ecotel communication ag

Earnings Release • May 13, 2025

KEY FIGURES AT A GLANCE

The high-margin BUSINESS CUSTOMER SEGMENT even increased by 0.8 million EUR to million EUR. 12.4

The company achieved a GROSS PROFIT ofEUR 8,8 million in the first three months of 2025 and also significantly exceeded this figure by EUR 0.5 million compared to the previous year.

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KEY FIGURES AT A GLANCE

INCOME STATEMENT (IFRS)

		1st quarter 2024	1st quarter 2025
Revenue	(in EUR m)	28.2	28.6
ecotel business customers	(in EUR m)	11.6	12.4
ecotel Wholesale	(in EUR m)	16.6	16.1
Gross profit	(in EUR m)	8.3	8.8
Operating EBITDA 1.2	(in EUR m)	1.8	1.9
Operating result (EBIT)	(in EUR m)	0.4	0.4
Consolidated net income	(in EUR m)	0.3	0.3
Number of shares as of 31.03. (outstanding shares)	Number	3,510,000	3,517,820
Earnings per share 3	in EUR	0.08	0.07

FURTHER KEY FIGURES

		1st quarter 2024	1st quarter 2025
Financial funds as of 01.01	(in EUR m)	3.7	2.3
Cash flow from operating activities	(in EUR m)	1.4	-2.4
Cash flow from investing activities	(in EUR m)	-3.0	-1.3
Cash flow from financing activities	(in EUR m)	-0.3	1.7
Financial funds as of 31.03	(in EUR m)	1.8	0.4
Free Cashflow 4	(in EUR m)	-1.6	-3.7
Total assets	(in EUR m)	48.1	50.4
Equity	(in EUR m)	24.0	24.5
in % of the total balance sheet	(in EUR m)	49.9	48.6
Net financial assets	(in EUR m)	1.7	-2.6

Differences may occur in the totals due to commercial rounding.

Previous year's figures have been adjusted.

1 Result before planned and unplanned impairment, financial result and taxes on income and earnings

2 For definition, see Group management report in the 2024 Annual Report on page 46

3 Undiluted

4 Free Cashflow = Cashflow from operating activities + Cashflow from investing activities

5 Loan liabilities less. financial resources

CONTENT

Group quarterly financial statements

• 3-4 Group balance sheet as of March 31, 2025
• Group consolidated income statement for the first quarter of 2025 and the first three months of 2024
• Contact us
• Impressum
• Disclaimer

Dear shareholders,

Düsseldorf, May 2025

ecotel had a promising start to the year 2025 and was able to achieve total sales of 28.6 million in the first quarter 2025 thus recording growth of 0.4 million compared to the same quarter of the previous year.

The high-margin business customer segment developed particularly positively, with sales increasing by around 6.9% or 0.8 million to 12.4 million. This growth is primarily attributable to the successful implementation of major projects, which not only generated sales momentum but also further strengthened the strategic market position.

The ecotel Wholesale segment recorded a planned decline in revenue from EUR 0.5 million to EUR 16.1 million (previous year: EUR 16.6 million), as the strategic focus continues to be on high-margin data business, which is also clearly reflected in the gross profit

Gross profit increased from EUR 8.3 million to EUR 8.8 million, which is particularly noteworthy in the context of total revenue growth of EUR 0.5 million. It is clear that the focus on high-margin business models pays off not only in terms of sales development, but also in terms of improving operational efficiency and profitability.

Operating EBITDA increased from EUR 2025 million to EUR 1.8 million in the first quarter of 1.9 corresponding to an improvement of EUR 0.1 million. This increase reflects, on the one hand, the positive business development, and on the other hand, the targeted investments in sales-related activities, which aim to win new customers and further expand the market position. With these investments, ecotel has laid the foundation for a successful business year and is well positioned to achieve its annual targets.

Operationally, reorganization and restructuring measures amounting to EUR 0.3 million, which were related to the now completed management change, were adjusted from EBITDA.

