Welcome, ladies and gentlemen. On behalf of the board of 1&1 AG, I would like to warmly welcome you to our semi-annual conference. In this context, our board members, Mr. Dommermuth and Mr. D'Avis, will speak about the figures for the first half of the year and will be happy to take your questions after the presentations, as usual. Thank you very much, and I'll give the floor to Mr. Dommermuth now.
Well, good afternoon, ladies and gentlemen. Let me present the figures of the first half of the year and the status of the development of the 1&1 mobile network. After that, Mr. D'Avis will present the figures of the first half of the year to you. We are active in the field of broadband connections and mobile connections. At the end of the first half of the year, we had 3.89 million broadband connections.
We have fiber optic connections and VDSL and FTTH complete. We use 1&1 Versatel as a zone transport network, combining it with the local networks of Deutsche Telekom or regional carriers such as Deutsche Glasfaser, M-Net, NetCologne, OXG, Westconnect, etc. We have an excellent network quality. We have, once again, won an MTEST competition. That is the tests performed by Connect with a rating of 1.3. We won the national competition, but also the regional competition. In the past, we were the best ever again. We were the best nationwide, but there were individual regional suppliers that were better. Now we're the best regional as well. Customer satisfaction was also rated as us being the best by MTEST again. So we're the best supplier in terms of customer satisfaction for private customers for internet connections. We also won the competition for mobile phone connections.
The customers surveyed elected us as the best. We have a total of 12.44 million mobile contracts in the group. We are operating the first Open RAN network in Europe, virtually fully virtualized. We have a primary brand, 1&1. Then we have co-branding with GMX and WEB.DE and our discount brands, yourfone, smartmobil, winSIM, etc. The customer contracts decreased a little bit over the first half of the year, 60,000 fewer contracts from the mobile internet. With the broadband lines, we have as many as, sorry, with the mobile internet, we have the same number, 12.44. We decreased a bit with the broadband lines. We have been migrating to 1&1.
We're losing some customers in the context of this migration because they say, "Oh, I don't use them anymore," or they say, "You have a roaming partner, say Vodafone, and I live in an area where Vodafone has poor coverage, and so I have a poor connection now, and that's why I don't want to retain this contract." This is why our growth is offset by the losses from this migration so that the number of contracts is unchanged. In the third and fourth quarters, we will return to having a little bit of growth again. We have, by and large, concluded the migration. About 2 million customers still have to be migrated, but you will see that reflected in an increase in the number of contracts again. We're not happy with the revenue. It's a little bit less than last year. We are preparing our cooperation with Deutsche Glasfaser.
It will take a few months before our grids are connected. If we can't provide at individual points during some period of time, then, of course, we won't be able to retain customers. This is why we believe that we can turn this around. It continues to be a difficult business, and we still don't want to reduce our prices to buy back market share. Turnover development is a little bit better than it used to be, 0.1% more with service revenue where we have high margins. We have long-term mobile phone contracts that usually amortize over 24 months, but we don't have a margin there. EBITDA by segments, you know we normally report about the different segments. First of all, access and then the ramp-up costs in the mobile network. The operating EBITDA in access is €414.5 million.
We have two special effects that lead to the decrease compared to last year. The service revenue was unchanged, as you remember. First of all, we have losses incurred by changing from the partner Telefónica to Vodafone because there were components that were activated with the contract with Telefónica. We don't have that with Vodafone. If you compare this on an annual basis, we have an identical service revenue, but we have a lower EBITDA. Also, the roaming costs were different than expected. We had made other assumptions concerning the Vodafone network expansion. We buy capacities that are in line with the overall network. If the network grows more slowly than expected, then we have to buy more of these percentage shares than expected in order to provide the service to our customers. In the mobile network, we have ramp-up costs that are higher than last year.
