New Street Research - KPN (KPN) KPN (Neutral, TP: €4.3, -9%) Q1 26: Solid numbers, guidance reiterated

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New Street Research

Russell Waller

EUR 8543.00 For Business Accounts Only

KPN (Neutral, TP: €4.3, -9%) Q1 26: Solid numbers, guidance reiterated

KPN has reported another solid set of numbers, with key numbers in-line or slightly ahead of consensus expectations. FY26 guidance has been re-iterated.

29/04/2026 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
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Russell Waller

Other Reports on these Companies

New Street Research

Bible 4Q25 - Telecom Infrastructure: No capex growth in sight. Mobile to remain sluggish; fixed growing

Today, we are publishing the Telecom Infrastructure section of our 30th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex was flat year-on-year in 4Q25 and operator guidance implies this trend will continue in 2026. The outlook for equipment vendors is in line with our expectations: mobile stable, fixed growing.

March 13, 2026 March 13, 2026 1 EN

New Street Research

KPN (Neutral, TP: €4.4, +7%) Post Q4 25 model update – We see better value elsewhere

In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. Our estimates are not changing too much following the results, as KPN gave detailed guidance at the recent CMD, and these results were largely as expected.

EUR 8543.00

February 2, 2026 February 2, 2026 1 EN

GOTO 1Q26 Results: Near Term Visibility Remains Limited

What’s New: GoTo reiterated its FY26 group adjusted EBITDA guide of IDR3.2trn to IDR3.4trn despite better-than-expected 1Q26 results partly due to recent global macro uncertainties. We lower our PT from IDR70 to IDR60 as near-term visibility remains limited. Our updated PT of IDR60 implies 2.3x FY26E EV/Revs (net). We maintain our NEUTRAL rating. Analysts: Jin Yoon

3h / 48m 3h / 48m 1 EN

David Barden ... (+2)

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Vikash Harlalka

TMUS Quick Hit: More fiber JVs announced

T-Mobile announced two Fiber JVs this morning. They are acquiring a 50% stake in a JV with Oak Hill Capital which will integrate fiber operators GoNetspeed and Greenlight Networks. They are also acquiring a 50% JV stake with Wren House that owns fiber operator i3 Broadband. All of this is very consistent with TMUS’ fiber convergence approach and quite contrary to reports that TMUS was looking to potentially acquire Uniti. Here, we share the footprint details of the 3 fiber operators and attempt to value the transactions (not easy). We also share our thoughts on implications for the broader fib...

EUR 8543.00

14h / 33m 14h / 33m 1 EN

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KPN (Neutral, TP: €4.3, -9%) Q1 26: Solid numbers, guidance reiterated

Bible 4Q25 - Telecom Infrastructure: No capex growth in sight. Mobile to remain sluggish; fixed growing

KPN (Neutral, TP: €4.4, +7%) Post Q4 25 model update – We see better value elsewhere

GOTO 1Q26 Results: Near Term Visibility Remains Limited

TMUS Quick Hit: More fiber JVs announced

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