Royal Kpn Nv · EURONEXT:KPN
Royal Kpn Nv — KPN — Investor Day (November 2025)
49 slides from Royal Kpn Nv's investor day presentation, Nov 5, 2025
Slide 1: KPN Strategy Update: Connect, Activate, Grow
Connect Activate Grow KPN Strategy Update | November 5, 2025
Slide 2: Agenda
Agenda 1. Progress so far 2. Infrastructure Value: Driving connected asset value 3. Transformation Value: Activating the change engine to deliver strategic value 4. Customer Value: Growing by differentiated offerings to customers 5. Financial Value: Financial framework and outlook 6. Q&A 2 | KPN Str
Slide 3: KPN at a glance: Leading telco of the Netherlands
KPN at a glance: Leading telco of the Netherlands Leading Network in the Netherlands Industry-leading NPS3 Our Market Position4 # 1 fiber Leading footprint 5G Best mobile network¹ 15 # 1 Consumer 33% 37% in Consumer and Business in the Netherlands & Globally 5 >4m Broadband Customers ~15m Mobile Cus
Slide 4: #TeamKPN
#TeamKPN KPN’s Management Team ~10.5K Joost Farwerck Chief Executive Officer Marieke Snoep Chief Consumer Market Total workforce Chris Figee >80% Chief Financial Officer ~9.1K Personnel Chantal Vergouw Chief Business Market ~1.5K Contingent Workforce 2 Employee Wouter Stammeijer engagement1 Chief Op
Slide 5: Strategy 2024-2027: a mission to Connect, Activate & Grow
Strategy 2024-2027: a mission to Connect, Activate & Grow Purpose We go all out to connect everyone in the Netherlands to a sustainable future Strategic Connect Activate Grow Missions Connect with our customers Activate our best network, Grow KPN by modernizing to deliver on their needs platforms, p
Slide 6: We connect everyone to a sustainable future…
We connect everyone to a sustainable future… KPN’s sustainability ambitions Electricity consumption declines despite rising data demand ~100% zero CO₂ circular emissions Net zero GWh % 2040 3,500 from the full fleet in from 2025 from 2030 3,000 2,500 2,000 ESG Benchmarks recognitions 1,500 1,000 500
Slide 7: …while driving impact through a #BetterInternet
…while driving impact through a #BetterInternet Fully committed to our mission for a Fostering a safer, more social and #BetterInternet greener future for everyone Nationwide campaign about online • Affordable connectivity for everyone, shaming and online exclusion everywhere in the Netherlands • Em
Slide 8: Financial progress
Financial progress Service revenue growth Converting to adj. EBITDA AL growth Strong OpFCF growth (€m) (€m) (€m) +3% CAGR +4% CAGR +9% CAGR >2,630 >1,380 5,045 5,215 2,420 2,508 1,253 1,172 2023 2024 2025E 2023 2024 2025E 2023 2024 2025E FCF generation Steadily improving Return on Capital Employed (
Slide 9: Infrastructure Value
Driving connected asset value Infrastructure Value 9 | KPN Strategy Update | November 2025
Slide 10: Smarter, reliable and more efficient infrastructure
Smarter, reliable and more efficient infrastructure KPN’s Core Infrastructure Supporting (new) use cases 5G What we have done... Fiber 5G Campus 66%¹ coverage of Best Mobile Dutch households network Edge Infra Edge Infra Fiber network Mobile network footprint Core Data ~5.6m ~5,500 Site locations 4
Slide 11: Fiber Leadership
Fiber Leadership Fiber leading technology in NL KPN leads high HP/HC penetration Nationwide fiber coverage at >90%2 Market share per technology type1 as % of Dutch households² ~ 70% HP 63% HC 57% Coax 47% 20% 18% 17% 14% 38% 4% 4% Copper ~ 80% 2023 2024 2025³ 2023 2024 2023 2024 2023 2024 Fiber 5.3m
Slide 12: Connect everyone in the Netherlands
Connect everyone in the Netherlands Continued fiber roll out at tempered pace Target Homes Passed / total households in the Netherlands (%) Ensuring everyone, everywhere has access to high-quality connectivity up to 85% 68%1 How? • Up to 85% of Dutch households 35% will be covered by KPN fiber • Rem
