Slide 1: Deutsche Telekom Investor Presentation
Deutsche Telekom Investor Presentation February 2026 Connecting your world
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: Deutsche Telekom Profile
Deutsche Telekom Profile Customers Markets Numbers Employees & responsibility ∙ 273.2 mn mobile customers ∙ Present in > 50 countries ∙ Revenue € 119.1 bn ∙ Employees worldwide: 198,079 (Reporting date Dec. 31, 2025) ∙ 24.8 mn fixed-network lines ∙ Germany, Europe and the USA: ∙ Adjusted EBITDA AL €
Slide 4: Our strategy: Leading Digital Telco
Our strategy: Leading Digital Telco 2024 CMD 6 Scale-up with global services, cloudified API- 1 Differentiate via leading network experience – based NT/IT platforms & common operations best Fiber, best 5G 5 Become a data-informed, AI-enabled, 2 Grow by monetizing high-quality networks & services tha
Slide 5: We are committed to lead and perform
We are committed to lead and perform 2024 CMD STRONGER FOUNDATION SUPERIOR EXECUTION ACCELERATION VALUE CREATION Grow US share & strong Out-invest competition Data informed, digital first Unlock additional Value: Portfolio with optionality Next-level quality approach company Adj. EPS: ~ €
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
Slide 7: Brand value
Brand value +141% from 2020 Brand value to 2026 In $ bn $ 96.2bn $ 73.0bn $ 53.9bn $ 18.9bn $ 15.6bn $ 5.9bn Brand Value Global 500 2026 by Brand Finance plc, London Source: Brand Finance Global 500 $ 96.2 Billion 7
Slide 8: 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 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
Slide 9: Efficiency: multiple levers for further improvements
Efficiency: multiple levers for further improvements 2024 CMD 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 Gro
Slide 10: Set-up for a data-informed, digital-first company
Set-up for a data-informed, digital-first company… 2024 CMD 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 & servic
Slide 11: Accelerate global scale leveraging our unique footprint
Accelerate global scale leveraging our unique footprint 2024 CMD ONE GLOBAL COMMON COMBINED STRATEGY G2M PRODUCTS & PLATFORMS OPERATIONS Portfolio & M&A Global brand Moments Architecture incl. Common services/ Know-how exchange Common T Business RDK router customer systems: shoring i
Slide 12: Committed to ambitious environmental and social targets
Committed to ambitious environmental and social targets 2024 CMD 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
Slide 13: Customer focus translating into strong profitable growth
Customer focus translating into strong profitable growth 2024 CMD 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 Inve
Slide 14: Surplus funds to be used for higher TMUS stake & DT buybacks
“Surplus” funds to be used for higher TMUS stake & DT buybacks 2024 CMD 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 su
Slide 15: Creating shareholder returns through growth & capital allocation
Creating shareholder returns through growth & capital allocation 2024 CMD 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 Ear
Slide 16: FY 2025 results Group
FY 2025 results Group
Slide 17: 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
Slide 18: Financials FY 2025 organic 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
Slide 19: 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
Slide 20: AI and Digital on track for €0.8 bn DT ex US efficiency target
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
Slide 21: Capital allocation has been disciplined; strategic flexibility intact
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 $
Slide 22: 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
Slide 23: 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
Slide 24: TMUS 2025 CMD update: financial outlook
TMUS 2025 CMD update: financial outlook Postpaid accounts EBITDA FCF mn $ bn $ mn 1.2 40.0 - 41.0 19.5 - 20.5 0.9 - 1.0 37.0 - 37.5 18.0 - 18.7 33.9 18.0 2025 2026e 2025 2026e 2027e 2025 2026e 2027e TMUS moves to postpaid accounts as New disclosure of $ 2.7bn digitalization Guidance assumes fu
Slide 25: 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
Slide 26: 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
Slide 27: Our 2024 CMD ambitions on track for key ambitions
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
Slide 28: 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
Slide 29: Q4 2025 results Review of segments and financials
Q4 2025 results Review of segments and financials
Slide 30: 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
Slide 31: 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 %
Slide 32: 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) %
Slide 33: German 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
Slide 34: Germany fixed KPIs: BB net adds 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
Slide 35: 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
Slide 36: Germany fixed service revenues: access revenue trends 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
Slide 37: 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
Slide 38: Germany EBITDA AL growth expected to improve in 2026
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
Slide 39: 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
Slide 40: Europe 32nd consecutive quarter of organic EBITDA 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%
Slide 41: 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
Slide 42: Europe 2026 priorities: Customer obsession & AI
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
Slide 43: 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
Slide 44: Systems Solutions after 2024 and 2025 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
Slide 45: Systems Solutions becoming a differentiator for DT
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
Slide 46: Industrial AI Cloud – built a German AI factory in less than 6 months
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
Slide 47: 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
Slide 48: 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
Slide 49: 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
Slide 50: 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
Slide 51: 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
Slide 52: Q4 2025 results Appendix
Q4 2025 results Appendix
Slide 53: Deutsche Telekom: consistent reliable growth
Deutsche Telekom: consistent reliable growth Total Shareholder Return Development 01 January 2010 – 06 March 2026 700 570.2% DT 600 500 400 296.0% DAX 202.9% BT 197.5% Stoxx 50 300 187.1% ORA 154.4% STOXX Telcos 200 101.9% VOD 48.9% KPN 100 (30.9%) TI (54.0%) TEF 0 01 Jan 10 11 Sep 12 24 May 15 02 F
Slide 54: 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
Slide 55: 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
Slide 56: 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
Slide 57: 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
Slide 58: 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
Slide 59: 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
Slide 60: 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.
Slide 61: DT Group shareholder returns from dividends and share buybacks
DT Group shareholder returns from dividends and share buybacks Dividend Surplus funds In € € bn Up to € 1.00 € 2.0bn € 2.0bn € 2.0bn € 0.90 € 0.70 € 0.77 € 0.64 2021 2022 2023 2024 2025 2024 2025 2026e Dividend policy: distribute 40-60% of adj. recurring EPS, minimum "Surplus" funds to be used f
Slide 62: 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 +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
Slide 63: 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
Slide 64: 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$) 90.3 Increase Increase Europe 12.5 Slight increase Slight increase Systems Solutions 4.1 Increase Increase Service Revs Grou
Slide 65: Outlook 2026/27 as per annual report 2025 (2/2)
Outlook 2026/27 as per annual report 2025 (2/2)1 € bn 2025 pro forma 2026e 2027e Cash capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 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.
Slide 66: 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
Slide 67: 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