Koninklijke KPN (KPN) AGM 2025 summary

Opening remarks and agenda

• Meeting held in Rotterdam with both physical and virtual participation, enabling real-time voting and Q&A for all shareholders.

• Formalities included timely convocation, introduction of board members, auditors, and explanation of voting procedures.

• Language was Dutch, with English translation available; questions could be asked in both languages.

Financial performance review

• 2024 marked the first year of the Connect Activate and Grow strategy, with over €4.5 billion investment planned through 2027, mainly in fiber and 5G.

• Achieved over 3% revenue growth, EBITDA above €2.5 billion, CapEx at €1.25 billion, and free cash flow at €900 million, exceeding outlook.

• Consumer market revenue grew 3.1%, business market 4.4%, and wholesale segment saw second-half growth due to international roaming.

• Share buyback of €200 million completed; strong cash position with nearly €800 million in cash and short-term investments.

Board and executive committee updates

• Supervisory Board and Executive Board members introduced; changes in board composition discussed, including reappointments and departures.

• Remuneration policy explained, with 2024 short-term variable remuneration at 73% of target and long-term at 105.6%.

• Base salaries increased by 3% for most executives and 7.2% for the CFO.