Slides
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Deutsche T elekom Q4 2025 results February 26, 2026 #DT25Q4 Connecting your world
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Disclaimer This presentation contains forward-looking statements that reflect the current views of Deutsche T elekom 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. Y ou should consider them with caution. Such statementsare subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche T elekom’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 ourmarkets, 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 future cash 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 T elekom also presents alternative performance measures, including, among others, service revenue 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 or any other generally accepted accounting principles. Other companies may define these terms in different ways. 2
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FY 2025 results Group
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FY 2025 HIGHLIGHTS 4 FY 2025 consistent reliable growth Market-leading customer growth continues Network leadership further strengthened, in all markets T angible progress with AI across the value chain, on both sides of the Atlantic Industrial AI Cloud with Nvidia successfully launched Reached zero CO2 emissions (Scope 1 + 2) FY/25 organic service revenues +3.8%, adj. EBITDA AL +4.7%, FCFAL +2.0%1, adj. EPS +5.2%1 FY/26 guidance for double digit earnings growth TMUS outlines strong growth targets at its February CMD update DT confirms 2027 targets from 2024 CMD DT stake in TMUS reaches 52.8% in February 1 FCF AL and adj. EPS growth rate as reported.
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Financials FY 2025 organic strong organic growth 29,252 10,694 4,677 427 5.3% +€1,483 mn 1.7% +€178 mn 5.4% +€241 mn 14.4% +€54 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 4.2% 3.8% 2.1% 4.7% 3.4% 5 1 Excl. GHS, GD & reconciliation (-€806 mn). Group EBITDA AL €44,244 mn. US GAAP Core adj. EBITDA growth of 6.8% FY/25 Adj. EBITDA AL Growth yoy, organic FY/25 Adj. EBITDA AL by segment1 € mn FY/25 Key Financials % growth yoy, organic
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77 92 Q4/24 Q4/25 +15pp 98 99 Q4/24 Q4/25 +1pp Networks extending our leadership 10.1 10.1 Q4/24 11.3 12.6 Q4/25 20.2 23.9 +3.7 EU GER Opensignal: TMUS wins all five categories in overall network experience along with 5G coverage experience and 5G availability. T-Mobile rated highest for network quality in five of six regions in the J.D. Power 2026 U.S. Wireless Network Quality Study After successful completion of fiber JVs, TMUS approaches 1 mn customer base with 997k fiber customers YE 2025, and 63k net adds in Q4/25 6 GER Continuing to lead German fiber build with record homes passed and connected in Q4 EU: fiber penetration increased to 36% Both Germany and EU on track for 2027 targets Deutsche T elekom again takes first place as “Mobile Network Operator” , “Network Operator Prepaid Cards” , “Fixed Network Provider” and “IPTV Services” in “Connect” award DT’s European operations excel in Ookla speed test with network quality, e.g. with the fastest internet in Austria or with the fastest mobile network in Poland and Greece. EU Fiber Fiber homes passed in mn 5G Coverage % of POPs
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AI 7 AI and Digital on track for €0.8 bn DT ex US 2024 CMD efficiency target1 IT SALES & SERVICE G&A NETWORK In 2025, we expanded access to leading AI capabilities for our customers, expanding our ecosystem through new partnerships with Perplexity, an AI-powered podcast feature with ElevenLabs, and advanced background image editing in collaboration with Picsart. CUSTOMERS >17.4 mn users on our Apps Magenta Moments now with ~5.8 mn monthly active users OneTV users increases to ~6.6 mn customers B2B: B2C: T-Life app with >100 mn installs, ~24 mn monthly active users 73% of postpaid phone upgrades done digitally, with majority unassisted T-Mobile announces AI-based network native “live translate” 1 0.8 bn is the sum of 0.7 bn of AI and automation and 0.1 bn of Network Scaling. 2 Overall engineering capacity uplift captures full-cycle gains across AI4Dev & AI4Ops, measured as hours saved vs. total developer hours in DTIT. Digital AI Factory launch: In partnership with NVIDIA, we launched one of Europe’s largest AI factories in just six months, significantly strengthening Europe’s AI capabilities and digital sovereignty. Digital Healthcare: We further strengthened our digital healthcare portfolio through the acquisition of Synedra and the appointment of a dedicated Healthcare COO. Internal AI-knowledge bot “askT” received a major feature boost in Q4 & answered 5 mn requests (in GER) Introduced “AI toolbelt” to redesign our way of working & drive internal AI adoption. Mobile: Launched “RAN Guardian”: world’s first AI agent to improve customer experience and first step towards self healing networks. Fiber: Achieved 100% AI-based quality control in fiber rollout in GER. In Q4, 40% of all fiber installation appointments made by our voice bot. IT DevOps: More than 5,000 employees use our AI coding assistant toolkit boosting overall engineering capacity by ~ 8%2 in both ops and code development; ~22% of code already AI-generated. Customer interaction: AI driven “FragMagenta” Voice & Chat deflected 3.4 mn calls in 2025 (+0.9 mn vs Q3). And scaling across footprint ongoing. Rollout of AI tool suite for service agents in full swing to support with automated briefing, agent chatbot (askT) & call summary, +1,400 agents live in Dec.
