Interim / Quarterly Report • Nov 11, 2025
Interim / Quarterly Report
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Interim Statement Q3 2025
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| Selected Performance Indicators |
9M 2025 | 9M 2024 | Change | Q3 2025 | Q3 2024 | Change | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Profit (in €m) | |||||||||
| Revenues | 3,016.2 | 3,017.2 | 0.0% | 1,009.8 | 1,001.3 | 0.8% | 987.9 | 1,018.5 | 1,047.1 |
| Service revenues | 2,479.3 | 2,478.7 | 0.0% | 832.8 | 833.8 | -0.1% | 824.6 | 821.9 | 824.4 |
| Hardware and Other revenues |
536.9 | 538.5 | -0.3% | 177.0 | 167.5 | 5.7% | 163.3 | 196.6 | 222.7 |
| EBITDA | 409.8 | 463.0 | -11.5% | 125.9 | 136.4 | -7.7% | 128.0 | 155.9 | 127.8 |
| EBITDA segment Access | 611.0 | 630.1 | -3.0% | 196.5 | 192.5 | 2.1% | 191.6 | 222.9 | 226.0 |
| EBITDA segment 1&1 Mobile Network |
-201.2 | -167.1 | 20.4% | -70.6 | -56.1 | 25.8% | -63.6 | -67.0 | -98.2 |
| EBIT | 175.4 | 287.5 | -39.0% | 57.3 | 91.4 | -37.3% | 44.9 | 73.2 | 21.9 |
| EBIT excluding PPA write offs |
234.0 | 330.3 | -29.2% | 71.4 | 105.6 | -32.4% | 66.2 | 96.4 | 36.2 |
| EBT | 159.1 | 286.5 | -44.5% | 51.9 | 90.0 | -42.3% | 39.4 | 67.8 | 18.7 |
| EBT excluding PPA write-offs | 217.7 | 329.4 | -33.9% | 66.0 | 104.3 | -36.7% | 60.6 | 91.1 | 32.9 |
| Profit per share (in €) | 0.63 | 1.11 | -43.2% | 0.21 | 0.34 | -38.2% | 0.15 | 0.27 | 0.10 |
| Profit per share excluding PPA write-offs (in €) |
0.86 | 1.28 | -32.8% | 0.26 | 0.39 | -33.3% | 0.24 | 0.36 | 0.15 |
| Cash flow (in €m) | |||||||||
| Net inflow of funds from operating activities |
432.7 | 133.8 | - | 203.2 | 158.4 | 28.3% | 185.7 | 43.8 | 177.5 |
| Net outflow of funds in investment sector |
-673.8 | -73.7 | - | -194.9 | -143.2 | 36.1% | -159.3 | -319.6 | -107.1 |
| Free cash flow | 204.0 | 63.0 | - | 92.5 | 121.5 | -23.9% | 95.7 | 15.8 | -42.2 |
| 30/09/2025 | 31/12/2024 | Change | 30/09/2025 | 31/12/2024 | Change | 30/06/2025 | 31/03/2025 | 31/12/2024 | |
| Headcount (incl. management board)* |
|||||||||
| Total per end of September | 3,124 | 3,268 | -4.4% | 3,124 | 3,268 | -4.4% | 3,213 | 3,287 | 3,268 |
| Customer contracts (in millions) |
|||||||||
| Access, contracts | 16.34 | 16.39 | -0.3% | 16.34 | 16.39 | -0.3% | 16.33 | 16.35 | 16.39 |
| of which mobile internet | 12.48 | 12.44 | 0.3% | 12.48 | 12.44 | 0.3% | 12.44 | 12.42 | 12.44 |
| of which broadband (ADSL, VDSL, FTTH) |
3.86 | 3.95 | -2.3% | 3.86 | 3.95 | -2.3% | 3.89 | 3.93 | 3.95 |
| Balance Sheet (in €m) | |||||||||
| Short-term assets | 2,169.4 | 1,844.0 | 17.6% | 2,169.4 | 1,844.0 | 17.6% | 2,183.5 | 2,177.9 | 1,844.0 |
| Long-term assets | 6,376.5 | 6,286.0 | 1.4% | 6,376.5 | 6,286.0 | 1.4% | 6,307.6 | 6,265.0 | 6,286.0 |
| Shareholders' equity | 6,198.9 | 6,094.0 | 1.7% | 6,198.9 | 6,094.0 | 1.7% | 6,161.9 | 6,142.5 | 6,094.0 |
| Balance sheet total | 8,545.9 | 8,130.1 | 5.1% | 8,545.9 | 8,130.1 | 5.1% | 8,491.1 | 8,442.9 | 8,130.1 |
| Equity ratio | 72.5% | 75.0% | 72.5% | 75.0% | 72.6% | 72.8% | 75.0% | ||
*Due to an adjusted counting method for employees, the employee numbers for the reporting year 2025 as well as the comparative figures for the previous year have been adjusted.
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While the operating business slightly regained momentum in the third quarter, 1&1 continues to focus on the reliable expansion and operation of its own mobile network. At the same time, our company is tapping growth opportunities in the fibre-optic market.
In the third quarter of 2025, we continued the largest customer migration in the history of German mobile communications and completed it on schedule at the beginning of November. Now all of our more than 12 million customers use the 1&1 mobile network. The transformation from a wholesaler of mobile services under the MBA MVNO model (Mobile Virtual Network Operator) to a Mobile Network Operator has therefore been now completed. So, 1&1 is fulfilling the Federal Network Agency's requirement for competitive independence ahead of schedule, before 31 December 2025.
The technical implementation of the customer migration was carried out through a sophisticated, particularly customer-friendly process that enabled the daily move of up to 50,000 users. In doing so, we relied predominantly on dual-profile SIMs, which allow a convenient and virtually interruption-free "over-theair" conversion. A physical SIM card replacement was rarely required.
With the completion of the customer migration, 1&1 operates the world's largest mobile network based on the novel Open-RAN technology in terms of users and so, sets an example of how digital sovereignty and technological innovation can go hand in hand.
The Open-RAN technology is based on standardised interfaces. Unlike traditional mobile networks, where closed systems create dependencies on individual equipment suppliers, like Huawei, we cooperate with around 100 powerful and trustworthy partners. 50 percent of these companies come from Germany, a further 40 percent from Europe. As the world's largest Open-RAN operator in terms of users, we are contributing to a more independent European telecommunications market.
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From a technological perspective, the 1&1 O-RAN also stands for high flexibility and innovation. Modern gigabit antennas are connected exclusively via fibre optic to hundreds of regionally distributed far-edge data centres, which span a private cloud throughout Germany. This architecture allows low latencies and is already prepared for the real-time applications of tomorrow. Standard-based interfaces and virtualisation also promote rapid innovation cycles – for improved performance, capacity and sustainability.
