New Street Research - KPN (KPN) KPN (Neutral, TP: €3.9, -5%) Q3 25: Weak SR, but all guidance reiterated (for now)

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New Street Research

Russell Waller

EUR 8572.00 For Business Accounts Only

KPN (Neutral, TP: €3.9, -5%) Q3 25: Weak SR, but all guidance reiterated (for now)

KPN has reported a mixed set of results (-0.7% SR miss, with slower trends in B2C and B2B), but EBITDA is in-line and guidance has been reiterated. We flagged last quarter that the SR issue was going to cause problems (growth is now +1.7% y/y vs guidance of 3%), and this is now coming to a head in our view.

28/10/2025 1 EN

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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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
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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, -5%) Q3 25: Weak SR, but all guidance reiterated (for now)

Bible 2Q25 – Telecom Infrastructure: Fixed and semis recover; mobile stalls, awaiting 6G

KPN (Neutral, TP: €4.0, -3%) Q2 25: Good results and guidance raise (but some lingering issues remain)

DOJ Challenges Spectrum Property Rights: Investor Implications

How much WFE is required to produce a 1 GW datacenter?

Snap Inc. (SNAP, Neutral, $8 target) Downgrade to Neutral on lower DR ad growth & North America DAU headwinds

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