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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.
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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