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Disclosures on financial instruments

Carrying amounts, amounts recognized, and fair values by class and measurement category

millions of €

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the statement of financial position in accordance with IFRS 9

 

 

 

Measurement category in accordance with IFRS 9

Carrying amount Mar. 31, 2025

Amortized cost

Fair value through other comprehensive income without recycling to profit or loss

Fair value through other comprehensive income with recycling to profit or loss

Fair value through profit or lossa

Fair value Mar. 31, 2025b

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

AC

17,008

17,008

 

 

 

 

 

Trade receivables

 

15,868

 

 

 

 

 

 

At amortized cost

AC

7,179

7,179

 

 

 

 

 

At fair value through other comprehensive income

FVOCI

8,689

 

 

8,689

 

8,689

 

Other financial assets

 

7,665

 

 

 

 

 

 

Originated loans and other receivables

 

5,580

 

 

 

 

 

 

At amortized cost

AC

5,324

5,324

 

 

 

5,335

 

Of which: collateral paid

AC

1,378

1,378

 

 

 

 

 

Of which: publicly funded projects

AC

1,568

1,568

 

 

 

 

 

At fair value through profit or loss

FVTPL

256

 

 

 

256

256

 

Equity instruments

 

490

 

 

 

 

 

 

At fair value through other comprehensive income

FVOCI

487

 

487

 

 

487

 

At fair value through profit or loss

FVTPL

3

 

 

 

3

3

 

Derivative financial assets

 

1,430

 

 

 

 

 

 

Derivatives without a hedging relationship

FVTPL

711

 

 

 

711

711

 

Of which: termination rights embedded in bonds issued

FVTPL

169

 

 

 

169

169

 

Of which: energy forward agreements

FVTPL

168

 

 

 

168

168

 

Derivatives with a hedging relationship

n.a.

719

 

 

668

51

719

 

Lease assets

n.a.

166

 

 

 

 

 

 

Cash and cash equivalents and trade receivables and other financial assets directly associated with non-current assets and disposal groups held for sale

AC

3

3

 

 

 

 

 

Equity instruments within non-current assets and disposal groups held for sale

FVOCI

66

 

66

 

 

66

 

Liabilities

 

 

 

 

 

 

 

 

Trade payables

AC

8,854

8,854

 

 

 

 

 

Financial liabilities

 

116,849

 

 

 

 

 

 

Bonds and other securitized liabilities

AC

99,042

99,042

 

 

 

95,097

 

Asset-backed securities collateralized by trade receivables

AC

1,711

1,711

 

 

 

1,724

 

Liabilities to banks

AC

3,470

3,470

 

 

 

3,440

 

Liabilities with the right of creditors to priority repayment in the event of default

AC

1,047

1,047

 

 

 

1,024

 

Other interest-bearing liabilities

AC

6,032

6,032

 

 

 

5,912

 

Of which: collateral received

AC

41

41

 

 

 

 

 

Liabilities from deferred interest

AC

1,183

1,183

 

 

 

 

 

Other non-interest-bearing liabilities

AC

1,873

1,873

 

 

 

 

 

Derivative financial liabilities

 

2,491

 

 

 

 

 

 

Derivatives without a hedging relationship

FVTPL

282

 

 

 

282

282

 

Of which: options granted to third parties for the purchase of shares in subsidiaries and associates

FVTPL

75

 

 

 

75

75

 

Of which: energy forward agreements

FVTPL

23

 

 

 

23

23

 

Derivatives with a hedging relationship

n.a.

2,209

 

 

576

1,633

2,209

 

Lease liabilities

n.a.

38,296

 

 

 

 

 

 

Trade payables and other financial liabilities directly associated with non-current assets and disposal groups held for sale

AC

5

5

 

 

 

 

 

Aggregated by measurement category (IFRS 9)

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Financial assets at amortized cost

AC

29,513

29,513

 

 

 

5,335

 

Financial assets at fair value through other comprehensive income with recycling to profit or loss

FVOCI

8,689

 

 

8,689

 

8,689

 

Financial assets at fair value through other comprehensive income without recycling to profit or loss

FVOCI

553

 

553

 

 

553

 

Financial assets at fair value through profit or loss

FVTPL

970

 

 

 

970

970

 

Liabilities

 

 

 

 

 

 

 

 

Financial liabilities at amortized cost

AC

123,217

123,217

 

 

 

107,198

 

Financial liabilities at fair value through profit or loss

FVTPL

282

 

 

 

282

282

 

a

For energy forward agreements please refer to the detailed comments in the following section.

b

The practical expedient under IFRS 7.29 was applied for disclosures on specific fair values.

