Our strategy

Connecting everyone in the Netherlands to a sustainable future remains KPN’s core purpose and mission. We are halfway through our strategic period for 2024–27. This strategy illustrates KPN's continued investment to digital infrastructure for the Netherlands. However, going forward we are shifting our focus from passing homes to connecting and activating customers, enabling the best of the internet. Our strategy rests on three strategic pillars:

• Connect – Earn customer loyalty through relevant, converged propositions that meet evolving needs;

• Activate – Leverage the power of our networks, platforms, and partnerships to deliver a superior, always-on digital experience;

• Grow – Modernize and simplify our business through AI-driven automation, fostering a future-ready, skilled workforce.

Taken together, we anticipate this plan to deliver on our purpose alongside financial guidance in service revenues and EBITDA AL CAGR of around 3% and a free cash flow CAGR of around 7% between 2024 and 2027.

Beyond financial performance, this strategy underscores KPN’s role as a catalyst for digital innovation, sustainability, and customer excellence — delivering enduring value for shareholders, customers, employees and society.

We go all out to connect everyone in the Netherlands to a sustainable future. Our strategy focuses on helping customers get the most out of their digital lives, while delivering great value for money.

With our Household 3.0 strategy, we meet the diverse needs of the entire household and strengthen customer loyalty. At the heart of our customer relationship is the MijnKPN app, which we are transforming into a digital companion. We enhance customer experience with a digital-first approach complemented by our human-assisted omnichannel experience.

In 2025, we strengthened our societal impact with the launch of our #BetterInternet campaign #IedereenBehalve (EveryoneExcept), addressing online exclusion. Through initiatives such as Platform Digitale Weerbaarheid and our partnership with SeniorWeb, we make the digital world more accessible and increase resilience nationwide.

For us, this starts with delivering reliable, secure and state-of-the-art services through our mobile and fixed networks. KPN is positioned as a premium brand, built on reliability, ease of use, personal attention and innovation. We differentiate through premium experience and digital leadership, offering our customers peace of mind with fiber, unlimited mobile data, great entertainment via our TV+ platform, seamless in-home connectivity via our WiFi Manager and bundled-in security.

We took decisive steps to improve customer satisfaction by reinforcing our commitment to value for money. One key initiative was the expansion of Combivoordeel, rewarding customers who combine services with more benefits. We continue to offer free (fiber) speed upgrades for residential customers, free security licenses, and tailored retention offers. We create rewarding experiences that truly matter to our customers, with valuable extras such as double data, MB sharing and free Netflix or ESPN.

We introduced a new broadband portfolio with bundled-in security, aligned with our mission to connect everyone to a #BetterInternet. For mobile customers, we extended our Unlimited proposition with new tiers for speed and roaming.

This year we also acquired the rights for online soccer highlights from the Dutch "Eredivisie", providing all our customers with free soccer highlights and goal alerts via our platforms. Innovations in the MijnKPN app enabled seamless onboarding and gave customers more control over their in-home WiFi, including parental controls.

Our company is currently operating in a complex and competitive landscape, shaped by shifting market dynamics, inflation and economic uncertainty. These factors influence customer behavior. In this environment, focusing on deepening relationships with our existing customers while attracting new ones is both essential and challenging. To stay competitive, we are investing more in our base while our go-to-market strategy uses flanker brands to tailor offers for budget-conscious customers and used the KPN brand to serve the premium segments.

The telecoms industry is evolving rapidly, while customer expectations around speed, simplicity, and personalization continue to rise. Artificial intelligence is reshaping the way customers interact with digital services. At the same time, the growing use of AI brings new challenges around cybersecurity and data privacy. To maintain our competitive edge, we focus on continuous innovation, strategic partnerships, and a customer-centric approach. By doing so, we reinforce our position as a reliable and forward-looking leader in the industry.

We are confident that our Connect, Activate & Grow strategy will continue to guide us through changing market dynamics and enable further growth in service revenue market share by delivering reliable, easy, responsive, and state-of-the-art services.

We remain committed to delivering high-quality products and services through a digital-first, human-assisted approach, while increasing fiber adoption. We aim to lead in household value by offering relevant, differentiated services through our main and flanker brands. AI will become integral to how we serve customers, enabling personal recommendations, proactive support and tailored loyalty offers in real time. These capabilities strengthen customer relationships and improve efficiency and responsiveness across channels.

In 2025, we focused our efforts on further strengthening our portfolio to ensure sustainable customer value. By doing so, we are better positioned to serve our business customers and address their needs and challenges. As announced in 2025, we launched our new formula in the midmarket segment which gained traction during 2025. In parallel, our digital channels see rising interaction, demonstrating that our efforts to become a fully data-driven organization are paying off culturally and operationally, and reinforcing our commitment to sustainably secure future value.

We grew our client base in 2025. Once again, we saw a positive performance in the SME segment, mainly driven by Mobile, Cloud and Workplace services. We successfully continued growth on Value Added Services, such as Extra Veilig Mobiel. Also, we were able to further expand our reach with Supervision, a tool to manage Microsoft 365 environments of customers in an efficient and safe manner. Due to the transformation of our organization and the further development of our enterprise propositions, we are better positioned to serve our LCE customers. Within the LCE segment, we are seeing positive traction in key growth areas, including Secure Networking, Campus, CPaaS, Multicloud and IoT.

We signed our first customers for KPN Campus, which was introduced last year. With this proposition, we provide our customers with secure and reliable infrastructure for onsite digital transformation, based on services such as 5G (public and private) and edge computing. Within CPaaS, we see increased demand for both our communication and network/identity APIs. And IoT is also showing positive results in 2025.

In its most recent review, GlobalData recognized KPN as a "very strong" player in the market, highlighting our broad, converged portfolio and secure connectivity solutions. This strong position is further underscored by multiple awards from leading partners. Microsoft honored our KPN Business segment and InSpark with Microsoft Country Partner of the Year 2025 award, while Cisco named KPN Sustainability Partner of the Year for the northern EMEA region and awarded us both Sustainability Partner of the Year and Collaboration Partner of the Year within the Benelux region.

In the SME segment, recent legislative changes regarding self-employment have caused growth in the number of self-employed professionals to level off, impacting the growth rate of self-employed professionals in the Netherlands and creating more uncertainty among entrepreneurs. At the same time, competition in the marketplace remains strong and persistent pricing pressure continues to pose a challenge. In the LCE segment, customers increasingly seek integrated services while continuing to demand simplicity and ease of use. We are seeing more international players enter the business market and competition becomes more intense.

We are exploring new approaches, including greater collaboration with our business partners and increasing distribution potential via corporate partnerships. It is essential to keep innovating our integrated connectivity propositions while expanding adjacent offerings. We must streamline our delivery and accelerate digitalization across our business. Our focus will be on converged solutions that combine core and near-core portfolio, such as mobile and networking services, together with adjacent services.

KPN is committed to leading in connectivity and integrated solutions for SMEs and for LCE and Tailored Solutions customers in key sectors, such as banking and insurance, public sector, and logistics. Our vertical strategy enables us to anticipate specialized needs and deliver tailored propositions that create long-term value. As a Dutch enterprise with proprietary network and data center infrastructure, complemented by strong services on top, we provide secure, sovereign solutions that protect customer systems and data. Security remains central to our value proposition, reinforcing trust in an increasingly digital economy. Customer expectations are shifting toward sustainable technology, simplicity and integrated services. To meet these demands, we are advancing our one-stop-shop model and strengthening omnichannel capabilities to deliver seamless, multi-touch experiences that are closely monitored in order to further empower our customer experience.

Going forward, we will strengthen our platform strategy for SMEs, positioning KPN as the one-stop shop for this segment. This includes expanding our e-commerce capabilities and driving growth among small, medium and mid sized businesses through our Partner Network. For LCE and Tailored Solution customers, we are enhancing our offerings with a more vertical approach and by simplifying and digitalizing the end-to-end chain and turning data into actionable insights. Additionally, we are accelerating the adoption of AI across our Business segment to boost service quality, speed, and productivity — ultimately delivering better experiences and higher customer satisfaction.

In Wholesale, our business mix is evolving and we are delivering sustainable growth, despite a competitive local broadband market. We are continuously expanding the perimeters of our business to explore and develop new growth potential. With growth opportunities emerging in mobile, sponsored roaming and via the creation of new strategic partnerships, we are strengthening our position in wholesale markets while amplifying KPN’s collective success. We believe that deepening strategic partnerships not only stabilizes revenues – it also strengthens service reliability, leading to higher customer satisfaction and long-term value.

We are confident that our focus on delivering best-in-class national wholesale propositions in both broadband and mobile, supported by our advanced building blocks and global connectivity solutions, will drive sustained growth.

In 2025, we successfully expanded our mobile portfolio via competitive and attractive sponsored roaming solutions. By leveraging global partnerships in travel, e-SIMs, machine-to-machine and IoT connectivity, we unlocked immediate growth potential. These offerings contributed to our organic mobile service revenue growth.

We strengthened our position by renewing key strategic partnerships and establishing new collaborations with mobile virtual network operators (MVNOs), with one contract already signed and several others in the process of being finalized. These partnerships further support our growth ambitions and reinforce our ability to meet the rising demand for seamless domestic and international connectivity.

Alongside these initiatives, innovations at NL-ix (our internet exchange) are showing promising results. NL-ix continued to grow its proprietary "Elastic Interconnect" offering via our business market network and we saw increasing interest in NL-ix's unique services from international customers too.

In mobile, leveraging our global roaming networks in combination with continued demand for travel SIMs is helping to drive consistent revenue growth. Together with our partners, we are unlocking new business opportunities and accelerating this growth.

