Second quarter results 2024

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Today, KPN has announced the second quarter results 2024.

Joost Farwerck, CEO, on the results:

“We continue to make good progress in the execution of our ‘Connect, Activate & Grow’ strategy. We are on track with our fiber roll out with strong delivery on homes connected. We announced a strategic partnership with ABP to jointly create a leading Tower Company in the Netherlands. This, combined with the newly acquired 3.5GHz spectrum marks an important next step in our strategy and demonstrates our intent to continue to operate the best digital infrastructure in the Netherlands. The quality of our service is reflected in our leading customer satisfaction levels in both Consumer and Business.
 
On 4 April, the acquisition of Youfone was completed, and from that date, Youfone’s financials and operational metrics are included in our financial statements. In the second quarter, our Consumer service revenues continued to grow, supported by another quarter of solid base inflow in mobile and ongoing fiber broadband service revenue growth. The overall broadband market remains challenging though with increased churn in our copper business. Business service revenues showed continued growth, with SME making a strong contribution once again. Within B2B, achieving sustainable inflection in our LCE business remains a priority. As expected, Wholesale declined due to Youfone, a decrease in low-margin interconnect revenues and increased competition in the wider broadband market, but with the current level of fiber roll out and our attractive portfolio, we are confident that performance in Wholesale will improve. 

Employee engagement remains strong, and I thank my colleagues for going all out every day to connect everyone to a sustainable future. We continue to make significant steps on our sustainability agenda. Supporting this, we signed an agreement with Eneco for the purchase of solar energy from the beginning of 2025 and we issued again a Green Hybrid Bond to finance projects that support KPN’s ambitious sustainability targets. Furthermore, we were once again awarded a Platinum medal by EcoVadis as a recognition of our Corporate Social Responsibility Rating. 

We are confident to deliver on our full-year 2024 outlook and we remain on track to deliver on our mid-term ambitions as outlined during our Capital Markets Day, including shareholder distributions. The first step, a € 200 million share buyback for this year has been completed.”