Segment structure ^a

Our financial reporting is divided into five operating segments plus the Group Headquarters & Group Services segment, each of which we describe in detail below.

Our Germany operating segment comprises all fixed-network and mobile business activities for consumers and business customers, including separate sales entities in Germany to allow a customer-centric sales approach. The segment offers a tailored service and product portfolio. The bundling of our sales and service business within Sales & Service places a further focus on customer experience and on customer satisfaction. The Wholesale business delivers wholesale telecommunication services for third-party telecommunications companies. The build-out of the mobile and fixed networks in Germany is managed by the Technology business unit.

Our United States operating segment combines all mobile activities in the U.S. market. T‑Mobile US provides service, devices, and accessories across their flagship brands. In addition, they sell devices to dealers and other third-party distributors for resale. They provide wireless communications and broadband services through a variety of service plan options to U.S. domestic customers, including plans marketed to businesses. T‑Mobile US also offers wireless devices. They also provide products that are complementary to their wireless communications and broadband services, including device protection, financial services and advertising.

Our Europe operating segment comprises all fixed-network and mobile operations of the national companies in Greece, Hungary, Poland, the Czech Republic, Croatia, Slovakia, Austria, North Macedonia, and Montenegro. In these countries, we are an integrated provider of telecommunications services. Our mobile activities in the Romanian market ended with the sale of the national company there as of October 1, 2025. Besides traditional B2C and B2B fixed-network and mobile business, most of our national companies also offer ICT solutions for business customers.

Our Systems Solutions operating segment offers a comprehensive global portfolio of B2B ICT services, in particular in the core market of Germany, as well as in Austria and Switzerland (DACH), under the T‑Systems brand. The business focus is on the central growth areas of advisory, cloud services, and digitalization. Security solutions and networking as integral components complement the service offering. Strategic partnerships further strengthen our portfolio, enabling us to offer scalable, future-proof solutions. Our services penetrate deep into the value chains of selected industries – in particular automotive, healthcare, and the public sector. The portfolio comprises four areas: Cloud, Digital, Security (in close collaboration with Deutsche Telekom Security), and Advisory. In addition, the Road User Services business unit offers specialized road toll systems.

Our Group Development operating segment actively manages entities, subsidiaries, and equity investments to grow their value while giving them the entrepreneurial freedom they need to promote their continued strategic development. The investment management group DTCP, Comfortcharge, which is a provider of e-mobility charging infrastructure, and the Group functions of Mergers & Acquisitions and Strategic Portfolio Management are also assigned to Group Development.

Group Headquarters & Group Services comprises all Group units that cannot be allocated directly to one of the operating segments, as well as our Board of Management department Product and Technology (formerly “Technology and Innovation”), which unites the cross-segment technology, innovation, IT, and security functions of our Germany, United States, Europe, and Systems Solutions operating segments. As the organization that sets the direction and provides impetus, it defines strategic aims for the Group, ensures they are met, and becomes directly involved in selected Group projects. Group Services provides services to the entire Group. In addition to typical services provided by Deutsche Telekom Services Europe, such as financial accounting, human resources services, and operational procurement, Group Services also includes placement services provided by our personnel service provider, Vivento. Vivento is in charge of securing external employment opportunities for employees, predominantly in the public sector. Further units are Group Supply Services for our real estate management and our strategic procurement, and Telekom MobilitySolutions, which is a full-service provider for fleet management and mobility services.

Changes to the segment and organizational structure in 2025

Acquisition of Vistar Media in the United States. On December 20, 2024, T‑Mobile US had entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Vistar Media, a provider of technology solutions for digital out-of-home advertisements. The transaction was consummated on February 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.6 billion (EUR 0.6 billion). Vistar Media has been included in the consolidated financial statements since February 3, 2025.

Acquisition of Blis in the United States. On February 18, 2025, T‑Mobile US had entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Blis, a provider of advertising solutions. The transaction was consummated on March 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.2 billion (EUR 0.2 billion). Blis has been included in the consolidated financial statements since March 3, 2025.

