Deutsche Telekom (DTE) Investor presentation summary

Strategic direction and transformation

• Focus on becoming a leading digital telco through global scale, cloud-based platforms, and AI-driven operations.

• Prioritizing network leadership in fiber and 5G, with continued investment in infrastructure and modernization.

• Emphasis on maximizing capital returns, cost efficiency, and sustainable growth to deliver superior shareholder value.

• Strong ESG commitments, including climate protection, data privacy, and diversity initiatives.

• Leveraging AI and digitalization across the value chain, with partnerships and internal AI competence centers.

Financial performance and guidance

• FY 2025 saw organic service revenue growth of 3.8%, adjusted EBITDA AL up 4.7%, and free cash flow AL up 2.0%.

• Adjusted EPS increased by 5.2% in 2025, with guidance for double-digit earnings growth in 2026.

• 2026 guidance targets adjusted EBITDA AL of ~€47.4bn, FCF AL of ~€19.8bn, and adjusted EPS of ~€2.20.

• Net debt/adjusted EBITDA remains comfortably within the ≤2.75x target range.

• Dividend policy distributes 40-60% of adjusted recurring EPS, with up to €2bn share buybacks planned for 2026.

Operational highlights and customer growth

• Mobile customer base reached 273.2 million, with 24.8 million fixed-network lines and 22.5 million broadband customers.

• Continued leadership in fiber rollout, passing 12.6 million homes in Germany and achieving record fiber customer growth.

• T-Mobile US delivered industry-leading postpaid and broadband net additions, with strong revenue and EBITDA growth.

• European segment achieved 32 consecutive quarters of organic EBITDA growth, with strong B2C and B2B performance.

• Systems Solutions segment posted revenue and EBITDA growth, driven by AI, cloud, and digital services.