freenet AG (ISIN: DE000A0Z2ZZ5), the German mobile communications and IPTV group listed on the MDAX and TecDAX, reported revenues of EUR 2,289.6 million for the first nine months of 2026, a rise of 25.2% year-on-year, driven primarily by the integration of mobilezone Germany. Adjusted free cash flow grew 2.7% to EUR 233.3 million, supported by a cash conversion rate of approximately 63%. The Executive Board confirmed full-year 2026 guidance, with group adjusted EBITDA expected between EUR 500 million and EUR 530 million, and the company also announced a new long-term commercial agreement framework with Telefónica Deutschland.

Key Points

  • freenet AG (0MV2), ISIN DE000A0Z2ZZ5, listed on MDAX and TecDAX
  • Nine-month 2026 revenues rose 25.2% to EUR 2,289.6 million, with adjusted free cash flow up 2.7% to EUR 233.3 million
  • Total customer base reached 10.216 million postpaid and IPTV subscribers; 2026 guidance confirmed with adj. EBITDA of EUR 500–530 million and adj. free cash flow of EUR 270–300 million
  • Investors may be watching progress on the Telefónica Deutschland partnership renewal and the full-year impact of the EUR 50 million commercial agreement headwind

mobilezone Germany Integration Drives 31.9% Mobile Revenue Growth to EUR 1,980.3 Million

The Mobile Communications segment delivered revenues of EUR 1,980.3 million for the nine-month period, up 31.9% year-on-year, with the integration of mobilezone Germany — acquired at the end of 2025 — identified as the primary driver. freenet's postpaid customer base rose by 104 thousand to 8.345 million, while an additional 544 thousand postpaid contracts were sold through the reselling business during the period. Postpaid service revenues grew 0.9% to EUR 1,239.9 million. However, postpaid ARPU declined 5.1% to EUR 16.6, and segment adjusted EBITDA fell 10.6% to EUR 286.3 million, impacted by approximately EUR 32 million in additional costs arising from an existing commercial agreement with a single mobile network operator.

Telefónica Deutschland Signs Detailed Term Sheet for Ten-Year Partnership Continuation with freenet

A material development disclosed in the announcement is that freenet and Telefónica Deutschland have agreed key commercial terms for the long-term continuation of their partnership, with a detailed term sheet signed by both parties on 10 November 2026. The constructive discussions had been ongoing since the beginning of the year. The expected full-year negative impact of around EUR 50 million from the existing commercial agreement is fully reflected in the 2026 guidance and, the announcement states, does not alter the long-term profitability of freenet's mobile communications business. This resolution is a notable development given the headwind the agreement has created for segment profitability throughout the year.

waipu.tv Acquires Remaining 25% Stake for EUR 76 Million as IPTV Adj. EBITDA Rises 20.3%

freenet's IPTV segment, operated through waipu.tv, added 116 thousand subscribers to reach 1.871 million, maintaining its position as the second-largest IPTV provider in Germany behind MagentaTV. Adjusted EBITDA for the segment rose 20.3% to EUR 29.5 million. In mid-October 2026, freenet acquired the remaining approximately 25% of waipu.tv shares for an initial purchase price of around EUR 76 million, funded from available liquidity including proceeds from the sale of the remaining CECONOMY AG shares. The announcement states the transaction has no impact on the 2026 guidance or the communicated dividend policy, which guarantees a minimum dividend of EUR 2.00 per share for financial years 2026 to 2028.

freenet Confirms Full-Year 2026 Guidance Across All Segments

Based on nine-month performance, the Executive Board confirmed all elements of its 2026 financial year guidance. Group adjusted EBITDA is expected between EUR 500 million and EUR 530 million, and adjusted free cash flow between EUR 270 million and EUR 300 million. For the Mobile Communications segment, adjusted EBITDA guidance stands at EUR 390–420 million; for IPTV, EUR 45–55 million; and for Other/Holding, EUR 65–75 million. The postpaid customer base is expected to grow moderately, while waipu.tv subscriber numbers are expected to increase significantly. A results conference call was scheduled for 12 November 2026 at 11.00 am CET, available via webcast.