Slides
Page 1
Deutsche T elekom Q2 2025 results August 7, 2025 Connecting your world
Page 2
Disclaimer This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respectto future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning futurecash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise. In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents alternative performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA after leases, adjusted EBITDA margin, Core EBITDA, adjusted EBIT, adjusted net income, free cash flow, free cash flow after leases, gross debt, net debt after leases and net debt. These alternative performance measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS orany other generally accepted accounting principles. Other companies may define these terms in different ways. 2
Page 3
H1 2025 results Group
Page 4
H1/25 consistent reliable growth H1/2025 Highlights ▪ Market leading customer and financial growth continues: H1 organic service revenues +3.7%, adj. EBITDA AL +5.2%, FCF AL +17.8%1, adj. EPS +6.4%1 ▪ DT group guidance raised for the 2nd time, TMUS raises guidance for 2025 customer growth, EBITDA and FCF ▪ TMUS closes Metronet and UScellular transactions ▪ TMUS sells part of its 3.45GHz spectrum for US$ 2 bn and agrees to sell its 800MHz spectrum ▪ DT’s stake in TMUS reaches 52.1% as of July 18, 2025 ▪ Sale of T elekom Romania Mobile approved by Romanian Competition Council ▪ S&P raises rating outlook from stable to positive ▪ Abdu Mudesir to follow Claudia Nemat as board member Technology 4 1 FCF AL and adj. EPS growth rate as reported.
Page 5
H1/25 Adj. EBITDA AL growth yoy, organic H1/25 Key Financials % growth yoy, organic H1/25 Adj. EBITDA AL by segment1 € mn Financials H1/25 organic strong organic growth 14,922 5,239 2,310 176 6.0% +€843 mn 2.1% +€109 mn 6.7% +€145 mn 4.9% +€8 mn GER TMUS EU SYS TMUS GER EU SYS Group revenues Group service revenues DT ex US Service revenues Group adj. EBITDA AL DT ex US adj. EBITDA AL 3.9% 3.7% 2.1% 5.2% 3.6% 5 1 Excl. GHS, GD & reconciliation (€ -351 mn). Group EBITDA AL € 22,297 mn. US GAAP Core adj. EBITDA growth of 7.4%
Page 6
FTTH Fiber homes passed in mn 5G Coverage % of POPs Networks extending our leadership 9.6 8.8 Q2/24 10.7 11.1 Q2/25 18.4 21.8 +3.4 EU GER 97 99 Q2/24 Q2/25 +2pp ▪ TMUS wins Ookla test for best overall network performance ▪ TMUS recognized by Opensignal for best overall experience for the fourth consecutive year ▪ Lumos fiber JV with EQT completed with 475,000 US homes passed at closing ▪ Closing of Metronet fiber JV with KKR 6 72 82 Q2/24 Q2/25 +10pp GER EU ▪ Continuing to lead German fiber build ▪ DT wins Chip-Test as best German internet provider ▪ German mobile network ranked top European large country network ▪ HT confirmed as best mobile network in Croatia
Page 7
