1&1 : Annual report 2025 incl. consolidated annual financial statements, the combined management report for the company and the Group (including the explanatory report on the information pursuant to Sections 289a, 315a Commercial Code ) and report of the Supervisory Board (GB 1u1 2025 ENG)

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Annual Report 2025 Facts & Figures 2025 4,135.8 2024 Change Q4 2025 Q4 2024 Change Q3 2025 Q2 2025 Q1 2025 4,064.3 1.8% 1,119.6 1,047.1 6.9% 1,009.8 987.9 1,018.5 3,336.4 3,303.1 1.0% 857.1 824.4 4.0% 832.8 824.6 821.9 799.4 761.2 5.0% 262.5 222.7 17.9% 177.0 163.3 196.6 Selected Performance Indicators Results (in €m) Revenues Service revenues Hardware and Other revenues EBITDA 537.5 590.8 -9.0% 127.7 127.8 -0.1% 125.9 128.0 155.9 856.1 -8.1% 175.8 226.0 -22.2% 196.5 191.6 222.9 -265.3 0.0% -64.1 -98.2 -34.7% -70.6 -63.6 -67.0 0.0 - 16.00 0.00 - 0.00 0.00 0.00 309.4 -32.7% 32.8 21.9 49.8% 57.3 44.9 73.2 366.5 -27.2% 32.8 36.2 -9.4% 71.4 66.2 96.4 305.2 -41.7% 18.9 18.7 1.1% 51.9 39.4 67.8 362.3 -34.7% 18.9 32.9 -42.6% 66.0 60.6 91.1 1.21 -22.3% 0.31 0.10 - 0.21 0.15 0.27 1.43 -18.2% 0.31 0.15 - 0.26 0.24 0.36 311.4 94.1% 171.5 177.5 -3.4% 203.2 185.7 43.8 -180.8 - -125.1 -107.1 16.8% -194.9 -159.3 -319.6 20.8 - -8.9 -42.2 -79.0% 92.5 95.7 15.8 31/12/2024 Change 31/12/2025 31/12/2024 Change 30/09/2025 30/06/2025 31/03/2025 3,268 43.1% 4,678 3,268 43.1% 3,124 3,213 3,287 16.39 -0.4% 16.32 16.39 -0.4% 16.34 16.33 16.35 12.44 0.3% 12.48 12.44 0.3% 12.48 12.44 12.42 3.95 -2.8% 3.84 3.95 -2.8% 3.86 3.89 3.93 1,844.0 3.0% 1,899.6 1,844.0 3.0% 2,169.4 2,183.5 2,177.9 6,286.0 44.9% 9,107.8 6,286.0 44.9% 6,376.5 6,307.6 6,265.0 6,094.0 -1.6% 5,995.5 6,094.0 -1.6% 6,198.9 6,161.9 6,142.5 8,130.1 35.4% 11,007.4 8,130.1 35.4% 8,545.9 8,491.1 8,442.9 75.0% 54.5% 75.0% 72.5% 72.6% 72.8% EBITDA segment Access 786.8 EBITDA segment 1&1 Mobile Network -265.3 EBITDA segment 1&1 Versatel 16.0 EBIT 208.2 EBIT excluding PPA write-offs 266.8 EBT 178.0 EBT excluding PPA write-offs 236.6 Profit per share (in €) 0.94 Profit per share excluding PPA write-offs (in €) 1.17 Cash flow (in €m) Net inflow of funds from operating activities 604.3 Net outflow of funds in investment sector -798.8 Free cash flow 195.1 31/12/2025 Headcount (incl. management board) Total per end of December 1 4,678 Customer contracts (in millions) Access, contracts 16.32 of which mobile internet 12.48 of which broadband (ADSL, VDSL, FTTH) 3.84 Balance Sheet (in €m) Short-term assets 1,899.6 Long-term assets 9,107.8 Shareholders' equity 5,995.5 Balance sheet total 11,007.4 Equity ratio 54.5% 1 Due to a change in the method of counting, the comparative figures for the previous year regarding staff numbers have been adjusted Contents 2 Facts & Figures 247 Affidavit by Legal Representatives (Balance Sheet Oath) 248 Affidavit by Legal Representatives (Balance 249 Sheet Oath) Independent Auditor's Report 265 Remuneration Report 266 1&1 AG's Remuneration Report 280 Remuneration of 1&1 AG's Corporate Bodies 295 Investor Relations Corner 296 Investor Relations 296 Stock Performance 297 Current Analyses 298 Shareholder Structure 301 Miscellaneous 302 Glossary of Terms 306 Announcements, Information and Ordering 306 Service Financial Calendar 306 Contacts 307 Legal Notice 308 1&1 AG Brands 5 To Our Shareholders 6 Letter from the Management Board 10 Management Board Members 11 Supervisory Board Report 20 Declaration on Corporate Governance 43 Report on the Position of the Company and the Group 45 General Information About the Company and Group 56 Business Report 86 Report on Subsequent Events 87 Risks, Opportunities and Forecast Report 112 Supplementary Information 118 Dependency Report 121 Consolidated Annual Financial Statements 122 Consolidated Statement of Comprehensive Income 123 Consolidated Balance Sheet 125 Consolidated Cash Flow Statement 127 Consolidated Statement of Changes in Equity 128 Consolidated Notes as of 31 December 2025 242 Development of Intangible Assets, and Property, Plant and Equipment To Our Shareholders 6 Letter from the Management Board 10 Management Board Members 11 Supervisory Board Report 20 Declaration on Corporate Governance Letter from the Management Board Dear shareholders, 2025 was a pivotal year for 1&1. We continued to invest in the expansion of our Mobile Network, and since December 2025, we have owned one of Germany's largest and most powerful fiber optic networks with the acquisition of 1&1 Versatel. This has further deepened our value creation and increased our independence. While high-margin service revenue remained at the prior year's level as planned, EBITDA and the customer base declined. Service revenue for the 2025 financial year stood at €3,336.4 million (2024: €3,303.1 million). This includes €29.8 million from 1&1 Versatel from December 2025. Other revenue, which primarily consists of the front-loaded recognition of hardware sales (essentially subsidised smartphones, which are paid for by our customers over their minimum term of their contract in the form of higher package prices), increased to €799,4 million (2024: €761.2 million). This includes €10,4 million from 1&1 Versatel from December 2025. Total revenue rose by 1.8 per cent to €4,135.8 million (2024: €4,064.3 million). EBITDA decreased overall by 9.0 per cent to €537.5 million (2024: €590.8 million). This includes €16,0 million from 1&1 Versatel from December 2025. EBITDA in the Access segment fell by -8.1 per cent to €786.8 million (2024: €856.1 million), while EBITDA in the 1&1 Mobile Network segment stood at -€265.3 million, remaining in line with the prior year. The decline in EBITDA within the Access segment resulted from increased cost of sales for National Roaming and a one-off item relating to a legal dispute. The higher costs of National Roaming were due to the switch from Telefónica to Vodafone. The change of national roaming provider has no impact on EBIT but does affect EBITDA. This is because under the National Roaming arrangement with Telefónica, the costs were partially capitalised and depreciated as planned whereas under the agreement with Vodafone they are recognised in full in EBITDA. In addition, as reported during the year, there was an unexpected increase in the costs of National Roaming due to slower than expected capacity growth in the Vodafone network. Furthermore, following new developments in a legal dispute with Telefónica, the provision for a potential compensation payment was adjusted as a precautionary measure. Despite an increase in cancellations due to the recently completed migration of customers to the 1&1 mobile network, the company added 40,000 mobile internet contracts, bringing the total number of contracts to 12.48 million as of December 31, 2025. Broadband lines decreased by 110,000 to 3.84 million contracts. Earnings per share came to €0.94 (prior year: €1.21). Excluding PPA amortisation, earnings per share amounted to €1.17 (prior year: €1.43). Free cash flow amounted to €195.1 million in 2025 (2024: €20.8 million). This improvement is primarily attributable to the discontinuation of advance payments made to Deutsche Telekom for VDSL/FTTH quotas until 2024. Capital expenditure on property, plant and equipment and intangible assets (Cash CapEx) amounted to €409.2 million (2024: €290.6 million). This includes €19,9 million from 1&1 Versatel from December 2025. The construction of the 1&1 Mobile Network is one of the largest privately funded infrastructure projects in Germany. At the same time, the 1&1 O-RAN is Europe's first fully virtualised 5G network based on innovative Open-RAN-technology, setting a new technological benchmark in the European mobile communications landscape. The rapid innovation cycles, real-time capabilities and flexible selection of trusted partners within the 1&1 O-RAN are contemporary advantages that our competitors have now also recognised. They now endeavouring to transition