KPN enters October 2025 with modest top-line momentum and a defensive equity profile. Trailing 12‑month revenue stands at 5.73B with EBITDA of 2.28B and a 14.42% profit margin, while quarterly revenue growth is 5.90% year over year despite softer earnings growth (-8.40%). The balance sheet is geared (total debt 7.15B; debt/equity 207.96%) and liquidity is tight (current ratio 0.72), but operating cash flow of 2.16B underpins a forward dividend of 0.18 per share, a 4.36% yield with an 89.47% payout ratio. Shares have traded between 3.446–4.267 over the past year; recent weekly closes hover near 3.97, with low volatility (beta 0.22). Over the next three years, investor returns are likely to hinge on execution in core connectivity, cost discipline, and capital allocation, including debt reduction and dividend sustainability.

Deutsche Telekom’s Frankfurt‑listed shares (DTE.DE) have swung within a defined band in 2025, peaking near late‑February highs before sliding toward September lows. Over the past six months, the stock traded in a 28.65–34.75 range and last closed at 28.97 on October 6, 2025. With no fresh fundamentals provided here, the three‑year view hinges on strategic levers rather than short‑term datapoints: the cash‑generation profile of its U.S. exposure, pricing and cost discipline in core European markets, fiber and 5G monetization, and the pace of deleveraging versus capital returns. The setup suggests a mature, cash‑centric story where macro (rates, FX) and competition can nudge sentiment as much as company‑specific catalysts. Investors will watch whether management can defend margins while advancing network investments and simplifying the group structure to unlock value into the 2028 horizon.

ASML Holding (ASML.AS) enters Q4 2025 near record levels, underpinned by accelerating AI-driven chip demand and a solid financial base. Over the last twelve months, the company produced revenue of 32.16B with a 29.27% profit margin and 34.64% operating margin, translating to 9.42B in net income and 24.03 in diluted EPS. Cash of 7.25B versus 3.7B of debt, plus 11.18B in operating cash flow, provide flexibility for R&D, capacity and shareholder returns. After a spring drawdown, shares have rebounded toward the 52‑week high of 897.20, with the latest close at 888.40. Analysts have turned more constructive, citing strong bookings and a robust backlog, while ASML’s strategic bet on European AI startup Mistral signals deeper alignment with long-term compute trends. This note outlines a three‑year outlook from today’s starting point.

Siemens enters the next three years with steady fundamentals and a stronger strategic tilt toward electrified mobility and secure, AI-enabled factories. Over the last 12 months, shares rose 30.82% and recently traded near 242.10, close to the 52‑week high of 244.85, outpacing the S&P 500’s 17.90% gain. The company’s trailing revenue stands at 78.3B with operating and net margins of 13.49% and 12.65%, respectively, and operating cash flow of 12.82B. Management continues to balance growth investment with returns, supported by a forward annual dividend of 5.2 (2.16% yield) and a payout ratio of 52.63%. Headline momentum includes Siemens Mobility breaking ground on a train battery factory in Bavaria, new virtualized OT security capabilities, and an AI-led manufacturing partnership with LTTS, all of which could support mix, margins, and recurring revenue through 2026–2028.