Statement by the Board of Management on the expected development of the Group

We remain on course in a challenging market environment and continue to consistently execute on our strategy, which is geared toward sustainable growth, in a challenging geopolitical and macroeconomic climate. Our results for the 2025 financial year, alongside our medium-term strategy and financial outlook presented at the 2024 Capital Markets Day, underline our approach. Strategically, we made strides in key areas over the year just ended, including the successful completion of the acquisitions in the United States, targeted investments in networks and future technologies, and the wide-ranging use of AI. Our customers are already reaping the rewards of our successful corporate policy in the form of multiple award-winning network quality and best-in-class service. Our shareholders benefit from our sustainable and attractive dividend policy alongside further shareholder remuneration measures. Going forward, we want to underpin this success with solid financial growth rates, further extend our technology leadership with the best state-of-the-art networks, and thereby contribute to realizing our Leading Digital Telco vision.

This ties in with our financial targets for the period through 2027, which we communicated at our 2024 Capital Markets Day. From 2024 through 2027, we aim to achieve the following compound annual growth rates (CAGR) or targets for our key financial performance indicators (based on a U.S. dollar exchange rate of USD 1.08):

• Both revenue and service revenue are expected to grow on average by around 4 %.
• Adjusted EBITDA AL is expected to increase on average by 4 to 6 %.
• Free cash flow AL (before dividend payments and spectrum investment) is expected to increase steadily, to around EUR 21 billion in 2027.

• Earnings per share (adjusted for special factors) is expected to amount to around EUR 2.5 in 2027.

For 2026, we expect to post the following year-on-year trends, assuming a comparable consolidated group and constant exchange rates (based on a U.S. dollar exchange rate of USD 1.13 in the 2025 financial year):

• Revenue is likely to increase in 2026. We also expect service revenue to increase.
• Adjusted EBITDA AL is expected to be around EUR 47.4 billion in 2026. In the reporting year, adjusted EBITDA AL came in at EUR 44.2 billion; on a like-for-like basis, i.e., adjusted for comparability with the adjusted EBITDA AL forecast for 2026, adjusted EBITDA AL stood at EUR 44.7 billion.
• Free cash flow AL is expected to amount to around EUR 19.8 billion in 2026. Free cash flow AL in 2025 was EUR 19.5 billion; on a like-for-like basis, i.e., adjusted for comparability with the free cash flow AL forecast for 2026, free cash flow AL stood at EUR 19.3 billion.
• We are anticipating earnings per share (adjusted for special factors) of around EUR 2.20 in 2026.