Major regulatory decisions

Our business activities are largely subject to national, European, and U.S. regulation, which is associated with extensive powers to intervene in our product design and pricing, particularly in Europe. We were still subject to extensive regulation in our fixed-network and mobile businesses in 2025.

Regulation

Review of the approval under merger control law for the joint venture Glasfaser NordWest. Following the Düsseldorf Higher Regional Court’s decision to annul the approval issued by the Bundeskartellamt, the Federal Court of Justice overturned this decision on February 25, 2025 and referred the matter back to the Düsseldorf Higher Regional Court. The Düsseldorf Higher Regional Court will now reach a new decision in consideration of the Federal Court of Justice’s legal position. Until a final substantive decision is reached on the legality of the Bundeskartellamt’s approval, these proceedings have no direct implications for the existence of the joint venture Glasfaser NordWest or for the local fiber build-out.

Telecommunications Act reform in Germany. In July 2025, the paramount public interest in building out telecommunications infrastructure was enshrined in the German Telecommunications Act (Telekommunikationsgesetz – TKG). The new legal status for infrastructure aims to remove barriers to planning and approval and speed up build-out. The Federal Government is additionally planning a further TKG reform to further improve the conditions surrounding network build-out. Key points were published in July 2025 and the draft legislation is expected in the first quarter of 2026.

Following the publication of a relevant discussion paper by the Bundesnetzagentur in April 2025 and of key points by the Federal Ministry for Digital Transformation and Government Modernization (Bundesministerium für Digitales und Staatsmodernisierung) in September 2025 aimed at accelerating the copper-to-fiber migration, the Bundesnetzagentur published the regulatory approach to copper-to-fiber migration in January 2026. The approach imposes no new regulations and is intended merely to stimulate further debate of this important topic. It discusses various options and puts forward proposals for realigning the legal framework. As yet, it is impossible to foresee whether the lawmakers will include some of these proposals in the planned TKG reform.

Legislative proposals of the European Commission. On January 21, 2026 the European Commission published its proposed Digital Networks Act, which aims to replace and revise the European Electronic Communications Code. The proposal largely retains many of the existing rules on consumer protection, universal services, etc., while also addressing new topics such as spectrum licenses of unlimited duration, enhancing network infrastructure resilience, and the framework for the copper-to-fiber migration. The lawmaking process now under way in the EU may result in major changes to the proposed regulations. Given the scope, the procedure is expected to be protracted and will likely include a transition period for transposition in the Member States.

At the same time, the European Commission has proposed a revised Cybersecurity Act containing measures to enhance the security of the ICT supply chain, including rules for network infrastructure providers categorized as high-risk suppliers, and more. The proposed changes touch on matters of national security and other sensitive topics and hence are expected to involve lengthy negotiations between the European Parliament and the Member States.

Bundesnetzagentur’s regulatory procedures based on the decision on access regulation including FTTB/H network access. On July 17, 2024, the Bundesnetzagentur published the approval on the regulated charges for access to civil engineering infrastructure. These charges were valid until December 31, 2025 and will be redefined in the first quarter of 2026 with retroactive effect from January 1, 2026. In the parallel Bundesnetzagentur regulatory procedure concerning the related standard offer, the first partial decision was issued on November 14, 2024. The Bundesnetzagentur announced that the overall procedure is scheduled for completion in the second quarter of 2026. Our standard offer for the FTTB/H wholesale products with Ethernet handoff also continues to be under review by the Bundesnetzagentur. In May 2025, the first partial decision was issued, requiring us to make changes to the wholesale agreement. These changes are currently being made to the procedure and agreement before terminating our related standard offer as well following issue of the second partial decision in the first half of 2026.

Awarding of spectrum

In Poland, the auction of frequencies in the 700 MHz and 800 MHz bands ended on March 25, 2025. T‑Mobile Polska secured one spectrum block in each band for a total of around EUR 185 million (PLN 781 million). Furthermore, T‑Mobile Polska’s spectrum usage rights of 2x 9 MHz in the 900 MHz band were extended for approximately EUR 109 million (PLN 463 million) in December 2025. In Slovakia, the auction for the bands expiring in 2025, 2026, and 2028 ended on July 10, 2025. Slovak Telekom secured 2x 10 MHz in each of the 800 and 900 MHz bands, 1x 20 MHz in the 1,500 MHz band, 2x 20 MHz in each of the 2,100 and 2,600 MHz bands, as well as 1x 40 MHz in the 2,600 MHz Time Division Duplex (TDD) band, for a total of approximately EUR 165 million.

In Germany, the Bundesnetzagentur extended the usage rights for the 800, 1,800, and 2,600 MHz spectrum bands on June 13, 2025. The extension is for five years. The extension fee for Telekom Deutschland is EUR 200 million for the extension period. In addition, usage right holders are required to fulfill extensive build-out obligations, which include providing coverage for 99.5 % of Germany’s surface area. The requirement to negotiate with service providers and MVNOs was also specified in more detail.

