Royal Kpn Nv · EURONEXT:KPN
Royal Kpn Nv — Koninklijke Kpn — Q1 2026 Earnings Presentation
23 slides from Royal Kpn Nv's earnings presentation, Apr 29, 2026
Slide 1: Connect Activate Grow
Connect Activate Grow KPN Q1 2026 Results | April 2026
Slide 2: 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 readers Operational Free Cash Flow is defined as adjusted EBITDA AL minus capital expenditures (‘Capex’) being expenditures
Slide 3: Highlights: KPN delivers solid start to the year
Highlights: KPN delivers solid start to the year • Group service revenue increased 0.6% y-on-y, driven by Consumer (+1.3%), SME (+5.8%) and Wholesale (+0.8%) • Business service revenues (-0.6% y-on-y) impacted by lower revenues from low-margin TS (-14%) • Solid commercial momentum across Consumer an
Slide 4: 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 Missions Connect Activate Grow Connect with our customers Activate our best network, Grow KPN by modernizing to deliver on their needs platforms, p
Slide 5: Connect, Activate & Grow
Connect, Activate & Grow 5 | KPN Q1 2026 Results | April 2026
Slide 6: Solid progress in fiber connections, turning coverage into customers
Solid progress in fiber connections, turning coverage into customers Continuously expanding fiber footprint Activating customers Homes passed (k) Homes activated (k) +119 +77 +140 +86 +54 +44 +61 +58 5,467 5,586 5,663 5,803 5,889 2,577 2,631 2,675 2,736 2,794 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Slide 7: B2C: Steadily improving service revenue growth, driven by fixed and mobile
B2C: Steadily improving service revenue growth, driven by fixed and mobile Key take-aways Adj. Service Revenue trend • Fixed service revenues increased 0.8% y-on-y, with strong fiber growth offsetting copper and legacy decline • Solid broadband net adds (+9k1), supported by strong execution and lowe
Slide 8: B2C: Growth supported by solid commercial momentum
B2C: Growth supported by solid commercial momentum Healthy broadband inflow Slight improvement in Fixed ARPU Fixed service revenue trend improved (k) Q1 2026: € 55 +42 +40 +37 +31 +33 +1.8% +1.2% +1.3% +1.2% +19 +17 +19 +1.0% +17 +14 +0.7% +0.8% +0.5% +0.4% +2 +13 +11 +12 +0.1% +9 Fiber Fiber ex. Co
Slide 9: B2B: Growth moderated as expected; Customer satisfaction further improved
B2B: Growth moderated as expected; Customer satisfaction further improved Key take-aways Adj. Service Revenue trend • Commercial momentum remained solid, with broadband net adds of +6k and mobile +21k +5.7% +5.1% • SME increased 5.8% y-on-y, driven by Broadband, Mobile and Cloud & Workspace • LCE de
Slide 10: B2B: Margin-focused growth strategy delivers resilient profitability
B2B: Margin-focused growth strategy delivers resilient profitability SME +6.3% +5.8% +5.8% +4.8% +3.3% Total adj. Business service revenues and gross profit (Growth y-on-y) +5.7% LCE +5.1% +1.7% +1.0% +0.7% -0.2% +2.3% -0.9% +1.4% Tailored Solutions +18% -0.6% +15% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1
Slide 11: Wholesale: International sponsored roaming continued to drive growth
Wholesale: International sponsored roaming continued to drive growth Key take-aways Adj. Service Revenue trend • Service revenues increased 0.8% y-on-y, driven by strong Mobile performance • Broadband service revenues decreased 0.6%, reflecting decline in the copper +8.1% broadband base +6.1% +5.2%
Slide 12: ESG fully embedded in our strategy
