Deutsche Telekom Ag · XETR:DTE
Deutsche Telekom — Q2 2025 Earnings Presentation
40 slides from Deutsche Telekom's earnings presentation, Aug 7, 2025
Slide 1: Deutsche Telekom Q2 2025 results
Deutsche Telekom Q2 2025 results August 7, 2025 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: H1 2025 results Group
H1 2025 results Group
Slide 4: H1/25 consistent reliable growth
H1/25 consistent reliable growth H1/2025 Highlights ▪ Market leading customer and financial growth continues: H1 organic service revenues +3.7%, adj. EBITDA AL +5.2%, FCF AL +17.8%1, adj. EPS +6.4%1 ▪ DT group guidance raised for the 2nd time, TMUS raises guidance for 2025 customer growth, EBITDA an
Slide 5: Financials H1/25 organic: strong organic growth
Financials H1/25 organic strong organic growth H1/25 Adj. EBITDA AL US GAAP Core adj. H1/25 Adj. EBITDA AL by segment1 H1/25 Key Financials growth yoy, organic EBITDA growth of 7.4% € mn % growth yoy, organic TMUS 6.0% Group revenues 3.9% +€843 mn 5,239 GER Group service revenues 3.7% 2.1% +€109 mn
Slide 6: Networks extending our leadership
Networks extending our leadership FTTH 5G Coverage Fiber homes passed in mn % of POPs GER EU +3.4 21.8 +2pp 18.4 +10pp 10.7 97 99 9.6 72 82 EU 8.8 11.1 GER Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 ▪ Continuing to lead German fiber build ▪ German mobile network ranked top European large country ▪ DT wins
Slide 7: AI and Digital accelerating the digital transformation with AI
AI and Digital accelerating the digital transformation with AI Digital AI • More than 16 mn users use Sales & Service G&A Network IT our Apps Our internal AI- Mobile: AI RAN Guardian Agent IT DevOps: AI coding Customer interaction: • Our Magenta Moments knowledge bot monitors the RAN to detect and a
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 3,069 US (postpaid) 2,558 Strongest ever H1 in Broadband Slowdown driven by postpaid Germany 190 106 H1/24 H1/25 H1/24 H1/25 959 Ex US (contract)1 791 TV Impacted by one-off in Lower volume mainly Hungar
Slide 9: Society and Environment: Ongoing progress with our ESG ambitions
Society and Environment Ongoing progress with our ESG ambitions Societal agenda Environment Environmental agenda Customer satisfaction1 ▪ H1 Energy consumption ex US -1% yoy (group +1%) Energy consumption Tri*M mn MWh 76.2 77.6 Society 12.2 11.9 ▪ Launch of cooperation between Telekom & Malteser for
Slide 10: Guidance 2025 guidance raised again for adj. EBITDA AL and FCF AL
Guidance 2025 guidance raised again for adj. EBITDA AL and FCF AL Adj. EBITDA AL TM US DT Ex US FCF AL TM US DT Ex US € bn € bn 43.0 ~44.9 ~45.0 >45.0 ~+4.5% 19.4 ~19.9 ~20.0 >20.0 ~+4% +50 mn +50 mn 28.5 ~29.9 ~30.0 >30.0 15.9 ~16.3 ~16.4 >16.4 US$ US$ 14.5 15.0 15.0 15.0 ~+3.5% 3.51 3.61 3.61 3.61
Slide 11: Q2 2025 results Review of segments and financials
Q2 2025 results Review of segments and financials
Slide 12: T-Mobile US industry leading financial growth
T-Mobile US industry leading financial growth Revenues (IFRS) Adj. EBITDA AL (IFRS)1 US$ bn US$ bn +7.1% +6.2% 19.7 21.1 3.6 7.8 8.3 Other revenues 3.3 Service revenues 16.4 17.4 Q2/24 Q2/25 Q2/24 Q2/25 Service revenue (US GAAP) Postpaid service Core adj. EBITDA (US GAAP) % yoy revenue +9.1% yoy % y
Slide 13: T-Mobile US record quarter for net additions
T-Mobile US record quarter for net additions 5G EXTENDED RANGE Total postpaid net additions New 2025 guidance: +6.1 mn Postpaid phone net additions Industry leading. Best Q2 ever mn - 6.4 mn (+500k at mid-point) 000 1.9 865 903 830 1.6 1.7 777 1.3 1.3 495 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4
Slide 14: Germany 35th consecutive quarter of EBITDA growth
