Press release 
25 October 2023 
 
KPN Q3 2023 results    1 
KPN delivers accelerating Group service revenue growth 
• 
Group service revenue growth (+3.8% y-on-y) in Q3 2023, driven by all segments 
• 
Continued Business service revenue growth (+4.2% y-on-y), fueled by ongoing strong SME performance  
• 
Consumer service revenues sustainably inflected (+2.7% y-on-y); Fixed back to growth at +1.8% y-on-y 
• 
Ongoing positive net adds development in Consumer broadband (+17k) and postpaid (+33k)  
• 
Expanded fiber footprint with +221k HP in Q3 2023 (including Glaspoort +261k HP)  
• 
Adjusted EBITDA AL grew 1.8% y-on-y in Q3 2023. Free Cash Flow YTD -18% y-on-y, impacted by intra-year phasing 
• 
On-track to reach full year 2023 outlook for adjusted EBITDA AL and Free Cash Flow 
 
 
Message from the CEO, Joost Farwerck 
“We continue to deliver positive results with our current ‘Accelerate to Grow’ strategy with all segments contributing to sustainable service revenue 
growth. Our focus on customer centricity and commitment to delivering the best connectivity remains part of our DNA, as evidenced by the recent 
introduction of our 4 Gbps broadband offering. This is reflected in our strong brand positioning and further recognition as the best internet and 
mobile provider in the Netherlands, this time, by Tweakers. We remain on track with our fiber roll out and make good progress decommissioning 
the copper network in fiber areas. 
In the third quarter, Consumer fixed service revenues inflected and mobile service revenues continued to grow, supported by another quarter of 
solid base inflow in both broadband and mobile and July’s broadband price increase implementation. Business service revenues have durably and 
sustainably inflected, with SME making a strong contribution again. In the quarter, Consumer NPS declined mainly due to consumer sentiment 
around inflation-driven price increases. Within B2B, the LCE turnaround remains a priority and its slight decline in the quarter was mainly due to 
reduced roaming traffic.  
We remain active on our ambitious ESG agenda. During this quarter, KPN achieved Aspirant status on the Social Entrepreneurship Performance 
Ladder (PSO) certification, recognizing KPN as being a more inclusive employer. Furthermore, we launched our innovative mobility policy, which 
rewards employees for choosing sustainable commuting. 
We are on track to deliver on our full year outlook. The sustainable service revenue growth run rate, continued robust performance and the 
measures we have put in place have contributed to mitigate the increasing cost levels from wage indexation and higher energy prices. 
With a strong foundation built over the past years, we are ready to share an update of our Group strategy for the coming years at our upcoming 
Capital Markets Day on November 7th.” 
 
Key figures 
Group financials (unaudited) 
Q3 2022 
Q3 2023 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
Adjusted revenues 
1,334 
1,363 
+2.2% 
3,952 
4,028 
+1.9% 
Service revenues 
1,230 
1,277 
+3.8% 
3,654 
3,749 
+2.6% 
Adjusted EBITDA AL 
618 
629 
+1.8% 
1,807 
1,809 
+0.1% 
As % of adjusted revenues 
46.3% 
46.1% 
 
45.7% 
44.9% 
 
Operating profit (EBIT) 
325 
366 
+13% 
923 
1,020 
+10% 
Net profit 
211 
224  
+6.5% 
575 
636 
+11% 
Capex 
263 
303 
+16% 
815 
905 
+11% 
As % of adjusted revenues 
19.7% 
22.3% 
 
20.6% 
22.5% 
 
Operational Free Cash Flow 
355 
326 
-8.3% 
991 
904 
-8.8% 
As % of adjusted revenues 
26.6% 
23.9% 
 
25.1% 
22.4% 
 
Free Cash Flow  
265 
198 
-25% 
673 
552 
-18% 
As % of adjusted revenues 
19.9% 
14.5% 
 
17.0% 
13.7% 
 
Net debt 
 
 
 
