United Internet AG

Quarterly Report • May 8, 2024

Interim Statement Q1 2024

SELECTED KEY FIGURES

	March 31, 2024	March 31, 2023	Change
NET INCOME (in € million)
Sales	1,565.0	1,531.0	+ 2.2%
EBITDA(1)	342.1	318.7	+ 7.3%
EBIT	187.0	188.6	- 0.8%
EBT(1)	142.0	161.1	- 11.9%
EPS (in €)(1)	0.35	0.43	- 18.6%
BALANCE SHEET (in € million)
Current assets	1,885.2	1,725.0	+ 9.3%
Non-current assets	9,529.9	8,730.7	+ 9.2%
Equity	5,649.5	5,389.9	+ 4.8%
Equity ratio	49.5%	51.5%
Total assets	11,415.1	10,455.7	+ 9.2%
CASH FLOW (in € million)
Operative cash flow	285.2	240.1	+ 18.8%
Cash flow from operating activities	35.1	168.1	- 79.1%
Cash flow from investing activities	-137.9	-144.0
Free cash flow(2)	-142.9	-4.1
EMPLOYEES
Total headcount as of March 31	10,953	10,501	+ 4.3%
thereof in Germany	8,974	8,576	+ 4.6%
thereof abroad	1,979	1,925	+ 2.8%
SHARE (in €)
Share price as of March 31 (Xetra)	20.86	15.87	+ 31.4%
CUSTOMER CONTRACTS (in million)
Consumer Access, total contracts	16.30	15.87	+ 0.43
thereof Mobile Internet	12.29	11.80	+ 0.49
thereof broadband connections	4.01	4.07	- 0.06
Consumer Applications, total accounts	42.06	42.38	- 0.32
thereof with Premium Mail subscription (contracts)	2.07	1.89	+ 0.18
thereof with Value-Added subscription (contracts)	0.79	0.75	+ 0.04
thereof free accounts	39.20	39.74	- 0.54
Business Applications, total contracts	9.49	9.15	+ 0.34
thereof in Germany	4.61	4.49	+ 0.12
thereof abroad	4.88	4.66	+ 0.22
Fee-based customer contracts, total	28.65	27.66	+ 0.99

(1) Key earnings figures for 2024 and 2023 adjusted for special effects
(2) Free cash flow 2024 and 2023 incl. the repayment portion of lease libbilities

CONTENT

4 FOREWORD OF CEO

6 INTERIM MANAGEMENT REPORT FOR THE FIRST THREE MONTHS OF 2024

• 6 Business development
• 12 Position of the Group
• 20 Subsequent events
• 21 Risk and opportunity report
• 22 Forecast report
• 23 Notes on the Interim Statements

26 INTERIM FINANCIAL STATEMENTS FOR THE FIRST THREE MONTHS OF 2024

• 28 Group balance sheet
• 30 Group net income
• 32 Group cash flow
• 34 Changes in shareholders' equity
• 36 Segment reporting

38 FINANCIAL CALENDAR / IMPRINT

Dear shareholders, employees, and business

associates,

4

United Internet AG got off to a good start in its fiscal year 2024. In the first quarter of 2024, we continued to make investments in new customer contracts and the expansion of existing customer relationships, and thus in sustainable growth. In total, we increased the number of fee-based customer contracts by a further 200,000 contracts to 28.65 million. 40,000 new contracts were added in the Consumer Access segment and 100,000 contracts in the Business Applications segment. We gained a further 60,000 contracts in the Consumer Applications segment. Due in particular to seasonal effects, ad-financed free accounts were 730,000 down on December 31, 2023 at 39.20 million.

Sales grew by 2.2% in the first quarter of 2024, from € 1,531.0 million in the prior-year period to € 1,565.0 million. This merely moderate sales growth was due to a year-on-year decline in hardware revenues (especially smartphones) in the Consumer Access segment (€-29.6 million compared to Q1 2023). These low-margin hardware revenues have little impact on our key earnings figures.

Operating EBITDA, for example, rose by 7.3% from € 318.7 million in the prior-year period to € 342.1 million in the first quarter of 2024. This figure includes a planned increase in expenses for the rollout of 1&1's mobile network (€ -23.2 million compared to Q1 2023).

Operating EBIT was additionally burdened by increased depreciation resulting in particular from investments in the expansion of 1&1 Versatel's fiber-optic network and the rollout of 1&1's mobile network (€ -24.9 million in total compared to Q1 2023). As a result, EBIT amounted to € 187.0 million (prior year: € 188.6 million). Since the beginning of 2024, the increase in depreciation – mainly due to the operational launch of 1&1's mobile network – is being offset by steadily increasing cost savings on advance mobile services.

Operating earnings per share (EPS) declined from € 0.43 to € 0.35. In addition to the development of EBIT (EPS effect: € -0.01), this was due to a lower result from associated companies (EPS effect: € -0.03), as well as increased interest expenses and a higher tax ratio (EPS effect in total: € -0.04).

5

On completion of the first quarter, we can confirm our full-year guidance for 2024 and expect an increase in consolidated sales to approx. € 6.5 billion (2023: € 6.213 billion) and an increase in EBITDA to approx. € 1.42 billion (2023: € 1.30 billion). Cash capex is likely to be 10 – 20% above the prior-year figure (2023: € 756 million).

We are well prepared for the next steps in our Company's development and upbeat about our prospects for the remaining months of the fiscal year. In view of the successful start to the year, we would like to express our heartfelt gratitude to all employees for their dedicated efforts as well as to our shareholders and business associates for the trust they continue to place in United Internet AG.

Montabaur, May 8, 2024

Ralph Dommermuth

INTERIM STATEMENT ON THE FIRST QUARTER OF 2024

Business development

Termination / sale of the business fields "Energy" and "De-Mail" in the Consumer Applications segment

Following a thorough review, the Management Board and Supervisory Board decided in March 2024 to discontinue the "Energy" and "De-Mail" business fields in the Consumer Applications segment.

Against this backdrop, United Internet will report the sales and earnings contributions of these business fields separately in its management reporting, both in the Consumer Applications segment and at Group level, and adjust the key operating figures for 2024 and the comparative figures for 2023 accordingly. The same applies to customer contracts, which are also presented "adjusted". The key financial figures for 2020-2022 remain unchanged in the multi-period overviews.

Development of divisions and segments

The United Internet Group's operating activities are divided into the business divisions Access and Applications, which in turn are divided into the segments Consumer Access and Business Access, as well as Consumer Applications and Business Applications.

Development of the Consumer Access segment

The number of fee-based contracts in the Consumer Access segment rose by 40,000 contracts to 16.30 million in the first quarter of 2024. While broadband connections continued to stabilize at 4.01 million, mobile internet contracts increased by 40,000 to 12.29 million contracts.

in million	March 31, 2024	Dec. 31, 2023	Change
Consumer Access, total contracts	16.30	16.26	+ 0.04
thereof Mobile Internet	12.29	12.25	+ 0.04
thereof broadband connections	4.01	4.01	0.00

Development of Consumer Access contracts in the first quarter of 2024

Sales of the Consumer Access segment rose by 0.3% in the first quarter of 2024, from € 1,021.0 million in the previous year to € 1,024.4 million.

High-margin service revenues – which represent the core business of the segment – rose by 4.2% from € 788.9 million in the previous year to € 821.9 million in the first quarter of 2024. Meanwhile, low-margin hardware sales of € 202.5 million were 12.8% or € 29.6 million down on the previous year (€ 232.1 million). Hardware sales (especially smartphones) are subject to seasonal effects and also depend strongly on the appeal of new devices and the model cycles of hardware manufacturers. Consequently, this effect may be reversed in the coming quarters. If this is the case, however, it would have no significant impact on the segment's EBITDA trend.