Then CapEx, we are still investing into server rights and frequency transmission masts. Let's speak about the mobile network. We have four core data centers and 24 decentralized edge data centers. In the final stage of ramp-up, we have 281 regional far-edge data centers. The final target is 500, so we still have some ways to go there. We had more than 1,200 active masts in operation as per June 2025. More than 4,000 are being developed. What does that mean? We have to sign lease contracts, then build the mast. Sometimes we also have the mast already in place. Maybe the antenna is on top already. Maybe we need to connect it to the fiber optic network, or the fiber optic network may be there already, but it may not be connected to a fiber optic hub yet.
So that is a bit of a headwave that we're pushing ahead of us. How do we differentiate our network from traditional networks? We have an open system, Open RAN network. We don't cooperate with ZTE. We use standard servers and standardized interfaces. The network is a cloud that runs in data centers on standardized servers, and we control the software there. We have gigabit antennas on every site. We always have a fiber opt ic connection, never a long connection. There must only be a maximum of 10 km of fiber optic cable in order to have no latencies. Also, data processing on-site is possible in the data centers so that we can have real-time connections. We have a pretty efficient network. We need 10%- 30% less power than comparable networks.
We have 3,200 employees in our different locations across Germany, and we have an ecosystem with more than 100 partners. I said it before, we cooperate with partners for provision of antennas, but we have no dominant supplier who imposes their standard. About 50% of our suppliers come from Germany, 40% come from the rest of Europe, 10% from the rest of the world, but none from China. We were able to continue our migration in the first half of 2025. We have now more than 10 million customers in our network. I said that we will conclude the migration in the next months, and all of our customers will be running on our network. We won't have to have any indirect customer relations anymore. There was a press release by the Federal Cartel Office with our dealings with Vantage Towers that have been going on for two years.
The Federal Cartel Office said that they consider the delay in the provision of antenna sites as an abuse of restriction of competition. Vantage Towers can now make a statement to counter this statement as well. We expect the final assessment at the end of this summer. The Federal Network Agency extends the frequencies until 2031, and they are actually extending it beyond 2031 to the end of 2031 or with Telefónica a little bit longer even. The Federal Network Agency said that 1&1 needs to be taken into consideration. The three suppliers have to make frequencies available to us. Telefónica must continue making available the 2 x 10 MHz for us. That was a requirement that Telefónica had to make the frequencies available. This requirement is to be extended by five years.
Deutsche Telekom, Vodafone, and Telefónica were charged with making at least 2 x 5 MHz low band available for shared use. We need to negotiate that now. I hope that we manage to do that quickly, and that we'll then have a good situation in order to continue extending the network. So much on the status of the network, and my colleague D'Avis will go through the figures now with you in detail.
Thank you, Mr. Dommermuth. Also, I'd like to welcome you here, and I would like to introduce you to the figures of the first half of the year of 2025 and give you a perspective on the expectations on the second half of the year. I'd like to start with the revenues. The revenue amounted to € 2.606 billion in the first half compared to € 2.051 billion in the first half of 2024, which is a minus of 0.5%. The high margin service revenue rose by 0.1% to € 1.647 billion. While the low margin hardware revenue declined by 3% to € 0.359 billion, the development of the hardware revenue increased to € 1.16 million. The result, therefore, dropped from €1 70 million to € 649 million, which is a drop of 12%. The gross profit fell from € 557 million to €694 million, which is a minus of 3%.
This mainly drops from the input costs to the landline segment, which is due to the Vodafone development and the change of the national roaming from Telefónica to Vodafone, which is EBIT neutral. The gross profit in the mobile network, due to the increase and appreciation and the migration of the existing customers to the 1&1 net, was at - € 204 million compared to - €149 million in the first half of 2024. The sales costs in the first half of the year dropped to €272 million, which is an increase of 3.6%. This is mainly due to the intensified marketing of our unlimited tariffs in the first half of 2025. The administration expenses were slightly higher in 2025, slightly higher than the last year of € 57.5 million. The balance of other income and expenses of € 28.7 million was up from € 18.7 million.
