May 2026
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Largest Telecom Service Providers Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Deutsche Telekom, Telefonica Deutschland, United Internet, 1&1 and freenet.
 | Deutsche Telekom is Germany's incumbent telecom operator and remains the dominant player in mobile and fixed markets. It also owns a controlling stake in T-Mobile US—one of three primary wireless carriers in the United States—which merged with Sprint in 2020, consolidating the market from four to three operators. Aside from its two core markets, Deutsche Telekom operates in several Central European countries and holds an IT arm (Systems Solutions). | $34 | -6% | $163B | $314B | 2.2x | 5.4x | ||
| 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 | -7% | $7B | $12B | 1.2x | 4.0x | ||
| United Internet AG is a telecommunications provider that operates through two business divisions: Access and Applications, which in turn are divided into the segments Consumer Access and Business Access and Consumer Applications and Business Applications. The Consumer Access segment which generates the majority of the revenue for the company comprises mobile internet products as well as landline-based broadband products (including the respective applications, such as home networks, online storage, telephony, Smart Home, IPTV, and video-on-demand). The company also provides a wide range of telecommunication products and services to companies and local authorities. | $31 | +13% | $5B | $9B | 1.3x | 5.9x | ||
| 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. | $26 | +23% | $5B | $5B | 1.1x | 7.2x | ||
| 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. | $29 | -8% | $3B | $4B | 1.2x | 5.8x | ||
| 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. | $1 | +42% | $403M | $2B | 4.5x | 20.3x | ||
| NFON AG is a provider of integrated business communication in Europe. The company generates the majority of its revenue with cloud-based telecommunications services for corporate customers. The company provides services in the following areas, 1) Business communication which includes Telephony, video calls, screen sharing, and the associated hardware components; 2) Integration includes the company's cloud telephony system is integrated into customers’ existing systems, business processes, and workflows; 3) Customer contact includes Products to optimize customer contact; 4) Enablement includes preparation of companies for the cloud and making sure that companies have the right infrastructure at their disposal. | $4 | -51% | $61M | $65M | 0.6x | 5.2x | ||
| 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. | $9 | -40% | $32M | $36M | 0.3x | 4.0x | ||
| Median | $18 | -6% | $4B | $4B | 1.2x | 5.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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