their existing monolithic infrastructure to Open RAN. We have already set a fast pace in 2025. On average, we were able to commission more than 300 antenna sites per quarter. Every 1&1 site is connected to fibre-optic cable without compromise, equipped with gigabit antennas and linked to the nearest of our more than 300 regional edge data centres, which we are establishing in parallel with the antenna locations to operate our cloud-native network. Just two years after the launch of our mobile services, 1&1 O-RAN reached 27 per cent of German households in December. This enabled us to exceed the Federal Network Agency (BNetzA) requirement to cover one-quarter of households by the end of 2025. We intend to maintain this trajectory and continue to drive expansion forward. As the roll-out of our own antenna sites progresses, the national roaming wholesale services - which we are purchasing on an interim basis from Vodafone's antennas to provide nationwide coverage for our customers - will gradually decrease. However, it wasn't just network expansion that saw significant progress. Last year, we completed the largest customer migration in German mobile communications history, thereby also fulfilling the requirement for "competitive independence" set by the Federal Network Agency. To achieve this, up to 50,000 customers who were previously served via wholesale agreements with other networks were migrated to the 1&1 Mobile Network daily - for most customers, this was a straightforward "over-the-air update" that was automatically overnight. Since November, all 1&1 mobile phone customers have been using our network for calls and data. All voice and data connections are processed in our high-performance core network, where we deliver key quality features such as a short call setup time, high voice quality, and rapid website loading. In addition to these major milestones in the expansion and operation of the 1&1 mobile network, a clear strategic course was also set in 2025. To increase our added value and reduce dependencies, we have acquired all shares in 1&1 Versatel from our parent company United Internet AG. 1&1 Versatel operates one of Ger-many's largest fibre-optic networks, spanning more than 68,000 kilometres, along with hundreds of data centres operated by 1&1 Versatel, which support our mobile network in addition to fibre optic connections. In addition, the integration of the fibre optic provider specialising in corporate customers has enabled us to expand our company with a high-performance business customer division. The roll-out of our innovative network is progressing with significant momentum; we have fully met the Federal Network Agency expansion obligations for the period up to the end of 2025. The task now is for the Federal Network Agency to establish further planning certainty for the operation of Germany's fourth mobile network and to ensure access to a balanced spectrum portfolio. The negotiations between 1&1 and the established mobile network operators, which were intended by the Federal Network Agency to facilitate the cooperative shared use of low-band frequencies, have been unsuccessful. Consequently, on 17 February 2026, the Federal Network Agency initiated a hearing concerning an order for the cooperative, shared use of frequencies below 1 GHz within the 1&1 Mobilfunk GmbH expansion areas. For 30 years, 1&1 has been one of Germany's leading telecommunications providers, committed to promoting healthy competition through innovative and attractive offerings. We remain well-known for offering an excellent price-performance ratio. Of course, we do not rely on good offerings alone, quality and service remain our key differentiators. 1&1 achieved the highest levels of customer satisfaction for both internet connections and mobile communications in the renowned 2025 connect Customer Barometers. In addition to this strong result, we were once again pleased to receive top ratings in the fixed-network sector in 2025: In the fixed-network test conducted by IMTEST and zafaco, 1&1 emerged as the test winner among all nationwide and regional fixed-network providers after more than four million measurements. We achieved outstanding ratings for data transmission, browsing and streaming. In the 2025 connect fixed-network test, 1&1 was awarded a "Very Good" rating and came out on top in the comprehensive check of fixed-network providers as the test winner in the private customer categories for both "Standard Users" and "Heavy Users". The excellent quality of our customer service was also confirmed by independent tests in 2025. The experts at "connect" awarded our telephone customer service for landline and mobile communications the top rating of "very good" in hotline tests. But customers who prefer app-based customer service will also find first-class offerings at 1&1. In connect's service app test of mobile network operators, the 1&1 Control Center app was rated "outstanding." This impression is confirmed by the service app test conducted by the trade magazine CHIP: Our app achieved a rating of "very good" and received the rating "best service" in the subcategory "service." Just two years after the launch of mobile services, the quality of our 1&1 Mobile Network already achieved excellent results. In its initial assessment by connect, 1&1 achieved a "Very Good" grade at the first attempt. Connect based its valuation on a globally identical measurement procedure as a benchmark, taking into account the use of national roaming and the customer migration that was still ongoing during the test period. The individual assessment by IMTEST also confirms the high performance of the 1&1 Mobile Network. 1&1 ranks among the leaders compared with its competitors, particularly in the critical categories of stability, streaming, and browsing. We are delighted to reach an increasing number of people with our innovative 1&1 O-RAN and to make a tangible difference in the German mobile market. As a result of the acquisition of 1&1 Versatel, we will report on two new segments starting in 2026: "Consumer & Small Business" will replace the previous "Access" segment, while "Enterprises & Networks" will combine the previous "1&1 Mobile Network" segment with the figures from 1&1 Versatel. For the 2026 fiscal year, we expect service revenue to remain at the previous year's level of approximately €3.66 billion (2025, including FY 1&1 Versatel: €3.66 billion). EBITDA is expected to increase to approximately €800 million (2025, including FY 1&1 Versatel: €689 million). We also anticipate continuing annual operating EBITDA growth of approximately €100 million for the years 2027 and 2028. The investment volume (Cash CapEx) is expected to be between €500 and €550 million in 2026 (2025 including FY 1&1 Versatel: €652 million). For 2027 and 2028, we anticipate investments at a similar level. In 2025, we laid a strong foundation for the continued successful development of the 1&1 Group, upon which we are consistently building. Our sincere thanks go to all our employees for their dedicated efforts, as well as to our shareholders and business partners for their continued trust and support. Best regards from Montabaur Ralph Dommermuth Sascha D'Avis Alessandro Nava Montabaur, March 2026 The Management Board Members Ralph Dommermuth, Chairman of the Board Ralph Dommermuth, born in 1963, laid the groundwork for today's United Internet AG in 1988 when he founded 1&1 Marketing GmbH in 1988. Initially, he provided systematic marketing services to small software providers. Over time, he expanded these services to include marketing solutions for major clients such as IBM, Compaq, and Deutsche Telekom. With the rise of the internet, Ralph Dommermuth gradually phased out third-party marketing services to establish his own internet services and direct customer connections. In 1998, leveraging his background as a trained bank clerk, he took 1&1 public, making it the first