Deutsche Telekom Ag · XETR:DTE

Deutsche Telekom — Q4 2025 Earnings Presentation

55 slides from Deutsche Telekom's earnings presentation, Feb 26, 2026

  1. Slide 1: Deutsche Telekom Q4 2025 results

    Deutsche Telekom Q4 2025 results February 26, 2026 #DT25Q4 Connecting your world

  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: FY 2025 results: Group

    FY 2025 results Group

  4. Slide 4: FY 2025 consistent reliable growth

    FY 2025 consistent reliable growth FY 2025 HIGHLIGHTS  Market-leading customer growth continues  Network leadership further strengthened, in all markets  Tangible progress with AI across the value chain, on both sides of the Atlantic  Industrial AI Cloud with Nvidia successfully launched  Reach

  5. Slide 5: Financials FY 2025 strong organic growth

    Financials FY 2025 organic strong organic growth FY/25 Adj. EBITDA AL FY/25 Adj. EBITDA AL by segment1 FY/25 Key Financials Growth yoy, organic € mn % growth yoy, organic US GAAP Core adj. EBITDA growth of 6.8% TMUS 5.3% Group revenues 4.2% +€1,483 mn 10,694 GER Group service revenues 3.8% 1.7% +€17

  6. Slide 6: Networks extending our leadership

    Networks extending our leadership Fiber 5G Coverage Fiber homes passed in mn % of POPs +3.7 GER EU 23.9 +1pp +15pp 20.2 11.3 98 99 92 77 10.1 EU 10.1 12.6 GER Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25  Continuing to lead German fiber build with record homes passed  Deutsche Telekom again takes first pla

  7. Slide 7: AI and Digital on track for efficiency

    AI and Digital on track for €0.8 bn DT ex US 2024 CMD efficiency target1 Digital AI G&A NETWORK IT SALES & SERVICE  >17.4 mn users on our Apps Internal AI-knowledge Mobile: Launched “RAN Guardian”: IT DevOps: Customer interaction:  Magenta Moments now with bot “askT” received a world’s first AI ag

  8. Slide 8: 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 7,798 US (postpaid) Broadband 6,066 Slowdown driven by Germany. 368 Stabilization in Q4. 218 FY/24 FY/25 FY/24 FY/25 Ex US (contract)1 1,909 TV 1,754 Additionally in GER 437 ~200k OTT net adds versus ~30

  9. Slide 9: DT Group capital allocation has been disciplined

    DT Group Capital allocation has been disciplined; strategic flexibility intact Dividend per share TMUS stake € 52.8% as of February 6, 2026 1.00 52.6% 0.90 50.7% 51.5% 0.77 2023 2024 20251 2023 2024 2025 DT share buyback € bn  TMUS “additional flexibility” through year end 2027 Up to of more than $

  10. Slide 10: DT Group 2025 guidance achievement

    DT Group 2025 guidance achievement Adj. EBITDA AL FCF AL1 € bn TM US DT Ex US € bn TM US DT Ex US 43.0 ~44.9 ~45.3 44.2 45.5 19.2 ~19.9 ~20.1 19.5 20.2 28.6 ~29.9 ~30.3 29.3 30.5 ~16.3 ~16.5 16.2 16.9 15.9 14.5 15.0 15.0 15.0 15.0 3.5 3.6 3.6 3.6 3.6 FY 2024 pro Original 2025 Latest Actual FY25 Actu

  11. Slide 11: Guidance 2026 strong earnings growth to continue

    Guidance 2026 strong earnings growth to continue Adj. EBITDA AL FCF AL € bn TM US DT Ex US € bn TM US DT Ex US 44.2 44.7 ~47.4 ~+6% 19.5 19.3 ~19.8 ~+3% 29.3 29.7 ~32.0 16.2 16.0 ~16.2 15.0 15.0 15.4 +2.5–3% +3% 3.61 3.61 3.71 FY 2025 result FY 2025 Guidance 2026 FY 2025 result FY 2025 New guidance

  12. Slide 12: Our 2024 CMD ambitions on track

    Our 2024 CMD ambitions on track for key ambitions Status 2025 KPI Midterm ambition level1 Year (CAGRs 2023–2025, absolute values as per 2025) Revenues Group: CAGR ~4% 2023–2027e +3.7% Total service revenues Group: CAGR ~4% 2023–2027e +3.7% Total service revenues DT ex US: CAGR 2.5–3% 2023–2027e +2.5