The aforementioned one-off expenses had a slight impact on consolidated net income in the first quarter, which remained at the same level as the previous year at EUR 0.3 million.

The Management Board confirms the forecast for the 2025 financial year, as outlined in the 2024 Annual Report.

Markus Hendrich CEO

Christian van den Boom CFO

André Borusiak CCO

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The ecotel share at a glance Shareholder structure

The ecotel share started 2025 with a price of 13.60 EUR. It initially performed well in the first quarter and outperformed both the DAX and the TecDAX until the middle of the quarter. Afterwards, the price came under pressure and recorded a decline. However, this was halted after the publication of solid business figures. As a result, the share price moved in a stable sideways phase. The ecotel share ended the first quarter at 2025 with 12.95 EUR With 3.52 million shares outstanding, this resulted in a market capitalization of 45.6 million EUR (31 March 2024: 53.7 million EUR).

The average trading volume in the first three months was 1,036 pcs. (Q1 2024: 1,791 pcs) As of 31 March 2025, the share capital of ecotel communication ag remained unchanged at 3,517,820 shares. Mr. Zils and Mr. Morozov continue to hold just under 30% of the shares each. Approximately 8% are distributed among the shareholders, which are known to us through corresponding notifications (WPHG notifications > 3%). The free float is around 32%.

WKN	585434
ISIN	DE0005854343
Symbol	E4C
Market segment since 08.08.2007	Prime Standard
Index membership	CDAX, Prime All Share Technology All Share
Class	No-par value shares
Date of initial listing	29.03.2006
Number of shares as of 31.03.2025	3,517,820
Average daily volume 2025	1,036
Highest price 2025 (EUR)	14.30
Lowest price 2025 (EUR)	12.55
Market capitalization as of 31.03.2025 (EUR million)*	45.6
Designated sponsor	ICF BANK AG

* Based on the closing price on 31 March 2025 of 12.95 Euro per share with 3,517,820 outstanding shares

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Price performance of the ecotel share in 2025 in %

GROUP BALANCE SHEET

AS OF 31 MARCH 2025 (UNAUDITED)

in EUR	31.12.2024	31.03.2025
Assets
A. Long-term assets
I. Intangible assets	17,305,275	17,632,921
II. Tangible assets	5,398,765	5,464,980
III. Right of use from leasing agreements	5,081,396	4,882,990
IV. Activated contract costs	3,353,335	3,215,847
V. Financial assets measured at fair value through other comprehensive income	1,508,039	1,555,338
VI. Receivables from deliveries and services	173,714	159,998
VII. Other financial assets	876,620	873,908
VIII. Contractual assets	-	14,929
VIII. Other non-financial assets	1,099,411	1,268,179
Total non-current assets	34,796,554	35,069,089
B. Current assets
I. Receivables from deliveries and services	14,837,457	12,656,932
II. Contract assets	-	8,531
III. Other financial assets	444,190	371,455
IV. Other non-financial assets	1,419,459	1,665,109
V. Actual income tax claims	387,737	266,425
VI. Payment and payment equivalents	2,344,184	353,832
Total current assets	19,433,026	15,322,284
Total assets	54,229,580	50,391,373

Differences may occur in the totals due to commercial rounding.

AS OF 31 MARCH 2025 (UNAUDITED)

in EUR	31.12.2024	31.03.2025
Passive
A. Equity
I. Subscribed capital	3,517,820	3,517,820
II. Capital reserve	2,355,033	2,355,033
III. Other reserves	18,338,410	18,595,838
Total equity	24,211,262	24,468,691
B. Long-term liabilities
I. Deferred income taxes	1,199,043	1,207,836
II. Leasing liabilities	4,789,124	4,627,042
III. Contractual liabilities	1,292,096	1,331,092
Total non-current liabilities	7,280,262	7,165,971
C. Current liabilities
I. Actual income taxes	1,719,059	424,332
II. Short-term loans	1,000,427	3,001,120
II. Leasing liabilities	1,034,974	1,005,963
III. Liabilities from deliveries and services	15,482,485	12,669,423
IV. Contractual liabilities	619,953	547,155
V. Other financial liabilities	1,668,842	354,167
VI. Other non-financial liabilities	1,212,315	754,552
Total short-term liabilities	22,738,055	18,756,712
Total liabilities	54,229,580	50,391,373

