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Koninklijke KPN (KPN) investor relations material

Koninklijke KPN Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary28 Oct, 2025

Executive summary

  • Group service revenues grew 1.7% year-over-year in Q3 2025, with all segments contributing and commercial momentum in consumer broadband (+11k net adds) and postpaid mobile (+47k net adds).

  • Adjusted EBITDA AL increased 4.4% year-over-year in Q3 2025, supported by IPR benefit and Althio, partially offset by holiday provision changes.

  • Free cash flow rebounded, up 67% year-over-year in Q3 2025 and 12% year-to-date to €606m, mainly due to improved working capital and EBITDA growth.

  • Fiber footprint expanded by 74,000 homes passed and 82,000 homes connected in Q3 2025, reaching 66% household coverage in the Netherlands and nearing 80% coverage within the fiber footprint.

  • The company remains on track to deliver its full-year 2025 outlook and midterm ambitions, reiterating its 337 targets (3% CAGR for service revenue and EBITDA, 7% for free cash flow).

Financial highlights

  • Adjusted revenues for Q3 2025 were €1,455m, up 2.4% year-over-year; net profit rose 2.4% to €237m.

  • Adjusted EBITDA AL margin increased 80bps to 46.1% in Q3 2025.

  • Capex for Q3 2025 was €311m, up 11% year-over-year; YTD capex was €902m, down 2% year-over-year.

  • Ended Q3 with a cash position of €373m and a liquidity position of €1.4bn, covering debt maturities until end of 2028.

  • Net debt at end of Q3 2025 was €6,574m, up €354m year-over-year, mainly due to Althio consolidation.

Outlook and guidance

  • On track to deliver 2025 outlook and midterm 337 targets, with service revenues and adjusted EBITDA AL expected to grow ~3% CAGR through 2027, and free cash flow by 7% per year.

  • FY 2025 ambitions: service revenue growth ~3%, adjusted EBITDA AL >€2,630m, capex ~€1.25bn, FCF >€940m.

  • Free cash flow growth expected to be low single-digit until 2026 due to increasing cash taxes.

  • Q4 service revenue growth expected around 2%, with further acceleration anticipated.

  • Strategy update scheduled for November 5th to provide further details on fiber rollout and financial framework.

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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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