5,566 
5,820

Press release 
25 October 2023 
 
KPN Q3 2023 results    2 
Continued strong commercial performance  
• 
Consumer: fixed service revenues back to growth (+1.8% y-on-y), driven by broadband base growth and higher ARPU 
− 
Fixed-Mobile households: +11k net adds (Q2 2023: +10k); Fixed-Mobile ARPA at € 86 (+3.5% y-on-y) 
− 
Broadband: +40k fiber net adds (Q2 2023: +42k), total broadband base +17k (Q2 2023: +14k)1 
− 
Postpaid: +33k net adds (Q2 2023: +31k); ARPU growing 2.8% y-on-y to € 17 
− 
NPS at +13 (Q2 2023: +19) affected mainly by consumer sentiment around inflation-driven price increases 
• 
Business: service revenue growth of 4.2% y-on-y, mainly driven by strong growth in SME  
− 
Broadband lines: +5k net adds (Q2 2023: +2k) 
− 
Mobile SIMs: +26k net adds (Q2 2023: +10k) 
− 
NPS remains positive at +6 (Q2 2023: +5) 
• 
Wholesale: service revenue growth of 5.4% y-on-y 
− 
Broadband lines: +14k net adds (Q2 2023: +10k)  
− 
Postpaid SIMs: -3k net adds (Q2 2023: +17k), driven by a 32k decline in 2G M2M SIMs at a single customer 
• 
Network: fiber roll out at steady pace, covering 55% of the Netherlands (including Glaspoort)  
− 
Added 221k FttH households to KPN’s fiber footprint, which includes 127k from the Primevest acquisition. Including Glaspoort, the fiber 
footprint grew by 261k in Q3 2023  
− 
KPN continues to decommission its copper network in fiber areas; approximately 2.9 million connections have been decommissioned 
so far 
 
Solid financial performance 
• 
Adjusted revenues grew 2.2% y-on-y, driven by continued Group service revenue growth (3.8% y-on-y), with all segments contributing. YTD 
2023 adjusted revenues increased 1.9% y-on-y 
• 
Adjusted EBITDA AL was 1.8% higher y-on-y. Higher service revenues were partly offset by higher indirect costs such as energy, wage 
indexation and other inflationary effects. Adjusted EBITDA AL margin of 46.1% was ~20bps lower y-on-y (46.3%)  
• 
Net profit of € 224m increased 6.5% y-on-y, due to higher EBIT, being partially offset by higher tax expenses 
• 
Capex of € 303m was € 41m higher than previous year. YTD 2023 Capex increased € 90m y-on-y mainly due to timing of investment projects  
• 
Operational Free Cash Flow of € 326m decreased 8.3% and YTD 2023 Operational Free Cash Flow decreased 8.8% y-on-y due to higher Capex  
• 
Free Cash Flow of € 198m decreased € 67m y-on-y. YTD 2023 Free Cash Flow decreased by € 121m compared to the same period last year 
driven by higher Capex and higher cash taxes 
• 
Strong liquidity position of € 1,579m, covering debt maturities until 2025 
 
Outlook FY 2023 reiterated 
KPN reiterates its FY 2023 outlook for adjusted EBITDA AL of approximately € 2,410m, Capex of € 1.2bn, and Free Cash Flow of approximately  
€ 870m. KPN intends to pay a regular dividend per share of € 15.0 cents over 2023. An interim dividend of € 5.2 cents per share over 2023 was 
paid on 1 August 2023.  
 
