Deutsche Telekom (DTE) Q3 2026 earnings summary

Executive summary

• Q3 organic revenue grew 5.5% to €31.1bn and adjusted EBITDA AL rose 8.0% to €12.2bn; adjusted net profit increased 12.7% to €3.0bn.

• 9M revenue rose 4.1% to €90.9bn and adjusted EBITDA AL increased 6.4% to €35.6bn; FY26 EBITDA AL and free cash flow AL guidance was raised.

• Germany returned to positive broadband net adds, with record 190,000 FTTH additions in Q3.

Financial highlights

• 9M organic revenue grew 4.5% and organic service revenue 4.0%; reported service revenue rose 3.9% to €76.5bn.

• 9M adjusted net profit increased 10.2% to €8.4bn, while reported net profit fell 8.0% to €7.3bn, reflecting higher U.S. restructuring and integration expenses and prior-year gains.

• Q3 reported revenue rose 7.5% to €31.1bn and adjusted EBITDA AL increased 9.9% to €12.2bn; adjusted EPS was €0.63, up 14.3%.

• 9M free cash flow AL increased 1.7% to €16.4bn; Q3 free cash flow AL rose 1.4% to €5.70bn, while cash capex fell 20.4% to €4.28bn.

Outlook and guidance

• FY26 guidance rose to ~€47.6bn adjusted EBITDA AL and ~€20.1bn free cash flow AL; adjusted EPS guidance remains €2.20.

• FY26 adjusted EBITDA AL outlook is ~€15.4bn ex-U.S. and ~€32.2bn for T-Mobile US; free cash flow AL outlook is ~€3.7bn ex-U.S. and ~€16.6bn for T-Mobile US.

• U.S. adjusted EBITDA AL guidance rose to $36.4bn; planning assumes an unchanged USD/EUR exchange rate of 1.13.

• Germany reiterated €11.0bn FY26 EBITDA guidance, expecting Q4 to recover above the year's average run rate; management indicated the low end of its 2.5%-3% CMD range.