Uploaded / public · Published 2026-10-25

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.

AnnualStock Analysis

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

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Stock Analysis · Base

Embedded comments and historical references

Methodology and sources

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.

Stock Analysis sources
Metric	Value
Financial metric (EURk)	477,016.61
Net debt (subtract) (EURk)	293,486.66
Other equity bridge (add / subtract) (EURk)	89,587
Valuation share count (shares)	134,691,459

Stock Analysis · Bear

Embedded comments and historical references

Methodology and sources

Stock Analysis sources
Metric	Value
Financial metric (EURk)	348,143.94
Net debt (subtract) (EURk)	585,436.56
Other equity bridge (add / subtract) (EURk)	89,587
Valuation share count (shares)	134,691,459

Stock Analysis · Bull

Embedded comments and historical references

Methodology and sources

Stock Analysis sources
Metric	Value
Financial metric (EURk)	521,993.59
Net debt (subtract) (EURk)	266,191.23
Other equity bridge (add / subtract) (EURk)	89,587
Valuation share count (shares)	134,691,459

Annual · Base

Embedded comments and historical references

Total assets · Comment

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.

Cash & Cash Equivalents · Comment

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.

Cash flow from operations · Comment

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.

Book equity · Comment

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.

Gross profit · Comment

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.

Web Presence & Productivity · Comment

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.

Ordinary other operating income · Comment

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.

Transformation gross savings — cost offset · Comment

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.

AI and cloud operating reinvestment · Comment

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.

Transformation expense · Comment

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.

Standalone and implementation costs · Comment

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.

Share-award cash-equivalent compensation · Comment

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.

Customer receivables · Comment

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.

Supplier payables · Comment

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.

Prepaid acquisition and service costs · Comment

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.

Cloud Solutions · Comment

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.

United Internet cash-pool receivable · Comment

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.

AdTech assets held for sale · Comment

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.

Customer contract liabilities · Comment

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.

Transformation provision · Comment

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.

Other current operating liabilities · Comment

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.

Owned servers, infrastructure and maintenance · Comment

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.

Cash replacement of expiring leased capacity · Comment

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.

Existing leased property and equipment · Comment

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.

Related-party services · Comment

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.

Finite intangibles and software investment · Comment

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.

Goodwill · Comment

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.

Non-current contract acquisition costs · Comment

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.

Existing bank loan — December 2026 maturity · Comment

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.

Assumed December refinancing · Comment

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.

Existing lease liabilities · Comment

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.

Refinancing and carrying-value settlement · Comment

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.

Interest on opening bank cash · Comment

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.

Hosting delivery cost before D&A · Comment

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.

Current tax on positive profit · Comment

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.

Verified 2026 buybacks and future distributions · Comment

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.

Reported H1 asset-sale gain · Comment

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.

Cloud delivery cost before D&A · Comment

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.

Sales, customer acquisition and marketing · Comment

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.

Platform and administration before transformation · Comment

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.

Customer credit losses · Comment

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 · Comment

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.

Revenue · Comment

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.

Share Capital · Comment

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.

Cash flow · Annual · EURk
Metric	2026	2027	2028	2029	2030
Free Cash Flow to Firm	244,704.74	287,590.91	347,671.69	372,333.3	400,139.84
Free Cash Flow to Equity	100,514.79	145,239.8	210,004.33	240,015.16	273,479.27
Equity bridge · net debt	730,730.79	544,490.99	293,486.66	12,471.5	-302,007.76
Change in receivables	-12,797.8	-5,743.71	-5,751.96	-5,678.01	-5,483.36
Change in inventory	0	0	0	0	0
Change in payables	-3,797.78	5,231.67	5,559.19	5,442.07	5,195.13
Change in other working capital	18,798.54	-18,102.35	5,481.94	5,411.46	5,225.95
D&A add-back	101,802.93	123,783.79	148,308.79	147,542.02	147,725.25
Other non-cash items	-1,794	0	0	0	0
Cash flow from operations	323,430.79	383,239.8	456,004.33	494,015.16	530,479.27
Capital expenditure	-108,000	-122,000	-130,000	-138,000	-141,000
Cash flow from investing	-89,793	-122,000	-130,000	-138,000	-141,000
Debt issuance	700,000	0	0	0	0
Debt repayment	-814,916	-116,000	-116,000	-116,000	-116,000
Revolver draw / (repayment)	0	0	0	0	0
Dividends paid	0	-75,000	-75,000	-75,000	-75,000
Cash flow from financing	-203,229.58	-191,000	-191,000	-191,000	-191,000
Change in cash	30,408.21	70,239.8	135,004.33	165,015.16	198,479.27
Free cash flow	215,430.79	261,239.8	326,004.33	356,015.16	389,479.27

Income statement · Annual
Metric	2026	2027	2028	2029	2030
Revenue (EURk)	1,423,577.04	1,540,046.66	1,656,683.72	1,771,821.11	1,883,011.56
Cost of goods sold (EURk)	-482,728.11	-519,450.44	-558,471.7	-596,670.86	-633,136.71
Gross profit (EURk)	940,848.94	1,020,596.22	1,098,212.03	1,175,150.24	1,249,874.85
Other operating income (EURk)	4,000	22,000	30,000	34,000	34,000
SG&A (EURk)	-476,353.87	-470,490.83	-502,886.62	-535,675.5	-565,296.68
Depreciation & amortization (EURk)	-101,802.93	-123,783.79	-148,308.79	-147,542.02	-147,725.25
EBITDA (EURk)	468,495.06	572,105.4	625,325.4	673,474.75	718,578.17
EBIT (EURk)	366,692.13	448,321.61	477,016.61	525,932.72	570,852.91
Interest expense (EURk)	-42,320.6	-39,334.78	-33,550.78	-27,766.78	-21,982.78
Earnings before tax (EURk)	326,575.42	409,852.84	445,385.44	502,110.61	555,290.03
Taxes (EURk)	-102,871.26	-129,103.64	-140,296.41	-158,164.84	-174,916.36
Net income (EURk)	223,704.16	280,749.19	305,089.02	343,945.77	380,373.67
Revenue growth (%)	8.1	8.18	7.57	6.95	6.28
Gross margin (%)	66.09	66.27	66.29	66.32	66.38

Balance sheet · Annual · EURk
Metric	2026	2027	2028	2029	2030
Cash & Cash Equivalents	57,734.21	127,974.01	262,978.34	427,993.5	626,472.76
Accounts receivable	70,203.8	75,947.51	81,699.47	87,377.48	92,860.84
Inventory	20	20	20	20	20
Accounts payable	68,772.22	74,003.9	79,563.09	85,005.16	90,200.3
Other current assets	180,042.2	182,578.59	186,544.25	190,458.92	194,239.39
Other current liabilities	270,720.74	255,154.78	264,602.38	273,928.51	282,934.94
Long-term debt	788,465	672,465	556,465	440,465	324,465
Required revolving funding	0	0	0	0	0
Property, plant & equipment	298,702.43	312,739.01	311,150.58	319,428.92	331,824.03
Other non-current assets	1,011,064.91	997,923.35	983,885.63	968,713.43	952,150.45
Other non-current liabilities	55,406	55,406	55,406	55,406	55,406
Total current assets	308,000.21	386,520.1	531,242.06	705,849.9	913,593
Total assets	1,617,767.55	1,697,182.46	1,826,278.27	1,993,992.25	2,197,567.48
Book equity	434,403.58	640,152.78	870,241.8	1,139,187.57	1,444,561.24
Total liabilities & equity	1,617,767.55	1,697,182.46	1,826,278.27	1,993,992.25	2,197,567.48

