What Freenet Group does

Freenet Group is a German digital lifestyle provider headquartered in Büdelsdorf and listed on the MDAX (ticker FNTGn), operating through three segments: Mobile Communications, IPTV, and Other/holding including Media Broadcast. In Mobile Communications, the company acts as a network-independent reseller, distributing postpaid tariffs and devices under the freenet, klarmobil, freenet FUNK and freenet FLEX brands via approximately 500 retail shops and online channels, serving 8.270m postpaid customers in Q1 2026. The IPTV segment is operated through majority-owned subsidiary Exaring AG, which runs the waipu.tv IPTV/OTT streaming platform launched in 2016 and had 1.797m paying subscribers at the end of Q1 2026, monetised through subscriptions and a secondary targeted-advertising revenue pillar. The Other/holding segment now includes Media Broadcast (broadcasting infrastructure) and contributed €61.9m of Q1 2026 revenue, alongside freenet Internet, freenet TV, freenet Video and freenet Mail & Cloud consumer services.

The group reported Q1 2026 revenue of €761.9m (+26.1% YoY), driven by the integration of mobilezone Deutschland and IPTV growth, with adjusted EBITDA of €122.0m and adjusted free cash flow of €85.7m (+10.4%). Full-year 2026 guidance is €500–530m adjusted EBITDA and €270–300m adjusted free cash flow, consistent with management's updated Ambition 2028 targets of at least €620m adjusted EBITDA and €340m free cash flow. Distribution is omni-channel (physical shops, brand websites, resellers, app-based tariffs, and TV advertising such as the klarmobil World Championship 2026 campaign), with Deutsche Telekom disclosed as the largest shareholder (~25%) and an 80% dividend payout policy (€2.07 per share approved at the 2026 AGM, totalling €241.5m). Management is led by CEO Robin Harries and CFO Ingo Arnold; Citigroup and Berenberg have been engaged as global coordinators for a potential Frankfurt IPO of waipu.tv/Exaring AG, which could value the IPTV subsidiary at up to €1.5 billion.

Underlying technology centres on the waipu.tv IPTV/OTT streaming platform operated by Exaring AG and on MVNO reseller infrastructure across Telefónica Deutschland and other partner networks; there are no proprietary network assets. The group employs 3,000+ people and operates no AI/ML products as a core differentiator, with freenet SmartLab offering consumer-facing digital-literacy workshops rather than in-house AI capabilities. Customer concentration risk is low at the end-customer level (millions of B2C subscribers) but the business is heavily dependent on Telefónica Deutschland as a network partner, with disputed MNO contract renegotiations flagged as a ~€50m headwind.

Name

Freenet Group

Legal name

freenet AG

Website

https://freenet.ag

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Freenet Group is a German MDAX-listed digital lifestyle provider that resells mobile postpaid tariffs under brands including freenet and klarmobil to 8.27m customers and operates the waipu.tv IPTV platform with 1.8m subscribers via majority-owned Exaring AG.

Ownership category

akta.pro rank

Product category

Mobile Telecommunications Services

NAICS

Telecommunications Resellers (517121), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (51621)

SIC

Cable & Other Pay Television Services (4841)

akta.pro primary industry

Consumer Mobile Network Operators (Retail MNOs) (HDAIAAAA)

Keywords

• Mobile telecommunications services
• IPTV streaming platform
• Mobile virtual network operator
• Consumer telecom services
• Digital entertainment services

Headquarters

HQ city

Büdelsdorf

HQ country

Germany

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Mobile Communications: Postpaid mobile contracts, hardware sales, and reselling business. Revenue generated from service revenues and device sales. Segment revenue €658.8m in Q1 2026. Postpaid service revenues €409.8m.
2. IPTV/Subscription (waipu.tv): Subscription-based IPTV streaming service with 1.797m subscribers. Revenue predominantly from subscriptions plus targeted advertising as second revenue pillar. Q1 2026 revenues €52.8m.
3. Other/holding including Media Broadcast: Includes Media Broadcast business since 2026. Q1 2026 revenue €61.9m.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Freenet Group is a German digital lifestyle provider operating as a network-independent mobile virtual network operator (MVNO) and IPTV provider. It sells postpaid mobile contracts, devices, and related services under brands including freenet and klarmobil, and operates the waipu.tv IPTV streaming platform through majority-owned subsidiary Exaring AG. It distributes these offerings through an omni-channel model combining approximately 500 freenet retail shops across Germany with digital channels and reseller partnerships.

