Group organization, strategy, and management
With regard to our Group organization, strategy, and management, please refer to the explanations in the 2024 combined management report (2024 Annual Report). From the Group’s point of view, the following significant events in the first half of 2025 resulted in changes and/or additions.
Group organization
Acquisition of Vistar Media in the United States. On December 20, 2024, T‑Mobile US entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Vistar Media, a provider of technology solutions for digital out-of-home advertisements. The transaction was consummated on February 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.6 billion (EUR 0.6 billion). Vistar Media has been included in the consolidated financial statements as of February 3, 2025.
Acquisition of Blis in the United States. On February 18, 2024, T‑Mobile US entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Blis, a provider of advertising solutions. The transaction was consummated on March 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.2 billion (EUR 0.2 billion). Blis has been included in the consolidated financial statements since March 3, 2025.
Acquisition of Lumos in the United States. On April 24, 2024, T‑Mobile US entered into an agreement with the investment fund EQT on the acquisition of the fiber-to-the-home platform Lumos as part of a joint venture. The transaction was consummated on April 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. In the period between closing and June 30, 2025, T‑Mobile US invested around USD 0.9 billion (EUR 0.8 billion) to acquire a 50 % equity stake in the joint venture and 97,000 fiber customers. Lumos will continue to provide fiber services for the acquired fiber customers under a wholesale agreement between T‑Mobile US and Lumos. The revenues generated from the acquired fiber customers are recognized at T‑Mobile US under postpaid service revenues. The related costs paid for the provision and use of the fiber network are recognized under cost of services. The funds invested by T‑Mobile US are to be used for future fiber builds. In addition, pursuant to the definitive agreement, T‑Mobile US expects to make an additional capital contribution of approximately USD 0.5 billion (EUR 0.4 billion) between 2027 and 2028. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since April 1, 2025.
(Expected) changes to the segment and organizational structure in 2025
Agreement on the acquisition of UScellular in the United States. On May 24, 2024, T‑Mobile US entered into an agreement on the acquisition of UScellular’s wireless operations and specific spectrum licenses. The transaction was consummated on August 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. The purchase price totals around USD 4.4 billion (EUR 3.8 billion) and comprises a cash component and the transfer of debt of up to USD 2.0 billion (EUR 1.7 billion). The acquired activities and assets have been included in Deutsche Telekom’s consolidated financial statements since August 1, 2025.
Agreement on the acquisition of Metronet in the United States. On July 18, 2024, T‑Mobile US entered into an agreement with KKR to establish a joint venture to acquire the fiber-to-the-home platform Metronet and certain of its affiliates. The transaction was consummated on July 24, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US invested approximately USD 4.6 billion (EUR 3.9 billion) in the joint venture to acquire a 50 % equity stake and all existing residential fiber customers, as well as to fund the joint venture. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since July 24, 2025.
Agreement on the acquisition of Iowa Entities in the United States. On July 22, 2025, T‑Mobile US entered into a purchase agreement for the acquisition of the wireless operations of two Iowa RSA companies (“Iowa Entities”) of Farmers Cellular Telephone Company. The transaction was consummated on August 1, 2025. The purchase price totaled around USD 0.2 billion (EUR 0.1 billion). The acquired assets and liabilities have been included in Deutsche Telekom’s consolidated financial statements since August 1, 2025.
Governance
On January 27, 2025, the Supervisory Board resolved to cancel the current appointment of Tim Höttges. He was reappointed to the Board of Management prematurely for the period from February 1, 2025 until midnight on December 31, 2028, and was reassigned the department of the Chair of the Board of Management.
The Supervisory Board additionally resolved on January 27, 2025 to terminate Srini Gopalan’s position as the Board member responsible for the German Board department and to approve his termination agreement effective midnight on February 28, 2025. Srini Gopalan assumed the function of Chief Operating Officer at T‑Mobile US effective March 1, 2025.
In the same meeting, the Supervisory Board approved the appointment of Rodrigo Diehl to the Board of Management for the period from March 1, 2025 to midnight on February 29, 2028. He was assigned the Germany Board department.
Claudia Nemat, Board member responsible for the Technology and Innovation Board department, notified the Supervisory Board of Deutsche Telekom AG that she does not intend to extend her service contract beyond its current expiration date and will leave the Group prematurely as of midnight on September 30, 2025.
On May 22, 2025, the Supervisory Board approved the appointment of Dr. Abdu Mudesir to the Board of Management for the period from October 1, 2025 to midnight on September 30, 2028. He was assigned the Technology and Innovation Board department.
In accordance with the published agenda, on April 9, 2025, the Shareholders’ Meeting of Deutsche Telekom AG passed resolutions on, among other matters, the approval of the actions of the Board of Management and the Supervisory Board, the selection of the external auditor for the 2025 financial year, the amount of the dividend (EUR 0.90 per dividend-bearing no par value share; total dividend payout EUR 4.4 billion), the change to § 14 of the Articles of Incorporation (possibility of a virtual Shareholders’ Meeting), and a new Board of Management remuneration system from the 2025 financial year onward. The dividend was paid out in April 2025.
For further information on the 2025 Shareholders’ Meeting, please refer to our Investor Relations website.
Further information on the Board of Management remuneration system is available on our remuneration website.