internet company on the Frankfurt Stock Exchange. By 2000, Ralph Dommermuth restructured 1&1 into United Internet AG, transforming it into a leading European internet specialist. Since 1 January 2018, Mr Dommermuth has also been CEO of 1&1 AG. Sascha D'Avis, Management Board Member After completing his studies in Business Administration in 2001, Sascha D'Avis began his professional career in the Controlling department at Griesson - de Beukelaer. Since 2004, Mr D'Avis has held various leadership positions in the finance division of the 1&1 Group and has played a key role in supporting the Company's growth strategy, including the successful merger between 1&1 and Drillisch and its subsequent integration. Most recently, Mr D'Avis served as a Management Board Member (CFO) of 1&1 Telecommunication SE and CFO of 1&1 Mobilfunk GmbH. Since 1 January 2025, he has been a Management Board Member (CFO) of 1&1 AG. Alessandro Nava, Management Board Member Alessandro Nava completed his degree in Business Administration at Heinrich Heine University Düsseldorf in 1997, specialising in Marketing and Controlling. He began his professional career as a consultant at KPMG Consulting GmbH. In 2000, he joined Vodafone Germany (Vodafone GmbH), where he initially worked as a Senior Department Head in the fixed-line business before transition- 10 ing to a leadership role in the integrated fixed-line and mobile communications segment. Throughout his tenure, he held various key positions, including responsibility for IT requirements management & business analysis, customer support, and product development, as well as oversight of online platforms. Following the integration of Vodafone's fixed-line and mobile divisions, Mr Nava assumed responsibility for the Company's IT development. From March 2014 to August 2018, he has served as the Management Board Member for "Technology and Development" (CIO) at 1&1 Telecommunications SE. In September 2018, he took on additional responsibility for the "Product Management" division. Since 1 July 2019, Mr Nava has been a Management Board Member (COO) of 1&1 AG. Supervisory Board Report In the 2025 financial year, the Supervisory Board of 1&1 AG performed the duties incumbent upon it by law, the Articles of Association, the German Corporate Governance Code, and its own Rules of Procedure with care and diligence. It regularly advised the Management Board on the management of the Company and monitored its conduct of business. The Supervisory Board's advisory and oversight activities also included a particular focus on sustainability issues. The Supervisory Board was at all times able to determine the legality, expediency and correctness of the Management Board's work. The Supervisory Board was directly, promptly, and comprehensively involved in all decisions of fundamental importance to the Company. The Management Board regularly provided the Supervisory Board and the Audit and Risk Committee with detailed, timely, and comprehensive reports, both in writing and verbally - even between meetings - and covered all relevant issues concerning strategy and its associated opportunities and risks, corporate planning, the development and conduct of business, planned and ongoing investments, and the position of the Group, including the risk situation and risk management, the Internal Control System, and the Compliance Management System, which is aligned with the Company's risk profile. The Company's strategic orientation is determined by Management and Supervisory Boards in joint consultation. The Management Board submitted a comprehensive report on the course of business, including revenue development and profitability, the Company's position and its business policies to the Supervisory Board at quarterly intervals. The reports included as well information about any aberration in the course of business from planning. The Management Board's reports satisfied the requirements of legal statutes, good corporate governance and the instructions issued to it by the Supervisory Board with respect to both subject matter and scope. The reports were made available to all Supervisory Board members. The Supervisory Board reviewed the reports submitted by the Management Board and all other information with respect to plausibility; the materials were the subject of intensive discussions, critical examination and in-depth questions. The Supervisory Board gave its consent to specific business transactions if and when this was required by legal statutes, by-laws or rules of procedure for the Management Board. The Supervisory Board and the Audit and Risk Committee it appointed, received regular reports from the Management Board on the Group-wide Internal Control and Risk Management Systems, which also cover sustainability-related targets, as well as the Internal Audit system and the Compliance Management System. Following its own reviews and assessments conducted by the Audit and Risk Committee, the Supervisory Board concluded that the Internal Control System, Risk Management System, Internal Audit system, and Compliance Management System are appropriate and effective. Supervisory Board members are responsible for obtaining the necessary training and professional development required for their duties. Upon appointment, as well as during ongoing training and development, the Company provides adequate support to the Supervisory Board members. In particular, new members receive a comprehensive onboarding programme upon joining the Supervisory Board of 1&1 AG, which includes access to all necessary documents, explanations of practical and legal frameworks, and insights into specific corporate law matters. In addition to the individual induction and professional development measures undertaken by members of the Supervisory Board, the Supervisory Board of 1&1 AG participated in a training session conducted by external experts in June 2025 regarding current developments in risk management. The objective of this event was to provide an overview of the systematic collection and analysis of Risk Management Systems (RMS) in German companies within the real economy, taking into account the requirements of IDW PS 981 and IDW PS 340 (revised). Also, one member of the Supervisory Board underwent further training in the areas of CSRD/GCGC and Supervisory Board duties, NIS2 updates, strategic AI-transformation in companies, the EU-Taxonomy, and pCbCR-regulations. Personnel changes on the Management Board and Supervisory Board Following the departure of Mr Markus Huhn as of 31 December 2024, the Supervisory Board resolved unanimously to appoint Mr Sascha D'Avis as a further member of the Company's Management Board, effective 1 January 2025. Consequently, the Management Board consists of Mr Ralph Dommermuth (Chief Executive Officer), Mr Sascha D'Avis, and Mr Alessandro Nava. There were no changes in the membership of the Supervisory Board during financial year 2025. In the 2025 financial year, the Supervisory Board comprised six members in accordance with Section 96 (1) and Section 101 (1) of the German Stock Corporation Act [AktG] and Article 10 (1) of the Company's Articles of Association. The Board's competence profile meets its previous and current objectives; with Supervisory Board members Kurt Dobitsch, Norbert Lang, Matthias Baldermann, Friedrich Joussen, and Christine Schöneweis, there are at least five independent members on the Supervisory Board. The proportion of women on the Supervisory Board in financial year 2025 came to 16.66 per cent. The Chairman of the Supervisory Board in the reporting period 2025 was Mr Kurt Dobitsch, and Mr Norbert Lang was Deputy Chairman of the Supervisory Board. According to the Company's assessment, none of the Supervisory Board members hold executive or advisory positions at key competitors. Furthermore, there have been no indications of conflicts of interest involving any members of the Supervisory Board or Management