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 2024 combined management report (2024 Annual Report).

Deutsche Telekom AG’s share buy-back program. In October 2024, we announced that we will buy back shares in Deutsche Telekom AG in 2025 up to a total purchase price of EUR 2 billion under a further share buy-back program. The buy-back commenced on January 3, 2025 and will be carried out in several tranches through December 31, 2025. As of June 30, 2025, Deutsche Telekom AG had bought back around 28 million shares with a total volume of EUR 0.9 billion.

Sale of T‑Mobile US shares by Deutsche Telekom. On March 14, 2025, Deutsche Telekom announced it would be selling a portion of its T‑Mobile US share portfolio on the market in the period from June to September 2025, without jeopardizing its own majority ownership position in T‑Mobile US. The sales plan began on June 12, 2025. As of June 30, 2025, Deutsche Telekom had sold around 0.8 million T‑Mobile US shares with a total volume of EUR 0.2 billion.

T‑Mobile US’ 2025 shareholder return program. On December 13, 2024, T‑Mobile US announced a further shareholder return program of up to USD 14 billion until December 31, 2025. The program comprises share buy-backs and dividends to be paid out. 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.

In the first half of 2025, T‑Mobile US bought back around 20 million shares with a total volume of USD 4.9 billion (EUR 4.5 billion) under this program, and paid out a cash dividend of USD 2.0 billion (EUR 1.8 billion). EUR 1.0 billion of the cash dividend was attributable to Deutsche Telekom’s stake and EUR 0.9 billion to non-controlling interests in T‑Mobile US.