United Internet (UTDI) Q2 2025 earnings summary

Executive summary

• Fee-based customer contracts increased by 290,000 to 29.31 million in H1 2025, with strong growth in Business Applications and a decline in Consumer Access broadband contracts; total revenue rose 4.3% year-over-year to €3.23 billion.

• EBITDA increased 2.0% to €675.6 million, while EBIT declined 8.5% to €317.8 million due to €39 million higher depreciation from network expansion.

• EPS decreased by 3.3% to €0.59 compared to H1 2024.

• The company maintains a diversified portfolio across consumer and business segments, with no plans to divest major holdings.

• Share price rose 17.5% year-over-year to €23.64 as of June 30, 2025.

Financial highlights

• Revenue reached €3,231.7 million (+4.3% year-over-year); EBITDA at €675.6 million (+2.0%); EBIT at €317.8 million (–8.5%).

• Free cash flow after leasing for H1 2025 was €25.1 million, improving from -€185.8 million year-over-year.

• CapEx for the year expected at about €800 million, slightly above last year.

• Equity ratio at 41.9%, impacted by share buybacks and dividend payments.

• Cash flow from operating activities increased to €400.9 million.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue expected at approx. €6.45 billion and EBITDA at approx. €1.35 billion, excluding the Energy business.

• EBITDA guidance reduced by €20 million due to a change in national roaming partner; EBIT guidance unchanged.

• Indebtedness expected to decrease year-on-year, excluding potential AI gigafactory investments.

• Management remains confident in achieving full-year targets, citing stable subscription-based business model.

• Cash capex for 2025 projected at around €800 million.