Ladies and gentlemen, as Chairman of the Supervisory Board of freenet AG, I shall chair the meeting and declare open the 2026 Annual General Meeting of freenet AG. On behalf of the supervisory board and the management board, whom you see sitting to my left, I extend a very warm welcome to the shareholders present, the shareholder representatives, and the guests. I see many familiar faces, which I'm very happy about. It is an in-presence AGM again, which is a matter very close to our hearts. Thank you very much for that applause. I note that all members of the management board are present in full. I would therefore like to extend a warm welcome to the CEO, who joined us virtually last year, Robin Harries, and our CFO, Ingo Arnold. We have a new management team, we're very happy to have everyone here in presence today.
The members of the Supervisory Board are present in full, sitting behind me. From your left-hand side to your right-hand side, I shall introduce our colleagues, [Mr. Plackenen], Claudia Anderleit, Mr. Bretsch, Tobias Marx, and Petra Winter. Then comes Professor Kerstin Lopatta, Thomas Karlovits, Sabine Christiansen, Robert Weidinger, Miriam Wohlfarth on the capital side. I would like to welcome all of them. Next to me, we have a notary two seats on from me. We have a notary, Dr. Ralf Kaminski , who will be drawing up the notarial minutes of this Annual General Meeting as always. I would like to welcome Dr. Simon Link, our solicitor who is assisting us today as our legal advisor. Dear shareholders, all of us on the podium are delighted to be able to welcome you here in person again this year and to seeing you.
It was very good to hear you applauding when I said that it was a matter of course for us to hold an in-presence AGM. To begin with, let me briefly touch upon a few organizational points regarding today's AGM, which you will already be familiar with from previous years. Let me familiarize you with these points. We will keep it short. For the sake of good order, I would first like to point out that audio and video recordings by meeting participants are not permitted. Please make sure your mobile phones are switched off or switched on silent mode. I hereby confirm that the annual general meeting was confirmed on the April 1st, 2026 in the Federal Gazette in due form and time.
A printout from the Federal Gazette is in the notary's possession and is available for you to inspect at the speakers table, left-hand side. In addition, the convening of the annual general meeting has been notified to the person specified in Section 125 of the German Stock Corporation Act in due form and time. I therefore confirm that the AGM has been duly convened in accordance with the law and the articles of association. The company has received neither motions to amend the agenda nor any countermotions or nominations from shareholders that are to be made available. You can check our website to hear and see the video recording after the event.
My opening remarks, as well as the speeches made by the Chairman of the Executive Board and the Chief Financial Officer, can also be followed live online by other interested parties and will be available as a recording on our website after the AGM. The draft speeches for today by Robin Harries, Ingo Arnold, and myself were published on the website for this AGM on May 7th, 2026. The record of attendance is currently being compiled. As soon as this is complete, I will announce the attendance figures. The record of attendance can be viewed in electronic form or on a screen at the speaker's desk. Changes to the record of attendance will be updated continuously. The speaker's table is located on the left-hand side of this hall as you face it.
Your admission ticket sent to you by post or electronically upon request were checked in the entrance area. You will need these, known as AGM cards, later for the voting. If you have presented multiple admission tickets, you will then need each of your admission tickets or AGM cards to vote. If you have not yet had all your admission tickets registered, please do so immediately at one of the registration desks. That's the only way to ensure that all your votes are counted, and every vote counts. The in-person area for today's AGM comprises this meeting hall in the beautiful green color of freenet. There's the sound-amplified hall on this level and the toilets accessible from there. The toilets are not equipped with an audio feed, of course. Shareholders present in the in-person area are counted as participants to the AGM.
Requests to speak and voting are only possible here in the meeting hall. To keep the list of the record of attendance up to date, I would ask you to sign out at the sign-out desk should you leave the AGM. If you wish to leave the AGM only temporarily, please inform our staff at the sign-out desks when presenting your AGM card. If you wish to leave the AGM early for good, you have the option of granting a proxy to other persons to represent you. To this end, we offer you the opportunity to instruct the proxy representative appointed by the company to exercise your voting rights. Please tick the boxes on your AGM card in accordance with your instructions. Please then hand over your AGM card to your staff at the registration desk.