Carrying amounts, amounts recognized, and fair values by class and measurement category

millions of €

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the statement of financial position in accordance with IFRS 9

 

 

Measurement category in accordance with IFRS 9

Carrying amount Dec. 31, 2024

Amortized cost

Fair value through other comprehensive income without recycling to profit or loss

Fair value through other comprehensive income with recycling to profit or loss

Fair value through profit or lossa

Fair value Dec. 31, 2024b

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

AC

8,472

8,472

 

 

 

 

Trade receivables

 

16,411

 

 

 

 

 

At amortized cost

AC

7,222

7,222

 

 

 

 

At fair value through other comprehensive income

FVOCI

9,189

 

 

9,189

 

9,189

Other financial assets

 

7,743

 

 

 

 

 

Originated loans and other receivables

 

5,435

 

 

 

 

 

At amortized cost

AC

5,170

5,170

 

 

 

5,181

Of which: collateral paid

AC

1,533

1,533

 

 

 

 

Of which: publicly funded projects

AC

1,550

1,550

 

 

 

 

At fair value through profit or loss

FVTPL

265

 

 

 

265

265

Equity instruments

 

552

 

 

 

 

 

At fair value through other comprehensive income

FVOCI

549

 

549

 

 

549

At fair value through profit or loss

FVTPL

3

 

 

 

3

3

Derivative financial assets

 

1,585

 

 

 

 

 

Derivatives without a hedging relationship

FVTPL

911

 

 

 

911

911

Of which: termination rights embedded in bonds issued

FVTPL

193

 

 

 

193

193

Of which: energy forward agreements

FVTPL

189

 

 

 

189

189

Derivatives with a hedging relationship

n.a.

674

 

 

609

65

674

Lease assets

n.a.

171

 

 

 

 

 

Cash and cash equivalents and trade receivables and other financial assets directly associated with non-current assets and disposal groups held for sale

AC

0

0

 

 

 

 

Equity instruments within non-current assets and disposal groups held for sale

FVOCI

0

 

0

 

 

0

Liabilities

 

 

 

 

 

 

 

Trade payables

AC

9,489

9,489

 

 

 

 

Financial liabilities

 

112,191

 

 

 

 

 

Bonds and other securitized liabilities

AC

94,678

94,678

 

 

 

90,072

Asset-backed securities collateralized by trade receivables

AC

1,506

1,506

 

 

 

1,510

Liabilities to banks

AC

2,284

2,284

 

 

 

2,225

Liabilities with the right of creditors to priority repayment in the event of default

AC

1,311

1,311

 

 

 

1,283

Other interest-bearing liabilities

AC

6,430

6,430

 

 

 

6,319

Of which: collateral received

AC

109

109

 

 

 

 

Liabilities from deferred interest

AC

1,158

1,158

 

 

 

 

Other non-interest-bearing liabilities

AC

2,138

2,138

 

 

 

 

Derivative financial liabilities

 

2,687

 

 

 

 

 

Derivatives without a hedging relationship

FVTPL

320

 

 

 

320

320

Of which: options granted to third parties for the purchase of shares in subsidiaries and associates

FVTPL

0

 

 

 

0

0

Of which: energy forward agreements

FVTPL

21

 

 

 

21

21

Derivatives with a hedging relationship

n.a.

2,367

 

 

695

1,672

2,367

Lease liabilities

n.a.

40,248

 

 

 

 

 

Trade payables and other financial liabilities directly associated with non-current assets and disposal groups held for sale

AC

0

0

 

 

 

 

Aggregated by measurement category (IFRS 9)

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Financial assets at amortized cost

AC

20,864

20,864

 

 

 

5,181

Financial assets at fair value through other comprehensive income with recycling to profit or loss

FVOCI

9,189

 

 

9,189

 

9,189

Financial assets at fair value through other comprehensive income without recycling to profit or loss

FVOCI

549

 

549

 

 

549

Financial assets at fair value through profit or loss

FVTPL

1,179

 

 

 

1,179

1,179

Liabilities

 

 

 

 

 

 

 

Financial liabilities at amortized cost

AC

118,994

118,994

 

 

 

101,409

Financial liabilities at fair value through profit or loss

FVTPL

320

 

 

 

320

320

a

For energy forward agreements please refer to the detailed comments in the following section.

b

The practical expedient under IFRS 7.29 was applied for disclosures on specific fair values.