 
Achievements YTD 2023 
Outlook FY 2023 
Adjusted EBITDA AL 
€ 1,809m 
~€ 2,410m 
Capex 
€ 905m 
€ 1.2bn 
Free Cash Flow  
€ 552m 
~€ 870m 
Regular DPS 
€ 5.2ct 
interim dividend 2023 
€ 15.0ct, 
+4.9% y-on-y 
Share buyback 
€ 300m 
€ 300m 
 
 
 
 
1 Corrected for migrations to, and new customers of, small business propositions (6k in Q3 2023, 4k in Q2 2023, 4k in Q1 2023, 5k in Q4 2022 and 6k in Q3 2022)

Press release 
25 October 2023 
 
KPN Q3 2023 results    3 
Financial review KPN Group Q3  
Key financial metrics 
Group financials (unaudited) 
Q3 2022 
Q3 2023 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
 Service revenues 
1,230 
1,277 
+3.8% 
3,654 
3,749 
+2.6% 
 Non-service revenues & other 
104 
86 
-17% 
299 
278 
-6.8% 
Adjusted revenues 
1,334 
1,363 
+2.2% 
3,952 
4,028 
+1.9% 
  Cost of goods & services 
351 
343 
-2.3% 
1,007 
1,011 
+0.5% 
  Personnel expenses 
186 
188 
+0.9% 
596 
599 
+0.6% 
  IT/TI 
74 
78 
+5.2% 
222 
226 
+1.8% 
  Other operating expenses 
75 
88 
+17% 
225 
270 
+20% 
Total adjusted opex 
687 
697 
+1.5% 
2,049 
2,107 
+2.8% 
  Depreciation right-of-use asset 
25 
32 
+29% 
84 
96 
+15% 
  Interest lease liabilities 
5 
5 
+16% 
13 
15 
+15% 
Total adjusted indirect opex after leases 
366 
392 
+7.1% 
1,139 
1,207 
+6.0% 
Adjusted EBITDA AL 
618 
629 
+1.8% 
1,807 
1,809 
+0.1% 
  As % of adjusted revenues 
46.3% 
46.1% 
 
45.7% 
44.9%  
Operating profit (EBIT) 
325 
366 
+13% 
923 
1,020 
+10% 
Net profit 
211 
224 
+6.5% 
575 
636 
+11% 
 
 
 
 
 
 
 
 
Q3 2023 
Adjusted revenues increased 2.2% y-on-y, with all segments contributing. Adjusted Group service revenues increased 3.8% y-on-y, driven by 
Business (+4.2% y-on-y), Consumer (+2.7% y-on-y), and Wholesale (+5.4% y-on-y). Lower non-service revenues & other (-17% y-on-y) partly offset 
the service revenues growth. 
Adjusted EBITDA AL increased by 1.8% y-on-y. The service revenues growth was partly offset by higher indirect costs such as energy, wage 
indexation and other inflationary effects. Adjusted EBITDA AL margin was slightly down y-on-y at 46.1% (Q3 2022: 46.3%).  
Operating profit (EBIT) of € 366m increased € 41m y-on-y driven by lower depreciation and amortization.  
Net profit of € 224m increased € 13m y-on-y, driven by higher EBIT, being partially offset by higher tax expenses.

Press release 
25 October 2023 
 
KPN Q3 2023 results    4 
Financial position 
Group financials (unaudited) 
Q3 2022 
Q3 2023 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
Operational Free Cash Flow 
355 
326 
-8.3% 
991 
904 
-8.8% 
  As % of adjusted revenues 
26.6% 
23.9% 
 
25.1% 
22.4% 
 
Free Cash Flow  
265 
198 
-25% 
673 
552 
-18% 
  As % of adjusted revenues 
19.9% 
14.5% 
 
17.0% 
13.7% 
 
Net debt 
 
 
 
5,566 
5,820 
 
  Gross debt 
 
 
 
5,993 
6,400 
 
  Cash & short-term investments 
 
 
 
427 
579 
 
Leverage ratio* 
 
 
 
2.3x 
2.4x 
 
Interest cover ratio** 
 
 
 
12.1x 
12.3x 
 
Credit ratings 
 
 
 
Rating 
Outlook 
 
  Standard & Poor’s 
 
 
 
BBB 
Stable 
 
  Fitch Ratings 
 
 
 
BBB 
Stable 
 
  Moody’s 
 
 
 
Baa3 
Stable 
 
* Net debt (excl. leases) / LTM adjusted EBITDA AL 
** LTM adjusted EBITDA AL / LTM Net interest paid (excl. lease interest, incl. perpetual hybrid coupon) 
 
