Group organization, strategy, and management
With regard to our Group organization, strategy, and management, please refer to the explanations in the 2024 combined management report (2024 Annual Report). From the Group’s point of view, the following significant events in the first nine months of 2025 resulted in changes and/or additions.
Group organization
Acquisition of Vistar Media in the United States. On December 20, 2024, T‑Mobile US had entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Vistar Media, a provider of technology solutions for digital out-of-home advertisements. The transaction was consummated on February 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.6 billion (EUR 0.6 billion). Vistar Media has been included in the consolidated financial statements since February 3, 2025.
Acquisition of Blis in the United States. On February 18, 2025, T‑Mobile US had entered into an agreement on the acquisition of 100 % of the outstanding capital stock of Blis, a provider of advertising solutions. The transaction was consummated on March 3, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 0.2 billion (EUR 0.2 billion). Blis has been included in the consolidated financial statements since March 3, 2025.
Acquisition of Lumos in the United States. On April 24, 2024, T‑Mobile US had entered into an agreement with the investment fund EQT to establish a joint venture to acquire the fiber-to-the-home platform Lumos. The transaction was consummated on April 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since April 1, 2025. Upon closing, T‑Mobile US invested approximately USD 0.9 billion (EUR 0.8 billion) in the company to acquire a 50 % equity interest and 97 thousand fiber customers. Lumos will continue to provide fiber services for the acquired fiber customers under a wholesale agreement between T‑Mobile US and Lumos. The revenues generated from the acquired fiber customers are recognized at T‑Mobile US under postpaid service revenues. The related costs paid for the provision and use of the fiber network are recognized under cost of services. The funds invested by T‑Mobile US are to be used for future fiber builds. In addition, pursuant to the definitive agreement, T‑Mobile US expects to make an additional capital contribution of approximately USD 0.5 billion (EUR 0.4 billion) between 2027 and 2028.
Acquisition of UScellular in the United States. On May 24, 2024, T‑Mobile US had entered into an agreement on the acquisition of UScellular’s wireless operations and specific spectrum licenses. Furthermore, on July 22, 2025, T‑Mobile US had entered into purchase agreements for the acquisition of the wireless operations of Farmers Cellular Telephone Company and two Iowa RSA companies (“Iowa Entities”) in which UScellular had held a minority interest. The transactions were consummated on August 1, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. Upon closing, T‑Mobile US transferred a cash payment of USD 2.8 billion (EUR 2.5 billion) and assumed debt of USD 1.7 billion (EUR 1.4 billion). The acquired activities, assets, and liabilities have been included in Deutsche Telekom’s consolidated financial statements since August 1, 2025. Following the acquisition, UScellular and the Iowa Entities continue to own their cell towers. T‑Mobile US has entered into a master license agreement to lease new space on towers being retained by UScellular and extend the tenancy term on further towers where it is already leasing space from UScellular. As a result of entering into the master license agreement, right-of use assets and lease liabilities were recorded at the acquisition date of USD 1.0 billion each (EUR 0.9 billion).
Acquisition of Metronet in the United States. On July 18, 2024, T‑Mobile US had entered into an agreement with KKR to establish a joint venture to acquire the fiber-to-the-home platform Metronet and certain of its affiliates. The transaction was consummated on July 24, 2025. All necessary regulatory approvals had been duly granted and all other closing conditions met. The shareholding has been included in Deutsche Telekom’s consolidated financial statements using the equity method since July 24, 2025. Upon closing, T‑Mobile US invested USD 4.6 billion (EUR 3.9 billion) to acquire a 50 % equity interest in the joint venture and 713 thousand residential fiber customers. Metronet will continue to provide fiber services for the acquired residential fiber customers under a wholesale agreement between T‑Mobile US and Metronet. The revenues generated from the acquired residential fiber customers are recognized at T‑Mobile US under postpaid service revenues. The related costs paid for the provision and use of the fiber network are recognized under cost of services.
Sale of Telekom Romania Mobile Communications. On September 19, 2025, Hellenic Telecommunications Organization (OTE) had entered into an agreement on the sale of Telekom Romania Mobile Communications (TKRM), which was assigned to the Europe operating segment. TKRM’s assets and liabilities were reported as held for sale as of September 30, 2025. The transaction was consummated on October 1, 2025. All necessary regulatory approvals had been duly granted. The two-step transaction encompasses the sale of certain TKRM assets to Digi Romania, including the prepaid customer business, certain spectrum rights, and part of the tower portfolio, as well as the sale of the TKRM shares held by OTE, excluding the aforementioned assets, to Vodafone Romania. The preliminary sale price amounts to around EUR 0.1 billion and is subject to customary adjustments at closing.
Group strategy
Shareholder remuneration. On the basis of the results expected for the 2025 financial year as well as the finance strategy communicated at the 2024 Capital Markets Day, the Board of Management of Deutsche Telekom AG plans to propose to the 2026 Shareholders’ Meeting to increase the dividend from EUR 0.90 per share for the 2024 financial year to EUR 1.00 per share for the 2025 financial year. The Board of Management will submit to the Supervisory Board the final proposal to the Shareholders’ Meeting on the appropriation of net profit together with the definitive financial results for the 2025 financial year. We are additionally planning to buy back Deutsche Telekom AG shares over several tranches up to a total purchase price of up to EUR 2 billion in the 2026 financial year as part of a new share buy-back program.
Governance
On January 27, 2025, the Supervisory Board resolved to cancel the current appointment of Tim Höttges. He was reappointed to the Board of Management prematurely for the period from February 1, 2025 until midnight on December 31, 2028, and was reassigned the department of the Chair of the Board of Management.
The Supervisory Board additionally resolved on January 27, 2025 to terminate Srini Gopalan’s position as the Board member responsible for the Germany Board department and to approve his termination agreement effective midnight on February 28, 2025. Srini Gopalan initially assumed the function of Chief Operating Officer at T‑Mobile US effective March 1, 2025, before becoming Chief Executive Officer effective November 1, 2025.
In the same meeting, the Supervisory Board resolved on the appointment of Rodrigo Diehl to the Board of Management for the period from March 1, 2025 to midnight on February 29, 2028. He was assigned the Germany Board department.
Claudia Nemat, Board member responsible for the Technology and Innovation Board department, notified the Supervisory Board of Deutsche Telekom AG that she does not intend to extend her service contract beyond its current expiration date and will leave the Group prematurely as of midnight on September 30, 2025. At its meeting on May 22, 2025, the Supervisory Board of Deutsche Telekom AG resolved to prematurely terminate Claudia Nemat’s position on the Board of Management.
On May 22, 2025, the Supervisory Board appointed Dr. Abdu Mudesir to the Board of Management for the period from October 1, 2025 to midnight on September 30, 2028. He was assigned the Technology and Innovation Board department.
In accordance with the published agenda, on April 9, 2025, the Shareholders’ Meeting of Deutsche Telekom AG passed resolutions on, among other matters, the approval of the actions of the Board of Management and the Supervisory Board, the selection of the external auditor for the 2025 financial year, the amount of the dividend (EUR 0.90 per dividend-bearing no par value share; total dividend payout EUR 4.4 billion), the change to § 14 of the Articles of Incorporation (possibility of a virtual Shareholders’ Meeting), and a new Board of Management remuneration system from the 2025 financial year onward. The dividend was paid out in April 2025.
For further information on the 2025 Shareholders’ Meeting, please refer to our Investor Relations website.
Further information on the Board of Management remuneration system is available on our remuneration website.