Continued intense competition in the retail broadband market resulted in elevated churn levels this year, predominantly in our wholesale digital subscriber line (DSL) portfolio. In fiber, we continued to show solid growth in combination, this led to an overall decline in the number of broadband connections and slower broadband revenue growth. To address this, we implemented targeted strategic initiatives and actively engaged in collaborative dialogues with our broadband partners.

An attractive open network policy makes our networks accessible for wholesale customers and gives consumers in the Netherlands a wide choice of providers. Competition in the broadband market remained intense. At the same time, the need for seamless connectivity is growing and a focus on security is becoming the new standard.

Satellite networks have emerged as a new competitive force in specific parts of the market as global demand for seamless connectivity increases. We are therefore reinforcing the reliability and security of our roaming footprint, by enabling direct-to-device satellite connectivity in addition to our mobile connectivity services, supported by strategic partnerships with innovative players.

AI is accelerating digital transformation across the telecoms sector. Beyond its role in network optimization and predictive maintenance, AI is increasingly contributing to enhanced customer engagement and personalized service delivery. We will need to balance technological innovation with regulatory compliance, cybersecurity and competitive dynamics. Investments in our portfolio and digital transformation will be key to staying competitive, resilient and relevant for our customers. For Wholesale, this is particularly important as our partners rely on us to provide reliable, innovative and scalable digital services. By embracing AI-driven developments, we strengthen our position in the ecosystem and empower our customers to innovate faster.

We anticipate that our investments in innovative connectivity building blocks, global connectivity partnerships and NL-ix will continue to yield positive results. The mobile and sponsored roaming segments are expected to drive continued growth, having already enabled strong service revenue growth last year. The broadband's performance in broadband is expected to be more challenging into next year given the base development in 2025 and the current line loss run-rate.

Providing best-in-class fiber and mobile networks is central to our strategy, and KPN is making a significant contribution to the country’s digital resilience.

In line with our Connect, Activate & Grow strategy to optimize the value of our passive infrastructure assets and retain strategic flexibility, together with ABP we announced the start of a new mobile tower company, Althio. Through Althio, we gain greater flexibility over a substantial portion of our mobile sites, enabling strategic synergies in the deployment, maintenance, and optimization of the mobile network infrastructure. 

We also took major steps in digitizing customer interaction and simplifying our processes on a new, state-of -the-art data platform. And we improved our efficiency, using predictive maintenance to further enhance the customer experience.

Looking back on 2025, there is much to be proud of. Our achievements range from successfully migrating complex platforms and infrastructure to introducing innovations and new services to the market. And for the fourth year in a row, we were named as the best mobile network in the Netherlands, with the highest score worldwide in umlaut's and connect's Mobile Network Test 2025.

We remain the leader in the Dutch fiber market. Together with our joint venture Glaspoort, we now cover more than two-thirds of Dutch households and are making steady progress in connecting homes and activating new fiber lines, achieving relatively more homes connected in relation to homes passed than in the previous years. 

To reinforce our leading position in mobile, we improved coverage and speeds, leading to greater capacity and less congestion. We deployed more than 500 sites with 3.5 GHz for 5G in large cities, along busy roads and in densely populated areas. 

Our contribution to two big international events put us in the spotlight: during the NATO summit in The Hague, KPN delivered secure and reliable connectivity, while at the SAIL maritime festival we supported the organization, the safety region, emergency services and the municipality with our robust network and technology to enhance safety and crowd management for 2.5 million visitors – all bearing out the strength of our cultural pillar: "Working together is winning together".

In 2025 we communicated our intention to work towards carbon-free energy (CFE) 24/7, which focuses on the hourly usage of green energy. Starting in 2027 we will use carbon-free energy almost two-thirds of the time as our networks will then be powered by solar energy from Kabeljauwbeek and wind energy from Ecowende.

In 2025 we truly experienced the consequences of Dutch energy grid congestion, as we were unable to obtain all the energy connections and capacity we needed. To address this, we strengthened our governance on energy grid congestion. We improved our analysis and forecasting of risks, enabling us to anticipate potential bottlenecks more effectively. We also intensified dialogue with grid operators and other stakeholders to explore cooperative solutions. In addition, we implemented technical measures such as battery energy storage systems (BESS) and emergency power generators. Thanks to these initiatives, we managed to limit the impact of grid congestion on our services.

Our fiber rollout is a massive operation, presenting challenges in multiple areas such as licensing, capacity scarcity, minimizing disruption for residents and guaranteeing quality on a large scale. We have further strengthened our planning processes and collaboration with municipalities – that is how we are building a future-proof network for the whole of the country.

We are preparing for future developments and innovations such as AI, 6G, quantum computing and photonics, working with universities (TU Delft, TU Eindhoven) and research institutes such as TNO (the Netherlands Organization for Applied Scientific Research).

Our goal for 2026 is clear: continue to invest in top quality and reliability of our networks to deliver the best services and experience to our customers. We are raising our fiber optic ambition and now aim to provide up to 85% of all Dutch households with fiber optics by 2030. The focus is on further digitalization, simplification, rationalization, and automation through implementing our transformation programs. Strategic partnerships help us optimize the return on our investments, whether in our passive infrastructure or in leveraging knowledge and experience for the transformations we are undergoing. With our continued strong focus on collaboration, we are on course to meet our Connect, Activate & Grow objectives.

In 2025, we continued our people agenda, which aims to equip our organization, employees and leaders to thrive in a technology-driven KPN future. With the rise of new technologies and the speed at which these evolve, it is vital to proactively address the challenges of automation and AI through re- and upskilling. This is essential to deliver on our Connect, Activate & Grow strategy and a key part of our responsibility as an employer, creating an environment where people can develop and thrive.

We refreshed our leadership profile to define expectations and guide development and performance. It emphasizes encouraging innovation, accelerating diverse talent, navigating change, enabling collaboration and leading with self-awareness, empathy, and resilience.

We believe leaders can only drive change if they understand what AI truly entails. That is why we launched a tailor-made training program for leadership to increase AI literacy and develop the right skills to deal with the various opportunities and threats of AI effectively in their teams.

In line with our belief in a modern and sustainable workplace, we consolidated our offices to enable easier collaboration and creativity. This marked a key step in our hybrid working and office footprint strategy. We also modernized our remaining offices with an innovative and healthy food offering for our staff. Lastly, we provided all our people with a flexible mobility card offering sustainable travel choices and carbon footprint tracking. These initiatives support our ambition to reduce the company’s environmental footprint.

Employee well-being remains a strategic imperative (82% engagement). We launched a company-wide campaign to foster openness around mental health and encourage employees to take the initiative in improving their well-being. We are also offering all colleagues a free preventive health check, providing early insights into personal health and connecting outcomes to support options such as lifestyle coaching and the OpenUp platform.

We strongly believe that investing in our culture enables us to remain innovative and create value for our business, employees and society. We have embedded the three themes of our culture manifesto "Full attention for our customers", "Think big, act now" and "Work together, win together" into our daily work through our KPN Groei (KPN Growth) goal-setting and development conversations. We have created interventions like the "Crucial Conversations" initiative to enable discussions on topics such as performance, collaboration and inclusion. Having challenging and open conversations is not always easy, which is why we are taking further steps to this. In addition, we launched our new code of conduct, supported by a communication campaign and mandatory e-learning to reinforce awareness of desired behavior.

Another initiative supporting KPN’s transformation is the development of a strategic workforce management (SWM) approach, focused on aligning our workforce with our long-term business ambitions. Built on external research and internal insights, SWM will enable fact-based insights into future workforce needs, jobs and possible skill gaps.

To unlock efficiency and maximize impact, technology has to be an increasingly integral part of KPN. However, digital transformation and the rapid pace of technological change also present challenges for employee well-being, engagement, and adoption. Building a culture of continuous learning, embedded in daily work, is crucial to preparing our workforce for the future, but achieving this requires a balance between developing new skills and managing everyday work pressure.

Technology offers productivity gains, but success depends on employees having the right skills and organizations being designed for flexibility. Studies warn that AI is automating junior roles, the very entry-level positions in which young talent gains experience, creating a paradox in the context of labor shortages. With such labor shortages projected for the Netherlands by 2030, we must invest in talent development, effective technology adoption and organizational set-ups that enable seamless human-digital interaction.

Going forward, our focus will be on a skills-based approach to recruitment, talent, learning and organizational development. For us, responsible employment also means actively investing in our people so they can thrive alongside new technologies. By attracting and retaining diverse talent with critical skills, while continuously developing our current employees and leaders, we aim to maintain agility, enhance productivity and secure long-term competitiveness.

ESG strategy

Our aim is to actively contribute to a better future. This commitment is outlined in our ESG manifesto, in which we distinguish three areas: responsibility, inclusivity and sustainability. By reporting in line with the Corporate Sustainability Reporting Directive (CSRD), we improve transparency and informed decision-making regarding ESG. We are dedicated to providing a safer, more social and greener internet for everyone in the Netherlands. This dedication is embodied in our multi-year plan, #BetterInternet, which directly reflects the three pillars of our ESG manifesto. This year we updated our overall strategy and took the next step in our #BetterInternet plan.

Responsible

We are committed to making the internet a more trusted space through reliable and safe services, emphasizing decent business, human rights and safety. As part of this, we moved forward with our #BetterInternet initiative and launched the #IedereenBehalve (EveryoneExcept) campaign. One in four young people experiences online exclusion every month, often in group chats. To raise awareness, we partnered with singer S10 and experts such as Helpwanted, encouraging bystanders to speak up and support others online. The campaign highlights the emotional impact of exclusion and aims to spark conversations among young people, parents, and schools. We also provide schools with teaching materials to facilitate open discussion of the topic in the classroom.

