1&1 / UNITED INTERNET : 1Q26 conf call feedback

研报英文原文证据摘录

1&1 / UNITED INTERNET : 1Q26 conf call feedback

EQUITIES

TELECOM OPERATORS

1&1 NEUTRALPRICE* EUR22.5  TARGET PRICE EUR25 (UPSIDE 11%)

UNITED INTERNET NEUTRALPRICE* EUR26.2  TARGET PRICE EUR29.5 (UPSIDE 12%)

FLASH NOTE

1Q26 conf call feedback

12 MAY 2026 Securities Research Report Production time: 12:15* (London time)

Research Analyst & Publishing Entities

Joshua Mills, CFA BNP Paribas London Branch (+44) 203 430 8670 Joshua.Mills@uk.bnpparibas.com

What happened?

1&1 and United Internet (UTDI) hosted separate conference calls following their respective 1Q26 results this morning

(see our results first-take). Our key takeaways are as follows.

1) Broadband trends – Broadband net adds stabilised in 1Q26 following many years of decline. Mngmt expressed

confidence that the improved trends can continue and result in positive net adds in rest of 2026. They expect the

improvement to be underpinned by 1&1’s increasing fibre footprint. As per mngmt, 1&1 now has the widest retail

fibre footprint in Germany having signed up with “all” fibre wholesale providers – while most of these agreements

are already operational, there are some that are yet to be activated over coming months which should provide a

further tailwind to customer additions.

2) German telecoms market competitive environment – Overall, mngmt characterised the competitive

environment across both mobile and fixed as “intense, but slowly stabilising”. With this in mind, 1&1 has raised

prices “slightly” in both mobile and broadband in April, as part of a move to focus on “value”.

3) Low band spectrum access, network rollout and Vodafone NRA – The group continues to engage with

regulators with a view to obtaining access to low band spectrum this year. However, mngmt noted that in the event