Deutsche Telekom Ag · XETR:DTE

Deutsche Telekom — Investor Presentation (November 2025)

52 slides from Deutsche Telekom's investor presentation, November 2025

  1. Slide 1: Deutsche Telekom Company Presentation for Investors

    Deutsche Telekom Company Presentation for Investors November 2025

  2. Slide 2: Disclaimer

    Disclaimer This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, dep

  3. Slide 3: CMD 2024 recap: Selected charts

    CMD 2024 recap Selected charts

  4. Slide 4: Where do we stand

    Where do we stand #1 Global Telco brand +84% Brand value since 20201 ~ €71 bn Total Cash Capex2 2021 – 2024e #1 Leading 5G networks in US, GER & EU > €1.75 Adj. EPS +46% since 2020 > 20 mn Fiber homes passed GER & EU8 +13 mn homes since YE 2020 Customers ~ €43 bn Adj. Core EBITDA AL +31% since 20203

  5. Slide 5: DT Group consistent customer growth over the last 5 years

    DT Group consistent customer growth over the last 5 years TMUS mobile postpaid net adds TMUS broadband net adds mn mn 6.4 6.1 5.5 5.5 5.7 2.0 2.1 1.7 0.5 0.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 DT ex US mobile postpaid net adds DT ex US broadband net adds mn mn 2.0 1.9 1.7 0.7 0.7 1.3

  6. Slide 6: DT Group ex US & TMUS financials growth on both sides of the Atlantic

    DT Group ex US & TMUS financials growth on both sides of the Atlantic Organic service revenue growth TMUS Organic core adj. EBITDA growth TMUS in % yoy in % yoy 10.8% 10.1% 9.8% 4.6% 4.9% 8.0% 8.3% 4.1% 4.2% 3.5% 2020 2021 2022 2023 2024 20201 2021 2022 2023 2024 Organic service revenue growth DT ex

  7. Slide 7: Accelerating our flywheel – our ambitions going forward

    Accelerating our flywheel – our ambitions going forward STRONGER FOUNDATION SUPERIOR EXECUTION ACCELERATION VALUE CREATION  Grow US share & strong  Out-invest competition  Data informed, digital first Portfolio with optionality company Unlock additional Market cap:  Next-level quality approach 

  8. Slide 8: Leveraging Fiber to create long-term profitability

    Leveraging Fiber to create long-term profitability INFRA LEADERSHIP IN SMART INVESTMENTS INCUMBENT MARKETS IN NEW MARKETS … … Until 2027e Capturing Fiber Total homes passed BB market shares – Infra view1 Market share opportunity … ~ 17.5 mn2 (2.5 mn p.a.) Competition  best future network ~ 13.5 mn3

  9. Slide 9: 5G: We made it a winning strategy

    5G: We made it a winning strategy MARKET LEADING CUSTOMER DRIVEN … BRINGING MONETIZATION IN 5G TODAY NETWORK EXPERIENCE … TO THE NEXT LEVEL Strong Speed coverage1 leadership2  Modernize NWs  Grow mobile share  Leverage spectrum leadership ~ 98% #1  Fixed-wireless opportunity 3  5G stand alone e

  10. Slide 10: Efficiency: multiple levers for further improvements

    Efficiency: multiple levers for further improvements IDC/Service revenues DT ex US1 Key levers and expected impact going forward Artificial intelligence & ~ -5 pp ~ €0.7 bn4 ~ €1.5 bn2 automation -3–5 pp Network Scaling ~ €0.1 bn Real Estate & Procurement ~ €0.4 bn 2020 2024e 2023 2027e Gross IDC Ot

  11. Slide 11: Set-up for a data-informed, digital-first company

    Set-up for a data-informed, digital-first company… 2. PARTNER ECOSYSTEM  Global Telco AI Alliance  AI RAN R&D partnership (US) with Nvidia, Ericsson & Nokia 3. EXISTING ASSETS  Smart combination of own & partner capabilities  LLM OS foundation & Telco LLM  Common data platform & service fed by:

  12. Slide 12: Accelerate global scale leveraging our unique footprint

    Accelerate global scale leveraging our unique footprint ONE GLOBAL COMMON COMBINED STRATEGY G2M PRODUCTS & PLATFORMS OPERATIONS  Global brand  Common services/  Portfolio & M&A  Moments  Architecture shoring  Common T RDK router incl. customer  Know-how Business identity &   Center(s) of sy