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8 Customer Growth stronger in mobile, weaker in fixed FY/24 FY/25 6,066 7,798 FY/24 FY/25 1,909 1,754 368 218 FY/24 FY/25 437 211 FY/24 FY/25 US (postpaid) Ex US (contract)1 Broadband TV 1 GER + EU. GER: own brand only. 2 GER + EU. Additionally in GER ~200k OTT net adds versus ~300k in 2024 Slowdown driven by Germany. Stabilization in Q4. Mobile net adds 000 Fixed line net adds2 000
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DT Group Capital allocation has been disciplined; strategic flexibility intact 9 1 Subject to AGM approval. TMUS “additional flexibility” through year end 2027 of more than $22 bn DT’s >€15 bn financial “surplus” intact; 2026 largely committed to 1) TMUS stake increase and 2) the 2026 DT share buyback DT currently plans no TMUS share sales in 2026 2023 2024 2025 50.7% 51.5% 52.6% 2023 2024 20251 0.77 0.90 1.00 2024 2025 2026e 2.0 2.0 Up to 2.0 Dividend per share € TMUS stake DT share buyback € bn 52.8% as of February 6, 2026
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FCF AL1 € bn Adj. EPS €/share Adj. EBITDA AL € bn 28.6 14.5 FY 2024 pro forma result ~29.9 15.0 Original 2025 guidance ~30.3 15.0 Latest guidance 29.3 15.0 Actual FY25 30.5 15.0 Actual with guidance FX 43.0 ~44.9 ~45.3 44.2 45.5 DT Group 2025 guidance achievement TM US DT Ex US 10 1 DT ex US FCF AL included €0.2 bn of cash returns related to the tower transaction in 2024. 2025 includes €0.1 bn of cash returns related to the tower transaction and continues to exclude any received TMUS dividends and associated taxes. 0.07 1.83 FY 2024 Guidance 2025 1.97 Actual FY 25 1.90 ~2.00 2.00 +7.7% Non-Recurring Recurring 15.9 3.5 FY 2024 pro forma result ~16.3 3.6 Original 2025 guidance ~16.5 3.6 Latest guidance 16.2 3.6 Actual FY25 16.9 3.6 Actual with guidance FX 19.2 ~19.9 ~20.1 19.5 20.2 TM US DT Ex US F/X Guidance assumed 1.08 f/x rate vs. US$ vs. 1.13 2025 actual f/x rate TMUS Intra-year guidance increases largely due to TMUS acquisitions
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Adj. EBITDA AL € bn Adj. EPS €/share FCF AL € bn 0.03 1.97 FY 2025 Guidance 2026 2.00 ~2.20 29.3 15.0 FY 2025 result 29.7 15.0 FY 2025 pro forma ~32.0 15.4 Guidance 2026 44.2 44.7 ~47.4 Guidance 2026 strong earnings growth to continue TM US DT Ex US 11 1 DT ex US FCF AL 2025 included €0.1 bn of cash returns related to the tower transaction and excludes any received TMUS dividends and associated taxes. Non-Recurring Recurring +2.5–3% 16.2 3.61 FY 2025 result 16.0 3.61 FY 2025 pro forma ~16.2 3.71 New guidance 19.5 19.3 ~19.8 TM US DT Ex US ~+6% +3% ~+3% ~+10% F/X Guidance based on 1.13 f/x rate vs. US$ TMUS 2026 TM US guidance is based on midpoint of new US GAAP guidance of US$37.25 bn Core adj. EBITDA; and of US$18.35 bn FCF Guidance includes around US$ -1 bn GAAP to IFRS EBITDA bridge
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Our 2024 CMD ambitions on track for key ambitions KPI Midterm ambition level1 Ye a r Status 2025 (CAGRs 2023–2025, absolute values as per 2025) Revenues Group: CAGR ~4% 2023–2027e +3.7% T otal service revenues Group: CAGR ~4% 2023–2027e +3.7% T otal service revenues DT ex US: CAGR 2.5–3% 2023–2027e +2.5% Adj. EBITDA AL Group: CAGR 4–6% 2023–2027e +5.4% Adj. EBITDA AL DT ex US: CAGR 3–4% 2023–2027e +3.4% IDC/Service revenues2 DT ex US: -3–5% 2023–2027e -1.1pp Cash capex3 DT ex US: ~€8 bn | ~21% of Service revenues 2027e €8 bn | 22% FCF AL Group: ~€21 bn 2027e €19.5 bn FCF AL DT ex US: €3.7–3.9 bn 2027e €3.6 bn Adj. EPS Group: ~€2.5 2027e €2.00 ROCE Group: ~9% 2027e 7.5% Leverage Group: ≤ 2.75x 2023–2027e 2.62x 1 Mid term ambition is on organic basis with €1 = $1.08. 2025 actuals are at 1€ = $1.13 2 Adj. IDC AL, excl. HU Telco tax. 3 Excl. spectrum. 12
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Q4 2025 results Review of segments and financials
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Germany 2025 achievements 14 FIBER MONETIZATION DIGITAL & AI DRIVEN TRANSFORMATION 3.4 mn contacts solved by chat/voice bots 2x fiber customer growth vs. 2023 DIFFERENTIATION & MARKET LEADERSHIP Highest ever brand recognition • >2.5 mn fiber homes passed, reaching 12.6 mn homes • Record 0.6 mn fiber customers, and all-time high 164k net adds in Q4 • Substantial fiber build efficiencies, supported by AI • Fiber 2.0: more rural and SDU, MDU connections, new sales channels • Customer Chatbot fully LLM-based with 55% solution rate • Decreased number of service contacts by 10% • 40% zero touch automatic call identification (vs. 9% in 2024) • Rollout of AI-based automatic call documentation started: ~2,000 call center agents live • Achieved 80% AI-based fiber construction supervision • ~5 mn Magenta Moments users (3.5X higher NPS, -20% churn) • All time high First Time Resolution Rate: 77%; complaints -50% since 2023 • Best year ever: won all service center, shop and mobile network tests • First truly unlimited proposition in the market • All time high B2B TRIM: 87 points
