Deutsche Telekom AG · XETR:DTE
Deutsche Telekom — Q3 2025 Earnings Presentation
42 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 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: 9M 2025 results Group
9M 2025 results Group
Slide 4: 9M/25 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%1 ▪ DT group guidance raised for the 3rd time, TMUS raises guidance for 2025 customer growth, EBITDA
Slide 5: Financials 9M/25 organic: strong organic growth
Financials 9M/25 organic strong organic growth 9M/25 Adj. EBITDA AL US GAAP Core adj. 9M/25 Adj. EBITDA AL by segment1 9M/25 Key Financials growth yoy, organic EBITDA growth of 6.8% € mn % growth yoy, organic TMUS 5.2% Group revenues 3.7% +€1,088 mn 7,972 GER Group service revenues 3.7% 1.4% +€112 m
Slide 6: Networks extending our leadership
Networks extending our leadership Fiber 5G Coverage Fiber homes passed in mn % of POPs +3.6 GER EU 22.7 +1pp +17pp 19.1 10.9 98 99 89 9.8 72 EU 9.3 11.8 GER Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 ▪ Continuing to lead German fiber build with record build in Q3 ▪ “Computerbild” and “Imtest” rate DT as be
Slide 7: Fiber in Germany: stepping up the fiber build
Fiber in Germany stepping up the fiber build with unchanged FCF outlook Fiber Fiber homes passed Fiber homes connected mn 000 +17% +9% ▪ YTD 2025: Achieved material efficiency gains 1.7 1.5 436 474 • Higher output • Lower capex ▪ Going forward: Leveraging efficiency gains and federal tax relief 9M/2
Slide 8: AI and Digital accelerating the digital transformation with AI
AI and Digital accelerating the digital transformation with AI Digital AI • >16 mn users on our Apps Sales & Service G&A Network IT • Magenta Moments IT DevOps: AI coding Customer interaction: Mobile: AI RAN Guardian Agent program now with ~5.1 mn monitors the RAN to detect and accelerates with AI-c
Slide 9: 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 5,416 US (postpaid) Strongest ever 9M in Broadband Slowdown driven by 4,133 postpaid Germany 273 138 9M/24 9M/25 9M/24 9M/25 1,460 Ex US (contract)1 1,235 TV Impacted by EURO 2024 Championship 356 tailwi
Slide 10: Society and Environment: Accelerating our ESG impact
Society and Environment Accelerating our ESG impact Societal agenda Environment Environmental agenda Customer satisfaction1 ▪ Q3 (ytd) Energy consumption ex US -1% yoy Energy consumption Tri*M ▪ Agri-PV Park Tützpatz: Germany’s largest agrivoltaic project mn MWh 76.2 77.6 (93 ha), combining solar po
Slide 11: Guidance 2025: raised for the 3rd time
Guidance 2025 guidance for adj. EBITDA AL and FCF AL raised for the 3rd time Adj. EBITDA AL TM US DT Ex US FCF AL TM US DT Ex US € bn € bn 43.0 ~44.9 >45.0 ~45.3 ~+5% 19.4 ~19.9 >20.0 ~20.1 ~+4% +0.3bn +0.1bn 28.5 ~29.9 ~30.0 ~30.3 15.9 ~16.3 ~16.4 ~16.5 US$ US$ 14.5 15.0 15.0 15.0 ~+3.5% 3.51 3.61
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) Impacted by Adj. EBITDA AL (IFRS)1 Impacted by US$ bn UScellular US$ bn UScellular +9.0% +5.5% 20.1 21.9 3.7 8.0 8.4 Other revenues 3.4 Service revenues 16.7 18.2 Q3/24 Q3/25 Q3/24 Q3/25 Service revenue (US GAAP) Postpaid service Core adj
Slide 14: T-Mobile US record quarter for net additions
T-Mobile US record quarter for net additions Total postpaid net additions Industry leading. Best ever. Postpaid phone net additions Industry leading. Highest Q3 in mn 000 over a decade. 2.3 1,007 1.9 865 903 830 1.6 1.7 1.3 495 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Broadband cu
Slide 15: Germany financials impacted by Q3/24 revenue comps and cost phasing