Despite the continued severe delays in the provision of antenna sites by our main supplier Vantage Towers, we are making clear progress in the acquisition and commissioning of new antenna sites. Already in April 2025, the Federal Cartel Office had classified the behaviour of Vantage Towers based on initial findings as an abusive obstruction. A final evaluation by the authority is still pending. Despite the delays produced by Vantage Towers, maintain a high rate of commissioning new locations. We are therefore confident that by the end of the year we will achieve 25 percent household coverage through our own antenna sites.
Also running on schedule is the transition of our customers to national roaming in the Vodafone network and the corresponding reduction of the previously purchased wholesale services from Telefónica. National roaming is used where our mobile network does not yet have its own antenna sites. In such areas, 1&1 customers access the 1&1 mobile network via Vodafone antennas.
In the future, the coverage of the 1&1 mobile network will also increase with the use of frequencies in the low-band spectrum. As is well known, in April 2025 the Federal Network Agency linked the extension of these frequencies, which are important for all network operators, to the three long-established network operators Deutsche Telekom, Vodafone, and Telefónica with the obligation to provide 1&1 with at least 2x5 MHz low-band frequencies for shared use. Negotiations on this are still ongoing. If these negotiations remain unsuccessful by 1 January 2026 - i.e., if 1&1 is not granted the use of low-band frequencies by negotiation - the Federal Network Agency reserves the right to order this.
We are also seizing important growth opportunities in the fibre-optics market. In the third quarter, 1&1 was able to conclude long-term cooperation agreements on the usage of their local fibre network with Deutsche Glasfaser and OXG and so, increase its coverage in the German fibre-optic market. Within the scope of these partnerships, the local fibre-optic networks of both companies will be connected to 1&1's high-performance nationwide transport network. Over 5 million additional private households, small businesses and self-employed workers will gain access to the fibre-optic offering from 1&1.
For over 30 years, 1&1 has been one of Germany's leading telecommunications providers, committed to promoting healthy competition through innovative and attractive offerings. We are widely recognised for our excellent price-performance ratio. Of course, we do not rely on good offerings alone, quality and service remain our key differentiators. Following the important awards as the provider with the highest customer satisfaction in mobile and fixed network services according to the connect Customer Barometer,
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as well as the test victory in the fixed network test by IMTEST, 1&1 has recently added the "Very Good" rating in the connect Fixed Network Test 2025 to its achievements.
1&1 customer service also received awards: in the fixed network hotline test, the experts at connect awarded our telephone customer service the grade "Very Good". Customers who prefer app-based customer service will also find top-rated services at 1&1: in the connect service app test of mobile network operators, the 1&1 Control Centre App was rated "Outstanding". This impression was also confirmed by the service app test by the specialist magazine CHIP, in which our app is rated "Very Good" and received the accolade "Best Service" in the subcategory "Service".
Already in the first half of 2025, 1&1 attained the grade "Very Good" (1.31) in the renowned fixed network test by IMTEST and zafaco 2025. And in the connect Complete Check Fixed Network Providers 2025, 1&1 again stood out as test winner in the private customer categories "Normal Users" and "Heavy Users". Together with a "Very good" rating in the latest connect hotline test of mobile network operators, these are outstanding results that confirm our commitment to delivering the highest quality and service.
In the first nine months, the number of our customer contracts declined by 50,000 to 16.34 million contracts (31 December 2024: 16.39 million contracts). This decrease resulted from the broadband segment, which stood at 3.86 million contracts as of 30 September 2025 (31 December 2024: 3.95 million contracts), while the mobile business grew to 12.48 million contracts (31 December 2024: 12.44 million contracts) in the first three quarters of 2025. The mobile business continues to be characterised by intense competition and as expected, slightly higher contract terminations in connection with the migration of all mobile customers to the new 1&1 network. Nevertheless, following a stable performance in the first half of the year, mobile contracts increased again in the third quarter.
According to our plan, our high-margin service revenue amounted to €2.479 billion in the first nine months of the 2025 financial year (9M 2024: €2.479 billion). Total revenue of 1&1 AG remained largely stable, decreasing as expected by €-1.0 million to €3.016 billion (9M 2024: €3.017 billion).
Other revenue, mainly resulting from the early realisation of hardware sales (particularly from investments in smartphones, which customers repay over the minimum contract term in the form of higher package prices), declined by -0.3 percent or €-1.6 million to €536.9 million (9M 2024: €538.5 million). Margins in the hardware business are low. It fluctuates seasonally and its development depends heavily on the attractiveness of new devices and the model cycles of manufacturers.
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EBITDA in the operational Access segment decreased by -3.0 percent to €611.0 million in the first nine months of 2025 (9M 2024: €630.1 million). This decline was mainly due to increased preliminary service costs resulting from slower- network expansion by Vodafone than expected by 1&1 and the change of national roaming provider from Telefónica to Vodafone. Under the commercially equivalent national roaming agreement with Vodafone, the capacities used by 1&1 are fully recognised in EBITDA, whereas under the previous national roaming arrangement with Telefónica, they were partially capitalised and depreciated as scheduled.
The negative EBITDA in the 1&1 mobile network segment increased as a result of higher costs for network expansion and operation as well as for the migration of existing customers, reaching €-201.2 million (9M 2024: €-167.1 million). Accordingly, total EBITDA declined by -11.5 percent to €409.8 million (9M 2024: €463.0 million).
As a consequence, and due to increased depreciation, particularly attributable to the higher number of antenna sites in the 1&1 mobile network, EBIT fell to €175.4 million (9M 2024: €287.5 million). Consequently, earnings per share (EPS) in the first nine months of 2025 were €0.63 (9M 2024: €1.11). Precluding the effects of the PPA write-offs, the profit per share amounted to €0.86 (9M 2024: €1.28).
Free cash flow in the first nine months of financial year 2025 came to €204.0 million (previous year: €63.0 million). Free cash flow includes investments in tangible and intangible assets (cash CAPEX) amounting to €228.7 million (9M 2024: €70.8 million), primarily relating to the expansion of our mobile network. The prior year's free cash flow included higher advance payments as agreed under the VDSL/FTTH contingent contract with Deutsche Telekom.
For the 2025 financial year, we continue to expect a stable contract portfolio and service revenue at the previous year's level (2024: €3.303 billion). We confirm our EBITDA forecast at approximately €545 million (2024: €590.8 million). This includes an unchanged EBITDA in the mobile segment at the prior-year level of approximately €-265 million (2024: €-265.3 million), including around €-100 million in expenses for the recently completed customer migration and network pre-services, which will cease from the 2026 financial year. EBITDA in the operating Access segment is expected to amount to approximately €810 million (2024: €856.1 million). We update the guidance of the investment volume (cash CAPEX). This is now expected at approximately €400 million (previous forecast: approximately €450 million, 2024: €290.6 million) for year 2025.
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1&1 is well positioned for the next steps in the Company's development. We are optimistic about the future. We would like to express our special thanks to all of our employees for their commitment and work and to our shareholders and business partners for the trust they have placed in 1&1.
