IONOS SE (=) : Q1’26 First take: Q1 in line with FY guide, another beat for new customers

研报英文原文证据摘录

IONOS SE (=) : Q1’26 First take: Q1 in line with FY guide, another beat for new customers

EQUITIES

IT SERVICES

IONOS SE NEUTRALPRICE* EUR28.1  TARGET PRICE EUR27 (DOWNSIDE 4%)

FLASH NOTE

Q1’26 First take: Q1 in line with FY guide, another beat for new customers

12 MAY 2026 Securities Research Report Production time: 07:22* (London time)

Research Analyst & Publishing Entities

Ines Mao BNP Paribas London Branch +44 207 595 6564 ines.mao@uk.bnpparibas.com

What happened?

IONOS just reported Q1’26 earnings. Key highlights include: 1) IONOS delivers another volume beat with +180k net

new customers (vs Cons. +116k), helped by usual seasonality (Q1 higher). 2) Group growth 7.6% ccy is running on

track with FY guide (7% ccy), driven by Web Presence & Hosting growth accelerating to 8.2% (ccy) vs Cons.

closer to MSD%; 3) FY26 guidance is unchanged.

Conference call is at 9am CET. We will focus on incremental comments regarding AI monetization and contribution

from Momentum AI platform to-date, as well as cost to acquire new customers as we note marketing expenses

being more concentrated in Q1 vs last year. We will also look for details on Cloud demand and ITZBund contract

contribution in Q1.

BNPP View:

Net Customer Adds remained strong in Q1, IONOS adding +180k users (vs Cons +116k) with total user base reaching

6.81m users. We think this should support near-term sentiment given up-selling potential to a larger installed base

following strong customer adds since 2025.

Group growth stands at 5.7% (reported)/ 7.6% ccy, ahead of BNPP and Cons. at 4% (reported). Performance

was notably driven by WP&P segment

– WP&P: growth improves to 8.2% ccy in Q1 despite a slightly tougher Y/Y comp. IONOS Momentum AI platform

is rolling out with Co. citing “strong demand for AI products”, although