The award rules of the 2019 auction were declared unlawful by the Cologne Administrative Court on August 26, 2024. The ruling of the Cologne Administrative Court requires the Bundesnetzagentur to reach a new decision regarding the motions submitted by Freenet and EWE Tel in 2018 with respect to the imposition of a service provider obligation (instead of a negotiation obligation). In its decision on October 16, 2025, the Federal Administrative Court rejected a complaint filed by the Bundesnetzagentur against non-allowance of appeal against this ruling. The ruling of the Cologne Administrative Court thus became legally binding. This ruling initially has no direct impact on our spectrum usage rights in the 2.1 GHz and 3.6 GHz bands. The contested decision and the frequency allocations based thereon remain in effect for the time being. The Bundesnetzagentur consulted the market on how to proceed regarding the new decision until January 12, 2026. It considers possible options to be either a confirmation of its previous decision, with amended reasons, which would leave the 2019 auction unaffected, or a reallocation of the spectrum in a new award procedure. In both scenarios, we expect Deutsche Telekom to still have sufficient spectrum usage rights in the specified bands to ensure the best possible coverage for its customers.

In the United States, the Federal Communications Commission (FCC) began the procedure to re-auction 200 licenses in the AWS-3 bands (Auction 113). The FCC has scheduled the auction to begin on June 2, 2026. Furthermore, on November 20, 2025, the FCC started the procedure for the auction of spectrum in the 3.98 to 4.2 GHz range. This auction of at least 100 MHz to 180 MHz of spectrum must be completed by July 2027. No definitive auction date has yet been set. In Greece, we expect the proceedings to begin to re-award the spectrum allocations that will expire in the second and third quarters of 2027 in the 900 MHz and 1,800 MHz bands. Proceedings to re-award spectrum in the 2,600 MHz band expiring at the end of 2026 and spectrum in the 2,300 MHz band have been underway in Austria since December 12, 2024. In Poland, the procedure to award the 26 GHz band could also begin, if necessary. In the Czech Republic, the national regulator began the consultation process on the 26 GHz band; no award is expected in the near future. In Hungary, the regulator began preparations for 2026 for an auction of licenses in the 2,100 MHz band expiring in mid-2027. Hungary’s national regulator is planning to include further spectrum bands (1,500 MHz and 26 GHz) in this auction.

The following table provides an overview of the main ongoing and planned spectrum awards and auctions as well as license extensions. It also indicates spectrum to be awarded in the near future in various countries.

Agreements on spectrum licenses

On September 10, 2024, T‑Mobile US and N77 License (N77) had entered into an agreement on the sale of spectrum licenses, pursuant to which N77 had the option to purchase all or a portion of T‑Mobile US’ remaining 3.45 GHz licenses for a range of cash consideration. The number of licenses sold was determined based upon the amount of committed financing granted to N77. On April 30, 2025, T‑Mobile US sold a portion of the licenses to N77 for USD 2.0 billion (EUR 1.8 billion) following regulatory approvals by the FCC.

On August 8, 2022, T‑Mobile US had entered into agreements with Channel 51 License and LB License (Channel 51) for the acquisition of spectrum licenses in the 600 MHz band in exchange for total cash consideration of USD 3.5 billion (EUR 3.2 billion). On March 30, 2023, the contractual parties had further agreed that the transaction be divided into two separate tranches. The first tranche of licenses, along with certain additional licenses from the second tranche, was transferred in the 2024 financial year. The transaction for the remaining licenses from the second tranche was closed on June 2, 2025 with the purchase price payment of USD 0.6 billion (EUR 0.5 billion), following regulatory approvals by the FCC.

On May 30, 2025, T‑Mobile US entered into an agreement on the sale of 800 MHz spectrum licenses to Grain Management (Grain) in exchange for cash consideration of USD 2.9 billion (EUR 2.5 billion) and the receipt of Grain’s 600 MHz spectrum licenses. It has been further agreed that T‑Mobile US may additionally receive a share of future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions. Since May 30, 2025, the licenses concerned have been reported as held for sale with a carrying amount of EUR 3.1 billion. The transaction is subject to FCC approvals and certain other customary closing conditions. The transaction is expected to be closed in the first half of 2026.

On September 12, 2023, T‑Mobile US agreed with U.S. cable network operator Comcast to acquire spectrum in the 600 MHz band in exchange for total cash consideration of between USD 1.2 billion and USD 3.3 billion (EUR 1.0 billion and EUR 2.8 billion). The final purchase price will be determined at the time the parties make the required transfer filings with the FCC. At the same time, T‑Mobile US and Comcast have concluded exclusive leasing arrangements. On January 13, 2025, T‑Mobile US and Comcast entered into an amendment to the license purchase agreement pursuant to which T‑Mobile US will acquire additional spectrum. As a consequence of the amendment, the total cash consideration amounts to between USD 1.2 billion and USD 3.4 billion (EUR 1.0 billion and EUR 2.9 billion). A partial acquisition of spectrum licenses with a value of approximately USD 45 million (EUR 38 million) is expected in the first half of 2026. The acquisition of the remaining licenses is then expected to close in the first half of 2028.