Board. In one instance, preventive measures were taken to ensure that no conflict of interest could arise. In order to avoid any potential conflict of interest from the outset in connection with the sale of 1&1 Versatel GmbH by United Internet AG to 1&1 AG, Mr Ralph Dommermuth, in view of his positions as Chairman of the Management Board of both United Internet AG and 1&1 AG, did not influence the decision-making process at either company and abstained from voting on all resolutions. The conflict of interest to be avoided and the precautionary measures taken were disclosed to the Supervisory Board. Meetings and Key Topics In addition to statutory regular reporting, the Supervisory Board conducted in-depth discussions and reviews of the following key topics in the financial year 2025: The Annual and Consolidated Financial Statements as of 31 December 2024 Revenue and profit budget 2025 of the Company Planning of the investment projects in the corporate group for financial year 2025 Status of the 1&1 Mobile Network Status of Rakuten negotiations Information on the voluntary public partial acquisition offer by United Internet AG and index exclusion Information regarding the ad-hoc announcement of 27 June 2025 Acquisition of 1&1 Versatel from United Internet AG Self-assessment of the Supervisory Board of 1&1 AG The Supervisory Board's report to the Annual General Meeting for financial year 2025, the updating of the Declaration of Conformity pursuant to the German Corporate Governance Code, the Declaration on Corporate Management Invitation, agenda, and proposed resolutions for the 2025 Annual General Meeting The adoption of the resolution regarding the Management Board's proposed allocation of profits The proposal to the Annual General Meeting for the disbursement of dividends The audit planning and the quarterly reports of the Internal Audit Monitoring of the effectiveness of the implemented compliance system Quarterly reports on risk management and risk management strategy Monitoring of the effectiveness of the Internal Control System that has been implemented The 2024 Dependency Report; review and approval of the 2024 Dependency Report Corporate development during the year Review of the independence of PricewaterhouseCoopers GmbH and the acting individuals, taking into account additional services provided and the focal points of the audit Early reappointment of a member of the Executive Board and contract extension, including updating of the Declaration of Conformity 2025 In the financial year 2025, four regular Supervisory Board meetings were held, during which the Management Board provided the Supervisory Board with detailed information about the Company's economic position, business development, and significant business transactions, as well as other matters concerning the Management Board. The Supervisory Board has decided that part of the Supervisory Board meetings should regularly take place without the presence of the Management Board. Three Supervisory Board meetings were held in Montabaur and one in Frankfurt, at which all six members of the Supervisory Board attended in person. In addition to the ordinary meetings, two extraordinary meetings of the Supervisory Board were held to discuss and resolve matters that could not be deferred until the next ordinary meeting. Mr Vlasios Choulidis and Mr Friedrich Joussen were unable to attend the first extraordinary meeting. All members of the Supervisory Board participated in the second meeting via video conference. Furthermore, individual resolutions of the Supervisory Board were adopted by written circular on the basis of written proposals for resolution submitted by the Management Board. Activities of the Audit and Risk Committee In the financial year 2025, the Audit and Risk Committee consisted of Mr Norbert Lang, Mr Kurt Dobitsch, and Mr Matthias Baldermann. Mr Norbert Lang continued to chair the committee. The Audit and Risk Committee assists the Supervisory Board in monitoring the financial reporting process, including sustainability reporting and the integrity of the accounting process. It monitors the effectiveness and functionality of the Internal Control System, the Risk Management System, the Compliance Management System, and the Internal Audit system. Additionally, it oversees the audit of the financial statements, including audit fees and additional services performed by the auditor. The Audit and Risk Committee deals intensively with the Annual and Consolidated Financial Statements and the Combined Management Report, including the Sustainability Statement for the Company and the Group, as well as the Management Board's proposal for the appropriation of net retained profits. The committee is in charge of the tender process for the audit of the financial statements, specifically regarding compliance with formal requirements, the evaluation of tender bids, participation in applicant presentations, and the preparation of a recommendation to the Supervisory Board for the selection of the auditor. Together with the Management Board and auditors, the committee discusses the assessment of audit risk, audit strategy, audit planning, audit execution, audit focus areas and methodologies, audit results, and audit reports - including aspects related to the Internal Control System concerning the financial reporting process - and provides recommendations to the Supervisory Board. The Audit and Risk Committee regularly consults with the external auditors without the presence of the Management Board. It regularly assesses the quality of the audit. Prior to publication, the quarterly statements and the half-yearly financial report are discussed with the Management Board. Furthermore, the Audit and Risk Committee deals extensively with the Group-wide Internal Control System, Risk Management, Internal Audit System, and Compliance Management System. One of its key responsibilities is to review the adequacy and effectiveness of these systems. The Audit and Risk Committee also prepares the Supervisory Board's deliberations and resolutions regarding the proposal to the Annual General Meeting for the election of the auditor and decisions on corporate governance topics. It resolves on the approval of material transactions with related companies and persons pursuant to Section 111b (1) AktG (so-called "Related Party Transactions"). In terms of specific content, the Audit and Risk Committee focused on the following in 2025: Supervisory Board Report Risk Management review The Corporate Governance Statement Annual and Consolidated Financial Statements, as well as the Management Report The status quo of the ICS development at 1&1 The Corporate Audit Report The Compliance Report The report on the voluntary public partial acquisition offer by United Internet AG Cost calculation and development of Vodafone national roaming Presentations and explanations regarding the quarterly financial statements The Chairman of the Audit and Risk Committee, Mr Norbert Lang, regularly reports to the full Supervisory Board on the committee's activities. In the event of significant incidents and findings of the Audit and Risk Committee, he notifies the Chairman of the Supervisory Board without delay. The Audit and Risk Committee held five ordinary meetings and one extraordinary meeting in the 2025 financial year, all of which were attended by all members. The meetings of the Audit and Risk Committee were conducted as video conferences. Corporate Governance In accordance with Recommendation D. 12 of the German Corporate Governance Code (GCGC) [ Deutscher Corporate Governance Kodex; DCGK ], 1&1 AG provides appropriate support to members of the Supervisory Board during their induction and with their professional development and training measures. To ensure successful onboarding, new members of the Supervisory Board receive all relevant documentation in the form of an introductory, individually compiled information