AI 7 AI and Digital accelerating the digital transformation with AI Our internal AI- knowledge bot (“askT”) is used by >30% of our German organization reducing search time up to 90% IT Sales & Service G&A Network Mobile: AI RAN Guardian Agent monitors the RAN to detect and remediate degradations (up to 95% faster) moved to implementation in GER after successful MVP Fiber: AI-based quality control in fiber rollout launched in GER which identifies issues in civil engineering (e.g. incorrectly installed fiber ducts) IT DevOps: AI coding accelerates and successfully increases AI-created lines of code to ~10%. AI tools boosts our overall engineering capacity by more than 3%1 in both AI4Development and AI4Ops areas Customer interaction: AI driven “FragMagenta” Chatbot delivers on a constantly high level with a >50% solution rate in H1. Overall, “FragMagenta” Chat & Voice relief pressure from our service agents by deflecting 1.6 mn calls in H1. 1st wave of features to support agents with automated call documentation launched. ▪ MagentaAI now rolled out to 3 additional markets (PL, HU, ME) in Q2, CZ was added this month and AT and SK to follow until August ▪ Launching DT’s AI Phone across European footprint 7 Customers Digital • More than 16 mn users use our Apps • Our Magenta Moments program keeps growing to 4.8 mn monthly active users • Magenta Moments launch in Greece completed (July) • Number of OneTV users increases to ~4.5 mn customers ▪ Building on AI Foundation Services we drive agentic AI to our customers and enable physical and edge AI ▪ Partnership with NVIDIA announced to build Europe‘s first Industrial AI Factory with 10k GPUs going live in Q1/26 B2B: B2C:• T-Life app in the US has over 75 mn installs • About two thirds of TMUS consumer up-grades now occur via app 1 Overall engineering capacity uplift captures full-cycle gains across AI4Dev & AI4Ops, measured as hours saved vs. total developer hours in DTIT
Page 8
Mobile net adds 000 Fixed line net adds2 000 8 Customer Growth stronger in mobile, weaker in fixed H1/24 H1/25 2,558 3,069 959 791 H1/24 H1/25 190 106 H1/24 H1/25 238 74 H1/24 H1/25 US (postpaid) Ex US (contract)1 Broadband TV 1 GER + EU. GER: own brand only. 2 GER + EU. Strongest ever H1 in postpaid Impacted by one-off in Hungary in Q1/25 and EURO 2024 Championship tailwind in H1/24 Slowdown driven by Germany Lower volume mainly due to low ARPU enterprise contract loss in Q2/25 in Germany
Page 9
Environment ▪ H1 Energy consumption ex US -1% yoy (group +1%) Society ▪ Launch of cooperation between Telekom & Malteser for conversations against loneliness in Germany as “Plaudernetz” ▪ NEW spot against hate speech & incitement “Open your eyes” Governance ▪ Re-launch of CR report alongside the first Annual Report in line with CSRD requirements ▪ DT has once again been awarded the title of CDP Supplier Engagement Leader – A-List ▪ Deutsche Telekom is launching a campaign to empower Generation Z in data protection #OwnYourWorld 9 Society and Environment Ongoing progress with our ESG ambitions Societal agenda 2023 2024 76.2 77.6 78 80 2023 2024 Customer satisfaction1 T ri*M Employee satisfaction1,2 % Environmental agenda Energy consumption mn MWh CO2e emissions (scope 1+2) kt 2023 2024 US Group ex US 12.2 11.9 7.7 4.6 7.4 4.5 188 183 69 70 2023 2024 US Group ex US 258 253 1 DT ex US. 2 Positive answer on employee/pulse survey question: “How do you feel at our company”.
Page 10
