Freenet Ag · XETR:FNTN
Freenet — Q3 2025 Earnings Presentation
23 slides from Freenet's earnings presentation, November 2025
Slide 1: freenet AG | 2025 Q3/9M Analyst and Investor Presentation
freenet AG | 2025 Q3/9M Analyst and Investor Presentation Robin Harries, CEO Ingo Arnold, CFO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of freenet AG could differ materially from the expectations regarding performance, results and timing expressed in this presentation. The
Slide 3: Business Update
Business Update Robin Harries CEO 3
Slide 4: Nine-month on track to meet 2025 guidance
Business Update I Financial Update I Appendix Group Nine-month on track to meet 2025 guidance Strong key financials 9M/Q3 • Postpaid and TV service revenues growing • waipu.tv EBITDA contributes noticeably • Q3 FCF impacted by communicated tax one- off, but remains on track 25 Satisfying customer gr
Slide 5: New strategic guardrails to revive mobile growth
Business Update I Financial Update I Appendix Mobile Communications New strategic guardrails to revive mobile growth Performance-based Conversion rate Working on churn brand-marketing established optimised reduction • Marketing budget reallocated • Faster webpage loading for • freenet has to be “Alw
Slide 6: klarmobil's marketing campaign highly successful
Business Update I Financial Update I Appendix Mobile Communications klarmobil’s marketing campaign highly successful Performance focused campaign … Clear message Direct call to action – “Buy the new tariff” Urgency-based messaging Limited-time offer – “For a short time only” Authentic brand Sympathe
Slide 7: Postpaid net add expectations clearly exceeded
Business Update I Financial Update I Appendix Mobile Communications Postpaid net add expectations clearly exceeded Mobile subscribers • Postpaid growth of +190k significantly in m (end of period) +0.178 stronger than 9M 24 (+79k) (+2.3%) 7.890 • freenet’s performance marketing 7.836 important growth
Slide 8: Strategic acquisition of mobilezone Germany
Business Update I Financial Update I Appendix Mobile Communications Strategic acquisition of mobilezone Germany Rationale: Strengthening market position • Sales power: Acquiring high valuable and efficient sales channels; direct delivery by Apple highly appreciated • Consolidation: Reducing fragment
Slide 9: waipu.tv net adds growth recovers
Business Update I Financial Update I Appendix TV and Media waipu.tv net adds growth recovers TV subscribers • waipu.tv grows in Q3 despite churn of in m (end of period) +0.028 O2 TV base & seasonality; YTD +80k (+1.2%) • Significant growth expected in Q4 25 2.437 2.477 2.475 2.465 based on new marke
Slide 10: Growth-focused waipu.tv campaign launched
Business Update I Financial Update I Appendix TV and Media Growth-focused waipu.tv campaign launched „waipu.tv Start“ lowers barrier to entry IPTV • No-frills product, i.e. 240+ channels big screen-/one stream-only • EUR5/month offer targets price-conscious customers with a preference for watching l
Slide 11: Financial Update
Financial Update Ingo Arnold CFO Remark regarding Gravis: Gravis Computervertriebsgesellschaft mbH, Berlin (hereinafter referred to as “Gravis”) discontinued its business operations as of 30 June 2024. In accordance with the IFRS 5 accounting standard, the activities of Gravis and certain business t
Slide 12: Financials on track to reach 2025 guidance
Business Update I Financial Update I Appendix Group Financials on track to reach 2025 guidance Revenues Gross profit Adj. EBITDA EURm EURm EURm +0.3% +4.3% +1.6% 1,821.9 1,828.1 710.6 741.2 389.1 395.1 -0.8% +6.7% +4.0% 619.8 615.0 242.5 258.9 132.4 137.7 Q3 24 Q3 25 9M 24 9M 25 Q3 24 Q3 25 9M 24 9M
Slide 13: Sale of The Cloud affects results in Q3
Business Update I Financial Update I Appendix Mobile Communications Sale of The Cloud affects results in Q3 Revenues Gross profit Adj. EBITDA EURm EURm EURm -1.7% +0.4% -1.5% 1,527.5 1,501.6 524.9 526.7 324.9 320.1 -5.4% -3.6% -1.8% 521.1 492.8 181.5 175.0 111.4 109.5 1,286.2 1,277.9 434.3 429.3 86.