Despite the planned increase in costs for the rollout of 1&1's mobile communications network, segment EBITDA rose slightly by 0.1% from € 182.3 million. The expenses for network rollout included in this calculation amounted to € -42.4 million, compared to € -19.2 million in the previous year.

Due to these expenses and increased depreciation for investments in 1&1's mobile network rollout, segment EBIT of € 117.9 million was below the prior-year figure (€ 133.4 million). Since the beginning of 2024, this increase in depreciation - mainly due to the operational launch of 1&1's mobile network - is being offset by steadily increasing cost savings on advance mobile services.

The EBITDA margin remained stable at 17.8%, while the EBIT margin fell from 13.1% to 11.5%.

Key sales and earnings figures in the Consumer Access segment (in € million)

(1) Mainly hardware sales

Quarterly development; change over prior-year quarter

in € million	Q2 2023	03 2023	Q4 2023	Q1 2024	Q1 2023	Change
Sales	972.1	1.038.7	1.064.9	1,024.4	1.021.0	+ 0.3%
thereof service sales	795.7	834.3	824.3	821.9	788.9	+ 4.2%
thereof other sales (1)	176.4	204.4	240.6	202.5	232.1	- 12.8%
EBITDA	169.9	159.1	142.7	182.3	182.1	+0.1%
EBIT	120.7	109.6	92.1	117.9	133.4	- 11.6%

(1) Mainly hardware sales

Multi-period overview: Development of key sales and earnings figures

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Sales	940.7	973.7	975.9	1.021.0	1.024.4
thereof service sales	747.8	762.2	789.1	788.9	821.9
thereof other sales (1)	192.9	211.5	186.8	232.1	202.5
EBITDA	164.0	167.9(2)	187.1	182.1	182.3
EBITDA margin	17.4%	17.2%	19.2%	17.8%	17.8%
EBIT	126.3	128.2(2)	146.8	133.4	117.9
EBIT margin	13.4%	13.2%	15.0%	13.1%	11.5%

(1) Mainly hardware sales

(2) Excluding the non-period positive effect on earnings attributable to the second half of 2020 (EBITDA and EBIT effect: € +34.4 million)

Following the launch of mobile services in late 2023, the main focus during the first quarter of 2024 – apart from day-to-day business - was on the further rollout of the 1&1 mobile network and the migration of over 12 million mobile customers from third-party networks to the new 181 mobile network.

On completion of the first quarter of 2024, it can be stated that the migration of existing customers to the new network has got off to a successful start - approx. 700,000 customers were already using the 1&1 O-RAN at the end of March 2024. Further proof that the pioneering open RAN technology is working smoothly was provided by initial network tests conducted by the trade magazines "connect" and "teltarif", which gave the 1&1 O-RAN good ratings.

The 1&1 O-RAN is growing day by day. 1&1 is also making increasingly good progress with its passive infrastructure, the antenna locations. As at the end of the first quarter of 2024, around 1,334 radio towers had been acquired and are gradually being equipped with gigabit antennas and connected to fiber-optic cable.

Development of the Business Access segment

Sales in the Business Access segment rose by 4.1% in the first quarter of 2024, from € 136.1 million in the previous year to € 141.7 million.

Despite start-up costs for new business fields, segment EBITDA increased by 1.7% from € 34.8 million in the prior-year period to € 35.4 million. There was a corresponding decline in the EBITDA margin from 25.6% in the previous year to 25.0%.

In the new "5G" business field, 1&1 Versatel is setting up data centers and fiber-optic connections for the antenna locations of 1&1's mobile network and providing them to 1&1 on a rental basis as part of an intercompany agreement. In its second new business field "Expansion of business parks", 1&1 Versatel uses newly constructed regional expansion clusters to provide fiber-optic connections for companies in business parks. In the first quarter of 2024, total start-up costs for the new business fields amounted to € -9.0 million (prior year: € -7.2 million) for EBITDA and € -25.3 million (prior year: € -16.2 million) for FRIT.

As a result of the aforementioned start-up costs for new business fields, as well as increased depreciation for the associated investments in network infrastructure, segment EBIT decreased from € -15.4 million in the previous year to € -23.6 million.

Key sales and earnings figures in the Business Access segment (in € million)

Quarterly development; change over prior-year quarter

in € million	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2023	Change
Sales	134.7	142.6	150.6	141.7	136.1	+ 4.1%
EBITDA	42.4	41.0	44.7	35.4	34.8	+ 1.7%
EBIT	-8.8	-12.7	-14.6	-23.6	-15.4

Multi-period overview: Development of key sales and earnings figures

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Sales	118.7	128.3	128.6	136.1	141.7
EBITDA	35.0	37.9	36.2	34.8	35.4
EBITDA margin	29.5%	29.5%	28.1%	25.6%	25.0%
EBIT	-14.5	-7.0	-11.0	-15.4	-23.6
EBIT margin	-	-	-	-	-

Development of the Consumer Applications segment

As already mentioned, the Management Board and Supervisory Board decided in March 2024 to discontinue the "Energy" and "De-Mail" business fields in the Consumer Applications segment following a thorough review. The key figures for 2023 and 2024 presented below have been adjusted accordingly. The key financial figures for 2020-2022 in the multi-period overviews, however, remain unchanged.

The number of pay accounts (fee-based contracts) in the Consumer Applications segment rose by 60,000 to 2.86 million in the first quarter of 2024. By contrast, ad-financed free accounts were 730,000, or 1.8%, down on December 31, 2023 due to seasonal effects.

Development of Consumer Applications accounts in the first quarter of 2024

in million	March 31, 2024	Dec. 31, 2023	Change
Consumer Applications, total accounts	42.06	42.73	- 0.67
thereof with Premium Mail subscription (contracts)	2.07(1)	2.03(1)	+ 0.04
thereof with Value-Added subscription (contracts)	0.79(1)	0.77(1)	+ 0.02
thereof free accounts	39.20	39.93	- 0.73

(1) 2023 and 2024 excluding 0.02 million De-Mail contracts (Premium Mail subscription) and 0.02 million energy contracts (Value-Added subscription)

Rising advertising revenues and in particular the growth of pay contracts led to sales growth of 11.0% in the first quarter of 2024, from € 70.0 million to € 77.7 million. Adjusted for sales of € 7.3 million in the prior-year period and € 6.6 million in the first quarter of 2024 from Energy and De-Mail, sales of the Consumer Applications segment rose by 13.4%, from € 62.7 million to € 71.1 million.

There was also significant growth in key earnings figures: EBITDA rose by 44.2%, from € 15.6 million in the prior-year period to € 22.5 million, and EBIT by 50.4% from € 13.3 million to € 20.0 million in the first quarter of 2024. Adjusted for EBITDA and EBIT contributions from Energy and De-Mail of € -4.2 million in the prior-year period and € -1.3 million in the first quarter of 2024, operating segment EBITDA increased by 20.2% from € 19.8 million to € 23.8 million and operating segment EBIT by 21.7% from € 17.5 million to € 21.3 million.

There was a corresponding significant increase in the operating EBITDA margin from 31.6% to 33.5% and in the operating EBIT margin from 27.9% to 30.0%.

Further good sales growth is expected for 2024 as a whole. The resulting growth in profitability is to be largely invested in the future growth of existing as well as new data-driven business models.

