Summary

  • Proximus's Q3 2026 wholesale revenue fell €5 million, or 8.1%, to €55 million. Its report attributes the decline to lower Interconnect revenue, which fell by €5 million and had no meaningful margin impact.
  • Fixed and mobile wholesale services rose 0.6% to €43 million, with higher roaming revenue, MVNO growth and increased wholesale fibre volumes. Consolidation of Unifiber from 1 June changed how services sold to that network appeared in the Group's accounts.

One headline, two very different ledgers

Proximus's Q3 wholesale line lost €5 million. The report assigns that entire net decline to Interconnect: revenue from the service fell by €5 million to €12 million as traditional messaging traffic eroded. Proximus says the change had no meaningful margin impact. The shrinking line is real; its profit weight is small.

The fixed and mobile wholesale business moved in the other direction. It produced €43 million, up 0.6% year on year. Proximus lists higher roaming revenue, sustained growth from mobile virtual network operators and greater wholesale fibre volumes among the contributors.

The accounting boundary moved on 1 June. Proximus had announced that it would take full ownership of Unifiber, which operates a wholesale fibre network in Wallonia. Once the network entered the consolidated group, services Proximus supplied to Unifiber became internal Group activity. The Q3 report says that consolidation effect offset part of the growth in wholesale services. Unifiber continues as a standalone entity and remains an open network serving wholesale customers; the physical fibre routes did not vanish when the reporting line changed.

That distinction matters because a carrier can record fewer external sales while its network carries more wholesale traffic. A volume increase paired with lower reported revenue can describe a perimeter change, a shift between service types, or both. In this quarter, Proximus gives readers enough to separate the principal pieces: total Wholesale revenue was €55 million; fixed and mobile services were €43 million; Interconnect was €12 million. The report also says the €5 million Interconnect decline carried no meaningful margin effect.

The ownership bet has another clock. In May, Proximus said full ownership would let it eliminate network-access costs paid to Unifiber and support Domestic EBITDA. The first quarter after consolidation included about €5 million related to Unifiber in Domestic operating expenses. On a pro forma basis, Domestic EBITDA fell 1.4% to €426 million as direct margin rose 0.5% and operating expenses rose 2.4%. The first consolidated quarter puts the running cost of ownership alongside the access-saving thesis.

The test is external use. Proximus has brought the network inside its reporting perimeter while preserving wholesale access. The next useful disclosure is a count of third-party wholesale fibre lines or the external share of Unifiber capacity. That would show whether higher fibre volumes are bringing independent demand onto the network and give the cost-savings plan a customer-side measure.

Sources