 
16 
0 
99 
TOTAL ASSETS 
 
9,384 
10,541 
 
 
LIABILITIES AND EQUITY 
Note 
 
EQUITY 
18 
2,978 
3,308 
Shareholders' equity attributable to the parent 
18 
2,978 
3,307 
Non-Controlling interests 
18 
0 
1 
NON-CURRENT LIABILITIES 
 
3,897 
4,231 
Interest-bearing liabilities (1) 
19 
2,737 
2,676 
Lease liabilities 
6 
204 
199 
Liability for pensions, other post-employment benefits and termination benefits  
11 
447 
361 
Provisions  
20 
153 
136 
Deferred income tax liabilities 
10 
136 
181 
Other non-current payables 
21 
220 
679 
CURRENT LIABILITIES 
 
2,509 
3,002 
Interest-bearing liabilities 
19 
252 
588 
Lease liabilities 
6 
69 
73 
Liability for pensions, other post-employment benefits and termination benefits  
11 
62 
52 
Trade payables 
 
1,548 
1,620 
Contract liabilities 
22 
135 
127 
Tax payables 
 
11 
16 
Other current payables 
22 
432 
526 
TOTAL LIABILITIES AND EQUITY 
 
9,384 
10,541 
 
(1) “Derivatives held for trading” were reclassified from “interest-bearing liabilities” to “non interest-bearing liabilities”. The reclass amounted to EUR 3 
million in 2021.

207 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Consolidated Income Statement  
 
 
As at 31 December 
(EUR million) 
Note 
2021 
2022 
Net revenue 
23 
5,537 
5,853 
Other operating income 
24 
42 
60 
Total income 
 
5,579 
5,914 
Costs of materials and services related to revenue 
25 
-1,997 
-2,186 
Workforce expenses 
26 
-1,200 
-1,301 
Non-workforce expenses 
27 
-554 
-601 
Total operating expenses before depreciation and amortization 
 
-3,751 
-4,088 
Operating income before depreciation and amortization 
 
1,828 
1,826 
Depreciation and amortization 
28 
-1,183 
-1,179 
Operating income 
 
645 
647 
Finance income 
 
4 
4 
Finance costs 
 
-58 
-53 
Net finance costs 
29 
-54 
-49 
Share of loss on associates 
8.3 
-10 
-20 
Income before taxes 
 
581 
578 
Tax expense 
10 
-137 
-128 
Net income 
 
445 
450 
Attributable to: 
18 
Equity holders of the parent (Group share) 
 
443 
450 
Non-controlling interests 
 
1 
0 
Basic earnings per share (in EUR) 
30 
1.37 
1.40 
Diluted earnings per share (in EUR) 
30 
1.37 
1.40 
Weighted average nb of outstanding ordinary shares 
30 
322,751,990 
322,552,465 
Weighted average nb of outstanding ordinary shares for diluted earnings per share 
30 
322,751,990 
322,552,465

208 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Consolidated Statement of Comprehensive 
Income  
 
 
 
 
As at 31 December 
(EUR million) 
Note 
2021 
2022 
Net income 
 
445 
450 
Other comprehensive income: 
 
Items that may be reclassified to profit and loss 
 
Exchange differences on translation of foreign operations 
 
15 
10 
Cash flow hedges: 
 
Gain/(Loss) taken to equity 
 
-13 
204 
Transfer to profit or loss for the period 
 
-2 
0 
Total before related tax effects 
 
1 
215 
Cash flow hedges: 
 
Gain/(Loss) taken to equity 
 
3 
-51 
Income tax relating to items that may be reclassified 
 
4 
-51 
Total of items that may be reclassified to profit and loss - net of related tax effects 
 
4 
163 
Items that will not be reclassified to profit and loss 
 
Remeasurement of net defined benefit obligations 
11 
142 
125 
Total before related tax effects 
 
142 
125 
Remeasurement of net defined benefit obligations 
 
-35 
-19 
Income tax relating to items that will not be reclassified 
 
-35 
-19 
Total of items that will not be reclassified to profit and loss, net of related tax effects 
 
106 
106 
Total comprehensive income 
 
555 
719 
Attributable to: 
 
Equity holders of the parent 
 
553 
719 
Non-controlling interests 
 
3 
0

209 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Consolidated Cash Flow Statement  
 
 
As at 31 December 
(EUR million) 
Note 
2021 
2022 
Cash flow from operating activities 
 
Net income 
 
445 
450 
Adjustments for: 
 
Depreciation and amortization  
4/5/6 
1,183 
1,179 
Impairment on current and non-current assets 
3/4/5 
2 
0 
Increase / (decrease) of provisions 
20 
9 
-19 
Deferred tax expense/ (income) 
10 
-12 
-24 
Loss / (gain) from investments accounted for using the equity method 
8.3 
10 
20 
Fair value adjustments on financial instruments 
29 
1 
1 
Adjustments for finance cost (1) 
 
-2 
0 
Loss / (gain) on disposal of property, plant and equipment 
24 
-1 
-4 
Operating cash flow before working capital changes 
 
1,634 
1,602 
Change in :  
 
Inventories 
 
-26 
-55 
Trade receivables 
 
11 
-62 
Other assets 
 
-54 
120 
Trade payables 
 
144 
52 
Other liabilities 
 
-15 
92 
Net liability for pensions, other post-employment benefits and termination benefits 
11 
-74 
-31 
Decrease/(increase) in working capital, net of acquisitions and disposals of subsidiaries 
 
-13 
116 
Net cash flow provided by operating activities 
 
1,621 
1,717 
Cash flow from investing activities 
 
Cash paid for acquisitions of intangible assets and property, plant and equipment  
4/5 
-1,137 
-1,441 
Cash paid for investments in associates and joint ventures 
8.4 
-44 
-30 
Cash paid for acquisition of consolidated companies, net of cash acquired 
8.4 
-130 
-3 
Net Cash received from sales of property, plant and equipment and other non-current 
assets 
 
6 
13 
Net cash used in investing activities 
 
-1,305 
-1,461 
Cash flow before financing activities 
 
316 
256 
Lease payments excluding interest paid 
6 
-79 
-89 
Free cash flow 
 
237 
167 
Cash flow from financing activities other than lease payments 
Dividends paid to shareholders  
31 
-388 
-387 
Dividends to and transactions with non controlling interests 
18.2 
-217 
2 
Net Sale/ (purchase) of treasury shares 
 
2 
-5 
Increase / (decrease) of shareholders' equity 
 
-1 
0 
Asset financing arrangement issuance 
19.3 
0 
65

210 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Asset financing arrangement repayment 
19.3 
0 
-18 
Cash paid for matured cash flow hedge instrument related to long term debt 
 
-13 
0 
Debt issuance (2) 
19.3 
980 
477 
Debt repayment (2) 
19.3 
-663 
-252 
Cash flows used in financing activities other than lease payments 
 
-299 
-119 
Exchange rate impact 
 
1 
1 
Net change of cash and cash equivalents 
 
-62 
50 
Cash and cash equivalents at 1 January 
 
310 
249 
Cash and cash equivalents at the end of the period 
17 
249 
299 
 
Additional information 
(A) Net cash flow from operating activities includes the following cash movements : 
Interest paid 
 
-46 
-51 
Interest received 
 
1 
2 
Income taxes paid  
 
-198 
-4 
(B) Free cash flow: cash flow before financing activities and after lease payments

211 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
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 
Share'rs' 
Equity 
Non-control. 
interests 
Total Equity 
Balance as at 1 January 2021 
1,000 
-423 
100 
4 
-208 
-8 
3 
2,434 
2,903 
123 
3,026 
Total comprehensive income and expense 
0 
0 
0 
-11 
106 
14 
0 
443 
553 
3 
555 
Dividends to shareholders (relating to 2020) 
0 
0 
0 
0 
0 
0 
0 
-226 
-226 
0 
-226 
Interim dividends to shareholders (relating to 2021) 
0 
0 
0 
0 
0 
0 
0 
-161 
-161 
0 
-161 
Acquisition of Non-Controlling interests 
0 
0 
0 
0 
0 
0 
0 
-92 
-92 
-126 
-218 
Treasury shares 
Sale of treasury shares 
0 
1 
0 
0 
0 
0 
0 
1 
2 
0 
2 
Stock options 
Stock forfeited  
0 
0 
0 
0 
0 
0 
-3 
3 
0 
0 
0 
Total transactions with equity holders 
0 
1 
0 
0 
0 
0 
-3 
-475 
-477 
-126 
-603 
Balance as at 31 December 2021 
1,000 
-422 
100 
-7 
-102 
7 
0 
2,403 
2,978 
0 
2,978 
Total comprehensive income 
0 
0 
0 
154 
106 
10 
0 
450 
719 
0 
719 
Dividends to shareholders (relating to 2021) 
0 
0 
0 
0 
0 
0 
0 
-226 
-226 
0 
-226 
Interim dividends to shareholders (relating to 2022) 
0 
0 
0 
0 
0 
0 
0 
-161 
-161 
0 
-161 
Acquisition of Non-Controlling interests 
0 
0 
0 
0 
0 
0 
0 
2 
2 
1 
3 
Treasury shares 
Sale of treasury shares 
0 
-3 
0 
0 
0 
0 
0 
-2 
-5 
0 
-5 
Total transactions with equity holders 
0 
-3 
0 
0 
0 
0 
0 
-388 
-390 
1 
-390 
Balance as at 31 December 2022 
1,000 
-425 
100 
147 
4 
16 
0 
2,465 
3,307 
1 
3,308

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Notes to the consolidated financial statements 
Note 1. Corporate information 
The consolidated financial statements at 31 December 2022 were authorized for issue by the Board of Directors on 16th February 
2023. They comprise the financial statements of Proximus SA, its subsidiaries, as well as the Group’s interest in associates and joint 
ventures accounted for under the equity method and joint operations (hereafter “the Group”).                                                                                                                       
Proximus SA is a “Limited Liability Company of Public Law” registered in Belgium. The transformation of Proximus SA from 
“Autonomous State Company” into a “Limited Liability Company of Public Law” was implemented by the Royal Decree of 16 December 
1994. Proximus SA headquarters are located at Boulevard du Roi Albert II, 27 1030 Brussels, Belgium. Proximus’ shares are listed on 
Euronext Brussels. 
Proximus Group (Euronext Brussels: PROX) is a provider of digital services and communication solutions operating in the Belgian and 
international markets. Delivering communication and entertainment experiences for residential consumers and enabling digital 
transformation for enterprises, we open up a world of digital opportunities, so people live better and work smarter. Thanks to advanced 
interconnected fixed and mobile networks, the Group provides access anywhere and anytime to digital services and data, as well as to a 
broad offering of multimedia content. The Group is a pioneer in ICT innovation, with integrated solutions based on IoT, Data analytics, 
cloud and security. The Group has the ambition to become the reference operator in Europe through next generation networks, a truly 
digital mindset and a spirit of openness towards partnerships and ecosystems, while contributing to a safe, sustainable, inclusive and 
prosperous digital Belgium. In Belgium, the core products and services of the Group are offered under the Proximus, Scarlet and Mobile 
Vikings brands. The Group is also active in Luxembourg as, under the brand names Tango and Telindus Luxembourg, and in the 
Netherlands through Telindus Netherlands. The Group’s international carrier activities are managed by BICS, a leading international 
communications enabler, one of the key global voice carriers and the leading provider of mobile data services worldwide. With TeleSign, 
the Group also encompasses a fast-growing leader in digital identity services, serving the world’s largest internet brands, digital 
champions and cloud native businesses. 
The number of employees of the Group (in full time equivalents) amounted to 11,634 at 31 December 2022 and 11,532 at 31 
December 2021. For the year 2022, the average headcount of the Group was 168 management personnel and 11,361  employees; for 
the year 2021 the average headcount of the Group is 169 management personnel and 11,276 employees.

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Note 2. Significant accounting policies  
Basis of preparation 
The accompanying consolidated financial statements as of 31 December 2022 and for the year then ended have been prepared in 
accordance with International Financial Reporting Standards (“IFRS”) as adopted for use in the European Union. The Group did not early 
adopt any IASB standards or interpretations. 
Changes in accounting policies 
The Group does not anticipate the change in the application of standards and interpretations. The accounting policies applied are 
consistently with those of the previous financial years except that the Group decided to voluntary change its accounting policy for multi-
seasonal sport broadcasting rights (see below) and applied the new or revised IFRS standards and interpretations as adopted by the 
European Union that became mandatory on 1 January 2022 and that are detailed as follows: 
New standards and Amendments to standards: 
• 
Amendments to IFRS 16 Leases: Covid-19-Related Rent Concessions beyond 30 June 2021 (applicable for annual 
periods beginning on or after 1 April 2021) 
• 
Amendments to IFRS 3 – Business Combination - Reference to the Conceptual Framework 
• 
Amendments to IAS 16 - Property, Plant and Equipment – Proceeds Before Intended Use 
• 
Amendments to IAS 37 – Provisions, Contingent liabilities, Contingent assets - Onerous Contract – Cost of Fulfilling a 
Contract 
• 
Annual Improvements to IFRS Cycle 2018-2020 
The adoption of these new and amended standards has no impact on the financial statements of the Group.  
In 2022, the accounting policy regarding the recognition of football broadcasting rights and all other multi-seasonal sport broadcasting 
rights was updated to better reflect the fact that these contracts provide long term rights and obligations to Proximus. The updated 
policy foresees to capitalize the football broadcasting rights, and all other multi-seasonal sport broadcasting rights, for the full contract 
duration together with the recognition of the corresponding liability (for the full contract duration). In the previous accounting policy, 
these rights and the corresponding liability were recognized by season. This update does not impact the income statement, the equity 
statement nor the cash flow statement. Comparative figures of 2021 have been restated as summarized below to reflect the updated 
accounting policy.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
As at 1st January  
Restatement 
As at 1st January  
(EUR million) 
2021 
2021 Restated 
Intangible assets with finite useful life 
1,047 
184 
1,231 
 
 
 
 
Other non-current payables 
102 
154 
256 
Trade payables 
1,213 
30 
1,243 
As at 31 December  
Restatement 
As at 31 December  
(EUR million) 
2021 
2021 Restated 
Intangible assets with finite useful life 
1,113 
151 
1,265 
 
 
 
 
Other non-current payables 
102 
118 
220 
Trade payables 
1,515 
34 
1,548 
 
Operating segments 
The Group’s operating segments are the Group’s components whose operating results are regularly reviewed by its Leadership Squad, 
the Group’s chief operating decision makers (CODM), to make decisions about resources to be allocated to the segment and assess the 
performance. 
The internal profitability reports, that are regularly reviewed by the CODM to allocate resources to segments and assess performance, 
are organised based on the nature of products and services provided and geographical area. As a result, the Group operating segments 
are defined as follow: 
• 
Domestic: segment providing communication and ICT services to residential, business and telecom wholesale markets in 
Belgium / BeNeLux. This operating segment regroups a.o. the former business units CBU, EBU and CWS. 
• 
International Carrier Services (BICS) is responsible for international carrier activities on the international communications 
market. 
• 
TeleSign: is specialized in international delivery authentication and digital identity services to the world’s largest internet 
brands, digital champions and cloud native businesses. 
Alternative Performance Measures 
The Group uses so called “Alternative Performance Measures” (“APM”) in the financial statements and notes. An APM is a financial 
measure of historical or future financial performance, financial position or cash flows, other than a financial measure defined in the 
applicable financial reporting framework (IFRS). A glossary describing these is included in the section “Management Discussion” of the 
Consolidated Management Report. They are consistently used over time and when a change is needed, comparable information is 
restated. 
Basis of consolidation 
Note 8 lists the Group’s subsidiaries, joint operations, joint ventures and associates. Subsidiaries are those entities controlled by the 
Group. Control exists when the Group has the power over the investee, is exposed or has rights to variable returns from its involvement 
with the investee and has the ability to use its power to affect its returns. 
Consolidation of a subsidiary begins from the date on which the Group obtains control over the subsidiary and ceases when the Group 
loses control over the subsidiary. Intercompany balances and transactions and resulting unrealized profits or losses between Group 
companies are eliminated in full in consolidation. When subsidiaries accounting policies are not aligned with the Group ones, the Group

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performs the necessary adjustments to ensure that the consolidated financial statements are prepared using uniform accounting 
policies. 
Changes in Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted 
for as equity transaction. Any difference between the amount by which non-controlling interests are adjusted and the fair value of the 
consideration paid or received is recognized directly in equity and attributed to owners of the Company. Transaction costs associated 
with the purchase or sale of a non- controlling interest in a subsidiary, when control is maintained, is recognized as a deduction from 
equity only if they are incremental costs directly attributable to the equity transaction. 
Joint operations are joint arrangements whereby the parties that have joint control of the arrangements have rights to the assets, and 
obligations for the liabilities, relating to the arrangements. Arrangements of which the design and purpose is such that the parties are 
substantially the only source of cash flows contributing to the continuity of the operations of the arrangement are recognized as joint 
operations.  
When the Group undertakes its activities under joint operations, the Group recognizes based on its ownership interest, net off 
intercompany eliminations, its share in the assets and liabilities and its share in the costs and revenue. Revenue is only recognized when 
the joint operation sells its output to third parties. 
Joint ventures are joint arrangements whereby the parties that have joint control of the arrangements have rights to the net assets of 
the joint arrangements. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when 
decisions about relevant activities require unanimous consent of the parties sharing control. Joint ventures are incorporated in these 
consolidated financial statements using the equity method. 
Associated companies are companies in which the Group has a significant influence, defined as an investee in which the group has the 
power to participate in its financial and operating policy decisions (but not to control the investee). These investments are also 
accounted for using the equity method.  
Under the equity method, the investments held in associates or joint ventures are initially recognized at cost and the carrying amount is 
subsequently adjusted to recognize the Group’s share in the profit or losses or other comprehensive income of the associate or joint 
venture as from the date of acquisition. These investments and the equity share of results for the period are shown in the balance sheet 
and income statement as respectively, investments in associates and joint ventures, and share in the result of the associates and joint 
ventures. 
Business Combinations 
Acquisitions of businesses are accounted using the acquisition method. The consideration transferred is measured at fair value, which is 
calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred to the former owners of the 
acquiree, and the equity interests issued in exchange for control of the acquiree. Acquisition related costs are accounted for as expenses 
in the periods in which the costs are incurred. 
At acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at that date. This 
includes fair valuing the unrecognized assets and liabilities in the balance sheet of the acquiree, which concerns mainly customer bases 
and trade names. 
Non-controlling interests are initially measured at the proportionate share of the recognized amounts of the acquiree’ s identifiable net 
assets.  
Judgments and estimates  
In preparing the consolidated financial statements, management is required to make judgments and estimates that affect amounts 
included in the financial statements.  
Judgments and estimates that are made at each reporting date reflect conditions that existed at those dates (e.g. market prices, interest 
rates and foreign exchange rates, as well as existing accounting rules and guidance in domains where there is limited authoritative

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
literature). Although these estimates are based on management’s best knowledge of current events and actions that the Group may 
undertake, actual results may differ from those estimates.  
The group evaluated the direct and indirect impact of climate change on its business risks, its operations and its financial reporting and 
has currently not identified material judgments and estimates affected by climate change.   
• 
Critical judgments in applying the Group accounting policies 
The following are the critical judgments, apart from those involving estimations (which are presented separately below), that the 
directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts 
recognized in financial statements.  
• 
Assessment of control on entities incorporated in the context of fiber network deployment 
In the context of its ultimate objective of connecting Belgium through an open, future-proof network that brings high or very high-
speed connectivity to every home and business, including those in less densely populated areas, Proximus co-created three 
separate companies, Fiberklaar, Unifiber and Glasfaser Ostbelgien, to help it accelerating the fiber roll-out in respectively Flanders, 
Wallonia and in the German-speaking Community. 
These three companies have for business to engineer, design, build, maintain, upgrade, own, deploy, run and market a passive 
wholesale Point-to-Point Fiber-To-The-Home network in the Footprint (the "FTTH Network"), with a minimum rollout speed, a 
coverage ambition for the defined footprint, certain technical qualities (speed, capacity…). The networks to be built will be open and 
neutral, i.e. available to all Service Providers under non-exclusive and non-discriminatory terms to allow Service Providers 
(Proximus for instance) to compete on downstream markets. 
In its assessment of the type of control its exercises on these companies (control alone, joint control or significant influence), Proximus 
identified what the companies’ relevant activities were, how the decisions about these activities were taken and whether it obtained 
variable return from its interaction with them, via, among others, the exercise of its voting rights. Other facts and circumstances were 
also considered in the assessment, such as the companies’ social purposes, the nature and of the companies’ other shareholders, the 
existence of pre-agreed and negotiated contexts and the companies’ dependency to their shareholders as sources of cash flows 
contributing to the continuity of their operations. 
Proximus concluded that it was not controlling alone those three entities as the decisions about the activities identified as relevant 
within the context of the arrangements signed with the co-investors are not taken alone by Proximus. These decisions were about 
essentially the approval of the budget, the appointment and dismiss of senior management, the commercialization of the offer, the 
building of the network. Furthermore, Proximus expected, based on the information available to it when it concluded that it was not 
controlling these entities, that it would not substantially be the only source of cash flows contributing to the continuity of the 
operations of the arrangements by these entities. 
On that basis, the Group concluded that the investments in Fiberklaar, Unifiber and Glasfaser Ostbelgien, qualify currently and 
respectively as associate, joint venture and associate. These conclusions are monitored periodically to the light of those criteria, 
underlying facts, governance and existing agreements between shareholders or with the companies. 
• 
Key sources of estimation uncertainty 
• 
Claims and contingent liabilities and assets (see note 34) 
Related to claims and contingencies, judgment is necessary in assessing the existence of an obligation resulting from a past event, in 
assessing the probability of an economic outflow, and in quantifying the probable outflow of economic resources. This judgment is 
reviewed when new information becomes available and with support of outside experts advises.  
• 
Recoverable amount of cash generating units including goodwill 
In the context of the impairment test, the key assumptions that are used for estimating the recoverable amounts of cash generating 
units to which goodwill is allocated are discussed in note 3 (Goodwill).

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
• 
Actuarial assumptions related to the measurement of employee benefit obligations and plan assets 
The Group holds several employee benefit plans such as pension plans, other post-employment plans and termination plans. In the 
context of the determination of the obligation, the plan asset and the net periodic cost, the key assumptions that are used are discussed 
in note 11 (Assets and liabilities for pensions, other post-employment benefits and termination benefits). 
• 
Estimation of useful life 
Items of Property, Plant and Equipment are depreciated using a straight-line method to allocate their depreciable amount on a 
systematic basis over their useful life. The depreciable amount is the cost less its estimated residual value. Useful life of an asset is 
estimated on a realistic basis based on the experience of the Group with similar assets and reviewed at least annually. The effect of 
changes in useful life are recognized prospectively. 
• 
Tax proceedings 
Indian case 
BICS received withholding tax assessments from the Indian tax authorities in relation to payments made by an Indian tax resident 
customer to BICS in the period 1 April 2007 to 31 March 2012. BICS filed appeals against the assessments for the period 1 April 
2007 to 31 March 2012 with the competent Indian Courts opposing the view of the Indian tax authorities that Indian withholding 
taxes are due on the payments. Furthermore, BICS is opposing the assessments in relation to the periods from 1 April 2008 to 31 
March 2011 on procedural grounds. The amount of the contingent liability including late payment interest should not exceed EUR 
33 million. BICS has not paid the assessed amounts and has not recorded a tax provision. Management assesses that the position 
as recognized in the financial statements reflects the best estimate of the probable outcome. 
Foreign currency translation 
The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the 
entity operates. When the factors set out by IAS 21 to determine the functional currency are mixed and the functional currency is not 
obvious, management judgment is used to determine which functional currency most faithfully represents the economic effects of its 
underlying transactions, events and conditions. 
Foreign currency transactions are recognized in functional currency on initial recognition, at the foreign exchange rate prevailing at the 
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of 
the entity at the balance sheet date using the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign 
currencies are not remeasured. Net exchange differences on the translation of monetary assets and liabilities are classified in “non-
workforce expenses” in the income statement in the period in which they arise. 
Foreign operations 
The Group determines the functional currency (i.e. the currency of the primary economic environment in which the subsidiary operators) 
of each individual subsidiary included in its consolidated figures. An operation that is integral to the parent (Proximus SA) i.e. carries on 
business as if it were an extension of the parent’s operation, has Euro as functional currency  
Results and financial position of entities with a functional currency other than Euro are included in the Proximus Group accounts as 
follows: 
• 
Assets and liabilities (including comparatives) are translated at the closing rate at the reporting date. 
• 
Income and expenses are translated at exchange rates at the date of the transaction. 
• 
Non-controlling interests are translated at exchange rates at the date of the transaction. 
• 
All resulting exchange differences are recognized in other comprehensive income.  On disposal of such entity, the 
deferred cumulative amount recognized in other comprehensive income relating to that foreign operation is recognized 
in profit or loss.

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Goodwill 
Goodwill represents the excess of the sum of the consideration transferred, the amount of non-controlling interests, if any, and the fair 
value of the previously held interest, if any, over the net fair value of identifiable assets, liabilities and contingent liabilities acquired in 
business combination. When the Group obtains control, the previously held interest in the acquiree, if any, is re-measured to fair value 
through profit or loss. 
Changes in a contingent consideration included in the consideration transferred are adjusted against goodwill when they arise during the 
provisional purchase price allocation period and when they relate to facts and circumstances existing at acquisition date. In other cases, 
depending if the contingent consideration is classified as equity or not, changes are taken into equity or in profit or loss. 
Acquisition costs are expensed, and non-controlling interests are measured at acquisition date at their proportionate interest in the 
identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. 
Goodwill is stated at cost and not amortized but subject to an annual impairment test at the level of the cash generating unit to which it 
relates and whenever there is an indicator that the cash generating unit to which the goodwill has been allocated may be impaired. The 
Group monitors the goodwill at the level of the operating segments as this reflects the way the Group manages its operations. 
Intangible assets with finite useful life 
Intangible assets consist primarily of the Global System for Mobile communication (“GSM”) license, the Universal Mobile 
Telecommunication System (“UMTS”) license, 4G and 5G spectrum licenses, customer bases, patents and trade names acquired in 
business combinations, internally and externally developed software and other intangible assets such as football rights and 
broadcasting rights. 
Intangible assets with finite life acquired separately are measured on initial recognition at cost. Only the fixed portion of the 
consideration is capitalized. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. 
The Group capitalizes certain costs incurred in connection with developing or purchasing software for internal use and certain media 
production costs when they are identifiable, when the Group controls the asset and when future economic benefits from the asset are 
probable.  
The Group enters SaaS arrangement and pays a fee in exchange for a right to receive access to the supplier’s application software for a 
specified term. The Group recognizes a software asset in a cloud-computing arrangement at the contract commencement date if it 
obtains control of software at that date. This is when, at the inception of the arrangement: 
• 
The Group has the contractual right to take possession of the software during the hosting period without significant 
penalty, and  
• 
It is feasible for the Group to run the software on its own hardware or contract with another party unrelated to the 
supplier to host the software 
The Groups’ accounting policy is to capitalize the football broadcasting rights, and all other multi-seasonal sport broadcasting rights, for 
the full contract duration together with the recognition of the corresponding liability (for the full contract duration). 
For contracts with other TV channels, the Group capitalizes the costs for the total contract duration, as the content is deemed to be 
sufficiently identifiable (the major part of the content is already produced) for the non-cancellable duration of the contract (generally 18 
months-3 years). 
The company continues to monitor the related accounting rules and guidance in this domain where there is limited authoritative 
literature. 
Intangible assets with finite useful life are stated at cost less accumulated amortization and impairment losses. The residual value of 
such intangible assets is assumed to be zero.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Customer bases and trade names acquired in business combinations are straight-line amortized over their estimated useful life (3 to 20 
years). Except if the useful life is based on the contractual limits or reflecting management intention, it is set consistently with the 
expected cash flows used in the valuation model for such an asset. It is defined in such a way that the expected cumulated discounted 
cash flows generated by the concerned asset over its useful life represent approximately 90% of the total cumulated discounted cash 
flows expected from the asset. 
GSM, UMTS, 4 G and 5G spectrum licenses, other intangible assets and internally generated assets with finite useful life are amortized 
on a straight-line basis over their estimated useful life. Amortization commences when the intangible asset is ready for its intended use. 
The licenses’ useful lives are fixed by Royal Decree and they range from 5 to 20 years. 
The useful lives are assigned as follows: 
 
Useful life  (years ) 
GSM, UMTS, 4G and other network licenses 
Over the license period  
SPECTRUM 2600 MHZ 
15 
SPECTRUM 800 MHZ 
20 
SPECTRUM 1800 MHZ 2G 
20 
SPECTRUM 2100 MHZ 3G 
20 
SPECTRUM 900 MHZ 
20 
SPECTRUM 1400 MHZ 
20 
SPECTRUM 700 MHZ 
20 
SPECTRUM 3600 MHZ 
17 years 8 months 
Customer bases, trade names, patents  
3 to 20 
and software acquired in a business combination 
Software 
5 
Broadcasting rights for sport seasons 
Over the contract period 
Rights to use, and other broadcasting rights 
Over the contract period 
 
(usually from 2 to 5) 
The amortization period and the amortization method for an intangible asset with finite useful life are reviewed at least at each financial 
year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the 
asset are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. 
Property, plant and equipment 
Property, plant and equipment including assets rented to third parties through operating leases, are presented according to their nature 
and are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of additions and substantial 
improvements to property, plant and equipment is capitalized. The cost of maintenance and repairs of property, plant and equipment is 
charged to operating expenses when it does not extend the life of the asset or does not significantly increase its capacity to generate 
revenue. The cost of an item of property, plant and equipment includes the costs of its dismantlement, removal or restoration, the 
obligation for which the Group incurs as a consequence of installing the item. 
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use 
or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and 
the carrying amount of the asset) is included in profit or loss in the year the asset is derecognized. 
Depreciation of an asset begins when the asset is ready for its intended use. Depreciation is calculated using the straight-line method 
over the estimated useful life of the asset.  
The useful lives are assigned as follows:

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
Useful life  (years ) 
Land and buildings 
 
Land 
Indefinite 
Buildings and building equipment 
22 to 33 
Facilities in buildings 
3 to 10 
Leasehold improvement and advertising equipment 
3 to 10 
Technical and network equipment 
 
Cables and ducts 
15 to 20 
Switches 
8 to 10 
Transmission 
6 to 8 
Radio Access Network 
6 to 7 
Mobile sites and site facility equipment 
5 to 10 
Equipment installed at client premises 
2 to 8 
Data and other network equipment 
2 to 15 
Furniture and vehicles 
 
Furniture and office equipment 
3 to 10 
Vehicles and smartcables 
4 to 10 
The asset’s residual values, useful life and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end. 
Costs of material, workforce and non-workforce expenses are shown net of work performed by the enterprise that is capitalized in 
respect of the construction of property, plant and equipment. 
Assets and associated liabilities classified as held for sale 
The Group classifies assets (or disposal group) as held for sale if their carrying amount will be recovered principally through a sale 
transaction rather than through a continuing use. This condition is met when the asset (or disposal group) is available for immediate sale 
in its present condition, the sale is highly probable and expected to occur within one year. Assets and associated liabilities held for sale 
(or disposal group) are recorded at the lower of their carrying value or fair value less costs to sell and are classified as current assets. 
Contract costs 
Contract costs eligible for capitalization as incremental costs of obtaining a contract comprise commission paid to dealers relating to 
postpaid contracts. Contract costs are recognized as non-current assets as the economic benefits from these assets are expected to be 
received in the period longer than twelve months.  
Contract costs relating to postpaid contracts are deferred on a systematic basis that is consistent with the transfer to the customer of 
the services, being the time, at which related revenue is recognized. The group adopted a portfolio approach for the contract costs. 
Contract costs relating to the residential market are deferred over three years and for the professional market five years. 
All other commissions are expensed when incurred. 
Impairment of non-financial assets 
The Group reviews the carrying value of its non-financial assets at each balance sheet date for any indication of impairment. 
The Group compares at least once a year the carrying value with the estimated recoverable amount of intangible assets under 
construction and cash generating units including goodwill. The Group performs this annual impairment test during the fourth quarter of 
each year. 
An impairment loss is recognized when the carrying value of the asset or cash generating unit exceeds the estimated recoverable 
amount, being the higher of the assets or cash generating unit’s fair value less costs to sell and its value in use for the Group.

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In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that 
reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit. 
Deferred taxation 
Deferred taxation is provided for all temporary differences between the carrying amount of assets and liabilities in the consolidated 
balance sheet and their respective taxation bases.  
Deferred tax assets associated to deductible temporary differences and unused tax losses carried forward are recognized to the extent 
that it is probable that taxable profit will be available against which the deductible temporary difference or the unused tax losses can be 
utilized. 
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized 
deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable 
that future taxable profit will allow the deferred tax asset to be recovered. 
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset will be realized, 
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.  
Changes in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items recognized 
directly in equity, in which case the tax effect is also recognized directly in equity. 
Pensions, other post-employment benefits and termination benefits 
The Group operates several defined benefit pension plans to which the contributions are made through separately managed funds. The 
Group also agreed to provide additional post-employment benefits to certain employees. The cost of providing benefits under the plans 
is determined separately for each plan using the projected credit unit actuarial valuation method. 
Actuarial gains and losses, the return on plan assets, excluding amounts included in net interest on the net defined benefit liability 
(asset) and any change in the effect of asset ceiling– if applicable, are recognized through Other Comprehensive Income. Any past 
service cost and gain or loss on settlement is recognized in profit and loss when they occur.  
The Group classifies the periodic cost in operating and financing activities for their respective components.  
The Group also operates several defined contribution plans. For plans with guaranteed minimum return management applied the 
‘Projected Unit Credit ‘method. 
The discount rate used to calculate the present value of the defined benefit obligation of the plans is determined by reference to the 
yield on high-quality corporate bonds (at the end of the reporting period) of currency and term consistent with the liabilities.  The net 
defined benefit liability is defined as the present value of the defined benefit obligation less the fair value of the plan assets (if any). 
The Group operates several restructuring programs that involve termination benefits or other forms of additional compensation. 
Voluntary termination benefits to encourage employees to leave service are recognized when employees accept the offer of those 
benefits. Involuntary termination benefits are recognized when the Group has communicated its plan of termination to the affected 
employees and the plan meets specified criteria. Related provisions are recognized when valid expectations are raised in those affected 
by the plans and implementation is started i.e. an agreement is reached with the unions on the features of the plans and those features 
are communicated to those affected. 
Benefits conditional on future service being provided do not qualify as termination benefits but as long-term employee benefits. The 
liability for those benefits is recognized over the period of the future service.  
For certain participants of the restructuring plans, benefits are paid until the earliest retirement date. Assumptions used to make a 
reliable estimate of the ultimate cost to the Group are pension age, the discount rate and future price inflation. Assumptions are

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reviewed at the end of the reporting period. The actuarial gains and losses on the liabilities for restructuring programs are recognized in 
profit or loss when incurred.  
Short-term and long-term employee benefits 
The cost of all short-term and long-term employee benefits, such as salaries, employee entitlements to leave pay, bonuses, medical aid 
and other contributions, are recognized during the period in which the employee renders the related service. The Group recognizes 
those costs only when it has a present legal or constructive obligation to make such payment and a reliable estimate of the liability can 
be made. 
Financial instruments 
Classification  
The Group classifies its financial assets in the following categories: 
• 
At fair value through profit and loss (“FVTPL”); or 
• 
At fair value through other comprehensive income (“FVTOCI”); or 
• 
At amortized cost.  
The Group classifies its financial liabilities in the following categories: 
• 
At fair value through profit and loss (“FVTPL”); or 
• 
At amortized cost.  
 
Financial assets 
The Group determines the classification of the financial assets at initial recognition. The classification is driven by the Group’s business 
model for managing the financial assets (‘hold to collect’, ‘hold to collect and sell’ and ‘other’) and their contractual cash flow 
characteristics (Solely payments of Principal and Interest “SPPI” test i.e. whether contractual cash flows are solely payments of principal 
and interest on the principal amount outstanding).  
If a non-equity financial asset fails the SPPI test, the Group classifies it at Fair Value Through Profit or Loss (FVTPL). If it passes the SPPI 
test, it will either be classified at amortized cost if the ‘hold to collect’ business model test is met, or at Fair Value Through Other 
Comprehensive Income (FVTOCI) if the ‘hold to collect and sell’ business model test is met. 
For equity financial assets other than interests in subsidiaries, associates and joint ventures, the Group makes at initial recognition an 
irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI or FVTPL. 
The equity investments held for trading are always designated at FVTPL. 
Financial liabilities 
Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for 
trading or derivatives) or the Group has opted to measure them at FVTPL.  
Measurement 
• 
Financial assets at FVTOCI  
Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus directly attributable transaction costs. 
Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other 
comprehensive income, with no subsequent recycling to profit or loss.

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Accumulated remeasurements on disposal or settlements of equity instruments carried at FVOCI are reclassified from OCI to retained 
earnings. 
The Group holds no other investment measured at FVTOCI. 
Dividend income is recognized in profit or loss.  
• 
Financial assets and liabilities at amortized cost 
Financial assets, other than trade receivables, and liabilities at amortized cost are initially recognized at fair value plus or minus directly 
attributable transaction costs. Trade receivables are measured at their transaction price if the trade receivables do not contain a 
significant financing component. 
These financial instruments are subsequently carried at amortized cost using the effective interest rate method less any impairment, if 
applicable. 
• 
Financial assets and liabilities at FVTPL  
Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed. Realized and 
unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities are included in the consolidated net 
(loss) income in the period in which they arise. The Group has not designated financial liabilities at FVTPL (FV option).  
Derivatives are measured at FVTPL. 
Expected credit losses 
The Group applies the forward-looking expected credit loss (ECL) model. 
The ECL model considers all losses that result from all possible default events over the expected life of the financial instrument (life-
time expected credit losses) or that result from possible default events over the next 12 months (12-month expected credit losses), 
depending on whether the credit risk of the financial asset has increased significantly since initial recognition or not (the general ECL 
model). 
The Group recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized costs. Same 
treatment is applied to contract assets resulting from the application of IFRS 15 and lease receivables, even though these are not 
classified as financial assets. 
At each reporting date, the Group measures the loss allowance for these assets.  
The Group has limited trade receivables with financing component. The Group applies a simplified method and measures the loss 
allowance at an amount equal to the lifetime expected credit losses, for all trade receivables, whether assessed on an individual or 
collective basis, considering all reasonable and supportable information, including information that is forward-looking. 
For receivables on residential and professional market, the payment delays compared to the contractual due dates and the status of the 
legal actions taken to recover the receivables due are the main information considered to assess whether credit risk has increased 
significantly since initial recognition. A provision matrix is used. 
For the BICS and TeleSign segment, the Group considers experience and reasonable and supportable information about future 
expectations to define provision rates on an individual case basis.. 
Following indicators are used:  
• 
an actual or expected significant deterioration of the customer’s external (if available) or internal credit rating.

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• 
significant deterioration of the country risk in which the customer is active.  
• 
existing or forecasted adverse changes in business, financial or economic conditions that are expected to cause a 
significant decrease in the debtor’s ability to meet its debt obligations.  
• 
an actual or expected significant deterioration in the operating results of the debtor.  
• 
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor 
that results in a significant decrease in the debtor’s ability to meet its debt obligations. 
The same methodology is applied for contract assets.  
For financial assets at amortized costs, contract assets and lease receivables, allowances and impairment are recognized in profit or 
loss. 
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no 
realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in 
the case of trade receivables, when the amounts are assumed not recoverable by external recovery agency, whichever occurs sooner. 
Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account 
legal advice where appropriate. Any recoveries made are recognized in profit or loss. 
Criteria for initial recognition and for de-recognition of financial assets and liabilities 
Financial assets and liabilities are initially recognized when the Group becomes party to the contractual terms of the instruments. 
“Regular way” (“spot”) purchases and sales of financial assets are accounted for at their settlement dates. 
Financial assets (or a portion thereof) are derecognized only when the contractual rights to cash flows from the financial assets expire. 
For equity investments, the accumulated remeasurements to fair value in other comprehensive income are reclassified to retained 
earnings on de-recognition.  
Financial liabilities (or a portion thereof) are de-recognized when the obligation specified in the contract is discharged, cancelled or 
expires. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, 
including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. 
Fair value of financial instruments 
The following methods and assumptions are used to estimate the fair value of financial instruments: 
• 
Investments in non-quoted companies are measured at Fair value. Fair value is estimated by reference to recent sale 
transactions on the shares of these non-quoted companies and, in the absence of such transactions, by using different 
valuation techniques such as discounted future cash flow models and multiples methods. 
• 
For long-term debts carrying a floating interest rate, the amortized cost is assumed to approximate fair value. 
• 
For long-term debts carrying a fixed interest rate, the fair value is determined based on the market value when available 
or otherwise based on the discounted future cash flows calculated using the market interest rates at the reporting date. 
• 
For derivatives, fair values are estimated by either considering their quoted price on an active market, and if not available 
by using different valuation techniques, in particular the discounting of future cash flows. 
Criteria for offsetting financial assets and liabilities 
Where a legally enforceable right of offset currently exists for recognized financial assets and liabilities, and the Group has the intention 
to settle the liability and realize the asset simultaneously, or to settle on a net basis, all amounts in the statement of financial position 
are offset. 
Trade receivables  
Trade receivables are measured in the balance sheet at amortized costs (SPPI model applies) less any allowance for expected credit 
losses.

