Forecast
The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2025 combined management report (2025 Annual Report), we now expect to post higher adjusted EBITDA AL. Adjusted EBITDA AL for full-year 2026 was originally expected to come in at around EUR 47.4 billion. We now expect adjusted EBITDA AL for the Group to come in at around EUR 47.5 billion in the 2026 financial year. This is largely attributable to stronger-than-expected development of adjusted EBITDA AL in the United States operating segment, which we now anticipate at USD 36.3 billion, up from USD 36.2 billion. Due to the increased guidance for adjusted EBITDA AL, we now expect to record free cash flow AL for the Group (before dividend payments and spectrum investment) of more than EUR 19.8 billion, up from our previous guidance of around EUR 19.8 billion.
All other statements made remain valid. Our planning assumes an unchanged U.S. dollar exchange rate of USD 1.13.
Changes in the business risks are presented in the section “Risks and opportunities.” For additional information and recent changes in the economic situation, please refer to the section “The economic environment.” Readers are also referred to the “Disclaimer” at the end of this report.