This is mainly attributable to the improved results from the collection and debt recovery processes. The losses on receivables and contract assets rose slightly from € 59.4 million in the first half of 2024 to € 61.6 million in the first half of 2025. The operating profit EBIT was therefore € 118.1 million in the first half of 2025 compared to € 196.1 million in the first half of 2024. The financial result was a minus of € 10.9 million, down from by € 0.4 million. This resulted in € 3.8 million of interest pay. This is mainly from the use of free liquidity at United Internet and decreased by € 2.2 million due to lower interest rates. The earnings before taxes therefore were at € 107.2 million compared to € 196 million in the first half of 2024. Consequently, tax expenses reduced to € 32.6 million in 2025. In 2024, this was at € 60.1 million.
This means in the first half of 2025, we have a consolidated net income of €74.6 million compared to € 136.4 million in the first half of 2024. Following, I'd like to look at the balance sheet. The total asset rose from € 8.1 billion at the end of 2024 to € 8.49 billion at the end of the midterm in 2025. The increase mainly is attributable to the following effects. Current assets amounted to € 1.844 billion at the end of the year, rising by € 339 million. This increase was driven by receivables from related companies. In the frame of the cash management, these rose by € 155.1 million. This is mainly attributable to the declined loss in hardware sales, a drop in hardware sales by € 52.5 million. The non-current assets rose to € 6.307 billion in 2025. This is mainly due to the increase in property, plant, and equipment.
The short-term liabilities increased to € 752 million. The decrease of liabilities to related companies and the increase of other short-term non-financial liabilities is mainly due to the recognition of our sales tax liabilities. Until the end of December 2024, 1&1 AG was part of the United Internet VIT Group. That means this was shown there. Since January 2025, 1&1 AG is no longer part of that. This means the financial liabilities are assigned to the other non-current non-financial liabilities. The increase of other current liabilities is mainly due to the current installments for the frequency costs acquired by the auction in 2019. The first installment of the 2 GHz frequency is due in January 2026, and that increases the current proportion of their frequency liabilities.
The long-term liabilities rose from € 1.603 billion to € 1.577 billion, which is mainly due to the loan taken out for investments from the 1&1 AG for 1&1 AG. The decline in the long-term financial liabilities is due to the lower-term portion in the frequency liability offset. This was due to an increase in lease liabilities for further expansion. The equity rose due to the positive result from € 6.094 billion to € 6.16 billion. Now, looking at the cash flow, the net payment amounted to € 229.5 million in the first half of 2025 compared to a minus of € 24.5 million in the first half of 2024. The positive change of the operating cash flow is mainly due to the advanced payments and the quarter agreement with Deutsche Telekom, which amounted to € 260 million nearly in 2024 and which will no longer have to be made in 2025.
Other changes were the decline in consolidated net income by € 61.8 million, of which € 35.3 million is attributable to non-cash depreciations, resulting in a cash flow of € 246.1 million. The operative cash flow in the first half of the year also includes, in particular, - € 27.6 million from changes in trade receivables and other assets, - € 46.8 million from changes in receivables and liabilities to related companies, and a + € 50.7 million from the changes in other liabilities. These two changes result, in particular, from the change in the VIT Group, - € 42.3 million from the change in trade payables and + € 49.5 million in the change of contract assets. The cash flow from investing activities amounted to a - €478.9 million in the first half compared to € 69.5 million in 2024.
This breaks down to a cash CapEx of -€ 180 million in 2025, mainly from investments to the 1&1 AG's mobile network, - € 4 million from the acquisition of A1 Marketing Communication and New Media GmbH Limited, that is, - € 360 million from the investments of free cash and cash equivalents from United Internet, + € 3.1 million in interest payments from the investment in United Internet. The cash flow from financing activities amounted to € 250.2 million in the first half of 2025 compared to € 45.4 million in the previous year. This sets up by a minus from € 10.5 million from repayment of lease liabilities, € 8.8 million from dividend payments, - €5.8 million by other interest-related payments, +€ 290 million from the loans, and a - € 14.7 million by the interest payments.