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Cash and cash equivalents  
Cash and cash equivalents include cash, current bank accounts and term accounts with a maturity on acquisition of less than three 
months. These assets are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes 
in value. 
Cash and cash equivalents are carried at amortized cost. 
Interest-bearing liabilities  
All loans and borrowings are initially recognized at their cost which generally corresponds to the fair value of the consideration received 
(net of issuance costs associated with the borrowings). 
After initial recognition, debts are measured at amortized cost using the effective interest rate method, with amortization of discounts or 
premiums through profit or loss. 
Derivatives 
The Group does not hold or issue derivative financial instruments for trading purposes but some of its derivative contracts do not meet 
the criteria set by IFRS 9 to be subject to hedge accounting and are therefore treated as derivatives held for trading, with changes in fair 
value recorded in profit or loss.  
The Group makes use of derivatives such as IRS, IRCS and forward foreign exchange contracts to reduce its risks associated with foreign 
currency fluctuations on underlying assets, liabilities and anticipated transactions. The derivatives are carried at fair value under the 
caption’s other assets (non-current and current), non-interest-bearing liabilities (non-current and current) and other payables (non-
current and current). 
An IRCS is used to reduce the Group exposure to interest rate and foreign currency fluctuations on a long-term debt denominated in 
JPY. The Group does not apply hedge accounting for this derivative.  
This long-term debt expressed in JPY includes an embedded derivative. Such derivative is separated from its host contract and carried 
at fair value with changes in fair value recognized in profit or loss. The mark-to-market effects on this derivative are offset by those on 
the IRCS. 
The group used interest rate swaps to mitigate the risk of Interest rate variations between the hedge inception date and the issuance 
date of highly probable fixed rate long-term debts. The effective portion of changes in the fair value of hedging instruments that are 
designated in a cash flow hedge is recognized in other comprehensive income and gradually reclassified to profit or loss through 
financial result, in the same period during which the hedged item hits the Group profit or loss through the interests paid. 
The Group contracts derivatives (forward foreign exchange contracts) to hedge its exposure to currency fluctuations for highly probable 
forecasted transactions. The Group applies cash flow hedge accounting for part of these hedging transactions.  
• 
For hedging transactions to which the Group does not apply hedge accounting, the derivatives are consequently carried at fair 
value, with changes in fair value recognized in profit or loss through financial result. When the underlying is recognized in the 
balance sheet and relates to costs recorded in operating income or to capitalized expenditures, the changes in fair value 
recognized in profit or loss are reclassified to the operating income when the hedging instrument matures. 
• 
 For hedging transactions to which hedge accounting is applied, the effective portion of the gains and losses on 
the hedging instrument is recognized via other comprehensive income until the hedged transaction occurs. If the hedged 
transaction leads to the recognition of an asset, the carrying amount of the asset at the time of initial recognition is adjusted 
with the amount previously recognized via other comprehensive income. If the hedge transaction relates to costs recorded in 
operating income, the amount previously recognized via other comprehensive income are reclassified in operating income 
when the costs related to the underlying service are recognized in profit and loss. The ineffective portion of a cash flow hedge 
is always recognized in profit or loss.

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The Group applies IAS 32 to option contracts that are share-based payments not granted in exchange for goods or services nor granted 
to employees in their capacity as employees. Option contracts, such as warrants, that qualify as derivatives and financial liabilities are 
classified as financial liabilities at fair value through profit and loss (financial result). 
Net gains and losses on financial instruments 
Dividends, interest income and interest charges arising from financial instruments are posted to the finance income (costs). 
Remeasurements of financial instruments carried at FVTPL are accounted for as finance income (costs) when the instruments relate to 
financing activities.  
Remeasurements of the financial instruments carried at FVTPL that relate to operating or investing activities (other than mentioned 
above), are accounted for as other operating income (expenses).  
Accumulated remeasurements of equity instruments carried at FVOCI are reclassified from OCI to retained earnings on de-recognition.  
Net gains and losses on derivatives used to manage foreign currency exposure on operating activities that do not qualify for hedge 
accounting under IFRS 9 are recorded as operating income/expenses. 
Net gains and losses resulting from fair value measurement of derivatives used to manage interest rate exposure on interest-bearing 
liabilities that do not qualify for hedge accounting under IFRS 9 are recorded in finance income/(costs). 
Contract assets 
A contract asset is the Group’s right to consideration in exchange for goods or services that it has already transferred to a customer and 
arise essentially in the context of contracts containing mobile and fix joint offer with a subsidized handset and services to be delivered 
over 24 months. The contract asset corresponds to the excess of revenue allocated to the devices over the cash received.  The “contract 
asset” is transferred to “trade receivable” over the contract term. The assets are classified as current as they are expected to be realized 
as part of the Group normal operating cycle. 
In case of early termination, the customer has to pay a penalty which corresponds to the prorata of the discount offered in the joint offer 
for the remaining contract duration. This penalty is always higher than the remaining balance of the contract asset. The difference 
between the reversal of the contract asset and the penalty is recognized as device revenue. 
Contract assets is a conditional right recognized on the balance sheet at cost less loss allowance, as defined on the lifetime expected 
credit loss model.  
Inventories 
Inventories are stated at the lower of cost and net realizable value.  
Cost is determined based on the weighted average cost method except for IT equipment (FIFO method) and goods purchased for resale 
as part of specific contracts containing a performance obligation involving the construction of an asset (individual purchase price).  
For inventory intended to be sold in joint offers, calculation of net realizable value considers the future margin expected from the 
telecommunications services in the joint offer, with which the item of inventory is offered. 
For contracts including performance obligation involving the construction of an asset, the revenue for that performance is recognized 
over time based on an input method. That method measures the progress towards complete satisfaction of the related performance 
obligation by reference to the amount of contract costs incurred for work performed at balance sheet date in proportion to the 
estimated total costs for the contract. Contract cost includes all expenditures directly related to the specific contract and an allocation of 
fixed and variable overheads incurred in connection with contract activities based on normal operating capacity.

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Lease agreements  
The Group assesses whether a contract is or contains a lease, at inception of the contract. Under IFRS 16 a contract is, or contains, a 
lease if it conveys the right to control the use of an identified asset (the underlying asset) for a period of time in exchange for 
consideration. 
For some contracts, judgment is required to assess whether a contract conveys the right to control the use of an asset or is instead a 
contract for a service that is provided using that asset. When a contract does not qualify as a lease under IFRS 16, any amounts prepaid 
under such contracts are treated as prepaid expense (service), which is the case for certain fibre-related capacity acquired by the Group. 
Group as a lessee (receives a right to use an asset from a supplier) 
When the Group is lessee, it applies a single recognition and measurement approach for all leases. The Group recognizes a right-of-use 
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, The Group does not apply the 
short-term lease recognition exemption nor the low-value recognition exemption.   
The lease term consists of the non-cancellable period of a lease, together with periods covered by options to extend the lease if the 
Group is reasonably certain to exercise these options, and periods covered by options to terminate the lease if the Group is reasonably 
certain not to exercise these options. Judgment is required in assessing whether these options will be exercised or not, considering all 
facts and circumstances that create an economic incentive to exercise an extension or termination option. The assessment is reviewed if 
a significant event or a significant change in circumstances occurs which affects this assessment.  
The Group has defined four major categories of leases:  
• 
Buildings: mainly concern commercial (point of sale) or service activity (office and head office) leases, as well as leases of 
technical buildings not owned by the Group  
• 
Mobile sites: only includes site rentals for mobile antennas and leases of R-layers (i.e. well identified area of a pylon) on 
pylons of another operator 
• 
Fleet: contains the lease of vehicles (management, sales, and utility cars) 
• 
Other: primarily consists of ICT equipment 
• 
Lease liabilities 
The Group recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. The lease liability is equal to the 
present value of the lease payments not paid at that date, plus any amounts that the Group is reasonably certain to pay at the end of 
the lease such as the exercise price of a purchase option (where it is reasonably certain to be exercised) or penalties payable to the 
lessor for terminating the lease (where such termination option is reasonably certain to be exercised).  
The Group systematically determines the lease term as the period during which leases cannot be cancelled, plus periods covered by any 
extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably certain 
not to exercise.  
The lease liability is measured using the interest rate implicit in the contract. If the rate cannot be readily determined, the Group uses its 
Incremental Borrowing Rate (IBR) which it assumes to be the theoretical interest rate the Group would need to pay when issuing 
funding over a similar term as in the lease. 
The applicable rate per contract is primarily dependent on the total expected term of a lease at its commencement date (new leases) or 
the total expected remaining lease term in case of a remeasurement of a lease. 
The amount of lease liability is reassessed after the lease commencement date to reflect changes introduced in the following main 
cases: 
• 
a change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a 
renewal option will be exercised or a termination option will not be exercised.

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• 
a change in the amount of lease payments, for example following application of a new index or rate in the case of 
variable payments.  
• 
a change in the assessment of whether a purchase option will be exercised. 
• 
any other contractual change, for example a change to the scope of the lease or the underlying asset. 
The lease liabilities are included in Interest-bearing loans and borrowings (see Note 19). 
• 
Right-of-use assets 
A right-of use is recognized as an asset, with a corresponding lease liability. Group recognizes right-of-use assets at the 
commencement date of the lease (i.e., the date the underlying asset is available for use).  
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any 
remeasurement of lease liabilities. 
The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the 
commencement date less any lease incentives received and the estimate of costs to be incurred by the Group in dismantling and 
removing the underlying asset, restoring the site on which the underlying asset is located or restoring the underlying asset to the 
condition required by the terms and conditions of the lease. Right-of-use assets are depreciated on a straight-line basis over the shorter 
of the lease term and the estimated useful lives of the assets. The right-of-use assets are also subject to impairment.  
Group as a lessor (grants a right to use an asset to a customer)   
A contract by which the Proximus customer does not obtain substantially all of the benefits of the identified asset or where the 
customer has not the right to direct the use of the asset does is not qualify as a lease-out. This is the case for modems and decoders 
used by Proximus to deliver the services to the customer.  Income for these contracts is accounted for on a straight-line basis over the 
period of use by the customer and is included in revenue in the statement of profit or loss due to its operating nature.  
Leases whereby the Group transfers substantially all the risks and rewards incidental to ownership of the underlying asset to the lessee 
are classified as finance lease. For finance leases the Group recognizes a receivable at an amount equal to the net investment in the 
lease, this is the gross investment in the lease discounted at the interest rate implicit in the lease. The Group did not enter into material 
finance lease out contracts. 
Provisions 
Provisions are recognized when the Group has a present legal or constructive obligation resulting from past events, for which it is 
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of 
the amount of the obligation can be made. A past event is deemed to give rise to a present obligation if, considering the available 
evidence, it is more likely than not that a present obligation exists at the balance sheet date. The amount recognized as provision is the 
best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Provisions are discounted 
where the effect of the time value of money is material. The unwinding is recognized via the finance expense.  
The estimated costs associated with dismantling and restorations to its original condition are recorded under property, plant and 
equipment and depreciated over the useful life of the asset. This total cost, discounted to its present value, is recorded under provisions. 
Where discounting is used, the increase in the provision due to the passage in time is recognized in financial expense in profit or loss. 
Share based payment 
Equity and cash settled share-based payments to employees are measured at the fair value of the instrument at the grant date taking 
into account the terms and conditions upon which the rights are granted.  
For equity settled arrangement the fair value is recognized in workforce expenses over their vesting period, together with an increase of 
the caption “stock compensation” of the shareholders’ equity for the equity part and an increase of a dividend liability for the dividend 
part. When the share options give right to dividends declared after granting the options, the fair value of this right is re-measured 
regularly.

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For cash settled arrangement the fair value is recognized in workforce expenses over their vesting period together with an increase in 
the liabilities. The liabilities are regularly re-measured to reflect the evolution of the fair values. 
We refer to Note 35 for the explanation of the valuation techniques used. 
Contract liabilities 
Contract liabilities comprise the Group’s obligation to transfer goods or services to a customer for which the Group has received 
consideration or the amount is due. 
Revenue 
When Proximus enters a new contract, it determines the contract duration, the transaction price, the performance obligations included 
in the contract and the stand-alone selling price for each promise identified. 
To define the duration of its contracts the Group considered the contractual period in which the parties to the contract have present 
enforceable rights and obligations. A contract has a duration when it includes a substantive termination payment. The duration runs until 
the termination payment is not due anymore. If there is no substantive termination payment clause, the contract has no duration (i.e. 
open-ended contracts). 
The Group assesses at contract inception the goods or services promised in a contract with a customer and identifies as performance 
obligation each promise to transfer to the customer either a good or service (or a bundle of) that is distinct, either a series of distinct 
goods or services that are substantially the same and that have the same pattern of transfer to the customer. Identifying the 
performance obligations requires judgment and a thorough understanding of the contract promises and how they interact with each 
other 
Performance obligations are identified when following criterial are met 
• 
Capable of being distinct: the customer can benefit from the goods and services on its own or together with other 
resources readily available to the customer  
• 
Distinct within the context of the contract: a promise within the context of the contract is distinct from other promises in 
the contract if the Group considers that it fulfills its contractual obligations by delivering the concerned promise 
independently from the others. Promises in a context of a contract are not distinct within the context of the contract 
when their nature is to be transferred in combination with other promises.  
Following promises can be performance obligations, depending on their natures and interdependencies with the other promises in the 
contract: 
• 
Traffic and data usage services:  revenue is recognized on usage 
• 
TV services: revenue is recognized over the contractual term 
• 
Maintenance services: recognized over the contractual term 
• 
Sale of equipment: revenue is recognized when the customer obtains control over the equipment 
• 
Rent of equipment: rental revenue is recognized over the contractual period  
• 
Setup/installation/activation fees: recognized when delivered  
• 
License of intellectual property: revenue recognized when transferred to the customer. 
When these promises are not distinct, the Group combines them with other promises in the arrangement until the combined promises 
form a promise that is distinct (i.e. a performance obligation). Timing of revenue recognition for a Performance Obligation is based on 
the pattern of transfer to the customer of the predominant promise in that bundle. 
When the “series guidance” applies i.e. when goods and services are distinct and substantially the same, the Group considers them as 
one performance obligation. Each pricing plan – postpaid and prepaid (mobile voice, fix voice, internet, TV) is therefore considered as 
single performance obligation.

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When contracts include different performance obligations that are not substantially the same, the transaction price is allocated to the 
different performance obligations of the arrangements based on their relative stand-alone selling prices. When contracts include 
customer options (i.e. unilateral rights granted to the customer) to acquire additional goods or services with a discount, including sales 
incentives, customer award points, contract renewal options or other discounts on future goods or services, revenue is allocated to 
these options when they provide the customer with a material right i.e. an unilateral right for the customer to obtain an advantage 
because he enters the contract. 
When another party is involved in providing goods or services to a customer, the Group assesses for each performance obligation 
whether the nature of its promise is to provide the specified goods or services itself (ie the Group is a principal) or to arrange for those 
goods or services to be provided by the other party (ie the Group is an agent). To assess whether it acts as principal or agent in a 
transaction, when another party is involved, Proximus determines whether it controls the goods and services before they are transferred 
to its end customer. To this extent, Proximus analyses the legal terms of the contracts and their substance through the prism of the 
indicators of control. Proximus takes also into consideration other facts and circumstance to complete its understanding of the situation.  
When the Group acts as agent the commission only is recognized in revenue. 
Determination of the stand-alone selling price: in situations where the stand-alone selling price is not directly observable, the Group 
assesses it using all information (including market conditions, Proximus-specific factors and information about the customer or class of 
customer) that is reasonably available to it. This situation occurs mainly in the context of combined offers with subsidized devices, for 
which a cost-plus approach method is applied to one of the components. Discounts granted because a customer entered into a 
contract, are allocated to all performance obligations triggering the granting of the discount. 
Operating expenses 
The costs of materials and services related to revenues include the costs for purchases of materials and services directly related to 
revenue.  
Work force expenses are expenses related to own employees (personnel expenses and pensions) as well as to external employees. 
Operating expenses are reported net of work performed by the Group, which is capitalized. They are reported by nature. 
Incremental costs to obtain a contract are deferred on a straight-line basis over 3 years for contract for the residential market and 5 
years for the professional market.

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Note 3. Goodwill 
(EUR million) 
 
Goodwill 
As at 31 December 2020 
 
2,465 
Purchase price allocation of Mobile Vikings 
 
114 
Effect of movements in foreign exchange 
 
9 
As at 31 December 2021 
 
2,588 
Purchase price allocation of 3m Digital Networks Pvt Ltd 
1 
Effect of movements in foreign exchange 
 
6 
As at 31 December 2022 
 
2,595 
 
Compared to year-end 2021 the goodwill increased by EUR 7 million because of the acquisitions of the year (EUR 1 million) and due to 
the USD/EUR conversion of the TeleSign goodwill (EUR 6 million). TeleSign has US Dollar as functional currency.  
Goodwill is tested for impairment at the level of the operating segments as the performance and allocation of resources within the 
group are monitored at operating segment level.  
As at 31 December 2022, all businesses acquired were fully allocated to one single operating segment, to the exception of the goodwill 
allocated to BICS and TeleSign. The goodwill previously allocated to BICS, when it acquired the control of TeleSign was reallocated to 
BICS and TeleSign on a pro rata basis of the synergies expected from the business combination for each of the two companies taken 
individually. These synergies were identified at the date of the takeover of TeleSign by BICS. 
The carrying amount of the goodwill is allocated to the operating segments as follows:  
 
As at 31 December 
(EUR million) 
2021 
2022 
Domestic 
2,188 
2,188 
International Carrier Services 
298 
299 
TeleSign 
102 
109 
Total 
2,588 
2,595 
 
Goodwill Impairment Test outcome 
General comments 
The valuation of the different segments is performed essentially on basis of a discounted free cash flow method (income valuation 
technique). The cash flows considered are those of the FCF Five-Year Plan (2023 - 2027) presented by the management to the 
January 2023 Group Board of Directors. Subsequent years were extrapolated based on growth rates that are specific to each segment. 
The Group reviews annually the growth rate and the weighted average costs of capital in the light of the market economics. 
The free cash flows considered for calculating the value in use are estimated for the concerned assets in their current condition and 
exclude the cash inflows and outflows that are expected to arise from any future restructuring to which the Group is not yet committed 
and from improving or enhancing the assets performance.

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The reliability of the impairment test outcome depends on the accuracy of the budgeting exercises on which it is based. The Group's FCF 
Five-Year Plan represents management's view of the most likely scenario, based on its understanding of the evolution of the business 
and the company's long-term strategy. The FCF Five-Year Plan assumes no or almost no impact any more from Covid but takes into 
consideration the effects of inflation, which results from the war in Ukraine and the risk on energy supply, and the risk of a fourth entrant. 
The Group estimates a separate post-tax weighted average cost of capital for each segment. It takes into consideration: 
• 
The specificities of the segment activities. These specificities are different enough from one segment to another one to justify 
separate calculations 
• 
The relative weight of the segment capital structure components, including a risk premium specific to its inherent risks. 
• 
Other risks, such as the country risk, market risk & industry risk, the credit risk and the company size risk. These latest risks are 
captured in the weighted average cost of capital, through the careful selection of a risk-free interest rate, a beta, a market risk 
premium and a credit spread attached to the segment, considered for the purpose of the exercise as a separate entity. 
TeleSign 
The recoverable amount of TeleSign has been estimated based on its fair value less costs of disposal.  
The valuation exercise was based on commonly used valuation techniques such as the Discounted Cash Flow, Equity multiples in the 
CPaaS and Digital Identity space (including Enterprise Value on revenue and/or gross profit). It was reviewed and validated by an 
experienced third-party advisor.  
The valuation model assumes a growth rate for the terminal value of 2.0% and a post-tax weighted average costs of capital of 10%. 
A sensitivity analysis performed on the WACC and the growth rate in the terminal value taken separately did not reveal any impairment 
risk seen the significant excess of TeleSign recoverable amount above its carrying amount. 
BICS 
The recoverable amount of BICS has been estimated based on its value in use.  
The valuation model assumes a growth rate for the years beyond the years covered by the FCF Five-Year Plan of 0.0%, unchanged 
compared to 2021.  
The key variables used in determining BICS value in use were: 
• 
The direct margin 
• 
The capital expenditures 
• 
The long-term growth rate 
• 
The post-tax weighted average cost of capital (WACC) 
BICS direct margin is highly sensitive to the voice and messaging business to the transaction volumes together with mobile network 
termination prices and market prices for terminating the traffic per country, and for the mobility and capacity products, to the 
pricing. 
The calculated post-tax weighted average costs of capital for BICS were 9.70 % in 2022 and 7.73% in 2021. The pre-tax weighted 
average costs of capital were 12.36 % in 2022 and 8.91% in 2021.  
A sensitivity analysis performed on the WACC and the growth rate in the terminal value taken separately did not reveal any impairment 
risk seen the significant excess of BICS recoverable amount above its carrying amount. 
Domestic

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Both valuation models (value in use and fair value less costs of disposal) have been considered for the 
determination of the recoverable amount of the Domestic segment. The fair value model was built on the 
basis of discounted free cash flows. 
The cash flows considered are those of the Free Cash Flows (FCF) Five-Year Plan (2023 - 2027) presented by the management to the 
January 2023 Group Board of Directors. However, to better capture the expected long-term positive effects of the ongoing roll-out 
fibre project, management considered a period of 15 years for the fibre related free cash flows. These free cash flows are the direct 
result of the long-term business plans negotiated with the co-owners of the entities specifically created to accelerate the fibre roll-out 
(see note 8.3) and of Proximus own internal fibre business case. 
The free cash flows projections are highly dependent from following key parameters:  
• 
The fiber deployment speed 
• 
The speed of customer migration to the fiber network 
• 
The Group ability to monetize the fiber investments (ability to upsell the average revenue per customer, to win-back market 
share and to attract other OLOs as wholesale customers) 
• 
The size and importance of comparable fiber networks 
• 
Fiber roll-out building costs, including impact of inflation and level of interest rates 
The valuation model assumes following growth rates for the Domestic EBITDA (Earnings Before Interests, Taxes, Depreciation and 
Amortization) segment: 
• 
For the years 2023 – 2027, a compound annual growth rate of 0.24 % 
• 
For the years 2028 – 2037, for the fiber related activities, a compound annual growth rate of 1.96% 
The terminal value (calculated for the years after 2027 for the non-fiber activities and after 2037 for the fiber related activities) was 
based on a free cash growth rate of 0.43 %, unchanged from 2021. The combination of all these assumptions resulted in an implied 
free cash flows growth rate for the years beyond the FCF Five-Year Plan for the Domestic segment (fiber and non-fiber related 
activities) of 2.11%. 
Assumptions made regarding these parameters are based on Proximus experience, the learning curve and available market information 
(interest rates, inflation, and European benchmarks on “Fiber-To-The-Home” networks). Consequently, the fair value measurement of 
the Domestic segment is categorized as level 3.  
Based on the information available to it, management is confident that its projections beyond the Five-Year Plan are reliable because 
they are based on realistic and achievable assumptions. The evolution of these parameters will be closely monitored. Management 
understands that, in the current volatile market environment, deviations could occur despite the remedies that will be taken to address 
them. Each parameter taken in isolation is not likely to lead to an impairment of the goodwill allocated to the Domestic segment. An 
unfavorable combination of several parameters could have a more significant impact. 
To capture these risks, and in anticipation of a further increase of the interest rates, an additional 0.5 % risk premium was included in the 
cost of equity, as well as prospective risk-free rates and Beta. These changes were taken to reflect the current exceptional market 
conditions but do not constitute a permanent change in the calculation methodology per se. As a result, the calculated post-tax 
weighted average costs of capital for Domestic increased to 5.63 % in 2022 from 3.65% in 2021. The pre-tax weighted average costs 
of capital were 6.86 % in 2022 and 5.16% in 2021.  
Next to these specific considerations, Domestic operating income before depreciation and amortization is highly sensitive to following 
operational parameters: number of customers by type of service (TV, fix….), traffic (if applicable), net ARPU by customer for each type of 
service and manpower unit cost. The value attached to these operational parameters is the result of an internal process, conducted 
throughout the segment and at group level, by confronting data from the market, market perspectives, and the strategies the Group 
intends to implement to be adequately prepared for upcoming challenges. 
Taking into account all the inputs and assumptions listed above, the impairment test of the Domestic segment showed an excess at 
December 31, 2022 of the segment recoverable amount over its carrying amount of EUR 1.9 billion. A sensitivity analysis performed on

234 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
the post-tax weighted average costs of capital and the growth rate in the terminal value taken separately shows that Domestic 
recoverable value equals its carrying amount with a post-tax weighted average costs of capital of 6.63% or an average free cash flows 
growth for the period beyond the 5-Year Plan of 0.92%.

235 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 4. Intangible assets with finite useful life 
(EUR million) 
Intangible 
Licenses 
Intangible 
Customer 
base & 
trade name 
Intangible 
TV rights 
Intangible 
Fixed & 
Mobile 
network 
Intangible 
Software 
applications 
Other 
intangibles 
and 
Intangibles 
under 
construction 
Total 
Cost 
 
 
 
 
 
 
 
As at 1 January 2021 
404 
901 
525 
476 
2,301 
59 
4,667 
Additions 
23 
0 
124 
77 
253 
15 
491 
Acquisition of subsidiary 
0 
27 
0 
0 
12 
1 
40 
Derecognition 
0 
-2 
-97 
-18 
-43 
25 
-134 
Reclassifications 
0 
0 
1 
31 
-4 
-1 
27 
Foreign exchange adjustment 
0 
7 
0 
0 
1 
0 
8 
As at 31 December 2021 
427 
934 
553 
566 
2,521 
98 
5,098 
Additions 
618 
2 
29 
86 
281 
15 
1,032 
Acquisition of subsidiary 
0 
3 
0 
0 
0 
0 
3 
Derecognition 
-150 
0 
-21 
-4 
-83 
-9 
-268 
Reclassifications 
0 
0 
0 
-11 
14 
-1 
2 
Effect of movements in foreign exchange 
0 
5 
0 
0 
1 
0 
6 
As at 31 December 2022 
895 
945 
561 
637 
2,734 
103 
5,874 
Accumulated amortization and impairment 
As at 1 January 2021 
-296 
-745 
-234 
-341 
-1,791 
-29 
-3,435 
Amortization charge for the year 
-30 
-52 
-134 
-51 
-211 
-11 
-489 
Impairment 
0 
0 
0 
0 
-1 
0 
-1 
Acquisition of subsidiary 
0 
0 
0 
0 
-8 
0 
-8 
Derecognition 
0 
2 
97 
17 
42 
-25 
132 
Reclassifications 
0 
0 
2 
-28 
1 
-2 
-27 
Foreign exchange adjustment 
0 
-3 
0 
0 
-1 
0 
-3 
As at 31 December 2021 
-326 
-797 
-269 
-404 
-1,969 
-68 
-3,833 
Amortization charge for the year 
-35 
-54 
-137 
-63 
-225 
-11 
-525 
Derecognition 
150 
0 
21 
4 
83 
9 
267 
Reclassifications 
0 
0 
0 
11 
-12 
0 
-1 
Foreign exchange adjustment 
0 
-2 
0 
0 
0 
0 
-3 
As at 31 December 2022 
-211 
-854 
-384 
-452 
-2,124 
-70 
-4,095 
Carrying amount as of 31 December 2021 
101 
137 
284 
162 
551 
30 
1,265 
Carrying amount as of 31 December 2022 
684 
91 
176 
185 
610 
32 
1,779 
 
The GSM and UMTS licenses acquisition value include the costs related to the Global System for Mobile communication (“GSM”) and 
Universal Mobile Telecommunication System (“UMTS”).

236 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The Group possesses the following licenses in Belgium and Luxembourg. 
 
Year of 
acquisition 
Description 
Acquisition value Net book value 
Period 
Payment method 
Start of 
Amortization 
 
 
(EUR million) 
 
 
 
 
1998 
ILT 2238 
2 
0 
1998 - 
completed 
1/1/1998 
2015 
900 MHz spectrum 
75 
0 
2015-2021 
over the period 
4/8/2015 
2021 
900 MHz spectrum 
15 
0 
2021-2022 
completed 
3/15/2021 
2021 
UMTS 
7 
0 
2021-2022 
completed 
3/15/2021 
2011 
4G 
20 
6 
2012-2027 
completed 
7/1/2012 
2013 
800 Mhz spectrum 
120 
65 
2013-2033 
over the period 
11/30/2013 
2014 
900 MHz spectrum 
16 
0 
2015-2021 
over the period 
11/27/2015 
2022 
900 MHz spectrum 
12 
0 
2022-2022 
completed 
3/15/2022 
2022 
UMTS 
6 
0 
2022-2022 
completed 
3/15/2022 
2022 
SPECTRUM 1800 MHZ 2G 
110 
110 
2023-2043 
over the period 
1/1/2023 
2022 
SPECTRUM 2100 MHZ 3G 
145 
145 
2023-2043 
over the period 
1/1/2023 
2022 
SPECTRUM 900 MHZ 
57 
57 
2023-2042 
over the period 
1/1/2023 
2022 
SPECTRUM 1400 MHZ 
109 
109 
2023-2043 
over the period 
7/1/2023 
2022 
SPECTRUM 700 MHZ 
123 
121 
2022-2042 
over the period 
9/1/2022 
2022 
SPECTRUM 3600 MHZ 
56 
55 
2022-2040 
over the period 
9/1/2022 
2019 
800 Mhz sepctrum 
2 
1 
2019-2027 
bi-annual 
1/1/2019 
2019 
900 MHz spectrum 
2 
1 
2019-2027 
bi-annual 
1/1/2019 
2019 
1800 Mhz spectrum 
2 
1 
2019-2027 
bi-annual 
1/1/2019 
2019 
2100 Mhz spectrum 
2 
1 
2019-2033 
bi-annual 
1/1/2019 
2019 
2600Mhz spectrum 
1 
0 
2019-2027 
bi-annual 
1/1/2019 
2020 
800Mhz spectrum 
6 
5 
2020-2035 
upfront+yearly 
10/1/2020 
2020 
3600Mhz spectrum 
8 
6 
2020-2035 
upfront+yearly 
10/1/2020 
Total 
895 
684 
 
 
 
 
The first phase of the spectrum auction, organized by regulator BIPT, concluded on 20th June, 2022. Proximus acquired substantive 
spectrum rights in the 900 MHz, 1800 MHz and 2100 MHz band, as well as in the newly auctioned 700 MHz and 3600 MHz bands, 
essential for a large-scale 5G deployment. These spectrum licenses represent a total investment of EUR 491 million for a period of 20 
years (18 years for the 3600 MHz band) which is recognized as intangible fixed asset and payable by annual installments over the same 
period. In addition to this spectrum package Proximus secured on the 20th of July, 2022 45 Mhz of spectrum in the 1400 MHz band for a 
total investment of EUR 109 million for a period of 20 years. 
Intangible assets acquired in a business combination relate to customer bases, trade names and patents recognized mainly as a result of 
the purchase price allocation performed when the Group acquired control over BICS and TeleSign. Following the businesses 
combination in 2021 with Mobile Vikings, the Group recognized the fair value of its customer base and brand for EUR 27 million.

237 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
In 2022, the Group acquired TV rights for an amount of EUR 156 million mainly broadcasting rights. In July 2020, Proximus and Eleven 
entered into an agreement whereby Proximus acquired the right to broadcast to its customers Eleven’s Pro League specific channels 
(national). The contract was signed for a duration of 5 years. The contract with Eleven related to international football events was 
extended until 2025. The 2021 figures for Broadcasting rights have been restated because the Groups’ accounting policy is now to 
capitalize the football and other multi-seasonal broadcasting rights for the full contract duration (see note 2).

238 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 5. Property, Plant and Equipment 
(EUR million) 
Land and 
buildings 
Fixed 
Network 
Mobile 
Network 
Network 
for 
converged 
services 
Technical 
equipment 
Other tangible 
assets and 
assets under 
construction 
Total 
Cost 
 
 
 
 
 
 
 
As at 1 January 2021 
538 
8,634 
1,453 
43 
1,553 
270 
12,490 
Additions 
6 
553 
82 
6 
100 
9 
756 
Acquisition of subsidiary 
0 
0 
0 
0 
1 
-1 
0 
Derecognition 
-3 
-95 
-5 
-1 
-303 
-2 
-407 
Reclassifications 
0 
-1 
6 
-11 
-10 
-12 
-27 
Exchange adjustment 
0 
0 
0 
0 
1 
0 
1 
As at 31 December 2021 
541 
9,091 
1,535 
37 
1,342 
265 
12,812 
Additions 
6 
682 
100 
3 
85 
13 
891 
Derecognition 
-18 
-446 
-158 
0 
-88 
-10 
-720 
Classified as held for sale (*) 
-364 
0 
0 
0 
-18 
0 
-383 
Reclassifications 
0 
0 
0 
0 
4 
-5 
-2 
Exchange adjustment 
0 
0 
0 
0 
1 
0 
1 
As at 31 December 2022 
166 
9,327 
1,477 
40 
1,325 
263 
12,599 
 
 
 
 
 
 
 
Accumulated depreciation and impairment 
As at 1 January 2021 
-322 
-6,409 
-1,101 
-21 
-1,229 
-238 
-9,320 
Depreciation charge for the year 
-17 
-321 
-141 
-6 
-122 
-7 
-614 
Acquisition of subsidiary 
0 
0 
0 
0 
-1 
0 
-1 
Derecognition 
2 
95 
5 
1 
304 
2 
408 
Reclassifications 
0 
1 
0 
2 
24 
0 
27 
As at 31 December 2021 
-337 
-6,634 
-1,237 
-24 
-1,025 
-244 
-9,500 
Depreciation charge for the year 
-9 
-335 
-103 
-4 
-111 
-7 
-569 
Derecognition 
16 
449 
158 
0 
84 
10 
717 
Classified as held for sale (*) 
272 
0 
0 
0 
12 
0 
284 
Reclassifications 
0 
0 
0 
0 
1 
0 
1 
As at 31 December 2022 
-59 
-6,519 
-1,182 
-28 
-1,040 
-240 
-9,068 
Carrying amount as of 31 December 2021 
204 
2,457 
298 
13 
316 
22 
3,311 
Carrying amount as of 31 December 2022 
107 
2,808 
295 
12 
286 
23 
3,531 
(*) see note 16 
 
The carrying amount of tangible fixed assets increased by EUR 220 million to EUR 3,531 million, mainly driven by the strong ramp-up of 
fiber deployment,and the Mobile network upgrade and consolidation, supporting the Group growth and efficiency ambitions . 
Per December 2022, the gross carrying amount of fully depreciated property, plant and equipment that is still in use amounts to EUR 
6,709 million. Note that the major part is related to technical and network equipment.

239 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 6. Leases 
The Group leases several assets including buildings (offices, shops, technical rooms …), mobile sites (i.e. facilities to install mobile 
communication equipment) and fleet (management cars, utility cars & bikes). These leases generally have lease terms between 4 and 
15 years. The average lease term is 9 years. 
The carrying amounts of right-of-use assets recognized and the movements during the period are disclosed below 
(EUR million) 
Buildings 
Mobile sites 
Fleet 
Other 
Total  
As at 1 January 2021 
145 
91 
45 
4 
285 
New contracts 
5 
6 
21 
2 
34 
Depreciations 
-25 
-33 
-22 
0 
-80 
Contract modifications/disposals/reassessments 
10 
25 
-1 
0 
34 
As at 31 December 2021 
135 
89 
43 
7 
274 
New contracts 
12 
8 
24 
20 
63 
Depreciations 
-25 
-30 
-25 
-4 
-84 
Contract modifications/disposals/reassessments 
4 
25 
-1 
-3 
25 
As at 31 December 2022 
126 
91 
41 
20 
277 
 
In 2021 the mobile site contracts continued (in general) to be extended. As a result of the digitalization process, the number of stores 
further decreased, while other building contracts were extended. Car contracts were generally not extended but replaced by new 
contracts. 
In 2022 we noticed the same trends. However, at the same time, two new groups of assets have emerged: bikes on the one hand and 
cloud infrastructure from our partnership with HCL on the other hand. The bikes (representing 1% of the Fleet figures) are optional 
leases for employees meeting specific criteria (like opting for an electric or hybrid company car).  
Partnership with HCL Technologies 
In 2021 Proximus entered a partnership with HCL Technologies whereby that company operates and maintains Proximus' private cloud 
infrastructure. The partnership foresaw a transition phase, that started in October 2021 and that was finished in February 2022.  
HCL and Proximus concluded an asset financing arrangement (nominal amount of EUR 65 million) for the infrastructure that remains in 
the Proximus data centers and under Proximus control. On 31 December 2022 the carrying amount is EUR 50 million (see Note 5, 
“Technical Equipment”). 
New cloud infrastructure that was purchased by HCL (nominal amount of 18 million) and used by it in the context of the partnership, 
qualified as a lease. On 31 December 2022 the carrying amount of the right of use is EUR 17 million (See  “Other” in the table above).

240 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The carrying amounts of lease liabilities and the movements during the period are disclosed below 
(EUR million) 
Buildings 
Mobile sites 
Fleet 
Other 
Sub-leases 
Total 
As at 1 January 2021 
144 
83 
44 
5 
8 
284 
New contracts 
5 
6 
21 
2 
0 
34 
Contract modifications/disposals/reassessments 
10 
24 
1 
1 
0 
35 
Interest expense 
1 
1 
0 
0 
0 
2 
Capital Reimbursements 
-25 
-28 
-24 
-3 
0 
-80 
Interest Reimbursements 
-1 
-1 
0 
0 
0 
-2 
As at 31 December 2021 
134 
85 
42 
5 
8 
273 
New contracts 
12 
8 
24 
20 
0 
63 
Contract modifications/disposals/reassessments 
4 
21 
0 
-1 
1 
25 
Interest expense 
1 
1 
0 
0 
0 
2 
Capital Reimbursements 
-25 
-30 
-25 
-10 
0 
-90 
Interest Reimbursements 
-1 
-1 
0 
0 
0 
-2 
As at 31 December 2022 
126 
83 
40 
13 
9 
272 
Current portion 
23 
27 
18 
1 
3 
73 
Non current portion 
102 
57 
22 
12 
6 
199 
 
There is no material cash outflow in 2022 relating to leases that have not commenced on 31 December 2022.    
 