Best regards from Montabaur,
Ralph Dommermuth Sascha D'Avis Alessandro Nava
Montabaur, November 2025
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| 10 | Principles of the Group |
|---|---|
| 10 | Course of Business |
| 13 | Position of the Group |
| 21 | Risks and Opportunities Report |
| 23 | Forecast Report |
| 24 | Explanatory Comments on the Quarterly Release |
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1&1 – only MBA MVNO on the German mobile market and roll-out of the 1&1 mobile network
The 1&1 Group, together with 1&1 Aktiengesellschaft, Montabaur the listed parent company (hereinafter: "1&1 AG" or, along with its subsidiaries, "1&1" or "Group"), is a telecommunications provider that operates in Germany and runs its own mobile network. Chargeable contracts with 16.34 million subscribers make 1&1 one of the leading providers of broadband and mobile services products in Germany.
Company management and Group reporting encompass the Access segment and 1&1 mobile network.
The Group's chargeable mobile internet and broadband products, including the related applications (such as home networks, online storage, telephony, video on demand or IP-TV), are grouped together in the Access segment.
1&1 serves more than 16.3 million contracts in the broadband and mobile communications product sectors, making it a leading internet specialist in Germany. 1&1 uses the landline network of its affiliate 1&1 Versatel GmbH, which, like 1&1, is also part of the United Internet AG Group, and can also market regional networks and broadband household lines from city carriers and Deutsche Telekom pursuant to an agreement with 1&1 Versatel. The bundled packages provided by 1&1 Versatel are supplemented with devices, own developments of applications and services to create an extended portfolio that sets the Company apart from its competitors.
The operating companies in the Access segment source wholesale services for mobile customers from the company's own network. Over the course of 2025, millions of existing customers previously served via an MBA MVNO agreement with Telefónica were migrated to the company's own mobile network. To ensure customers have the best possible network coverage, 1&1 utilises national roaming services from Vodafone and Telefónica during the construction phase of the 1&1 mobile network.
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The number of fee-based contracts in the Access segment decreased by 50,000 to 16.34 million contracts (31 December 2024: 16.39 million contracts) in the first nine months of 2025. This decline resulted from the broadband segment, which decreased to 3.86 million contracts as of 30 September 2025 (31 December 2024: 3.95 million contracts), while the mobile business grew to 12.48 million contracts (31 December 2024: 12.44 million contracts). The mobile business continues to be characterised by intense competition and, as expected, slightly higher contract terminations in connection with the migration of all mobile customers to the new 1&1 network. Nevertheless, following a stable performance in the first half of the year, mobile contracts increased again in the third quarter.
| 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | Change | |
|---|---|---|---|---|---|
| Access, total contracts | 16.34 | 16.33 | 16.35 | 16.39 | -0.05 |
| of which mobile internet | 12.48 | 12.44 | 12.42 | 12.44 | +0.04 |
| of which broadband lines | 3.86 | 3.89 | 3.93 | 3.95 | -0.09 |
Customer contracts are marketed in the Access reporting segment while the 1&1 mobile network segment produces infrastructure advance services, so external sales revenues are generated mainly in the Access segment. The segment reporting is aligned with the internal organisation and reporting structure.
By 30 September 2025, revenue in the Access segment declined by €-6.0 million to €3,009.9 million (9M 2024: €3,015.9 million), and the high-margin service revenue included therein amounted to €2,475.1 million (9M 2024: €2,477.3 million). The essentially stable development of service revenue results from the largely unchanged number of subscribers and a customer contract value comparable to the previous year. Cost of materials in the Access segment increased by €13.3 million to €1,964.5 million (9M 2024: €1,951.2 million). As a result of the rise in material expenses, gross profit in the Access segment fell from €1,064.7 million to €1,045.4 million.
Segment EBITDA is at €611.0 million (9M 2024: €630.1 million).
| 9M 2025 | 9M 2024 | Change | |
|---|---|---|---|
| Sales revenue | 3,009.9 | 3,015.9 | -0.2% |
| Service revenue | 2,475.1 | 2,477.3 | -0.1% |
| EBITDA | 611.0 | 630.1 | -3.0% |
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| Q3 2025 | Q3 2024 | Change | |
|---|---|---|---|
| Sales revenue | 1,007.6 | 1,000.0 | +7.6 |
| Service revenue | 831.6 | 832.4 | -0.8 |
| EBITDA | 196.5 | 192.5 | +4.0 |
In the first three quarters of the 2025 financial year, the focus in the 1&1 Mobile Network segment was on migrating millions of existing customers and further expanding the 5G mobile network.
At the beginning of November 2025, 1&1 successfully completed the largest migration in German mobile communications history. Within a period of approximately one year, around 10 million customer contracts were successfully migrated to the 1&1 mobile network. The technical implementation of the customer migration was carried out using a process that enabled the daily transfer of up to 50,000 users. 1&1 predominantly used dual-profile SIMs, allowing for an almost uninterrupted "over-the-air" transition. A physical SIM card replacement was only required in exceptional cases.
1&1 is the first network operator in Europe to rely entirely on the new Open RAN technology in the 1&1 mobile network. At the heart of 1&1's network is a private cloud that is operated in hundreds of cities and features local edge data centres. All network functions are controlled by software running on conventional servers. 1&1 plans to use gigabit antennas at all antenna sites, which are connected via fibre optic to the 1&1 edge data centres. This network architecture features minimal latency, which is essential for future realtime applications.
EBITDA in 1&1 mobile network segment was at €-201.2 million (9M 2024: €-167.1 million). The earnings performance primarily reflects the costs associated with migrating existing customers to the 1&1 mobile network.
In the first nine months of the 2025 financial year, revenue from the provision of mobile wholesale services to the Access segment amounted to €308.2 million, compared with €23.0 million the previous year. This revenue mainly includes the supply of self-generated and Vodafone-procured mobile wholesale services to the Access segment, revenue from termination fees, and revenue from responding to official information requests. Until now, national roaming services were procured directly by the Access segment from the previous partner, Telefónica. The wholesale services from Vodafone are purchased by the 1&1 Mobile Network segment and then internally transferred to the Access segment. The significant increase compared with the
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previous year results from the growing number of customers served via Vodafone's national roaming network.
Cash CAPEX for the 1&1 Mobile Network segment amounted to €217.5 million (9M 2024: €58.6 million). The increase in investment volume compared with the previous year is attributable to the intensified expansion of both network technology and antenna sites.
| 9M 2025 | 9M 2024 | |
|---|---|---|
| Sales revenue | 3,016.2 | 3,017.2 |
| Cost of sales | -2,301.3 | -2,190.8 |
| Gross profit | 714.9 | 826.4 |
| Distribution costs | -392.4 | -390.6 |
| Administration costs | -89.2 | -86.0 |
| Other operating income / expenses | 34.0 | 27.6 |
| Impairment losses | -91.9 | -89.9 |
| Results from operating activities | 175.4 | 287.5 |
| Financial result | -16.3 | -1.0 |
| Profit before taxes | 159.1 | 286.5 |
| Tax expenses | -48.4 | -90.2 |
| Group earnings | 110.7 | 196.3 |
Against the backdrop of a persistently highly competitive market environment, the number of fee-based customer contracts declined by 50,000 in the first nine months of 2025.
