Freenet Ag · XETR:FNTN
Freenet — waipu.tv — Investor Presentation (May 2026)
25 slides from Freenet's investor presentation, May 2026
Slide 1: waipu.tv May 2026
tv > waipu May 2026
Slide 2: Our Mission: Aiming to Deliver the Best TV Experience
Our Mission: 1. Replace cable and satellite -TAM of ~40 million German TV households(1) 2. Pioneer a new era of entertainment -More relevant features paired with extensive content 3. Aggregate content through one single platform -Underpinned by reliability and simplicity Aiming to Deliver the Best T
Slide 3: waipu.tv at a Glance
at a Glance TV Aggregation Platform Live Streaming OTT Service Largest Fastest growing 2.0m(3) pure play OTT live TV live TV streaming & subscribers 300+ streaming & aggregation aggregation platform in +30% TV channels platform in Europe(1) Germany(2) 2019-2025 CAGR(3) Blue chip Superior customer €2
Slide 4: Competitive Differentiators vs. Traditional TV
’s Competitive Differentiators vs. Traditional TV NEW OLD Cable Satellite Available on all relevant Distribution Dependent on location of coax outlet devices(1) Seamless integration to every Complex installation device Cloud PVR On-device recording (Personalised Video Recorder) VS. Personalised EPG
Slide 5: Proven Track Record of Impressive Growth
Has a Proven Track Record of Impressive Growth Strong top line and subscriber growth Revenue (€m) € 217 (2) € 181 46% 19A-25A CAGR € 118 € 84 € 58 € 35 € 22 ’19A –’25A CAGR 2019 2020 2021 2022 2023 2024 2025 30% Subscribers (m) 0.4 0.6 0.7 1.0 1.4 1.9 2.0(1) Underpinned by extensive partnerships 201
Slide 6: Differentiated Offering Creates Loyal Customers
’s Differentiated Offering Creates Loyal Customers Advanced tech infrastructure • Proprietary fibre CDN(1) • Low latency Reliable and intuitive • 4k image quality experience • Seamless integration, full Loyal users, low churn and hardware capability high customer satisfaction • >99% up-time rate(4)
Slide 7: Key Investment Highlights
1 Largest pure play OTT live TV streaming & aggregation platform in Europe(1) 2 Ideally positioned to capture Germany’s shift to digital TV 3 Proven ability to attract and retain customers Key Investment Unique offering with unparalleled channel breadth and top-tier partners at 4 attractive pricing
Slide 8: Largest Pure Play OTT Live TV Streaming Platform in Europe
Largest Pure Play OTT live TV Streaming and Aggregation Platform 1 in Europe stands out as is the fastest growing Europe’s largest OTT pure player live TV streaming & aggregation platform in Germany Largest independent live TV streaming platform by country (subscribers, m) 2.0(1) Subscribers (m) 2.0
Slide 9: Ideally Positioned to Capture Germany's Shift to Digital TV
2 Ideally Positioned to Capture Germany’s Shift to Digital TV Live TV streaming market penetration in Germany is low Unlocking penetration meaningfully grows TAM, with compared to mature markets additional upside from Europe TV Delivery(1) Market Legend Sizable TAM opportunity (% households w/ live
Slide 10: Reinforced by Secular Tailwinds and an Additive VOD Layer
2 Reinforced by Secular Tailwinds and an Additive VOD Layer Secular market tailwinds underpin the shift With VOD providing a complementary to digital TV and content consumption and rapidly expanding layer VOD market in Germany(1) Increasing screen consumption (€bn) €4.9 Aggregated & customisable vie
Slide 11: German TV Market Shifts Towards Live TV Streaming and VOD
2 German TV Market Shifts Towards Live TV Streaming and VOD Traditional cable and satellite TV on decline while live TV streaming and VOD gain significant ground in Germany Shift towards live TV streaming continues Increased VOD consumption Satellite(1) Cable(1) 45% 43% 40% 48 36% 2H24 2H25 2H24 2H2
Slide 12: Proven Ability to Attract and Retain Customers
3 Proven Ability to Attract and Retain Customers Extended sales & marketing channels Strong subscriber development over time (m) Extensive subscription & Performance marketing, TV CAGR hardware retail partners advertising & TV magazines Supported Brand (4) 2.0 Awareness (%)(1) 70% 60% 50% 40% 30% 20
Slide 13: Unique Offering with Unparalleled Channel Breadth
