Deutsche Telekom at a glance

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millions of €

H1 2026

H1 2025

Change
%

Q2 2026

Q2 2025

Change
%

FY 2025

Revenue and earnings

Net revenue

59,804

58,427

2.4

29,933

28,671

4.4

119,081

Of which: Germany^a

22.1

22.0

22.4

22.5

22.0

Of which: international^a

77.9

78.0

77.6

77.5

78.0

Service revenue^b

50,445

49,067

2.8

25,406

24,237

4.8

98,854

EBITDA

25,096

25,184

(0.4)

12,818

12,406

3.3

48,831

EBITDA (adjusted for special factors)

26,433

25,422

4.0

13,377

12,528

6.8

50,540

EBITDA AL

21,710

22,015

(1.4)

11,219

10,841

3.5

42,452

EBITDA AL (adjusted for special factors)

23,342

22,297

4.7

11,821

10,999

7.5

44,244

EBITDA AL margin (adjusted for special factors)

39.0

38.2

39.5

38.4

37.2

Profit (loss) from operations (EBIT)

12,705

13,408

(5.2)

6,863

6,642

3.3

24,822

Net profit (loss)

4,493

5,460

(17.7)

2,450

2,615

(6.3)

9,609

Net profit (loss) (adjusted for special factors)

5,385

4,947

8.8

2,784

2,504

11.1

9,747

Earnings per share (basic and diluted)

€

0.93

1.12

(16.6)

0.51

0.54

(5.0)

1.97

Adjusted earnings per share (basic and diluted)

€

1.12

1.01

10.3

0.58

0.51

12.7

2.00

Statement of financial position

Total assets

291,344

281,511

3.5

289,769

Shareholders’ equity

88,783

89,734

(1.1)

92,231

Equity ratio

30.5

31.9

31.8

Net debt^c

138,387

126,535

9.4

132,518

Cash flows

Net cash from operating activities

21,117

20,939

0.9

10,242

9,767

4.9

40,627

Cash capex

(8,361)

(9,205)

9.2

(4,430)

(4,724)

6.2

(19,256)

Cash capex (before spectrum investment)^d

(7,812)

(8,213)

4.9

(4,004)

(3,870)

(3.5)

(16,864)

Free cash flow (before dividend payments and spectrum investment)^d^,^e

13,439

12,856

4.5

6,274

5,998

4.6

24,061

Free cash flow AL (before dividend payments and spectrum investment)^d^,^e

10,714

10,528

1.8

5,027

4,878

3.1

19,546

Net cash (used in) from investing activities

(8,240)

(8,824)

6.6

(4,481)

(3,484)

(28.6)

(23,793)

Net cash (used in) from financing activities

(15,480)

(8,904)

(73.9)

(9,321)

(11,999)

22.3

(16,293)

^a	The calculation of the domestic and international revenue shares was adjusted effective September 30, 2025. The comparatives for the first half of 2025 were adjusted retrospectively from 23.0 % to 22.0 % (Germany) and from 77.0 % to 78.0 % (international).
^b	As of January 1, 2026, the definition of service revenue was changed. Prior-year comparatives were adjusted retrospectively.
^c	Including, where it exists, net debt reported under assets and liabilities directly associated with non-current assets and disposal groups held for sale.
^d	Excluding cash outflows for investments made by T‑Mobile US to acquire customer bases.
^e	Excluding proceeds from the disposal of spectrum due to the sale of spectrum licenses by T‑Mobile US.

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millions

June 30, 2026

Mar. 31, 2026

Change
June 30, 2026/
Mar. 31, 2026
%

Dec. 31, 2025

Change
June 30, 2026/
Dec. 31, 2025
%

June 30, 2025

Change
June 30, 2026/
June 30, 2025
%

Fixed-network and mobile customers^a

Germany and Europe

Mobile customers

123.7

122.0

1.4

121.7

1.7

121.2

2.1

Fixed-network lines^b

25.7

25.8

(0.4)

25.5

0.6

25.7

(0.2)

Broadband customers^c

22.8

0.2

22.5

1.5

22.4

2.0

United States

Postpaid accounts^a

34.7

34.4

0.8

34.2

1.3

31.5

10.2

^a	In the first quarter of 2026, the United States operating segment began reporting the total number of postpaid accounts instead of the total number of postpaid and prepaid customers.
^b	As of April 1, 2026, the reporting of wholesale fixed-network lines was standardized in the Europe operating segment. Prior-year comparatives were adjusted retrospectively.
^c	Excluding wholesale.

The figures shown in this report were rounded in accordance with standard business rounding principles. However, changes were calculated on the basis of non-rounded values. As a result, the total indicated may not be equal to the precise sum of the individual figures.

For information on the development of business in our operating segments, please refer to the section “Development of business in the operating segments” in the interim Group management report and in the IR backup on our Investor Relations website.

For information on our performance indicators and alternative performance measures, please refer to the section “Management of the Group” in the 2025 combined management report (2025 Annual Report) and our Investor Relations website.

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