United Internet:Quarterly Results/2025 Q2

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Competitor expectations and results

Q1 2026 Vodafone results

Operating results

• Q1 2026 German service revenue declined 3.2% y/y to €2.69 billion, below 4.6% expected- mainly due to the impact of the TV law change. Excluding, the impact of the TV law change, service revenue could have fell 0.3% y/y. Mobile competitive intensity was offset by Wholesale growth.
• Whole sale revenue added 1% to organic service revenue growth. IoT phasing and B2B recovery contributed another 1%.
• Mobile service revenue grew by 2.7% in Q1.
• Mobile customer contracts declined by 36,000. "Our mobile contract customer base declined by 36,000 (Q4: 12,000) in the quarter, due to the continued reduction of customers through resellers’ channels and low ARPU Business disconnections. The overall competitive intensity in the mobile market impacted the number of new customer additions.," Vodafone said in its press release.
• Germany EBITDA fell 8.2% to €291 million.

1&1

• Vodafone said 7.7 million 1&1 customers had been migrated at the end of June 2025.

Competition

• Vodafone said in the earnings call that competition remains intense.

“The market has remained very competitive in mobile, but we are seeing tangible results from the actions we have taken.”

“No particular changes to the pricing environment since May… so the market remains very competitive.”

“No particular changes to the pricing environment since May… so the market remains very competitive.”

Q2 2025 Telefonica results

• O2 CEO Markus Haas said they have been able to increase promotions and tariffs by 10% with the launch of unlimited on demand in the last quarter. He said this is a very attractive offer.