package. Furthermore, an induction session is held to cover the most important processes and procedures, supplemented by personal coordination meetings with the Chairman of the Supervisory Board and the CFO. Support for professional development and training is provided specifically through the regular and ad-hoc distribution of information materials on current topics, the opportunity to participate in external training events, and through internal presentations and reports from the specialist departments. In line with Recommendation D.13 GCGC, the Supervisory Board as a whole, as well as the Audit and Risk Committee, regularly assesses the effectiveness of its activities. The review takes the form of a self-assess-ment based on questionnaires and is conducted approximately every two years. During the financial year, preparations were made to conduct a self-assessment in accordance with the GCGC. This assessment was carried out by means of a questionnaire; the results were evaluated anonymously and discussed in a plenary session. The results serve to ensure the continuous development of the work of the governing bodies. Any need for improvement identified during this process is addressed. Moreover, the assessments are used as a basis for a positive further development of the Board's work. The Supervisory Board did not conduct any talks with investors during the reporting period. In accordance with Principle 23 GCGC, the Management Board and Supervisory Board report on corporate governance as part of the Corporate Governance Statement. The most recent joint Declaration of Conformity pursuant to Section 161 AktG was issued on 15 December 2025. In this declaration, it was confirmed that the recommendations of the GCGC are largely complied with. The declaration, along with explanations for any deviations, is permanently accessible on the Company's website. Further information is available in the 2025 Corporate Governance Statement. Discussion of the Annual and Consolidated Financial Statements for 2025 The Annual and Consolidated Financial Statements as of 31 December 2025, prepared and submitted on schedule by the Management Board, the Management Report for the Company and the Group (including the explanatory report on the disclosures pursuant to Sections 289a (1) and 315a (2) HGB), the accounting records, and the Risk Management System were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft - appointed as auditor by the Annual General Meeting on 14 May 2025 -and were issued with unqualified audit opinions. The Annual and Consolidated Financial Statements, the Management Report for the Company and the Group, and the corresponding audit reports by the auditor were submitted to all members of the Supervisory Board. When the audit mandate was awarded to the auditor, specific focus was placed on the Key Audit Matters (KAMs); for the Consolidated Financial Statements, these primarily comprised revenue recognition, acquisition of United Internet Management Holding SE, impairment testing for goodwill and spectrum licences, as well as the recognition and measurement of financial assets (HGB). The financial statement documents were reviewed and discussed in detail at a meeting of the Supervisory Board on 17 March 2026 in the presence of the auditor. At that time, the auditor reported on the most significant results of its audit, explained the results and gave detailed answers to questions posed by the Supervisory Board members. Subject matter of this discussion included in particular the results of the audit regarding the defined key audit matters and the accounting processes. The Internal Control System, the Risk Report, and the Risk Management System were discussed in depth. Regarding the system for the early detection of threats, the auditor determined that the Management Board had implemented the measures required pursuant to Section 91 (2) AktG, in particular with respect to the implementation of a monitoring system, in an appropriate manner and that the monitoring system was suitable to detect in good time any developments that might jeopardise the continued existence of the Company. Following its own audit, the Supervisory Board agreed with the audit results reached by the auditor and, after considering the final results of its own audit, does not raise any objections. At its meeting on 17 March 2026, the Supervisory Board formally approved the Annual and Consolidated Financial Statements for 2025. The Annual Financial Statements have been adopted pursuant to Section 172 AktG. Furthermore, the Supervisory Board approved the remuneration report adopted by the Management Board. Review of the Management Board's report on relationships to affiliated companies The Management Board submitted the report it had prepared on the relationships to affiliated companies (Dependency Report) for financial year 2025 to the Supervisory Board in good time. The Management Board's report on the relationships to affiliated companies was the subject of the audit by the auditor. The following auditor's report was issued in this context: "Following our conscientious audit and assessment, we hereby confirm that The factual contents of the report are correct, The performance of the Company was not unreasonably high in view of the legal transactions described in the report." The auditor submitted the audit report to the Supervisory Board. The Supervisory Board reviewed the Management Board's Dependency Report and the audit report. The final review by the Supervisory Board took place during the Supervisory Board meeting on 17 March 2026. The auditor attended the meeting and reported on its audit of the Dependency Report and its key audit results, explained its audit report and answered questions about the report and the Sustainability Report from the Supervisory Board members. In accordance with the concluding results of its audit, the Supervisory Board accepts the Management Board's Dependency Report and audit report and does not have any objections to the Management Board's explanations at the conclusion of the report concerning the relationships to affiliated companies. The Supervisory Board would like to thank the members of the Management Board and all employees for their once again successful commitment to the 1&1 Group during the 2025 financial year. Our special thanks go to our customers and shareholders for the trust they have placed in the Company. Montabaur, 17 March 2026 On behalf of the Supervisory Board Kurt Dobitsch Supervisory Board Members in Financial Year 2025 Kurt Dobitsch , Chairman of the Supervisory Board (since 16 October 2017; Chairman of the Supervisory Board since 16 March 2021; member of "Audit and Risk Committee" since May 2021), member of supervisory bodies of various companies Norbert Lang (since 12 November 2015, Deputy Chair of the Supervisory Board since 16 May 2023, Chair of the Audit and Risk Committee since May 2021), Entrepreneur Matthias Baldermann (since 26 May 2021, Member of the Audit and Risk Committee since May 2023), Strategic Advisor Vlasios Choulidis (since 12 January 2018), Entrepreneur Friedrich Joussen (since 16 May 2023), Independent Advisor Christine Schöneweis (since 16 May 2023), COO Intelligent Enterprise, Solutions (IES), Senior Vice President, SAP SE Declaration on Corporate Governance Principles of corporate governance The corporate governance of 1&1 AG as a listed German stock corporation is determined by the relevant legal regulations as well as by the recommendations and suggestions of the German Corporate Governance Code (GCGC). The term "corporate governance" represents responsible management and oversight geared towards sustainable value creation. Essential aspects of good corporate governance include efficient cooperation between the Management Board and the Supervisory Board, the protection of shareholder interests, and openness and transparency in corporate communications. The Management