Core Insights - The transaction to create a new open Tower Company named "Althio" has been completed, with operations starting immediately following the necessary approvals [1][2]. Group 1: Strategic Partnership and Objectives - The partnership aligns with KPN's 'Connect, Activate & Grow' strategy, aimed at optimizing the value of passive infrastructure assets and maintaining strategic flexibility [2]. - The establishment of Althio provides KPN with increased flexibility over a significant portion of its mobile sites, facilitating strategic synergies in network infrastructure deployment, maintenance, and optimization [2]. Group 2: Financial Impact and Guidance - KPN, holding a 51% stake in Althio, will fully consolidate the new entity, leading to an updated financial outlook for 2025 [3]. - KPN now anticipates an adjusted EBITDA AL exceeding €2,600 million and Free Cash Flow around €920 million for 2025, while maintaining a service revenue growth outlook of approximately 3% and Capex of about €1.25 billion [3]. - The net debt is projected to increase by up to €300 million, with a minimal pro-forma impact on KPN's leverage ratio, which is expected to remain around 2.5x net debt/EBITDA [3].
KPN and ABP announce start of new Tower Company “Althio”