  13. Slide 13: Q4 2025 results: Review of segments and financials

    Q4 2025 results Review of segments and financials

  14. Slide 14: Germany 2025 achievements

    Germany 2025 achievements FIBER MONETIZATION DIGITAL & AI DRIVEN TRANSFORMATION DIFFERENTIATION & MARKET LEADERSHIP • >2.5 mn fiber homes passed, reaching 12.6 • Customer Chatbot fully LLM-based • ~5 mn Magenta Moments users mn homes with 55% solution rate (3.5X higher NPS, -20% churn) • Record 0.6

  15. Slide 15: Germany revenue and adj. EBITDA AL back on track

    Germany revenue and adj. EBITDA AL back on track Revenues (reported) Adj. EBITDA AL (reported) € mn € mn +2.7% Revenue increase driven by TSR and revenue with +2.5% 6,579 6,758 cooperations (at cost) 2,656 2,721 Q4/24 Q4/25 Q4/24 Q4/25 Revenue growth (organic) Adj. EBITDA AL growth (organic) % yoy %

  16. Slide 16: Germany strong growth in fixed and mobile service revenues

    Germany strong growth in fixed and mobile service revenues Mobile service revenue growth (organic) Total service revenue growth (organic) % yoy % yoy 3.1% 2.5% 1.4% 1.5% 2.1% 2.0% 1.8% 1.1% 0.9% 0.4% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Fixed service revenue growth (organic) %

  17. Slide 17: Germany mobile well on track for CMD targets

    Germany German mobile well on track for CMD targets Branded contract net adds1 Mobile service revenue growth (organic) 000 % yoy 2.8% 314 2.3% 261 274 282 2.0–2.5% 185 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2024 2025 CMD CAGR 23-27 Churn2 Data usage2 % GB per month  Well on track for CMD 2023–2027 CAGR of 2

  18. Slide 18: Germany fixed KPIs stabilized, FTTH upselling continues

    Germany fixed KPIs: BB net adds stabilized, FTTH upselling continues FTTH net adds and penetration Retail customers with ≥100 Mbit/s tariff 000 and % of base 16.4% % of customer base 15.8% 16.1% 15.5% 55 14.8% 54 164 53 134 137 155 52 128 51 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/2

  19. Slide 19: Germany focus on fiber

    Germany focus on fiber Fiber homes passed Fiber net adds mn mn ~1 mn 17.5 mn 12.6 0.58 10.1 0.47 7.9 0.29 2023 2024 2025 CMD target 2023 2024 2025 CMD target 2027 2027  Delivered on fiber homes passed target run-rate and connected record number of customers  Further step-up in fiber investments an

  20. Slide 20: Germany fixed service revenues reflect volumes

    Germany fixed service revenues: access revenue trends reflect volumes Broadband revenue growth (organic) Wholesale access revenues (organic) % yoy % yoy 3.4% 3.2% 3–4% 2.7% 2.1% 2.7% 1.6% 2.1% 1.7% 0.5% “stable” Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 CMD CAGR -0.1% CMD CAGR 23–27 Q4/24 Q1/25 Q2/25 Q3/25 Q4/2

  21. Slide 21: Germany 2026 priorities

    Germany 2026 priorities FIBER MONETIZATION DIGITAL & AI DRIVEN DIFFERENTIATION & TRANSFORMATION MARKET LEADERSHIP • We won’t stop: fully funded fiber rollout • Accelerate use of AI in service contacts • Extend our brand leadership: best network with 2.5 mn homes passed • >4 mn contacts solved by cha

  22. Slide 22: Germany EBITDA AL growth expected to improve

    Germany EBITDA AL growth expected to improve in 2026, but 2023–2027 CAGR likely at low end of CMD target Total service revenue growth (organic) EBITDA AL growth (organic) % % Actuals 2026 outlook CMD target Actuals 2026 outlook CMD target € bn 2.6% 10.7 11.0 2.5–3% 2–2.5% 1.8% 1.7% 1.1% “slight incr

  23. Slide 23: Europe: our success story continued in 2025

    Europe Our success story continued in 2025 GROWTH TRANSFORMATION & SCALE ‘WIN THEIR HEARTS’ • Strong profitable growth1: • Digitalization in sales & service: • Best customer experience: B2C: +3.4%, B2B +5.6% 30% chat share TRI*M4: B2C 8x #1, B2B 9x #1 • Best network: • AI implementation in NT: • Bes