Board and the Supervisory Board of 1&1 AG are committed to ensuring the continued existence of the Company and sustainable value creation through responsible, long-term corporate management. Ecological and social goals are given due regard as well. In this Declaration on corporate governance, the Management Board and the Supervisory Board report on the statutory requirements under Section 289f HGB for the individual company and under Section 315d HGB for the Group, also in accordance with Principle 23 of the GCGC on the Company's corporate governance (Corporate Governance Report). This Corporate Governance Report is based on the current version of the GCGC dated 28 April 2022, which was published in the Federal Gazette on 27 June 2022. Management and corporate structure Consistent with its legal form, 1&1 AG has a two-tier management and supervisory structure with the governing bodies Management Board and Supervisory Board. The third governing body is the Annual General Meeting. All three bodies are obliged to act in the best interests of the Company. Management Board Working methods of the Management Board The Management Board is the managing body of the Group. In the 2025 financial year, the Management Board consisted of three members (Mr Ralph Dommermuth, Mr Sascha D'Avis, and Mr Alessandro Nava). For initial appointments, a term of office of three years is generally considered. The Supervisory Board decides on the appropriate term of appointment on a case-by-case basis within the legally permissible framework; appointments exceeding a period of five years are not made. The Management Board conducts the Company's affairs in accordance with statutory provisions and the articles of association, the rules of procedure adopted by the Supervisory Board and the pertinent recommendations of the German Corporate Governance Code insofar as no exceptions have been declared in accordance with Section 161 AktG. The Management Board is responsible for preparing the interim and Annual Financial Statements and for filling key personnel positions in the Company. Moreover, it systematically defines and analyses the risks and opportunities for the Company associated with social and environmental factors along with the ecological and social impacts of the Company's activities. In addition to long-term economic goals, the corporate strategy also gives appropriate consideration to ecological and social goals. Corporate planning includes both the financial and sustainability-related targets. Further information on sustainability can be found on the Company's website: https://www.1und1.ag/the-company #nachhaltigkeit. Decisions of fundamental importance require the approval of the Supervisory Board. The Management Board reports to the Supervisory Board in accordance with the legal provisions of Section 90 AktG and provides the Chairman of the Supervisory Board with an overview of the current status of the relevant reporting items at least once a month orally and also, at the request of the Chairman of the Supervisory Board, in writing. The chairman or spokesperson of the Management Board or the chief financial officer informs the Chairman of the Supervisory Board without delay of any important events that are of significance for the assessment of the situation, development and the management of the Company. Any significant deviation from the Company's budgetary planning or other forecasts is also considered to be an important event. The Chairman of the Management Board or the chief financial officer also informs the Chairman of the Supervisory Board (in advance if possible, otherwise immediately thereafter) of any ad hoc announcement of the Company pursuant to Art. 17 of the Market Abuse Regulation [MAR]. There is an age limit of 70 for the members of the Management Board. This requirement is currently met without exception. The Management Board has overall responsibility for the management of the Company's business in accordance with uniform objectives, plans and guidelines. The Management Board's overall responsibility notwithstanding, each and every member of the Management Board acts on their own responsibility in the purview assigned to him/her, but is required to subordinate the interests of their purview to the overall good of the Company. The allocation of duties within the Management Board is regulated by the Supervisory Board in a business allocation plan proposed by the Management Board. The Management Board members inform one another about important events within their purviews. Matters of major importance that are not approved in the budget must be discussed and decided by a minimum of two members of the Management Board, one of whom must be the chief financial officer. Irrespective of their responsibility to their own purviews, all members of the Management Board constantly monitor the events and data that are decisive for the course of business of the Company so that they are able to work at any and all times towards the prevention of impending harm and the implementation of desirable improvements or expedient changes by addressing the full Management Board or in any other appropriate manner. The full Management Board adopts decisions regarding any and all matters of particular importance and scope for the Company or its subsidiaries and its participating interests. The Management Board as a whole adopts its decisions by a simple majority of votes. In the event of a tie, the Chairman of the Board casts the deciding vote. Management Board decisions are recorded in the minutes of the meeting. The full Management Board meets every fortnight as a rule; further meetings are convened as required by circumstances. Each member of the Management Board is required to disclose any conflicts of interest to the Supervisory Board and the Chairman of the Management Board without delay and as appropriate to the other members of the Management Board as well. During the reporting period and at present, the members of the Management Board did not, and do not, hold any supervisory board mandates in other listed companies outside the Group or comparable positions, and accordingly do not hold the position of Chairman of the supervisory board in any such companies. Composition of the Management Board The Management Board of 1&1 AG consisted of the following members in the financial year 2025: Ralph Dommermuth, Chair of the Board (since January 2018) Alessandro Nava, Chief Operations Officer (since July 2019) Sascha D'Avis, Chief Financial Officer (since January 2025) Supervisory Board Working methods of the Supervisory Board The Supervisory Board elected by the Annual General Meeting consisted of six members in financial year 2025. As a rule, the term of office of the Supervisory Board members is 5 years. The Supervisory Board maintains regular contact with the Management Board and monitors and advises the Management Board in the management of the business and of the risks and opportunities of the Company in accordance with statutory provisions, the articles of association, the rules of procedure and the pertinent recommendations of the German Corporate Governance Code (insofar as no exception has been declared in accordance with Section 161 AktG). Its duties specifically encompass the areas of sustainability, compliance, and information security. At regular intervals, the Supervisory Board discusses with the Management Board any and all questions of strategy and its implementation, planning, business development, risk situation, risk management and compliance that are relevant to the Company. It discusses quarterly releases and semi-annual reports with the Management Board prior to their publication and approves the annual budget. Annual planning includes the annual financial plan, which consists of detailed revenue, cost, and earnings planning, as well as liquidity and annual investment planning. It reviews the Annual and Consolidated Financial