Slide 14: Growth in Postpaid SR despite ARPU-decrease
Business Update I Financial Update I Appendix Mobile Communications Growth in Postpaid SR despite ARPU-decrease Postpaid subscribers Postpaid SR/ARPU DLS revenues m (end of period) EURm / EUR EURm +2.5% +3.9% +0.5% 0.0% 7.60 7.79 7.50 7.79 1,199.9 1,205.3 128.9 128.9 +0.1% +5.7% 405.5 405.9 41.6 44.
Slide 15: waipu.tv financial growth underscores scalability
Business Update I Financial Update I Appendix TV and Media waipu.tv financial growth underscores scalability Revenues Gross profit Adj. EBITDA EURm EURm EURm +9.7% +7.6% +11.0% +18.2% 108.2 313.0 +18.2% 188.9 +28.4% 94.9 98.6 291.0 170.2 80.3 67.0 34.9 56.7 27.1 Q3 24 Q3 25 9M 24 9M 25 Q3 24 Q3 25 9
Slide 16: Free cash flow impacted by Q3 tax one-off
Business Update I Financial Update I Appendix Group Free cash flow impacted by Q3 tax one-off Adj. EBITDA to FCF • FCF development based on strong EURm adjusted EBITDA • CNWC improvement compared to -32.1 2024 compensates higher taxes -49.6 • Taxes significantly higher due to -26.8 announced payment
Slide 17: Q&A, Contact, Upcoming events
Q&A Contact Upcoming events Investor Relations 13.11.2025 Barcelona Morgan Stanley TMT Conference 2025 +49 (0)40 513 06 778 19.11.2025 Frankfurt DZ Bank Equity Conference 2025 [email protected] 25.11.2025 Frankfurt Deutsches Eigenkapitalforum 2025 IR website IR events 01.12.2025 London Berenberg Europea
Slide 18: Appendix
Appendix • Reconciliation of EBITDA to adj. EBITDA • Financial structure as of reporting date • 2025 Guidance • 2025 Adj. EBITDA to FCF bridge (expected) • freenet 2028 financial ambition
Slide 19: Reconciliation of EBITDA to adj. EBITDA
Business Update I Financial Update I Appendix Group Reconciliation of EBITDA to adj. EBITDA Adjustments: EBITDA 9M 24 Adjustments: EBITDA 9M 25 EURm EURm +2.2 -12.3 (+0.6%) (-3.0%) 407.4 389.1 -12.7 395.1 2.2 6.0 -11.3 386.8 5.0 0.8 EBITDA Executive severance Adj. EBITDA EBITDA Sale of IP The Cloud
Slide 20: Financial structure as of 30 Sep 2025
Business Update I Financial Update I Appendix Group Financial structure as of 30 Sep 2025 Debt maturity Gross debt (excl. accrued interest) B/S KPIs EURm EURm 250.0 Cash Equity ratio EURm 155.4 46.2 % 192.0 175.0 35% 75.0 148.0 415.5 65% Leverage Leverage (w/o leases) 100.0 23.5 25.0 44.0 0.9x 0.5x
Slide 21: 2025 Guidance (updated Aug 25)
Business Update I Financial Update I Appendix Group 2025 Guidance (updated Aug 25) Group Unit 2024 Actuals (restated) 2025 Guidance Revenues EURm 2,477.5 Moderate growth Adj. EBITDA EURm 516.1 520 - 540 Free cash flow EURm 292.3 300 - 320 Segment Mobile Unit 2024 Actuals (restated) 2025 Guidance (up
Slide 22: 2025 Adj. EBITDA to FCF bridge (updated Nov 25)
Business Update I Financial Update I Appendix Group 2025 Adj. EBITDA to FCF bridge (updated Nov 25) Adj. EBITDA to FCF bridge EURm -45 -60 -35 -60 - 540 -20 447.3 260 - 280 300 - 320 520 Adj. EBITDA CNWC Taxes CapEx (net) Lease payments Interest FCF payments Analyst and Investor Presentation | 2025
Slide 23: freenet 2028 financial ambition
Business Update I Financial Update I Appendix Group freenet 2028 financial ambition EBITDA-to-EBITDA bridge General remarks on 2028 ambition EURm • Based on freenet's business performance up to CAGR: ~4% September 2024 • No M&A or inorganic growth assumed -20 ≥ 600 • No product portfolio extensions