Germany 35th consecutive quarter of EBITDA growth Revenues (reported) ~2.5pp headwind from Adj. EBITDA AL (reported) Q2/25 impacted by € mn 1) Q2/24 EURO24 € mn customer contract -1.3% related revenues +2.0% accounting one-off 6,369 6,286 2) customer contract Q2/24 impacted by accounting one-off 2,5
Slide 15: Germany service revenues impacted by phasing
Germany service revenues impacted by phasing Mobile service revenue growth (organic) % yoy 3.7% 3.1% 2.1% 2.1% 2.0% Total service revenue growth (organic) % yoy Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 2.2% 2.1% 1.4% 0.9% 1.1% Fixed service revenue growth (organic) Impacted by strong prior % yoy year IT revenu
Slide 16: Germany fixed revenues: growth in broadband and wholesale access
Germany fixed revenues: growth in broadband and wholesale access Broadband revenue growth (organic) Broadband (B2C) % yoy ARPA +3.5% yoy 4.0% 3.3% 3.4% 3.2% 2.7% Fixed service revenues (reported) Broadband € mn Wholesale Access +0.7% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Other 3,908 3,935 1,861 1,911 +2.7%
Slide 17: Germany fixed KPIs: FTTH upselling continues
Germany fixed KPIs: FTTH upselling continues FTTH net adds Retail customers with ≥100 Mbit/s tariff 000 % of customer base 53 131 134 128 137 52 113 51 49 48 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Broadband net adds TV net adds (ex OTT) In addition, ~40k 000 000 OTT TV net adds
Slide 18: Germany mobile KPIs: strong customer growth in a competitive market
Germany mobile KPIs: strong customer growth in a competitive market Branded contract net adds1 Lower volume due to 000 low ARPU Enterprise contract loss 311 327 261 274 185 Mobile service revenues (reported)3 € mn +1.9% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 1.725 1.693 Churn2 Data usage2 % GB per month Q2/2
Slide 19: Europe 30th consecutive quarter of organic EBITDA growth
Europe 30th consecutive quarter of organic EBITDA growth Revenues (reported) Adj. EBITDA AL (reported) € mn +1.4% € mn 3,116 +5.6% 3,073 1,108 1,170 Q2/24 Q2/25 Q2/24 Q2/25 Revenue growth (organic) Service revenue growth Adj. EBITDA AL growth (organic) % growth yoy +2.6% yoy % growth yoy 8.9% 8.0% 6
Slide 20: Europe strong commercial performance continues
Europe strong commercial performance continues Mobile contract net adds1 Broadband net adds 000 000 193 209 183 173 123 77 68 65 52 48 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 FMC net adds TV net adds Impacted by -28k SAT TV 000 000 phase out in Hungary 170 152 151 156 143 41 35 2
Slide 21: Systems Solutions strong growth in order entry, revenue, and profitability
Systems Solutions strong growth in order entry, revenue, and profitability Order entry (LTM) Revenues (reported) Adj. EBITDA AL (reported) € bn € mn € mn +11.5% +3.3% 4.4 981 1,013 +10.2% 3.9 87 96 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 ▪ Strong growth in order entry and revenue due Revenue growth (org
Slide 22: Financials Q2/25 reported impacted by f/x and phasing
Financials Q2/25 reported impacted by f/x and phasing € mn Q2 H1 2024 2025 Change 2024 2025 Change Q2 organic growth of Revenue 28,394 28,671 +1.0% 56,337 58,427 +3.7% 4.0% Service revenues 24,088 24,384 +1.2% 47,573 49,341 +3.7% Q2 organic growth of Adj. EBITDA AL 10,819 10,999 +1.7% 21,292 22,297
Slide 23: 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 Q1/25 growth rate: Adj. net profit Q1/25 growth rate: € mn +52.4% € mn 9.1% -6.7% +1.1% 5,229 4,878 160 -146 -513 275 -186 73 2,477 -88 2,504 115 -15 Positively impacted by weak US$ Growth in EBITDA negatively impacted by US g
Slide 24: Net debt leverage comfortably in corridor due to strong FCF and f/x