Revenue decreased slightly in the first nine months of the 2025 financial year, from €3,017.2 million in the first nine months of 2024 to €3,016.2 million. Sustainable, high-margin service revenues, which essentially result from the billing of existing customer relationships, amounted to €2,479.3 million and so remained roughly at the previous year's level (€2,478.7 million).
Other revenue, which mainly comprises revenue from the realisation of hardware sales (particularly from investments in smartphones repaid by customers over the contractual minimum term through higher package prices), recorded a slight decline of -0.3 percent to €536.9 million in the first three quarters of 2025
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(9M 2024: €538.5 million). This business is subject to seasonal fluctuations and depends on the attractiveness of new devices and manufacturers' model cycles. Regardless, these revenue fluctuations have no significant impact on EBITDA development.
Cost of sales increased in the first nine months of 2025 by €110.5 million or 5.0 percent to €2,301.3 million in the first nine months of 2024 (9M 2024: €2,190.8 million). Cost of sales in the Access business segment rose by 0.5 percent compared to the previous year and amounted to €1,979.9 million to (9M 2024: €1,970.2 million). The increase in cost of sales is primarily attributable to higher expenditure for wholesale services, while the cost of goods sold has declined due to the reduced hardware revenue.
The cost of sales in the 1&1 mobile network segment amounted to €623.3 million (9M 2024: €242.3 million) and essentially related to the costs of setting up, expanding, and operating the 1&1 mobile network. Cost of sales includes all costs incurred for operating the 1&1 mobile network as well as the wholesale costs for national and international roaming (excluding the national roaming costs with Telefónica, which are recognised directly in the Access segment). Depreciation in the cost of sales totalled €126.3 million in the first nine months of 2025 (9M 2024: €61.8 million). The increase in depreciation is primarily due to the increased depreciation on capitalised usage rights of leased antenna sites.
The gross margin was 23.7 percent (9M 2024: 27.4 percent). As a result of almost constant sales revenues and the higher expenses included in the cost of sales in the 1&1 Mobile Network segment, the gross profit from revenues fell from €826.4 million by -13.5 percent or €-111.5 million to €714.9 million.
Sales costs attributable exclusively to the Access segment rose by €1.8 million to €392.4 million in the first nine months of 2025 financial year due to continued intensified marketing activities and advertising campaigns. (9M 2024: €390.6 million). In relation to revenues, distribution costs in the first nine months of financial year amounted to 13.0 percent (9M 2024: 12.9 percent).
Administrative expenses rose slightly to €89.2 million (3 percent of revenue) compared to €86.0 million in the previous year (2.9 percent of revenue).
Other income totalled €34.0 million (9M 2024: €27.6 million) and comprised other operating expenses of €2.2 million (9M 2024: €3.0 million) and other operating income of €36.2 million (9M 2024: €30.6 million). The increase in other operating income was driven mainly by higher earnings from the debt collection process.
There has been a slight increase in impairments on receivables and contractual assets. These amounted to €91.9 million in the first nine months of the 2025 financial year, compared with €89.9 million as of 30 September 2024. In relation to sales revenue, the value adjustment ratio remained unchanged at 3.0 percent (9M 2024: 3.0 percent).
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EBITDA as of 30 September 2025 amounted to €409.8 million (9M 2024: €463.0 million), representing a decrease of 11.5 percent compared with the corresponding prior-year period. The EBITDA margin was 15.3 percent as of 30 September 2025, compared to 13.6 percent in the comparable period. The earnings performance was mainly driven by higher costs for the operation of the 1&1 mobile network, costs associated with the migration of existing customers, and increased wholesale costs for mobile internet services.
Earnings before interest and taxes (EBIT) in the first three quarters of 2025 amounted to €175.4 million (9M 2024: €287.5 million). The EBIT margin came to 5.8 percent (9M 2024: 9.5 percent). Excluding the effects of PPA depreciation (depreciation on the assets recognised as part of the purchase price allocation in the merger of 1&1 and Drillisch), the EBIT came to €234.0 million and the EBIT margin was 7.8 percent (9M 2024: €330.3 million or EBIT margin 10.9 percent).
Financing expenses totalled €27.5 million in the reporting period, significantly above the previous year's €13.8 million. The significant increase of €13.7 million is essentially attributable to two factors: firstly, interest expenses arising from the accounting treatment of lease liabilities related to the use of antenna sites have increased. Secondly, since the beginning of the 2025 financial year, additional interest expenses have been incurred from the loan obtained at the start of the year from the Japan Bank for International Cooperation JBIC, which serves to co-finance strategic investments in connection with network expansion. The loan was formally taken out by United Internet and passed on to 1&1. Financial income in the first nine months of the 2025 financial year amounted to €11.2 million (9M 2024: €12.8 million) and, as in the previous year, mainly resulted from interest income on deposits with United Internet AG. The decrease reflects the lower interest rate environment compared with the first nine months of the 2024 financial year.
Earnings before taxes (EBT) came to €159.1 million in the first three quarters of 2025 (9M 2024: 286.5 million). Tax expenses amounted to €48.4 million (9M 2024: €90.2 million). The tax rate is 30.4 percent (9M 2024: 31.5 percent).
The consolidated result amounted to €110.7 million in the first three quarters of 2025 (9M 2024: €196.3 million).
Undiluted profit per share in the first nine months of the financial year 2025 amounted to €0.63 (9M 2024: €1.11). Excluding the effects of the PPA depreciation, the basic earnings per share in 2025 amounted to €0.86 (9M 2024: €1.28).
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| 9M 2025 | 9M 2024 | Change | |
|---|---|---|---|
| Sales revenue | 3,016.2 | 3,017.2 | -1.0 |
| Service revenue | 2,479.3 | 2,478.7 | 0.6 |
| EBITDA | 409.8 | 463.0 | -53.2 |
| EBIT | 175.4 | 287.5 | -112.1 |
| 9M 2025 | 9M 2024 | Change | |
|---|---|---|---|
| Cash flow from operating activities | 348.3 | 373.3 | -25.0 |
| Net inflow of funds from operating activities | 432.7 | 133.8 | 298.9 |
| Cash flow from investments | -673.8 | -73.7 | -599.0 |
| Free cash flow | 204.0 | 63.0 | 141.0 |
| Cash flow from financing sector | 240.2 | -59.3 | 299.5 |
| Cash and cash equivalents as at 30 September | 3.3 | 4.0 | -0.7 |
Net cash inflows from operating activities amounted to approximately €432.7 million as of 30 September 2025, compared with €133.8 million in the same period of 2024. The positive change compared with the previous year primarily results from advance payments made in the prior year under the contingent contract with Deutsche Telekom. In addition, the prior year was affected by negative impacts from higher tax payments.
