Royal KPN NV: Hold Rating Amid Strategic Progress and Conservative Financial OutlookWe expect KPN shares to react positively, by ca +1% to +3%. Morgan Stanley & Co. International plc+ Emmet B +44 20 7425-6830 KPN (KPN.AS, KPN NA) Telecommunications Services | Price target €4.00 Shr price, close (Nov 4, 2025) €3.96 52-Week Range €4.27-3.45 Mkt cap, curr (mn) €15,400 Net debt (12/25e) (mn)* €6,176 EV, curr (mn)* €21,323 * = GAAP or approximated based on GAAP Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.