Koninklijke KPN NV

Latest Results (12.11.2025):

In Q3 2025, Koninklijke KPN NV posted solid financial and operational performance with robust service revenue growth across Consumer, Business, and Wholesale segments. The company achieved a 1.7% year-on-year increase in group service revenues, a 4.4% rise in adjusted EBITDA AL, and a healthy 2.4% improvement in net profit, underscoring its ability to maintain commercial momentum while advancing its fiber connectivity initiatives in the Netherlands.

Revenue & EBITDA Growth

Koninklijke KPN NV's adjusted revenues increased by 2.4% year-on-year in Q3 2025, with group service revenues up by 1.7%. The adjusted EBITDA AL grew by 4.4% y-on-y, bolstered by beneficial contributions from the IPR benefit (+2.6%) and Althio (+1.1%), even as holiday provision effects slightly dampened the overall performance.

Net Profit & Cash Flow

Net profit for Q3 2025 increased by 2.4% to €237m, driven by higher operating profit and lower income tax expenses. The Free Cash Flow saw a significant rise by 67% on a quarter-on-quarter basis, supported by improved working capital, while year-to-date performance also showed a 12% increase compared to the previous year.

Segment & Operational Highlights

Operationally, the Consumer segment maintained solid momentum with steady gains in broadband (+11k net adds) and postpaid subscribers (+47k net adds). The Business segment experienced moderate growth amidst adjustments in contract terms, while the Wholesale segment benefited from international sponsored roaming revenue. Additionally, progress in the Dutch fiber market was evident, with fiber coverage reaching 66% of the country and continued connectivity improvements.

Investment & Future Outlook

Capex increased to €311m in Q3 2025, reflecting a strategic pace adjustment, although year-to-date investment saw a slight decline. KPN remains on track to meet its full-year 2025 outlook, targeting approximately 3% service revenue growth and further improvements in EBITDA and Free Cash Flow, while also reinforcing its strategic investments in secure and reliable connectivity.