Koninklijke KPN (KPN) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Sector and market overview

• European telco sector is experiencing positive change, driven by regulatory reforms, sector consolidation, and reduced capital intensity.

• CapEx in the sector is peaking, with cash flow expected to rebound as investments in fiber reach maturity.

• Pricing power is emerging, with telcos raising prices in response to inflation, improving Net Promoter Scores.

• KPN outperformed the sector due to a stable regulatory framework, pure Dutch market focus, and removal of América Móvil share overhang.

• Consistent operational performance and a strong shareholder remuneration policy support KPN's share price.

Strategic ambitions and ESG focus

• Updated strategy centers on Connect, Activate, and Grow, aiming for leadership in Dutch internet and digital services by 2027.

• Network modernization and a people-centric culture are key to delivering superior digital experiences and sustainable growth.

• ESG leadership is integral, with commitments to diversity, inclusion, net zero emissions, and circularity, aligned with UN SDGs.

Fiber rollout and network leadership

• Over 60% of Dutch households are covered by KPN and Glaspoort, with fiber rollout entering its final phase.

• Targeting 80% fiber coverage by end of 2026, securing long-term competitive advantage.

• Recognized as best mobile and fixed network provider in the Netherlands, with industry-leading customer satisfaction.