1&1 AG Reports Solid First Quarter Growth for 2024

1&1 AG, the telecommunications provider, announced a positive start to 2024 with significant gains in customer contracts and service revenues. As of the first quarter, the company’s customer contracts increased by 40,000, reaching a total of 16.30 million. The growth was driven primarily by new mobile internet contracts. Additionally, 1&1 AG reported a 4.2% increase in service revenues, amounting to €821.9 million.

The company also noted an 11.6% increase in operational EBITDA, which stood at €224.7 million. However, the total EBITDA rose marginally by 0.1% to €182.3 million, reflecting increased start-up costs related to the development of the 1&1 mobile network. Despite these costs, the company’s forecast for 2024 remains optimistic, projecting a service revenue growth of about 4%.

On the other hand, EBIT saw a decline due to higher depreciation from new mobile services launched at the end of 2023, resulting in earnings per share of €0.47 for the quarter, down from €0.53 in the previous year. Looking ahead, 1&1 AG expects further investment in its innovative 5G network but maintains a positive outlook for the financial year.