Second quarter results 2026

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Today, KPN has announced the second quarter results 2026.

Joost Farwerck, CEO, on the results:

“We delivered a solid first half, with our Connect, Activate & Grow strategy driving ongoing progress across the group. Group service revenues grew further, led by Consumer, SME and Wholesale. Consumer growth improved in both fixed and mobile, supported by our continued focus on customer loyalty and value growth. In Business, while SME continued to perform strongly, overall segment growth was held back by declines in low-margin Tailored Solutions and some softening in LCE revenues. The decline in Tailored Solutions reflected a strong prior-year comparison and our continued focus on value steering and contract quality. In Wholesale, international sponsored roaming remains a key growth driver.

While our reported EBITDA growth was impacted by the absence of prior-year sale of IP addresses and a favorable intellectual property rights settlement, underlying EBITDA growth remained strong and came in ahead of mid-term growth ambition of approximately 3% CAGR, supported by continued revenue growth and lower indirect costs. Free Cash Flow recovered during the second quarter, bringing year-to-date cash generation in line with our plan.

We continue to lead the Dutch fiber market. This year marks the fifth anniversary of Glaspoort, our joint venture, which has rolled out more than 950 thousand additional fiber lines, including business parks, nationwide. While we regret ACM's recent decision prohibiting the proposed Glaspoort-Delta Fiber transaction, we remain committed to expanding our fiber footprint across the Netherlands in a disciplined manner and within our financial framework. At the same time, we have partnered with Schwarz Digits to bring a European sovereign cloud to the Dutch market, combining KPN's secure infrastructure with the STACKIT cloud platform. This partnership responds to the growing demand for sovereign data solutions and provides customers with greater control over where and how their data is stored and processed.

Furthermore, Team KPN’s commitment to connecting everyone to a safer, more social, and greener future was recognized this quarter through the prestigious Global Grand Effie award for our #BetterInternet campaign, and the renewed Platinum rating from EcoVadis, underscoring our strong ESG credentials.

We expect group service revenue growth to accelerate to approximately 2-2.5% year-on-year in the second half of the year. For the full year, mainly due to the decline in Tailored Solutions in the first half year and some further decline in LCE, we estimate service revenue growth of around 1.5% year-on-year. We remain confident in delivering our full-year EBITDA and Free Cash Flow guidance, while preserving our mid-term ambitions, including cumulative shareholder distributions. We completed the € 250 million share buyback for this year, underlining our commitment to return all Free Cash Flow to shareholders while maintaining a strong balance sheet.

Finally, I would like to thank Hilde Garssen and Chris Figee for their dedication and significant contributions to KPN. As they prepare for their upcoming transitions later this year, we are ensuring a smooth handover and, together with the full KPN team, remain fully focused on executing our strategy and delivering on our commitments to all our stakeholders.”