Unique Offering with Unparalleled Channel Breadth and 4 Top-tier Partners at Attractive Pricing Extensive channel offering at an attractive price Delivering on customers’ top priorities What is most important to you in a TV/streaming provider?(1) Perfect Subscription price 75% 1 Plus Comfort Broad s
Slide 14: Proprietary Technology Driving Exceptional User Experience
5 Proprietary Technology Driving Exceptional User Experience ✓ One-Click to content partners ✓ Native app on all major smart TVs Advanced technology with easy setup for immediate use Magic login: one-click TV Compatible with relevant login via mobile app streaming devices(3) ✓ Fast channel switching
Slide 15: Excellent User Experience with Personalised Content
5 Excellent User Experience with Personalised Content Plug & True TV Personalised Extensive Intuitive by On All Play Experience for Every User Content Design Screens ✓ Ready in ✓ Zero-lag ✓ Individual ✓ Something for ✓ Intelligent ✓ Accessible minutes channel viewing every viewer recommend- anywhere
Slide 16: Multiple Revenue Levers Delivering High Growth
6 Multiple Revenue Levers Delivering High Growth Scalable multilayer monetisation Powered by multiple growth vectors Revenue (€m) Subscription & Other Revenue Advertising Revenue Subscription Subscriber growth € 217 & Other € 32 Revenue € 181 € 25 Upsell to higher-priced plans € 118 € 15 € 84 € 185
Slide 17: Strong Profitability and Cash Flow Generation
6 Coupled with Strong Profitability and Cash Flow Generation Increasing profitability Highly cash-generative EBITDA (€m) Operating cash flow (€m) € 23 Deliberate growth € 31 investments in marketing €3 €9 €7 (€ 2) (€ 1) (€ 10) 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E EBITDA margin (%) Cas
Slide 18: Growth Levers Through Advertising and Content Monetisation
Multiple Growth Levers Through Increasing Advertising 7 Share and Improved Content Monetisation Ad cooperations with German broadcasters and programmatic ads provide extension of marketable inventory Demand-Side Advertising clients, media agencies & purchasing platforms Supply-Side Marketing partner
Slide 19: Strong AI Capabilities Embedded into the Growth Story
Strong AI Capabilities Deeply Embedded into the Growth 7 Story, Increasing Efficiency Growth Customer Product & User Efficiency Loyalty Experience Funnel optimisation & Churn prediction & Better recommendations Automation of routines and improved customer personalised win-back and smarter search AI-
Slide 20: Experienced Management Team with Excellent Track Record
Experienced Management Team with Excellent Track 8 Record Markus Härtenstein Robert Laier Christoph Bellmer CEO CFO Founder and Board Member 20+ years of experience 20+ years of experience 25+ years of experience Iris Stettler Joachim Kautz Albrecht Kühn Nils Jünemann Chief Product Officer (CPO) Chi
Slide 21: Key Takeaways
1 Fastest growing OTT live TV streaming & aggregation platform in Germany(1) 2 Strategically positioned at the centre of structural market transition 3 Compelling track record of sustained subscriber and revenue growth Key 4 Unmatched content depth and partner breadth Takeaways 5 Advanced technology
Slide 22: Appendix
Appendix
Slide 23: The Spectrum of Television Viewership
The Spectrum of Television Viewership Traditional Modern Tech Telco-Distributed Terrestrial Cable Satellite Pure Play OTT IPTV Examples Hardware Antenna Set top box Dish & box Set top box / app App first Device TV only TV only TV only TV centric Flexibility by design flexibility Flexible and Pricing
Slide 24: Glossary of Key Terms
Glossary of Key Terms 4K: Ultra-high-definition video resolution standard (3,840 × 2,160 pixels), offering four times the detail of standard HD Ad Substitution (Dynamic Ad Substitution): Technology that replaces a broadcaster's original advertisement with a targeted, personalised ad in real time dur
Slide 25: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared by eXaring AG (the “Company”) solely for information purposes in relation to the Company and its consolidated subsidiaries (together, the “Group”) (collectively, the “In