Return to: https://forum.investmentwiki.org/t/q1-2026-united-internet-earnings/572/2?u=aron | 🔔 Q1 2026 Earnings Calendar

See also: 2025 Q4 United Internet Earnings | ‣

Results materials:

Q1 2026 1&1 Report

Q1 2026 United Internet Report

Q1 2026 IONOS Report

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Observations and recommendations

Post-earnings observations:

• Competition in the mobile and fixed-line segment remains intense but improving: Competition in the mobile segment remains intensive but slowly improving.
• They increased prices in the fixed-line business at the beginning of April and will increase it moderately in the mobile segment: Satisfied with fixed-line business which has increasingly performed well even though they increased prices at the beginning of April.
• Decision on low-band spectrum by BNetzA is still pending but uncertain (page 5).
  • Without low-band spectrum, traffic would be around 5% less: Low-band spectrum will have around 5% more traffic than without.
  • BNetzA proposed that incumbents pay 1&1 EUR 6 m per year for 5 years: BNetzA has proposed that 1&1 will receive EUR 6 m per year for 5 years from all incumbents, compensation for not having received low-band spectrum. This is part of ongoing consultation.
• Network expansion is still the same, they are adding around 200-300 active antenna sites per quarter: Speed of network rollout is still the same, up to 200-300 each quarter (Aron: likely actives) and almost in line with that in the first quarter and so they will end at about 3,000 at the end of the year.
  • They had 30% household coverage at the end of Q1 and expects 35% coverage at the end of 2026: 30% household coverage at the end of Q1 and expect 35% coverage at the end of the year.
• EBITDA in “Enterprise and Networks” improved to -EUR 9.5 m from -EUR 30.4 m, primarily attributable to savings in external wholesale costs for mobile services since the mobile networks is increasingly generating more capacity (page 7).
• 1&1 said successful broadband marketing in Q1 2026 put an end to the long-term decline in broadband contracts. Also helped by new partnerships such as Deutsche Glasfaser and OXG, entered at the end of 2025 (page 11).
• Data growth rates of 1&1 and Vodafone have begun to converge though that of Vodafone is still lower: Data growth at 1&1 and Vodafone has become increasingly stable. However, data growth at Vodafone is still below that of 1&1, but in line with 2026 projections so far.
• IONOS pricing continues to improve and customer additions remain strong: IONOS real-time earnings call
• IONOS continues to see itself as an AI winner and sees revenue contribution from AI growing to 80% in 2028 from current 50% and 25% in 2025: CFO: We are definitely an AI winner. Revenue from AI now around 50%, see it reaching 80% by 2028.
• “Consumer & Small Business” replaces the former “Access Segment” while “Enterprise and Networks” combines “1&1 Mobile Network” and “1&1 Versatel” (page 6).

Pre-earnings recommendation:

• Given the risks mentioned and the fact that United Internet shares are up 16% in the last one year, I reiterated a “Hold” rating on the shares. </aside>

Q1 2026 United Internet Positive Outlook (Edit)

[https://docs.google.com/spreadsheets/d/1tLMFLm722OTytTQZUUTayVLqoqISfSvLKNfljXN64vE/edit?gid=0#gid=0](https://docs.google.com/spreadsheets/d/1tLMFLm722OTytTQZUUTayVLqoqISfSvLKNfljXN64vE/preview?gid=0#gid=0)

Q1 2026 United Internet Earnings Bullish and Bearish arguments

Management guidance and analysts’ estimates

Analysts’ opinions

Competitor results and expectations

United Internet real-time earnings call

• Speed of network rollout is still the same, up to 200-300 each quarter (Aron: likely actives) and almost in line with that in the first quarter and so they will end at about 3,000 at the end of the year.

1&1 real-time earnings call

• Data growth at 1&1 and Vodafone has become increasingly stable. However, data growth at Vodafone is still below that of 1&1, but in line with 2026 projections so far.
• Competition in the mobile segment remains intensive but slowly improving.
• Satisfied with fixed-line business which has increasingly performed well even though they increased prices at the beginning of April.
• 30% household coverage at the end of Q1 and expect 35% coverage at the end of the year.
• BNetzA has proposed that 1&1 will receive EUR 6 m per year for 5 years from all incumbents, compensation for not having received low-band spectrum. This is part of ongoing consultation.
• Low-band spectrum will have around 5% more traffic than without.

IONOS real-time earnings call

• CFO: We are definitely an AI winner. Revenue from AI now around 50%, see it reaching 80% by 2028.