Business Lines

Business Lines · Annual
Metric	2026	2027	2028	2029	2030
Value · Web Presence & Productivity (EURk)	1,167,947.72	1,249,704.07	1,324,686.31	1,397,544.06	1,467,421.26
Value · Cloud Solutions (EURk)	220,629.32	260,342.6	301,997.41	344,277.05	385,590.3
Value · Related-party services (EURk)	35,000	30,000	30,000	30,000	30,000
Value · Hosting delivery cost before D&A (EURk)	362,063.79	387,408.26	410,652.76	433,238.66	454,900.59
Value · Cloud delivery cost before D&A (EURk)	92,664.31	108,042.18	123,818.94	139,432.21	154,236.12
Value · Related-party delivery cost (EURk)	28,000	24,000	24,000	24,000	24,000
Value · Sales, customer acquisition and marketing (EURk)	314,610.53	340,350.31	366,127.1	391,572.46	416,145.55
Value · Platform and administration before transformation (EURk)	85,000	88,400	91,936	95,613	99,438
Value · Customer credit losses (EURk)	15,659.35	16,940.51	18,223.52	19,490.03	20,713.13
Value · Ordinary other operating income (EURk)	4,000	4,000	4,000	4,000	4,000
Value · Transformation gross savings — cost offset (EURk)	0	18,000	26,000	30,000	30,000
Value · AI and cloud operating reinvestment (EURk)	0	10,800	15,600	18,000	18,000
Value · Transformation expense (EURk)	35,000	0	0	0	0
Value · Standalone and implementation costs (EURk)	12,000	5,000	2,000	2,000	2,000
Value · Share-award cash-equivalent compensation (EURk)	9,000	9,000	9,000	9,000	9,000
Value · Customer receivables (EURk)	70,203.8	75,947.51	81,699.47	87,377.48	92,860.84
Value · Small operating inventory (EURk)	20	20	20	20	20
Value · Supplier payables (EURk)	68,772.22	74,003.9	79,563.09	85,005.16	90,200.3
Value · Prepaid acquisition and service costs (EURk)	49,825.2	52,361.59	56,327.25	60,241.92	64,022.39
Value · United Internet cash-pool receivable (EURk)	81,330	81,330	81,330	81,330	81,330
Value · AdTech assets held for sale (EURk)	15,407	15,407	15,407	15,407	15,407
Value · Other current assets (EURk)	33,480	33,480	33,480	33,480	33,480
Value · Customer contract liabilities (EURk)	115,309.74	124,743.78	134,191.38	143,517.51	152,523.94
Value · Transformation provision (EURk)	25,000	0	0	0	0
Value · AdTech liabilities held for sale (EURk)	12,843	12,843	12,843	12,843	12,843
Value · Other current operating liabilities (EURk)	117,568	117,568	117,568	117,568	117,568
Value · Owned servers, infrastructure and maintenance (EURk)	95,000	105,000	110,000	115,000	115,000
Value · Cash replacement of expiring leased capacity (EURk)	5,000	8,000	10,000	12,000	14,000
Value · Existing leased property and equipment (EURk)	0	0	0	0	0
Value · Finite intangibles and software investment (EURk)	8,000	9,000	10,000	11,000	12,000
Value · Goodwill (EURk)	820,588	820,588	820,588	820,588	820,588
Value · Non-current contract acquisition costs (EURk)	32,742.27	35,421.07	38,103.73	40,751.89	43,309.27
Value · Other non-current and deferred-tax assets (EURk)	50,093	50,093	50,093	50,093	50,093
Value · Other non-current liabilities (EURk)	55,406	55,406	55,406	55,406	55,406
Value · Existing bank loan — December 2026 maturity (EURk)	0	0	0	0	0
Value · Assumed December refinancing (EURk)	700,000	600,000	500,000	400,000	300,000
Value · Existing lease liabilities (EURk)	88,465	72,465	56,465	40,465	24,465
Value · Refinancing and carrying-value settlement (EURk)	5,084	0	0	0	0
Value · Interest on opening bank cash (EURk)	409.89	866.01	1,919.61	3,944.68	6,419.9
Value · Current tax on positive profit (%)	31.5	31.5	31.5	31.5	31.5
Value · Verified 2026 buybacks and future distributions (EURk)	0	75,000	75,000	75,000	75,000
Value · Reported H1 asset-sale gain (EURk)	1,794	0	0	0	0

Annual · Bear

Embedded comments and historical references

Total assets · Comment

Cash & Cash Equivalents · Comment

Cash flow from operations · Comment

Book equity · Comment

Gross profit · Comment

Web Presence & Productivity · Comment

Ordinary other operating income · Comment

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.

Transformation gross savings — cost offset · Comment

AI and cloud operating reinvestment · Comment

Transformation expense · Comment

Standalone and implementation costs · Comment

Share-award cash-equivalent compensation · Comment

Customer receivables · Comment

Supplier payables · Comment

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.

Prepaid acquisition and service costs · Comment

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.

Cloud Solutions · Comment

United Internet cash-pool receivable · Comment

AdTech assets held for sale · Comment

Customer contract liabilities · Comment

Transformation provision · Comment

Other current operating liabilities · Comment

Owned servers, infrastructure and maintenance · Comment

Cash replacement of expiring leased capacity · Comment

Existing leased property and equipment · Comment

Related-party services · Comment

Finite intangibles and software investment · Comment

Goodwill · Comment

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.

Non-current contract acquisition costs · Comment

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.

Existing bank loan — December 2026 maturity · Comment

Assumed December refinancing · Comment

Existing lease liabilities · Comment

Refinancing and carrying-value settlement · Comment

Interest on opening bank cash · Comment

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.

