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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
freenet (FNTN) investor relations material
freenet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Strong Q3 and nine-month performance with growth in postpaid and TV service revenues, and Adjusted EBITDA up 4% in Q3 and 1.6% for the first nine months year-over-year.
Waipu.tv continues to drive customer and profitability growth, with its EBITDA and revenue share increasing.
Strategic acquisition of MobileZone/mobilezone Deutschland for €230 million approved, expected to close in Q4 2025, strengthening sales power and market position.
Exclusive distribution partnership with MediaMarktSaturn extended for five years, enhancing sales channels.
Free cash flow increased 2.8% for the nine months, despite a one-off €20 million tax payment.
Financial highlights
Group revenues for 9M 2025 reached €1,828.1 million, up 0.3% year-over-year; Q3 revenues were €615.0 million, down 0.8% due to The Cloud sale.
Gross profit for 9M 2025 increased 4.3% to €741.2 million, with gross margin improving to 40.5%.
Adjusted EBITDA for 9M 2025 was €395.1 million, up 1.6% year-over-year; Q3 adjusted EBITDA was €137.7 million, up 4.0%.
Free cash flow for 9M 2025 was €226.1 million, impacted by a €20 million tax payment.
Consolidated profit declined 12.8% to €207.6 million; EPS from continuing operations fell 14.8% to €1.72.
Outlook and guidance
2025 guidance confirmed: moderate growth in group revenues, adjusted EBITDA of €520–540 million, and free cash flow of €300–320 million.
Mobile segment guidance: moderate growth in revenues and adjusted EBITDA of €420–440 million.
TV/Media segment guidance: noticeable growth in waipu.tv subscribers and adjusted EBITDA of €115–135 million.
2028 ambition: EBITDA ≥ €600 million, FCF ≥ €330 million, driven by waipu.tv and postpaid growth.
Postpaid ARPU guidance revised to a moderate decrease; postpaid customer base and waipu.tv subscribers expected to grow.
What are the expected synergies from mobilezone acquisition?
Why did consolidated profit decline despite EBITDA growth?
How to mitigate postpaid ARPU decline?
Mobile: How to offset market ARPU pressure in '26?
Waipu.tv: balancing growth and ARPU uplift?
Post-Mobilezone: long-term leverage target?
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Frequently asked questions
Freenet AG is a telecommunications and entertainment company based in Germany. The Company is engaged in the provision of broadband communication services including telephony, fixed network access, mobile communications, as well as radio and multimedia services; mobile Internet access; and content supplied over-the-top (OTT). It offers voice over IP (VoIP) telephony services, including dial-up Internet telephone service via cable television platforms, digital subscriber line (DSL), wireless local area network (WLAN), dial-up telephone numbers, WAN connections and ISDN lines. Freenet AG is based in Büdelsdorf, Germany.
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