• Continued B2B service revenue growth (+3.4% y-on-y), mainly driven by strong growth in SME
• Ongoing mobile base momentum in Consumer and Business (67k postpaid net adds)
• Growing Consumer mobile service revenues, improving trends in Consumer fixed
• Sustainable adjusted EBITDA AL growth +1.8% y-on-y
• Strong FCF generation (YTD 2022: +26% y-on-y), driven by higher adjusted EBITDA AL and lower Capex
• Customer satisfaction levels improved across Consumer and Business segments
• KPN’s improved wholesale fiber offer declared binding by ACM until 2030
• On track to reach full-year outlook; € 300m share buyback for 2022 completed
Message from the CEO, Joost Farwerck
“In the third quarter, we continued to make progress against our strategic and financial ambitions. We have been able to show
Group service revenue growth for the fifth quarter in a row. We see a healthy customer inflow in Consumer and Business, especially
in mobile. Business service revenues grew for the second consecutive quarter, with SME again making a strong contribution.
Consumer mobile service revenues continued to grow, partly offsetting the competitive dynamics in fixed. The commitment shown
by our people towards enhancing customer centricity has been paying off, as illustrated by customer satisfaction improvements
in both Business and Consumer.
KPN took the initiative to improve the terms of its wholesale fiber offer, including a cap on the pass through of inflation to
wholesale providers. The new offer has been effective since the end of August and is applicable for a period of 8 years. This enables
us to roll out fiber at a fast pace and supports our successful open network policy. We keep expanding our fiber footprint and are
consistently making fiber accessible to more Dutch households by delivering these connections.
We are fully committed to creating value for all our stakeholders in a sustainable way. I am therefore pleased that we issued a
Green Hybrid Bond to finance projects that support KPN’s ambitious sustainability targets. We remain confident of delivering on
our recently upgraded full-year 2022 outlook, despite the current economic environment. In light of this, we provided our
employees with a one-off payment to support them with the rising cost of living. There remains a degree of uncertainty about the
impact and duration of inflation, but we are working hard on mitigating measures to offset these headwinds. Despite the macro
backdrop, we aim to deliver growth next year and remain fully committed to our Accelerate to Grow strategy.”
Key figures
Group financials (unaudited) Q3 2021 Q3 2022 ? y-on-y YTD 2021 YTD 2022 ? y-on-y
(in € m, unless stated otherwise)
Adjusted revenues 1,311 1,337 +1.9% 3,897 3,961 +1.6%
Adjusted EBITDA AL 607 618 +1.8% 1,763 1,807 +2.5%
As % of adjusted revenues 46.3% 46.2% 45.2% 45.6%
Operating profit (EBIT) 281 325 +16% 1,610 923 -43%
Net profit 185 211 +14% 1,126 575 -49%
Capex 259 263 +1.5% 884 815 -7.8%
As % of adjusted revenues 19.7% 19.6% 22.7% 20.6%
Operational Free Cash Flow 348 355 +2.0% 879 991 +13%
As % of adjusted revenues 26.5% 26.6% 22.6% 25.0%
Free Cash Flow 232 265 +14% 533 673 +26%
As % of adjusted revenues 17.7% 19.8% 13.7% 17.0%
Net debt 5,293 5,566

Continued strong operational momentum
• Consumer: mobile service revenues continue to grow (+2.2% y-on-y), driven by base growth and broadly stable ARPU
? Fixed-Mobile households: +11k net adds (Q2 2022: +8); Fixed-Mobile ARPA at € 83 (-0.3% y-on-y)
? Broadband: +37k fiber net adds (Q2 2022: +34k), total broadband base +4k (Q2 2022: -3k)1
? Postpaid: +38k net adds (Q2 2022: +33k); ARPU stable y-on-y at € 17
? NPS improved y-on-y to +18 (Q3 2021: +15); driven by quality and customer journey improvements
• Business: service revenue growth of 3.4% y-on-y, mainly driven by strong growth in SME
? Broadband lines: +4k net adds (Q2 2022: +6k)
? Mobile SIMs: +29k net adds (Q2 2022: +24k)
? NPS improved to +4 (Q3 2021: +3); driven by customer centricity and reliability of products and services
• Wholesale: New and improved wholesale fiber offer declared binding by ACM, effective immediately and applicable until
2030
? Broadband lines: +10k net adds (Q2 2022: +4k)
? Postpaid: +18k net adds (Q2 2022: +17k)
• Network: fiber roll out at steady pace, total own footprint 3.5m homes passed
? Added 76k FttH households to KPN’s fiber footprint (+123k including Glaspoort) in Q3
• Cost savings: net indirect opex savings of € 34m YTD 2022 (Q3 2022: € 13m)
Solid financial performance
• Adjusted revenues grew 1.9% y-on-y, supported by Group service revenue growth and higher non-service revenues.
Adjusted Group service revenues increased 1.1% y-on-y, mainly driven by growth in Business and Consumer Mobile
• Adjusted EBITDA AL increased 1.8% y-on-y, supported by higher Group service revenues and lower indirect costs, partly
offset by higher direct costs. Adjusted EBITDA AL margin of 46.2% was broadly stable compared to Q3 2021 (46.3%)
• Net profit of € 211m increased 14% y-on-y, mainly driven by € 37m lower depreciation and amortization and € 7m higher
EBITDA, partly offset by higher income taxes
• Capex of € 263m was broadly stable y-on-y. YTD 2022 Capex decreased € 69m y-on-y due to timing of investment projects
• Operational Free Cash Flow of € 355m increased 2.0%. YTD 2022 Operational Free Cash Flow increased 13% y-on-y mainly
due to lower Capex and higher adjusted EBITDA AL
• Free Cash Flow of € 265m increased € 33m y-on-y. YTD 2022 Free Cash Flow increased by € 140m compared to the same
period last year driven by lower Capex, higher adjusted EBITDA AL and lower interest paid
• Strong liquidity of € 1.4bn, covering debt maturities until 2024
Outlook FY 2022 reiterated
KPN reiterates its FY 2022 outlook for adjusted EBITDA AL of more than € 2,400m, Capex of € 1.2bn, and Free Cash Flow of
approximately € 850m. KPN intends to pay a regular dividend per share of € 14.3 cents over 2022. An interim dividend of € 4.8
cents per share over 2022 was paid on 4 August 2022.
Assuming current inflation and energy price levels persist, KPN expects to deliver slight adjusted EBITDA AL growth for next year.
KPN operates in an environment where uncertainty about the impact and duration of inflationary developments persists, in
particular around energy. KPN continues to work on mitigating measures to help offset the inflationary headwinds. KPN will
specify its FY 2023 outlook at the Q4 2022 results on 31 January 2023.

Achievements YTD 2022 Outlook FY 2022
Adjusted EBITDA AL € 1,807m >€ 2,400m
Capex € 815m € 1.2bn
Free Cash Flow € 673m ~€ 850m
Regular DPS € 4.8ct
interim dividend 2022
€ 14.3ct,
+5.1% y-on-y
Share buyback € 300m € 300m
KPN’s execution of its strategy and multi-year cash generation perspective enables the company to structurally return additional
capital to its shareholders. On 11 August 2022, KPN completed its € 300m share buyback that was started on 17 February 2022.
In total, KPN repurchased 92,840,654 ordinary shares at an average price of € 3.23 per share.
1 Corrected for migrations to, and new customers of, small business propositions (6k in Q3 2022, 7k in Q2 2022, 9k in Q1 2022, 10k in Q4 2021, 7k in Q3 2021)

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