3. SUBSEQUENT EVENTS
Change in the Management Board
Ralf Hartings, CFO of United Internet AG, stepped down from his position on the Management Board of United Internet AG at his own request as of December 31, 2024. With effect from January 1, 2025, Carsten Theurer is Ralf Harting’s successor as CFO of United Internet AG. Carsten Theurer previously worked for the Schwarz Group for over 20 years, in his last position as Group CFO. In these roles, he accompanied the international growth of the Schwarz Group in the retail sector and played a key role in setting up the company's own production companies.
Use of JBIC loan after the balance sheet date
In December 2024, United Internet and Japan Bank for International Cooperation (JBIC) signed a loan agreement for up to € 800 million. As of the balance sheet date on December 31, 2024, this loan had not been drawn down and the full amount of € 800 million was thus still available (prior year: €0). In February 2025, an amount of € 290 million from the loan was drawn down. As this event occurred after the balance sheet date, it has no effect on the financial information prepared as of the balance sheet date.
Use of syndicated loan facility after the balance sheet date
In December 2024, United Internet successfully refinanced a syndicated loan facility with its core banks. The new syndicated loan facility of € 950 million has a term until December 2029 with contractually agreed extension options. As of the balance sheet date on December 31, 2024, € 150 million of the new syndicated loan facility had been drawn (prior year: € 150 million). As a result, funds of € 800 million (prior year: € 660 million) were still available to be drawn from the credit facility. In March 2025, the loans drawn down to date under the syndicated loan facility were repaid in full, so that the loan facility is now available in full. As the aforementioned event occurred after the balance sheet date, it has no effect on the financial information prepared as of the reporting date.
Federal Network Agency decision on low- and mid-band spectrum
On March 24, 2025, the German Federal Network Agency announced its decision regarding the allocation of low- and mid-band spectrum that will become available from January 2026. The decision is largely based on the consultation draft published in May 2024 and provides for an extension of existing spectrum usage rights for Deutsche Telekom, Vodafone, and Telefónica. This extension is subject to the obligation that Deutsche Telekom, Vodafone, and Telefónica grant 1&1 access to part of their low-band spectrum for shared use. To achieve this, the authority has obliged the established network operators to conduct fair negotiations with 1&1. If 1&1 has not been granted the use of low-band spectrum by 1 January 2026, the Federal Network Agency reserves the right to enforce such use.
Apart from the above, there were no other significant events subsequent to the end of the reporting period on December 31, 2024 which had a material effect on the financial position and performance or the accounting and reporting of the parent company or the Group. Information on the economic position of the Group and Company at the time of preparing this Management Report are provided in chapter 4.3 “Forecast report”.