United States

Customer development

Postpaid accounts

At June 30, 2026, the United States operating segment (T‑Mobile US) had 34.7 million postpaid accounts, compared to 34.2 million at December 31, 2025.

Postpaid net account additions were 494 thousand in the first half of 2026, compared to 523 thousand in the first half of 2025. Postpaid net account additions decreased primarily from higher account deactivations driven by the impact of a growing account base, including following the UScellular Acquisition, higher average broadband-only accounts and higher industry switching. The decrease in postpaid net account additions was partially offset by higher gross account additions, including fiber account additions following the acquisitions of Metronet and Lumos.

Development of operations

Revenue, service revenues

Total revenue for the United States operating segment of EUR 39.3 billion in the first half of 2026 increased by 2.4 %, compared to EUR 38.4 billion in the first half of 2025, which includes the impact of currency exchange effects. In U.S. dollars, T‑Mobile US’ total revenue increased by 9.4 % during the same period. Total revenue increased primarily due to higher service and equipment revenues. The components of these changes are described below.

Service revenues increased in the first half of 2026 by 3.1 % to EUR 32.4 billion. In U.S. dollars, T‑Mobile US’ service revenues increased by 10.2 % during the same period. This increase resulted from higher postpaid revenues, primarily due to higher average postpaid accounts, including following the acquisitions of the UScellular Wireless Business, Metronet and Lumos, and higher postpaid Average Revenue per Account (ARPA). The increase in service revenues was partially offset by lower prepaid revenues. The decrease in prepaid revenues was primarily from lower average revenue per customer, primarily from dilution from promotional activity and rate plan mix.

Equipment revenues decreased in the first half of 2026. In U.S. dollars, T‑Mobile USʼ equipment revenues increased. The increase was driven by an increase in device sales revenue, primarily from higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix. The increase in equipment revenues was also driven by an increase in liquidation revenue, primarily due to an increase in the high-end phone mix.

Other revenues were essentially flat.

Adjusted EBITDA AL, EBITDA AL

In euros, adjusted EBITDA AL increased by 5.3 % to EUR 15.7 billion in the first half of 2026, compared to EUR 14.9 billion in the first half of 2025, which includes the impact of currency exchange effects. The adjusted EBITDA AL margin increased to 40.0 % in the first half of 2026, compared to 38.9 % in the first half of 2025. In U.S. dollars, adjusted EBITDA AL increased by 12.5 % during the same period. Adjusted EBITDA AL increased primarily due to higher total service revenues, higher equipment revenues, and a decrease in external labor costs. The increase in adjusted EBITDA AL was partially offset by higher costs following the acquisition of the UScellular Wireless Business and higher equipment costs, primarily from a higher average cost per device sold, primarily driven by an increase in the high-end phone mix. The increase in adjusted EBITDA AL was also partially offset by higher wholesale network access costs and amortization of customer installation fees paid to Metronet and Lumos, higher bad debt expense, higher advertising expense, and an increase in liquidations costs, primarily due to an increase in the high-end phone mix.

EBITDA AL in the first half of 2026 included special factors of EUR -1.2 billion compared to EUR 8 million in the first half of 2025. The change in special factors was primarily due to higher UScellular Merger-related costs, including accelerated lease amortization, higher severance and restructuring costs related to the 2025–2026 Workforce Transformation, higher costs related to network restructuring, higher costs related to retail initiatives, the gain on sale of a portion of the 3.45 GHz licenses to N77 recognized in the first half of 2025, and legal-related insurance recoveries recognized in the first half of 2025 related to the August 2021 cyberattack. Overall, EBITDA AL decreased by 2.7 % to EUR 14.5 billion in the first half of 2026, compared to EUR 14.9 billion in the first half of 2025, primarily due to the factors described above, including special factors.

Profit/loss from operations (EBIT)

EBIT decreased by 8.6 % to EUR 8.9 billion in the first half of 2026, compared to EUR 9.8 billion in the first half of 2025, primarily due to currency exchange effects and higher depreciation, amortization, and impairment losses. In U.S. dollars, EBIT decreased by 2.4 % during the same period. In euros, depreciation, amortization and impairment losses increased by 8.4 % during the same period. In U.S. dollars, depreciation, amortization and impairment losses increased by 15.9 % in the same period primarily from higher depreciation and amortization expense from assets acquired in the acquisition of the UScellular Wireless Business and the continued build-out of the nationwide 5G network, and higher depreciation expense from the acceleration of certain network and technology assets in the current period, including UScellular restructuring.

Cash capex (before spectrum investment), cash capex

Cash capex (before spectrum investment) increased by 3.1 % to EUR 4.6 billion in the first half of 2026, compared to EUR 4.5 billion in the first half of 2025. In U.S. dollars, cash capex (before spectrum investment) increased by 9.3 % during the same period due to an increase in purchases of property and equipment, including for the continued build-out of the nationwide 5G network and incremental capital expenditures following the acquisition of the UScellular Wireless Business, and purchases of intangible assets.

Cash capex decreased by 4.0 % to EUR 5.0 billion in the first half of 2026, compared to EUR 5.2 billion in the first half of 2025, which includes the impact of currency exchange effects. In U.S. dollars, cash capex increased by 1.2 % during the same period primarily due to an increase in purchases of property and equipment and incremental capital expenditures following the acquisition of the UScellular Wireless Business as discussed above. This increase was partially offset by a decrease in purchases of spectrum licenses primarily from the purchases of the remaining 600 MHz spectrum licenses from Channel 51 in the prior year.