This leads to a generated free cash flow of € 111.5 million, a great plus in 2025 compared to € 58.5 million in 2024. Now, let's look at the bridge between EBITDA and the free cash flow, which I'd like to present now. We are starting at an EBITDA area of € 283.9 million. This was offset by an increase in receivable and other assets of - € 27.6 million. The increase of contract assets, a + € 49.5 million. The change of receivables and liabilities related to related companies amounted to € 46.8 million. The decrease in paid and trade payments had an impact of - € 42.3 million. The increase of other liabilities contributed € 50.7 million to the result. The working capital changed by € 10.5 million. Tax expenses amounted to -€ 27.4 million. Capital expenditures amounted to - € 118 million, and this results in a total free cash flow of € 111.5 million.
Looking at the forecast for the business year or fiscal year 2025, with a stable contract base, the service revenue is going to end up, should end up at the last year's levels of € 3.3 billion. With EBITDA, we expect 7.7% to approximately € 545 million. For the access operating segment, we expect EBITDA to decline to approximately € 810 million after € 856.1 million in 2024. The decline mainly results from higher planned costs for national roaming, the lower growth of the network, and € 20 million from direct payments to be made by changing the roaming provider. The EBITDA in the 1&1 AG mobile network will be constant or remain at € 265 million. This also has migration costs, which will be over when all the customers have migrated. The investment volume cash CapEx is expected to amount to approximately € 450 million, mainly driven by the network expansion.
Thank you for your attention, and we will be happy to take your questions now.
Before I begin I would say we have two colleagues here for the questions who will be taking microphones to your seats. On either side of the room, we'll start at the front left. From our point of view in the third row, the representatives of New Street, Mr. Rickett.
Hi, good afternoon. I'm Ben Rickett from New Street Research. I have two questions, please. Firstly, can we get your latest thoughts on mobile consolidation in the German market? Specifically, whether you think the regulatory environment has become more favorable for mobile consolidation and whether you are interested in participating in mobile consolidation? My second question is just on your EBITDA phasing. EBITDA stepped down in Q2 to € 192 million, I think because of the higher Vodafone costs, but the guidance implies that that now improves in the second half. Could you just help us understand what drives that improvement? Thank you.
Yeah with that, thank you very much. Let me start with a question concerning consolidation in the mobile phone market and our thoughts about this. I can read about this in the newspapers that competitors of ours say that it would be nice if we could consolidate the market further and if we had European champions. I do believe we have European champions. We have companies that are active in several European countries. Deutsche Telekom, for instance, is active in, I believe, 10 European countries. It just sold its business in the Netherlands, but they could have retained it and they could buy additional business in different countries. There's no reason why they couldn't consolidate across borders as Free shows it. They're expanding internationally. When you consider reducing the number of suppliers from four to three, I can't really estimate what the regulatory environment to that is.
As far as I know, the idea is still to retain at least four suppliers in every country, but I don't know if that is true. I know that this is being told for years now that three suppliers earn more than four, and then you can consolidate the market and the money that we earn. Additionally, we can invest it in AI. That sounds good, but I don't know whether this will happen. You also asked whether we are interested in consolidation, and I don't think we're currently capable of participating in any consolidation beyond Germany. We have to do our homework in Germany first. Maybe this may come to pass at some stage, but it's not on the agenda for us now for us to participate or play a role in European consolidation.
Yeah, that's good.
