Freenet shares plunged nearly 12% on Thursday following a significant shortfall in its fourth quarter results and a 2026 outlook that disappointed investors. The telecom group reported revenue of €612 million, falling 3.3% below consensus estimates according to Bernstein. Gross profit of €236 million missed forecasts by 7.5%, while adjusted EBITDA of €120 million was 6.7% lower than expected.

Free cash flow of €66 million undershot predictions by 16%. Management attributed part of the EBITDA shortfall to a €12.9 million negative impact from a Mobile Network Operator (MNO) agreement, described as 'conservative accounting' and 'subject to discussions.'