Revenue and EBITDA Growth
Adjusted revenues up ~2.7% year‑on‑year (Q4); group service revenues grew ~2.7% (full-year commentary). Adjusted EBITDA after leases grew 5.1% in Q4 and underlying EBITDA (excl. LTO) grew 3.7%. EBITDA margin improved by 100 bps to 44.6% of adjusted revenues.
Strong Free Cash Flow and Shareholder Returns
Free cash flow rose 5.8% year‑on‑year to EUR 952 million (full year). Free cash flow margin improved ~40 bps to 16.3%. Free cash flow per share up ~7% year‑on‑year. Company expects DPS to increase ~10% in 2026 (intent: EUR 0.20/share) and announced a EUR 250 million share buyback.
Consumer / Broadband Commercial Momentum
Record number of homes connected in Q4 and for the full year; added ~440,000 fiber homes passed and ~400,000 homes connected in 2025. Broadband delivered repeated double‑digit net adds growth (3rd quarter in a row) and Consumer service revenues grew (Q4 Consumer service revenue growth cited ~1.2%).
Mobile and Wholesale Growth
Mobile added 24,000 postpaid subscribers in Q4 and Mobile service revenue grew 2.9% year‑on‑year in Q4. Wholesale service revenues increased 3.9% year‑on‑year (driven by international sponsored roaming and visitor roaming uptake).
Cost Control and Transformation Progress
Indirect costs reduced by ~EUR 10 million year‑on‑year, marking an inflection after inflationary pressure. Workforce reductions exceeded 300 FTEs (over 500 including contingent external staff). Targeting EUR 100 million net indirect OpEx savings by 2030 and expecting EUR 15–20 million additional savings in 2026.
Fiber Leadership and CapEx Roadmap
Together with Glaspoort covers ~6 million homes (~70% of the Netherlands). 2026 CapEx guidance ~EUR 1.25 billion with a planned step‑down of ~EUR 250 million in 2027 to bring CapEx below EUR 1 billion, expected to materially improve cash conversion.
Solid Balance Sheet Metrics
Leverage at 2.4x (below 2.5x self‑imposed ceiling). ROCE improved 30 bps to 14.7% (approaching midterm 15% target). Total liquidity ~EUR 1.6 billion and year‑end cash ~EUR 552 million. Average cost of senior debt down ~30 bps year‑on‑year.
ESG Progress
Scope 2 emissions reduced by ~70% year‑on‑year; increased green energy sourcing and a solar partnership announced. Diversity and inclusion remain priorities with ongoing programs.