(EUR million) 
 
 
2021 
2022 
The following are the amounts recognized in profit or loss: 
Depreciation 
 
 
 
 
-80 
-84 
Interest expenses 
 
 
 
 
-2 
-2 
Total 
 
 
 
 
-82 
-86 
The Group had total cash outflows for leases of  
Repayment of lease liabilities (cash out for financing activities)  
 
 
 
-79 
-90 
Interest expenses (in the operating cash flow) 
 
 
 
 
-2 
-2 
Total 
 
 
 
 
-82 
-92 
 
The maturity table of the undiscounted expected future cashflows to the lease liabilities are disclosed below: 
As at 31 December 2021 
2022 
2023 
2024 
2025 
2026 
2027 2028- 2048 
Total 
(EUR million) 
Undiscounted lease payments 
71 
54 
41 
31 
24 
16 
43 
281 
As at 31 December 2022 
Undiscounted lease payments 
86 
50 
40 
30 
19 
55 
278

241 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 7. Contract cost 
Contract costs include mainly the asset recognized in relation to commissions paid to dealers for the acquisition of post-paid contracts. 
These costs directly related to contracts, are incurred only because the Group entered into contracts and are expected to be recovered 
over the contract duration. Contract costs include also the expenses activated to ensure the matching principle with revenue. These 
activated expenses are taken to profit and loss at the same pace as the recognition of the related revenue. 
For commissions related to the acquisition of mobile prepaid customers, the Group applies the practical expedient provided for in IFRS 
15, allowing to expense as incurred incremental costs to obtain a contract if otherwise would have been deferred over one year or less.  
The asset is deferred on a straight-line basis over 3 years for contracts belonging to residential market and 5 years for the enterprise 
market. The deferral of these costs is recognized according to their nature being ‘cost of material and services related to revenue’. 
Movements on contract costs in 2022 and 2021 are as follows:  
As at 31 December  
(EUR million) 
2021 
2022 
Balance as at 1 January 
108 
110 
Decrease/ Increase in contract assets relating to existing contracts in the opening balance 
Normal evolution 
-66 
-67 
New contract costs 
68 
67 
Balance as at 31 December 
110 
111 
 
 
The portion of the balance as at 31 December 2022 and 2021 of the contract costs deferred within the year and deferred more than 
one year are as follows:  
 
As at 31 December  
(EUR million) 
2021 
2022 
Contract costs 
110 
111 
Deferred within 12 months 
55 
56 
Deferred beyond 12 months 
55 
55

242 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 8. Investments in subsidiaries, joint operations, joint ventures 
and associates  
Note 8.1. Investments in subsidiaries  
The consolidated financial statements include the financial statements of Proximus SA and the subsidiaries listed in the following table 
(the percentage in the table below represents the percentage of shares held by the Group):  
 
Name 
Registered office 
Country of 
incorporation 
2021 
2022 
Proximus SA under Public Law 
Bld du Roi Albert II 27 
Belgium 
Mother company 
1030 Bruxelles 
 
 
 
VAT BE 0202.239.951 
 
 
 
PXS Re 
Rue de Merl 74 
Luxemburg 
100% 
100% 
2146 Luxembourg 
 
 
 
Connectimmo SA 
Bld du Roi Albert II 27 
Belgium 
100% 
100% 
1030 Bruxelles 
 
 
 
VAT BE 0477.931.965 
 
 
 
Proximus Media House (PmH) 
Rue Carli 2 
Belgium 
100% 
100% 
1140 Evere 
 
 
 
VAT BE 0875.092.626 
 
 
 
Telindus - ISIT BV 
Krommewetering 7 
The Netherlands 
100% 
100% 
3543 AP UTRECHT 
 
 
 
Proximus Luxembourg SA 
18 rue du Puits Romain    
Luxemburg 
100% 
100% 
8070 Bertrange 
 
 
 
Proximus ICT SA 
Koning Albert II laan 27 
Belgium 
100% 
100% 
1030 Brussels 
 
 
 
VAT BE 0826.942.915 
 
 
 
Proximus ICT - Expert Community 
CVBA 
Ferdinand Allenstraat 38 
Belgium 
100% 
0% 
3001 Heverlee 
(3) 
 
 
VAT BE 0841.396.905 
 
 
 
Proximus Opal SA 
Bld du Roi Albert II 27 
Belgium 
100% 
100% 
1030 Bruxelles 
 
 
 
VAT BE 0861.585.672 
 
 
 
Be-Mobile SA 
Kardinaal Mercierlaan 1A 
Belgium 
93% 
93% 
9090 Melle 
 
 
 
VAT BE 0881.959.533 
 
 
 
Mediamobile Nordic OY 
Äyritie 8B  
Finland 
100% 
0% 
01510 Vantaa,  Finland 
(4) 
 
 
FI 23364202 
 
 
 
Mediamobile SA 
Rue du Gouverneur Général Eboué 24 
France 
100% 
100% 
F-92130 Issy Les Moulineaux 
 
 
 
Flitsmeister BV 
Landjuweel 24 
The Netherlands 
93% 
93% 
3905 PG Veenendaal 
 
 
 
Cascador BV 
Kardinaal Mercierlaan 1, bus A 
Belgium 
100% 
100% 
9090 Melle 
 
 
 
VAT BE 0648 964 048

243 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Name 
Registered office 
Country of 
incorporation 
2021 
2022 
Scarlet Belgium NV 
Carlistraat 2 
Belgium 
100% 
0% 
1140 Evere 
 
 
 
VAT BE 0447.976.484 
(2) 
 
 
Clearmedia NV 
Merksemsesteenweg 148 
Belgium 
100% 
100% 
2100 Deurne 
 
 
 
VAT BE 0831.425.897 
 
 
 
Davinsi Labs NV 
Borsbeeksebrug 28/2verd  
Belgium 
100% 
100% 
2600 Antwerpen 
 
 
 
VAT BE 0550.853.793 
 
 
 
Belgacom International Carrier 
Services Mauritius Ltd 
Chancery House 5th floor , Lislet, Geoffrey Street 
Mauritius 
100% 
100% 
Port Louis 1112-07 
(1) 
 
 
Belgacom International Carrier 
Services SA 
Bld du Roi Albert II 27 
Belgium 
100% 
100% 
1030 Brussels 
 
 
 
VAT BE 0866.977.981 
(1) 
 
 
Belgacom International Carrier 
Services Deutschland GMBH 
Eichweisenring 11 
Germany 
100% 
100% 
70567 Stuttgart 
(1) 
Belgacom International Carrier 
Services UK Ltd 
2 New Bailey, 6 Stanley Street, Salford 
United Kingdom 
100% 
100% 
Greater Manchester M3 5GS 
(1) 
 
Belgacom International Carrier 
Services Nederland BV 
Wilhelminakade 173, unit 41 32 
The Netherlands 
100% 
100% 
3072 AP Rotterdam 
(1) 
 
Belgacom International Carrier 
Services North America Inc 
Corporation trust center - 1209 Orange street 
United States 
100% 
100% 
USA - 19801 Willington Delaware 
(1) 
 
Belgacom International Carrier 
Services Asia Pte Ltd 
80 Robinson Road #02-00 
Singapore 
100% 
100% 
Singapore 068898 
(1) 
 
Belgacom International Carrier 
Services (Portugal) SA 
Avenida da Republica, 50, 10th floor 
Portugal 
100% 
100% 
1069-211 Lisboa 
(1) 
 
Belgacom International Carrier 
Services Italia Srl 
Via della Moscova 3 
Italy 
100% 
100% 
20121 Milano 
(1) 
 
 
Belgacom International Carrier 
Services Spain SL 
Calle Salvatierra, 4, 2c 
Spain 
100% 
100% 
28034 Madrid 
(1) 
 
Belgacom International Carrier 
Services Switzerland AG 
Gesellschaftsstrasse 27 
Switzerland 
100% 
100% 
3001 Bern 
(1) 
 
Belgacom International Carrier 
Services Austria GMBH 
Wildpretmarkt 2-4 
Austria 
100% 
100% 
1010 Wien 
(1) 
 
Belgacom International Carrier 
Services Sweden AB 
Drottninggatan 30 
Sweden 
100% 
100% 
411-14 Goteborg 
(1) 
 
 
Belgacom International Carrier 
Services JAPAN  KK 
#409 Raffine Higashi Ginza, 4-14 
Japan 
100% 
100% 
Tsukiji 4 - Chome - Chuo-ku 
 
 
 
Tokyo 104-0045 
(1) 
 
 
Belgacom International Carrier 
Services China Ltd 
5/F Manulife Place 
China 
100% 
100% 
348 Kwun Tong Road, Kowloon 
 
 
 
Hong Kong 
(1)

244 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Name 
Registered office 
Country of 
incorporation 
2021 
2022 
Belgacom International Carrier 
Services Ghana Ltd 
20 Jones Nelson Road, Adabraka,  PO Box GP 
821 
Ghana 
100% 
0% 
Accra 
(1) (4) 
 
 
Belgacom International Carrier 
Services Australia Pty Ltd 
1 Margaret Street - Level 11 
Australia 
100% 
100% 
Sydney NSW 2000 
 
 
 
Australia 
(1) 
 
 
Belgacom International Carrier 
Services Dubai FZ-LLC 
Dubai Internet City 
United Arab. 
Emirates 
100% 
100% 
Premises 306 - Floor 03- Building 02 -PO box 
502307 
 
 
 
Dubai 
(1) 
 
 
Belgacom International Carrier 
Services South Africa Proprietary Ltd 
Central Office Park n°5 
South Africa 
100% 
100% 
257 Jean Avenue, Centurion 
 
 
 
Gauteng 0157 
(1) 
 
 
Belgacom International Carrier 
Services Kenya Ltd 
5th Floor, West Wing, ICEA Lion Center 
Kenya 
100% 
100% 
Riverside Park, PO Box 10643 
 
 
 
00100 Nairobi 
(1) 
 
 
Belgacom International Carrier 
Services France SAS 
Rue du Colonel Moll 3 
France 
100% 
100% 
75017 Paris 
(1) 
 
Belgacom International Carrier 
Services Malaysia 
Level 6, Menara 1 Dutamas 
Malaysia 
100% 
100% 
Solaris Dutamas, No. 1 Jalan Dutamas 1, 
 
 
 
50480 Kuala Lumpur 
 
 
 
No. 202001015524 (1371844-D) 
(1) 
 
TeleSign Holdings Inc 
13274 Fiji Way , Suite 600 
United States 
100% 
100% 
Marina del Rey, CA 90292 
 
 
TeleSign Corporation 
13274 Fiji Way , Suite 600 
United States 
100% 
100% 
Marina del Rey, CA 90292 
 
 
 
TeleSign UK 
2 New Bailey, 6 Stanley Street, Salford 
United Kingdom 
100% 
100% 
Greater Manchester M3 5GS 
 
 
 
TeleSign Mobile Ltd 
2 New Bailey, 6 Stanley Street, Salford 
United Kingdom 
100% 
100% 
Greater Manchester M3 5GS 
 
 
 
TeleSign Doo 
Tresnjinog cveta 1 
Serbia 
100% 
100% 
11070 Novi Beograd 
 
 
 
TeleSign Netherlands B.V. 
2 New Bailey, 6 Stanley Street, Salford 
United Kingdom 
100% 
100% 
Greater Manchester M3 5GS 
 
 
 
TeleSign Singapore Pte. Ltd. 
1 Robinson Road, #17-00 
Singapore 
100% 
100% 
AIA Tower 
 
 
 
Singapore (048542) 
 
 
 
TeleSign (Beijing) Technology Co., Ltd. Office 1551, 15/F, Office Building A, Parkview 
Green, 
P.R. China 
100% 
100% 
9 Dongdaqiao Road, Chaoyang District 
 
 
 
Beijing 100020 
 
 
 
Codit Holding BV 
Gaston Crommenlaan 14, box 301 
Belgium 
100% 
100% 
9050 Ledeberg 
 
 
 
VAT BE 662.946.401 
 
 
 
Codit BV 
Gaston Crommenlaan 14, box 301 
Belgium 
100% 
100% 
9050 Ledeberg 
 
 
 
VAT BE 0471.349.823 
 
 
 
Codit Switzerland AG 
The Circle 6 
Switzerland 
100% 
100% 
8058 Zurich 
 
 
 
VAT CHE-335.776.516

245 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Name 
Registered office 
Country of 
incorporation 
2021 
2022 
Codit Integration Ltd.  
Landmark House, Station Road 
United Kingdom 
100% 
100% 
 RG27 9HA Hook (Hampshire) 
 
 
 
VAT GB 241.5781.10 
 
 
 
Codit Managed Services BV 
Gaston Crommenlaan 14, box 301 
Belgium 
100% 
100% 
9050 Ledeberg 
 
 
 
VAT BE 0835.734.875 
 
 
 
Codit Mare Limited  
International House, Mdina Road 
Malta 
100% 
100% 
BKR 3000 Mriehel 
 
 
 
C55412 
 
 
 
Codit Nederland B.V 
Atoomweg 350, 
The Netherlands 
100% 
100% 
3542AB Utrecht 
 
 
 
 
 
 
Votijnit Lda. (Codit Portugal)  
Edificio LACS Anjos, Rua Febo Moniz, 27 
Portugal 
100% 
100% 
1150-152 Lisboa 
 
 
 
NIPC 510.595.251 
 
 
 
Codit Software Limited  
International House, Mdina Road 
Malta 
100% 
100% 
BKR 3000 Mriehel 
 
 
 
 C64225 
 
 
 
Codit France S.A.S.   
18, Boulevard Malesherbes 
France 
100% 
100% 
75008 Paris 08 
 
 
 
VAT FR 0478.300.189 
 
 
 
UMBRiO Holding BV 
Bisonspoor 3002-A501 
The Netherlands 
100% 
100% 
3605 LT Maarssen 
 
 
 
 
 
 
Mobile Vikings NV 
Kempische Steenweg 309 - box1 
Belgium 
100% 
100% 
3500 Hasselt 
 
 
 
VAT BE 0886,946,917 
 
 
 
Telesign Belgium 
Koning Albert II laan 27 
Belgium 
0% 
100% 
1030 Brussels 
(5) 
 
 
VAT BE 0781.957.877 
 
 
 
3M Digital Networks Private Limited 
(Mobtexting) 
45/B, Subam Complex, 1st A Main 3rd Floor, 
Rear Wing, Sarakki Indl Layout, J P Nagar, Phase-
3,  
India 
0% 
100% 
 Bengaluru, Karnataka 560 078 
(1) (6) 
 
 
U72200KA2012PTC066750 
 
 
 
Proximus Ada 
Koning Albert II laan 27 
Belgium 
0% 
100% 
1030 Brussels 
(5) 
 
 
VAT BE 0781.848.902 
 
 
 
Doktr 
Koning Albert II laan 27 
Belgium 
0% 
80% 
1030 Brussels 
(5) 
 
 
VAT BE 0787.949.212 
 
 
 
Proximus Luxembourg Infrastructure 
18 rue du Puits Romain    
Luxemburg 
0% 
100% 
8070 Bertrange 
(5) 
 
 
 
 
 
 
 
 
(1) Entity of BICS Group 
(2) Entity merged with Proximus SA 
(3) Entity merged with Clearmedia 
(4) Entity liquidated in 2022 
(5) Entity created in 2022 
(6) Entity acquired in 2022

246 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 8.2. Investments in joint operations 
The Group has a material joint operation in MWingz located Bld Simon Bolivar 34 in 1000 Brussels (VAT BE 0738 987 372). In 
November 2019, Proximus and Orange Belgium entered into a strategic agreement to share a part of their mobile access networks. The 
shared mobile access network is planned, built and operated by this joint company, owned 50/50 by Proximus and Orange Belgium 
which started its services to the shareholders in April 2020. The agreement is based on the following principles:  
• 
The operators contractually share control of the agreement, i.e. decisions about the relevant activities require unanimous consent 
of the parties. 
• 
Mwingz exclusively delivers services to the parents. 
In its consolidated financial statements, the Group accounts Mwingz as a joint operation and recognizes its share in the assets and 
liabilities and its share in Mwingz costs from third parties, based on its ownership interest. Revenues from the sale of joint operation 
services to Proximus and Orange Belgium are eliminated.

247 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 8.3. Investments in joint ventures and associates 
 
(EUR million) 
 
 
2021 
2022 
Carrying amount 
34 
43 
Loss of continuing operations 
-10 
-20 
 
The Group had interests in the following joint ventures and associates:  
Name 
Registered office 
Country of 
incorporation 
Group's participating interests 
 
 
 
2021 
2022 
Associates 
 
 
 
 
Belgian Mobile ID SA/NV 
Markiesstraat 1 
Belgium 
15% 
15% 
1000 Brussel 
 
VAT BE 541.659.084 
(2) 
Synductis CV 
Brusselsesteenweg 199 
Belgium 
17% 
17% 
9090 Melle 
 
VAT BE 502.445.845 
(2) 
Experience @ work CVBA 
Minderbroedersgang 12 
Belgium 
30% 
30% 
2800 Mechelen 
 
VAT BE 627.819.632 
 
Tessares SA/NV 
Avenue Jean Monnet 1  
Belgium 
23% 
23% 
1348 Ottignies-Louvain-la-Neuve 
 
VAT BE 600.810.278 
 
 
 
Co.station Belgium NV 
Sinter-Goedeleplein 5 
Belgium 
20% 
20% 
1000 Brussel 
 
VAT BE 599,786,434 
 
 
 
Fiberklaar Midco BV 
Raymonde de Larochelaan 13 
Belgium 
50% 
50% 
9051 Sint-Denijs-Westrem 
 
 
 
VAT BE 760,489,106 
 
 
 
Fiberklaar BV 
Raymonde de Larochelaan 13 
Belgium 
50% 
50% 
9051 Sint-Denijs-Westrem 
 
 
 
VAT BE 760,540,475 
 
 
 
I.Leco NV 
Kleinhoefstraat 6 
Belgium 
38% 
38% 
2440 Geel 
 
 
 
VAT BE 471,967,356 
 
 
 
Belgian Parking Register NV 
Kardinaal Mercierlaan 1A 
Belgium 
50% 
50% 
9090 Melle 
 
 
 
VAT BE 0778.406.687 
 
 
 
Ads&Data 
Harensesteenweg 226 
Belgium 
11% 
11% 
1800 Vilvoorde 
 
 
 
VAT BE 0809.309.701 
(2) 
 
 
Glasfaser Ostbelgien 
Klötzerbahn 24 
Belgium 
- 
50% 
4700 Eupen 
 
 
 
VAT BE 0791.811.295 
(1) 
 
 
Joint ventures 
 
 
 
 
Unifiber Midco SA 
Waterloo Office Park 
Belgium 
50% 
50% 
Drève Richelle 161 D, Boite 20 
 
 
 
1410 Waterloo 
 
 
 
0771.814.647 RPR/RPM 
 
 
 
Unifiber SA 
Waterloo Office Park 
Belgium 
50% 
50% 
Drève Richelle 161 D, Boite 20 
 
 
 
1410 Waterloo 
 
 
 
0771.870.372 RPR/RPM 
 
 
 
(1) Entity created in 2022 
 
(2) Significant influence as Proximus has at least one site in the board of the entity

248 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Fiberklaar was co-created in March 2021 with EQT Infrastructure to accelerate the roll-out of fiber in Flanders. Fiberklaar works to 
design, build, maintain, and upgrade the fiber network across the region to accelerate super fast and stable fiber connectivity in Flanders. 
Fiberklaar’s target is to connect 1.5 million homes and businesses in Flanders by 2028. Proximus holds 49.66% of Fiberklaar and the 
arrangement qualifies as an associate under IAS 28. 
Unifiber was co-created in July 2021 with Eurofiber to accelerate the roll-out of fiber in Wallonia. Unifiber works to design, build, 
maintain, and upgrade the fiber network across the region to accelerate super fast and stable fiber connectivity in Wallonia. Unifiber’s 
target is to connect 0.6 million homes and businesses in Wallonia by 2028. Proximus holds 49.99% of Unifiber and the arrangement 
qualifies as joint venture under IAS 28. 
In September 2022, Proximus co-created “Glasfaser Ostbelgien” or GO Fiber, a public-private partnership with the German-speaking 
Community and Ethias. Its objective is to connect almost all of the 40,000 homes and businesses in this region, including in the so-
called “white zones”. Proximus owns 49.96% of Glasfaser Ostbelgien. The arrangement qualifies as associate under IAS 28. 
Contingencies and commitments in relation with the joint-ventures and associates fiber entities (Fiberklaar, Unifiber and Glasfaser 
Ostbelgien): 
• 
Imposed to the fiber entities 
o 
After the roll-out period, Fiberklaar and Unifiber are required to meet the net debt/EBITDA target ratios defined in 
their shareholders' agreements. Available cash must be used to meet these targets as a matter of priority before 
any distribution to shareholders. 
• 
Imposed to the fiber entities’ shareholders 
o 
Proximus has a contractual obligation to financially support entities Fiberklaar and Unifiber by acquiring a 
predefined volume of fiber connections for the already deployed areas. This will be done by the complete migration 
of its customer base and the phasing out of its copper network within a few years after the completion of the fiber 
rollout. For Glasfaser Ostbelgien, there is no predefined volume, but there is still the migration commitment. 
o 
Upon the occurrence of a "Flip Over Event" (such as the achievement of the deployment of the network on a 
targeted number of households, a predefined date, etc.), the shareholders of the fiber entities are obliged to 
transfer the minimum number of shares required to Proximus for the latter to obtain control by having the majority 
of the shareholding. If necessary, and in the most limited way possible, adaptations could be made to the 
shareholders’ agreements in order to ensure control at Proximus after Flip Over. The earliest change of control is 
expected to occur in 2028. 
o 
At the timing of the Flip Over, Proximus has the right to acquire the number of shares necessary to own at least 
50% plus one and up to 75% minus one of Glasfaser Ostbelgien Shares. It is also granted a call option to extend its 
shareholding to 60% of Fiberklaar Midco shares. 
o 
Fiberklaar and Unifiber will maximize their funding through debt and operating cash flows. The shareholders will 
supplement the remaining financing needs with a capital injection, pro rata to their share. 
o 
All shares held by Midco Unifiber and Midco Fiberklaar in Unifiber and Fiberklaar are pledged to the banks as part of 
the financing arrangements obtained by Unifiber and Fiberklaar. 
 
Changes in associates and joint venture:

249 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
(EUR million) 
Unifiber SA 
Fiberklaar BV 
Other Associates 
Total 
Carrying amount 
 
 
 
 
As at 1 January 2021 
0 
0 
4 
4 
Investments 
10 
30 
 
40 
Profit for the year 
-1 
-8 
-1 
-10 
As at 31 December 2021 
9 
22 
3 
34 
Investments 
 
30 
-1 
29 
Profit for the year 
-7 
-13 
 
-20 
As at 31 December 2022 
2 
39 
2 
43 
 
Summary of balance sheet, profit and loss and other comprehensive income of the material joint venture and associate 
Unifiber 
Fiberklaar 
(EUR million) 
2021 
2022 
2021 
2022 
Non-current assets 
3 
54 
27 
223 
Current assets 
16 
32 
47 
33 
Cash and cash equivalents 
16 
21 
46 
32 
Total assets 
19 
86 
74 
256 
 
Equity 
18 
10 
44 
88 
Non-current liabilities 
0 
57 
25 
120 
Interest-bearing liabilities 
0 
57 
25 
120 
Current liabilities 
1 
18 
5 
48 
Total liabilities and equity 
19 
86 
74 
256 
Net revenue 
0 
0 
0 
1 
Depreciation and amortization 
0 
0 
0 
1 
Interests and debt charges on financial instruments at amortized costs 
0 
-5 
-7 
-4 
Profit or loss from continuing operations 
-2 
-8 
-16 
-16 
Total comprehensive income 
-2 
-8 
-16 
-16 
% ownership 
50% 
50% 
50% 
50% 
Share held in Equity 
9 
5 
22 
44 
Harmonization and retraitment 
0 
-3 
0 
-5 
Carrying amount 
9 
2 
22 
39

250 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 8.4. Acquisitions and disposal of subsidiaries, joint ventures and associates 
 
Entities incorporated in 2022 
Proximus Ada 
In March 2022 Proximus established the wholly owned subsidiary Ada, an innovation and expertise centre dedicated to artificial 
intelligence and cybersecurity. The entity started its activities in April 2022. Proximus Ada employed around 52 experts in artificial 
intelligence and cybersecurity on 31 December 2022. 
Doktr 
On 1 July 2022, Proximus transferred the activities related to the Doktr application to this new company, Doktr SRL. Doktr aims to 
become an integral part of the healthcare offering, facilitating video consultations in an accessible, secure and user-friendly manner. 
Glasfaser Ostbelgien 
See note 8.3. 
 
Acquisition of 2022 
BICS-3m Digital Networks Pvt Ltd 
BICS acquired 100% of the shares of a Communications Platform as a Service (CPaaS) specialist, 3m Digital Networks Pvt Ltd, an 
international communications enabler, by its fully owned Singaporean subsidiary. The acquisition will add a range of cloud-native 
communications solutions to BICS portfolio, including AI-enabled voice, multi-channel messaging and advanced analytics services.  
 
Acquisitions of 2021 
Mobile Vikings 
Following the positive decision of the Belgian competition authority in June 2021, the Group acquired in June 2021 a 100% stake in 
Mobile Vikings NV for an amount of EUR 128 million net of cash acquired. 
The completion of the purchase price allocation led to the recognition, at their acquisition-date fair value, of non-current assets, 
consisting of the customer base and the brand, for an amount of EUR 27 million. The carrying amount of the other assets acquired and 
liabilities assumed correspond to their acquisition date fair values. 
As a result, the group recognized a goodwill of EUR 114 million.

251 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The fair value of the identifiable assets and liabilities of Mobile Vikings  as at the date of acquisition is detailed as follows (in Million Euro): 
Fair Value recognized at 
acquisition  
Intangible assets with finite useful life 
31 
Deferred income tax assets 
1 
Trade receivables 
6 
Investments and cash and cash equivalents 
24 
Total assets 
63 
Deferred income tax liabilities 
-7 
Trade payables 
-15 
Income tax payables 
-1 
Other current payables & other amounts payables 
-2 
Total non-controlling interests and liabilities 
-24 
Net assets acquired 
39 
Consideration 
153 
Goodwill from acquisition 
114 
Consideration paid 
153 
Net cash acquired of the subsidiary (after deduction of loan) 
24 
Net cash outflow 
128 
 
The “cash paid for acquisition of consolidated companies net of cash acquired” in the Cash Flow Statement reported as “cash flow from 
investing activities” amounts to EUR 130 million. EUR 2 million relates to earn outs paid for other historical acquisitions. 
Fiberklaar and Unifiber 
See note 8.3 
Control in BICS/TeleSign 
The Group held until February 2021, 57.6% of the BICS/TeleSign shares and 57.6% of the voting rights to the BICS shareholders’ 
meeting. The Group concluded that it controlled BICS/TeleSign thanks to the decision-making rules and deadlock procedures foreseen 
in the shareholders’ agreement in force as from 1 January 2010. 
In accordance with the agreement entered on 9 February 2021 Proximus acquired on 23 February 2021 the 42.4% stake from the 
minority shareholders of BICS/TeleSign, (MTN 20% and Swisscom 22.4%) for a total cash consideration of EUR 217 million and owns 
now 100% of the shares. 
This EUR 217 million is reported in the 2021 cash flow statement as Cash used for financing activities.

252 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 9. Equity investments measured at fair value 
At 31 December 2022 and 2021, the group held participating interests in non-quoted companies, the fair value amounted to EUR 1 
million. 
The group elected to classify at initial recognition these interests at fair value through other comprehensive income as they are not held 
for a purpose of trading but acquired with a long-term strategic view.

253 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 10. Income taxes 
Gross deferred income tax assets / (liabilities) relate to the following: 
(EUR million) 
As at 31 December  
 
2021 
2022 
 
 
Accelerated depreciation 
-45 
-40 
Fair value adjustments on acquisition 
-33 
-20 
Statutory provision not retained under IFRS 
-7 
-8 
Remeasurement of financial instruments to fair value 
-2 
-52 
Deferred taxation on sales of property, plant and equipment 
-7 
-7 
Post-employment, termination and other benefits 
-7 
-19 
Deferred taxation on contract assets & contract costs 
-56 
-61 
Other 
-2 
0 
Gross deferred income tax liabilities 
-159 
-209 
Fair value adjustment on fixed assets 
12 
11 
Tax losses carried forward 
3 
0 
Provisions for liabilities and charges 
12 
11 
Other 
2 
10 
Gross deferred income tax assets 
29 
32 
Net deferred income tax assets / (liabilities), when grouped per taxable entity, are as follows : 
 
 
Net deferred income tax liability 
-136 
-181 
Net deferred income tax asset 
6 
5 
 
The movements in 2022 of the deferred tax position are as follows 
(EUR million) 
As at 31 December 2021 
-129 
Decrease as the result of the purchase price allocation 
 
-1 
Decrease recognized through other comprehensive income 
 
-71 
Increase recognized in income statement 
 
25 
As at 31 December 2022 
 
-176 
 
The movements in 2021 of the deferred tax position are as follows 
(EUR million) 
As at 31 December 2020 
-103 
Decrease as the result of the purchase price allocation 
 
-6 
Decrease recognized through other comprehensive income 
 
-32 
Increase recognized in income statement 
 
12 
As at 31 December 2021 
 
-129

254 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The 2022 deferred tax expense in the profit or loss is mainly the consequence of the accelerated depreciation of some network 
components and the annual declining depreciation method on the tangible assets and broadcasting intangible assets acquired in 2018 
and 2019 applied by Proximus SA in BGAAP, the increase in the post-employment and termination benefits and the remeasurement to 
FV of the financial instruments.  This expense is partially offset by the decrease of the deferred tax liability on fair value adjustments on 
acquisitions. 
The deferred income tax assets on fair value adjustment of fixed assets relate mainly to the elimination of the gain resulting from the 
intercompany sale at fair value of certain fixed assets. 
Deferred tax assets have not been recognized in respect of the losses of subsidiaries that have been loss-making for several years. 
Cumulative tax losses carried forward and tax deductions available for such companies amounted to EUR 22 million at 31 December 
2022 (EUR 50 million in 2021) of which EUR 22 million has no expiration date but is limited in use of 1 Mio per year and 70% for the 
surplus in the same year. 
 
In the income statement, deferred tax income/ (expense) relate to the following: 
 
Year ended 31 December 
(EUR million) 
2021 
2022 
Accelerated depreciation  
14 
5 
Fair value adjustments on acquisition 
10 
14 
Remeasurement of financial instruments to fair value 
-4 
0 
Deferred taxation on sales of property, plant and equipment 
1 
0 
Fair value adjustment on fixed assets 
-2 
-1 
Post-employment, termination and other benefits 
-2 
7 
Tax losses carried forward 
-4 
-3 
Contract assets and contract cost 
-4 
-5 
Other 
3 
7 
 
 
Deferred tax expense of the year 
12 
25 
 
The consolidated income statement includes the following tax expense: 
 
As at 31 December  
(EUR million) 
2021 
2022 
Current income tax expense 
-149 
-153 
Deferred income tax 
12 
25 
Income tax expense reported in consolidated income statement 
-137 
-128

255 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The reconciliation of income tax expense at the statutory income tax rate to income tax expense at the group's effective income tax rate for each of 
the two years ended is as follows: 
 
 
(EUR million) 
2021 
2022 
Income before taxes 
581 
578 
At Belgian statutory income tax rate of 25%  
145 
145 
Lower income tax rates of other countries 
0 
1 
Non-taxable income 
-20 
-24 
Non-deductible expenditures for income tax purposes  
10 
5 
Non-deductible losses from joint ventures and associates 
7 
8 
Other 
-6 
-5 
Income tax expense 
137 
128 
Effective income tax rate 
23.51% 
22.22% 
 
The 2022 effective income tax rate amounts to 22.22% which is lower compared to the effective income tax rate of 23.51% in 2021.   
The non-taxable income mainly relates to the application of general principles of tax law such as the patent- and innovation income 
deduction applicable in Belgium. 
The 2022 non-deductible expenditures for income tax purposes primarily relate to various expenses that are disallowed for tax 
purposes.  
 
 
Note 11. Assets and liabilities for pensions, other post-
employment benefits and termination benefits 
The Group has several plans that are summarized below: 
 
As at 31 December  
(EUR million) 
2021 
2022 
Termination benefits and additional compensations in respect of restructuring programs 
140 
116 
Defined benefit plans for complementary pension plans net liability / (net asset) 
-79 
-140 
Other pension plans 
1 
1 
Post-employment benefits other than pensions 
365 
295 
Net asset recognized in the balance sheet 
79 
140 
Net liability recognized in the balance sheet 
508 
413 
Net liability (current) 
62 
52 
Net liability (non-current) 
447 
361 
The calculation of the liability is based on the assumptions established at the balance sheet date. The assumptions for the various plans 
have been determined based on both macro-economic factors and the specific terms of each plan relating to the duration and the 
beneficiary population.

256 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The discount rate used for the valuation of pension plans, other post-employment benefit plans and termination benefits is based on 
the yield of Eurozone high quality corporate bonds with a duration matching the duration of such plans.  
The decrease in cash outflow resulting from the liability for pensions, other postemployment and termination benefits reported in the 
net cash flow from operating activities results from lower payment in 2022 vs 2021 for the early leave plan and fit for purpose plan. 
Note 11.1. Termination benefits and additional compensations in respect of restructuring programs 
Termination benefits and additional compensations included in this chapter relate to employee restructuring programs. No plan assets 
are accumulated for these benefits. 
In 2007, the Group implemented a voluntary external mobility program to the Belgian State for its statutory employees and a program 
for unfit statutory employees. Under the terms of this plan, the Group will pay benefits until retirement date of the participant.  
In 2016, the Group implemented a voluntary leave program allowing for early termination from the age of 60 (or 58 for a small group). 
For certain participants to the early leave restructuring plan, benefits are paid from the age of 60 until the earliest retirement date. For 
those entering in the plan before the age of 60 and therefore required to render service until 60, the cost of the plan was recognized for 
the period of service still to be delivered between the moment of entering in the program and 60. The cost evolves with the index and 
the discount rate. The staff turnover is considered to be zero. 
In 2019, Proximus launched its Fit for Purpose (FFP) transformation plan.  An analysis based on the company's future challenges has 
led to the identification of areas of activity that either are being modified or that are disappearing. In this context, 1,347 FTEs were 
leaving Proximus. The provision for termination benefits (EUR 288 million) was entirely booked in 2019 as a result of a detailed and 
formal communication to those affected by the plan and as these benefits were not conditional to future service. The provision includes 
all benefits that are paid to the participants either at dismissal date or until earlier pensionable date. The provisions also include 
outplacement costs. The costs of reskilling and upskilling of employees are not included in the provision. The long-term part of the 
provision relates to the payments to be made after more than one year (mainly until pensionable date). This evolves with the index and 
discount rate. The staff turnover assumption is considered to be zero in the calculation. In 2022, the liability for termination benefits has 
also been updated to reflect the fact that Proximus can de facto no longer withdraw to offer certain benefits to employees in existing 
programs.The provision has been increased by EUR 22 million in 2022 and decreased by EUR 1 million in 2021.  
Any subsequent re-measurement of the liability for termination benefits and additional compensations is recognized immediately in the 
profit or loss.

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The funded status of the plans for termination benefits and additional compensations is as follows : 
As of 31 December  
(EUR million) 
2021 
2022 
Benefit Obligation 
140 
116 
Benefit obligation in excess of plan assets 
140 
116 
 
 
The movement in the net liability recognized in the balance sheet is as follows : 
As at 31 December  
 
2021 
2022 
At the beginning of the year 
209 
140 
Total expense (income) for the period 
-3 
22 
Payment to the participants 
-66 
-46 
At the end of the year 
140 
116 
The liability for termination benefits and additional compensations was determined using the following assumptions: 
As at 31 December  
(EUR million) 
2021 
2022 
Discount rate 
0% 
3.20% 
Future price inflation  
2.15% 
3.00% 
 
Sensitivity analysis 
An increase or decrease of 0.5% in the effective discount rate involves a fluctuation of the liability by approximately EUR 1 million.  
The Group expects to pay an amount of EUR 33 million for termination benefits and additional compensations in 2023. The payments in 
2022 amounted to EUR 46 million.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
Note 11.2. Defined contribution and benefit plans for complementary pensions  
Defined benefit plans of Proximus SA and some subsidiaries 
Proximus SA and some of its Belgian subsidiaries offer defined benefit pension plans for their employees. These plans provide pension 
benefits, for services as of 1 January 1997 at the earliest. They provide benefits based on salary and years of service. They are financed 
through the Proximus Pension Fund, a legally separate entity created in 1998 for that purpose.  
The financing method is intended to finance the current value of future pension obligations (defined benefit obligation – DBO) relating 
to the years of service already rendered in the company and taking into account future salary increase. The financing method is derived 
from calculations under IAS 19. The annual contribution is equal to the sum of the service cost, the net financial cost (interest cost on 
DBO minus the expected return on assets) and the amortization of the difference between the assets and the DBO exceeding 10% of 
the higher of the DBO or the assets. Therefore, the amount contributed may differ from the amount recognized in the income 
statement. 
At 31 December 2022, the assets of the Pension Fund exceed the minimum required by the pension regulator, being the technical 
provision. The technical provision represents the amount needed to guarantee the short-term and long-term equilibrium of the Pension 
Fund. It is constituted of the vested rights increased with an additional buffer amount in order to guarantee the long-term durability of 
the pension financing. The vested rights represent the current value of the accumulated benefits relating to years of service already 
rendered in the company and based on current salaries. They are calculated in accordance with the pension regulation and applicable 
law regarding actuarial assumptions.  
As for most of defined benefit plans, the pension cost can be impacted (positively or negatively) by parameters such as interest rates, 
future salary increases and inflation. These risks are not unusual for defined benefit plans. 
For the complementary defined benefit pension plan, actuarial valuations are carried out at 31 December by external independent 
actuaries. The present value and the current service cost and past service cost are measured using the projected unit credit method.  
The funded status of the pension plans is as follows : 
As at 31 December  
(EUR million) 
2021 
2022 
Defined Benefit Obligation 
825 
716 
Plan assets at fair value 
-904 
-857 
Deficit / (surplus) 
-79 
-140

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The components recognized in the income statement and other comprehensive income are as follows : 
Year ended 31 December  
(EUR million) 
2021 
2022 
Current service cost - employer 
52 
52 
Net interest 
0 
-1 
Recognized in the income statement 
52 
50 
Remeasurements 
 
 
Actuarial (gains)/losses from changes in financial assumptions 
-40 
-192 
Actuarial (gains)/losses from changes  in demographic assumptions  
0 
20 
Actuarial (gains) / losses arising from experience adjustments 
-11 
22 
Actuarial (gains) / losses related to return on assets, excluding amounts included in the net interest 
cost 
-95 
88 
Recognized in other comprehensive income 
-146 
-61 
Total  
-93 
-11 
 
The movement in the net liability recognized in the balance sheet is as follows : 
Year ended 31 December  
(EUR million) 
2021 
2022 
At the beginning of the year 
67 
-79 
Expense for the period recognized in the income statement 
52 
50 
Remeasurement recognized in other comprehensive income 
-146 
-61 
Contributions paid 
-52 
-50 
Net deficit/ (Net surplus) 
-79 
-140 
 
Change in plan assets : 
 
As at 31 December  
(EUR million) 
2021 
2022 
At the beginning of the year 
770 
904 
Interest income 
6 
10 
Return on assets, excluding amounts included in the net interest expense 
95 
-88 
Contributions paid 
52 
50 
Benefits payments and expenses 
-20 
-19 
At the end of the year 
904 
857

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Change in the defined benefit obligation : 
As of 31 December  
(EUR million) 
2021 
2022 
At the beginning of the year 
837 
825 
Service cost 
52 
52 
Interest cost 
7 
9 
Benefits payments and expenses 
-20 
-19 
Actuarial losses/ (gain) 
-51 
-150 
At the end of the year 
825 
716 
 
 
The pension liability was determined using the following assumptions : 
As at 31 December  
(EUR million) 
2021 
2022 
Discount rate 
1.05% 
3.50% 
Future price inflation  
2.15% 
3.00% 
Nominal future salary increase 
3.30%-3.40% 
4.15%-4.25% 
Nominal future baremic salary increase 
3.15%-3.30% 
4%-4.15% 
Mortality  
BE Prospective IA/BE 
BE Prospective IA/BE 
 
The significant change in financial assumptions influenced positively the obligations as disclosed in the tables above.  The effect of the 
discount rate on the obligation is partially compensated by the effect of the inflation.   
The turnover is considered in the calculation of the pension liability. For statutory employees it is assumed to be zero and for contractual 
employees is based on a degressive withdrawal rate based on the age.  
The pension liability is determined based on the entity’s best estimate of the financial and demographic assumptions which are reviewed 
on an annual basis.  
The duration of the obligation is 13.9 years.  
Sensitivity analysis  
Significant actuarial assumptions for the determination of the defined benefit plans obligations are discount rate, inflation and real salary 
increase. The sensitivity analysis has been determined based on reasonably possible changes of the respective assumptions, while 
holding the other assumptions constant.  
We expect, that considering the current uncertainties on the market, the level of discount rate to be more stable in 2023 than in 2022 
and that the inflation will slightly evolve but remain relatively high still for a long period of time, 
If the discount rate increases (or decreases) by 0.5%, the estimated impact on the defined benefit obligation would be a decrease (or 
increase) by around 6.5% to 7%.  
If the inflation rate increases (or decreases) by 0.25%, the defined benefit obligation would increase (or decrease) by around 3%. If the 
real salary increases (decreases) by 0.25%, the defined benefit obligation would increase (decrease) by around 6%.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Plan assets 
 
The assets of the pension plans are detailed as follows: 
 
As at 31 December  
(EUR million) 
2021 
2022 
Equity instruments 
49.8% 
48.2% 
Debt instruments 
34.8% 
36.2% 
Convertible bonds 
5.2% 
4.8% 
Other (property, infrastructure, Private equity funds, insurance deposits) 
10.2% 
10.8% 
 
The actual return on plan assets is as follows: 
 
As at 31 December  
(EUR million) 
2021 
2022 
Actual return on plan assets 
101 
-79 
 
The investment strategy of the Pension Fund is defined to optimize the return on investment within strict limits of risk control and taking 
into account the profile of the pension obligations. The relatively long duration of the pension obligations (13.9 years) allows to allocate 
a reasonable portion of its portfolio to equities. Over the last five years, the pension fund has significantly increased the diversification of 
its investment portfolio across asset classes, regions and currencies in order to reduce the overall risk and improve the expected return.  
At the end of 2022 the portfolio was invested by about 48.2% in listed equities (in Europe, US and Emerging Markets), about 36.2% in 
fixed income (government bonds, corporate bonds, and senior loans) and about 4.8% in convertible bonds (World ex US), the remaining 
part being invested in European infrastructure, global private equity, European non-listed real estate and cash. The actual 
implementation of the investments is outsourced to specialized asset managers.  
Nearly all investments are done via mutual investment funds. Direct investments amount for less than 1% of the assets. Equity 
instruments, debt instruments and convertible bonds have quoted prices in active markets. The other assets, amounting for 10.0% of 
the portfolio are not quoted. The Pension Fund does not directly invest in Proximus shares or bonds, but it is not excluded that some 
Proximus shares, or bonds are included in some of the mutual investment funds in which the pension Funds invests. 
 