Concerning your question concerning the EBITDA phasing, in the second half of the year, the EBITDA in the access segment will be below the first half of the year. It will not increase. It will actually be weaker than in the first half of the year, which is, of course, due to the fact that we have higher costs with Vodafone, due to the slower network growth. On the other hand, we're consistently improving our cost structure. Of course, we looked at where we can make savings, and we're quite optimistic that we will be able to do that in the second half of the year as well. As I said, the second half of the year will be a bit weaker in terms of the EBITDA than the first half of the year.
Sorry, can I just follow up on the second? Were there any specific one-off costs in Q2, though? Because Q2 specifically was very weak.
No, there were no special effects in the second quarter. The additional cost from Vodafone from the slower network growth have a bigger impact, of course, as the number of customers on the Vodafone network increases. As we're migrating our customers to the Vodafone network, we've had more of this effect compacted into the second half of the second quarter than in the first.
Herr Mats in the fourth row on the right side, please.
[Foreign language]
I have two questions concerning the low band frequencies. When do you expect any effects and what EBITDA effect do you expect? Because you will have to make a payment. Will that immediately have a positive effect on the EBITDA or a negative one initially? The second question, you have a credit line of € 290 million. Why did you take out this loan and where did you take it out, with UI or with the bank? Thank you.
Well, l et me start with the low band frequencies. I can't tell you when we will have agreement there. We still don't have an offer yet. Our competitors haven't made it yet. You know the business. These three will try to postpone this as long as they can to have a lot of questions. The offers will be completely unacceptable initially.
It depends how early and how forcefully the Federal Network Agency will intervene here. That will have an impact on the speed of our agreement. We can't really predict that. You would really have to ask the Federal Network Agency because they dominate this procedure. Now, the author asked what will be the impact on our EBITDA. It will have a positive impact because we have the infrastructure in place with the servers, the fiber optic network, the software. We have the low band antennas installed on the masts already. The moment we get the frequencies, the individual masts can produce more gigabytes because they can use low band as well. These additional gigabytes, particularly after all the infrastructure has been paid off already, are cheaper than the gigabytes that we buy via national roaming today. The more antennas we build, the bigger the savings will be, of course.
That is correct. Concerning your question regarding the € 290 million credit line that we took out, the credit line was made available by United Internet, who have a contract with JBIC, which is a Japanese bank, which is owned by the government. This credit line is purpose committed to the expansion of the network. This is what we're planning to do with it. Right now, we don't need this credit line yet, but we need some flexibility. It was important or a good opportunity for us. Maybe I can add to this for those who are not familiar with that. The JBIC is comparable to the German KfW bank, and the credit lines are very inexpensive. I have a follow-up question on low band.
I know it's very difficult to say something about the timeline, but I seem to remember that the Federal Network Agency said in their decision that they will intervene no later than the end of 2025. Now, how fast that will lead to an agreement, but is that correct? Yes, it will start even before that. The Federal Network Agency has developed a questionnaire now, and every supplier has to, every provider has to fill in this questionnaire now. Now that nothing has happened, the Federal Network Agency has introduced some reporting so that they can see more clearly what are the individual steps being taken, who's doing what, when they will actually intervene actively, whether it will become necessary in the first place. It's something that will have to transpire going forward.
It's correct that by the end of the year, the frequencies have to be made available to us.
We would like to take more questions if you have any. Mr. Glaser, MPPM on the right side, please. For Kirk Glaser, MPPM, I have a question on Vantage Towers and the Federal Cartel Office. If things remain as you indicated, what does it mean in monetary terms or what is your expectation? What you can negotiate, what result can you negotiate based on the current situation?
What of course I can't predict the Cartel Office's decision. I can tell you what we would like to see. Vantage Towers have an obligation and they have to meet it. That's our expectation as fast as possible. That's our interest in this that we've been pursuing since the get-go. We don't want to get any cash. We want to get the transmission towers. That's where we're going.
