Forecast

The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2020 combined management report (2020 Annual Report, page 107 et seq.), we now expect to post stronger-than-expected increases in adjusted EBITDA AL and free cash flow AL (before dividend payments and spectrum investments). Adjusted EBITDA AL was originally expected to increase to around EUR 37.0 billion. We now expect adjusted EBITDA AL for the Group to grow to over EUR 37.0 billion in the 2021 financial year. This is largely attributable on the one hand to stronger-than-expected business performance in the United States operating segment, where we now anticipate adjusted EBITDA AL of around USD 25.9 billion, up from previously USD 25.8 billion. For business outside of the United States, we also expect higher adjusted EBITDA AL of EUR 14.4 billion, up from the previous guidance of EUR 14.3 billion. Due to the increased guidance for EBITDA AL both in the United States and outside of the United States, we now expect to record free cash flow AL for the Group (before dividend payments and spectrum investments) of over EUR 8.0 billion, up from our original guidance of around EUR 8.0 billion. All other statements made remain valid. For additional information and recent changes in the economic situation, please refer to the section “The economic environment” in this interim Group management report. Readers are also referred to the DisclaimerDisclaimer at the end of this report.