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The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2021 combined management report (2021 Annual Report, page 120 et seq.) and in the Interim Group Reports as of March 31, 2022 (page 34) and June 30, 2022 (page 36), we now expect to post higher adjusted EBITDA AL. Adjusted EBITDA AL for full-year 2022 was originally expected to come in at around EUR 37 billion. We now expect adjusted EBITDA AL for the Group to grow to more than EUR 37 billion in the 2022 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 26.9 billion, up from around USD 26.8 billion. We still expect the Group’s free cash flow AL (before dividend payments and spectrum investment) to come in at the raised guidance of over EUR 10 billion. Given the better-than-expected development in adjusted net profit, we are also raising our guidance for adjusted earnings per share. Instead of the slight growth anticipated previously, we now expect adjusted earnings per share to reach more than EUR 1.50 for 2022, up from a base value of EUR 1.22 for 2021. Against the background of the results of the first nine months of 2022 and subject to the approval of the Supervisory Board, the Board of Management plans to propose to the shareholders’ meeting, which will resolve on the appropriation of net income for the 2022 financial year, to pay out a dividend of EUR 0.70 per share for the 2022 financial year. For the 2021 financial year, Deutsche Telekom had paid out a dividend of EUR 0.64 per share.

The reassignment of the security business did not result in any changes in the forecasts published in the 2021 Annual Report in the affected operating segments apart from retrospectively adjusted original values. Likewise, apart from the adjustment of the original values, the changes to accounting practices with respect to the recognition of gross and net revenues in connection with the new principal/agent consideration do not affect the forecasts published.

Notwithstanding the current macroeconomic environment, all other published statements remain valid. Our planning assumes an unchanged U.S. dollar exchange rate of USD 1.18; financial results for T‑Mobile Netherlands were not included.

For more information on global economic developments and the associated business risks, please refer to the section “Risks and opportunities.” 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 DisclaimerDisclaimer at the end of this report.

AL – After Leases
Since the start of the 2019 financial year, we have taken the effects of the first-time application of IFRS 16 “Leases” into account when determining our financial performance indicators. “EBITDA after leases” (EBITDA AL) is calculated by adjusting EBITDA for depreciation of the right-of-use assets and for interest expenses on recognized lease liabilities. When determining “free cash flow after leases” (free cash flow AL), free cash flow is adjusted for the repayment of lease liabilities.