The cash flow from investments includes in particular investments in intangible and tangible assets in the amount of €228.9 million (9M 2024: €71.1 million). Payments from short-term financial investments totalling €450.5 million (9M 2024: €15.5 million) relate to the placement of surplus liquidity with United Internet AG as part of the Group's cash management. In addition, cash flow from investing activities includes interest income of €9.6 million (9M 2024: €12.8 million).
Free cash flow, defined as net inflow of funds from operating activities less investments in intangible and tangible assets plus inflow of funds from disposals of intangible and tangible assets, amounted to €204.0 million in the first three quarters of 2025 (9M 2024: €63.0 million). The positive development is primarily attributable to clearly lower one-off payments under the quota agreement with Deutsche Telekom. Partially
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offsetting these effects were the increased cash CAPEX in connection with the expansion of the 1&1 mobile network.
Cash flow from financing activities in the first three quarters of 2025 primarily included inflows from the loan provided by the Japan Bank for International Cooperation JBIC amounting to €290.0 million. The loan was formally taken out by United Internet and passed on to 1&1. In addition, interest payments totalling €26.5 million reduced cash flow from financing activities. These mainly related to interest expenses arising from lease agreements for antenna sites, interest on the loan obtained at the beginning of the year to cofinance investments in the mobile network, and payments associated with the expansion of white spots. In return, 1&1 has committed to deferring the purchase price for the 5G frequencies, which is why these payments are like interest and are therefore classified as financing. As in the previous year, a dividend of €8.8 million was paid, along with repayments of lease liabilities amounting to €14.5 million (9M 2024: €10.8 million).
The cash and cash equivalents as at 30 September 2025 amounted to €3.3 million (30 September 2024: €4.0 million).
| 30/09/2025 | 31/12/2024 | Change | |
|---|---|---|---|
| Short-term assets | 2,169.4 | 1,844.1 | 325.3 |
| Long-term assets | 6,376.5 | 6,286.0 | 90.5 |
| Total assets | 8,545.9 | 8,130.1 | 415.8 |
| Short-term liabilities | 739.8 | 730.6 | 9.2 |
| Long-term liabilities | 1,607.2 | 1,305.5 | 301.7 |
| Shareholders' equity | 6,198.9 | 6,094.0 | 104.9 |
| Balance sheet total | 8,545.9 | 8,130.1 | 415.8 |
The balance sheet total increased from €8,130.1 million as at 31 December 2024 to €8,545.9 million as at 30 September 2025. The increase in total assets is attributable to €325.3 million on the asset side for current assets and €90.5 million for long-term assets.
Cash and cash equivalents amounted to €3.3 million, €0.8 million downer than the figure of €4.1 million as at 31 December 2024.
{17}------------------------------------------------
Trade receivables stood at €340.7 million, remaining at the same level as at year-end.
As at 30 September 2025, receivables from related parties totalled €775.1 million (31 December 2024: €327.3 million). The majority of these receivables stem from the investment of free cash with United Internet AG. The liquid funds invested there increased significantly during the reporting period – from €319.0 million as at 31 December 2024 to €769.5 million as at 30 September 2025. The increase in surplus liquidity results not only from positive operating cash inflows but also from the loan received from United Internet.
Due to the scheduled sale of smartphones and hardware, the value of inventories as of 30 September 2025 is €87.8 million (31 December 2024: €119.6 million), below the level at the end of 2024.
Current contract assets primarily include receivables from hardware sales and decreased by €78.1 million compared to the end of the year. The decline results from the lower level of hardware sales compared with the previous year. Short-term prepaid expenses rose from €321.0 million as of 31 December 2024 to €326.4 million as of 30 September 2025 and relate to contract costs and prepaid utilisation fees that will not be recognised through expenditures until later periods.
Other financial assets amounted to €48.7 million as of 30 September 2025, remaining at the same level as at year-end (31 December 2024: €48.1 million).
Income tax receivables decreased due to refunds and totalled €38.0 million as of 30 September 2025 (31 December 2024: €54.4 million). Other non-financial assets amounted to €6.9 million, slightly below the 2024 year-end level (31 December 2024: €8.7 million).
Long-term assets increased by €90.5 million compared with 2024 year-end, reaching a total of €6,376.5 million as of 30 September 2025. The main driver was tangible assets, which increased by €177.6 million. This increase in tangible assets is primarily due to the balancing of usage rights for leased antenna sites as part of our network expansion and the network infrastructure. The reduction of €78.1 million in intangible assets compared to the 31 December 2024 is primarily the result of scheduled depreciation of assets identified in the 1&1 purchase price allocation. Goodwill remains unchanged from the previous year at €2,932.9 million. Long-term contract assets increased from €187.9 million as of 31 December 2024 to €195.8 million.
Long-term prepaid expenses, which essentially include advance payments made within the framework of long-term purchasing contracts as well as long-term costs to obtain and fulfil contracts, decreased from €762.4 million as at 31 December 2024 to €745.4 million as at 30 September 2025. The decrease primarily results from advance payments made in prior periods under the contingent agreement with Deutsche Telekom, against which units are now being drawn.
{18}------------------------------------------------
On the liabilities side, the increase in total assets corresponds to €104.9 million in equity and €310.9 million in liabilities. Current liabilities rose from €730.6 million at 2024 year-end to €739.8 million. Long-term liabilities increased over the same period from €1,305.5 million to €1,607.2 million.
Trade accounts payables included in current liabilities from supplies and services fell from €349.5 million to €280.3 million. In addition to liabilities related to the 1&1 mobile network, trade payables from supplies and services mainly result from outstanding payments to service providers, which were at an elevated level at 2024 year-end due to reporting date effects.
Accounts due to associated companies concern companies of the United Internet Group and amount to €110.7 million (31 December 2024: €163.3 million). The decrease reflects that, as of 1 January 2025, 1&1 is no longer part of United Internet AG's VAT group. Accordingly, VAT liabilities are now reported under other non-financial liabilities, which increased by €44.3 million compared with 2024 year-end.
The current other financial liabilities amount to €195.3 million (31 December 2024: €109.2 million). The increase is mainly due to the upcoming maturity of the first instalment for the 2 GHz frequencies, payable on 1 January 2026.
Current contract liabilities are unchanged and include short-term liabilities from reimbursement obligations for one-time fees for revoked contracts and deferred income from one-time fees, and amount to €48.6 million (31 December 2024: €55.1 million). Long-term contract liabilities in the amount of €7.8 million (31 December 2024: €9.1 million) include deferred long-term income from one-time fees.
The increase in long-term liabilities is mainly due to long-term liabilities to related parties, which rose by €290.0 million. This concerns a long-term loan granted in February by the Japan Bank for International Cooperation JBIC to finance investments in the 1&1 mobile network. Formally, the loan was taken out by United Internet and passed on to 1&1. In addition, long-term liabilities include other financial liabilities, which increased by €18.2 million to a total of €1,054.5 million. The lease liabilities reported under other financial liabilities, related to the rental of antenna sites for the 1&1 mobile network, rose from €392.7 million as of 31 December 2024 to €477.9 million as of 30 September 2025. Also included in non-current other financial liabilities are frequency liabilities, which amounted to €574.3 million, down from €641.3 million as of 31 December 2024.
