Slide 1: freenet AG | 2026 Q1 Analyst and Investor Presentation
freenet AG | 2026 Q1 Analyst and Investor Presentation Robin Harries CEO Ingo Arnold CFO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of freenet AG could differ materially from the expectations regarding performance, results and timing expressed in this presentation. The
Slide 3: Business Update
Business Update Robin Harries CEO 3
Slide 4: Reassuring start to the FY 2026
Business Update I Financial Update I Appendix Group Reassuring start to the FY 2026 Operational highlights Q1 • Relaunch of freenet.de as central hub for freenet mobile brand strengthens online reach • “AI-First” embedded in sales and customer service to drive scalable value creation • Ongoing integ
Slide 5: Mobile: Name of the game: Value over volume
Business Update I Financial Update I Appendix Mobile Name of the game: Value over volume Market shifting to value over volume No widespread price increases in core mobile tariffs, but selective adjustments in add-ons (e.g., multi-SIMs), bundles and low-end offers freenet improves front-book pricing
Slide 6: Domain relaunch strengthens sales platform
Business Update I Financial Update I Appendix Mobile Domain relaunch strengthens sales platform New online entry point Visibility on brand Direct visits & conversion driver freenet.de becomes the central hub for Domain relaunch and TV campaign Significant the premium mobile brand “freenet” with join
Slide 7: Strong sales growth strengthens market position
Business Update I Financial Update I Appendix Mobile Strong sales growth strengthens market position Postpaid net adds (k) Postpaid SR (€m) Postpaid reselling (k) -22 +0.9% 182 111 406.3 409.2 413.5 408.1 409.8 72 51 54 In 2025 not relevant for freenet 29 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3
Slide 8: waipu.tv's attractiveness confirmed by connect
Business Update I Financial Update I Appendix IPTV waipu.tv’s attractiveness confirmed by connect IPTV net adds (k) Targeted Advertising -48 90 Linear channels: Dynamic Ad 45 42 Substitution 30 FAST channels: Dynamic Ad Injection -12 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 • 2026 started moderately, with perf
Slide 9: AI capabilities already with operational impact
Business Update I Financial Update I Appendix Group AI capabilities already with operational impact AI embedded in daily operations Teams automating routine processes and using data systematically to steer decisions and performance Value-focused AI use cases live Live across core functions, includin
Slide 10: Financial Update
Financial Update Ingo Arnold CFO 10
Slide 11: freenet on track to reach 2026 guidance
Business Update I Financial Update I Appendix Group freenet on track to reach 2026 guidance Revenues (€m) Gross Profit (€m) 761.9 +26.1% yoy 242.0 +2.2% yoy Adj. EBITDA (€m) Adj. FCF (€m) 122.0 -3.6% yoy 85.7 +10.4% yoy Analyst and Investor Presentation | 2026 Q1 | 15 May 2026 11
Slide 12: Strong growth driven by mobilezone consolidation
Business Update I Financial Update I Appendix Revenues Strong growth driven by mobilezone consolidation Mobile (€m) IPTV (€m) Group (€m) +30.4% +7.7% +26.1% 658.8 52.8 761.9 49.0 604.3 122.4 505.1 41.2 126.6 57.5 406.3 409.8 SR Postpaid Q1 25 Q1 26 Hardware Other Other/Holding (€m) Q1 25 Q1 26 Q1 25
Slide 13: Profit growth evenly driven by Mobile and IPTV
Business Update I Financial Update I Appendix Gross profit Profit growth evenly driven by Mobile and IPTV Mobile (€m) IPTV (€m) Group (€m) +1.5% +11.3% +2.2% 173.5 176.0 21.9 236.9 242.0 19.7 Q1 25 Q1 26 Other/Holding (€m) Q1 25 Q1 26 Q1 25 Q1 26 -1.6% • Gap from unfavorable MNO agreement • Noticeab
Slide 14: Mobile solid and stable, strong IPTV momentum
Business Update I Financial Update I Appendix Adjusted EBITDA Mobile solid and stable, strong IPTV momentum Mobile (€m) IPTV (€m) Group (€m) -9.8% w/o MNO +49.0% -3.6% w/o TCN: effect: 101.9 103.9 106.2 9.0 126.6 122.0 93.7 6.0 Q1 25 Q1 26 Other/Holding (€m) Q1 25 Q1 26 Q1 25 Q1 26 Mainly +15.4% • A
Slide 15: Improved CNWC supporting adj. FCF generation
Business Update I Financial Update I Appendix Group Improved CNWC supporting adj. FCF generation Adj. FCF bridge YTD (€m) Cash conversion 70% +10.4% 0.7 -1.9 0.1 -2.1 85.7 0.0 15.9 Equity ratio 77.6 45% Geopolitics-driven inventory increase, -4.6 more than offset by higher MNO bonus payments in Q1.
