Net assets of the Group

As of June 30, 2026, our total assets amounted to EUR 291.3 billion, which was up EUR 1.6 billion against the level as of December 31, 2025. Exchange rate effects, primarily from the translation from U.S. dollars into euros, in particular had an increasing effect on the carrying amount of total assets.

Assets

On the assets side, cash and cash equivalents decreased by EUR 2.4 billion against the end of the prior year to EUR 5.4 billion.

For further information, please refer to the section “Notes to the consolidated statement of cash flows” in the interim consolidated financial statements.

At EUR 16.7 billion, trade receivables decreased by EUR 0.1 billion against the 2025 year-end level, with receivables declining in the Germany operating segment. By contrast, receivables increased in the Europe operating segment. In the United States operating segment, receivables remained more or less on a par with the level as of December 31, 2025, despite an increasing exchange rate effect.

Intangible assets increased by EUR 3.2 billion compared to December 31, 2025 to EUR 136.8 billion. Exchange rate effects increased the carrying amount by EUR 3.7 billion. Investments also increased it by EUR 3.3 billion, with EUR 0.6 billion of this relating to investments in mobile spectrum, primarily in the United States operating segment. Amortization and impairment losses of EUR 3.3 billion reduced the carrying amount. Reclassifications of intangible assets to non-current assets and disposal groups held for sale also reduced the carrying amount by EUR 0.4 billion. This related to agreements concluded in the reporting period for the exchange of spectrum licenses in the United States operating segment. Disposals reduced the carrying amount by EUR 0.1 billion.

Property, plant and equipment decreased by EUR 0.2 billion compared with December 31, 2025 to EUR 64.6 billion. Depreciation and impairment losses reduced the carrying amount by EUR 6.1 billion. The carrying amount was increased by additions of EUR 5.1 billion, primarily in connection with the network modernization and the network build-out (broadband, fiber-optic, and mobile infrastructure), as well as exchange rate effects of EUR 0.9 billion.

Right-of-use assets decreased by EUR 0.2 billion compared with December 31, 2025 to EUR 28.4 billion. Depreciation and impairment losses reduced the net carrying amount by EUR 2.9 billion. Disposals reduced the carrying amount by EUR 0.1 billion. Additions totaling EUR 2.1 billion and exchange rate effects of EUR 0.7 billion increased it.

Investments accounted for using the equity method remained unchanged against the level of December 31, 2025 at EUR 11.1 billion. A capital increase at our investment in GlasfaserPlus and exchange rate effects increased the carrying amount, while proportionate losses from T‑Mobile US’ investments in Metronet and Lumos and dividend payments by GD Towers had a decreasing effect.

Current and non-current financial assets decreased by EUR 0.2 billion to EUR 8.4 billion, with the net total of originated loans and receivables decreasing by EUR 0.3 billion. This was mainly due to lower receivables from collateral agreements as surety for credit risks in connection with forward-payer swaps due to normal fluctuations in fair value (EUR 0.2 billion), and payments received from GD Towers in connection with distributions from shareholders’ equity (EUR 0.2 billion). The carrying amount of derivatives with a hedging relationship decreased by EUR 0.1 billion. Increases in fair value resulted in an increase in the carrying amounts of equity instruments by EUR 0.2 billion.

Non-current assets and disposal groups held for sale increased by EUR 0.5 billion compared with December 31, 2025 to EUR 3.7 billion. EUR 0.4 billion of the increase resulted from agreements concluded in the reporting period for the exchange of spectrum licenses in the United States operating segment. The carrying amount also included spectrum licenses of EUR 3.2 billion in connection with the sale agreed between T‑Mobile US and Grain.

Other assets increased by EUR 1.1 billion compared to December 31, 2025 to EUR 15.7 billion. Current and non-current other assets contributed EUR 0.6 billion to this increase, due in part to an increase in plan assets as well as higher receivables from other taxes. Current recoverable income taxes of EUR 0.3 billion and capitalized contract costs of EUR 0.2 billion also had an increasing effect.

Liabilities

On the liabilities and shareholders’ equity side, current and non-current financial liabilities increased by EUR 3.6 billion compared with the end of 2025 to EUR 114.0 billion, mainly due to exchange rate effects.

