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Koninklijke KPN (KPN) investor relations material
Koninklijke KPN Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary5 Nov, 2025
Strategic progress and transformation
Leading fiber and mobile network positions in the Netherlands, serving over 4 million broadband and 15 million mobile customers, with over 90% nationwide fiber coverage and top global 5G scores.
Strategy focuses on connecting customers, activating digital assets, and growth through modernization, digitalization, and AI-powered automation.
Transformation programs target €100m annual indirect OpEx savings by 2030, leveraging automation and AI.
ESG goals include near 100% circularity by 2025, zero carbon fleet by 2030, and net zero by 2040, with top ESG ratings.
Service revenues and EBITDA are growing, with free cash flow expected to accelerate as CapEx declines.
Infrastructure and network leadership
Fiber network covers 66% of Dutch households, targeting up to 85% by 2030, with hybrid solutions for remaining areas.
Copper network decommissioning aims for 90% shutdown by 2027, driving cost savings and operational efficiency.
Mobile network maintains 99% 4G/5G coverage, with 5G Standalone and cloud-native architecture planned by 2027.
Distributed infrastructure and edge locations support ultra-low latency and new business opportunities.
M&A opportunities considered for further fiber expansion, subject to regulatory approval.
Financial outlook and capital allocation
3-3-7 ambitions: ~3% service revenue CAGR, ~3% EBITDA AL CAGR, ~7% FCF CAGR for 2023-2027, with business and wholesale outperforming.
CapEx to remain stable at €1.25bn through 2026, stepping down to below €1bn in 2027, normalizing CapEx intensity to 17-18%.
Free cash flow CAGR reaffirmed at 7% for 2023-2027, with a material inflection expected in 2027.
All free cash flow to be returned to shareholders via growing dividends (targeted to rise to €0.20 in 2026 and €0.25 in 2027, ~14% CAGR 2025-2027) and up to €1bn in share buybacks for 2024-2027.
Leverage ratio to remain below 2.5x, maintaining investment grade ratings, with potential to increase post-2027 as fiber investments wind down.
How does value over volume impact fiber growth?
Sustainability of sub-€1bn Capex post-2027?
Dividend policy impact on M&A flexibility?
Fiber rollout cost trends and 2027 CapEx
Direct cost pressure impact on FCF growth
Combivoordeel impact on consumer ARPU
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Next Koninklijke KPN earnings date
Q4 202528 Jan, 2026
Next Koninklijke KPN earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
Koninklijke KPN N.V. is a Dutch telecommunications company providing a range of services, including fixed and mobile telephony, internet access, and television. The company serves residential, business, and wholesale customers, offering solutions in connectivity, data centers, and IT services. The company is headquartered in Rotterdam, Netherlands, and its shares are listed on Euronext Amsterdam.
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