If Vantage Towers have promised anything that they can't provide anymore because they've used masts for Vodafone already, they're welcome to substitute them by, for instance, building new sites, new towers, new masts in order to provide what they promised. That's my interpretation of the contract. There is a commitment that they made. If they can't meet their commitment because individual sites have been blocked already by Vodafone, just build another one. That's no difference in quality for us. That is one thing, get those sites and get them quick. The second thing is, of course, that we have claims to compensation because Vantage indicated many sites for us. We built the fiber optic cables and we never got the sites. We have a situation where we had high investments that were incorrectly allocated. We just put them in place and they're no good.
And then of course we want to get compensation for that. We had to buy roaming for many years rather than being able to provide services with our own infrastructure. All of this is secondary. The first thing now is to get the sites as soon as possible. To make this clear, Vantage Towers is continuously delivering sites, but much fewer than contractually agreed. But right now, you're on track that it's going faster, right? No, it isn't. What would be the sum for the compensation that you're looking at? I can't tell you. I haven't calculated it yet. One thing after the other. First, we need a clear decision by the Federal Cartel Office, and our focus is on getting our masts as soon as possible. Then we will calculate how big the damage was.
Molly Whitcomb, Goldman Sachs.
A couple of questions, please. Firstly, I was wondering, could you give us some more color on the build and your confidence in hitting 25% coverage by the end of the year? What sort of form do you think that might take? You've said that there were 1,200 active sites, I think. I'm just wondering how many were built but not active so far? Are you still committed to building out a network beyond that point? My other question is a bit of a technical question, sorry. Apologies if I missed the explanation. What motivated the change in the VAT group? I'm just wondering what the cause of that was. Thank you.
The speed, the pace of the network build after 25%. I understood that correct, but I wasn't able to understand the second question. Can you kindly repeat?
Yeah, the VAT group, the tax group, I don't know if the translation was going to be a bit difficult.
We explain what we call in German, [Foreign language]
Okay, so.
Okay, Russell, I'll try it. Sorry for my English not being enough that I haven't got your question 100%. If I'm not clear, please ask again. I understood your question. How many antennas are active? It's over 1,200. We are carrying on building new ones and increasing the speed by which we build. The question was, are you going to get the 25% coverage? If I understood you correctly, we have an obligation to cover 25% of the households to the end of the year. There is a measuring equipment or measuring applied by the Bundesnetzagentur, which all others do, and they have to adhere to it as well. We do assume that 1st of January 2026, we will be able to deliver the 25%.
Maybe we have to differentiate between what do we have to build for a really good coverage, high-performance networks, high speeds in the area and into the households, and what do we have to build to provide the minimum supply. I think that is a difference. It is a difference. If you build a network with the capacities like we are thinking of, you will need more antennas than you would need if you just fulfill the minimum obligations.
Sorry, you said 1,200 active, but I'm just wondering how many do you have that are built but not active yet?
Currently, we have built, I think, 3,500. Out of these, we have about 1,200 in operation, and the others are waiting for the fiber optic and the far-edge data centers and so on. Beyond that, of course, we carry on building every day. We are opening new sites with new antennas. As I just said, we are developing currently about 4,500. In total, we have 4,500+ the ones that we already have up and running. It's about 5,800, which are either active in the net or which have been built and not connected or where we only have a contract as yet. Okay.
Double function, a member of the Board with 1&1 AG, member of the Board with United Internet. Two-thirds, that means we were economically integrated kind of. Now, since Markus has left 1&1 AG and is a responsible member of the Board for United Internet only, we are not integrated. Of course, we are integrated, but the measurement is only one-third, and that has caused the changes. In brief, we can discuss this later. I give you the rules and the framework, but I think Georg Issels already has introduced something of this. Thank you very much. In the case we have no other question, with the last, okay. [Foreign language]
[Foreign language]
Thank you for the presentation. A question on my behalf. If you have the migration completed by the end of the year and then have the 25% coverage, what would you expect in quantities in savings on your own net?
