Deutsche Telekom AG · XETR:DTE
Deutsche Telekom — Q2 2026 Earnings Presentation
40 slides from Deutsche Telekom's earnings presentation, Aug 6, 2026
Slide 1: Deutsche Telekom Q2 2026 results
Deutsche Telekom Q2 2026 results August 6, 2026 #DT26Q2
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 2026 results Group
H1 2026 results Group
Slide 4: H1/26 strong growth continues – DT 2026 SBB envelope increased
H1/26 strong growth continues – DT 2026 SBB envelope increased H1/2026 Highlights • Market leading financial growth: H1 organic service revenues +3.9%, adj. EBITDA AL +7.4%, FCF AL +1.8%1, adj. EPS +10.3%1 • DT ex US organic service revenue growth +2.2%, adj. EBITDA AL +2.9% • Strong momentum with n
Slide 5: Financials H1/26 organic: strong organic growth
Financials H1/26 organic strong organic growth H1/26 Adj. EBITDA AL GAAP Core adj. EBITDA H1/26 Adj. EBITDA AL by segment1 H1/26 Key Financials growth yoy, organic growth of 11.8% € mn % growth yoy, organic TMUS 9.6% Group revenues 4.0% +€1,382 mn 5,371 GER Group service revenues 3.9% 2.6% +€135 mn
Slide 6: Networks extending our leadership
Networks extending our leadership FTTH 5G Coverage Fiber homes passed in mn % of POPs +3.5 GER EU 25.3 21.8 +12pp 11.7 99 99 10.7 EU 94 82 GER 11.1 13.6 H1/25 H1/26 H1/25 H1/26 H1/25 H1/26 ▪ GER: 2.5 mn HHs passed in LTM. Fiber penetration up by 11% ▪ GER: DT wins “Connect” Hotline test in mobile in
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 (5.0 mn GER and G&A Network IT Sales & Service 11.7 mn EU) Internal AI adoption: 83% EU: AI based energy saving IT: AI continues to drive Customer interaction (GER): ▪ Magenta Momen
Slide 8: Customer Growth strong commercial performance continues
Customer Growth strong commercial performance continues Mobile net adds Fixed line net adds2 000 000 US (postpaid accounts)1 Broadband 523 494 106 87 H1/25 H1/26 H1/25 H1/26 Ex US (contract)3 TV 791 In addition, 156k OTT 734 contracted net adds in GER 99 74 H1/25 H1/26 H1/25 H1/26 1 Includes also fi
Slide 9: Society and Environment Key ESG developments in Q2
Society and Environment Key ESG developments in Q2 Societal agenda Environment Environmental agenda Customer satisfaction1,2 ▪ H1 Energy consumption ex US -4% yoy Energy consumption Tri*M mn MWh 80.1 81.3 ▪ Relaunched handset collection program with new partner to 11.9 12.0 strengthen circular econo
Slide 10: Guidance 2026 FCF AL guidance raised
Guidance 2026 FCF AL guidance raised Adj. EBITDA AL TM US DT Ex US FCF AL TM US DT Ex US € bn € bn 44.7 ~47.4 ~47.5 ~+6% 19.3 ~19.8 >19.8 ~20.0 ~+3% 29.7 ~32.0 ~32.1 ~16.2 ~16.3 ~16.5 16.0 15.0 15.4 15.4 +2.5–3% 3.61 3.71 3.71 3.71 +3% FY 2025 Original Guidance FY 2025 Original Guidance New guidance
Slide 11: Q2 2026 results Review of segments and financials
Q2 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 and US$ bn USCellular and +7.9% +12.1% Metronet acquisition Metronet acquisition 21.1 22.8 9.3 8.3 Other revenues 3.6 3.8 Service revenues 17.4 19.0 Q2/25 Q2/26 Q2/25 Q2/2
Slide 13: T-Mobile US continues to deliver strong account and ARPA growth
T-Mobile US continues to deliver strong account and ARPA growth Postpaid net account additions5G EXTENDED RANGE Postpaid ARPA (US GAAP) 000 US$ 396 318 261 277 150 149 150 152 153 217 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Total postpaid accounts Increase impacted by Postpaid ac
Slide 14: Germany revenue and adj. EBITDA AL on track
Germany revenue and adj. EBITDA AL on track Revenues (reported) Positively impacted Adj. EBITDA AL (reported) € mn by World Cup € mn +3.5% +2.6% 6,286 6,507 2,605 2,672 Q2/25 Q2/26 Q2/25 Q2/26 Revenue growth (organic) Adj. EBITDA AL growth (organic) % yoy 3.7% % yoy 2.8% 2.1% 2.7% 2.5% 2.5% 2.0% -1.
