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Koninklijke KPN
Koninklijke KPN (KPN) investor relations material
Koninklijke KPN Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
FY 2025 service revenues grew 2.7% year-on-year, with all segments contributing to growth and adjusted EBITDA AL rising 5.1% to €2,636m, exceeding guidance.
Free cash flow increased 5.8% to €952m, supported by strict cost control, operational efficiency, and digital transformation.
Record broadband net additions and strong commercial momentum in consumer and SME segments, with fiber footprint expanded to nearly 6 million Dutch households.
Transformation program targets €100 million in annual net indirect OpEx savings by 2030, with a reduction of 307 FTEs year-over-year.
Strategy focused on network investment, customer base growth, and operating model modernization, reinforcing fiber leadership and digital transformation.
Financial highlights
Adjusted revenues up 3.5% year-over-year to €5,829m, with Q4 2025 adjusted revenues at €1,484m (+2.7% y-o-y).
Adjusted EBITDA AL margin improved by 70bps to 45.2% in FY 2025; EBITDA margin in Q4 at 44.6%.
Net profit for FY 2025 was €855m (+0.9% y-o-y), with Q4 net profit up 12% year-on-year, aided by a €20 million one-off tax gain.
Capex for FY 2025 was €1,263m (+0.6% y-o-y), representing 21.7% of adjusted revenues.
Free cash flow per share increased 7.1% year-over-year to €0.247.
Outlook and guidance
2026 guidance: service revenue growth of 2–2.5%, adjusted EBITDA AL ~€2,670m, Capex ~€1.25bn, FCF >€950m.
Dividend per share to grow 10% to €0.20 in 2026, with a new €250m share buyback planned.
Capex to step down to below €1bn in 2027; mid-term ambitions reaffirmed with DPS ~€0.25 and FCF CAGR ~7%.
How will Capex reduce below €1bn by 2027
Detail indirect Opex savings initiatives by 2030
Consumer Fixed ARPU growth outlook given Combivoordeel
Detail the acceleration of indirect OpEx savings
Impact of slowing third-party fiber rollouts on churn?
KPN's strategy on value vs. volume and pricing power?
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Next Koninklijke KPN earnings date
Q1 202629 Apr, 2026
Koninklijke KPN
Next Koninklijke KPN earnings date
Q1 202629 Apr, 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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