Bonds and other securitized liabilities increased by EUR 2.9 billion. USD bonds amounting to EUR 1.7 billion issued by T‑Mobile US and EUR bonds of EUR 2.5 billion increased the carrying amount. In addition, Deutsche Telekom AG issued EUR bonds amounting to EUR 1.5 billion, CHF bonds of EUR 0.6 billion, as well as HKD and CNY bonds of EUR 0.1 billion each. The carrying amount was reduced by scheduled repayments of USD bonds of EUR 3.4 billion by T‑Mobile US, a EUR bond of EUR 0.4 billion of Deutsche Telekom AG, and a EUR bond of EUR 0.6 billion of Deutsche Telekom International Finance B.V. T‑Mobile US repaid a USD bond with a volume of USD 1.5 billion (EUR 1.3 billion) prematurely.

Liabilities collateralized by existing and anticipated trade receivables (including asset-backed securities) increased by EUR 0.9 billion to EUR 2.6 billion. These were liabilities of T‑Mobile US. The carrying amount was increased by issues of EUR 1.3 billion. By contrast, early repayments of EUR 0.4 billion had a decreasing effect on the carrying amount.

Other non-interest-bearing liabilities increased by EUR 0.3 billion to EUR 2.1 billion, mainly due to the increase in liabilities from dividend payments to non-controlling interests by individual national companies in the Europe operating segment.

Current and non-current lease liabilities decreased by EUR 0.3 billion compared with December 31, 2025 to EUR 36.1 billion. Lease liabilities in the Germany and United States operating segments decreased by EUR 0.2 billion and EUR 0.1 billion, respectively. Lease liabilities in the United States operating segment declined by EUR 1.0 billion, mainly due to the lower number of new contracts and the decommissioning of defunct cell sites and network technology. Exchange rate effects of EUR 0.9 billion reduced the carrying amount.

Trade and other payables decreased by EUR 0.4 billion to EUR 9.2 billion. This decrease was in spite of an increasing effect from exchange rate effects and due to lower liabilities in the United States and Europe operating segments. Liabilities increased in the Germany and Systems Solutions operating segments.

Provisions for pensions and other employee benefits decreased by EUR 0.2 billion compared with December 31, 2025 to EUR 1.7 billion. Overall, the remeasurement of defined benefit plans resulted in an actuarial gain of EUR 0.3 billion to be recognized directly in equity, mainly due to the increase in the fair values of plan assets compared with December 31, 2025. Benefits paid directly by the employer in the reporting period of EUR 0.3 billion also contributed to the reduction in the carrying amount. The EUR 0.3 billion increase in the pension surplus at Deutsche Telekom AG compared with December 31, 2025 had an increasing effect, which resulted in an additional plan asset under other non-current assets.

Current and non-current other provisions decreased by EUR 0.2 billion to EUR 7.7 billion compared with the end of 2025. Other provisions for personnel costs decreased by EUR 0.5 billion, mainly in connection with the performance-based remuneration components for the prior year paid out to employees in the first half of 2026. Provisions for sales and procurement support also declined by EUR 0.1 billion. By contrast, miscellaneous other provisions, provisions for termination benefits, in particular in connection with the 2025-2026 Workforce Transformation program at T‑Mobile US, and provisions for litigation risks increased. Exchange rate effects increased the carrying amount by EUR 0.1 billion.

Miscellaneous liabilities increased by EUR 0.2 billion compared to December 31, 2025 to EUR 9.4 billion, with other liabilities increasing by EUR 0.2 billion, mainly due to an increase of EUR 0.4 billion in liabilities from other taxes. By contrast, liabilities in connection with publicly funded projects in the Germany operating segment decreased by EUR 0.1 billion and liabilities from early retirement arrangements for civil servants by EUR 0.1 billion.

Shareholders’ equity decreased by EUR 3.4 billion compared with December 31, 2025 to EUR 88.8 billion. Transactions with owners reduced shareholders’ equity by EUR 6.3 billion, and related mainly to the buy-back of shares by T‑Mobile US. Furthermore, shareholders’ equity was reduced in connection with dividend payments for the 2025 financial year to Deutsche Telekom AG shareholders in the amount of EUR 4.8 billion and to other shareholders of subsidiaries in the amount of EUR 1.2 billion. The latter figure includes cash dividends paid by T‑Mobile US to non-controlling interests, as declared in the reporting period. The carrying amount was also reduced by Deutsche Telekom AG’s 2026 share buy-back program with share buy-backs of EUR 1.0 billion, while profit of EUR 6.9 billion and capital increases from share-based payments of EUR 0.4 billion had an increasing effect. Other comprehensive income also increased the carrying amount by EUR 2.6 billion.

For further information, please refer to the section “Selected notes to the consolidated statement of financial position” in the interim consolidated financial statements.