KPN (Neutral, TP: €4.0, -3%) Q2 25: Good results and guidance raise (but some lingering issues remain)
KPN has reported a good set of results (+0.6% EBITDA beat ex the court case one-off) and has lifted FY25 EBITDA guidance (by €30m of which €25m is one-off related, so +0.2% underlying). In summary, Q2 is like Q1: weak B2C is offset by a good B2B result in terms of SR, and although B2B is lower margin, total EBITDA is being supported by cost out, such that EBITDA is as per guidance and expectations. Is this sustainable?
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