  24. Slide 24: Europe 32nd consecutive quarter of growth

    Europe 32nd consecutive quarter of organic EBITDA growth Revenues (reported) Adj. EBITDA AL (reported) € mn +3.1% € mn 3,303 +5.3% 3,205 1,074 1,132 Q4/24 Q4/25 Q4/24 Q4/25 Revenue growth (organic) Adj. EBITDA AL growth (organic) % yoy % yoy Service revenue growth +4.6% yoy 7.3% 7.2% 4.3% 6.3% 3.7%

  25. Slide 25: Europe strong commercial performance continues

    Europe Strong commercial performance continues Mobile contract net adds1 Broadband net adds 000 000 Includes -60k from Romania 236 193 209 123 129 77 68 77 65 57 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FMC net adds TV net adds 000 000 Impacted by -28k SAT TV 197 170 phase out in

  26. Slide 26: Europe 2026 priorities

    Europe 2026 priorities: Customer obsession & AI to accelerate delivery of CMD GROWTH TRANSFORMATION & SCALE ‘WIN THEIR HEARTS’ • Maintaining the pace in the best network: • Bring more transactions to digital: • Start building towards a Magenta App- +>1 mn Fiber HHp, ~36% utilization rate, >30% eSale

  27. Slide 27: Europe well on track for stated CMD targets

    Europe well on track for stated CMD targets Total service revenue growth (organic) EBITDA AL growth (organic) % % Actuals 2026 outlook CMD target Actuals 2026 outlook CMD target € bn 8.1% 5.0% 4.7 4.8 3.9% 5.4% 4–5% 2.5–3% “slight increase” 2024 2025 CMD CAGR 2024 2025 2025 2026 CMD CAGR 23–27 23–27

  28. Slide 28: Systems Solutions well on track for CMD targets

    Systems Solutions after 2024 and 2025 well on track for CMD targets Revenue EBITDA AL adj. € mn € mn  Turnaround achieved +3.0% +14.4%  Well on track for stated CMD targets 4,004 4,103 3–4% 427 >5%  Broad-based revenue growth – ahead of market 369  Growing order intake supporting 2026 revenues 

  29. Slide 29: Systems Solutions becoming a differentiator

    Systems Solutions becoming a differentiator for DT through our strategic priorities GROWTH WITH AI FULLY SOVEREIGN FOCUS VERTICALS PRODUCTIVITY & T-CLOUD COST TAKE-OUT ACHIEVEMENTS  >1,500 AI experts  T Cloud with 7,000+  Focus industries remain key  Globally +7% productivity (T-Systems) enterpr

  30. Slide 30: Industrial AI Cloud built a German AI factory

    Systems Solutions Industrial AI Cloud – built a German AI factory in less than 6 months – open, secure, sovereign. Seeing strong demand IAIC in numbers Complete AI stack IAIC pipeline  <6 months from ideation to launch Strong initial demand Industry Public Defense Consumer  10,000 state-of-the-art

  31. Slide 31: T-Mobile US industry leading financial growth

    T-Mobile US industry leading financial growth Revenue (IFRS) Adj. EBITDA AL (IFRS)1 US $ bn US $ bn +11.7% Impacted by Impacted by UScellular +9.0% UScellular 24.4 21.8 8.3 5.6 7.6 Other revenues 4.9 Service revenues 16.9 18.7 Q4/24 Q4/25 Q4/24 Q4/25 Service revenue (US GAAP) Core adj. EBITDA (US GA

  32. Slide 32: T-Mobile US industry leading customer growth

    T-Mobile US industry leading customer growth Total postpaid net additions Postpaid phone net additions mn 000 Industry leading Industry leading 2.3 2.4 1,007 962 1.9 903 830 1.7 1.3 495 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Broadband customer net additions1 Postpaid phone churn

  33. Slide 33: Financials Q4/25 reported impacted by f/x and M&A

    Financials Q4/25 reported impacted by f/x and M&A € mn Q4 FY 2024 2025 Change 2024 2025 Change Q4 organic growth of 5.5% Revenue 30,932 31,720 +2.5% 115,769 119,081 +2.9% Q4 organic growth of 4.1% Service revenues 24,837 25,352 +2.1% 96,537 99,363 +2.9% Adj. EBITDA AL 10,632 10,833 +1.9% 43,021 44,2

  34. Slide 34: FCF AL and adj. net profit numbers impacted by f/x and M&A

    FCF AL and adj. net profit numbers impacted by f/x and M&A Free Cash Flow AL1 Adj. net profit € mn € mn +2.0% +3.7% 19,156 431 19,546 753 -901 107 -262 9,747 9,397 1,116 -482 -141 119 Increase yoy largely Driven by higher driven by US interest expenses and a lower JV result FY/24 Net CF Leasing Cape