Slide 13: Turning coverage into connections
Turning coverage into connections Turning HP into HC to drive further growth Broadband market share performance1 Incremental roll out (% per roll out year) 40% HA 60% HA ~420 2024 ~8% Market share gain, 1st year after fiber roll out 2 ~400 HP 2023 +€ 4 Retail ARPU uplift HC HA after Q3 2023 2022 HA
Slide 14: From fiber build out to run
From fiber build out to run Fiber maturity fuels operating model redesign, driving efficiencies Simplification Automation Rationalization Go Digital Simplify and Deploy always-on Innovate on the Digitized customer consolidate network and fully cloud, streamlined interactions architecture autonomous
Slide 15: Maintain mobile leadership
Maintain mobile leadership Today Future Laid the foundation … … to stay ahead and monetize High quality, future ~5,500 mobile sites 5G Standalone (SA) Enabling new 5G services proof network ~99% 4G/5G coverage launch 96% Fiber to the Site Award-winning 4x1 awarded best network in NL Cloud-Native Imp
Slide 16: Distributed infrastructure for new revenue potential
Distributed infrastructure for new revenue potential Future proof backbone for Fiber and 5G Supporting potential Edge Locations Core (Data Centers) Always-on 5G and Content Device Processing Metro Core locations Secure by design IP to Fixed & • ~130 future proof MC anywhere Mobile locations in NL KP
Slide 17: Activating the change engine to deliver strategic value
Activating the change engine to deliver strategic value 17 | KPN Strategy Update | November 2025
Slide 18: Key ambitions of our transformation
Key ambitions of our transformation Customer Platforms Infrastructure Interaction Undisputed leader in CX Autonomous Driving the full operations potential of core assets 18 | KPN Strategy Update Transformation | November 2025
Slide 19: Simplification, digitization and innovation
Simplification, digitization and innovation Levers Examples of efficiencies realized so far Digital-First and AI-Enabled Digital Benchmark1 Active app users2 (%) Interaction Customer +50% Drive Digital AI-enabled Best-in-class #1 sales care e-commerce #3 2023 2025E 2023 2025E Simplification, Digitiz
Slide 20: Driving efficiencies across all layers towards 2027
Driving efficiencies across all layers towards 2027 Examples1 Accelerate shift to 25% 50% Interaction Customer digital channels Reduction of human Penetration of tasks in contact centers active app users Improved service and 35% 30% delivery through optimized Platforms sourcing and simplification In
Slide 21: Ongoing Copper switch-off
Ongoing Copper switch-off Phase 1 Phase 2 Phase 3 Addresses off Legacy portfolio off Network off • Switching off individual copper addresses • Moving to full broadband • Shut-down DSLAMs • Phasing-out copper legacy platforms • Migrating addresses to fiber • Decommission copper infrastructure • MDF/E
Slide 22: AI as cornerstone for transformation
AI as cornerstone for transformation Always-on AI support Hyper-personalized AI omnichannel Call Center Interaction Customer campaign creation orchestration AI agents AI-driven automation Dynamic Pricing & Customer & Advanced Platforms Offer Optimization Market Intelligence Security AI-powered opera
Slide 23: Cost efficiencies ambition of ~€100m annually by 2030
Cost efficiencies ambition of ~€ 100m annually by 2030 Efficiency-driven ~€ 100m priorities to sustainably realize net Opex savings Indirect Opex bridge 2025E-2030E (Illustrative) Indirect Opex AL Inflationary Efficiencies Indirect Opex AL 2025E headwinds¹ 2030E 23 | KPN Strategy Update Transformati
Slide 24: Customer Value
Growing by differentiated offerings to customers Customer Value 24 | KPN Strategy Update | November 2025
Slide 25: B2C: Consumer growth at low-single-digit
