Consolidated statement of financial position

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**Consolidated statement of financial position – Assets**
millions of €
	Note	Dec. 31, 2025	Dec. 31, 2024
Assets
Current assets		41,177	37,161
Cash and cash equivalents	1	7,818	8,472
Trade receivables	2	16,842	16,411
Contract assets	3	3,138	2,711
Current recoverable income taxes	32	495	445
Other financial assets	11	4,584	4,418
Inventories	4	2,866	2,451
Other assets	12	2,284	1,996
Non-current assets and disposal groups held for sale	5	3,150	256
Non-current assets		248,592	267,773
Intangible assets	6 6	133,650	149,115
Property, plant and equipment	7	64,791	66,612
Right-of-use assets	8	28,579	32,214
Capitalized contract costs	9	3,936	3,682
Investments accounted for using the equity method	10	11,087	7,343
Other financial assets	11	3,973	3,326
Deferred tax assets	32	660	3,682
Other assets	12	1,916	1,800
Total assets		289,769	304,934

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**Consolidated statement of financial position – Liabilities**
millions of €
	Note	Dec. 31, 2025	Dec. 31, 2024
Liabilities and shareholders’ equity
Current liabilities		36,848	35,182
Financial liabilities	13	11,328	9,852
Lease liabilities	13	5,744	5,674
Trade and other payables	14	9,581	9,489
Income tax liabilities	32	563	736
Other provisions	16	3,762	3,537
Other liabilities	17	3,298	3,516
Contract liabilities	18	2,572	2,378
Liabilities directly associated with non-current assets and disposal groups held for sale	5	0	0
Non-current liabilities		160,689	171,111
Financial liabilities	13	99,011	102,339
Lease liabilities	13	30,640	34,574
Provisions for pensions and other employee benefits	15	1,883	3,209
Other provisions	16	4,157	4,332
Deferred tax liabilities	32	22,291	24,260
Other liabilities	17	1,633	1,366
Contract liabilities	18	1,076	1,032
Liabilities		197,538	206,294
Shareholders’ equity	19	92,231	98,640
Issued capital		12,557	12,765
Treasury shares		(172)	(220)
		12,385	12,545
Capital reserves		53,166	55,102
Retained earnings including carryforwards		(11,246)	(16,959)
Total other comprehensive income		(1,744)	1,399
Net profit (loss)		9,609	11,209
Issued capital and reserves attributable to owners of the parent		62,171	63,296
Non-controlling interests		30,061	35,344
Total liabilities and shareholders’ equity		289,769	304,934

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To our shareholders Deutsche Telekom at a glance
To our shareholders Letter from the Chair of the Board of Management
To our shareholders Supervisory Board’s report
To our shareholders Members of the Board of Management of Deutsche Telekom AG in 2024
To our shareholders Members of the Supervisory Board of Deutsche Telekom AG in 2024
To our shareholders The T-Share
To our shareholders Development of selected financial data
To our shareholders Highlights
Group organization Segment structure
Group strategy Leading Digital Telco
Group strategy Finance strategy
Management of the Group Performance management system
The economic environment Macroeconomic development
The economic environment Telecommunications market
The economic environment Major regulatory decisions
Development of business in the Group Statement of the Board of Management on business development
Development of business in the Group Comparison of the Group’s expectations with actual figures
Development of business in the Group Results of operations of the Group
Development of business in the Group Net assets of the Group
Development of business in the Group Profitability and financial position of the Group
Management report Development of business in the operating segments
Development of business in the operating segments Germany
Development of business in the operating segments United States
Development of business in the operating segments Europe
Development of business in the operating segments Systems Solutions
Development of business in the operating segments Group Development
Development of business in the operating segments Group Headquarters & Group Services
Forecast Statement by the Board of Management on the expected development of the Group
Forecast Economic outlook
Forecast Expectations for the Group
Forecast Market expectations and expectations for the operating segments
Risk and opportunity management Board of Management’s assessment of the aggregate risk and opportunity position
Risk and opportunity management Risk and opportunity management system
Risk and opportunity management Risks and opportunities
Governance and other disclosures Governance
Governance and other disclosures Integrated control and monitoring system
Governance and other disclosures Corporate Governance Statement in accordance with §§ 289f, 315d HGB
Governance and other disclosures Legal structure of the Group
General information ESRS 2 – General disclosures
Environment Disclosures pursuant to Article 8 of Regulation 2020/852
Environment ESRS E1 – Climate change
Environment ESRS E5 – Resource use and circular economy
Social ESRS S1 – Own workforce
Social ESRS S2 – Workers in the value chain
Social ESRS S4 – Consumers and end-users
Governance ESRS G1 – Business conduct
Governance G-Company-specific: cybersecurity
Sustainability statement ESRS index
Financial statements Statement of changes in equity
Summary of accounting policies Other transactions that had no effect on the composition of the Group
Summary of accounting policies Development of the overall economic environment
Notes to the income statement 23 Own capitalized costs
Notes to the income statement 35 Dividend per share
Other disclosures 38 Segment reporting
Other disclosures 43 Financial instruments and risk management
Other disclosures 45 Related-party disclosures
Other disclosures 46 Remuneration of the Board of Management and the Supervisory Board
Other disclosures 47 Share-based payment
Other disclosures 48 Declaration of conformity with the German Corporate Governance Code
Other disclosures 49 Events after the reporting period