The T-Share

Development of international indexes

2025 was characterized by strong growth on the international markets, with many indexes reaching record highs. The development of inflation and interest rates over the course of the year bolstered stock valuations and, as in 2024, artificial intelligence was a vital growth driver. Although U.S. economic policy and the associated tariff discussions increased volatility, they were not sufficient to halt the general upward trend.

The DAX 40 – as a total return index, i.e., including reinvested dividends – climbed 22.7 % over the course of the year. In the same period, the Dow Jones rose by 13.0 %, or by 14.9 % including reinvested dividends.

The Nikkei also rose substantially in 2025, recording growth of 26.3 % at year-end. The Dow Jones EURO STOXX 50® recorded slightly lower, although still significant growth, rising 21.2 %.

T-Share performance

2025 was also a good year for the European telecommunications sector: The industry’s barometer, the Dow Jones STOXX® Europe 600 Telecommunications, climbed 15.8 % as of the end of the year.

The T-Share was not able to profit from this positive environment: It ended 2025 on a slightly negative note. The closing price at the end of 2025 was EUR 27.66. The development of the share price was significantly influenced by the weak U.S. dollar and the weaker development of the share price of our U.S. subsidiary, T‑Mobile US.

The lowest price recorded during the year was EUR 26.35 on November 6, 2025, while the highest price of EUR 35.85 was recorded on March 3, 2025.

On a total return basis – and thus comparable with the DAX – our share ended 2025 down slightly by 1.5 %.

T-Share as compared to DAX, Dow Jones EURO STOXX 50®, and Dow Jones STOXX® Europe 600 Telecommunications

January 1 to December 31, 2025 (based on total shareholder return)

T-Share as compared to other European telecommunications companies

January 1 to December 31, 2025 (based on total shareholder return)

For an overview of the performance of the T-Share in recent years, please visit our Investor Relations website.

T-Share sustainability rating

For more than two decades, we have successfully included our share in a number of different ESG ratings. How we select these ratings depends on their relevance for the financial market, independence, the quality of the analysis, and on the strategic relevance of the results. If the rating agencies give the T‑Share a good ESG rating, the share will be listed in corresponding sustainability indexes on the financial market. In 2025, the T-Share was once again listed in key sustainability indexes, again being included in the Climate A list and named as a Supplier Engagement Leader by CDP.

Dividend

The Board of Management of Deutsche Telekom AG will propose to the Shareholders’ Meeting on April 1, 2026 the distribution of a dividend of EUR 1.00 per dividend-bearing share, up from EUR 0.90 in the prior year. In November 2024, we had announced that we would buy back shares in Deutsche Telekom AG in 2025 up to a total purchase price of EUR 2 billion under a share buy-back program. The buy-back started on January 3, 2025, and was completed on December 11, 2025. In total, 65.4 million shares were bought back for a total amount of around EUR 2.0 billion.

For 2026, Deutsche Telekom announced a further share buy-back program of up to EUR 2 billion, which started on January 5, 2026.

Capital markets communication

Deutsche Telekom maintains a close dialog with participants on the capital market and is monitored and analyzed by a number of German and international analysts (coverage). As of December 31, 2025, we recorded 17 analyst recommendations, all 17 of these with a buy recommendation.

For a current overview of analyst coverage, please visit our Investor Relations website.

The dialog with our institutional investors was maintained through participation in numerous conferences as well as by holding virtual and conventional roadshows.

Our investor communications also received recognition in the reporting year: HHL Leipzig Graduate School of Management, in cooperation with Manager Magazin, voted us Investors’ Darling for the best financial communication for the fourth time in succession with the #1 spot in its DAX 40 ranking of 2025. We were also named best IR team in the DAX 40 in the survey by DIRK, the German Investor Relations Association, in cooperation with WirtschaftsWoche magazine. In Extel’s annual investor survey, Deutsche Telekom took first place for the best IR work among European telecommunications companies.

We kept up our intensive dialog with retail investors in 2025, with our Shareholders’ Meeting, which is held in person, and regular newsletters forming the basis for the dialog offered to our 1.3 million retail investors. Management held timely live webcasts, in German, to discuss all quarterly results in 2025 and the annual results for 2024 with interested retail investors.

Shareholder structure

The Federal Republic’s shareholding, including that of KfW, increased to 28.3 % in 2025, mainly due to the share buy-back program carried out in 2024, which resulted in a decrease in the number of shares in the 2025 financial year. On August 4, 2025, we received a notification of SoftBank’s voting rights stating that its last reported shareholding of 4.5 % has decreased to 0.4 %. As a result, the percentage of shares in free float at the reporting date increased to 71.1 % of the share capital, with the share of retail investors increasing to 17.2 % and the share of institutional investors increasing to 54.5 %.

Shareholder structure

% (as of December 31, 2025)

Geographical distribution of free float

% (as of December 31, 2025)

For further information relevant to shareholders, please refer to our Investor Relations website.