Development of business in the Group

This section provides important additional information and explains recent changes in the significant events and their effects on the development of business in the Group compared to those described in the 2025 combined management report (2025 Annual Report).

Deutsche Telekom AG’s 2026 share buy-back program

In November 2025, Deutsche Telekom AG announced a new share buy-back program with a total volume of up to EUR 2 billion for the 2026 financial year. The buy-back commenced on January 5, 2026 and will be carried out in several tranches through the end of 2026.

As of March 31, 2026, Deutsche Telekom AG had bought back 15.6 million shares with a total volume of EUR 0.5 billion.

On April 21, 2026, the Board of Management of Deutsche Telekom AG resolved to cancel 55.4 million shares that had been bought back in the 2025 financial year under the share buy-back program, and to decrease the share capital accordingly. The cancellation of these 55.4 million shares was completed on April 29, 2026.

T‑Mobile US’ 2026 shareholder return program

On December 11, 2025, T‑Mobile US had announced a new shareholder return program with a total volume of up to USD 14.6 billion for the 2026 financial year, comprising share buy-backs and dividends to be paid out, due to run through December 31, 2026. The amount available for share buy-backs is reduced by the amount of any dividends approved by the Board of Directors of T‑Mobile US. On April 23, 2026, T‑Mobile US announced that its Board of Directors had authorized an increase in the total volume of the program to up to USD 18.2 billion.

As of March 31, 2026, T‑Mobile US had bought back 23.3 million shares with a total volume of USD 4.9 billion (EUR 4.2 billion) and paid out cash dividends of USD 1.1 billion (EUR 1.0 billion). EUR 0.5 billion of the cash dividends was attributable to Deutsche Telekom’s stake and EUR 0.4 billion to non-controlling interests in T‑Mobile US.