Comparison of the Group’s expectations with actual figures
In the 2024 Annual Report, we outlined expectations for the 2025 financial year for our financial and non-financial key performance indicators anchored in our management system. The following tables summarize the pro forma figures for 2024, the results expected for the reporting year, and the actual results achieved in 2025. The performance indicators that we also forecast in the 2024 Annual Report and their development are presented in the individual sections.
The comparison shown in the table of the pro forma figures for 2024 as presented in the 2024 Annual Report and the expectations formulated on this basis for 2025 with the results actually generated for 2025 is not like for like, i.e., these figures are not based on comparable exchange rates or a comparable composition of the Group. The results generated on a like-for-like basis are set out below (in organic terms). The main differences from the results actually generated are attributable to the assumption of an average U.S. dollar exchange rate of USD 1.08 in our planning for 2025. By contrast, the results for 2025 shown in the table above are subject to an average U.S. dollar exchange rate of USD 1.13, which had a corresponding negative impact on the financial performance indicators. The guidance for 2025 as adjusted in the course of the year already takes into account the value contributions from the completed corporate transactions in the United States operating segment.
We look back on a successful financial year. Overall, we met our expectations. In organic terms, revenue increased as expected by 4.2 %. Our service revenue also grew as expected by 3.8 % on an organic basis. Our adjusted EBITDA AL increased by 4.7 % in organic terms. Taking into account the above assumptions, this exceeded our most recently stated guidance. EBIT was likewise negatively affected by exchange rate effects, and declined in 2025 on account of the reversal of impairment losses on FCC licenses at T‑Mobile US in 2024. Adjusted earnings per share amounted to EUR 2.00, thereby meeting our expectations. ROCE also developed as expected, declining to 7.5 %. For free cash flow AL (before dividend payments and spectrum investment), we exceeded the guidance revised upwards in the course of the year, excluding exchange rate effects. Cash capex (before spectrum investment), excluding exchange rate effects, was more or less as expected.
The comparison shown in the table above of the pro forma figures for 2024 as presented in the 2024 Annual Report and the expectations formulated on this basis for 2025 for the non-financial performance indicators with the results actually generated for 2025 is not like for like, i.e., assuming a comparable composition of the Group. The results generated on a like-for-like basis are set out below.
Assuming a comparable composition of the Group, we are on track with our non-financial performance indicators. In the Germany operating segment, we even recorded a strong increase of 8.7 % in mobile customers, attributable to both the prepaid customer business including M2M-based cards, and the high-value contract customer business. By contrast, the development of fixed-network lines fell short of our expectation due to falling demand for voice products. In a nearly stagnant and highly competitive broadband market, the number of broadband lines remained more or less on a par with the prior year level at 15.1 million, which was below our expectation. In the United States operating segment, the growth in postpaid and prepaid customer numbers significantly exceeded our expectations, even without taking into account the growth from the completed corporate transactions. Excluding the effects from the sale of the Romanian mobile business as of October 1, 2025, customer numbers in the Europe operating segment developed as expected: The number of mobile customers increased slightly by 2.1 %. The number of fixed-network customers declined slightly, while the number of broadband customers increased in line with expectations. The increase in order entry in our Systems Solutions operating segment was mainly due to deals concluded in the public sector portfolio area.
At the end of the reporting year, customer retention/satisfaction (for Deutsche Telekom excluding T‑Mobile US) came in at 81.3 points compared with the adjusted baseline value of 80.1 points. The Germany, Europe, and Systems Solutions operating segments contributed to the ongoing positive development with improvements in customer loyalty. Employee satisfaction was most recently measured in November 2025 and remained stable against the prior-year level at 77 points on a scale of 0 to 100. This continued high level was as expected. The Group’s energy consumption remained stable instead of the expected slight increase, because in particular the United States was able to achieve greater savings than expected in the original planning. CO2 emissions reduced in line with our expectations.
For further information on the trends in our main financial and non-financial performance indicators, please refer to the relevant passages in this section as well as in the section “Development of business in the operating segments.”
For further information on the expected trends in our main financial and non-financial performance indicators in 2026 and 2027, please refer to the section “Forecast.”