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IONOS Group (IOS) — Hosting, Cloud & Cash Generation 2026–2030

IOS

A financial model and stock analysis of IONOS Group SE (Xetra: IOS), covering revenue, profitability and cash flow forecasts from 2026 to 2030. Explore how recurring web hosting revenue, cloud growth, infrastructure investment and restructuring affect EBITDA, EBIT and free cash flow. The model includes linked financial statements, Base, Bear and Bull scenarios, and an EV/EBIT valuation framework. Key assumptions are explained directly in the model and can be adjusted or forked.

JährlichAktienanalyse

EURk · Base, Bear, Bull · Modellzeitraum: 2026-01-01 – 2030-12-31

Das Veröffentlichungsdatum bezeichnet den Zeitpunkt der Veröffentlichung, nicht die Aktualität der Annahmen.

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Finanzielle Risiken · Prognosen beruhen auf Annahmen. Investitionen können zum Totalverlust führen.

Veröffentlichte Modelle werden von Nutzern eigenständig erstellt. Szenarien und Prognosen sind hypothetisch und hängen von Annahmen ab; tatsächliche Ergebnisse können erheblich abweichen. BalanceCheat überprüft oder bestätigt weder die Richtigkeit noch die Angemessenheit von Nutzermodellen und erbringt keine persönliche Anlageberatung. Die Tools dienen der Modellierung, Bildung, Recherche und Diskussion. Stützen Sie Anlageentscheidungen nicht allein auf ein veröffentlichtes Modell. Investitionen können zum Totalverlust führen. Autoren müssen geltendes Recht einschließlich einschlägiger Offenlegungspflichten für Anlageempfehlungen und Interessenkonflikte beachten. Bezeichnungen und Haftungshinweise schaffen keine regulatorische Ausnahme.

Die Ergebnisse wurden lokal beim Veröffentlichen berechnet. Der Server prüft die Struktur des Snapshots, berechnet das Finanzmodell jedoch nicht unabhängig neu. Beim Fork werden die Ergebnisse mit dem lokalen Modellkern geprüft.

Aktienanalyse · Base

Quellen der Aktienanalyse
KennzahlWert
Finanzkennzahl (EURk)477.016,61
Nettoverschuldung (Abzug) (EURk)293.486,66
Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk)89.587
Aktienanzahl für die Bewertung (Anteile)134.691.459

Aktienanalyse · Bear

Quellen der Aktienanalyse
KennzahlWert
Finanzkennzahl (EURk)348.143,94
Nettoverschuldung (Abzug) (EURk)585.436,56
Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk)89.587
Aktienanzahl für die Bewertung (Anteile)134.691.459

Aktienanalyse · Bull

Quellen der Aktienanalyse
KennzahlWert
Finanzkennzahl (EURk)521.993,59
Nettoverschuldung (Abzug) (EURk)266.191,23
Sonstige Equity-Überleitung (Zu- / Abschlag) (EURk)89.587
Aktienanzahl für die Bewertung (Anteile)134.691.459

Jährlich · Base

Kapitalflussrechnung · Jährlich · EURk
Kennzahl20262027202820292030
Free Cashflow to Firm244.704,74287.590,91347.671,69372.333,3400.139,84
Free Cashflow to Equity100.514,79145.239,8210.004,33240.015,16273.479,27
Equity-Überleitung · Nettoverschuldung730.730,79544.490,99293.486,6612.471,5-302.007,76
Veränderung der Forderungen-12.797,8-5.743,71-5.751,96-5.678,01-5.483,36
Veränderung der Vorräte00000
Veränderung der Lieferverbindlichkeiten-3.797,785.231,675.559,195.442,075.195,13
Veränderung des sonstigen Working Capital18.798,54-18.102,355.481,945.411,465.225,95
Hinzurechnung der Abschreibungen101.802,93123.783,79148.308,79147.542,02147.725,25
Sonstige nicht zahlungswirksame Posten-1.7940000
Operativer Cashflow323.430,79383.239,8456.004,33494.015,16530.479,27
Investitionsauszahlungen-108.000-122.000-130.000-138.000-141.000
Cashflow aus Investitionstätigkeit-89.793-122.000-130.000-138.000-141.000
Kreditaufnahme700.0000000
Kredittilgung-814.916-116.000-116.000-116.000-116.000
Revolveraufnahme / (Tilgung)00000
Gezahlte Dividenden0-75.000-75.000-75.000-75.000
Cashflow aus Finanzierungstätigkeit-203.229,58-191.000-191.000-191.000-191.000
Veränderung der Zahlungsmittel30.408,2170.239,8135.004,33165.015,16198.479,27
Freier Cashflow215.430,79261.239,8326.004,33356.015,16389.479,27
Gewinn- und Verlustrechnung · Jährlich
Kennzahl20262027202820292030
Umsatzerlöse (EURk)1.423.577,041.540.046,661.656.683,721.771.821,111.883.011,56
Umsatzkosten (EURk)-482.728,11-519.450,44-558.471,7-596.670,86-633.136,71
Bruttoergebnis (EURk)940.848,941.020.596,221.098.212,031.175.150,241.249.874,85
Sonstige betriebliche Erträge (EURk)4.00022.00030.00034.00034.000
Vertriebs- und Verwaltungskosten (EURk)-476.353,87-470.490,83-502.886,62-535.675,5-565.296,68
Abschreibungen (EURk)-101.802,93-123.783,79-148.308,79-147.542,02-147.725,25
EBITDA (EURk)468.495,06572.105,4625.325,4673.474,75718.578,17
EBIT (EURk)366.692,13448.321,61477.016,61525.932,72570.852,91
Zinsaufwand (EURk)-42.320,6-39.334,78-33.550,78-27.766,78-21.982,78
Ergebnis vor Steuern (EURk)326.575,42409.852,84445.385,44502.110,61555.290,03
Steuern (EURk)-102.871,26-129.103,64-140.296,41-158.164,84-174.916,36
Jahresüberschuss (EURk)223.704,16280.749,19305.089,02343.945,77380.373,67
Umsatzwachstum (%)8,18,187,576,956,28
Bruttomarge (%)66,0966,2766,2966,3266,38
Bilanz · Jährlich · EURk
Kennzahl20262027202820292030
Liquide Mittel57.734,21127.974,01262.978,34427.993,5626.472,76
Forderungen aus Lieferungen und Leistungen70.203,875.947,5181.699,4787.377,4892.860,84
Vorräte2020202020
Verbindlichkeiten aus Lieferungen und Leistungen68.772,2274.003,979.563,0985.005,1690.200,3
Sonstiges Umlaufvermögen180.042,2182.578,59186.544,25190.458,92194.239,39
Sonstige kurzfristige Verbindlichkeiten270.720,74255.154,78264.602,38273.928,51282.934,94
Langfristige Finanzschulden788.465672.465556.465440.465324.465
Erforderliche revolvierende Finanzierung00000
Sachanlagen298.702,43312.739,01311.150,58319.428,92331.824,03
Sonstiges Anlagevermögen1.011.064,91997.923,35983.885,63968.713,43952.150,45
Sonstige langfristige Verbindlichkeiten55.40655.40655.40655.40655.406
Summe Umlaufvermögen308.000,21386.520,1531.242,06705.849,9913.593
Summe Aktiva1.617.767,551.697.182,461.826.278,271.993.992,252.197.567,48
Bilanzielles Eigenkapital434.403,58640.152,78870.241,81.139.187,571.444.561,24
Summe Passiva1.617.767,551.697.182,461.826.278,271.993.992,252.197.567,48
Business Lines
Business Lines · Jährlich
Kennzahl20262027202820292030
Bewertung · Web Presence & Productivity (EURk)1.167.947,721.249.704,071.324.686,311.397.544,061.467.421,26
Bewertung · Cloud Solutions (EURk)220.629,32260.342,6301.997,41344.277,05385.590,3
Bewertung · Related-party services (EURk)35.00030.00030.00030.00030.000
Bewertung · Hosting delivery cost before D&A (EURk)362.063,79387.408,26410.652,76433.238,66454.900,59
Bewertung · Cloud delivery cost before D&A (EURk)92.664,31108.042,18123.818,94139.432,21154.236,12
Bewertung · Related-party delivery cost (EURk)28.00024.00024.00024.00024.000
Bewertung · Sales, customer acquisition and marketing (EURk)314.610,53340.350,31366.127,1391.572,46416.145,55
Bewertung · Platform and administration before transformation (EURk)85.00088.40091.93695.61399.438
Bewertung · Customer credit losses (EURk)15.659,3516.940,5118.223,5219.490,0320.713,13
Bewertung · Ordinary other operating income (EURk)4.0004.0004.0004.0004.000
Bewertung · Transformation gross savings — cost offset (EURk)018.00026.00030.00030.000
Bewertung · AI and cloud operating reinvestment (EURk)010.80015.60018.00018.000
Bewertung · Transformation expense (EURk)35.0000000
Bewertung · Standalone and implementation costs (EURk)12.0005.0002.0002.0002.000
Bewertung · Share-award cash-equivalent compensation (EURk)9.0009.0009.0009.0009.000
Bewertung · Customer receivables (EURk)70.203,875.947,5181.699,4787.377,4892.860,84
Bewertung · Small operating inventory (EURk)2020202020
Bewertung · Supplier payables (EURk)68.772,2274.003,979.563,0985.005,1690.200,3
Bewertung · Prepaid acquisition and service costs (EURk)49.825,252.361,5956.327,2560.241,9264.022,39
Bewertung · United Internet cash-pool receivable (EURk)81.33081.33081.33081.33081.330
Bewertung · AdTech assets held for sale (EURk)15.40715.40715.40715.40715.407
Bewertung · Other current assets (EURk)33.48033.48033.48033.48033.480
Bewertung · Customer contract liabilities (EURk)115.309,74124.743,78134.191,38143.517,51152.523,94
Bewertung · Transformation provision (EURk)25.0000000
Bewertung · AdTech liabilities held for sale (EURk)12.84312.84312.84312.84312.843
Bewertung · Other current operating liabilities (EURk)117.568117.568117.568117.568117.568
Bewertung · Owned servers, infrastructure and maintenance (EURk)95.000105.000110.000115.000115.000
Bewertung · Cash replacement of expiring leased capacity (EURk)5.0008.00010.00012.00014.000
Bewertung · Existing leased property and equipment (EURk)00000
Bewertung · Finite intangibles and software investment (EURk)8.0009.00010.00011.00012.000
Bewertung · Goodwill (EURk)820.588820.588820.588820.588820.588
Bewertung · Non-current contract acquisition costs (EURk)32.742,2735.421,0738.103,7340.751,8943.309,27
Bewertung · Other non-current and deferred-tax assets (EURk)50.09350.09350.09350.09350.093
Bewertung · Other non-current liabilities (EURk)55.40655.40655.40655.40655.406
Bewertung · Existing bank loan — December 2026 maturity (EURk)00000
Bewertung · Assumed December refinancing (EURk)700.000600.000500.000400.000300.000
Bewertung · Existing lease liabilities (EURk)88.46572.46556.46540.46524.465
Bewertung · Refinancing and carrying-value settlement (EURk)5.0840000
Bewertung · Interest on opening bank cash (EURk)409,89866,011.919,613.944,686.419,9
Bewertung · Current tax on positive profit (%)31,531,531,531,531,5
Bewertung · Verified 2026 buybacks and future distributions (EURk)075.00075.00075.00075.000
Bewertung · Reported H1 asset-sale gain (EURk)1.7940000

