freenet AG Q2 2026 Earnings Recap

The stock edged up by 0.9% following the earnings release, reflecting a broadly balanced investor response to stable subscriber additions and modest revenue growth, while concerns remain around ongoing margin pressures and ARPU stabilization.

Key Takeaways

• Added 140,000 subscribers in H1 2026, surpassing 10 million total, with net adds of 34,000 in Mobile and 35,000 in IPTV in Q2.
• Postpaid service revenues increased by 0.7%, supported by a 1% front book price increase, offsetting prior ARPU declines.
• Adjusted EBITDA grew close to 40% in H1, driven notably by the mobilezone acquisition and IPTV growth; however, margin impacts from a negative MNO agreement remain unresolved.
• Marketing and sales expansion through mobilezone integration enhanced sales footprint and gross adds grew 11% YoY in Mobile.
• Brand awareness remains low relative to competitors, with ongoing heavy investment aiming for longer-term improvements in direct customer acquisition and ARPU.