freenet AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Successful nine-month performance: freenet confirms guidance – IPTV as key driver of EBITDA growth
05.11.2025 / 18:00 CET/CEST
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Successful nine-month performance: freenet confirms guidance – IPTV as key driver of EBITDA growth

• EBITDA growth: adjusted EBITDA rises to EUR 395.1 million (+1.6%) with stable revenues (+0.3%).
• Free cash flow: increase to EUR 226.1 million (+2.8%).
• Customer growth: customer base grows by 205.6 thousand to 10.355 million, thereof 189.7 thousand postpaid customers.
• TV and Media: waipu gains 80.2 thousand customers and contributes significantly to EBITDA growth.
• Important strategic decisions: Acquisition of mobilezone's German business and extension of the MediaMarktSaturn partnership.
• Guidance confirmed: Executive Board reiterates guidance despite challenging market environment.

Buedelsdorf, 5 November 2025 – freenet AG [ISIN DE000A0Z2ZZ5] published its results for the third quarter and the nine-month period of the 2025 financial year today after the close of trading (Xetra). All key figures relate exclusively to continuing operations.

freenet reports successful nine-month performance and sets strategic course

freenet AG can look back on a successful business performance after nine months of 2025. In a challenging market environment, the company increased its key financial performance indicators, adjusted EBITDA and free cash flow, and confirmed its guidance for the current financial year. At the same time, freenet recorded significant growth in its subscriber base, particularly in Mobile Communications. freenet is thus consolidating its position as one of the leading providers in the German Mobile Communications market for private customers and in the IPTV sector.

With an increase of 205.6 thousand subscribers to a total of 10.355 million (+2.0% since the beginning of the year), consolidated revenues of EUR 1,828.1 million (+0.3%), adjusted EBITDA of EUR 395.1 million (+1.6%) and free cash flow of EUR 226.1 million (+2.8%), freenet is on track to achieve its full-year guidance.

In particular, the above-expectations growth in postpaid customers (+189.7 thousand) is clear evidence of the effectiveness of the new direction taken by the Mobile Communications business under CEO Robin Harries. The focus on performance-oriented brand marketing and the optimisation of the conversion rate in online channels are beginning to show results.

As part of its strategy to strengthen the online presence in the Mobile Communications segment, freenet announced the acquisition of mobilezone's German operations in early October. The transaction strategically enhances the company's sales portfolio and reinforces freenet's market position over the long term. The purchase price of approximately EUR 230 million will be fully financed through external funding and will not negatively impact free cash flow or dividend payments. Closing of the transaction is expected by year-end.

Furthermore, by renewing its exclusive partnership with MediaMarktSaturn for an additional five years, freenet has ensured continued access to a critical sales channel.

Growth in adjusted EBITDA due to strong contribution from waipu

With stable consolidated revenues (+0.3%), adjusted EBITDA increased by 1.6% to EUR 395.1 million, mainly due to the strong financial growth of waipu. EBITDA not adjusted for one-off effects even amounted to EUR 407.4 million (+5.3%). The one-off effects amounting to EUR 12.3 million resulted primarily from the sale of IP addresses and the sale of The Cloud. Free cash flow also rose in the first nine months to EUR 226.1 million (+2.8%). Cash conversion remained at a high level at over 57% of adjusted EBITDA.

In the Mobile Communications segment, postpaid service revenues, which are particularly relevant to margins, rose by 0.5% to EUR 1,205.3 million, while segment revenues as a whole declined slightly (-1.7%) to EUR 1,501.6 million. Despite a market-driven decline in postpaid ARPU to EUR 17.4 (-2.8%), service revenues remained stable, supported by robust growth of 189.7 thousand new postpaid customers. The Mobile Communications business generated solid adjusted EBITDA of EUR 320.1 million (-1.5%) in the nine-month period.

In the TV and Media segment, revenues rose by 7.6% to EUR 313.0 million, driven by the continued growth of the IPTV offering waipu. While waipu gained 80.2 thousand net new subscribers in the reporting period, the number of freenet TV customers declined as expected (-52.2 thousand). The segment generated total adjusted EBITDA of EUR 94.9 million (+18.2%). waipu proved to be a key growth driver and now contributes more than a quarter of the segment's EBITDA – clear evidence of the scalability of the IPTV business.

Against the backdrop of the successful business performance in the first nine months, the Executive Board confirms the guidance for the current financial year.

Key figures

Conference call

A conference call on the results for the third quarter and the nine-month period of 2025 will take place on Thursday, 6 November 2025, at 10:00 a.m. (CET). The conference call can be followed via webcast (listen-only mode). A recording will be made available afterwards.

Further documents

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¹ Includes subscribers of freenet FUNK and freenet FLEX

² With regard to the adjustments for the nine-month period 2024, reference is made to the explanations under note 2 in the selected explanatory notes in accordance with IAS 34 in the half-year report as at 30 June 2025.

³ freenet AG's reporting and guidance focus on adjusted EBITDA in order to improve the comparability of operating performance between financial years in the event of special items. Free cash flow, which forms the basis for the distribution of dividends, is not adjusted for one-off effects in order to facilitate the calculation of the expected distribution potential.

Note

For the sake of clarity and transparency, alternative performance measures (APMs) are used in freenet AG's financial statements and in ad hoc announcements pursuant to Art. 17 MAR, in addition to the disclosures defined by International Financial Reporting Standards (IFRS). Information on the use, definition and calculation of APMs can be found in the 2024 Annual report.

Contact

freenet AG

Investor Relations & ESG

Phone: +49 (0)40 / 513 06 778

Email: ...

Internet: fn/investors

Public Relations & Corporate Communications

Phone: +49 (0)40 / 513 06 777

Email: ...

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