Deutsche Telekom Ag · XETR:DTE
Deutsche Telekom — Q3 2025 Earnings Presentation
27 slides from Deutsche Telekom's earnings presentation, Nov 13, 2025
Slide 1: Deutsche Telekom Q3/2025 results
Deutsche Telekom Q3/2025 results November 13, 2025 ae Connec i g #DT2503
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
Slide 3: 9M/2025 results Group
9M/2025 results Group
Slide 4: 9M/2025 Highlights: 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%! = DT group guidance raised for the 3" time, TMUS raises guidance for 2025 customer growth, EBITDA
Slide 5: Financials 9M/25 organic
Financials 9M/25 organic strong organic growth growth yoy, organic TMUS ce GER EU sys 9M/25 adj. EBITDAAL USGAAP core adj. EBITDA growth of 6.8% 9M/25 adj. EBITDA AL by segment! €mn Wii tMus cer EU SYS 9M/25 key financials % growth yoy, organic Group revenues Group service revenues DT ex US service
Slide 6: Networks: extending our leadership
Networks extending our leadership Aw Fiber homes passed in mn 19.1 10.9 ae EU mm a: 03/24 03/25 = Continuing to lead German fiber build with record build in Q3 = Germany: MagentaTV hotline ranked “Outstanding” by “Connect” and wins in all 5 categories » After successful completion of fiber JVs, TMUS
Slide 7: Fiber in Germany
Fiber in Germany stepping up the fiber build with unchanged FCF outlook Fiber Fiber homes passed Fiber homes connected mn 000 CA7%) - YTD 2025: achieved material efficiency gains 15 17 136 a74 - Higher output - Lower capex = Going forward: leveraging efficiency gains and federal tax relief 9M/24 9M/
Slide 8: AI and Digital
Al and Digital accelerating the digital transformation with Al Digital » >16 mn users on our apps » Magenta Moments program now with ~5.1mn monthly active users - OneTV users increases to ~9.3 mn customers a - T-LifeappintheUS = with >85 mn installs « Three out of four of T-Mobile’s iPhone upgrades
Slide 9: Customer growth
Customer growth stronger in mobile, weaker in fixed Mobile net adds ee Fixed line net adds? @a@ 000 => 000 5,416 US (postpaid) 4133 Broadband 273 . 2 2 9M/24 9M/25 9M/24 9M/25 1,460 Ex US (contract)? 1,235 TV 356 139 9M/24 9M/25 9M/24 9M/25 +GER+EU. GER: own brandonly. ?GER+EU.
Slide 10: Society and Environment
Society and Environment accelerating our ESG impact Societal agenda Customer satisfaction* TM 76.2 776 2023 2024 Employee satisfaction? % 78 80 2023 2024 it Environment + Q3 (ytd) energy consumption ex US -1% yoy : Agri-PV Park Tutzpatz: Germany’s largest agrivoltaic project (93 ha), combining solar
Slide 11: Guidance 2025
Guidance 2025 guidance for adj. EBITDA AL and FCF AL raised for the 3% time Adj. EBITDA AL Mitmus Hi vtexus FCF AL Mitmus Mi ptexus €bn €bn 43.0 19.4 ~19.9 >20.0 “201 44%) 3.51 FY 2024 pro Original 2025 Guidance New guidance FY 2024 pro Original 2025 Guidance New guidance forma result guidance updat
Slide 12: Q3/2025 results: Review of segments and financials
Q3/2025 results Review of segments and financials
Slide 13: T-Mobile US: industry leading financial growth
T-Mobile US industry leading financial growth —— Revenues (IFRS) ==] Adj. EBITDA AL (IFRS) Eva US$ bn 9.0% US$ bn on to 37 8.0 84 20.1 Other revenues Service revenues 03/24 03/25 03/24 03/25 Service revenue (US GAAP) Core adj. EBITDA (US GAAP) % yoy % yoy +10.1% 18.9% 48.4% 91% 6.1% 6.4% 5.6% - - -
Slide 14: T-Mobile US: record quarter for net additions
T-Mobile US record quarter for net additions Total postpaid net additions mn 23 19 17 HH | : L| | Postpaid phone net additions 000 865 903 830 il a - | 03/24 04/24 1/25 02/25 03/25 03/24 04/24 1/25 02/25 03/25 Broadband customer net additions? Postpaid phone churn 000 % 960 0.86% 0.92% 0.91% 0.90% 0
Slide 15: Germany: financials impacted by Q3/24 comps
