Regulation

Legislative proposals of the European Commission. On January 21, 2026, the European Commission published its proposed Digital Networks Act, which aims to replace and revise the European Electronic Communications Code. The European Parliament has assigned committees to review and prepare proposals on the act, and a draft report has now been presented by the rapporteur appointed by the European Parliament’s lead Committee on Industry, Research and Energy (ITRE). The report supports long-term and indefinite spectrum licenses and proposes introducing greater scope for differentiated network services such as 5G slicing, as well as binding rules on negotiating interconnection with significant traffic providers. Further changes include removing the proposed EU-level switch-off deadlines for the copper-to-fiber migration while retaining the mandated copper switch-off. The existing regulation on network access will remain broadly the same. The rapporteur also proposed reducing price caps on wholesale roaming services and opening up the market for permanent roaming. The draft report forms the basis for further consultations and does not yet constitute the final position of the European Parliament. Negotiations between the European Parliament and the European Council are not expected to commence until the second quarter of 2027 at the earliest. Due to the scope and differing positions, an extensive legislative process followed by transitional periods can be expected.

At the same time, the European Commission has proposed a revised Cybersecurity Act containing measures such as enhancing the security of ICT supply chains, including binding restrictions on using high-risk suppliers in telecommunications networks. The European Council’s Irish Presidency has put forward an initial compromise proposal that moves to drop the fixed deadlines for phasing out critical equipment from mobile networks. By contrast, the draft report advanced by the European Parliament’s ITRE Committee proposes reducing the deadline from 36 to 24 months, expanding the scope of the regulation, and providing financial relief to compensate for the mandatory replacement of components from high-risk suppliers. The Irish Presidency aims to reach a general approach by the end of 2026. The European Parliament is planning further consultations, and a plenary vote will be held in early 2027. Trilogue talks can begin once both co-legislators have defined their negotiation mandates.

Telecommunications Act reform in Germany. On March 2, 2026, the Federal Ministry for Digital Transformation and Government Modernisation (BMDS) advanced a draft bill for an act amending the Telecommunications Act (TKG). The Federal Cabinet approved the amendment to the TKG on June 10, 2026 with some minor changes. The Bundestag began debating the act in October 2026. Once the first reading is complete, it will then pass to the Bundesrat for a second reading. The draft legislation contains important strategies to accelerate mobile and fiber-optic build-out, in particular by simplifying approval procedures, improving building access for full fiber build-out, and increased implementation of open access. At the same time, issues still remain. Deutsche Telekom considers the 24-month grace period stipulated for fiber-optic build-out by the property owner themselves, possible restrictions on open access, and the increased authority given to the Bundesnetzagentur over the decommissioning of copper networks to be critical. The removal of the prioritization of electricity grid connections for mobile sites that was planned in the draft bill will make it harder to eliminate remaining coverage gaps. In addition, the planned transparency and documentation obligations for sensitive network infrastructures is viewed critically given the current security situation. The bill may still undergo further changes before being passed, which is likely to be at the end of this year. We will continue to closely monitor developments and strive to both avert risks for Deutsche Telekom and leverage further opportunities.

Bundesnetzagentur’s regulatory procedures based on the decision on access regulation including FTTB/H network access. On June 9, 2026, the Bundesnetzagentur published the new approval on the regulated charges for access to civil engineering infrastructure. The charges apply retroactively from January 1, 2026 until March 30, 2028. In the parallel Bundesnetzagentur regulatory procedure concerning the related reference offer, the final decision was issued on July 21, 2026. This reference offer will initially apply for a period of five years. We are now in the process of implementing the Bundesnetzagentur’s conditions. Our reference offer for the FTTB/H wholesale products with Ethernet handoff continues to be under review by the Bundesnetzagentur. In May 2025, the first partial decision was issued, requiring us to make changes to the wholesale agreement. The draft consultation was published in September 2026. The implementation of changes is currently undergoing an internal evaluation. We expect the final decision to be issued in the first quarter of 2027.

