DividendsOver the last years, KPN has invested significantly in its network infrastructure, products and customers, resulting in high quality fixed and mobile networks and improved customer satisfaction ratings across all segments. KPN will continue to focus on improving the customer experience by further investing in capacity, reliability and stability of its integrated network. KPN generates FCF (after capital expenditures), which forms the basis for its policy related to regular dividends.
KPN intends to provide a sustainable and growing regular dividend per share in line with its free cash flow growth profile.
The stake in Telefónica Deutschland is treated as a financial investment. KPN benefits from dividend payments by Telefónica Deutschland and additional financial flexibility.
KPN remains committed to an investment grade credit profile and expects to utilize excess cash for operational and financial flexibility, (small) in-country M&A and/or shareholder remuneration.