Trade receivables include receivables amounting to EUR 2.4 billion (December 31, 2024: EUR 2.5 billion) due in more than one year. The fair value generally equals the carrying amount.

Disclosures on fair value

Financial instruments measured at fair valuea

millions of €

 

 

 

 

 

 

 

 

 

Mar. 31, 2025

Dec. 31, 2024

 

 

 

 

 

 

 

 

 

 

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Assets

 

 

 

 

 

 

 

 

Trade receivables

 

 

 

 

 

 

 

 

At fair value through other comprehensive income

 

 

8,689

8,689

 

 

9,189

9,189

Other financial assets – Originated loans and other receivables

 

 

 

 

 

 

 

 

At fair value through profit or loss

238

 

18

256

248

 

17

265

Equity instruments

 

 

 

 

 

 

 

 

At fair value through other comprehensive income

9

 

544

553

14

 

535

549

At fair value through profit or loss

 

 

3

3

 

 

3

3

Derivative financial assets

 

 

 

 

 

 

 

 

Derivatives without a hedging relationship

 

364

347

711

 

518

393

911

Derivatives with a hedging relationship

 

709

10

719

 

657

17

674

Liabilities

 

 

 

 

 

 

 

 

Derivative financial liabilities

 

 

 

 

 

 

 

 

Derivatives without a hedging relationship

 

184

98

282

 

223

97

320

Derivatives with a hedging relationship

 

2,109

100

2,209

 

2,273

94

2,367

a

Including financial assets and liabilities reported under assets and liabilities directly associated with non-current assets and disposal groups held for sale.

Of the equity instruments measured at fair value through other comprehensive income and recognized under other financial assets, the instruments presented in the different levels constitute separate classes of financial instruments. In each case, the fair values of the total volume of equity instruments recognized as Level 1 are the price quotations at the reporting date.

The listed bonds and other securitized liabilities are assigned to Level 1 or Level 2 depending on the market liquidity of the relevant instrument. Consequently, issues denominated in euros or U.S. dollars with relatively large nominal amounts are to be classified as Level 1, the rest as Level 2. The fair values of the instruments assigned to Level 1 equal the nominal amounts multiplied by the price quotations at the reporting date. The fair values of the instruments assigned to Level 2 are calculated as the present values of the payments associated with the debts, based on the applicable yield curve and Deutsche Telekom’s credit spread curve for specific currencies. T‑Mobile US’ EUR bonds and its U.S. dollar asset-backed securities collateralized by trade receivables are assigned to Level 2. Their fair values are determined on the basis of quoted prices for identical assets on inactive markets and observable changes in the market interest rates.

The fair values of liabilities to banks and other interest-bearing liabilities are calculated as the present values of the payments associated with the debts, based on the applicable yield curve and Deutsche Telekom’s credit spread curve for specific currencies. The fair values of trade receivables and of originated loans and other receivables are calculated as the present values of the payments associated with the receivables, based on the applicable yield curve and the credit risk of the debtors.

Since there are no market prices available for the derivative financial instruments in the portfolio assigned to Level 2 due to the fact that they are not listed on the market, the fair values are calculated using standard financial valuation models, based entirely on observable inputs. The fair value of derivatives is the price that Deutsche Telekom would receive or have to pay if the financial instrument were transferred at the reporting date. Interest rates of contractual partners relevant as of the reporting date are used in this respect. The middle rates applicable as of the reporting date are used as exchange rates. In the case of interest-bearing derivatives, a distinction is made between the clean price and the dirty price. In contrast to the clean price, the dirty price also includes the interest accrued. The fair values carried correspond to the full fair value or the dirty price.

The equity instruments measured at fair value through other comprehensive income comprise a large number of investments in strategic, unlisted individual positions. Deutsche Telekom considers the chosen measurement through other comprehensive income without recycling to profit or loss to be appropriate because there are no plans to use the investments for short-term profit-taking. At the date of disposal of an investment, the total cumulative gain or loss is reclassified to retained earnings. Acquisitions and disposals are based on business policy investment decisions.

