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freenet (FNTN) investor relations material

freenet Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record postpaid customer growth, with over 300,000 organic net adds and 240,000 from the mobilezone acquisition, surpassing guidance and boosting the subscriber base.

  • Strategic focus on premium brand, AI-driven customer value management, and integration of mobilezone to drive synergies and efficiency.

  • Streamlined executive board, new CEO, and operational realignment to enhance effectiveness and efficiency.

  • Ongoing challenges with a major MNO agreement, resulting in a EUR 13 million EBITDA impact in 2025 and potential EUR 50 million negative impact for 2026–2028, with negotiations underway.

  • Dividend increased to EUR 2.07 per share (+5.1%), marking the fifth consecutive annual increase and a record proposal.

Financial highlights

  • Group revenue for FY 2025 was EUR 2,439.9 million, down 1.5% year-over-year, mainly due to the sale of The Cloud Wi-Fi business.

  • Adjusted EBITDA for 2025 was EUR 515.4 million, including a EUR 13 million negative impact from the MNO agreement; adding mobilezone, EBITDA would be EUR 540 million.

  • Free cash flow reached EUR 292.1 million, slightly below guidance due to one-off items and Executive Board reorganisation payments.

  • waipu.tv segment delivered record adjusted EBITDA of EUR 36 million, with segment EBITDA at the upper end of guidance.

  • Postpaid service revenues stable at EUR 1,606.1 million (+0.3%), despite a 3.0% ARPU decline.

Outlook and guidance

  • 2026 guidance targets significant revenue and waipu.tv subscriber growth, moderate postpaid ARPU decline, and moderate postpaid subscriber growth.

  • Adjusted EBITDA guidance for 2026: EUR 500–530 million; adjusted free cash flow: EUR 270–300 million.

  • Minimum dividend per share set at EUR 2.0 or 80% of adjusted free cash flow for 2026–2028.

  • Ambition for 2028 raised to at least EUR 620 million EBITDA and at least EUR 340 million free cash flow, driven by mobile and IPTV growth, AI efficiencies, and advertising revenue.

  • waipu.tv segment ambition for 2028: adjusted EBITDA of at least EUR 120 million.

Clarify MNO agreement's long-term financial impact
How will AI transformation impact operations?
waipu.tv advertising revenue strategy
Quantify 'AI-first' strategy's financial impact
Explain MNO agreement's EUR 13m earnings effect
Why mobile EBITDA decline despite customer growth?
MNO contract: basis for renegotiation success?
Mobile ARPU: when will base effect reverse?
waipu.tv: drivers for 2028 EBITDA acceleration?
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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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