Development of selected financial data

Net revenue, service revenue ^a

• Net revenue increased by 0.4 % to EUR 29.9 billion, despite negative exchange rate effects. In organic terms, net revenue increased by 4.7 %. Service revenue was up 0.8 % to EUR 25.0 billion. In organic terms, net revenue increased by 4.6 %.
• Revenue in our Germany segment increased by 1.9 %. In organic terms, the increase was 2.1 %, on account of higher service and terminal equipment revenues.
• Revenue in the United States segment decreased by 0.3 % due to exchange rate effects. In organic terms, revenue increased by 6.1 % due to the positive development of service and terminal equipment revenues.
• Revenue in our Europe segment increased by 1.2 %. In organic terms, the increase was 2.1 %, on account of higher service revenue.
• Revenue in the Systems Solutions segment was up 1.6 %, on the back of growth in the Digital area.

billions of €

EBITDA AL (adjusted for special factors)

• Adjusted EBITDA AL grew by 2.0 % to EUR 11.5 billion. In organic terms, it increased by 7.5 %.
• Adjusted EBITDA AL in the Germany segment increased by 2.5 %, driven by service revenue growth and enhanced cost efficiency.
• Adjusted EBITDA AL in the United States segment increased by 1.5 %. In organic terms, the increase was 10.0 %, on account of higher service and terminal equipment revenues.
• In the Europe segment, adjusted EBITDA AL increased by 4.8 %, mainly on the back of the strong operational revenue trend as well as a positive net margin.
• In the Systems Solutions segment, adjusted EBITDA AL increased by 4.0 %, due to revenue growth and enhanced efficiency.
• The adjusted EBITDA AL margin increased to 38.6 %. The adjusted EBITDA AL margin was 42.6 % in the Germany segment, 39.2 % in the United States segment, and 38.7 % in the Europe segment.

billions of €

Profit/loss from operations (EBIT)

• EBIT declined by EUR 0.9 billion to EUR 5.8 billion.
• At EUR 1.0 billion, special factors affecting EBITDA AL – mainly in the United States – were up by EUR 0.9 billion. Expenses incurred in connection with staff-related restructuring measures increased by EUR 0.4 billion. Depreciation of and impairment losses on right-of-use assets recognized as a special factor increased by EUR 0.3 billion.
• EBITDA AL decreased by EUR 0.7 billion to EUR 10.5 billion.
• Depreciation, amortization and impairment losses increased by EUR 0.4 billion to EUR 6.4 billion. Depreciation and amortization expense increased primarily due to integration and restructuring measures in the United States segment arising from the UScellular Acquisition in the prior year.

billions of €

Net profit (adjusted for special factors)

• Adjusted net profit increased by 6.5 % to EUR 2.6 billion.
• Adjusted earnings per share rose by 7.9 % to EUR 0.54.
• Unadjusted net profit decreased by EUR 0.8 billion to EUR 2.0 billion.
• Loss from financial activities increased by EUR 0.7 billion to EUR 1.6 billion, due to the decrease in the share of profit of associates and joint ventures included in the consolidated financial statements using the equity method. The prior year had included the positive effects of reversals of impairment losses on our investments in GD Towers and GlasfaserPlus.

billions of €

Equity ratio

• The equity ratio decreased to 31.4 %. Shareholders’ equity decreased by EUR 0.2 billion to EUR 92.0 billion, while the total assets/total liabilities increased by EUR 3.7 billion to EUR 293.5 billion, primarily due to exchange rate effects.
• Shareholders’ equity was reduced in particular by transactions with owners (EUR 4.3 billion), mainly in connection with the share buy-backs by T‑Mobile US, the share buy-backs by Deutsche Telekom AG (EUR 0.5 billion), and cash dividends paid by T‑Mobile US to non-controlling interests, as declared in the reporting period (EUR 0.4 billion).
• The main factors increasing shareholders’ equity were profit of EUR 3.1 billion, as well as other comprehensive income of EUR 1.7 billion, which included positive exchange rate effects.

%

Net debt ^b

• Net debt increased by EUR 1.3 billion to EUR 133.8 billion.
• The main factors increasing net debt were the share buy-backs by T‑Mobile US (EUR 4.1 billion), exchange rate effects (EUR 2.0 billion), additions of lease liabilities and of right-of-use assets (EUR 0.9 billion), the share buy-backs by Deutsche Telekom AG (EUR 0.5 billion), and the dividends paid by T‑Mobile US to non-controlling interests (EUR 0.5 billion).
• The main factor reducing net debt was free cash flow (before dividend payments and spectrum investment) of EUR 7.2 billion.

billions of €

Cash capex (before spectrum investment) ^c

• Cash capex (before spectrum investment) decreased by EUR 0.5 billion to EUR 3.8 billion.
• Cash capex in the Germany segment decreased by EUR 0.4 billion, mainly on account of the timing of investments in the fiber build-out. In the United States segment, cash capex decreased by EUR 0.1 billion on account of exchange rate effects. Excluding these effects, cash capex increased primarily due to higher investments in the continued network build-out and following the UScellular Acquisition in the prior year.
• Cash capex (including spectrum investment) decreased by EUR 0.6 billion to EUR 3.9 billion. EUR 0.1 billion in total was invested in mobile spectrum licenses in the reporting period, mainly in the Europe segment. In the prior year, EUR 0.1 billion was likewise invested in mobile spectrum licenses.

billions of €

Free cash flow AL (before dividend payments and spectrum investment) ^c, d

• Free cash flow AL increased slightly to EUR 5.7 billion.
• This was attributable to the strong development of the operating business and lower cash capex (before spectrum investment).
• Exchange rate effects and higher cash outflows relating to corporate transactions agreed in the prior year, the 2025–2026 Workforce Transformation in the United States segment, and the repayment of lease liabilities had a decreasing effect.

billions of €

For a reconciliation for the organic development of key figures for the prior-year period, please refer to the section “Additional information.”

For further information, please refer to the sections “Development of business in the Group” and “Development of business in the operating segments” in the interim Group management report, and to the IR back up on our Investor Relations website.

For further information on our performance indicators and alternative performance measures, please refer to the section “Management of the Group” in the 2025 combined management report (2025 Annual Report) and our Investor Relations website.