Product overview

Freenet Group operates as a German digital lifestyle provider offering a multi-brand portfolio of telecommunications and media services. The company operates through three main segments: Mobile Communications (including freenet, klarmobil, freenet FUNK, and freenet FLEX brands offering postpaid mobile contracts), IPTV (waipu.tv streaming service with 1.797 million subscribers), and Other/holding (including Media Broadcast, freenet Internet, freenet TV, freenet Video, and freenet Mail & Cloud). As a network-independent provider, Freenet distributes mobile services through resale agreements with network operators while focusing on value-creating customer relationships and digital lifestyle services.

Differentiator

Problem solved

Functional benefit

Brands

• waipu.tv: IPTV/streaming platform offering television content over the internet, operated by majority-owned subsidiary Exaring AG.
• freenet SmartLab

Products and services

• freenet Mobile
• klarmobil
• waipu.tv
• freenet TV
• freenet Video
• freenet Mail & Cloud
• freenet Internet
• freenet FUNK
• freenet FLEX
• Media Broadcast

Quantifiable outcome

• 26.1% revenue growth to €761.9m in Q1 2026
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor.

• Telefónica DeutschlandminorStrategic or Co-development PartnerNetwork operator partner with ongoing contract renegotiations. Approximately €50 million headwind expected from disputed MNO contract. Also sales partnership for O2TV subscription customers excluded from waipu.tv subscriber count.
• PRO Repair GmbHminorImplementation/ SI/ Consulting PartnerRepair partner for freenet shops with repair licenses from many well-known manufacturers. Provides warranty repairs using original spare parts in approximately 500 freenet shops.
• WERTGARANTIEminorChannel Partner/ Reseller/ DistributorDevice protection provider offering insurance against accidental damage, theft and cyber protection for smartphones, tablets, computers, TVs sold through freenet shops.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• United Internet (1&1): United Internet operates 1&1 as a German MVNO/internet service provider with a very similar business model to Freenet — network-independent retail of mobile and broadband services. Both compete head-to-head in German postpaid mobile and DSL/internet markets.
• Sky Deutschland: Premium pay-TV and streaming provider in Germany (Sky Q, WOW). Directly competes with waipu.tv in subscription TV/entertainment and serves the same German consumer base with overlapping content rights.

Broad incumbents

• Telefónica Deutschland (O2): Germany's third-largest MNO and Freenet's key network partner. While also a wholesale network provider to MVNOs like Freenet, O2 competes for end-consumer postpaid customers with overlapping tariff products (O2 Free, O2 TV).
• Deutsche Telekom: Germany's incumbent MNO and Freenet's largest shareholder (~25%). Operates MagentaTV (direct competitor to waipu.tv) and T-Mobile/Hybrid postpaid plans, while also providing wholesale network access to Freenet's MVNO operations.
• Vodafone Germany: One of Germany's three major MNOs offering postpaid mobile, cable broadband, and GigaTV (competing IPTV product). Comparable as a quad-play telecom/TV provider overlapping with Freenet's mobile and waipu.tv offerings.

Emerging players

• RTL Deutschland: Operates RTL+ streaming service and traditional broadcast TV channels in Germany. A direct competitor in the German OTT/streaming market against waipu.tv, with strong content production capabilities.
• ProSiebenSat.1: Operates Joyn streaming platform alongside traditional TV channels (SAT.1, ProSieben). Competes with waipu.tv for German streaming subscribers and ad-supported video demand.
• Zattoo: Swiss-headquartered internet TV provider offering Zattoo Home and IPTV services across Germany, Switzerland, and Austria. Comparable IPTV/zattoo-style OTT platform competing with waipu.tv in the DACH region.
• CANAL+ Deutschland: French-backed pay-TV and streaming operator with a growing German presence, competing for premium subscription TV customers against waipu.tv and Sky Deutschland.

Others

• Ströer: German out-of-home advertising and digital media company. Tangentially related to waipu.tv's targeted advertising revenue stream and comparable German media footprint, though not a direct competitor in mobile or IPTV.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookde-de.facebook.com/freenet
• LinkedInlinkedin.com/company/freenet-ag
• Instagraminstagram.com/freenet_karriere
• Xx.com/freenet_presse

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Freenet Group