We have updated our KPN-wide AI policy to operationalize our responsible AI value framework, as well as developing dedicated AI governance tooling to make responsible AI by design, including the use of AI impact assessments, accessible for AI developers. And we have set up an AI literacy training program for senior management, on top of mandatory KPN-wide AI e-learnings. On a collaborative level, we are engaged in multiple research programs around responsible AI, to ensure we continuously integrate best practices around transparency, accountability and fairness in our AI use and development.

At the NATO summit in The Hague, KPN ensured secure, uninterrupted connectivity for global leaders. Cybersecurity is critical for national and international stability. Together with the Ministry of Defence, NCTV, law enforcement, and other partners, KPN prepared for scenarios such as cyberthreats and digital disruption. As the network of the Netherlands, we provide secure, reliable connectivity and deliver innovative solutions in network security, encrypted communications, drone-intervention technology, and 24/7 monitoring of critical IT infrastructure — helping safeguard vital processes and military readiness.

Inclusive

In 2025, we continued to strengthen inclusion within KPN. Our diversity networks organized events and activities around International Women’s Day, Ramadan, and Diversity Day. This year, we also placed more focus on neurodiversity, working with external partners to host our neurodiversity escape room at a symposium.

Our Board of Management consists of 50% women, while for our Supervisory Board this figure is 33%, reaching our ambitions. Results on other gender targets remain below our expectations, with the biggest challenge being the percentage of women in our overall workforce. We continue to see 29% female new hires, while women account for 26% of attrition. This means there is little change in our overall gender balance. To increase the inflow of female talent, we are working on short- and medium-term initiatives, such as collaborating with female tech communities, featuring female tech role models in our employer branding, and participating in (recruitment) events aimed at women, such as European Women in Tech. Next year, we aim to further focus on this target group and explore how we can embed and integrate inclusion even more deeply within the company.

This year, we launched yet another Pride Verified campaign. Online hate against the LGBTQIA+ community continues to grow, and we increasingly hear claims that being queer is just a trend. As part of our mission to create a #BetterInternet, we shared a series of stories from older LGBTQIA+ individuals to show that queerness is not a passing fad, but has always been part of society.

We reached the next step, Level 1, on TNO’s Social Entrepreneurship Performance Ladder, demonstrating our commitment to inclusive employment. We actively deploy people with disabilities, those who have been unemployed for a long time, and newcomers to the Netherlands – making us the only telecoms provider in the country with this recognition.

By 2025, our products, packaging, and manuals were made accessible to customers who use assistive devices. User guides and packaging were revised to comply with accessibility requirements, ensuring that customers with disabilities can install and use products such as modems and set-top boxes independently.

Our commitment to social inclusion is also reflected by KPN Mooiste Contact Fonds, through which we organize events to support and involve those struggling to participate in society. This year we provided parents, schools, and young people with knowledge, tools, and support around safe online sexual behavior, launched Mooiste Contact Maand ("best contact month") to raise awareness of "contact poverty", i.e. the lack of meaningful human connection, and served as a social impact partner for SAIL, providing over 5,000 guests – many of whom have limited social contact – with the opportunity to experience this maritime festival from the water.

Sustainable

A better internet also means limiting our environmental footprint to become future-proof. We focus on reducing and greening our energy consumption, and advancing our circular ambitions. Our goal is net-zero emissions, including our value chain by 2040. We strive to reach this ambitious goal by reducing our energy consumption each year and increasing our use of sustainable energy.

Since 2025, we have been using more solar energy and from 2027 we will source almost two-thirds of our energy sustainably. This supports a more future-proof and resilient digital infrastructure. In line with our sustainable sourcing strategy we are committed to carbon-free energy through agreements and investments in renewable energy, battery systems and granular certification. We joined the Platform Energie Bewustzijn ("energy awareness platform") and the UN Compact for 24/7 Carbon-Free Energy. This voluntary commitment strengthens our sustainability ambitions.

Our sustainable DNA is also reflected in our collective labor agreement. With our new KPN BOOST program we are enabling employees to invest in making their homes more sustainable. In 2025, 774 employees took advantage of this program. BOOST promotes both personal development and KPN’s broader ESG objectives.

We recognize that climate change and circularity are powerful levers in addressing biodiversity loss. This is in line with the five direct drivers of biodiversity loss as identified by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). Our climate initiatives are a key factor in biodiversity loss. We also make an impact by reducing resource extraction.

Through this integrated approach, KPN not only reduces its environmental footprint but actively supports the preservation and restoration of ecosystems. We thus recognize biodiversity as an essential component of environmental impact rather than treating it as a standalone issue. This is also in line with our double materiality assessment, in which we have concluded that biodiversity is not a material topic for KPN in itself. Nevertheless, we continue to improve our physical locations by making our fiber optic hubs nature-inclusive and are collaborating with other Dutch infrastructure partners on transitioning to nature-inclusive infrastructure.

Financial review

2025 marked the halfway point of our four-year Connect, Activate & Grow strategy. We delivered on our full year outlook and are on track to meet our mid-term strategic and financial ambitions. Throughout the year, we achieved consistent Group service revenue growth and delivered adjusted EBITDA after leases and free cash flow above guidance, supported by healthy service revenue growth and strict cost discipline across the organization. Our improving ROCE underscores that our value-creation model is working and demonstrates the continued success of our strategy. Our financial framework continues to be focused on long-term value creation for all stakeholders. Supported by strong execution, a solid balance sheet and multi-year cash perspective, we are able to return all free cash flow generated to our shareholders through a combination of growing dividends and share buybacks.

1. For definition see Appendices 2 and 4.
2. For 2025: The final regular dividend of €0.109 per share is subject to shareholder approval at the Annual General Meeting of Shareholders on 15 April 2026.

In 2025, group service revenues maintained steady growth across all segments. In Consumer, healthy commercial momentum was sustained, particularly in broadband, thanks to the focus on loyalty and base management, reinforcing our market leadership in both fixed and mobile. The Business segment delivered another year of growth, outperforming the broader market; while Wholesale continued to grow, mainly driven by international sponsored roaming.

We delivered adjusted EBITDA AL and free cash flow above our upgraded guidance, primarily supported by continued service revenue growth, strict cost discipline, and operational efficiencies. Our transformation programs across all layers are making us more agile, efficient, and future-ready. Together with Glaspoort and GlasDraad¹ we expanded our fiber footprint to nearly six million, covering 69% of Dutch households, with an increasing emphasis on connecting and activating homes. This reinforces our position as the Dutch leading fiber provider.

In November 2025, we held a Strategy Update were the we reaffirmed our mid-term 3-3-7 financial ambitions. We aim to sustain healthy service revenue growth in the coming years, supported by our leading positions in Consumer and Business Markets and continued growth in Wholesale. At the same time, we are accelerating our transformation to deliver approximately €100 million in net indirect opex savings annually by 2030. By reducing capex below €1 billion in 2027, we will drive strong cash generation and attractive shareholder returns. We remain committed to returning all free cash flow to our shareholders through a combination of growing dividend and share buybacks, targeting 10% dividend per share growth in 2026 and around 25% growth in 2027 compared to 2026, alongside a €250 million share buyback program in 2026.

1. See also "Appendix 4" for the fiber footprint definition.

Solid financial position

We continue to maintain a strong balance sheet and liquidity position at the end of 2025. On 31 December 2025, net debt amounted to €6,302m, €342m higher compared to end of 2024. The movement in Net Debt¹ was mainly driven by the consolidation of Althio. Free cash flow generation during the year covered the €675m dividend payments and the €250m share buyback program in 2025.

Nominal debt outstanding increased to €7,326m, including €60m in short-term commercial paper. Our committed liquidity consisted of €552m in cash and short-term investments and €1,075m in undrawn revolving credit facilities. Therefore, available liquidity covers debt maturities until the end of 2028.

We remain committed to an investment grade credit profile and aims for a leverage ratio of <2.5x in the medium term. At the end of 2025, the net debt to EBITDA ratio was 2.4x (FY 2024: 2.4x) and interest cover ratio was 9.5x. On 31 December 2025, the weighted average cost of senior debt was 3.49%, 29 basis points lower y-on-y.

Capital allocation and shareholder remuneration

We continue to invest in our network infrastructure, products, customers and employees, strengthening our position as the leading Dutch telco with high-quality fixed and mobile networks. We are further enhancing customer experience by boosting the capacity, reliability and stability of its integrated network, supported by our nationwide fiber rollout and award-winning mobile network. These initiatives require ongoing investments in capex, working capital, spectrum and selective M&A, consistent within our stable capex envelope and long-term infrastructure strategy.

Aligned with the 2025 Strategy Update, we maintain a disciplined financial framework focused on sustainable Free Cash Flow growth, supported by our capex envelope, continued indirect opex reductions and strong balance sheet headroom for investments and shareholder returns.

We aim to provide a growing dividend, paid semi-annually, and being rebased to approximately 80% of free cash flow as of 2026, complemented by share buybacks. In this way, we will effectively return the full free cash flow to our shareholders, reflecting confidence in our long‑term cash‑generation profile.

In 2025, we executed a share buyback of €250m through which it repurchased approximately 62m shares at an average price of €4.00 per share. In November 2025, 61.5m of the repurchased shares were canceled. At the end of 2025, total shares outstanding amounted to 3,827m, of which 2.4m are Treasury shares.