  13. Slide 13: Committed to ambitious environmental and social targets

    Committed to ambitious environmental and social targets CLIMATE CIRCULARITY SOCIAL ≥ -55% in 2030e vs. 2020 100% Similar digital inclusion beneficiaries ≥ -90% in 2040e vs. 2020 Ready for circularity > 80 mn acc.3 around technology & devices in 2030e + Crisis effort in Scope 1–3 emissions  Clear tr

  14. Slide 14: Customer focus translating into strong profitable growth

    Customer focus translating into strong profitable growth GROUP LEVEL KPI AMBITION 2023–2027E KPI DRIVERS Service revenues ~ 4% CAGR Business growth Adj. EBITDA AL 4−6% CAGR Operational leverage Adj. EPS > 11%1 CAGR Growth & capital allocation Cash Capex/Service revenues2 ~ 21% in 2027e Invested for

  15. Slide 15: Surplus funds to be used for higher TMUS stake & DT buybacks

    “Surplus” funds to be used for higher TMUS stake & DT buybacks Key determinants of cumulative “Surplus” by 2027e Uses for “Surplus” 4–6% Adj. EBITDA AL CAGR Higher TMUS stake2 Announced TMUS ≤ €2 bn > €15 bn capital allocation1 Additional DT share buybacks ≤ 2.75x leverage  Both uses of surplus are

  16. Slide 16: Creating shareholder returns through growth & capital allocation

    Creating shareholder returns through growth & capital allocation Adj. EPS €/share TOTAL SHAREHOLDER RETURN Further upsides from: > €15 bn “surplus”1  Global scale reinvest Share price  Beyond core  M&A, Portfolio, TMUS €/share ~ 2.5 Further additional capacity upside from 26 possible Earnings re-

  17. Slide 17: 9M 2025 results Group

    9M 2025 results Group

  18. Slide 18: 9M/25 consistent reliable growth

    9M/25 consistent reliable growth 9M/2025 Highlights  Market leading customer and financial growth continues: 9M/25 organic service revenues +3.7%, adj. EBITDA AL +4.4%, FCF AL +6.8%1, adj. EPS +9.5%1  DT group guidance raised for the 3rd time, TMUS raises guidance for 2025 customer growth, EBITDA

  19. Slide 19: Financials 9M/25 organic strong organic growth

    Financials 9M/25 organic strong organic growth 9M/25 Adj. EBITDA AL US GAAP Core adj. 9M/25 Adj. EBITDA AL by segment1 9M/25 Key Financials growth yoy, organic EBITDA growth of 6.8% € mn % growth yoy, organic TMUS 5.2% Group revenues 3.7% +€1,088 mn 7,972 GER Group service revenues 3.7% 1.4% +€112 m

  20. Slide 20: Networks extending our leadership

    Networks extending our leadership Fiber 5G Coverage Fiber homes passed in mn % of POPs +3.6 GER EU 22.7 +1pp +17pp 19.1 10.9 98 99 89 9.8 72 EU 9.3 11.8 GER Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25  Continuing to lead German fiber build with record build in Q3  “Computerbild” and “Imtest” rate DT as be

  21. Slide 21: Fiber in Germany stepping up the fiber build

    Fiber in Germany stepping up the fiber build with unchanged FCF outlook Fiber Fiber homes passed Fiber homes connected mn 000 +17% +9%  YTD 2025: Achieved material efficiency gains 1.7 1.5 436 474 • Higher output • Lower capex  Going forward: Leveraging efficiency gains and federal tax relief 9M/2

  22. Slide 22: AI and Digital accelerating the digital transformation with AI

    AI and Digital accelerating the digital transformation with AI Digital AI • >16 mn users on our Apps Sales & Service G&A Network IT • Magenta Moments IT DevOps: AI coding Customer interaction: Mobile: AI RAN Guardian Agent program now with ~5.1 mn monitors the RAN to detect and accelerates with AI-c

