BUEDELSDORF (dpa-AFX) - Freenet AG (FRTAF.PK, FRAGF.PK), a German telecommunications and web content provider, reported that its preliminary EBITDA for the financial year 2024 increased 3.5% to 521.5 million euros from the prior year's 503.9 million euros, positively impacted by a one-off effect from the sale of IP addresses amounting to 18.4 million euros.
Annual revenues grew 3.9% to 2.478 billion euros from the prior year's 2.385 billion euros. This growth was primarily attributed to the rise in waipu.tvsubscribers, which saw a significant increase of 571 thousand.
The company noted that the key figures referred exclusively to the continuing operations. The business activities of Gravis were completely discontinued at the end of June 2024. The results of Gravis were reported separately as discontinued operations.
The Executive Board will propose an 11.3% increase in the dividend to 1.97 euros per share at the 2025 Annual General Meeting compared to 1.77 euros per share paid last year. The Executive Board also sees the potential for a share buyback program in 2025 with a volume of up to 100 million euros.
The Executive Board expects a noticeable increase in adjusted EBITDA for the financial year 2025. The company expects annual adjusted EBITDA to be between 520 million euros and 540 million euros. This guidance excludes one-off effect of around 14 million euros from the final tranche of the IP address sale. However, this one-off effect is included in the expected free cash flow of 300 million euros to 320 million euros in order to provide a complete picture for calculating the future dividend.
Freenet said its long-term financial ambition for the 2028 financial year presented in November 2024 remains unchanged. The Executive Board is confident that its adjusted EBITDA will exceed the 2023 financial year's figure of 504 million euros by at least 100 million euros by the end of 2028.
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