Deutsche Telekom continues its growth course in the third quarter of 2026 and further ramps up the pace. Revenue totaled 31.1 billion euros. On an organic basis - i.e., excluding the effects of changes in exchange rates and the composition of the Group - revenue was up 5.5 percent year-on-year. Service revenues grew by 4.1 percent in organic terms to 26.0 billion euros. Adjusted EBITDA AL increased by 8.0 percent in organic terms to 12.2 billion euros. The reported growth rates - i.e., on a non-organic basis - were 7.5 percent for revenue, 6.1 percent for service revenues, and 9.9 percent for adjusted EBITDA AL.
"Our strong figures are setting benchmarks in our industry," says Tim Höttges, CEO of Deutsche Telekom. "The consistently impressive results we have delivered for many years now bear testimony to the success of our strategy."
Deutsche Telekom's adjusted net profit increased by 12.7 percent in the third quarter to 3.0 billion euros. Free cash flow AL was up 1.4 percent to 5.7 billion euros.
Deutsche Telekom raises its guidance for the current year, hence reflecting higher expectations at T-Mobile US. Adjusted EBITDA AL is anticipated to total around 47.6 billion euros, up from around 47.5 billion euros previously. The free cash flow AL forecast rises to around 20.1 billion euros, adjusted from around 20.0 billion euros. Recurring adjusted earnings per share is still expected to come in at 2.20 euros.
Based on the development of business, Deutsche Telekom wants to increase its dividend payment to shareholders. The Board of Management plans to raise the dividend to 1.10 euros per share, an increase of 10 percent against the 2025 financial year. In addition, shares worth up to 2 billion euros are to be bought back in 2027.
Germany: Business continues to grow
In the Germany operating segment, revenue was up in the third quarter by 3.9 percent
year-on-year to 6.6 billion euros. Adjusted EBITDA AL increased by 1.5 percent in the same period to 2.8 billion euros.
The customer base also developed very positively. Deutsche Telekom added 11,000 broadband customers in the third quarter, compared to a decline of 25,000 customers in the prior-year period. A record 190,000 new customers began using a pure fiber-optic line (FTTH) in the quarter.
Deutsche Telekom reported 284,000 new branded mobile contract customers on its domestic market. Mobile service revenues grew by 2.9 percent.
United States: Strong earnings growth
T-Mobile US is on track to achieving its postpaid customer accounts targets for 2026.
The U.S. company added 274,000 accounts between June and September, bringing the total to nearly 35 million.
Service revenues grew by 6.3 percent year-on-year to 19.4 billion U.S. dollars. Adjusted EBITDA AL increased by 11.4 percent to 9.4 billion U.S. dollars.
Europe: Success story continuesRising profits in Europe have now been a familiar sight for 35 consecutive quarters. Adjusted EBITDA AL grew by 4.3 percent year-on-year in organic terms to 1.3 billion euros between July and September. Revenue increased by 4.2 percent organically year-on-year to 3.3 billion euros.
Growth in the customer base continued unabated, with 225,000 new mobile contract customers, 64,000 new broadband customers, and 37,000 new TV customers added in the
third quarter.
T-Systems posted strong new business in the third quarter. Order entry grew by 27.7 percent year-on-year to 883 million euros, mainly due to seasonal catch-up effects following a slower second quarter. Growth was strongest in the Industrial AI Cloud area.
Revenue grew by 5.7 percent in organic terms to 1.1 billion euros in the third quarter. At the same time, adjusted EBITDA AL grew 4.8 percent in organic terms to 132 million euros.