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Germany revenue and adj. EBITDA AL back on track 15 Revenues (reported) € mn Adj. EBITDA AL (reported) € mn Revenue growth (organic) % yoy Adj. EBITDA AL growth (organic) % yoy Q4/24 Q4/25 2,656 2,721 +2.5% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 -0.2% -1.3% -1.3% -1.8% 2.8% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2.8% 2.2% 2.0% 0.1% 2.5% Q4/24 Q4/25 6,579 6,758 +2.7% Revenue increase driven by TSR and revenue with cooperations (at cost)
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Germany strong growth in fixed and mobile service revenues 16 Mobile service revenue growth (organic) % yoy T otal service revenue growth (organic) % yoy Fixed service revenue growth (organic) % yoy Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2.1% 3.1% 2.0% 1.8% 2.5% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.5% 0.7% 0.8% -0.3% 1.1% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.9% 1.4% 1.1% 0.4% 1.5% Mobile service revenues continue to benefit from network leadership and successful segmentation Sequential improvement in fixed service revenue growth driven by easier prior year comp
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261 274 185 314 282 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Germany German mobile well on track for CMD targets 17 Branded contract net adds1 000 Mobile service revenue growth (organic) % yoy Churn2 % Q4/24 Q4/25 14.8 20.0 Q4/24 Q4/25 0.8 0.9 +35% yoy 2024 2025 2.8% 2.3% CMD CAGR 23-27 2.0–2.5% Data usage2 GB per month 1 Own branded retail customers excl. multibrand, consumer IoT and “Schnellstarter”. 2 Of B2C T-branded contract customers. Well on track for CMD 2023–2027 CAGR of 2.0–2.5% Undisputed network leadership further strengthened through ongoing network modernization Family plan refresh with More for More from February 2026
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48 37 23 27 22 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Germany fixed KPIs: BB net adds stabilized, FTTH upselling continues 18 FTTH net adds and penetration 000 and % of base Retail customers with ≥100 Mbit/s tariff % of customer base Broadband net adds 000 TV net adds (ex OTT) 000 134 128 137 155 164 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 16 -7 -20 -25 2 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 51 Q4/24 52 Q1/25 53 Q2/25 54 Q3/25 55 Q4/25 In addition, ~80k OTT TV net adds; (~200k in FY25) 14.8% 15.5% 15.8% 16.1% 16.4%
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Germany focus on fiber 19 Fiber homes passed mn Fiber net adds mn 2023 2024 2025 0.29 0.47 0.58 2023 2024 2025 7.9 10.1 12.6 CMD target 2027 17.5 mn CMD target 2027 ~1 mn Delivered on fiber homes passed target run-rate and connected record number of customers Further step-up in fiber investments announced with Q3/25 results, funded by efficiencies, reallocations and federal tax relief Driving penetration towards one million run-rate customer target with increased focus on less dense areas, SDUs and MDU connections
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CMD CAGR 23–27 Germany fixed service revenues: access revenue trends reflect volumes 20 Broadband revenue growth (organic) % yoy Wholesale access revenues (organic) % yoy Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2.7% 2.1% 1.7% -0.1% 0.5% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 3.4% 3.2% 2.7% 2.1% 1.6% CMD CAGR 23–27 3–4% “stable” ARPA growth remains positive (B2C ARPA +3.4% y/y) However, despite Q4/25 volume recovery, 2025 volume losses weighing on revenue growth Stabilizing volumes while focusing on value (front- and back book) Upselling and agreed price increases offset volume losses Agreed annual price increases roll over from Q2/26 Overall, well on track for “stable” CMD target
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• We won’t stop: fully funded fiber rollout with 2.5 mn homes passed • Accelerate fiber net adds in 2026 by >20% • Fiber 2.0 acceleration, with full focus on fiber utilization: more rural and SDU, MDU connections • Increased fiber sales power: local T-Shop consultants, field services lead generation • Drive broadband growth through continuous ARPA increase and improved copper churn operations • Accelerate use of AI in service contacts • >4 mn contacts solved by chat/voice bots • Continue to decrease number of service contacts by 10% p.a. • 100% AI-based automatic call documentation • Increase fiber rollout efficiencies with AI • Increase number of contacts handeled by AI voice bot by 50% • AI-based construction supervision in 95% of locations • Extend our brand leadership: best network campaign • Extend our mobile network leadership: NeMo (network modernization) • Leverage FIFA-World Cup exclusive rights to further strengthen TV and BB bundled proposition • Establish the App as operating system: 70% of mobile contract prolongations and additional SIMs via App • Drive differentiation in B2B with secure networks, cyber defense, cloud, IoT, AI Germany 2026 priorities 21 FIBER MONETIZATION DIGITAL & AI DRIVEN TRANSFORMATION DIFFERENTIATION & MARKET LEADERSHIP Triple digit million efficiencies in 2026 Highest ever NPS in 2026 1mn fiber net adds in 2027