For holders of electronic admission tickets, electronic terminals are available at the registration desk for issuing instructions. You may also authorize the third party to exercise your voting rights. To do so, please contact the staff at the registration desk or at the speaker's desk directly, then you'll be given the relevant information, the relevant form for granting a proxy. Please note that if you hold multiple AGM cards, you must grant proxies or provide instructions for each AGM card. I would like to ask all shareholders and shareholder representatives who wish to speak and to register at the speaker's desk as early as possible. Please note that the discussion will take the form of a general debate. Therefore, in your speech, please address all items on the agenda directly and ask any questions you may have regarding them. I'm looking forward to that.
Following the general debate, we will proceed to the votes. I will explain the voting procedure to you as we get there. In the interests of all those present and to ensure the smooth running of the AGM, I would like to ask all speakers to keep their remarks as concise as possible and to focus on specific issues listed on the agenda. Please limit yourselves to asking questions. When speaking, please use the lectern on your right-hand side so that the audience can hear your remarks clearly throughout the hall also and in all the in presence area. Ladies and gentlemen, you know that from other AGMs, I bear for your patience. Thanks for listening and thanks to everyone for shortening that part.
It is absolutely necessary for the proper and safe conduct of such an AGM to carefully observe these points prescribed by the German Stock Corporation Act or the Articles of Association. So much for the housekeeping. We're almost there, ladies and gentlemen. The record of attendance has not been compiled yet, so we will do that later on. Dear shareholders, it's 10:09. That's an absolute record. We shall now proceed to the agenda. I call agenda item number one, the presentation of the adopted annual financial statements and the approved consolidated financial statements, as well as the management reports of the company and the group, the management board's proposal for the appropriation of retained earnings. A wonderful agenda item.
There's the supervisory board's report and the management board's explanatory report on these disclosures pursuant to Sections 289 a and 315 a of the German Commercial Code, in each case for the past financial year. The supervisory board had commissioned KPMG AG as auditors to audit the consolidated financial statements together with the group management report, as well as the annual financial statements, together with the management report, both as at the December 31st, 2025 and the early warning system. Our items audited have been issued with an unqualified audit opinion. The non-financial statement in accordance with the CSR Directive Implementation Act, was subjected to a voluntary limited assurance review. A corresponding report was an unqualified remark was issued by the independent auditor. On February 25, 2026, the audit committee discussed the audit reports in detail with the auditors.
The auditors also attended the supervisory board's financial statements meeting on March 19, 2026. They reported on their audit findings. It's important to note that the supervisory board examined the documents in detail, raised no objections, and approved the annual unconsolidated financial statements, together with the management report and the group management report as recommended by the audit committee. The 2025 annual financial statements of freenet AG are thus adopted, and the way is paved for distribution of a dividend. The management board has proposed paying a dividend of EUR 2.07 per dividend entitled share and carrying forward the remaining retained earnings to your account. Supervisory board has endorsed this proposal with pleasure. I will repeat this proposed resolution later. I would first like to ask the management board to report on the 2025 financial year and the current state of the company.
Not our new CEO will start because Robin, you have been here for a year already, so he's not a new CEO. For you, ladies and gentlemen, it's the first time that you hear Robin Harries here live. Robin, the floor is first yours, and then we'll hear Ingo Arnold. We're very much looking forward to your input.
Mr. Chairman, dear shareholders, I'm very pleased to welcome you here in Hamburg today. I'm especially delighted to address you in person for the first time in my role as CEO of freenet AG. I've held this position of CEO of this company since June 1st of last year. Today's annual general meeting gives me the opportunity to share my perspective on freenet of the past year and the challenges ahead with you. My name is Robin Harries. In recent years, I've had the privilege of leading and developing companies in highly competitive markets with a clear focus on customer orientation, operational excellence, and sustainable value creation. Most recently, I served as CFO at the comparison portal trivago, and prior to that, I spent about six years as Chief Sales Officer at 1&1.