B2C: Consumer growth at low-single-digit Consumer service revenue growth ambition With KPN addressing the total market (€m) (Service Revenue mix, YTD Q3 2025) ~+1.5% CAGR Our main brand Premium for the mass 2023 2024 2025E 2026E 2027E Flanker brands Service revenue mix development Target local commu
Slide 26: B2C: Driving Fiber value through speed & security
B2C: Driving Fiber value through speed & security Leading with the best network Through speed and security Accelerating revenue growth Fiber households ≥1 Gbit/s share base (%) Fiber service revenue (€m) >50% Inflow YTD 2025¹ +10% CAGR +12% CAGR 2x >1.3m +€ 4 +44% CAGR Customers in Customer Fiber
Slide 27: B2C: Mobile driven by base and mix growth
B2C: Mobile driven by base and mix growth Strong mobile base growth Unlimited share growing, supporting ARPU Building on our competitive strengths Mobile base Unlimited Base (% of KPN Brand) • Customer segmented offers ~50% Inflow of (e.g. Kids & Teens SIMs) +10% CAGR premium propositions YTD 2025¹
Slide 28: B2C: Household leadership through next-gen convergence
B2C: Household leadership through next-gen convergence Gradually expanding Combivoordeel base As a driver of satisfaction and loyalty Fueling mid-term value Combivoordeel base NPS and churn propensity Impact Combivoordeel (Illustrative) >30 Q1 2025 Q3 2025 2027E +2% Increase in FMC households1 +2% I
Slide 29: B2B: Objectives for future-proof growth
B2B: Objectives for future-proof growth Strategic objectives Business service revenue growth ambition (€ m) • Defend core services: Access & Connectivity Pricing & cost discipline ~+3% CAGR • Expand in 5G, security, cloud, CPaaS and IoT Strengthen core and near-core growth levers • Scale up Mission
Slide 30: SME: Scalable growth through integrated capabilities
SME: Scalable growth through integrated capabilities KPN outperforming the market KPN enables a one-stop shop for entrepreneurs till mid-market Service revenues (€m, YTD Q3) • Standardized, scalable offerings +5% c.a. +4pp. above SME • Customer focus market growth¹ • Product innovation & security •
Slide 31: LCE: Positioned for sustainable growth
LCE: Positioned for sustainable growth LCE supported by Access & Connectivity, IoT gains share LCE focus on three strategic priorities to secure sustainable growth Service revenues (€m, YTD Q3) +1% 1 Protect & Monetize core connectivity 2 Growth levers 3 Lean Operating Model Maximizing Mobile value
Slide 32: TS: Leverage strong position in Mission Critical
TS: Leverage strong position in Mission Critical Tailored Solutions growth levers Tailored Solutions service revenue growth fueled by Mission Critical1 Sector Expertise Successful introduction of • Prime & trusted ICT partner "Mission Critical" vertical • Defense and Security Connectivity - Strong
Slide 33: Wholesale: Expand fiber share & Grow mobile
Wholesale: Expand fiber share & Grow mobile Wholesale service revenue growth ambition Broadband growth opportunities Winning in Int. Sponsored Roaming1 (€m) • Adding new Wholesale customers • Footprint & quality ~+4% CAGR • Expand open access fiber footprint • Brand and manage ongoing copper migrati
Slide 34: Empowering growth via strategic innovation
Empowering growth via strategic innovation Strategic, collaborative partnerships with leading technology innovators Through KPN Ventures Consumer ElevenLabs – Conversational AI partner 3-5 • Automation and customer interaction • Enables NextGen digital CX & more new commercial Business BOX ID – Conn
Slide 35: Financial Value
Financial framework and outlook Financial Value 35 | KPN Strategy Update | November 2025
Slide 36: Key financial priorities: 3-3-7 ambitions on track
Key financial priorities: 3-3-7 ambitions on track 3.4% 3.0% ~3% Focus: Operational Excellence Reiterated 3-3-7 Commitment 2023-2027 Group service revenue growth (% y-on-y) FCF CAGR 2023-2027 Contribution Margin (as % of Adj. Revenues) 75% 74% ~74% Profitable growth ~7% Targeted cumulative sharehold