YTD 2023 
Operational Free Cash Flow of € 904m was 8.8% lower y-on-y. Free Cash Flow of € 552m decreased € 121m, or 18% y-on-y mainly driven by intra-
year Capex phasing and higher cash taxes. Free Cash Flow margin declined ~330bps to 13.7%. 
At the end of Q3 2023, net debt amounted to € 5,820m, € 82m higher compared to end Q2 2023. The seasonal increase in net debt was impacted 
by the € 205m interim dividend payment over 2023 on 1 August 2023, partly offset by Free Cash Flow generation during the quarter.  
KPN had a strong balance sheet and liquidity position at the end of Q3 2023. Nominal debt outstanding was € 6,893m, including € 60m short-
term commercial paper. KPN’s committed liquidity consisted of € 579m cash & short-term investments and a € 1.0bn undrawn revolving credit 
facility. On 3 July, KPN issued a 3.875% € 600m senior bond with an eight-year maturity which further strengthened KPN’s liquidity position and 
increased the average maturity of KPN’s outstanding debt. Therefore, available liquidity covers debt maturities until 2025. 
At 30 September 2023, the Group’s net debt to EBITDA ratio was 2.4x (Q2 2023: 2.4x). KPN’s interest cover ratio was 12.3x at the end of the third 
quarter (Q2 2023: 11.2x). At 30 September 2023, the weighted average cost of senior debt was 4.14% (Q2 2023: 4.09%).  
At the end of Q3 2023, Group equity amounted to € 3,404m, € 6m lower compared to the end of Q3 2022. This was mainly driven by increased 
Net Profit, being partially offset by the interim dividend payment over 2023.

Press release 
25 October 2023 
 
KPN Q3 2023 results    5 
Financial and operating review per segment Q3  
Consumer 
Segment financials (unaudited) 
Q3 2022 
Q3 2023 
Δ q-on-q 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
 
   Fixed service revenue 
456 
464 
 
+1.8% 
1,362 
1,360 
-0.1% 
      Broadband service revenues 
439 
450 
 
+2.6% 
1,306 
1,317 
+0.8% 
       o/w Fiber broadband service revenues 
235 
264 
 
+12% 
681 
756 
+11% 
       o/w Copper broadband service revenues 
204 
186 
 
-8.8% 
625 
560 
-10% 
      Other Fixed service revenues 
17 
14 
 
-19% 
57 
44 
-21% 
   Mobile service revenues 
194 
203 
 
+5.0% 
573 
599 
+4.6% 
Adjusted Consumer service revenues 
650 
668 
 
+2.7% 
1,935 
1,959 
+1.3% 
   Non-service & Other revenues 
69 
62 
 
-10% 
198 
191 
-3.4% 
Adjusted Consumer revenues 
719 
730 
 
+1.5% 
2,133 
2,150 
+0.8% 
Households (k) 
 
 
 
 
 
 
 
  Fiber households 
1,437 
1,604 
+40 
+167 
 
 
 
  Copper households 
1,315 
1,155 
-28 
-160 
 
 
 
  Postpaid-only households 
770 
779 
flat 
+10 
 
 
 
Total Consumer households 
3,523 
3,539 
+11 
+16 
 
 
 
  o/w Fixed-Mobile households 
1,524 
1,543 
+11 
+19 
 
 
 
ARPA (€) 
 
 
 
 
 
 
 
ARPA Fixed-Mobile households 
83 
86 
 
+3.5% 
 
 
 
ARPA total Consumer households 
59 
61 
 
+3.1% 
 
 
 
NPS Consumer 
18 
13 
-6 
-5 
 
 
 
