New Street Research - Koninklijke KPN NV (KPN) ... KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consensus – results and call summary

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New Street Research

Russell Waller

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KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consensus – results and call summary

KPN has reported a better set of results in terms of SR trends, with total SR now at +3% y/y in-line with mid-term guidance, but B2C SR remains well below +3% y/y, and we worry about the outlook here given the lack of front book price moves.

24/04/2025 1 EN

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Koninklijke KPN NV

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KPN

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable
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Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Russell Waller

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KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consensus – results and call summary

EU TELCOS: What a recessionary scenario might look like

Bible 4Q24: Telecom Infrastructure – Recovery across the board

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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