Jährlich · Bear

Kapitalflussrechnung · Jährlich · EURk
Kennzahl20262027202820292030
Free Cashflow to Firm152.775,46211.165,04247.116,45272.398,25282.530,15
Free Cashflow to Equity108.656,77108.082,79147.069,46175.778,34189.625,84
Equity-Überleitung · Nettoverschuldung822.588,81723.506,02585.436,56418.658,22238.032,38
Veränderung der Forderungen-29.880,39-3.161,06-3.672,78-3.724,91-3.748,84
Veränderung der Vorräte00000
Veränderung der Lieferverbindlichkeiten-7.4632.203,472.900,062.931,322.934,96
Veränderung des sonstigen Working Capital4.025,5-18.344,57-8.076,581.950,721.963,25
Hinzurechnung der Abschreibungen102.437,47125.099,73149.224,73146.431,39143.488,05
Sonstige nicht zahlungswirksame Posten-1.7940000
Operativer Cashflow237.572,77297.082,79338.069,46364.778,34380.625,84
Investitionsauszahlungen-114.000-123.000-125.000-123.000-125.000
Cashflow aus Investitionstätigkeit-95.793-123.000-125.000-123.000-125.000
Kreditaufnahme800.0000000
Kredittilgung-814.916-66.000-66.000-66.000-66.000
Revolveraufnahme / (Tilgung)00000
Gezahlte Dividenden0-75.000-75.000-75.000-75.000
Cashflow aus Finanzierungstätigkeit-103.229,58-141.000-141.000-141.000-141.000
Veränderung der Zahlungsmittel38.550,1933.082,7972.069,46100.778,34114.625,84
Freier Cashflow123.572,77174.082,79213.069,46241.778,34255.625,84
Gewinn- und Verlustrechnung · Jährlich
Kennzahl20262027202820292030
Umsatzerlöse (EURk)1.385.197,031.435.361,71.493.647,191.552.759,841.612.252,23
Umsatzkosten (EURk)-495.084,5-511.840,07-533.892,6-556.182,87-578.500,77
Bruttoergebnis (EURk)890.112,53923.521,63959.754,59996.576,971.033.751,46
Sonstige betriebliche Erträge (EURk)4.00012.00020.00026.00029.000
Vertriebs- und Verwaltungskosten (EURk)-488.072,08-467.628,26-482.385,91-503.986,4-524.577,54
Abschreibungen (EURk)-102.437,47-125.099,73-149.224,73-146.431,39-143.488,05
EBITDA (EURk)406.040,45467.893,38497.368,67518.590,57538.173,92
EBIT (EURk)303.602,98342.793,64348.143,94372.159,17394.685,86
Zinsaufwand (EURk)-43.112,38-56.334,78-52.300,78-48.266,78-44.232,78
Ergebnis vor Steuern (EURk)262.694,49287.447297.327,54326.457,82354.530,18
Steuern (EURk)-86.689,18-94.857,51-98.118,09-107.731,08-116.994,96
Jahresüberschuss (EURk)176.005,31192.589,49199.209,45218.726,74237.535,22
Umsatzwachstum (%)5,193,624,063,963,83
Bruttomarge (%)64,2664,3464,2664,1864,12
Bilanz · Jährlich · EURk
Kennzahl20262027202820292030
Liquide Mittel65.876,1998.958,98171.028,44271.806,78386.432,62
Forderungen aus Lieferungen und Leistungen87.286,3990.447,4594.120,2397.845,14101.593,98
Vorräte2020202020
Verbindlichkeiten aus Lieferungen und Leistungen65.10767.310,4770.210,5373.141,8676.076,81
Sonstiges Umlaufvermögen185.624,88187.631,47189.962,89192.327,39194.707,09
Sonstige kurzfristige Verbindlichkeiten261.530,38245.192,4239.447,24243.762,47248.105,41
Langfristige Finanzschulden888.465822.465756.465690.465624.465
Erforderliche revolvierende Finanzierung00000
Sachanlagen303.167,89316.188,52309.084,15303.873,12305.805,43
Sonstiges Anlagevermögen1.015.237,761.001.421,68985.816,74969.133,3950.259,74
Sonstige langfristige Verbindlichkeiten55.40655.40655.40655.40655.406
Summe Umlaufvermögen338.807,46377.057,9455.131,56561.999,31682.753,68
Summe Aktiva1.657.213,111.694.668,11.750.032,451.835.005,731.938.818,85
Bilanzielles Eigenkapital386.704,73504.294,22628.503,67772.230,41934.765,63
Summe Passiva1.657.213,111.694.668,11.750.032,451.835.005,731.938.818,85
Business Lines
Business Lines · Jährlich
Kennzahl20262027202820292030
Bewertung · Web Presence & Productivity (EURk)1.140.786,151.175.009,731.210.260,031.246.567,831.283.964,86
Bewertung · Cloud Solutions (EURk)209.410,88230.351,97253.387,16276.192,01298.287,37
Bewertung · Related-party services (EURk)35.00030.00030.00030.00030.000
Bewertung · Hosting delivery cost before D&A (EURk)370.755,5381.878,16393.334,51405.134,54417.288,58
Bewertung · Cloud delivery cost before D&A (EURk)96.329105.961,91116.558,1127.048,32137.212,19
Bewertung · Related-party delivery cost (EURk)28.00024.00024.00024.00024.000
Bewertung · Sales, customer acquisition and marketing (EURk)318.595,32330.133,19343.538,85357.134,76370.818,01
Bewertung · Platform and administration before transformation (EURk)85.00088.40091.93695.61399.438
Bewertung · Customer credit losses (EURk)19.392,7620.095,0620.911,0621.738,6422.571,53
Bewertung · Ordinary other operating income (EURk)4.0004.0004.0004.0004.000
Bewertung · Transformation gross savings — cost offset (EURk)08.00016.00022.00025.000
Bewertung · AI and cloud operating reinvestment (EURk)06.00012.00016.50018.750
Bewertung · Transformation expense (EURk)35.0005.000000
Bewertung · Standalone and implementation costs (EURk)14.0009.0005.0004.0004.000
Bewertung · Share-award cash-equivalent compensation (EURk)9.0009.0009.0009.0009.000
Bewertung · Customer receivables (EURk)87.286,3990.447,4594.120,2397.845,14101.593,98
Bewertung · Small operating inventory (EURk)2020202020
Bewertung · Supplier payables (EURk)65.10767.310,4770.210,5373.141,8676.076,81
Bewertung · Prepaid acquisition and service costs (EURk)55.407,8857.414,4759.745,8962.110,3964.490,09
Bewertung · United Internet cash-pool receivable (EURk)81.33081.33081.33081.33081.330
Bewertung · AdTech assets held for sale (EURk)15.40715.40715.40715.40715.407
Bewertung · Other current assets (EURk)33.48033.48033.48033.48033.480
Bewertung · Customer contract liabilities (EURk)101.119,38104.781,4109.036,24113.351,47117.694,41
Bewertung · Transformation provision (EURk)30.00010.000000
Bewertung · AdTech liabilities held for sale (EURk)12.84312.84312.84312.84312.843
Bewertung · Other current operating liabilities (EURk)117.568117.568117.568117.568117.568
Bewertung · Owned servers, infrastructure and maintenance (EURk)100.000105.000105.000100.000100.000
Bewertung · Cash replacement of expiring leased capacity (EURk)5.0008.00010.00012.00014.000
Bewertung · Existing leased property and equipment (EURk)00000
Bewertung · Finite intangibles and software investment (EURk)9.00010.00010.00011.00011.000
Bewertung · Goodwill (EURk)820.588820.588820.588820.588820.588
Bewertung · Non-current contract acquisition costs (EURk)36.015,1237.319,438.834,8340.371,7641.918,56
Bewertung · Other non-current and deferred-tax assets (EURk)50.09350.09350.09350.09350.093
Bewertung · Other non-current liabilities (EURk)55.40655.40655.40655.40655.406
Bewertung · Existing bank loan — December 2026 maturity (EURk)00000
Bewertung · Assumed December refinancing (EURk)800.000750.000700.000650.000600.000
Bewertung · Existing lease liabilities (EURk)88.46572.46556.46540.46524.465
Bewertung · Refinancing and carrying-value settlement (EURk)7.0840000
Bewertung · Interest on opening bank cash (EURk)409,89988,141.484,382.565,434.077,1
Bewertung · Current tax on positive profit (%)3333333333
Bewertung · Verified 2026 buybacks and future distributions (EURk)075.00075.00075.00075.000
Bewertung · Reported H1 asset-sale gain (EURk)1.7940000