Slide 16: Q&A Contact Upcoming events
Q&A Contact Upcoming events Investor Relations 18.05.2026 Virtual Roadshow Goldman Sachs +49 (0)40 513 06 778 09.06.2026 London BofA C-Suite TMT Conference ir@freenet.ag 27.08.2026 Hamburg Montega Hamburger Investorentage (HIT) IR website 02.09.2026 Frankfurt Commerzbank / ODDO BHF Corporate Confere
Slide 17: Appendix
Appendix • Reconciliation of EBITDA to adj. EBITDA • Reconciliation of FCF to adj. FCF • Financial structure as of reporting date • 2026 Guidance • 2026 Adj. EBITDA to FCF bridge (expected) • 2028 financial ambition
Slide 18: EBITDA to adj. EBITDA bridge
Business Update I Financial Update I Appendix Group EBITDA to adj. EBITDA bridge Adjustments: EBITDA Q1 25 (€m) Adjustments: EBITDA Q1 26 (€m) 0.0 +2.0 126.6 126.6 122.0 0.0 0.3 1.2 120.1 0.4 Adjustments Income and Personnel-related Other significant EBITDA Adj. EBITDA EBITDA expenses related to res
Slide 19: FCF to adj. FCF bridge
Business Update I Financial Update I Appendix Group FCF to adj. FCF bridge Adjustments: FCF Q1 25 (€m) Adjustments: FCF Q1 26 (€m) +1.9 +31.7 77.6 85.7 1.9 29.9 75.8 54.0 1.7 Personnel-related Personnel-related restructuring FCF adjustments which are FCF restructuring and Adj. FCF FCF and severance
Slide 20: Financial structure as of 31 Mar 2026
Business Update I Financial Update I Appendix Group Financial structure as of 31 Mar 2026 Debt maturity (€m) Gross debt (excl. accrued interest) (€m) 250 Bridge loan refinanced Refinanced in Q2 via €350m promissory note loan 22% 175 New maturities 450.0 2029: 75 104 2031: 221 2033: 100 25 78% 25 202
Slide 21: 2026 Guidance and reliable DPS
Business Update I Financial Update I Appendix Group 2026 Guidance and reliable DPS freenet Group Unit 2025 Actuals 2026 Guidance Revenue €m 2,439.9 Significant growth Adj. EBITDA €m 515.4 500-530 Adj. Free cash flow €m 295.9 270-300 Segment Mobile Unit 2025 Actuals 2026 Guidance Revenue €m 2,002.7 S
Slide 22: 2026 (adj.) EBITDA to (adj.) FCF bridge
Business Update I Financial Update I Appendix Group 2026 (adj.) EBITDA to (adj.) FCF bridge (Adj.) EBITDA to (adj.) FCF bridge (€m) -40 -60 -45 500 - 530 -60 -25 270 - 300 447.3 260 - 280 EBITDA CNWC Taxes CapEx (net) Lease payments Interest FCF = adj. EBITDA payments = adj. FCF Analyst and Investor
Slide 23: 2028 financial ambition (updated Feb 26)
Business Update I Financial Update I Appendix Group 2028 financial ambition (updated Feb 26) Adj. EBITDA bridge (rebased to 2025) (€m) Remarks • Mobile initiatives launched in 2025/2026 will gradually take full effect CAGR: >6% by 2028 • Gap from a single MNO agreement assumed due to conservatism ≥6