Koninklijke KPN (KPN) Q3 2026 earnings summary

Executive summary

• Q3 service revenue grew 2.7% YoY, with contributions from Consumer, Business and Wholesale; the FY 2026 outlook was reiterated.

• Underlying EBITDA AL grew 2.4% and YTD Operational Free Cash Flow rose 1.5% to €1,089m.

• Fiber homes passed reached 6.025m, with ~75% of the retail broadband base on fiber.

Financial highlights

• Q3 adjusted revenue increased 2.9% YoY to €1,498m; excluding the prior-year IPR benefit, growth was 4.2%.

• Q3 adjusted EBITDA AL was €671m, down 0.1% YoY; it grew 2.4% excluding the prior-year IPR benefit.

• Q3 net profit rose 5.4% to €249m; YTD net profit was €657m, up 6.9%.

• YTD Free Cash Flow was €605m, down 0.1% YoY; YTD reported FCF was held back by provision changes and higher restructuring costs.

Outlook and guidance

• FY 2026 outlook reiterated: service revenue growth ~1.5%, adjusted EBITDA AL ~€2.67bn, Capex ~€1.25bn and FCF >€950m.

• Midterm ambitions: ~3% CAGR in service revenue and adjusted EBITDA AL, and ~7% FCF CAGR; 2027 Capex planned below €1.0bn.

• Structural net indirect OpEx savings ambition: ~€20m in 2026 and €100m by 2030, versus a 2025 baseline.

• Management expected service revenue growth of ~2.5% from here, with Tailored Solutions contract headwinds lapsed and prior-year IPR and IP benefits behind.