 
Q3 2023 
Adjusted Consumer service revenues increased for the second quarter in a row (+2.7% y-on-y) with both mobile and fixed contributing. Fixed 
service revenues inflected (+1.8% y-on-y), supported by continued strong commercial momentum and an increased focus on base management 
and customer loyalty. The implemented price increase of 6.4% was effective per 1 July 2023. Fiber broadband service revenues continued to grow 
strongly (+12% y-on-y), offsetting the decline in copper broadband (-8.8% y-on-y). Operational performance on fiber remains solid as KPN 
activated 40k fiber households in the quarter (Q2 2023: +42k). Broadband net adds remained at a strong level (+17k2 net adds Q3 2023). Fixed 
ARPU grew with 2.6% y-on-y to € 54. 
KPN’s Fixed-Mobile household base grew 11k to 1,543k and represents 56% of total Fixed households. Fixed-Mobile ARPA increased 3.5% y-on-y 
to € 86. 
Consumer mobile service revenues increased by 5.0% y-on-y, driven by a continued solid performance. KPN’s postpaid base grew by 33k (Q2 
2023: +31k). Postpaid ARPU increased 2.8% y-on-y to € 17, driven by the commercial success of KPN’s and Simyo’s mobile propositions, including 
KPN’s Unlimited bundles. In September, KPN announced a price adjustment of 8.4% on its mobile portfolio, which was effective as of 1 October 
2023. 
In Q3 2023, Consumer NPS was +13 (Q3 2022: +18), down substantially compared to last year and last quarter. The NPS level was mainly affected 
by consumer sentiment around inflation-driven price increases.  
KPN introduced the KPN For You (KPN Voor Jou) platform focusing on improving customer loyalty and closed a collaboration with 1Password to 
strengthen KPN’s positioning in the internet security space. In September 2023, KPN was ranked, for the second consecutive year, as the best 
internet and mobile provider in the Netherlands by Tweakers, an important local tech community. In October, KPN introduced a 4 Gbps broadband 
offering for Dutch households on KPN's fiber network.  
On 22 June 2023, KPN announced the intended acquisition of Youfone for an amount of ~€ 200m. In the regulatory approval process, the 
competition authority (ACM) decided that an in-depth investigation is required, which is currently ongoing. 
 
 
2 Corrected for migrations to, and new customers of, small business propositions (6k in Q3 2023, 4k in Q2 2023, 4k in Q1 2023, 5k in Q4 2022 and 6k in Q3 2022)

Press release 
25 October 2023 
 
KPN Q3 2023 results    6 
Business 
Segment financials (unaudited) 
Q3 2022 
Q3 2023 
Δ q-on-q 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
 
    SME service revenues 
151 
169 
 
+11.7% 
442 
484 
+9.5% 
    LCE service revenues 
194 
190 
 
-1.8% 
579 
577 
-0.3% 
    Tailored Solutions service revenues  
71 
75 
 
+4.8% 
214 
222 
+3.9% 
  Adjusted Business service revenues 
416 
434 
 
+4.2% 
1,234 
1,283 
+4.0% 
  Non-service & Other revenues 
31 
20 
 
-35% 
92 
72 
-21% 
Adjusted Business revenues 
447 
454 
 
+1.5% 
1,326 
1,356 
+2.2% 
KPIs (k) 
 
 
 
 
 
 
 
  Broadband lines 
370 
380 
+5 
+10 
 
 
 
  Mobile SIMs  
2,101 
2,160 
+26 
+59 
 
 
 
NPS Business 
+4 
+6 
+1 
+2 
 
 
 
 
Q3 2023 
Adjusted Business service revenues grew 4.2% y-on-y, mainly driven by strong growth in SME. Operational performance remained steady, with 
growth of 26k Mobile SIMs and 5k broadband lines. 
SME service revenues increased 11.7% y-on-y (Q2 2023: +9.3%), supported by continued solid commercial momentum in both Broadband and 
Mobile. Alongside a growing customer base and the number of products per customer, revenues from Access & Connectivity also benefitted from 
higher Mobile ARPU due to the uptake of unlimited data bundles. Cloud & Workspace showed the strongest growth. Roughly two-thirds of the 
recent SME service revenue growth is driven by high-margin Access & Connectivity services. The remainder is driven by lower-margin ICT services 
which increase share of wallet and customer stickiness. 
LCE service revenues declined 1.8% y-on-y (Q2 2023: +0.5%) due to lower roaming related revenues and reduced mobile and fixed traffic, which 
more than offset the strong performance of IoT.   
Tailored Solutions service revenues increased 4.8% y-on-y (Q2 2023: +5.5%), and remains subject to timing in projects and related hardware sales. 
Business NPS remained positive at +6 (Q3 2022: +4) as customers appreciate the stability, reliability and quality of KPN’s products and services.

