Forecast

The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2020 combined management report (page 107 et seq.) and in the Interim Group Report as of March 31, 2021 (pages 32 and 33), we now expect to post a stronger-than-expected increase in adjusted EBITDA AL. Adjusted EBITDA AL was originally expected to increase to over EUR 37.0 billion. We now expect adjusted EBITDA AL for the Group to grow to over EUR 37.2 billion in the 2021 financial year. This is largely attributable to stronger-than-expected business performance in the United States operating segment, where we now anticipate adjusted EBITDA AL of around USD 26.1 billion, up from the most recent guidance of USD 25.9 billion. All other statements made remain valid. We still expect our operations outside of the United States to generate adjusted EBITDA AL of EUR 14.4 billion, as communicated in our Interim Group Report as of March 31, 2021. We also expect the Group’s free cash flow AL (before dividend payments and spectrum investment) to come in at over EUR 8.0 billion, in line with our most recent raised guidance. 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.