1&1 AG

Latest Results (13.04.2026):

1&1 AG — Interim Statement Q3 2025: Revenues were essentially stable through 9M 2025 (€3,016.2m) while profitability weakened as EBITDA fell to €409.8m and EBIT to €175.4m. The company completed the migration of its mobile customers to its own Open‑RAN network (finished early November 2025), increased network investment, and improved free cash flow to €204.0m despite higher cash CAPEX. Management confirmed EBITDA guidance and updated 2025 cash CAPEX guidance lower to about €400m.

Top-line and service revenue

9M 2025 revenues were virtually flat at €3,016.2m (9M 2024: €3,017.2m). High‑margin service revenue remained stable at €2,479.3m. Hardware/other revenue declined slightly to €536.9m.

Overall profitability

EBITDA for 9M 2025 was €409.8m (‑11.5% YoY), driven down by higher mobile‑network operating and migration costs. EBIT fell to €175.4m (‑39% YoY) and profit after tax was €110.7m; basic EPS was €0.63 (‑43.2% YoY).

Segment performance — Access vs 1&1 Mobile Network

Access segment EBITDA was €611.0m (‑3.0% YoY), while the 1&1 Mobile Network segment reported negative EBITDA of €‑201.2m (worse vs €‑167.1m). Wholesale/internal revenues to Access rose sharply (≈€308.2m vs €23.0m prior year) reflecting national roaming accounting changes.

Cash flow, CAPEX and investment

Net inflow from operating activities rose strongly to €432.7m (9M). Cash CAPEX (tangible and intangible) increased to ~€228.7m (9M), mostly for mobile network expansion; free cash flow improved to €204.0m. Management updated full‑year 2025 cash CAPEX guidance to approx. €400m (previously ~€450m).

Balance sheet and financing

Balance sheet total rose to €8,545.9m; equity €6,198.9m and equity ratio ~72.5% (down from 75.0%). 1&1 received a long‑term loan via United Internet from JBIC (~€290m) to co‑finance network investments. Cash and cash equivalents were low at €3.3m, while receivables from related parties (cash placements) increased to €775.1m.

Customers and network progress

As of 30 Sep 2025, 1&1 AG served 16.34m customer contracts (‑50k YTD): mobile contracts rose to 12.48m while broadband fell to 3.86m. The company completed the large migration to its own Open‑RAN mobile network in early November 2025 and expects to reach ~25% household coverage with its own sites by year end; signed fibre cooperation agreements (Deutsche Glasfaser, OXG) add access to >5m households.

Guidance and one‑offs

Management reaffirmed 2025 EBITDA guidance at ~€545m and expects mobile‑segment EBITDA around €‑265m (including ~€‑100m related to migration and pre‑services). Excluding PPA effects, EBIT and EPS are notably higher (EBIT excl. PPA: €234.0m for 9M; EPS excl. PPA: €0.86 for 9M), underlining the impact of purchase price allocation depreciation on reported earnings.