During this time, I gained extensive experience in the mobile communications business with a consistent focus on growth and profitability. When I started my role at freenet, one thing was particularly important to me: listening, understanding, and learning. I've had many conversations with employees, executives, partners, and customers. My goal was to understand where freenet is particularly strong and where untapped potential lies. After nearly 12 months, I can say with conviction freenet is a company with a clear identity, strong market positions, and many opportunities. I look forward to unlocking further potential together with the team in the coming years. If I had to describe freenet today to someone who asked me what makes this company special, I would highlight three aspects in particular. First, strong market positions. freenet is excellently positioned in its core business areas of mobile communications and IPTV.
Our sales model, both online and offline, is highly effective, and our service provider model is unique in Germany. We have longstanding, stable, and trusting relationships with our partners. In addition to our longstanding relationship with network operators, this includes, in particular, our partnerships with MediaMarktSaturn, CHECK24, and our franchises in the stores. Second, financial strength. Our business model reliably generates high cash inflows with low debt. This financial strength gives us stability and room to maneuver. Our capital allocation is clearly defined. We invest strategically in the expansion of our business, as we did most recently with the acquisition of mobilezone Germany. When there are no attractive opportunities, we return funds to you via share buybacks or dividends. For the coming years, we have committed to distributing at least EUR 2 per share or alternatively 80% of adjusted free cash flow.
Third, a positive corporate culture. Especially in the first few months, I noticed how much energy and drive for innovation there is in this company. That is motivating, and at the same time it creates a sense of responsibility. Such a culture provides us with the foundation to tackle even challenging tasks together. At freenet, I've encountered highly motivated teams that not only accept change but actively want to help shape it. From the very beginning, I've been welcomed into the company with great openness and constructiveness. This open dialogue, even on critical issues, has made my transition enormously easier and has personally inspired me greatly. A willingness to perform, openness, and a strong sense of responsibility characterize our day-to-day collaboration. Decisions are discussed in a transparent manner and supported collectively.
In my view, this culture is a key reason why freenet can successfully implement changes and thus a clear competitive advantage in the market. freenet focuses on two business areas, mobile communications and IPTV. Starting in 2026, we will report the IPTV businesses as a standalone segment. In doing so, we are acknowledging the increased relevance and dynamism of its business and creating greater transparency, particularly regarding the growth story of waipu.tv. In mobile communications, we are consistently further developing our successful business model. For us, the decisive factor is explicitly not growth at any cost, but rather value-oriented management of our customer base. freenet is now the largest network-independent service provider in Germany. We hold a market share of around 10% of the overall market and in the residential customer segment and as much as around 20%.
In addition, since the acquisition of mobilezone Germany, we have also become a significant reseller of mobile phone contracts. These strong positions give us a unique role in the market that enable us to advise customers independently of network providers and offer them the solution that best suits their needs. At the same time, the mobile business will continue to form the stable and reliable foundation of the group. It stands for resilience, continuous cash generation, and predictable revenues, and thus remains a central pillar of our financial ambition through 2028. In the IPTV business, waipu.tv is our key growth driver. We have established ourselves as the number two player in a structurally growing market and have a scalable and profitable business model.
waipu.tv will make a significant contribution to freenet's EBITDA growth in the coming years, and is thus a crucial building block for our financial ambition for 2028. Our key strategic measures are derived from this focus. That's for the strategic measures. Scaling the mobile business. In doing so, we rely on a performance-based marketing. We invest where measures directly contribute to customer growth. At the same time, we are also very mindful to ensure that these measures not only generate short-term sales, but also strengthen freenet's brand awareness and the brand perception in the long term. In the short term, the goal is to place relevant offers at the right time through the appropriate channels. In the long term, the goal is to build and solidify trust in our brand. This is where we have enormous growth potential compared to our competitors.
Both work together and contribute sustainably to our company's success. Another particularly important aspect is reducing customer churn. That is the churn rate. In mobile communications, in particular, the perceived network quality is often the reason for switching. freenet not only offers plans on all relevant networks, but now also enables our customers to switch between networks seamlessly without having to sign a new contract. Switching networks is thus as simple and convenient as it could possibly be for freenet customers. This eliminates a classic reason for cancellation. That is precisely our goal. Switching shouldn't be necessary to use the right network. With freenet, customers remain flexible and connected. This approach strengthens customer loyalty and is a clear competitive advantage. Scaling the IPTV business. At waipu.tv, we consistently focus on value-driven customer acquisition and profitability. Growth and earnings go hand in hand here.