Jährlich · Bull

Kapitalflussrechnung · Jährlich · EURk
Kennzahl20262027202820292030
Free Cashflow to Firm242.479,46303.555,26356.518,86392.881,24435.126,31
Free Cashflow to Equity98.401,18163.579,94221.073,23262.556,06310.347,8
Equity-Überleitung · Nettoverschuldung732.844,4528.264,46266.191,23-37.364,82-388.712,62
Veränderung der Forderungen-10.004,96-6.516,98-7.059,99-7.282,27-7.047,73
Veränderung der Vorräte00000
Veränderung der Lieferverbindlichkeiten-3.799,076.081,586.864,097.241,156.968,1
Veränderung des sonstigen Working Capital14.234,29-6.556,489.317,977.974,097.717,27
Hinzurechnung der Abschreibungen103.665,7129.780,07160.317,57166.711,17174.117,27
Sonstige nicht zahlungswirksame Posten-1.7940000
Operativer Cashflow339.317,18426.579,94504.073,23554.556,06605.347,8
Investitionsauszahlungen-126.000-147.000-167.000-176.000-179.000
Cashflow aus Investitionstätigkeit-107.793-147.000-167.000-176.000-179.000
Kreditaufnahme700.0000000
Kredittilgung-814.916-116.000-116.000-116.000-116.000
Revolveraufnahme / (Tilgung)00000
Gezahlte Dividenden0-75.000-75.000-75.000-75.000
Cashflow aus Finanzierungstätigkeit-203.229,58-191.000-191.000-191.000-191.000
Veränderung der Zahlungsmittel28.294,688.579,94146.073,23187.556,06235.347,8
Freier Cashflow213.317,18279.579,94337.073,23378.556,06426.347,8
Gewinn- und Verlustrechnung · Jährlich
Kennzahl20262027202820292030
Umsatzerlöse (EURk)1.447.352,951.587.276,351.738.858,581.895.213,242.046.532,2
Umsatzkosten (EURk)-482.719,02-525.407,03-573.587,66-624.414,97-673.325,68
Bruttoergebnis (EURk)964.633,931.061.869,311.165.270,921.270.798,271.373.206,52
Sonstige betriebliche Erträge (EURk)4.00028.00034.00034.00034.000
Vertriebs- und Verwaltungskosten (EURk)-474.580,47-476.899,01-516.959,76-557.308,62-596.809,34
Abschreibungen (EURk)-103.665,7-129.780,07-160.317,57-166.711,17-174.117,27
EBITDA (EURk)494.053,46612.970,3682.311,16747.489,65810.397,18
EBIT (EURk)390.387,76483.190,23521.993,59580.778,48636.279,9
Zinsaufwand (EURk)-42.157,59-35.834,78-30.550,78-25.266,78-19.982,78
Ergebnis vor Steuern (EURk)350.434,06448.189,76493.605,82559.865,81623.464,57
Steuern (EURk)-110.386,73-141.179,77-155.485,83-176.357,73-196.391,34
Jahresüberschuss (EURk)240.047,33307.009,98338.119,99383.508,08427.073,23
Umsatzwachstum (%)9,919,679,558,997,98
Bruttomarge (%)66,6566,967,0167,0567,1
Bilanz · Jährlich · EURk
Kennzahl20262027202820292030
Liquide Mittel55.620,6144.200,54290.273,77477.829,82713.177,62
Forderungen aus Lieferungen und Leistungen67.410,9673.927,9480.987,9388.270,2195.317,94
Vorräte2020202020
Verbindlichkeiten aus Lieferungen und Leistungen68.770,9374.852,5181.716,688.957,7595.925,85
Sonstiges Umlaufvermögen180.874,35184.184,4187.599,33192.759,04197.752,56
Sonstige kurzfristige Verbindlichkeiten266.988,65263.742,21276.475,12289.608,91302.319,7
Langfristige Finanzschulden788.465672.465556.465440.465324.465
Erforderliche revolvierende Finanzierung00000
Sachanlagen313.039,67343.779,96364.582,75389.891,95412.895,04
Sonstiges Anlagevermögen1.013.411,751.003.109,63992.475,66980.051,45965.411,42
Sonstige langfristige Verbindlichkeiten55.40655.40655.40655.40655.406
Summe Umlaufvermögen303.925,91402.332,87558.881,03758.879,071.006.268,12
Summe Aktiva1.630.377,331.749.222,461.915.939,442.128.822,462.384.574,58
Bilanzielles Eigenkapital450.746,75682.756,74945.876,721.254.384,81.606.458,03
Summe Passiva1.630.377,331.749.222,461.915.939,442.128.822,462.384.574,58
Business Lines
Business Lines · Jährlich
Kennzahl20262027202820292030
Bewertung · Web Presence & Productivity (EURk)1.184.244,671.278.984,241.374.908,061.471.151,631.559.420,72
Bewertung · Cloud Solutions (EURk)228.108,28278.292,1333.950,52394.061,62457.111,47
Bewertung · Related-party services (EURk)35.00030.00030.00030.00030.000
Bewertung · Hosting delivery cost before D&A (EURk)361.194,62390.090,19419.346,96448.701,25475.623,32
Bewertung · Cloud delivery cost before D&A (EURk)93.524,39111.316,84130.240,7151.713,72173.702,36
Bewertung · Related-party delivery cost (EURk)28.00024.00024.00024.00024.000
Bewertung · Sales, customer acquisition and marketing (EURk)315.522,94346.026,24379.071,17413.156,49446.144,02
Bewertung · Platform and administration before transformation (EURk)86.00090.00094.50099.200104.200
Bewertung · Customer credit losses (EURk)14.473,5315.872,7617.388,5918.952,1320.465,32
Bewertung · Ordinary other operating income (EURk)4.0004.0004.0004.0004.000
Bewertung · Transformation gross savings — cost offset (EURk)024.00030.00030.00030.000
Bewertung · AI and cloud operating reinvestment (EURk)012.00015.00015.00015.000
Bewertung · Transformation expense (EURk)35.0000000
Bewertung · Standalone and implementation costs (EURk)10.0004.0002.0002.0002.000
Bewertung · Share-award cash-equivalent compensation (EURk)9.0009.0009.0009.0009.000
Bewertung · Customer receivables (EURk)67.410,9673.927,9480.987,9388.270,2195.317,94
Bewertung · Small operating inventory (EURk)2020202020
Bewertung · Supplier payables (EURk)68.770,9374.852,5181.716,688.957,7595.925,85
Bewertung · Prepaid acquisition and service costs (EURk)50.657,3553.967,457.382,3362.542,0467.535,56
Bewertung · United Internet cash-pool receivable (EURk)81.33081.33081.33081.33081.330
Bewertung · AdTech assets held for sale (EURk)15.40715.40715.40715.40715.407
Bewertung · Other current assets (EURk)33.48033.48033.48033.48033.480
Bewertung · Customer contract liabilities (EURk)121.577,65133.331,21146.064,12159.197,91171.908,7
Bewertung · Transformation provision (EURk)15.0000000
Bewertung · AdTech liabilities held for sale (EURk)12.84312.84312.84312.84312.843
Bewertung · Other current operating liabilities (EURk)117.568117.568117.568117.568117.568
Bewertung · Owned servers, infrastructure and maintenance (EURk)110.000125.000140.000145.000145.000
Bewertung · Cash replacement of expiring leased capacity (EURk)6.00010.00013.00016.00018.000
Bewertung · Existing leased property and equipment (EURk)00000
Bewertung · Finite intangibles and software investment (EURk)10.00012.00014.00015.00016.000
Bewertung · Goodwill (EURk)820.588820.588820.588820.588820.588
Bewertung · Non-current contract acquisition costs (EURk)33.289,1236.507,3639.993,7543.589,947.070,24
Bewertung · Other non-current and deferred-tax assets (EURk)50.09350.09350.09350.09350.093
Bewertung · Other non-current liabilities (EURk)55.40655.40655.40655.40655.406
Bewertung · Existing bank loan — December 2026 maturity (EURk)00000
Bewertung · Assumed December refinancing (EURk)700.000600.000500.000400.000300.000
Bewertung · Existing lease liabilities (EURk)88.46572.46556.46540.46524.465
Bewertung · Refinancing and carrying-value settlement (EURk)4.5840000
Bewertung · Interest on opening bank cash (EURk)409,89834,312.163,014.354,117.167,45
Bewertung · Current tax on positive profit (%)31,531,531,531,531,5
Bewertung · Verified 2026 buybacks and future distributions (EURk)075.00075.00075.00075.000
Bewertung · Reported H1 asset-sale gain (EURk)1.7940000

Modellierungsbegründung

My main question with IONOS is how much of its recurring revenue can turn into sustainable free cash flow after accounting for the investment needed to keep the business growing. Web hosting provides a relatively stable revenue base, while cloud infrastructure offers stronger growth potential. However, cloud expansion also requires substantial investment in servers, capacity and technology, often before the additional revenue arrives. I think the balance between growth, margins and capital intensity is more important than revenue growth alone. The September 2026 transformation program adds another variable. Management expects significant cost savings, but I don't assume these will translate directly into higher profits. My Base Case reflects a gradual implementation, with part of the savings reinvested in cloud and AI capabilities. The model separates restructuring expenses from actual cash payments to better understand their effect on profitability and liquidity. Refinancing is another important consideration. IONOS's existing EUR800 million bank loan matures in December 2026, and the model assumes new financing under explicitly stated conditions. These are my assumptions, not confirmed refinancing terms. Ultimately, I'm interested in whether IONOS can grow its cloud business, maintain attractive hosting margins and generate enough cash to support investment, debt repayments and shareholder distributions. The three scenarios explore how different operating and financing outcomes could affect that picture.

