1&1 (AO) | Hold | Q1 review: uninspiring start - soft EBITDA adj.

研报英文原文证据摘录

1&1 (AO) | Hold | Q1 review: uninspiring start - soft EBITDA adj.

News comment

Release date: 12 May 2026

Florian Treisch

Equity Research Analyst

Hold +49 697 569 61321&1 ftreisch@keplercheuvreux.com

Germany | Telecom services Beta Profile: MCap: EUR4.0bn

Target Price: EUR21.00 Bloomberg: 1U1 GR Reuters: 1U1.DE

Current Price: EUR22.50 Free float 14%

Up/downside: -6.7% Avg. daily volume (EURm) 2.4

YTD abs performance -9.1% Market data: 11 May 2026

52-week high/low (EUR) 27.25/15.38

Q1 review: uninspiring start - soft EBITDA adj.

Key points:

Q1 results were uninspiring as the margin was under more pressure than anticipated, with profitability in 1&1's core Consumer

and Small Business segment being down by almost 10%.

The FY-26 guidance was reiterated (as reflected in the current consensus). The promised EBITDA adj. inflection point is mainly

driven by lower costs of the 1&1 Mobile Network.

At today's conference call (at 10:30am CET), we expect the market to focus on service revenue growth phasing over the course of

2026, current margin headwinds and first benefits from the merger with Versatel.

We continue to see a balanced risk-reward profile at current share price levels, with limited upside to consensus expectations on

FY-26 estimates, though we notice 1&1’s confidence in the outer years. We do not expect to get any new insights into any potential

take-out discussion with Telefonica at today’s analyst meeting.

Q1 review: an uninspiring start to the year - soft EBITDA adj.

1&1 delivered an uninspiring performance in Q1, with a weaker profitability being the key focus.

Service revenue growth of a negative 1.2% was slightly softer than anticipated, turning negative after a positive Q4 performance,

though all in a digestible manner for full FY_26 targets.

Group EBITDA adj.