Net debt leverage comfortably in corridor due to strong FCF and f/x Net debt excl. leases (AL) Leverage ratios € bn X Incl. leases -2.7 Excl. leases 0.7 0.5 95.7 2.82 2.78 2.3 -5.4 -4.9 93.0 2.51 4.9 2.31 2.31 -0.9 2.11 Q1/25 FCF AL Spectrum1 Dividends2 SBB TM US DT SBB M&A F/X and Q2/25 2023 2024 Q
Slide 25: H1 2025 results Main takeaways
H1 2025 results Main takeaways
Slide 26: H1/25 Key messages consistent reliable growth
H1/25 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
Slide 27: Q2 2025 results Appendix
Q2 2025 results Appendix
Slide 28: Organic growth rates
Organic growth rates In % Q2/25 over Q2/24 H1/25 over H1/24 Group revenues +4.0 +3.9 Group service revenue +4.0 +3.7 Service revenue DT ex US +1.7 +2.1 Group Adj. EBITDA AL +5.0 +5.2 Adj. EBITDA AL DT ex US +3.4 +3.6 Group Core adj. EBITDA AL1 +5.2 +5.4 1 Adj. EBITDA AL excl. TMUS handset leases. 28
Slide 29: FCF AL excl. US well on track for FY guidance
FCF AL excl. US1 well on track for FY guidance € bn H1 2024 H1 2025 Adj. EBITDA 7.9 8.1 Leasing opex -0.8 -0.7 Adj. EBITDA AL 7.1 7.4 Cash Capex -4.0 -3.8 Proceeds from sale of fixed assets +0.0 +0.1 Special Factors Cash -0.6 -0.6 Interest ex leasing -0.6 -0.6 Cash Taxes -0.6 -0.4 Other (working cap
Slide 30: 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 >45.0 >43.7 44.0 thereof ex US 15.0 15.0 15.1 thereof TMUS >30.0 >28.7 28.9 FCF AL >20.0 >19.3 19.4 thereof ex US 3.61 3.61 3.6 thereof
Slide 31: Balance sheet solid across the board
Balance sheet solid across the board € bn 30/06/2024 30/09/2024 31/12/2024 31/03/2025 30/06/2025 Balance sheet total 296.0 288.6 304.9 305.0 281.5 Shareholders’ equity 92.4 92.4 98.6 97.8 89.7 Net debt excl. leases (AL) 97.1 92.5 99.3 95.7 93.0 Net debt excl. leases (AL)/adj. EBITDA AL1 2.32 2.18 2.
Slide 32: TMUS EBITDA reconciliation
TMUS EBITDA reconciliation H1/25 Q2/25 US$ mn US$ mn +7.4% yoy +7.0% yoy +6.4% yoy +6.4% yoy +6.1% yoy +6.2% yoy 16,799 16,806 16,294 8,541 8,547 8,272 7 -512 6 -275 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (IFRS)
Slide 33: DT Group consistent financial growth over the last 5 years
DT Group consistent financial growth over the last 5 years Service revenue growth (organic) Adj. Core EBITDA growth (organic) in % yoy in % yoy 7.9% 7.8% 3.7% 3.6% 3.7% 6.8% 6.9% 6.5% 3.5% 1.6% 2020 2021 2022 2023 2024 20201 2021 2022 2023 2024 FCF AL Adj. EPS € bn € 1.83 1.90 19.2 1.60 16.1 1.20 1.
Slide 34: 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
Slide 35: 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
Slide 36: 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 12.9 3.5 3.5 11.4 2.2 Ø 2.94 1.9 5.2 1.1 2.2 1.1 1.5 H2 2025 2026 2027 2028 Liquidity Maturities Maturities Maturities Total reserve H2 2025 2026 H1 2027
Slide 37: 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$) 81.3 Increase Increase Europe 12.3 Increase Increase Systems Solutions 4.0 Slight increase Slight increase Service Revs Grou
Slide 38: Outlook 2025/26 as per annual report 2024 (2/2)
Outlook 2025/26 as per annual report 2024 (2/2)1 € bn 2024 pro forma 2025e 2026e Cash Capex Group 16.0 ~17.1 Stable Germany 4.8 Stable Slight increase US (in US$) 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.
Slide 39: Investor + Analyst Webcast with Q&A session
Investor + Analyst Webcast with Q&A session The conference call will be held on August 7 at 14:00 CEST, 13:00 GMT, 08:00 EDT, 05:00 PDT, 21:00 JST DT Participants: Tim Höttges (CEO), Christian Illek (CFO), Hannes Wittig (Head of IR) • Detailed time stamps in video description for slides + Q&A: • Liv
Slide 40: Further questions please contact the IR department
Further questions please contact the IR department All Q2-2025 Documents +49 228 181 – 8 88 80 Individutal 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 u