Key sales and earnings figures in the Consumer Applications segment (in € million)

Sales	62.7(2)	71.100 + 13.4 %
EBITDA	23.8(1) 19.8(2)	+ 20.2 %
EBIT	21.3(1) 17.5(2)	+ 21.7 %

(1) Excluding the sales and earnings contribution: € 6.6 million; € 6.6 million; EBITDA contribution: € -1.3 million; EBIT contribution: € -1.3 million)

(2) Excluding the sales and earnings contribution: € 7.3 million: € 7.3 million; EBTDA contribution: € -4.2 million; EBIT contribution: € -4.2 million)

Quarterly development; change over prior-year quarter

in € million	Q2 2023(1)		Q3 2023(1) Q4 2023(1)	Q1 2024(1)	Q1 2023(1)	Change
Sales	64.3	67.6	82.2	71.1	62.7	+ 13.4%
EBITDA	26.6	24.3	35.5	23.8	19.8	+ 20.2%
EBIT	24.1	21.8	32.0 -	21.3	17.5	+ 21.7%

(1) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: € +1.1million, EBIT contribution: € +1.1 million in Q2 2023; sales contribution: € +0.9 million, £ +0.9 million, EBIT contribution: € +0.9 million in Q3 2023; sales contribution: € 6.8 million, EBITDA contribution: € -0.6 million in Q4 2023); € -0.6 million in Q4 2023); € -0.5 million, EBITDA contribution: € -0.5 million, EBIT contribution: € -0.6 million: € 6.6 million, € 6.6 million, EBITDA contribution: € -1.3 million, EBIT contribution: € -1.3 million in Q12024; sales contribution: € 7.3 million, EBIT contribution: € -4.2 million, EBIT contribution: € -4.2 million in Q1 2023)

Multi-period overview: Development of key sales and earnings figures

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Sales	62.5	66.7	71.6	62.7(3)	71.1(4)
EBITDA	20.2	22.1(1)	22.4(2)	19.8(3)	23.8(4)
EBITDA margin	32.3%	33.1%	31.3%	31.6%	33.5%
EBIT	18.4	19.9(1)	19.9(2)	17.5(3)	21.3(4)
EBIT margin	29.4%	29.8%	27.8%	27.9%	30.0%

(1) Excluding a non-cash valuation effect from derivatives (EBITDA and EBIT effect: € +0.2 million)

(2) Excluding a non-cash valuation effect from derivatives (EBITDA and EBIT effect: € +0.8 million)

(3) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: € 7.3 million; € -4.2 million; EBIT contribution: € -4.2 million)

(4) Excluding the sales and earnings contribution: € 6.6 million: € 6.6 million; EBITDA contribution: € -1.3 million; EBIT contribution: € -1.3 million)

Development of the Business Applications segment

The number of fee-based Business Applications contracts increased by 100,000 contracts in the first quarter of 2024. This growth resulted from 20,000 contracts in Germany and 80,000 contracts abroad. As a result, the total number of contracts rose to 9.49 million.

Development of Business Applications contracts in the first quarter of 2024

in million	March 31, 2024	Dec. 31. 2023	Change
Business Applications, total contracts	9.49	9.39	+ 0.10
thereof in Germany	4.61	4.59	+ 0.02
thereof abroad	4.88	4.80	+ 0.08

Sales of the Business Applications segment rose by 5.4% in the first quarter of 2024, from € 353.8 million in the previous year to € 373.0 million.

Segment earnings in the first quarter of 2023 were impacted by special items in connection with the IPO of IONOS Group SE and there was total net income of € +11.3 million. The IPO costs were offset by income from the contractually agreed assumption of total IPO costs by the IONOS shareholders United Internet and Warburg Pincus.

Adjusted for these special items in the previous year, operating segment EBITDA increased significantly by 24.3% from € 81.5 million in the previous year to € 101.3 million. There was also significant growth in operating segment EBIT of 35.9% from € 54.6 million to € 74.2 million.

There was also a correspondingly strong rise in the operating EBITDA margin and the operating EBIT margin from 23.0% to 27.2% and from 15.4% to 19.9%, respectively.

Key sales and earnings figures in the Business Applications segment (in € million)

(1) Excluding IPO costs (EBITDA and EBIT effect: € +11.3 million net (IPO costs and offsetting assumption of costs by IONOS shareholders))

Quarterly development; change over prior-year quarter

in € million	Q2 2023	Q3 2023	Q4 2023	Q4 2023	Q1 2023	Change
Sales	354.8	350.1	365.0	373.0	353.8	+ 5.4%
EBITDA	110.8(1)	101.4	80.0	101.3	81.5(1)	+ 24.3%
EBIT	84.1(1)	74.5	52.6	74.2	54_6(1)	+ 35.9%

(1) Excluding IPO costs (EBITDA and EBIT effect: € +1.3 million net (IPO costs and offsetting assumption of costs by IONOS shareholders) in Q1202; € +0.4 million net in Q2 2023)

Multi-period overview: Development of key sales and earnings figures

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Sales	245.9	265.7	311.4	353.8	373.0
EBITDA	78.9	81.4	87.0(1)	81.5(2)	101.3
EBITDA margin	32.1%	30.6%	27.9%	23.0%	27.2%
EBIT	51.5	53.7	58.8(1)	54.6(2)	74.2
EBIT margin	20.9%	20.2%	18.9%	15.4%	19.9%

(1) Excluding IPO costs (EBITDA and EBIT effect: € -0.9 million)

(2) Excluding IPO costs (EBITDA and EBIT effect: € +11.3 million net (IPO costs and offsetting assumption of costs by IONOS shareholders))

Position of the Group

There were no significant acquisition or divestment effects on consolidated and segment sales and EBITDA in the first quarter of 2024. There were also only minor positive currency effects at Group and segment level (Business Applications segment) amounting to € 1.4 million for sales and € 0.6 million for EBITDA. The same applies to the Group's asset position, for which there were no significant effects from currency fluctuations.

Earnings position

In the first quarter of 2024, the total number of fee-based customer contracts in the United Internet Group was raised by 200,000 contracts to 28.65 million. Due to seasonal effects, however, ad-financed free accounts were 730,000 down on December 31, 2023 at 39.20 million.

Adjusted for the sales contributions from Energy and De-Mail (€ 7.3 million in the previous year and € 6.6 million in the first quarter of 2024), consolidated sales rose by 2.2% from € 1,531.0 million in the previous year to € 1,565.0 million in the first quarter of 2024. This merely moderate sales growth was due to a year-on-year decline in hardware revenues (especially smartphones) in the Consumer Access segment (€-29.6 million compared to Q1 2023). These low-margin hardware revenues have little impact on key earnings figures.

The cost of sales increased only slightly from € 1,023.1 million in the previous year to € 1,036.9 million. As a result, the cost of sales ratio decreased from 66.5% (of sales) in the previous year to 66.0% (of sales) in the first quarter of 2024. There was a corresponding increase in the gross margin from 33.5% to 34.0%. As a result, the increase in gross profit of 3.8% from € 515.2 million to € 534.6 million exceeded sales growth (2.2%). These improvements were mainly due to significantly lower hardware sales compared to the previous year.

Sales and marketing expenses rose faster than sales, from € 237.5 million (15.4% of sales) in the previous year to € 247.8 million (15.8% of sales), while administrative expenses increased from € 70.1 million (4.6% of sales) to € 73.3 million (4.7% of sales). This disproportionately strong increase in the aforementioned cost items results above all from increased expenditure for the rollout of 1&1's mobile network, higher depreciation and amortization due to investments in the expansion of the fiberoptic network and mobile network, and strong increases in personnel expenses following an expansion of headcount as well as significant salary adjustments to keep pace with high inflation.

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Cost of sales	884.9	884.9(1)	933.6	1,023.1	1,036.9
Cost of sales ratio	66.6%	63.6%	64.7%	66.5%	66.0%
Gross margin	33.4%	36.4%	35.3%	33.5%	34.0%
Selling expenses	193.5	200.8	214.5	237.5	247.8
Selling expenses ratio	14.6%	14.4%	14.9%	15.4%	15.8%
Administrative expenses	50.9	60.8	66.7	70.1	73.3
Administrative expenses ratio	3.8%	4.4%	4.6%	4.6%	4.7%

Multi-period overview: Development of key cost items

(1) Including the non-period positive effect on earnings attributable to the second half of 2020 (EBITDA and EBIT effect: € +34.4 million)

Consolidated earnings in the first quarter of 2023 and the first quarter of 2024 were adjusted for special items in connection with the IONOS IPO (€ +0.5 million net in Q1 2023) as well as earnings contributions from Energy and De-Mail (€ -4.2 million in Q1 2023 and € -1.3 million in Q1 2024).