We intend to pay a full year regular dividend of €0.182 per share over 2025. The final regular dividend of €0.109 per share is subject to shareholder approval at the Annual General Meeting of Shareholders on 15 April 2026. The provisional ex-dividend date is 17 April 2026, with payment expected on 27 April 2026.

Achievements in 2025

Introduction

KPN’s corporate governance framework is aligned with the company’s strategy and meets the requirements of the Dutch Civil Code, the Dutch Corporate Governance Code, and applicable laws and regulations, including securities laws. The company is governed by its Articles of Association and internal procedures, such as the by-laws of the Board of Management and Supervisory Board.

Legal structure of the company

Royal KPN N.V. ("KPN") is a public, limited liability company established under the laws of the Netherlands, with ordinary shares listed on Euronext Amsterdam. Its articles of association were last amended on 17 April 2025.

KPN has a two-tier management structure with a Board of Management (solely composed of executive directors) and a Supervisory Board (solely composed of non-executive members). KPN qualifies as a "large company" (structuurvennootschap) within the meaning of the Dutch Civil Code and applies the relevant articles of Dutch corporate law. The Board of Management is entrusted with the management of the company. The Supervisory Board oversees strategic policy making by the Board of Management and the way in which the Board of Management manages and directs KPN’s operations. In the performance of their duties, the members of the Board of Management and the Supervisory Board are guided by the interests of the company and the enterprise connected with it, striving for sustainable long-term value creation, and taking relevant stakeholders' interests into account. The Board of Management is accountable to the annual general meeting of shareholders (AGM) and the Supervisory Board, in accordance with Dutch legislation. See Note 24 to the consolidated financial statements for details of KPN’s legal structure.

Shareholders

KPN’s authorized share capital totals €720 million, divided into nine billion ordinary shares of €0.04 each and nine billion preference shares B of €0.04 each. On 31 December 2025, a total of 3,888,930,422 ordinary shares were outstanding. Since 13 June 1994, KPN’s ordinary shares have been listed on Euronext Amsterdam (ticker: KPN). KPN has a Level I American Depositary Receipt (ADR) program, which allows investors to trade KPN ADRs in the United States on the over-the-counter market (ticker: KKPNY). KPN shares are included in a number of leading indices, including the AEX, the STOXX Telecommunications Index and the STOXX Europe 600 Index.

Supervisory Board

The Supervisory Board supervises and advises the Board of Management, guided by the interests of the company and the enterprise connected with it, and taking into account the interests of the stakeholders. It is closely involved in setting the strategy for sustainable long-term value creation and monitors the implementation of that strategy, including its operational and financial results. Major investments, acquisitions and various corporate matters are subject to Supervisory Board approval.

Members of the Supervisory Board are appointed by the general meeting of shareholders upon binding nomination by the Supervisory Board. The Central Works Council has an enhanced right to recommend people for nomination to the Supervisory Board for up to one-third of its members. The Supervisory Board must nominate this person who has been recommended in this way unless it believes that the person would be unsuitable to fulfill the duties of a Supervisory Board member, or that such appointment would cause the Supervisory Board to be improperly composed. Currently, two members of the Supervisory Board are appointed based on the enhanced right of recommendation of the Central Works Council. Besides this statutory procedure, KPN has no employees or representatives of other workers on the Supervisory Board.

According to the Articles of Association, the Supervisory Board must comprise at least five members and not more than nine. Supervisory Board members are appointed for an initial term of four years, which ends at the first AGM after that term expires. They can be reappointed once for a four-year term and, provided specific reasons for such further reappointments are given, thereafter for a maximum of two terms of two years. The Supervisory Board has determined its profile, defining the basic principles for its composition. All nominees for election to the Supervisory Board must fit this profile: the Supervisory Board must be composed in such a way that its members are able to operate independently of each other and of the Board of Management, and that it has a diverse composition in terms of relevant criteria, including gender, background and expertise. The profile was most recently revised in 2022 and is available on KPN's website.

The by-laws of the Supervisory Board comprise rules regarding the members’ duties, powers, working methods, decision-making, which decisions by the Board of Management must be submitted for its approval, training and conflict management. These by-laws are available on KPN's website.

Board of Management

The Board of Management is responsible for setting KPN’s strategy and for managing the company’s strategic, commercial, financial, operational, sustainability and organizational matters. The Board of Management is accountable for its performance to the Supervisory Board and to the company’s shareholders. In performing its duties, the Board of Management focuses on long-term value creation for the company and the enterprise connected with it, taking into account stakeholder interests.

The members of the Board of Management are appointed and dismissed by the Supervisory Board. Members of the Board of Management are appointed for a four-year term, ending at the first AGM after that term expires. The by-laws of the Board of Management contain rules regarding members’ duties, powers, required approvals, working methods, decision-making and conflict management. The by-laws are available on KPN's website.

Compliance with the Dutch Corporate Governance Code

KPN complies with all best practice provisions of the Dutch Corporate Governance Code. An overview of all principles and best practice provisions of the Dutch Corporate Governance Code as well as KPN’s application of these in accordance with the "comply or explain" principle is available on KPN's website.

Conflicts of interest

The handling of transactions that may involve conflicts of interest between the company and members of the Board of Management or Supervisory Board is governed by Dutch law, the relevant provisions of the Dutch Corporate Governance Code and the by-laws of the respective boards. A board member is required to immediately report any (potential) transactions in which there may be a conflict of interest that is of material significance to the company and/or to the member concerned to the Chair of the Supervisory Board (or, in the case of the Chair, to the Vice-chair of the Supervisory Board).

The board member must not take part in discussions or decision-making on a subject about which they have a conflict of interest. Decisions to enter into transactions that give rise to a conflicts of interest and which are of material significance to the company or such members require the approval of the Supervisory Board.

There were no conflicts of interest in 2025, see "Statement on risk management and responsibility statement".

Change of control arrangements

Certain of our financing arrangements, including all senior bonds issued after 1 January 2006 and our perpetual hybrid bonds contain provisions which could trigger additional financial obligations or early redemption of the outstanding debt in case of certain changes of control. For further information, see Note 13.4 to the consolidated financial statements.

Employee participation

In accordance with the provisions of the Dutch Works Councils Act, constructive employee participation is an integral part of our corporate governance, enabling employees to be involved in organizational matters in various ways and to have a say in their work. Employee participation is an important value and part of our company culture. To align employee participation processes with KPN’s practices, we have established several works councils specific to different business segments. These works councils are all represented in the Central Works Council, which is consulted on subjects of common interest or topics that concern a majority of the works councils. The Central Works Council interacts with the CEO, whereas individual works councils for a business segment interact with the director of that segment.

Dutch corporate law does not require any direct representation of employees and other workers in the management and supervisory bodies. Please refer to the "Supervisory Board" section for the enhanced right of recommendation of the Central Works Council for nomination of Supervisory Board members.

Independent auditor

The independent auditor is responsible for the audit of the financial statements and the review of the sustainability statement. The AGM appoints the independent auditor based on a proposal by the Supervisory Board. The independent auditor reports to the Board of Management, the Audit Committee and the Supervisory Board to discuss findings pertaining to their agreed procedures on a quarterly and annual basis. The independent auditor attends the AGM to answer questions pertaining to the independent auditor’s report, as included in the integrated annual report. The Audit Committee approves every engagement of the independent auditor, after pre-approval by the internal auditor, to ensure the independent auditor’s independence. All Audit Committee meetings are attended by the independent auditor. At the AGM on 17 April, 2024, PricewaterhouseCoopers Accountants N.V. ("PwC") was appointed as the independent audit firm of KPN for both the financial statements and the sustainability statement starting from financial year 2025 up to and including 2028.

Foundation Preference Shares B KPN (Stichting Preferente Aandelen B KPN)

KPN has granted a call option, which is not limited in time, to the Foundation Preference Shares B KPN (the Foundation), to acquire a number of preference shares B in KPN, not exceeding the total issued number of ordinary shares, minus one share and minus any shares already issued to the Foundation. Upon exercise of the call option, 25% of the nominal value of €0.04 per Class B preference share needs to be paid by the Foundation. These shares have the same voting rights as ordinary shares. The statutory goal of the Foundation is to protect KPN’s interests (which includes the interests of stakeholders, such as customers, shareholders and employees) by protecting KPN from influences that may threaten its continuity, independence and identity.

Consequently, in the event of any circumstances where the company is subject to influences as described above and taking public security considerations into account, the board of the Foundation may decide to exercise the call option, with a view to enabling the company to determine its position in relation to the circumstances as referred to above, and seek alternatives. The board of the Foundation is of the opinion that under normal circumstances it should not exercise its voting rights for longer than a limited period. The members of the board of the Foundation are Ms. A.P. Aris (Chair), Mr. A.R.J. Croiset van Uchelen, Mr. C.F.H. Vogelzang and Mr. P.S. Overmars. The Board of Management has concluded that the board of the Foundation is independent from KPN in accordance with parts c and d of the first sub-section of Article 5:71 of the Dutch Financial Supervision Act (Wft). The views of the board of the Foundation, summarized above, are published on the foundation’s website.

Introduction

KPN is subject to taxation. We apply an open and proactive approach to our interactions with tax authorities and aim for fair and transparent taxation, enabling us to be in control of tax. We report on how we contribute to society through our tax contribution report. We act in line with our "Tax governance, strategy and principles" statement published on our website and report on tax with reference to the GRI principles for tax (GRI 207: Tax 2019). In this section, we make references to other parts of the integrated annual report. These references are included for more background information, and are not incorporating other sections of the annual report into the "Tax governance" section.

