Group Development

Development of operations

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millions of €

2025

2024

Change

Change
%

2023

Revenue

9

10

(1)

(6.5)

115

Of which: GD Towers^a

0

0

0

n.a.

99

Service revenue

0

0

0

n.a.

0

EBITDA

1

(36)

37

n.a.

13,220

Special factors affecting EBITDA^b

35

(5)

39

n.a.

13,170

EBITDA (adjusted for special factors)

(34)

(32)

(3)

(8.7)

50

Of which: GD Towers^a

0

0

0

n.a.

78

EBITDA AL

1

(36)

37

n.a.

13,215

Special factors affecting EBITDA AL^b

35

(5)

39

n.a.

13,170

EBITDA AL (adjusted for special factors)

(34)

(32)

(3)

(8.7)

45

Of which: GD Towers^a

0

0

0

n.a.

73

EBITDA AL margin (adjusted for special factors)

%

n.a.

n.a.

39.2

Depreciation, amortization and impairment losses

(3)

(3)

0

(12.5)

(2)

Profit (loss) from operations (EBIT)

(2)

(39)

36

94.0

13,217

Cash capex

(3)

(4)

0

11.7

(24)

Cash capex (before spectrum investment)

(3)

(4)

0

11.7

(24)

^a	The sale of the GD Towers business entity was consummated on February 1, 2023. Since that date, GD Towers has no longer been part of the Group. The 2023 financial year contains the value contributions up to and including January 2023.
^b	In the second quarter of 2025, this mainly comprised a retroactive deconsolidation gain in connection with the sale of an equity investment in the 2017 financial year.

The goal of our Group Development operating segment is to actively manage entities and equity investments to grow their value. In particular DTCP and Comfortcharge are assigned to Group Development for this reason. The segment currently does not provide a significant contribution to the Group’s operational development. We therefore provide no corresponding explanation for this segment.

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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