We are tapping into the further potential of the IPTV business on two levels. On the one hand, through further customer acquisition in a market that is structurally shifting away from the traditional cable towards IPTV. waipu.tv is very well positioned to benefit from this trend in the long term. On the other hand, we are also unlocking additional value potentials by monetizing our existing customer base. Targeted advertising plays an increasingly important role in this context. This model enables us to deliver advertising content in a more targeted manner, thereby creating greater value for both our advertising partners and ourselves. The fact that this approach works also is demonstrated by the agreements we have concluded with two major private broadcasters in Germany. These partnerships underscore the appeal of our platform and further strengthen waipu.tv's economic outlook. AI first, that's number three.
For us, artificial intelligence is not a topic for the future, but already an integral part of our day-to-day operations. We are gradually integrating AI into core processes, from pricing and marketing decisions to internal control processes. A very concrete example of this is the launch of our voice, Finn, at freenet. This, Finn is a voice bot, and it's already supporting our customers in direct contact quickly, reliably, and around the clock. For us, this is not only about efficiency gains in our processes, but also about a better and more consistent customer experience. Especially in a highly competitive market, service quality can make a decisive difference. With solutions like Finn, we create tangible added value for our customers and consciously differentiate ourselves from the competition. At the same time, our systems are continuously learning and becoming increasingly precise.
For freenet, AI is therefore not an end in itself, but a strategic tool for sustainably strengthening scalability, service quality, and competitiveness. Our fiscal year 2025. Let us now look ahead to fiscal year 2025 together. This year was marked by important decisions and significant successes for freenet. Through the acquisition of mobilezone Germany, we were able to significantly expand our sales strength, particularly in the online sector. Our brand portfolio now includes nationally recognized brands such as Sparhandy and DeinHandy. Additionally, through the acquisition, we expanded our mobile communications business by integrating mobilezone Germany's successful reselling model into our group. This complements our existing service provider model to a significant degree and leads to even deeper relationships with network operators. At the same time, we strategically realigned our mobile communication sales by placing a stronger focus on performance-based direct customer acquisition through our own web shops.
The positive effects of these measures were already evident in the second half of last year. Our conversion rates rose, and we were able to acquire more new customers overall. Last year, we specifically implemented these trends for our no-frills brand, klarmobil. This year, they will be expanded to our premium brand, freenet. We also delivered strong operational results. Record growth in postpaid mobile customers of over 300,000, including mobilezone. We are even talking about over 500,000 new subscribers. Record results for waipu.tv from nearly zero to around EUR 36 million in adjusted EBITDA, and a record dividend of EUR 2.07 per share, because you, dear shareholders, should also share in freenet's success. These results represent both transformation and performance. Strong growth in our customer base.
Below, I would like to take a closer look at these operational successes in our business segments together with you. The mobile communications market was characterized by a very challenging environment in 2025. Intense competition, noticeable price pressure and structural changes in the market, such as those related to 1&1's transition to national roaming, have challenged all market participants. This was particularly evident in the so-called ARPU. This stands for Average Revenue Per User, the average monthly revenue per customer. The figure declined in the market last year, primarily due to the lower prices and more aggressive discount campaigns. This makes it all the more remarkable that we were nevertheless able to further expand our customer base in the postpaid business. In doing so, we grew at a higher rate than the average of our major competitors. This growth is no coincidence.
It is a result of a clear sales strategy, a deliberate prioritization of valuable customer relationships, and a consistent focus on relevant products and sales channels. Especially in a market with falling prices, this result shows that our approach is working. Growth with a sense of proportion, economically sound and sustainably oriented. Consequently, we were even able to slightly increase our postpaid service revenues. That is the revenues we generate from pure mobile services in the postpaid segment, despite a clear decline in ARPU. We also continued our growth story at waipu.tv. We added around 150,000 customers organically, and now have nearly 2 ,000,000 subscribers on our IPTV platform at waipu.tv. Even through the growth in 2025 was lower than in 2024, it remains quite in the respectable and direct comparison, to the competition.