Tax governance, strategy and principles

Although tax is not considered a material item based on the double materiality asessment as explained in the sustainability statement, we consider tax relevant and report on taxation with reference to the 2019 GRI disclosures for tax 207 and on governmental allowances for economic performance 201:

• 207 — 1 Approach to tax;

• 207 — 2 Tax governance, control and risk management;¹

• 207 — 3 Stakeholder engagement and management of concerns related to tax;²

• 207 — 4 Country-by-country tax reporting;

• 201 — 4 Financial assistance received from government.³

1. Explained in "Tax control framework" section.
2. For concerns related to tax see also the explanation in the "Risk" section.
3. Explained in "Government allowances" section.

Compliance with regulation

KPN is subject to sector-specific regulation and its enforcement by regulatory authorities, such as the Dutch Authority for Consumers and Markets (ACM), the Dutch Data Protection Authority (AP) and the Dutch Authority for Digital Infrastructure (RDI). As outlined in the "Compliance and risk" section, KPN’s internal risk management and control systems are designed to minimize the risk of non-compliance with such regulations and to anticipate new rules and legislation.

European developments

Regulation of the electronic communications market is largely based on European legislation. The EU’s roaming and open internet access regulations are directly applicable in all member states. In addition to sector-specific rules, KPN is subject to general regulations, such as privacy law, cybersecurity law, content-related law and consumer protection law.

In 2025, the AI Act and the Gigabit Infrastructure Act (GIA) came into force. However, throughout 2025, there were debates and subsequent initiatives to fine-tune the AI Act. The GIA still needs to be transposed into Dutch law.

In 2025, the EU Accessibility Act (EAA – for products and services) and the EU Data Act entered into force. The latter introduces new rules on data access and cloud portability. In 2025, the European Union adopted two "Omnibus" packages simplifying sustainability rules by amending the CSRD and CSDDD. These changes include postponing reporting and application deadlines for later implementation waves and raising scope thresholds, shifting certain obligations to 2028-29. As a Wave 1 company, KPN remains subject to the original CSRD timeline and is continuing preparations for CSDDD compliance.

On 21 January 2026, the European Commission published the proposal for the Digital Networks Act (DNA), modernizing and harmonising the EU framework for digital connectivity through a single, uniform regulatory regime. Additionally, the Commission has planned to publish the proposal for the Cloud and AI Development Act in the first half of 2026. Finally, the Commission prepared a Digital Omnibus package.

Security concerns based on geopolitical developments

Stakeholders at European, national and local levels are paying increased attention to security concerns about control over telecoms operators through investments, and the potential security risks in networks. In the Netherlands, legislation can specify whether operators can use equipment from non-Western vendors in specifically designated (critical) parts of mobile networks. Moreover, specific security requirements for mobile networks have been implemented in those critical parts, to conform with a specific ministerial decree. The RDI has been monitoring this closely. In addition, the Minister of Economic Affairs may prohibit or limit the acquisition of or control over a range of significant telecoms companies on the grounds of national security or public order.

Spectrum licenses

With the auction of the 3.5 GHz band behind us, the situation regarding spectrum licenses is likely to be stable in the next few years. Each of the three mobile operators has spectrum licenses in the 700, 800, 900, 1400, 1800, 2100, 2600 and 3500 MHz bands. As these licenses are all technology-neutral, KPN has the ability to deploy its spectrum increasingly for 5G.

A new multiband auction is foreseen for 2028-29, as a significant number of licenses expire in 2030 and will need to be re-auctioned: the 800, 900, 1800 and 2600 MHz bands. On top of these bands, it is likely that some additional spectrum will become available in the same timeframe: the 26 GHz band and the upper 6 GHz band. It is as yet unclear how much spectrum will become available in these bands for national mobile licenses.

The Dutch government has embarked on an evaluation of the previous two auctions (in 2020 and in 2024) as well as its spectrum policy. Once this exercise is concluded, it will start preparing for the multiband auction.

Dutch access regulation

KPN has made binding commitments on access to its fiber networks which will be in effect until 2030.  ACM published a market assessment (on both the fixed and mobile broadband markets) in early 2025. Following this assessment, ACM concluded that there were no worries about the mobile internet market, but that there was some concern about competition in fixed internet markets. ACM has subsequently been investigating the internet market for speeds below 100 Mb/s and published its finding at the start of 2026.

Introduction

KPN places great importance on being in control of its operations and the achievement of its strategic goals. For this reason, we implement internal risk management and control systems to manage risks efficiently and effectively, and to safeguard the achievement of our strategy and objectives. These systems are embedded in our daily processes and activities as necessary.

This section describes our internal risk management and control systems. We also outline the evaluation procedures that are performed during the year and the main outcomes of these evaluations.

KPN has always been committed to maintaining strong internal risk management and control systems, in line with our risk appetite. These systems have managed a broad spectrum of risks, with particular attention on ensuring reliable financial reporting. We observe a growing interest in risk management and compliance in the external environment, reflected for example in the introduction to the statement on risk management ("Verklaring omtrent Risicobeheersing" or VOR) in the Dutch Corporate Governance Code as of 2025. As the VOR also comprises reliable sustainability reporting risks and operational and compliance risks, our focus this year and in the coming years will be on enhancing the management of these new risk categories, where applicable.

Although we devote much attention to the design, implementation and evaluation of these systems, there is no absolute assurance that these will avoid or mitigate every risk that KPN faces.

As a learning organization, KPN continuously works to evaluate and improve these systems. This is an ongoing journey and continuous improvement process that aims to respond effectively to new insights and new developments. Should any shortcomings be identified during our review processes, we are committed to taking appropriate and timely action to address them.

This section discusses KPN’s approach to risk management for the following risk categories:

1. Reporting risks for financial statements;

2. Reporting risks for the sustainability statement;

3. Operational risks;

4. Compliance risks;

5. Strategic risks.

This section also includes the statement on risk management (Verklaring omtrent Risicobeheersing or VOR), which focuses on risk categories 1 – 4.

Governance

KPN's internal risk management and control systems

Evaluation of KPN’s internal risk management and control systems

KPN list of top risks

The table below presents the identified principal risks, all of which are deemed material, and for each risk an impact score is shown to indicate its relative significance. The risks could lead to lower market shares, revenues or results, reputation damage, and/or disruption, lower quality of services or lower customer satisfaction. For reporting risks that could lead to material misstatements in KPN’s financial statements or sustainability statement, see "Risks to reliable financial reporting" and "Risks to reliable sustainability reporting".

Statement on risk management and responsibility statement

Insider transactions

KPN employees who have access to inside information because of their role, profession or duties – including all members of the Board of Management and Supervisory Board – are subject to the KPN code on inside information. This code comprises rules for the possession of, and transactions in, KPN securities by such employees. Members of the Board of Management and Supervisory Board are also subject to reporting obligations to the AFM. The following tables provide overviews of transactions by members of KPN’s Board of Management and Supervisory Board made during 2025 as well as total ownership information for these members.

The year 2025

While the world around us was in turmoil in 2025, KPN maintained a steady and reliable course throughout the year, focused on what it does best: providing secure and reliable connections to everyone in the Netherlands. The Connect, Activate & Grow strategy that applies for the 2024-27 period is in full execution, and the company provided a mid-term update in November. The Supervisory Board was closely involved in the preparation of this update and believes this to be the right strategy for the creation of long-term sustainable value for our company and its stakeholders.

The focus of our fiber rollout is steadily shifting from rollout to connecting and activating customers – both households and businesses – on our fiber network. As confirmed at the strategy update in November, we foresee the end of the large-scale rollout by the end of 2026, although we will continue the expansion of our networks – at a more moderate pace – for the years to come.

Our mobile network continues to be leading in the world due to ongoing investments in quality and the dedication of our people. Cybersecurity remains a topic of constant attention, ever more so in today’s geopolitical landscape, and the Supervisory Board is regularly updated on the progress in this field. As to our commercial operations, we observe steadily growing customer numbers, based on attractive services that meet the needs of our customers – whether through Combivoordeel for our consumer customers or secure and managed services for our business customers, or dedicated and resilient services for major customers such as the Ministry of Defense. And key performance indicators, such as the Net Promoter Score, the Employee Engagement score and our share price, suggest that our key stakeholders appreciate what we are doing.

We remain committed to being a sustainable company in all key ESG fields, even though we observe a relaxing regulatory framework and changing political dynamics around this topic. We do so, as we believe that it supports our long-term stability and value creation potential.

Our ESG efforts are strongly aligned and integrated with our core business strategy. Our focus on reducing our energy consumption, while ensuring sufficient capacity through dedicated green energy from solar and wind parks, and our #BetterInternet campaigns serve as key examples.

Throughout the year, the Supervisory Board continued to monitor the operational and financial performance of the company and the way in which the Board of Management manages this. On a quarterly basis, the Supervisory Board reviews the financial performance of the company and its segments, as well as its operational performance (ranging from customer base growth and network rollout to NPS and employee parameters such as engagement or work-related stress levels). Key topics that were discussed throughout the year included the positioning in the consumer market, the propositions for our top corporate customers, including our services for the vital and security sectors, distribution, AI, and the major transformation programs in our operations, including their impact on our future workforce and its required skills.

As already noted above, ample time was spent on the preparation of the strategy update in November. Most notably in a separate full-day meeting in July, we extensively discussed the progress on strategy implementation so far, as well as the plans for the coming years, both in and beyond the current strategic planning period. We focused both on how to achieve the current strategic ambitions and on potential new or amended goals, such as the next phase in the fiber rollout and the transformation programs. In our October meeting, we zoomed in on the financial aspects of the plan, including the ambition to reduce indirect opex, the financial guidance and the financial framework, including our ambitions on shareholder remuneration. In between our meetings, the ESG committee reviewed the specific ESG elements of the strategy (which were reconfirmed), and specific elements of the plan were discussed with individual members of the Supervisory Board. The final documentation was reviewed by a delegated committee of the Supervisory Board.

