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Management Presentation Results H1/Q2 2019 Christoph Vilanek, CEO and Ingo Arnold, CFO 09 August 2019 | Analyst and Investor Conference Call 1 | Management Presentation H1/Q2 2019 | 09.08.2019 Cautionary statement This presentation contains

  1. Management Presentation Results H1/Q2 2019 Christoph Vilanek, CEO and Ingo Arnold, CFO 09 August 2019 | Analyst and Investor Conference Call 1 | Management Presentation H1/Q2 2019 | 09.08.2019

  2. Cautionary statement This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of freenet AG could differ materially from the expectations regarding performance, results and timing expressed in this presentation. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of freenet AG. Any such decision must not be made on the basis of the information provided in this presentation. freenet AG does not undertake any obligation to publicly update or revise information provided during this presentation. 2 | Management Presentation H1/Q2 2019 | 09.08.2019

  3. H1/2019 results corresponding to full-year guidance 2019 Revenue in EUR million EBITDA in EUR million 1,389 215.5 Subscriber base 1 in thousand Free cash flow in EUR million 8.224 126.7 1 Postpaid customers, freenet FUNK customers, freenet TV RGUs and waipu.tv subscribers 3 | Management Presentation H1/Q2 2019 | 09.08.2019

  4. Group subscriber base growing by +55,730 in Q2 Group subscriber base [in ‘000s ] 8,224 +45.6 8,168 +17.3 +20.4 -27.5 1 1 ARPU comparable to postpaid contracts, but not counted within postpaid base 4 | Management Presentation H1/Q2 2019 | 09.08.2019

  5. Active management of mobile market challenges Market challenges freenet countermeasures Broadening sales cooperations, Fully saturated mobile market bundling DLS options etc. with commoditized products Stability: LTE portfolio completed on all networks ▪ Customer base New regulation put into force (e.g. international calls) ▪ Postpaid ARPU Innovative products e.g. freenet FUNK ▪ Margin as full digital proposition Reduced competition on hardware market (Huawei ban) Churn down – Customer loyalty projects (digitalization customer journey) Longer hardware innovation Customer acquisition mix focusing on cycles and usage quality and lifetime margin 5 | Management Presentation H1/Q2 2019 | 09.08.2019

  6. TV & Media – waipu.tv with remaining strong momentum H1/2019 vs. H1/2018 comparison: Registered customers ▪ waipu.tv added 923,900 registered customers (+112.1%). [in '000] 1,748 ▪ 1,515 Contained subscribers almost doubled to 331,900 in the last twelve 1,264 months (+157,600 or 90.4%). 1,007 ▪ freenet TV with 1,037,500 freenet TV subscribers (RGU 1 ) – stable and 824 slightly above long-term target (> 1.0 million RGUs). 609 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Subscribers (RGU 1 ) Subscribers 332 286 [in '000] [in '000] 252 1,037 1,020 1,014 1,001 945 901 202 174 133 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 1 RGU as the abbreviation for “Revenue Generating Unit” refers to freenet TV subscribers who purchased and also activated the f reenet TV access 6 | Management Presentation H1/Q2 2019 | 09.08.2019

  7. Continuous innovation of waipu.tv’s best-in-class product features Upcoming feature and content extensions H2/19 New features launched in Q2/19 ✓ Successful launch of O2 sales partnership Addressable tv programmatic booking (O2 TV powered by waipu.tv) • Voice enabled user interface ✓ waipu.tv now available as Apple TV app Launch of first foreign language and ethnic channel and Android TV app package ✓ Instant restart function launched Launch of further proprietary channel assets (including ✓ Extension of proprietary channel assets by wellness, fashion and lifestyle, nature and popular genres (incl. cooking and childrens ’ documentaries) content) ✓ Launch of prototype for content library on Android (“ waiputhek ”) 7 | Management Presentation H1/Q2 2019 | 09.08.2019

  8. Stable Group performance as expected Revenue H1/2019 vs. H1/2018 comparison: [in mEUR] ▪ Revenue slightly up 2.8 mEUR to 1,389.0 mEUR. ▪ Gross profit and EBITDA impacted by effects from inevitable regulatory changes: IFRS 16, international calls/ roaming and analogue radio 794.2 717.0 696.6 699.1 divestment. 689.6 689.9 ▪ Adjusted by regulatory effects both, gross profit and EBITDA developed almost steady: Gross profit -4.3 mEUR to 441.4 mEUR and EBITDA +2.4 mEUR to 198.8 mEUR. Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Gross profit EBITDA [in mEUR] [in mEUR] 123.0 113.3 227.3 107.5 219.4 107.9 235.1 108.1 222.9 222.2 223.5 16.5 4.0 96.8 10.9 3.4 11.6 11.4 7.7 -1.5 -2.0 0.8 -2.1 -2.0 223.3 218.1 100.2 106.5 98.6 101.6 100.4 96.0 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 EBITDA w/o regulatory effects Gross Profit w/o regulatory effects Analogue radio divestment International calls/ roaming IFRS 16 International calls/ roaming IFRS 16 8 | Management Presentation H1/Q2 2019 | 09.08.2019

