Germany 38% of Group Adj. EBITDAaL 1 Germany ⫶ Return to service revenue growth +0.5% Q2 Service revenue growth
-4.3% H1 Adj, EBITDAaL
• Return to service revenue growth after five quarters impacted by TV law change • Q2 service revenue improvement due to: − annualisation of MDU TV law change impact (+2.9pp QoQ) − higher wholesale revenue (+1.2pp QoQ) • High competitive intensity still impacting Consumer & Business mobile ARPU
• ‘Value over volume’ strategy across mobile & broadband • Continued improvement in broadband “front-book” pricing, including: − reduced discounts − increased one-time fees − direct sales channel focus
• Adjusted EBITDAaL decline driven by: − MDU transition impact (-2.4pp) − prior year commercial investments to support turnaround • Higher wholesale revenue offsetting challenging mobile market conditions • Lower opex, supported by cost savings, partially offset by higher direct costs
Service revenue growth (%)
Net additions (‘000)
Adj. EBITDAaL (€billion)
Gigabit broadband
DSL
Mobile contract
Organic
Organic excl. MDU transition impact
34
0.5% 0.5%
- 2.0pp
€2.3bn
-2.4pp
18
(0.3%)
€2.2bn
12
(2.4%)
(1)
(2.6%)
€(0.1bn)
(2.7%)
(8)
1
(3)
(11)
(15) (36) Q1 FY26
(24)
(4)
(8)
(15)
(3.2%)
(9)
(6.0%)
(6.2%)
(6.4%)
H1 FY25
Service Revenue
MDU impact
A&R
Other Costs
H1 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q2 FY26
H1 FY26 Results ⫶ November 2025
1. Based on H1 FY26 Adjusted EBITDAaL contribution.
7
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