In line with our practice, we met with the company’s Chief Information Security Officer twice this year, to discuss both the threat landscape and our approach to that. We were pleased to note good progress in this field, including the broader, coordinated focus on resilience. We took a specific deep dive into pensions, noting both our existing pension arrangements, and the impact of the new pension set-up that is expected to be implemented in 2026. We closely monitored and subsequently approved, also via an ad hoc committee, the company’s funding needs, leading to the issuance of a senior bond under KPN’s Global Medium Term Note Programme in February. Finally, we dwelt on various topics regarding the company’s risk management (including the "statement on risk management" or "VOR") and its ESG approach, for which reference is made to the activities of the committees, described in the following sections.

To ensure we are able to properly monitor stakeholder interests, we gathered input from employees (in annual meetings with groups of employees and managers), analysts (directly and via reports) and company advisers (such as defense advisers). We particularly value our contacts with the Central Works Council (mostly via our members nominated by the Central Works Council) and appreciate the open and honest discussions we have with them.

In the spring of this year, the Supervisory Board, in its role as the employer of the Board of Management, evaluated the performance of the Board of Management and concluded that it was satisfied with their performance. Individual feedback was shared where relevant.

About the Supervisory Board

The composition of the Supervisory Board changed last year due to the resignation of Mr. Overbeek, who had reached the end of his second term of appointment. At the AGM in April 2025, Mr. van de Aast was reappointed for a second term of office. In addition, Ms. Sap was reappointed for a final term of 2 years, in appreciation of her strong contribution to the Supervisory Board, including in the field of ESG.

The Supervisory Board continues to have a good mix of backgrounds and experience, supporting a diversity of views on a wide range of topics. The Supervisory Board has set a profile for its composition, which is available on the company’s website.

An overview of the current skills and competences in the Supervisory Board (as at 31 December 2025) is provided in the skills matrix below.

The Supervisory Board currently consists of three women and five men, i.e., 37.5% female members. The Supervisory Board remains strongly committed to the principle that a board should have a diverse composition, in gender, but also in skills and experience. We note that the Board of Management currently consists of 50% female and 50% male members.

All members of the Supervisory Board, including the Chair, are independent of the company as provided in best practices 2.1.7 to 2.1.9 of the Dutch Corporate Governance Code. In addition, at all times, the composition of the Supervisory Board was such that the members were able to act critically and independently of one another, the Board of Management and any particular interest involved. See Note 23 to the consolidated financial statements for information on related-party transactions.

The Supervisory Board annually evaluates its own performance. In 2025, the evaluation was based on a questionnaire and subsequent discussion of its outcome in a meeting of the Supervisory Board in December 2025. The Supervisory Board was generally satisfied with its composition and performance, noting high-quality, efficient and professional operations. An amended meeting schedule, as implemented earlier in the year, enabled parallel committee meetings, providing more time for the full Supervisory Board meeting. This in turn had further improved the quality of the discussions. However, more time could be found for informal meetings, including with only the Supervisory Board. Topics for permanent education were selected, and management was invited to share more market and analyst intelligence, if and when relevant.

The Supervisory Board also regularly evaluates the performance of the Board of Management and its members. This feedback is typically based on interviews with the individual members of the Board of Management, input from the CEO, and feedback from the direct reports of the Board of Management members. The Nomination & Corporate Governance Committee is charged with this evaluation.

To enhance its knowledge and skills, the Board spent ample time on understanding the requirements around the statement on risk management (VOR; see the following Audit Committee section) and invited external experts to provide relevant updates (such as Prof. Schoenmakers on the AEX Futureproof Index in the ESG Committee and a telecoms analyst for the full Board on investor views and market trends). In the fourth quarter, the Supervisory Board joined Chapter Zero Netherlands, a platform specifically focused on supervisory board members, enabling knowledge development and sharing on matters related to sustainability and climate transition.

The Supervisory Board met on six occasions in 2025, all of which were regularly scheduled.

The overall attendance at the Supervisory Board meetings was 94%. An overview of attendance per member of the Supervisory Board and per committee is provided in the table on this page.

1. Edzard Overbeek stepped down from the Supervisory Board on 16 April 2025.
2. Jolande Sap stepped down from the Remuneration Committee on 16 April 2025.

Supervisory Board meetings typically start and end with a closed session (i.e. without the presence of management), in which the members prepare or evaluate the meeting. In the quarterly meetings, typically the full Board of Management is present to review the performance over the past period and discuss key strategic topics. For other or ad hoc meetings, different participation from the Board of Management may be agreed.

Committee reporting

The Supervisory Board has established four committees that prepare the deliberation and decision-making by the full board: the Audit Committee, the Remuneration Committee (RemCo), the Nomination & Corporate Governance Committee (NomCo), and the ESG Committee. The main considerations and conclusions of each committee were shared with the full Supervisory Board, and the meeting documents and minutes are available to all members of the Supervisory Board, which takes the final decision in all matters.

The Audit Committee held six meetings in 2025, all of which were also attended by the CFO, the independent auditor PricewaterhouseCoopers Accountants N.V. (PwC), the internal auditor, and the EVP Corporate Control. Mr. Dijkhuizen chairs the committee. Depending on the topic, guests were invited to the meeting, including the Chief Compliance Officer, the EVP of Investor Relations, the EVP of Treasury, and the EVP of Tax. In preparation for the meetings, the chair of the committee met with relevant members of staff. The Audit Committee – as well as the Chair of the Supervisory Board – met separately with the independent auditor.

In line with its tasks, the Audit Committee reviews, discusses, and challenges all financially relevant matters that are presented to the Supervisory Board. This applies most notably to the quarterly and annual financial results and reports and (the financial and risk-related aspects of) the business plan. Overall, based on its own observations and confirmed by the reports from the internal and independent auditors, the Audit Committee was satisfied with the processes around external reporting as operated by the company.

2025 marked the first year of working with PwC as our new independent auditors. We have spent ample time on getting to know each other and aligning expectations and ways of working, after also having arranged a smooth handover from our previous auditors, EY. Overall, the committee is satisfied with the way PwC has picked up on its role and has familiarized itself with the company, its staff, and its Boards. As agreed during the selection process, PwC uses digital means and AI for selected tasks to enhance both quality and efficiency, which the committee noted and welcomed.

The Audit Committee has a specific focus on the effectiveness and outcome of the company's internal control framework and the risk management systems, for which it receives and reviews reports by the internal audit and compliance departments. Each quarter, the Audit Committee also reviews the observations of the independent auditor as included in its board report. The audit plans, both for the internal and independent auditors, are annually reviewed by the Audit Committee, and are subsequently submitted to the full Supervisory Board for its approval.

Throughout the year, the Audit Committee paid specific attention to compliance with regulations around foreign employment, most notably in relation to the fiber rollout, also considering inspections conducted by the Netherlands Labor Authority, and noted an enhanced control framework on this topic. Another topic that was regularly reviewed was the implementation of the company’s updated fraud risk management policy and governance. Specific attention was also paid to reporting on controlled processes for certain critical services for our business customers.

Whereas in 2024 the Audit Committee was closely involved in the implementation of sustainability reporting under CSRD, this implementation was largely finalized in early 2025 and efforts around sustainability reporting were more directed at simplification, alignment, and quality improvement. Nevertheless, progress was monitored periodically, with the head of CSRD reporting attending.

This year, specific attention was given to the statement on risk management (VOR), which was newly included as best practice in the Dutch Corporate Governance Code. The Committee regularly monitored the process followed by the Board of Management, the choices made and the underlying evidence supporting the ultimate statement made (see the VOR statement in the report by the Board of Management, earlier in this report).

Other topics of the committee’s review included taxation, treasury and financing, and the company’s shareholder remuneration, consisting of both dividends and a share buyback program. In evaluating the proposed shareholder remuneration, the committee balanced this against the anticipated cash flows, expenditures, funding requirements, and stakeholder interests, and concluded that it could support the proposals put forward by the Board of Management.

On all items, the Committee reported back to the full Supervisory Board, which holds ultimate responsibility for oversight.

The Remuneration Committee (RemCo) met five times in 2025. Mr. Noteboom serves as chair of this committee. The members of the Supervisory Board that have been appointed based on the enhanced right of recommendation of the Central Works Council are automatically members of this committee. The CEO, the Chief People Officer and the Company Secretary attend the committee meetings. The committee assisted the Supervisory Board in executing and reviewing KPN’s remuneration policy and ensuring that members of the Board of Management are compensated in line with that policy.

For an overview of the activities of the RemCo in 2025, and for further details on the remuneration policy and its application, as well as the review of the remuneration policy, see the "Remuneration report" section.

The Nomination & Corporate Governance Committee (NomCo) met on five occasions in 2025, mostly with the CEO, the Chief People Officer, and the Company Secretary attending. Mr. van de Aast chairs the committee.

Based on the NomCo’s recommendation, with the step-down of Mr. Overbeek from the Supervisory Board in April, its composition was reduced from 9 to 8 members. The NomCo led the process leading to the reappointments of Mr. van de Aast and Ms. Sap to the Supervisory Board. As to the latter, the NomCo recommended the reappointment of Ms. Sap for an (exceptional) final term of two years considering her strong contribution to the Supervisory Board, most notably in the field of sustainability.

At the closing of the AGM in 2026, the first term of appointment for Ms. Koelemeijer will expire. Ms. Koelemeijer was appointed based on the enhanced right of recommendation of the Central Works Council, which has now recommended her reappointment for a second term.