The Proximus Pension Fund has taken a proactive approach about the inclusion of ESG criteria in its investment policy. As almost all 
investments are made through collective funds managed by external managers, this approach involves an ongoing dialogue with the 
managers, inviting them to take these criteria into account. 
The Group expects to contribute an amount of EUR 35 million to the Proximus Pension Fund in 2023.  
Other pension plans 
The Group also operates another defined benefit plan with a more limited amplitude, being a Defined Benefit Obligation EUR  6 million 
and plan assets of EUR 5 million resulting in a net liability of EUR 1 million. 
The Group operates some plans based on contributions for qualifying employees. For the plans operated abroad, the Group does not 
guarantee a minimum return on the contribution. For those operated in Belgium a guaranteed return is provided. All plans (operated in 
Belgium and abroad open and closed) are not material at Group level and do not present any net liability material for the Group.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 11.3. Post-employment benefits other than pensions 
Historically, the Group grants to its retirees’ post-employment benefits other than pensions in the form of socio-cultural aid premium, 
train tickets and other social benefits including a subsidized hospitalization plan. There are no plan assets for such benefits.  
The subsidy to the hospitalization plan is based on an indexed fixed amount per beneficiary. 
The funded status of the plans is as follows : 
 
As at 31 December  
(EUR million) 
2021 
2022 
Defined Benefit Obligation 
365 
295 
Net liability recognized in the balance sheet 
365 
295 
The components recognized in the income statement and other comprehensive income are as follows : 
Year ended 31 December  
(EUR million) 
2021 
2022 
Current service cost - employer 
4 
4 
Interest cost 
3 
3 
Recognized in the income statement 
7 
7 
Remeasurements 
 
 
Actuarial losses from changes in financial assumptions 
6 
-61 
Effect of experience adjustments 
-1 
-3 
Recognized in other comprehensive income 
4 
-63 
Total  
11 
-56 
. 
The movement in the net liability recognized in the balance sheet is as follows : 
As at 31 December  
(EUR million) 
2021 
2022 
At the beginning of the year 
368 
365 
Expense for the period recognized in the income statement 
7 
7 
Remeasurement recognized in other comprehensive income 
4 
-63 
Payment to the participants 
-14 
-14 
At the end of the year 
365 
295 
 
The liability for post-employment benefits other than pensions was determined using following assumptions : 
As at 31 December  
 
2021 
2022 
Discount rate 
1.00% 
3.50% 
Future cost trend (index included)  
2.15% 
3.00% 
Mortality  
BE Prospective IA/BE 
BE Prospective IA/BE

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The significant change in financial assumptions influenced positively the obligations as disclosed in the tables above.  The effect of the 
discount rate on the obligation is partially compensated by the effect of the inflation.   
The liability for post-employment benefits other than pensions is determined based on the entity’s best estimate of the financial and 
demographic assumptions which are reviewed on an annual basis.  
The duration of the obligation is 12.2 years. 
Sensitivity analysis  
Significant actuarial assumptions for the determination of the defined benefit plans obligations are discount rate, inflation, future cost 
trend and mortality. The sensitivity analysis has been performed based on reasonably possible changes of the respective assumptions, 
while holding the other assumptions constant.  
If the discount rate increases (or decreases) by 0.5%, the defined benefit obligation would decrease (or increase) by around 6%. 
If the future cost trend increases (or decreases) by 0.5%, the defined benefit obligation would increase (or decrease) by around 6%.  
If a 1-year age correction would be applied to the mortality tables, the defined benefit obligation would change by around 4%. 
The Group expects to contribute an amount of EUR 16 million to these plans in 2023.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 11.4. Other liabilities 
The Group participates in a State Defined Benefit plan. On 31 December 2003, Proximus transferred to the Belgian State its legal 
pension obligation for its statutory employees and their survivors, in exchange of a payment of EUR 5 billion to the Belgian State. The 
transfer of the statutory pension liability to the Belgian State in 2003 was coupled with an increased employer social security 
contribution for civil servants as from 2004 and included an annual compensation mechanism to off-set certain future increases or 
decreases in the Belgian State’s obligations as a result of actions taken by Proximus. Following a change in law (Program Law of 25 
December 2017), as from 2018, the obligation to off-set stopped for the Belgian State. 
 
Note 12. Other non-current assets  
 
As at 31 December 
(EUR million) 
Note 
2021 
2022 
Other derivatives 
32.1 
3 
83 
Other financial assets at amortized cost 
 
20 
16 
Total 
 
24 
99 
 
Other derivatives relate essentially to a 10-year forward starting interest rate swap for a notional amount of EUR 500 million entered 
on February 2022 to cover the Group exposure to the variability in cash flows attributable to the long-term interest rate risk associated 
with a highly probable forecasted transactions, being a 10-year bond to be issued in April 2025. The Group applies hedge accounting to 
this swap. 
Other financial assets concern LT cash guarantees and LT receivables non- trade. 
 
Note 13. Inventories  
 
 
As at 31 December  
(EUR million) 
 
2021 
2022 
 
 
Gross 
amount 
Written off 
Net 
amount 
Gross 
amount 
Written off 
Net 
amount 
Raw materials, consumables and spare parts 
 
46 
-6 
40 
62 
-6 
56 
Work in progress and finished goods 
 
20 
0 
20 
23 
0 
23 
Goods purchased for resale 
 
75 
-4 
71 
111 
-3 
108 
Total 
 
142 
-10 
132 
197 
-9 
187 
 
‘Raw materials, consumables, and spare parts’ are mainly materials for the gigabit network, like cables and installation tools 
‘Work in progress and finished goods’ contain mainly projects which are not yet completed.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Goods purchased for resale are CPE’s (customer premises equipment), like smartphones/tablets and their related accessories (34%), 
equipment for internet and TV at home (decoders (28%), modems (16%), TV’s (1%)), ICT (13%), terminals (4%) and PABX (3%). 
 
 
Note 14. Trade receivables and contract assets 
14.1 Trade receivables 
 
As at 31 December  
(EUR million) 
 
2021 
2022 
Trade receivables 
 
879 
938 
Trade receivables - gross amount 
 
977 
1,025 
Loss allowance 
 
-98 
-87 
 
Trade receivables are amounts due by customers for goods sold or services performed in the ordinary course of business. Most trade 
receivables are non-interest bearing and are usually on 30-90 days terms. For TeleSign most customers have a 30-day term, with few 
exceptions which have a 60-day term. Terms are somewhat longer for the receivables of the International Carrier Services segment 
(BICS), since major part of its trade receivables relates to other Telco operators. Given the bilateral nature of BICS business, netting 
practice is very common, but this process can be quite long. The related netting agreements are not legally enforceable.  
BICS business being rather volatile, therefore when analysing variances in the cashflow those related to trade receivables and trade 
payables should be considered together. 
For the Domestic business, the netting payment is also applied with some other telecom operators. 
For the years presented, no trade receivables were pledged as collaterals. In 2022, Proximus Group received bank and parent 
guarantees of EUR 2 million (in 2021, EUR 2 million) as securities for the payment of outstanding invoices.  
14.2 Contract assets  
 
 
As at 31 December  
(EUR million) 
 
2021 
2022 
Contract assets gross 
 
127 
145 
Settled within 12 month of the reporting period 
 
92 
104 
Settled after 12 month of the reporting period 
 
35 
40 
Loss allowance 
 
-7 
-8 
Contract assets net 
 
120 
137

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The evolution of the gross amount of the contract assets during the year, can be explained as follows 
 
 
As at 31 December  
(EUR million) 
 
2021 
2022 
Balance at 1 Jan 
 
118 
127 
Decrease in contract assets relating to existing contracts in the opening balance 
 
-131 
-143 
Normal evolution 
 
-112 
-122 
Anticipated termination 
 
-19 
-21 
New contract assets 
 
140 
161 
Balance at 31 Dec 
 
127 
145 
 
14.3 Loss allowance on trade receivables and contract assets 
The group applies the IFRS 9 simplified approach for measuring the expected credit losses. This approach uses a lifetime expected loss 
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets of 
residential and corporate markets have been grouped based on shared credit risk characteristics and the days past due. The contract 
assets relate to a right to consideration in exchange of goods and services that have already transferred and have substantially the 
same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected 
loss rates for trade receivables of the residential and corporate markets are a reasonable approximation of the loss rates for the 
contract assets. These expected loss rates correspond to historical credit losses experienced. The historical loss rates are adjusted to 
reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the 
receivables. 
The group updated in the course of 2021 the expected credit loss for the outstanding trade receivables in the context of Covid-19 
based on the same criteria as in 2020:  the sector in which customers operate, the relationship with the customer and their respective 
ageing. This update had a very small impact on the bad debt provision. In 2022, the group continues to monitor macro-economic 
developments and the impact on the expected credit losses. 
For the BICS and TeleSign segments expected credit losses for trade receivables have been determined on individual basis considering 
different factors determining a credit scoring such as micro and macro-economic criteria as well as credit rating, country risk, customer 
history, possible compensation in order to net the risk and other internal and external sources.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The analysis of trade receivables that were past due but not impaired is as follows: 
As at 31 December 
Gross 
receivables / 
contract assets 
Loss 
allowance 
Net carrying 
amount 
Not 
past 
due 
Past due 
(EUR million) 
< 30 
days 
30-60 
days 
60-90 
days 
90-
180 
days 
180-
360 
days 
> 360 
days 
Trade receivables 
2020 
967 
-99 
868 
512 
79 
35 
21 
44 
43 
133 
2021 
977 
-98 
879 
519 
77 
44 
26 
46 
45 
123 
2022 
1,025 
-87 
938 
593 
86 
42 
25 
60 
10 
123 
2022 % loss allowance on trade receivables 
 
8% 
1% 
2% 
3% 
7% 
12% 
45% 
30% 
The loss allowance on contract assets 
was as follow : 
Contract assets 
145 
-8 
137 
137 
 
 
 
 
 
 
2022 % loss allowance on contract asset 
6% 
6% 
 
 
 
 
 
 
The closing loss allowances for trade receivables and contract assets as at 31 December 2022 reconciles to the opening loss 
allowances as follows: 
The evolution of the allowance for doubtful debtors is as follows: 
(EUR million) 
 
Trade receivables 
Contract assets 
Total 
As at 31 December 2021 
 
98 
7 
105 
Increase in loss allowance through income statement 
 
27 
1 
28 
Receivables written off as uncollectible 
 
-38 
0 
-38 
Other movements 
 
-1 
0 
-1 
As at 31 December 2022 
 
87 
8 
95

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 15. Other current assets  
 
 
As at 31 December  
 
(EUR million) 
Note 
2021 
2022 
 
VAT receivables 
 
7 
7 
 
Derivatives 
32.1 
1 
125 
 
Prepaid expenses  
 
109 
103 
 
Accrued income 
 
2 
8 
 
Other receivables 
 
22 
26 
 
Total 
 
140 
269 
 
 
Derivatives relate essentially to a 10-year and a 7-years forward starting interest rate swaps for a total notional amount of EUR 1.1 
billion entered on February and November 2022 to cover the Group exposure to the variability in cash flows attributable to the long-
term interest rate risk associated with two highly probable forecasted transactions, being respectively a 10-year bond to be issued in 
October 2023 and a 7-year bond to be issued in March 2023. The Group applies hedge accounting to these swaps. 
Prepaid expenses are mainly composed of ICT fees (EUR 66 million in 2022 versus EUR 67 million in 2021), renting expenses on real 
estate, software and mobile sites (EUR 8 million in 2022 versus EUR 8 million in 2021), SAAS contracts (EUR 5 million in 2022 versus 
EUR 4 million in 2021), hardware-, software- and infrastructure maintenance expenses (EUR 9 million in 2022 versus 11 million in 
2021) and consultancy fees (EUR 4 million in 2022 versus 3 million in 2021). 
 
 
Note 16. Non-current assets held for sale  
 
On 14 March 2022, Proximus and Immobel reached a binding agreement regarding the redevelopment of Proximus’ headquarters in 
Brussels. The works should start in 2024 and should be finished by the end of 2026. The renovated building will not only be used by 
Proximus, but also by other companies and will also contain residential spaces, public accommodation, retail, etc. 
As a result of the agreement, Proximus acquired rights and gave commitments to dispose of property, plant and equipment (end 2023) 
for a sales price of EUR 143 million, in that case followed by a lease-back of part of the renovated building (as from 2027). Proximus will 
defer the gain on the sale of the headquarters over the lease duration (20 years). This gain will materialize through a reduction of the 
Right of Use asset, hence the D&A charges. 
The assets of Proximus Towers are classified as held for sale at December 2022 for their book value (EUR 99 million).

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
(EUR million) 
 
Land and buildings 
Technical 
equipment 
Total 
Cost 
 
364 
18 
383 
Depreciation 
 
-272 
-12 
-284 
Carrying amount as of 31 December 2022 
 
92 
6 
99 
 
 
Note 17. Cash and cash equivalents 
 
 
As at 31 December  
(EUR million) 
Note 
2021 
2022 
Term account at amortized costs 
32.4 
10 
10 
Cash at bank and in hand 
32.4 
239 
288 
Total 
 
249 
299 
 
Short-term deposits are made for periods varying between one day and three months, depending on the immediate cash requirements 
of the Group, and earn or pay interest at the respective short-term deposit rates. Interest rates applied on cash with banks are floating 
as corresponding to the daily bank deposit rates. 
The cash and cash equivalents are held with banks and financial institutions counterparties with a high long-term credit rating between 
A- and A+ with a minimum of A-. Therefore, the expected credit loss on cash and cash equivalents is deemed immaterial. 
 
Note 18. Equity 
Note 18.1 Shareholders’ equity 
At 31 December 2022, the share capital of Proximus SA amounted to EUR 1 billion (fully paid up), represented by 338,025,135 shares, 
with no par value and all having the same rights, provided such rights are not suspended or cancelled in the case of treasury shares. The 
Board of Directors of Proximus SA is entitled to increase the capital for a maximum amount of EUR 200 million. 
The Company may acquire its own shares and transfer the shares thus acquired in accordance with the provisions of the New 
Commercial Code of Companies and Associations. The Board of Directors is empowered by article 13 of the Articles of Association to 
acquire the maximum number of own shares permitted by law. The price paid for these shares must not be more than five percent 
above the highest closing price in the thirty-day trading period preceding the transaction nor more than ten percent below the lowest 
closing price in that same thirty-day period. Said authorization is renewed and granted for a period of five years as of 21 April 2021.  
Proximus SA has a statutory obligation to distribute 5% of the parent company income before taxes to its employees. In the 
accompanying consolidated financial statements, this profit distribution is accounted for as workforce expenses. 
In December 2015, a new law was adopted by the Belgian Parliament with the purpose of modernizing the 1991 Law reforming certain 
economic public companies, especially by the flexibility of certain organizational constraints in order to create a level playing field with

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
competing companies, by aligning the corporate governance to the normal rules for listed companies in Belgium and by defining the 
framework for the government to decrease their participation below 50%. The General Shareholders Meeting of 2016 decided to 
change the bylaws in order to incorporate the amendments made to the 1991 Law. 
On 31 December 2022, the number of treasury shares amounts to 15,632,628. 
In 2022 and 2021, the Group sold respectively 10,229 and 6,438 treasury shares to its senior management for less than EUR 1 million 
under share purchase plans at a discount of 16.70% (see note 35). 
 
Number of shares (including treasury shares): 
2021 
2022 
As at 1 January 
338,025,135 
338,025,135 
As at 31 December 
338,025,135 
338,025,135 
Number of treasury shares: 
2021 
2022 
As at 1 January 
15,335,109 
15,283,771 
Sale under a discounted share purchase plan 
-6,438 
-10,229 
Purchase / (Sale) of treasury shares 
-44,900 
359,086 
As at 31 December 
15,283,771 
15,632,628

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
Note 18.2 Non-controlling interests 
Until 2021 included, non-controlling interests related essentially to BICS.  
In accordance with the agreement entered on February 9th  2021 Proximus acquired on 23 February 2021 the 42.4% stake from the 
minority shareholders of BICS, (MTN 20% and Swisscom 22.4%) for a total cash consideration of EUR 217 million.  As Proximus already 
controlled BICS before this transaction, this acquisition qualifies as an equity transaction. This means that the negative difference 
between (1) the amount by which the non-controlling interests are adjusted, and (2) the fair value of the consideration paid is deducted 
directly from the shareholders' equity attributable to the parent. 
In 2022, the remaining non-controlling interests related only to Doktr (EUR 1 million as at 31 December 2022).

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 19. Interest-bearing liabilities 
Note 19.1 Non-current interest-bearing liabilities 
As at 31 December  
(EUR million) 
Note 
2021 
2022 
Unsubordinated debt (bonds, notes) 
2,337 
2,239 
Credit institutions 
401 
400 
Other loans 
0 
37 
Total 
2,737 
2,676 
 
On 22nd December 2021, the Group repaid anticipately and without penalty, the EUR 500 million bond maturing on 22nd March 2022 
with an annual fixed coupon of 0.5%.  
On 10th November 2021, the Group issued its first EUR 750 million Green Bond starting on 17th November 2021 and maturing on 17th 
November 2036 with an annual fixed coupon of 0.75%. 
In 2021, Proximus entered a partnership with HCL Technologies whereby that company operates and maintains Proximus' private cloud 
infrastructure. Other loans consist in the long-term part of the asset financing arrangement (nominal amount of EUR 65 million 
received by Proximus in 2022. As at 31 December 2022, Proximus had already repaid this financial liability for EUR 18 million) resulting 
from the partnership, for the infrastructure that remains in the Proximus datacenters and under its control. 
All long-term debt is unsecured. During 2022 and 2021 there have been no defaults or breaches on loans payables. 
Over the two years presented, an interest rate and currency swap (IRCS) was used to manage the currency and interest rate exposure 
on the JPY unsubordinated debentures. The swap enabled the Group to transform the interest rate on these debentures which are fully 
hedged economically, from a fixed interest rate to a floating interest rate. and converting the remaining liability in JPY into fixed rate 
liability in EUR (see note 32.1). 
Unsubordinated debentures in EUR and in JPY are issued by Proximus SA. The capital is repayable in full on the maturity date. 
The group used interest rate swaps to mitigate the risk of interest rate variations between the hedge inception date and the issuance 
date of highly probable fixed rate long-term debts. In the tables below, the effective interest rates of the debts concerned by these 
hedges incorporates the effects of these hedges when they matured.

273 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Non-current interest-bearing liabilities as at 31 December 2022 are summarized as follows: 
 
Carrying 
amount 
Nominal 
amount 
Measurement 
under IFRS 9 
Maturity date 
Interest 
payment / 
repriceable 
Interest rate 
payable 
Effective 
interest rate 
(EUR million) 
(EUR million) 
 
 
(b) 
 
Unsubordinated debentures 
 
Floating rate borrowings 
 
 
 
JPY (a) 
11 
11 
Amortized cost 
Dec-26 
Semi-annually 
2.34% 
2.34% 
Fixed rate borrowings 
 
 
 
EUR 
150 
150 
Amortized cost 
Mar-28 
Annually 
3.19% 
3.22% 
EUR 
599 
600 
Amortized cost 
Apr-24 
Annually 
2.38% 
2.46% 
EUR 
498 
500 
Amortized cost 
Oct-25 
Annually 
1.88% 
2.05% 
EUR 
150 
150 
Amortized cost 
May-40 
Annually 
1.50% 
1.52% 
EUR 
100 
100 
Amortized cost 
Sep-31 
Annually 
1.75% 
1.78% 
EUR 
732 
750 
Amortized cost 
Nov-36 
Annually 
0.75% 
1.05% 
Credit institutions 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
 
 
EUR 
400 
400 
Amortized cost 
Mar-28 
Annually 
1.23% 
1.04% 
Other loans 
 
 
 
 
 
 
 
EUR 
37 
37 
Amortized cost 
Nov-28 
Monthly 
3.04% 
3.04% 
Total 
2,676 
2,698 
 
 
 
 
 
(a) converted into a floating rate borrowing in EUR via currency interest rate swap 
(b) for floating rate borrowings, interest rate is the one prevailing at the last repricing date before 31 December 2020

274 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Non-current interest-bearing liabilities as at 31 December 2021 are summarised as follows: 
 
Carrying 
amount 
Nominal 
amount 
Measurement 
under IFRS 9 
Maturity date 
Interest 
payment / 
repriceable 
Interest rate 
payable 
Effective 
interest rate 
(EUR million) 
(EUR million) 
 
 
(b) 
 
Unsubordinated debentures 
Floating rate borrowings 
 
JPY (a) 
11 
11 
Amortized cost 
Dec-26 
Semi-annually 
-0.72% 
-0.72% 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
 
EUR 
150 
150 
Amortized cost 
Mar-28 
Annually 
3.19% 
3.22% 
EUR 
100 
100 
Amortized cost 
May-23 
Annually 
2.26% 
2.29% 
EUR 
599 
600 
Amortized cost 
Apr-24 
Annually 
2.38% 
2.46% 
EUR 
497 
500 
Amortized cost 
Oct-25 
Annually 
1.88% 
2.05% 
EUR 
150 
150 
Amortized cost 
May-40 
Annually 
1.50% 
1.52% 
EUR 
100 
100 
Amortized cost 
Sep-31 
Annually 
1.75% 
1.78% 
EUR 
730 
750 
Amortized cost 
Nov-36 
Annually 
0.75% 
1.05% 
Credit institutions 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
EUR 
400 
400 
Amortized cost 
Mar-28 
Annually 
1.23% 
1.04% 
EUR 
1 
1 
Amortized cost 
Oct-23 
Monthly 
0.60% 
0.60% 
Total 
2,737 
2,762 
 
 
 
 
 
(a) converted into a floating rate borrowing in EUR via currency interest rate swap 
(b) for floating rate borrowings, interest rate is the one prevailing at the last repricing date before 31 December 2021

275 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 19.2 Current interest-bearing liabilities 
As at 31 December  
(EUR million) 
 
2021 
2022 
Current portion of amounts payable > 1 year 
 
 
Unsubordinated debt (bonds, notes) 
 
0 
100 
Credit institutions 
 
1 
1 
Other loans 
 
0 
10 
Credit institutions 
150 
0 
Unsubordinated debt (bonds, notes) 
100 
477 
Other loans 
 
1 
0 
Total 
252 
588 
 
A bond of EUR 100 million will mature in May 2023 and was transferred from non-current to current interest-bearing liabilities. 
The other unsubordinated debt represented a drawn and outstanding amount of EUR 477 million euros of the Commercial Paper 
program. 
The tables below detail the current portion of the unsubordinated debentures maturing within one year. 
 
Current interest-bearing liabilities as at 31 December 2022 are summarised as follows: 
 
Carrying 
amount 
Nominal 
amount 
Measurement 
under IFRS 9 
Maturity date 
Interest 
payment / 
repriceable 
Interest rate 
payable 
Effective 
interest rate 
(EUR million) 
(EUR million) 
 
 
 
 
Current portion of interest-bearing-liabilities > 1 year 
Unsubordinated debentures 
 
Fixed rate borrowings 
 
 
 
EUR 
100 
100 
Amortized cost 
May-23 
Annually 
2.26% 
2.29% 
Other loans 
 
Fixed rate borrowings 
 
 
 
EUR 
10 
10 
Amortized cost 
Nov-28 
Monthly 
3.04% 
3.04% 
Credit institutions 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
 
 
EUR 
1 
1 
Amortized cost 
Oct-23 
Monthly 
0.60% 
0.60% 
Interest-bearing-liabilities 
Unsubordinated debt (bonds, notes) 
 
 
 
 
 
Fixed rate borrowings 
 
 
 
 
 
 
 
EUR 
477 
477 
Amortized cost 
Jan & Feb 
2023 
At inception 
1.55%-1.97% 
1.55%-1.97% 
Total 
588 
588

276 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Current interest-bearing liabilities as at 31 December 2021 are summarized as follows: 
 
Carrying 
amount 
Nominal 
amount 
Measurement 
under IFRS 9 
Maturity date 
Interest 
payment / 
repriceable 
Interest rate 
payable 
Effective 
interest rate 
(EUR million) 
(EUR million) 
 
 
 
 
Current portion of interest-bearing-liabilities > 1 year 
Credit institutions 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
EUR 
1 
1 
Amortized cost 
Dec-22 
Monthly 
0.60% 
0.60% 
Unsubordinated debt (bonds, notes) 
 
 
 
 
Fixed rate borrowings 
 
EUR 
100 
100 
Amortized cost 
Jan-22 
At inception 
0.60% 
0.60% 
Credit institutions 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
EUR 
150 
150 
Amortized cost 
Jan-22 
Annually 
0.61% 
0.61% 
Other loans 
 
 
 
 
 
 
 
Fixed rate borrowings 
 
EUR 
1 
1 
Amortized cost 
Jan-22 
Annually 
0.00% 
0.00% 
Total 
252 
252 
 
 
 
 
 
 
Note 19.3 Information about the Group financing activities related to interest bearing liabilities

277 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
As at 31 
December  
Cash flow 
issuance 
Cash flow 
repayments 
Non-cash 
changes 
As at 31 
December  
(EUR million) 
2021 
2022 
Long-term  
 
 
 
 
 
Unsubordinated debt (bonds, notes) 
2,337 
0 
0 
-97 
2,239 
Credit institutions 
401 
0 
-1 
0 
400 
Other loans 
0 
65 
0 
-28 
37 
Derivatives held for trading 
3 
0 
0 
-2 
1 
Current portion of amounts payable > one year 
 
 
 
 
 
Unsubordinated debentures 
0 
0 
0 
100 
100 
Credit institutions held to maturity 
1 
0 
0 
0 
1 
Other current interest bearing liabilities 
 
 
 
 
 
Credit institutions 
150 
0 
-150 
0 
0 
Other loans 
0 
0 
-19 
28 
10 
Unsubordinated debt (bonds, notes) 
100 
477 
-100 
0 
477 
Other loans 
1 
0 
-1 
0 
0 
Total liabilities from financing activities excluding 
lease liabilities 
2,992 
543 
-270 
1 
3,265 
Lease liabilities current and non current 
273 
0 
-89 
87 
272 
Total liabilities from financing activities including 
lease liabilities 
3,265 
543 
-359 
88 
3,536 
 
 
As of 31 
December  
Cash flow 
issuance 
Cash flow 
repayments 
Non-cash 
changes 
As at 31 
December  
(EUR million) 
2020 
2021 
Long-term  
 
 
 
 
 
Unsubordinated debt (bonds, notes) 
2,104 
730 
0 
-498 
2,337 
Credit institutions 
401 
0 
-1 
0 
401 
Other loans 
1 
0 
-1 
0 
0 
Derivatives held for trading 
4 
0 
0 
-1 
3 
Current portion of amounts payable > one year 
 
 
 
 
 
Unsubordinated debt (bonds, notes) 
0 
0 
-500 
500 
0 
Credit institutions held to maturity 
1 
0 
0 
0 
1 
Other current interest bearing liabilities 
 
 
 
 
 
Credit institutions 
0 
150 
0 
0 
150 
Unsubordinated debt (bonds, notes) 
150 
100 
-150 
0 
100 
Other loans 
12 
0 
-11 
0 
1 
Total liabilities from financing activities excluding 
lease liabilities 
2,673 
980 
-663 
1 
2,992 
Lease liabilities current and non current 
284 
0 
-79 
68 
273 
Total liabilities from financing activities including 
lease liabilities 
2,957 
980 
-742 
69 
3,265

278 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The non-cash changes in 2022 refer to the transfer of a EUR 100 million bond from non-current to current and the remeasurement to 
fair value of the embedded derivative related but separated from the long-term debt expressed in JPY, its host contract. 
The cash flow movements in relation with the current and non-current other loans in 2022 relate to the short-term and  long-term part 
of the asset financing arrangement (nominal amount of EUR 65 million) foreseen in the context of that partnership with HCL 
Technologies (see note 19.1). 
The non-cash changes in 2021 refer to the transfer of a EUR 500 million bond, repaid anticipately in December 2021 (see note 19.1), 
from non-current to current and the remeasurement to fair value of the embedded derivative related but separated from the long-
term debt expressed in JPY, its host contract.

279 
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Note 20. Provisions 
(EUR million) 
Workers' 
accidents 
Litigation 
Illness days 
Dismantling 
pylons 
Other risks 
Total 
As at 1 January 2021 
28 
23 
16 
45 
28 
139 
Additions  
0 
20 
0 
0 
5 
25 
Utilisations  
-3 
-2 
0 
0 
-1 
-6 
Withdrawals 
0 
-6 
-1 
0 
0 
-7 
Unwinding 
1 
1 
0 
0 
0 
2 
As at 31 December 2021 
26 
36 
15 
44 
32 
153 
Additions  
2 
5 
0 
0 
9 
15 
Utilisations  
-2 
-6 
0 
-1 
-6 
-16 
Withdrawals 
0 
-7 
-1 
-4 
-4 
-17 
Unwinding 
1 
0 
0 
0 
-2 
0 
Transfer 
0 
0 
0 
3 
-3 
0 
As at 31 December 2022 
26 
29 
14 
41 
25 
136 
 
The provision for workers’ accidents relates to compensation that Proximus SA should pay to members of personnel injured (including 
professional illness) when performing their job and on their way to work. Until 31 December 2002, according to the law of 1967 (public 
sector) on labour accidents, compensation was funded and paid directly by Proximus. This provision (annuities part) is based on actuarial 
data including mortality tables, compensation ratios, interest rates and other factors defined by the law of 1967 and calculated with the 
support of a professional insurer. Considering the mortality table, it is expected that most of these costs will be paid out until 2062. As 
from 1 January 2003, contractual employees are subject to the law of 1971 (private sector) and statutory employees remain subject to 
the law of 1967 (public sector). For both the contractual and statutory employees, Proximus is covered as from 1 January 2003 by 
insurance policies for workers’ accidents and therefore will not directly pay members of personnel. 
The provision for litigation represents management’s best estimate for probable losses due to pending litigation where the Group has 
been sued by a third party or is subject to a judicial dispute. The expected timing of the related cash outflows depends on the progress 
and duration of the underlying judicial procedures.  
The provision for illness days represents management’s best estimate of probable charges related to the granting by Proximus of 
accumulating non-vesting illness days to its statutory employees. 
The provision for dismantling of pylons includes the expected costs for dismantling and restoration of the sites on which the antennas 
are located. It is expected that most of these costs will be paid during the period 2023-2050. The provision for restoration costs is 
estimated at current prices and discounted using a discount rate of 3.5% based on the expected timing to settle the obligation. 
The provision for other risks includes mainly the environmental risks and sundry risks.

280 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 21. Other non-current payables 
 
As at 31 December  
(EUR million) 
 
2021 restated 
2022 
 
Other non-current payables -trade 
215 
674 
Other non-current payables- non  trade 
5 
5 
Total 
220 
679 
 
All other non-current payables are non-interest-bearing liabilities. 
Non-current payables-trade include licenses (see note 4), broadcasting and content rights payable over the part of the contract 
duration that is more than one year (mostly less than 5 years). Figures as from 31 December 2021 were restated because the Groups’ 
accounting policy is now to capitalize the football and other multi seasonal broadcasting rights for the full contract duration together 
with the corresponding liability. 
The increase in the Non-current payables-trade is linked to the acquisition of substantive spectrum rights for a period of 20 years, 
recognized as intangible asset and payable by annual instalments over the same period. Interests are due on these spectrum related 
payments. 
Non-current payables – non trade include the embedded derivative related but separated from the long-term debt expressed in JPY, its 
host contract (see Derivatives in note 2).  
 
Note 22. Other current payables 
 
As at 31 December  
(EUR million) 
 
2021 
2022 
VAT payables 
6 
48 
Payables to employees 
113 
121 
Accrual for holiday pay 
87 
94 
Accrual for social security contributions 
46 
51 
Advances received on contracts 
8 
15 
Other taxes 
108 
141 
Deferred income 
2 
3 
Accrued expenses 
25 
25 
Other debts 
37 
28 
Subtotal Other current payables 
432 
526 
Contract Liability 
135 
127 
Total 
567 
653

281 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Contract liabilities comprise the Group’s obligation to transfer goods or services in the future to a customer for which the Group has 
received consideration from the customer or the amount is due. The part of the contract liability as of 31 December 2021 recognized in 
revenue in 2022 is disclosed in Note 23. 
The increase of the caption “other taxes” is linked to an increase of withholding tax, property tax and tax on pylons. 
Tax on pylons  
Local taxes on mobile network equipment have been levied by certain provinces and municipalities for over 20 years in Belgium.  
Proximus has consistently challenged the legality of these taxes in all regions, based on a variety of legal arguments. The European 
Court of Justice ruled in two Proximus cases of December 2015 that a tax on pylons is not, per se, in contradiction with European law. 
Proximus continues to launch legal proceedings with respect to taxes on pylons received from municipalities and provinces in the three 
regions based on other arguments. 
Provisions are recorded based on assessments of the legal proceedings of outside counsel based on prevailing case law. Interest 
charges for unpaid tax bills are recorded monthly at the legal tax rate. 
The position recognized in the Financial Statements reflects management’s best estimate of the probable outcome. 
 
 
Note 23. Net revenue 
Net revenue corresponds to the revenue from contracts with customers. The group derives revenue from the transfer of goods and 
services over time and at a point in time as follows: 
 
As at 31 December 
(EUR million) 
 
2021 
2022 
Net revenue recognized at one point in time 
 
560 
622 
Net revenue recognized over time 
 
4,977 
5,231 
Total 
5,537 
5,853 
 
The disaggregation of net revenue is based on types of goods and services delivered and market and type of customers as follows:

282 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
 
As at 31 December 
(EUR million) 
2021 
2022 
Domestic 
 
 
Residential 
 
 
 
Customer services revenues (X-play) (1) 
1,735 
1,782 
 
Prepaid 
44 
41 
 
Terminals (2) 
228 
231 
 
Lux. Telco (3) 
125 
131 
 
Other 
56 
56 
Total Residential 
2,187 
2,241 
Business 
 
 
 
 
Services (4) 
1,597 
1,587 
 
Products (5) 
236 
272 
 
Lux. Telco (3) 
24 
27 
Total Business 
1,858 
1,887 
Wholesale 
 
 
 
 
Fixed & Mobile wholesale services (6) 
120 
140 
 
Interconnect (7) 
164 
140 
Total Wholesale 
284 
280 
Other 
 
4 
9 
Total Domestic 
 
4,333 
4,416 
BICS 
997 
1,130 
TeleSign 
326 
473 
Eliminations 
 
-120 
-166 
Total Net Revenue 
5,537 
5,853 
(1) Customer services revenues (X-play): 'Play' is a subscription to either Fixed Voice, Fixed Internet, dTV or Mobile Postpaid (paying Mobile cards).  
 A 4-Play customer subscribes to all four services. 'X-Play' is  the sum of single play (1-play) and multi-play (2-play + 3-play + 4-play). 
(2) Terminals: corresponds to devices for Fixed Voice, Data, Mobile and related accessories.  This excludes PABX, IT products and TV CPE. 
(3) Luxembourg Telco: including Fixed & Mobile services, Terminals & Other 
(4) Business Services: corresponds to Fixed Data, Fixed Voice, Mobile & IT 
(5) Business Products: corresponds to Terminals & IT 
(6) Wholesale Fixed & Mobile services includes all solutions that Proximus offers to other operators. These services include fixed internet and data 
connectivity services, fixed telephony and mobile (incl. MVNO and Roaming) services (excl. Interconnect)  
(7) Wholesale Interconnect: 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 fixed voice, mobile voice and mobile SMS/MMS services. 
 
The results for 2021 have been adapted to the organizational steering of the company in January 2022. The results of 2021 have been 
restated accordingly and are published on the Proximus website. 
The main change concerns the move of the entire Small Enterprise (SE) customer base from the former Consumer unit to the former 
Enterprise unit, impacting the revenue and operational data of both units, without affecting the total Domestic view.  More concretely:  
• 
Following an organizational change within the company, the Proximus ‘Business’ unit now also covers the SE customers 
(businesses with less than 10 employees) in addition to the Medium Enterprises (ME) and the Corporate customer base of the 
former Enterprise unit.

283 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
• 
The revenue of the ‘Business’ unit is reported under a new structure, better reflecting the company strategy. 
Moreover, the Business Mobile ARPU does no longer include the revenue generated by Mobile Network Services, for which the 
generated revenue is independent from the number of mobile postpaid cards.  The restated Mobile ARPU for the Business unit is hence 
affected by both the removal of Network Services revenue and the inclusion of SE customers in the Mobile base. 
• 
The new ‘Residential’ unit reflects the former Consumer unit excluding SE customers.   
• 
Revenue from Mobile Vikings is reported in the respective residential product groups:  
• 
The Mobile Vikings postpaid customers and related revenue is now part of the Residential Customer Services structure (X-
Play).  As a consequence of the integration of this Mobile-only customer base, the overall ARPC becomes lower.  
• 
The Mobile Vikings Prepaid revenue is included in the Residential Prepaid revenue category.  
• 
Mobile Vikings revenue remaining in ‘Other’ is related to interconnect revenue. 
 
The following table presents the transaction price assigned to unfulfilled performance obligations at December 31, 2022 and 2021. 
Unfulfilled performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of 
the contract and consideration received from customers before satisfying performance obligations such as advances for airtime. 
Unfulfilled performance obligations at 31 December 2022 
Expected timing of recognition 
(EUR million) 
2023 
2024 
> 2024 
Transaction price allocated to performance obligations that are unsatisfied at reporting 
date 
172 
54 
45 
Related to contract liabilities 
68 
14 
45 
Related to contract assets 
104 
40 
0 
 
 
 
 
Unfulfilled performance obligations at 31 December 2021 
Expected timing of recognition 
(EUR million) 
2022 
2023 
> 2023 
Transaction price allocated to performance obligations that are unsatisfied at reporting 
date 
169 
54 
39 
Related to contract liabilities 
77 
20 
39 
Related to contract assets 
92 
35 
0

284 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 24. Other operating income 
 
 
As at 31 December 
(EUR million) 
 
2021 
2022 
Gain on disposal of intangible assets and property, plant and equipment 
 
1 
5 
Miscellaneous reinvoicing and recovery of expenditures 
 
36 
50 
Other income 
 
4 
5 
Total 
 
42 
60 
 
“Miscellaneous reinvoicing and recovery expenditures “includes compensation for network damage by third parties as well as employee 
and third-party contributions for sundry services. 
Increase in 2022 compared to 2021 is mainly due to the refund of the insurance company linked to the catastrophic flooding in the 
summer 2021 which primarily affected the southern provinces of Belgium.

285 
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Note 25. Costs of materials and services related to revenue 
 
 
As at 31 December 
(EUR million) 
 
2021 
2022 
Purchases of materials 
444 
487 
Purchases of services 
1,554 
1,699 
Total 
1,997 
2,186 
 
Goods and services directly related to revenue are external variable costs incurred in the context of a sales transaction, and that 
changes in proportion to sales. In the Proximus Group, it mainly includes traffic expenses (interconnection costs, termination costs…) , 
subscriber acquisition and retention costs, external costs directly related to ICT contracts such as equipment,  maintenance, vendor 
support being recharged to the customers and costs related to Proximus TV such as content costs and variable broadcasting rights. It 
includes also cost of goods and work in progress being invoiced to customers. 
Purchases of materials are shown net of work performed by the enterprise that is capitalized for an amount of EUR 68 million in 2022 
and of EUR 63 million in 2021.  It includes mainly modems and set up boxes installed on client premises.

286 
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Note 26. Workforce expenses 
As at 31 December 
(EUR million) 
2021 
2022 
Salaries and wages 
661 
717 
Social security expenses 
162 
173 
Pension costs  
51 
51 
Post-employment benefits other than pensions and termination benefits 
3 
25 
External Workforce 
256 
259 
Other workforce expenses   
66 
76 
Total 
1,200 
1,301 
 
Workforce expenses are expenses related to own employees as well as to external working parties (included in other workforce 
expenses).  
Salaries and wages and social security expenses are shown net of work performed by the enterprise that is capitalized for an amount of 
EUR 128 million in 2021 and EUR 142 million in 2022. 
Post-employment benefits other than pensions and termination benefits includes the impact of the FFP transformation plan (2022 EUR 
24 million, 2021 EUR 1 million) and other termination benefits (2022 EUR 3 million, 2021 EUR 1 million). It also includes the current 
service cost and past service cost of other post- employment benefits (2022 EUR 4 million, 2021 4 million EUR).  
External workforce expenses include consultancy and outsourcing costs. 
Other workforce expenses include costs relating to internal workforce (such as meal vouchers, social activities, workers accident 
insurance, train tickets for actives).

287 
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Note 27. Non-Workforce expenses 
As at 31 December 
(EUR million) 
 
2021 
2022 
Service and capacity contracts and non lease components of renting contracts 
43 
59 
Maintenance and utilities 
170 
184 
Advertising and public relations 
86 
103 
Administration,  training, studies and fees 
137 
144 
Telecommunications, postage costs and office equipment 
28 
25 
Loss allowance 
26 
27 
Taxes other than income taxes 
28 
29 
Other Non-Workforce expenses  
35 
29 
Total 
554 
601 
 
 
 
Note 28. Depreciation and amortization  
As at 31 December 
(EUR million) 
 
2021 
2022 
Amortization of licenses and other intangible assets 
489 
525 
Depreciation of property, plant and equipment 
614 
569 
Depreciation of right of use 
80 
84 
Total 
1,183 
1,179

288 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 29. Net finance cost  
As at 31 December 
(EUR million) 
 
2021 
2022 
Finance income 
 
4 
4 
Interest income on financial instruments 
 
 
 
At amortized costs 
 
2 
3 
Other finance income 
 
2 
1 
 
 
 
 
Finance costs 
 
-58 
-53 
Interests and debt charges on financial instruments at amortized costs 
Unsubordinated debentures 
 
-43 
-48 
Lease interests 
 
-2 
-4 
Short term debt 
 
0 
-1 
Long term payables 
 
-4 
-2 
Discounting charges 
 
 
 
On pensions and other post-employment benefits 
 
-4 
5 
Impairment losses  
 
 
 
On investments in associate and joint ventures 
 
0 
-1 
Fair value adjustments of financial instruments 
 
 
 
Not in a hedge relationship - FVTPL 
 
-2 
0 
Other finance costs 
 
-2 
-2 
Total 
-54 
-49 
 
The remeasurement to fair value of the liability relating to the put option granted to the former owners of Be-Mobile on their own 
shares led to a loss of EUR 2 million in 2021 (and no impact in 2022). 
The gain on pensions and other post-employments benefits (EUR 5 million) results mainly from the effect of the evolution of the 
market conditions, notably the significant change in the discount rates, on the obligations.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 30. Earnings per share 
Basic earnings per share are calculated by dividing the net income for the year attributable to ordinary shareholders by the weighted 
average number of ordinary shares outstanding during the year. 
Diluted earnings per share is calculated by dividing the net income for the year attributable to ordinary shareholders, by the weighted 
average number of ordinary shares outstanding during the year, both adjusted for the effects of dilutive potential ordinary shares. 
The following table reflects the income and share data used in the computation of basic and diluted earnings per share. 
As at 31 December 
 
2021 
2022 
 
 
Net income attributable to ordinary shareholders (EUR million) 
 
443 
450 
Adjusted net income for calculating diluted earnings per share (EUR million) 
443 
450 
Weighted average number of outstanding ordinary shares 
322,751,990 
322,552,465 
Weighted average number of outstanding ordinary shares for diluted earnings per share 
322,751,990 
322,552,465 
Basic earnings per share (EUR) 
1.37 
1.40 
Diluted earnings per share (EUR) 
1.37 
1.40 
 
The sale of shares to the company management under share purchase plans at a discount of 16.70% had a dilutive effect, but this was 
insignificant in 2022 and 2021.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 31. Dividends paid and proposed 
 
2021 
2022 
 
 
Dividends on ordinary shares: 
Proposed dividends (EUR million) 
387 
387 
Number of outstanding shares with dividend rights 
322,741,364 
322,741,364 
Dividend per share (EUR) 
1.2 
1.2 
Interim dividend paid to the shareholders (EUR million) 
161 
161 
Interim dividend per share (EUR) 
0.5 
0.5 
 
The proposed dividends for 2021 have been effectively paid in April 2022. The interim dividends for 2022 have been paid in December 
2022. 
 
