1&1 (1U1) Q1 2026 earnings summary

Executive summary

• Customer contracts remained stable at 16.32 million, with 12.48 million mobile and 3.84 million broadband lines as of March 31, 2026.

• Revenue for Q1 2026 was €1,146.0 million, with reported year-over-year growth ranging from 1.1% to 12.5% depending on consolidation effects.

• EBITDA for Q1 2026 was €192.4 million, with performance described as flat or up 23.4% depending on consolidation and cost savings.

• Net profit for Q1 2026 was €17.8 million, with reports of both a 60.9% increase and a decline from €47.2 million due to higher depreciation and finance costs.

• The company completed the migration of all customers to its own 5G Open RAN network, now reaching 29% of German households.

Financial highlights

• Service revenue for Q1 2026 was €899.7 million, with year-over-year changes reported as a 1.2% decline or 9.5% growth depending on consolidation.

• Hardware and other revenues increased 25.3% to €246.3 million, mainly from early hardware sales recognition.

• Free cash flow improved to €56.2 million from €15.8 million in Q1 2025.

• Equity ratio increased to 55.3% from 54.5% at year-end 2025.

• EBIT for Q1 2026 was €57.8 million, up 27.0% year-over-year due to expiry of PPA amortization.

Outlook and guidance

• 2026 service revenue is expected to remain at 2025 levels (€3.66 billion).

• EBITDA is forecast to rise to approximately €800 million in 2026, up from €689 million in 2025.

• Cash capex for 2026 is projected at €500–€550 million, down from €652 million in 2025.

• Annual EBITDA growth of about €100 million is expected for 2027 and 2028, with capex stable.

• Moderate growth in customer contracts is anticipated, reversing the previous year’s decline.