FCF AL € bn Adj. EBITDA AL € bn 28.5 14.5 FY 2024 pro forma result ~29.9 15.0 Original 2025 guidance ~30.0 15.0 Guidance update Q1 >30.0 15.0 New guidance 43.0 ~44.9 ~45.0 >45.0 Guidance 2025 guidance raised again for adj. EBITDA AL and FCF AL TM US DT Ex US 10 1 DT ex US FCF AL included €0.2 bn of cash returns related to the tower transaction in 2024. 2025 assumes €0.1 bn of cash returns related to the tower transaction and continues to exclude any received TMUS dividends. Adj. EPS €/share 0.07 1.83 FY 2024 Guidance 2025 1.90 ~2.00 ~+9% Non-Recurring Recurring ~+4.5% ~+3.5% ~+4% ~+3% F/X ▪ Guidance remains on 1.08 f/x rate vs. US$ TMUS ▪ 2025 TM US guidance is based on midpoint of new US GAAP guidance of US$33.3 – 33.7 bn Core adj. EBITDA; and of US$17.6 – 18.0 bn FCF GAAP to IFRS EBITDA bridge ▪ Guidance includes around US$ -1 bn GAAP to IFRS EBITDA bridge (2024: US$ -1 bn) 15.9 3.51 FY 2024 pro forma result ~16.3 3.61 Original 2025 guidance ~16.4 3.61 Guidance update Q1 >16.4 3.61 New guidance 19.4 ~19.9 ~20.0 >20.0 TM US DT Ex US +50 mn US$ +50 mn US$
Page 11
Q2 2025 results Review of segments and financials
Page 12
Service revenue (US GAAP) % yoy Revenues (IFRS) US$ bn Core adj. EBITDA (US GAAP) % yoy Adj. EBITDA AL (IFRS)1 US$ bn T-Mobile US industry leading financial growth Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 +9.4% +8.9% +10.1% +8.4% 6.4% 1 For IFRS bridge please refer to appendix. Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 +4.4% +5.1% +5.5% +5.2% 6.1% 3.3 16.4 Q2/24 3.6 17.4 Q2/25 Other revenues Service revenues 19.7 21.1 +7.1% 12 Postpaid service revenue +9.1% yoy Q2/24 Q2/25 7.8 8.3 +6.2%
Page 13
T otal postpaid net additions mn 5G Broadband customer net additions1 000 777 865 903 495 830 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 T-Mobile US record quarter for net additions Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 0.80% 0.86% 0.92% 0.91% 0.90% 5G EXTENDED RANGE Postpaid phone net additions 000 Postpaid phone churn % Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 1.3 1.6 1.9 1.3 1.7 406 415 428 424 454 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 New 2025 guidance: +6.1 mn - 6.4 mn (+500k at mid-point) Industry leading, total customer base at 7.3 mn 13 1 Postpaid + Prepaid. T emporary impact by rate plan optimizations, as expected, with best YoY churn performance in the US Industry leading. Best Q2 ever
Page 14
Revenues (reported) € mn Revenue growth (organic) % yoy Germany 35th consecutive quarter of EBITDA growth Adj. EBITDA AL (reported) € mn Adj. EBITDA AL growth (organic) % yoy Q2/24 Q2/25 2,553 2,605 +2.0% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 3.6% 2.5% -0.2% -1.3% -1.3% Q2/24 Q3/24 Q4/24 Q1/25 1.0% 3.5% 2.8% 2.2% Q2/25 2.0% Q2/24 Q2/25 6,369 6,286 -1.3% 14 ~2.5pp headwind from 1) Q2/24 EURO24 related revenues 2) customer contract accounting one-off TSR: +1.1% yoy Q2/24 impacted by wage agreement one-off Q2/25 impacted by customer contract accounting one-off
Page 15
Mobile service revenue growth (organic) % yoy Fixed service revenue growth (organic) % yoy Germany service revenues impacted by phasing Q2/24 Q3/24 Q4/24 Q1/25 3.7% 2.1% 2.1% 3.1% Q2/25 2.0% Q2/24 Q3/24 Q4/24 Q1/25 1.5% 2.1% 0.5% 0.7% Q2/25 0.8% 15 T otal service revenue growth (organic) % yoy Q2/24 Q3/24 Q4/24 Q1/25 2.2% 2.1% 0.9% 1.4% Q2/25 1.1% Impacted by strong prior year IT revenues comp
Page 16
