Slide 1: freenet AG | 2026 Q2/H1 Analyst and Investor Presentation
freenet AG | 2026 Q2/H1 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: Underlying performance supports FY guidance
Business Update I Financial Update I Appendix Group Underlying performance supports FY 26 guidance Operational performance Underlying development remains on track Customer growth Top-line scale Sustained customer growth across Mobile and IPTV Strong revenue growth reflects broader business scale (re
Slide 5: Postpaid SR underlines mobile resilience
Business Update I Financial Update I Appendix Mobile Postpaid SR underlines mobile resilience Postpaid net adds (organic) (k) Postpaid SR (€m) Postpaid reselling (k) 111 +0.7% 182 178 409.2 413.5 408.1 409.8 412.1 72 54 +6 In 2025 not relevant 34 for freenet 29 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3
Slide 6: Balancing customer growth and value creation
Business Update I Financial Update I Appendix Mobile Balancing customer growth and value creation Mobile Communications update Execution priorities Value over volume as the operating principle Levers to steer quality of growth Pricing discipline (front-book) Market shifting to value over volume Valu
Slide 7: waipu.tv continues to grow
Business Update I Financial Update I Appendix IPTV waipu.tv continues to grow IPTV net adds (k) Targeted Advertising: Ad impressions p.m. (m) +5 Marketed by partners Marketed by waipu.tv 45 42 35 30 500 1.250 750 -12 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 • Healthy growth in line with cable TV downturn • Two
Slide 8: IPTV catch-up provides a structural tailwind
Business Update I Financial Update I Appendix IPTV IPTV catch-up provides a structural tailwind IPTV penetration of TV households (country benchmark, BCG study) Growth measures Germany shows clear catch-up potential Levers to penetrate/ accelerate IPTV penetration of TV households, % Approx. country
Slide 9: From strategy to execution: AI in core processes
Business Update I Financial Update I Appendix Group From strategy to execution: AI in core processes Customer service management Customer base value management Finn Voicebot Telesales AI Buddy Enabling scalable customer service through AI-powered Enabling customer and revenue growth through AI-drive
Slide 10: Financial Update
Financial Update Ingo Arnold CFO 10
Slide 11: freenet fully meets its expectations
Business Update I Financial Update I Appendix Group freenet fully meets its expectations Revenues (€m) Gross Profit (€m) Adj. EBITDA (€m) Adj. FCF (€m) 1,512.9 475.7 242.2 155.2 +24.7% yoy -1.4% yoy -5.9% yoy -4.2% yoy Analyst and Investor Presentation | 2026 Q2/ H1 | 13 Aug 2026 11
Slide 12: Hardware sales and mobile reselling drives growth
Business Update I Financial Update I Appendix Revenues Hardware sales and mobile reselling drives growth Mobile (€m) IPTV (€m) Group (€m) SR Postpaid Hardware Other Subscription / Targeted Advertising Media Barter/ Other +24.7% +29.6% +3.0% +23.4% 1,307.1 107.1 1,512.9 +28.7% -1.2% 104.0 1,213.1 3.5
Slide 13: IPTV improves; MNO agreement impacts Mobile
Business Update I Financial Update I Appendix Gross profit (GP) IPTV improves; MNO agreement impacts Mobile Mobile (€m) IPTV (€m) Group (€m) Media Barter/ Other -1.4% -1.0% -9.1% 482.3 475.7 351.8 348.3 43.6 39.6 -4.8% -3.4% -26.0% 5.2 245.4 233.7 178.3 172.3 23.9 17.7 3.4 43.4 38.4 20.5 22.0 Q2 25
Slide 14: Mobile underlying stable while IPTV grows ~40%
