Slide 1: freenet AG 2025 Q4/FY & 2028 Ambition
freenet AG 2025 Q4/FY & 2028 Ambition 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: Q4/FY Update: freenet becomes more lean, focused, effective
Business Update I Financial Update I 28 Ambition Update I Appendix Group freenet becomes more lean, focused, effective Key strategic moves Q4/FY • Executive Board streamlined • Implementation of high-impact sales measures • mobilezone GER acquisition closed • AI-first customer value management 2.0 2
Slide 5: Driving mobile market penetration
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications Driving mobile market penetration New branded shops & partner test launched • Unlimited mobile & mobilfunk.de • Relaunch freenet FUNK • Field test with 1&1 in selected shops Performance-orientated brand marketin
Slide 6: Postpaid-ARPU at freenet is expected to stabilise
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications Postpaid-ARPU at freenet is expected to stabilise freenet frontbook pricing signals rationalisation Indexed as of Q1 24 • Frontbook pricing recovering from low point; an upward trend is already visible for 2026
Slide 7: All-time high in postpaid net adds
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications All-time high in postpaid net adds Postpaid subscribers in k +306 +546 • Brandformance drives growth in FY 25 (+4%) (+7%) • Organic postpaid growth of +306k significantly 8,147 stronger (+68%) than last year (+1
Slide 8: Media Broadcast part of segment Other/Holding
Business Update I Financial Update I 28 Ambition Update I Appendix TV and Media Media Broadcast part of segment Other/Holding freenet TV subscribers • freenet TV decline continues (FY 25: -80k; in k -80 FY 24: -87k) (-16%) 496 • Stabilization measures have been taken (e.g. 20 3 price increase, Hybri
Slide 9: Strong IPTV market growth continues
Business Update I Financial Update I 28 Ambition Update I Appendix TV and Media Strong IPTV market growth continues 2025 IPTV market share waipu.tv market share Key insights from research* as % of TV households in Germany as % of IPTV households in Germany • IPTV/OTT is the only distribution technol
Slide 10: waipu.tv organic growth as expected
Business Update I Financial Update I 28 Ambition Update I Appendix TV and Media waipu.tv organic growth as expected waipu.tv subscribers in k +240 (+12%) 2,181 +152 88 1,941 (+10%) 338 1,755 FY 25 -338 76 30 45 -88 Guidance: 1,603 90 -12 noticeable growth Reached by organic growth Organic growth FY
Slide 11: Clear priorities and guidance for FY 26
Business Update I Financial Update I 28 Ambition Update I Appendix Group Clear priorities and guidance for FY 26 Focus areas Guidance • Strengthening premium brand “freenet” Postpaid subs • Enhancing customer base value management Moderate growth • Further optimising conversion Postpaid-ARPU efficie
Slide 12: 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 13: Despite headwinds profit figures stable yoy
Business Update I Financial Update I 28 Ambition Update I Appendix Group Despite headwinds profit figures stable yoy Revenues Gross profit Adj. EBITDA EURm EURm EURm -1.5% 0.0% -0.1% 2,477.5 2,439.9 977.2 976.7 516.1 515.4 -6.7% -11.7% -5.3% 655.6 611.8 266.6 127.1 120.3 235.5 Q4 24 Q4 25 FY 24 FY 2
Slide 14: Underlying performance trends remain intact
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications Underlying performance trends remain intact Revenues Gross profit Adj. EBITDA EURm EURm EURm -2.6% -2.6% -4.6% 2,057.0 2,002.7 706.7 688.5 431.3 411.4 -5.4% -11.0% -14.2% 529.5 501.1 181.8 106.4 1,718.2 1,701.3
Slide 15: Growth in Postpaid subs offsets ARPU-decline
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications Growth in Postpaid subs offsets ARPU-decline Postpaid subscribers Postpaid SR/ARPU DLS revenues m (end of period) EURm / EUR EURm +7.2% +4.6% +0.3% +0.2% 8.15 7.79 8.15 1,600.5 1,606.1 171.5 171.9 7.60 0.0% +0.9
Slide 16: waipu.tv adj. EBITDA w/ record of EURm 36.0
Business Update I Financial Update I 28 Ambition Update I Appendix TV and Media waipu.tv adj. EBITDA w/ record of EURm 36.0 Revenues Gross profit Adj. EBITDA EURm EURm EURm +1.7% +6.0% +11.2% +18.6% 108.9 110.7 399.9 423.7 +11.9% 257.6 +19.7% 130.6 231.6 110.1 68.7 35.6 61.4 29.8 Q4 24 Q4 25 FY 24 F
Slide 17: Financial structure as of 31 Dec 2025
Business Update I Financial Update I 28 Ambition Update I Appendix Group Financial structure as of 31 Dec 2025 Debt maturity Gross debt B/S KPIs EURm (excl. accrued interest/RCF) EURm 273.5 Cash Equity ratio 23.5 250.0 EURm 168.2 41.7 % 175.0 26% Threshold: ≥25% 250.0 75.0 473.5 74% Leverage Leverag
Slide 18: Maintaining a reliable dividend payout
