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COMMUNICATIONS: KPN Consolidates Tower JV; Negligible Impact

COMMUNICATIONS
  • KPN & ABP have closed their deal to form a JV for a new tower company Althio. KPN holds 51%, fully consolidating the JV.
  • FY25 guidance raised: adj. EBITDA AL EUR >2.6bn (from EUR >2.58bn), FCF EUR ~920mn (from EUR ~910mn), service revenue growth ~3%, Capex ~€1.25bn (both unch).
  • Reported net debt rises by up to €300m from EUR 5.96bn with the leverage ratio up ~0.1x from 2.4x against a ~2.5x leverage range. 
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  • KPN & ABP have closed their deal to form a JV for a new tower company Althio. KPN holds 51%, fully consolidating the JV.
  • FY25 guidance raised: adj. EBITDA AL EUR >2.6bn (from EUR >2.58bn), FCF EUR ~920mn (from EUR ~910mn), service revenue growth ~3%, Capex ~€1.25bn (both unch).
  • Reported net debt rises by up to €300m from EUR 5.96bn with the leverage ratio up ~0.1x from 2.4x against a ~2.5x leverage range.