Fixed service revenues (reported) € mn Broadband revenue growth (organic) % yoy Wholesale access revenues (organic) % yoy Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 1.8% 2.6% 2.7% 2.1% 1.7% Germany fixed revenues: growth in broadband and wholesale access Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 4.0% 3.3% 3.4% 3.2% 2.7% 16 1,861 519 1,528 Q2/24 1,911 528 1,497 Q2/25 3,908 3,935 +0.7% Broadband Wholesale Access Other +2.7% +1.7% -2.1% Broadband (B2C) ARPA +3.5% yoy
Page 17
Retail customers with ≥100 Mbit/s tariff % of customer base Germany fixed KPIs: FTTH upselling continues FTTH net adds 000 113 131 134 128 137 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 17 Broadband net adds 000 TV net adds (ex OTT) 000 41 38 16 -7 -20 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 114 76 48 37 23 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 48 Q2/24 49 Q3/24 51 Q4/24 52 Q1/25 53 Q2/25 In addition, ~40k OTT TV net adds
Page 18
Mobile service revenues (reported)3 € mn Branded contract net adds1 000 311 327 261 274 185 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Churn2 Data usage2 % GB per month Germany mobile KPIs: strong customer growth in a competitive market Q2/24 Q2/25 14.7 17.2 Q2/24 Q2/25 0.8% 0.8% +17% yoy 1 Own branded retail customers excl. multibrand, consumer IoT and “Schnellstarter”. 2 Of B2C T-branded contract customers. 3 Organic growth of +2.0%, due to re-allocation of 2 mn of revenue in Q2/24. 18 1.693 1.725 Q2/24 Q2/25 +1.9% Lower volume due to low ARPU Enterprise contract loss
Page 19
Adj. EBITDA AL (reported) € mn Revenues (reported) € mn Adj. EBITDA AL growth (organic) % growth yoy Revenue growth (organic) % growth yoy Europe 30th consecutive quarter of organic EBITDA growth Q2/24 Q2/25 3,073 3,116 +1.4% Q2/24 Q2/25 1,108 1,170 +5.6% Q2/24 Q3/24 Q4/24 Q1/25 6.8% 4.2% 4.3% 3.7% Q2/25 2.1% Q2/24 Q3/24 Q4/24 Q1/25 8.9% 8.0% 7.3% 7.2% Q2/25 6.3% 19 Service revenue growth +2.6% yoy
Page 20
Broadband net adds 000 Mobile contract net adds1 000 TV net adds 000 FMC net adds 000 Europe strong commercial performance continues 23 41 35 -1 15 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 52 48 77 68 65 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 152 143 170 151 156 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 183 173 193 123 209 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 20 Impacted by -28k SAT TV phase out in Hungary 1 Mobile contract: Minor reclassification of Customers from Contract to Prepaid in PL. 2024 numbers have been restated by +5k in FY 2024.
Page 21
Adj. EBITDA AL (reported) € mn Revenue growth (organic) % growth yoy Adj. EBITDA AL growth (organic) % growth yoy Revenues (reported) € mn 21 Systems Solutions strong growth in order entry, revenue, and profitability Q2/24 Q2/25 3.9 4.4 +11.5% 981 Q2/24 Q2/25 1,013 +3.3% 87 96 Q2/24 Q2/25 +10.2% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 2.1% 3.3% 0.6% 1.7% 3.9% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 1.4% 17.0% 29.2% 1.3% 8.2% Order entry (L TM) € bn ▪ Strong growth in order entry and revenue due to Cloud, Digital and Road Charging. ▪ Public sector gaining importance ▪ On track for 2025 and CMD targets
Page 22