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Germany EBITDA AL growth expected to improve in 2026, but 2023–2027 CAGR likely at low end of CMD target 22 T otal service revenue growth (organic) % EBITDA AL growth (organic) % Weaker than expected fixed service revenue growth weighing on TSR growth ambition Weaker than expected fixed service revenues from 2025 broadband customers losses and weaker than expected B2B EBITDA AL supported by additional cost reductions EBITDA AL growth expected to accelerate in 2026 vs 2025 Confirming CMD CAGR ambition, but growth expected at the low end Actuals 2026 outlook 2026 outlook € bn CMD target Actuals CMD target 2024 2025 2.6% 1.7% 2024 2025 1.8% 1.1% CMD CAGR 23–27 2.5–3% CMD CAGR 23–27 2–2.5% 2025 2026e 10.7 11.0 “slight increase”
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Europe Our success story continued in 2025 23 +3.9% service revenue growth vs 2024 9mn members on Magenta Moments 73% Magenta App penetration GROWTH TRANSFORMATION & SCALE ‘WIN THEIR HEARTS’ 1 Organic Service Revenue growth FY 2025 yoy. 2 HH as % of BB subscribers incl. FMS. 3 extended KPI scope incl. all DTIT charges 42025 average. • Strong profitable growth1: B2C: +3.4%, B2B +5.6% • Best network: 36% fiber utilization, 92% 5G coverage • Superior convergent experience: 62% FMC penetration 2 • B2B ICT incl. Cloud, Security & SD-X: 40% of B2B service revenues • Digitalization in sales & service: 30% chat share • AI implementation in NT: -14% energy intensity, CXI index live • Unlock scale potential: One-X platforms, B2B CoEs & NT COME • IT efficiency: ITR at 4.5% 3 • Best customer experience: TRI*M4: B2C 8x #1, B2B 9x #1 • Best brand: ‘Love brand’ leading in 6 countries • Best place to work: Employee experience score 82%
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Europe 32nd consecutive quarter of organic EBITDA growth 24 Revenues (reported) € mn Adj. EBITDA AL (reported) € mn Revenue growth (organic) % yoy Adj. EBITDA AL growth (organic) % yoy Q4/24 Q4/25 3,205 3,303 +3.1% Q4/24 Q4/25 1,074 1,132 +5.3% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 4.3% 3.7% 2.1% 2.2% 3.5% Service revenue growth +4.6% yoy Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 7.3% 7.2% 6.3% 4.6% 3.8%
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Europe Strong commercial performance continues 25 Mobile contract net adds1 000 Broadband net adds 000 FMC net adds 000 TV net adds 000 193 123 209 129 236 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Includes -60k from Romania 170 151 156 143 197 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 35 -1 15 38 50 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 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. 77 68 65 57 77 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25
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Europe 2026 priorities: Customer obsession & AI to accelerate delivery of CMD 26 GROWTH TRANSFORMATION & SCALE ‘WIN THEIR HEARTS’ Maintain strong Service Revenue growth #1 in TRI*MFurther reduce IDC to Service Revenue ratio 1 B2C • Maintaining the pace in the best network: +>1 mn Fiber HHp, ~36% utilization rate, ~95% 5G coverage • Double-down on delivering the best home experience with smart home control & security features • Accelerate growth in new business areas incl. Magenta Moments 2.0 • Drive B2B growth by monetizing AI and digital sovereignty • Bring more transactions to digital: >30% eSales share1 , up to 50% of mobile prolongations via digital • Accelerate AI in sales & service: Further rollout of OneBot, OneVoice, OnePortal & AI for assisted channels • Leverage AI for hyper-personalized and contextual experiences • Further drastic simplification and legacy retirement: 40% of legacy systems retired • Start building towards a Magenta App- centric ‘Next-Gen Experience’ • Further drive customer engagement via Magenta Moments: 10 mn members • Double-down on CX improvements • Accelerate becoming top-5 employer of choice in Te l Co& ICT • Become AI-powered organization that attracts talents with critical skills