We remain the clear number two in the German IPTV market. Only Deutsche Telekom with MagentaTV is larger than us. The year 2024 was also marked by the transition of the utility cost exemption for cable TV. Now, dear shareholders, we look forward to continuing to shape the future together with our employees and together with you. I thank you for your trust and now turn the floor over to our Chief Financial Officer, Ingo Arnold.
Thank you very much, Robyn. I too would like to extend a very warm welcome to you all at today's Annual General Meeting. Dear shareholders, thanks for coming. I too can see that, like, there are many familiar faces in the audience, and I'm very happy to see that there's continued interest in our presentations. After the opening remarks, let me now join you in taking a look at the past financial year, 2025, from a financial perspective. For us and for freenet, 2025 was a year of change, organizational, strategic, and personal related. At the same time, it was a change also in personal terms. Last year, there were six of us on the board. Now we're only two. There's been a lot of changes. At the same time, from a financial perspective, it was a year of stability at a high level.
Consolidated revenue stood at around EUR 2.4 billion, slightly below the previous year's level. Primarily due to the sale of our Wi-Fi business to The Cloud Group last year, around the middle of the year. The adjusted EBITDA, that is EBITDA adjusted for one-off effects such as corporate transactions, reached EUR 515 million, which was almost on a par with the previous year's figures. A contract with a network operator concluded back in 2024 had a negative impact, as its economic terms no longer reflected today's market conditions. This contract had a negative impact on earnings of just under EUR 13 million in the 2025 mobile communications segment, and it will continue to have a negative impact also in the coming financial years. Having said that, we're prioritizing the search for a solution with a network operator.
We're confident that we will be able to return to market-driven terms in the medium term, as we are already negotiating. Important for you to know is that freenet's financial stability and ability to make distributions remain unaffected by this. Consolidated profit amounted to EUR 275 million, which was around 8% lower than the previous year. I would like to put this development in a context for you now. Because this development in 2025 is primarily attributable to significantly higher tax expenses. In total, income taxes amounted to EUR 88 million, compared with around EUR 49 million in the previous year. That meant figures almost doubled. In addition to a slight increase in current tax payments, the rise in deferred tax expenses had a particular impact. These result predominantly from the utilization of tax loss carryforwards.
The corresponding tax claims could be utilized and are no longer effective in the balance sheet. This is initially a non-cash effect, which has had a noticeable negative impact on the result year-on-year. At the same time, this utilization of the loss carryforwards will also be reflected gradually in higher actual tax payments in the coming years. That does not come as a surprise because the loss carryforwards we'd been having on our balance sheets for many, many years, we had consumed them gradually, and we were able to do the math and see when the loss carryforwards would be fully consumed. Let me now take a look at our balance sheet and the key balance sheet KPIs that reflect our financial stability. That's the equity ratio, the debt ratio, which is also called leverage, and net debt.
Our equity ratio remains well above very remarkable 40%, even above that level, and thus clearly above our own self-imposed threshold value of 25%. Net debt rose during 2025 to a higher level but had already returned to almost its previous level by the end of the first quarter of 2026. This was due to the acquisition of mobilezone Germany and the related financing process. With the successful placement of a promissory note loan, we were able to refinance the bridge loan as planned and on attractive terms, apart from that, as early as April this year. The promissory note loan we took out was oversubscribed several times, and the placement was completed for the entire volume at the lower end of the respective marketing range. You were able to see how popular freenet is in the capital market.
Our debt-to-equity ratio at around 1.0x adjusted EBITDA remains well below our defined threshold value of 3.0. In summary, this means freenet has a robust, resilient financial position that ensures both stability and the ability to act as a business, and we're really proud of that. We're proud of being able to present such excellent figures to you today. The success of our business model is also reflected in the free cash flow. In the 2025 financial year, this stood at EUR 292 million, remaining at previous year's level roughly. This figure was slightly below the originally forecast range. Here again, the main reason of this was one-off payments in connection with the restructuring of the Executive Board, which have, however, not had any impact on the company's sustainable financial strength.
