Net assets of the Group

As of September 30, 2026, our total assets amounted to EUR 293.5 billion, which was up EUR 3.7 billion against the level as of December 31, 2025. Exchange rate effects, primarily from the translation from U.S. dollars into euros, in particular had an increasing effect on the carrying amount of total assets.

Assets

On the assets side, cash and cash equivalents increased by EUR 0.4 billion against the end of the prior year to EUR 8.2 billion.

For further information, please refer to the section “Notes to the consolidated statement of cash flows” in the interim consolidated financial statements.

At EUR 16.5 billion, trade receivables decreased by EUR 0.3 billion against the 2025 year-end level, with receivables in the Germany and United States operating segments decreasing in spite of an increasing effect from exchange rate effects. By contrast, receivables increased in the Europe and System Solutions operating segments.

Intangible assets increased by EUR 5.0 billion compared to December 31, 2025 to EUR 138.6 billion. Exchange rate effects increased the carrying amount by EUR 4.0 billion. Investments also increased it by EUR 6.4 billion, with EUR 2.1 billion of this relating to investments in mobile spectrum, primarily in the United States operating segment. EUR 0.6 billion of this related to the 600 MHz spectrum licenses received from Grain in August 2026, EUR 0.5 billion related to the exchange of spectrum licenses concluded with a number of telecommunications companies, and EUR 0.3 billion related to the acquisition of 600 MHz spectrum licenses from TStar 600. In August 2026, T‑Mobile US was allotted further spectrum licenses for EUR 0.2 billion from the auction of the AWS-3 bands (Auction 113). Amortization and impairment losses of EUR 5.0 billion reduced the carrying amount. Reclassifications of intangible assets to non-current assets and disposal groups held for sale also reduced the carrying amount by EUR 0.5 billion. This related to agreements concluded in the reporting period for the exchange of spectrum licenses in the United States operating segment. Disposals reduced the carrying amount by EUR 0.1 billion.

Property, plant and equipment decreased by EUR 0.3 billion compared with December 31, 2025 to EUR 64.5 billion. Depreciation and impairment losses reduced the carrying amount by EUR 9.1 billion and disposals by EUR 0.3 billion. The carrying amount was increased by additions of EUR 8.0 billion, primarily in connection with the network modernization and the network build-out (broadband, fiber-optic, and mobile infrastructure), as well as exchange rate effects of EUR 0.9 billion. Reclassifications of right-of-use assets upon expiry of the contractual lease term to property, plant and equipment, primarily for network technology in the United States operating segment, also increased the carrying amount by EUR 0.2 billion.

Right-of-use assets decreased by EUR 0.5 billion compared with December 31, 2025 to EUR 28.1 billion. Depreciation and impairment losses reduced the net carrying amount by EUR 4.3 billion. The previously mentioned reclassifications to property, plant and equipment also reduced the carrying amount by EUR 0.2 billion. Disposals reduced the carrying amount by EUR 0.1 billion. Additions totaling EUR 3.3 billion and exchange rate effects of EUR 0.8 billion increased it.

Investments accounted for using the equity method remained unchanged against the level of December 31, 2025 at EUR 11.1 billion. Capital increases, primarily at our investment in GlasfaserPlus, and exchange rate effects increased the carrying amount, while proportionate net losses from T‑Mobile US’ investments in Metronet and Lumos and dividend payments by GD Towers had a decreasing effect.

Current and non-current financial assets increased by EUR 0.2 billion to EUR 8.8 billion, with the carrying amount of equity instruments increasing by EUR 0.3 billion, mainly due to increases in fair value. Derivative financial assets increased by EUR 0.1 billion, while the net total of originated loans and receivables decreased by EUR 0.3 billion. This was mainly due to lower receivables from collateral agreements as surety for credit risks in connection with derivative hedges due to normal fluctuations in fair value (EUR 0.2 billion), and payments received from GD Towers in connection with distributions from shareholders’ equity (EUR 0.2 billion).

Non-current assets and disposal groups held for sale decreased by EUR 3.0 billion compared with December 31, 2025 to EUR 0.1 billion. EUR 3.1 billion of this decline was attributable to the sale of 800 MHz spectrum licenses concluded between T‑Mobile US and Grain. In addition, the item also included spectrum licenses in the course of the year, in connection with exchange transactions agreed between T‑Mobile US and other telecommunications companies, which were agreed and consummated in the reporting period.

Other assets increased by EUR 1.8 billion compared to December 31, 2025 to EUR 16.4 billion. Current and non-current other assets contributed EUR 0.7 billion to this increase, due in part to an increase in plan assets as well as higher receivables from other taxes. Inventories also increased, by EUR 0.8 billion primarily due to the market launch of high-value mobile terminal equipment in the United States operating segment, and by EUR 0.3 billion due to capitalized contract costs.

Liabilities

On the liabilities and shareholders’ equity side, current and non-current financial liabilities increased by EUR 3.0 billion compared with the end of 2025 to EUR 113.4 billion, mainly due to exchange rate effects.

