Report
Michiel Declercq

KPN Solid 1Q26 results, reiterates outlook

KPN reported a solid set of 1Q26 results, with adj. service revenues growing 0.6% to € 1328m (kbcse: € 1336m, css: € 1338m). Service revenues were driven by a 1.3% growth in consumer and -0.6% decline in business due to the high comparable in tailored solutions. Customer net adds also remained strong. Meanwhile, the adj. EBITDAal increased 3.1% to € 653m, or in line with expectations (kbcse: € 654m, css: € 650m). FCF of € 101m came in slightly below (kbcse: € 154m, css: € 152m) despite a lower capex spending, driven by the timing of interest payments and working capital phasing. Overall, the group remains on track and reiterated its full year guidance. Hold, € 4.2 TP
Underlying
Royal KPN NV

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.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Michiel Declercq

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