Development of business in the Group
This section provides important additional information and explains recent changes in the significant events and their effects on the development of business in the Group compared to those described in the 2024 combined management report (2024 Annual Report).
Deutsche Telekom AG’s share buy-back program. In October 2024, we had announced plans to buy back shares in Deutsche Telekom AG in 2025 up to a total purchase price of EUR 2 billion under a further share buy-back program. The buy-back commenced on January 3, 2025 and will be carried out in several tranches through December 31, 2025. As of September 30, 2025, Deutsche Telekom AG had bought back around 47 million shares with a total volume of EUR 1.5 billion.
The approximately 81 million shares bought back under the 2024 program were canceled on August 19, 2025, reducing Deutsche Telekom AG’s share capital by around EUR 208 million.
Sale of T‑Mobile US shares by Deutsche Telekom. On March 14, 2025, Deutsche Telekom announced it would be selling a portion of its T‑Mobile US share portfolio on the market in the period from June to September 2025, without jeopardizing its own majority ownership position in T‑Mobile US. The sales plan began on June 12, 2025 and ended on September 10, 2025. During this period, Deutsche Telekom sold around 4.3 million T‑Mobile US shares with a total volume of EUR 0.9 billion. On September 11, 2025, a further sales plan commenced with terms ending in the fourth quarter of 2025. This plan provides Deutsche Telekom with the flexibility to sell up to 5 million additional T‑Mobile US shares. As of September 30, 2025, Deutsche Telekom has sold a total of 5.2 million T‑Mobile US shares with a total volume of EUR 1.1 billion.
T‑Mobile US’ 2025 shareholder return program. On December 13, 2024, T‑Mobile US had announced a further shareholder return program of up to USD 14 billion until December 31, 2025. The program comprises share buy-backs and dividends to be paid out. The amount available for share buy-backs is reduced by the amount of any dividends approved by the Board of Directors of T‑Mobile US.
As of September 30, 2025, T‑Mobile US had bought back around 30 million shares with a total volume of USD 7.4 billion (EUR 6.6 billion) under this program, and paid out cash dividends of USD 3.0 billion (EUR 2.8 billion). EUR 1.5 billion of the cash dividends was attributable to Deutsche Telekom’s stake and EUR 1.3 billion to non-controlling interests in T‑Mobile US.
On September 18, 2025, T‑Mobile US announced that the Board of Directors had declared a cash dividend of USD 1.02 per share. This represents a quarter-on-quarter increase of USD 0.14 per share, or 16 %. The dividend is to be paid out on December 11, 2025 to the shareholders registered as of close of business on November 26, 2025.