2 Trade receivables
At EUR 16.8 billion, trade receivables increased by EUR 0.4 billion against the 2024 year-end level. Excluding effects of changes in the composition of the Group and offsetting exchange rate effects, receivables in the United States operating segment increased, due in particular to the migration of UScellular customers to the EIP (equipment installment plan) model as well as a larger customer base as a result of the acquisition of the Lumos and Metronet customer bases. Effects of changes in the composition of the Group, primarily from the acquisitions of UScellular and Vistar Media in the United States operating segment increased the carrying amount, while exchange rate effects, primarily from the translation of U.S. dollars into euros had an offsetting effect. Receivables increased slightly in both the Europe and Germany operating segments.
Of the total of trade receivables, EUR 14.1 billion (December 31, 2024: EUR 13.9 billion) is due within one year. As of the reporting date, trade receivables with a carrying amount of EUR 2,213 million (December 31, 2024: EUR 1,777 million) in connection with asset-backed securities issued by T‑Mobile US and with a carrying amount of EUR 356 million (December 31, 2024: EUR 446 million) in connection with factoring agreements concluded by T‑Mobile US, were pledged as collateral.
For information on allowances, credit ratings, and write-offs of receivables as well as on factoring agreements, please refer to Note 43 “Financial instruments and risk management.”