Deutsche Telekom Ag · XETR:DTE
Deutsche Telekom — Q1 2026 Earnings Presentation
40 slides from Deutsche Telekom's earnings presentation, May 13, 2026
Slide 1: Deutsche Telekom Q1 2026 results
Deutsche Telekom Q1 2026 results May 13, 2026
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: Q1 2026 results: Group
Q1 2026 results Group
Slide 4: Q1/26 reliable and resilient growth
Q1/26 reliable and resilient growth Q1/2026 Highlights • Market leading financial growth continues: Q1 organic service revenues +4.6%, adj. EBITDA AL +7.5%, FCF AL +0.7%1, adj. EPS +7.9%1 • DT ex US organic service revenue growth +2.2%, adj. EBITDA +2.5% • Group guidance for 2026 raised to reflect n
Slide 5: Financials Q1/26 organic: strong organic growth
Financials Q1/26 organic strong organic growth Q1/26 Adj. EBITDA AL GAAP Core adj. EBITDA Q1/26 Adj. EBITDA AL by segment1 Q1/26 Key Financials growth yoy, organic growth of 11.9% € mn % growth yoy, organic TMUS 10.0% Group revenues 4.7% +€703 mn 2,699 GER Group service revenues 4.6% 2.5% +€66 mn 1,
Slide 6: Networks extending our leadership
Networks extending our leadership FTTH 5G Coverage Fiber homes passed in mn % of POPs GER EU +3.6 24.5 1pp 20.9 +13pp 98 99 11.5 92 10.4 EU 79 10.5 13.0 GER Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 ▪ GER: run rate at 2.5mn HHs passed. Accelerating HHs ▪ EU: Austria wins connect mobile network and 5G test
Slide 7: AI and Digital accelerating the digital transformation with AI
AI and Digital accelerating the digital transformation with AI Digital AI ▪ Number of active app users: >16.7 mn users G&A Network IT Sales & Service ▪ Magenta Moments:1 Internal AI knowledge bot Mobile network: Multi-Agent IT: 7.500+ employees use AI Customer interaction (GER): Unique monthly activ
Slide 8: Customer Growth ongoing solid performance
Customer Growth ongoing solid performance Mobile net adds Fixed line net adds2 000 000 US (postpaid accounts)1 FY guidance raised by Broadband 217 50k 205 61 51 Q1/25 Q1/26 Q1/25 Q1/26 397 In addition, 90k Ex US (contract) 3 327 TV OTT contracted net yoy change due to adds in GER GER 58 36 Q1/25 Q1/
Slide 9: Society and Environment further progress with ESG
Society and Environment further progress with ESG Societal agenda Environment Environmental agenda Customer satisfaction1,2 ▪ Q1 Energy consumption ex US -6% yoy Energy consumption Tri*M ▪ 10th consecutive CDP A-List (top 4% globally); also, Supplier mn MWh 80.1 81.3 Engagement Leader 11.9 12.0 ▪ Fi
Slide 10: Guidance 2026 guidance raised
Guidance 2026 guidance raised Adj. EBITDA AL FCF AL € bn TM US DT Ex US € bn TM US DT Ex US 44.7 ~47.4 ~47.5 ~+6% 19.3 ~19.8 >19.8 ~+3% 29.7 ~32.0 ~32.1 16.0 ~16.2 ~16.3 15.0 15.4 15.4 +2.5–3% +3% 3.61 3.71 3.71 FY 2025 Original Guidance FY 2025 Original Guidance pro forma Guidance 2026 update Q1/26
Slide 11: Q1 2026 results: Review of segments and financials
Q1 2026 results Review of segments and financials
Slide 12: T-Mobile US industry leading financial growth
T-Mobile US industry leading financial growth Revenues (IFRS) Supported by Adj. EBITDA AL (IFRS)1 Supported by US$ bn USCellular acquisition US$ bn USCellular acquisition +10.9% and fiber JVs +12.9% and fiber JVs 23.1 9.1 20.8 8.0 4.2 Other revenues 3.9 Service revenues 16.9 18.9 Q1/25 Q1/26 Q1/25 Q
Slide 13: T-Mobile US industry leading postpaid account growth
T-Mobile US industry leading postpaid account growth Postpaid net account additions5G EXTENDED RANGE FY guidance raised by 50k Postpaid ARPA 000 US$ 396 +3.9% 318 261 146 150 149 150 152 205 217 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Total postpaid accounts Increase impacted by
Slide 14: Germany revenue and adj. EBITDA AL on track