Without consideration of these special items and earnings contributions, the Group's key performance measures developed as follows in the first quarter of 2024:

Consolidated operating EBITDA increased by 7.3% from € 318.7 million in the previous year to € 342.1 million. This figure includes planned increases in expenses for the rollout of 1&1's mobile network (€ -23.2 million compared to Q1 2023).

Operating EBIT was additionally burdened by increased depreciation, especially for investments in the expansion of 1&1 Versatel's fiber-optic network and the rollout of 1&1's mobile network (€ -24.9 million in total compared to the previous year). As a result, EBIT amounted to € 187.0 million (prior year: € 188.6 million). Since the beginning of 2024, this increase in depreciation on investments - mainly due to the operational launch of 1&1's mobile network – is being offset by steadly increasing cost savings on advance mobile services.

There was a corresponding increase in the operating EBITDA margin from 20.8% in the previous year to 21.9%, while the operating EBIT margin fell slightly from 12.3% to 11.9%.

Key sales and earnings figures of the Group (in € million)

Quarterly development: change over prior-year quarter

(1) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: € 6.6 million; EBITDA contribution: € -1.3 million; EBIT contribution: € -1.3 million)

(2) Excluding the sales and earnings contribution: € 7.3 million: € 7.3 million; EBITDA contribution: € -4.2 million; EBIT contribution: € -4.2 million) and excluding IPO costs IONOS (EBITDA and EBIT effect: € +0.5 million net (IPO costs and offsetting pro rate assumption of costs by the IONOS co-shareholder))

in € million	Q2 2023(1)		Q3 2023(1)		Q1 2023(1)	Change
Sales	1,483.1	1.554.1	1.617.5	1.565.0	1.531.0	+ 2.2%
EBITDA	350.2	324.0	303.7	342.1	318.7	+ 7.3%
EBIT	218.6	189.2	162.1	187.0	188.6	- 0.8%

(1) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: € +1.1 million, EBIT contribution: € +1.1 million in Q2 2023; sales contribution: € +0.9 million, € +0.9 million, € +0.9 million in Q3 2023; sales contribution: € 6.8 million; € -0.5 million, EBIT contribution: € -0.6 million in 04 2023); € -0.5 million, EBITDA contribution: € -0.5 million, EBIT contribution: € -0.6 million: € 6.6 million, EBITDA contribution: € -1.3 million, EBIT contribution: € -1.3 million in Q12024; sales contribution: € - 4.2 million, EBIT contribution: € -4.2 million in Q1 2023) and excluding IPO costs IONOS (EBITDA and EBIT effect: € -2.1 million net in Q4 2023; € +0.5 million net in Q1 2023)

Multi-period overview: Development of key sales and earnings figures

in € million	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024
Sales	1,329.4	1,392.2	1,443.7	1,531.0(4)	1,565.0(5)
EBITDA	300.8(1)	311.9(2)	330.1(3)	318.7(4)	342.1(5)
EBITDA margin	22.6%	22.4%	22.8%	20.8%	21.9%
EBIT	184.2(1)	196.0(2)	210.3(3)	188.6(4)	187.0(5)
EBIT margin	13.9%	14.1%	14.5%	12.3%	11.9%

(1) Including the non-period positive effect on earnings in 2021 attributable to the second half of 2020 (EBITDA and EBIT effect: € +34.4 million)

(2) Excluding the non-period positive effect on earnings attributable to the second half of 2020 (EBITDA and EBIT effect: € +34.4 million), excluding a non-cash valuation effect from derivatives (EBITDA and EBIT effect: € +0.2 million)

(3) Excluding a non-cash valuation effect from derivatives (EBITDA and EBIT effect: € +0.8 million) and excluding IPO costs IONOS (EBITDA and EBIT effect: € -0.9 million)

(4) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: €7.3 million; EBITDA contribution: € -4.2 million; EBIT contribution: € -4.2 million) and excluding IPO costs IONOS (EBITDA and EBIT effect: € +0.5 million net (IPO costs and offsetting pro rata assumption of costs by the IONOS co-shareholder))

(5) Excluding the sales and earnings contributions from Energy and De-Mail (sales contribution: €6.6 million; EBITDA contribution: € -1.3 million; EBIT contribution: € -1.3 million)

In line with the development of operating EBIT (€ -1.6 million), operating earnings before taxes (EBT) of € 142.0 million were down on the previous year (€ 161.1 million). This decline was mainly due to a yearon-year decrease in the result from associated companies (€ -4.4 million) and the financial result (€ - 13.2 million). The latter was impacted by the increase in interest rates.

Without consideration of the earnings contributions from Energy and De-Mail and special items in connection with the IONOS IPO in the previous year (EPS effect in total: € -0.01; prior year: € -0.02), operating EPS in the first quarter of 2024 declined from € 0.43 in the prior-year period to € 0.35. In addition to the development of EBIT (EPS effect: € -0.01), this was due to the lower result from associated companies (EPS effect: € -0.03), as well as increased interest expenses and a higher tax ratio (EPS effect in total: € -0.04).

Financial position

Despite the decline in net income, operative cash flow rose from € 240.1 million(1) in the previous year to € 285.2 million in the first quarter of 2024.

Cash flow from operating activities, however, decreased from € 168.1 million(1) to € 35.1 million. This was primarily attributable to the strong reduction/decline in trade accounts payable due to closing-date effects (phasing effects from Q4 2023 amounting to € -104.3 million).

Cash flow from investing activities in the reporting period led to a net outflow of € -137.9 million (prior year: € -144.0 million(1)). This resulted mainly from capital expenditures of € -139.7 million (prior year: € -144.8 million).

United Internet's free cash flow is defined as cash flow from operating activities, less capital expenditures, plus payments from disposals of intangible assets and property, plant, and equipment.

Due in part to the aforementioned phasing effects, free cash flow in the first quarter of 2024 amounted to € -102.9 million (prior year: € 24.2 million(1)).

After deducting the cash flow item "Redemption of lease liabilities" – disclosed in cash flow from financing activities since the initial application of the accounting standard IFRS 16 – free cash flow (after leasing) amounted to € -142.9 million (prior year: € -4.1 million(1)).

In the first quarter of 2024, cash flow from financing activities was dominated by the assumption of loans (€ 172.3 million; prior year: € 13.8 million(1)), payments for interest (€ -22.3 million; prior year: € - 16.4 million(1)), and the redemption of lease liabilities (€ -39.9 million; prior year: € -28.3 million). In the previous year, cash flow from financing activities also included payments received from minority shareholders (€ 305.7 million) in connection with the IPO of IONOS Group SE as well as from purchase price payments of Warburg Pincus, and the purchase of treasury shares (€ -291.9 million).

As of March 31, 2024, cash and cash equivalents amounted to € 35.2 million – compared to € 47.4 million on the same date last year.

Development of key cash flow figures
in € million	Q1 2024	Q1 2023(1)	Change
Operative cash flow	285.2	240.1	+ 45.1
Cash flow from operating activities	35.1	168.1	- 133.0
Cash flow from investing activities	-137.9	-144.0	+ 6.1
Free cash flow(2)	-142.9(3)	-4.1(4)	- 138.8
Cash flow from financing activities	110.1	-17.1	+ 127.2
Cash and cash equivalents on March 31	35.2	47.4	- 12.2

(1) With regard to the changes in the presentation of the cash flow statement, please refer to the notes to the consolidated financial statements for 2023 (note 46)

(2) Free cash flow is defined as cash flow from operating activities, less capital expenditures, plus payments from disposals of intangible assets and property, plant and equipment

(2) 2024 including the repayment portion of lease liabilities (€39.9 million), which have been reported under cash flow from financing activities since the fiscal year 2019 (IFRS 16)

(4) 2023 including the repayment portion of lease liabilities (€28.3 million), which have been reported under cash flow from financing activities since the fiscal year 2019 (IFRS 16)

Asset position

The balance sheet total increased from € 11.246 billion as of December 31, 2023 to € 11.415 billion on March 31, 2024.