Development of the carrying amounts of the financial assets and financial liabilities assigned to Level 3a

millions of €

 

 

 

 

 

Equity instruments at fair value through other comprehensive income

Derivative financial assets at fair value through profit or loss: termination rights embedded in bonds issued

Derivative financial assets at fair value through profit or loss: energy forward agreements

Derivative financial liabilities at fair value through profit or loss: energy forward agreements

Carrying amount as of January 1, 2025

535

193

189

(21)

Additions (including first-time classification as Level 3)

16

16

0

0

Decreases in fair value recognized in profit/loss (including losses on disposal)

0

(33)

(28)

(3)

Increases in fair value recognized in profit/loss (including gains on disposal)

0

0

14

0

Decreases in fair value recognized directly in equity

(25)

0

0

0

Increases in fair value recognized directly in equity

25

0

0

0

Disposals (including last classification as Level 3)b

0

0

0

0

Currency translation effects recognized directly in equity

(8)

(7)

(7)

1

Carrying amount as of March 31, 2025

543

169

168

(23)

a

Including financial assets and liabilities reported under assets and liabilities directly associated with non-current assets and disposal groups held for sale.

b

The disposals under energy forward agreements include billing amounts paid.

The equity instruments assigned to Level 3 that are measured at fair value through other comprehensive income and carried under other financial assets are equity investments with a carrying amount of EUR 489 million measured using the best information available at the reporting date. As a rule, Deutsche Telekom considers transactions involving shares in those companies to have the greatest relevance. Transactions involving shares in comparable companies are also considered. The proximity of the relevant transaction to the reporting date, and the question of whether it was conducted at arm’s length, are relevant for deciding which information is used for the measurement. Furthermore, the degree of similarity between the object being measured and comparable companies must be taken into consideration. For the development of the carrying amounts in the reporting period, please refer to the table above. As of the reporting date, investments with a carrying amount of EUR 66 million were reported under non-current assets and disposal groups held for sale. In the case of investments with a carrying amount of EUR 320 million, transactions involving shares in these companies took place at arm’s length sufficiently close to the reporting date, which is why the share prices agreed in the transactions were to be used without adjustment for the measurement as of the current reporting date. In the case of investments with a carrying amount of EUR 36 million, an analysis of operational indicators (especially revenue, EBIT, and liquidity) revealed that the carrying amounts were equivalent to current fair values. Due to better comparability, previous arm’s length transactions involving shares in these companies are preferable to more recent transactions involving shares in similar companies. In the case of investments with a carrying amount of EUR 133 million, for which the last arm’s length transactions relating to shares in these companies took place further in the past, a measurement performed more recently relating to shares in similar companies provides the most reliable representation of the fair values. Here, multiples to the reference variable of expected revenue (ranging between 3.1 and 38.2) were applied and a range of equally distributed percentiles in intervals of 16.7 % around the median were taken as a basis. For each investment, the appropriate percentile was used depending on the specific circumstances. If other values had been used for the multiples and for the expected revenue amounts, the calculated fair values would have been different. However, these hypothetical deviations (sensitivities) were immaterial as of the current reporting date. In addition, non-material individual items with a carrying amount of EUR 54 million when translated into euros are included with differences in value of minor relevance.

The derivatives without a hedging relationship assigned to Level 3 and carried under derivative financial assets relate to options embedded in bonds issued by T‑Mobile US with a carrying amount of EUR 169 million when translated into euros. The options, which can be exercised by T‑Mobile US at any time, allow early redemption of the bonds at fixed exercise prices. Observable market prices are available regularly and also at the reporting date for the bonds as entire instruments, but not for the options embedded therein. The termination rights are measured using an option pricing model. Historical interest rate volatilities of bonds issued by T‑Mobile US and comparable issuers are used for the measurement because these provide a more reliable estimate at the reporting date than current market interest rate volatilities. The spread curve, which is also unobservable, was derived on the basis of current market prices of bonds issued by T‑Mobile US and debt instruments of comparable issuers. Risk-free interest rates and spreads were simulated separately from each other. At the current reporting date, the following interest rate volatility and spreads were used for the various rating levels of the USD bonds:

