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KPN Q3 Adj. EBITDA After Leases Up 1.3% Excl. Divestments; Adj. Revenues Down 3.7%

KPN (KKPNY.PK,KPN) reported third quarter net profit of 132 million euros, a decline of 58% from previous year. Excluding the incidentals that impacted operating profit in third quarter of prior year, net profit would have increased with approximately 4 million euros net of tax, mainly driven by lower finance cost due to debt redemptions. Operating profit (EBIT) was 240 million euros, down 44%. Adjusted EBITDA after leases was 598 million euros, down 0.1% without correction. Adjusted EBITDA after leases rose 1.3% corrected for impact of divestments.

Third quarter adjusted revenues were 1.30 billion euros, a decline of 5.4% without correction from a year ago. Adjusted revenues declined 3.7% corrected for impact of divestments.

KPN said it continues to commit to fiscal 2020 outlook as provided in January 2020. The company now expects adjusted EBITDA after leases of approximately 2.32 billion euros, and Free Cash Flow of approximately 750 million euros. KPN intends to pay a regular dividend per share of 13.0 euro cents in respect of 2020.

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