Deutsche Telekom (DTE) Q3 2025 earnings summary

Executive summary

• Achieved 3.7% organic service revenue growth, 4.4% organic EBITDA AL growth, 6.8% free cash flow growth, and 9.5% adjusted EPS growth year-to-date compared to the same period last year.

• Raised group guidance for 2025, with T-Mobile US also raising 2025 guidance for customer growth, EBITDA, and FCF.

• Record customer growth in the U.S., with TMUS reporting its best-ever quarter for postpaid account growth.

• Moody's upgraded credit rating to A3; Board proposes 11% dividend increase to €1.00 per share and €2B share buyback for 2026.

• Major U.S. acquisitions included UScellular and Metronet; share buy-backs and dividend increases executed.

Financial highlights

• Q3 2025 revenue rose 1.5% year-over-year to €28,935mn; 9M revenue up 3.0% to €87,361mn.

• Q3 2025 adjusted EBITDA AL increased 0.2% to €11,115mn; 9M up 3.2% to €33,411mn.

• Q3 2025 adjusted net profit up 14.3% to €2,670mn; 9M up 8.0% to €7,617mn.

• Free cash flow AL before dividends and spectrum investment increased 6.8% to €16.1 billion.

• Adjusted EPS for 9M 2025 increased 9.5% to €1.56.

Outlook and guidance

• Group guidance for 2025 raised: adjusted EBITDA AL expected at ~€45.3 billion and free cash flow AL at ~€20.1 billion.

• Adjusted EPS guidance for 2025 raised to ~€2.00 per share, a 9% increase over 2024.

• Dividend proposal for 2025 is €1.00 per share, with a €2 billion share buy-back planned for 2026.

• Guidance assumes a 1.08 EUR/USD exchange rate.

• TMUS 2025 guidance based on US GAAP midpoint of $33.8bn core adjusted EBITDA and $17.9bn FCF.