The NomCo regularly discusses the performance of the Board of Management and its members with the CEO and/or the Chief People Officer and leads the annual evaluation process for the Board of Management and its members (see "What we did" earlier). Finally, the committee steered the annual evaluation of the Supervisory Board itself (see "About the Supervisory Board" earlier).

The ESG Committee met on three occasions in 2025. Ms. Sap chairs the meetings. The meetings were attended by those members of the Board of Management for whom the topics on the agenda were most relevant. The purpose of the ESG Committee is to support the Supervisory Board in overseeing the development and implementation of the company’s sustainability strategy and the goals related to this, as part of the company’s overall strategy for sustainable long-term value creation. In its meetings, the ESG Committee reviewed the progress made on the three main pillars of the company’s ESG strategy and manifesto: Responsible, Inclusive, and Sustainable. It discussed the achievements to date, key initiatives and dilemmas, as well as the ambition levels. In each of its meetings, progress on CSRD reporting was noted.

The ESG Committee also discussed the impact of the changing political and regulatory landscape on ESG for the company, also noting considerations from other companies. It concluded that current ESG topics and targets were aligned with the company’s strategy and business ambitions. It therefore agreed with the Board of Management that the existing ESG strategy should be maintained as part of the overall strategy update. As to the materiality of topics, the ESG Committee confirmed that biodiversity was not a material topic for KPN as such (as per the Double Materiality Assessment), but that elements of biodiversity were strongly connected to the other sustainability topics – climate change and circularity – so that relevant topics around biodiversity would still be addressed. To ensure sufficient external input to its discussions the ESG Committee invited Prof. Schoenmaker to discuss his AEX Futureproof Index and invited young talents of the company to discuss – with the members of the Board of Management and the Committee – a long-term view on material ESG topics. It also encouraged the Supervisory Board to become a member of Chapter Zero Netherlands.

Financial statements

The financial statements for the year ended 31 December 2025 were prepared by the Board of Management and approved by the Supervisory Board. The Report of the independent auditor, PricewaterhouseCoopers Accountants N.V., is included in the section "Other Information". The Supervisory Board recommends that the AGM adopts these financial statements.

Final remarks

2025 was a globally turbulent year, in which KPN’s reliability, security and stability proved to be highly valued by our stakeholders. Vice versa, the Supervisory Board has highly valued the continued trust from our stakeholders – whether customers, employees, shareholders or other.

Together, we show the true value of connection.

Gerard van de Aast, Chair

Ben Noteboom, Vice-chair

Herman Dijkhuizen

Frank Heemskerk

Marga de Jager

Kitty Koelemeijer

Jolande Sap

Rob Shuter

Letter from the Chair of the Remuneration Committee

Dear stakeholders,

On behalf of the Remuneration Committee, I am pleased to share the activities of the committee in 2025 and present the 2025 remuneration report. This remuneration report has been prepared according to Dutch law and the Dutch Corporate Governance Code and will be submitted to the AGM for an advisory vote. Last year, our remuneration report received strong support from shareholders, with 96.99% voting in favor. This outcome supports the overall conclusion that KPN’s remuneration report is in line with current best practices. This 2025 remuneration report builds on the same principles and structure.

The remuneration policy for the Board of Management and Supervisory Board was last updated in April 2024. A comprehensive evaluation was conducted by the Remuneration Committee, taking into account relevant legal requirements, guidelines set out in the Dutch Corporate Governance Code, and a thorough stakeholder engagement process, which included the Central Works Council. The objective of the remuneration policy is to attract, reward and retain necessary leadership talent, in order to support the execution of the company’s strategic objectives.

In 2025, we continued to carry out our Connect, Activate & Grow strategy. We are steadily expanding our fiber footprint in the Netherlands, while delivering healthy financial results even in a competitive market. Our Connect, Activate & Grow strategy also includes an integrated ESG agenda, showing how our company's growth and social progress are intertwined to suit our stated purpose of connecting everyone in the Netherlands to a sustainable future. The Remuneration Committee believes that the main principles of our remuneration policy support this strategy.

As part of its annually recurring tasks, the Committee defined the level of pay-out for individual members of the Board of Management as part of the STI plan 2024 and LTI grant 2022. It also determined the financial and non-financial targets and performance criteria for the STI and LTI plans 2025. The Supervisory Board remains focused on the importance of ESG and our role in Dutch society. To this end, for the LTI plan of 2025, both a gender diversity target and a Scope 3 emissions reduction target will be continued, each with an equivalent weighting of 15% on target. In the STI plan of, NPS was again included as key target, emphasizing our focus on customer satisfaction.

The Remuneration Committee conducted a comprehensive review of the remuneration levels for the Board of Management, benchmarking against the peer group as defined in the remuneration policy. This review also considered the development of general collective labor agreement (CLA) increases for KPN employees and the company’s overall market positioning. In line with market-competitive pay practices and to ensure continued alignment with external benchmarks, the Committee decided to increase the base salary of the Chief Executive Officer by 5.5%, and the base salaries of the other members of the Board of Management by 3%, effective 1 July 2025. The higher increase for the CEO reflects the outcome of the external benchmarking, which indicated that the CEO’s remuneration was positioned below the median of the peer group, whereas the remuneration of the other board members was closer to the market reference point. The Committee believes these adjustments are appropriate with a view to maintaining a competitive and fair remuneration structure, supporting the attraction and retention of key leadership talent, and reflecting both individual and collective responsibilities within the Board of Management.

I believe this remuneration report provides our stakeholders with relevant information on the implementation of the Company’s remuneration policy.

Ben Noteboom

Chair of the Remuneration Committee

Remuneration policy for the Board of Management

The main principles of KPN’s remuneration policy, as described below, are based on a balanced approach between market competitive standards, the ratio between fixed and variable pay and the company's economic contribution and environmental, social and governance (ESG) contribution:

• Paying at market-competitive level (considering all fixed and variable components of the remuneration policy), achieved by benchmarking against an employment market peer group;

• Paying for performance by driving financial and non-financial performance that generates long-term sustainable and profitable growth. This target remuneration aims at 30-40% of pay in base pay and 60-70% in variable pay to maintain a strong alignment with the company’s financial performance goals and long-term value creation strategy;

• Differentiating by alignment of pay with responsibilities, required competence and performance of individual jobholders while taking into account the shared responsibility of Board of Management members to support the execution of the company’s strategic objectives;

• Balancing all stakeholder interests, including the views of shareholders by complying with best practices in corporate governance, defining targets for the variable pay plans based on financial and non-financial targets and a transparent and clear remuneration policy.

Scenario analyses are conducted regularly to assess potential outcomes for the variable remuneration of Board of Management members, taking into account factors such as the maximum payout for short-term and long-term incentives.

The following pie charts represent the pay mix for both the CEO and the other members of the Board of Management, showing on-target performances for their assigned financial and non-financial targets.

CEO

Other board members

Employment market peer group

The employment market peer group is used as a reference to evaluate the overall market-competitive pay level for members of the Board of Management and is reviewed regularly by the Supervisory Board to ensure that its composition is still appropriate. The employment market peer group consists of Dutch-listed and European sector-specific companies, based on a mixed set of criteria such as market capitalization, revenue, employees, total assets and strategic importance. Its composition may be adjusted as a result of mergers or other corporate activities. The following table shows the composition of KPN’s employment market peer group:

Main elements of remuneration policy

The base salaries are set at a market-competitive level taking into account the individual responsibilities, relevant experience and required competences in line with the remuneration principles. Each year, the Supervisory Board reviews the base salaries and decides whether circumstances require and justify adjustments.

Members of the Board of Management are encouraged to acquire company shares equal to 250% of base salary for the CEO and 150% of base salary for the other members. To further promote attainment of the anticipated share ownership levels, the STI is paid out, after deduction of taxes, as a maximum 50% in shares if the share ownership guideline levels have not yet been attained.

Implementation of the remuneration policy in 2025

The actual remuneration of the members of the Board of Management was determined by the Supervisory Board in accordance with the remuneration policy as approved by the AGM.

Targets LTI 2025

For the LTI plan issued in 2025, the financial targets are based on relative TSR (30%), free cash flow (20%), and ROCE (20%). Every year, the Supervisory Board selects two non-financial targets; for 2025, these are Scope 3 emissions reduction and diversity (each 15%).

Scope 3 emissions reduction reflects the majority of overall emissions as part of our our long-term sustainability ambition.

Diversity was included to maintain focus on our role in Dutch society, with the target now based solely on the percentage of women in senior management. This change was made because there is significant overlap between the senior management diversity target and the (previous) sub-top diversity target, making a single, clear target more meaningful and in line with our leadership structure.