For this reason, in the future, in line with adjusted EBITDA, we will also report an adjusted free cash flow. This value will exclude one-off and cash-affecting special items, for example, those arising from restructuring or corporate transactions. It's important to note that these special effects are not necessarily identical to the special effects at EBITDA level because not every effect on earnings is also cash-generating or effective on cash, and not every payment has an immediate impact on earnings. From the 2026 financial year onwards, adjusted free cash flow will therefore be used as a key performance indicator in freenet AG's management system to reflect our financial position without any distortions. By introducing adjusted free cash flow, we are increasing transparency and comparability. For you as shareholders, this will not alter our dividend policy in any way at all. Don't worry. Don't be concerned.
Quite on the contrary, the dividend base will become clearer, more transparent, and easier to plan for. A particularly important topic and certainly a key issue for many of you is our dividend policy, in fact. We are proposing a new record dividend of EUR 2.07 per share to today's AGM. This represents an increase of over 5% compared with the previous year. You might be recalling my speech or my statement from last year. Last year, Mr. Günther had asked whether next year we'd be seeing a two before the dot or a share, was this dividend of more than EUR 2. We're absolutely proud to be presenting you EUR 2.07 as a figure this year, and that this money has been earned in the course of the past financial year.
In addition, we carried out a share buyback program worth around EUR 60 million last year. In total, we thus distributed more than EUR 300 million to our shareholders for the past year. This sum underlines clearly our commitment to ensuring our shareholders benefit reliably and continuously from the company's success. I think this is a clear expression of that. There's another key focus of my work last year, which was precisely the question of how we can combine economic success with corporate responsibility. For freenet, sustainability isn't just an abstract goal or theory, but a firmly integrated part of our corporate management with clear targets, measurable progress, and transparent reporting. In our latest sustainability report, I can only recommend you read it's part of our annual report, please do take a look at it.
In that report, we demonstrate openly and transparently how we're systematically reducing our company's direct greenhouse gas emissions. We're doing this in line with the 1.5 degree target of the Paris Agreement. Our ambition is to reduce these emissions by more than 70% by 2030 compared to the base year of 2022, thereby going well beyond what would be required to achieve the 1.5 degree target with a 42% reduction. This progress is largely attributable to two key drivers. Firstly, we're consistently driving forward the electrification of our vehicle fleet. By the end of 2025, the proportion of electrified vehicles had already reached 23%. By 2030, we're almost for a level of electrification of almost 100%. Secondly, in our power supply, we rely almost entirely on renewable energy.
Even in the base year, the share of renewable electricity was over 97% already. We have gradually converted the few remaining sites, so we've been able to increase the share to over 99% by the end of 2025. By implementing both measures, we've already been able to save more than 1,300 tons of CO2 compared to the base year. This is roughly the equivalent to the annual electricity consumption of a small town with over 1,000 households. This development demonstrates that our transition plan to become a more environmentally friendly company, it has been clearly defined, and we're implementing it consistently. Step by step, we are achieving our target figures, thereby combining environmental responsibility with business reliability. Against the backdrop of a stable foundation, we look ahead with confidence.
For the 2026 financial year, we're expecting an adjusted EBITDA in the range of EUR 500 million-EUR 530 million, as well as an adjusted free cash flow of EUR 270 million-EUR 300 million. While anticipating a mixed performance across our business divisions. Whilst the mobile communications business is facing headwinds due to market conditions, we expect a further significant increase in EBITDA of up to 40% in the IPTV business at waipu.tv using the midpoint of the segment forecast as a reference point. It's of particular importance to me to speak about our dividend outlook. With the update of our financial ambition for 2028, we've set a minimum dividend for the years 2026 to 2028.
That means, to be exact, that we will be paying at least EUR 2 per share also in the coming years, or as before, 80% of the adjusted free cash flow, whichever is higher, of course, in your best interest. In doing so, we're sending a clear and strong signal to you, dear shareholders. Even in a challenging market environment, freenet stands for reliability and predictable distributions. Finally, let me outline the other key points of our 2028 financial ambition. For the 2028 financial year, we're aiming for an adjusted EBITDA of at least EUR 620 million, as well as an adjusted free cash flow of at least EUR 340 million, and derive from this a dividend of at least EUR 2.30 per share.