  9. Mobile – Regulatory effect forming headwind for financial KPIs Revenue H1/2019 vs. H1/2018 comparison: [in mEUR] ▪ Revenue up 17.8 mEUR to 1,256.0 mEUR due to low-margin hardware sales; high-margin service revenue +2.0 mEUR (772.5 mEUR vs. 770.4 mEUR); details see Appendix. 714.3 ▪ Gross profit adjusted by regulatory effects and without inter-segment 654.2 631.3 624.7 621.0 617.2 allocation increased by 8.9 mEUR to 351.2 mEUR mainly due to lower 92.1 subscriber acquisition cost. ▪ EBITDA without extraordinary effects increased by 8.4 mEUR to 180.8 mEUR based on gross profit development. Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Gross profit EBITDA [in mEUR] [in mEUR] 178.5 185.2 179.0 179.6 168.9 175.7 5.5 -2.5 99.8 96.5 -0.7 8.5 0.1 90.4 4.0 -2.0 84.4 91.5 3.8 6.2 -0.1 90.3 -2.0 -1.8 -2.0 5.6 -4.2 2.4 6.9 179.7 179.5 171.7 181.0 171.7 170.5 96.0 88.6 89.0 83.4 92.1 88.7 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Gross Profit w/o regulatory effects/ inter-segment allocation EBITDA w/o regulatory effects/ inter-segment allocation International calls/ roaming Inter-segment allocation IFRS 16 International calls/ roaming Inter-segment allocation IFRS 16 9 | Management Presentation H1/Q2 2019 | 09.08.2019

  10. Mobile – Net adds impacted by Q1, but trend reversing Postpaid Customers H1/2019 vs. H1/2018 comparison: [in '000] ▪ Postpaid customer -62,000 net adds reaching H1/18 customer level. Negative momentum of Q1/19 slowed down. freenet FUNK customers 6,896 6,869 6,862 6,834 +20,400 added in Q2/19 not included. 6,828 6,770 ▪ Postpaid ARPU without hardware stable at 18.8 euros. Enlarged quality initiatives since Q1/19 should show effects during H2/19. ▪ Demand for value added services unchanged. Digital Lifestyle revenues slightly up 1.7 mEUR to 86.7 mEUR. Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Postpaid ARPU Digital Lifestyle revenues [in EUR] [in mEUR] 49.4 44.6 45.4 42.1 21.7 21.7 21.4 21.5 21.9 21.7 42.6 42.4 19.0 19.0 19.2 18.9 18.8 18.8 Q1 19 Q2 19 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 18 Q2 18 Q3 18 Q4 18 ARPU without hardware ARPU incl. hardware 10 | Management Presentation H1/Q2 2019 | 09.08.2019

  11. TV & Media – Analogue radio divestment continues impact Revenue H1/2019 vs. H1/2018 comparison: [in mEUR] ▪ Revenue down 24.8 mEUR to 123.9 mEUR mainly based on missing analogue radio revenues. 75.6 74.7 74.7 77.3 ▪ Gross profit adjusted by IFRS 16 and without inter-segment allocations 77.3 71.3 decreased by 11.3 mEUR to 74.6 mEUR effected by regulatory and 71.5 62.9 62.5 61.0 operational developments. ▪ Without inter-segment allocations, IFRS 16 and divestment of analogue radio EBITDA decreased by 2.8 mEUR based on Q1/19 development (content cost path and SAT guarantee payments). Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 EBITDA Gross profit 25.5 [in mEUR] [in mEUR] 32.8 37.4 46.7 34.7 20.3 7.8 40.7 16.5 -6.9 39.1 11.6 -6.8 2.3 18.9 28.6 4.1 0.8 7.7 4.0 14.3 -1.4 -5.6 4.8 -1.4 -9.7 -1.5 -4.5 4.8 3.6 -5.9 -1.8 -2.1 44.3 41.5 34.2 44.4 36.5 38.1 -1.7 17.4 16.6 14.8 17.5 17.0 13.4 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 EBITDA w/o regulatory effects/ inter-segment allocation Gross Profit w/o regulatory effects/ inter-segment allocation Inter-segment allocation IFRS 16 Analogue radio divestment IFRS 16 Inter-segment allocation 11 | Management Presentation H1/Q2 2019 | 09.08.2019

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