Slide 15: Germany growth in mobile and fixed service revenues
Germany growth in mobile and fixed service revenues Mobile service revenue growth (organic) % yoy 2.5% 2.4% 2.0% 2.1% 1.8% Total service revenue growth (organic)1 % yoy Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1.5% 1.6% 1.1% 1.1% Fixed service revenue growth (organic)1 Positively impacted by 0.4% % yoy IT proj
Slide 16: Germany fixed revenues: broadband revenue trend improving
Germany fixed revenues: broadband revenue trend improving Broadband revenue growth (organic) Broadband (B2C) % yoy ARPA +2.8% yoy 2.7% 2.1% 1.9% 1.6% 1.6% Fixed service revenues (reported)1 Broadband € mn Wholesale Access Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +1.0% Other 3,869 3,909 1,910 1,945 +1.8% Wholes
Slide 17: Germany fixed KPIs: FTTH and TV growing strongly
Germany fixed KPIs: FTTH and TV growing strongly FTTH net adds and penetration Retail customers with ≥100 Mbit/s tariff 000 and % of base 17.5% % of customer base 17.1% 58% 16.1% 16.4% 57% 15.8% 164 55% 155 148 161 137 54% 53% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Broadband net
Slide 18: Germany German mobile: positive momentum continues
Germany German mobile: positive momentum continues Branded contract net adds1 000 314 282 200 218 185 Mobile service revenues (reported) € mn Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +2.4% 1,725 1,766 Churn2 Data usage2 % GB per month +38% yoy Q2/25 Q2/26 23.7 0.9% 17.2 0.8% Q2/25 Q2/26 Q2/25 Q2/26 1 Own brand
Slide 19: Europe 34th consecutive quarter of organic EBITDA growth
Europe 34th consecutive quarter of organic EBITDA growth Revenues (reported) Impacted by Adj. EBITDA AL (reported) Positively impacted by € mn +1.5% deconsolidation of € mn Hungarian currency Romania and decline in +7.3% strength 3,116 3,164 WS-transit revenue (Service revs up 4.1% 1,170 1,255 organ
Slide 20: Europe strong commercial performance continues
Europe strong commercial performance continues Mobile contract net adds Broadband net adds 000 000 236 209 189 77 129 127 65 57 56 54 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 FMC net adds TV net adds 000 000 197 156 143 123 50 102 38 30 15 16 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3
Slide 21: Systems Solutions Solid growth in revenue and profitability
Systems Solutions Solid growth in revenue and profitability Order entry (LTM) Revenues (reported) Adj. EBITDA AL (reported) € bn € mn € mn -6.6% +6.2% 4.4 4.1 1,013 1,077 +3.7% 96 99 Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 ▪ Strong momentum with digital sovereignty Revenue growth (organic) Adj. EBITDA A
Slide 22: Financials Q2/26 reported strong yoy growth in most metrics
Financials Q2/26 reported strong yoy growth in most metrics € mn Q2 H1 2025 2026 Change 2025 2026 Change Organic growth rate of 4.0% Revenue 28,671 29,933 +4.4% 58,427 59,804 +2.4% Service revenues 24,237 25,406 +4.8% 49,067 50,445 +2.8% Organic growth rate of 3.9% Adj. EBITDA AL 10,999 11,821 +7.5%
Slide 23: FCF AL and adj. net profit strong growth in earnings
FCF AL and adj. net profit strong growth in earnings Free Cash Flow AL1 Adj. net profit Adjusted EPS of € mn € mn 0.58 €. +12.7% growth +3.1% +11.1% 4,878 -126 -135 5,027 -164 475 -65 -148 849 -220 2,784 2,504 -38 Impacted by higher restructuring cash outs in the US Q2/25 Net CF Leasing Capex (excl.
