Deutsche Telekom (DTE) investor relations material

Executive summary

• Achieved strong organic growth in Q1 2026: net revenue up 4.7% organically to €29.9 billion, service revenues up 4.6%, and adjusted EBITDA AL up 7.5%.

• Adjusted net profit grew 6.5% to €2.6 billion, while reported net profit declined 28.2% due to higher special factors and prior-year investment write-ups.

• Guidance for 2026 was raised: adjusted EBITDA AL now expected at ~€47.5 billion and free cash flow AL above €19.8 billion.

• S&P upgraded credit rating to A- from BBB+; T-Mobile US stake at 53.8% as of April 2026.

• Continued network leadership and digital transformation, including AI-driven initiatives, fiber expansion, and new partnerships.

Financial highlights

• Q1 2026 group revenues €29,870mn (+0.4% reported, +4.7% organic YoY); service revenues €25,039mn (+0.8% reported, +4.6% organic YoY).

• Adjusted EBITDA AL €11,521mn (+2.0% reported, +7.5% organic YoY); adjusted net profit €2,601mn (+6.5% YoY); adjusted EPS €0.54 (+7.9% YoY).

• Free cash flow AL €5,687mn (+0.7% YoY); cash capex €3,807mn (-12.3% YoY, mainly ex US).

• Net debt increased to €133.8 billion, mainly due to share buy-backs and FX effects; leverage ratio at 2.24x.

• Adjusted earnings per share increased 7.9% to €0.54; reported EPS down 27.2% to €0.42.

Outlook and guidance

• 2026 guidance raised: adjusted EBITDA AL of ~€47.5 billion (up from €47.4 billion), free cash flow AL >€19.8 billion, adjusted EPS ~€2.20.

• T-Mobile US 2026 guidance: US$37.3bn core adjusted EBITDA, US$18.4bn FCF; postpaid net account additions guidance raised to 950,000–1,050,000.

• Group leverage expected to remain ≤2.75x; equity ratio at 31.4%.

• Revenue, EBITDA, and FCF AL expected to increase in 2026 and 2027.