Hosting delivery cost before D&A · Comment

Current tax on positive profit · Comment

Verified 2026 buybacks and future distributions · Comment

Reported H1 asset-sale gain · Comment

Cloud delivery cost before D&A · Comment

Sales, customer acquisition and marketing · Comment

Platform and administration before transformation · Comment

Customer credit losses · Comment

Opening Balances · Comment

Revenue · Comment

Share Capital · Comment

Cash flow · Annual · EURk
Metric	2026	2027	2028	2029	2030
Free Cash Flow to Firm	152,775.46	211,165.04	247,116.45	272,398.25	282,530.15
Free Cash Flow to Equity	108,656.77	108,082.79	147,069.46	175,778.34	189,625.84
Equity bridge · net debt	822,588.81	723,506.02	585,436.56	418,658.22	238,032.38
Change in receivables	-29,880.39	-3,161.06	-3,672.78	-3,724.91	-3,748.84
Change in inventory	0	0	0	0	0
Change in payables	-7,463	2,203.47	2,900.06	2,931.32	2,934.96
Change in other working capital	4,025.5	-18,344.57	-8,076.58	1,950.72	1,963.25
D&A add-back	102,437.47	125,099.73	149,224.73	146,431.39	143,488.05
Other non-cash items	-1,794	0	0	0	0
Cash flow from operations	237,572.77	297,082.79	338,069.46	364,778.34	380,625.84
Capital expenditure	-114,000	-123,000	-125,000	-123,000	-125,000
Cash flow from investing	-95,793	-123,000	-125,000	-123,000	-125,000
Debt issuance	800,000	0	0	0	0
Debt repayment	-814,916	-66,000	-66,000	-66,000	-66,000
Revolver draw / (repayment)	0	0	0	0	0
Dividends paid	0	-75,000	-75,000	-75,000	-75,000
Cash flow from financing	-103,229.58	-141,000	-141,000	-141,000	-141,000
Change in cash	38,550.19	33,082.79	72,069.46	100,778.34	114,625.84
Free cash flow	123,572.77	174,082.79	213,069.46	241,778.34	255,625.84

Income statement · Annual
Metric	2026	2027	2028	2029	2030
Revenue (EURk)	1,385,197.03	1,435,361.7	1,493,647.19	1,552,759.84	1,612,252.23
Cost of goods sold (EURk)	-495,084.5	-511,840.07	-533,892.6	-556,182.87	-578,500.77
Gross profit (EURk)	890,112.53	923,521.63	959,754.59	996,576.97	1,033,751.46
Other operating income (EURk)	4,000	12,000	20,000	26,000	29,000
SG&A (EURk)	-488,072.08	-467,628.26	-482,385.91	-503,986.4	-524,577.54
Depreciation & amortization (EURk)	-102,437.47	-125,099.73	-149,224.73	-146,431.39	-143,488.05
EBITDA (EURk)	406,040.45	467,893.38	497,368.67	518,590.57	538,173.92
EBIT (EURk)	303,602.98	342,793.64	348,143.94	372,159.17	394,685.86
Interest expense (EURk)	-43,112.38	-56,334.78	-52,300.78	-48,266.78	-44,232.78
Earnings before tax (EURk)	262,694.49	287,447	297,327.54	326,457.82	354,530.18
Taxes (EURk)	-86,689.18	-94,857.51	-98,118.09	-107,731.08	-116,994.96
Net income (EURk)	176,005.31	192,589.49	199,209.45	218,726.74	237,535.22
Revenue growth (%)	5.19	3.62	4.06	3.96	3.83
Gross margin (%)	64.26	64.34	64.26	64.18	64.12

Balance sheet · Annual · EURk
Metric	2026	2027	2028	2029	2030
Cash & Cash Equivalents	65,876.19	98,958.98	171,028.44	271,806.78	386,432.62
Accounts receivable	87,286.39	90,447.45	94,120.23	97,845.14	101,593.98
Inventory	20	20	20	20	20
Accounts payable	65,107	67,310.47	70,210.53	73,141.86	76,076.81
Other current assets	185,624.88	187,631.47	189,962.89	192,327.39	194,707.09
Other current liabilities	261,530.38	245,192.4	239,447.24	243,762.47	248,105.41
Long-term debt	888,465	822,465	756,465	690,465	624,465
Required revolving funding	0	0	0	0	0
Property, plant & equipment	303,167.89	316,188.52	309,084.15	303,873.12	305,805.43
Other non-current assets	1,015,237.76	1,001,421.68	985,816.74	969,133.3	950,259.74
Other non-current liabilities	55,406	55,406	55,406	55,406	55,406
Total current assets	338,807.46	377,057.9	455,131.56	561,999.31	682,753.68
Total assets	1,657,213.11	1,694,668.1	1,750,032.45	1,835,005.73	1,938,818.85
Book equity	386,704.73	504,294.22	628,503.67	772,230.41	934,765.63
Total liabilities & equity	1,657,213.11	1,694,668.1	1,750,032.45	1,835,005.73	1,938,818.85

Business Lines

Business Lines · Annual
Metric	2026	2027	2028	2029	2030
Value · Web Presence & Productivity (EURk)	1,140,786.15	1,175,009.73	1,210,260.03	1,246,567.83	1,283,964.86
Value · Cloud Solutions (EURk)	209,410.88	230,351.97	253,387.16	276,192.01	298,287.37
Value · Related-party services (EURk)	35,000	30,000	30,000	30,000	30,000
Value · Hosting delivery cost before D&A (EURk)	370,755.5	381,878.16	393,334.51	405,134.54	417,288.58
Value · Cloud delivery cost before D&A (EURk)	96,329	105,961.91	116,558.1	127,048.32	137,212.19
Value · Related-party delivery cost (EURk)	28,000	24,000	24,000	24,000	24,000
Value · Sales, customer acquisition and marketing (EURk)	318,595.32	330,133.19	343,538.85	357,134.76	370,818.01
Value · Platform and administration before transformation (EURk)	85,000	88,400	91,936	95,613	99,438
Value · Customer credit losses (EURk)	19,392.76	20,095.06	20,911.06	21,738.64	22,571.53
Value · Ordinary other operating income (EURk)	4,000	4,000	4,000	4,000	4,000
Value · Transformation gross savings — cost offset (EURk)	0	8,000	16,000	22,000	25,000
Value · AI and cloud operating reinvestment (EURk)	0	6,000	12,000	16,500	18,750
Value · Transformation expense (EURk)	35,000	5,000	0	0	0
Value · Standalone and implementation costs (EURk)	14,000	9,000	5,000	4,000	4,000
Value · Share-award cash-equivalent compensation (EURk)	9,000	9,000	9,000	9,000	9,000
Value · Customer receivables (EURk)	87,286.39	90,447.45	94,120.23	97,845.14	101,593.98
Value · Small operating inventory (EURk)	20	20	20	20	20
Value · Supplier payables (EURk)	65,107	67,310.47	70,210.53	73,141.86	76,076.81
Value · Prepaid acquisition and service costs (EURk)	55,407.88	57,414.47	59,745.89	62,110.39	64,490.09
Value · United Internet cash-pool receivable (EURk)	81,330	81,330	81,330	81,330	81,330
Value · AdTech assets held for sale (EURk)	15,407	15,407	15,407	15,407	15,407
Value · Other current assets (EURk)	33,480	33,480	33,480	33,480	33,480
Value · Customer contract liabilities (EURk)	101,119.38	104,781.4	109,036.24	113,351.47	117,694.41
Value · Transformation provision (EURk)	30,000	10,000	0	0	0
Value · AdTech liabilities held for sale (EURk)	12,843	12,843	12,843	12,843	12,843
Value · Other current operating liabilities (EURk)	117,568	117,568	117,568	117,568	117,568
Value · Owned servers, infrastructure and maintenance (EURk)	100,000	105,000	105,000	100,000	100,000
Value · Cash replacement of expiring leased capacity (EURk)	5,000	8,000	10,000	12,000	14,000
Value · Existing leased property and equipment (EURk)	0	0	0	0	0
Value · Finite intangibles and software investment (EURk)	9,000	10,000	10,000	11,000	11,000
Value · Goodwill (EURk)	820,588	820,588	820,588	820,588	820,588
Value · Non-current contract acquisition costs (EURk)	36,015.12	37,319.4	38,834.83	40,371.76	41,918.56
Value · Other non-current and deferred-tax assets (EURk)	50,093	50,093	50,093	50,093	50,093
Value · Other non-current liabilities (EURk)	55,406	55,406	55,406	55,406	55,406
Value · Existing bank loan — December 2026 maturity (EURk)	0	0	0	0	0
Value · Assumed December refinancing (EURk)	800,000	750,000	700,000	650,000	600,000
Value · Existing lease liabilities (EURk)	88,465	72,465	56,465	40,465	24,465
Value · Refinancing and carrying-value settlement (EURk)	7,084	0	0	0	0
Value · Interest on opening bank cash (EURk)	409.89	988.14	1,484.38	2,565.43	4,077.1
Value · Current tax on positive profit (%)	33	33	33	33	33
Value · Verified 2026 buybacks and future distributions (EURk)	0	75,000	75,000	75,000	75,000
Value · Reported H1 asset-sale gain (EURk)	1,794	0	0	0	0