Bonds and other securitized liabilities increased by EUR 1.6 billion. Exchange rate effects increased the carrying amount of bonds and other securitized liabilities by EUR 2.4 billion. USD bonds amounting to EUR 1.7 billion issued by T‑Mobile US and EUR bonds of EUR 2.5 billion increased the carrying amount. In addition, Deutsche Telekom AG issued EUR bonds amounting to EUR 1.5 billion, CHF bonds of EUR 0.6 billion, a GBP bond of EUR 0.5 billion, HKD bonds of EUR 0.2 billion, and a CNH bond of EUR 0.1 billion. Scheduled repayments of USD bonds of EUR 3.4 billion by T‑Mobile US, a EUR bond of EUR 0.4 billion of Deutsche Telekom AG, a EUR bond of EUR 0.6 billion of Deutsche Telekom International Finance B.V., and a EUR bond of EUR 0.4 billion of OTE had an offsetting effect. T‑Mobile US also repaid USD bonds with a volume of USD 1.5 billion (EUR 1.3 billion) prematurely and bought back USD bonds with a volume of USD 1.3 billion (EUR 1.1 billion). In addition, the carrying amount decreased by EUR 0.5 billion in connection with measurement effects from derivatives with a hedging relationship, the offsetting entry for which is posted under bonds and other securitized liabilities.

Liabilities collateralized by existing and anticipated trade receivables (including asset-backed securities) increased by EUR 1.4 billion to EUR 3.1 billion. These were liabilities of T‑Mobile US. The carrying amount was increased by issues of EUR 1.7 billion. Exchange rate effects also increased the carrying amount by EUR 0.1 billion. By contrast, early repayments of EUR 0.4 billion had a decreasing effect on the carrying amount.

Current and non-current lease liabilities decreased by EUR 0.7 billion compared with December 31, 2025 to EUR 35.7 billion. Lease liabilities in the United States and Germany operating segments decreased by EUR 0.4 billion and EUR 0.2 billion, respectively. Lease liabilities in the United States operating segment declined by EUR 1.4 billion, mainly due to the lower number of new contracts and the decommissioning of defunct cell sites and network technology. Exchange rate effects of EUR 1.0 billion increased the carrying amount.

Trade and other payables decreased by EUR 0.6 billion compared with the end of 2025 to EUR 9.0 billion. This decrease was in spite of an increasing effect from exchange rate effects, and due to lower liabilities in the United States and Europe operating segments and in the Group Headquarters & Group Services segment. Liabilities increased in the Germany and Systems Solutions operating segments.

Provisions for pensions and other employee benefits decreased by EUR 0.4 billion compared with December 31, 2025 to EUR 1.5 billion. Overall, the remeasurement of defined benefit plans resulted in an actuarial gain of EUR 0.9 billion to be recognized directly in equity, mainly due to the increase in the discount rate and in the fair values of plan assets compared with December 31, 2025. Benefits paid directly by the employer in the reporting period of EUR 0.3 billion also contributed to the reduction in the carrying amount. The EUR 0.6 billion increase in the pension surplus at Deutsche Telekom AG compared with December 31, 2025 had an increasing effect, which resulted in an additional plan asset under other non-current assets.

Current and non-current other provisions decreased by EUR 0.5 billion to EUR 7.5 billion compared with the end of 2025. Other provisions for personnel costs decreased by EUR 0.5 billion, primarily in connection with the performance-based remuneration components for the prior year paid out to employees and due to an interest rate-based decline in the carrying amount of the provision recognized for the Civil Service Health Insurance Fund (Postbeamtenkrankenkasse – PBeaKK). Provisions for sales and procurement support also declined by EUR 0.2 billion. By contrast, the provisions for litigation risks and miscellaneous other provisions increased. Exchange rate effects increased the carrying amount by EUR 0.1 billion.

Miscellaneous liabilities increased by EUR 0.5 billion compared to December 31, 2025 to EUR 9.6 billion, with income tax liabilities increasing by EUR 0.4 billion and other liabilities by EUR 0.3 billion. The latter was mainly due to an increase of EUR 0.5 billion in liabilities from other taxes. By contrast, liabilities in connection with publicly funded projects in the Germany operating segment decreased by EUR 0.1 billion and liabilities from early retirement arrangements for civil servants by EUR 0.1 billion. Contract liabilities decreased by EUR 0.2 billion.

Shareholders’ equity decreased by EUR 1.4 billion compared with December 31, 2025 to EUR 90.9 billion. Transactions with owners reduced shareholders’ equity by EUR 8.5 billion, and related mainly to the buy-back of shares by T‑Mobile US. Furthermore, shareholders’ equity was reduced in connection with dividend payments for the 2025 financial year to Deutsche Telekom AG shareholders in the amount of EUR 4.8 billion and to other shareholders of subsidiaries in the amount of EUR 1.7 billion. The latter figure includes cash dividends paid by T‑Mobile US to non-controlling interests, as declared in the reporting period. The carrying amount was also reduced by Deutsche Telekom AG’s 2026 share buy-back program with share buy-backs of EUR 1.8 billion, while profit of EUR 11.2 billion and capital increases from share-based payments of EUR 0.6 billion had an increasing effect. Other comprehensive income also increased the carrying amount by EUR 3.5 billion.

For further information, please refer to the section “Selected notes to the consolidated statement of financial position” in the interim consolidated financial statements.