Royal Kpn NvEURONEXT: KPN

Q3 2026 Consensus

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Consensus Q3 '26
Analyst forecasts for the period ending 30 September 2026
Please note that this analyst consensus is subject to the disclaimer below:
The analyst consensus is based on forecasts provided by various leading equity analysts covering the KPN share. The analyst consensus for the Q3 2026 period and full fiscal years 2026-2029 is based on the non-weighted average of 14 analyst forecasts (vs. 16 in Q2 2026). The analyst forecasts were submitted to KPN in the period of 25 September 2026 to 6 October 2026. The consensus was published on 6 October 2026 on 17:45 CEST. The analyst consensus does not in any way represent KPN's financial expectations nor can this be considered to be a forward looking statement by KPN. The analyst consensus is provided for information purposes only, for the convenience of our investors. KPN is not responsible and cannot be held liable in any way for the accuracy, completeness or validity of the analyst consensus, nor the figures, calculations or assumptions that have led thereto.
Consensus
Consolidated figures (from continuing operations, in € m) Q3 '25 FY '25 Q3 '26 FY '26 FY '27 FY '28 FY '29
Actuals Actuals Average % y-on-y Median High Low Average % y-on-y Median High Low Average % y-on-y Median High Low Average % y-on-y Median High Low Average % y-on-y Median High Low
Adjusted revenues
Consumer service revenues 710 2,815 723 1.8% 723 725 720 2,865 1.8% 2,866 2,870 2,859 2,916 1.8% 2,916 2,939 2,897 2,967 1.7% 2,963 3,007 2,934 3,022 1.8% 3,018 3,098 2,970
Consumer non-service revenues 56 261 58 3.2% 57 67 54 280 7.5% 279 300 273 281 0.3% 280 306 260 283 0.8% 280 312 260 284 0.4% 279 319 260
Consumer 766 3,076 781 1.9% 780 791 776 3,144 2.2% 3,144 3,166 3,125 3,195 1.6% 3,198 3,217 3,175 3,248 1.7% 3,247 3,286 3,212 3,305 1.7% 3,305 3,377 3,248
Business service revenues 461 1,852 475 3.2% 475 481 472 1,875 1.2% 1,875 1,885 1,868 1,926 2.7% 1,925 1,941 1,908 1,970 2.3% 1,968 1,993 1,945 2,007 1.9% 2,008 2,040 1,975
Business non-service revenues 19 89 20 10.3% 20 23 18 102 14.7% 102 108 94 103 0.7% 102 109 94 104 0.8% 103 114 94 105 1.0% 105 119 94
Business 479 1,941 496 3.5% 495 502 492 1,980 2.0% 1,978 2,006 1,962 2,032 2.6% 2,031 2,067 2,002 2,076 2.2% 2,075 2,129 2,040 2,119 2.0% 2,116 2,192 2,076
Wholesale service revenues 175 677 178 2.0% 178 180 177 687 1.5% 687 692 684 706 2.7% 705 716 694 727 3.0% 726 749 715 730 0.4% 744 776 573
Wholesale non-service revenues 1 5 1 14.1% 1 2 1 7 48.5% 7 9 5 7 -6.5% 7 10 3 7 0.0% 7 10 3 7 0.8% 7 10 3
Wholesale 176 682 180 2.0% 179 181 178 694 1.8% 694 701 690 711 2.5% 712 722 692 731 2.8% 731 755 698 739 1.0% 751 782 581
Network, Operations & IT 16 82 16 -1.8% 16 20 9 80 -1.9% 81 87 65 81 0.6% 82 92 65 81 0.7% 83 98 58 82 1.8% 85 104 58
Other (incl. eliminations) 18 49 1 -93.2% - 12 - 5 -88.7% 2 30 - 5 -16.8% 2 30 - 5 0.0% 2 30 - 4 -8.9% 2 30 -
Total adjusted revenues 1,455 5,829 1,473 1.2% 1,471 1,486 1,465 5,904 1.3% 5,901 5,927 5,882 6,023 2.0% 6,024 6,060 5,977 6,142 2.0% 6,141 6,203 6,056 6,249 1.7% 6,251 6,350 6,129
o/w Group service revenues 1,347 5,357 1,378 2.3% 1,377 1,385 1,374 5,438 1.5% 5,439 5,445 5,420 5,558 2.2% 5,562 5,573 5,514 5,673 2.1% 5,675 5,719 5,594 5,768 1.7% 5,781 5,877 5,626
Cash flow generation
Adjusted EBITDA after leases 672 2,636 665 -1.0% 667 671 653 2,674 1.4% 2,673 2,686 2,670 2,748 2.8% 2,749 2,793 2,709 2,821 2.7% 2,816 2,918 2,757 2,913 3.2% 2,900 3,050 2,808
Capex (311) (1,263) (316) 1.7% (311) (307) (361) (1,249) -1.1% (1,250) (1,230) (1,261) (992) -20.6% (991) (980) (1,000) (980) -1.3% (982) (941) (1,000) (974) -0.6% (988) (880) (1,028)
Operational free cash flow 361 1,373 348 -3.5% 354 360 292 1,434 4.4% 1,424 1,554 1,409 1,765 23.1% 1,755 1,881 1,719 1,851 4.9% 1,846 1,953 1,761 1,959 1,939 4.7% 1,932 2,169 1,812
Cash restructuring (8) (35) (7) -10.0% (7) (2) (12) (39) 10.9% (40) (31) (50) (25) -36.5% (29) (3) (35) (23) -6.5% (25) (10) (35) (21) -10.3% (20) (10) (35)
Change in provisions excl. restructuring 10 4 0 -99.1% 5 14 (51) (3) n.m. - 15 (28) (1) -79.2% - - (5) (1) 0.0% - - (5) - -100.0% - - -
Interest received/(paid) excl. lease interest (76) (219) (65) -14.2% (70) (38) (81) (221) 0.9% (221) (199) (245) (221) 0.1% (222) (199) (245) (221) 0.0% (223) (199) (245) (227) 2.7% (223) (199) (255)
Taxes received/(paid) (63) (179) (73) 16.1% (75) (55) (89) (225) 25.9% (225) (190) (254) (302) 34.1% (300) (270) (324) (316) 4.6% (322) (286) (340) (335) 6.0% (328) (296) (387)
Change in working capital 68 14 47 -30.4% 53 68 (25) 11 -21.9% 10 48 (6) (2) n.m. - 15 (20) 4 n.m. - 16 (5) 4 10.5% - 17 (5)
Other movements 6 (6) 2 -59.2% 5 10 (20) (3) -49.7% 2 10 (24) (14) >100% (13) 5 (30) (14) 1.5% (13) 5 (30) (15) 4.2% (16) 5 (30)
Free cash flow 298 952 254 -14.6% 260 292 184 955 0.3% 953 974 951 1,189 24.5% 1,187 1,264 1,096 1,316 10.6% 1,267 1,953 1,192 1,347 2.4% 1,326 1,580 1,242
Other items
Dividend per share (in € cents) - Regular 18.2 19.9 9.5% 20.0 20.0 18.9 24.8 24.4% 25.0 25.0 22.1 26.5 6.9% 26.3 27.9 25.7 28.3 6.8% 28.1 31.1 26.5
Share buyback 250 250 -0.0% 250 250 250 294 17.5% 300 320 250 318 8.2% 300 500 250 330 3.7% 315 500 250

