IONOS : The triple upheaval of the internet is an opportunity. Recommendation upgraded to Outperform

We have upgraded our recommendation to Outperform (vs Neutral since May 2025). The stock is down 33% over six months, due to concerns about the triple-change in the internet world (LLM, vibe-coding, agentic AI). On the contrary, we think that the stock attractive in three different ways, with (i) the launch of AI agents that meet the needs of IONOS' self-employed customers and should accelerate ARPU growth; (ii) debt levels that have been reduced to close to zero, which calls for dividends to be paid if no target is identified and (iii) trade tensions once again offering some hope of support to the sovereign cloud.