Annual · Bull

Embedded comments and historical references

Total assets · Comment

Cash & Cash Equivalents · Comment

Cash flow from operations · Comment

Book equity · Comment

Gross profit · Comment

Web Presence & Productivity · Comment

Ordinary other operating income · Comment

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.

Transformation gross savings — cost offset · Comment

AI and cloud operating reinvestment · Comment

Transformation expense · Comment

Standalone and implementation costs · Comment

Share-award cash-equivalent compensation · Comment

Customer receivables · Comment

Supplier payables · Comment

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.

Prepaid acquisition and service costs · Comment

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.

Cloud Solutions · Comment

United Internet cash-pool receivable · Comment

AdTech assets held for sale · Comment

Customer contract liabilities · Comment

Transformation provision · Comment

Other current operating liabilities · Comment

Owned servers, infrastructure and maintenance · Comment

Cash replacement of expiring leased capacity · Comment

Existing leased property and equipment · Comment

Related-party services · Comment

Finite intangibles and software investment · Comment

Goodwill · Comment

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.

Non-current contract acquisition costs · Comment

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.

Existing bank loan — December 2026 maturity · Comment

Assumed December refinancing · Comment

Existing lease liabilities · Comment

Refinancing and carrying-value settlement · Comment

Interest on opening bank cash · Comment

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.

Hosting delivery cost before D&A · Comment

Current tax on positive profit · Comment

Verified 2026 buybacks and future distributions · Comment

Reported H1 asset-sale gain · Comment

Cloud delivery cost before D&A · Comment

Sales, customer acquisition and marketing · Comment

Platform and administration before transformation · Comment

Customer credit losses · Comment

Opening Balances · Comment

Revenue · Comment

Share Capital · Comment

Cash flow · Annual · EURk
Metric	2026	2027	2028	2029	2030
Free Cash Flow to Firm	242,479.46	303,555.26	356,518.86	392,881.24	435,126.31
Free Cash Flow to Equity	98,401.18	163,579.94	221,073.23	262,556.06	310,347.8
Equity bridge · net debt	732,844.4	528,264.46	266,191.23	-37,364.82	-388,712.62
Change in receivables	-10,004.96	-6,516.98	-7,059.99	-7,282.27	-7,047.73
Change in inventory	0	0	0	0	0
Change in payables	-3,799.07	6,081.58	6,864.09	7,241.15	6,968.1
Change in other working capital	14,234.29	-6,556.48	9,317.97	7,974.09	7,717.27
D&A add-back	103,665.7	129,780.07	160,317.57	166,711.17	174,117.27
Other non-cash items	-1,794	0	0	0	0
Cash flow from operations	339,317.18	426,579.94	504,073.23	554,556.06	605,347.8
Capital expenditure	-126,000	-147,000	-167,000	-176,000	-179,000
Cash flow from investing	-107,793	-147,000	-167,000	-176,000	-179,000
Debt issuance	700,000	0	0	0	0
Debt repayment	-814,916	-116,000	-116,000	-116,000	-116,000
Revolver draw / (repayment)	0	0	0	0	0
Dividends paid	0	-75,000	-75,000	-75,000	-75,000
Cash flow from financing	-203,229.58	-191,000	-191,000	-191,000	-191,000
Change in cash	28,294.6	88,579.94	146,073.23	187,556.06	235,347.8
Free cash flow	213,317.18	279,579.94	337,073.23	378,556.06	426,347.8

Income statement · Annual
Metric	2026	2027	2028	2029	2030
Revenue (EURk)	1,447,352.95	1,587,276.35	1,738,858.58	1,895,213.24	2,046,532.2
Cost of goods sold (EURk)	-482,719.02	-525,407.03	-573,587.66	-624,414.97	-673,325.68
Gross profit (EURk)	964,633.93	1,061,869.31	1,165,270.92	1,270,798.27	1,373,206.52
Other operating income (EURk)	4,000	28,000	34,000	34,000	34,000
SG&A (EURk)	-474,580.47	-476,899.01	-516,959.76	-557,308.62	-596,809.34
Depreciation & amortization (EURk)	-103,665.7	-129,780.07	-160,317.57	-166,711.17	-174,117.27
EBITDA (EURk)	494,053.46	612,970.3	682,311.16	747,489.65	810,397.18
EBIT (EURk)	390,387.76	483,190.23	521,993.59	580,778.48	636,279.9
Interest expense (EURk)	-42,157.59	-35,834.78	-30,550.78	-25,266.78	-19,982.78
Earnings before tax (EURk)	350,434.06	448,189.76	493,605.82	559,865.81	623,464.57
Taxes (EURk)	-110,386.73	-141,179.77	-155,485.83	-176,357.73	-196,391.34
Net income (EURk)	240,047.33	307,009.98	338,119.99	383,508.08	427,073.23
Revenue growth (%)	9.91	9.67	9.55	8.99	7.98
Gross margin (%)	66.65	66.9	67.01	67.05	67.1

Balance sheet · Annual · EURk
Metric	2026	2027	2028	2029	2030
Cash & Cash Equivalents	55,620.6	144,200.54	290,273.77	477,829.82	713,177.62
Accounts receivable	67,410.96	73,927.94	80,987.93	88,270.21	95,317.94
Inventory	20	20	20	20	20
Accounts payable	68,770.93	74,852.51	81,716.6	88,957.75	95,925.85
Other current assets	180,874.35	184,184.4	187,599.33	192,759.04	197,752.56
Other current liabilities	266,988.65	263,742.21	276,475.12	289,608.91	302,319.7
Long-term debt	788,465	672,465	556,465	440,465	324,465
Required revolving funding	0	0	0	0	0
Property, plant & equipment	313,039.67	343,779.96	364,582.75	389,891.95	412,895.04
Other non-current assets	1,013,411.75	1,003,109.63	992,475.66	980,051.45	965,411.42
Other non-current liabilities	55,406	55,406	55,406	55,406	55,406
Total current assets	303,925.91	402,332.87	558,881.03	758,879.07	1,006,268.12
Total assets	1,630,377.33	1,749,222.46	1,915,939.44	2,128,822.46	2,384,574.58
Book equity	450,746.75	682,756.74	945,876.72	1,254,384.8	1,606,458.03
Total liabilities & equity	1,630,377.33	1,749,222.46	1,915,939.44	2,128,822.46	2,384,574.58

