October 2026
Largest Telecom Service Providers Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Deutsche Telekom, Telefonica Deutschland, 1&1, United Internet and freenet.
 | Deutsche Telekom is a Bonn-headquartered telecommunications group formed in 1995 from Germany’s former federal postal and telecom administration. It provides mobile and fixed connectivity, broadband, enterprise ICT, cloud and digital services across Europe and the United States. Revenue comes from subscriptions, usage, equipment sales, wholesale access and technology services. The group serves consumers, businesses, carriers and public-sector organizations through brands including Telekom, T-Mobile and regional subsidiaries. Deutsche Telekom was already OTE’s strategic shareholder when it exercised its right of first refusal over HRADF’s 5% stake in 2018. The purchase was a secondary increase in an existing strategic holding rather than a new primary financing. | $29 | -8% | $137B | $320B | 2.4x | 5.9x | ||
| Telefonica Deutschland Holding AG is the German subsidiary of Telefonica, which provides integrated network operations in Germany. It offers mobile and fixed-network services for private and business customers as well as digital products and services. Its core brand is O2. It includes secondary brands and partners such as ALDI TALK, Tchibo MOBIL, NettoKOM, AY YILDIZ, and Ortel Mobile and service providers such as Freenet. | $2 | -11% | $6.1B | $10B | 1.1x | 3.7x | ||
| 1&1 AG is a network-independent telecommunications provider in Germany. The company has two business segments which include Access and 1&1 Mobile Network. 1&1’s Access segment offers internet access products based on landline and mobile networks. The Group's chargeable mobile Internet and broadband products, including the related applications (such as home networks, online storage, telephony, smart home or IPTV) are grouped together in the Access segment. Majority revenue is from Access Segment. | $27 | +7% | $4.7B | $5.8B | 1.3x | 9.6x | ||
| United Internet is a German internet and telecommunications group based in Montabaur. Its operating businesses provide internet access, hosting, online applications, communications services and related digital infrastructure to consumers and commercial customers. The parent company manages group functions including investment management, financial control, risk management and corporate administration. Its commercial model combines recurring subscriptions and service fees across its operating subsidiaries. In 2013, important operating businesses included 1&1 Internet, mail and media activities, hosting providers and Sedo’s online services. The group also held minority investments in technology and internet companies through dedicated subsidiaries. United Internet acquired an indirect 25.1% interest in Versatel in 2012 and agreed to buy the remaining 74.9% from KKR in 2014. That acquisition added a substantial German fibre network to the group and increased the infrastructure available for its telecommunications services. | $27 | -13% | $4.6B | $9.3B | 1.3x | 6.3x | ||
| freenet AG is a German mobile communication and mobile Internet company. It operates as an independent service provider without its own network. The company distributes mobile communications tariffs and options throughout Germany, using a subscription agreement and multi-brand technique. The company has three operating segments: Mobile communications, TV and media and Other/holding. The Mobile communications segment generates almost all of the firm's revenue. This segment offers a product portfolio of voice and data services for mobile communication operators. It also buys mobile communications services from the network operators and sells them to its end customers. | $26 | -18% | $3B | $3.1B | 1.1x | 5.3x | ||
| Tele Columbus AG is a triple-play telecommunications company. It derives revenue from TV, the Internet, cellphone, and voice services. The group operates through two main segments: TV and Internet, and telephony. The company's TV segment offers cable TV services to customers. The majority of revenue stems from this segment. Internet and telephony derive revenue from the provision of broadband Internet access as well as fixed-line and mobile telephony services to customers. The company is an owner of telecommunications infrastructure. The company generates the vast majority of its revenue in Germany. | $0 | -41% | $86M | $1.9B | 4.0x | 18.3x | ||
| NFON AG provides cloud-based solutions focused on communication and related technologies. Its offerings include AI-enabled services designed to support business operations and digital communication needs. The company's operating segments are NFON AG, NFON GmbH, NFON UK Ltd., NFON Iberia SL, NFON Italia S.r.l., NFON France SAS, NFON Polska Sp. zo.o and botario GmbH. The company principally generates revenue from telephone services. Geographically, the majority of revenue is derived from Germany. | $4 | -41% | $62M | $67M | 0.7x | 5.4x | ||
| Ecotel Communication AG is a telecommunication company operating in Germany that provides a solution to customers involved in the IT and telecommunication industry. The company operates under business segments that is Ecotel Business customers, Ecotel Wholesale, and Easybell, Majority of the firm's revenue comes from Ecotel Business customers which offers business customers throughout Germany an integrated product portfolio of voice and data services (ICT solutions). The firm's sales are mostly generated in Germany. | $7 | -52% | $26M | $30M | 0.2x | 5.5x | ||
| Median | $16 | -16% | $3.8B | $4.5B | 1.2x | 5.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.