Royal Kpn Nv · EURONEXT:KPN
Royal Kpn Nv — Koninklijke Kpn — Q4 2025 Earnings Presentation
28 slides from Royal Kpn Nv's earnings presentation, Jan 28, 2026
Slide 1: Connect Activate Grow
Connect Activate Grow KPN Q4 & FY 2025 Results | January 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 delivered on FY25 outlook; fully on track to achieve mid-term ambitions
Highlights: KPN delivered on FY25 outlook; fully on track to achieve mid-term ambitions • FY25 service revenues +2.7% y-on-y, adj. EBITDA AL of € 2,636m and FCF of € 952m • Indirect costs declined € 10m y-o-y in 2025, marking an inflection in operational performance • Continued Group service revenue
Slide 4: Delivered on 2025 outlook
Delivered on 2025 outlook Outlook Achievements FY 2025 FY 2025 Service revenues ~3% +2.7% Adj. EBITDA AL >€ 2,630m € 2,636m Capex ~€ 1.25bn € 1,263m Free Cash Flow >€ 940m € 952m DPS € 18.2ct € 18.2ct1 Share buyback € 250m € 250m 4 | KPN Q4 & FY 2025 Results | January 2026 1. The final regular divid
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 Missions Connect Activate Grow Connect with our customers Activate our best network, Grow KPN by modernizing to deliver on their needs platforms, p
Slide 6: Connect, Activate & Grow
Connect, Activate & Grow 6 | KPN Q4 & FY 2025 Results | January 2026
Slide 7: Driving fiber leadership, turning coverage into value
Driving fiber leadership, turning coverage into value Continuously expanding fiber footprint Activating customers Homes passed (k) Homes activated (k) +103 +119 +77 +140 +54 +54 +44 +61 5,364 5,467 5,586 5,663 5,803 2,523 2,577 2,631 2,675 2,736 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 202
Slide 8: B2C: Stable Consumer service revenue trend
B2C: Stable Consumer service revenue trend Key take-aways Adj. Service Revenue trend • Fixed service revenues increased 0.4% y-on-y, driven by robust fiber service revenue growth, partly offset by lower other fixed revenues and investments in our base related to Combivoordeel +1.3% • Solid broadband
Slide 9: B2C: Ongoing commercial strength
B2C: Ongoing commercial strength Continued momentum in broadband Broadly stable fixed ARPU Fixed service revenue growth moderated (k) +44 +42 +40 +37 € 55 +31 +22 +19 +19 +1.3% +1.3% +1.2% +17 +14 +0.7% +0.4% +10 +2 +13 +12 +0.1% y-on-y +11 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2
Slide 10: B2B: Sustained commercial momentum, highlighted by strong broadband base growth
B2B: Sustained commercial momentum, highlighted by strong broadband base growth Key take-aways Adj. Service Revenue trend • Business service revenues increased 2.3% y-on-y, driven by SME and LCE • Continued strong commercial performance in Mobile (+25k) and Broadband (+6k) +5.7% +5.1% • SME increase
Slide 11: B2B: Growth mainly driven by SME
B2B: Growth mainly driven by SME SME +6.3% +5.8% +5.6% +4.8% +3.3% Total adj. Business service revenues LCE +5.7% +5.1% +1.6% +1.7% +3.2% +1.0% +0.7% +2.3% +1.4% -0.2% Tailored Solutions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 +15% +18% Growth y-on-y +1.4% -2.5% -2.2% Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 12: Wholesale: Service revenues continued to grow
Wholesale: Service revenues continued to grow Key take-aways Adj. Service Revenue trend • Service revenues increased 3.9% y-on-y, mainly driven by ongoing growth in international sponsored roaming +8.1% • Broadband service revenues grew 0.7% y-on-y, driven by fiber service revenues +6.1% and service
Slide 13: ESG dashboard: Continued progress on Scope 1 and 2 emissions
ESG dashboard: Continued progress on Scope 1 and 2 emissions Emissions Base year1 Scope 1 – Direct emissions In kTon CO2e • Gross emissions, relating to fuel consumption car fleet, heating of buildings, consumption of LTM Q3 ’24 38 coolants, fuel consumption of emergency power generators -88% LTM Q3
Slide 14: Financial Performance
Financial Performance 14 | KPN Q4 & FY 2025 Results | January 2026
Slide 15: Summary: Q4 & FY 2025 results
Summary: Q4 & FY 2025 results Adj. revenues Adj. net indirect opex AL Adj. EBITDA AL Q4 adjusted revenues +2.7% y-on-y • Driven by higher service revenues across all segments and Q4 2025 FY 2025 Q4 2025 FY 2025 Q4 2025 FY 2025 higher non-service revenues & other € 1,484m € 5,829m € 430m € 1,686m € 6
Slide 16: Continued Group service revenues, supported by all segments
