Dear shareholders,
Dear friends of Deutsche Telekom,
2025 was a truly special year for Deutsche Telekom. We celebrated 30 years of Deutsche Telekom AG, during which time our Company has continually reinvented itself. When we look at Deutsche Telekom as it is today, we could not imagine it any other way. Our transformation from a German authority to the world’s most valuable telecommunications brand is no coincidence. It is the result of confidence, tenacity, and belief in our own future. Change runs through our Company like a bloodline, and we have actively shaped this change. With clear decisions, bold action, and the passion of the people who work for Deutsche Telekom. The good of our customers was and always is our utmost priority. And hence, the constant driving force for us.
On the operating side, we continued to build on the incredibly successful trends of previous years. Our businesses are robust, our growth sustainable, and our strategy is proving successful. We maintain our high level of investment in infrastructure and future technologies, while staying consistently aligned with the targets we presented at the 2024 Capital Markets Day and which still stand.
In figures: Net revenue increased by 2.9 % to EUR 119.1 billion. Service revenue also increased by 2.9 % to EUR 99.4 billion. This is the result of the positive response from customers. Adjusted EBITDA AL grew by 2.8 % to EUR 44.2 billion. In organic terms, i.e., assuming comparable exchange rates and a comparable composition of the Group, revenue grew by 4.2 % and adjusted EBITDA AL by 4.7 %. All operating segments made a positive contribution to this trend, and free cash flow AL grew to EUR 19.5 billion.
These results are foundational for long-term success – for our customers, for our employees, and for you, our shareholders. And we want that to pay off, which is why we plan to propose to the 2026 Shareholders’ Meeting a record dividend of EUR 1.00 per dividend-bearing share for the 2025 financial year, based on adjusted earnings per share of EUR 2.00. We also bought back shares with a total volume of EUR 2.0 billion in 2025, and we will again buy back shares worth up to EUR 2 billion in 2026.
Our strategy is founded on a clear principle: growth driven by quality, scaling, and technological leadership. At the center remains our flywheel. It unites four key elements: customer satisfaction, network quality, efficiency, and financial strength. This model has worked reliably for us over the past few years. In 2025, we took targeted steps to build up further momentum.
Besides our core business, a key acceleration lever has been the expansion of our focus to data, digital progress, and artificial intelligence. We no longer see AI as a futuristic concept – it is already integral to our operating business. Our strategic cooperation with Nvidia represents a major milestone in this respect. It enables us to create the technological basis for our partners to integrate their AI applications directly into our networks, platforms, and services. Securely, powerfully, and at scale. We are opening up new opportunities not only for our own processes, but also for business customers, industry partners, and public bodies. This partnership serves to strengthen our position as a leading provider of technology platforms to digital society.
At the same time, we continue to scale our businesses globally. Thanks to our networks in Europe and the United States, we are uniquely positioned to do so. We selectively leverage these strengths to reduce time-to-market for innovations, unlock synergies, and capture efficiencies. Nowhere is this more evident than in the United States, where T‑Mobile US is continually raising the bar for customer growth and network quality. Not only that, but we are reaping the benefits of our Lumos and Metronet joint ventures in the U.S. fiber market. And in Europe we are forging ahead with our fast-paced fiber-optic and 5G build-out and consolidating our leadership. We invest billions in network build-out every year – on both sides of the Atlantic. In 2025, we made Group-wide investments (before spectrum) of EUR 16.9 billion. Including spectrum payments, this figure was EUR 19.3 billion.
In 2025 we took a further strategic step to reinforce our brand’s appeal with the acquisition of the broadcast rights for the soccer World Cup in the United States, Canada, and Mexico. Our involvement here is far more than just a media investment. It is a clear commitment to reach, relevance, and emotional connection with customers through our MagentaTV product. Major events like the soccer World Cup bring people together. And “Connecting your world” is exactly what Deutsche Telekom has stood for – for 30 years. We unite content, networks, and services to deliver outstanding experiences to millions of customers.
A key factor in this regard is our brand. It represents reliability, innovativeness, and customer-centricity. This strength is paying off, both economically and for society. Our “T” stands worldwide for quality, reliability, and technological leadership. We have constantly evolved our brand over the years into what it is today. Deutsche Telekom is now one of the most valuable brands globally and the strongest telecommunications brand in Europe. This strength gives our customers confidence, attracts talent, and gives us a position of strength in negotiations with partners, thereby directly contributing to our economic success. Particularly in times of profound technological transformation, having a strong, credible brand gives us a decisive competitive edge. It is also a major pillar underpinning our long-term growth.
For all of this economic success, we maintain our position. And adapt it to new circumstances. In a world dominated by geopolitical change, intensifying competition, and technological progress, we see ourselves as an anchor of stability. In this reality, acting with intention will only continue to grow in importance. The introduction of T-Style represents the next step on our cultural journey, in which we are readjusting our focus to successfully address contemporary and future challenges. T-Style is the next iteration of our company culture rather than a completely new cultural program. Our goal: to reach the top together.
Dear shareholders,
At Deutsche Telekom we will continue to do everything within our power to earn the trust you place in us. With a clear strategy, the courage to invest, and the ambition to be a little better every day. The coming years will undoubtedly bring their fair share of challenges, but also great opportunities. Deutsche Telekom is here and ready to seize them. We won’t stop!
Best regards,
Tim Höttges