Germany revenue and adj. EBITDA AL on track Revenues (reported) Growth in equal parts driven Adj. EBITDA AL (reported) € mn by service and non-service € mn +1.9% revenues +2,5% 6,219 6,340 2,634 2,699 Q1/25 Q1/26 Q1/25 Q1/26 Revenue growth (organic) Adj. EBITDA AL growth (organic) % yoy 2.8% % yoy 2
Slide 15: Germany strong growth in mobile service revenues
Germany strong growth in mobile service revenues Mobile service revenue growth (organic) % yoy 3.1% 2.5% 2.0% 2.1% 1.8% Total service revenue growth (organic)1 % yoy Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 1.4% 1.5% 1.1% 1.1% Fixed service revenue growth (organic)1 0.4% % yoy Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 1.1
Slide 16: Germany fixed revenues: access revenue trends reflect volumes
Germany fixed revenues: access revenue trends reflect volumes Broadband revenue growth (organic) Broadband (B2C) ARPA % yoy +3.1% yoy 3.2% 2.7% 2.1% 1.6% 1.6% Fixed service revenues (reported)1 Broadband € mn Wholesale Access +0.5% Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Other 3,834 3,852 1,904 1,933 +1.5% 51
Slide 17: 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 17.1% % of customer base 16.1% 16.4% 57% 15.5% 15.8% 55% 155 164 148 54% 128 137 53% 52% Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25
Slide 18: Germany German mobile: positive momentum continues
Germany German mobile: positive momentum continues Branded contract net adds1 000 314 274 282 185 200 Mobile service revenues (reported) € mn Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 +2.1% 1,695 1,730 Churn2 Data usage2 % GB per month +37% yoy Q1/25 Q1/26 21.3 0.9% 15.6 0.8% Q1/25 Q1/26 Q1/25 Q1/26 1 Own brand
Slide 19: Europe 33rd consecutive quarter of organic EBITDA growth
Europe 33rd consecutive quarter of organic EBITDA growth Impacted by f/x and Revenues (reported) deconsolidation of Adj. EBITDA AL (reported) € mn +1.2% Romania € mn 3,089 +4.8% 3,053 1,141 1,196 Q1/25 Q1/26 Q1/25 Q1/26 Revenue growth (organic) Adj. EBITDA AL growth (organic) % growth yoy % growth y
Slide 20: Europe strong commercial performance continues
Europe strong commercial performance continues Mobile contract net adds Broadband net adds 000 000 236 209 68 77 129 127 65 57 123 54 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 FMC net adds TV net adds Impacted by -28k SAT TV 000 000 phase out in Hungary 197 156 50 151 143 38 123 30
Slide 21: Systems Solutions Solid growth in order entry, revenue, and profitability
Systems Solutions Solid growth in order entry, revenue, and profitability Order entry (LTM) Revenues (reported) Adj. EBITDA AL (reported) € bn € mn € mn +1.5% +1.6% 4.2 4.2 1,009 1,026 +4.0% 81 84 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 ▪ Solid growth in order entry and revenue due Revenue growth (organ
Slide 22: Financials Q1/26 reported strong set of results across the board
Financials Q1/26 reported strong set of results across the board € mn Q1 2025 2026 Change Impacted by F/X. Organic growth rate of 4.7% Revenue 29,755 29,870 +0.4% Impacted by F/X. Organic growth rate of 4.6% Service revenues 24,829 25,039 +0.8% Impacted by F/X. Organic growth rate of 7.5% Adj. EBITD
Slide 23: FCF AL and adj. net profit numbers impacted by f/x
FCF AL and adj. net profit numbers impacted by f/x Free Cash Flow AL1 Adj. net profit Adjusted EPS of 0.54 €. +7.9% growth € mn € mn +0.7% +6.5% 5,650 5,687 68 2,601 -297 536 2,442 77 -94 -36 50 -270 162 Capex decrease mainly driven by ex US. Expect normalization in the next quarters. Impacted by f/
Slide 24: Net debt leverage clearly in comfort range
Net debt leverage clearly in comfort range Net debt excl. leases (AL) Leverage ratios € bn X +1.4 Incl. leases Excl. leases 99.5 98.1 1.9 2.78 0.5 2.62 2.64 -5.7 4.1 2.31 2.22 2.24 0.1 0.5 FY/25 FCF AL Spectrum Dividends SBB TM US DT SBB F/X and Q1/26 2024 2025 Q1/26 others 24
