KPN plans to cut capital spending after 2027, boosting dividends and buybacks.

Dutch telecom company Koninklijke KPN N.V. is set to reduce its capital expenditures structurally after 2027, enabling higher dividends and share buybacks. The company's Q1 results show steady fiber network expansion and strong consumer segment performance, despite mixed results in its business segment. The outlook remains positive with expected continued dividend growth supported by cost savings, stable revenue, and potential gains from competitor disruptions. The analyst maintains a Buy rating with a new target price of €5.10, highlighting KPN's defensive qualities in volatile markets.