Podcast Summary – Les Clés (RTBF)

Episode: Proximus : les raisons d’une mauvaise passe

Host: Arnaud Ruyssen
Date: March 4, 2026
Guests:

• Nicolas Van Zeebroek, Professor of Economics and Digital Strategy, Solvay Brussels School
• Arnaud Martin, Journalist at L’Echo, telecoms specialist
• Haroun Feno, Spokesperson Proximus
• Sarah Poussey, Contributor
• Fabrice Mathieu, CGSP Union Representative

Overview

This episode takes a deep dive into the ongoing challenges faced by Proximus, Belgium’s historic telecom operator. The show analyzes the causes of the company’s recent decline, explores sector-wide structural difficulties, dissects Proximus’ strategic mistakes—including its international forays—and discusses the disruptive impact of artificial intelligence (AI) both on Proximus and the telecom sector at large. The episode seeks to understand whether deep job cuts and radical restructuring will suffice to return Proximus to stability, and what lessons the case holds for the sector and Belgian economy.

Key Discussion Points & Insights

1. Proximus’ Crisis: Facts and Recent Announcements

• Proximus will cut 1200 jobs by 2030, aiming to do so via natural attrition and retirements, not through direct layoffs.
• The company’s stock price has plummeted: from €30 (2016) to just above €7 (2026), “divided by four in a decade” ([01:09]; Arnaud Ruyssen).
• The previous CEO Guillaume Boutin’s transformation plan (2019) had foreseen job cuts and ambitious modernization, but targets were missed.
• New CEO Stijn Beinens (since June 2025) has now unveiled another five-year plan focused on further automation and reorganization.

Quote:

“Il n'y a pas un bain de sang social, puisque c'est en concertation avec les organisations syndicales.”
(Fabrice Mathieu, CGSP; [05:25])

2. Structural Challenges in the Telecom Sector

(w/ Nicolas Van Zeebroek, [07:00])

• Difficulties are not unique to Belgium: all mature European markets face stagnating growth.
• Mobile and fixed market saturation:
  • Over 120–140% market penetration in mobile means “no room for new customers”.
  • Fixed-line coverage exceeds 90%—again little scope for growth.
• Competition drives prices down while regulation (e.g., banning roaming charges) cuts traditional revenue streams.
• Investments in infrastructure (fiber, 5G, soon 6G) are massive and ongoing; returns are slow and increasingly benefit “over-the-top” (OTT) companies (Google, Netflix), not the operators themselves.

Memorable Metaphor:

“C'est comme si on dépensait beaucoup d'argent pour construire des autoroutes... mais ce sont ceux qui font rouler les camions qui gagnent l'argent, sans vraiment contribuer au financement des autoroutes.”
(Arnaud Ruyssen & Nicolas Van Zeebroek, [10:12])

3. Proximus’ Own Strategic Missteps

(w/ Arnaud Martin, [11:20])

• Delayed transition to fiber: Proximus waited longer than competitors (ex: Orange France).
• This led to a higher, more concentrated investment burden: “la facture finale serait autour des 9 milliards d'euros, ce qui est quand même assez énorme” ([11:20]; Arnaud Martin).
• The promise: once the fiber investment is over, margins will improve due to higher-value customer contracts—but for now it strains finances.
• Failed/uncertain diversification abroad:
  • Notably, large investments in Indian double authentication businesses haven’t delivered expected returns.
  • Debate: Should a public entity seek growth abroad?
  • Recent international results are especially disappointing ([14:10–14:42]).

4. Market Organization and Competitive Landscape

• Industry inefficiencies: Multiple operators invest in duplicative fiber and antenna networks (“dédoubler, voire tripler l’infrastructure... un peu absurde” — Nicolas Van Zeebroek, [15:31]).
• Should Belgium move to greater mutualization and single infrastructures, as in rail or electricity?
• The dream of becoming ‘content players’ (like Netflix) is largely illusory for national telecoms: “terriblement compliqué pour un opérateur national... de concurrencer les Netflix, Google, etc.” ([17:24]; N. Van Zeebroek).
• Competitive threat from low-cost entrants (e.g., newcomer Digi): If their Spanish model repeats, they could pressure prices and margins ([26:01]).

5. The Workforce and the Impact of AI

(Sarah Poussey, Haroun Feno, N. Van Zeebroek, A. Martin, [17:55–25:09])

AI at Proximus

• Proximus is already using AI in customer contact:

  “Aujourd'hui, 20% des contacts clients se font de bout en bout grâce à l'intelligence artificielle.”
  (Haroun Feno, [18:14])

• AI is central to the five-year plan to increase efficiency and reduce headcount.

Labour Market Effects

• European Central Bank finds AI adopters often add—not cut—staff, but the type of job changes.
• Biggest risks: young workers, women (especially in admin/secretarial roles), and the less-qualified, who lack digital skills to adapt ([18:36–20:16]).
• Only 1/3 of Belgian 16–24s have adequate digital skills, below the EU average.
• Union worries: More jobs may be reshaped by AI than lost outright, but new profiles will be needed—and older or less-skilled workers most at risk ([20:44]; Arnaud Martin).

