Forecast The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2018 combined management report of the 2018 Annual Report, we now expect to post stronger-than-expected increases in adjusted EBITDA AL and in cash capex (before spectrum investments). Adjusted EBITDA AL was originally expected to increase to around EUR 23.9 billion. We now expect adjusted EBITDA AL for the Group to grow to around EUR 24.1 billion in the 2019 financial year. This is largely attributable to stronger-than-expected business performance in the United States operating segment, where we now anticipate adjusted EBITDA AL of around USD 12.5 billion, up from around USD 12.4 billion, as well as to the slightly stronger-than-expected development of business in our other operating segments. Following higher-than-expected capital expenditure in our United States operating segment, we now expect to post cash capex for the Group (before spectrum investments) of around EUR 12.9 billion, up from our original guidance of around EUR 12.7 billion. All other statements made in the 2018 combined management report remain valid. For additional information and recent changes in the economic situation, please refer to the section “The economic environment” in this interim Group management report. Readers are also referred to the Disclaimer at the end of this report.