Press release 
25 October 2023 
 
KPN Q3 2023 results    7 
Wholesale 
Segment financials (unaudited) 
Q3 2022 
Q3 2023 
Δ q-on-q 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
(in € m, unless stated otherwise) 
 
 
 
 
 
 
 
    Mobile 
43 
49 
 
+15% 
125 
132 
+6.1% 
    Broadband 
74 
79 
 
+6.3% 
223 
238 
+7.0% 
    Other 
55 
53 
 
-2.9% 
161 
154 
-4.5% 
  Adjusted Wholesale service revenues 
171 
181 
 
+5.4% 
508 
524 
+3.1% 
  Non-service & Other revenues 
0 
0 
 
n.m. 
1 
1 
+21% 
Adjusted Wholesale revenues 
172 
181 
 
+5.4% 
510 
526 
+3.2% 
# Customers (k) 
 
 
 
 
 
 
 
  Postpaid SIMs 
720 
782 
-3 
+62 
 
 
 
  Broadband lines 
1,128 
1,152 
+14 
+23 
 
 
 
   
Q3 2023 
Adjusted Wholesale revenues increased 5.4% y-on-y, driven by higher Broadband and Mobile service revenues. Continued demand for KPN’s 
broadband wholesale portfolio (+14k net adds) led to solid growth in broadband service revenues of 6.3% y-on-y. 
Mobile service revenues increased 15% y-on-y driven by a growing mobile base compared to the same period last year and an easier comparable 
quarter. The postpaid base declined by 3k SIMs during the quarter due to a 32k decrease in 2G M2M SIMs at a single customer. 
Other service revenues declined by 2.9% y-on-y, mainly due to lower regulated tariffs leading to a decrease in low-margin interconnect revenues. 
 
Network, Operations & IT 
Segment KPIs 
YTD 2022 
YTD 2023 
Δ q-on-q 
Δ y-on-y 
(in thousands) 
 
 
 
 
  FttH households own roll out 
3,620 
4,142 
+221 
+521 
  FttH households 3rd party access 
405 
594 
+46 
+190 
    Of which Glaspoort  
268 
439 
+40 
+171 
FttH households total 
4,025 
4,736 
+267 
+711 
FttH households activated on own roll out 
1,795 
2,020 
+53 
+225 
 
Q3 2023 
In Q3 2023, KPN added 221k households to its own fiber footprint, including the 127k homes passed from the Primevest acquisition, closed on 3 
July 2023. Together with Glaspoort, KPN added 261k households to its fiber footprint to jointly cover 55% of Dutch households. During this 
quarter, KPN activated 53k fiber households on its own infrastructure. 
KPN has successfully continued to decommission its copper network in fiber areas this year. Approximately 2.9 million connections have been 
decommissioned so far. Going forward, KPN will be gradually switching off its copper network in areas where fiber is available. Over time this 
results in significant quality improvements and spend savings related to the closure of technical buildings, reduced service tickets and 
maintenance costs, and lower energy consumption. 
The 3.5GHz spectrum auction has been delayed by the Dutch Ministry of Economic Affairs to 2024.

