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The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2021 combined management report (2021 Annual Report, page 120 et seq.) and in the Interim Group Report as of March 31, 2022 (page 34), we now expect to post higher adjusted EBITDA AL. Adjusted EBITDA AL for full-year 2022 was previously expected to reach over EUR 36.6 billion. We now expect adjusted EBITDA AL for the Group to come in at around EUR 37 billion in the 2022 financial year. This is largely attributable on the one hand to stronger-than-expected business performance in the United States operating segment, where we now anticipate adjusted EBITDA AL of around USD 26.8 billion, up from previously around USD 26.6 billion. But for business outside of the United States, we also expect higher adjusted EBITDA AL of EUR 14.3 billion, up from the previous guidance of EUR 14.2 billion. We expect the Group’s free cash flow AL (before dividend payments and spectrum investment) to come in at the recently raised guidance of over EUR 10 billion. For business outside of the United States, we now expect to record free cash flow AL (before dividend payments and spectrum investments) of EUR 3.8 billion, up from the previous guidance of EUR 3.7 billion. Notwithstanding the current macroeconomic environment, all other published statements remain valid. Our planning assumes an unchanged U.S. dollar exchange rate of USD 1.18; financial results for T‑Mobile Netherlands were not included.

For more information on global economic developments and the associated business risks, please refer to the section “Risks and opportunities.” 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.

AL – After Leases
Since the start of the 2019 financial year, we have taken the effects of the first-time application of IFRS 16 “Leases” into account when determining our financial performance indicators. “EBITDA after leases” (EBITDA AL) is calculated by adjusting EBITDA for depreciation of the right-of-use assets and for interest expenses on recognized lease liabilities. When determining “free cash flow after leases” (free cash flow AL), free cash flow is adjusted for the repayment of lease liabilities.