Development of current assets

in € million	March 31, 2024	Dec. 31, 2023	Change
Cash and cash equivalents	35.2	27.7	+ 7.5
Trade accounts receivable	523.6	508.9	+ 14.7
Contract assets	664.2	676.1	- 11.9
Inventories	136.5	178.1	- 41.5
Prepaid expenses	349.6	303.8	+ 45.8
Other financial assets	121.0	96.9	+ 24.1
Income tax claims	36.3	34.8	+ 1.6
Other non-financial assets	18.6	13.8	+ 4.8
Total current assets	1,885.2	1,840.1	+ 45.1

Current assets rose from € 1,840.1 million as of December 31, 2023 to € 1,885.2 million on March 31, 2024. Due to closing-date effects, cash and cash equivalents disclosed under current assets increased slightly from € 27.7 million to € 35.2 million. After raising inventories to avoid supply bottlenecks in late 2023, this item declined from € 178.1 million to € 136.5 million. Due to prepayments made to advance service providers and closing-date effects, current prepaid expenses increased from € 303.8 million to € 349.6 million and mainly comprise the short-term portion of expenses relating to contract acquisition and contract fulfillment according to IFRS 15. The items current trade accounts receivable, current contract assets, current other financial assets, income tax claims, and other non-financial assets were all largely unchanged.

Development of non-current assets

in € million	March 31, 2024	Dec. 31, 2023	Change
Shares in associated companies	361.0	373.2	- 12.2
Other financial assets	8.1	8.3	- 0.2
Property, plant and equipment	2,572.9	2,405.3	+ 167.6
Intangible assets	1,979.9	2,001.6	- 21.7
Goodwill	3,630.3	3,628.8	+ 1.4
Trade accounts receivable	33.3	34.8	- 1.5
Contract assets	206.5	206.6	- 0.1
Prepaid expenses	670.4	679.8	- 9.4
Deferred tax assets	67.6	67.1	+ 0.5
Total non-current assets	9,529.9	9,405.6	+ 124.3

Non-current assets rose from € 9,405.6 million as of December 31, 2023 to € 9,529.9 million on March 31, 2024. Due in particular to the deterioration in the pro rata result of investments (mainly Kublai / Tele Columbus), shares in associated companies fell from € 373.2 million to € 361.0 million. By contrast, capital expenditures in the first quarter of 2024 (especially for the 5G network rollout and expansion of the fiber-optic network in the Consumer Access and Business Access segments) led to a strong increase in property, plant and equipment from € 2,405.3 million to € 2,572.9 million, while intangible assets declined from € 2,001.6 million to € 1,979.9 million, mainly as a result of amortization. The items non-current other financial assets, goodwill, non-current trade accounts receivable, non-current contract assets, non-current prepaid expenses, and deferred tax assets were all largely unchanged.

Development of current liabilities

in € million	March 31, 2024	Dec. 31, 2023	Change
Trade accounts payable	545.5	699.2	- 153.7
Liabilities due to banks	587.6	582.4	+ 5.2
Income tax liabilities	45.2	88.0	- 42.8
Contract liabilities	181.0	175.0	+ 5.9
Other accrued liabilities	23.9	26.4	- 2.6
Other financial liabilities	364.9	322.0	+ 42.9
Other non-financial liabilities	112.7	129.6	- 16.9
Total current liabilities	1,860.8	2,022.7	- 161.8

Current liabilities decreased from € 2,022.7 million as of December 31, 2023 to € 1,860.8 million on March 31, 2024. Due to closing-date effects, current trade accounts payable decreased from € 699.2 million to € 545.5 million. There was a slight increase in current liabilities due to banks from € 582.4 million to € 587.6 million. Income tax liabilities declined from € 88.0 million to € 45.2 million due to closing-date effects. Current other financial liabilities increased from € 322.0 million to € 364.9 million, mainly as a result of higher leasing additions (IFRS 16). The items current contract liabilities, which mainly include payments received from customer contracts for which the performance has not yet been completely rendered, as well as current other accrued liabilities, and current other nonfinancial liabilities were all virtually unchanged.

Development of non-current liabilities

in € million	March 31, 2024	Dec. 31, 2023	Change
Liabilities due to banks	2,062.3	1,881.9	+ 180.5
Deferred tax liabilities	288.7	293.0	- 4.4
Trade accounts payable	3.4	3.4	+ 0.0
Contract liabilities	32.9	32.7	+ 0.2
Other accrued liabilities	72.4	68.7	+ 3.8
Other financial liabilities	1,445.1	1,388.3	+ 56.8
Total non-current liabilities	3,904.8	3,667.9	+ 236.9

Non-current liabilities rose from € 3,667.9 million as of December 31, 2023 to € 3,904.8 million on March 31, 2024. This was mainly due to non-current liabilities due to banks, which increased from € 1,881.9 million to € 2,062.0 million as a result of the use of existing long-term credit facilities. Other financial liabilities increased from € 1,388.3 million to € 1,445.1 million, mainly due to higher leasing additions (IFRS 16). The items deferred tax liabilities, non-current trade accounts payable, noncurrent contract liabilities (which mainly include payments received from customer contracts for which the performance has not yet been completely rendered), and non-current other accrued liabilities were all largely unchanged.

Development of equity
in € million	March 31. 2024	Dec. 31. 2023	Change
Capital stock	197.0	197.0	0.0
Capital reserves	2,199.9	2,197.7	+ 2.1
Accumulated profit	3,038.6	2,980.5	+ 58.1
Treasury shares	-459.8	-459.8	+ 0.0
Revaluation reserves	0.1	0.1	+ 0.0
Currency translation adjustment	-9.8	-12.5	+ 2.7
Equity attributable to shareholders of the parent company	4,961.0	4,898.0	+ 63.0
Non-controlling interests	688.5	657.0	+ 31.4
Total equity	5,649.5	5,555.1	+ 94.4

Consolidated equity capital rose from € 5,55.1 million as of December 31, 2023 to € 5,649.5 million on March 31, 2024. The Group's accumulated profit – comprising the past profits of the consolidated companies, insofar as they were not distributed - rose from € 2,980.5 million to € 3,038.6 million in the first quarter of 2024. The consolidated equity ratio rose slightly from 49.4% to 49.5%.

Net bank liabilities (i.e., the balance of bank liabilities and cash equivalents) increased from € 2,436.6 million as of December 31, 2023 to € 2,614.8 million on March 31, 2024.

Multi-period overview: Development of key balance sheet items

in € million	Dec. 31. 2020	Dec. 31. 2021	Dec. 31. 2022	Dec. 31. 2023	March 31, 2024
Total assets	9,230.8	9,669.1	10,358.5	11,245.6	11,415.1
Cash and cash equivalents	131.3	110.1	40.5	27.7	35.2
Shares in associated companies	89.6	431.60)	429.3	373.2	361.0
Property, plant and equipment	1,271.6	1,379.6	1,851.0	2,405.3	2,572.9
Intangible assets	2,197.8	2,059.4	2,029.3	2,001.6	1,979.9
Goodwill	3,609.4	3.627.8	3.623.4	3,628.8	3.630.3
Liabilities due to banks	1,466.1	1.822.7	2,155.5	2,464.3	2.650.0
Capital stock	194.0	194.0	194.0	192.0(2)	192.0
Equity	4,911.2	4,923.2	5,298.4	5,555.1	5,649.5
Equity ratio	53.2%	50.9%	51.2%	49.4%	49.5%

(1) Increase due to stake in Kublai (2021)

(2) Decrease due to withdrawal of treasury shares (2023)

Management Board's overall assessment of the business situation

United Internet got off to a good start in its fiscal year 2024. In the first quarter of 2024, the Company made further investments in new customer contracts and the expansion of existing customer relationships, and thus in sustainable growth. All in all, the number of fee-based customer contracts was raised by a further 200,000 contracts to 28.65 million contracts.