 
Note 32. Additional disclosures on financial instruments 
Note 32.1. Derivatives 
The Group makes use of derivatives such as interest rate swaps (IRS), interest rate and currency swaps (IRCS), forward foreign 
exchange contracts and currency options.  
As at 31 December  
(EUR million) 
Note 
2021 
2022 
Non-current assets 
 
 
 
Derivatives held-for-hedging 
12 
0 
82 
Other derivatives 
12 
3 
2 
Current assets 
 
 
 
Derivatives held-for-hedging 
15 
0 
123 
Derivatives held-for-trading 
15 
1 
1 
Total assets 
 
4 
208 
Non-current liabilities 
 
 
 
Other derivatives 
21 
3 
1 
Current liabilities 
 
 
 
Derivatives held-for-hedging 
 
0 
1 
Derivatives held-for-trading 
 
1 
1 
Total liabilities 
 
3 
3

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The tables below show the positive and negative fair value of derivatives, included in the balance sheet respectively as current/non-
current assets or liabilities. 
As at 31 December 2021 
Fair value 
 
(EUR million) 
Asset 
Liability 
Interest rate and currency swaps 
3 
0 
Interests and currency related - other derivatives 
0 
-3 
Forward foreign exchange contracts 
1 
-1 
Derivatives not qualifying for hedge accounting 
4 
-3 
 
As at 31 December 2022 
Fair value 
(EUR million) 
Asset 
Liability 
 
Forward foreign exchange contracts 
0 
-1 
Interest rate swaps 
205 
0 
Derivatives qualifying for hedge accounting 
205 
-1 
Interest rate and currency swaps 
2 
0 
Interests and currency related - other derivatives 
0 
-1 
Forward foreign exchange contracts 
1 
-1 
Derivatives not qualifying for hedge accounting 
3 
-2 
Total 
208 
-3 
 
The group entered forward interest rate swap for a notional amount of EUR 500 million on February 2022 to cover the Group 
exposure to the variability in cash flows attributable to the long-term interest rate risk associated with a highly probable forecasted 
transactions, being a 10-year bond to be issued in April 2025 (Note 12). The Group applies hedge accounting to this swap (cash flow 
hedging). 
The group entered forward interest rate swaps for a total notional amount of EUR 1.1 billion on February and November 2022 to cover 
the Group exposure to the variability in cash flows attributable to the long-term interest rate risk associated with two highly probable 
forecasted transactions, being respectively a 10-year bond to be issued in October 2023 and a 7-year bond to be issued in March 2023 
(Note 15). The Group applies hedge accounting to these swap (cash flow hedging).  
Interest rate and currency swaps (IRCS) are used to manage the currency and interest rate exposure on outstanding JPY 1.5 billion 
unsubordinated debentures (see note 19). 
 
Note 32.2. Financial risk management objectives and policies 
The Group’s main financial instruments comprise unsubordinated debentures, trade receivables and trade payables. The main risks 
arising from the Group’s use of financial instruments are interest rate risk, foreign currency risk, liquidity risk and credit risk. 
All financial activities are subject to the principle of risk minimization. To achieve this, all matters related to funding, foreign exchange, 
interest rate and counterparty risk management are handled by a centralized Group Treasury department. Simulations are performed 
using different market (including worst case) scenarios with a view to estimating the effects of varying market conditions. All financial 
transactions and financial risk positions are managed and monitored in a centralized treasury management system.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Group Treasury operations are conducted within a framework of policies and guidelines approved by the Leadership Squad and the 
Board of Directors. Group Treasury is responsible for implementing these policies. According to the policies, derivatives are used to 
hedge interest rate and currency exposures. Derivatives are used exclusively as hedging instruments, i.e., not for trading or other 
speculative purposes. Derivatives used by the Group mainly include forward exchange contracts, interest rate swaps and currency 
options. 
The table below provides a reconciliation of changes in equity and statement of OCI by hedge type for 2022 
 
(EUR million) 
Note 
Gain taken to equity Transfer to profit or 
loss for the period 
Interest rate swap instruments 
OCI 
154 
0 
Changes in other comprehensive income in relation with cash flow hedges 
 
153 
0 
 
Interest rate risk 
The Group’s exposure to changing market interest rates primarily relates to its long-term financial obligations. Group Treasury manages 
exposure of the Group to changes in interest rates and the overall cost of financing by using a mix of fixed and variable rate debts, in 
accordance with the Group’s financial risk management policies. The aim of such policies is to achieve an optimal balance between total 
cost of funding, risk minimization and avoidance of volatility in financial results, whilst considering market conditions and opportunities as 
well as overall business strategy.  
Proximus' non-current interest-bearing liabilities (including their current portions) as at 31 December 2022 and 2021 were mainly 
fixed-rate debts, as shown in the tables below. These tables also show the average interest rate of these debts, as well as their average 
time to maturity and the effect of the interest rate and currency swap agreements (IRCS) on the bond labeled in JPY. Lease liabilities 
and current interest-bearing liabilities are not considered in these two tables.  
To be noted that, as explained in note 32.1, the Group entered forward interest rate swap in 2022 to cover its exposure to the variability 
in cash flows attributable to the long-term interest rate risk associated with bonds to be issued in 2023 and 2025. 
 
As at 31 December 2022 
Direct borrowing 
IRCS agreements 
Net  obligations 
 
 
Notional 
amount 
Weighted 
average 
interest rate 
(1) 
Average 
time to 
maturity 
 
Amount 
payable 
(receivable) 
Weighted 
average 
interest rate 
(1) 
Average time 
to maturity 
 
Amount 
payable 
(receivable) 
Weighted 
average 
interest rate 
(1) 
Average 
time to 
maturity 
(EUR million) 
 
(in years) 
(EUR million) 
 
(in years) 
(EUR million) 
 
(in years) 
EUR 
 
 
 
 
 
 
 
 
 
 
 
 Fixed 
2,750 
1.37% 
7 
 
 
 
 
 
2,750 
1.37% 
7 
 Variable 
 
 
 
 
11 
2.34% 
4 
 
11 
2.34% 
4 
JPY 
 
 
 
 
 
 
 
 
 
 
 
 Fixed 
11 
5.04% 
4 
 
-11 
-5.04% 
4 
 
 
 
 
Total 
2,761 
1.38% 
7 
 
0 
 
 
 
2,761 
1.37% 
7 
(1) Weighted average interest rate taking into account last repriced interest rates for floating borrowings.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
As at 31 December 2021 
Direct borrowing 
IRCS agreements 
Net obligations 
 
 
Notional 
amount 
Weighted 
average 
interest rate 
(1) 
Average 
time to 
maturity 
 
Amount 
payable 
(receivable) 
Weighted 
average 
interest rate 
(1) 
Average time 
to maturity 
 
Amount 
payable 
(receivable) 
Weighted 
average 
interest rate 
(1) 
Average 
time to 
maturity 
(EUR million) 
 
(in years) 
 (EUR million) 
 
(in years) 
 (EUR million) 
 
(in years) 
EUR 
 
 
 
 
 
 
 
 
 
 
 
 Fixed 
2,750 
1.42% 
8 
 
 
 
 
 
2,750 
1.42% 
8 
 Variable 
 
 
 
 
11 
-0.72% 
4.96 
 
11 
-0.72% 
5 
JPY 
 
 
 
 
 
 
 
 
 
 
 
 Fixed 
11 
5.04% 
5 
 
-11 
-5.04% 
4.96 
 
 
 
 
Total 
2,761 
1.43% 
8 
 
0 
 
 
 
2,761 
1.41% 
8 
(1) Weighted average interest rate taking into account last repriced interest rates for floating borrowings. 
 
On June 29 2021, the Group entered into an interest rate swap to hedge its exposure to the variability in cash flows attributable to the 
long-term interest rate risk associated with the issuance of a highly probable fixed rate long-term debt of EUR 750 million, expected to 
be issued in November 2021 and which effectively materialized on November 10, 2021 for that amount. The hedge, for a nominal 
amount of EUR 600 million fixed at 0.44%, was unwound at that date and resulted in the payment of an amount of EUR 12.9 million to 
the hedge counterparties. The Group applied hedge accounting to this swap (cash flow hedging). 
On February 14, 2022, the Group entered interest rate swaps to hedge its exposure to the variability in cash flows attributable to the 
long-term interest rate risk associated with the issuance of a highly probable fixed rate long-term debt to refinance the maturing 2024 
and 2025 long term Eurobonds. The Group applies hedge accounting to these swaps (cash flow hedging). 
On November 30, 2022, the Group entered an interest rate swap to hedge its exposure to the variability in cash flows attributable to the 
long-term interest rate risk associated with the issuance of a highly probable fixed rate long-term debt of EUR 500 million, expected to 
be issued in March 2023. The Group applies hedge accounting to this swap (cash flow hedging). 
Foreign currency risk 
The Group’s main currency exposures result from its operating activities. Such exposure arises from sales or purchases by operating 
units in currencies other than euro. Transactions in currencies other than euro mainly occur in the International Carrier Services (“BICS”) 
segment and TeleSign segment. Indeed, their activities generate payments to and receipts from the  companies they interact with in 
various foreign currencies. Next to these, Proximus as well as several of its affiliates also engage in international activities (ICT, roaming, 
capital and operating expenditure) giving rise to currency exposures. 
Risks from foreign currencies are hedged to the extent that they are liable to influence the Group’s cash flows. Foreign currency risks 
that do not influence the Group’s cash flows (i.e., the risks resulting from the translation of assets and liabilities of foreign operations into 
the Group’s reporting currency) as a rule are not hedged. However, the Group could envisage hedging such so-called translation 
differences should their potential impact become material to the Group’s consolidated financial statements. 
The typical financial instruments used to hedge foreign currency risk are forward foreign exchange contracts and currency options. 
In 2022 and 2021, the Group only incurred currency exposures relative to its operating activities. Foreign currency transactions are 
recognized in functional currency on initial recognition at the foreign exchange rate prevailing at the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies are translated into the functional currency at balance sheet date using the 
exchange rate at that date. The net exchange difference on the translation of these monetary assets and liabilities are recorded via the 
income statement. However, in a limited number of cases, hedge accounting has been applied, the effective portion of the gains and 
losses on the hedging instrument is recognized via other comprehensive income until the hedged item occurs. If the hedged transaction

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
leads to the recognition of an asset, the carrying amount of the asset at the time of initial recognition incorporates the amount 
previously recognized via other comprehensive income. The ineffective portion of a cash flow hedge is always recognized in profit or 
loss. 
The Group performed a sensitivity analysis on the exchange rates EUR/USD, EUR/GBP EUR/CHF, EUR/SDR, EUR/ZAR, EUR/AUD 
and EUR/HKD, currency pairs to which it is exposed in its operating activities, for the year 2022.  
Foreign currency 
Group's net position 
as at 31/12/2022 
(in EUR) 
Effect in P&L if foreign currency against EUR moves by : 
Closing rate 
(in EUR) 
-15.0% 
-10.0% 
-5% 
-2.5% 
2.5% 
5% 
10% 
15% 1 EUR = xxx 
(in EUR) 
1,584,714 
USD 
-222,864 
-148,576 
-74,288 
-37,144 
37,144 
74,288 
148,576 
222,864 
1.07 
-1,285,070 
GBP 
217,335 
144,890 
72,445 
36,222 
-36,222 
-72,445 
-144,890 
-217,335 
0.89 
-710,957 
CHF 
108,301 
72,200 
36,100 
18,050 
-18,050 
-36,100 
-72,200 
-108,301 
0.98 
-790,294 
SDR 
148,456 
98,971 
49,485 
24,743 
-24,743 
-49,485 
-98,971 
-148,456 
0.80 
2,417,219 
ZAR 
-20,034 
-13,356 
-6,678 
-3,339 
3,339 
6,678 
13,356 
20,034 
18.10 
1,201,924 
AUD 
-114,885 
-76,590 
-38,295 
-19,147 
19,147 
38,295 
76,590 
114,885 
1.57 
1,013,900 
HKD 
-18,288 
-12,192 
-6,096 
-3,048 
3,048 
6,096 
12,192 
18,288 
8.32 
Total 
98,021 
65,347 
32,674 
16,337 
-16,337 
-32,674 
-65,347 
-98,021 
Notes:  
• 
+15% means when foreign currency wins 15% vs. EUR 
• 
-15% means when foreign currency loses 15% vs. EUR 
• 
A positive sign means a profit in P&L 
• 
A negative sign means a loss in P&L 
Credit risk and significant concentrations of credit risk  
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual 
obligations.  
Credit risk encompasses all forms of counterparty exposure, i.e. where counterparties may default on their obligations to Proximus in 
relation to lending, hedging, settlement and other financial activities.  
The Group’s maximum exposure to credit risk (not taking into account the value of any collateral or other security held) in the event the 
counterparties fail to perform their obligations in relation to each class of recognized financial assets, including derivatives with positive 
market value, is the carrying amount of those assets in the balance sheet and bank guarantees granted. 
To reduce the credit risk in respect of financing activities and cash management of the Group, transactions are only entered into with 
leading financial institutions whose long-term credit ratings equal at least A- (S&P).  
The Group applies the IFRS 9 simplified approach for measuring the expected credit losses for trade receivables and contract assets, 
meaning the lifetime expected credit loss. The determination of this loss allowance might be at portfolio or individual level, depending 
on the assessed risk related to the customer. 
Credit risk on operating activities with significant clients is managed and controlled on an individualized basis. When needed, the Group 
requests additional collaterals. These significant customers are however not material to the Group, since the client portfolio of the 
Group is mainly composed of a large number of small customers. Hence, credit risk and concentration of credit risk on trade receivables 
is limited. For amounts receivable from other telecommunication companies, the concentration of credit risk is also limited due to 
netting agreements (see note 14.3) with accounts payable to these companies, prepayment obligations, bank guarantees, parent 
guarantees and the use of credit limits obtained via credit insurance.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
The Group is exposed to credit loss in the event of non-performance by counterparty on short-term bank deposits and financial 
derivatives (see note 32.2). However, the Group does not anticipate non-performance by any of these counterparties as it only deals 
with prime financial institutions, and, as a rule, only invests in highly liquid and short-term securities (mainly cash and cash equivalents), 
for which, seen the excellent rating of the counterparts, the Group do not calculate loss allowances provisions. 
Moreover, the Group monitors potential changes in credit risk on counterparties by tracking their external credit ratings on an ongoing 
basis as well as evolutions in its bank’s credit default swap rates (a leading indicator often anticipating on future rating changes). 
In addition, the Group is exposed to credit risk by occasionally granting non-recourse bank guarantees in favor of some of its institutional 
or governmental clients. At 31 December 2022, it had granted bank guarantees for an amount of EUR 40 million and EUR 49 million at 
31 December 2021. 
Finally, the Group has not pledged any financial assets, nor does it hold any collateral against any of its counterparties. 
Liquidity risk 
In accordance with the treasury policy, Group Treasury manages its overall cost of financing by using a mix of fixed and variable rate 
debts.  
A liquidity reserve in the form of credit lines and cash is maintained to guarantee the solvency and financial flexibility of the Group at all 
times. For this purpose, Proximus entered into committed bilateral credit agreements with different maturities and into a committed 
sustainable linked Syndicated Revolving Facilities for a total amount of EUR 751 million. For medium to long-term funding, the Group 
uses bonds and medium-term notes. The maturity profile of the debt portfolio is spread over several years. Group Treasury frequently 
assesses its funding resources considering its own credit rating and general market conditions. 
The table below summarizes the maturity profile of the Group’s non-current (and related current portions) interest-bearing liabilities at 
each reporting date. This maturity profile is based on contractual undiscounted interest payments and capital reimbursements. For 
floating rate liabilities, interest rates used to determine cash outflows are the ones prevailing at their last price fixing date before 
reporting date (as of 31 December 2022 and 2021, respectively). Lease liabilities (for the leasing liabilities maturity profile, see note 6), 
derivatives and current interests-bearing liabilities are not considered in this table. 
 
(EUR million) 
2022 
2023 
2024 
2025 
2026 
2027-2048 
As at 31 December 2021 
 
 
 
 
 
Capital  
252 
101 
600 
500 
11 
1,550 
Interests 
46 
46 
44 
29 
20 
116 
Total 
297 
146 
644 
529 
31 
1,666 
As at 31 December 2022 
 
 
 
 
 
Capital  
 
111 
610 
509 
18 
1,562 
Interests 
 
47 
44 
30 
20 
116 
Total 
 
158 
654 
539 
38 
1,678 
 
The cash outflows expected in 2022 for the reporting year 2021 and the cash outflows expected in 2021 for the reporting year 2020 
are impacted by Proximus short term commercial papers and treasury loans. 
Bank credit facilities at 31 December 2022 
In addition to the interest-bearing liabilities disclosed in notes 19.1 and 19.2, the Group is backed by committed credit facilities of EUR 
751 million. These facilities are provided by a diversified group of Belgian and international banks. As at 31 December 2022, there were

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
no outstanding balances under any of these facilities. A total of EUR 751 million of credit lines was therefore available for drawdown as 
at 31 December 2022.  
The Group also uses a EUR 3.5 billion Euro Medium-term Note (“EMTN”) Program and a EUR 1 billion Commercial Paper (“CP”) 
Program. As at 31 December 2022, there was an outstanding balance under the EMTN Program of EUR 2,350 million, whereas the 
Commercial Paper Program showed a drawn and outstanding amount of EUR 477 million. 
 
Note 32.3. Net financial position of the Group and capital management 
The Group defines the net financial position as 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 non-current trade payables. 
Adjusted Net Financial Position refers to the total interest-bearing debt (short term + long term) minus cash and cash equivalents, 
excluding lease liabilities. 
As at 31 December  
As at 31 December  
(EUR million) 
Note 
2021 
2022 
Investments, Cash and cash equivalents 
16 / 17 
249 
299 
Derivatives (current and non-current) 
12 
3 
208 
current assets 
 
0 
2 
Assets 
 
252 
509 
Non-current liabilities (*) 
19.1 
-2,944 
-2,876 
Current liabilities (*) 
19.2 
-321 
-662 
Liabilities 
 
-3,265 
-3,538 
Net financial position (*) 
 
-3,013 
-3,030 
Of which Leasing liabilities 
 
273 
272 
Adjusted financial position (**) 
 
-2,740 
-2,758 
(*) Including derivatives and leasing liabilities 
 
 
 
(**) The adjusted financial position excludes leasing liabilities 
 
The purpose of the Group’s capital management is to maintain net financial debt and equity ratios that always allow for security of 
liquidity via flexible access to capital markets, to be able to finance strategic projects and to offer an attractive remuneration to 
shareholders. Over the two years presented, the Group did not issue new shares or any other dilutive instruments, except for the shares 
sold to senior management of the group at a discount of 16.7%.

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Note 32.4 Categories of financial instruments 
The Group occasionally uses interest rate (IRS) and/or currency swaps (IRCS) to manage the exposure to interest rate risk and to 
foreign currency risk on its non-current interest-bearing liabilities (see note 32.2).  
The following tables present the Group’s financial instruments per category defined under IFRS 9, as well as gains and losses resulting 
from re-measurement to fair value. Based on market conditions at 31 December 2022, the carrying amount of the unsubordinated 
debentures and of the loan granted by the European Investment Bank (EIB), which are accounted for at amortized cost, exceeded by 
EUR 401 million, or 14%, their fair value. In 2021, the fair value of these financial instruments exceeded their carrying amount by EUR 
145 million, or 5.3%. 
The 2022 and 2021 fair values, calculated for each debenture separately, were obtained by discounting the cumulated cash outflows 
generated by each debenture with the interest rates at which the Group could borrow at respectively 31 December 2022 and 31 
December 2021 for similar debentures with the same remaining maturities. 
The Group did not reclassify, during the period, financial instruments from one category to another. 
The following table shows the classifications under IFRS 9 for each class of assets and financial liabilities as at 31 Dec 2022. 
As at 31 December 2022  (EUR million) 
Note 
Classification under 
IFRS 9 
Carrying amount 
under IFRS 9 
 
Fair value 
ASSETS 
 
 
 
 
 
Non-current assets 
 
 
 
 
Equity investments 
9 
FVOCI 
1 
 
1 
Other non-current assets  
 
 
 
 
Other derivatives 
32.1 
FVTPL 
2 
 
2 
Derivatives held-for-hedging 
32.1 
Hedging instrument 
82 
 
82 
Other financial assets 
 
Amortized cost 
7 
 
7 
 
 
 
 
Current assets 
 
 
 
Trade receivables 
14 
Amortized cost 
938 
 
938 
Interests bearing 
 
 
 
 
Other receivables 
 
Amortized cost 
8 
 
8 
Non-interests bearing 
 
 
 
 
Other receivables 
 
Amortized cost 
17 
 
17 
Derivatives held for trading 
32.1 
FVTPL 
1 
 
1 
Derivatives held-for-hedging 
32.1 
Hedging instrument 
123 
 
123 
Cash and cash equivalents 
 
 
 
 
Short-term deposits 
17 
Amortized cost 
10 
 
10 
Cash at bank and in hand 
17 
Amortized cost 
288 
 
288 
 
 
 
 
LIABILITIES 
 
 
 
 
Non-current liabilities 
 
 
 
Interest-bearing liabilities 
 
 
 
 
Unsubordinated debt (bonds, notes) 
19.1 
Amortized cost 
2,239 
 
1,887 
Credit institutions 
19.1 
Amortized cost 
400 
 
352 
Other loans 
19.1 
Amortized cost 
37 
 
37 
Non interest-bearing liabilities 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
1 
 
1 
Other non-current payables 
21 
Amortized cost 
678 
 
678

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Current liabilities 
 
 
 
Interest-bearing liabilities, current portion 
 
 
 
 
Unsubordinated debt (bonds, notes) 
19.2 
Amortized cost 
100 
 
99 
Credit institutions 
19.2 
Amortized cost 
1 
 
1 
Other loans 
19.2 
Amortized cost 
10 
 
10 
Interest-bearing liabilities 
 
 
 
 
Unsubordinated debt (bonds, notes) 
19.2 
Amortized cost 
477 
 
477 
Trade payables 
 
Amortized cost 
1,620 
 
1,620 
Other current payables 
 
 
 
 
Derivatives held for trading 
32.1 
FVTPL 
1 
 
1 
Derivatives held-for-hedging 
32.1 
Hedging instrument 
1 
 
1 
Other debt 
 
FVTPL 
3 
 
3 
Other amounts payable 
 
Amortized cost 
304 
 
304 
FVTPL: Financial assets/liabilities at fair value through profit and loss 
FVTOCI: Financial assets at fair value through other comprehensive income 
 
  
 
 
 
 
The following table shows the classifications under IFRS 9 for each class of assets and financial liabilities as at 31 Dec 2021. 
As at 31 December 2021  (EUR million) 
Note 
Classification under 
IFRS 9 
Carrying amount 
under IFRS 9 
 
Fair value 
ASSETS 
 
 
 
 
 
Non-current assets 
 
 
 
 
Equity investments 
9 
FVOCI 
1 
 
1 
Other non-current assets  
 
 
 
 
Other derivatives 
32.1 
FVTPL 
3 
 
3 
Other financial assets 
 
Amortized cost 
10 
 
10 
 
 
 
 
Current assets 
 
 
 
Trade receivables 
14 
Amortized cost 
879 
 
879 
Interests bearing 
 
 
 
 
Other receivables 
 
Amortized cost 
2 
 
2 
Non-interests bearing 
 
 
 
 
Other receivables 
 
Amortized cost 
19 
 
19 
Derivatives held for trading 
32.1 
FVTPL 
1 
 
1 
Cash and cash equivalents 
 
 
 
 
Short-term deposits 
17 
Amortized cost 
10 
 
10 
Cash at bank and in hand 
17 
Amortized cost 
239 
 
239 
 
 
 
 
LIABILITIES 
 
 
 
 
Non-current liabilities 
 
 
 
Interest-bearing liabilities 
 
 
 
 
Unsubordinated debt (bonds, notes) 
19.1 
Amortized cost 
2,337 
 
2,456 
Credit institutions 
19.1 
Amortized cost 
401 
 
423 
Non interest-bearing liabilities 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
3 
 
3 
Other non-current payables 
21 
Amortized cost 
100 
 
100

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Current liabilities 
 
 
 
Interest-bearing liabilities, current portion 
 
 
 
 
Credit institutions 
19.2 
Amortized cost 
1 
 
1 
Interest-bearing liabilities 
 
 
 
 
Credit institutions 
 
Amortized cost 
150 
 
150 
Unsubordinated debt (bonds, notes) 
19.2 
Amortized cost 
100 
 
100 
Other loans 
19.2 
Amortized cost 
1 
 
1 
Trade payables 
 
Amortized cost 
1,515 
 
1,515 
Other current payables 
 
 
 
 
Derivatives held for trading 
32.1 
FVTPL 
1 
 
1 
Other debt 
 
FVTPL 
3 
 
3 
Other amounts payable 
 
Amortized cost 
286 
 
286 
FVTPL: Financial assets/liabilities at fair value through profit and loss 
FVTOCI: Financial assets at fair value through other comprehensive income

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Note 32.5 Fair value of financial assets and liabilities 
Financial instruments measured at fair value are disclosed in the table below according to the valuation technique used. The hierarchy 
between the techniques reflects the significance of the inputs used in making the measurements:  
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. 
Level 2: valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable for the asset 
or liability, either directly or indirectly. 
Level 3: valuation techniques for which all inputs which have a significant effect on the recorded fair value are not based on observable 
market data. 
The Group holds financial instruments classified in Level 1, 2 and 3. 
The valuation techniques for fair value measuring the Level 2 financial instruments are: 
• 
Other derivatives in Level 2 
Other derivatives include mainly the interest rate swaps and interest rate and currency swaps (IRCS) the Group entered 
to reduce the interest rate and currency fluctuations on some of its long-term debentures. The fair values of these 
instruments are determined by discounting the expected contractual cash flows using interest rate curves in the 
corresponding currencies and currency exchange rates, all observable on active markets. 
 
• 
Unsubordinated debentures 
The unsubordinated debentures are recognized at amortized cost. Their fair values, calculated for each debenture 
separately, were obtained by discounting the interest rates at which the Group could borrow at 31 December 2022 for 
similar debentures with the same remaining maturities. 
The financial instrument classified among the level 3 category is fair valued based on cash outflows in different scenarios, each one 
being weighted for its chance of occurrence. The weights are either based on statistical data that are very stable over time, either based 
on Proximus best estimate of the scenario occurrence. The instrument fair value is very depending on but proportionate to changes in 
estimated cash outflows. 
As at 31 December 2022 
 
Classification under 
IFRS 9 
Balance at 31 
December 2022 
Fair values measurement at end of the 
reporting period using : 
(EUR million) 
Note 
Level 1 
Level 2 
Level 3 
 
 
 
 
 
ASSETS 
 
 
 
 
 
 
Non-current assets 
 
 
 
 
 
 
Equity investments 
9 
FVOCI 
1 
 
 
1 
Other non-current assets  
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
2 
 
2 
 
Derivatives held-for-hedging 
32.1 
FVOCI 
82 
 
82 
 
Current assets 
 
 
 
 
 
 
Non interest-bearing receivables 
 
 
 
 
 
 
Derivatives held for trading 
32.1 
FVTPL 
1 
1 
 
 
Derivatives held-for-hedging 
32.1 
FVOCI 
123 
 
123 
 
LIABILITIES

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Non-current liabilities 
 
 
 
 
 
 
Interest-bearing liabilities 
 
 
  
 
 
 
Unsubordinated debt (bonds, notes) except for their 
"non-closely related" embedded derivatives 
19.1 
Amortized cost 
2,239 
 
1,887 
 
Credit institutions 
19.1 
Amortized cost 
400 
 
352 
 
Other loans 
19.1 
Amortized cost 
37 
 
37 
 
Non interest-bearing liabilities 
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
1 
 
1 
 
Current liabilities 
 
 
 
 
 
 
Interest-bearing liabilities, current portion 
 
 
 
 
 
 
Unsubordinated debentures except for their "non-
closely related" embedded derivatives 
19.2 
Amortized cost 
100 
 
99 
 
Credit institutions 
19.2 
Amortized cost 
1 
 
1 
 
Other loans 
19.2 
Amortized cost 
10 
 
10 
 
Interest-bearing liabilities 
 
 
 
 
 
 
Unsubordinated debt (bonds, notes) 
19.2 
Amortized cost 
477 
 
477 
 
Non interest-bearing liabilities 
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
1 
1 
 
 
Derivatives held-for-hedging 
32.1 
FVOCI 
1 
1 
 
 
Other debt 
 
FVTPL 
3 
 
 
3 
FVTPL: Financial assets/liabilities at fair value through profit and loss 
 
 
FVTOCI: Financial assets at fair value through other comprehensive income 
 
 
As at 31 December 2021 
 
Classification under 
IFRS 9 
Balance at 31 
December 2021 
Fair values measurement at end of the 
reporting period using : 
(EUR million) 
Note 
Level 1 
Level 2 
Level 3 
 
 
 
 
 
ASSETS 
 
 
 
 
 
 
Non-current assets 
 
 
 
 
 
 
Equity investments 
9 
FVOCI 
1 
 
 
1 
Other non-current assets  
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
3 
 
3 
 
Current assets 
 
 
 
 
 
 
Non interest-bearing receivables 
 
 
 
 
 
 
Derivatives held for trading 
32.1 
FVTPL 
1 
1 
 
 
LIABILITIES 
 
 
 
 
 
 
Non-current liabilities 
 
 
 
 
 
 
Interest-bearing liabilities 
 
 
  
 
 
 
Unsubordinated debt (bonds, notes) except for their 
"non-closely related" embedded derivatives 
19.1 
Amortized cost 
2,337 
 
2,456 
 
Credit institutions 
19.1 
Amortized cost 
401 
 
423 
 
Non interest-bearing liabilities 
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
3 
 
3 
 
Current liabilities

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Interest-bearing liabilities, current portion 
 
 
 
 
 
 
Credit institutions 
19.2 
Amortized cost 
1 
 
1 
 
Interest-bearing liabilities 
 
 
 
 
 
 
Credit institutions 
19.1 
Amortized cost 
150 
 
150 
 
Unsubordinated debt (bonds, notes) 
19.2 
Amortized cost 
100 
 
100 
 
Other loans 
19.2 
Amortized cost 
1 
 
1 
 
Non interest-bearing liabilities 
 
 
 
 
 
 
Other derivatives 
32.1 
FVTPL 
1 
1 
 
 
Other debt 
 
FVTPL 
3 
 
 
3 
FVTPL: Financial assets/liabilities at fair value through profit and loss 
 
 
FVTOCI: Financial assets at fair value through other comprehensive income

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Note 33. Related party disclosures  
Note 33.1. Consolidated companies 
Subsidiaries, joint-operations, joint-ventures and associates are listed in note 8.  
Commercial terms and market prices apply for the supply of goods and services between Group companies. 
The transactions between Proximus SA and its subsidiaries, being related parties, are eliminated for the preparation of the consolidated 
financial statements. The transactions between Proximus SA and its subsidiaries are as follows: 
 
Proximus SA transactions with its subsidiaries and joint operations 
As at 31 December 
(EUR million) 
2021 
2022 
Revenues 
154 
151 
Costs of materials and services related to revenue 
-137 
-132 
Net finance costs 
1 
0 
Dividends received 
220 
340 
Proximus SA transactions with its subsidiaries and joint operations 
As at 31 December  
(EUR million) 
2021 
2022 
Trade receivables 
34 
24 
Trade payables 
-30 
-33 
Interest-bearing receivables/liabilities 
-684 
-801 
 
Note 33.2. Relationship with shareholders and other State-controlled enterprises.  
The Belgian State is the majority shareholder of the Group, with a stake of 53.51%. The Group holds treasury shares for 4.62%. The 
remaining 41.86% are traded on the First Market of Euronext Brussels. 
Relationship with the Belgian State 
The Group supplies telecommunication services to the Belgian State and State-related entities. State related enterprises are those that 
are either State-controlled or State-jointly-controlled or State-influenced. All such transactions are made within normal 
customer/supplier relationships on terms and conditions that are not more favourable than those available to other customers and 
suppliers. The services provided to State-related enterprises do not represent a significant component of the Group’s net revenue, 
meaning less than 5%.  
Relationship with Belfius Bank NV 
Proximus and Belfius Bank NV have the same majority shareholder, the Belgian State. Hence, Belfius is considered as a "related party" in 
accordance with the International Financial Reporting Standards as adopted by the European Union. Consequently, the cooperation 
agreement with Belfius related to the Banx service has been approved by the Board of Directors on the 29th of April 2021 in line with 
the conclusion of the special report prepared by three independent directors in accordance with the Art. 7.97 of the Belgian Code for 
Companies and Associations. In 2022 the Banx project was started up and had a minor impact on the consolidated figures,  
Banx is a fully digital Belgian banking experience, imagined by Proximus, powered by Belfius.  Banx raises the bar for digital banking and 
allows users to monitor the impact of their purchases on the planet.  The banking app aims to encourage users to make more conscious 
and sustainable choices.

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Note 33.3. Relationship with key management personnel  
The remuneration of the Board of Directors was decided by the General Shareholders’ Meeting of 2004. 
The principles of this remuneration remained applicable in 2022 and no substantial change of the policy is expected: it foresees an 
annual fixed compensation of EUR 50,000 for the Chairman of the Board of Directors and of EUR 25,000 for the other members of 
the Board of Directors, with the exception of the CEO. All members of the Board of Directors, with the exception of the CEO, have the 
right to an attendance fee of EUR 5,000 per attended meeting of the Board of Directors. This fee is doubled for the Chairman. 
Attendance fees of EUR 2,500 are foreseen for each member of an advisory committee of the Board of Directors, with the exception of 
the CEO. For the Chairman of the respective advisory committee, these attendance fees are doubled. 
The members also receive EUR 2,000 per year for communication costs. For the Chairman of the Board of Directors, the 
communication costs are also doubled.  
The Chairman of the Board of Directors is also Chairman of the Joint Committee and of the Pension Fund. Mrs Catherine Vandenborre is 
member of the Board of the Pension Fund. They do not receive any fees for these board mandates. For the execution of their Board 
mandates, the non-executive Directors do not receive any variable performance-based remuneration such as bonuses or long-term 
incentive plan, nor do they receive benefits linked to complementary pension plans or any other group insurance.  
The total remuneration for the Directors amounted to gross EUR 987,723 for 2022 to gross EUR 1,192,366 for 2021. The directors 
have not received any loan or advance from the Group.  
The number of meetings of the Board of Directors and advising committees are detailed as follows: 
 
 
2021 
2022 
 
Board of Directors 
 
9 
7 
Audit and Compliance Committee 
 
5 
4 
Nomination and Remuneration Committee 
 
6 
4 
Transformation & Innovation Committee 
 
2 
2 
 
In its meeting of 24 February 2011, the Board adopted a “related party transactions policy” which was updated in September 2016, 
which governs all transactions or other contractual relationships between the company and its board members. Proximus has 
contractual relationships and is also a vendor for telephony, Internet and/or ICT services for 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 are arm’s 
length of nature.  
For the year ended 31 December 2022, a total gross amount (included the long-term performance-based payments) of EUR 
7,885,081 (before employer social security costs) was paid or granted in aggregate to the members of the Leadership Squad, Chief 
Executive Officer included. In 2022, the members of the Leadership Squad were Guillaume Boutin, Dirk Lybaert, Geert Standaert, 
Renaud Tilmans, Jan Van Acoleyen, Anne-Sophie Lotgering, Jim Casteele, Antonietta Mastroianni and Mark Reid. 
For the year ended 31 December 2021, a total gross amount (included the long-term performance- based payments) of EUR 
6,993,891 (before employer social security costs) was paid or granted in aggregate to the members of the Executive Committee, Chief 
Executive Officer included. In 2021, the members of the Executive Committee were Guillaume Boutin, Dirk Lybaert, Geert Standaert, 
Renaud Tilmans, Jan Van Acoleyen, Anne-Sophie Lotgering, Jim Casteele, Antonietta Mastroianni (9 months) and Mark Reid (8 months). 
These total amounts of key management compensation include the following components:

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
• 
Short-term employee benefits: annual salary (base and short-term variable) as well as other short-term employee 
benefits such as medical insurance, private use of management cars, meal vouchers, and excluding employer social 
security contributions paid on these benefits; 
• 
Post-employment benefits: insurance premiums paid by the Group in the name of members of the Executive 
Committee. The premiums cover mainly a post-retirement complementary pension plan; 
• 
Performance Value based payments (long-term): gross amounts granted under the Performance Value Plan, which 
creates pay-out rights in May 2024 (granted in 2021) or in May 2025 (granted in 2022) depending on the achievement 
of company driven performance criteria which consist of the Group free cash flow, the reputation index, the company’s 
Total Shareholder Return compared to a predefined group of other European telecom operators and since 2022 an 
Environmental, Social and Governance KPI. 
 
As at 31 December 
EUR 
 
2021 
2022 
 
Short-term employee benefits 
4,965,866 
5,702,296 
Post-employment benefits 
726,326 
820,712 
Performance based payments 
1,301,699 
1,362,073 
Total 
6,993,891 
7,885,081 
* All these amounts are gross amounts before employer's social contribution 
 
Note 33.4. Regulations 
The telecommunications sector is regulated by European legislation, Belgian federal and regional legislation and by decisions of sectors 
specific regulators (the Belgian Institute for Postal services and Telecommunications, commonly referred to as the “BIPT/IBPT” and the 
regional regulators competent for media) or administrative bodies such as the Competition authorities.

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Note 34. Rights, commitments and contingent liabilities 
Claims, legal and tax proceedings 
Our 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 we operate and the related cost of compliance are both increasing due 
to additional requirements. Furthermore, foreign and supranational laws occasionally conflict with domestic laws. Failure to comply with 
the various laws and regulations as well as changes in laws and regulations or the manner in which they are interpreted or applied, may 
result in damage to our reputation, liability, fines and penalties, increased tax burden or cost of regulatory compliance and impacts of 
our financial statements. 
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. 
 
Proximus is currently involved in various claims and legal proceedings, including those for which a provision has been made and those 
described below for which no or limited provisions have been accrued, in the jurisdictions in which it operates concerning matters arising 
in connection with the conduct of its business. These include also proceedings before the Belgian Institute for Postal services and 
Telecommunications ("BIPT"), appeals against decisions taken by the BIPT, and proceedings with the tax administrations. 
Broadband/Broadcast Access Related Cases 
Between 12 and 14 October 2010, the Belgian Directorate General of Competition started a dawn raid in Proximus’s offices in Brussels. 
This investigation concerns allegations by Mobistar and KPN regarding the wholesale DSL services of which Proximus would have 
engaged in obstruction practices. This measure is without prejudice to the final outcome of the full investigation. Following the 
inspection, the Directorate General of Competition is to examine all the relevant elements of the case. Eventually the College of 
Competition Prosecutors may propose a decision to be adopted by the Competition Council. During this procedure, Proximus will be in a 
position to make its views heard. (This procedure may last several years.) 
During the investigation of October 2010, a large numbers of documents were seized (electronic data such as a full copy of mail boxes 
and archives and other files). Proximus and the prosecutor of the Competition authority exchanged extensive views on the way to 
handle the seized data. Proximus wanted to be sure that the lawyers “legal privilege” (LPP) and the confidentiality of in house counsel 
advices are guaranteed. Moreover, Proximus sought to prevent the Competition authority from having access to (sensitive) data that 
were out of scope. Not being able to convince the prosecutor of its position, Proximus started two proceedings, one before the Brussels 
Court of Appeal and one before the President of the Competition Council, in order to have the communication to the investigation teams 
of LPP data and data out of scope suspended. On 5 March 2013, the Court of Appeal issued a positive judgment in this appeal 
procedure by which it ruled that investigators had no authority to seize documents containing advices of company lawyers and 
documents that are out of scope and that these documents should be removed/destroyed. To be noted that this is a decision on the 
procedure in itself and not on the merit of the case.  
On 14 October 2013, the Competition authority launched a request for cassation against this decision. Proximus has joined this 
cassation procedure. Eventually, on 22 January 2015, the Supreme Court decided to confirm the Judgment of 5 March 2013, except for 
a restriction with regard to older documents, which was annulled. It is up to the Court of Appeal now to take a new decision on this 
restriction.  
In March 2014, KPN has withdrawn its complaint; Mobistar remaining the sole complainant.  
Based on the facts and information available per end December 2022, management recorded no provision for this case.

