KPN Conference call feedback and outlook make us slightly lower our estimates
KPN reported a solid set of FY24 results, with adjusted service revenue growth of 3.4% (CSS: 3.5%), adjusted EBITDAal of €2,508m (CSS: €2,508m), and FCF of €900m (CSS: €894m), broadly in line expectations and slightly above the FY24 guidance. For FY25, KPN expects the positive trend to continue and is forecasting adjusted service revenue growth of approximately 3% (CSS: 2.7%), adjusted EBITDAal of €2,580m (CSS: €2,589m), and FCF of approximately €910m (CSS: €920m), slightly below consensus expectations but in line with its 2027 ambitions. In line with the CMD targets, KPN expects to pay out a ...