Proximus SA

Proximus, based in Brussels and majority state-owned, is Belgium's leading telecom operator, running the country's main mobile and fibre networks for consumers and businesses and investing heavily to roll out fibre nationwide. Essential connectivity gives it steady revenue, but the cost of building fibre weighs on cash flow. Proximus has long been an income stock but reduced its dividend to help fund its fibre programme, so the payout is lower and less certain than in the past. A still-meaningful but reduced yield defines its profile, dependent on completing its network investment and returning to growth.