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CMD CAGR 23–27 2.5–3% Europe well on track for stated CMD targets 27 T otal service revenue growth (organic) % EBITDA AL growth (organic) % Strong service revenue growth in B2C and B2B Supported by strong and consistent customer growth All NatCos grow EBITDA in 2025, HU further supported by end of special tax Actuals 2026 outlook 2026 outlook € bn CMD target Actuals CMD target 2024 2025 8.1% 5.4% 2024 2025 5.0% 3.9% CMD CAGR 23–27 4–5% “slight increase” 2025 2026 4.7 4.8
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Systems Solutions after 2024 and 2025 well on track for CMD targets 28 Turnaround achieved Well on track for stated CMD targets Broad-based revenue growth – ahead of market Growing order intake supporting 2026 revenues Highest ever customer satisfaction: TRI*M 99 points Strong EBITDA development supported by cost take-out and productivity, helped by AI 2026 EBITDA growth to reflect investments in future growth Delivering on positive and growing cash contribution Order Entry € mn 2024 2025 4,020 4,191 +4.8% Revenue € mn 2024 2025 4,004 4,103 +3.0% EBITDA AL adj. € mn 369 427 2024 2025 +14.4% Cash Contribution unadj. € mn 21 66 2024 2025 +160.2 CMD CAGR 23–27 3–4% CMD CAGR 23–27 >5% 23-27 positive = Growth rates on organic base
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Systems Solutions becoming a differentiator for DT through our strategic priorities 29 GROWTH WITH AI FULLY SOVEREIGN T-CLOUD FOCUS VERTICALS >1,500 AI experts (T-Systems) 470+ AI & Data projects External AI revenue with customers ahead of plan Scale AI related revenues yoy >50%, total ~200 mn revenue T Cloud with 7,000+ enterprise customers #1 European Private Cloud & #1 provider of sovereign Cloud Infrastructure services T Cloud Public +20% yoy, total >200 mn Cross-sell Cloud & Digital services into base accounts Focus industries remain key revenue driver, esp. Public and Health Defense as new Focus Industry: already >15 clients Acquisition of Synedra to extend leadership in Health Further build up and push Defense vertical: >100 mn revenue ambition PRODUCTIVITY & COST TAKE-OUT Built Europe’s first and largest Industrial AI Cloud (10,000 GPUs) Globally +7% productivity increase, esp. through Automation & AI Offshore push: Shoring- quota increased to 43% YE 2025; German headcount -9% net yoy AI First strategy Productivity in delivery continuing: Cloud & Digital +10% Production machine for DT: triple digit FTEs in TSI Global Production centers ACHIEVEMENTS 2026 PRIORITIES
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Systems Solutions Industrial AI Cloud – built a German AI factory in less than 6 months – open, secure, sovereign. Seeing strong demand 30 Connectivity Data Center Compute (T Cloud/Nvidia) Platform (BTP/SAP) Application layer Industry Security Public Defense Consumer Adaption/Integration for customers (T-Systems, …) <6 months from ideation to launch 10,000 state-of-the-art NVIDIA GPUs (B200 & RTX Pro), 1,000 terabyte GPU RAM, 0.5 EXA flops 50% increase of German AI compute power 20 petabyte memory 20 AI foundation services, >25 LLMs/ large action models 400 CUDA X libraries, 178 mn CUDA cores DC Munich fully green & best-in-class Energy efficiency, PUE <1.2 Complete AI stackIAIC in numbers IAIC pipeline DT OE >40M€ 50 OPPS IAIC 2026 Opportunity Status Strong initial demand Auto 12 Defense 2 DTAG 1 Germany 15 Health 7 International 12 Public 1 Customer Usecases (extract) Digital Twin, Predictive Maintenance, Simulation/ Physical AI, Digital Hospital Services, Anomaly- detection, Cybersecurity, Digital Citizen Services
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31 T-Mobile US industry leading financial growth Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 +10.1% +8.4% 6.4% 5.6% 6.8% 1 For IFRS bridge please refer to appendix. Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 +5.5% +5.2% 6.1% 9.1% 10.5% Q4/24 Q4/25 Other revenues Service revenues 21.8 24.4 4.9 16.9 5.6 18.7 +11.7% Postpaid service revenue +13.9% yoy Q4/24 Q4/25 7.6 8.3 +9.0% Impacted by UScellular Impacted by UScellular Revenue (IFRS) US $ bn Adj. EBITDA AL (IFRS)1 US $ bn Service revenue (US GAAP) % yoy Core adj. EBITDA (US GAAP) % yoy
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903 495 830 962 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 1,007 T-Mobile US industry leading customer growth Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.92% 0.91% 0.90% 0.89% 1.02% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 1.9 1.3 1.7 2.3 2.4 432 427 470 560 558 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Industry leading 32 1 5G Broadband + fiber. Industry leading Higher industry switching T otal postpaid net additions mn Postpaid phone net additions 000 Broadband customer net additions1 000 Postpaid phone churn %Industry leading net adds, total base at 9.4 mn
