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Freenet AG Q1 Revenue Down; EBITDA Up

German telecommunications and web content provider Freenet AG (FRAGF.PK) on Wednesday posted a 29.7 percent decline in first-quarter revenues to 619.2 million euros from 648.8 million euros in the year-ago quarter.

Quarterly EBITDA rose 4.6 percent to 108.8 million euros from 104.2 million euros last year, helped by good operating performance of the TV and Media segment.

EBITDA margin rose 1.5 percentage points to 17.6 percent from the first quarter of 2020.

The company also confirmed its full year 2021 guidance of revenue remaining stable and EBITDA between 415 and 435 million euros and free cash flow between 200 and 220 million euros. Growth expectations for the relevant customer groups also remain unchanged, i.e. moderate growth for post-paid customers, moderate decrease for Freenet TV subscribers and solid growth for waipu.tv subscribers.

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