Of this total, 40,000 contracts were added in the Consumer Access segment. The Consumer Applications segment grew by 60,000 pay accounts and a further 100,000 contracts resulted from the Business Applications segment.

In view of this strong customer growth and a 2.2 % increase in sales (despite a year-on-year decline in low-margin hardware revenues) to around € 1.565 billion, United Internet made good progress in the first quarter of 2024. And in view of the planned increase in expenses for the rollout of 1&1's mobile network (€ -23.2 million compared to the prior-year period), operating EBITDA was also well on track with growth of 7.3% to € 342.1 million (prior year: € 318.7 million).

This performance once again highlights the benefits of United Internet's business model based predominantly on electronic subscriptions – with fixed monthly payments and contractually fixed terms. This ensures stable and predictable revenues and cash flows, offers protection against cyclical influences, and provides the financial scope to grasp opportunities in new business fields and markets – organically or via investments and acquisitions.

With the sales and earnings figures achieved in the first quarter of 2024, as well as the investments made in sustainable corporate development, the Management Board believes that the Company is well placed for its further development.

Subsequent events

Promissory note loan

In April 2024, United Internet AG successfully placed a promissory note loan ("Schuldscheindarlehen") with an amount of € 280 million. The proceeds from this transaction are used for general company funding.

Capital increase Kublai GmbH

In the first quarter of 2024, Kublai GmbH conducted a capital increase in which United Internet did not participate and therefore currently holds only around 5% of Kublai GmbH's capital stock. United Internet still has the possibility until June 6, 2024 to increase its stake in Kublai GmbH to 40% through a further capital increase or by acquiring shares from MSI. A decision has not yet been made.

There were no other significant events subsequent to the reporting date of March 31, 2024 which had a material effect on the financial position and performance of the Company or the Group nor affected its accounting and reporting.

Risk and opportunity report

The risk and opportunity policy of United Internet AG is based on the objective of maintaining and sustainably enhancing the Company's value by utilizing opportunities while at the same time recognizing and managing risks from an early stage in their development. The risk and opportunity management system regulates the responsible handling of those uncertainties which are always involved with economic activity.

Management Board's overall assessment of the Group's risk and opportunity position

The assessment of the overall level of risk is based on a consolidated view of all significant risk fields and individual risks, also taking account of their interdependencies.

• From the current perspective, the main challenges are the risk fields "Legislation & regulation", "Information security", "Litigation", and "Technical plant operation".
• Compared to December 31, 2023, was an increase in the risk field "Financing" from Low to Moderate as of March 31, 2024. The increase is due to the first-time recognition of a financial covenant risk in connection with a syndicated loan of the IONOS Group in the Business Applications segment. The probability of occurrence is assessed as very low.
• Otherwise, the risk classifications of the risk fields of United Internet AG as at March 31, 2024 were unchanged from December 31, 2023.
• Compared to December 31, 2023, the overall risk has increased slightly as at March 31, 2024. The reasons for this include an increase in the risk field "Personnel recruitment". Despite the increase in the expected value, however, the risk classification in this risk field remains Moderate.

In the assessment of the overall risk situation, the opportunities which exist for United Internet were not taken into consideration. There were no risks which directly jeopardized the continued existence of the United Internet Group in the reporting period, nor as of the preparation date for this Management Report, neither from individual risk positions nor from the overall risk situation.

The continuous expansion of its risk management system enables United Internet to limit risks to a minimum, where economically sensible, by implementing specific measures.

Forecast report

Forecast for the fiscal year 2024

On completion of the first quarter, United Internet AG can confirm its full-year guidance for 2024 and expects an increase in consolidated sales to approx. € 6.5 billion (2023: € 6.213 billion) and an increase in EBITDA to approx. € 1.42 billion (2023: € 1.30 billion). Cash capex is likely to be 10 – 20% above the prior-year figure (2023: € 756 million).

Management Board's overall statement on the anticipated development

The Management Board of United Internet AG remains upbeat about its prospects for the future. Thanks to a business model based predominantly on electronic subscriptions, United Internet believes it is largely stable enough to withstand cyclical influences. With the investments made over the past few years in customer relationships, new business fields, and further internationalization, as well as via acquisitions and investments, the Company has laid a broad foundation for its future development.

Forward-looking statements

This Interim Statement contains forward-looking statements based on current expectations, assumptions, and projections of the Management Board of United Internet AG and currently available information. These forward-looking statements are subject to various risks and uncertainties and are based upon expectations, assumptions, and projections that may not prove to be accurate. United Internet AG does not guarantee that these forward-looking statements will prove to be accurate and does not accept any obligation, nor have the intention, to adjust or update the forward-looking statements contained in this interim report.

NOTES ON THE INTERIM STATEMENT

Information on the Company

United Internet AG ("United Internet") is a service company operating in the telecommunication and information technology sector with registered offices at Elgendorfer Strasse 57, 56410 Montabaur, Germany. The Company is registered at the district court of Montabaur under HRB 5762.

Significant accounting, measurement and consolidation principles

As was the case with the Consolidated Financial Statements as of December 31, 2023, the Interim Statement of United Internet AG as of March 31, 2024 was prepared in compliance with the International Financial Reporting Standards (IFRS) as applicable in the European Union (EU).

The Interim Statement does not constitute interim reporting as defined by IAS 34. With the exception of the mandatory new standards, the accounting and valuation principles applied in this Interim Statement comply with the methods applied in the previous year and should be read in conjunction with the Consolidated Financial Statements as of December 31, 2023.

In March 2024, the Management Board and Supervisory Board decided to discontinue the "Energy" and "De-Mail" business fields in the Consumer Applications segment. The balance of assets and liabilities resulting from the discontinuation is not material.

Mandatory adoption of new accounting standards

The following standards are mandatory in the EU for the first time for fiscal years beginning on or after January 1, 2024:

Standard		Mandatory for fiscal years beginning on or after	Endorsed by EU Commission
IAS 1	Amendment: Clarification of Criteria for Classification of Liabilities as Current or Non-current Clarification Regarding Non-current Liabilities with Covenants	January 1, 2024	Yes
IFRS 16	Amendment: Lease Liability in a Sale and Leaseback	January 1, 2024	Yes
IAS 7, IFRS 7	Amendment: Supplier Finance Arrangements	January 1, 2024	No

There were no significant effects on this Interim Statement from the initial application of the new accounting standards.

Use of estimates and assumptions

The preparation of this Interim Statement requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, the uncertainty associated with these assumptions and estimates could lead to results which require material adjustments to the carrying amount of the asset or liability affected in future periods.

Use of business-relevant key financial performance indicators

In order to ensure the clear and transparent presentation of United Internet's business trend, the Company's annual and interim financial statements include key performance indicators (KPIs) – in addition to the disclosures required by International Financial Reporting Standards (IFRS) – such as EBITDA, the EBITDA margin, EBIT, the EBIT margin and free cash flow. Information on the use, definition and calculation of these KPIs is provided in the Company's Annual Report 2023 on page 58.

Insofar as necessary for a clear and transparent presentation, the KPIs used by United Internet are adjusted for special items and disclosed as "key operating figures" (e.g., operating EBITDA, operating EBIT and operating EPS).