Deferred tax liabilities decreased from €200.7 million as of 31 December 2024 to €184.1 million as of 30 September 2025.
Group equity rose from €6,094.0 million as at 31 December 2024 to €6,198.9 million as at 30 September 2025. The equity ratio amounts to 72.5 percent as at 30 September 2025 (31 December 2024: 75.0 per
{19}------------------------------------------------
cent). The subscribed capital is distributed in 176,764,649 no-par shares issued to the bearer with a proportionate share in the share capital of €1.10. As at the balance sheet date, 1&1 AG holds 465,000 shares in treasury stock (31 December 2024: 465,000), and the issued share capital of 1&1 AG amounts to €193.9 million.
{20}------------------------------------------------
The 1&1 Group's risk and opportunity policy is oriented to the goal of maintaining and sustainably increasing the Company's value by taking advantage of opportunities and identifying and controlling risks at an early stage. The risk and opportunity management as practised ensures that 1&1 can carry out its business operations in a controlled corporate environment.
The risk and opportunity management regulates the responsible handling of uncertainties that are always a part of entrepreneurial activities.
The assessment of the overall risk position is the result of the consolidated consideration of all significant risk fields or single risks, taking into account interdependencies.
As at the end of 2024, 1&1 reported the risk of potentially lacking sufficient access to mobile frequencies in the future to operate a mobile network economically. In March 2025, the Federal Network Agency announced the extension of frequencies in the mid- and low-band spectrum for Deutsche Telekom, Vodafone and Telefónica for an additional five years. This extension is subject to the condition that the three established network operators provide 1&1 with access to part of the low-band spectrum for shared use. The decision by the Federal Network Agency has therefore reduced this risk.
Exacerbated by current geopolitical tensions, the overall cyber threat landscape has further intensified. As a result, the risk rating for the risk category "Cyber & Information Security" increased from Moderate to Significant compared with 31 December 2024.
The risk ratings for the "Partner Management" risk area have increased from Moderate to Significant compared to 31 December 2024. The reason for the changed risk assessment is increased challenges in cost management during the expansion of the company's own mobile network.
Thanks to successful retrofitting and expansion of the core data centres and other technical measures, and despite the additional burden from the increased number of migrated existing customer contracts, the risk rating for the risk category "Technical Operations" was lowered from Significant to Moderate compared with 31 December 2024.
The risk rating for the category "Tax Risks" decreased from Significant to Moderate compared with 31 December 2024. The reduction reflects the progress of an ongoing tax audit and the elimination of previous uncertainties arising from it.
{21}------------------------------------------------
Beyond that, the overall risk and opportunity situation in the first nine months of 2025 remained largely stable compared with the risk and opportunity reporting in the 2024 consolidated financial statements. No risks to the continued existence of 1&1 as a going concern were identifiable either from single risk positions or from the general risk situation during the reporting period or at the time this quarterly release was prepared.
By continually expanding the scope of its risk management, 1&1 counters these risks and limits them, insofar as reasonable, to a minimum by implementing specific actions.
{22}------------------------------------------------
For the 2025 financial year, 1&1 continues to expect a stable contract portfolio and service revenue at the previous year's level (€3.303 billion in 2024). 1&1 confirms its EBITDA forecast at approximately €545 million (2024: €590.8 million). This includes an unchanged EBITDA in the mobile segment at the prior-year level of approximately €-265 million (2024: €-265.3 million), including around €-100 million in expenses for recently completed customer migration and network pre-services, which will cease from the 2026 financial year. EBITDA in the operating Access segment is expected to amount to approximately €810 million (2024: €856.1 million).
The guidance for the investment volume (cash CAPEX) is updated. It is now expected at approximately €400 million (previous forecast: approximately €450 million,2024: €290.6 million) for year 2025.
This quarterly release contains future-oriented statements that are based on the current expectations, assumptions and forecasts of the 1&1 AG Management Board and the information available to the Board at this time. The future-oriented statements are subject to various risks and uncertainties and are based on expectations, assumptions and forecasts that may possibly prove to be false in future. 1&1 AG does not guarantee that the future-oriented statements will prove to be correct, and it neither assumes any obligation nor does it have any intention to adjust or update any future-oriented statements made in this quarterly release.
{23}------------------------------------------------
1&1 Group, together with 1&1 Aktiengesellschaft, Montabaur, the listed parent company (hereinafter: "1&1 AG" or, along with its subsidiaries, "1&1" or "Group"), is a telecommunications provider that operates exclusively in Germany. The Group is managed via the two business segments Access and 1&1 mobile network.
With more than 16 million customer contracts in the broadband and mobile communications product sectors, 1&1 is one of Germany's leading internet specialists. Since 8 December 2023, 1&1 has been operating a fully functional, innovative mobile network based on advanced OpenRAN technology. Additionally, 1&1 has access to one of the largest fibre optic networks in Germany that is operated by its affiliate 1&1 Versatel GmbH, Düsseldorf (hereinafter: "1&1 Versatel"), a member of the United Internet AG Group.
In areas where 1&1 does not yet operate its own antennas during the mobile network expansion, mobile customers use Vodafone's network via national roaming.
The address and registered office of 1&1 AG, the parent company of the Group, is Elgendorfer Straße 57 in 56410 Montabaur, Germany. The Company is registered in the Commercial Register of the Montabaur Local Court under the number HRB 28530.
The 1&1 AG quarterly report as of 30 September 2025, like the consolidated financial statements as of 31 December 2024, has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
This quarterly release does not constitute an interim report within the sense of IAS 34. The accounting and valuation principles applied in the quarterly release are exactly the same as the methods applied as at 31 December 2024 with the exception of the standards that must be applied for the first time, and the release must be read in the context of the consolidated financial statements as at 31 December 2024.
During preparation of the quarterly release, management makes discretionary decisions as well as estimates and assumptions that affect the amounts of the income, expenses, assets and liabilities disclosed on the closing date and the disclosure of contingent liabilities. The uncertainty related to these assumptions and
{24}------------------------------------------------
estimates may lead to results that in future require substantial restatements in the carrying value of the relevant assets or liabilities.
Financial performance indicators such as EBITDA, EBITDA margin, operating EBIT(DA), EBIT, EBIT margin or free cash flow are used in addition to the disclosures required by the International Financial Reporting Standards (IFRS) in the Company's annual and interim financial statements to ensure a clear and transparent presentation of 1&1's business development. Information about the use, definition and calculation of these key performance indicators is available starting on page 57 of the Annual Report 2024 of 1&1 AG.
The above-mentioned performance indicators are adjusted for special factors/special effects to the extent this is necessary to ensure a clear and transparent presentation. As a rule, the special effects are related solely to those effects that, because of their nature, frequency and/or scope, are capable of negatively affecting the meaningfulness of the financial key performance indicators for the financial and earnings development of the Group. These special effects are described and explained in the pertinent sections of the financial statements as part of the rollover to the unadjusted financial performance indicators.