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Delta
Consensus quick overview (consensus median vs. outlook)
Q2 '26 Q3 '26 FY '26 FY '27 FY '28 FY '29
Cons. Actuals Delta Cons. Outlook 06 Delta Cons. Outlook 09 Delta Ext. Outlook Cons. Ambition Delta Ext. Outlook Cons. Ambition Delta Cons. Ambition Delta
Consumer service revenues 1.8% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.8% ERROR:#REF! 1.8% 1.7% 1.8%
Business service revenues 3.2% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.2% ERROR:#REF! 2.7% 2.3% 1.9%
Wholesale service revenues 2.0% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.5% ERROR:#REF! 2.7% 3.0% 0.4%
Total adjusted revenues 1.2% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.3% ERROR:#REF! 2.0% ERROR:#REF! 2.0% ERROR:#REF! 1.7% ERROR:#REF!
Group service revenues 2.3% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.5% ERROR:#REF! 2-2.5% 2.2% ERROR:#REF! 2-2.5% 2.1% ERROR:#REF! 1.7% ERROR:#REF!
Adj. EBITDA AL -1.0% ERROR:#REF! ERROR:#REF! ERROR:#REF! 1.4% ERROR:#REF! 2.8% ERROR:#REF! 2.7% ERROR:#REF! 3.2% ERROR:#REF!
Capex 1.7% ERROR:#REF! ERROR:#REF! ERROR:#REF! -1.1% ERROR:#REF! -20.6% ERROR:#REF! -1.3% ERROR:#REF! -0.6% ERROR:#REF!
Operational FCF -3.5% ERROR:#REF! ERROR:#REF! ERROR:#REF! 4.4% ERROR:#REF! 23.1% ERROR:#REF! 4.9% ERROR:#REF! 4.7% ERROR:#REF!
FCF -14.6% ERROR:#REF! ERROR:#REF! ERROR:#REF! 0.3% ERROR:#REF! 24.5% ERROR:#REF! 10.6% ERROR:#REF! 2.4% ERROR:#REF!
Total adjusted revenues 1,473 ERROR:#REF! ERROR:#REF! ERROR:#REF! 5,904 ERROR:#REF! 6,023 ERROR:#REF! 6,142 ERROR:#REF! 6,249 ERROR:#REF!
Group service revenues 1,378 ERROR:#REF! ERROR:#REF! ERROR:#REF! 5,438 ERROR:#REF! 5,558 ERROR:#REF! 5,673 ERROR:#REF! 5,768 ERROR:#REF!
Adj. EBITDA AL 665 ERROR:#REF! ERROR:#REF! ERROR:#REF! 2,674 ERROR:#REF! ~2,670 2,748 ERROR:#REF! ~2,670 2,821 ERROR:#REF! 2,913 ERROR:#REF!
Capex (316) ERROR:#REF! ERROR:#REF! ERROR:#REF! (1,249) ERROR:#REF! (1,250) (992) ERROR:#REF! (1,250) (980) ERROR:#REF! (974) ERROR:#REF!
Operational FCF 348 ERROR:#REF! ERROR:#REF! ERROR:#REF! 1,434 ERROR:#REF! 1,765 ERROR:#REF! 1,851 ERROR:#REF! 1,939 ERROR:#REF!
Interest paid (65) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Tax paid (73) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Change in working capital 47 ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Other (3) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
FCF 254 ERROR:#REF! ERROR:#REF! ERROR:#REF! 955 ERROR:#REF! >950 1,189 ERROR:#REF! >950 1,316 ERROR:#REF! 1,347 ERROR:#REF!

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