  35. Slide 35: Net debt leverage comfortably in target range

    Net debt leverage comfortably in target range Net debt excl. leases (AL) Leverage ratios € bn X Incl. leases -1.2 Excl. leases 99.3 2.0 -6.7 98.1 7.5 2.82 2.78 6.4 2.62 -19.5 -0.4 9.4 2.31 2.31 2.22 FY/24 FCF AL M&A Spectrum1 Dividends2 SBB DT SBB F/X and FY/25 2023 2024 2025 TM US3 others 1 Include

  36. Slide 36: ESG: Making progress

    ESG: Making progress Time frame Ambition Scope Achievements 2025 From 2021 onwards 100% renewable electricity DT Group 100% 2024–2027 Keep energy consumption stable & increase energy efficiency GER & EU Actuals stable 2017–2025 Reduce Scope 1 & 2 Emissions to zero1 DT Group -94% (2025 vs. 20172) Cli

  37. Slide 37: FY 2025 results: Main takeaways

    FY 2025 results Main takeaways

  38. Slide 38: Keep moving: 2026 strategic priorities accelerating our flywheel

    Keep moving 2026 strategic priorities accelerating our flywheel Double-down on connectivity as our core differentiator – while boldy exploring new high-value biz opportunities Strengthen our B2B momentum through an integrated portfolio and materializing (sovereign) AI and Cloud opportunities AI will

  39. Slide 39: Q4 2025 results: Appendix

    Q4 2025 results Appendix

  40. Slide 40: 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 Adj. net profit € mn € mn FY/25 yoy growth: +2.0% FY/25 recurring adj. EPS and FY guidance achieved growth: +7.7% -15.7% 4,030 -9.2% -210 205 2,346 177 -166 -634 3,397 2,131 6 -476 201 49 Growth in adj. EBITDA Largely driven b

  41. Slide 41: Net debt leverage comfortably in target range

    Net debt leverage comfortably in target range Net debt excl. leases (AL) Leverage ratios € bn X -0.1 Incl. leases 98.2 Excl. leases 98.1 0.4 0.5 2.82 2.78 -3.4 2.62 1.9 2.31 2.31 0.5 2.22 0.0 Q3/25 FCF AL Spectrum1 Dividends2 SBB TM US3 DT SBB F/X and Q4/25 2023 2024 2025 others 1 Includes also debt

  42. Slide 42: Organic growth rates

    Organic growth rates In % Q4/25 over Q4/24 FY/25 over FY/24 FY/24 over FY/23 FY/23 over FY/22 Group revenues +5.5 +4.2 +3.3 +0.6 Group service revenue +4.1 +3.8 +3.7 +3.6 Service revenue DT ex US +2.7 +2.1 +2.9 +2.8 Group Adj. EBITDA AL +5.6 +4.7 +6.0 +4.0 Adj. EBITDA AL DT ex US +5.1 +3.4 +3.3 +1.9

  43. Slide 43: FCF AL excl. US well on track for CMD commitments

    FCF AL excl. US1 well on track for CMD commitments € bn FY 2024 FY 2025 Adj. EBITDA 16.0 16.5 Leasing opex -1.5 -1.5 Adj. EBITDA AL 14.5 15.0 Cash capex -7.7 -8.0 Proceeds from sale of fixed assets +0.1 +0.1 Special Factors Cash -1.0 -1.0 Interest ex leasing -0.9 -0.9 Cash taxes -1.3 -1.2 Other (wor

  44. Slide 44: Guidance 2026 current guidance vs. consensus

    Guidance 2026 current guidance vs. consensus pre TMUS CMD update € bn Guidance 2026 in € Guidance 2026 in € Consensus in € @ 1.13 @ 1.17 (Cons. f/x) @ 1.17 Adj. EBITDA AL Group ~47.4 ~46.4 46.5 thereof ex US 15.4 15.4 15.5 thereof TMUS ~32.0 ~31.0 31.0 FCF AL ~19.8 ~19.5 20.1 thereof ex US 3.7 3.7 3

  45. Slide 45: Balance sheet solid across the board

    Balance sheet solid across the board € bn 31/12/2024 31/03/2025 30/06/2025 30/09/2025 31/12/2025 Balance sheet total 304.9 305.0 281.5 287.2 289.8 Shareholders’ equity 98.6 97.8 89.7 91.6 92.2 Net debt excl. leases (AL) 99.3 95.7 93.0 98.2 98.1 Net debt excl. leases (AL)/adj. EBITDA AL1 2.31 2.18 2.