Zentrale Annahmen

The forecast starts with IONOS's audited December 2025 balance sheet and covers FY2026–FY2030. Hosting and cloud are modeled separately to reflect their different growth profiles and investment requirements. In the Base Case, I assume initial hosting revenue growth of 7.5% and cloud growth of 18%. The Bear Case uses 5% and 12%, while the Bull Case assumes 9% and 22%. Related-party services are modeled separately. I have avoided introducing unsupported churn rates or product-level revenue assumptions. The September 2026 transformation program is incorporated into all three scenarios. Base assumes EUR18 million of gross annual savings in 2027, EUR26 million in 2028 and EUR30 million from 2029, with 60% reinvested. Bear assumes slower implementation and 75% reinvestment, while Bull reaches EUR30 million earlier and reinvests 50%. The EUR35 million restructuring charge in 2026 is included across all scenarios, with an additional EUR5 million in Bear. Cash payments are modeled separately to avoid counting the expense twice. Capital investment remains an important part of the forecast. Base assumes EUR108 million of cash investment in 2026, increasing to EUR141 million by 2030, including software and replacement of expiring leased capacity. Working capital reflects customer prepayments and deferred acquisition costs, while existing lease obligations, financing and distributions are modeled separately. For valuation, I use each scenario's projected 2028 EBIT and net debt, together with a 15x EV/EBIT multiple as a common starting assumption. This is my own valuation assumption rather than an observed peer-group average. The equity bridge also considers the parent cash pool, minority investments, the disposal group and minority interests. The model uses a dated pro forma basic share count of 134,691,459. The purpose of the three scenarios is to understand how different growth rates, investment requirements and operating efficiencies influence the financial results. All assumptions can be reviewed and changed in the model.

Notizen

**Sources and reporting periods** Last updated: 25 October 2026. The analysis is based primarily on IONOS's Annual Reports for 2023–2025, the H1 2026 Financial Report and investor presentation, the September 2026 transformation announcement, and the July 2026 share buyback completion notice. H1 2026, published on 6 August, was the latest financial report available at the research cutoff. Q3 results were scheduled for 12 November 2026. Historical income statements, balance sheets, cash flows and equity information are included in the model's embedded comments. The original financial reports are available through IONOS Investor Relations. **Historical comparability** The historical figures require some care. FY2023 includes AdTech, while FY2024–2025 income figures reflect continuing operations. Historical cash flow statements also include discontinued operations. As a result, the reported periods are not directly comparable as a continuous organic-growth series. The model does not assume an undisclosed sale price or transaction date for Sedo. **Cash flow and accounting** IONOS's reported free cash flow definition differs from some of the native model's cash flow classifications. These differences are reconciled in the accompanying financial reference material. H1 2026 free cash flow included EUR18.207 million of asset-sale proceeds, which I have not treated as recurring operating cash generation. Forecast operating expenses exclude depreciation and amortization, which are recognized separately. Credit losses and share-based compensation are simplified rather than reconstructed through detailed accounting schedules. **Valuation and financing** The model uses Xetra ticker IOS and ISIN DE000A3E00M1. The share count is based on the 30 June 2026 basic share count, adjusted for disclosed repurchases completed through 10 July. It assumes no additional treasury-share deliveries and should not be interpreted as a current fully diluted share count. Stock Analysis uses financial projections and valuation inputs referenced to December 2028, rather than a discounted present-day share-price target. Refinancing terms, tax timing, useful asset lives and future shareholder distributions remain assumptions. I've tried to make the main drivers transparent through the embedded comments. The model is intended to be explored, challenged and forked, particularly if you have a different view of IONOS's cloud growth, capital requirements or cash generation.

Veröffentlichte Eingaben und Struktur

Eingabedaten enthalten volle Beträge in der funktionalen Währung. Sätze behalten ihre native Prozentkonvention. Die Anzeigeeinheiten der Ergebnistabellen stehen in der Tabellenüberschrift oder neben der jeweiligen Kennzahl.

