Fourth quarter and annual results 2024

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Today, KPN has announced the fourth quarter and year results 2024.

Joost Farwerck, CEO, on the results:

“We delivered on our 2024 outlook and continued to make good progress towards our mid-term strategic and financial ambitions. Throughout the year, we consistently grew our Group service revenues. In Consumer, we saw encouraging developments in our postpaid and broadband base, driven by commercial improvements and increased focus on loyalty and base management. Our Business segment recorded another strong year, with organic growth across the board. Adjusted for Youfone, our Wholesale service revenues returned to growth in the second half of the year, primarily due to the success of Mobile. Our commitment towards customer centricity has been paying off, as illustrated by improved trends in customer satisfaction levels in Consumer during the quarter.

We delivered adjusted EBITDA after leases and Free Cash Flow growth slightly above guidance, supported by sustainable service revenue growth and effective measures to partly offset inflationary pressures, clearly demonstrating the success of our Connect, Activate and Grow strategy.

We continue to lead the Dutch fiber market and together with our joint-venture Glaspoort, we now cover 63% of the Netherlands and we see more and more customers benefiting from this next-generation digital infrastructure. To sustain our network leadership position, we further optimized our roll out process and increased our focus on connecting households and activating customers. This approach is delivering tangible results, with strong delivery of Homes Connected and ongoing new fiber broadband net adds.

We believe that strong personal connections support constructive dialogue. That is why we aim to connect everyone to a sustainable future. We are creating a ‘Better Internet’ – responsible, inclusive and sustainable – for all in the Netherlands. We are advancing on our sustainability agenda, by using more fossil-free fuel vehicles, reducing energy consumption, and focusing on scope 3 emissions reduction. In 2025, we started sourcing solar energy from solar farm Kabeljauwbeek, a partnership with Eneco to further support our green electricity goals. I am happy to see employee engagement remains strong and I would like to thank the “Team KPN” for the great contributions in 2024 and I am looking forward to making 2025 a great year together.

The overall progress made in 2024 demonstrates the successful execution of our strategic plan, paving the way for future growth. We are set to maintain solid service revenue and adjusted EBITDA growth, in line with our mid-term 3-3-7 financial ambitions. Over the next three years, we will invest more than €3 billion in our networks and the digitalization of the Netherlands, while delivering a strong return on capital employed. As from 2027 onwards, we foresee a step-down in our Capex, dropping to below € 1.0bn, resulting in a material inflection in our Free Cash Flow and a CAGR of around 7% over the entire 2024-2027 period. Our focus on creating sustainable value enables us to continue to deliver attractive shareholder returns, with dividend per share growing by 7% and a €250 million share buyback in 2025, projecting a 10% increase in total shareholder distributions.”