Slide 25: Q1 2026 results: Main takeaways
Q1 2026 results Main takeaways
Slide 26: Q1/26 Key messages reliable and resilient growth
Q1/26 Key messages reliable and resilient growth Adj. EPS ▪ Reliable and resilient financial growth in €/share ▪ On track for FY26 and CMD 2023–27 guidance ▪ Extending network leadership on both sides of the Atlantic ▪ Guidance upgrade in the US ▪ New M&A transactions in the US to strengthen fiber ~
Slide 27: Q1 2026 results: Appendix
Q1 2026 results Appendix
Slide 28: Organic growth rates
Organic growth rates In % Q1/26 over Q1/25 FY/25 over FY/24 Group revenues +4.7 +4.2 Group service revenue +4.6 +3.8 Service revenue DT ex US +2.2 +2.1 Group Adj. EBITDA AL +7.5 +4.7 Adj. EBITDA AL DT ex US +2.5 +3.4 Group Core adj. EBITDA AL +7.5 +4.9 28
Slide 29: FCF AL excl. US well on track for FY guidance
FCF AL excl. US1 well on track for FY guidance € bn Q1 2025 Q1 2026 Adj. EBITDA 4.0 4.2 Leasing opex -0.3 -0.4 Adj. EBITDA AL 3.7 3.8 Capex decrease driven by phasing. Cash Capex -2.0 -1.5 Proceeds from sale of fixed assets +0.0 +0.0 Special Factors Cash -0.3 -0.3 Interest ex leasing -0.3 -0.3 Cash
Slide 30: Guidance 2026 new guidance compared to consensus
Guidance 2026 new guidance compared to consensus € bn Guidance 2026 in € Guidance 2026 in € Consensus in € @ 1.13 @ 1.17 (Cons. f/x) @ 1.17 Adj. EBITDA AL Group ~47.5 ~46.4 46.6 thereof ex US 15.4 15.4 15.5 thereof TMUS ~32.1 ~31.0 31.1 FCF AL >19.8 >19.3 19.5 thereof ex US 3.7 3.7 3.7 thereof TMUS
Slide 31: Balance sheet solid across the board
Balance sheet solid across the board € bn 31/03/2025 30/06/2025 30/09/2025 31/12/2025 31/03/2026 Balance sheet total 305.0 281.5 287.2 289.8 293.5 Shareholders’ equity 97.8 89.7 91.6 92.2 92.0 Net debt excl. leases (AL) 95.7 93.0 98.2 98.1 99.5 Net debt excl. leases (AL)/adj. EBITDA AL1 2.18 2.11 2.
Slide 32: TMUS EBITDA reconciliation
TMUS EBITDA reconciliation FY/25 Q1/26 US$ mn US$ mn +6.8% yoy +6.5% yoy +6.8% yoy +11.9% yoy +11.9% yoy +12.9% yoy 33,924 33,937 13 9,240 9,241 9,058 -939 32,998 1 -183 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (IF
Slide 33: 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 34: DT Group ex US financial growth targets confirmed
DT Group ex US financial growth targets confirmed Service revenue growth (organic) Adj. EBITDA AL growth (organic) in % yoy in % yoy 4.8% 4.8% 2.9% 2.5–3% 3.3% 3.4% ~2.5–3% 3–4% 2.8% 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 CAG
Slide 35: 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
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 17.6 3.5 3.5 12.0 2.9 Ø 2.93 1.8 3.5 0.8 6.1 5.6 1.8 Q2 - Q4 2026 2027 2028 2029 Liquidity Maturities Q2 Maturities Maturities Totel reserve - Q4 2026 202
Slide 37: 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$) 90.3 Increase Increase Europe 12.5 Slight increase Slight increase Systems Solutions 4.1 Increase Increase Service Revs Grou
Slide 38: Outlook 2026/27 as per annual report 2025 (2/2)
Outlook 2026/27 as per annual report 2025 (2/2)1 € bn 2025 pro forma 2026e 2027e Cash capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 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 39: Investor + Analyst Webcast with Q&A session
Investor + Analyst Webcast with Q&A session The conference call will be held on May13 at 14:00 CET, 13:00 GMT, 08:00 EST, 05:00 PST, 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: • Live webc
Slide 40: Further questions please contact the IR department
Further questions please contact the IR department +49 228 181 – 8 88 80 Individual contact details for Homepage: investor.relations@telekom.de all IR representatives: www.telekom.com/investors www.telekom.com/ircontacts Investor relations on social media – Follow us to stay up to date! linkedin.com