DGAP-Ad-hoc: 1&1 Drillisch Aktiengesellschaft / Key word(s): Contract/Strategic Company Decision 
1&1 Drillisch Aktiengesellschaft: Improved Telefónica-offer on national roaming and MBA MVNO services; EU Commission's 
analysis completed 
05-Feb-2021 / 17:57 CET/CEST 
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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1&1 Drillisch AG: Improved Telefónica-offer on national roaming and MBA MVNO services; EU Commission's analysis 
completed 
Maintal, 5 February 2021. Drillisch Online GmbH, a wholly-owned subsidiary of 1&1 Drillisch AG, and Telefónica Germany 
GmbH & Co. OHG (?Telefónica") have long been in negotiations regarding the conclusion of a national roaming agreement 
based on the commitments of Telefónica under the merger clearance decision of the EU Commission regarding the merger 
with E-Plus. The EU Commission supervises the compliance of Telefónica with these commitments. 
In October 2020, Telefónica made a, from Telefónica's perspective, final offer to 1&1 Drillisch on key framework 
conditions and prices for national roaming. The prices offered shall also apply retroactively from July 2020 to the 
current MBA MVNO agreement. While Telefónica has been charging consistently high advance service prices under the MBA 
MVNO agreement since July 2020, Telefónica's offer is based on the price mechanisms of the first five years of the MBA 
MVNO agreement. In particular, it provides for annually decreasing data prices that were lower than the prices 
currently charged under the MBA MVNO agreement. 
After completion of its analysis, the EU Commission today communicated to 1&1 Drillisch its assessment that the offer 
submitted by Telefónica in October 2020 was not fully in line with Telefónica's commitments under the EU merger 
clearance decision and that the offer has to be improved by Telefónica. Thereupon, Telefónica today made an improved 
offer to 1&1 Drillisch. The improved offer can be accepted by 1&1 Drillisch until 19 February 2021. 
1&1 Drillisch will examine whether it is in the interest of the company to accept Telefónica's new offer. Should 1&1 
Drillisch decide to accept the offer, the framework conditions and prices offered by Telefónica would then have to be 
transferred into a national roaming agreement and the application of the new, annually decreasing prices also on MBA 
MVNO services would have to be regulated with retroactive effect for the period as of July 2020 from the beginning of 
national roaming. 
The conclusion of an agreement, which Telefónica's offer expects until approx. mid of May 2021, would have a positive 
earnings effect of approx. 30 million Euro for 1&1 Drillisch in the fiscal year 2020, which would be booked as an 
out-of-period return in the fiscal year 2021. In addition, an agreement on national roaming would constitute an 
essential prerequisite for 1&1 Drillisch's envisaged rollout of a high-performance 5G network. 
The EU Commission's assessment, which has now been communicated, has no significance for the price adjustment 
procedures initiated by 1&1 Drillisch under the MBA MVNO agreement. In these procedures, 1&1 Drillisch demands from 
Telefónica significant retroactive reductions of the advance service prices under the MBA MVNO agreement. 
Maintal, 5 February 2021 
1&1 Drillisch Aktiengesellschaft 
The Management Board 
Contact 
Oliver Keil 
Head of Investor Relations 
Mail: ir@1und1-drillisch.de 
Note: 
Financial performance indicators such as EBITDA, EBITDA margin, EBIT, EBIT margin or free cash flow are used in 
addition to the disclosures required by the International Financial Reporting Standards (IFRS) in the annual and 
interim financial statements of 1&1 Drillisch AG and in ad hoc reports pursuant to Art. 17 MAR to ensure a clear and 
transparent presentation of 1&1 Drillisch's business development. Information about the use, definition and calculation 
of these performance indicators is provided on page 37 of the Annual Report 2019 of 1&1 Drillisch AG. 
Disclaimer: This report contains statements regarding the future which are based on the current assumptions and 
projections of the 1&1 Drillisch AG management. Various risks, uncertainties and other factors, both known and unknown, 
can cause actual developments, especially in the results, financial position, and the business of our Company, to 
deviate substantially from the projections about the future as they are shown here. The Company does not undertake any 
obligation to update such future-oriented statements and to adapt them to future events or developments. 
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05-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and 
Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      1&1 Drillisch Aktiengesellschaft 
              Wilhelm-Röntgen-Straße 1-5 
              63477 Maintal 
              Germany 
Phone:        +49 (0) 6181 - 412 218 
Fax:          +49 (0) 6181 - 412 183 
E-mail:       ir@1und1-drillisch.de 
Internet:     www.1und1-drillisch.de 
ISIN:         DE0005545503 
WKN:          554550 
Indices:      SDAX 
              TecDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1166364 
 
End of Announcement  DGAP News Service 
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1166364 05-Feb-2021 CET/CEST

(END) Dow Jones Newswires

February 05, 2021 11:59 ET (16:59 GMT)