Press release 
25 October 2023 
 
KPN Q3 2023 results    8 
Analysis of adjusted results Q3  
The following table shows the reconciliation between reported revenues and adjusted revenues: 
Revenues (in € m) 
Q3 2022 
Q3 2023 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
Consumer  
719 
730  
+1.5% 
2,133 
2,150 
+0.8% 
Business 
447 
454  
+1.5% 
1,326 
1,356 
+2.2% 
Wholesale 
172 
181  
+5.4% 
510 
526 
+3.2% 
Network, Operations & IT 
14 
13  
-9.8% 
50 
37 
-26% 
Other (incl. eliminations)  
-10 
-9 
-11% 
-32 
-23 
-29% 
Total revenues 
1,341 
1,368  
+2.0% 
3,987 
4,046 
+1.5% 
Revenue incidentals 
 
 
 
 
 
 
Consumer  
- 
- 
n.m. 
- 
- 
n.m. 
Business 
- 
- 
n.m. 
- 
- 
n.m. 
Wholesale 
- 
- 
n.m. 
- 
- 
n.m. 
Network, Operations & IT 
7 
5 
-36% 
34 
18 
-47% 
Other (incl. eliminations)  
- 
- 
n.m. 
- 
- 
n.m. 
Total revenue incidentals 
7 
5 
-36% 
34 
18 
-47% 
Consumer  
719 
730 
+1.5% 
2,133 
2,150 
+0.8% 
Business 
447 
454 
+1.5% 
1,326 
1,356 
+2.2% 
Wholesale 
172 
181 
+5.4% 
510 
526 
+3.2% 
Network, Operations & IT 
6 
8 
+21% 
16 
19 
+18% 
Other (incl. eliminations)  
-10 
-9 
-11% 
-32 
-23 
-29% 
Total adjusted revenues 
1,334 
1,363 
+2.2% 
3,952 
4,028 
+1.9% 
 
The following table specifies the revenue incidentals in more detail: 
 
The following table shows the reconciliation between reported EBITDA and adjusted EBITDA AL: 
(in € m) 
Q3 2022 
Q3 2023 
Δ y-on-y 
YTD 2022 
YTD 2023 
Δ y-on-y 
EBITDA  
647 
658 
+1.8% 
1,919 
1,918 
-0.1% 
   Incidentals 
-7 
-5 
-36% 
-34 
-21 
-38% 
   Restructuring 
8 
13 
+60% 
19 
24 
+30% 
Lease-related expenses 
 
 
 
 
 
 
   Depreciation right-of-use asset  
-25 
-32 
+29% 
-84 
-96 
+15% 
   Interest lease liabilities 
-5 
-5 
+16% 
-13 
-15 
+15% 
Adjusted EBITDA AL 
618 
629 
+1.8% 
1,807 
1,809 
+0.1% 
 
The following table specifies the EBITDA incidentals in more detail: 
EBITDA incidentals (in € m) 
Category 
Q3 2022 
Q3 2023 
YTD 2022 
YTD 2023 
Book gain on sale of assets to JV (Glaspoort) 
Revenues 
7 
5 
34 
18 
Release of provisions 
Other opex 
- 
- 
- 
3 
Total EBITDA incidentals 
 
7 
5 
34 
21 
  
 
Revenue incidentals (in € m) 
Segment 
Q3 2022 
Q3 2023 
YTD 2022 
YTD 2023 
Book gain on sale of assets to JV (Glaspoort) 
NOI 
7 
5 
34 
18 
Total revenue incidentals 
 
7 
5 
34 
18

Press release 
25 October 2023 
 
KPN Q3 2023 results    9 
 
All related documents can be found on KPN’s website: ir.kpn.com 
For further information: 
Formal disclosures: 
Media Relations 
Investor Relations 
Royal KPN N.V. 
E-mail: press@kpn.com  
ir.kpn.com 
Head of IR: Reinout van Ierschot 
E-mail: ir@kpn.com 
Inside information: No 
Topic: Q3 2023 Results 
25/10/2023; 7:30h 
 