Business Lines

Business Lines · Annual
Metric	2026	2027	2028	2029	2030
Value · Web Presence & Productivity (EURk)	1,184,244.67	1,278,984.24	1,374,908.06	1,471,151.63	1,559,420.72
Value · Cloud Solutions (EURk)	228,108.28	278,292.1	333,950.52	394,061.62	457,111.47
Value · Related-party services (EURk)	35,000	30,000	30,000	30,000	30,000
Value · Hosting delivery cost before D&A (EURk)	361,194.62	390,090.19	419,346.96	448,701.25	475,623.32
Value · Cloud delivery cost before D&A (EURk)	93,524.39	111,316.84	130,240.7	151,713.72	173,702.36
Value · Related-party delivery cost (EURk)	28,000	24,000	24,000	24,000	24,000
Value · Sales, customer acquisition and marketing (EURk)	315,522.94	346,026.24	379,071.17	413,156.49	446,144.02
Value · Platform and administration before transformation (EURk)	86,000	90,000	94,500	99,200	104,200
Value · Customer credit losses (EURk)	14,473.53	15,872.76	17,388.59	18,952.13	20,465.32
Value · Ordinary other operating income (EURk)	4,000	4,000	4,000	4,000	4,000
Value · Transformation gross savings — cost offset (EURk)	0	24,000	30,000	30,000	30,000
Value · AI and cloud operating reinvestment (EURk)	0	12,000	15,000	15,000	15,000
Value · Transformation expense (EURk)	35,000	0	0	0	0
Value · Standalone and implementation costs (EURk)	10,000	4,000	2,000	2,000	2,000
Value · Share-award cash-equivalent compensation (EURk)	9,000	9,000	9,000	9,000	9,000
Value · Customer receivables (EURk)	67,410.96	73,927.94	80,987.93	88,270.21	95,317.94
Value · Small operating inventory (EURk)	20	20	20	20	20
Value · Supplier payables (EURk)	68,770.93	74,852.51	81,716.6	88,957.75	95,925.85
Value · Prepaid acquisition and service costs (EURk)	50,657.35	53,967.4	57,382.33	62,542.04	67,535.56
Value · United Internet cash-pool receivable (EURk)	81,330	81,330	81,330	81,330	81,330
Value · AdTech assets held for sale (EURk)	15,407	15,407	15,407	15,407	15,407
Value · Other current assets (EURk)	33,480	33,480	33,480	33,480	33,480
Value · Customer contract liabilities (EURk)	121,577.65	133,331.21	146,064.12	159,197.91	171,908.7
Value · Transformation provision (EURk)	15,000	0	0	0	0
Value · AdTech liabilities held for sale (EURk)	12,843	12,843	12,843	12,843	12,843
Value · Other current operating liabilities (EURk)	117,568	117,568	117,568	117,568	117,568
Value · Owned servers, infrastructure and maintenance (EURk)	110,000	125,000	140,000	145,000	145,000
Value · Cash replacement of expiring leased capacity (EURk)	6,000	10,000	13,000	16,000	18,000
Value · Existing leased property and equipment (EURk)	0	0	0	0	0
Value · Finite intangibles and software investment (EURk)	10,000	12,000	14,000	15,000	16,000
Value · Goodwill (EURk)	820,588	820,588	820,588	820,588	820,588
Value · Non-current contract acquisition costs (EURk)	33,289.12	36,507.36	39,993.75	43,589.9	47,070.24
Value · Other non-current and deferred-tax assets (EURk)	50,093	50,093	50,093	50,093	50,093
Value · Other non-current liabilities (EURk)	55,406	55,406	55,406	55,406	55,406
Value · Existing bank loan — December 2026 maturity (EURk)	0	0	0	0	0
Value · Assumed December refinancing (EURk)	700,000	600,000	500,000	400,000	300,000
Value · Existing lease liabilities (EURk)	88,465	72,465	56,465	40,465	24,465
Value · Refinancing and carrying-value settlement (EURk)	4,584	0	0	0	0
Value · Interest on opening bank cash (EURk)	409.89	834.31	2,163.01	4,354.11	7,167.45
Value · Current tax on positive profit (%)	31.5	31.5	31.5	31.5	31.5
Value · Verified 2026 buybacks and future distributions (EURk)	0	75,000	75,000	75,000	75,000
Value · Reported H1 asset-sale gain (EURk)	1,794	0	0	0	0

Modeling Rationale

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.

Key assumptions

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.

Notes

**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.

Published inputs and structure

Input data uses full functional-currency amounts. Rates retain their native percentage convention. Result tables state their display units in the caption or beside each metric.

Calendar

Calendar (4)

Actual Years

Calculation

annual

Fiscal Year End

fiscalYearEnd (2)

Day: 31
Month: 12

Start Year

2026

This line currently uses the existing Simple assumptions.

This line currently uses the existing Simple assumptions. (10)

Allow Zero

true

Calendar

calendar (3)

Actual Years

Fiscal Year End

fiscalYearEnd (2)

Day: 31
Month: 12

Start Year

2026

Minimum Cash

Name

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

Opening debt

opening (15)

Accounts payable: 72570000
Accounts receivable: 57406000
Total assets: 1570142000
Cash & Cash Equivalents: 27326000
Long-term debt: 903381000
Equity Value: 299013000
Inventory: 20000
Other current assets: 167892000
Other current liabilities: 239772000
Other non-current assets: 1023700000
Other non-current liabilities: 55406000
Property, plant & equipment: 293798000
Revenue: 1316894000
Required revolving funding: 0
Share Capital: 140000000

Other CARate

Other CLRate

Revolver Limit

Type

industrial

Year view

years (5)

0 (15)

Capital expenditure: 0
Cogs Amount: 0
Depreciation & amortization: 0
Long-term debt: 903381000
Days inventory outstanding: 0
Days payable outstanding: 0
Days sales outstanding: 0
Gross margin: 60
Revenue growth: 0
Interest rate: 4.67
Dividend payout / net income: 0
Revenue: —
SG&A / revenue: 25
Sga Amount: 0
Tax rate: 31.5

1 (22)

Ar Adjustment: 0
Capital expenditure: 0
Cogs Amount: 0
Depreciation & amortization: 0
Long-term debt: 903381000
Days inventory outstanding: 0
Days payable outstanding: 0
Days sales outstanding: 0
Equipment Purchase: 0
Extra DA: 0
Extra Dividend: 0
Gross margin: 60
Revenue growth: 0
Interest rate: 4.67
Inventory Adjustment: 0
Dividend payout / net income: 0
Revenue: —
Scenario Borrowing: 0
Scenario Repayment: 0
SG&A / revenue: 25
Sga Amount: 0
Tax rate: 31.5

2 (22)