Financials Q2/25 reported impacted by f/x and phasing 1 Free cash flow AL before dividend and before spectrum investments. Cash capex before spectrum investment. Spectrum: Q2/25: €854 mn, H1/25: €992 mn, Q2/24: €175 mn, H1/24: -232 mn. 22 € mn Q2 H1 2024 2025 Change 2024 2025 Change Revenue 28,394 28,671 +1.0% 56,337 58,427 +3.7% Service revenues 24,088 24,384 +1.2% 47,573 49,341 +3.7% Adj. EBITDA AL 10,819 10,999 +1.7% 21,292 22,297 +4.7% Adj. EBITDA AL (excl. US) 3,582 3,701 +3.3% 7,123 7,375 +3.5% Adj. Net profit 2,477 2,504 +1.1% 4,716 4,947 +4.9% Net profit 2,088 2,615 +25.2% 4,070 5,460 +34.1% Adj. EPS (in €) 0.50 0.51 +2.5% 0.95 1.01 +6.4% Free cash flow AL1 5,229 4,878 -6.7% 8,938 10,528 17.8% Cash capex1 3,684 3,870 +5.1% 8,345 8,213 -1.6% Net debt excl. leases (AL) 97,085 92,982 -4.2% 97,085 92,982 -4.2% Net debt incl. leases (IFRS 16) 135,125 126,535 -6.4% 135,125 126,535 -6.4% Q2 organic growth of 4.0% Q2 organic growth of 4.0% Q2 organic growth of 5.0% H1 recurring adj. EPS growth of 9.8%
Page 23
Adj. net profit € mn Free Cash Flow AL1 € mn FCF AL and adj. net profit impacted by phasing and f/x Q2/24 -513 Net CF from ops. 275 Leasing payments -186 Capex (excl. spectrum)2 73 Others Q2/25 5,229 4,878 -6.7% Q2/24 Adj. EBITDA 160 D&A -146 Financial result -88 T axes -15 Minorities Q2/25 2,477 2,504115 +1.1% US growing after low level in Q1. FY guidance unchanged 1 Free cash flow and FCF AL before dividend payments and spectrum investment. 2 Spectrum: Q2/25: €854 mn, Q2/24: €175 mn. 23 Growth in EBITDA negatively impacted by f/x and Working Capital phasing negatively impacted by weak US$ Positively impacted by weak US$ Prior year included 0.1 bn gain from Civil Servants Health Insurance Q1/25 growth rate: +52.4% Q1/25 growth rate: 9.1%
Page 24
Net debt excl. leases (AL) € bn Net debt leverage comfortably in corridor due to strong FCF and f/x -4.9 FCF AL Q2/25F/X and others -5.4 M&A 0.7 DT SBB 0.595.7 93.0 SBB TM US 2.3 Dividends2 4.9 Spectrum1 -0.9 Q1/25 -2.7 Leverage ratios X 2023 2024 Q2/25 2.82 2.31 2.78 2.31 2.51 2.11 Incl. leases Excl. leases 24 1 Includes cash inflow from sale of spectrum in the US. 2 Includes dividends of subsidiaries.
Page 25
H1 2025 results Main takeaways
Page 26
Adj. EPS in €/share H1/25 Key messages consistent reliable growth ▪ Consistent reliable growth, despite some headwinds in Germany ▪ On track for FY25 and CMD 2023–27 guidance ▪ Extending network leadership on both sides of the Atlantic ▪ Record customer growth and guidance upgrade in the US ▪ New growth opportunities from successful M&A transactions in the US ▪ Strong progress with A.I.-powered digitization; on track for efficiency targets ▪ Leverage well within comfort zone. DT’s TMUS stake at 52.1% 2023 2024 2025e 2027e as per CMD 2024 1.60 1.90 ~2.00 ~2.5 26
Page 27
Q2 2025 results Appendix
Page 28
Organic growth rates 1 Adj. EBITDA AL excl. TMUS handset leases. 28 In % Q2/25 over Q2/24 H1/25 over H1/24 Group revenues +4.0 +3.9 Group service revenue +4.0 +3.7 Service revenue DT ex US +1.7 +2.1 Group Adj. EBITDA AL +5.0 +5.2 Adj. EBITDA AL DT ex US +3.4 +3.6 Group Core adj. EBITDA AL1 +5.2 +5.4
Page 29
FCF AL excl. US1 well on track for FY guidance € bn H1 2024 H1 2025 Adj. EBITDA 7.9 8.1 Leasing opex -0.8 -0.7 Adj. EBITDA AL 7.1 7.4 Cash Capex -4.0 -3.8 Proceeds from sale of fixed assets +0.0 +0.1 Special Factors Cash -0.6 -0.6 Interest ex leasing -0.6 -0.6 Cash Taxes -0.6 -0.4 Other (working capital etc.) +0.5 +0.2 FCF AL 1.8 2.3 29 1 Includes cash returns related to tower transaction. Excludes TMUS dividend receipts.