The Deutsche Telekom Group at a glance| Q3 2026 millions of € |
Q3 2025 millions of € |
Change % |
Q1-Q3 2026 millions of € |
Q1-Q3 2025 millions of € |
Change % |
FY 2025 millions of € | |
| Net revenue | 31,102 | 28,935 | 7.5 | 90,906 | 87,361 | 4.1 | 119,081 |
|
Proportion generated internationally % | 78.2 | 77.6 | 0.6p | 78.0 | 77.9 | 0.1p | 78.0 |
| Service revenue | 26,045 | 24,541 | 6.1 | 76,490 | 73,608 | 3.9 | 98,854 |
| Adjusted EBITDA | 13,791 | 12,675 | 8.8 | 40,224 | 38,097 | 5.6 | 50,540 |
| Adjusted EBITDA AL | 12,210 | 11,115 | 9.9 | 35,552 | 33,411 | 6.4 | 44,244 |
| Net profit (after non-controlling interests) | 2,762 | 2,427 | 13.8 | 7,255 | 7,886 | -8.0 | 9,609 |
| Adjusted net profit (after non-controlling interests) | 3,008 | 2,670 | 12.7 | 8,393 | 7,617 | 10.2 | 9,747 |
|
Earnings per share € | 0.58 | 0.50 | 15.5 | 1.51 | 1.62 | -6.7 | 1.97 |
|
Adjusted earnings per share € | 0.63 | 0.55 | 14.3 | 1.74 | 1.56 | 11.7 | 2.00 |
| Free cash flow AL | 5,703 | 5,622 | 1.4 | 16,417 | 16,149 | 1.7 | 19,546 |
| Cash capexa | 4,283 | 5,381 | -20.4 | 12,644 | 14,586 | -13.3 | 19,256 |
|
Cash capexa (before spectrum) | 4,008 | 4,000 | 0.2 | 11,820 | 12,213 | -3.2 | 16,864 |
| Net debt (including leases) | 134,208 | 132,779 | 1.1 | 132,518 | |||
| Number of employeesb | 189,348 | 201,336 | -6.0 | 198,079 | |||
| Of which in Germany | 68,442 | 72,510 | -5.6 | 70,751 |
Comments on the table
a) Cash outflows for investments in property, plant and equipment, and intangible assets (excluding goodwill) - mainly in connection with building and operating networks.
b) At reporting date.
| Q3 2026 millions of € |
Q3 2025 millions of € |
Change % |
Q1-Q3 2026 millions of € |
Q1-Q3 2025 millions of € |
Change % |
FY 2025 millions of € | |
| Germany | |||||||
| Total revenue | 6,597 | 6,347 | 3.9 | 19,444 | 18,852 | 3.1 | 25,610 |
| Adjusted EBITDA AL | 2,774 | 2,733 | 1.5 | 8,145 | 7,972 | 2.2 | 10,694 |
| United States | |||||||
| Total revenue | 20,476 | 18,763 | 9.1 | 59,782 | 57,160 | 4.6 | 78,097 |
| in USD | 23,564 | 21,917 | 7.5 | 69,423 | 63,832 | 8.8 | 88,188 |
| Adjusted EBITDA AL | 8,135 | 7,195 | 13.1 | 23,842 | 22,117 | 7.8 | 29,252 |
| in USD | 9,363 | 8,404 | 11.4 | 27,691 | 24,698 | 12.1 | 32,998 |
| Europe | |||||||
| Total revenue | 3,312 | 3,179 | 4.2 | 9,565 | 9,349 | 2.3 | 12,652 |
| Adjusted EBITDA AL | 1,313 | 1,235 | 6.3 | 3,763 | 3,545 | 6.2 | 4,677 |
| Systems Solutions | |||||||
| Order entry | 883 | 689 | 28.1 | 2,875 | 2,805 | 2.5 | 4,191 |
| Total revenue | 1,080 | 1,014 | 6.5 | 3,182 | 3,037 | 4.8 | 4,103 |
| Adjusted EBITDA AL | 132 | 127 | 4.3 | 315 | 303 | 4.0 | 427 |
Operating segments: Development of customer numbers in the third quarter of 2026
|
September 30, 2026 thousands |
June 30, 2026 thousands |
Change thousands |
Change % | |
| Germany | ||||
| Mobile customers | 78,745 | 76,733 | 2,012 | 2.6 |
| Of which contract customers | 28,470 | 28,148 | 322 | 1.1 |
| Fixed-network lines | 16,528 | 16,615 | -86 | -0.5 |
| Broadband lines | 15,090 | 15,079 | 11 | 0.1 |
| Of which optical fibera | 13,482 | 13,431 | 51 | 0.4 |
| Television (IPTV, satellite) | 4,808 | 4,800 | 8 | 0.2 |
| Unbundled local loop lines (ULLs) | 1,439 | 1,470 | -31 | -2.1 |
| United States | ||||
| Postpaid accountsb | 34,974 | 34,700 | 274 | 0.8 |
| Europe | ||||
| Mobile customers | 47,468 | 47,007 | 461 | 1.0 |
| Of which contract customersc | 25,888 | 25,660 | 228 | 0.9 |
| Fixed-network linesc, d | 9,088 | 9,052 | 36 | 0.4 |
| Broadband customersc | 7,829 | 7,752 | 77 | 1.0 |
| Television (IPTV, satellite, cable) | 4,554 | 4,514 | 40 | 0.9 |
Comments on the table
a) Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
b) In the first quarter of 2026, the United States operating segment (T-Mobile US) transitioned to reporting the total number of postpaid accounts instead of the total number of postpaid and prepaid customers. Comparatives have been adjusted retrospectively.