Such special items usually refer solely to those effects capable of restricting the validity of the key financial performance indicators with regard to the Company's financial and earnings performance – due to their nature, frequency and/or magnitude. All special items are presented and explained for the purpose of reconciliation from the unadjusted key financial figures to the key operating figures in the relevant section of the financial statements.

Change in the presentation of the cash flow statement

In order to reconcile EBITDA and free cash flow more effectively, the Group decided in the second quarter of 2023 to no longer disclose interest payments in cash flow from operating activities, but in cash flow from financing activities. As interest expense is not included in EBITDA – which serves as a measure of operating profit and excludes interest, taxes, depreciation and amortization – the inclusion of interest payments in operating cash flow may distort the presentation of the actual operating performance.

By transferring interest payments to cash flow from financing activities, the Company's financial result can be presented more accurately and with greater consistency between EBITDA and free cash flow. Moreover, the interest portion of the repayments of lease liabilities has been eliminated, thus enabling the entire outflow of interest payments to be presented in one line.

As a result, this measure contributes to a more transparent presentation of the Company's financial performance and clarifies the Company's ability to repay its debts. Moreover, it allows a (more) transparent and (more) comparable presentation of cash flow, thus giving investors and other stakeholders a better understanding of the Company's financial performance.

Miscellaneous

This Interim Statement includes all material subsidiaries and associated companies.

The consolidated group remained largely unchanged from that stated in the Consolidated Financial Statements as at December 31, 2023.

This Interim Statement was not audited according to Sec. 317 HGB nor reviewed by an auditor.

INTERIM STATEMENT Q1 2024

INTERIM FINANCIAL STATEMENTS	32
GROUP NET INCOME	34
GROUP CASHFLOW	36
GROUP CHANGES IN SHAREHOLDRES` EQUITY	38
SEGMENT-REPORTING	40
FINANCIAL CALENDAR	42
IMPRINT	43

INTERIM FINANCIAL STATEMENTS

As of March 31, 2024 in k€

ASSETS	March 31, 2024	December 31, 2023
Current assets
Cash and cash equivalents	35,233	27,689
Trade accounts receivable	523,628	508,945
Contract assets	664,189	676,110
Inventories	136,546	178,083
Prepaid expenses	349,627	303,781
Other financial assets	121,004	96,871
Income tax claims	36,339	34,754
Other non-financial assets	18,634	13,835
	1,885,200	1,840,069
Non-current assets
Shares in associated companies	360,977	373,205
Other financial assets	8,111	8,346
Property, plant and equipment	2,572,920	2,405,312
Intangible assets	1,979,905	2,001,584
Goodwill	3,630,252	3,628,849
Trade accounts receivable	33,274	34,751
Contract assets	206,476	206,623
Prepaid expenses	670,420	679,795
Deferred tax assets	67,568	67,092
	9,529,902	9,405,557
Total assets	11,415,102	11,245,626

LIABILITIES	March 31, 2024	December 31, 2023
Current liabilities
Trade accounts payable	545,547	699,220
Liabilities due to banks	587,634	582,396
Income tax liabilities	45,225	87,996
Contract liabilities	180,978	175,033
Other accrued liabilities	23,850	26,428
Other financial liabilities	364,894	321,985
Other non-financial liabilities	112,717	129,635
	1,860,845	2,022,693
Non-current liabilities
Liabilities due to banks	2,062,325	1,881,865
Deferred tax liabilities	288,656	293,020
Trade accounts payable	3,358	3,358
Contract liabilities	32,864	32,658
Other accrued liabilities	72,445	68,671
Other financial liabilities	1,445,122	1,388,310
	3,904,770	3,667,881
Total liabilities	5,765,615	5,690,574
EQUITY
Capital stock	192,000	192,000
Capital reserves	2,199,850	2,197,720
Accumulated profit	3,038,641	2,980,528
Treasury shares	-459,793	-459,793
Revaluation reserves	105	105
Currency translation adjustment	-9,786	-12,535
Equity attributable to shareholders of the parent company	4,961,017	4,898,024
Non-controlling interests	688,470	657,028
Total equity	5,649,487	5,555,052
Total liabilities and equity	11,415,102	11,245,626

GROUP NET INCOME

From January to March 31, 2024 in k€

	2024	2023
	January - March	January - March
Sales	1,571,561	1,538,318
Cost of sales	-1,036,914	-1,023,099
Gross profit	534,648	515,219
Selling expenses	-247,819	-237,533
General and administrative expenses	-73,266	-70,073
Other operating income and expenses	7,782	7,074
Impairment of receivables and contract assets	-35,619	-29,830
Operating result	185,727	184,857
Financial result	-32.925	-19,733
Result from associated companies	-12,112	-7,699
Pre-tax result	140,690	157,425
Income taxes	-53.213	-53,432
Net income	87,477	103,993
thereof attributable to
non-controlling interests	29,365	30,459
Shareholders of United Internet AG	58,112	73,535

Shareholders of United Internet AG

73,351

60,861

	2024	2023
	January - March	January - March
Result per share of shareholders of United Internet AG (in €)
basic	0.34	0.41
diluted	0.34	0.41
Weighted average of outstanding shares (in million units)
basic	172.82	179.77
diluted	172.93	179.88
Reconciliation to total comprehensive income
Net income	87,477	103,993
Items that may be reclassified subsequently to profit or loss
Currency translation adjustment - unrealized	4,145	-177
Items that are not reclassified subsequently to profit or loss
Market value changes of financial assets measured
at fair value through other comprehensive income	0	0
Tax effect	0	0
Share in other comprehensive income of associated companies	0	0
Other comprehensive income	4,145	-177
Total comprehensive income	91,622	103,817
thereof attributable to
non-controlling interests	30,761	30,466

GROUP CASHFLOW

From January to March 31, 2024 in k€

	2024	2023
	January - March	January - March
Result from operating activities
Net income	87.477	103.993
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of intangible assets and property, plant and equipment
	126,540	101,603
Depreciation and amortization of assets resulting from company acquisitions	28,509	28,491
Net effect from employee stock option programs	2,812	-9,014
Result from associated companies	12,112	7,699
Distributed profits of associated companies	123	0
Other non-cash items from tax adjustments	-4,840	-16,860
non-cash changes in fair value of operational derivatives	-425	4,464
non-cash changes in fair value of non-operational derivatives	-2,628	2,327
interest expense arising from the accretion of lease payments	7,221	4,555
Other financing expenses und Finanzerträge	28,331	12,851
Operative cash flow	285,232	240,109
Change in assets and liabilities
Change in receivables and other assets	-30,970	-11,660
Change in inventories	41,538	-14,726
Change in contract assets	12,068	-32,177
Change in income tax claims	-1,584	-9,256
Change in deferred expenses	-36,472	-24,969
Change in trade accounts payable	-213,931	-25,936
Change in other accrued liabilities	1,196	-1,278
Change in income tax liabilities	-42,771	11,997
Change in other liabilities	14,459	30,872
Change in contract liabilities	6,328	5,154
Change in assets and liabilities, total	-250,141	-71,980
Cash flow from operating activities	35,092	168,129

	2024	2023
	January - March	January - March
Cash flow from investing activities
Capital expenditure for intangible assets and property, plant and equipment	-139,655	-144.834
Payments from disposals of intangible assets and property, plant and equipment	1.616	894
Purchase of shares in associated companies	-7	-602
Received Interest	98	557
Cash flow from investment activities	-137,948	-143,985
Cash flow from financing activities
Purchase of treasury stock	0	-291.901
Aufnahme und Repayment of loans	172,321	13,824
Interest paid	-22,272	-16,383
Redemption of lease liabilities	-39.938	-28,316
Incoming Payments from / Outgoing Payments to Minority Shareholders	O	305,722
Cash flow from financing activities	110,110	-17,054
Net increase in cash and cash equivalents	7,254	7.090
Cash and cash equivalents at beginning of fiscal year	27,689	40,523
Currency translation adjustments of cash and cash equivalents	289	-235
Cash and cash equivalents at end of fiscal year	35,232	47,379