  23. Slide 23: Customer Growth stronger in mobile, weaker in fixed

    Customer Growth stronger in mobile, weaker in fixed Mobile net adds Fixed line net adds2 000 000 5,416 US (postpaid) Strongest ever 9M in Broadband Slowdown driven by 4,133 postpaid Germany 273 138 9M/24 9M/25 9M/24 9M/25 1,460 Ex US (contract)1 1,235 TV Impacted by EURO 2024 Championship 356 tailwi

  24. Slide 24: Society and Environment Accelerating our ESG impact

    Society and Environment Accelerating our ESG impact Societal agenda Environment Environmental agenda Customer satisfaction1  Q3 (ytd) Energy consumption ex US -1% yoy Energy consumption Tri*M  Agri-PV Park Tützpatz: Germany’s largest agrivoltaic project mn MWh 76.2 77.6 (93 ha), combining solar po

  25. Slide 25: Guidance 2025 raised for the 3rd time

    Guidance 2025 guidance for adj. EBITDA AL and FCF AL raised for the 3rd time Adj. EBITDA AL TM US DT Ex US FCF AL TM US DT Ex US € bn € bn 43.0 ~44.9 >45.0 ~45.3 ~+5% 19.4 ~19.9 >20.0 ~20.1 ~+4% +0.3bn +0.1bn 28.5 ~29.9 ~30.0 ~30.3 15.9 ~16.3 ~16.4 ~16.5 US$ US$ 14.5 15.0 15.0 15.0 ~+3.5% 3.51 3.61

  26. Slide 26: Our agenda for 2025 building on the ambitions of the 2024 CMD

    Our agenda for 2025 building on the ambitions of the 2024 CMD Deliver attractive returns Deliver on fiber build while for shareholders stepping up monetization Step up leverage Extend and monetize 5G of group’s unique scale advantages network lead in all markets Aggressively seize A.I. opportunities

  27. Slide 27: Q3 2025 results Review of segments and financials

    Q3 2025 results Review of segments and financials

  28. Slide 28: T-Mobile US industry leading financial growth

    T-Mobile US industry leading financial growth Revenues (IFRS) Impacted by Adj. EBITDA AL (IFRS)1 Impacted by US$ bn UScellular US$ bn UScellular +9.0% +5.5% 20.1 21.9 3.7 8.0 8.4 Other revenues 3.4 Service revenues 16.7 18.2 Q3/24 Q3/25 Q3/24 Q3/25 Service revenue (US GAAP) Postpaid service Core adj

  29. Slide 29: T-Mobile US record quarter for net additions

    T-Mobile US record quarter for net additions Total postpaid net additions Industry leading. Best ever. Postpaid phone net additions Industry leading. Highest Q3 in mn 000 over a decade. 2.3 1,007 1.9 865 903 830 1.6 1.7 1.3 495 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Broadband cu

  30. Slide 30: Germany financials impacted by Q3/24 revenue comps and cost phasing

    Germany financials impacted by Q3/24 revenue comps and cost phasing Revenues (reported) Decline fully explained Adj. EBITDA AL (reported) Quarter impacted by € mn by Q3/24 EURO24 and € mn strong Q3/24 service -1.8% lower handset +0.1% revenue comp and 6,465 6,347 revenues. wage cost phasing. Organic

  31. Slide 31: Germany fixed service revenues impacted by strong Q3/24 comps

    Germany fixed service revenues impacted by strong Q3/24 comps Mobile service revenue growth (organic) % yoy 3.1% 2.1% 2.1% 2.0% 1.8% Total service revenue growth (organic) % yoy Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2.1% 1.4% 0.9% 1.1% Fixed service revenue growth (organic) Quarter impacted by strong 0.4% %

  32. Slide 32: Germany fixed service revenues: access revenue trends reflect volumes

    Germany fixed service revenues: access revenue trends reflect volumes Broadband revenue growth (organic) Broadband (B2C) % yoy ARPA +3.6% yoy 3.3% 3.4% 3.2% 2.7% 2.1% Fixed service revenues (reported) Broadband € mn Wholesale Access Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Other -0.4% 3,948 3,934 1,875 1,915 +

  33. Slide 33: Germany fixed KPIs: FTTH upselling continues

    Germany fixed KPIs: FTTH upselling continues FTTH net adds and penetration Retail customers with ≥100 Mbit/s tariff 000 and % of base 16.1% % of customer base 15.5% 15.8% 54 14.8% 53 14.6% 52 155 51 131 134 128 137 49 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Broadband net adds TV