ESG fully embedded in our strategy ESG Strategy Responsible Inclusive Sustainable Security, reliability, human rights Diversity, social- and digital inclusion Energy, circularity, biodiversity We provide services that are reliable and secure We make it possible for everyone to participate We minimiz
Slide 13: Financial Performance
Financial Performance 13 | KPN Q1 2026 Results | April 2026
Slide 14: Summary: Q1 2026 results
Summary: Q1 2026 results Adj. revenues Adj. net indirect opex AL Adj. EBITDA AL Q1 adjusted revenues +2.1% y-on-y • Driven by higher Group service revenues and higher Q1 2026 Q1 2026 Q1 2026 non-services revenues & other € 1,447m € 416m € 653m +2.1% -€ 3m +3.1% Q1 2025 Q1 2025 Q1 2025 € 1,418m € 420
Slide 15: Continued Group service revenue growth across Consumer, SME and Wholesale
Continued Group service revenue growth across Consumer, SME and Wholesale Group service revenues growth per segment (€ m) Δ y-on-y Q1 2025 1,319 Total Group service revenues Consumer +9 +1.3% Business -3 -0.6% +3.7% +3.2% +1.7% +1.8% Wholesale +1 +0.8% +0.6% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 O
Slide 16: Solid Operational FCF growth through disciplined spending
Solid Operational FCF growth through disciplined spending (€ m) +10% +15 374 +29 +3 -13 340 Q1 2025 Adjusted Revenues Direct cost Indirect cost Capex Q1 2026 16 | KPN Q1 2026 Results | April 2026
Slide 17: Q1 Free Cash Flow supported by EBITDA growth, impacted by timing effects
Q1 Free Cash Flow supported by EBITDA growth, impacted by timing effects Contribution to ΔFCF y-on-y (€ m) Q1 2026 FCF of € 101m, -21% lower y-on-y, as higher EBITDA Adj. EBITDA AL Q1 2026 653 +20 and lower Capex were offset by: • Timing of interest payments; and Capex -279 +15 • Working capital int
Slide 18: Strong liquidity, disciplined balance sheet and investment-grade credit profile
Strong liquidity, disciplined balance sheet and investment-grade credit profile 9.6x 9.6x 9.5x 9.5x 8.6x Robust liquidity... (€ m) 1,075 1,846 2.4x 2.5x 2.5x 2.4x 2.4x 7,519 6,854 6,523 6,947 6,574 6,854 7,025 6,302 6,254 771 6,079 Cash & short RCF Total liquidity end Q1 2026 1,440 term investments
Slide 19: Outlook 2026 and ambitions 2027
Outlook 2026 and ambitions 2027 Outlook Ambition FY 2026 FY 20271 Service revenues +2 to 2.5% ~3% CAGR Adj. EBITDA AL ~€ 2,670m ~3% CAGR Capex ~€ 1.25bn <€ 1.0bn Free Cash Flow >€ 950m ~7% CAGR DPS € 20.0ct ~€ 25.0ct Share buyback € 250m Up to € 1bn 2024-2027 period 19 | KPN Q1 2026 Results | April
Slide 20: Highlights: KPN delivers solid start to the year
Highlights: KPN delivers solid start to the year • Group service revenue increased 0.6% y-on-y, driven by Consumer (+1.3%), SME (+5.8%) and Wholesale (+0.8%) • Business service revenues (-0.6% y-on-y) impacted by lower revenues from low-margin TS (-14%) • Solid commercial momentum across Consumer an
Slide 21: Appendices
Appendices • Tax • Debt portfolio 21 | KPN Q1 2026 Results | April 2026
Slide 22: Tax Q1 2026
Tax Q1 2026 P&L Cash flow Regions (€ m) Q1 2025 Q1 2026 Q1 2025 Q1 2026 The Netherlands -51 -59 -26 -30 Of which discontinued operations - - - - Reported tax from continuing operations -51 -59 -26 -30 Effective tax rate continuing operations 23.0% 22.5% • The effective tax rate for Q1 2026 was mainl
Slide 23: Debt portfolio
Debt portfolio Nominal debt by type1 Nominal debt by currency1 Fixed vs. floating interest1 Debt redemption profile2 8% 6% 1.0 14% 0.9 8% 13% 0.8 0.8 0.7 0.6 0.7 0.7 0.6 6% 0.5 73% 0.2 86% 86% ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 Eurobonds EUR Fixed EUR Global bonds GBP Floating GBP Hybrid bo