KPN: Service revenues up 2.7% in third quarter, annual targets confirmed
KPN published its third quarter results on October 28, 2026, during which all three segments contributed to the increase in service revenues. The Dutch telecom operator confirmed it is on track to achieve its objectives for the full year.
Its adjusted EBITDA after lease payments (EBITDA AL) remained virtually stable at €671 million (−0.1% year-on-year). Excluding the IPR benefit recognized last year, it grew by 2.4%. The difference between these two readings is due to the comparison base for the third quarter of 2025.
Mobile and return to growth in Enterprises drive revenues
The group's service revenues increased by 2.7% year-on-year in the third quarter of 2026. According to KPN, this increase was driven by all of its segments.
In the Consumer segment, service revenues grew by 1.8%, mainly driven by mobile. The Enterprises segment returned to growth, with service revenues rising by 3.9%, driven by SMEs and large accounts (LCE).
On the commercial front, KPN recorded a net gain of 66,000 postpaid mobile subscriptions across consumer and business segments. Fixed broadband in the consumer segment, however, lost 7,000 lines, on a market that the group describes as remaining competitive.
Stable EBITDA as reported, up 2.4% excluding base effect
Adjusted EBITDA after lease payments stood at €671 million in the third quarter, down 0.1% year-on-year. Adjusted for the IPR benefit recorded a year earlier, it shows an increase of 2.4%.
On an adjusted basis, the EBITDA increase (+2.4%) is close to that of the group's service revenues (+2.7%). The near-stability shown in reported figures therefore reflects an element specific to the previous year rather than an evolution in quarterly activity.
On the cash generation side, cumulative free cash flow from the start of the year reaches €605 million. KPN indicates it is progressing in line with its plan.
The breakdown by activity reveals two distinct dynamics among consumers. Mobile supports revenue growth in the Consumer segment, while fixed broadband recorded a net loss of subscribers during the quarter.
Six million homes passable for fiber, annual targets confirmed
In terms of infrastructure, KPN has crossed the threshold of 6 million homes passable for fiber. This milestone concerns the network on which its fixed broadband offering is based.
The group stated it is on track to achieve its annual targets. When publishing its 2025 annual results on March 4, 2026, KPN had indicated a target of approximately €2,670 million for adjusted EBITDA after lease payments for the current year.
This publication is the first since the announcement on October 1, 2026, of the appointment of Wouter Stammeijer to the position of Chief Financial Officer, as part of a simplification of the management structure. An investor webcast was scheduled for 1:00 p.m. (Central European Time) on the day of publication.
At the end of the third quarter, KPN reported adjusted EBITDA after lease payments of €671 million and cumulative free cash flow of €605 million, and confirms its trajectory toward its annual targets.