Ar Adjustment: 0
Capital expenditure: 0
Cogs Amount: 0
Depreciation & amortization: 0
Long-term debt: 903381000
Days inventory outstanding: 0
Days payable outstanding: 0
Days sales outstanding: 0
Equipment Purchase: 0
Extra DA: 0
Extra Dividend: 0
Gross margin: 60
Revenue growth: 0
Interest rate: 4.67
Inventory Adjustment: 0
Dividend payout / net income: 0
Revenue: —
Scenario Borrowing: 0
Scenario Repayment: 0
SG&A / revenue: 25
Sga Amount: 0
Tax rate: 31.5

3 (22)

Ar Adjustment: 0
Capital expenditure: 0
Cogs Amount: 0
Depreciation & amortization: 0
Long-term debt: 903381000
Days inventory outstanding: 0
Days payable outstanding: 0
Days sales outstanding: 0
Equipment Purchase: 0
Extra DA: 0
Extra Dividend: 0
Gross margin: 60
Revenue growth: 0
Interest rate: 4.67
Inventory Adjustment: 0
Dividend payout / net income: 0
Revenue: —
Scenario Borrowing: 0
Scenario Repayment: 0
SG&A / revenue: 25
Sga Amount: 0
Tax rate: 31.5

4 (22)

Ar Adjustment: 0
Capital expenditure: 0
Cogs Amount: 0
Depreciation & amortization: 0
Long-term debt: 903381000
Days inventory outstanding: 0
Days payable outstanding: 0
Days sales outstanding: 0
Equipment Purchase: 0
Extra DA: 0
Extra Dividend: 0
Gross margin: 60
Revenue growth: 0
Interest rate: 4.67
Inventory Adjustment: 0
Dividend payout / net income: 0
Revenue: —
Scenario Borrowing: 0
Scenario Repayment: 0
SG&A / revenue: 25
Sga Amount: 0
Tax rate: 31.5

Objects

Objects (42)

0 (15)

Active

true

Opening driver value

1086463000

Description

Entity Id

entity-1

Events

events (0)

Group

revenue

obj-1

Instrument Id

—

Kind

driver

Name

Web Presence & Productivity

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: growth
Interest rate (%): 7.5

2027 01 01

2027-01-01 (2)

Calculation method: growth
Interest rate (%): 7

2028 01 01

2028-01-01 (2)

Calculation method: growth
Interest rate (%): 6

2029 01 01

2029-01-01 (2)

Calculation method: growth
Interest rate (%): 5.5

2030 01 01

2030-01-01 (2)

Calculation method: growth
Interest rate (%): 5

Check the rule conditions and increments.

—

Source

user

Unit

EUR

1 (15)

Active

true

Opening driver value

186974000

Description

Entity Id

entity-1

Events

events (0)

Group

revenue

obj-2

Instrument Id

—

Kind

driver

Name

Cloud Solutions

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: growth
Interest rate (%): 18

2027 01 01

2027-01-01 (2)

Calculation method: growth
Interest rate (%): 18

2028 01 01

2028-01-01 (2)

Calculation method: growth
Interest rate (%): 16

2029 01 01

2029-01-01 (2)

Calculation method: growth
Interest rate (%): 14

2030 01 01

2030-01-01 (2)

Calculation method: growth
Interest rate (%): 12

Check the rule conditions and increments.

—

Source

user

Unit

EUR

2 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

revenue

obj-3

Instrument Id

—

Kind

driver

Name

Related-party services

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 35000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 30000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 30000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 30000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 30000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

3 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

cogs

obj-4

Instrument Id

—

Kind

driver

Name

Hosting delivery cost before D&A

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Assumption Id

assumption-16cab03d-7280-ce81-16cc-4019ad3014f5

Linked Periods

linkedPeriods (5)

0: 2026-01-01
1: 2027-01-01
2: 2028-01-01
3: 2029-01-01
4: 2030-01-01

Calculation method

percent

Interest rate (%)

Ref

obj-1

2027 01 01

2027-01-01 (1)

Assumption Ref: assumption-16cab03d-7280-ce81-16cc-4019ad3014f5

2028 01 01

2028-01-01 (1)

Assumption Ref: assumption-16cab03d-7280-ce81-16cc-4019ad3014f5

2029 01 01

2029-01-01 (1)

Assumption Ref: assumption-16cab03d-7280-ce81-16cc-4019ad3014f5

2030 01 01

2030-01-01 (1)

Assumption Ref: assumption-16cab03d-7280-ce81-16cc-4019ad3014f5

Check the rule conditions and increments.

—

Source

user

Unit

EUR

4 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

cogs

obj-5

Instrument Id

—

Kind

driver

Name

Cloud delivery cost before D&A

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Calculation method: percent
Interest rate (%): 42
Ref: obj-2

2027 01 01

2027-01-01 (3)

Calculation method: percent
Interest rate (%): 41.5
Ref: obj-2

2028 01 01

2028-01-01 (3)

Calculation method: percent
Interest rate (%): 41
Ref: obj-2

2029 01 01

2029-01-01 (3)

Calculation method: percent
Interest rate (%): 40.5
Ref: obj-2

2030 01 01

2030-01-01 (3)

Calculation method: percent
Interest rate (%): 40
Ref: obj-2

Check the rule conditions and increments.

—

Source

user

Unit

EUR

5 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

cogs

obj-6

Instrument Id

—

Kind

driver

Name

Related-party delivery cost

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Assumption Id

assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2

Linked Periods

linkedPeriods (5)

0: 2026-01-01
1: 2027-01-01
2: 2028-01-01
3: 2029-01-01
4: 2030-01-01

Calculation method

percent

Interest rate (%)

Ref

obj-3

2027 01 01

2027-01-01 (1)

Assumption Ref: assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2

2028 01 01

2028-01-01 (1)

Assumption Ref: assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2

2029 01 01

2029-01-01 (1)

Assumption Ref: assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2

2030 01 01

2030-01-01 (1)

Assumption Ref: assumption-6aef50dc-d7f4-0d42-3d57-4fb44c76fbb2

Check the rule conditions and increments.

—

Source

user

Unit

EUR

6 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-7

Instrument Id

—

Kind

driver

Name

Sales, customer acquisition and marketing

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Assumption Id

assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca

Linked Periods

linkedPeriods (5)

0: 2026-01-01
1: 2027-01-01
2: 2028-01-01
3: 2029-01-01
4: 2030-01-01

Calculation method

percent

Interest rate (%)

22.1

Ref

revenue

2027 01 01

2027-01-01 (1)

Assumption Ref: assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca

2028 01 01

2028-01-01 (1)

Assumption Ref: assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca

2029 01 01

2029-01-01 (1)

Assumption Ref: assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca

2030 01 01

2030-01-01 (1)

Assumption Ref: assumption-c44d16aa-e8c6-bc6e-e839-1eae9dbeb4ca

Check the rule conditions and increments.

