KPN: Fourth quarter and annual results 2025

Today, KPN has announced the fourth quarter and year results 2025.

Joost Farwerck, CEO, on the results:

“We delivered on our full-year 2025 outlook and are on track to deliver on our mid-term strategic and financial ambitions. Throughout the year, we consistently grew Group service revenues across all segments. In Consumer, we sustained healthy commercial momentum, particularly in broadband, thanks to our focus on loyalty and base management and reinforced our market leadership in both fixed and mobile. Our Business segment delivered another year of growth, outperforming the broader market, while Wholesale continued to grow, mainly driven by international sponsored roaming.

We delivered adjusted EBITDA AL and Free Cash Flow above our upgraded guidance, primarily supported by continued service revenue growth, strict cost discipline, and operational efficiencies. Our transformation programs across all layers are making KPN more agile and efficient.

Together with Glaspoort, we expanded our fiber footprint to nearly six million Dutch households, with an increasing emphasis on connecting and activating homes, reinforcing our position as the Netherlands’ leading fiber provider. We also strengthened our mobile infrastructure through the launch of our tower company, Althio. “Security First” is our motto, and through continuous investments in cybersecurity we further enhance the resilience of our network. We also actively promote simple and effective security solutions for consumers, businesses, and public institutions.

We advanced our sustainability agenda by increasing green energy sourcing and reducing emissions across our operations. These efforts earned us recognition as a Low-Carbon Leader from Sustainalytics, and secured, once again, a place on CDP’s A-list. Our #BetterInternet mission remains central to our purpose: fostering a safer, more social, and greener future for everyone in the Netherlands. We also agreed on a new collective labor agreement for the next 18 months, which contains several valuable employee benefits, and I am happy to see employee engagement remains strong. I want to thank “Team KPN” for their dedication and resilience throughout 2025. Together, we are building a stronger, greener, and more connected future for the Netherlands, and I look forward to making 2026 another great year.

At our Strategy Update in November 2025, we reaffirmed our mid-term 3-3-7 financial ambitions. We aim to sustain healthy service revenue growth in the coming years, supported by our leading positions in Consumer and Business Markets and continued growth in Wholesale. At the same time, we are accelerating our transformation to deliver approximately € 100 million in net indirect Opex savings annually by 2030. By reducing Capex below € 1bn in 2027, we will drive strong cash generation and attractive shareholder returns. We remain committed to returning all Free Cash Flow to our shareholders through a combination of growing dividends and share buybacks. We target 10% dividend per share growth in 2026 and around 25% growth in 2027 compared to 2026, alongside a € 250 million share buyback program in 2026.”