United Internet (UTDI) Q4 2025 earnings summary

Executive summary

• Added 700,000 new customer contracts, reaching 29.72 million total contracts in 2025, with strong growth in both consumer and business applications, especially internationally.

• Revenue increased by 1.9% year-over-year to EUR 6.104 billion, driven by better monetization of pay accounts and advertising.

• EBITDA rose 2.4% to EUR 1.282 billion, with the EBITDA margin for business applications reaching 35.2%.

• EPS rose 43% to EUR 1.23, mainly due to favorable tax effects.

• Proposed dividend of EUR 0.50 per share, totaling EUR 86.4 million payout.

Financial highlights

• Group revenue up 1.9% year-over-year to EUR 6.104 billion; service revenue stable, device sales grew 3.7%.

• EBITDA for consumer access declined 11.7% due to changes in national roaming and slower Vodafone network growth.

• Business access turnover and EBITDA both increased by 2.1%.

• Consumer applications revenue up 8.1%, with 310,000 new pay accounts and 360,000 new paid customers.

• Free cash flow after lease rose from EUR 47 million in 2024 to EUR 320.6 million in 2025.

Outlook and guidance

• Targeting 2026 revenue of EUR 6.25 billion and EBITDA of EUR 1.45 billion, up EUR 170 million from prior year.

• Cash CapEx expected to decrease to EUR 600–650 million as data center investments slow.

• Segment reporting to be restructured in 2026, with new focus on consumer/small business and enterprise/networks.

• Consumer applications EBITDA expected to exceed EUR 140 million; free cash flow guidance around EUR 600 million.