Slide 1: freenet AG | 2025 Q2/H1 Analyst and Investor Presentation
freenet AG | 2025 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: First impressions about freenet after 2 months
Business Update I Financial Update I Appendix Group First impressions about freenet after 2 months • Agile company with a strong foundation: Strong competitive position in Mobile and TV, as well as an up- freenet’s guiding principles and-running, powerful sales infrastructure • Technological experti
Slide 5: Future key focus areas
Business Update I Financial Update I Appendix Group Future key focus areas Making mobile grow again! Long-term personal agenda • Brick-and-mortar will remain an • Strong performance orientation important sales channel • Fostering “Test, learn, scale” • Increase in net adds due to mindset change in o
Slide 6: Successful first half-year for freenet
Business Update I Financial Update I Appendix Group Successful first half-year for freenet H1/Q2 Key financials fully on track • Postpaid and TV service revenues growing • waipu.tv EBITDA contributes noticeably • Strong quarterly free cash flow Customer growth as expected 25 • freenet TV reduces the
Slide 7: Postpaid back on track for growth
Business Update I Financial Update I Appendix Mobile Communications Postpaid back on track for growth Mobile subscribers • Postpaid growth of +130k significantly in m (end of period) +0.123 (+1.6%) stronger than H1 24 (+25k) 7.836 • Growth underpins freenet’s strong 7.764 market position 7.712 7.617
Slide 8: waipu.tv with strong B2C development
Business Update I Financial Update I Appendix TV and Media waipu.tv with strong B2C development TV subscribers • waipu.tv net adds impacted by churn in m (end of period) +0.038 (+1.6%) from O2 TV base • Growth recovery expected in H2 25; 2.437 2.477 2.475 guidance remains unchanged 2.344 2.242 • fre
Slide 9: Financial Update
Financial Update Ingo Arnold CFO Remark regarding Gravis: Gravis Computervertriebsgesellschaft mbH, Berlin (hereinafter referred to as “Gravis”) discontinued its business operations as of 30 June 2024. In accordance with the IFRS 5 accounting standard, the activities of Gravis and certain business t
Slide 10: EBITDA growth confirms expectations for FY
Business Update I Financial Update I Appendix Group EBITDA growth confirms expectations for FY Revenues Gross profit Adj. EBITDA EURm EURm EURm +0.9% +3.0% +0.5% 1,202.1 1,213.1 468.1 482.3 256.1 257.4 +0.2% +3.0% +1.3% 607.4 608.7 238.3 245.4 129.1 130.8 Q2 24 Q2 25 H1 24 H1 25 Q2 24 Q2 25 H1 24 H1
Slide 11: Stable EBITDA despite intense competition
Business Update I Financial Update I Appendix Mobile Communications Stable EBITDA despite intense competition Revenues Gross profit Adj. EBITDA EURm EURm EURm +0.2% +2.4% -1.2% 1,006.4 1,008.8 343.4 351.8 213.2 210.6 -0.8% +2.4% -2.2% 507.7 503.7 174.0 178.3 109.2 106.8 852.0 848.5 427.4 425.7 80.3
Slide 12: High-quality Postpaid SR continue to grow
Business Update I Financial Update I Appendix Mobile Communications High-quality Postpaid SR continue to grow Postpaid subscribers Postpaid SR / ARPU DLS revenues m (end of period) EURm / EUR EURm +1.7% +3.9% +0.6% -2.8% 7.60 7.73 7.44 7.73 794.4 799.4 87.3 84.9 +0.7% +0.6% 398.5 401.2 42.8 43.0 17.
Slide 13: EBITDA surge at waipu.tv leads to +20% in Q2
Business Update I Financial Update I Appendix TV and Media EBITDA surge at waipu.tv leads to +20% in Q2 Revenues Gross profit Adj. EBITDA EURm EURm EURm +6.3% +6.5% +7.4% +13.8% 105.1 204.8 121.9 +19.6% 60.1 98.9 192.3 113.5 +5.9% 52.8 59.2 62.7 30.4 25.4 Q2 24 Q2 25 H1 24 H1 25 Q2 24 Q2 25 H1 24 H1
Slide 14: 62% of EBITDA translates into free cash flow
Business Update I Financial Update I Appendix Group 62% of EBITDA translates into free cash flow Adj. EBITDA to FCF • Strong CNWC improvement EURm outweighs higher taxes and leads to -2.0 FCF uplift -16.8 • Taxes higher due to additional -22.3 payments for previous years -16.5 (~EURm 5) -30.1 257.4
Slide 15: Q&A, Contact, Upcoming events
Q&A Contact Upcoming events Investor Relations & ESG Reporting 27.08.2025 Hamburg (GER) Montega HIT +49 (0)40 513 06 778 03.09.2025 Frankfurt a. M. (GER) Commerzbank / ODDO BHF Corporate Conference ir@freenet.ag 04.09.2025 London (UK) dbAccess European TMT Conference IR website IR events 12.09.2025
Slide 16: Appendix
Appendix • EBITDA reconciliations • Financial structure as of 30 June 25 • Guidance 2025 (updated) • 2025 Adj. EBITDA to FCF bridge (expected) • freenet 2028 financial ambition
Slide 17: EBITDA reconciliations
Business Update I Financial Update I Appendix Group EBITDA reconciliations Restatement: Adj. EBITDA FY 24 Adjustments: EBITDA H1 25 EURm EURm +3.4 -2.0 (+0.7%) (-0.8%) 257.4 506.5 1.6 -1.6 1.5 503.1 -0.4 255.4 -0.2 0.4 Change in accounting policy: Capitilisation of SAC for 1 month contracts Adj. EBI
Slide 18: Financial structure as of 30 June 2025
Business Update I Financial Update I Appendix Group Financial structure as of 30 June 2025 Debt maturity Gross debt (excl. accrued interest) B/S KPIs EURm EURm 250.0 Cash Equity ratio EURm 77.9 44.1% 192.0 175.0 35% 75.0 148.0 415.5 65% Leverage Leverage (w/o leases) 100.0 23.5 25.0 44.0 1.1x 0.7x 2
Slide 19: 2025 Guidance (updated)
Business Update I Financial Update I Appendix Group 2025 Guidance (updated) Group Unit 2024 Actuals (restated) 2025 Guidance Revenues EURm 2,477.5 Moderate growth Adj. EBITDA EURm 506.5 520 - 540 Free cash flow EURm 292.3 300 - 320 Segment Mobile Unit 2024 Actuals (restated) 2025 Guidance (updated)
Slide 20: 2025 Adj. EBITDA to FCF bridge (expected)
Business Update I Financial Update I Appendix Group 2025 Adj. EBITDA to FCF bridge (expected) Adj. EBITDA to FCF bridge EURm 14 -45 -50 -55 -60 - 540 -23 447.3 260 - 280 300 - 320 520 Adj. EBITDA One-off IP-sale CNWC Taxes CapEx (net) Lease payments Interest FCF (EBITDA) payments Analyst and Investo
Slide 21: freenet 2028 financial ambition
Business Update I Financial Update I Appendix Group freenet 2028 financial ambition EBITDA-to-EBITDA bridge General remarks on 2028 ambition EURm • Based on freenet's business performance up to CAGR: ~4% September 2024 • No M&A or inorganic growth assumed -20 ≥ 600 • No product portfolio extensions