  34. Slide 34: Germany mobile KPIs: strong customer growth in a competitive market

    Germany mobile KPIs: strong customer growth in a competitive market Branded contract net adds1 000 327 314 261 274 185 Mobile service revenues (reported) Impacted by € mn reclassification. Organic +1.6% growth rate of 1.8% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 1.707 1.735 Churn2 Data usage2 % GB per month +

  35. Slide 35: Europe 31st consecutive quarter of organic EBITDA growth

    Europe 31st consecutive quarter of organic EBITDA growth Revenues (reported) Adj. EBITDA AL (reported) € mn +2.2% € mn 3,179 +4.6% 3,110 1,180 1,235 Q3/24 Q3/25 Q3/24 Q3/25 Revenue growth (organic) Service revenue growth Adj. EBITDA AL growth (organic) % growth yoy +3.3% yoy % growth yoy 8.0% 7.3% 7

  36. Slide 36: Europe strong commercial performance continues

    Europe strong commercial performance continues Mobile contract net adds1 Includes -60k from Romania Broadband net adds 000 000 193 209 173 123 129 77 68 65 48 57 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 FMC net adds TV net adds Impacted by -28k SAT TV 000 000 phase out in Hungary

  37. Slide 37: Systems Solutions good growth in order entry, revenue, and profitability

    Systems Solutions good growth in order entry, revenue, and profitability Order entry (LTM) Revenues (reported) Adj. EBITDA AL (reported) € bn € mn € mn +3.7% +2.3% 4.0 4.2 991 1,014 +23.7% 127 102 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25  Good growth in order entry and revenue due Revenue growth (organi

  38. Slide 38: Financials Q3/25 reported impacted by f/x and M&A

    Financials Q3/25 reported impacted by f/x and M&A € mn Q3 9M 2024 2025 Change 2024 2025 Change Q3 organic growth of Revenue 28,501 28,935 +1.5% 84,838 87,361 +3.0% 3.3% Service revenues 24,127 24,670 +2.2% 71,700 74,011 +3.2% Q3 organic growth of Adj. EBITDA AL 11,096 11,115 +0.2% 32,389 33,411 +3.2

  39. Slide 39: FCF AL and adj. net profit impacted by phasing and f/x

    FCF AL and adj. net profit impacted by phasing and f/x Free Cash Flow AL1 9M/25 yoy growth: Adj. net profit 9M/25 recurring adj. € mn +6.8% € mn EPS growth: +8.0% -9.2% +14.3% 6,189 2,670 -82 -118 5,622 128 -400 33 2,335 18 -14 295 -92 Improvement due to Growth in adj. EBITDA swing in impact from ci

  40. Slide 40: Net debt leverage comfortably in target range despite M&A

    Net debt leverage comfortably in target range despite M&A Net debt excl. leases (AL) Leverage ratios Credit rating upgraded € bn X to A3 by Moody’s +5.2 Incl. leases 98.2 Excl. leases 0.2 2.82 2.78 93.0 7.9 2.64 -5.6 0.6 1.2 2.31 2.31 0.4 0.6 2.23 Q2/25 FCF AL Spectrum1 Dividends2 SBB TM US3 DT SBB

  41. Slide 41: 9M/25 Key messages consistent reliable growth

    9M/25 Key messages consistent reliable growth  Consistent reliable growth, despite some headwinds in Adj. EPS Germany in €/share  On track for FY25 and CMD 2023–27 guidance  Extending network leadership on both sides of the Atlantic  Record customer growth and guidance upgrade in the US  New gr

  42. Slide 42: Q2 2025 results Appendix

    Q2 2025 results Appendix

  43. Slide 43: Organic growth rates

    Organic growth rates In % Q3/25 over Q3/24 9M/25 over 9M/24 Group revenues +3.3 +3.7 Group service revenue +3.6 +3.7 Service revenue DT ex US +1.5 +1.9 Group Adj. EBITDA AL +2.9 +4.4 Adj. EBITDA AL DT ex US +1.7 +2.9 Group Core adj. EBITDA AL1 +3.0 +4.6 1 Adj. EBITDA AL excl. TMUS handset leases. 43