Business Update I Financial Update I Appendix Adjusted EBITDA Mobile underlying stable while IPTV grows ~40% Mobile (€m) IPTV (€m) Group (€m) w/o Inventory valuation catch-up TCN*: -5.9% w/o 208.1 -11.6% MNO +36.5% effect: 257.4 242.2 210.6 207.9 18.5 -8.2% -13.4% 186.2 +26.4% 130.8 120.2 106.8 9.5
Slide 15: Cash conversion stays on a high level
Business Update I Financial Update I Appendix Group Cash conversion stays on a high level Adj. FCF bridge YTD (€m) Cash conversion 64% -4.2% 162.0 4.8 -5.3 0.9 -2.2 155.2 -15.3 0.1 Equity ratio 10.2 40% Mainly phasing of MNO bonus payments Leverage (x-times adj. EBITDA) Drivers of adj. FCF Adj. FCF
Slide 16: 2026 Guidance and dividend policy confirmed
Business Update I Financial Update I Appendix Group 2026 Guidance and dividend policy confirmed freenet Group Segment Mobile DPS 2026-2028 Unit 2025A 2026 Guidance Unit 2025A 2026 Guidance Higher amount of: Revenue €m 2,439.9 Significant growth Revenue m€ 2,002.7 Significant growth (1) 80% adj. FCF
Slide 17: Q&A, Contact, Upcoming events
Q&A Contact Upcoming events Investor Relations 13.08.2026 Virtual Roadshow Barclays +49 (0)40 513 06 778 27.08.2026 Hamburg Montega Hamburger Investorentage ir@freenet.ag 01.09.2026 Virtual Barclays Media and Telecom Forum 2026 (IR-only) 02.09.2026 Frankfurt Commerzbank / ODDO BHF Corporate Conferen
Slide 18: Appendix
Appendix • EBITDA to adj. EBITDA bridge • FCF to adj. FCF bridge • Financial structure as of reporting date • 2026 adj. EBITDA to adj. FCF bridge (expected) • 2028 financial ambition (Adj. EBITDA & Adj. FCF)
Slide 19: EBITDA to adj. EBITDA bridge
Business Update I Financial Update I Appendix Group EBITDA to adj. EBITDA bridge Adjustments: EBITDA H1 25 (€m) Adjustments: EBITDA H1 26 (€m) +2.0 +6.5 257.4 242.2 0.5 1.5 2.1 1.6 255.4 235.7 2.8 Personnel-related Other significant Income and Personnel-related Other significant atypical EBITDA rest
Slide 20: FCF to adj. FCF bridge
Business Update I Financial Update I Appendix Group FCF to adj. FCF bridge Adjustments: FCF H1 25 (€m) Adjustments: FCF H1 26 (€m) +3.0 +38.0 162.0 155.2 31.3 3.0 159.0 117.2 4.5 2.2 Personnel-related Income and Personnel-related Other significant atypical FCF restructuring and Adj. FCF FCF expenses
Slide 21: Financial structure as of Jun 2026
Business Update I Financial Update I Appendix Group Financial structure as of 30 Jun 2026 Debt maturity (€m) Gross debt (excl. accrued interest) (€m) 221 42% 121 100 100 104 610 36 60 58% 100 68 25 2026 2027 2028 2029 2030 2031 2032 2033 Fixed Variable Analyst and Investor Presentation | 2026 Q2/ H1
Slide 22: 2026 adj. EBITDA to adj. FCF bridge (expected)
Business Update I Financial Update I Appendix Group 2026 adj. EBITDA to adj. FCF bridge (expected) Adj. EBITDA to adj. FCF bridge (€m) -40 -60 -45 500 - 530 -60 -25 270 - 300 447.3 260 - 280 Adj. EBITDA CNWC Taxes CapEx (net) Lease payments Interest Adj. FCF payments Analyst and Investor Presentatio
Slide 23: 2028 financial ambition
Business Update I Financial Update I Appendix Group 2028 financial ambition Adj. EBITDA bridge (rebased to 2025) (€m) Remarks on updated 2028 ambition • Mobile initiatives launched in 2025/2026 will gradually take full effect CAGR: >6% by 2028 • Conservatively assumed gap from a single MNO agreement
Slide 24: 2028 adj. free cash flow ambition
Business Update I Financial Update I Appendix Group 2028 adj. free cash flow ambition Adj. FCF bridge (rebased 2025) (€m) Capital allocation priorities Adj. FCF 2025 296 1st Dividend 2026-2028: Minimum DPS of EUR 2.0 or 80% adj. FCF (whichever is higher) Taxes -60 2nd Growth EBITDA growth ≥110 ≥15%