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Mobile On-net cases related 
In the proceedings following a complaint by KPN Group Belgium in 2005 with the Belgian Competition Authority the latter confirmed 
on 26 May 2009 one of the five charges of abuse of dominant position put forward by the Prosecutor on 22 April 2008, i.e., engaging 
in 2004-2005 in a “price-squeeze” on the professional market. The Belgian Competition Authority considered that the rates for calls 
between Proximus customers (“on-net rates”) were lower than the rates it charged competitors for routing a call from their own 
networks to that of Proximus (=termination rates), increased with a number of other costs deemed relevant. All other charges of the 
Prosecutor were rejected. The Competition Authority also imposed a fine of EUR 66.3 million on Proximus (former Belgacom Mobile) 
for abuse of a dominant position during the years 2004 and 2005. Proximus was obliged to pay the fine prior to 30 June 2009 and 
recognized this charge (net of existing provisions) as a non-recurring expense in the income statement of the second quarter 2009.  
Proximus filed an appeal against the ruling of the Competition Authority with the Court of Appeal of Brussels, contesting a large number 
of elements of the ruling: amongst other the fact that the market impact was not examined. Also, KPN Group Belgium and Mobistar 
filed an appeal against said ruling.  
Following the settlement agreement dated 21 October 2015, the appeals of Base and Mobistar against the decision of the Belgian 
Competition Authority are withdrawn. Proximus will continue its appeal procedure against this decision. 
In its interim judgment of 7th of October 2020, the Brussels Court of Appeal partially annulled the decision of 26th of May 2009 of the 
Competition Council, based on the reasoning that (i) the Belgian Competition Authority could not have established the existence of an 
abuse of a dominant position for 2004 without the document seized during the illegal dawn raid, while (ii) the documents seized during 
the illegal dawn raid were not indispensable for the establishment of the abuse of a dominant position for 2005. Consequently, Court 
decided that the procedure should only be continued for the latter period (both for other procedural issues and on merits). Proximus 
launched a “pourvoi en cassation” against this judgment in so far, according to Proximus, the decision should not have been annulled 
partially (2004), but totally (2004 and 2005), exactly because of the illegality of the dawn raid. This “pourvoi en cassation” was rejected 
on 12th of January 2023, meaning that the procedure before the Brussels Court of Appeal further continues 
In October 2009, seven parties (Telenet, KPN Group Belgium (former Base), KPN Belgium Business (Tele 2 Belgium), KPN BV (Sympac), 
BT, Verizon, Colt Telecom) filed an action against Belgacom mobile (currently Proximus and hereinafter indicated as Proximus) before 
the Commercial Court of Brussels formulating allegations that are similar to those in the case mentioned above (including Proximus-
to-Proximus tariffs constitute an abuse of Proximus’s alleged dominant position in the Belgian market), but for different periods 
depending on the claimant, in particular, in the 1999 up to now timeframe (claim for EUR 1 provisional and request for appointment of 
an expert to compute the precise damage). In November 2009 Mobistar filed another similar claim for the period 2004 and beyond.  
Following the settlements with Telenet, KPN, BASE Company and Orange, the only remaining claimants are BT, Verizon and Colt 
Telecom. 
Per end December 2022, management recorded a provision for this case based on their best estimate and information available. 
MWingz - mobile radio access network sharing case 
On 22nd of November 2019, Orange Belgium and Proximus concluded a mobile radio access network (RAN) sharing agreement. 
Telenet, which contests the agreement, lodged a complaint with the Belgian Competition Authority and made a request for preliminary 
measures. On 8th of January 2020, the Belgian Competition Authority, whilst acknowledging the benefits of the agreement, decided to 
suspend the agreement for 2 months, giving Orange Belgium and Proximus the time to have discussions with the telecommunications 
regulator. In the meantime, several preparatory actions can still be taken. In the absence of new initiative from the prosecutors of the 
Belgian Competition Authority, the suspension took an end after the 2 months period allowing Proximus to fully implement the radio 
access network (RAN) sharing agreement. Following an investigation of almost 3 years, during which Proximus fully cooperated, the 
prosecutors of the Belgian Competition Authority decided to reject Telenet’ s complaint unconditionally and put an end to the 
procedure.

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Tax proceedings 
BICS is engaged in tax proceedings with the Indian tax authority. See note 2 
• 
Excess profit ruling 
On 11 January 2016, the European Commission announced its decision to consider Belgian tax rulings granted to multinationals 
with regard to “Excess Profit” as illegal state aid (hereafter “Decision”).  
BICS applied such tax ruling for the period 2010-2014 and paid the deemed aid recovery assessments. Furthermore, both BICS 
and the Belgian State filed an appeal against the decision of the European Commission before the European Court. The EU 
General Court ruled in its decision of 14 February 2019 in favour of the Belgian State against the European Commission based on 
the argument that there is no “state aid scheme”. The European Commission filed an appeal against the aforementioned decision 
with the Court of Justice of the EU (CJEU) on 24 April 2019. In addition, on 16 September 2019, the European Commission opened 
a separate in-depth investigation into 39 individual excess profit rulings, including the excess profit rulings obtained by BICS. The 
individual opening decisions were eventually published on 31 August 2020. BICS submitted its comments to the Commission on 
29 September 2020. On 16 September 2021, the CJEU held that the Decision correctly found that the excess profit ruling system 
constitutes an “aid scheme” and referred the case back to the General Court, for a decision on whether or not the EPR “scheme” 
also amounted to illegal State aid, as no decision has yet been taken in this respect (neither by the EU General Court or the CJEU). 
Management assesses that the position as recognized in the financial statements still reflects the best estimate of the probable 
outcome.    
 
Capital expenditure commitments  
At 31 December 2022, the Group had contracted commitments of EUR 977 million (intangible assets EUR 19 million; tangible assets 
EUR 958 million). Investments will occur mainly during the year 2023 (€644 million). 
 In addition, by acquiring certain spectrum rights in 2022, the group commits to pay annual fees as presented below: 
BAND 
Existing / 
New 
Amount of 
spectrum 
Positioning 
Validity period 
Start date 
End Date 
Unique fee 
(€ million) 
Annual fee 
total 
commitment 
(€ million) (*) 
 
800 MHz 
Existing 
2 x 10 MHz 
801-811 / 842-852 MHz 
20 year 
11/30/2013 
11/29/2033 
120 
28 
2600 MHz 
Existing 
2 x 20 MHz 
2500-2520 / 2620-2640 
MHz 
15 year 
7/1/2012 
6/30/2027 
20 
7 
700 MHz 
New 
2 x 10 MHz 
723-733/778-788 MHz 
20 year 
9/1/2022 
8/31/2042 
123 
52 
900 MHz 
New 
2 x 10 MHz 
895-905/940-950 MHz 
20 year 
1/1/2023 
12/31/2042 
57 
56 
1800 MHz 
New 
2 x 25 MHz 
1710-1735/1805-1830 MHz 
20 year 
1/1/2023 
12/31/2042 
110 
77 
2100 MHz 
New 
2 x 25 MHz 
1920-1945/2110-2135 MHz 
20 year 
1/1/2023 
12/31/2042 
145 
77 
1400 MHz 
New 
1 x 45 MHz 
1472-1517 MHz 
20 year 
7/1/2023 
6/30/2043 
109 
65 
3500 MHz 
New 
1 x 100 MHz 
3700-3800 MHz 
Until May 6th 
2040 
9/1/2022 
5/6/2040 
56 
24 
As of 31 of December 2022 
  
740 
385 
(*) the amount presented is not discounted and includes estimated inflation effect

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Proximus will obtain a license on certain spectrum bands for a consideration consisting of a so-called “unique fee” and “annual fees”. The 
"unique fee" can be paid upfront in one single payment or in yearly installments. The “annual fee" is a spectrum availability fee and is 
subject to an annual indexation adjustment. 
The tangible assets are mainly related to commitments related to technical and network equipment related to the further accelerated 
investment plan for Fiber. 
Purchase commitments of shares 
In the context of various acquisitions, there are contingent commitments (earn outs & put options & purchase commitments) for a total 
amount of EUR 3 million per end of 2022.  
Other rights and commitments 
At 31 December 2022, the Group has the following other rights and commitments: 
Guarantees 
The Group received guarantees for EUR 2 million from its customers to guarantee the payment of its trade receivables and guarantees 
for EUR 26 million from its suppliers to ensure the completion of contracts or works ordered by the Group. The Group granted 
guarantees for an amount of EUR 146 million (including the bank guarantees mentioned in note 32.2) to its customers and other third 
parties to guarantee, among others, the completion of contracts and works ordered by its clients and the payment of rental expenses 
related to buildings and sites for antenna installations. 
Partnership with HCL Technologies 
In 2021 Proximus entered a partnership with HCL Technologies whereby that company operates and maintains Proximus' private cloud 
infrastructure. The partnership foresaw a transition phase, that started in October 2021 and that was finished in February 2022.  
HCL and Proximus concluded an asset financing arrangement (nominal amount of EUR 65 million, carrying amount of EUR 50 million, 
see Note 5) for the infrastructure that remains in the Proximus datacenters and under Proximus control which is recognized as a finance 
lease for which Proximus has an obligation to repurchase the assets. On top of that financing for existing assets the partnership includes 
a lease for the renewal of infrastructure (nominal amount of €18 million, carrying amount of €17 million, see Note 6). 
Partnership between BICS and Ooredoo Group 
BICS has entered into multiyear contractual agreements whereby BICS will manage end-to-end traffic for operators. These 
agreements include a commitment (subject to satisfying certain conditions on ongoing basis) from BICS to send inbound traffic to certain 
operators for an aggregated amount not exceeding EUR 50 million per annum with a maximum duration of 3 years.

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Note 35. Share-based Payment  
 
Discounted Share Purchase Plans 
In 2022 and 2021, the Group launched Discounted Share Purchase Plans. 
Under the 2022 and 2021 plans, Proximus sold respectively 10,229 and 6,438 shares to the senior management of the Group at a 
discount of 16.66% compared to the market price (discounted price for EUR 13.47 per share in 2022 and for EUR 14.14 in 2021). The 
cost of the discount is below EUR one million in 2022 and in 2021 and was recorded in profit or losses workforce expenses (see note 
26). This has a dilutive effect. 
Performance Value Plan 
In 2013, 2014, 2015, 2016, 2017 and 2018, Proximus launched different tranches of the “Performance Value Plan” for its senior 
management. Under this Long-Term Performance Value Plan, the granted awards are conditional upon a blocked period of 3 years 
after which the Performance Values vest. The possible exercising rights are dependent on the achievement of market conditions based 
on Proximus’ Total Shareholder Return compared to a group of peer companies.  
After the vesting period rights can be exercised for four years. In case of voluntary leave during the vesting period, all the non-vested 
rights and the vested rights not exercised yet are forfeited. In case of involuntary leave (except for serious cause) or retirement the rights 
remain and continue to vest during the normal 3-year vesting period. 
The Group determines the fair value of the arrangement at inception date and the cost is linearly spread over the vesting period with 
corresponding increase in equity for equity settled (currently not material) and liability for cash settled shared based payments. 
For cash settled share-based payment the liability is periodically re-measured. 
The fair value of the tranches until 2018 amounted to EUR 0 for each tranche as of 31 December 2022.  
The annual charge of these tranches amounted to EUR 0 million. The calculation of simulated total shareholder return for those 
tranches under the Monte Carlo model for the remaining time in the performance period for awards with market conditions included the 
following assumptions as of 31 December 2022. 
As at 31 December 
2021 
2022 
Weighted average risk free of return 
-0.38% 
2.14% 
Expected volatility - company 
24.27%-24.84% 
32.42%-38.15% 
Expected volatility - peer companies 
12.03%-49.51% 
15.61%-75.28% 
Weighted average remaining measurement period 
1.65 
0.45 
 
In 2019, 2020, 2021and 2022, Proximus launched tranches of the new “Performance Value Plan” for its senior management. Under 
this new Cash-Settled Long-Term Performance Value Plan, the granted awards are blocked for a period of 3 years after which the 
Performance Values vest. The final paid amount depends on the results of 3 KPI’s which are: the Proximus’ Total Shareholder Return 
compared to a group of peer companies (40%), the group Free Cash Flow (40%) and the Reputation Index (20%). The final KPI is the 
average of the intermediary results of the 3 calendar years. 
The fair value of the tranches 2020, 2021 and 2022 amounted respectively to EUR 5, 4, and 2 million as of 31 December 2022 based 
on actual calculation. The annual charge of these tranches amounted to respectively EUR 2, 3 and 2 million.

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 36. Relationship with the auditors  
The Group expensed for the Group’s auditors during the year 2022 for an amount of EUR 3,290,070 for audit mandate and control 
missions and EUR 224,315 other missions. 
This last amount is detailed as follows: 
 
EUR 
 
Auditor 
Network of auditor 
 
Audit mandate 
1,184,684 
1,303,048 
Other Control Missions 
107,776 
694,562 
Other missions 
135,226 
89,089 
Total 
1,427,686 
2,086,699

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Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 37. Segment reporting 
 
The Group’s operating segments are established based on those components that are evaluated regularly by the chief operating 
decision maker in deciding how to allocate resources and in assessing performance. 
The Group has determined the chief operating decision maker to be the Proximus Executive Committee. 
The operating segments are largely organized according to the nature of products and services provided and geographical area and are: 
• 
Domestic: segment providing communication and ICT services to residential, businesses and telecom wholesale markets 
in Belgium. 
• 
International Carrier Services (BICS) is responsible for international carrier activities on the international communications 
market. 
• 
TeleSign: specialized in delivery authentication and digital identity services to the world’s largest internet brands, digital 
champions and cloud native businesses. 
The Chief Operating Decision Maker assesses performance and makes decisions about resource allocation and performance based on 
the EBITDA net of incidentals. Within Domestic net revenue is reviewed by the chief operating decision maker by market being 
residential (CBU component), professional (EBU component) and wholesale markets (CWS component). 
Capex information is not provided to the CODM by operating segment but by key domain being e.g. fiber, mobile, content… 
Group financing (including finance expenses and finance income) and income taxes were managed on a group basis and are not 
allocated to operating segments. 
The accounting policies of the operating segments are the same as the significant accounting policies of the Group. Segment results are 
therefore measured on a similar basis as the operating result in the consolidated financial statements but are disclosed excluding 
“incidentals” and including lease depreciation and interest. The Group defines “incidentals” as material items that are out of usual 
business operations (see definitions). 
Intercompany transactions between legal entities of the Group are invoiced on an arm’s length basis. 
As of January 2021, following changes have been made in the segment reporting: 
• 
The former ICS segment has been split into “BICS” and “TeleSign” and “Domestic” is the operating segment mainly for 
Belgian markets.  
 
• 
Domestic revenue no longer includes the eliminations between Domestic & BICS. These are now reported separately in 
the “Eliminations” category.

313 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
As at 31 December 2022 
Proximus Group 
underlying by segment 
(EUR million) 
Reported 
(IFRS 16) 
Lease 
depreciation 
and interest 
Incidental 
Underlying 
Domestic 
BICS 
TeleSign 
Eliminations 
Net revenue 
5,853 
0 
0 
5,853 
4,416 
1,130 
473 
-166 
Other operating income 
60 
0 
-5 
56 
62 
2 
1 
-9 
TOTAL INCOME 
5,914 
0 
-5 
5,909 
4,478 
1,132 
473 
-174 
Costs of materials and services 
related to revenue 
-2,186 
-1 
0 
-2,187 
-1,118 
-869 
-360 
159 
Direct margin 
3,728 
-1 
-5 
3,722 
3,360 
263 
114 
-15 
Workforce expenses 
-1,301 
0 
36 
-1,265 
-1,111 
-85 
-71 
2 
Non workforce expenses 
-601 
-83 
13 
-671 
-584 
-58 
-41 
13 
TOTAL OPERATING EXPENSES 
-1,902 
-83 
49 
-1,936 
-1,695 
-143 
-112 
15 
OPERATING INCOME before 
depreciation & amortization 
1,826 
-84 
44 
1,786 
1,665 
120 
1 
0 
Depreciation and amortization 
-1,179 
 
 
 
 
 
 
 
OPERATING INCOME 
647 
 
 
 
 
 
 
 
Net finance costs 
-49 
 
 
 
 
 
 
 
Share of loss on associates 
-20 
 
 
 
 
 
 
 
INCOME BEFORE TAXES 
578 
 
 
 
 
 
 
 
Tax expense 
-128 
 
 
 
 
 
 
 
NET INCOME 
450 
 
 
 
 
 
 
 
Attributable to: 
0 
 
 
 
 
 
 
 
Equity holders of the parent (Group 
share) 
450 
 
 
 
 
 
 
 
Non-controlling interests 
0

314 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
As at 31 December 2021 
Proximus Group 
underlying by segment 
(EUR million) 
Reported 
(IFRS 16) 
Lease 
depreciation 
and interest 
Incidental 
Underlying 
Domestic 
BICS 
TeleSign 
Eliminations 
Net revenue 
5,537 
0 
-1 
5,537 
4,333 
997 
326 
-120 
Other operating income 
42 
0 
0 
41 
48 
2 
1 
-10 
TOTAL INCOME 
5,579 
0 
-1 
5,578 
4,381 
999 
327 
-130 
Costs of materials and services 
related to revenue 
-1,997 
-2 
0 
-1,999 
-1,095 
-772 
-248 
115 
Direct margin 
3,582 
-2 
-1 
3,579 
3,286 
227 
79 
-14 
Workforce expenses  
-1,200 
0 
9 
-1,191 
-1,076 
-75 
-42 
3 
Non workforce expenses  
-554 
-80 
18 
-616 
-556 
-51 
-20 
12 
TOTAL OPERATING EXPENSES 
-1,754 
-80 
26 
-1,807 
-1,633 
-126 
-63 
14 
OPERATING INCOME before 
depreciation & amortization 
1,828 
-82 
26 
1,772 
1,654 
102 
17 
0 
Depreciation and amortization 
-1,183 
 
 
 
 
 
 
 
OPERATING INCOME 
645 
 
 
 
 
 
 
 
Net finance costs 
-54 
 
 
 
 
 
 
 
Share of loss on associates 
-10 
 
 
 
 
 
 
 
INCOME BEFORE TAXES 
581 
 
 
 
 
 
 
 
Tax expense 
-137 
 
 
 
 
 
 
 
NET INCOME 
445 
 
 
 
 
 
 
 
Attributable to: 
 
 
 
 
 
 
 
 
Equity holders of the parent (Group 
share) 
443 
 
 
 
 
 
 
 
Non-controlling interests 
1

315 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
 
In respect of geographical areas, the Group realized EUR 3,858 million net revenue in Belgium in 2021 and EUR 3,912 million in 2022 
based on the country of the customer. The net revenue realized in other countries amounted to EUR 1,679 million in 2021 and EUR 
1,942million in 2022. More than 90% of the segment assets are located in Belgium.

316 
Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
Note 38. Recent IFRS pronouncements  
The Group does not early adopt the standards or interpretations that are not yet effective at 31 December 2022. 
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements 
are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. 
This means that the Group did not apply the following standards or interpretations that are applicable for the Group as from 1 January 
2023 or later: 
Newly issued standards, Interpretations and amendments: 
• 
IFRS 17 - Insurance Contracts  (and related amendments such as Amendments to IFRS 4 Insurance contracts) (2023) 
• 
Extension of the Temporary Exemption from Applying IFRS 9) (2023) 
• 
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current (2024) 
• 
Amendments to IAS 1- Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting 
Policies (2023) 
• 
Amendments to IAS 1 – Non-current liabilities with covenants (2024) 
• 
Amendments to IAS 8- Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting 
Estimates (2023) 
• 
Amendments to IAS 12- Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 
(2023) 
• 
Amendments to IFRS 16 – Lease liability in a sale and lease back (2024) 
The Group will continue investigating the possible impacts of the application of these new standards and interpretations on the Group’s 
financial statements in the course of 2023.  
The Group does not anticipate material impacts from the initial application of those IFRS 
 
 
Note 39. Post balance sheet events 
  
There are no significant post balance sheet events.

Consolidated 
management  
report
317
Proximus Group     Integrated annual report 2022  ›  Manage for impact, manage responsibly

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
318 
Management discussion and 
analysis of financial results 
1. Introductory remarks 
Underlying revenue and EBITDA 
Proximus’ management discussion is focused on underlying 
figures, i.e., after adjustments. The underlying company 
figures are reported to the chief operating decision-makers in 
view of resource allocation and performance assessment. 
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 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 6 of this document. 
 
 
Remark: “Underlying Revenue” corresponds to “Total Income”, excluding adjustments. 
Reporting changes as of 2022 
As of January 2022, some reporting changes have been 
implemented following the organizational steering of the 
company. The results of 2021 have been restated accordingly to 
allow for a comparable base. 
The main change concerns the move of the entire Small 
Enterprise (SE) customer base from the former Consumer unit to 
the former Enterprise unit, impacting the revenue and 
operational data of both units, without affecting the total 
Domestic view. More concretely: 
Following an organizational change within the company, the 
Proximus ‘Business’ unit now also covers the SE customers 
(businesses with less than 10 employees), in addition to the 
Medium Enterprises (ME) and the Corporate customer base of the 
former Enterprise unit. 
(EUR million)
2021
2022
2021
2022
Reported 
5,579
5,914
1,828
1,826
Adjustments
-1
-5
-56
-40
Underlying
5,578
5,909
1,772
1,786
Adjustments
-1
-5
-56
-40
Lease Depreciations
-80
-83
Lease Interest
-2
-2
Transformation
10
39
Acquisitions, mergers and disposals
-1
-5
12
7
Litigation/regulation
3
-2
Revenues
Ebitda

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
319 
The revenue of the ‘Business’ unit is reported under a new 
structure, better reflecting the company strategy.  
Moreover, the Business Mobile ARPU no longer includes the 
revenue generated by Mobile Network Services, for which the 
generated revenue is independent from the number of mobile 
postpaid cards. The restated Mobile ARPU for the Business unit is 
hence affected by both the removal of Network Services revenue 
and the inclusion of SE customers in the Mobile base. 
The new ‘Residential’ unit reflects the former consumer unit 
excluding SE customers. 
Revenue from Mobile Vikings is reported in the respective 
residential product groups:   The Mobile Vikings postpaid 
customers and related revenue is now part of the Residential 
Customer Services structure (X-Play), i.e., increasing the Mobile-
only base as of June 2021. As a consequence of the integration  
of this mobile-only customer base, the overall ARPC became 
mathematically lower.  
The Mobile Vikings Prepaid revenue is included in the Residential 
Prepaid revenue category. 
Mobile Vikings interconnect revenue moved to Wholesale as of 
November 2022.1 
 
 
 
 
 
 
Rounding 
In general, all figures are rounded. Variances are calculated from 
the source data before rounding, implying that some variances 
may not add up.
 
 
 
 
1 Only marginal net positive impact on Wholesale revenue

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320 
Key Figures - 10-year overview 
  
 
(1) Earnings Before Interests, Taxes, Depreciation and Amortization. 
(2) Cash flow before financing activities but after lease payments. 
(3) i.e. excluding Treasury shares 
(4) No difference between basic and diluted earnings per share 
(5) Accounting view (no cash view) 
(6) Net debt excluding lease liabilities, Proximus definition 
(7) Capex was restated for years 2020 and 2021

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
321 
2. Proximus Group 
Revenue 
The Proximus Group ended the year 2022 with total 
underlying revenue of EUR 5,909 million, an increase on 
the previous year of 5.9% or EUR 331 million. 
Within the mix, the underlying Domestic revenue was up by 
2.2% to a total of EUR 4,478 million. This includes the 
revenue contribution from Mobile Vikings, consolidated as of 1 
June 2021 in the Proximus Residential revenue. When 
excluding the revenue from Mobile Vikings, Proximus’ 
Domestic revenue was up year-on-year by 1.6%. The support 
from the solid operational results from both the Residential 
and Enterprise units was partly offset by the loss in low-
margin Wholesale Interconnect revenue, following the 
continued decrease in regular SMS usage with customers 
moving to OTT services.  
Both international segments BICS and Telesign contributed 
strongly to the growth in 2022 Group revenue. In 2022, 
BICS grew its revenue by 13.3% to EUR 1,132 million, a strong 
improvement from the 3.6% revenue growth for 2021.  Both 
revenue from BICS’ Enterprise customers and Telecom 
customers progressed significantly, up by 36.2% and 8.2% 
respectively on the previous year. 
Telesign posted a strong sales year, with revenue up by 
44.5% (including positive currency effect). The growth was 
driven by both Programmable Communications and Digital 
Identity services. 
Group revenue by segment (underlying, €M) 
 
 
 
 
 
 
Group underlying revenue 
EUR 5,909M 
Up 5.9% YoY 
 
 
Proximus Group revenue increased by 5.9% year-on-year, with strong growth for both the 
Domestic and International segments. 
 
Underlying Domestic revenue was up by 2.2% to a total of EUR 4,478 million for full-year 2022. 
 
Internationally, both BICS and Telesign delivered strong revenue growth, increasing revenue by 
13.3% and 44.5%, respectively.  
 
Proximus’ strong cost control through its ongoing multi-year efficiency program mitigated 
inflationary pressure. 
 
The underlying Group EBITDA for the year 2022, totaled EUR 1,786 million, up by 0.8%. 
 
Proximus’ Domestic segment and BICS both closed 2022 with growing EBITDA, up by 0.7% and 
18.1%, respectively.  Telesign’s increased investments in its growth trajectory were reflected in 
lower EBITDA.  
 
Proximus Group generated FCF of EUR 167 million in 2022, or EUR 181 million on adjusted basis.

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322 
Direct Margin 
Over the full year 2022, Proximus Group posted an 
underlying direct margin of EUR 3,722 million, i.e., 
up by EUR 143 million or 4.0% on full-year 2021, 
with both Domestic and International contributing 
fairly equally to this uplift.  The Domestic direct 
margin was up by 2.2% to a total of EUR 3,360 
million. Compared to the preceding year, BICS 
improved its direct margin by 15.9%, reaching EUR 
263 million, and Telesign grew its direct margin by 
+43.0%, totaling EUR 114 million, including a 
significant positive currency effect.   
Direct Margin (underlying, €M) 
 
 
 
Group underlying direct margin 
EUR 3,722M 
Up 4.0% YoY

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323 
Operating expenses (OPEX)  
Steep inflation significantly impacted the Proximus Group 
operating expenses, up from the previous year by 7.1%, 
reaching a total of EUR 1,936 million.   
The Domestic OPEX totaled EUR 1,695 million, a 3.8% increase. 
The steep inflationary impact, costs related to the company’s 
growing customer base and transformation related OPEX where 
partially offset by a lower headcount, down year-on-year by 151 
FTEs, and other ongoing cost efficiencies. Proximus’ company-
wide cost program delivered over the past three years a total cost 
savings of EUR 230 million. 
BICS posted EUR 143 million OPEX for 2022, an increase of 
14.1% on 2021, partially driven by higher wage and energy costs, 
and including non-structural performance-related labour costs. 
The year on year increase in the BICS headcount by 53 FTEs, or 
+11.7% compared to end-2021 is mainly related to the 
acquisition of Mobtexting India, supporting BICS’ growth 
objectives in CPaaS. 
Telesign’s operating expenses totaled EUR 112 million, EUR 50 
million higher than 2021, driven by the anticipated significant 
investment to realize its growth plan. This includes amongst 
others increased marketing expenses as well as intensive 
additional employee hiring, with headcount increasing year-on-
year by 200 FTEs. 
 
 
 
Operating expenses (underlying, €M) 
 
Headcount evolution (in FTE per YE) 
 
 
 
Operating Expenses increased for 2022, reaching a 
total of EUR 1,936M for the Proximus 
Group.

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324 
Underlying EBITDA 
The underlying Group EBITDA for the year 2022 totaled EUR 
1,786 million, up by 0.8% or EUR 14 million on the previous year, 
with both Domestic and BICS EBITDA contributing to this growth.     
Group EBITDA by segment (underlying, €M) 
 
 
 
The Domestic operations of Proximus posted EUR 1,665 million 
EBITDA, a year-on-year increase of 0.7%, driven by higher direct 
margin.  
BICS closed 2022 with EBITDA up 18.1%, totaling EUR 120 
million, as a result of its strong Direct margin growth, in part 
offset by higher Operational costs. BICS’ segment margin as 
percentage of revenue further improved, with 10.6% for 2022, 
compared to 10.2% the previous year.  
Telesign invested significantly in its growth ambitions during 
2022, resulting in a significant increase in its operating expenses.  
This effect was, however, fully offset by its firm increase in direct 
margin, resulting, overall, in a slightly positive EBITDA for 2022 of 
EUR 1 million.   
 
Group EBITDA evolution (underlying, €M) 
 
 
 
Group underlying EBITDA 
€ 1,786M 
Up 0.8% YoY

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325 
Reported EBITDA 
Operating lease excluded, and other adjustments included, the 
Proximus Group reported EBITDA of EUR 1,826 million, 
compared to EUR 1,828 million in 2021.   
In 2022, the Proximus Group recorded a net of EUR 40 million in 
adjustments, compared to EUR 56 million net positive EBITDA 
incidentals for 2021. 
The lease depreciation and interest for 2022 were EUR 3 million 
lower year-on-year, totaling EUR 83 million. (As of 2019, 
following the application of IFRS 16, these expenses are excluded 
from the reported EBITDA). This was partly offset by 
transformation costs of EUR 39 million and adjustments for M&A 
related costs. 
Reported and underlying EBITDA (€M) 
Depreciation and amortization 
In 2022, depreciation and amortization totaled EUR 1,179 million, 
including lease depreciation. This was slightly below the EUR 
1,183 million for 2021. 
Depreciation and amortization incl. lease depreciation (€M) 
 
Net finance cost 
The full-year 2022 net finance cost totaled EUR 49 million 
including lease interests, EUR 5 million below one year ago,  
mainly explained by a EUR 7 million one-off impact of discount 
rate increase on long term provisions.  
Net finance cost incl. lease interest (€M)

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326 
Tax expense 
The 2022 tax expenses amounted to EUR 128 million, leading to 
an effective tax rate of 22.2%. The difference with the Belgian 
statutory tax rate of 25% is the result of the application of 
general principles of Belgian tax law, such as the patent income 
deduction and other R&D incentives. 
Tax expense (€M) and ETR 
 
 
Net income 
The year-on-year Proximus Net income (Group share) 
progressed by 1.5%, driven by a 0.4% increase in EBIT, a 
decrease in net finance costs and a lower effective tax rate 
partially offset by a higher share of loss on associates, mainly 
related to the Fiber JVs: Fiberklaar and Unifiber.  
 
 
Net income (Group Share) (€M) 
 
Net income evolution (€M) 
 
(*) excluding lease depreciation; (**) excluding lease interest; (***) includes Non-controlling interests and Share of loss from associates 
 
 
€ 450M 
Net income

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327 
CAPEX
Overall, the Proximus Group accrued CAPEX totaled EUR 1,923 
million for 2022, compared to EUR 1,246 million for 2021.  This 
includes EUR 618 million of capex for acquired mobile spectrum. 
The majority relates to the multi-band spectrum obtained in the 
auction of July 2022, during which Proximus secured for EUR 
600 million a total of 285Mhz spectrum, with licenses valid for 
the next 18-20 years.    
Excluding spectrum and football broadcasting rights the 
Proximus Group accrued CAPEX over the year 2022 totaled EUR 
1,305 million, in line with its provided guidance for the year.  The 
year-on-year increase of EUR 101 million from 2021 was largely 
driven by Proximus’ investments in its Gigabit networks.  Fiber-
related investments accounted for 35% of the total CAPEX. By 
end-2022, Proximus was deploying Fiber in 93 cities and 
municipalities in Belgium. Compared to end-2021, Proximus 
increased its footprint by 58% in 2022, reaching 1,282,000 
premises with fiber, representing a Fiber footprint in Belgium of 
over 21%. 
Moreover, the Mobile network (RAN) consolidation between 
Proximus and Orange Belgium announced in 2019 is ongoing, led 
by the created joint-operation Mwingz with CAPEX incurring 
following the pace of the mobile site consolidation.   
Following an increased level of customer installations over 2022, 
more specifically for Fiber, the customer-related CAPEX 
increased, covering customer equipment and activation costs.   
Moreover, in line with its strategy, Proximus increased its 
investments in Digitalization and IT transformation. 
 
 
 
 
 
 
Accrued CAPEX (€M) 
(excl. spectrum and football rights) 
 
Free Cash Flow 
The total FCF over the year 2022 totaled EUR 167 million, or 
EUR 181 million when adjusted for M&A-related transaction 
costs.  The decrease from the comparable adjusted 2021 FCF 
of EUR 376 million (EUR 237 million reported FCF) mainly 
resulted from higher cash-out for Capex, increasing by EUR 
305 million, following the higher Fiber investments and 
spectrum acquisitions, as well as an unfavorable year-on-year 
evolution of business working capital needs.  This was in part 
 offset by year-on-year lower income tax payments, cash-out 
for ongoing transformation plans and a lower amount of 
equity injections in the Fiber joint ventures Fiberklaar and 
Unifiber, the two entities created to deploy Fiber in the 
Flanders and Walloon regions, respectively. 
 
€ 181M adjusted FCF

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
328 
Free Cash Flow evolution (€M) 
(Management view reflecting the main components, 
sometimes in aggregate and may differ from the Consolidated 
Cash Flow statement)  
 
Net financial position 
At the end of December 2022, Proximus’ adjusted net financial 
position was EUR 2,758 million (including re-measurements to 
fair value), keeping a very sound net debt/EBITDA ratio of 2.3X 
(S&P definition).    
 
Evolution of Adjusted Net Financial Position (excl. lease liabilities)  
(€M) 
 
* Mainly remeasurement to fair value of cash flow hedge instrument for future LT debt

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
329 
3.   Domestic  
Domestic revenue by unit (underlying, €M) 
 
 
 
 
For its Domestic operations, Proximus posted revenue of 
EUR 4,478 million in 2022, an increase of 2.2% or EUR 97 million 
from the year 2021. The Residential unit accounted for about 
50% of the total Domestic revenue, the Enterprise unit 42% and 
the Wholesale segment 6%.   
With Proximus deploying Fiber in 93 cities end-2022, the product 
superiority of Fiber becomes an increasingly relevant sales 
proposal for Proximus’ Domestic market. Over the year 2022, the 
number of activated Fiber customers increased by an additional 
106,000, comprised of a mix of Residential and Business, new 
customers and migrated copper customers.  This compares to an 
increase of 62,000 activated Fiber customers in 2021. By end-
2022 the Fiber customer base totaled 252,000
Residential revenue  
Revenue generated by Proximus Residential customers 
totaled EUR 2,261 million over 2022, up by 2.4% or EUR 54 
million compared to 2021.  
Through its three complementary brands that address the 
different needs of the residential market, Proximus continued in 
2022 to its grow Internet and Mobile Postpaid base, while the 
Fixed Voice base further eroded as a consequence of the ongoing 
change in customer needs. In particular, convergent offers,  
 
combining Fixed and Mobile services, continued to do very well, 
supported by the success of Proximus’ Flex offers.  Besides a 
growing base, the residential revenue also benefitted from 
inflation-based price rises on a broad selection of Proximus 
services to mitigate the inflationary pressure on the company’s’ 
cost base.    
When zooming-in on the Residential operational results, 2022 
was especially successful for Mobile Postpaid, with the number of 
Mobile Postpaid cards for the year up by 103,000, in spite of 
intensified competitor promotions.  Proximus’ mobile growth was 
supported by Flex (addressing multi-mobile customers), the 
Scarlet and Mobile Vikings brand, as well as subscriptions 
combined with mobile devices. By end-December 2022, 
Proximus’ Residential Mobile Postpaid base reached a total of 
2,720,000 cards, up by 3.9% from end-2021.  
1,736,000 
Fixed Internet customers 
Up 34,000 in 2022 
 
Domestic revenue of EUR 4,478 million in 2022, up by 2.2% from 2021.    
 
Domestically, Proximus maintained good commercial momentum supported by its different 
brands. 
 
Residential revenue over 2022 totaled EUR 2,261 million, up by 2.4%.  
 
Business revenue increased to EUR 1,894 million for 2022, a 1.7% growth from 2021.   
 
Wholesale revenue of EUR 280 million in 2022, a 2.1% decline compared to 2021, largely related 
to Interconnect revenue erosion, with no material margin impact.

Proximus Group   Integrated annual report 2022 › Manage for impact, manage responsibly 
330 
 
Postpaid cards (‘000) 
(2021 including Mobile Vikings) 
 
 
 
Whereas the Mobile Prepaid base in 2021 benefitted from the 
inorganic support following the acquisition of Mobile Vikings, the 
Prepaid base returned to its inherent declining trend, stimulated 
by attractive mobile Postpaid offers.  Proximus saw the Mobile 
Prepaid base shrink in 2022 by 65,000 cards, leading to a total 
number of Prepaid cards of 604,000 by end-December 2022. 
Strongly supported by Proximus’ expanding Fiber footprint, the 
Residential segment managed to maintain the growth of its 
Internet customer base at 34,000 in a competitive market and in 
spite of a softer post-Covid market growth.  By end-2022, the 
Residential Internet base amounted to a total of 1,736,000, with 
a mix of customers on the historical copper network and a 
growing number of customers on the new Fiber technology. 
 
 
 
Prepaid cards (‘000) 
(2021 including Mobile Vikings) 
 
 
Fixed Internet customers (‘000) 
 
Fixed Voice customers (‘000) 
 
The revenue generated by customers subscribing to Proximus’ 
different product lines is referred to as Customer services revenue 
or X-Play revenue. For 2022, 79% of the total Residential revenue, 
i.e., EUR 1,782 million was generated by Customer services (X-play),   
an increase of 2.7% or EUR 48 million compared to 2021.   
The overall ARPC for 2022 was up to EUR 52.5.  The 1.0% increase 
from one year back is the net result of, on the one hand, a 
mathematical decrease in ARPC following an enlarged customer 
base with Mobile Vikings included and, on the other hand, an 
increase in ARPC as a result of the move of customers to 
convergent offers at higher ARPC, and the two inflation-based price 
adjustments 
 
In the mix, revenue from Convergent customers showed strong 
growth, up by 6.9% year-on-year reaching EUR 1,039 million. In 
2022, Proximus grew its convergent base by 52,000 customers, 
reaching a total of 1,048,000, up by 5.2% from 12 months back.    
The main growth driver of the Convergent revenue remained the 
strong increase in convergent 3-Play customers.  
 
Proximus grew its convergent 3-Play base by 49,000 customers, 
reaching 422,000 customers by end-2022.   This, combined with 
3.9% growth in 3-Play ARPC to EUR 83.1 resulted in a 3-Play 
convergent revenue growth of 27.2% to a total of EUR 402 million.  
 
In the first half of 2022, following the successful launch of new 
offers combining Mobile with Internet, the dual-play customer base 
turned to growth, with the addition of 30,000 customers.  
  
The uptake of 2 and 3-Play convergent offers largely explains the 
steady downward trend in the number of 4-Play customers, down 
by 28,000 to a total base of 531,000 by end-2022, as well as the 
decrease in the Fixed -and Mobile postpaid-only customer bases.   
With the number of customers subscribing to Proximus’ convergent 
offers rising, Proximus’ base of Fixed-only customers decreased to 
908,000 by end-2022. These customers generated in 2022, an 
ARPC of EUR 45.0, stable compared to the previous year.   
Similarly, the number of customers only having a Mobile 
subscription at Proximus came down further, to the benefit of 
Convergent packages. By end-2022, the Residential unit counted a 
Mobile postpaid-only base of 868,000 customers, Proximus, 
Scarlet and Mobile Viking brands combined, a year-on-year 
decrease of 1.6%. These Mobile-only customers generated an 
ARPC of EUR 22.9, nearly stable (down 0.4%) compared to the 
previous year.  
 
In addition to the above-described revenue from Customer services, 
the Residential segment revenue also includes revenue from

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Terminals, Mobile Prepaid, its Luxembourg telecom business and 
Other revenue.   
 
For 2022, the total revenue from Terminals totaled EUR 231 
million, up 1.4% or EUR 3 million above 2021. 
Driven by the decrease in the Proximus Prepaid base, revenue from 
Mobile Prepaid continued its eroding trend, with revenues down to 
EUR 41 million for 2022.  
 
Proximus’ Luxembourg telecom revenue came in strong over 2022 
for the Residential side, up by 5.0% to EUR 131 million revenue, 
mainly resulting from a higher number of mobile and fixed 
subscriptions and an increase in mobile device sales.  
 
Proximus Residential posted EUR 56 million in its Other revenue, a 
year-on-year stable amount.
 
