Royal Kpn Nv · EURONEXT:KPN
Royal Kpn Nv — Koninklijke Kpn — Q3 2025 Earnings Presentation
24 slides from Royal Kpn Nv's earnings presentation, Oct 28, 2025
Slide 1: Q3 results
Q3 results 28 October2025 kpn. The network of the Netherlands 1 Presentatie titel Vertrouwelijk
Slide 2: Safe harbor
Safe harbor Alternativeperformance measuresandmanagementestimates This financialreportcontainsa numberof alternativeperformancemeasures(non-GAAP figures)to providereaderswithadditionalfinancialinformationthatis regularlyreviewedby management,such as EBITDA and Free Cash Flow (‘FCF’). These non-GAAP
Slide 3: KPN maintains commercial momentum; on track to reach FY outlook
Highlights:KPN maintainscommercialmomentum;ontracktoreachFY outlook Group service revenue growth(+1.7% -on-y y in Q3 2025), driven by all segments Consumer service revenues grew 1.1%-on-y y Ongoingcommercialmomentumin Consumerbroadband(+11k)andpostpaid(+47k) Business service revenues increased1.4% y
Slide 4: Strategy 2024-2027: a mission to Connect, Activate & Grow
Strategy 2024-2027:a mission toConnect, Activate& Grow Purpose We go all out to connect everyone in the Netherlands to a sustainable future Connect Activate Grow Strategic Connect with our customers to deliver on their needs Activate our best network, platforms, partners, & assets Grow KPN by modern
Slide 5: Connect, Activate & Grow
Connect, Activate & Grow Presentatie titel 54 Vertrouwelijk
Slide 6: KPN leads the Dutch fiber market
KPN leads the Dutch fiber market Continuously expanding fiber footprint Leading fiber footprint Homes passed (k) Homes passedas a % ofDutch households ~80% +109 +100 +116 +74 66% 5,186 5,295 5,395 5,510 5,584 552 613 641 695 723 35% 4,634 4,682 4,753 4,815 4,861 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20
Slide 7: B2C: Consumer service revenue growth supported by Fixed and Mobile
B2C: Consumer service revenue growth supported by Fixed and Mobile Key take-aways Adj. Service Revenue trend • Fixed service revenue growth supported by both base and ARPU growth; ongoing double -digit fiber broadband service revenue growth • Solid broadband net adds (+11k 1), driven by the success
Slide 8: B2C: Maintained solid commercial momentum in both broadband and postpaid
B2C: Maintained solid commercial momentum in both broadband and postp Solid broadband net adds Fixed ARPU growing Fixed service revenue trend stable (k) (growth y-on-y) +44 +42 +37 +37 € 55 +31 +22 +19 +17 +13 +14 +10 +13 +11 +1.3% +1.3% +1.2% +3 +2 +1.0% y-on-y +1.0% +0.7% Fiber net adds Fiber net
Slide 9: B2B: Solid commercial momentum, partly offset by contract changes in TS
B2B: Solid commercial momentum, partly offset by contract changes in TS Key take-aways Adj. Service Revenuetrend • Business service revenues grew 1.4% -on-y, y driven by SME and LCE • Continued growth in SME, driven by Cloud & Workspace, Broadband and +6.0% +5.7% +5.1% Mobile • LCE service revenues
Slide 10: B2B: Growth driven by SME and LCE
B2B: Growth driven by SME and LCE SME +7.1% +5.6% +6.3% +4.8% Total adj. Business service revenues +3.3% LCE +6.0% +5.0% +5.1% +5.7% +1.6% +1.7% +1.0% +3.2% -0.2% +1.4% Tailored Solutions +15% +18% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +5.8% +1.4% Growth y-on-y -2.5% Q3 2024 Q4 2024 Q1 2025 Q2 202
Slide 11: Wholesale: Service revenues continued to grow
Wholesale:Service revenues continued to grow Key take-aways Adj. Service Revenue trend • Service revenues increased 5.2%-on-y, y mainly driven by ongoing growth +8.1% in international sponsored roaming +6.1% +5.2% • Broadband service revenues grew 2.6% -on-y,y driven by higher fiber service revenues
Slide 12: Financial Performance
Financial Performance Presentatie CMD 2024 titel Vertrouwelijk
Slide 13: Summary: Q3 & YTD 2025 results
