Notes to the consolidated statement of cash flows
Net cash from operating activities
At EUR 32.0 billion, net cash from operating activities was EUR 0.4 billion higher than in the prior-year period. The continued strong development of the operating business was negatively impacted by exchange rate effects and higher tax and net interest payments. In the United States operating segment, higher cash outflows for the 2025-2026 Workforce Transformation and for integration measures as a result of corporate transactions consummated in the prior year (primarily the UScellular Acquisition) also had a negative impact.
Net cash used in/from investing activities
millions of € |
|
|
||||||
|
Q1-Q3 |
Q1-Q3 |
||||||
|---|---|---|---|---|---|---|---|---|
Cash outflows for investments in intangible assets |
(4,531) |
(5,754) |
||||||
Cash outflows for investments in property, plant and equipment |
(8,113) |
(8,832) |
||||||
Proceeds from the sale of spectrum to Grain Management |
2,501 |
0 |
||||||
Proceeds from the sale of spectrum to N77 |
0 |
1,777 |
||||||
Other proceeds from the disposal of property, plant and equipment, and intangible assets |
178 |
195 |
||||||
Payments for publicly funded investments in the broadband build-out |
(271) |
(299) |
||||||
Proceeds from public funds for investments in the broadband build-out |
174 |
263 |
||||||
Net cash flows for collateral deposited and hedging transactions |
86 |
209 |
||||||
Changes in cash and cash equivalents in connection with the acquisition of the 50 % equity interest in Metronet |
0 |
(2,660) |
||||||
Changes in cash and cash equivalents in connection with the UScellular Acquisitiona |
0 |
(2,453) |
||||||
Changes in cash and cash equivalents in connection with the acquisition of the 50 % equity interest in Lumos |
0 |
(835) |
||||||
Changes in cash and cash equivalents in connection with the acquisition of Vistar Mediab |
0 |
(561) |
||||||
Changes in cash and cash equivalents in connection with the acquisition of Blisc |
0 |
(142) |
||||||
Other changes in cash and cash equivalents in connection with the acquisition of control of subsidiaries |
(25) |
(10) |
||||||
Other changes in cash and cash equivalents in connection with the loss of control of subsidiaries |
(7) |
53 |
||||||
Capital repayments of investments accounted for using the equity method |
177 |
0 |
||||||
Other |
(367) |
(124) |
||||||
Net cash (used in) from investing activities |
(10,196) |
(19,173) |
||||||
|
||||||||
At EUR 12.6 billion, cash outflows for investments in intangible assets and property, plant and equipment were EUR 1.9 billion lower than in the prior-year period. In the reporting period, cash outflows for mobile spectrum licenses of EUR 0.7 billion were made in the United States operating segment, and of EUR 0.1 billion in the Europe operating segment. In the prior-year period, this item had included cash outflows for mobile spectrum licenses of EUR 0.8 billion in the United States operating segment and of EUR 0.2 billion in the Europe operating segment. It had also included in the prior-year period cash outflows of EUR 1.3 billion for the acquisition of customer bases in the United States operating segment. Excluding investments in mobile spectrum licenses and acquisitions of customer bases, cash outflows for investments in intangible assets and property, plant and equipment were down EUR 0.4 billion year-on-year. Cash outflows in the Germany operating segment decreased by EUR 0.3 billion, mainly on account of the timing of investments in the fiber build-out. Cash outflows in the United States operating segment decreased by EUR 0.1 billion due to exchange rate effects. Excluding exchange rate effects, cash outflows increased by EUR 0.1 billion, in particular due to higher investments in the continued network build-out and additional capital expenditure as a result of the UScellular Acquisition.
Net cash used in/from financing activities
millions of € |
|
|
|
Q1-Q3 |
Q1-Q3 |
|---|---|---|
Issuance of bonds |
7,106 |
7,621 |
Repayment of bonds |
(7,173) |
(3,536) |
Incurrence of liabilities collateralized by existing and anticipated trade receivables (including asset-backed securities) |
1,712 |
909 |
Repayment of liabilities collateralized by existing and anticipated trade receivables (including asset-backed securities) |
(433) |
(512) |
Commercial paper, net |
0 |
0 |
Repayment of EIB loans |
(500) |
0 |
ECA facilities taken out |
0 |
897 |
Repayment of ECA facilities |
(113) |
(77) |
Repayment of liabilities with the right of creditors to priority repayment in the event of default |
(239) |
(370) |
Repayment of liabilities from 5G spectrum acquired in Germany |
(195) |
(195) |
Repayment of financial liabilities for media broadcasting rights |
(329) |
(352) |
Principal portion of repayment of lease liabilities |
(4,825) |
(4,370) |
Net cash flows for hedging transactions |
225 |
0 |
Cash flows from continuing involvement factoring, net |
0 |
0 |
Deutsche Telekom AG share buy-back |
(1,724) |
(1,476) |
Dividend payments (including to other shareholders of subsidiaries) |
(6,511) |
(5,959) |
Cash inflows from transactions with non-controlling entities |
|
|
Sale of T‑Mobile US shares by Deutsche Telekom |
0 |
1,063 |
T‑Mobile US stock options |
2 |
3 |
Other cash inflows |
0 |
14 |
|
2 |
1,080 |
Cash outflows from transactions with non-controlling entities |
|
|
T‑Mobile US share buy-back/share-based payment |
(8,465) |
(7,117) |
OTE share buy-back |
(124) |
(105) |
Magyar Telekom share buy-back |
(130) |
(101) |
Other payments |
(14) |
(36) |
|
(8,733) |
(7,359) |
Other |
94 |
(330) |
Net cash (used in) from financing activities |
(21,634) |
(14,027) |
Non-cash transactions
In the reporting period, Deutsche Telekom leased assets with a carrying amount of EUR 3.3 billion, mainly network equipment, cell sites, and land and buildings. These assets are recognized in the statement of financial position under right-of-use assets and the related liabilities under lease liabilities. Future repayments of the liabilities will be recognized in net cash used in/from financing activities. The corresponding additions of right-of-use assets were down EUR 0.1 billion against the prior-year period.
Consideration for the acquisition of broadcasting rights is paid by Deutsche Telekom, depending on the terms of the contract, on the date of its conclusion or spread over the contract period. Financial liabilities of EUR 0.3 billion were recognized in the reporting period for future payments for acquired broadcasting rights (Q1-Q3 2025: EUR 0.2 billion). The payment of the consideration will be recognized in net cash used in/from financing activities.