Calendar
Calendar (4)
Actual Years
0
Calculation
annual
Fiscal Year End
fiscalYearEnd (2)
Day
31
Month
12
Start Year
2026
Diese Position verwendet derzeit die bisherigen einfachen Annahmen.
Diese Position verwendet derzeit die bisherigen einfachen Annahmen. (10)
Allow Zero
true
Calendar
calendar (3)
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0
Fiscal Year End
fiscalYearEnd (2)
Day
31
Month
12
Start Year
2026
Minimum Cash
0
Name
IONOS Group (IOS) — Hosting, Cloud & Cash Generation 2026–2030
Anfängliche Schulden
opening (15)
Verbindlichkeiten aus Lieferungen und Leistungen
72570000
Forderungen aus Lieferungen und Leistungen
57406000
Summe Aktiva
1570142000
Liquide Mittel
27326000
Langfristige Finanzschulden
903381000
Equity Value
299013000
Vorräte
20000
Sonstiges Umlaufvermögen
167892000
Sonstige kurzfristige Verbindlichkeiten
239772000
Sonstiges Anlagevermögen
1023700000
Sonstige langfristige Verbindlichkeiten
55406000
Sachanlagen
293798000
Umsatzerlöse
1316894000
Erforderliche revolvierende Finanzierung
0
Stamm-/Grundkapital
140000000
Other CARate
0
Other CLRate
0
Revolver Limit
0
Art
industrial
Jahresansicht
years (5)
0
0 (15)
Investitionsausgaben
0
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0
Abschreibungen
0
Langfristige Finanzschulden
903381000
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0
Lieferantenziel (DPO)
0
Forderungslaufzeit (DSO)
0
Bruttomarge
60
Umsatzwachstum
0
Zinssatz
4.67
Ausschüttungsquote / Jahresüberschuss
0
Umsatzerlöse
—
Vertriebs- und Verwaltungskosten / Umsatz
25
Sga Amount
0
Steuersatz
31.5
1
1 (22)
Ar Adjustment
0
Investitionsausgaben
0
Cogs Amount
0
Abschreibungen
0
Langfristige Finanzschulden
903381000
Lagerdauer (DIO)
0
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Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Bruttomarge
60
Umsatzwachstum
0
Zinssatz
4.67
Inventory Adjustment
0
Ausschüttungsquote / Jahresüberschuss
0
Umsatzerlöse
—
Scenario Borrowing
0
Scenario Repayment
0
Vertriebs- und Verwaltungskosten / Umsatz
25
Sga Amount
0
Steuersatz
31.5
2
2 (22)
Ar Adjustment
0
Investitionsausgaben
0
Cogs Amount
0
Abschreibungen
0
Langfristige Finanzschulden
903381000
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0
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Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Bruttomarge
60
Umsatzwachstum
0
Zinssatz
4.67
Inventory Adjustment
0
Ausschüttungsquote / Jahresüberschuss
0
Umsatzerlöse
—
Scenario Borrowing
0
Scenario Repayment
0
Vertriebs- und Verwaltungskosten / Umsatz
25
Sga Amount
0
Steuersatz
31.5
3
3 (22)
Ar Adjustment
0
Investitionsausgaben
0
Cogs Amount
0
Abschreibungen
0
Langfristige Finanzschulden
903381000
Lagerdauer (DIO)
0
Lieferantenziel (DPO)
0
Forderungslaufzeit (DSO)
0
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Bruttomarge
60
Umsatzwachstum
0
Zinssatz
4.67
Inventory Adjustment
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0
Umsatzerlöse
—
Scenario Borrowing
0
Scenario Repayment
0
Vertriebs- und Verwaltungskosten / Umsatz
25
Sga Amount
0
Steuersatz
31.5
4
4 (22)
Ar Adjustment
0
Investitionsausgaben
0
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0
Abschreibungen
0
Langfristige Finanzschulden
903381000
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0
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0
Forderungslaufzeit (DSO)
0
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Bruttomarge
60
Umsatzwachstum
0
Zinssatz
4.67
Inventory Adjustment
0
Ausschüttungsquote / Jahresüberschuss
0
Umsatzerlöse
—
Scenario Borrowing
0
Scenario Repayment
0
Vertriebs- und Verwaltungskosten / Umsatz
25
Sga Amount
0
Steuersatz
31.5
Objects
Objects (42)
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Aktiv
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Anfangswert des Treibers
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2029-01-01 (2)
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2030-01-01 (2)
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Zinssatz (%)
5
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
1
1 (15)
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186974000
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18
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Zinssatz (%)
18
2028 01 01
2028-01-01 (2)
Berechnungsmethode
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Zinssatz (%)
16
2029 01 01
2029-01-01 (2)
Berechnungsmethode
growth
Zinssatz (%)
14
2030 01 01
2030-01-01 (2)
Berechnungsmethode
growth
Zinssatz (%)
12
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
2
2 (15)
Aktiv
true
Anfangswert des Treibers
0
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30000000
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Berechnungsmethode
amount
Bewertung
30000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
30000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
3
3 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
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31
Ref
obj-1
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-16cab03d-7280-ce81-16cc-4019ad3014f5
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assumption-16cab03d-7280-ce81-16cc-4019ad3014f5
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2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-16cab03d-7280-ce81-16cc-4019ad3014f5
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
4
4 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
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Berechnungsmethode
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Zinssatz (%)
42
Ref
obj-2
2027 01 01
2027-01-01 (3)
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41.5
Ref
obj-2
2028 01 01
2028-01-01 (3)
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Zinssatz (%)
41
Ref
obj-2
2029 01 01
2029-01-01 (3)
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percent
Zinssatz (%)
40.5
Ref
obj-2
2030 01 01
2030-01-01 (3)
Berechnungsmethode
percent
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40
Ref
obj-2
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
5
5 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
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0
2026-01-01
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2027-01-01
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2028-01-01
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80
Ref
obj-3
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2
2028 01 01
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assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2
2029 01 01
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assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
6
6 (15)
Aktiv
true
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0
Description
Entity Id
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assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca
Linked Periods
linkedPeriods (5)
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2026-01-01
1
2027-01-01
2
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22.1
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assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca
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assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca
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assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca
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Assumption Ref
assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca
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—
Source
user
Unit
EUR
7
7 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-8
Instrument Id
—
Kind
driver
Name
Platform and administration before transformation
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
85000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
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2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
91936000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
95613000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
99438000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
8
8 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-9
Instrument Id
—
Kind
driver
Name
Customer credit losses
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-65ecae5b-64e9-9de7-d150-fb575eb9e803
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
percent
Zinssatz (%)
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Ref
revenue
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-65ecae5b-64e9-9de7-d150-fb575eb9e803
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-65ecae5b-64e9-9de7-d150-fb575eb9e803
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-65ecae5b-64e9-9de7-d150-fb575eb9e803
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-65ecae5b-64e9-9de7-d150-fb575eb9e803
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
9
9 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherOperatingIncome
Id
obj-10
Instrument Id
—
Kind
driver
Name
Ordinary other operating income
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-e07ca2f7-74d5-f389-1921-47e7e921b671
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
4000000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-e07ca2f7-74d5-f389-1921-47e7e921b671
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-e07ca2f7-74d5-f389-1921-47e7e921b671
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-e07ca2f7-74d5-f389-1921-47e7e921b671
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-e07ca2f7-74d5-f389-1921-47e7e921b671
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
10
10 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
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Id
obj-11
Instrument Id
—
Kind
driver
Name
Transformation gross savings — cost offset
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
18000000
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
26000000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
30000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
30000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
11
11 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-12
Instrument Id
—
Kind
driver
Name
AI and cloud operating reinvestment
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-90e85a8a-acdb-e0a6-ef7c-e98ed5eb68ba
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
percent
Zinssatz (%)
60
Ref
obj-11
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-90e85a8a-acdb-e0a6-ef7c-e98ed5eb68ba
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-90e85a8a-acdb-e0a6-ef7c-e98ed5eb68ba
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-90e85a8a-acdb-e0a6-ef7c-e98ed5eb68ba
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-90e85a8a-acdb-e0a6-ef7c-e98ed5eb68ba
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
12
12 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-13
Instrument Id
—
Kind
driver
Name
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Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
35000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
13
13 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-14
Instrument Id
—
Kind
driver
Name
Standalone and implementation costs
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
12000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
5000000
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
2000000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
2000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
2000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
14
14 (15)
Aktiv
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Anfangswert des Treibers
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Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-15
Instrument Id
—
Kind
driver
Name
Share-award cash-equivalent compensation
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-1f40f8a0-a71a-b6ca-5d79-68c88d2f2d62
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
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2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-1f40f8a0-a71a-b6ca-5d79-68c88d2f2d62
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-1f40f8a0-a71a-b6ca-5d79-68c88d2f2d62
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-1f40f8a0-a71a-b6ca-5d79-68c88d2f2d62
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-1f40f8a0-a71a-b6ca-5d79-68c88d2f2d62
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
15
15 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
ar
Id
obj-16
Instrument Id
—
Kind
driver
Name
Customer receivables
Anfängliche Schulden
57406000
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-239e0755-e703-2e69-19df-7099d4768a2d
Tage
18
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
days
Ref
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2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-239e0755-e703-2e69-19df-7099d4768a2d