c) As of January 1, 2026, customers in Poland and Greece were reclassified from mobile communications to fixed network as a result of a change in definition. Prior-year comparatives have not been adjusted retrospectively.
d) As of April 1, 2026, the reporting of wholesale fixed-network lines was standardized. Prior-year comparatives have been adjusted retrospectively.
|
September 30, 2026 thousands |
September 30, 2025 thousands |
Change thousands |
Change % | |
| Germany | ||||
| Mobile customers | 78,745 | 72,813 | 5,932 | 8.1 |
| Of which contract customers | 28,470 | 27,414 | 1,056 | 3.9 |
| Fixed-network lines | 16,528 | 16,879 | -351 | -2.1 |
| Broadband lines | 15,090 | 15,101 | -11 | -0.1 |
| Of which optical fibera |
| 13,482 | 13,320 | 162 | 1.2 | |
| Television (IPTV, satellite) | 4,808 | 4,725 | 83 | 1.8 |
| Unbundled local loop lines (ULLs) | 1,439 | 1,616 | -177 | -11.0 |
| United States | ||||
| Postpaid accountsb | 34,974 | 33,979 | 995 | 2.9 |
| Europe | ||||
| Mobile customersc | 47,468 | 50,747 | -3,279 | -6.5 |
| Of which contract customersc | 25,888 | 27,273 | -1,385 | -5.1 |
| Fixed-network linesd, e | 9,088 | 8,708 | 380 | 4.4 |
| Broadband customersd | 7,829 | 7,318 | 511 | 7.0 |
| Television (IPTV, satellite, cable) | 4,554 | 4,419 | 135 | 3.1 |
a) Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
b) In the first quarter of 2026, the United States operating segment (T-Mobile US) transitioned to reporting the total number of postpaid accounts instead of the total number of postpaid and prepaid customers. Comparatives have been adjusted retrospectively.
c) On October 1, 2025, the Greek provider Hellenic Telecommunications Organization (OTE) consummated the sale of Telekom Romania Mobile Communications.
d) As of January 1, 2026, customers in Poland and Greece were reclassified from mobile communications to fixed network as a result of a change in definition. Prior-year comparatives have not been adjusted retrospectively.
e) As of April 1, 2026, the reporting of wholesale fixed-network lines was standardized. Prior-year comparatives have been adjusted retrospectively.
This media information contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. They are generally identified by the words "expect," "anticipate," "believe," "intend," "estimate," "aim," "goal," "plan," "will," "seek," "outlook," or similar expressions and include generally any information that relates to expectations or targets for revenue, adjusted EBITDA AL, or other performance measures. Forward-looking statements are based on current plans, estimates, and projections, and should therefore be considered with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom's control. They include, for instance, the progress of Deutsche Telekom's staff-related restructuring measures and the impact of other significant strategic or business initiatives, including acquisitions, dispositions, and business combinations. In addition, movements in exchange rates and interest rates, regulatory rulings, stronger than expected competition, technological change, litigation and regulatory developments, among other factors, may have a material adverse effect on costs and revenue development. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, Deutsche Telekom's actual results may be materially different from those expressed or implied by such statements. Deutsche Telekom can offer no assurance that its expectations or targets will be achieved. Without prejudice to existing obligations under capital market law, Deutsche Telekom does not assume any obligation to update forward-looking statements to account for new information or future events or anything else. In addition to figures prepared in accordance with IFRS, Deutsche Telekom presents alternative non-GAAP performance measures, e.g., service revenue, EBITDA, EBITDA AL, adjusted EBITDA, adjusted EBITDA AL, adjusted EBITDA AL margin, EBIT margin, adjusted net profit/loss, adjusted earnings per share, free cash flow, free cash flow AL, gross and net debt, and net debt AL. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.