Actual received remuneration Board of Management (in €)

1. The 2025 amounts give an indication of the value of the shares that will vest in April 2026 and relate to the LTI 2023 grant. The 2024 amounts are the actual values of the shares that vested in April 2025 and relate to the LTI 2022 grant. The fair value of the LTI grants recorded as cost in accordance with IFRS Accounting Standards in 2025 amounts to €1,194,973 for Mr. Farwerck (2024: €1,166,490), €621,191 for Mr. Figee (2024: €599,910), €591,795 for Ms. Snoep (2024: €577,690), €511,652 for Ms. Vergouw (2024: €299,782), €527,424 for Mr. Stammeijer (2024: €354,288) and €455,227 for Ms. Garssen (2024: €444,378). See Note 5 to the consolidated financial statements.
2. The pension costs include the costs for survivor’s pension, disability coverage, administration as well as the gross allowances. The fixed gross allowance (for the base pay part above €137,800) in 2025 was, €181,779 for Mr. Farwerck (2024:€186,208), €99,863 for Mr. Figee (2024: €95,314), €93,181 for Ms. Snoep (2024: €90,585), €72,901 for Ms. Vergouw (2024: €70,785), €58,163 for Mr. Stammeijer (2024: €56,421) and €66,971 for Ms. Garssen (2024: €64,999).
3. In addition to social security, the stated amounts include allowances that can be considered as indirect remuneration and that relate to the value of private use of a company car.
4. All remuneration was borne by KPN B.V. See Note 5 to the consolidated financial statements for the total cost of key management. The remuneration of the Board of Management, representing the costs incurred by the company in accordance with IFRS Accounting Standards in 2025 was €3,197,993 for Mr. Farwerck (2024: €2,957,980), €1,964,288 for Mr. Figee (2024: €1,810,665), €1,831,052 for Ms. Snoep (2024: €1,711,806), €1,726,590 for Ms. Vergouw (2024: €1,410,291), €1,731,991 for Mr. Stammeijer (2024: €1,450,275) and €1,421,009 for Ms. Garssen (2024: €1,329,050). In total €11,872,924 (2024: €10,670,066).
5. Excluding pension cost, social security and other compensation.
6. Relates to vesting of plans granted prior to appointment to the Board of Management.

The fluctuation in actual pay levels during the reference years is predominantly the result of the outcome of the STI and LTI combined with the relatively high emphasis on pay-for-performance reflected in the short-term and long-term incentive plans. The STI pay-out (in terms of performance versus the assigned targets) was aligned with the level of pay-out to senior management as the same financial and non-financial targets were generally applied in these variable pay plans as in the assigned targets of the Board of Management. The average STI pay-out over the five-year period is close to 93% of the on-target level and the LTI plans vested over the five-year period are on average close to 112% of the on-target level, reflecting the realistic targets set for variable incentive plans.

Considering the results, variable pay on financial and non-financial targets is closely linked to KPN’s performance against peers (TSR) and to its outcomes on the key metrics Service Revenues, FCF and EBITDA AL ensuring alignment with the financial performance goals and the long-term value creation strategy. Increasing revenues were supported by ongoing savings from the simplification and digitalization of services. KPN is generating growth in FCF which supports a progressive regular dividend and a robust liquidity position, and the company remains committed to an investment grade credit profile.

Change in remuneration of the current members of the Board of Management in comparison with previous five financial years

1. Including the first vesting of the LTI award (2020 grant).

KPN’s internal pay ratio

To ensure transparency and clarity, KPN applies an IFRS-driven methodology to calculate the internal pay ratio. KPN’s internal pay ratio compares the total CEO compensation under IFRS Accounting Standards principles with the average compensation of employees having an employment contract with KPN (total personnel expenses of KPN employees divided by the average number of KPN FTEs). KPN’s calculated pay ratio in 2025 was 28 (2024: 29). The outcome is in line with KPN’s acceptable bandwidths as described in our remuneration policy. For further details, see Note 5 to the consolidated financial statements.

Number of shares and current share plans for current board members

1. The 2022 share grant vested in April 2025 with a actual vesting percentage of 106% (excluding deferred dividend).
2. The shares granted to the Board of Management represent 38% (2024: 40%) of the total number of shares and share-based awards granted in to all employees. The grant numbers do not include any deferred dividend during the vesting period. The deferred dividend during the vesting period will be additionally granted in shares.
3. Value is calculated by multiplying the number of share awards by the fair value at grant date.

See the "Insider transactions" section for stock ownership of the members of the Board of Management and Supervisory Board and Note 5 to the consolidated financial statements for a further description and valuation of the share plans. No loans, advance payments, or guarantees were provided to members of the Board of Management or the Supervisory Board.

Claw-back clause

The claw-back clause was not applied in 2025 (nor in 2024).

Supervisory Board

The objective of the remuneration policy for the Supervisory Board is to reward the members appropriately for their work based on market-competitive fee levels. To the extent applicable, the same principles of the Board of Management remuneration policy apply to the Supervisory Board remuneration policy.

KPN has a fixed annual fee and annual committee membership fees for the members of the Supervisory Board. The eligibility for committee fees is limited to two committees (i.e. the two highest fees will apply).

AEX-listed companies with a two-tier board serve as a reference for determining market-competitive fee levels. Supervisory Board members do not receive any variable compensation and are not granted any shares as a form of pay.

The following table shows the annual fixed fee structure for the members of the Supervisory Board and the members of the committees as approved at the 2024 AGM:

The following table shows the actual fee for each current member of the Supervisory Board.

1. Up until 16 April 2025.
2. Up until 20 February 2024.

General basis for preparation of the sustainability statement (BP-1)

KPN’s sustainability statement has been prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) as adopted by the European Commission. It includes the "quick fix" amendments to this first set of ESRS, as well as the specifications adopted pursuant to Article 8(4) of Regulation (EU) 2020/852 of the European Parliament and of the Council. The report also incorporates the Delegated Regulation (EU) 2026/73, which formed the basis for the EU taxonomy eligibility and alignment assessments for the 2025 reporting period. Although the CSRD has not been transposed and implemented in Dutch law in a timely fashion, KPN has chosen to anticipate on this implementation and reports in line with the CSRD. In applying the "quick fix" amendments adopted by the European Commission, KPN has applied the applicable ESRS phase-in provisions. As a result, while all ESRS standards remain applicable, certain disclosure requirements are not yet reported and will be phased in in subsequent reporting periods.

The sustainability statement has been prepared on a consolidated basis and the scope of this consolidated sustainability statement is the same as the scope of consolidation in our financial statements. Unless stated otherwise, environmental, social and governance (ESG) information covers the consolidated KPN Group including its subsidiaries for all ESRS disclosure requirements. However, for entity-specific disclosures, such as KPN-specific metrics and targets, only KPN B.V. is reported.

KPN did not make use of the exemption from disclosure of impending developments or matters in the course of negotiation, as provided for in the articles 19a(3) and 29a(3) of Directive 2013/34/EU. The comparability of sustainability information may be limited due to a lack of historical sustainability information in accordance with the ESRS and standardized measurement practices, allowing for varied acceptable measurement techniques, especially in the initial years.

Disclosures in relation to specific circumstances (BP-2)

Role of management and supervisory bodies addressing sustainability matters (GOV-1/2)

Integration of sustainability-related performance in incentive schemes (GOV-3)

Sustainability-related performance is integrated in the incentive schemes for members of the Board of Management as laid down in KPN's remuneration policy. Its main principles are based on a balanced approach between market-competitive standards, the ratio between fixed and variable pay, and  the economic and ESG contribution of the company.

The sustainability-related targets are included in the short-term incentive (STI) plan and the long-term incentive (LTI) plan. A detailed description of KPN's remuneration policy for the Board of Management, a breakdown of the specific sustainability-related targets included in the STI and LTI plans, including the 2025 performance, and the proportion of variable remuneration dependent on the ESG-related targets, are included in the "Remuneration report".

Statement on due diligence (GOV-4)

In this sustainability statement we provide information about the due diligence process with regard to sustainability matters, which helps us to assess KPN's impacts, risks and opportunities related to material sustainability matters. The main aspects and steps of the due diligence process we apply are described in the following sections of this statement.

Risk management and internal controls over sustainability reporting (GOV-5)

Following the requirements of the CSRD and related ESRS, KPN has started developing and implementing a control framework for reliable sustainability reporting (RSR), which will be further enhanced and expanded in the years ahead. The objective of the RSR framework is to safeguard the reliability of the sustainability information as disclosed in the sustainability statement and to ensure that the risk of material misstatements is reduced to an acceptable level. For this year, the RSR framework development focused primarily on the reliability of a limited number of sustainability KPIs that are used to monitor the realization of KPN’s ESG objectives (see overview of these KPIs in the "KPN list of top risks"). For subsequent years, the scope will be broadened to other sustainability KPIs.

In addition to the RSR framework, several other procedures are implemented to reduce the risk of material misstatements in our sustainability statement, such as review procedures performed by subject matter experts within KPN and KPN Audit.

The RSR framework is part of KPN’s internal control systems (KICS) and will, in the coming years, follow the same risk management methodologies, tooling and reporting principles as for the reliable financial reporting (RFR) and compliance frameworks, and in accordance with KPN's three lines model. In 2025, controls were designed for 13 of the 15 material sustainability KPIs within the RSR control framework and for 3 KPIs the controls have been implemented. Steps were also taken to further automate the internal KPI reporting, aimed at monitoring the sustainability objectives. For more information on the RSR framework including a description for the statement on risk management (Verklaring omtrent Risicobeheersing), see the "Compliance and risk" section.

The framework will comprise risks and controls in KPN's own operations, and will be supplemented — where necessary and possible — with the risks and controls of direct business relationships in the upstream or downstream value chain. See "Main risks" in the "Compliance and risk" section for the main risks identified and their mitigation strategies including related controls, which is incorporated by reference.

Strategy, business model and value chain (SBM-1)

Interests and views of stakeholders (SBM-2)

Material impacts, risks and opportunities and their interaction with strategy and business model (ESRS2 — SBM3)

Description of the process to identify and assess material impacts, risks and opportunities (IRO-1)

Material impacts, risks and opportunities resulting from KPN's DMA 2025

1. This positive impact is not considered material and does not offset the negative effects of KPN’s own energy consumption. KPN presents this enablement effect as a strategic outcome, acknowledging its role in supporting environmental sustainability without claiming compensatory equivalence.
2. Beyond Tier 1 in high-risk areas, mainly in Eastern Europe, Asia and Latin America.