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33 Financials Q4/25 reported impacted by f/x and M&A 1 Free cash flow AL before dividend and before spectrum investments. Cash capex before spectrum investment. Spectrum: Q4/25: €18 mn, FY/25: €1,071 mn (before €1,777 mn cash inflow from sale of spectrum in the US), Q4/24: €785 mn, FY/24: €3,209 mn. FY 2025 Additionally corrected by €1,322 mn for M&A in the US. € mn Q4 FY 2024 2025 Change 2024 2025 Change Revenue 30,932 31,720 +2.5% 115,769 119,081 +2.9% Service revenues 24,837 25,352 +2.1% 96,537 99,363 +2.9% Adj. EBITDA AL 10,632 10,833 +1.9% 43,021 44,244 +2.8% Adj. EBITDA AL (excl. US) 3,501 3,697 +5.6% 14,476 14,991 +3.6% Adj. Net profit 2,346 2,131 -9.2% 9,397 9,747 +3.7% Net profit 4,182 1,722 -58.8% 11,209 9,609 -14.3% Adj. EPS (in €) 0.48 0.44 -8.0% 1.90 2.00 +5.2% Free cash flow AL1 4,030 3,397 -15.7% 19,156 19,546 +2.0% Cash capex1 4,017 4,650 +15.8% 15,962 16,864 +5.6% Net debt excl. leases (AL) 99,316 98,067 -1.3% 99,316 98,067 -1.3% Net debt incl. leases (IFRS 16) 137,327 132,518 -3.5% 137,327 132,518 -3.5% Q4 organic growth of 5.5% Q4 organic growth of 4.1% Q4 organic growth of 5.6% FY recurring adj. EPS growth of +7.7% Q4 and FY 2024 driven by spectrum impairment reversals in the US and other impairment reversals (GD T owers and GF+)
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34 FCF AL and adj. net profit numbers impacted by f/x and M&A FY/24 753 Net CF from ops. 431 Leasing payments -901 Capex (excl. spectrum)2 107 Others FY/25 19,156 19,546 +2.0% FY/24 1,116 Adj. EBITDA -262 D&A -482 Financial Result -141 Taxes 119 Minorities FY/25 9,397 9,747 +3.7% 1 Free cash flow and FCF AL before dividend payments, spectrum investment and investments in the acquisition of customer bases. 2 Cash capex before spectrum investment., FY/25: €1,071 mn (before €1,777 mn cash inflow from sale of spectrum in the US), FY/24: €3,209 mn. FY 2025 Additionally corrected by €1,322 mn for M&A in the US. Free Cash Flow AL1 € mn Adj. net profit € mn Increase yoy largely driven by US Driven by higher interest expenses and a lower JV result
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35 Net debt leverage comfortably in target range FY/24 -19.5 FCF AL 9.4 -6.7 F/X and others FY/25 2.0 SBB TM US3 7.5 Dividends2 6.4 Spectrum1 -0.4 M&A 99.3 98.1 DT SBB -1.2 2023 2024 2025 2.82 2.31 2.78 2.31 2.62 2.22 Incl. leases Excl. leases 1 Includes debt accrued for spectrum installment plans and sale (-€1,777 mn) of spectrum in the US. 2 Includes dividends of subsidiaries. 3 Result of €8,852 mn of SBBs, executed by TMUS minus €1,307 mn TMUS shares sold by DT. Net debt excl. leases (AL) € bn Leverage ratios X
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1 Up to 95% reduction; ~5% removal of remaining CO2 Scope 1&2. 2 Organic. 3 Ambition level aimed at new T-branded fixed & mobile devices. 4 Ambition level aimed at new 3rd party mobile devices excl. accessories. Time frame Ambition Scope Achievements 2025 Climate From 2021 onwards 100% renewable electricity DT Group 100% 2024–2027 Keep energy consumption stable & increase energy efficiency GER & EU Actuals stable 2017–2025 Reduce Scope 1 & 2 Emissions to zero1 DT Group -94% (2025 vs. 20172) 2020–2030 Reduce Scope 1–3 Emissions by 55% DT Group -38% (2025 vs. 20202) Latest 2040 Net-zero emissions: Scope 1–3 (≥90% reduction) DT Group Measures ongoing In 2025 50% Electricity from green PPAs & own production Group ex US 26% Circularity In 2022 Zero ICT waste to landfill GER & EU Zero In 2030 100% circular around technology and devices GER & EU “Telco-Circularity Score” defined & data verification started In 2022 Sustainable packaging: 100% for new T-branded devices GER & EU ~100%3 In 2025 Sustainable packaging: ~100% for 3rd party devices GER & EU ~100%4 Best (diverse) team & digital inclusion Until 2027 30% female executive positions Group ex US 24% Until 2027 80% diverse age distribution & global leadership Group ex US Achieved From 2022 onwards Increase share of digital experts to 25–30% Group ex US 24% 2024–2027 Cumulative >80 mn beneficiaries digital society DT Group 73.6 mn people Governance Ongoing Further integrate ESG into financial steering systems and company decisions DT Group Ongoing ESG: Making progress 36
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FY 2025 results Main takeaways
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Keep moving 2026 strategic priorities accelerating our flywheel 38 Double-down on connectivity as our core differentiator – while boldy exploring new high-value biz opportunities Strengthen our B2B momentum through an integrated portfolio and materializing (sovereign) AI and Cloud opportunities AI will redefine everything – and we consequently invest throughout the whole organization to lead the pack Empower the T: invest in our brand – and the best team with longterm cultural transformation & rejuvenation Maintain our best-in-class capital allocation to continue to drive superior value and sustainable shareholder returns Unlock the full power of our transatlantic scale and continue to boost efficiency at all levels