—

Source

user

Unit

EUR

7 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-8

Instrument Id

—

Kind

driver

Name

Platform and administration before transformation

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 85000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 88400000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 91936000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 95613000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 99438000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

8 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-9

Instrument Id

—

Kind

driver

Name

Customer credit losses

Opening debt

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

Calculation method

percent

Interest rate (%)

1.1

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

9 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherOperatingIncome

obj-10

Instrument Id

—

Kind

driver

Name

Ordinary other operating income

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

10 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherOperatingIncome

obj-11

Instrument Id

—

Kind

driver

Name

Transformation gross savings — cost offset

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 0

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 18000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 26000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 30000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 30000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

11 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-12

Instrument Id

—

Kind

driver

Name

AI and cloud operating reinvestment

Opening debt

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

Calculation method

percent

Interest rate (%)

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

12 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-13

Instrument Id

—

Kind

driver

Name

Transformation expense

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 35000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 0

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 0

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 0

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 0

Check the rule conditions and increments.

—

Source

user

Unit

EUR

13 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-14

Instrument Id

—

Kind

driver

Name

Standalone and implementation costs

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 12000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 5000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 2000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 2000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 2000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

14 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-15

Instrument Id

—

Kind

driver

Name

Share-award cash-equivalent compensation

Opening debt

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

Calculation method

amount

Value

9000000

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

15 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

obj-16

Instrument Id

—

Kind

driver

Name

Customer receivables

Opening debt

57406000

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Assumption Id

assumption-239e0755-e703-2e69-19df-7099d4768a2d

days

Linked Periods

linkedPeriods (5)

0: 2026-01-01
1: 2027-01-01
2: 2028-01-01
3: 2029-01-01
4: 2030-01-01

Calculation method

days

Ref

revenue

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

16 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

inventory

obj-17

Instrument Id

—

Kind

driver

Name

Small operating inventory

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

17 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

obj-18

Instrument Id

—

Kind

driver

Name

Supplier payables

Opening debt

72570000

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Assumption Id

assumption-219e042f-e903-3193-17df-6d6bd6768d5f

days

Linked Periods

linkedPeriods (5)

0: 2026-01-01
1: 2027-01-01
2: 2028-01-01
3: 2029-01-01
4: 2030-01-01

Calculation method

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

18 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCA

obj-19

Instrument Id

—

Kind

driver

Name

Prepaid acquisition and service costs

Opening debt

37675000

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Calculation method: percent
Interest rate (%): 3.5
Ref: revenue

2027 01 01

2027-01-01 (3)

Calculation method: percent
Interest rate (%): 3.4
Ref: revenue

2028 01 01

2028-01-01 (3)

Calculation method: percent
Interest rate (%): 3.4
Ref: revenue

2029 01 01

2029-01-01 (3)

Calculation method: percent
Interest rate (%): 3.4
Ref: revenue

2030 01 01

2030-01-01 (3)

Calculation method: percent
Interest rate (%): 3.4
Ref: revenue

Check the rule conditions and increments.

—

Source

user

Unit

EUR

19 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCA

obj-20

Instrument Id

—

Kind

driver

Name

United Internet cash-pool receivable

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

20 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCA

obj-21

Instrument Id

—

Kind

driver

Name

AdTech assets held for sale

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

21 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCA

obj-22

Instrument Id

—

Kind

driver

Name

Other current assets

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

22 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCL

obj-23

Instrument Id

—

Kind

driver

Name

Customer contract liabilities

Opening debt

106400000

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Calculation method: percent
Interest rate (%): 8.1
Ref: revenue

2027 01 01

2027-01-01 (3)

Calculation method: percent
Interest rate (%): 8.1
Ref: revenue

2028 01 01

2028-01-01 (3)

Calculation method: percent
Interest rate (%): 8.1
Ref: revenue

2029 01 01

2029-01-01 (3)

Calculation method: percent
Interest rate (%): 8.1
Ref: revenue

2030 01 01

2030-01-01 (3)

Calculation method: percent
Interest rate (%): 8.1
Ref: revenue

Check the rule conditions and increments.

—

Source

user

Unit

EUR

23 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCL

obj-24

Instrument Id

—

Kind

driver

Name

Transformation provision

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 25000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 0

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 0

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 0

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 0

Check the rule conditions and increments.

—

Source

user

Unit

EUR

24 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCL

obj-25

Instrument Id

—

Kind

driver

Name

AdTech liabilities held for sale

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

25 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

otherCL

obj-26

Instrument Id

—

Kind

driver

Name

Other current operating liabilities

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

26 (19)

Active

true

Asset Class

tangible

Opening driver value

Convention

halfYear

Description

Entity Id

entity-1

Events

events (0)

Group

capex

obj-27

Instrument Id

—

Kind

capex

Useful life (years)

Name

Owned servers, infrastructure and maintenance

Opening debt

198289000

Opening Life

3.5

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Disposals: 16413000
Calculation method: amount
Value: 95000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 105000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 110000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 115000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 115000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

27 (19)

Active

true

Asset Class

tangible

Opening driver value

Convention

halfYear

Description

Entity Id

entity-1

Events

events (0)

Group

capex

obj-28

Instrument Id

—

Kind

capex

Useful life (years)

Name

Cash replacement of expiring leased capacity

Opening debt

Opening Life

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 5000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 8000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 10000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 12000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 14000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

28 (19)

Active

true

Asset Class

tangible

Opening driver value

Convention

halfYear

Description

Entity Id

entity-1

Events

events (0)

Group

capex

obj-29

Instrument Id

—

Kind

capex

Useful life (years)

Name

Existing leased property and equipment

Opening debt

95509000

Opening Life

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

29 (19)

Active

true

Asset Class

intangible

Opening driver value

Convention

halfYear

Description

Entity Id

entity-1

Events

events (0)

Group

capex

obj-30

Instrument Id

—

Kind

capex

Useful life (years)

Name

Finite intangibles and software investment

Opening debt

122762000

Opening Life

5.5

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 8000000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 9000000

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 10000000

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 11000000

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 12000000

Check the rule conditions and increments.

—

Source

user

Unit

EUR

30 (16)

Active

true

Opening driver value

Cash Flow Treatment

investing

Description

Entity Id

entity-1

Events

events (0)

Group

otherNCA

obj-31

Instrument Id

—

Kind

driver

Name

Goodwill

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

31 (16)

Active

true

Opening driver value

Cash Flow Treatment

operating

Description

Entity Id

entity-1

Events

events (0)

Group

otherNCA

obj-32

Instrument Id

—

Kind

driver

Name

Non-current contract acquisition costs

Opening debt

30257000

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Calculation method: percent
Interest rate (%): 2.3
Ref: revenue

2027 01 01

2027-01-01 (3)

Calculation method: percent
Interest rate (%): 2.3
Ref: revenue

2028 01 01

2028-01-01 (3)

Calculation method: percent
Interest rate (%): 2.3
Ref: revenue

2029 01 01

2029-01-01 (3)

Calculation method: percent
Interest rate (%): 2.3
Ref: revenue

2030 01 01

2030-01-01 (3)

Calculation method: percent
Interest rate (%): 2.3
Ref: revenue

Check the rule conditions and increments.

