Company Announcements

freenet increases dividend to EUR 2.07 and achieves record growth in postpaid customers and IPTV EBITDA

• New CEO & leaner Executive Board – consistent focus on "AI‑first"
• Dividend increase to EUR 2.07 (+5.1%) – fifth consecutive increase
• Postpaid customer growth at all-time high – over 300 k net new customers
• waipu.tv with strong financial scaling – adj. EBITDA rises to EURm 36
• Group financial figures stable, but slightly below guidance
• Ambition 2028 raised and temporary minimum dividend of EUR 2 (period 2026-2028) introduced

Büdelsdorf, 25 February 2026 – freenet AG [ISIN DE000A0Z2ZZ5] published its preliminary results for the 4th quarter and the 2025 financial year today after the close of regular trading (Xetra). All key figures relate exclusively to continuing operations.

Fifth consecutive dividend increase: Dividend to rise by 5.1% to EUR 2.07

freenet AG can look back on a financial year marked by far-reaching personnel and strategic changes, record postpaid customer growth and record adj. EBITDA in the IPTV business. Overall, the company's financial results were slightly below its own growth expectations. Nevertheless, the Executive Board intends to propose a record dividend of EUR 2.07 per share (+5.1%) to the Annual General Meeting. This would be the fifth consecutive dividend increase and underlines the company's commitment to strong shareholder participation in its success.

Organisational and strategic realignment for future growth

Robin Harries took over as CEO of freenet AG on 1 June 2025. With effect from 1 September 2025, the Executive Board was reduced from six to two members – Robin Harries (CEO) and Ingo Arnold (CFO). The reduction in the size of the Executive Board accelerates decision-making processes and reduces complexity. At the same time, freenet is aligning its organisation to systematically integrate artificial intelligence (AI) into central processes and customer journeys – with the clear aim of positioning freenet as an "AI-first company" in the German mobile communications market.

Group: Stable development of adj. EBITDA and free cash flow

In the past financial year, freenet generated revenues of EURm 2,439.9 (-1.5%), adj. EBITDA of EURm 515.4 (-0.1%) and free cash flow of EURm 292.1 (-0.1%). The key figures remained stable year-on-year, but were slightly below the guidance. In the case of adj. EBITDA, this was primarily due to the sale of The Cloud Group during the year and the conservative accounting of a potential negative earnings effect from the agreement with a MNO. In the case of free cash flow, one-off payments in connection with the reorganisation of the Executive Board had an impact.

Mobile: All-time high in customer growth due to performance-oriented sales strategy

In mobile communications, freenet has realigned its sales marketing under the leadership of Robin Harries and is now focusing on a strategic combination of branding and performance marketing. The approach aims to increase unaided brand awareness in the long term and customer acquisition in the short term. Initial successes are reflected in customer growth in the past financial year: In 2025, freenet AG recorded an all-time high and now serves over 8 million postpaid customers. freenet thus increased the number of postpaid customers by over 300 thousand in the 2025 financial year – around 70% more growth than in the previous year. In the 4th quarter alone, around 117 thousand new customers were added. With the completion of the acquisition of mobilezone Deutschland on 31 December 2025, the customer base increased by a further approximately 240 thousand customers and the brand and sales portfolio grew to include high-reach online channels such as Sparhandy and Deinhandy. Overall, the postpaid customer base thus increased by 546 thousand.

Postpaid service revenues remained stable at EURm 1,606.1 (+0.3%) despite a decline in ARPU (-3.0%) due to competitive environment. The price effect was offset by strong customer growth throughout the year. However, the mobile communications segment fell short of the guidance for adj. EBITDA (EURm 400 to 420) due to the conservative accounting of a MNO agreement with a negative earnings effect of around EUR 13 million. Adj. EBITDA in the segment amounted to EURm 411.4 (-4.6%) in the past financial year.

IPTV: waipu.tv achieves record EBITDA and underscores financial scalability

The structural change in the market for linear TV transmission channels continued in 2025: cable TV is losing ground, IPTV is gaining. The freenet IPTV product waipu.tv benefited from this growth market in terms of customer numbers, recording adjusted net growth of around 10% or 150 thousand new customers. The platform currently has almost 2 million users, which underlines its reach and appeal to both new customers and advertisers.  New products such as the waipu.tv Stick 2.0 and the entry-level offer "waipu Start" are supporting the growth momentum. At the same time, waipu.tv demonstrated the financial scalability of its business model by increasing adj. EBITDA from zero to EURm 36.0.

