KPN 1Q25: Profitability exceeds expectations, reiterates outlook
KPN reported a solid set of 1Q25 results, with adj. service revenues up 3.1% organically to € 1319m, hereby slightly exceeding expectations (kbcse: € 1310m, css: € 1311m). Adj. EBITDAal increased 3.1% organically to € 634m, or comfortably above expectations (kbcse & € 624m). The group also reiterated its upward revised guidance from mid-February. Following the recent share price rally due to KPN's limited direct impact to tariffs, we lower our rating from Buy to Hold and reiterate our € 4.2 TP.Koninklijke KPN is an integrated information and communications technology service provider. Co. provides its consumer customers data broadband services, IPTV services, mobile (voice, data and SMS) and fixed line telephony. Co. provides its business customers broadband services, mobile, fixed line and data services. Co. operates in the following segments: Consumer Mobile, which provides mobile services and products; Consumer Residential, which provides services in and around the house; Business, which provides fixed and mobile telephony services; NetCo, which includes fixed wholesale services; Belgium, which provides mobile telephony; and iBasis, which provides wholesale network services.
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