All subsidiaries are included in the consolidated interim financial statements. The scope of consolidation was expanded as at 1 January 2025 with the acquisition of A1 Marketing, Kommunikation und neue Medien GmbH, Montabaur.
As in the previous year, no companies were sold in the reporting period.
The quarterly release has not been audited in accordance with section 317 Commercial Code [Handelsgesetzbuch; HGB] or reviewed by an auditor.
{25}------------------------------------------------
| 27 | Consolidated Comprehensive Income Statement |
|---|---|
| 28 | Consolidated Balance Sheet |
| 30 | Consolidated Cash Flow Statement |
| 32 | Consolidated Changes in Equity Statement |
| 33 | Segment Reporting |
{26}------------------------------------------------
| January - January - September September k€ k€ Sales 3,016,262 3,017,237 Cost of sales -2,301,332 -2,190,860 GROSS PROFIT FROM REVENUES 714,930 826,377 Distribution costs -392,374 -390,551 Administration costs -89,275 -86,030 Other operating income 36,210 30,574 Other operating expenses -2,201 -3,006 Impairment losses from receivables and contract assets -91,896 -89,860 RESULTS FROM OPERATING ACTIVITIES 175,394 287,504 Financing expenses -27,506 -13,803 Financial income 11,221 12,848 PROFIT BEFORE TAXES 159,109 286,549 Tax expenses -48,401 -90,218 CONSOLIDATED PROFIT 110,708 196,331 Profit per share (in €) - undiluted 0.63 1.11 - diluted 0.62 1.11 Weighted average number of shares outstanding (in millions) - undiluted 176.30 176.30 - diluted 177.40 177.20 Rollover to total consolidated profit CONSOLIDATED PROFIT 110,708 196,331 Other results 0 0 TOTAL CONSOLIDATED PROFIT 110,708 196,331 |
2025 | 2024 |
|---|---|---|
{27}------------------------------------------------
| 30/09/2025 | 31/12/2024 | |
|---|---|---|
| k€ | k€ | |
| ASSETS | ||
| Short-term assets | ||
| Cash and cash equivalents | 3,288 | 4,139 |
| Trade accounts receivable | 340,717 | 340,170 |
| Receivables due from associated companies | 775,079 | 327,308 |
| Inventories | 87,776 | 119,568 |
| Contract assets | 542,620 | 620,757 |
| Prepaid expenses | 326,351 | 320,952 |
| Other financial assets | 48,674 | 48,055 |
| Income tax assets | 38,010 | 54,368 |
| Other non-financial assets | 6,940 | 8,725 |
| 2,169,455 | 1,844,042 | |
| Long-term assets | ||
| Other financial assets | 2,845 | 2,727 |
| Tangible assets | 1,140,262 | 962,650 |
| Intangible assets | 1,359,222 | 1,437,359 |
| Goodwill | 2,932,943 | 2,932,943 |
| Contract assets | 195,813 | 187,921 |
| Prepaid expenses | 745,396 | 762,431 |
| 6,376,481 | 6,286,031 | |
| Total assets | 8,545,936 | 8,130,073 |
{28}------------------------------------------------
| 30/09/2025 | 31/12/2024 | |
|---|---|---|
| k€ | k€ | |
| LIABILITIES AND EQUITY | ||
| Short-term liabilities | ||
| Trade accounts payable | 280,305 | 349,454 |
| Liabilities due to associated companies | 110,724 | 163,283 |
| Contract liabilities | 48,607 | 55,068 |
| Other provisions | 15,393 | 21,577 |
| Other financial liabilities | 195,275 | 109,250 |
| Other non-financial liabilities | 69,750 | 25,490 |
| Income tax liabilities | 19,737 | 6,434 |
| 739,791 | 730,556 | |
| Long-term liabilities | ||
| Liabilities due to associated companies | 290,000 | 0 |
| Contract liabilities | 7,810 | 9,060 |
| Other provisions | 70,895 | 59,505 |
| Other financial liabilities | 1,054,463 | 1,036,244 |
| Deferred tax liabilities | 184,079 | 200,738 |
| 1,607,247 | 1,305,547 | |
| Total liabilities | 2,347,038 | 2,036,103 |
| Equity | ||
| Share capital | 194,442 | 194,442 |
| Treasury shares | -512 | -512 |
| Capital reserves | 2,445,255 | 2,442,220 |
| Cumulative consolidated results | 3,560,534 | 3,458,641 |
| Other equity | -821 | -821 |
| TOTAL EQUITY | 6,198,898 | 6,093,970 |
| TOTAL LIABILITIES AND EQUITY | 8,545,936 | 8,130,073 |
{29}------------------------------------------------
| 2025 | 2024 | |
|---|---|---|
| January - | January - | |
| September | September | |
| k€ | k€ | |
| RESULTS FROM OPERATING ACTIVITIES | ||
| Consolidated profit | 110,708 | 196,331 |
| Allowances for rollover of consolidated profit to incoming and outgoing payments | ||
| Amortisation and depreciation on intangible and tangible assets | 174,668 | 110,841 |
| Depreciation on assets capitalised within the framework of corporate acquisitions | 59,700 | 64,633 |
| Personnel expenses from employee stock ownership programmes | 3,035 | 2,425 |
| Changes in the adjustment items for deferred tax assets | -16,658 | -1,853 |
| Correction profits / losses from the sale of tangible assets | 589 | 1 |
| Financial result | 16,285 | 955 |
| Other items not affecting payments | -6 | 13 |
| Cash flow before changes in balance sheet items (sub-total) | 348,321 | 373,346 |
| Changes in assets and liabilities | ||
| Change in receivables and other assets | 1,142 | -12,572 |
| Change in contract assets | 70,245 | 78,918 |
| Change in inventories | 31,792 | 49,909 |
| Change in prepaid expenses | 13,859 | -234,733 |
| Change in income tax receivables | 16,358 | -9,393 |
| Change in trade accounts payable | -60,612 | -47,174 |
| Change in other provisions | -6,323 | -3,629 |
| Change in income tax liabilities | 13,302 | -58,538 |
| Change in other liabilities | 55,631 | 919 |
| Change in receivables due from / liabilities due to associated companies | -43,145 | -537 |
| Change in contract liabilities | -7,830 | -2,707 |
| Changes in assets and liabilities, total | 84,419 | -239,537 |
| Net inflow of funds from operating activities | 432,740 | 133,809 |
{30}------------------------------------------------
| 2025 | 2024 | |
|---|---|---|
| January - September |
January - September |
|
| k€ | k€ | |
| CASH FLOW FROM INVESTMENTS | ||
| Investments in intangible and tangible assets | -228,870 | -71,088 |
| Inflow of funds from disposal of intangible and tangible assets | 168 | 263 |
| Investments in other financial assets | -119 | -207 |
| Cash flow changes from obtaining control over subsidiaries | -4,000 | 0 |
| Outflow of short-term investment | -450,500 | -15,500 |
| Interest received | 9,571 | 12,831 |
| Net outflow of funds in investment sector | -673,750 | -73,701 |
| CASH FLOW FROM FINANCING SECTOR | ||
| Einzahlungen aus dem Darlehen von nahestehenden Unternehmen | 290,000 | 0 |