  46. Slide 46: Systems Solutions good growth in order entry

    Systems Solutions good growth in order entry, revenue, and profitability Order entry (LTM) Revenues (reported) Adj. EBITDA AL (reported) € bn € mn € mn +4.2% +2.7% 4.0 4.2 1,039 1,066 +20.8% 124 102 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25  Good growth in order entry and revenue due Revenue growth (orga

  47. Slide 47: TMUS EBITDA reconciliation

    TMUS EBITDA reconciliation FY/25 Q4/25 US $ mn US $ mn +6.8% yoy +6.5% yoy +6.8% yoy +6.8% +6.7% +9.0% yoy 33,924 33,937 13 -939 32,998 8,445 8,447 8,299 2 -148 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (IFRS) EBITD

  48. Slide 48: DT Group organic financial growth targets intact

    DT Group organic financial growth targets intact Service revenue growth (organic) Adj. Core EBITDA growth (organic) In % yoy In % yoy 7.8% 4.0% 6.8% 6.9% 6.5% ~6.0% 3.5% 3.7% 3.6% 3.7% 3.8% 4.8% 4–6% “growth” 2021 2022 2023 2024 2025 2026 CMD 2021 2022 2023 2024 2025 2026 CMD outlook CAGR outlook CA

  49. Slide 49: DT ex US financial growth targets confirmed

    DT ex US financial growth targets confirmed Service revenue growth (organic) EBITDA AL growth DT ex US (organic) in % yoy In % yoy 4.8% 4.8% 2.8% 2.9% 2.5–3% 3.3% 3.4% ~2.5–3% 3–4% 2.0% 1.8% 2.1% 1.9% N.A. 2021 2022 2023 2024 2025 2026 CMD 2021 2022 2023 2024 2025 2026 CMD outlook CAGR outlook CAGR

  50. Slide 50: DT Group consistent customer growth over the last years

    DT Group consistent customer growth over the last 5 years TMUS mobile postpaid net adds TMUS broadband net adds mn mn 7.8 6.4 5.7 6.1 5.5 2.0 2.1 2.0 1.7 0.5 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 DT ex US mobile postpaid net adds DT ex US broadband net adds mn mn 2.0 1.9 1.7 1.8 0.7 1.4

  51. Slide 51: Financials maturity profile covered by strong liquidity reserve

    Financials maturity profile covered by strong liquidity reserve Ex US debt maturing Ex US liquidity position € bn € bn Credit lines Liquid assets 14.8 3.5 3.5 2.9 12.0 Ø3 2.2 3.5 5.8 2.2 2.8 2026 2027 2028 2029 Liquidity Maturities Maturities Total reserve 2026 2027 maturities 31.12.2025 next 24 mon

  52. Slide 52: Outlook 2026/27 as per annual report 2025 (1/2)

    Outlook 2026/27 as per annual report 2025 (1/2)1 € bn 2025 pro forma 2026e 2027e Revenue Group 120.9 Increase Increase Germany 25.6 Slight increase Slight increase US (in US$) 90.3 Increase Increase Europe 12.5 Slight increase Slight increase Systems Solutions 4.1 Increase Increase Service Revs Grou

  53. Slide 53: Outlook 2026/27 as per annual report 2025 (2/2)

    Outlook 2026/27 as per annual report 2025 (2/2)1 € bn 2025 pro forma 2026e 2027e Cash capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 10.7 Decrease Decrease Europe 2.0 Stable Stable Systems Solutions 0.2 Stable Stable FCF AL Group 19.3 19.8 Strong increase Adj.

  54. Slide 54: Investor + Analyst Webcast with Q&A session

    Investor + Analyst Webcast with Q&A session The conference call will be held on February 26 at 14:00 CET, 13:00 GMT, 08:00 EDT, 05:00 PDT, 21:00 JST DT Participants: Tim Höttges (CEO), Christian Illek (CFO), Rodrigo Diehl (Germany), Dominique Leroy (Europe), Ferri Abolhassan (T-Systems) and Hannes W

  55. Slide 55: Further questions please contact the IR department

    Further questions please contact the IR department All Q4-2025 Documents +49 228 181 – 8 88 80 Individual contact details Homepage: for 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

Deutsche Telekom — Q4 2025 Earnings Presentation on 6ix