Koninklijke KPN N.V. Earnings Recaps
Q2 2026
Jul 24, 2026
KPN’s shares declined modestly by 0.7% as the market digested a cautious revenue outlook amid ongoing headwinds in low-margin B2B segments, despite stable margin improvement and steady subscriber growth.
Key takeaways
- Group service revenues rose 0.8% in Q2, driven by consumer, SME, and wholesale segments; however, declines persisted in Tailored Solutions and LCE impacting overall growth.
- Adjusted revenues fell 0.5% year-over-year mainly due to absence of one-off IP sales and IPR benefits; excluding these, revenues increased 2.5%.
- Adjusted EBITDA after leases decreased 0.3% reported but grew 3.4% on a comparable basis, supported by revenue growth and cost reductions; EBITDA margin improved 8 basis points to 45.6%.
- Consumer segment showed improving trends with 1.9% service revenue growth and positive broadband net adds; mobile post-paid subscribers increased by 18,000 driving 3.2% mobile service revenue growth.
- Business segment revenue declined 1.1%, with SME growth nearly 7% offset by continued weakness in Tailored Solutions and low-margin LCE, which management expects to remain pressured through year-end.
Q3 2025
Oct 28, 2025
KPN's Q3 performance demonstrated solid growth with service revenues rising 1.7% and adjusted EBITDA increasing by 4.4%, reflecting robust commercial momentum and strategic execution across all segments.
Key takeaways
- Service revenues grew 1.7% year-on-year, supported by strong performance in consumer and business segments.
- Adjusted EBITDA increased by 4.4%, benefitting from higher service revenues and operational efficiency.
- Free cash flow surged 12% year-to-date, indicating improved working capital management and lower interest payments.
- Fiber footprint expanded significantly, with 74,000 more homes passed, aligning with the goal to cover 80% of Dutch households.
- Customer satisfaction improved, as reflected in rising Net Promoter Scores across consumer and business segments.