Slide 37: EBITDA growth linked to top-line and transformation
EBITDA growth linked to top-line and transformation Adjusted EBITDA AL 1 (€m) ~3% CAGR Continued revenue growth >2,630 • Growth across all segments >2,508 2,420 • Group service revenue growth trending towards ~2.5% 2 Higher direct costs1 2023 2024 2025E 2026E 2027E • Higher non-service revenues • Gl
Slide 38: Committed to deliver Capex step-down, lifting cash margins
Committed to deliver Capex step-down, lifting cash margins Capex evolution 2027 Capex step-down to <€ 1bn (€bn) >1.2 >1.2 >1.2 <1.0 Fiber Strong cash conversion following Capex stepdown sets operational Free Cash Flow margins to top ranking (from 24% to ~30%) Customer driven Other OpFCF margin¹ (%)
Slide 39: Free Cash Flow CAGR 2023-2027 confirmed at ~7%
Free Cash Flow CAGR 2023-2027confirmed at ~7% Free Cash Flow bridge 2025-2027 FCF contribution 2026 2027 Free Cash Flow drivers 2 FCF 2025E >940 EBITDA • EBITDA growth driven by service revenue growth and indirect cost optimization Capex • Strong operational FCF growth following Capex- Interest paid
Slide 40: Healthy balance sheet supporting long-term value creation
Healthy balance sheet supporting long-term value creation Stable leverage ratio (incl. Althio) Net debt / EBITDA AL • Fully committed to investment grade credit profile 2.5x 2.5x • Organic reduction of leverage through EBITDA growth 2.5x 2.4x 2.4x 2.4x 2.4x 2.3x 2.3x and stable net debt, providing a
Slide 41: Outlook: 3-3-7 ambitions reiterated
Outlook: 3-3-7 ambitions reiterated Outlook FY 2025 Ambitions 2024-2027 Service revenues ~3% ~3% CAGR¹ Adj. EBITDA AL >€ 2,630m ~3% CAGR¹ Capex ~€ 1.25bn <€ 1.0bn in 2027 Free Cash Flow >€ 940m ~7% CAGR¹ 41 | KPN Strategy Update Financial Value | November 2025 1. CAGR compared to FY 2023
Slide 42: Targeting continued annual FCF growth
Targeting continued annual FCF growth Targeted FCF growth beyond 2027 FCF (KPN standalone) trajectory driven by • EBITDA growth driven by service revenue growth and multi-year sustainable indirect Opex reductions Mid-single digit CAGR • Stable Capex envelope • Stable cash interest payments • Normali
Slide 43: Ongoing attractive returns to shareholders
Ongoing attractive returns to shareholders Distribution policy reiterated Targeting continued Dividend Per Share growth Full FCF returned via continued DPS growth and share buybacks (SBB) (€ct) Mid-single digit CAGR Rebasing dividend to ~80% of FCF as of 2026, targeting CAGR ~14% • 2026: DPS ~€ 20ct
Slide 44: Summary
Summary KPN delivers on Connect, Activate & Grow strategy Continued 3-3-7 mid-term Capex Targeting progress ambitions <€ 1bn in 2027, stable ~€ 100m in net on our reiterated thereafter indirect Opex #BetterInternet savings mission (annualy by 2030) Up to 85% fiber Continue to return Dividend rebased
Slide 45: Q&A
Q&A Joost Farwerck Chris Figee Chief Executive Officer Chief Financial Officer 45 | KPN Strategy Update | November 2025
Slide 46: Appendix
Appendix 46 | KPN Strategy Update | November 2025
Slide 47: Appendix 1. Fiber roll out toward 2026
Appendix 1. Fiber roll out toward 2026 Fiber roll out ~6.3 Fiber footprint and Homes Passed additions per year Dutch households in million (Illustrative) 2.8 ≤2020 2021 2022 2023 2024 2025 2026 ≤2026 2026 KPN HP 2.8m 3.3m 3.8m 4.7m 5.3m 5.8m ~6.3m² ~6.5m HH NL¹ 7.9m 8.0m 8.1m 8.3m 8.4m 8.4m ~8.5m ~8
Slide 48: Safe harbor
Safe harbor Alternative performance measures and management estimates This financial report contains a number of alternative performance measures (non-GAAP figures) to provide Net Debt including lease liabilities divided by 12 month rolling adjusted EBITDA excluding major changes in the readers with
Slide 49: KPN Investor Relations
KPN Investor Relations ir.kpn.com