Germany ⫶ Turnaround continuing through challenging market conditions
-5.0% Service revenue FY25 organic growth
-12.6% Adj. EBITDAaL FY25 organic growth
Germany 40% of Group Adj. EBITDAaL 1
• Broadly stable Q4 service revenue trend with: − higher 1&1 wholesale revenue − lower MDU impact (+0.5pp QoQ) − partially offset by lower mobile ARPU • Mobile ARPU impacted by higher mobile competitive intensity in Q4 and prior period one-offs
• Gigabit broadband net additions broadly stable • MDU TV transition complete with 4.2 million customers secured, in line with expectations • Positive mobile contract additions despite mobile competition • 6.4 million IoT connections added
• Adjusted EBITDAaL decline driven by: − MDU transition impact (-7.5pp) − incremental commercial investments to support turnaround − challenging mobile market conditions • +2.4pp benefit from lower energy costs offset by inflation
Service revenue growth (%)
Net additions (‘000) Gigabit broadband
Adj. EBITDAaL (€billion)
2
Organic
Organic excl. MDU transition impact
DSL
Mobile contract
0.0
0.0
1.5% (0.3%)
51
(0.4)
(0.2)
34
(2.4%)
(2.6%)
(2.7%)
18
12
€5.0bn
0.6%
€4.4bn
(3)
(1.5%)
1
(17) (45) Q4 FY24
(23) (32) Q1 FY25
(24) (9) Q2 FY25
(8)
(4)
(39)
(6.0%)
(6.2%)
(6.4%)
FY24 Direct margin Net A&R Energy & extra inflation
Opex incl. re-investment
FY25
Q3 FY25
Q4 FY25
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
FY25 results ⫶ May 2025
1. Based on FY25 Adjusted EBITDAaL contribution. 2. Fibre customer additions included in Gigabit broadband from Q1 FY25.
8
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