KPN The broadband offensive

KPN’s results are a wake-up call for telecoms investors. They show how real a threat broadband poses to ex-monopoly operators – and how expensive it is going to be for them to fight back. The Dutch group warned its ebitda would fall in 2005, implying it would drop by around E350m. It did not say where this reduction would come from. But its domestic mobile business has reversed market-share losses and should start to stabilise ebitda next year. Meanwhile, KPN did say it was investing heavily to...