Regulation

European Commission’s proposed Digital Networks Act. On January 21, 2026 the European Commission published its proposed Digital Networks Act, which aims to replace and revise the European Electronic Communications Code. The European Parliament has assigned several committees to review and prepare proposals on the act. The proposals known about so far relate to data privacy, basic rights, strict net neutrality (LIBE Committee), and consumer information (IMCO Committee). Over the course of the year, ITRE, the lead parliamentary committee, will advance its own proposals on telecommunications regulation and the alignment of industrial policy in this sector for debate. Given the scope, the procedure along with the inevitable amendments and transition periods is expected to be protracted.

Telecommunications Act reform in Germany. On March 2, 2026, the Federal Ministry for Digital Transformation and Government Modernisation (BMDS) advanced a draft bill for an act amending the Telecommunications Act (TKG). The Federal Cabinet approved the amendment to the TKG on June 10, 2026 with some minor changes. In the next step, the act will be debated by the Bundestag and then by the Bundesrat. The draft legislation contains important strategies to accelerate mobile and fiber-optic build-out, in particular by simplifying approval procedures, improving building access for full fiber build-out, and increased implementation of open access. At the same time, issues still remain. Deutsche Telekom considers the 24-month grace period stipulated for fiber-optic build-out by the property owner themselves, possible restrictions on open access, and the increased authority given to the Bundesnetzagentur over the decommissioning of copper networks to be critical. The removal of the prioritization of electricity grid connections for mobile sites that was planned in the draft bill will make it harder to eliminate remaining coverage gaps. In addition, the planned transparency and documentation obligations for sensitive network infrastructures is viewed critically given the current security situation. The bill may still undergo further changes before being passed, which is likely to be at the end of this year. We will continue to closely monitor developments and strive to both avert risks for Deutsche Telekom and leverage further opportunities.

Bundesnetzagentur’s regulatory procedures based on the decision on access regulation including FTTB/H network access. On June 9, 2026, the Bundesnetzagentur published the new approval on the regulated charges for access to civil engineering infrastructure. The charges apply retroactively from January 1, 2026 until March 30, 2028. In the parallel Bundesnetzagentur regulatory procedure concerning the related reference offer, the final decision was issued on July 21, 2026. This reference offer will initially apply for a period of five years. We are now in the process of implementing the Bundesnetzagentur’s conditions; however, we are also exploring legal steps against the decision. Our reference offer for the FTTB/H wholesale products with Ethernet handoff continues to be under review by the Bundesnetzagentur. In May 2025, the first partial decision was issued, requiring us to make changes to the wholesale agreement. These changes are currently being made to the procedure and agreement before our related reference offer is also terminated by the issue of the second partial decision in the second half of 2026.

Awarding of spectrum

In Hungary, Magyar Telekom spectrum allocations for 2x10 MHz in the 2,100 MHz band were renewed through 2042 at a cost of EUR 30.5 million (HUF 11 billion) on March 24, 2026. In Austria, the auction for the reallocation of spectrum in the 2,600 MHz band expiring at the end of 2026 as well as new spectrum in the 2,300 MHz band ended on April 10, 2026. T‑Mobile Austria secured 60 MHz in the 2,300 MHz band and 2x20 MHz in the 2,600 MHz band for around EUR 13 million. In the Czech Republic, the national regulator decided to allocate spectrum in the 26 GHz band only regionally for an interim period until 2031. In the United States, T‑Mobile US was announced winning bidder of 102 licenses in the auction for AWS-3 band spectrum (Auction 113) in June 2026, for an aggregate purchase price of around EUR 0.2 billion (USD 0.3 billion).

In Germany, the award rules of the 2019 auction were declared unlawful by the Cologne Administrative Court on August 26, 2024. The Bundesnetzagentur consulted the market on how to proceed regarding the new decision until January 12, 2026. It considers possible options to be either a confirmation of its previous decision, with amended reasons, which would leave the 2019 auction unaffected, or a reallocation of the spectrum in a new award procedure. In both scenarios, we expect Deutsche Telekom to still have sufficient spectrum usage rights in the 2.1 GHz and 3.6 GHz bands to ensure the best possible coverage for its customers.

In the United States, the Federal Communications Commission (FCC) began the procedure for the auction of spectrum in the 3.98 to 4.14 GHz range (Upper C-band) on November 20, 2025. The auction must be completed by July 2027. On July 22, 2026, the FCC confirmed plans to auction 160 MHz of spectrum and adopted the regulatory framework. No definitive auction date has yet been set. In Greece, the regulator began the procedure to re-award the spectrum allocations that will expire in mid-2027 in the 900 MHz and 1,800 MHz bands. In Poland, the procedure to award the 26 GHz band could also begin, if necessary. In Hungary, the regulator has started preparations for an extension of the licenses expiring in mid-2029 in the 800 MHz, 1,800 MHz, and 2,600 MHz bands.

The following table provides an overview of the main ongoing and planned spectrum awards and auctions as well as license extensions. It also indicates spectrum to be awarded in the near future in various countries.

Agreements on spectrum licenses

On May 30, 2025, T‑Mobile US entered into an agreement on the sale of 800 MHz spectrum licenses to the affiliates of Grain Management (Grain) in exchange for cash consideration of USD 2.9 billion (EUR 2.5 billion) and the receipt of Grain’s 600 MHz spectrum licenses. It has been further agreed that T‑Mobile US may additionally receive a share of future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions. Since May 30, 2025, the licenses concerned have been reported as held for sale with a carrying amount of EUR 3.2 billion. The FCC approved the transaction on July 1, 2026. The transaction remains subject to further customary closing conditions and is expected to close in the third quarter of 2026.

On September 12, 2023, T‑Mobile US agreed with U.S. cable network operator Comcast to acquire spectrum in the 600 MHz band in exchange for total cash consideration of between USD 1.2 billion and USD 3.3 billion (EUR 1.0 billion and EUR 2.9 billion). The final purchase price will be determined at the time the parties make the required transfer filings with the FCC. At the same time, T‑Mobile US and Comcast have concluded exclusive leasing arrangements. On January 13, 2025, T‑Mobile US and Comcast entered into an amendment to the license purchase agreement pursuant to which T‑Mobile US will acquire additional spectrum. As a consequence of the amendment, the total cash consideration amounts to between USD 1.2 billion and USD 3.4 billion (EUR 1.0 billion and EUR 3.0 billion). On June 2, 2026, the acquisition of USD 46 million (EUR 40 million) of the spectrum licenses was closed. The acquisition of the remaining licenses is expected to be concluded in the first half of 2028.