This ambition is based on a stable mobile communications business and a scalable high-growth IPTV business, and thus on a robust operational foundation. Dear shareholders, freenet stands for reliability, financial discipline, and attractive dividends. This will remain the case in the future, too. I promise you that. I would like to thank you very much for your trust and for your support, and I now hand it back over to the Chairman of our Supervisory Board, Marc Tüngler. Thank you very much.
Ladies and gentlemen, now, I don't know what your impression is, but very straight, very focused, and not only the way he talks, but he also the way he works. One thing is important to me and, of course, for the supervisory board and for the management board. We just heard about the ambitions for 2028. We've always been ambitious, but now it is really something on top. Well, as you just heard that, we want to have at least EUR 2 dividend for the next three years, and there will be a dividend of calculated EUR 2.30. We, as the supervisory board, really say, oh, respect. Something has changed. Okay, the boards have become smaller in numbers, but more effective. We are really glad to have you here.
I think this deserves a round of applause. You really did a great job. This leads me to the report of the supervisory board. I hope I will not bore you. You will find the long version in the annual report. Let me focus on three key areas. As I said, you will find a more detailed report on the work of the supervisory board in the annual report. Firstly, the past financial year, 2025, as we just heard it, a year of change and continuity. This is easier said than done, really, from the supervisory board's perspective. 2025 was an eventful year characterized by a challenging economic environment. You can read about it in the newspaper, see it on TV every day. A challenging economic environment, increasing volatility, and high complexity.
It is precisely under these conditions that freenet AG has once again demonstrated that it is built on a robust business model and a clear strategic focus. This has not changed and will not change. Continuity is particularly evident in the stable development of our core segment, as we just heard it, mobile communications and IPTV. Both areas have once again proven to be sustainable, resilient, and relevant for the future. At the same time, freenet has actively shaped important change through the acquisition of mobilezone Germany, the introduction of a more performance-oriented brand marketing strategy, and the extension of the exclusive partnership with MediaMarktSaturn. These measures exemplify our commitment to safeguarding what has been tried and tested and building on this to unlocking further growth and additional development potential.
It is against this backdrop that the financial ambition for 2028 presented. This is not in the distant future, really. Presented by the management board and raised once again, as should be viewed in the supervisory board's view, this underlines the strength and future viability of your freenet. This gives orientation. If there is one thing that we need nowadays is orientation. I mean it politically and non-politically. Secondly, really important for the supervisory board is the restructuring of the executive board. We have talked about it several times. You know, we have less people here, but more power. Another very significant focus of the supervisory board's work over the past year was the restructuring of the executive board. We oversaw this process with great attention, responsibility, and care. You can imagine that there were intense deliberations, really.
Since the June 1st, 2025, Robin Harries has been at the helm of the company as the new CEO. You've just been able to meet him. Alongside Ingo Arnold as CFO. Ingo, please do not change too much. We really want this great work to continue. At the same time, our longstanding CEO, Christoph Vilanek, we know that he stepped down from the executive board on May 31st, 2025. We said goodbye to him. He had told us that he would no longer be available as CEO, we had to act and react. Other members of the executive board also conclude their terms of office during the course of 2025. This is why you have a changed composition of the executive board.
I would like to take this opportunity also on behalf of the entire supervisory board to express my sincere thanks to the departing members of the management board. Christoph Vilanek, Stephan Esch, Nicole Engenhardt- Gillé, Antonius Fromme, and Rickmann v. Platen have shaped the development of freenet AG over many years with great commitment, a high level of professional expertise and personal dedication, thereby making a significant contribution to the company's current success. Once again, thank you very much. At the same time, that's characteristic of change. We have a leaner and a very focused structure of the executive board now. We wanted a clear focused management structure and to have clearly consolidated responsibilities, shortened decision-making processes, and ensure the company maintains a high level of operational effectiveness in a dynamic market environment.
The supervisory board is convinced that the current streamlined and clearly focused management structure provides an excellent foundation for continuing the successful course, as you just heard it today, of the recent years, generating new momentum and guiding freenet towards sustainable success in the future. Of course, there will be questions on that. Thirdly, upcoming changes to the supervisory board. The composition of the supervisory board in the 2025 financial year remained unchanged, and it's nice to have continuity as well. However, with regard to today's annual general meeting, there's one change in personnel. Thomas Karlovits is no longer available for a further term on the supervisory board for personal reasons. The supervisory board respects this decision and expressly thanks Thomas Karlovits for his dedicated and trustworthy service on the board. Thomas, I think your dedication is a special one.