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-239e0755-e703-2e69-19df-7099d4768a2d
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-239e0755-e703-2e69-19df-7099d4768a2d
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-239e0755-e703-2e69-19df-7099d4768a2d
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
16
16 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
inventory
Id
obj-17
Instrument Id
—
Kind
driver
Name
Small operating inventory
Anfängliche Schulden
20000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-64614572-22d9-54fc-e39a-49bac175e00c
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
20000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-64614572-22d9-54fc-e39a-49bac175e00c
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-64614572-22d9-54fc-e39a-49bac175e00c
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-64614572-22d9-54fc-e39a-49bac175e00c
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-64614572-22d9-54fc-e39a-49bac175e00c
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
17
17 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
ap
Id
obj-18
Instrument Id
—
Kind
driver
Name
Supplier payables
Anfängliche Schulden
72570000
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-219e042f-e903-3193-17df-6d6bd6768d5f
Tage
52
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
days
Ref
cogs
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-219e042f-e903-3193-17df-6d6bd6768d5f
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-219e042f-e903-3193-17df-6d6bd6768d5f
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-219e042f-e903-3193-17df-6d6bd6768d5f
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-219e042f-e903-3193-17df-6d6bd6768d5f
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
18
18 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCA
Id
obj-19
Instrument Id
—
Kind
driver
Name
Prepaid acquisition and service costs
Anfängliche Schulden
37675000
Periods
periods (5)
2026 01 01
2026-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
3.5
Ref
revenue
2027 01 01
2027-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
3.4
Ref
revenue
2028 01 01
2028-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
3.4
Ref
revenue
2029 01 01
2029-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
3.4
Ref
revenue
2030 01 01
2030-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
3.4
Ref
revenue
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
19
19 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCA
Id
obj-20
Instrument Id
—
Kind
driver
Name
United Internet cash-pool receivable
Anfängliche Schulden
81330000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-44b2f7af-5936-c417-85dc-6ea3f5f958cb
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
81330000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-44b2f7af-5936-c417-85dc-6ea3f5f958cb
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-44b2f7af-5936-c417-85dc-6ea3f5f958cb
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-44b2f7af-5936-c417-85dc-6ea3f5f958cb
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-44b2f7af-5936-c417-85dc-6ea3f5f958cb
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
20
20 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCA
Id
obj-21
Instrument Id
—
Kind
driver
Name
AdTech assets held for sale
Anfängliche Schulden
15407000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-a7b8a778-2f09-bd34-6905-daec7d0bd958
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
15407000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-a7b8a778-2f09-bd34-6905-daec7d0bd958
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-a7b8a778-2f09-bd34-6905-daec7d0bd958
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-a7b8a778-2f09-bd34-6905-daec7d0bd958
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-a7b8a778-2f09-bd34-6905-daec7d0bd958
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
21
21 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
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Id
obj-22
Instrument Id
—
Kind
driver
Name
Other current assets
Anfängliche Schulden
33480000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-7b7fd2dc-65bb-9c84-d631-b208e7b2bce8
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
33480000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-7b7fd2dc-65bb-9c84-d631-b208e7b2bce8
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-7b7fd2dc-65bb-9c84-d631-b208e7b2bce8
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-7b7fd2dc-65bb-9c84-d631-b208e7b2bce8
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-7b7fd2dc-65bb-9c84-d631-b208e7b2bce8
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
22
22 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCL
Id
obj-23
Instrument Id
—
Kind
driver
Name
Customer contract liabilities
Anfängliche Schulden
106400000
Periods
periods (5)
2026 01 01
2026-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
8.1
Ref
revenue
2027 01 01
2027-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
8.1
Ref
revenue
2028 01 01
2028-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
8.1
Ref
revenue
2029 01 01
2029-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
8.1
Ref
revenue
2030 01 01
2030-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
8.1
Ref
revenue
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
23
23 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCL
Id
obj-24
Instrument Id
—
Kind
driver
Name
Transformation provision
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
25000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
24
24 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCL
Id
obj-25
Instrument Id
—
Kind
driver
Name
AdTech liabilities held for sale
Anfängliche Schulden
12843000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-b1656e50-f22f-0b6a-edb1-b8f0036644b2
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
12843000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-b1656e50-f22f-0b6a-edb1-b8f0036644b2
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-b1656e50-f22f-0b6a-edb1-b8f0036644b2
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-b1656e50-f22f-0b6a-edb1-b8f0036644b2
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-b1656e50-f22f-0b6a-edb1-b8f0036644b2
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
25
25 (15)
Aktiv
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Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherCL
Id
obj-26
Instrument Id
—
Kind
driver
Name
Other current operating liabilities
Anfängliche Schulden
120529000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-807fdabb-6abb-a46d-d331-ad43e4b2b81d
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
117568000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-807fdabb-6abb-a46d-d331-ad43e4b2b81d
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-807fdabb-6abb-a46d-d331-ad43e4b2b81d
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-807fdabb-6abb-a46d-d331-ad43e4b2b81d
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-807fdabb-6abb-a46d-d331-ad43e4b2b81d
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
26
26 (19)
Aktiv
true
Asset Class
tangible
Anfangswert des Treibers
0
Convention
halfYear
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
capex
Id
obj-27
Instrument Id
—
Kind
capex
Nutzungsdauer (Jahre)
5
Name
Owned servers, infrastructure and maintenance
Anfängliche Schulden
198289000
Opening Life
3.5
Periods
periods (5)
2026 01 01
2026-01-01 (3)
Disposals
16413000
Berechnungsmethode
amount
Bewertung
95000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
105000000
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
110000000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
115000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
115000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
27
27 (19)
Aktiv
true
Asset Class
tangible
Anfangswert des Treibers
0
Convention
halfYear
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
capex
Id
obj-28
Instrument Id
—
Kind
capex
Nutzungsdauer (Jahre)
8
Name
Cash replacement of expiring leased capacity
Anfängliche Schulden
0
Opening Life
8
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
5000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
8000000
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
10000000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
12000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
14000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
28
28 (19)
Aktiv
true
Asset Class
tangible
Anfangswert des Treibers
0
Convention
halfYear
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
capex
Id
obj-29
Instrument Id
—
Kind
capex
Nutzungsdauer (Jahre)
6
Name
Existing leased property and equipment
Anfängliche Schulden
95509000
Opening Life
6
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-c75d7494-81f8-42de-0e57-340c1c09168e
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
0
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-c75d7494-81f8-42de-0e57-340c1c09168e
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-c75d7494-81f8-42de-0e57-340c1c09168e
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-c75d7494-81f8-42de-0e57-340c1c09168e
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-c75d7494-81f8-42de-0e57-340c1c09168e
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
29
29 (19)
Aktiv
true
Asset Class
intangible
Anfangswert des Treibers
0
Convention
halfYear
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
capex
Id
obj-30
Instrument Id
—
Kind
capex
Nutzungsdauer (Jahre)
5
Name
Finite intangibles and software investment
Anfängliche Schulden
122762000
Opening Life
5.5
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
8000000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
9000000
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
10000000
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
11000000
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
12000000
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
30
30 (16)
Aktiv
true
Anfangswert des Treibers
0
Cash Flow Treatment
investing
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherNCA
Id
obj-31
Instrument Id
—
Kind
driver
Name
Goodwill
Anfängliche Schulden
820588000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-815b3ea3-da92-a807-8cf1-bdff8a567d23
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
820588000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-815b3ea3-da92-a807-8cf1-bdff8a567d23
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-815b3ea3-da92-a807-8cf1-bdff8a567d23
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-815b3ea3-da92-a807-8cf1-bdff8a567d23
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-815b3ea3-da92-a807-8cf1-bdff8a567d23
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
31
31 (16)
Aktiv
true
Anfangswert des Treibers
0
Cash Flow Treatment
operating
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherNCA
Id
obj-32
Instrument Id
—
Kind
driver
Name
Non-current contract acquisition costs
Anfängliche Schulden
30257000
Periods
periods (5)
2026 01 01
2026-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
2.3
Ref
revenue
2027 01 01
2027-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
2.3
Ref
revenue
2028 01 01
2028-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
2.3
Ref
revenue
2029 01 01
2029-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
2.3
Ref
revenue
2030 01 01
2030-01-01 (3)
Berechnungsmethode
percent
Zinssatz (%)
2.3
Ref
revenue
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
32
32 (16)
Aktiv
true
Anfangswert des Treibers
0
Cash Flow Treatment
operating
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherNCA
Id
obj-33
Instrument Id
—
Kind
driver
Name
Other non-current and deferred-tax assets
Anfängliche Schulden
50093000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-432aa1e2-e166-4c52-04c4-e286d97621f6
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
50093000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-432aa1e2-e166-4c52-04c4-e286d97621f6
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-432aa1e2-e166-4c52-04c4-e286d97621f6
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-432aa1e2-e166-4c52-04c4-e286d97621f6
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-432aa1e2-e166-4c52-04c4-e286d97621f6
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
33
33 (16)
Aktiv
true
Anfangswert des Treibers
0
Cash Flow Treatment
operating
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
otherNCL
Id
obj-34
Instrument Id
—
Kind
driver
Name
Other non-current liabilities
Anfängliche Schulden
55406000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Assumption Id
assumption-482aa9c1-de66-4793-01c4-ddc1de7629f3
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Bewertung
55406000
