Royal KPN N : KPN Q1 2022 Results (Consensus)

Consensus Q1 '22

Analyst forecasts for the period ending 31 March 2022

Please note that this analyst consensus is subject to the disclaimer below:

The analyst consensus is based on forecasts provided by various leading equity analysts covering the KPN share.

The analyst consensus for the Q1 2022 period and full fiscal years 2022-2024 is based on the non-weighted average of18 analyst forecasts (vs. 17 in Q4 2021).

The analyst forecasts were submitted to KPN in the period of 15 March 2022 to 23 March 2022. The consensus was published at 24 March 2022 at 17:45 CET.

The analyst consensus does not in any way represent KPN's financial expectations nor can this be considered to be a forward looking statement by KPN. The analyst consensus is provided for information purposes only, for the convenience of our investors. KPN is not responsible and cannot be held liable in any way for the accuracy, completeness or validity of the analyst consensus, nor for the figures, calculations or assumptions that have led thereto.

Consolidated figures (from continuing operations, in € m)	Q1 '21 FY '21	Q1 '22	FY '22	FY '23	FY '24
ActualsActuals	Average	% y-on-yMedian High Low	Average	% y-on-yMedian High Low	Average	% y-on-yMedian High Low	Average	% y-on-yMedian High Low
Adjusted revenues
Consumer Business Wholesale 702 2,857 440 1,762 161 663 Network, Operations & IT 1 19	713 433 169 2	1.7% -1.6% 4.9% 50% 713 433 169 1 723 706 439 425 175 162 5 1	2,887 1,744 689 17	1.0% -1.0% 3.8% -9.2% 2,886 1,749 686 18 2,926 2,865 1,763 1,705 713 673 33 9	2,917 1,744 703 17	1.0% 0.0% 2.1% 0.4% 2,905 1,747 700 18 2,974 2,882 1,773 1,696 741 676 33 9	2,954 1,747 715 17	1.3% 0.2% 1.6% 0.2% 2,947 1,750 707 18 3,046 2,899 1,787 1,692 770 678 33 9
Other (incl. eliminations) (14) (46)	(13)	-7.3%	(13) (8) (18)	(48)	6.3%	(46) (32) (62)	(47)	-3.0%	(46) (27) (63)	(47)	0.3%	(46) (27) (63)
Total adjusted revenues 1,290 5,256	1,305	1.1% 1,304 1,317 1,295	5,288	0.6% 5,283 5,331 5,254	5,334	0.9% 5,325 5,413 5,287	5,386	1.0% 5,373 5,493 5,310
Adjusted EBITDA AL
Total adjusted operating expenses after leases (excl. D&A) 723 2,909	716	-0.9% 715 726 709	2,876	-1.1% 2,872 2,925 2,844	2,860	-0.5% 2,859 2,920 2,829	2,853	-0.3% 2,847 2,924 2,790
Adjusted EBITDA AL 568 2,347	588	3.6% 588 594 579	2,412	2.8% 2,409 2,433 2,402	2,476	2.7% 2,474 2,530 2,427	2,536	2.4% 2,535 2,651 2,462
Other P&L items
Operating profit 235 1,862 Profit for the period 141 1,283 Earnings per share (non-diluted, in €) 0.03 0.30 Dividend per share (in € cents) - Regular 0.0 13.6	248 151 0.04	5.5% 6.6% 21% 248 153 0.04 278 221 184 100 0.04 0.03	1,045 640 0.16	-44% -50% -48% 1,057 1,146 925 642 0.16 734 550 0.17 0.13	1,129 715 0.18	8.0% 12% 14% 1,137 1,325 947 713 0.18 912 609 0.22 0.15	1,197 774 0.20	6.0% 8.3% 10% 1,196 1,424 952 776 0.20 991 624 0.24 0.15 4.5% 15.7 15.8 15.3
0.0	0.0 0.0 0.0	14.3	5.0% 14.3 14.3 14.1	15.0	4.8% 15.0 15.2 14.7	15.6
Cash flow generation
Adjusted EBITDA AL 568 2,347	588	3.6% 588 594 579	2,412	2.8% 2,409 2,433 2,402	2,476	2.7% 2,474 2,530 2,427	2,536	2.4% 2,535 2,651 2,462
Capex (321) (1,216)	(310)	-3.5%	(313) (292) (330)	(1,203)	-1.0%	(1,200) (1,187) (1,226)	(1,203)	0.0%	(1,200) (1,197) (1,220)	(1,193)	-0.9%	(1,200) (1,154) (1,220)
Operational Free Cash Flow 247 1,131	278	13% 279 296 258	1,209	6.9% 1,207 1,246 1,192	1,273	5.3% 1,273 1,333 1,228	1,343	5.5% 1,339 1,431 1,262
8.9% 968 1,057 900
Free Cash Flow 122 784	171	40% 170 201 118	837	6.7% 835 852 828	893	6.8% 889 920 870	973

KPN Q1 2022 Analyst Consensus

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