—

Source

user

Unit

EUR

32 (16)

Active

true

Opening driver value

Cash Flow Treatment

operating

Description

Entity Id

entity-1

Events

events (0)

Group

otherNCA

obj-33

Instrument Id

—

Kind

driver

Name

Other non-current and deferred-tax assets

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

33 (16)

Active

true

Opening driver value

Cash Flow Treatment

operating

Description

Entity Id

entity-1

Events

events (0)

Group

otherNCL

obj-34

Instrument Id

—

Kind

driver

Name

Other non-current liabilities

Opening debt

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

Calculation method

amount

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

34 (17)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

debt

obj-35

Instrument Id

—

Kind

debt

Maturity date

2026-12-15

Name

Existing bank loan — December 2026 maturity

Opening debt

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

Calculation method

amount

Interest rate (%)

4.67

Value

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

Interest rate (%)

4.67

Check the rule conditions and increments.

—

Source

user

Unit

EUR

35 (16)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (1)

0 (4)

Amount / quantity: 700000000
Date: 2026-12-15
Id: refinance
Type: draw

Group

debt

obj-36

Instrument Id

—

Kind

debt

Name

Assumed December refinancing

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (4)

Calculation method: amount
Interest rate (%): 5
Target Closing: 700000000
Value: 0

2027 01 01

2027-01-01 (4)

Calculation method: amount
Interest rate (%): 5
Target Closing: 600000000
Value: 0

2028 01 01

2028-01-01 (4)

Calculation method: amount
Interest rate (%): 5
Target Closing: 500000000
Value: 0

2029 01 01

2029-01-01 (4)

Calculation method: amount
Interest rate (%): 5
Target Closing: 400000000
Value: 0

2030 01 01

2030-01-01 (4)

Calculation method: amount
Interest rate (%): 5
Target Closing: 300000000
Value: 0

Interest rate (%)

Check the rule conditions and increments.

—

Source

user

Unit

EUR

36 (16)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

debt

obj-37

Instrument Id

—

Kind

debt

Name

Existing lease liabilities

Opening debt

104465000

Periods

periods (5)

2026 01 01

2026-01-01 (4)

Calculation method: amount
Interest rate (%): 4.9
Target Closing: 88465000
Value: 0

2027 01 01

2027-01-01 (4)

Calculation method: amount
Interest rate (%): 4.9
Target Closing: 72465000
Value: 0

2028 01 01

2028-01-01 (4)

Calculation method: amount
Interest rate (%): 4.9
Target Closing: 56465000
Value: 0

2029 01 01

2029-01-01 (4)

Calculation method: amount
Interest rate (%): 4.9
Target Closing: 40465000
Value: 0

2030 01 01

2030-01-01 (4)

Calculation method: amount
Interest rate (%): 4.9
Target Closing: 24465000
Value: 0

Interest rate (%)

4.9

Check the rule conditions and increments.

—

Source

user

Unit

EUR

37 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

sga

obj-38

Instrument Id

—

Kind

driver

Name

Refinancing and carrying-value settlement

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 5084000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 0

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 0

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 0

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 0

Check the rule conditions and increments.

—

Source

user

Unit

EUR

38 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

interestIncome

obj-39

Instrument Id

—

Kind

driver

Name

Interest on opening bank cash

Opening debt

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

Calculation method

percent

Interest rate (%)

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

Check the rule conditions and increments.

—

Source

user

Unit

EUR

39 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (0)

Group

tax

obj-40

Instrument Id

—

Kind

driver

Name

Current tax on positive profit

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (5)

Amount / quantity

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

Calculation method

preTaxIncome

Value

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

Check the rule conditions and increments.

—

Source

user

Unit

percent

40 (15)

Active

true

Opening driver value

Description

Entity Id

entity-1

Events

events (1)

0 (4)

Amount / quantity: 88313578.02
Date: 2026-07-10
Id: verified-2026-buybacks
Type: buyback

Group

equity

obj-41

Instrument Id

—

Kind

driver

Name

Verified 2026 buybacks and future distributions

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (3)

Amount / quantity: 0
Calculation method: distributionAmount
Value: 0

2027 01 01

2027-01-01 (3)

Amount / quantity: 75000000
Calculation method: distributionAmount
Value: 0

2028 01 01

2028-01-01 (3)

Amount / quantity: 75000000
Calculation method: distributionAmount
Value: 0

2029 01 01

2029-01-01 (3)

Amount / quantity: 75000000
Calculation method: distributionAmount
Value: 0

2030 01 01

2030-01-01 (3)

Amount / quantity: 75000000
Calculation method: distributionAmount
Value: 0

Check the rule conditions and increments.

—

Source

user

Unit

percent

41 (17)

Active

true

Opening driver value

Cash Flow Treatment

investing

Description

Entity Id

entity-1

Events

events (0)

Group

nonOperating

obj-42

Instrument Id

—

Kind

driver

Name

Reported H1 asset-sale gain

Opening debt

Periods

periods (5)

2026 01 01

2026-01-01 (2)

Calculation method: amount
Value: 1794000

2027 01 01

2027-01-01 (2)

Calculation method: amount
Value: 0

2028 01 01

2028-01-01 (2)

Calculation method: amount
Value: 0

2029 01 01

2029-01-01 (2)

Calculation method: amount
Value: 0

2030 01 01

2030-01-01 (2)

Calculation method: amount
Value: 0

Result Type

income

Check the rule conditions and increments.

—

Source

user

Unit

EUR

Driven by Advanced Model

Driven by Advanced Model (17)

Accounts payable: detail
Accounts receivable: detail
Capital expenditure: detail
Cost of goods sold: detail
Long-term debt: detail
Equity Value: detail
Interest income: detail
Inventory: detail
Other non-operating income / (expense): detail
Other current assets: detail
Other current liabilities: detail
Other non-current assets: detail
Other non-current liabilities: detail
Other operating income: detail
Revenue: detail
SG&A / revenue: detail
Taxes: detail

Stock Analysis

Stock Analysis (11)

Adjustments

adjustments (0)

Exchange

Xetra

Inputs

inputs (12)

Revenue growth

growth (2)

Source: manual
Value: —

Linked Value

linkedValue (2)

Source: dcf.ev
Value: —

Metric

metric (2)

Source: model
Value: —

Multiple

multiple (2)

Source: manual
Value: 15

Net debt

netDebt (2)

Source: model
Value: —

Other Bridge

otherBridge (2)

Source: manual
Value: 89587000

Reference Price

referencePrice (2)

Source: manual
Value: —

Required Return

requiredReturn (2)

Source: manual
Value: —

Share Change

shareChange (2)

Source: manual
Value: 0

shares (2)

Source: manual
Value: 134691459

Terminal Multiple

terminalMultiple (2)

Source: manual
Value: —

Wacc

wacc (2)

Source: manual
Value: —

Issuer

IONOS Group SE

Calculation method

evEbit

Methodology

Period Id

2028-01-01

Reference Date

Terminal Mode

Ticker

IOS

Version

Notes

Notes (44)

Total assets: 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.
Cash & Cash Equivalents: 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.
Cash flow from operations: 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.
Gross profit: 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.
Revenue: 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.
Share Capital: 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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IONOS Group (IOS) — Hosting, Cloud & Cash Generation 2026–2030

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