Acquisition of Lumos in the United States. On April 24, 2024, T‑Mobile US had entered into an agreement with the investment fund EQT to establish a joint venture to acquire the fiber-to-the-home platform Lumos. The transaction was consummated on April 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since April 1, 2025. Upon closing, T‑Mobile US invested approximately USD 0.9 billion (EUR 0.8 billion) in the company to acquire a 50 % equity interest and 97 thousand fiber customers. Lumos will continue to provide fiber services for the acquired fiber customers under a wholesale agreement between T‑Mobile US and Lumos. The revenues generated from the acquired fiber customers are recognized at T‑Mobile US under postpaid service revenues. The related costs paid for the provision and use of the fiber network are recognized under cost of services. The funds invested by T‑Mobile US are to be used for future fiber builds. In addition, pursuant to the definitive agreement, T‑Mobile US expects to make an additional capital contribution of USD 0.5 billion (EUR 0.4 billion) between 2027 and 2028.

Acquisition of UScellular in the United States. On May 24, 2024, T‑Mobile US had entered into an agreement on the acquisition of UScellular’s wireless operations and specific spectrum licenses. Furthermore, on July 22, 2025, T‑Mobile US had entered into purchase agreements for the acquisition of the wireless operations of Farmers Cellular Telephone Company and two Iowa RSA companies (“Iowa Entities”) in which UScellular had held a minority interest. The transactions were consummated on August 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 2.8 billion (EUR 2.5 billion) and assumed debt of USD 1.7 billion (EUR 1.4 billion). The acquired activities, assets, and liabilities have been included in Deutsche Telekom’s consolidated financial statements since August 1, 2025. Following the acquisition, UScellular and the Iowa Entities continue to own their cell towers. T‑Mobile US has entered into a master license agreement to lease new space on towers being retained by UScellular and extend the tenancy term on further towers where it is already leasing space from UScellular. As a result of entering into the master license agreement, right-of use assets and lease liabilities were recorded at the acquisition date of USD 1.0 billion each (EUR 0.9 billion).

Acquisition of Metronet in the United States. On July 18, 2024, T‑Mobile US had entered into an agreement with KKR to establish a joint venture to acquire the fiber-to-the-home platform Metronet and certain of its affiliates. The transaction was consummated on July 24, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since July 24, 2025. Upon closing, T‑Mobile US invested USD 4.6 billion (EUR 3.9 billion) to acquire a 50 % equity interest in the joint venture and 713 thousand residential fiber customers. Metronet will continue to provide fiber services for the acquired residential fiber customers under a wholesale agreement between T‑Mobile US and Metronet. The revenues generated from the acquired residential fiber customers are recognized at T‑Mobile US under postpaid service revenues. The related costs paid for the provision and use of the fiber network are recognized under cost of services.

Sale of Telekom Romania Mobile Communications. On September 19, 2025, Hellenic Telecommunications Organization (OTE) had entered into an agreement on the sale of Telekom Romania Mobile Communications (TKRM), which was assigned to the Europe operating segment. The transaction was consummated on October 1, 2025. All necessary regulatory approvals had been duly granted. The two-step transaction encompasses the sale of certain TKRM assets to Digi Romania, including the prepaid customer business, certain spectrum rights, and part of the tower portfolio, as well as the sale of the TKRM shares held by OTE, excluding the aforementioned assets, to Vodafone Romania. The sale price amounts to EUR 0.1 billion and is subject to customary adjustments at closing. The gain on deconsolidation is immaterial from the Group’s perspective.

(Expected) changes to the segment and organizational structure in 2026

Reassignment of Comfortcharge. As of January 1, 2026, Deutsche Telekom reassigned the responsibility for business and profit and loss for Comfortcharge GmbH, which is a provider of e-mobility charging infrastructure, from the Group Development operating segment to the Group Headquarters & Group Services segment. This restructuring will bundle Deutsche Telekomʼs mobility services, as Comfortcharge has evolved into a primarily internal shared services unit in recent years. Prior-year comparatives in both of the segments affected will not be adjusted.