Interest rate volatilities and spreads used for USD bonds by rating levels

%

 

 

 

Interest volatility (absolute figure)

Spread

BBB+

0.0–0.2

1.0–1.4

BBB-

0.0–0.2

1.3–1.8

BB+

0.0–0.2

1.6–2.1

If other values had been used for the interest rate volatility and for the spread curve, the calculated fair values would have been different. However, these hypothetical deviations (sensitivities) were immaterial as of the current reporting date. In the reporting period, a net expense of EUR 33 million when translated into euros was recognized under the Level 3 measurement in other financial income/expense for unrealized losses for the options in the portfolio at the reporting date. Please refer to the table above for the development of the carrying amounts in the reporting period. Due to their distinctiveness, these instruments constitute a separate class of financial instruments.

With a carrying amount of EUR 168 million when translated into euros, the derivatives without a hedging relationship assigned to Level 3 and carried under derivative financial assets relate to energy forward agreements embedded in contracts entered into by T‑Mobile US. The same applies to derivative financial liabilities with a carrying amount of EUR 23 million when translated into euros. These agreements consist of two components: the energy forward agreement and the acquisition of renewable energy credits by T‑Mobile US. In the case of one energy forward agreement, commercial operation is set to begin in 2026; with the others, it has already begun. Under the energy forward agreements, which are accounted for separately as derivatives, T‑Mobile US receives variable amounts based on the actual energy output and the then current energy prices, and pays fixed amounts per unit of energy generated from the start of commercial operations throughout the term of the contract. The energy forward agreements are measured using valuation models because no observable market prices are available. The value of the derivatives is influenced primarily by the future energy output and the future energy prices on the relevant markets. The main contract parameters and assumptions made are set out in the table below. In the view of T‑Mobile US, the contracts were entered into at current market conditions, and the most appropriate parameters for the unobservable inputs were used for measurement purposes. The transaction price at inception was zero in each case. Since the unobservable inputs have a significant influence on the measurement of the derivatives, the respective amount resulting from initial measurement (day 1 gain) for some of the agreements was not recognized in profit or loss on initial recognition. Instead, these day 1 gains are amortized in profit or loss on a straight-line basis over the period of commercial energy production. This amortization adjusts the effects from measuring the derivatives in each accounting period using the respective valuation models and updated parameters. All amounts from the measurement of the derivatives are presented in net terms per contract in the statement of financial position (derivative financial assets/liabilities) and in the income statement (other operating income/expenses). The remaining agreements were acquired by T‑Mobile US in a business combination and, for these agreements too, unobservable inputs have a material influence on the measurement of the derivatives. However, under the requirements for business combinations, the respective amounts resulting from the measurement are recognized as derivative financial assets, as a result of which there are no amounts yet to be amortized for these agreements. On the following reporting dates, the effects from the periodic measurement of the derivatives will be recorded in full in the income statement (other operating expenses or other operating income). At the reporting date, the calculated fair value from Deutsche Telekom’s perspective for one of the energy forward agreements described above is negative and amounts to EUR ‑5 million when translated into euros. All the rest are positive and amount to EUR 257 million when translated into euros. If other values had been used for the future energy prices and for the future energy output, the calculated fair values would have been different. However, these hypothetical deviations (sensitivities) were immaterial as of the current reporting date. In the reporting period, a net expense of EUR 6 million when translated into euros was recognized under the Level 3 measurement in other operating income/expense for unrealized losses for the derivatives for all the above energy forward agreements. Please refer to the corresponding table for the development of the carrying amounts in the reporting period. The development of the day 1 gain yet to be amortized in the income statement in the reporting period is shown in the following table. The straight-line amortization of the day 1 gains through profit or loss over the period of commercial energy production amounts to a total of EUR 11 million per year when translated into euros.

Main contract parameters of energy forward agreements

 

 

 

United States

Term of the contract from the start of commercial operation in years

12 to 15

End of the term of contracts for which commercial operation has already begun

2029 to 2035

Expected energy output in GWh per year

4,057

Expected energy prices per MWh for the unobservable portion of the term in €

18 to 99

Length of time in years, for which energy prices are regularly observable

up to 10

Development of the not yet amortized amounts

millions of €

 

 

Energy forward agreements in the United Statesa

Measurement amounts on initial recognition

245

Measurement amounts on initial recognition (additions during the reporting period)

0

Measurement amounts amortized in profit or loss in prior periods

(59)

Measurement amounts amortized in profit or loss in the current reporting period

(2)

Currency translation adjustments

9

Disposals in prior periods

(85)

Disposals in the current reporting period

0

Measurement amounts not amortized as of March 31, 2025

108

a

For more details, please refer to the explanations above.