Awarding of spectrum

In Hungary, Magyar Telekom spectrum allocations for 2x10 MHz in the 2,100 MHz band were renewed through 2042 at a cost of EUR 30.5 million (HUF 11 billion) on March 24, 2026. Furthermore, the Hungarian regulator granted applications to renew the 800 MHz, 1,800 MHz, and 2,600 MHz licenses expiring in mid-2029 by five years with no additional fees. In Austria, the auction for the reallocation of spectrum in the 2,600 MHz band expiring at the end of 2026 as well as new spectrum in the 2,300 MHz band ended on April 10, 2026. T‑Mobile Austria secured 60 MHz in the 2,300 MHz band and 2x20 MHz in the 2,600 MHz band for around EUR 13 million. In the Czech Republic, the national regulator decided to allocate spectrum in the 26 GHz band only regionally for an interim period until 2031. In the United States, T‑Mobile US was announced winning bidder of 102 licenses in the auction for AWS-3 band spectrum (Auction 113) in June 2026, for an aggregate purchase price of around EUR 0.2 billion (USD 0.3 billion). The Federal Communications Commission (FCC) allocated the licenses on August 23, 2026.

In Germany, the award rules of the 2019 auction were declared unlawful by the Cologne Administrative Court on August 26, 2024. The Bundesnetzagentur consulted the market on how to proceed regarding the new decision until January 12, 2026. It considers possible options to be either a confirmation of its previous decision, with amended reasons, which would leave the 2019 auction unaffected, or a reallocation of the spectrum in a new award procedure. In both scenarios, we expect Deutsche Telekom to still have sufficient spectrum usage rights in the 2.1 GHz and 3.6 GHz bands to ensure the best possible coverage for its customers.

In the United States, the FCC began the procedure for the auction of spectrum in the 3.98 to 4.14 GHz range (Upper C-band) on November 20, 2025. The auction (Auction 115) must be completed by July 2027. On July 22, 2026, the FCC confirmed plans to auction 160 MHz of spectrum and adopted the regulatory framework. The auction is scheduled to begin on April 27, 2027. In Greece, the regulator began the procedure to re-award the spectrum allocations that will expire in mid-2027 in the 900 MHz and 1,800 MHz bands. In Poland, the procedure to award the 26 GHz band could also begin, if necessary. In the Czech Republic, the process to extend the existing allocation of frequencies in the 800 MHz, 1,800 MHz, and 2,600 MHz bands is ongoing and is expected to be completed in the second quarter of 2027.

The following table provides an overview of the main ongoing and planned spectrum awards and auctions as well as license extensions. It also indicates spectrum to be awarded in the near future in various countries.

Agreements on spectrum licenses

On May 30, 2025, T‑Mobile US had entered into an agreement on the sale of 800 MHz spectrum to the affiliates of Grain Management (Grain). The transaction, including certain modifications to the 800 MHz spectrum licenses, was approved by the FCC on July 1, 2026. Following the receipt of the approvals, T‑Mobile US completed the sale of the respective spectrum licenses to Grain in exchange for cash consideration of USD 2.9 billion (EUR 2.5 billion) and the receipt of 600 MHz spectrum licenses valued at USD 0.7 billion (EUR 0.6 billion). The transaction was completed on August 10, 2026. It has been further agreed that T‑Mobile US will additionally receive a share of future proceeds from transactions entered into by Grain that monetize the 800 MHz spectrum licenses, subject to certain terms and conditions. On October 8, 2026, Grain entered into a purchase and sale agreement with SpaceX for the sale of the 800 MHz spectrum licenses. The transaction is subject to the customary closing conditions and approval by the authorities. T‑Mobile US has not yet recognized any potential proportional gain arising from this transaction.

On September 12, 2023, T‑Mobile US agreed with U.S. cable network operator Comcast to acquire spectrum in the 600 MHz band in exchange for total cash consideration of between USD 1.2 billion and USD 3.3 billion (EUR 1.1 billion and EUR 2.9 billion). The final purchase price will be determined at the time the parties make the required transfer filings with the FCC. At the same time, T‑Mobile US and Comcast have concluded exclusive leasing arrangements. On January 13, 2025, T‑Mobile US and Comcast entered into an amendment to the license purchase agreement pursuant to which T‑Mobile US will acquire additional spectrum. As a consequence of the amendment, the total cash consideration amounts to between USD 1.2 billion and USD 3.4 billion (EUR 1.1 billion and EUR 3.0 billion). On June 2, 2026, the acquisition of USD 46 million (EUR 40 million) of the spectrum licenses was closed. The acquisition of the remaining licenses is expected to be concluded in the first half of 2028.