Page 30
Guidance 2025 current guidance compared to consensus € bn Guidance 2025 in € @ 1.08 Guidance 2025 in € @ 1.13 (Cons. f/x) Consensus in € @ 1.13 Adj. EBITDA AL Group >45.0 >43.7 44.0 thereof ex US 15.0 15.0 15.1 thereof TMUS >30.0 >28.7 28.9 FCF AL >20.0 >19.3 19.4 thereof ex US 3.61 3.61 3.6 thereof TMUS >16.4 >15.7 15.72 Adj. EPS in € ~2.00 1.99 1 Includes €0.1 bn of cash returns related to tower transaction. 2 Calculated by using the DT pre-results Group consensus of €19,359 bn and subtracting ex US contribution of €3,630. 30
Page 31
Balance sheet solid across the board € bn 30/06/2024 30/09/2024 31/12/2024 31/03/2025 30/06/2025 Balance sheet total 296.0 288.6 304.9 305.0 281.5 Shareholders’ equity 92.4 92.4 98.6 97.8 89.7 Net debt excl. leases (AL) 97.1 92.5 99.3 95.7 93.0 Net debt excl. leases (AL)/adj. EBITDA AL1 2.32 2.18 2.31 2.18 2.11 Net debt incl. leases (IFRS 16) 135.1 128.7 137.3 131.9 126.5 Net debt incl. leases IFRS 16/adj. EBITDA1 2.81 2.64 2.78 2.63 2.51 Equity ratio 31.2% 32.0% 32.3% 32.1% 31.9% Comfort zone ratios Rating: A-/BBB Leverage ≤ 2.75x Net debt IFRS 16/Adj. EBITDA 25 – 35% equity ratio Liquidity reserve covers redemptions of the next 24 months Current rating Fitch: BBB+ stable outlook Moody’s: Baa1 positive outlook S&P: BBB+ positive outlook 1 Ratios for the interim quarters calculated on the basis of previous 4 quarters. 31
Page 32
H1/25 US$ mn H1/24 US$ mn TMUS EBITDA reconciliation Adj. Core EBITDA (US GAAP) 7 Leasing Revenues Adj. EBITDA (US GAAP) -512 Bridge Adj. EBITDA AL (IFRS) 16,799 16,806 16,294 Adj. Core EBITDA (US GAAP) 61 Leasing Revenues Adj. EBITDA (US GAAP) -388 Bridge Adj. EBITDA AL (IFRS) 15,644 15,705 15,317 +7.4% yoy +7.0% yoy +6.4% yoy Q2/24 US$ mn Adj. Core EBITDA (US GAAP) 6 Leasing Revenues Adj. EBITDA (US GAAP) -275 Bridge Adj. EBITDA AL (IFRS) 8,541 8,547 8,272 Adj. Core EBITDA (US GAAP) 26 Leasing Revenues Adj. EBITDA (US GAAP) -261 Bridge Adj. EBITDA AL (IFRS) 8,027 8,053 7,792 +6.4% yoy +6.1% yoy +6.2% yoy 32 Q2/25 US$ mn
Page 33
Adj. EPS € Service revenue growth (organic) in % yoy FCF AL € bn 33 DT Group consistent financial growth over the last 5 years 2020 2021 2022 2023 2024 1.6% 3.5% 3.7% 3.6% 3.7% 20201 2021 2022 2023 2024 7.9% 7.8% 6.8% 6.9% 6.5% 2020 2021 2022 2023 2024 6.3 8.8 11.5 16.1 19.2 2020 2021 2022 2023 2024 1.20 1.22 1.83 1.60 1.90 2020: Adj. EBITDA AL Adj. Core EBITDA growth (organic) in % yoy
Page 34
Organic service revenue growth TMUS in % yoy 34 DT Group ex US & TMUS financials growth on both sides of the Atlantic 2020 2021 2022 2023 2024 3.5% 4.6% 4.9% 4.1% 4.2% 20201 2021 2022 2023 2024 10.8% 10.1% 8.0% 9.8% 8.3% 2020 2021 2022 2023 2024 -0.4% 2.0% 1.8% 2.8% 2.9% 2020 2021 2022 2023 2024 3.7% 4.8% 4.8% 1.9% 3.3% 2020: Adj. EBITDA AL Organic service revenue growth DT ex US in % yoy Organic core adj. EBITDA growth TMUS in % yoy Organic adj. EBITDA AL growth DT ex US in % yoy
Page 35