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-482aa9c1-de66-4793-01c4-ddc1de7629f3
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-482aa9c1-de66-4793-01c4-ddc1de7629f3
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-482aa9c1-de66-4793-01c4-ddc1de7629f3
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-482aa9c1-de66-4793-01c4-ddc1de7629f3
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
34
34 (17)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
debt
Id
obj-35
Instrument Id
—
Kind
debt
Fälligkeit
2026-12-15
Name
Existing bank loan — December 2026 maturity
Anfängliche Schulden
798916000
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-08bd8e09-4f92-2cef-e2a2-d429611cb717
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
amount
Zinssatz (%)
4.67
Bewertung
0
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-08bd8e09-4f92-2cef-e2a2-d429611cb717
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-08bd8e09-4f92-2cef-e2a2-d429611cb717
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-08bd8e09-4f92-2cef-e2a2-d429611cb717
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-08bd8e09-4f92-2cef-e2a2-d429611cb717
Zinssatz (%)
4.67
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
35
35 (16)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (1)
0
0 (4)
Betrag / Anzahl
700000000
Datum
2026-12-15
Id
refinance
Art
draw
Group
debt
Id
obj-36
Instrument Id
—
Kind
debt
Name
Assumed December refinancing
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
5
Target Closing
700000000
Bewertung
0
2027 01 01
2027-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
5
Target Closing
600000000
Bewertung
0
2028 01 01
2028-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
5
Target Closing
500000000
Bewertung
0
2029 01 01
2029-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
5
Target Closing
400000000
Bewertung
0
2030 01 01
2030-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
5
Target Closing
300000000
Bewertung
0
Zinssatz (%)
5
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
36
36 (16)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
debt
Id
obj-37
Instrument Id
—
Kind
debt
Name
Existing lease liabilities
Anfängliche Schulden
104465000
Periods
periods (5)
2026 01 01
2026-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
4.9
Target Closing
88465000
Bewertung
0
2027 01 01
2027-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
4.9
Target Closing
72465000
Bewertung
0
2028 01 01
2028-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
4.9
Target Closing
56465000
Bewertung
0
2029 01 01
2029-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
4.9
Target Closing
40465000
Bewertung
0
2030 01 01
2030-01-01 (4)
Berechnungsmethode
amount
Zinssatz (%)
4.9
Target Closing
24465000
Bewertung
0
Zinssatz (%)
4.9
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
37
37 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
sga
Id
obj-38
Instrument Id
—
Kind
driver
Name
Refinancing and carrying-value settlement
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
5084000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
38
38 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
interestIncome
Id
obj-39
Instrument Id
—
Kind
driver
Name
Interest on opening bank cash
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Assumption Id
assumption-1932b284-b570-3f8c-10ae-4250d1005b98
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
percent
Zinssatz (%)
1.5
Ref
previous:cash
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-1932b284-b570-3f8c-10ae-4250d1005b98
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-1932b284-b570-3f8c-10ae-4250d1005b98
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-1932b284-b570-3f8c-10ae-4250d1005b98
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-1932b284-b570-3f8c-10ae-4250d1005b98
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
39
39 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
tax
Id
obj-40
Instrument Id
—
Kind
driver
Name
Current tax on positive profit
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (5)
Betrag / Anzahl
0
Assumption Id
assumption-eb487417-f4bf-2847-9978-7f6b28410423
Linked Periods
linkedPeriods (5)
0
2026-01-01
1
2027-01-01
2
2028-01-01
3
2029-01-01
4
2030-01-01
Berechnungsmethode
preTaxIncome
Bewertung
31.5
2027 01 01
2027-01-01 (1)
Assumption Ref
assumption-eb487417-f4bf-2847-9978-7f6b28410423
2028 01 01
2028-01-01 (1)
Assumption Ref
assumption-eb487417-f4bf-2847-9978-7f6b28410423
2029 01 01
2029-01-01 (1)
Assumption Ref
assumption-eb487417-f4bf-2847-9978-7f6b28410423
2030 01 01
2030-01-01 (1)
Assumption Ref
assumption-eb487417-f4bf-2847-9978-7f6b28410423
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
percent
40
40 (15)
Aktiv
true
Anfangswert des Treibers
0
Description
Entity Id
entity-1
Vorgänge
events (1)
0
0 (4)
Betrag / Anzahl
88313578.02
Datum
2026-07-10
Id
verified-2026-buybacks
Art
buyback
Group
equity
Id
obj-41
Instrument Id
—
Kind
driver
Name
Verified 2026 buybacks and future distributions
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (3)
Betrag / Anzahl
0
Berechnungsmethode
distributionAmount
Bewertung
0
2027 01 01
2027-01-01 (3)
Betrag / Anzahl
75000000
Berechnungsmethode
distributionAmount
Bewertung
0
2028 01 01
2028-01-01 (3)
Betrag / Anzahl
75000000
Berechnungsmethode
distributionAmount
Bewertung
0
2029 01 01
2029-01-01 (3)
Betrag / Anzahl
75000000
Berechnungsmethode
distributionAmount
Bewertung
0
2030 01 01
2030-01-01 (3)
Betrag / Anzahl
75000000
Berechnungsmethode
distributionAmount
Bewertung
0
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
percent
41
41 (17)
Aktiv
true
Anfangswert des Treibers
0
Cash Flow Treatment
investing
Description
Entity Id
entity-1
Vorgänge
events (0)
Group
nonOperating
Id
obj-42
Instrument Id
—
Kind
driver
Name
Reported H1 asset-sale gain
Anfängliche Schulden
0
Periods
periods (5)
2026 01 01
2026-01-01 (2)
Berechnungsmethode
amount
Bewertung
1794000
2027 01 01
2027-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2028 01 01
2028-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2029 01 01
2029-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
2030 01 01
2030-01-01 (2)
Berechnungsmethode
amount
Bewertung
0
Result Type
income
Prüfen Sie Bedingungen und Stufen der Regel.
—
Source
user
Unit
EUR
Durch erweitertes Modell bestimmt
Durch erweitertes Modell bestimmt (17)
Verbindlichkeiten aus Lieferungen und Leistungen
detail
Forderungen aus Lieferungen und Leistungen
detail
Investitionsausgaben
detail
Umsatzkosten
detail
Langfristige Finanzschulden
detail
Equity Value
detail
Zinsertrag
detail
Vorräte
detail
Sonstige nicht operative Erträge / (Aufwendungen)
detail
Sonstiges Umlaufvermögen
detail
Sonstige kurzfristige Verbindlichkeiten
detail
Sonstiges Anlagevermögen
detail
Sonstige langfristige Verbindlichkeiten
detail
Sonstige betriebliche Erträge
detail
Umsatzerlöse
detail
Vertriebs- und Verwaltungskosten / Umsatz
detail
Steuern
detail
Stock Analysis
Stock Analysis (11)
Adjustments
adjustments (0)
Exchange
Xetra
Inputs
inputs (12)
Umsatzwachstum
growth (2)
Source
manual
Bewertung
—
Linked Value
linkedValue (2)
Source
dcf.ev
Bewertung
—
Metric
metric (2)
Source
model
Bewertung
—
Multiple
multiple (2)
Source
manual
Bewertung
15
Nettoverschuldung
netDebt (2)
Source
model
Bewertung
—
Other Bridge
otherBridge (2)
Source
manual
Bewertung
89587000
Reference Price
referencePrice (2)
Source
manual
Bewertung
—
Required Return
requiredReturn (2)
Source
manual
Bewertung
—
Share Change
shareChange (2)
Source
manual
Bewertung
0
Shares
shares (2)
Source
manual
Bewertung
134691459
Terminal Multiple
terminalMultiple (2)
Source
manual
Bewertung
—
Wacc
wacc (2)
Source
manual
Bewertung
—
Issuer
IONOS Group SE
Berechnungsmethode
evEbit
Methodology
EV / EBIT on FY2028 model-linked earnings, valued at 31 December 2028. This allows time for the transformation and cloud investment to mature while retaining depreciation. EBITDA alone would hide the infrastructure cost. The common private 15x multiple is an independent assumption, equivalent to a 6.7% pre-tax operating earnings yield before growth and the cash bridge. It is not an observed peer median. Test 12x–18x and the cash-flow yield in the reference pack; no DCF or terminal-value assumption is needed. Bear and Bull use the same multiple to isolate operating differences. Model net debt includes all bank and existing lease debt, less bank cash, at end-2028. The separate EUR89.587m bridge adds the EUR81.330m parent cash-pool claim, EUR0.816m associates, EUR5.028m Entri stake and EUR2.564m held-for-sale net assets, then subtracts EUR0.151m minority interest. These book-value assumptions may need haircuts; they are not cash proceeds. No second lease deduction. Shares: 140,000,000 issued less 5,054,545 treasury at 30 June 2026 less 253,996 remaining March-program purchases through 10 July = 134,691,459 pro forma basic shares. No intervening employee delivery is assumed; this is not a verified current Fully Diluted count. H1 weighted diluted minus basic shares were 1,067,000. Adding that illustrative increment reduces a per-share value by about 0.8%, but it is not an exact outstanding award calculation. Future compensation is charged as a cash-equivalent cost, not also counted as projected dilution. No market price, required return or scenario probability is supplied. Future-date conditional values are not current price targets. Public visitors enter their own valuation assumptions.
Period Id
2028-01-01
Reference Date
Terminal Mode
Ticker
IOS
Version
1
Notes
Notes (44)
Summe Aktiva
Reported balance sheet, EURk: 2023 | 2024 | 2025. Sources: AR2024 pp.90–91, AR2025 pp.98–99. Total group, with AdTech held for sale in 2025. Cash: 22652 | 30180 | 27326 Trade receivables: 73512 | 91492 | 57406 Related-party receivables: 63094 | 88487 | 81330 Contract assets current: 8235 | 9235 | 6219 Inventory: 69 | 54 | 20 Prepaids current: 25530 | 26684 | 37675 Other financial current: 28313 | 16306 | 16160 Other nonfinancial current: 658 | 939 | 191 Tax assets: 2722 | 6262 | 10910 Held-for-sale assets: 0 | 0 | 15407 Total current assets: 224785 | 269639 | 252644 Associates: 4279 | 2407 | 816 Finance lease receivables: 2851 | 2509 | 2305 Other financial noncurrent: 761 | 761 | 5787 PPE: 321661 | 315402 | 293798 Finite intangibles: 164174 | 145610 | 122762 Goodwill: 826271 | 830144 | 820588 Contract assets noncurrent: 9 | 22 | 25 Prepaids noncurrent: 13628 | 26122 | 30257 Deferred tax assets: 37846 | 50970 | 41160 Total noncurrent assets: 1371480 | 1373947 | 1317498 Total assets: 1596265 | 1643586 | 1570142 Trade payables: 89227 | 112311 | 72570 Related liabilities current: 6292 | 6280 | 6484 Bank debt current: 1125 | 102 | 798916 Tax liabilities: 21982 | 35798 | 39743 Contract liabilities current: 84645 | 92653 | 106400 Provisions current: 888 | 640 | 307 Other financial current liabilities: 48186 | 58077 | 41995 Other nonfinancial current liabilities: 45770 | 54251 | 45842 Held-for-sale liabilities: 0 | 0 | 12843 Total current liabilities: 298115 | 360112 | 1125100 Bank debt noncurrent: 796462 | 797577 | 0 Related debt noncurrent: 350000 | 170000 | 0 Deferred tax liabilities: 33652 | 42827 | 45447 Contract liabilities noncurrent: 1929 | 2112 | 2393 Provisions noncurrent: 3262 | 3271 | 6984 Other financial noncurrent liabilities: 115626 | 108927 | 91205 Total noncurrent liabilities: 1300931 | 1124714 | 146029 Total liabilities: 1599046 | 1484826 | 1271129 Equity: -2781 | 158760 | 299013 Total equity and liabilities: 1596265 | 1643586 | 1570142 Forecast opens from audited December 2025. Historical FX, OCI, lease additions and discontinued operations cannot be faithfully replayed as native actual periods. They remain reference history, not fabricated model inputs.
Liquide Mittel
Cash follows earnings, working capital, investment, debt and distributions. No automatic revolver or balancing cash target is enabled. December 2026 refinancing is assumed, not confirmed. Removing the new facility tests the funding gap directly. The parent cash-pool claim and AdTech cash are not counted as bank cash.
Operativer Cashflow