  44. Slide 44: FCF AL and adj. net profit on track for FY guidance

    FCF AL and adj. net profit on track for FY guidance Free Cash Flow AL1 Adj. net profit € mn € mn +6.8% +8.0% 16,149 15,126 226 -267 105 -95 -6 -190 7,617 959 7,051 939 -82 9M/24 Net CF Leasing Capex (excl. Others 9M/25 9M/24 Adj. EBITDA D&A Financial Taxes Minorities 9M/25 from ops. payments spectru

  45. Slide 45: TMUS EBITDA reconciliation

    TMUS EBITDA reconciliation 9M/25 Q3/25 US$ mn US$ mn +6.8% yoy +6.4% yoy +6.1% yoy 25,479 25,490 +5.6% yoy +5.3% yoy +5.5% yoy 11 -792 24,698 8,680 8,684 8,404 4 -280 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (IFRS)

  46. Slide 46: FCF AL excl. US well on track for FY guidance

    FCF AL excl. US1 well on track for FY guidance € bn 9M 2024 9M 2025 Adj. EBITDA 12.1 12.4 Leasing opex -1.1 -1.1 Adj. EBITDA AL 11.0 11.3 Cash Capex -5.8 -5.5 Proceeds from sale of fixed assets +0.1 +0.1 Special Factors Cash -0.8 -0.8 Interest ex leasing -0.7 -0.8 Cash Taxes -0.9 -0.7 Other (working

  47. Slide 47: Financials maturity profile covered by strong liquidity reserve

    Financials maturity profile covered by strong liquidity reserve Ex US debt maturing Ex US liquidity position Credit lines € bn € bn Liquid assets 14.7 3.5 3.5 12.0 2.2 Ø 3.1 3.0 6.1 0.9 2.2 2.7 0.9 Q4/25 2026 2027 2028 Liquidity Maturities Maturities Maturities Total reserve Q4 2025 2026 9M 2027 mat

  48. Slide 48: Balance sheet solid across the board

    Balance sheet solid across the board € bn 30/09/2024 31/12/2024 31/03/2025 30/06/2025 30/09/2025 Balance sheet total 288.6 304.9 305.0 281.5 287.2 Shareholders’ equity 92.4 98.6 97.8 89.7 91.6 Net debt excl. leases (AL) 92.5 99.3 95.7 93.0 98.2 Net debt excl. leases (AL)/adj. EBITDA AL1 2.18 2.31 2.

  49. Slide 49: Guidance 2025 current guidance compared to consensus

    Guidance 2025 current guidance compared to consensus € bn Guidance 2025 in € Guidance 2025 in € Consensus in € @ 1.08 @ 1.13 (Cons. f/x) @ 1.13 Adj. EBITDA AL Group ~45.3 ~44.0 44.1 thereof ex US 15.0 15.0 15.0 thereof TMUS ~30.3 ~29.0 29.1 FCF AL ~20.1 ~19.4 19.4 thereof ex US 3.61 3.61 3.6 thereof

  50. Slide 50: Outlook 2025/26 as per annual report 2024 (1/2)

    Outlook 2025/26 as per annual report 2024 (1/2)1 € bn 2024 pro forma 2025e 2026e Revenue Group 115.9 Increase Increase Germany 25.7 Slight increase Slight increase US (in US$) 81.3 Increase Increase Europe 12.3 Increase Increase Systems Solutions 4.0 Slight increase Slight increase Service Revs Grou

  51. Slide 51: Outlook 2025/26 as per annual report 2024 (2/2)

    Outlook 2025/26 as per annual report 2024 (2/2)1 € bn 2024 pro forma 2025e 2026e Cash Capex Group 16.0 ~17.1 Stable Germany 4.8 Stable Slight increase US (in US$) 8.9 Increase Stable Europe 1.9 Slight increase Slight increase Systems Solutions 0.2 Stable Stable FCF AL Group 19.2 ~19.9 Increase Adj.

  52. Slide 52: Further questions please contact the IR department

    Further questions please contact the IR department All Q3-2025 Documents +49 228 181 – 8 88 80 Individual contact details for Homepage: all IR representatives: www.telekom.com/investors investor.relations@telekom.de www.telekom.com/ircontacts Investor relations on social media – Follow us to stay up

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