Thank you for your great work and our great friendship as well. Again, that backdrop, I would like to thank you once again. They were really great times, exciting times. Thanks again. For the succession, we have made the necessary preparations at an early stage to ensure the orderly and smooth continuation of the supervisory board. We are confident that we can now present Mr. Johannes Robert Wendt, a second Robert on the board here, to you as a highly suitable candidate for election. Mr. Wendt is here. It is a matter of course that he is introducing himself before the general debate. Mr. Wendt, you have the floor, please.
Thank you very much. Good morning, everybody. Let me introduce myself briefly. I promise it will be a brief introduction. I was born in 1966 in Hamburg. I was raised here. I went to school here. I was at the Vereins- und Westbank as part of UniCredit Group. It was a bank clerk training. I studied technology in Munich at the university. In my early years, I went to a business consultancy. I consulted different businesses over the years. I added an MBA. I was up to eight years in consulting, particularly in financial, in the financial business and fintech and financial investors. Financial investors, these are companies that manage funds or, yeah, other funds. Well, they analyze the corporate development and what a purchase could bring and how to further optimize companies. Around the turn of the millennium, I changed from consulting to the investment side.
Those who do not only invest, but who take decisions with a venture fund and then with a buyout fund or private equity fund. In London, then in Munich. Over the years, the next seven to eight years, we did several transactions in Germany. Many of them will be known to you, I'm not allowed to mention them. We did several transactions of which I was part also in the media business. In 2007, I had another change from investment funds to institutional investors. In 2007, I went to a fund of fund, and I was in a capital partner company. This was private equity and private debt. That means financing in the private sphere.
Then in 2011, I changed to Allianz Group, and Allianz Capital Partners was my new focus. It's a financial investor that mainly invests for the company and its investors and not only in different funds. I also went to Allianz Group in order to set up co-investments. Not only indirect participations, but also direct investment, but again, in private equity. My last position was the manager for Europe, Head of Private Equity EMEA. That was my position. I oversaw the European team in the group. I'm glad to be here, and I look forward to a fruitful cooperation with freenet AG. Should you have any questions, I will always be available. I'm married with three children, daughters. The last one is taking her A-levels university entrance qualification today. Of course, I'm keeping my fingers crossed. She'll be leaving soon, so we'll be empty nesters, my wife and I. Thank you.
Mr. Wendt, thank you very much. Of course, we are also keeping our fingers crossed for your daughter, so this should be a success. We look forward to this cooperation, and then we think we have found an ideal candidate with an impressive CV and track record. Well, the other members on the supervisory board, Professor Dr. Kerstin Lopatta, Miriam Wohlfarth, Sabine Christiansen, Robert Weidinger, and myself, who are already members of the current supervisory board, complete the supervisory board's nomination for agenda Item 7. Ladies and gentlemen, this leads me to the end of the Supervisory Board's Report.
Let me state at this point that the supervisory board once again performed its duty with great care the last year, providing constructive support to the management board and exercising critical oversight as it should be. The close and trusting cooperation between the executive board and the supervisory board was of central importance in this regard, particularly in a year of upheaval. I think we really did a good job. I hereby conclude the report on behalf of the supervisory board and would like to proceed with the agenda of the Annual General Meeting. Ladies and gentlemen, I believe that I should say something really important, maybe my most important sentence at this meeting. I would like to thank the staff of freenet AG, and without them, all these figures and the record dividend would not have been possible.
Thank you very much to the staff of freenet AG. Ladies and gentlemen, not just the staff is important, but the executive board is important, too. For that reason, the supervisory board would like to thank the executive board for its excellent work, too. You saw how many upheavals were seen in that company. It was really a year where it was important to perform, to be at the right place at the right time. Thanks to Robin Harries, Ingo Arnold, and the departing members of the executive board. Thank you. Ladies and gentlemen, now let's proceed to the general debate. Before doing so, the live webcast of our annual general meeting is now coming to an end. I would therefore like to say goodbye to the other viewers who have been following the live stream via our website, and thank you for your interest in our company.