Differences may occur in the totals due to commercial rounding,

CONSOLIDATED INCOME STATEMENT

FOR THE 1ST QUARTER OF 2025 AND THE FIRST THREE MONTHS OF 2024 (UNAUDITED)

in EUR	1.1.-31.03.2024	1.1-31.3. 2025
1. Revenue	28,148,391	28,575,121
2. Other operating income	77,552	127,076
3. Other activated own services	120,628	138,550
4. Total performance	28,346,571	28,840,748
5. Material costs	-20,044,086	-19,923,181
6. Personal expenses	-3,886,008	-3,916,208
6.1 Wages and salaries	-3,312,941	-3,308,826
6.2 Social contributions and expenditure on pensions and support	-573,067	-607,382
7. Planned depreciation	-1,107,303	-1,143,518
Of which depreciation on usage rights from leasing relationships	-255,355	-262,111
8. Other operating expenses	-2,903,484	-3,447,212
9. Operating result (EBIT)	405,690	410,629
10. Interest income	10,968	3,749
11. Interest expenses	-77,180	-83,595
of which interest expenses from lease liabilities	-66,212	-67,768
12. Result from investments valued using the equity method	50,004	47,300
13. Financial result	-16,208	-32,547
14. Result of ordinary activities before income taxes	389,482	378,083
15. Taxes on income and on earnings	-121,635	-120,655
16. Result after taxes from continuing operations	267,847	257,482
17. Net profit (= consolidated net profit)	267,847	257,482
in EUR	1.1.-31.03.2024	1.1-31.3. 2025
Diluted earnings per share	0.08	0.07
Diluted earnings per share 1	0.07	0.07

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1 A dilution of earnings per share prior to 31.03.2025.lag. To date, 7,820 stock options have been exercised. In the absence of corresponding facts, the presentation of "other comprehensive income" is omitted.

Last year's figures have been adjusted.

Differences may occur in the totals due to commercial rounding.

Contact us

Annette Drescher Phone: 0211-55 007-740 Fax: 0211-55 007 5 740 E-mail: investorrelations@ecotel.de

Impressum

Publisher ecotel communication ag Prinzenallee 11 D – 40549 Düsseldorf

Disclaimer

Disclaimer:

This report, particularly the "Outlook" chapter, contains forward-looking statements reflecting the current views of ecotel's management on future events. These statements are typically characterized by words like "expect," "assume," "believe," "intend," "estimate," "aim," "target," "plan," "will," "seek," "outlook," and similar expressions. They generally contain information related to expectations or targets for revenue, EBITDA, or other performance measures. Future-oriented statements are based on currently valid plans, assessments and expectations. Therefore, you should view them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to estimate and are generally beyond the control of ecotel.

Other possible factors that can significantly affect the cost and revenue development are changes in interest rates, regulatory requirements, competition that is sharper than expected, changes in technologies, legal disputes and supervisory developments. Should these or other risks and uncertainties occur, or should the assumptions underlying the statements prove to be incorrect, the actual results of ecotel may differ significantly from those expressed or implied in these statements.

ecotel cannot guarantee that the expectations or goals will be achieved. ecotel rejects – without prejudice to existing capital market legal obligations – any responsibility for updating the forward-looking statements by taking into account new information or future events or other things.

In addition to the KPIs prepared in accordance with IFRS, ecotel presents pro forma KPIs, e.g. gross profit, EBITDA, EBITDA margin, free cash flow as well as gross and net financial liabilities, which are not part of the accounting regulations. These key figures are to be seen as a supplement, but not as a replacement for the information prepared in accordance with IFRS. Pro-forma KPIs are not subject to IFRS or other generally applicable accounting regulations. Other companies may apply different definitions to these terms.

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