Statements and approves them, provided there are no objections to be raised. Its review takes into account the audit reports of the auditor. The Supervisory Board's remit also includes the appointment of Management Board members and the determination of Management Board remuneration, as well as the regular review thereof. These reviews are conducted in compliance with the applicable legal provisions and the recommendations of the German Corporate Governance Code, except where a deviation has been declared pursuant to Section 161 AktG. When appointing Management Board members, the Supervisory Board strives for a diversified and mutually complementary membership that can offer the best possible service to the Company and carefully considers long-term succession planning. Above all, professional experience, industry expertise, and both technical and personal qualifications play a vital role here. As part of long-term succession planning, the Supervisory Board, in conjunction with the Management Board, regularly considers highly qualified executives who may be viewed as potential candidates for Management Board positions. The Supervisory Board as a whole along with the Audit and Risk Committee regularly conducts an efficiency review within the framework of a self-assessment. In accordance with Recommendation D.12 GCGC, Supervisory Board and the Committee assess how effectively they each fulfil their duties as a body. The review takes the form of a self-assessment based on questionnaires and is conducted approximately every two years. During the 4th quarter of 2025, the Supervisory Board, with the participation of all members and the chairman, conducted its self-assessment for the 2025 financial year. The primary focus included expectations, time commitment, composition, independence, remuneration matters, and accounting issues. The Supervisory Board concluded that professional cooperation within the body, as well as trust-based collaboration with the auditor, the Management Board, and the various corporate divisions, remains well-es-tablished. The most recent self-assessment of the Audit- and Risk Committee was conducted in the 4th quarter of 2024. It encompassed topics such as the committee's working methods, size, and structure, cooperation with the auditor, the management of conflicts of interest, remuneration matters, and accounting issues. The results of the assessment are evaluated anonymously and subsequently discussed in a plenary session. Any identified need for improvement is addressed and implemented during the year. The next self-assess-ment of the Audit and Risk Committee is expected to take place in 2026. The continued efficiency of the activities performed by the Supervisory Board and the Audit and Risk Committee is expected. Members of the Supervisory Board undertake the professional development and training measures required for the performance of their duties on their own responsibility, supported appropriately by the Company. Details of these measures are provided in the Report of the Supervisory Board to the Annual General Meeting. A meeting of the Supervisory Board is convened at least twice in every calendar half-year. Meetings of the Supervisory Board are convened in writing by its Chair at least 14 days in advance. Further and more detailed information on the exact number of meetings and the topics discussed can be found in the Supervisory Board's report to the Annual General Meeting. The agenda items must be communicated when convening a Supervisory Board meeting. If an agenda has not been properly announced, resolutions may be adopted solely if and when no Supervisory Board member objects before the vote on the resolution. As a rule, Supervisory Board resolutions are adopted during in-person meetings. However, it is permissible for Supervisory Board meetings to be held as video or telephone conferences or for individual members of the Supervisory Board to participate in otherwise in-person meetings via video or telephone transmission; in such cases, the adoption of resolutions or voting procedures are also conducted via video or telephone. Meetings are chaired by the Chairman of the Supervisory Board. Outside of meetings, resolutions may also be adopted by other means (e.g., by phone or by email) on the chairman's instruction provided that no member objects to this procedure. The Supervisory Board has a quorum if and when the meeting has been properly announced to all members and at least three members participate in the vote on the adoption of the resolution. A member participates in a vote on a resolution even if they abstain. Supervisory Board resolutions are adopted by a simple majority unless otherwise mandated by law. Minutes of the proceedings and resolutions of the Supervisory Board are recorded in writing. The Chairman of the Supervisory Board is authorised to submit on behalf of the Supervisory Board any and all declarations of intent required to implement the Supervisory Board resolutions. The Audit and Risk Committee supports the Supervisory Board in monitoring the accounting and the integrity of the accounting process as well as the effectiveness and functionality of the Internal Control System, Risk Management System, Compliance Management System, and Internal Audit System. Furthermore, it supports the Supervisory Board in monitoring the audit of the financial statements, the services rendered by the auditor, the audit fees and the additional services rendered by the auditor. The Audit and Risk Committee deals extensively with the Annual and Consolidated Financial Statements, the Combined Management Report, including the non-financial declaration for the company and the group, and the Management Board's proposal for the appropriation of net profit. Together with the Management Board and the auditor, it discusses the audit reports, the audit process, the audit focus and methodology and the audit results, including consideration of the Internal Control System related to the accounting process, and submits recommendations to the Supervisory Board. It regularly assesses the quality of the audit. Prior to publication, the Audit and Risk Committee discusses the quarterly statements and the half-yearly financial report with the Management Board. The Audit and Risk Committee prepares the negotiations and resolutions of the Supervisory Board regarding the nomination of the auditor for submission to the Annual General Meeting and any decisions on corporate governance issues; moreover, it decides on the approval of significant transactions with related parties pursuant to Section 111b (1) AktG (so-called Related Party Transactions). There were no such transactions during the reporting period. The Audit Committee discusses the assessment of the audit risk, the audit strategy and audit planning and the audit results with the auditor. The Chair of the Audit Committee regularly exchanges views with the external auditor, also in the presence the members of the Audit and Risk Committee, on current audit topics and the progress of the audit. The Audit Committee regularly speaks to the auditor, at times without the participation of the CFO. During 2025, two formal coordination meetings were held with the auditor. In addition, the auditor regularly participates in the meetings of the Audit and Risk Committee. The chairperson of the Audit Committee regularly reports to the Supervisory Board on the activities of the Audit and Risk Committee. In the event of significant incidents and findings of the Audit and Risk Committee, the Chairman of the Supervisory Board is informed immediately. Goals for the membership of the Supervisory Board/Status of attainment The Company's Supervisory Board strives for a Supervisory Board membership that assures qualified advice and supervision of the Company's Management Board. Giving due regard to its own size, the fields of business in which the Company operates, the size and