| Dividend payment | -8,815 | -8,815 |
| Repayment of leasing liabilities | -14,493 | -10,788 |
| Interest payments | -26,533 | -39,698 |
| Net outflow of funds in financing sector | 240,159 | -59,301 |
| Net increase/decline in cash and cash equivalents | -851 | 807 |
| Cash and cash equivalents at beginning of fiscal year | 4,139 | 3,197 |
| Cash and cash equivalents at end of reporting period | 3,288 | 4,004 |
{31}------------------------------------------------
| Share capital | Treasury shares | Capital reserve |
Cumulative consolidated results |
Other equity |
Total equity | |||
|---|---|---|---|---|---|---|---|---|
| Denomination | k€ | Denomination | k€ | k€ | k€ | k€ | k€ | |
| Per 1 January 2024 | 176,764,649 | 194,442 | 465,000 | -512 | 2,439,314 | 3,254,692 | -862 | 5,887,074 |
| Consolidated profit | 196,331 | 196,331 | ||||||
| Total results | 196,331 | 196,331 | ||||||
| Dividend payments | -8,815 | -8,815 | ||||||
| Employee stock ownership programme |
2,425 | 2,425 | ||||||
| Per 30 September 2024 | 176,764,649 | 194,442 | 465,000 | -512 | 2,441,739 | 3,442,208 | -862 | 6,077,015 |
| Per 1 January 2025 | 176,764,649 | 194,442 | 465,000 | -512 | 2,442,220 | 3,458,641 | -821 | 6,093,970 |
| Consolidated profit | 110,708 | 110,708 | ||||||
| Total results | 110,708 | 110,708 | ||||||
| Dividend payments | -8,815 | -8,815 | ||||||
| Employee stock ownership programme |
3,035 | 3,035 | ||||||
| Per 30 September 2025 | 176,764,649 | 194,442 | 465,000 | -512 | 2,445,255 | 3,560,534 | -821 | 6,198,898 |
{32}------------------------------------------------
| Access | 1&1 Mobile Network |
Consolidation | Total | |
|---|---|---|---|---|
| k€ | k€ | k€ | k€ | |
| Service revenue | 2,475,088 | 4,236 | 0 | 2,479,325 |
| Hardware and other revenues | 534,833 | 2,105 | 0 | 536,938 |
| Internal sales | 0 | 301,883 | -301,883 | 0 |
| Segment revenues | 3,009,921 | 308,224 | -301,883 | 3,016,262 |
| Cost of materials for segment | -1,964,533 | -486,680 | 301,883 | -2,149,331 |
| Gross profit for segment | 1,045,388 | -178,456 | 0 | 866,932 |
| Segment EBITDA | 610,970 | -201,208 | 0 | 409,762 |
| Customer contracts (in millions) | 16.34 | - | - | 16.34 |
| Access | 1&1 Mobile Network |
Consolidation | Total | |
|---|---|---|---|---|
| k€ | k€ | k€ | k€ | |
| Service revenue | 2,477,334 | 1,318 | 0 | 2,478,652 |
| Hardware and other revenues | 538,585 | 0 | 0 | 538,585 |
| Internal sales | 0 | 21,654 | -21,654 | 0 |
| Segment revenues* | 3,015,919 | 22,972 | -21,654 | 3,017,237 |
| Cost of materials for segment* | -1,951,170 | -171,831 | 21,654 | -2,101,347 |
| Gross profit for segment | 1,064,749 | -148,859 | 0 | 915,890 |
| Segment EBITDA | 630,086 | -167,108 | 0 | 462,978 |
| Customer contracts (in millions) | 16.35 | - | - | 16.35 |
*Revenue and cost of materials for the 2024 reporting period have been adjusted on a segmental basis for improved comparability.
{33}------------------------------------------------

{34}------------------------------------------------
| 36 | Announcements, Information and Ordering Service |
|---|---|
| 36 | Financial Calendar |
| 36 | Contacts |
| 37 | Legal Information |
| 38 | 1&1 AG Brands |
{35}------------------------------------------------
This quarterly release is also available in German.
You can view our annual and quarterly reports, ad hoc announcements, press releases and other publications on the 1&1 AG website at www.1und1.ag/investor-relations.
Please use our online ordering service on our website at www.1und1.ag/investor-relations#bestellservice.
We will of course also be happy to send you the requested information by post or e-mail and, in addition, to answer your personal questions on the phone.
11 November 2025 Quarterly Release Q3 2025
If you have any questions about the report and 1&1 AG, please do not hesitate to contact our Investor Relations/Press Department:
Investor Relations Elgendorfer Straße 57 56410 Montabaur Press (Trade Press) Elgendorfer Straße 57 56410 Montabaur
Phone: +49 (0) 61 81 / 412 200 Fax: +49 (0) 61 81 / 412 183 Email: [email protected] Phone: +49 (0) 61 81 / 412 620 Fax: +49 (0) 61 81 / 412 183 Email: [email protected]
{36}------------------------------------------------
Elgendorfer Straße 57 56410 Montabaur
Phone: +49 (0) 26 02 / 96 0 Fax: +49 (0) 26 02 / 96 1010
1&1 AG
HRB 28530 Montabaur VAT Reg. No.: DE 812458592 Tax number: 3065500513 Montabaur-Diez Tax Office
Ralph Dommermuth (CEO) Sascha D'Avis Alessandro Nava
Kurt Dobitsch (Supervisory Board Chairman) Norbert Lang (Supervisory Board Deputy Chairman) Matthias Baldermann Vlasios Choulidis Friedrich Joussen Christine Schöneweis
Rounding-off differences to the mathematically precise values (monetary units, percentages, etc.) may occur in tables and in references because of the applied computational methods.
To facilitate the readability of the text, this report does not use feminine grammatical structures in addition to the masculine forms. 1&1 points out that the use of the masculine forms must be explicitly understood to include all genders. This quarterly release is available in German and English. Both versions are available for download at www.1und1.ag. In case of doubt, the German version prevails.
Produced in-house with Firesys
This report contains future-oriented statements that reflect the current views of 1&1's Management Board with regard to future events. These future-oriented statements are based on our plans, estimates and expectations as currently valid. Future-oriented statements are accurate solely in light of circumstances prevailing at the time they are made. Such projections are subject to risks and uncertainties as well as other factors, many of which are beyond the control of 1&1, that could cause actual results to differ materially from these projections. These risks, uncertainties and other factors are described in detail in our Risk report in 1&1 AG's annual reports. 1&1 AG does not intend to update any such future projections.
{37}------------------------------------------------

For more information such as contact details, please visit: www.1und1.ag/kontakt
{38}------------------------------------------------

Elgendorfer Straße 57 56410 Montabaur Germany
www.1und1.ag
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