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 +4.9 Incl. leases Excl. leases 104.4 1.6 2.78 0.5 2.68 99.5 2.0 2.62 -5.0 5.4 2.31 2.30 2.22 0.4 Q1/26 FCF AL Spectrum Dividends SBB TM US DT SBB F/X and Q2/26 2024 2025 Q2/26 others 24
Slide 25: Q2 2026 results Main takeaways
Q2 2026 results Main takeaways
Slide 26: H1/26 Key messages reliable and resilient growth
H1/26 Key messages reliable and resilient growth ▪ Reliable and resilient financial growth Adj. EPS 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 ▪ Strong progress with A.I.-powered digitization; on t
Slide 27: Q2 2026 results Appendix
Q2 2026 results Appendix
Slide 28: Organic growth rates
Organic growth rates In % Q2/26 over Q2/25 H1/26 over H1/25 Group revenues +3.3 +4.0 Group service revenue +3.3 +3.9 Service revenue DT ex US +2.2 +2.2 Group Adj. EBITDA AL +7.3 +7.4 Adj. EBITDA AL DT ex US +3.2 +2.9 Group Core adj. EBITDA AL +7.3 +7.4 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 2025 H1 2026 Adj. EBITDA 8.1 8.4 Leasing opex -0.7 -0.8 Adj. EBITDA AL 7.4 7.6 Cash Capex -3.8 -3.2 Capex decrease driven by Proceeds from sale of fixed assets +0.1 +0.0 phasing. Special Factors Cash -0.6 -0.6 Interest ex leasing -0.6 -0.7 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 @ 1.16 (Cons. f/x) @ 1.16 Adj. EBITDA AL Group ~47.5 ~46.8 47.0 thereof ex US 15.4 15.51 15.5 thereof TMUS ~32.1 ~31.3 31.5 FCF AL ~20.0 ~19.6 19.8 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 30/06/2025 30/09/2025 31/12/2025 31/03/2026 30/06/2026 Balance sheet total 281.5 287.2 289.8 293.5 291.3 Shareholders’ equity 89.7 91.6 92.2 92.0 88.8 Net debt excl. leases (AL) 93.0 98.2 98.1 99.5 104.4 Net debt excl. leases (AL)/adj. EBITDA AL1 2.11 2.23 2
Slide 32: TMUS EBITDA reconciliation
TMUS EBITDA reconciliation H1/25 H1/26 US$ mn US$ mn +7.4% yoy +7.0% yoy +6.4% yoy +11.8% yoy +11.7% yoy +12.5% yoy 18,777 18,778 18,328 16,799 16,806 16,294 1 -450 7 -512 Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA Adj. Core Leasing Adj. EBITDA Bridge Adj. EBITDA EBITDA Revenues (US GAAP) AL (
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 4.0% 7.8% 6.8% 6.9% 6.5% ~6.0% 3.7% 3.6% 3.7% 3.8% 4–6% 3.5% 4.8% “growth” 2021 2022 2023 2024 2025 2026 CMD CAGR 2021 2022 2023 2024 2025 2026 CMD outlook 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% 3.4% ~2.5–3% 3–4% 2.8% 3.3% 2.0% 1.8% 2.1% 1.9% N.A. 2021 2022 2023 2024 2025 2026 CMD CAGR 2021 2022 2023 2024 2025 2026 CMD CAGR outlook outloo
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 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 14.7 3.5 3.5 2.9 12.0 Ø 2.65 3.2 7.5 3.5 0.7 2.7 0.7 H2 2026 2027 2028 2029 Liquidity Maturities Maturities Maturities Totel reserve H2 2026 2027 H1 2028
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 August 6 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 w
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: [email protected] 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