IONOS: Strong execution in Q1

研报英文原文证据摘录

IONOS: Strong execution in Q1

Equity Research

EMEA Internet

13 May 2026

IONOS

Strong execution in Q1

Solid Q1 with strong net adds, no incremental

disappointment on ARPU, reiterated guide and some green

shoots on AI monetisation. Forecast changes small. Stay OW. IOSn.DE/IOS GY OVERWEIGHT Unchanged

EMEA Internet POSITIVE

Key points from Q1. Outlined in detail in the note but strong net adds in Q1, sequentially Unchanged

improved ARPU (albeit some accounting element), a positive early tone on incremental Price Target EUR 34.00

monetisation from AI products and some more colour around capital allocation strategy (M&A Unchanged

seems an increasing priority). Price (11-May-26) EUR 28.06

Potential Upside/Downside +21.2%Change to forecasts. Our revenue and EBITDA estimates move up c0.5% on average with

Source: Bloomberg, Barclays Research

marginally higher customer number assumptions. We then cut our assumption on Ad Tech (held

for sale) valuation to zero. We hope this is conservative but have to reflect the very soft

Market Cap (EUR mn) 3928operating trends. PT stays unchanged at €34.

Shares Outstanding (mn) 140.00

Staying OW. 7% FCF yield in ‘26E still reasonable value in our view for FCF growth that is likely Free Float (%) 33.90

to be DD going forwards. We accept there is a live two-way debate on AI that is unlikely to be 52 Wk Avg Daily Volume (mn) 0.3

fully resolved any time soon. However, we do see it as positive that there is some early progress Dividend Yield (%) N/A

on AI monetisation, and were the group to deliver accelerating revenue growth through this year Return on Equity TTM (%) 100.42

and again in to 2027E with increased contribution from AI monetisation in 2027E, we believe this Current BVPS (EUR) 2.13

could be a setup that helps a rerating.