In order to place even greater emphasis on the strategic focus on mobile communications and IPTV, waipu.tv will be reported as a separate segment (IPTV) alongside the mobile communications segment from the 2026 financial year onwards. It is currently still combined with Media Broadcast in the TV and Media segment. In this segment, revenue increased to EURm 423.7 (+6.0%) in the past year, and adj. EBITDA was EURm 130.6 (+18.6%), at the upper end of the guidance range (EURm 115 to 135). This successful development is mainly attributable to waipu.tv.

Mid-term 2028 ambition raised and temporary introduction of a minimum dividend

At Group level, stable development in line with the previous year is expected for both adj. EBITDA and adj. free cash flow based on the midpoint of the 2026 guidance. In the mobile communications segment, a range is expected that does not rule out a decline compared with the previous year, although the expected customer growth and the integration of mobilezone Deutschland should have a clear positive effect. This is due to an again, conservative expectation for achieving targets with one MNO. In the IPTV segment, on the other hand, freenet expects a further significant increase in adj. EBITDA and noticeable customer growth.

The financial ambition for 2028 has been updated and raised in light of changed conditions. The ambition is to reach an adj. EBITDA of at least EURm 620 and an adj. free cash flow of at least EURm 340. waipu.tv is considered a key factor in achieving these financial ambitions, with an expected contribution of at least EURm 120 to adj. EBITDA in 2028.

During the transition period, freenet is already offering attractive dividend prospects. With the introduction of a minimum dividend for the years 2026 to 2028 of EUR 2.00 per share – or alternatively 80% of adj. free cash flow, whichever is higher.

Conference Call

The conference call on the results for the 4th quarter and the 2025 financial year will take place on Thursday, 26 February 2026 at 10:00 a.m. (CET). Anyone interested can listen to the conference call via webcast (listen-only mode). A recording will be made available afterwards.

Key figures and guidance

Revenue, adj. EBITDA and free cash flow
EURm		FY 2025	FY 20241		Abs.   change	Rel.   change
Revenues		2,439.9	2,477.5		-37.6	-1.5%
Segment Mobile		2,002.7	2,057.0		-54.2	-2.6%
Service revenues (Postpaid)		1,606.1	1,600.5		5.6	0.3%
Segment TV and Media		423.7	399.9		23.8	6.0%
Adj. EBITDA		515.4	516.1		-0.7	-0.1%
Segment Mobile		411.4	431.3		-19.9	-4.6%
Segment TV and Media		130.6	110.1		20.5	18.6%
EBITDA		524.2	524.9		-0.6	-0.1%
Free cash flow		292.1	292.3		-0.2	-0.1%

 

Subscribers
m		31.12.2025	31.12.2024		Abs. change	Rel.   change
Postpaid-customers2		8.147	7.600		0.546	7.2%
waipu.tv subs		1.984	1.941		0.043	2.2%
waipu.tv subs (excl. O2TV)		1.755	1.603		0.152	9.5%
freenet TV subs (RGU)		0.416	0.496		-0.080	-16.2%

 

Guidance for revenues, adj. EBITDA and free cash flow
EURm	2025 Reference	2026 Guidance
Revenues	2,439.9	Significant growth
Segment Mobile	2,002.7	Significant growth
Segment IPTV	220.0	Noticeable growth
Adj. EBITDA	515.4	500 to 530
Segment Mobile	411.4	390 to 420
Segment IPTV	36.0	45 to 55
Adj. free cash flow	292.1	270 to 300

 

Guidance for subscribers
m	2025 Reference	2026 Guidance
waipu.tv subs3	1.755	Noticeable growth
Postpaid-customers4	8.241	Moderate growth

 

Further published documents

¹ With regard to the restatements, reference is made to the explanations under note 2 in the selected explanatory notes in accordance with IAS 34 in the half-yearly report as at 30 June 2025

² Including around 240 k HIGH customers from the integration of mobilezone Deutschland

³ Excluding O2TV subscription customers from the sales cooperation with Telefónica Deutschland

⁴ Including around 95 k subscription customers with app-based tariffs (FUNK and Flex) and around 240 k HIGH customers from the integration of mobilezone Deutschland

 

 

Contact

Investor Relations

T: +49 (0)40/ 513 06 778

Email: ir@freenet.ag 

  

Public Relations

T: +49 (0)40 / 513 06 777

Email: pr@freenet.ag