Core Insights - KPN is executing its Connect, Activate & Grow strategy, reaffirming its 3-3-7 CAGR ambitions for the full plan period [2][3] - The company is shifting focus from infrastructure expansion to connecting and activating households, with fiber rollout continuing at a more moderate pace [3] - KPN's capital expenditure (Capex) is projected to decline to below €1 billion by 2027, remaining stable thereafter [3] - The transformation programs are accelerating, targeting approximately €100 million in net indirect operational expenditure (Opex) savings annually by 2030 compared to 2025 [3] - KPN maintains its ESG leadership with ongoing progress on its BetterInternet mission [3] - The capital allocation policy is reiterated, with full free cash flow (FCF) being returned to shareholders [3] - The dividend payout is set to be rebased to approximately 80% of FCF starting in 2026, with the remainder returned through share buybacks (SBBs) [3] - Dividend per share (DPS) growth is projected at around 14% CAGR from 2025 to 2027, compared to the previous estimate of approximately 7% [3] - Beyond 2027, KPN is targeting mid-single-digit annual FCF growth to support continued increases in shareholder returns [3]