Quote:

“C'est un enjeu absolument colossal... je ne le vois pas sous l’angle d’une destruction massive d’emplois, mais plus d’une transformation massive.”
(Nicolas Van Zeebroek, [23:03])

Three AI Effects on Work (N. Van Zeebroek, [23:03])

1. Substitution (replacing human tasks—call centers, chatbots)
2. Augmentation (raising value of professional roles, e.g., radiology)
3. Commodification (simplifying tasks so less-qualified workers/users can do more themselves—self-checkout, online banking)

6. Prospects for Proximus

• Most fiber investments are now behind, so “mécaniquement... on peut s'attendre à ce que l'entreprise soit plus profitable” ([26:01]; Arnaud Martin).
• Despite challenges, Proximus still posts €400 million net profits—“l’entreprise n’est pas près du Bankroot, mais…” ([26:01]).
• The arrival of Digi, a low-cost Romanian operator, is a key variable: currently modest impact, but its growth in other countries means Proximus can’t relax ([26:01–27:28]).
• The plan covers five years—but in telecom, “c’est presque une éternité” ([27:28]; Arnaud Ruyssen).

Notable Quotes & Memorable Moments (with Timestamps)

• "Le cours a donc été divisé par 4 en une décennie."
  (Arnaud Ruyssen, [01:09])

• "Si aujourd'hui, son action vaut un peu plus de 7 euros, il y a 10 ans, début 2016, elle en valait 30."
  (Arnaud Ruyssen, [01:09])

• "C'est en concertation avec les organisations syndicales..."
  (Fabrice Mathieu, [05:25])

• "C'est exactement le problème, c’est que les investissements sont vraiment pris en charge par les opérateurs téléphoniques alors que ces investissements... bénéficient surtout à ceux que l’on appelle les OTT..."
  (Nicolas Van Zeebroek, [09:29])

• "C'est en tout cas la promesse, mais ça veut dire qu'effectivement pour le moment on a ces coûts très élevés..."
  (Arnaud Martin, [12:36])

• "La mutualisation de ces éléments d’infrastructure... ça permettrait d’alléger la facture au niveau des investissements."
  (Nicolas Van Zeebroek, [15:31])

• “Aujourd'hui, 20% des contacts clients se font de bout en bout grâce à l'intelligence artificielle.”
  (Haroun Feno, [18:14])

• "Seulement un tiers des 16-24 ans dispose de compétences digitales suffisantes, c'est moins que la moyenne européenne."
  (Sarah Poussey, [19:37])

• "Ça c’est toute la question… ce qui inquiète les syndicats c’est l’annonce que 2000 emplois qui vont rester vont être impactés plus ou moins fortement par l’IA."
  (Arnaud Martin, [20:44])

• "C'est un enjeu absolument colossal que je ne vois pas tellement sous l'angle d'une destruction massive d'emplois mais plus sous l'angle d'une transformation massive de l'emploi en effet."
  (Nicolas Van Zeebroek, [23:03])

• "Faut quand même rappeler que même si l’entreprise est moins profitable... on est quand même encore sur un bénéfice net de 400 millions d’euros."
  (Arnaud Martin, [26:01])

Timestamps for Key Segments

• [00:00] – Announcement of job cuts, sector context
• [01:09] – Proximus stock collapse, history, and context for crisis
• [03:58] – Details of the attrition/replacement plan (Haroun Feno)
• [05:25] – Union reaction (Fabrice Mathieu)
• [07:00] – Sector-wide challenges explained (Nicolas Van Zeebroek)
• [10:12] – Infrastructure investment metaphor
• [11:20] – Proximus’ specific delays and investment burden (Arnaud Martin)
• [13:43] – International strategy criticisms
• [15:31] – Debate over market duplication and infrastructure mutualization
• [17:24] – Telecoms as content providers: myth vs. reality
• [17:55] – Role of AI at Proximus, wider labour market consequences
• [20:44] – Depth of AI’s impact on internal workforce (Arnaud Martin)
• [23:03] – Three ways AI transforms jobs (Nicolas Van Zeebroek)
• [26:01] – Future scenarios, Digi’s competitive threat, company profitability

Conclusion

This episode provides a comprehensive examination of Proximus’s struggles in the context of broader structural headwinds facing the telecom sector: market saturation, intense competition, relentless need for costly infrastructure renewal, and regulatory pressures. While AI offers efficiency gains and justifies some job reductions, it poses challenges for employee adaptation, especially among the less digitally skilled. Strategic missteps in international ventures have compounded Proximus’s woes. However, with the heaviest investments behind and competition still manageable, there remains cautious optimism—tempered by the knowledge that in telecoms, change and disruption can arrive swiftly and unexpectedly.

“Dans ce marché des télécommunications, cinq ans, c’est presque une éternité.”
(Arnaud Ruyssen, [27:28])