Continued Group service revenues, supported by all segments Growth driven by all segments (€ m) Δ y-on-y Q4 2024 1,328 Total Group service revenues Consumer +8 +1.2% Business +11 +2.3% +3.7% +3.2% +2.0% +1.7% +1.8% Wholesale +6 +3.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Other -1 -26% Growth y-on-
Slide 17: Adjusted EBITDA AL growth, driven by higher service revenues and lower indirect cost
Adjusted EBITDA AL growth, driven by higher service revenues and lower indirect cost (€ m) +5.1% Indirect Opex development (€ m) 1,686 +3.1% -10 +142 +24 2,636 +26 ~-100 -15 +10 2,586 2022 2023 2024 2025 2025 2030E -58 2,508 FTE development End of period FY 2024 9,762 -307 FY 2024 Service Non-servic
Slide 18: Continued Operational FCF growth, mainly driven by higher EBITDA
Continued Operational FCF growth, mainly driven by higher EBITDA (€ m) +9.6% +6.1% +19 1,373 +26 +79 1,329 -2 1,253 FY 2024 Adj. EBITDA AL Capex FY 2025 IPR Althio FY 2025 Reported Underlying Reported 18 | KPN Q4 & FY 2025 Results | January 2026
Slide 19: Committed to deliver Capex step-down, lifting cash margins
Committed to deliver Capex step-down, lifting cash margins Capex evolution Operational Free Cash Flow development (€ bn) (€ m) ~10% CAGR >1.2 >1.2 >1.2 1,373 <1.0 1,172 1,253 Fiber Customer driven Other 2024 2025 2026E 2027E 2023 2024 2025 2026E 2027E As % of service OpFCF 24% 24% ~23% 17-18% 22% 22
Slide 20: FY FCF generation, mainly supported by EBITDA growth
FY FCF generation, mainly supported by EBITDA growth Contribution to ΔFCF y-on-y (€ m) FY 2025 FCF of € 952m, 5.8% higher y-on-y, mainly driven by Adj. EBITDA AL FY 2025 2,636 +129 EBITDA growth, partly offset by: • Changes in working capital; Capex -1,263 -8 • Higher cash taxes; and • Higher intere
Slide 21: Steadily improving Return on Capital
Steadily improving Return on Capital NOPLAT • Improving adjusted EBITDA AL (€ m) 260 274 282 ROCE1 14.1% 14.4% 14.7% 2023 2024 2025 Capital Employed • Increasing due to network investments (€ bn) 7.4 7.6 7.7 2023 2024 2025 2023 2024 2025 21 | KPN Q4 & FY 2025 Results | January 2026 1. ROCE is calcul
Slide 22: Robust liquidity position, committed to investment-grade credit profile
Robust liquidity position, committed to investment-grade credit profile 10.5x 9.6x 9.6x 9.5x 9.5x Robust liquidity... (€ m) 1,075 1,627 2.4x 2.4x 2.5x 2.5x 2.4x 7,519 6,722 6,854 6,523 6,947 6,574 6,854 5,960 6,079 6,302 552 Cash & short RCF Total liquidity end Q4 2025 1,440 term investments 762 552
Slide 23: Outlook 2026 and ambitions 2027
Outlook 2026 and ambitions 2027 Achievements Outlook Ambition FY 2025 FY 2026 FY 20271 Service revenues +2.7% +2 to 2.5% ~3% CAGR Adj. EBITDA AL € 2,636m ~€ 2,670m ~3% CAGR Capex € 1,263m ~€ 1.25bn <€ 1.0bn Free Cash Flow € 952m >€ 950m ~7% CAGR DPS € 18.2ct2 € 20.0ct ~14% CAGR3 Share buyback € 250m
Slide 24: Ongoing attractive returns to shareholders
Ongoing attractive returns to shareholders Targeting progressive dividend per share growth (€ ct) ~+25% +10% ~25 20.0 17.0 18.2 13.6 14.3 15.0 Distribution policy reiterated • Full FCF returned via continued DPS growth and share buybacks (SBB) 2021 2022 2023 2024 2025E 2026E 2027E Dividend around ~8
Slide 25: Highlights: KPN delivered on FY25 outlook; fully on track to achieve mid-term ambitions
Highlights: KPN delivered on FY25 outlook; fully on track to achieve mid-term ambitions • FY25 service revenues +2.7% y-on-y, adj. EBITDA AL of € 2,636m and FCF of € 952m • Indirect costs declined € 10m y-o-y in 2025, marking an inflection in operational performance • Continued Group service revenue
Slide 26: Appendices
Appendices • Tax • Debt portfolio 26 | KPN Q4 & FY 2025 Results | January 2026
Slide 27: Tax Q4 & FY 2025
Tax Q4 & FY 2025 P&L Cash flow P&L Cash flow Regions (€ m) Q4 2024 Q4 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 FY 2024 FY 2025 The Netherlands -55 -34 -48 -49 -238 -217 -147 -179 Other Total reported tax -55 -34 -48 -49 -238 -217 -147 -179 Of which discontinued operations Reported tax from continuing op
Slide 28: Debt portfolio
Debt portfolio Nominal debt by type1 Nominal debt by currency1 Fixed vs. floating interest1 Debt redemption profile1 8% 6% 1.1 14% 1.0 13% 14% 0.8 0.8 0.7 0.6 0.7 0.6 0.7 6% 0.3 72% 81% 86% ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 Eurobonds EUR Fixed EUR Global bonds GBP Floating GBP Hybrid bonds