freenet AG — Interim / Quarterly Report 2026

May 18, 2026

freenet

Q1/2026

Quarterly statement

1 January – 31 March 2026

Mobile Communications. Internet. TV entertainment.

---

Key figures

Customer and sales figures

In k	31.03.2026	31.12.2025	Absolute change	Relative change
Postpaid customers^{1}	8,269.7	8,241.2	28.5	0.3%
Postpaid contracts (reselling)^{2}	181.9	n.a.	n.a.	n.a.
waipu.tv subscribers	1,797.2	1,755.2^{3}	42.1	2.4%

Key financial figures^4</sup

In EUR million/as indicated	Q1/2026	Q1/2025 (restated)^{5}	Absolute change	Relative change
Revenues	761.9	604.3	157.5	26.1%
Gross profit	242.0	236.9	5.1	2.2%
Adjusted EBITDA	122.0	126.6	-4.6	-3.6%
EBITDA	120.1	126.6	-6.5	-5.2%
Consolidated profit	49.4	59.2	-9.8	-16.5%
Earnings per share (in EUR)^{6}	0.41	0.49	-0.08	-17.0%

Liquidity ratios^4</sup

In EUR million	Q1/2026	Q1/2025 (restated)^{5}	Absolute change	Relative change
Cash flow from operating activities	85.8	103.3	-17.5	-16.9%
Cash flow from investing activities	-13.3	-8.8	-4.5	51.4%
Cash flow from financing activities	-42.2	-18.9	-23.3	123.1%
Adjusted free cash flow	85.7	77.6	8.1	10.4%

Balance sheet

As indicated	31.03.2026	31.12.2025	Absolute change	Relative change
Equity ratio	45.0%	41.7%	3.3%P	7.9%
Leverage (x times adj. EBITDA)	1.1	1.2	-0.1	-9.1%
Total assets (in EUR million)	3,520.9	3,676.1	-155.2	-4.2%

Employees⁴