Second quarter results 2023

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Today, KPN has announced the second quarter results 2023.

Joost Farwerck, CEO, on the results:

“We continue to make good progress with our Accelerate to Grow strategy. Group service revenues are growing sustainably, with growth across all segments. Our commitment to customers is to deliver the best connectivity. This is also reflected by continued positive and best-in-class customer satisfaction levels in both Consumer and Business. To sustain our network leadership position, we are on-track with our accelerated fiber roll out and continue to decommission our copper network in fiber areas.

During the second quarter, our Business service revenues showed continued growth, with SME making a strong contribution once again. Consumer service revenues inflected to growth, driven by ongoing mobile service revenue growth, and improving trends in fixed. We saw encouraging base developments across the board, driven by commercial improvements and strong execution. Wholesale made a solid contribution, thanks to our open wholesale policy.

In the second quarter, we announced the acquisitions of Primevest and Youfone. While Primevest strengthens our fiber footprint in larger cities, the intended acquisition of Youfone will strengthen our positioning, especially in the mobile no-frills segment.

Employee engagement remains at an elevated level, as our colleagues continue to express their pride to work at KPN. We continue to make progress on our sustainability agenda. Supporting this, we have recently launched initiatives to promote the use of bicycles for our employees. Furthermore, I am pleased to share KPN has been recognized by MCSI, for the third year in a row, with an industry leading ESG rating of AAA.

Despite increasing costs, driven by wage indexation and higher energy prices, the sustainable service revenue growth run-rate, our robust current performance and among others, the measures we have put in place to reduce costs, provide us with confidence to deliver on our full year outlook. As we reach the end of the current strategic period, we look forward to sharing a strategy update at our Capital Markets Day on the 7th of November.”