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Q4 2025 results Appendix
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40 FCF AL and adj. net profit impacted by phasing and f/x Q4/24 -210 Net CF from ops. 205 Leasing payments -634 Capex (excl. spectrum)2 6 Others Q4/25 4,030 3,397 -15.7% 201 Q4/24 177 Adj. EBITDA -166 D&A -476 Financial result 49 Taxes Minorities Q4/25 2,346 2,131 -9.2% Largely driven by Germany (phasing) 1 Free cash flow and FCF AL before dividend payments and spectrum investment. 2 Spectrum: Q4/25: -€18 mn, Q4/24: -€785 mn. Growth in adj. EBITDA negatively impacted by weak US$ (-€706 mn) FY/25 yoy growth: +2.0% and FY guidance achieved FY/25 recurring adj. EPS growth: +7.7%Deterioration due to the JV result, derivatives and interest Free Cash Flow AL1 € mn Adj. net profit € mn
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41 Net debt leverage comfortably in target range -3.4 FCF AL Spectrum1 Dividends2 SBB TM US3 DT SBB F/X and others Q4/25 98.2 98.1 0.0 0.5 1.9 0.5 0.4 Q3/25 -0.1 2023 2024 2025 2.82 2.31 2.78 2.31 2.62 2.22 Incl. leases Excl. leases 1 Includes also debt accrued for spectrum installment plans. 2 Includes dividends of subsidiaries. 3 Result of €2,103 mn of SBBs, executed by TMUS minus €244 mn TMUS shares sold by DT. Net debt excl. leases (AL) € bn Leverage ratios X
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Organic growth rates 1 Adj. EBITDA AL excl. TMUS handset leases. 42 In % Q4/25 over Q4/24 FY/25 over FY/24 FY/24 over FY/23 FY/23 over FY/22 Group revenues +5.5 +4.2 +3.3 +0.6 Group service revenue +4.1 +3.8 +3.7 +3.6 Service revenue DT ex US +2.7 +2.1 +2.9 +2.8 Group Adj. EBITDA AL +5.6 +4.7 +6.0 +4.0 Adj. EBITDA AL DT ex US +5.1 +3.4 +3.3 +1.9 Group Core adj. EBITDA AL1 +5.7 +4.9 +6.5 +6.9
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FCF AL excl. US1 well on track for CMD commitments € bn FY 2024 FY 2025 Adj. EBITDA 16.0 16.5 Leasing opex -1.5 -1.5 Adj. EBITDA AL 14.5 15.0 Cash capex -7.7 -8.0 Proceeds from sale of fixed assets +0.1 +0.1 Special Factors Cash -1.0 -1.0 Interest ex leasing -0.9 -0.9 Cash taxes -1.3 -1.2 Other (working capital etc.) -0.2 -0.4 FCF AL 3.5 3.6 43 1 Includes cash returns related to tower transaction. Excludes TMUS dividend receipts and associated tax payments.
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44 Guidance 2026 current guidance vs. consensus pre TMUS CMD update € bn Guidance 2026 in € @ 1.13 Guidance 2026 in € @ 1.17 (Cons. f/x) Consensus in € @ 1.17 Adj. EBITDA AL Group ~47.4 ~46.4 46.5 thereof ex US 15.4 15.4 15.5 thereof TMUS ~32.0 ~31.0 31.0 FCF AL ~19.8 ~19.5 20.1 thereof ex US 3.7 3.7 3.7 thereof TMUS ~16.2 ~15.7 16.41 Adj. EPS in € ~2.20 2.20 1 Calculated by using the DT pre-results Group consensus of €20,072 bn and subtracting ex US contribution of €3,715.
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Balance sheet solid across the board € bn 31/12/2024 31/03/2025 30/06/2025 30/09/2025 31/12/2025 Balance sheet total 304.9 305.0 281.5 287.2 289.8 Shareholders’ equity 98.6 97.8 89.7 91.6 92.2 Net debt excl. leases (AL) 99.3 95.7 93.0 98.2 98.1 Net debt excl. leases (AL)/adj. EBITDA AL1 2.31 2.18 2.11 2.23 2.22 Net debt incl. leases (IFRS 16) 137.3 131.9 126.5 132.8 132.5 Net debt incl. leases IFRS 16/adj. EBITDA1 2.78 2.63 2.51 2.64 2.62 Equity ratio 32.3% 32.1% 31.9% 31.9% 31.8% 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: A3 stable outlook S&P: BBB+ positive outlook 1 Ratios for the interim quarters calculated on the basis of previous 4 quarters. 45
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Adj. EBITDA AL (reported) € mn Revenue growth (organic) % growth yoy Adj. EBITDA AL growth (organic) % growth yoy Revenues (reported) € mn 46 Systems Solutions good growth in order entry, revenue, and profitability Q4/24 Q4/25 4.0 4.2 +4.2% Q4/24 Q4/25 1,039 1,066 +2.7% 102 124 Q4/24 Q4/25 +20.8% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.6% 1.7% 3.9% 3.0% 3.5% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 29.2% 22.8% 21.6% 1.3% 8.2% Order entry (LTM) € bn Good growth in order entry and revenue due to Digital and Road Charging. Public sector with strong performance in 2025 On track for CMD targets