TMUS mobile postpaid net adds mn DT ex US mobile postpaid net adds mn 35 DT Group consistent customer growth over the last 5 years 2020 2021 2022 2023 2024 1.3 1.4 1.7 2.0 1.9 2020 2021 2022 2023 2024 0.7 0.7 0.5 0.6 0.4 2020 2021 2022 2023 2024 5.5 5.5 6.4 5.7 6.1 2020 2021 2022 2023 2024 0.1 0.5 2.0 2.1 1.7 TMUS broadband net adds mn DT ex US broadband net adds mn
Page 36
Ex US liquidity position € bn Ex US debt maturing € bn Financials maturity profile covered by strong liquidity reserve H2 2025 2026 2027 2028 Ø 2.94 1.1 2.2 3.5 3.5 Maturities H2 2025 Maturities 2026 Maturities H1 2027 T otal maturities next 24 months 1.1 2.2 1.9 5.2 11.4 1.5 Liquidity reserve 30.06.2025 12.9 • Additional US$1.5 bn of outstanding TMUS shareholder loans (to be repaid by 2028 at the latest) Credit lines Liquid assets 36
Page 37
Outlook 2025/26 as per annual report 2024 (1/2)1 € bn 2024 pro forma 2025e 2026e Revenue Group 115.9 Increase Increase Germany 25.7 Slight increase Slight increase US (in US$) 81.3 Increase Increase Europe 12.3 Increase Increase Systems Solutions 4.0 Slight increase Slight increase Service Revs Group 96.7 Increase Increase Germany 22.5 Slight increase Slight increase US (in US$) 66.3 Increase Increase Europe 10.2 Increase Increase Systems Solutions 3.9 Slight Increase Slight Increase Adj. EBITDA AL Group 43.0 ~44.9 Strong Increase Germany 10.5 10.8 Increase US (in US$) 30.9 32.3 Strong increase Europe 4.4 4.6 Increase Systems Solutions 0.4 0.4 Increase 1 See annual report 2024 for additional details. 37
Page 38
Outlook 2025/26 as per annual report 2024 (2/2)1 € bn 2024 pro forma 2025e 2026e Cash Capex Group 16.0 ~17.1 Stable Germany 4.8 Stable Slight increase US (in US$) 8.9 Increase Stable Europe 1.9 Slight increase Slight increase Systems Solutions 0.2 Stable Stable FCF AL Group 19.2 ~19.9 Increase Adj. EPS in € 1.90 ~2.00 Strong increase Net debt/adj. EBITDA 2.78x ≤2.75x ≤2.75x 1 See annual report 2024 for additional details. 38
Page 39
Investor + Analyst Webcast with Q&A session The conference call will be held on August 7 at 14:00 CEST, 13:00 GMT, 08:00 EDT, 05:00 PDT, 21:00 JST DT Participants: Tim Höttges (CEO), Christian Illek (CFO), Hannes Wittig (Head of IR) https:/ /dtag-public.webex.com/dtag-public- de/j.php?MTID=mbc1e7fc504494903a9bfdef0e3b294cb Password: Q2RESUL TS T o ask a question, click the “lift hand” function. If you would like to cancel your question, click it again. DE +49-619-6781-9736, UK +44-20-7660-8149, US +1-650-215-5226 Meeting-ID: 2782 652 9248 T o ask a question, press “star 3” . If you would like to cancel your question, press “star 3” again. Dial-in • Live webcast • Instant replay • Available on all devices • Detailed time stamps in video description for slides + Q&A: 39
Page 40
Further questions please contact the IR department +49 228 181 – 8 88 80 Homepage: www.telekom.com/investors www.twitter.com/DT_IR investor.relations@telekom.de Individutal contact details for all IR representatives: www.telekom.com/ircontacts youtube.com/@dt_ir 40 linkedin.com/showcase/ deutsche-telekom-investor- relations Investor relations on social media – Follow us to stay up to date! All Q2-2025 Documents