79% Residential revenue generated by X-Play Customers

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Residential revenue build up (underlying, €M) 
Convergent Revenue (‘000)
 
 
 
Up 6.9% 
Convergent revenue 
Customer trend to 
move to 3-Play 
convergent offers 
drives strong increase 
in multi-mobile,  
while reducing Fixed 
Voice 
 
Average revenue 
per Customer 
€52.5 
 
3-Play convergent 
ARPC 
€83.1 
 
 
 
 
 
Total Convergent 
customers 
Up 5.2% 
 
Convergence rate 
64.4% 
 
Average 
RGU 
2.51

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Customers per X-play (‘000) 
 
Average Revenue per Customer (€) 
 
 
Average Revenue Generating Units per Customer 
 
Customer Revenues (€M)

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Business revenue   
Proximus’ Business segment increased its revenue to EUR 1,894 
million for 2022, a 1.7% increase in growth compared to 2021. 
The business market remained a challenging competitive 
environment, whereby Proximus’ Business unit is transforming 
into a convergent player.  
The 2022 revenue from Services was slightly down by 0.6% on 
the previous year, with the growth in revenue from Fixed Data, IT 
and Mobile services to a large extent offsetting the ongoing 
erosion in Fixed Voice revenue.   
Revenue (€M) 
 
 
The 2021 non-structural revenue benefits in the context of 
Covid19, such as Proximus being a partner in Belgium’s 
vaccination campaign, no longer contributed in any meaningful 
way in 2022.  
Revenue from products was up strongly year-on-year, fully 
driven by IT equipment revenue, which benefited from a catch-up 
in previously delayed customer installations due to global chipset 
supply chain issues. 
 
Revenue per product (€M) 
 
Revenue evolution per product group (underlying, €M)

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Mobile services
The Business Mobile service revenue for 2022 totaled EUR 
466 million, representing a slight increase of 0.3% on 2021.  
Proximus continued its solid customer growth in Business 
Mobile, up by 51,000 Postpaid cards over the past twelve 
months or 2.9%.  This brought the total to 1,797,000 cards, 
excluding M2M.  The benefit from a growing base was nearly 
entirely offset by a lower mobile ARPU, down year on year by 
3.0%, compared to 5.4% for the year before, and with the 
trend over the year 2022 visibly improving further following 
the returning Roaming revenue post-Covid. 
The Business unit continued to grow its M2M park with an 
additional 606,000 M2M cards activated over the year, 
including the completion of a major smart metering project.  At 
end-December 2022, Proximus M2M base totaled 3,960,000 
M2M cards.  This is an increase of 18.1% on the previous year. 
 
Machine-to-Machine cards (‘000) 
 
Mobile services revenue (€M) 
 
 
Mobile postpaid cards (‘000) 
 
 
Mobile postpaid ARPU (€) 
 
 
Fixed Data 
The revenue from Fixed Data services continued its positive 
trajectory, up by 3.2% from the previous year, totaling EUR 461 
million for 2022.  
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, 
EUR 42.9 for 2022, up 3.5% on the previous year, mainly 
benefitting from the price indexations, improved price tiering and 
a growing share of Fiber in the total internet park.  Over 2022, the 
Business Internet base slightly progressed to 438,000, up by 
0.7% compared to one year back. 
Besides growing Internet revenue, Data connectivity revenue was 
up slightly year-on-year, due to a positive balance between 
eroding legacy and growing new data connectivity services, 
supported by Proximus’ growing point-to-point fiber park.   
Fixed Data revenue (€M) 
   
Mobile postpaid cards added  
(excluding M2M) 
Up 51,000

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Fixed Internet subscriber base (‘000) 
 
Fixed Internet ARPU (€) 
Fixed Voice  
The Business segment posted EUR 270 million in Fixed Voice 
revenue for 2022, a year-on-year decline of 9.4%. 
The cause of the Fixed Voice revenue erosion remains the 
decrease of the Fixed Voice park, down by -11.2% in 2022. 
Over the year, the Business Fixed Voice base decreased by 
79,000 Fixed Voice lines, resulting in a total base of 627,000 
by end-2022. This was driven by an ongoing rationalization by 
customers on Fixed-line connections, lower usage and 
technology migrations to VoIP.  
In addition, the Fixed Voice ARPU returned to its inherent 
declining trend, facing competitive pressure and with the non-
structural increase in Voice traffic related to Covid-19 
vaccination centers no longer providing support.  Helped by an 
inflation-based price indexation, the Fixed Voice ARPU decline 
was mitigated at -1.8% year-on-year.   
Fixed Voice revenue (€M) 
 
Fixed Voice park (‘000) 
 
Fixed Voice ARPU (€) 
IT Services 
Proximus’ Business unit posted for its IT Services revenue of 
EUR 391 million, up 0.8% compared to the previous year.  High-
value recurring services continued to grow, with especially good 
performance in Cloud and Security services, which was partially 
offset by lower one-shot services.  The sequential growth in IT 
recurring services reflects the ongoing transformation of the 
Business unit into a convergent player, with focus on higher-
margin next generation IT services.    
 
IT Services Revenue (€M) 
Products 
The revenue from Products for 2022 was up by EUR 36 million 
from 2021, or +15.0%.  Whereas revenue from Mobile Terminals 
was down year-on-year by -9.5%,  IT hardware revenue 
increased by +27.2%, with especially the second half of 2022 
starting to benefit from a  catch-up on some previously delayed 
product contracts following the difficult worldwide chip supply 
chain situation. 
 
Products Revenue (€M)

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Wholesale revenue 
For its Wholesale operations, Proximus posted EUR 280 million 
revenue in 2022, down 2.1% or EUR 6 million on 2021.   
The decline in revenue is entirely due to the EUR 24 million drop 
in Interconnect revenue, with no material margin impact.  Part of 
this reflects the EU regulation which lowered the Fixed & Mobile 
Termination rates as of 1 July 2021, and again on 1 January 
2022. The largest part, however, is the result of an ongoing 
decrease in traditional SMS usage, being replaced by over-the-
top applications.  
Revenue generated by Fixed and Mobile wholesale services was 
up by 16.5%, totaling EUR 140 million. This includes higher 
revenue from wholesale Mobile services as result of an increased 
number of MVNO customers on Proximus’ open network, with 
post-covid travel driving higher roaming revenue and increasing 
revenue from services towards Mwingz and Proximus’ Fiber Joint 
Ventures. 
 
  
Revenue (€M) 
 
 
Domestic Direct Margin
Proximus’ Domestic operations posted a direct margin of 
EUR 3,360 million, up 2.2% or EUR 74 million on the previous 
year. Among other things, this reflected, the solid customer 
growth for Proximus’ main services, including Internet and Mobile, 
and was strongly supported by inflation-based price increases. 
Moreover, year-on-year, the first five months of 2022 benefited 
from the inorganic contribution from Mobile Vikings. Additionally, 
in the second quarter of 2022, all of Mobile Vikings mobile 
customers migrated to the Proximus Mobile network, which 
activated a material cost synergy.  
Domestic direct margin (underlying, €M)

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Domestic OPEX
Domestic operating expenses (underlying, €M) 
 
The Domestic operating costs were up by 3.8% to EUR 1,695 
million.  The increase from 2021 includes a significant 
inflationary impact on the Domestic cost base, as well as 
higher costs to support the customer growth, especially for 
Fiber, and an increase in transformational costs.  This was in 
part offset by the company’s ongoing cost-efficient program, 
which delivered a total of EUR 230 million in savings over the 
2020-2022 three-year period.   
The Domestic workforce expenses totaled EUR 1,111 million 
for 2022, an increase of 3.2% on the year before.  This was 
driven to a high degree by the automatic adjustment of wages 
to inflation with, for 2022, a total of five inflation-based salary 
indexations2 of 2% each. This was partly compensated by a 
lower headcount.  End-2022, Proximus’ Domestic headcount 
came to 10,427 FTEs, a decrease of 151 FTEs compared to 
10,577 FTEs end-2021 as a result of natural outflow and 
retirement offsetting new hiring.   
The Domestic non-workforce expenses were up by 5.0% for 
2022, including inflationary impacts on the company’s energy 
cost. Following a nearly full hedging of electricity at an 
advantageous average price, the year-on-year rise in 2022 
energy costs was well contained. 
Domestic EBITDA   
Domestic EBITDA (underlying, €M)
 
 
2 Public wages in Belgium were automatically adjusted to the higher 
cost of living on 1 February 2022, 1 April 2022, 1 June 2022, 1 
September and 1 December 2022, with a 2% increase in each instance. 
 
 
The Domestic segment of Proximus posted EUR 1,665 million 
EBITDA, a year-on-year increase of 0.7%.  
This resulted from the higher Direct Margin, up by 2.2%, in part 
offset by the higher cost base.  The Domestic EBITDA margin 
as percentage of revenue was slightly down by 0.6 pp on the 
previous year, reaching 37.2% for 2022.

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4.   BICS   
 
Revenue 
The BICS revenue for 2022 amounted to EUR 1,132 million, a 
year-on-year revenue increase of 13.3%.   Within the mix, BICS 
Telecom customers generated a total revenue of EUR 884 
million, an increase of 8.2% on the previous year. Revenue from 
international enterprise customers is the fastest growing part, up 
year-on-year by 36.2% to a total of EUR  249 million. 
The growth in revenue was driven by all three product groups: 
Core, Growth and Legacy.   
Revenue from BICS Core services (messaging, mobility, and 
infrastructure), was up on the previous year by 12.9% or EUR 50 
million. The year-on-year growth resulted from strong 
Messaging revenue driven by high A2P volumes combined with a 
favorable destination mix for 2022. Moreover, Mobile Services 
were supported by international travel returning to normal.  
For BICS’ Growth services: cloud communication, IoT and fraud 
prevention services, a total revenue of EUR 66 million was 
posted. The 54.0% increase on 2021 was the result of strong 
traction for cloud communication, specifically, in cloud-based 
voice services for a number of leading digital enterprises.  
For its Legacy services, mainly Voice services, BICS focused on 
growing its volume and preserving margins. While in a declining 
market, BICS legacy services totaled EUR 630 million, up by 
10.6%. This is explained by a favorable destination mix and 
stronger USD, with the latter compensated in CoGS, hence 
neutral on direct margin. 
Revenue by product group (€M) 
 
Revenue by customer segment (€M) 
Direct margin  
For 2022, BICS posted a direct margin of EUR 263 million, up 
15.9% on 2021. BICS’ business was strongly supported by the 
post- Covid-19 related global travel uplift which benefitted 
Mobility services. 
Direct margin (€M)

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EBITDA 
BICS’ 2022 EBITDA amounted to EUR 120 million, +18.1% 
compared to previous year following a strong growth in Direct 
Margin, partly offset by higher operating expenses. This included 
some non-structural costs for a total of EUR 4 million, on top of 
higher energy and wage costs. The inflationary effects were in 
part compensated by effective cost control. The EBITDA margin 
as a percentage of revenue was slightly up to 10.6%, +0.4 p.p. 
 
 
EBITDA (M€)

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5.    Telesign 
Revenue 
Revenue (€M) 
 
Telesign posted strong revenue growth over 2022, increasing 
year-on-year by 44.5% to a total of EUR 473 million, 
reflecting strong performance of the Communications 
business and an acceleration of new business in Digital Identity.   
The year-on-year comparison was also favorably impacted by 
currency movements.  On a constant currency basis3, the 
Telesign revenue was up by 29.9%. The net revenue retention 
(NRR) improved to 130%, compared to 123% one year back.  
Communications revenue grew by double digits year on year, 
driven by volume growth in several large multi-vendor 
customers and price increases in specific markets passed to 
end customers.   
Digital Identity revenue also grew by double digits year on 
year, reflecting strong volume growth from key customers, 
new use cases and new customer gains.
Direct Margin 
Direct margin (€M)
 
 
Telesign’s 2022 direct margin was up by 43.0% year-on-year 
to EUR 114 million, reflecting strong performance in both 
Communications and Digital identity segments, and including a 
strong tailwind from currency effects.  On a constant currency 
basis, Telesign’s direct margin was up year-on-year by 13.5%. 
 
 
 
 
 
3 Provides a view of the business performance, filtering out the 
currency effects by using a constant currency.

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EBITDA 
EBITDA (€M) 
 
 
 
Following the anticipated headcount investments to support 
Telesign’s growth ambitions in Telesign’s go-to-market and R&D 
organization, operating expenses increased by EUR 50 million 
year-on-year, to a total of EUR 112 million for 2022. 
These investments in Telesign’s growth strategy were 
reflected in its EBITDA, totaling EUR 1 million for 2022, a 
decrease of EUR 16 million compared with a year ago.

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6. Definitions    
A2P: Application to Person messages 
Adjusted Net Financial Position: refers to the total interest-bearing debt (short term + long term) minus short-term 
investments, cash and cash equivalents, including related derivatives and excluding lease liabilities 
ARPC: Average underlying revenue per (residential) customer. 
Adjusted Free Cash Flow: adjusted for M&A transactions related cash effects. 
Annualized full churn rate of X-play: a cancellation of a customer is only taken into account when the customer cancels all their 
plays. 
ARPU: Average Revenue per Unit. 
BICS: 100% subsidiary of Proximus.  Global voice carrier and leading provider of mobile data services worldwide. Providing 
global mobile connectivity, seamless roaming experiences, fraud prevention and authentication, global messaging and the 
Internet of Things.  
o 
BICS legacy: represents mainly voice services. 
o 
BICS core: represents messaging, mobility (roaming, signaling & Mobile IP) and infrastructure services. 
o 
BICS growth: represents cloud communication enablement, SIM for things (travel SIM & IOT services) and fraud services. 
Business: unit addressing the professional market including Corporates, Medium and Small Enterprises (including businesses with 
fewer than 10 employees). 
CAPEX: this corresponds to the acquisitions of intangible assets and property, plant and equipment, excluding Right of Use assets 
(leasing). 
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 related to revenues. 
Direct margin: the result of cost of sales subtracted from the revenues, expressed as an absolute value or as a percentage of 
revenues. 
Domestic: segment defined as the Proximus Group excluding BICS, Telesign and Eliminations. 
EBITDA: Earnings Before Interest, Taxes, Depreciations and Amortization; corresponds to Revenue minus Cost of sales, 
workforce and non-workforce expenses. 
Adjustments (Revenue/EBITDA):  
o 
The IFRS16-related reclassification of lease depreciation and interest in the Operating Expenses. 
o 
Transformation: costs of employee transformation programs, the effect of settlements of post-employment benefit plans 
with impacts for the beneficiaries, or pre-identified material(*) one-shot projects (such as rebranding costs). 
o 
Acquisitions, mergers and disposals: gains and losses on the disposal of buildings or consolidated companies, M&A-related 
transaction costs, deferred M&A purchase price. 
o 
Litigation/regulation: Material (*) financial impact of litigation files, fines and penalties, and of law changes (one-off impacts 
relative to previous years).  
  
(*) The materiality threshold is met when individually exceeding 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 depreciations and amortizations.

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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 traffic on one single Data network). 
Fixed Voice Services (Business): Total revenues from Fixed Voice access lines and traffic, 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 but after lease payments as of 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 and 
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 change of 
ownership to the customer.  
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 active by default. 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 total interest-bearing debt (short term + long term) minus short-term investments, cash and 
cash equivalents, including related derivatives. 
Network Services (Business): focuses on optimizing the interaction between Enterprise customers and their 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. 
Net Revenue Retention rate (NRR): success indicator of the existing customer base, calculating the percentage of recurring 
revenue retained from existing customers compared to 12 months previously.   
Other Operating Income: this relates to income, for example, from reimbursements from damages, employees, insurances, gain 
on disposal, etc. 
Luxembourg Telco: including fixed & mobile services, terminals etc. 
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.

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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 includes all solutions that Proximus offers 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).

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Risk Management Report 
 
The Group has adopted a risk philosophy that is aimed at 
maximizing value for our stakeholders by effectively balancing 
risk and reward. Our goal is not only to safeguard the Group’s 
assets and financial strength but also to protect Proximus’ 
reputation by allowing risks to be taken in a controlled manner. 
Proximus has implemented a risk management methodology 
that follows ISO 31000 – Risk Management Guidelines and 
integrates adapted processes, techniques, and tools to identify, 
assess and manage in due time, risks and opportunities in various 
domains. 
Financial risk management objectives and policies are reported in 
Note 32 of the consolidated financial statements, published on 
the Proximus website. Risks related to important ongoing claims 
and judicial procedures are reported in Note 34 of these 
statements. 
The enterprise, financial and ESG (including climate) risks are 
detailed below, together with the related mitigating factors and 
control measures. However, this is not an exhaustive analysis of 
all potential risks that Proximus may face. 
Enterprise-wide risks 
Proximus Group’s  Enterprise Risk Management (ERM) is a 
structured and consistent framework for assessing, responding 
to and reporting on risks that could affect the achievement of 
Proximus’  strategic objectives. The ERM covers the range of 
business risks (potential adverse events) and uncertainties that 
Proximus could encounter. It seeks to maximize value for 
shareholders by assessing emerging risks and developing 
mitigating strategies in line with the Proximus Group’s risk 
tolerance. This risk assessment and evaluation is an integral part 
of Proximus’ annual strategic planning cycle. All relevant risks 
and opportunities are prioritized in terms of impact and 
likelihood, considering quantitative and/or qualitative aspects. 
The bottom-up identification and prioritization process is 
supported by desk research, surveys among management and 
experts, as well as validation workshops. The resulting report on 
major risks and uncertainties is then reviewed by the Leadership 
Squad, the CEO and the Audit and Compliance Committee. The 
main findings are communicated to the Board of Directors. 
Among the risks identified by the latest ERM exercise, the 
following risk categories were prioritized (in the following order): 
 
 
Monetization of fiber investments  
 
Inflation  
 
Competitive market dynamics 
 
Talent attraction and retention, new ways of working 
and engagement 
 
Business model and servicing evolution 
Monetization of fiber investments 
During the past years, Proximus has launched the deployment of 
an open, non-discriminatory, and performant fiber network for 
residential and enterprise customers. This is of major importance 
for Proximus and while we are confident that this strategy 
provides the right answer to the increasing need for reliable, fast, 
and low-latency connectivity in Belgium, it can’t be excluded that 
part of our initiatives do not achieve the expected benefits or lead 
to lower revenues or profitability than anticipated. 
In light of the superiority of the fiber technology and its lower cost 
to operate, the larger the footprint, the better the business 
perspectives for Proximus. In collaboration with partners, 
Proximus aims to deploy fiber in 95% of Belgium by 2032, to: 
 
Support current and future customer connectivity 
needs  
 
Retain and grow current retail market shares across 
residential and enterprise customers and enable 
ARPU uplift 
 
Attract new wholesale market opportunities 
 
Simplify our operating model and reduce operational 
costs, by stopping to sell copper as soon as fiber is 
available and ultimately phasing out copper at the 
latest five years after fiber deployment 
This fiber strategy is endorsed by our stakeholders and by the 
market and is in line with the network strategies observed in most 
countries. 
However, we face risks to monetize our investments in the short 
term. 
Firstly, there is an operational risk related to a smooth migration 
of Proximus customers and other licensed operators’ customers 
to fiber, while ensuring best-in-class customer experience to 
avoid migration churn. Proximus management is monitoring the 
fiber migration customer effort and fiber customer experience 
closely and taking corrective actions, among others through 
dedicated Fiber Migration and In-Home Experience agile teams. 
Secondly, pressure on market prices, might make price tiering 
and upselling more difficult. (see below “competitive market 
dynamics”)

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Thirdly, although Proximus is the only player rolling out FTTH at 
large scale in Belgium today, plans from competitors and utility 
companies (e.g., Fluvius) to roll-out competing FTTH networks 
could reduce the profitability of Proximus investments, reduce 
wholesale prices in the market and impact Proximus retail prices 
for fiber products. 
Beyond city centers, construction costs rapidly increase making 
the duplication of fiber networks economically challenging. 
Proximus has joined forces with two experienced industrial and 
financial Partners (EQT Infrastructure and Eurofiber) to 
accelerate and expand the fiber rollout in less dense areas to be 
the first to provide fiber technology. Let’s also re-iterate that 
Proximus fiber network will be fully open and non-discriminatory 
with the ability to co-use fiber assets with competition and 
maximize the network utilization. 
Fourthly, scaling the number of fiber activations & roll-out can 
be challenging in a tight labor market. Not finding the right talent 
to scale up our deployment capacity could lead to delays in roll-
out and activations, which could have an impact of the timing of 
the benefits and the cost of roll-out. Proximus and its partners 
are taking several measures to mitigate this risk: transfer 
resources from copper to fiber, increase capacity via outsourcing 
partners and by upskilling our existing employees, structurally 
reducing the workload via self-install and flattening out 
seasonality via pro-active migrations. 
Inflation impact has also an impact on the fiber business case, but 
this risk is addressed in the next challenge. 
Inflation 
With an unprecedented socio-economic context and inflation 
levels rates unseen in decades, Proximus rising costs need to be 
balanced with strong commercial results, price increases and 
additional efficiencies.  
 
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 five salary 
indexations of 2% in 2022. 
Proximus is countering the impact of inflation via price 
indexations and cost reduction programs. 
 
Long-term relationships with suppliers, contract protections, 
advanced ordering and multi-sourcing allow to limit the 
inflationary pressure. The exposure to rising energy cost for 
2022 was quite limited. And for 2023, the price for more than 
90% of energy needs is already locked.  
 
Proximus committed to an ambitious +€400 Mio gross cost 
saving program and is looking at ways to increase and accelerate 
the savings realization without negative impact or even positive 
impact on customer experience, e.g., through digital adoption. 
Inability to deliver additional cost efficiencies would reduce 
profitability. 
Should Proximus’ brand power not be strong enough, the 
inability to compensate part of the cost increase through 
targeted price increases would weigh on margins. Strong 
commercial results in 2022 and increasing NPS, expected to be 
further boosted by fiber take-up, are reassuring signs for our 
future pricing power. 
 
The economic climate could further deteriorate leading to 
declining spending of customers in both the Consumer and 
Business market and higher bad debt. Churn and bad debt 
evolutions are followed up very closely by management, with no 
worrying evolutions noted so far. Meanwhile payment facilities 
are offered to struggling customers. 
 
Competitive market dynamics 
The Belgian market is an evolving market with changing 
competitive dynamics that might 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. It is critical for Proximus to maintain its brand 
strength and the resulting ability to index prices to compensate 
for cost increases and to monetize investments.  
 
Proximus’ Belgian connectivity revenues are at risk from 
increased competition particularly in Wallonia & Brussels where 
Proximus has a large market share. Orange Belgium has signed 
an agreement to acquire a majority stake in VOO, as part of its 
convergence strategy and growth ambition. Synergies are 
expected among others from the transfer of VOO's MVNO 
business to Orange Belgium's network. The pooling of the 
companies’ skills and the backing of the Orange Group are 
expected to impact market dynamics. 
 
After a preliminary investigation, the European Commission has 
opened an in-depth investigation in July of 2022 to assess the 
proposed acquisition. Telenet and Orange signed two 
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 spectrum auction with the conditions favoring a 
new entrant, Citymesh and DIGI joined forces to acquire 
spectrum and set up a joint venture for the network company 
that will allow them to address business and private individuals 
respectively. DIGI announced a likely commercial start in 2024. 
Should Telenet sign a wholesale deal with DIGI/Citymesh, it

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would speed up market access for DIGI/Citymesh and this to the 
detriment of Proximus and Orange’s shared network. DIGI could 
potentially push prices down and put pressure on Proximus’ 
mobile pricing model.  
 
To reinforce its fixed network position, Proximus is deploying 
fiber massively, both in standalone and through partners. This 
superior technology versus cable will help to mitigate the churn 
risk, 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, translating in significant NPS 
gains and reduced churn. 
 
By sharing parts of the mobile network infrastructure with 
Orange, Proximus benefits from efficiencies in network 
operations and ensures sustainable investments in new network 
technologies. Proximus aims for 100% 5G coverage by 2025. 
Keen on providing 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, in all 
bands, than other mobile players during the spectrum auctions 
of 2022. This strength mitigates the churn and pricing risk for 
Proximus as it allows Proximus to differentiate and guarantee a 
superior mobile experience for the next 20 years. 
 
On top of leading both in fixed and mobile, the multi-brand 
strategy of Proximus contributes to the risk mitigation. Scarlet 
and Mobile Vikings have respectively a very strong NPS on the 
fixed 
and 
mobile 
markets 
and 
a 
convergent 
offer 
complementary to the Proximus brand offer. Scarlet addresses 
the price-sensitive segment and Mobile Vikings offers 
attractively priced mobile and Internet to young-at-heart digital-
savvy customers. 
 
To meet the objective of 100% population 5G coverage by 
2025, Proximus must ramp up the replacement of 4500 Radio 
Access Network (RAN) with respect of the quality standards. 
Next to unexpected extra costs of maintaining the legacy 
network and upgrading it to meet capacity demands, significant 
delays could weaken Proximus’ mobile leadership position. 
Proximus closely monitors and follows up on the progress with 
its partners and suppliers.  
 
On the domestic B2B market, Citymesh, as part of European IT 
company Cegeka, is looking to monetize its network assets. In 
2021 Citymesh acquired Engie’s IoT network and in 2022 they 
acquired mobile spectrum through the above-mentioned joint 
venture with DIGI. NRB also acquired mobile spectrum during 
the 2022 auctions. This adds to an already cluttered ICT 
competitive landscape and could impact Proximus strong 
telecom position and growth prospects in ICT. Proximus’ 
mitigation plan is built around convergent ICT solutions/value 
proposals, mobile leadership and a differentiated offering 
around Mobile Private Network. 
The drivers of the above risks are mainly beyond Proximus’ 
control, mitigating measures are mainly targeted at limiting the 
impact. While we are confident about our ability to compete 
against a possible increase of competition, the risk remains high 
overall for Proximus, with a potential impact on both Proximus’ 
top line and bottom line. 
Talent attraction and retention, new 
ways of working and engagement 
Several organizational areas could impact Proximus’s group 
ability to execute its strategic objectives and deliver services & 
products to its customers: 1) Talent 2) Organizational agility 3) 
Employee engagement. 
 
Failure to recruit, sustainably employ and engage a talented 
workforce could impact Proximus competitiveness and make it 
more difficult to reach its strategic goals. The Belgian labor 
market is currently under pressure, with an historically low 
unemployment rate especially in the north of the country in 
which the war for talent is more intense than ever with difficulties 
to recruit a broad range of profiles. 
 
To mitigate the risk on talent shortage, Proximus is focusing on 
training programs and internal mobility. We invest extensively to 
give our employees the opportunity to continuously upskill and 
develop, particularly in the digital field, in fiber and in new ways 
of working (agile). We do this to ensure that we have the right 
skills in- house to shape the digital economy and society of the 
future, to support the transformation of the organization, and to 
guarantee the employability of our employees. For example, we 
set up a tailored approach with programs and campaigns for all 
employees to create awareness and understanding of the 
impact of digital transformation, to raise digital savviness and to 
stimulate the adoption of the agile way of working. We also offer 
challenging and ambitious learning tracks to upskill in fields that 
are critical for employees to stay relevant in their job.  
 
Thanks to our focus on internal mobility, 1324 employees 
changed jobs internally in 2022. With the growing importance of 
our international activities, we are now also able to offer 
international opportunities. 
 
On top of training programs & internal mobility, we invest in our 
image as a top employer as illustrated with our “Think Possible 
with us” campaign in 2022 and targeted campaigns, notably for 
fiber jobs. An employee referral program has also been initiated 
in 2022. Our newly created Proximus Ada subsidiary helps us 
grow our talent pool in Data Science/AI and cybersecurity. We

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also leverage our strong ties with external partners to source the 
skills we need and develop new sourcing pools, for example with 
direct sourcing of freelancers. 
 
On organizational agility, if our should not be successful, it could 
lead to a reduction of Proximus’ competitiveness. Next to our 
continuous focus on change management, we support the agile 
transformation and the adoption of the agile way of working 
through dedicated trainings, thorough internal communication 
and the daily support of agile coaches and scrum masters.   
 
To boost employee engagement, our Think Possible company 
culture stimulates empowerment and customer-centricity, 
whilst striving for a positive work-life balance. We also offer our 
employees a coherent set of user-friendly and secure digital 
tools that can be used on any device, along with appropriate 
change management, allowing more flexibility and hybrid ways 
of working. Diversity, equity and inclusion policies and initiatives 
further contribute to the employees’ well-being and sense of 
belonging (see “Social statement” p. 160). 
 
Business model and servicing evolution 
 
Proximus domestic financial performance could be impacted by 
disruptive technologies and new business models. Should 
Proximus not be able to adapt fast and well enough, it would 
impact market shares and profitability. 
 
Proximus’ business model has been and continues to be 
impacted by disruptive technologies, such as over-the-top (OTT) 
services, software-defined networks, artificial intelligence, 
quantum computing, etc. Through our investments in the best 
fiber+5G gigabit network, our innovations with local and world-
leading partners, our IT transformation to become legacy-free, 
our digital transformation and our agile operating model, we can 
respond in an adequate and timely way.  
 
Proximus also continues to develop the capacity to support 
business customers in their digital transformation, including 
through proactive migrations to next-gen solutions. (=>refer to 
strategy chapter for more info). 
 
Additionally, we develop new revenue streams in domestic 
digital services and ICT and in other geographies in the software 
space through BICS and Telesign, seizing opportunities brought 
by technology disruptions.  
 
Next to our own customer dialogue, research and surveys, we 
actively 
participate 
in 
sector 
initiatives 
nationally 
and 
internationally to keep up to date with the latest innovations.  
 
On 
the 
service 
side, 
complementary 
to 
in-depth 
IT 
transformation to address structural issues, our agile operating 
model, 
design-thinking 
methodologies 
and 
digital 
transformation allows us to react quickly, test and learn and 
scale-up 
compelling 
features 
improving 
the 
customer 
experience. 
BICS 
Covid-19 – While travel restrictions have been levied in many 
regions, the consequences of the Coronavirus (COVID-19) 
pandemic are continuing to be felt in some markets, such as Asia, 
with no indication of imminent changes. Covid-19 has 
accelerated the disruption of traditional communications, 
through the adoption of new voice communications and 
collaboration technologies. This is impacting the volume of 
business from our traditional Mobile Network Operators 
customer segment. BICS manages to hedge the negative 
impacts of the pandemic, thanks to the progressive digitalization 
of its offering and its growing sales efforts towards new cloud 
communication service providers and enterprises (+22% 
revenue in 2022) complemented by its strong recovery in other 
markets, regions. 
Macro-economic - The Company’s financial performance can be 
impacted by current and future economic conditions outside its 
control, such as energy cost increase, inflation and its impacts on 
wage indexation, foreign currency fluctuations. To limit effects of 
inflation, BICS implements a strict cost control discipline and cost 
reduction programs. Inflation may even have positive effect on 
our business, to the extend it stimulates Mobile Network 
Operators to reduce their expenses by outsourcing some of their 
legacy activities such as Voice and or Roaming operations to BICS 
(e.g. the Ooredoo Group, who outsourced in 2022 the 
management of its whole international voice business to BICS).  
The foreign currency risk is under control through the natural 
hedge between currencies used in our trading (buying/selling) 
activities.  The recession may also increase the number of bad 
debts; we mitigate this risk through in and out-payment 
balancing (we buy and sell from the same company) and strict 
credit risk management. 
Geopolitical - Russia’s invasion of Ukraine has a very limited 
impact on our revenue. We are fully compliant to the 
international sanctions on Russia, which resulted in a very limited 
number of customers disconnections. In case further sanctions 
are applied, we only expect minimal impact. It may have a bigger 
impact on our operations, considering that some support 
activities are being performed by local companies. BICS priority is 
to remain very close to and supportive of our Ukrainian

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colleagues, while preparing a possible hand-over to a safer 
place, should the situation deteriorate drastically. 
Competition, technology - BICS operates in a fast-changing 
technology (5G, over-the-top omnichannel messaging, etc …) 
and very competitive environment, putting its business model 
under constant challenge. BICS adapts to this environment by 
upgrading its offer to latest technology (e.g., BICS run the first 
world 5G stand-alone roaming call), by addressing new 
customer segments (enterprises) and by investing in new growth 
domains (such as IoT, Security, Data Intelligence, etc …). Those 
investments are made possible by cost reduction initiatives in the 
legacy and core business (automation, customer tiering, etc…) 
and will be supported through inorganic market consolidation / 
diversification projects. 
Regulatory compliance – BICS business is subjects to laws and 
regulation in many aspects of its business (telecommunication 
law, GDPR, competition rules). The Company consistently 
monitor rules changes which may affect its business and 
maintains strict compliance rules and control. 
Telesign 
Telesign is one of the leading players at the intersection of 
complementary markets where it prevents and protects 
business from fraudulent and malicious activity, authenticates 
users and provides controlled access across applications based 
on the user’s account and delivers reliable, secure messaging 
and voice via an API. Today, Telesign supports 8 of the 10 world’s 
largest digital enterprises and, as it consistently grows its 
customer base, it continues to successfully expand its existing 
customers’ adoption of its platform.  
Telesign operates in a highly dynamic industry and its operating 
results and rates of growth could vary significantly in the future 
based upon a number of factors, including some over which 
Telesign has little or no control. The digital identity and secure 
programmable 
communications 
markets 
are 
intensely 
competitive, and Telesign expects competition to increase in the 
future from established competitors and new market entrants.  
If Telesign or its third-party service providers experience a data 
security breach or network incident that allows, or is perceived to 
allow, unauthorized access to Telesign’s solutions or Telesign’s 
customers’ personal data, it could lead to negative publicity and 
Telesign’s reputation, business, financial condition, and results of 
operations could be adversely affected. Additionally, it could lead 
to enforcement actions, litigation, regulatory or governmental 
audits, investigations, inquiries and possible significant liability, 
and increased requests by individuals regarding their personal 
data.  
Telesign relies on data acquired from third parties, such as 
carriers and data providers, to build its models, and design and 
improve its products. If there’s a substantial increase in the cost 
of data acquisition, Telesign may not be able to pass that cost 
increase on to its customers. That would result in reduced profit 
margin for Telesign. Additionally, Telesign has no direct control 
over the data quality it acquires from its suppliers which are 
needed to provide its digital identity services. If the data quality it 
acquires deteriorates over time, Telesign’s coverage may 
decrease and become irrelevant for the customer.

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Environmental risk and climate 
change 
Climate change has become an important topic for companies 
due to the growing awareness of global warming.  
The Group Corporate Affairs division, responsible for legal, 
regulatory, public affairs, internal audit and risk management, 
compliance, 
group 
communications, 
reputation 
and 
sustainability, and security governance & investigations, closely 
follows the evolution of regional, national, EU and worldwide 
climate related guidelines, directives, standards, and laws. 
In 2022, Proximus started integrating climate risk structurally 
into the Enterprise Risk Management (ERM) processes and 
conducting a separate climate risk process in the years when the 
ERM exercise is not taking place. 
Proximus has a clear strategy to reduce CO2 emissions and has 
put in place a scientifically validated action plan developed based 
on the new 'Net Zero' standard of Science Based Targets to 
achieve net zero greenhouse gas emissions by 2040.  
Though implementing actions to mitigate climate change is 
essential, Proximus also needs to take steps to adapt to ongoing 
and future environmental climate changes. Understanding and 
(financially) assessing our climate change risks and potential 
vulnerabilities is key to avoiding disruption to our network and 
our customers. At the same time, it provides a momentum to 
reflect on how we can offer more value to society and our 
customers. Both aspects are important in informing our overall 
business strategy.  
We have explored both types of climate change risks and 
opportunities for our business: the physical ones and those 
arising from transitioning to a low carbon economy. They were 
analyzed across a range of three future climate scenarios that 
project three different temperature paths increase: divergent net 
zero (+1.5 degrees), delayed transition (+1.8°c) and current 
policies (+3°C). They were additionally analyzed over three time-
horizons: short-term (0-3 years), medium-term (3-10 years) 
and long-term (10-25 years) in accordance with the 
recommendations of the TCFD (Task Force on Climate-related 
Financial Disclosures). The magnitude of impact scales used for 
the risk assessment was from “low” for impacts with a value less 
than € 100,000 to “very high” for impacts that exceed € 12.5 M. 
In the context of climate change risks, the standard Proximus risk 
management methodology is applied with the involvement of 
relevant 
stakeholders 
from 
the 
Technical, 
Tax, 
Legal, 
Regulatory, HR, Procurement, Strategy, Business operations, 
and Facilities domains. 
The risk assessment process is in line with those set forth in 
international standards: 
• 
After setting the context and risk criteria, we identify 
risks via a combination of independent research and 
collaborative workshops. This results in a short list with 
applicable, prioritized risks.  
• 
In the second phase, the causes of each risk (likelihood) 
and the potential consequences (impact) are analysed 
and documented. The consequences with direct 
financial, reputational, or strategic impact are mapped 
to a scale based on the Business Impact Reference 
Table. This is a matrix designed to evaluate the impact 
of an event on the company. It defines categories in 
monetary value and assesses monetary value of 
operational and reputational impacts. All risks are 
quantified and receive a qualitative rating. Next, they 
are documented in the risk register.  
• 
Finally, all prioritized risks are assigned to a risk owner 
who is responsible for the implementation of action 
plans, control and regular review. High probability risks 
and opportunities can potentially be included in our 
financial plan and/or financial risks and opportunities 
overview.

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An overview of the climate change risks that could have a material financial impact  
Risk Causes 
Climate change related risk  
Policy  
ambition 
Short -
term 
2022-
2025 
Medium
-term 
2025-
2035 
Long -
term 
2035-
2050 
Policy changes 
1.. Introduction of climate change related policies by governments 
These policies could result in a price increase, for example by putting a 
price on CO2 emitted. Extra flat taxes are also a possibility. 
1,5°C 
Low 
High 
High 
1,8°C 
 Low 
  High 
 High 
3 °C 
 Low 
Low 
Low 
Market 
2. Competition for scarce green energy supply 
Energy prices have seen a massive price increase due to geopolitical 
reasons. The move away from fossil fuels also has an influence on 
pricing of energy as green energy is in high demand. 
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 
Climate change is one of the driving factors influencing the economy. 
Climate change could trigger pandemics, political uncertainty, raw 
materials shortage, … with influence on our partners. 
1,5°C 
Medium 
Medium 
High 
1,8°C 
 Low 
Medium 
 High 
3 °C 
 Low 
Medium 
Medium 
Reputation 
4. External stakeholder perception may not be in line with Proximus 
efforts 
Perceived inactivity/inconsistency of a company with regards to 
climate change can lead to customer churn, missed sales 
opportunities, lower demand for products & services, regulatory fines, 
…. Example: debate around roll-out 5G and climate impact. 
1,5°C 
Medium 
High 
High 
1,8°C 
 Low 
 Medium 
 High 
3 °C 
 Low 
Low 
Medium 
Extreme 
weather events 
5. Infrastructure damage 
Extreme weather events will become more frequent and widespread, 
even in unexpected areas. These events will cause major disruption 
and damage to IT systems and assets.  
1,5°C 
Low 
Low 
Low 
1,8°C 
Low 
Medium 
Medium 
3 °C 
Low 
Medium 
High  
 
An overview of the short-term climate change opportunities that could have a material financial impact 
Eco smart 
products & 
services 
Development of low emission goods & services 
There’s a growing market interest in products-as-a-service and products with a lower footprint in terms of 
carbon emissions and material usage. 
Eco smart products & 
services  
Development of new products & services through innovation that can enable customers to reduce their CO2 
emissions  
Solutions to decarbonize other sectors create existing and new business opportunities. Use of fiber & 5G as 
enablers for IoT, Big data & Cloud solutions with a potential to reduce carbon emissions such as 
smart agriculture, smart building, energy reduction, … 
Markets 
Green financing 
New opportunities can also be captured through underwriting or financing green bonds and infrastructure 
(e.g., low-emission energy production, energy efficiency, grid connectivity, or transport networks) 
Reputation 
Talent attraction 
Talent is moving to sustainable companies: the majority of younger generations want to work for a company 
with strong sustainability/ESG action.