Business Update I Financial Update I 28 Ambition Update I Appendix Group Maintaining a reliable dividend payout Adj. EBITDA to FCF to payout basis EURm 8.8 80 % of Payout basis -41.6 2.07 EUR DPS proposal -56.1 No SBB planned for FY26, capital -39.8 allocation prioritizes investments in 9.2 the busi
Slide 19: 2026 Guidance and reliable DPS
Business Update I Financial Update I 28 Ambition Update I Appendix Group 2026 Guidance and reliable DPS freenet Group Unit 2025 Actuals 2026 Guidance Revenue EURm 2,439.9 Significant growth Adj. EBITDA EURm 515.4 500 - 530 Adj. Free cash flow EURm 292.1 270 - 300 Segment Mobile Unit 2025 Actuals 202
Slide 20: 2028 Ambition
2028 Ambition freenet AG Robin Harries (CEO) Ingo Arnold (CFO) 20
Slide 21: freenet's strategy focuses on two segments
Business Update I Financial Update I 28 Ambition Update I Appendix Group freenet's strategy focuses on two segments Mobile IPTV • ~10% market share • ~20-25% market share Scaling • >8m Postpaid customers • ~2m customers capabilities • All networks • Highly recommended by with an • Multi-brand strate
Slide 22: Transforming freenet to a leading AI Telco
Business Update I Financial Update I 28 Ambition Update I Appendix Group Transforming freenet to a leading AI Telco Implementing Central platforms & AI-oriented Broad employee efficiency measures upskilling culture to (CoPilot etc.) generate competitive advantages Lighthouse projects Transforming in
Slide 23: Taking advantage of our strengths in mobile
Business Update I Financial Update I 28 Ambition Update I Appendix Mobile Communications Taking advantage of our strengths in mobile Focus Customer base Customer acquisition All networks Premium strategy Lever Customer Value Management Brandformance AI-Support Online Channels Churn Conversion Ambiti
Slide 24: Expansion of waipu.tv a 2nd core business
Business Update I Financial Update I 28 Ambition Update I Appendix IPTV Expansion of waipu.tv a 2nd core business Focus Customer base Cross-monetisation (new revenue streams) Content aggregation strategy Targeting Advertising Lever Cutting edge platform Upselling Big screen substitution Partnerships
Slide 25: New expected growth path for waipu.tv
Business Update I Financial Update I 28 Ambition Update I Appendix IPTV New expected growth path for waipu.tv Subscriber growth based on expected Advertising partnerships closed with IPTV market expansion major German broadcasters in m CAGR +15-20% Guidance: Noticable increase +>50% 1.755 2025 2026e
Slide 26: 2028 financial ambition (updated)
Business Update I Financial Update I 28 Ambition Update I Appendix Group 2028 financial ambition (updated) Adj. EBITDA bridge (rebased to 2025) Remarks on updated 2028 ambition EURm • Mobile initiatives launched in 2025/2026 will gradually take full effect CAGR: >6% by 2028 • Gap from a single MNO a
Slide 27: 2028 free cash flow ambition updated
Business Update I Financial Update I 28 Ambition Update I Appendix Group 2028 free cash flow ambition updated Adj. FCF bridge (rebased 2025) Capital allocation priorities in EURm Adj. FCF 292 1st Dividend 2025 2026-2028: Minimum DPS of EUR 2.0 or 80% adj. FCF (whichever is higher) Taxes -60 2nd
Slide 28: What freenet will stand for in 2028
Business Update I Financial Update I 28 Ambition Update I Appendix Group What freenet will stand for in 2028 Mobile IPTV Solid equity investment • Growing customer • Up to 3m customers • Low leverage base • Targeted advertising • High equity ratio • AI-first operating as additional revenue • Growing
Slide 29: Q&A Contact Upcoming events
Q&A Contact Upcoming events Investor Relations 27.02.2026 Frankfurt Roadshow DZ Bank +49 (0)40 513 06 778 05.03.2026 Virtual 10th Virtual ODDO BHF TMT Forum 2026 ir@freenet.ag 10.03.2026 London Citi's 2026 TMT Conference IR website IR events IR downloads Website 2025 FY
Slide 30: Appendix
Appendix • Reconciliation of EBITDA to adj. EBITDA • 2026 (adj.) EBITDA to (adj.) FCF bridge (expected)
Slide 31: EBITDA to adj. EBITDA bridge
Business Update I Financial Update I 28 Ambition Update I Appendix Group EBITDA to adj. EBITDA bridge Adjustments: EBITDA FY 24 Adjustments: EBITDA FY 25 EURm EURm -8.7 -8.8 (-1.7%) (-1.7%) 524.2 9.7 0.6 524.9 -18.4 -9.8 -6.9 7.4 515.4 516.1 EBITDA Personnel-related restructuring and Other significa
Slide 32: 2026 (adj.) EBITDA to (adj.) FCF bridge
Business Update I Financial Update I 28 Ambition Update I Appendix Group 2026 (adj.) EBITDA to (adj.) FCF bridge (Adj.) EBITDA to (adj.) FCF bridge EURm -40 -60 -45 500 - 530 -60 -25 447.3 270 - 300 260 - 280 EBITDA CNWC Taxes CapEx (net) Lease payments Interest FCF = adj. EBITDA payments = adj. FCF