Germany financials impacted by Q3/24 revenue comps and cost phasing Revenues (reported) Decline fully explained Adj. EBITDA AL (reported) Quarter impacted by € mn by Q3/24 EURO24 and € mn strong Q3/24 service -1.8% lower handset +0.1% revenue comp and 6,465 6,347 revenues. wage cost phasing. Organic
Slide 16: Germany fixed service revenues impacted by strong Q3/24 comps
Germany fixed service revenues impacted by strong Q3/24 comps Mobile service revenue growth (organic) % yoy 3.1% 2.1% 2.1% 2.0% 1.8% Total service revenue growth (organic) % yoy Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2.1% 1.4% 0.9% 1.1% Fixed service revenue growth (organic) Quarter impacted by strong 0.4% %
Slide 17: Germany fixed service revenues: access revenue trends reflect volumes
Germany fixed service revenues: access revenue trends reflect volumes Broadband revenue growth (organic) Broadband (B2C) % yoy ARPA +3.6% yoy 3.3% 3.4% 3.2% 2.7% 2.1% Fixed service revenues (reported) Broadband € mn Wholesale Access Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Other -0.4% 3,948 3,934 1,875 1,915 +
Slide 18: Germany fixed KPIs: FTTH upselling continues
Germany fixed KPIs: FTTH upselling continues FTTH net adds and penetration Retail customers with ≥100 Mbit/s tariff 000 and % of base 16.1% % of customer base 15.5% 15.8% 54 14.8% 53 14.6% 52 155 51 131 134 128 137 49 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Broadband net adds TV
Slide 19: Germany mobile KPIs: strong customer growth
Germany mobile KPIs: strong customer growth in a competitive market Branded contract net adds1 000 327 314 261 274 185 Mobile service revenues (reported) Impacted by € mn reclassification. Organic +1.6% growth rate of 1.8% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 1.707 1.735 Churn2 Data usage2 % GB per month +
Slide 20: Europe: 31st consecutive quarter of organic EBITDA growth
Europe 31st consecutive quarter of organic EBITDA growth Revenues (reported) Adj. EBITDA AL (reported) € mn +2.2% € mn 3,179 +4.6% 3,110 1,180 1,235 Q3/24 Q3/25 Q3/24 Q3/25 Revenue growth (organic) Service revenue growth Adj. EBITDA AL growth (organic) % growth yoy +3.3% yoy % growth yoy 8.0% 7.3% 7
Slide 21: Europe strong commercial performance continues
Europe strong commercial performance continues Mobile contract net adds1 Includes -60k from Romania Broadband net adds 000 000 193 209 173 123 129 77 68 65 48 57 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 FMC net adds TV net adds Impacted by -28k SAT TV 000 000 phase out in Hungary
Slide 22: 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 +3.7% +2.3% 4.0 4.2 991 1,014 +23.7% 127 102 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 ▪ Good growth in order entry and revenue due Revenue growth (organi
Slide 23: Financials Q3/25 reported impacted by f/x and M&A
Financials Q3/25 reported impacted by f/x and M&A € mn Q3 9M 2024 2025 Change 2024 2025 Change Q3 organic growth of Revenue 28,501 28,935 +1.5% 84,838 87,361 +3.0% 3.3% Service revenues 24,127 24,670 +2.2% 71,700 74,011 +3.2% Q3 organic growth of Adj. EBITDA AL 11,096 11,115 +0.2% 32,389 33,411 +3.2
Slide 24: 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 9M/25 yoy growth: Adj. net profit 9M/25 recurring adj. € mn +6.8% € mn EPS growth: +8.0% -9.2% +14.3% 6,189 2,670 -82 -118 5,622 128 -400 33 2,335 18 -14 295 -92 Improvement due to Growth in adj. EBITDA swing in impact from ci
Slide 25: Net debt leverage comfortably in target range despite M&A
Net debt leverage comfortably in target range despite M&A Net debt excl. leases (AL) Leverage ratios Credit rating upgraded € bn X to A3 by Moody’s +5.2 Incl. leases 98.2 Excl. leases 0.2 2.82 2.78 93.0 7.9 2.64 -5.6 0.6 1.2 2.31 2.31 0.4 0.6 2.23 Q2/25 FCF AL Spectrum1 Dividends2 SBB TM US3 DT SBB