structure of the Company, the scope of the Company's international activities and its current shareholder structure the Company's Supervisory Board has adopted the following objectives for the membership of the Supervisory Board. These take into account the legal requirements and - unless a deviation has been expressly declared - the recommendations of the German Corporate Governance Code with regard to both the requirements for individual Supervisory Board members and the requirements for the composition of the body as a whole. In particular, a competence profile was drawn up with regard to the full Board. When making proposals to the Annual General Meeting for the election of Supervisory Board members, the Supervisory Board will take its objectives into account and ensure that the respective candidates meet the requirements to fulfil the competency profile for the entire body. The specific situation of the Company is considered during this procedure. Requirements for individual members The Company's Supervisory Board strives to ensure that each member of the Supervisory Board fulfils the following requirements: General requirements profile Each member of the Supervisory Board should have the knowledge and experience to be able to diligently and advise the Management Board of the Company and to assess any risks to the Company's business. The Supervisory Board will also ensure that all Supervisory Board members have a personal profile that enables them to uphold the Company's reputation in the public arena. Time availability All members of the Supervisory Board should be able to devote the time demanded for the diligent performance of the mandate throughout their entire term of office. The Supervisory Board members must comply with the requirements of the law and should observe the recommendations of the German Corporate Governance Code with regard to the permissible number of Supervisory Board mandates. Conflicts of interest Members of the Supervisory Board should not engage in any activities that make the frequent or permanent occurrence of conflicts of interest likely. This includes holding executive positions or performing advisory roles for major competitors, as well as having personal relationships with such entities. Age limit for Supervisory Board members As a general rule, members of the Supervisory Board should not have reached the age of 75 at the time of their election or re-election. Furthermore, members will retire upon the conclusion of the Annual General Meeting following their 75th birthday. This target is being complied with. Requirements for the membership of the Board as a body Besides the requirements for individual Supervisory Board members, the Company's Supervisory Board strives to realise the following goals in accordance with C.1 GCGC for its membership as a body. Competence profile for the full Board The membership of the Supervisory Board as a whole must encompass the expertise, skills and professional experience required to properly perform the Board's duties. The Supervisory Board strives to ensure that the Supervisory Board as a body covers the broadest possible spectrum of knowledge and experience relevant to the Company and, in particular, meets the following requirements: At least two members must be representatives of the sectors telecommunications, media and/or IT. Currently, all Supervisory Board members have the pertinent industry knowledge and the required compe- tence. Expertise or experience from other business sectors; Entrepreneurial or operational experience; At least one member must have international experience (e.g., in financial engineering, telecommunications, M&A); all present Supervisory Board members have relevant experience and competences and sat- isfy this target requirement. At least one member must have expertise in the field of accounting, whereby the expertise in the field of accounting must consist of special knowledge and experience in the application of accounting principles and Internal Control and Risk Management Systems as well as sustainability reporting; At least one member must have expertise in the field of auditing, whereby the expertise in the this area must consist of special knowledge and experience in the auditing of Annual Financial Statements and sustainability reporting; Expertise in sustainability issues that are significant for the Company; Knowledge and experience in strategy development and realisation; In-depth knowledge and experience in financial controlling and risk management; Knowledge and experience in personnel planning and management (human resources); In-depth knowledge and experience in the fields of governance and compliance; Expertise concerning the needs of capital market-oriented companies; The Supervisory Board should not include more than two former members of the Management Board. This criterion is also met as solely Mr Vlasios Choulidis served as a Management Board member and spokesman prior to his election to the Supervisory Board. Furthermore, members of the Supervisory Board shall disclose any conflicts of interest that arise to the Supervisory Board without delay. Permanent conflicts of interest shall result in the resignation from or removal from the mandate. No conflicts of interest were reported during the 2025 financial year. Supervisory Board members should step down from the Supervisory Board at the end of the Annual General Meeting following their 75 th birthday. This criterion is also met. There should be at least one woman on the Supervisory Board. This criterion is met through the membership of Ms Christine Schöneweis on the Supervisory Board. Diversity The Supervisory Board strives for a diverse composition to ensure that the board as a whole possesses a sufficient diversity of opinions and expertise. In its election proposals, the Supervisory Board will also consider the Company's established diversity concept, including target figures, which is outlined in a separate section below. Independence The Supervisory Board aims for what it considers to be an appropriate number of independent members; specifically, at least four of its six members should be independent within the meaning of the recommendations of the German Corporate Governance Code. In the reporting year, the Supervisory Board again addressed the above goals for its composition, particularly with regard to the skills profile for the board as a whole, and has reaffirmed and further expanded upon them. The Supervisory Board continues to pursue the goal of fully satisfying the skills profile it has developed for the board as a whole. Composition of the Supervisory Board/Status of attainment The Supervisory Board of 1&1 AG consisted of the following members in the financial year 2025: Kurt Dobitsch (Chairman of the Supervisory Board since March 2021, Member of the Audit and Risk Committee since May 2021, Member of the Supervisory Board since October 2017) Norbert Lang (Deputy Chairman of the Supervisory Board since May 2023, Chairman of the Audit and Risk Committee since May 2021, Member of the Supervisory Board since November 2015) Matthias Baldermann (Member of the Supervisory Board since May 2021, Member of the Audit and Risk Committee since May 2023) Vlasios Choulidis (Member of the Supervisory Board since January 2018) Friedrich Joussen (Member of the Supervisory Board since May 2023) Christine Schöneweis (Member of the Supervisory Board since May 2023) In the assessment of the Supervisory Board, at least five of the six current members of the Supervisory Board are independent of the Company, its Management Board, and the controlling shareholder within the meaning of Recommendations C.7 and C.9 of the GCGC. Accordingly, the Chairman of the Supervisory Board and the Chairman of the Audit and Risk Committee, in particular, are also independent within the meaning of Recommendation C.10 of the GCGC.

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