GROUP CHANGES IN SHAREHOLDRES` EQUITY

In 2024 and 2023 in k€

		Capital stock	Capital reserves €k	Accumulated profit €k	Treasury shares
	Share	€k			Share	€k
Balance as of January 1, 2023	194,000,000	194,000	1,966,150	2,835,819	7,284,109	-231,451
Net income				73,535
Other comprehensive income				0
Total comprehensive income				73,535
Purchase of treasury shares					13,899,596	-291,901
Redemption of treasury shares	-2,000,000	-2,000	-61,550		-2,000,000	63,550
Employee stock ownership program			-5,199
Transactions with shareholders			302,093
Balance as of March 31, 2023	192,000,000	192,000	2,201,494	2,909,353	19,183,705	-459,802
Balance as of January 1, 2024	192,000,000	192,000	2,197,720	2,980,528	19,183,705	-459,793
Net income				58,112
Other comprehensive income				0
Total comprehensive income				58,112
Purchase of treasury shares					0	0
Redemption of treasury shares			0
Employee stock ownership program			2,131
Balance as of March 31, 2024	192,000,000	192,000	2,199,851	3,038,640	19,183,705	-459,793

	Non-controlling	Equity attributable to shareholders
Total equity	interests	of United Internet AG	Currency translation difference	Revaluation reserves
€k	€k	€k	€k	€k
5,298,390	548,297	4,750,093	-15,707	1,283
103,993	30,459	73,535
-177	7	-184	-184	O
103,817	30,466	73,351	-184	O
-291,901		-291,901
O		0
-9,014	-3,815	-5,199
288,656	-14,186	302,842	749
5,389,949	560,763	4,829,186	-15,142	1,283
5,555,053	657,028	4,898,024	-12,535	104
87,477	29,365	58,112
4,145	1,396	2,749	2,749	O
91,622	30,761	60,861	2,749	0
0		0
0		0
2,812	681	2,131
5,649,486	688,470	4,961,016	-9,786	104

SEGMENT-REPORTING

From January to March 31, 2024

	Consumer	Business	Consumer	Business
	Access	Access	Applications	Applications			United Internet
January - March 2024 (€m)	segment	segment	segment	segment	Corporate	Reconciliation	Group
Segment revenue	1,024.4	141.7	77.7	373.0	37.0	-82.3	1,571.6
- thereof domestic	1,024.4	141.7	77.2	213.3	37.0	-82.3	1,411.4
- thereof foreign	0.0	0.0	0.5	159.7	0.0	0.0	160.1
Segment revenue from transactions with other segments	4.4	22.9	7.9	11.5	35.5	0.0	82.3
Segment revenue from contracts with customers	1,020.0	118.8	69.8	361.5	1.4	0.0	1,571.6
- thereof domestic	1,020.0	118.8	69.3	201.8	1.4	0.0	1,411.4
- thereof foreign	0.0	0.0	0.5	159.7	0.0	0.0	160.1
EBITDA	182.3	35.4	22.5	101.3	0.6	-1.3	340.8
EBIT	117.9	-23.6	20.0	74.2	-2.5	-0.3	185.7
Financial result							-32.9
Result from associated companies							-12.1
EBT							140.7
Income taxes							-53.2
Net income							87.5
Investments in intangible assets, property, plant and equipment (without goodwill)	128.0	151.3	5.9	24.7	2.4	-8.4	303.8
Amortization/depreciation	64.4	59.0	2.5	27.1	3.1	-1.1	155.0
- thereof intangible assets, and property, plant and equipment	43.2	56.8	2.5	22.0	3.1	-1.1	126.5
- thereof assets capitalized during company acquisitions	21.2	2.2	0.0	5.1	0.0	0.0	28.5
Number of employees	3,366	1,526	1,071	4,354	636		10,953
- thereof domestic	3,366	1,526	1,068	2,378	636		8,974
- thereof foreign	O	O	3	1,976	0		1,979

From January to March 31, 2023

	Consumer	Business	Consumer	Business
	Access	Access	Applications	Applications			United Internet
January - March 2023 (€m)	segment	segment	segment	segment	Corporate	Reconciliation	Group
Segment revenue	1,021.0	136.1	70.0	353.8	36.4	-79.0	1,538.3
- thereof domestic	1,021.0	136.1	69.5	181.1	36.4	-76.7	1,367.4
- thereof foreign	0.0	0.0	0.5	172.7	0.0	-2.3	170.9
Segment revenue from transactions with other segments	3.7	22.1	7.2	11.3	34.7		79.0
Segment revenue from contracts with customers	1,017.3	114.0	62.8	342.5	1.7		1,538.3
- thereof domestic	1,017.3	114.0	62.3	172.1	1.7		1,367.4
- thereof foreign	0.0	0.0	0.5	170.4	0.0		170.9
EBITDA	182.1	34.8	15.6	92.8	-10.7	0.4	315.0
EBIT	133.4	-15.4	13.3	65.9	-13.5	1.2	184.9
Financial result							-19.7
Result from associated companies							-7.7
EBT							157.5
Income taxes							-53.4
Net income							104.0
Investments in intangible assets, property, plant and equipment (without goodwill)	45.4	111.9	7.7	14.1	2.4		181.5
Amortization/depreciation	48.7	50.2	2.3	26.9	2.8		130.1
- thereof intangible assets, and property, plant and equipment	27.5	48.0	2.3	21.8	2.8		101.6
- thereof assets capitalized during company acquisitions	21.2	2.2	0.0	5.1	0.0		28.5
Number of employees	3,218	1,356	1,051	4,217	୧୧୨		10,501
- thereof domestic	3,218	1,356	1,048	2,295	659		8,576
- thereof foreign	O	O	ਤ	1,922	O		1,925

FINANCIAL CALENDAR

March 21, 2024	Publication of 2023 Annual Financial Statements, Press and Analyst Conference
May 8, 2024	Publication of Quarterly Statements Q1 2024
May 17, 2024	Annual General Meeting 2024, Alte Oper Frankfurt/Main
August 8, 2024	Publication of Semi-Annual Financial Report 2024, Press and Analyst Conference
November 12, 2024	Publication of Quarterly Statements Q3 2024

IMPRINT

Publisher and Copyright © 2024

United Internet AG Elgendorfer Straße 57 56410 Montabaur Deutschland www.united-internet.de

Contact

Investor Relations Telefon: +49(0) 2602 96-1100 Telefax: +49(0) 2602 96-1013 E-Mail: investor-relations@united-internet.de

May 2024 Registry court: Montabaur HRB 5762

Note:

Due to calculation processes, tables and references may produce rounding differences from the mathematically exact values (monetary units, percentage statements, etc.).

These annual financial statements are available in German and English. Both versions can also be downloaded from www.united-internet.de. In all cases of doubt, the German version shall prevail.

For reasons of better readability, the additional use of the female form is omitted in this annual report. United Internet would like to stress that the use of the masculine form is to be understood purely as the gender-neutral form.

Produced in-house with Firesys

Disclaimer

This Interim Statement contains certain forward-looking statements which reflect the current views of United Internet AG's management with regard to future events. These forward looking statements are based on our currently valid plans, estimates and expectations. Forward-looking statements are only based on those facts valid at the time when the statements were made. Such statements are subject to certain risks and uncertainties, as well as other factors which United Internet often cannot influence but which might cause our actual results to be materially different from any future results expressed or implied by these statements. Such risks, uncertainties and other factors are described in the Risk Report section of the Annual Reports of United Internet AG. United Internet does not intend to revise or update such forward-looking statements.

United Internet AG

Elgendorfer Straße 57 56410 Montabaur Germany

www.united-internet.com