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Koninklijke KPN (KPN) investor relations material
Koninklijke KPN Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group service revenue grew 3.7% year-over-year in Q2 2025, with all segments contributing and strong commercial momentum in both consumer and business divisions.
Adjusted EBITDA AL increased 6.4% year-over-year in Q2 2025, supported by higher revenues and a favorable one-off legal settlement related to intellectual property rights (IPR).
Free cash flow declined 15% year-over-year in H1 2025 due to working capital phasing, higher interest, and tax payments, but is expected to recover in the second half.
Fiber footprint expanded to cover two-thirds of Dutch households, with nearly 80% of homes connected and over two-thirds of the retail base on fiber.
Full-year 2025 outlook for adjusted EBITDA AL and free cash flow was raised, reflecting IPR settlements and solid business progress.
Financial highlights
Q2 2025 adjusted revenues were €1,472m, up 5.8% year-over-year, driven by service revenue growth and IPR benefits.
Q2 2025 adjusted EBITDA AL was €670m, up 6.4% year-over-year; underlying EBITDA margin rose 30 bps to 45.5%.
Q2 2025 net profit was €210m, down 7.6% year-over-year due to one-off hedge accounting costs despite strong EBITDA growth.
Q2 2025 CapEx was €298m, down 12% year-over-year, mainly due to timing of fiber payments.
H1 2025 Free Cash Flow was €309m, down 15% year-over-year, mainly due to working capital phasing and higher interest and tax payments.
Outlook and guidance
Full-year 2025 outlook raised to over €2,630m adjusted EBITDA AL and over €940m free cash flow, reflecting IPR settlements and strong underlying performance.
Upgrades in guidance primarily reflect two IPR settlements, with €25 million EBITDA pre-tax contribution.
Group service revenue growth set at 3%, with CapEx stable at €1,250 million.
Free cash flow generation expected to be stronger in the second half, with leverage ratio returning to 2.4x by year-end.
Midterm ambitions for 3% CAGR in service revenues and EBITDA, and 7% CAGR in free cash flow reiterated through 2027.
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