For the trade receivables measured at fair value through other comprehensive income assigned to Level 3 and for the originated loans and other receivables measured at fair value through profit or loss, the main factor in determining fair value is the credit risk of the relevant counterparties. If other values had been used for the default rates as of the reporting date with no change in the reference variables, the calculated fair values would have been different. However, these hypothetical deviations (sensitivities) were immaterial as of the current reporting date. The financial assets assigned to Level 3 include trade receivables measured at fair value through other comprehensive income, for which the credit risk of customers constitutes an unobservable input for the measurement, with a carrying amount of EUR 8,689 million (December 31, 2024: EUR 9,189 million) when translated into euros. As a rule, a credit scoring model is used for receivables paid in installments. The cash flows are discounted on the basis of the weighted average of the original effective interest rates of the financial assets in the relevant portfolio. A weighted average credit-risk spread of 7.10 % (December 31, 2024: 7.18 %) was applied to the respective receivables portfolios at the reporting date. The credit-risk spreads applied are derived from the expected future credit loss of the relevant portfolio and are updated on an ongoing basis. Changes in the fair value of these trade receivables are also caused by changes in observable market interest rates.

No notable fluctuations in value are expected from the other financial assets and financial liabilities assigned to Level 3.

Disclosures on credit risk

In line with the contractual provisions, in the event of insolvency, all derivatives with a positive or negative fair value that exist with the respective counterparty are offset against each other, leaving a net receivable or liability. The net amounts are normally recalculated every bank working day and offset against each other. When the netting of the positive and negative fair values of all derivatives was positive from Deutsche Telekom’s perspective, Deutsche Telekom received unrestricted cash collateral from counterparties pursuant to collateral agreements in the amount of EUR 41 million (December 31, 2024: EUR 109 million). The credit risk was thus reduced by EUR 37 million (December 31, 2024: EUR 104 million) because, on the reporting date, the cash collateral received was offset by corresponding net derivative positions in the same amount. On the basis of these contracts, derivatives with a positive fair value and a total carrying amount of EUR 1,073 million as of the reporting date (December 31, 2024: EUR 1,176 million) had a residual credit risk of EUR 6 million as of March 31, 2025 (December 31, 2024: EUR 0 million).

When the netting of the positive and negative fair values of all derivatives was negative from Deutsche Telekom’s perspective, Deutsche Telekom provided cash collateral in the amount of EUR 1,300 million as of the reporting date (December 31, 2024: EUR 1,457 million) to counterparties pursuant to collateral agreements. The cash collateral paid is offset by corresponding net derivative positions of EUR 1,241 million at the reporting date (December 31, 2024: EUR 1,400 million), which is why it was not exposed to any credit risks in this amount.

On account of its close connection to the corresponding derivatives, the collateral received (paid) constitutes a separate class of financial liabilities (assets). There were no other significant agreements reducing the maximum exposure to the credit risk of financial assets. The maximum exposure to credit risk of the other financial assets thus corresponds to their carrying amounts.

In accordance with the terms of the bonds issued by T‑Mobile US, T‑Mobile US has the right to terminate the majority of bonds prematurely under specific conditions. The rights of early termination constitute embedded derivatives and are presented separately as derivative financial assets in the consolidated statement of financial position. Since they are not exposed to any credit risk, they constitute a separate class of financial instruments. Please refer to the explanations above for more information on the energy forward agreements for which no material collateral is provided. There is also no credit risk on embedded derivatives held.

In connection mainly with the procurement of energy, subsidiaries of Deutsche Telekom have deposited additional cash collateral of EUR 5 million when translated into euros as of the reporting date (December 31, 2024: EUR 5 million). At the reporting date, cash and cash equivalents of EUR 72 million (December 31, 2024: EUR 70 million) when translated into euros were pledged as cash collateral for liabilities issued by Sprint with the right of creditors to priority repayment in the event of default. This cash collateral is not exposed to any significant credit risk.