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353 
 
Approach of Proximus regarding the identified risks:  
1. 
Introduction of climate change related policies by 
governments 
We track regulatory development to be able to comply with 
existing laws, such as the relevant aspects of the EU green deal. 
We assess the impact of these emerging regulations, across 
operations, supply chains and jurisdictions. In 2022, we made 
progress towards assessing EU taxonomy alignment and 
started implementing the recommendations of the Task Force 
on Climate-Related Financial Disclosures. This information can 
be found respectively at page 183 and 186. 
The most important action for mitigating this impact is ensuring 
our net-zero action plan is fully implemented. Proximus is proud 
that its near-term and long-term greenhouse gas emissions 
reduction targets have been validated by the Science Based 
Targets initiative (SBTi). Proximus commits to reduce its 
absolute scope 1 and 2 greenhouse gas emissions by 95% by 
2030 and to maintain a minimum of 95% reduction through 
2040 (from a 2020 base year). To this end, Proximus will 
eliminate fossil fuels from its fleet and buildings and continue 
sourcing 100% renewable electricity. At the same time, 
Proximus is working on energy-efficiencies throughout its 
technical buildings, mobile & fixed network, and data centers. 
Proximus also commits to further reduce absolute scope 3 
greenhouse gas emissions by 60% by 2030 and by 90% by 
2040 (from a 2020 base year). These are very ambitious 
targets knowing that scope 3 greenhouse gas emissions, which 
include all of its indirect activities throughout the value chain, 
represented 94% of the company’s CO₂ emissions last year. To 
reach this ambitious objective, Proximus is reaching out to its 
suppliers to encourage them to set SBTi validated targets, 
source renewable energy and implement a decarbonization 
pathway. Proximus’s circular ambition and implementation of 
circular principles, like eco-design, repair, refurbishment and 
lifecycle extension will further open the pathway to achieving its 
net-zero ambition. 
2. 
Competition for scarce green energy supply: 
The electricity prices worldwide have skyrocketed in recent 
months due to geopolitical factors. Climate change is also 
undoubtedly one of the factors influencing the price. The forced 
move away from fossil fuels additionally implies a lower 
guarantee of continuously delivered electricity. Proximus has 
committed to use only green electricity is already using 100% 
green electricity today. To mitigate the supply risk, by 2026, we 
will work with more local electricity sources through 
investments in a Power Purchase Agreement, long-term 
partnerships with Belgian wind and solar plants that match our 
consumption patterns. We will continue to invest in energy 
efficiency measures. For example, in the next five years, data 
traffic is expected to increase by 400%, a growth of 35% per 
year, resulting in increased energy consumption. To keep the 
electrical energy consumption flat despite the growing demand, 
we will implement network energy-saving initiatives.  
3. 
Increased outsourcing & supply chain risk as they are 
also exposed to climate change impact: 
Proximus depends on the partnership with its suppliers to 
provide the equipment needed to ensure business continuity 
and a sustainable supply chain. Thus, working with suppliers 
that could fail to meet Proximus needs, or depending too much 
on few specific suppliers, may lead to delayed or failed 
deliveries, loss of revenue, regulatory fines or damage to our 
reputation. Therefore, we analyze trends in supply and demand 
for products and services and adapt our offers accordingly. We 
scan the market for products and services that could help 
Proximus reach its climate targets. In this regard, we evaluate 
future acquisitions. We also engage with suppliers and 
customers. With the biggest remainder of our carbon footprint 
residing across our value chain, to achieve our net zero ambition 
by 2040, we will continue to work closely with our suppliers. We 
will encourage them to reduce their carbon footprints and 
secure more sustainable supply chains themselves. We already 
screen the sustainability performance of our suppliers through 
the Joint Audit Corporation (JAC) and Ecovadis. We have a strict 
follow-up of critical supplier contractual liability through a 
holistic Supplier Code of Conduct (SCoC) and rigid Service Level 
Agreement (SLA) clauses. We are sourcing sustainably: the 
sustainability component counts for 20% of the tenders we 
issue. And lastly, we collect declarations of intent: we are signing 
Circular Manifestos with key suppliers to ensure the alignment 
of our suppliers with our Science Based Target of 1.5°. However, 
the Manifesto is only a first step. Through our Supplier 
Engagement Program, we will set detailed expectations and 
KPIs for our suppliers and implement clear, binding 
commitments.

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354 
4. 
External stakeholder perception may not be in line 
with Proximus efforts:  
We regularly monitor the evolution of our reputation through 
market research. We put our circularity and CO2 reduction 
efforts forward in our corporate communication, in our 
commercial advertising, in our shops, on our packaging, etc. 
Sustainability is also a cornerstone of our employer brand. 
Through internal communication, we turn our employees into 
ambassadors. And finally, we also communicate our progress 
on Environmental KPI’s on a quarterly basis to investors and 
analysts 
The above-mentioned validation of our targets by the Science 
Based Targets initiative (SBTi), our internal sustainability 
governance and Board oversight add to our credibility (see 
Corporate governance statement, page 88).  Regular 
stakeholder dialogue allows us to focus our actions and 
communication efforts on the most material topics for our 
stakeholders. 
Through MyFootprint available on our MyProximus app, we 
invite our residential customers to track and reduce their own 
carbon footprint. We engage with peers, public authorities, 
Belgian enterprise federations (e.g. Agoria) and international 
sector associations (e.g. ETNO) to encourage collective action 
and to put forward the positive role of our sector in helping 
companies and public authorities reduce their environmental 
footprint. Striking examples are our Smart energy, Smart 
buildings or Smart mobility solutions. In order to preserve our 
reputation, all our carbon abatement claims must be supported 
by credible and verified calculation procedures. 
5. 
Infrastructure damage  
Climate change is one of the driving factors influencing extreme 
weather events. In the coming years, extreme weather events 
will become more frequent and widespread, devastating areas 
that typically don’t experience them and amplifying the 
destruction in areas that do.  
These events could cause major disruption and damage to IT 
systems and assets. Data centers could be significantly 
impacted, and critical infrastructure could be put at risk. In order 
to anticipate and implement measures to protect Proximus 
infrastructure against these extreme weather events, we use 
expert input from scientists, such as the OFDA/CRED 
International Disaster Database (http:// www.emdat.be) and 
Université Catholique de Louvain, as well as performing our 
own annual climate change scenarios risk assessment analysis.  
Operational risks 
Operational risk relates to risks arising from systems, processes, 
people and external events that affect the operation of 
Proximus’s  businesses. It includes product life cycle and 
execution; product safety and performance; information 
management, data protection and cyber security; business 
continuity; supply chain; and other risks, including human 
resources and reputation risks. Depending on the nature of the 
risk involved and the business or function affected, 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’s 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 cyber security insurance program. 
Nevertheless, these insurance programs may not provide 
indemnification should the traditional insurance exclusions 
(non-accidental event) 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 ability 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. The approach is in line with the 
good practice standards and Belgian regulations on telecom 
and critical infrastructure. This is achieved via the development 
of business continuity plans at corporate level for threats like 
power interruptions, ransomware attack or natural disasters 
linked to climate change. Building and ensuring the resilience of 
our network, platforms and IT systems remains a top priority to 
minimize the customer impact in case of incidents. These

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priorities are managed by the corresponding business units. The 
business continuity board is the steering committee which 
defines the priorities, the scope and validates the outcome. The 
level of preparedness is submitted annually to the Audit and 
Compliance Committee. 
Security 
Increased global cyber security vulnerabilities, threats and more 
sophisticated and targeted cyber-related 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, 
systems and networks. 
The confidentiality, availability, and integrity of the data of 
Proximus and its customers are also at risk. We’re taking the 
necessary actions and making investments to mitigate those 
risks by employing several measures, including employee 
awareness and training, security-by-design, security testing, 
protective measures, detective measures and maintenance of 
contingency plans. 
Proximus cyber security program sets important emphasis on 
Identity & Access Management, for privileged users, business 
users, partners, and vendors, on securing Proximus critical 
infrastructure, API and private and public clouds, on protecting 
against advanced disruptive malware (such as ransomware) 
and extending the monitoring and detection capabilities. 
Besides that, Proximus invests in threat intelligence and security 
incident response. Moreover, Proximus operates several 
Malware Information Sharing Platforms (MISP) that enable the 
collection 
and 
sharing 
of 
structured 
information 
on 
cybersecurity threats on a national level with the CERT.be and 
on an international level with other European telecom 
operators and the GSMA (an association of 750 operators 
worldwide). 
Proximus actively participates in various cross-industry and 
international expert groups to stay updated on the latest 
threats. Collaboration is established in the expert groups of 
GSMA, Europol, Interpol, Belgian Cyber Security Coalition, 
European Telecom Operators platform (ETIS), Center for Cyber 
Security Belgium (CCB), NATO NCIA and FIRST. 
Data protection and privacy 
Data protection laws exist to strike a balance between the rights 
of individuals to privacy and the ability of organizations to use 
personal data for business purposes. Keeping personal data 
confidential and secure remains a top priority for Proximus.  
Proximus began its GDPR compliance journey with a GDPR 
readiness assessment conducted by an external company back 
in 2016. Since this exercise, Proximus has continued improving 
its GDPR compliance. 
Proximus has been using the functionalities and capabilities of 
the Collibra data governance tool to meet certain compliance 
requirements under GDPR, e.g. implementing a register of 
processing activities.  
To ensure that privacy considerations are embedded within its 
business 
activities, 
Proximus 
has 
appointed 
Privacy 
Ambassadors within the different business units to provide 
support to the legal department and DPO office in screening 
privacy sensitive initiatives. In view of the privacy by design 
principle, Proximus is constantly improving its Privacy Review 
Process to ensure privacy risks are identified early on and swiftly 
acted upon. 
As part of rendering the management of data subject requests 
more efficient, Proximus has implemented the use of semi-
automated solutions. Our customers can continue to indicate 
their privacy preferences within the privacy settings of the 
MyProximus app and website.  
Proximus carefully handles and documents the complaints it 
receives regarding the protection of its customers’  data, which 
come from the following sources:  
• 
Concerned customers themselves  
• 
Consumer organizations such as Test Aankoop/Test 
Achats 
• 
Regulators such as the Belgian Data Protection 
Authority or the Belgian Telecom Mediation Service 
Sourcing & Supply chain 
Proximus depends on the partnership with its suppliers to 
provide the equipment needed to ensure business continuity 
and a sustainable supply chain.  
Global instability, logistics disruptions, energy crisis, climate 
induced natural disasters, etc. increases the risk on our supply 
chain resilience.  
Any breach of relevant legislation or non-compliance with 
international standards for human rights could by our suppliers

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could lead to legal action and negatively impact Proximus’ 
reputation. 
We are currently focusing specifically on business continuity 
related to home and enterprise devices equipment, network 
infrastructure and construction (chips components shortage). 
Energy supply and external workforce are also top of our 
agenda. 
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 enhanced Supplier Relationship 
Management (SRM) we continuously assess risks together with 
the partnering supplier, hence reducing vulnerability and 
ensuring continuity. 
The relationship with key suppliers is assessed and documented 
by means meetings, which lay down the common strategies. 
Critical suppliers and their sub-suppliers are monitored through 
a third party-recognized tool, enabling us to quickly react to any 
kind of disturbance in the supply chain. 
Sustainability performance, risk assessments and audits are 
performed by EcoVadis for national direct suppliers and in the 
frame of the Joint Audit Corporation (JAC) for major 
international suppliers.   
We strictly follow-up on critical suppliers’ contractual liability 
through a our Supplier Code of Conduct and Service Level 
Agreement clauses.  
Thanks to our active monitoring and risk mitigation actions, 
Proximus’ supply chain has proved resilient in previous crises 
and financial impact was limited. 
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, we are 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 see for the coming year a 
continuous increase of data consumption on our networks, and 
this is at far higher speeds than in the past. This is why Proximus 
is pursuing an aggressive multi-gigabit strategy, with the 
ambition to leverage more and more fiber and 5G to deliver 
relevant services to our customers. In this context, the 
relevance of copper will gradually decrease. 
The fast pace of fiber deployment and adoption allows us to 
consider decommissioning our copper in the future and, as such, 
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 2022, the Risk Management and Compliance Committee 
(RMC) held four sessions. The related decisions were reported 
to the Leadership Squad and the Audit & Compliance 
Committee. RMC meetings provide an opportunity to review 
files in which decisions have to be taken by finding a balance 
between risk taking and cost, in line with the Group ’s risk 
appetite. 
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’s objectives are: 
• 
To oversee the company’s most critical enterprise 
and operational risks and how management is 
monitoring and mitigating those risks. 
• 
To enhance pending/open internal audit action 
points which remain open for more than six months. 
A disciplined approach to risk is key in a fast-moving 
technological and competitive environment in order to ensure 
that Proximus only accepts risk which it is adequately 
compensated for (risk/return optimization). 
As of 2022, sustainability topics including climate change risks 
have been included on the agenda of the Risk Management 
Committee. 
Internal Audit 
In line with international best practices requirements, 
Proximus’s internal audit function forms an integral part of the 
Internal Risk Management and Control System and provides

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assurance to the Audit and Compliance Committee concerning 
the 
“in- 
control 
status” 
of 
the 
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 COSO, The Institute of Internal Auditors 
standards and other professional frameworks, are to ensure:

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• 
Effectiveness and adequacy of internal controls 
• 
Operational effectiveness (doing it right) and/or 
efficiency (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, disciplined approach to 
evaluating and improving the effectiveness of risk management 
and control and governance processes. 
Internal Audit ’s activities are based on a continuous evaluation 
of perceived business risks, and it has full and unrestricted 
access to all activities, documents/records, properties and staff. 
The Internal Audit Lead has a reporting line to the Chairman of 
the Audit Committee. 
Quarterly Audit activity reports are submitted and discussed 
with the Audit and Compliance Committee. 
As of 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 the financial reporting (e.g. staff), the main risks 
identified include new transactions and evolving accounting 
standards, changes in tax law and regulations, and the financial 
statement closing process. 
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. An inappropriate accounting treatment can result in 
financial statements which 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)). 
Changes are identified and the impact on Proximus’s 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 point 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 on the development of 
preventive controls and setting up 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’s 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 
significantly impact the financial statements. To ensure 
compliance, it is often necessary to set up additional 
administrative processes within a short timeframe, to collect 
relevant information or 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 the analysis is reflected in the corresponding 
financial statements, in accordance with the applicable 
framework. 
The complexity of the legal and regulatory environment in 
which we operate and the related cost of compliance are both 
increasing due to additional requirements. Furthermore, foreign 
and supranational laws occasionally conflict with domestic laws. 
Failure to comply with the various laws and regulations, 
changes in laws and regulations or the manner in which they are 
interpreted or applied, may result in damage to our reputation, 
liability, fines and penalties, increased tax burden or cost of 
regulatory compliance and impact our financial statements.

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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, there is continuous monitoring of the various steps. 
In addition, different controls are performed to ensure quality 
and compliance with internal and external requirements and 
guidelines. 
For Proximus and its major subsidiaries, a highly detailed closing 
calendar is drawn up, which includes a detailed overview of 
cross-divisional preparatory meetings, deadlines for ending 
specific processes, exact dates and hours when IT sub-systems 
are locked, validation meetings and reporting deliverables. 
For every process and sub-process, different 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 different 
areas is brought together to confirm results or trends, etc. Tests 
on individual accounting entries are performed for material or 
non-recurrent transactions. The combination of all these tests 
provides sufficient assurance on the reliability of the financials. 
Internal control 
system 
The Proximus Board of Directors is responsible for the 
assessment of the effectiveness of the systems for internal 
control and risk management. 
Proximus has set up an internal control system based on the 
COSO model, i.e. the integrated internal control and enterprise 
risk management framework published by the Committee of 
Sponsoring Organisation of the Treadway Commission 
(“COSO”) for the first time in 1992 and updated in May 2013. 
This COSO methodology is based on five areas:  the control 
environment, risk analysis, control activities, information & 
communication and monitoring. 
Proximus’ internal control system is characterized by an 
organization with a clear definition of responsibilities, next to 
sufficient resources and expertise, and also appropriate 
information systems, procedures and practices. Proximus 
cannot guarantee that this internal control will be sufficient in 
all circumstances as risks of misuse of assets or misstatements 
can never be totally eliminated. However, 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 considers the timely 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). Therefore, Proximus has 
organized its internal control and risk management systems 
over its financial reporting in order to ensure this objective is 
met. 
Control environment 
Organization of internal control 
In accordance with the bylaws, Proximus has an Audit & 
Compliance Committee (A&CC) (see caption Independence and 
expertise in the accounting and audit domain of at least one 
member of the Audit and Compliance Committee’). Its role is to 
assist and advise the Board of Directors in its oversight on (i) the 
financial reporting process, (ii) the efficiency of the systems for 
internal control and risk management of Proximus, (iii) the 
Proximus’ internal audit function and its efficiency, (iv) the 
quality, integrity and legal control of the Proximus statutory and 
the consolidated financial statements, including the follow up of 
questions and recommendations made by the auditors, (v) the 
relationship with the Group’s auditors and the assessment and 
monitoring of the independence of the auditors, (vi) Proximus 
compliance with legal and regulatory requirements, (vii) the 
compliance within the organization with the Proximus’ Code of 
Conduct and the Dealing Code.  
The A&CC meets at least once every quarter. 
Ethics 
The Board of Directors has approved a Corporate Governance 
Charter and a Code of Conduct “A Socially Responsible 
Company”.

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All employees must perform their daily activities and their 
business objectives according to the strictest ethical standards 
and principles, using the Group values (Collaboration, Agility 
and Accountability) as guiding principle.  
The Code “A Socially Responsible Company”, which is available 
on www.proximus.com, sets out the above-mentioned 
principles, and aims to inspire each employee in his or her daily 
behaviour and attitudes. The ethical behaviour is not limited to 
the text of the Code. The Code is a summary of the main 
principles and is thus not exhaustive.  
In addition, Proximus in general, and the Finance department in 
particular, has a tradition of a high importance to compliance 
and a strict adherence to a timely and qualitative reporting. 
Policies and procedures 
The principles and the rules in the Code “A Socially Responsible 
Company” are further elaborated in the different internal 
policies and procedures. These Group policies and procedures 
are available on the Proximus intranet-sites. Every policy has an 
owner, who regularly reviews and updates if necessary. 
Periodically, and at moment of an update, an appropriate 
communication is organized. 
In the financial reporting domain, general and more detailed 
accounting 
principles, 
guidelines 
and 
instructions 
are 
summarized in reference material available on the Proximus 
intranet-sites. 
In 
addition, 
the 
Corporate 
Accounting 
department regularly organizes internal accounting seminars to 
update finance and non-finance staff on accounting policies and 
procedures. 
Roles & responsibilities 
Proximus’ internal control system benefits from the fact that 
throughout the whole organization, roles and responsibilities 
are clearly defined. Every business unit, division and department 
has its vision, mission and responsibilities, while on individual 
level everybody has a clear job description and objectives. 
The main role of the Finance Division is to support the divisions 
and affiliates by providing accurate, reliable and timely financial 
information for decision making, to monitor the business 
profitability and to manage effectively corporate financial 
services.  
The team of the Corporate Accounting department assumes 
this accounting responsibility for the mother company Proximus 
and the major Belgian companies. They also provide the 
support to the other affiliates. For this centralized support, the 
organization is structured according to the major (financial) 
processes. These major processes include capital expenditures 
and assets, inventories, contracts in progress & revenue 
recognition, financial accounting, operational expenditures, 
provisions & litigations, payroll, 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 different legal entities into the 
Consolidated Financial Statements of the Proximus Group is 
done centrally. The Consolidation department defines and 
distributes information relating 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 set forth not only the schedules for preparing 
accounting information for reporting purposes, but also 
includes detailed deadlines and items requiring particular 
attention, such as complex issues or new internal guidelines. 
Skills & expertise 
Adequate staffing is a matter to which Proximus pays careful 
attention. This requires not only sufficient headcount, but also 
the adequate skills and expertise. These requirements are taken 
into account in the hiring process, and subsequently in the 
coaching and formation activities, facilitated and organized by 
the Proximus Corporate University. 
For financial reporting purposes, a specific training cycle was put 
in place, whereby junior as well as senior staff have to 
participate mandatory. These internally and externally 
organized accounting seminars cover not only IFRS but local 
accounting rules & regulations, Tax and Company law & 
regulations as well. In addition, the knowledge and expertise is 
also kept up to date and extended for more specific domains for 
which staff is responsible (revenue assurance, pension 
administration, financial products, etc.) through attendance to 
seminars and self-study. Furthermore, employees also attend 
general training session on Proximus new business products & 
services. 
Risk analysis 
Major risks and uncertainties are reported in the caption ‘Risk 
Management’.

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Risk mitigating factors and 
control measures  
Mitigating factors and control measures are reported in the 
caption ‘Risk management. 
Information and 
communication 
Financial reporting IT systems 
The accounting records of Proximus and most of its affiliates are 
kept on large integrated IT systems. Operational processes are 
often integrated in 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 the consolidation purposes, a specific 
consolidation tool is used. 
The organizational set-up and access management are 
designed to support an adequate segregation of duties, prevent 
unauthorized access to the sensitive information and prevent 
unauthorized changes. The set-up of the system is regularly 
subject to the review by the internal audit department or 
external auditors. 
Effective Internal communication 
Most of the accounting records are kept under IFRS as well as 
local GAAP. In general, financial information delivered to 
management and used for budgeting, forecasting and 
controlling activities is established under IFRS. A common 
financial language used throughout the organization positively 
contributes to an effective and efficient communication. 
Reporting 
and 
validation 
of 
the 
financial results 
The financial results are internally reported and validated on 
different levels. On the level of processes, there are validation 
meetings with the business process owners. On the level of the 
major affiliates, a validation meeting is organized with the 
accounting and controlling responsible. On Proximus group 
level, the consolidated results are split per segment. For every 
segment, 
the 
analysis 
and 
validation 
usually 
include 
comparison with historical figures, as well as budget-actual and 
forecast-actual analysis. Validation requires (absences of) 
variances to be analyzed and satisfactorily explained. 
Afterwards, the financial information is reported and explained 
to the Executive Committee (monthly) and presented to the 
A&CC (quarterly). 
Supervision and assessment of 
internal control 
The effectiveness and efficiency of the internal control are 
regularly assessed in different ways and by different parties: 
 
Each owner is responsible for reviewing and 
improving its business activities on a regular basis: this 
includes a.o. the process documentation, reporting on 
indicators and monitoring of those. 
 
In order to have an objective review and evaluation of 
the activities of each organization department, 
Proximus’ Internal Audit department conducts 
regular audits across the Group’s operations. The 
independence of Internal Audit is ensured via its direct 
reporting line to the Chairman of the A&CC. Audit 
assignments performed may have a specific financial 
processes scope but will also assess the effectiveness 
and efficiency of the operations and the compliance 
towards the applicable laws or rules. 
 
The A&CC 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; the compliance within the Group with the Code of 
Conduct and Dealing Code is regularly discussed. 
 
Except for some very small foreign affiliates, all legal 
entities of the Proximus Group are subject to an 
external audit. In general, this audit includes an 
assessment of the internal control, and leads to an 
opinion on the statutory financials and on the (half-
yearly and annual) financials reported to Proximus 
for consolidation. In case the external audit reveals a 
weakness or identifies opportunities to further 
improve the internal control, recommendations are 
made to management. These recommendations, the 
related action plan and implementation status are at 
least annually reported to the A&CC.

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Expertise of the Audit & Compliance Committee 
members
Proximus has an Audit & Compliance Committee which consists 
of five non-executive directors, the majority of whom must be 
independent. In line with its charter, it is chaired by an 
independent director.   
A majority of the members of the Audit & Compliance 
Committee has extensive expertise in accounting and audit. The 
Chairwoman of the Audit & Compliance Committee, Mrs. 
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 exercised several 
board or executive mandates in large Belgian or international 
companies.
 
Evolution in research and development activities  
The world around us is evolving rapidly. As innovation and 
research on new technologies are in the DNA of Proximus, we 
are ready to face these changes. 
Network 
Fiber, enabling innovation 
Since the launch of the Fiber for Belgium program, we 
continuously invested in deploying a high-speed fiber network 
using the newest state of the art fiber technologies. 
Over the last years, massive technical progress has been 
achieved in the field of quantum communication and in 
particular, in Quantum Computing. These new computers will be 
extremely powerful but will also create a “high vulnerability” for 
private data. To investigate how to mitigate these threats, 
Proximus has decided to set up a quantum communications lab. 
In 2022, the first proof-of-concepts with a technology called 
“Quantum key distribution” were performed to test the usability 
and limits of this cutting-edge technology in our fiber network. 
To support the Belgian ecosystem, we are member of the 
industry advisory board of the Belgium Quantum Network 
(BeQuNet), a joint Quantum communication research project by 
IMEC, UGent, UHasselt and ULB, where we also provide the fiber 
infrastructure.  
Mobile Leadership 
We have a strong track record in pioneering mobile 
communications, delivering the best possible mobile experience 
for our customers and we will continue to do so. In 2022, we 
continued the consolidation of our Radio Access Network (RAN), 
confirming positive results in terms of coverage gain, throughput 
and customer experience.  
Our 5G ambition is to be recognized as the go-to partner for 5G 
products and services by offering the broadest 5G coverage and 
highest performing network in Belgium. The best way to 
stimulate the development of 5G use cases is to give the 
opportunity to our customers and partners to test their projects 
live. On our dedicated 5G innovation platform, a variety of 5G use 
cases have been successfully developed and demonstrated in 
multiple domains, such as industrial applications, construction, 
entertainment, healthcare, agriculture. 
After the opening of a first 5G Lab with A6K in Wallonia end 
2021, Proximus signed a Memorandum of Understanding (MoU) 
with Howest in 2022 for the creation of a 5G lab on Howest’s 
campus of Kortrijk. Companies from various sectors will be able 
to discover the possibilities of 5G for their business and develop 
new applications, in collaboration with Howest students and 
under the guidance of Proximus experts. 
The capabilities to innovate within the 5G domain have been 
expanded with additional 5G innovation incubators and the 
successful implementation of technological enablers such as 
network slicing and radio resources reservation for critical 
applications.

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Electric vehicle charging 
The EV charging project is all about transforming our street 
cabinets into a hybrid "Telco/ EV charging point" infrastructure, 
helping the Belgians in their move to electric vehicles, by 
providing more public charging points in densely populated 
areas. 
With fiber deployment we bring the connectivity straight to the 
home, making a large part of our street cabinets obsolete. These 
are typically located in dense areas where access to private EV 
charging points is limited. The first charging points are 
operational in Mechelen and Oudenaarde. 
Proximus ADA  
The use of automation, advanced analytics and artificial 
intelligence enables us to offer highly qualified services.  
In 2022, Proximus launched Proximus Ada, the first Belgian 
center of excellence combining artificial intelligence (AI) and 
cybersecurity. These are two key areas if Belgian society is to 
meet the challenges of today and tomorrow. The aim is to 
develop a genuine local ecosystem, thanks to strong 
collaborations and partnerships with universities, higher 
institutes of applied sciences, research institutes, associations 
and the public authorities.  
In the meantime, we have delivered a first internal project 
intending to improve the productivity of cybersecurity analysts in 
the context of smishing. This use cases analyses SMS reported by 
the BIPT leveraging various AI capabilities, including computer 
vision, to then automatically report the smishing cases. 
On the pure AI side for internal Proximus needs, we also 
delivered significant business value through a wide range of use 
cases. One example is a tool to detect in near real time the quality 
of fiber installations on customer premise using computer vision. 
We are now busy extending the analysis to new control points. 
Smart solutions  
Proximus is Belgium’s leading Internet of Things (IoT) 
connectivity provider using different wireless technologies (LTE, 
LoRa, NB-IoT, LTE-M). However, Proximus does not limit its use 
of IoT to connectivity.  
With our data-driven solutions, we help our customers to 
innovate by connecting applications and devices, aggregating 
different data streams, providing insights into their data, or 
automating processes. 
Data analytics and IoT are also proving their value within our 
society in numerous ways such as solutions to optimize energy 
consumption, or for a more efficient healthcare. 
Smart health 
Proximus has strengthened its strategic focus on the healthcare 
market. Through connectivity, ICT and security solutions and 
services, Proximus aims to become a major partner in the digital 
transformation and innovation of the medical industry. 
On top of that, with a renewed focus on innovation in healthcare 
Proximus is participating in the world of extended reality by doing 
POC’s in Virtual Reality (training) and Augmented Reality 
(remote assist) with some nice customer testimonials as a result. 
Smart building and smart energy 
Responding to the issue of climate change, Proximus offers IoT 
solutions and data analytics to help customers make smarter use 
of energy and reduce their carbon footprints. The energy 
transition, particularly the contribution of buildings to a more 
sustainable world, is at the heart of our initiatives. That is why we 
onboarded new partners, such as Digital HQ, Izix and Aug.e, that 
enable us to offer our customers a large range of smart building 
solutions. 
E-education 
To respond to the growing need for better connectivity in 
education, Proximus and Signpost, the Belgian market leader for 
ICT solutions in education, signed a strategic cooperation 
agreement in April 2021. End 2022, we provided 220 schools 
with a fiber connection, 16 other schools signed a DSL contract. 
In order for schools to be ready for the future, the portfolio of 
‘Academic Connect’ will grow with Multigig profiles where 
additional services will be added. Next to that, we’ll roll out 
‘connected teachers’ where teachers and other employees of an 
‘Academic Connect’ school will receive a discount on their 
residential pack.

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Open innovation  
Proximus believes in open innovation where, together with 
partners, we combine our assets to create new ecosystems and 
products which achieve a higher value for all parties involved. 
Thanks to exclusive partnerships, we continuously extend and 
trigger our own research & development carried out in the 
various Proximus labs and mastered by our innovation teams. 
Drones 
In the field of drones, we are implementing the drone as a service 
concept in the Port of Antwerp, in the partnership with 
SkeyDrone and DroneMatrix. We are continuing to develop our 
partnership with Helicus for the implementation of BVLOS 
medical drone flights. We will further focus on the 
implementation of real use cases in the area of image and video 
processing, analytics and edge computing (with the support & 
collaboration of Proximus ADA or other potential partners). 
Proximus+ 
Proximus aims to roll out a portfolio of digital services with help 
of third-party partnerships in five compelling domains within a 
customer-facing 
mobile 
application 
called 
Proximus+. 
Proximus+ will become the gateway to all Proximus digital 
platforms like Pickx, Doktr, Banx, 4411 and Flitsmeister as well 
as our e-press services. With help of additional partners, we will 
fuel new services in domains like My Home, My Circle, My 
Neighborhood, My Mobility and My Wallet, on top of the existing 
telco features of My Proximus. 
Hence, we will launch a premium mobile app experience that will 
foster daily relevant interactions. A Beta version of this app is 
currently available to a limited testing audience of 3000 users 
and will gradually be opened up to public over the course of 
2023. The application will help us to reinforce our premium 
brand positioning and satisfaction (NPS score), reduce digital 
advertising and development budgets as well as grow new 
revenue streams. 
Banx 
We have continued to improve Banx, the digital app for 
sustainable banking launched with Belfius in 2021. In 2022, we 
improved the CO2 dashboard and enriched Banx with new 
functionalities like Apple Fitbit and Garmin Pay solutions. We 
have onboarded new reward partners like Bio Planet. 
Doktr 
In 
the 
field 
of 
medicine, 
we 
further 
developed 
the 
teleconsultation app Doktr, for example by adding the function 
that enables a patient to also consult his/her regular general 
practitioner. We continued to develop the ecosystem and signed 
agreements with Domus Medica, Christelijke Mutualiteit/ 
Mutualité chrétienne (CM/MC) and Solidaris/SocMut to roll out 
the Doktr app as widely as possible to patients and care 
providers. We have also signed a partnership with Cohezio for a 
pilot in occupational medicine. 
International operations 
We operate internationally through BICS and TeleSign. 
BICS 
BICS continuously invests in advancing its global 
communication solutions portfolio addressing both telco, 
enterprise and cloud segments. Today, BICS is focusing its R&D 
on delivering 5G services,  
(e-)SIM and IoT technology, digital communication services and 
strong fraud, security and analytics offering. BICS continues to 
monitor market evolution and customer needs to enhance its 
services, features and overall product portfolios. 
Telesign 
Telesign has invested considerable time and resources into 
building a world-class research and development organization 
that continually enhances its market-leading services. 
Today, its research and development efforts are focused 
primarily on building industry-leading digital identity solutions, 
addressing all primary use cases, enhancing deployment 
flexibility, and providing seamless integration across cloud and 
on-premises applications. Telesign regularly releases updates 
to its services which incorporate new features and enhance 
existing ones.

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Other information 
  
Rights, commitments and 
contingencies as of 31 
December 2022 
Disclosures related to rights, commitments and contingencies 
are reported in note 34 of the consolidated financial 
statements. 
Diversity & Inclusion 
Statement 
Diversity & Inclusion Statement is reported in chapter CH3.1 
Governance & Compliance of the Annual report. 
Use of financial instruments  
Disclosures related to the use of financial instruments are 
reported in note 32 of the consolidated financial statements.  
Circumstances which may 
considerably impact the 
development of the Group 
Circumstances which may considerably impact the 
development of the Group are reported in the sections “Risk 
Management” and “Internal Control” of this management 
report.  
Treasury shares  
Disclosures related to treasury shares are reported in note 18 
of the consolidated financial statements.  
Capital management 
The purpose of the Group’s capital management is to maintain 
net financial debt and equity ratios that allow for security of 
liquidity at all times via flexible access to capital markets, in 
order to be able to finance strategic projects and to offer an 
attractive remuneration to shareholders.  
Over the two years presented, the Group did not issue new 
shares or any other dilutive instruments.  
Post-balance sheet events 
Disclosures related to post-balance sheet events are reported 
in note 39 of the consolidated financial statements.  
 
On behalf of the Board of Directors, 
Brussels, 16 February 2023 
 
 
Guillaume Boutin  
Stefaan De Clerck 
Chief Executive Officer 
Chairman of the Board of Directors

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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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 2022 - 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 has performed the statutory audit of the consolidated 
financial statements of Proximus NV van publiek recht/Proximus SA de droit public for 13 consecutive years. 
This statutory audit of the consolidated financial statements of Proximus NV van publiek recht / Proximus SA 
de droit public is the first year Luc Callaert has performed.  
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 2022, 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 10 541 million EUR and the 
consolidated income statement shows a profit for the year then ended of 450 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 2022 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. 
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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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. 
KKey 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 ‘Significant accounting policies’, 14.2 
‘Contract Assets’, 22 ‘Other current payables and 
contract liabilities’ and 23 ‘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 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 2022, goodwill amounts to               
2 595 million EUR and relates to the Group’s three 
Cash Generating Units (‘CGU’), respectively 
Domestic CGU   (2 188 million EUR), International 
Carrier Services (‘ICS’) CGU (298 million EUR) and 
Telesign CGU (109 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 
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 
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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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 five 
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.  
The details on the accounting for goodwill and the 
disclosure requirements under IAS 36 - Impairment 
of assets are included in note 2 ‘Significant 
accounting policies’ and 3 ‘Goodwill’ of the 
consolidated financial statements.  
related to Fair Value Less Costs to Sell and through 
Value In Use: 
• We challenged the key assumptions, 
methodologies 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. 
• We involved our valuation specialists to challenge 
management’s methodology to determine the 
recoverable value, including the way how the 
fiber roll-out strategy was incorporated in the free 
cash flows, the mechanical accuracy of the model 
and the appropriateness of other assumptions 
applied. Particular attention was paid to the 
determination of the discount rate given the 
increasing trend in discount rates. 
• We assessed the historical accuracy of 
management’s estimates. 
• In considering the existence of contradictory 
evidence for management’s assessment of 
recoverable value, we, together with valuation 
specialisits, considered the business plan 
assumptions to those of market peers and the 
company’s analysts.  
• We also assessed the adequacy of the company’s 
disclosures in the consolidated financial 
statements, in particular the sensitivity disclosures 
in relation to a reasonable possible change in 
assumptions that could cause the carrying 
amounts to exceed its recoverable value.  
 
 
 
 
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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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 
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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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; 
• 
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 those 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, the statement of non-financial information attached to the directors’ 
report on the consolidated financial statements 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, the statement of non-financial information 
attached to the directors’ 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 
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 also 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 
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Proximus NV van publiek recht/Proximus SA de droit public | 31 December 2022 
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. 
The non-financial information as required by article 3:32, § 2 of the Code of companies and associations, has 
been disclosed in a separate report, attached to the directors’ report on the consolidated financial 
statements. This statement on non-financial information includes all the information required by article 3:32, 
§ 2 of the Code of companies and associations and is in accordance with the consolidated financial 
statements for the financial year then ended. This non-financial information has been established by the 
company in accordance with the GRI Standards reporting principles. In accordance with article 3:80 § 1, 5° of 
the Code of companies and associations we do not express any opinion on the question whether this non-
financial information has been established in accordance with GRI standards – Core Option reporting 
principles mentioned in this non-financial information. 
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 the tagging with the technical regulatory standards set out in 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 
digital consolidated financial statements as 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 XBRL 
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 Proximus SA as of 31 December 2022 are, in all 
material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated 
Regulation. 
 
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Other statements 
• 
This report is consistent with our additional report to the audit and compliance committee referred to in 
article 11 of Regulation (EU) No 537/2014. 
Signed at Brussels. 
TThe joint auditors 
 
                    
 
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL 
Luc Callaert BV/SRL 
Represented by Koen Neijens 
Represented by Luc Callaert  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Proximus SA de droit public / NV van publiek recht | 31 December 2022 
Independent assurance report on a selection of environmental, social and governance performance indicators 
published in the “Integrated Annual Report 2022” of Proximus SA de droit public / NV van publiek recht for the year 
ended 31 December 2022 
To the board of directors  
We have been engaged to conduct a limited assurance engagement on a selection of environmental, social and 
governance performance indicators (“the ESG KPI’s”) published in the “Integrated Annual Report 2022” of Proximus SA 
de droit public / NV van publiek recht (“Proximus”) for the year ended 31 December 2022. In preparing the ESG KPI’s as 
included in the Integrated Annual Report 2022, Proximus applied the standards of the Global Reporting Initiative (GRI) 
and a set of own reporting criteria as disclosed in the Integrated Annual Report 2022 (Criteria). The ESG KPI’s included 
in scope of the limited assurance are mentioned below and are identified with “v” in the Integrated Annual Report 2022: 
 
• Energy efficiency indices (energy consumption vs total revenue and vs FTE) - Group 
• Electricity (Terajoules) - Group 
• Heating (Terajoules) - Group 
• Vehicle fleet fuel (Terajoules) - Group 
•  CO2 emissions scope 1 and 2 (KTons) - Group 
• CO2 emissions scope 1 - heating, refrigerants and fleet fuel (KTons) - Group 
• CO2 emissions scope 2 - electricity - market based method (KTons) - Group 
• CO2 emissions scope 3 - all reported categories - i.e. category 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13 and 15 (KTons) 
• Carbon intensity (vs FTE and vs Revenues) - Group 
• Waste (KTons) - Belgium 
• % of hazardous waste - Belgium 
• % waste reused/recycled - Belgium 
• Non-hazardous waste - recycled or reused (KTons) - Belgium 
• Non-hazardous waste - with energy recovery (KTons) - Belgium 
• Hazardous waste - recycled or recovered (KTons) - Belgium 
• Total collected/refurbished devices (including DTMC) - Group 
• Number of cases investigated by the investigations department for violation of policies/code of conduct  
•  Number of whistleblowing cases  
• Cyber Security Resilience Index - Group 
• Number of job seekers supported by Proximus initiatives in Belgium 
• Percentage of accessible tested devices (at least for 5 disability categories)  
 
Based on our work done as described in this report, nothing has come to our attention that causes us to believe that 
the abovementioned selected ESG KPI’s as published in Proximus’s Integrated Annual Report 2022, have not been 
prepared, in all material respects, in accordance with the applied criteria. 
 
Responsibility of the board of directors 
The board of directors of Proximus is responsible for the preparation of the ESG KPI’s and the references made to it 
presented in the Integrated Annual Report 2022 as well as for the declaration that its reporting meets the requirements 
of the criteria. 
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Proximus SA de droit public / NV van publiek recht | 31 December 2022 
procedures relevant for the preparation of the ESG KPI’s that is free from material misstatement, whether due to fraud 
or error. 
Nature and scope of our engagement 
Our responsibility is to express a conclusion on the ESG KPI’s based on our procedures. We conducted our engagement 
in accordance with the International Standard on Assurance Engagements ISAE 3000 Assurance Engagements Other 
than Audits or Reviews of Historical Financial Information, issued by the International Auditing and Assurance Standards 
Board (IAASB), in order to state whether anything had come to our attention that causes us to believe that the ESG KPI’s 
have not been prepared, in all material respects, in accordance with the applicable criteria. 
We apply International Standard on Quality Control 1 and, accordingly, maintain a comprehensive system of quality 
control including documented policies and procedures regarding compliance with ethical requirements, professional 
standards and applicable legal and regulatory requirements. 
Applying these standards, our procedures are aimed at obtaining limited assurance on the fact that the ESG KPI’s do not 
contain material misstatements. The procedures performed in a limited assurance engagement vary in nature and 
timing from, and are less in extent than for, a reasonable assurance engagement and 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. 
Our work was performed on the data gathered and retained in the reporting scope by Proximus as mentioned above. 
Our conclusion covers therefore only the abovementioned ESG KPI’s and not all information included in the Integrated 
Annual Report 2022. The limited assurance on the selected KPI’s was only performed on the ESG KPI’s covering the 
period from 1 January 2022 till 31 December 2022. 
The scope of our work included, amongst others, the following procedures: 
• obtaining an understanding of the company’s business, including internal controls relevant to collection of the 
information used to prepare the ESG KPI’s. This included discussions with the Company’s management responsible 
for operational performance in the areas responsible for the data underlying the ESG KPI’s; 
• considering the risk of material misstatement of the ESG KPI’s;  
• performing analytical procedures; and 
• examining, on a limited sample basis, internal and external supporting evidence and performing consistency 
checks on the consolidation of these ESG KPI’s. 
 
Our report is made solely to the Company’s directors, as a body, in accordance with ISAE 3000. Our work has been 
undertaken so that we might state to the Company those matters we are required to state to them in this report and 
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other 
than the Company and the Company’s directors as a body for our work, this report, or for the conclusions we have 
formed.
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Proximus SA de droit public / NV van publiek recht | 31 December 2022 
Independence 
In conducting our engagement, we have complied with the independence and other ethical requirements of the Code 
of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA), 
which is founded on fundamental principles of integrity, objectivity, professional competence and due care, 
confidentiality and professional behavior, and with the Belgian legal and regulatory framework. 
 
Signed at Zaventem. 
 
 
 
DELOITTE Bedrijfsrevisoren BV / Réviseurs d’Entreprises SRL 
Represented by Koen Neijens 
 
 
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