Well, t hat depends on the frequency equipment that we have. If we have the low bands, the savings are bigger than if we don't have them. The savings also depend on the reciprocal handing over in the roaming. Today, we have the handover in one direction only. That means if a customer moves out of a cell that we cover, he moves to Vodafone, but he doesn't move back. That is going to change. The customer, when he moves on to a 1&1 cell, will automatically roam back to us. That's going to increase the traffic.
In parallel, the amount of antennas that we are building, but we are not publishing precise figures there because that depends on the handover directions, the speeds of the antennas. All the antennas are different. We have antennas in high traffic regions and antennas in low traffic regions. If the high traffic antennas are finished quicker than the low traffic antennas are, we have bigger savings. That's why we are not publishing the figures as yet. What we're going to see next year in the mobile segment, we see major cost savings because the migrations will be over and we will save the upfront payments in the international roaming, which we can buy if the customers are in our own net and we don't have to buy it from Telefónica, which is much more expensive. I have said already, that'll end up in savings of about € 100 million.
Thank you, Mr. Stippich, and thank you to the audience. Maybe Mr. Glaser for a final question.
Yes, it's quick. If you say you can save 100, so consensus for next year, EBITDA is € 670 million. That's going the right way. CapEx, maybe your take on that.
Well, we haven't got a plan for next year as yet and have not discussed it with the Supervisory Board as yet. Of course, € 670 million EBITDA is no problem. We just have to save some marketing money. If we show more in the plan, we have to spend more marketing money to get us there. I can't give you the plan for next year as yet. Maybe in a nutshell, we want to grow on the customer base, in parallel, generate more service revenue, and with that, more profit. At the same time, our net should be more efficient.
We think that next year, this year, we're going to have a peak on the EBITDA side, and it's going to be better than that next year. Quite soon, as far as the net is concerned, we will move into a positive EBITDA. The net has depreciations as well, so we don't have to look at the EBITDA only, but we have to take some more time for it. It's going to take a few years. For all shareholders, what is more important is what the cash is. The cash will take even longer in years. We're going to see that we turn EBITDA positive, then the EBIT will turn positive, and again, a few years later, the cash side. That's the net side. In the access business, we expect moderate growth with customers, with service revenue, and in the result.
But the plan is going to be done at the end of the year, and then we'll have to look at the market situation. You all know that the market is under pressure. Telefónica reduced prices a couple of months ago quite strongly. That means that everybody has to think now on how to handle that, how far to accompany it, how far not. These are questions that we are putting to ourselves on if we want to take losses or not, if subscribers are moving away.
Okay, the final, final question. We'll have to give the floor to our parent company, Anders Hansson.
Okay, yes, I'm happy to Ms. Georg Issels, do we still have the chance for the next two to three years to observe the situation as 1&1 investors or shareholders, or is this only possible via United Internet in three years' time? The basic question is, what about the revision in a first step? It was a clear signal that you believe in the network and that you have expanded it. For us as shareholders, the question is, can we follow up on that in direct communication to 1&1 or with United Internet?
We will can only give you today's view because a few years from now, things can be different. I can tell you how we see the world today. At the end of the day, you will decide this. What was the situation? We were offered several large packages. We took them over.
Our share didn't develop too favorably over the last few time periods. If there are requests to let go of some of those packages, let's do that in order for the share to recover. Let's make sure that we have enough free float so that the share is actually being traded. That's the way I see the world today, and the same goes for my colleagues. That's why it depends on you. If we're offered further packages at a reasonable price, I would acquire them as United Internet. If they're not offered to us, I wouldn't buy them. I wouldn't try to acquire them by the stock exchange. We don't have a dedicated target that we can say, okay, we want to do a squeeze out or something. We would have made a different offer.
What this is about is to take out any overhang, and we will have to see how things pan out from here. Let me conclude this event. Thank you very much for your questions. As always, we're happy to answer follow-up questions in person. We will continue with the presentation by United Internet, our parent company, after a short break. Thank you very much.