The T-Share

Development of international indexes

Following a weak year in 2022, it was all systems go on the stock markets in 2023. Around the world, indexes rose substantially, with just a few exceptions. Declining inflationary pressure and stagnating energy prices, as well as moderate growth in interest rates boosted share price performance.

The DAX 40 – as a total return index, i.e., including reinvested dividends – climbed 20.3 % over the course of the year. In the same period, the Dow Jones rose by 13.7 %, or by 16.2 % including reinvested dividends.

The Nikkei, which had declined sharply in the prior year, recovered strongly in 2023, climbing by 28.2 %. The Dow Jones EURO STOXX 50® also grew significantly, rising 22.2 %.

T-Share performance

Growth in the European telecommunications sector was clearly more restrained: The industry’s barometer, the Dow Jones STOXX® Europe 600 Telecommunications, rose just 8.1 % by the end of 2023.

The T-Share recorded a much stronger performance, closing 2023 at EUR 21.75, up 16.6 %. The lowest price recorded during the year was EUR 18.56 on August 8, 2023, while the highest price of EUR 23.05 was recorded on April 5, 2023.

On a total return basis – and thus comparable with the DAX – our share also ended the year 2023 up 20.3 %.

For an overview of the performance of the T-Share in recent years, please visit our Investor Relations website.

Dividend

The Board of Management of Deutsche Telekom AG will propose to the shareholders’ meeting on April 10, 2024 the distribution of a dividend of EUR 0.77 per dividend-bearing share, up from EUR 0.70 in the prior year. In November 2023, we announced that we will buy back shares in Deutsche Telekom AG in 2024 up to a total purchase price of EUR 2 billion under a share buy-back program. The buy-back started on January 3, 2024.

Capital markets communication

Deutsche Telekom maintains a close dialog with participants on the capital market and is monitored and analyzed by a number of German and international analysts (coverage). As of December 31, 2023, we recorded 21 analyst recommendations, 90 % of these with a buy recommendation, 5 % with a hold recommendation, and 5 % with a sell recommendation.

For a current overview of analyst coverage, please visit our Investor Relations website.

The dialog with our institutional investors was maintained through participation in numerous conferences as well as by holding virtual and conventional roadshows. Deutsche Telekom again took first place in the German Investor Relations Prize and first place in the annual Institutional Investor survey for its communication with institutional investors.

The further strengthened focus on digital channels within Deutsche Telekom’s capital markets communication received very positive feedback: the redesigned Investor Relations website was named Best Investor Relations Website in the DAX 40 in NetFed’s annual IR Benchmark. A Company presentation that is updated each quarter is published on this website. The number of video views and the duration of playback time on the Investor Relations YouTube channel almost doubled year-on-year. On LinkedIn, Deutsche Telekom increased the number of capital markets-related posts and significantly boosted reach. Deutsche Telekom also retained a presence on the short messaging service X with its own account.

We systematically expanded our offers for our 1.3 million retail investors in 2023. In addition to the shareholders meeting (which was once again held in person in 2023), our regular newsletter, and participation in investor trade fairs, a new format was created to give retail investors a regular opportunity to ask Deutsche Telekom questions: since the results for the second quarter of 2023 were announced, Deutsche Telekom has been holding quarterly live webcasts for retail investors, in which current developments have been presented and questions from retail investors answered. This format is to be continued in 2024.

The 2024 shareholders’ meeting will also take place in person again. We have taken account of the increasing importance of financial influencers, also called finfluencers, who concern themselves with financial investments and financial services and publish investment tips, in a wide range of interactions, CEO podcasts and with a community event, in which two finfluencers invited their followers to Deutsche Telekom’s Group Headquarters. We are also backing research on this topic at the HHL Leipzig Graduate School of Management. As in the prior year, our capital market communication with retail investors won first place in the Investorsʼ Darling award in the DAX 40.

T-Share as compared to DAX, Dow Jones EURO STOXX 50®, and Dow Jones STOXX® Europe 600 Telecommunications

January 1 to December 31, 2023 (based on total shareholder return^a)

T-Share as compared to other European telecommunications companies

January 1 to December 31, 2023 (based on total shareholder return^a)

Shareholder structure

The Federal Republic’s shareholding, including that of Kreditanstalt für Wiederaufbau (KfW), remained stable at 30.5 % in 2023. The proportion of institutional investors decreased slightly in 2023 from 48.2 % to 48.0 %, while the share of retail investors increased slightly from 16.8 % to 17.0 %. As a result, the percentage of shares in free float stands at around 65 % of the share capital.

Shareholder structure

% (as of December 31, 2023)

Geographical distribution of free float

% (as of December 31, 2023)

For further information relevant to shareholders, please refer to our Investor Relations website.