Safe harbor 
Alternative performance measures and management estimates 
This financial report contains a number of alternative performance measures (non-GAAP figures) to provide readers with additional financial information 
that is regularly reviewed by management, such as EBITDA and Free Cash Flow (‘FCF’). These non-GAAP figures should not be viewed as a substitute for 
KPN’s GAAP figures and are not uniformly defined by all companies including KPN’s peers. Numerical reconciliations are included in KPN’s quarterly 
factsheets and in the Integrated Annual Report 2022. KPN’s management considers these non-GAAP figures, combined with GAAP performance measures 
and in conjunction with each other, most appropriate to measure the performance of the Group and its segments. The non-GAAP figures are used by 
management for planning, reporting (internal and external) and incentive purposes. KPN’s main alternative performance measures are listed below. The 
figures shown in this financial report are based on continuing operations and were rounded in accordance with standard business principles. As a result, 
totals indicated may not be equal to the precise sum of the individual figures. 
Financial information is based on KPN’s interpretation of IFRS as adopted by the European Union as disclosed in the Integrated Annual Report 2022 and do 
not take into account the impact of future IFRS standards or interpretations. Note that certain definitions used by KPN in this report deviate from the literal 
definition thereof and should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS as adopted by the European 
Union. KPN defines revenues as the total of revenues and other income. Adjusted revenues are derived from revenues (including other income) and are 
adjusted for the impact of incidentals. KPN defines EBITDA as operating result before depreciation (including impairments) of PP&E and amortization 
(including impairments) of intangible assets. Adjusted EBITDA after leases (‘adjusted EBITDA AL’) are derived from EBITDA and are adjusted for the impact 
of restructuring costs and incidentals (‘adjusted’) and for lease costs, including depreciation of right-of-use assets and interest on lease liabilities (‘after 
leases’ or ‘AL’). KPN defines Gross Debt as the nominal value of interest-bearing financial liabilities representing the net repayment obligations in Euro, 
excluding derivatives, related collateral, and leases, taking into account 50% of the nominal value of the hybrid capital instruments. In its Leverage Ratio, 
KPN defines Net Debt as Gross Debt less net cash and short-term investments, divided by 12 month rolling adjusted EBITDA AL excluding major changes in 
the composition of the Group (acquisitions and disposals). The Lease adjusted leverage ratio is calculated as Net Debt including lease liabilities divided by 
12 month rolling adjusted EBITDA excluding major changes in the composition of the Group (acquisitions and disposals). Operational Free Cash Flow is 
defined as adjusted EBITDA AL minus capital expenditures (‘Capex’) being expenditures on PP&E and software, excluding M&A. Free Cash Flow (‘FCF’) is 
defined as cash flow from continuing operating activities plus proceeds from real estate, minus Capex. Return on capital employed (‘ROCE’) is calculated by 
the net operating profit less adjustments for taxes (‘NOPLAT’) divided by capital employed, on a 4-quarter rolling basis. Net operating profit is the adjusted 
EBITA (excluding incidentals and amortization of other intangibles and including restructuring costs). KPN defines capital employed as the carrying amount 
of operating assets and liabilities, which excludes goodwill and the other intangibles. 
All market share information in this financial report is based on management estimates based on externally available information, unless indicated 
otherwise. For a full overview on KPN’s non-financial information, reference is made to KPN’s quarterly factsheets available on ir.kpn.com. 
Forward-looking statements 
Certain statements contained in this financial report constitute forward-looking statements. These statements may include, without limitation, statements 
concerning future results of operations, the impact of regulatory initiatives on KPN’s operations, KPN’s and its joint ventures' share of new and existing 
markets, general industry and macro-economic trends and KPN’s performance relative thereto and statements preceded by, followed by or including the 
words “believes”, “expects”, “anticipates”, “will”, “may”, “could”, “should”, “intends”, “estimate”, “plan”, “goal”, “target”, “aim” or similar expressions. 
These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of 
which are outside KPN’s control that could cause actual results to differ materially from such statements. A number of these factors are described (not 
exhaustively) in the Integrated Annual Report 2022. All forward-looking statements and ambitions stated in this financial report that refer to a growth or 
decline, refer to such growth or decline relative to the situation per 31 December 2022, unless stated otherwise.