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TMUS EBITDA reconciliation Adj. Core EBITDA (US GAAP) 13 Leasing Revenues Adj. EBITDA (US GAAP) -939 Bridge Adj. EBITDA AL (IFRS) 33,924 33,937 32,998 +6.8% yoy +6.5% yoy +6.8% yoy Adj. Core EBITDA (US GAAP) 2 Leasing Revenues Adj. EBITDA (US GAAP) -148 Bridge Adj. EBITDA AL (IFRS) 8,445 8,447 8,299 +6.8% yoy+6.7% yoy+9.0% yoy 47 Adj. Core EBITDA (US GAAP) 93 Leasing Revenues Adj. EBITDA (US GAAP) -971 Bridge Adj. EBITDA AL (IFRS) 31,771 31,864 30,893 Adj. Core EBITDA (US GAAP) 11 Leasing Revenues Adj. EBITDA (US GAAP) -302 Bridge Adj. EBITDA AL (IFRS) 7,905 7,916 7,614 FY/25 US $ mn Q4/25 US $ mn FY/24 US $ mn Q4/24 US $ mn
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DT Group organic financial growth targets intact 48 2021 2022 2023 2024 2025 3.5% 3.7% 3.6% 3.7% 3.8% 2021 2022 2023 2024 2025 7.8% 6.8% 6.9% 6.5% 4.8% 2021 2022 2023 2024 2025 8.8 11.5 16.1 19.2 19.5 2021 2022 2023 2024 2025 1.22 1.83 1.60 1.90 2.00 1 CMD CAGR of 4–6% reflects adj. EBITDA AL. CMD CAGR 4.0% 2027 (CMD) 21.0 CMD CAGR1 4–6% 2027 (CMD) 2.50 Service revenue growth (organic) In % yoy Adj. Core EBITDA growth (organic) In % yoy FCF AL € bn Adj. EPS € 2026 outlook “growth” 2026 outlook ~19.8 2026 outlook ~6.0% 2026 outlook ~2.20
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DT ex US financial growth targets confirmed 49 1 DT ex US FCF AL included €0.2 bn of cash returns related to the tower transaction in 2024. 2025 includes €0.1 bn of cash returns related to the tower transaction and continues to exclude any received TMUS dividends. 2021 and 2022 included TMNL. In 2025, weaker than expected Germany growth offset by stronger EU segment FCF AL on track, despite higher German fiber capex 2021 2022 2023 2024 2025 2.0% 1.8% 2.8% 2.9% 2.1% 2021 2022 2023 2024 2025 4.8% 4.8% 1.9% 3.3% 3.4% 2021 2022 2023 2024 2025 3.9 3.9 3.5 3.5 3.6 CMD CAGR 2.5–3% CMD CAGR 3–4% CMD CAGR 3.7–3.9 Service revenue growth (organic) in % yoy EBITDA AL growth DT ex US (organic) In % yoy FCF AL1 € bn 2026 outlook N.A. 2026 outlook 3.7 2026 outlook ~2.5–3%
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DT Group consistent customer growth over the last 5 years 50 2021 2022 2023 2024 2025 1.4 1.7 2.0 1.9 1.8 2021 2022 2023 2024 2025 0.7 0.5 0.6 0.4 0.2 2021 2022 2023 2024 2025 5.5 6.4 5.7 6.1 7.8 2021 2022 2023 2024 2025 0.5 2.0 2.1 1.7 2.0 TMUS mobile postpaid net adds mn TMUS broadband net adds mn DT ex US mobile postpaid net adds mn DT ex US broadband net adds mn
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Financials maturity profile covered by strong liquidity reserve 2026 2027 2028 2029 Ø 32.2 3.5 3.5 2.9 Maturities 2026 Maturities 2027 T otal maturities next 24 months 5.8 2.2 3.5 12.0 2.8 Liquidity reserve 31.12.2025 14.8 As of 31.12.2025 DT held US$1.5 bn of unsecured TMUS bonds, which were redeemed in Feb. 2026 Credit lines Liquid assets 51 Ex US debt maturing € bn Ex US liquidity position € bn
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Outlook 2026/27 as per annual report 2025 (1/2)1 € bn 2025 pro forma 2026e 2027e Revenue Group 120.9 Increase Increase Germany 25.6 Slight increase Slight increase US (in US$) 90.3 Increase Increase Europe 12.5 Slight increase Slight increase Systems Solutions 4.1 Increase Increase Service Revs Group 101.1 Increase Increase Germany 22.7 Slight increase Slight increase US (in US$) 73.3 Increase Increase Europe 10.5 Slight increase Slight increase Systems Solutions 4.1 Increase Increase Adj. EBITDA AL Group 44.7 47.4 Strong increase Germany 10.7 11.0 Increase US (in US$) 33.5 36.2 Strong increase Europe 4.7 4.8 Increase Systems Solutions 0.4 0.4 Increase 1 See annual report 2025 for additional details. 52
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Outlook 2026/27 as per annual report 2025 (2/2)1 € bn 2025 pro forma 2026e 2027e Cash capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 10.7 Decrease Decrease Europe 2.0 Stable Stable Systems Solutions 0.2 Stable Stable FCF AL Group 19.3 19.8 Strong increase Adj. EPS in € 2.0 2.20 Strong increase Net debt/adj. EBITDA 2.62x ≤2.75x ≤2.75x 53 1 See annual report 2025 for additional details.
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Investor + Analyst Webcast with Q&A session The conference call will be held on February 26 at 14:00 CET, 13:00 GMT, 08:00 EDT, 05:00 PDT, 21:00 JST DT Participants: Tim Höttges (CEO), Christian Illek (CFO), Rodrigo Diehl (Germany), Dominique Leroy (Europe), Ferri Abolhassan (T-Systems) and Hannes Wittig (Head of IR) https:/ /dtag-public.webex.com/dtag-public- de/j.php?MTID=m6205504e1dd17bbe0d97da27ff99111e Password: FYRESUL TS To 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: 2783 490 6241 To 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: 54
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Investor relations on social media – Follow us to stay up to date! 55 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 Individual contact details for all IR representatives: www.telekom.com/ircontacts youtube.com/@dt_ir linkedin.com/showcase/ deutsche-telekom-investor- relations All Q4-2025 Documents