Principal subsidiaries
The Group’s principal subsidiaries are presented in the following table:
|
|
|
|
|
|
|
|
|
|
||||||
Name and registered office |
|
Deutsche Telekom share |
Deutsche Telekom share including treasury shares |
Percentage of voting rights held by Deutsche Telekom |
Net |
Profit (loss) from |
Shareholders’ equitya |
Average |
Assigned to segment |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Telekom Deutschland GmbH, |
100.00 |
100.00 |
100.00 |
23,201 |
5,943 |
8,517 |
2,526 |
Germany |
|||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
23,265 |
5,413 |
7,927 |
2,549 |
||||||||
T‑Systems International GmbH, |
Dec. 31, 2025/2025 |
100.00 |
100.00 |
100.00 |
2,321 |
(179) |
1,246 |
5,660 |
Systems Solutions |
||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
2,264 |
(138) |
1,127 |
6,025 |
||||||||
Dec. 31, 2025/2025 |
45.62 |
52.58 |
56.66 |
78,097 |
17,677 |
58,568 |
68,280 |
United States |
|||||||
Dec. 31, 2024/2024 |
46.30 |
51.41 |
58.56 |
75,046 |
20,323 |
68,256 |
64,808 |
||||||||
Hellenic Telecommunications Organization S.A. (OTE), |
Dec. 31, 2025/2025 |
54.62 |
55.66 |
61.82 |
3,634 |
701 |
2,742 |
9,478 |
Europe |
||||||
Dec. 31, 2024/2024 |
53.45 |
54.38 |
60.40 |
3,591 |
664 |
2,598 |
8,566 |
||||||||
Dec. 31, 2025/2025 |
54.56 |
54.66 |
54.66 |
1,142 |
180 |
2,131 |
5,391 |
Europe |
|||||||
Dec. 31, 2024/2024 |
53.54 |
54.11 |
54.11 |
1,102 |
175 |
2,149 |
5,361 |
||||||||
Magyar Telekom Telecommunications Public Limited Company, |
Dec. 31, 2025/2025 |
65.78 |
69.71 |
69.71 |
2,475 |
690 |
2,783 |
6,589 |
Europe |
||||||
Dec. 31, 2024/2024 |
65.78 |
67.96 |
67.96 |
2,436 |
564 |
2,442 |
6,741 |
||||||||
Dec. 31, 2025/2025 |
100.00 |
100.00 |
100.00 |
883 |
228 |
1,574 |
2,466 |
Europe |
|||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
864 |
231 |
1,564 |
2,497 |
||||||||
Dec. 31, 2025/2025 |
100.00 |
100.00 |
100.00 |
1,507 |
252 |
2,922 |
1,891 |
Europe |
|||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
1,494 |
235 |
2,772 |
1,868 |
||||||||
Dec. 31, 2025/2025 |
100.00 |
100.00 |
100.00 |
1,291 |
380 |
2,416 |
3,084 |
Europe |
|||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
1,238 |
341 |
2,300 |
3,084 |
||||||||
Dec. 31, 2025/2025 |
100.00 |
100.00 |
100.00 |
1,746 |
131 |
2,059 |
3,261 |
Europe |
|||||||
Dec. 31, 2024/2024 |
100.00 |
100.00 |
100.00 |
1,660 |
101 |
1,961 |
3,383 |
||||||||
|
|||||||||||||||
In accordance with § 313 HGB, the full statement of investment holdings, which forms part of the notes to the consolidated financial statements, is published in the company register together with the consolidated financial statements. It is available upon request from Deutsche Telekom AG, Bonn, Investor Relations, and on Deutsche Telekom’s website (www.telekom.com) under Investor Relations. Furthermore, the statement of investment holdings includes a full list of all subsidiaries that exercise simplification options in accordance with § 264 (3) HGB or disclosure simplification options in accordance with § 264b HGB.
The following table shows the non-controlling interests for principal subsidiaries:
|
|
|
|
|
|
|
||||||
Name and registered office |
|
Percentage of shareholding for non-controlling interests |
Percentage of shareholding for non-controlling interests incl. treasury shares |
Percentage of voting rights for non-controlling interests |
Cumulative non-controlling |
Dividends paid out to non-controlling interests |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
54.38 |
47.42 |
43.34 |
27,577 |
1,729 |
||||||||
Dec. 31, 2024/2024 |
53.70 |
48.59 |
41.44 |
32,949 |
1,514 |
|||||||
Hellenic Telecommunications Organization S.A. (OTE), Marousi, Athens, Greeceb |
Dec. 31, 2025/2025 |
45.38 |
44.34 |
38.18 |
1,029 |
152 |
||||||
Dec. 31, 2024/2024 |
46.55 |
45.62 |
39.60 |
993 |
138 |
|||||||
Dec. 31, 2025/2025 |
45.44 |
45.34 |
45.34 |
770 |
58 |
|||||||
Dec. 31, 2024/2024 |
46.46 |
45.89 |
45.89 |
789 |
55 |
|||||||
Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungaryb,c |
Dec. 31, 2025/2025 |
34.22 |
30.29 |
30.29 |
641 |
88 |
||||||
Dec. 31, 2024/2024 |
34.22 |
32.04 |
32.04 |
591 |
52 |
|||||||
|
||||||||||||
For further information, please refer to the section “Other transactions that had no effect on the composition of the Group” under “Summary of accounting policies.”
Summarized financial information for subsidiaries with significant non-controlling interests:
millions of € |
|
|
|
|
|
|
|
||||||
Name and registered office |
|
Current |
Non-current assetsa |
Current liabilitiesa |
Non-current liabilitiesa |
Profit (loss)a |
Total comprehensive incomea |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
24,538 |
173,312 |
21,379 |
117,903 |
9,885 |
2,128 |
||||||||
Dec. 31, 2024/2024 |
20,577 |
195,035 |
20,369 |
126,986 |
12,215 |
16,502 |
|||||||
Hellenic Telecommunications Organization S.A. (OTE), |
Dec. 31, 2025/2025 |
1,396 |
4,363 |
2,138 |
879 |
610 |
634 |
||||||
Dec. 31, 2024/2024 |
1,270 |
4,453 |
1,652 |
1,473 |
454 |
446 |
|||||||
Dec. 31, 2025/2025 |
608 |
1,993 |
357 |
113 |
141 |
142 |
|||||||
Dec. 31, 2024/2024 |
633 |
1,941 |
316 |
109 |
140 |
131 |
|||||||
Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungaryb,c |
Dec. 31, 2025/2025 |
1,093 |
3,365 |
761 |
913 |
541 |
682 |
||||||
Dec. 31, 2024/2024 |
900 |
3,165 |
681 |
942 |
413 |
266 |
|||||||
|
|||||||||||||
millions of € |
|
|
|
|
||||||
Name and registered office |
|
Net cash from operating activitiesa |
Net cash (used in) from investing activitiesa |
Net cash (used in) from financing activitiesa |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
2025 |
28,091 |
(15,537) |
(11,785) |
|||||||
2024 |
27,767 |
(11,738) |
(15,827) |
|||||||
Hellenic Telecommunications Organization S.A. (OTE), |
2025 |
1,185 |
(473) |
(658) |
||||||
2024 |
1,115 |
(521) |
(592) |
|||||||
2025 |
410 |
(99) |
(253) |
|||||||
2024 |
409 |
(179) |
(239) |
|||||||
Magyar Telekom Telecommunications Public Limited Company, |
2025 |
933 |
(317) |
(488) |
||||||
2024 |
774 |
(228) |
(425) |
|||||||
|
||||||||||