Reported total-group cash flow, EURk: 2023 | 2024 | 2025. Sources: AR2024 pp.95–96; AR2025 pp.103–104. Net income: 174246 | 169672 | 229700 Ordinary DA: 87480 | 91456 | 89069 Acquisition DA: 20428 | 20590 | 19653 SBC expense: 5879 | 5692 | 4237 SBC payments: -13630 | -7875 | -16226 Associates adjustment: 251 | 1758 | 1438 Associates dividends: 156 | 115 | 0 Sale associate adjustment: 0 | 0 | 153 Deferred tax movement: -27884 | 1432 | 11050 Other noncash: 0 | -75 | -1020 Asset disposal adjustment: -150 | -92 | 970 Purchase price derivative: -22881 | 12730 | 10347 Interest reclassification: 85969 | 62864 | 50983 Before working capital: 309864 | 358267 | 400354 Working-capital movements: 4632 | 28536 | -8495 CFO: 314496 | 386803 | 391859 Cash capex: -81699 | -76872 | -64516 Asset sale receipts: 1561 | 542 | -20 Acquisitions / earnout: -4416 | 0 | -34000 Equity investments: -2263 | 0 | -5028 Cash pooling: -27502 | -23983 | 7619 Other investing: 153 | 0 | 3 CFI: -114166 | -100313 | -95942 Buybacks cash: 0 | -22319 | -56573 Debt draws: 800000 | 0 | 0 Loan repayments: -895000 | -180000 | -170000 Cash interest: -94604 | -62770 | -49275 Lease principal: -14920 | -14277 | -18993 CFF: -204524 | -279366 | -294841 Cash change before FX: -4194 | 7124 | 1076 Opening cash: 26440 | 22652 | 30180 FX: 406 | 404 | -690 Closing group cash: 22652 | 30180 | 30565 Of which discontinued cash: 0 | 0 | 3239 Issuer FCF, calculated: 219438 | 296196 | 308330 Issuer FCF = reported CFO − cash capex + asset proceeds − lease principal. Issuer CFO excludes cash loan interest, which sits in financing; native CFO includes interest. H1 2026 FCF EUR126.413m includes EUR18.207m asset sales; without those proceeds it is EUR108.206m. The known H1 sale is included once in 2026; no later repeat is forecast. Native FCF is not the issuer definition. Stock FCFF excludes financing; FCFE includes net borrowing and lease principal. Neither is a dividend promise.
Equity Value
Reported total equity, EURk: 2023 −2,781; 2024 158,760; 2025 299,013. The 2025 bridge is opening 158,760 + profit 229,700 − OCI 14,870 − buybacks 59,534 − share-plan delivery 15,621 + share compensation reserve 578 = 299,013. Native forecasts have no invented OCI or equity plug. Known buybacks reduce cash and equity; later EUR75m annual dividends are assumptions, not guidance.
Bruttoergebnis
Forecast Gross Profit is before all D&A. The issuer allocates depreciation across functions, so this subtotal is not comparable with IFRS gross profit. Transformation savings appear as a clearly named cost offset; EBITDA and EBIT retain their aggregate economic effect once.
Obj 1
Hosting, domains, email and productivity remain the larger business. I use revenue growth rather than inventing separate churn and ARPU inputs: the reported customer count covers more than this division. Base starts at 7.5% growth, then eases to 5% by 2030.
Obj 10
EUR4m per year is deliberately below reported other income. I do not repeat asset-sale gains, exceptional grants or recharges to make the forecast work.
Obj 11
Base realizes EUR18m in 2027, EUR26m in 2028 and EUR30m from 2029. Bear is slower; Bull reaches EUR30m in 2028. This positive line is a cost offset in the native model, not new customer revenue or an IFRS other-income forecast. No second workforce saving is embedded in the cost ratios.
Obj 12
I reinvest 60% of gross savings in Base, 75% in Bear and 50% in Bull. The input is linked directly to the savings line: reducing execution also reduces the associated budget. Server capex remains separate from this operating spend.
Obj 13
The announced EUR35m charge is booked in 2026 in all cases. Bear adds EUR5m in 2027 for overruns. Base pays EUR10m in 2026 and EUR25m in 2027; the unpaid balance sits in the transformation provision. Payment dates are assumptions, not company guidance.
Obj 14
EUR12m in 2026 reflects continued separation and billing-system work; Base falls to EUR5m in 2027 and EUR2m thereafter. I do not treat these costs as permanently irrelevant simply because management adjusts them out.
Obj 15
A EUR9m annual cash-equivalent budget replaces future share-award expense in this planning model. It avoids treating compensation as free. This is not an IFRS SBC forecast: no future equity reserve credit, treasury delivery or dilution is projected. See Stock methodology for the dilution sensitivity.
Obj 16
Base uses 18 days of sales; Bear 23 and Bull 17. The reported EUR57.4m opening trade balance is after impairment. Collection days apply to collectible receivables. Credit losses are a separate cash-equivalent expense; there is no cumulative allowance buildup. Larger cloud contracts can extend collection times.
Obj 18
Base holds 52 days of cash delivery cost. This broadly preserves the opening supplier balance instead of financing growth with a large, unexplained extension of payment terms.
Obj 19
Opening EUR37.7m rose to EUR52.0m at June. Base ends 2026 at 3.5% of sales and settles at 3.4%; Bear stays at 4%. Higher prepayments consume cash even when the P&L expense ratio looks stable.
Obj 2
Cloud grew to EUR102.2m in H1 2026. Base assumes 18% growth for the full year, then 18%, 16%, 14% and 12%. Faster adoption needs servers and support capacity; higher sales do not come with free infrastructure.
Obj 20
EUR81.330m is held constant. It is a claim on United Internet, not unrestricted bank cash. Stock adds it separately at book value; users can haircut it. No new cash-pool transfers or interest on this balance are assumed.
Obj 21
EUR15.407m is frozen with the corresponding EUR12.843m liability. No sale date, price or disposal gain is invented. Forecast earnings are continuing operations; Sedo’s H1 2026 loss remains in the historical reference, not recurring hosting earnings.
Obj 23
Annual subscriptions bring cash ahead of revenue. Base retains current deferred revenue at 8.1% of sales; Bear falls to 7.3%, Bull rises to 8.4%. This is a cash-timing assumption, not an extra revenue stream.
Obj 24
The provision is expense less cash paid to date. Base closes 2026 at EUR25m and clears it in 2027. Bear carries EUR30m then EUR10m, while Bull settles by 2027. Reducing this balance pays cash; it does not create a second restructuring expense.
Obj 26
Opening EUR120.529m includes tax, payroll, marketing accruals and EUR2.961m of unsettled 2025 buybacks. That buyback payable clears in 2026; other balances stay fixed. Its payment is separate from newly recognized 2026 repurchases.
Obj 27
Opening owned PPE EUR198.289m excludes lease assets. Base cash capex is EUR95m in 2026 and EUR105–115m thereafter, well above FY2025. It covers maintenance and cloud growth; the company does not disclose a reliable split. Existing assets have an assumed 3.5-year remaining life, new assets five years.
Obj 28
An additional EUR5m, 8m, 10m, 12m and 14m in Base funds replacement capacity as existing leases run down. It is cash investment, not a second lease payment. New non-cash leases are not simulated; this conservative substitute prevents lease expiry from becoming a free cash-flow uplift.
Obj 29
Opening right-of-use assets EUR95.509m run off over an assumed six-year blended remaining life. Existing lease interest and principal are separate. This is an aggregate schedule, not the company’s IFRS 16 contract ledger.
Obj 3
Related-party revenue fell to EUR17.5m in H1. I assume EUR35m for 2026 and EUR30m thereafter. These services are kept separate from customer growth so the wind-down does not distort the hosting and cloud assumptions.
Obj 30
Opening EUR122.762m includes acquired customer relationships and software, not goodwill. A 5.5-year blended remaining life and five-year new life are estimates. Base invests EUR8–12m annually in software; this is excluded from operating budgets, so development spending is not counted twice.
Obj 31
Opening goodwill EUR820.588m is held constant. There is no assumed acquisition or impairment; an impairment would change reported earnings and book equity without itself using cash.
Obj 32
EUR30.257m opening deferred costs grow with revenue at 2.3% in Base. Their increase is an operating cash use. This is distinct from software investment and current service prepayments.
Obj 35
The EUR800m face loan matures on 15 December 2026 at 4.67%. Opening carrying debt is EUR798.916m. It is repaid at maturity; the EUR1.084m remaining discount is modeled as a separate settlement charge. Refinancing below is an explicit assumption, not a confirmed facility.
Obj 36
Base assumes EUR700m raised on 15 December 2026 at 5%, with annual EUR100m repayment from 2027. Bear needs EUR800m at 6.5% and repays EUR50m annually; Bull EUR700m at 4.5%, repaying EUR100m. These are funding assumptions, not announced terms. No automatic revolver fills a shortfall.
Obj 37
Opening lease liabilities EUR104.465m follow notes 37/47, which reconcile; one financial-instrument table prints EUR104.555m. Assumed principal is EUR16m yearly, interest 4.9% on opening debt. The full liability is in Stock net debt and is never deducted twice.
Obj 38
2026 includes EUR1.084m to bridge the old carrying amount to EUR800m cash repayment, plus assumed new-loan fees. This small settlement is expensed and paid in operating cash flow in the annual model. Actual IFRS amortized-cost and financing classifications would differ.
Obj 39
A 1.5% yield on opening bank cash is assumed across cases. It excludes the parent cash pool and avoids earning a full year’s interest on cash generated only at year-end.
Obj 4
The 31% Base ratio covers cash delivery costs before depreciation. It stays constant: the transformation savings appear separately, so they are not also hidden in a falling hosting cost ratio. These are modeling costs, not a reported divisional margin.
Obj 40
31.5% in Base and Bull; 33% in Bear. Forecast tax is paid in the same year, with no assumed cash refund on losses. Deferred-tax balances remain fixed; this is not a jurisdiction-by-jurisdiction tax calculation.
Obj 41
H1 cash buybacks were EUR83.981m; remaining disclosed purchases cost EUR7.294m. After the opening EUR2.961m payable, new 2026 equity repurchases are EUR88.314m. From 2027 I assume EUR75m annual dividends, not additional buybacks. Future shares stay fixed; the payout is a modeling choice.
Obj 42
H1 cash proceeds EUR18.207m less net gain EUR1.794m imply EUR16.413m book value sold. The annual model assigns that disposal to owned assets and classifies the gain below EBIT, with the cash in investing. This is a transparent aggregate allocation; no further asset sales are forecast.
Obj 5
Base starts at 42% of cloud sales and improves to 40% as capacity fills. Bear keeps a higher 46% cost ratio; Bull reaches 38%. This is a utilization assumption, separate from the announced workforce savings. Depreciation and new server investment are charged elsewhere.
Obj 7
Base spends 22.1% of revenue, close to EUR315m in 2026 before D&A. Customer acquisition is not free. Prepaid contract costs are modeled separately so a marketing payment need not become an expense in the same year.
Obj 8
EUR85m in 2026, growing by roughly 4% annually in Base. This includes the continuing platform and support organization before the separate transformation offset. AI reinvestment is additional, not buried in this budget.
Obj 9
1.1% of sales in Base, versus about 1.2% in FY2025. Bear uses 1.4%. Credit losses are treated as a cash-equivalent operating expense, while receivable days describe collectible balances. No ever-growing allowance or later recovery is assumed; this is not an IFRS impairment ledger.
Opening Balances
Audited opening date: 31 December 2025. Assets EUR1,570.142m, equity EUR299.013m. EURk display means 1 = EUR1,000. Reported history is available in the Revenue, Total assets, Operating cash flow and Equity comments. Forecasts are continuing operations; held-for-sale balances are frozen, without a forecast Sedo sale or future profit.
Umsatzerlöse
Reported income, EURk: 2023 | 2024 | 2025. 2023 includes AdTech; 2024 and 2025 are continuing operations. Sources: AR2024 p.92; AR2025 pp.38,100. Do not read the 2023-to-2024 drop as organic contraction. Revenue: 1423734 | 1248070 | 1316894 Cost of sales: -737938 | -539416 | -534496 Gross profit: 685796 | 708654 | 782398 Selling: -318647 | -318201 | -327145 Administration: -97144 | -96405 | -101182 Credit impairment: -14145 | -17035 | -15390 Other expense: -14799 | -16023 | -13667 Other income: 36411 | 14725 | 30641 EBIT: 277472 | 275715 | 355655 Finance cost: -93784 | -77940 | -61260 Finance income: 31875 | 5411 | 1861 Associates: -251 | -325 | -325 Pre-tax profit: 215312 | 202861 | 295931 Tax: -41066 | -73303 | -93574 Income in displayed perimeter: 174246 | 129558 | 202357 Discontinued income separately reported: not separately restated | 40114 | 27343 Total group income: 174246 | 169672 | 229700 DA: 107908 | 111716 | 108434 EBITDA: 385380 | 387431 | 464089 SBC adjustment: 5879 | 5692 | 4237 Standalone adjustment: 9478 | 10394 | 11598 IPO adjustment: -11719 | 0 | 0 Consulting adjustment: 0 | 0 | 1480 Severance adjustment: 1278 | 5889 | 3747 Total EBITDA adjustments: 4916 | 21975 | 21063 Adjusted EBITDA: 390296 | 409406 | 485152 Forecasts begin in 2026. H1 revenue was EUR701.117m; August guidance is 8% currency-adjusted growth (9% excluding intercompany) and EUR530m adjusted EBITDA. The native forecast uses nominal EUR assumptions; no separate FX forecast is implied.
Stamm-/Grundkapital
The native contributed-capital subtotal is reduced by cash buyback events. It is not the legal issued share capital or a treasury-share register. IONOS issued capital remains EUR140m in the reported reference; Stock uses the separate dated outstanding-share bridge.

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