Slide 26: 9M 2025 results Main takeaways
9M 2025 results Main takeaways
Slide 27: 9M/25 Key messages consistent reliable growth
9M/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 28: Q3 2025 results Appendix
Q3 2025 results Appendix
Slide 29: FCF AL and adj. net profit on track for FY guidance
FCF AL and adj. net profit on track for FY guidance Free Cash Flow AL1 Adj. net profit € mn € mn +6.8% +8.0% 16,149 15,126 226 -267 105 -95 -6 -190 7,617 959 7,051 939 -82 9M/24 Net CF Leasing Capex (excl. Others 9M/25 9M/24 Adj. EBITDA D&A Financial Taxes Minorities 9M/25 from ops. payments spectru
Slide 30: Organic growth rates
Organic growth rates In % Q3/25 over Q3/24 9M/25 over 9M/24 Group revenues +3.3 +3.7 Group service revenue +3.6 +3.7 Service revenue DT ex US +1.5 +1.9 Group Adj. EBITDA AL +2.9 +4.4 Adj. EBITDA AL DT ex US +1.7 +2.9 Group Core adj. EBITDA AL1 +3.0 +4.6 1 Adj. EBITDA AL excl. TMUS handset leases. 30
Slide 31: FCF AL excl. US well on track for FY guidance
FCF AL excl. US1 well on track for FY guidance € bn 9M 2024 9M 2025 Adj. EBITDA 12.1 12.4 Leasing opex -1.1 -1.1 Adj. EBITDA AL 11.0 11.3 Cash Capex -5.8 -5.5 Proceeds from sale of fixed assets +0.1 +0.1 Special Factors Cash -0.8 -0.8 Interest ex leasing -0.7 -0.8 Cash Taxes -0.9 -0.7 Other (working
Slide 32: 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 ~45.3 ~44.0 44.1 thereof ex US 15.0 15.0 15.0 thereof TMUS ~30.3 ~29.0 29.1 FCF AL ~20.1 ~19.4 19.4 thereof ex US 3.61 3.61 3.6 thereof
Slide 33: Balance sheet solid across the board
Balance sheet solid across the board € bn 30/09/2024 31/12/2024 31/03/2025 30/06/2025 30/09/2025 Balance sheet total 288.6 304.9 305.0 281.5 287.2 Shareholders’ equity 92.4 98.6 97.8 89.7 91.6 Net debt excl. leases (AL) 92.5 99.3 95.7 93.0 98.2 Net debt excl. leases (AL)/adj. EBITDA AL1 2.18 2.31 2.
Slide 34: TMUS EBITDA reconciliation
TMUS EBITDA reconciliation 9M/25 Q3/25 US$ mn US$ mn +6.8% yoy +6.4% yoy +6.1% yoy 25,479 25,490 +5.6% yoy +5.3% yoy +5.5% yoy 11 -792 24,698 8,680 8,684 8,404 4 -280 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (IFRS)
Slide 35: 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 36: 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 37: 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 38: 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 14.7 3.5 3.5 12.0 2.2 Ø 3.1 3.0 6.1 0.9 2.2 2.7 0.9 Q4/25 2026 2027 2028 Liquidity Maturities Maturities Maturities Total reserve Q4 2025 2026 9M 2027 mat
Slide 39: 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$) 81.3 Increase Increase Europe 12.3 Increase Increase Systems Solutions 4.0 Slight increase Slight increase Service Revs Grou
Slide 40: Outlook 2025/26 as per annual report 2024 (2/2)
Outlook 2025/26 as per annual report 2024 (2/2)1 € bn 2024 pro forma 2025e 2026e Cash Capex Group 16.0 ~17.1 Stable Germany 4.8 Stable Slight increase US (in US$) 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 41: Investor + Analyst Webcast with Q&A session
Investor + Analyst Webcast with Q&A session The conference call will be held on November 13 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: •
Slide 42: Further questions please contact the IR department
Further questions please contact the IR department All Q3-2025 Documents +49 228 181 – 8 88 80 Individual contact details for Homepage: all IR representatives: www.telekom.com/investors [email protected] www.telekom.com/ircontacts Investor relations on social media – Follow us to stay up