Germany om financials impacted by 03/24 revenue comps and cost phasing Revenues (reported) Adj. EBITDA AL (reported) €mn Ca8%) €mn eh 4 il - 03/24 03/25 03/24 03/25 Revenue growth (organic) Adj. EBITDA AL growth (organic) yoy 25% yoy 35% 2.8% ome ——_ z 2.0% = EE = 1.3% 1.3% 18% || 01% 03/24 04/24 01
Slide 16: Germany: fixed service revenues impacted by Q3/24 comps
Germany fixed service revenues impacted by strong 03/24 comps Mobile service revenue growth (organic) % yoy 31% 2.1% 2.1% I 2.0% 03/24 04/24 Q1/25 02/25 Fixed service revenue growth (organic) % yoy 21% ii _ = = lo 03/24 04/24 Q1/25 02/25 Total service revenue growth (organic) % yoy 21% 14% 0.9% 1.1%
Slide 17: Germany: access revenue trends reflect volumes
Germany fixed service revenues: access revenue trends reflect volumes Broadband revenue growth (organic) % yoy 3.3% 3.4% 3.2% 2.7% i Z a - 03/24 04/24 Q1/25 02/25 03/25 Wholesale access revenues (organic) % yoy 2.6% 27% ii a a - -0.1% 03/24 04/24 Q1/25 02/25 03/25 Fixed service revenues (reported) €
Slide 18: Germany: fixed KPIs, FTTH upselling continues
Germany fixed KPIs: FTTH upselling continues FTTH net adds and penetration Retail customers with 2100 Mbit/s tariff 000 and % of base 15.8% 16.1% % of customer base 15.5% 53 84 14.8% na 1 52 $1 128 137 155 49 x 7 | i 3/24 04/24 Q1/25 02/25 03/25 03/24 04/24 Q1/25 02/25 03/25 Broadband net adds TV ne
Slide 19: Germany: mobile KPIs
Germany mobile KPls: strong customer growth in a competitive market Branded contract net adds 000 327 314 261 274 185 || Mobile service revenues (reported) Eee €mn 03/24 04/24 01/25 02/25 03/25 1.707 1.735 Churn? Data usage? % GB per month 03/24 03/25 18.7 143 0.9% 0.8% 03/24 03/25 03/24 03/25 + Own
Slide 20: Europe: 31st consecutive quarter of organic EBITDA growth
Europe 315t consecutive quarter of organic EBITDA growth Revenues (reported) Adj. EBITDA AL (reported) €mn €mn 3,10 3,179 1,180 1,235 03/24 03/25 03/24 03/25 Revenue growth (organic) Adj. EBITDA AL growth (organic) % growth yoy ‘% growth yoy 8.0% 7.3% 1.2% 42% 43% 3.7% 6.3% 46% a - - a a 03/24 4/24
Slide 21: Europe: strong commercial performance continues
Europe strong commercial performance continues Mobile contract net adds* Broadband net adds 000 000 209 173 193 123 129 a7 68 65 03/24 04/24 a1/25 02/25 03/25 03/24 04/24 1/25 02/25 03/25 FMC net adds TV net adds 000 170 000 143 151 196 143 44 35 38 | || . | i A 03/24 04/24 1/25 02/25 03/25 03/24 04
Slide 22: 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 40 42 991 1,014 102 127 03/24 03/25 03/24 03/25 03/24 03/25 = Good growth in order entry and revenue due Revenue growth (organic) Adj. EBITDA AL growth
Slide 23: Financials Q3/25 reported
Financials 03/25 reported impacted by f/x and M&A €mn Q3 9M 2024 2025 Change 2024 2025 Change Revenue 28,501 28,935 +1.5% 84,838 87,361 +3.0% Service revenues 24,127 24,670 +2.2% 71,700 74,011 +3,.2% Adj. EBITDA AL 11,096 11,115 +0.2% 32,389 33,411 +3.2% Adj. EBITDA AL (excl. US) 3,851 3,919 +1.8% 1
Slide 24: FCF AL and adj. net profit
FCF AL and adj. net profit impacted by phasing and f/x Free cash flow AL* 3/24 Net CF Leasing Capex (excl. Others 03/25 from ops. payments — spectrum)* Adj. net profit €mn 03/24 Adj.EBITDA = D&A Financial Taxes Minorities 03/25 result + Free cash flow and FCF AL before dividend payments and spectrum
Slide 25: Net debt
Net debt leverage comfortably in target range despite M&A Net debt excl. leases (AL) Leverage ratios €bn x <y 1 {7 Inet. teases 98.2 Hi Excl. leases 282 278 950 26 B ee ~ 231 231 WO 2.23 02/25 -FCFAL Spectrum* Dividends? SBBTMUS? DT SBB M&A F/Xand — Q3/25 2023 2024 03/25 others + Includes also debt
Slide 26: 9M/2025 results Main takeaways
9M/2025 results Main takeaways
Slide 27: 9M/25 Key messages
9M/25 Key messages consistent reliable growth « Consistent reliable growth, despite some headwinds in Adj. EPS Germany in €/share » Ontrack for FY/25 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