Summary:Q3 & YTD 2025 results Adjusted revenues Adj. net indirect opex AL Adjusted EBITDA AL Q3 adjusted revenues +2.4% y-on-y Q3 2025 YTD 2025 Q3 2025 YTD 2025 Q3 2025 YTD 2025 • Driven by all segments € 1,455m +2.4% € 4,345m +3.7% € 416m +€ 6m € 1,256m +€ 3m € 672m +4.4% € 1,975m +5.2% • Non-servi
Slide 14: Continued Group service revenue growth, supported by all segments
Continued Group service revenuegrowth, supported by all segments Consumer +2.7% Total Group service revenues +1.0% +1.2% +1.3% +1.1% Business +6.0% +5.7% +3.7% +5.1% +3.4% +3.2% +3.2% +1.4% +2.0% +1.7% Wholesale +8.1% +6.1% +5.2% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +2.1% +0.8% Growth y-on-y Q3 2
Slide 15: Adjusted EBITDA AL growth, mainly driven by higher service revenues and IPR
Adjusted EBITDA AL growth, mainly driven by higher service revenues and I Adjusted EBITDA AL (€ m) +4.4% +7 +17 672 +2.3% +22 -10 +5 658 -12 -1 643 Q3 2024 Service Non-service Direct costs Indirect costs Q3 2025 IPR Althio Δ Holiday Q3 2025 Reported revenues revenues Underlying provision Reported 15
Slide 16: YTD FCF generation, mainly supported by EBITDA growth
YTD FCF generation, mainly supported by EBITDA growth Contribution toΔ FCF y-on-y (€ m) YTD 2025 FCF of € 606m, 12% higher-on-y, y mainly Adj. EBITDA AL YTD 2025 1,975 +97 driven by EBITDA growth, partly offset by higher interest payments and cash taxes Capex -902 +18 Operational FCF 1,072 +115 Cash
Slide 17: Robust liquidity position, committed to investment-grade credit profile
Robust liquidity position, committed to investment -grade credit profile 10.5x 9.6x 9.6x Robust liquidity… 9.3x 9.5x (€ m) 1,075 1,448 2.5x 2.4x 2.4x 2.5x 2.5x (€ m) 7,519 6,738 6,722 6,8546,523 6,947 6,220 6,574 373 5,960 6,079 Cash & short RCF Total liquidity end Q3 2025 term investments 1,440 519
Slide 18: Outlook 2025 and ambition 2027
Outlook 2025 andambition 2027 Achievements Outlook Ambition YTD 2025 FY 2025 FY 20271 Service revenues 3.0% ~3% ~3% CAGR Adj. EBITDA AL € 1,975m >€ 2,630m ~3% CAGR Capex € 902m ~€ 1.25bn <€ 1.0bn Free Cash Flow € 606m >€ 940m ~7% CAGR 18 Q3 2025 Results 1. CAGR compared to FY 2023
Slide 19: KPN maintains commercial momentum; on track to reach FY outlook
Highlights:KPN maintainscommercialmomentum;ontracktoreachFY outlook Group service revenue growth(+1.7% -on-y y in Q3 2025), driven by all segments Consumer service revenues grew 1.1%-on-y y Ongoingcommercialmomentumin Consumerbroadband(+11k)andpostpaid(+47k) Business service revenues increased1.4% y
Slide 20: Appendices
Appendices l Tax ll Debt portfolio llI ESG Presentatie CMD 2024 titel Vertrouwelijk
Slide 21: I. Tax Q3 2025
I. Tax Q3 2025 P&L Cash flow P&L Cash flow Regions (€ m) Q3 2024 Q3 2025 Q3 2024 Q3 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 The Netherlands -70 -67 -62 -63 -183 -182 -99 -130 Other Total reported tax -70 -67 -62 -63 -183 -182 -99 -130 Of which discontinued operations Reported tax from continuing op
Slide 22: II. Debt portfolio
II. Debtportfolio Nominal debt by type1 Nominal debt by currency1 Fixed vs. floating interest1 Debt redemption profile2 1.1 10% 6% 1.0 16% 13% 0.8 0.8 13% 0.7 0.6 0.70.6 0.7 6% 0.3 71% 81% 84% ’25’26’27’28’29’30 ’31’32’33’34 ’35’36 Eurobonds EUR Fixed EUR Global bonds GBP Floating GBP Hybrid bonds U
Slide 23: ESG dashboard: continued progress on ambitions
ESG dashboard:continued progress on ambitions In kTon CO2e Base year1 Scope 1– Direct emissions 38 -88% LTM Q2 ’24 • Gross emissions, relating to fuel consumption car fleet, heating of buildings, Scope 1 7 -30% consumption of coolants, fuel consumption of emergency power generators 5 LTM Q2 ’25 • Am
Slide 24: KPN Investor Relations
KPN Investor Relations ir.kpn.com 24 Q3 2025 Results