freenet (FNTN) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with all management and supervisory board members present, emphasizing the return to an in-person AGM and welcoming shareholders and guests.

• Organizational details covered, including confirmation of proper convening, attendance procedures, and voting protocols.

• The agenda included presentation of financial statements, management and supervisory board reports, and proposals for dividend appropriation.

Financial performance review

• Consolidated revenue for 2025 was around EUR 2.4 billion, slightly below the previous year due to the sale of the Wi-Fi business.

• Adjusted EBITDA reached EUR 515 million, nearly matching the prior year, despite a negative contract impact.

• Consolidated profit was EUR 275 million, down 8% year-on-year, mainly due to higher tax expenses from loss carryforward utilization.

• Free cash flow stood at EUR 292 million, with future reporting to focus on adjusted free cash flow for greater transparency.

• Equity ratio remained above 40%, and debt-to-equity ratio was around 1.0x adjusted EBITDA, reflecting strong financial stability.

Board and executive committee updates

• Executive board restructured from six to two members, aiming for a leaner, more effective leadership.

• Robin Harries introduced as CEO since June 2025, with Ingo Arnold as CFO; outgoing board members thanked for their contributions.

• Supervisory board composition unchanged in 2025, except for Thomas Karlovits stepping down and Johannes Robert Wendt nominated as successor.