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Deutsche Telekom Q2 2026 results August 6 , 2026 T Connecting your world . # DT2602
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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, 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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H1 2026 results Group 3 7 5 7 3 4 3 4 4 3 7 6 4 3 3 2 8 8 000 3 7 4 8 4 3 1 8 4 3 7 8 0 4 3 8 1 6 3 7 2 5 2 2 7 2 8 3 7 2 5 2 4 0 9 6 1 6 9 9 8 4 7 4 4 3 6 7 9 6 4 2 4 8 3 6 7 6 2 8 8 4 8 3 7 3 1 6 1 4 8 8
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H1/26 strong growth continues – DT 2026 SBB envelope increased H1/2026 Highlights • Market leading financial growth: H1 organic service revenues +3.9%, adj. EBITDA AL +7.4%, FCF AL +1.8%1, adj. EPS +10.3%1 • DT ex US organic service revenue growth +2.2%, adj. EBITDA AL +2.9% • Strong momentum with networks, AI, and digital sovereignty • Successful World Cup for Magenta TV coverage • Group guidance for 2026 raised to reflect higher TMUS FCF guidance • DT 2026 SBB program: €1 bn of up to 2 bn FY volume executed in H1. Increased by up to €3 bn for FY 2026, taking the total to up to €5 bn • DT’s stake in TMUS: 54.3% as of July 17, 2026 • Fitch raises DT’s rating to A- from BBB+ • MSCI ESG Rating upgraded BBB → A 1 FCF AL and adj. EPS growth rate as reported. 4
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H1/26 Adj. EBITDA AL growth yoy, organic H1/26 Key Financials % growth yoy, organic H1/26 Adj. EBITDA AL by segment1 € mn Financials H1/26 organic strong organic growth 15,707 5,371 2,451 183 9.6% +€1,382 mn 2.6% +€135 mn 3.8% +€90 mn 4.7% +€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 4.0% 3.9% 2.2% 7.4% 2.9% 1 Excl. GHS, GD & reconciliation (€ -370 mn). Group EBITDA AL € 23,342 mn. GAAP Core adj. EBITDA growth of 11.8% 5
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FTTH Fiber homes passed in mn 5G Coverage % of POPs Networks extending our leadership H1/25 H1/26 21.8 25.3 10.7 11.1 11.7 13.6 +3.5 EU GER 99 99 H1/25 H1/26 82 94 H1/25 H1/26 +12pp GER EU 1 Oak Hill transaction is expected to close in 1H 2027, the transaction with Wren House is expected to close in 2H 2026. ▪ GER: 2.5 mn HHs passed in L TM. Fiber penetration up by 11% in Q2/26 yoy. DT’s German fixed network scores No. 1 place in “Chip” internet test. ▪ EU: FTTH utilization ratio at 37%. 45% of homes passed. ▪ T-Mobile: fiber footprint further expanded by two additional JVs1 (> 1.8 mn homes at year end 2026). ▪ GER: DT wins “Connect” Hotline test in mobile in GER & A for best customer service. Mobile network wins 11/11 categories in Ookla test. ▪ EU: A, CZ, GRE and SLK win “OpenSignal” award as mobile network leaders. ▪ US: T-Mobile ranks top in Ookla, Opensignal, and P3 network tests. 6
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Digital ▪ Number of active app users: >16.7 mn users (5.0 mn GER and 11.7 mn EU) ▪ Magenta Moments:1 Unique monthly active users ~5.7 mn ▪ OneTV: ~8.1 mn customers Digital & AI (TMUS) ▪ T-Mobile member month in June (celebrating 10 years of T-Life app) leading to 30 mn monthly active users exiting Q2. AI AI and Digital accelerating the digital transformation with AI Internal AI adoption: 83% of DT employees now use AI tools on a regular basis. Internal AI knowledge bot “askT” has surpassed 8 mn conversations since launch and is now available across all DTs European footprint. IT Sales & Service G&A Network EU: AI based energy saving solution deployed nationwide across multiple NatCos. Fiber Rollout: AI-based quality checks cover 100% of scans, now providing supervisors with real- time feedback. IT: AI continues to drive software development lifecycle and IT delivery, i.e. IT delivered more projects (+27% closed epics) and increased level of code updates (merge requests, +36%) vs H1 2025 Customer interaction (GER): AI driven Bot deflected 2.1 mn calls in H1. Chatbot awarded as best T elco bot by Chip! B2B: (EU) OnePortal launched in 6 NatCos; 20 AI use cases now live with AgentForce in 6 NatCos. ▪ AI-ready business cloud for EU launched in GR & CZ – scaling to AI industry cloud ▪ DT offers medium-sized businesses n8n licences together with implementation support and training, giving companies a direct route to deploying AI agents ▪ T-Systems and SupplyOn launching a strategic partnership to bring AI into industrial supply chains. 1 loyalty program only. 7 Customers
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Mobile net adds 000 Fixed line net adds2 000 Customer Growth strong commercial performance continues 523 494 H1/25 H1/26 791 734 H1/25 H1/26 106 87 H1/25 H1/26 74 99 H1/25 H1/26 US (postpaid accounts)1 Ex US (contract)3 Broadband TV 1 Includes also fixed network accounts. 2 GER + EU. GER: own brand only. 3 GER + EU. In addition, 156k OTT contracted net adds in GER 8
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Environment ▪ H1 Energy consumption ex US -4% yoy ▪ Relaunched handset collection program with new partner to strengthen circular economy Society ▪ TMUS: Strengthened network resilience for climate-related extreme weather events Governance ▪ MSCI ESG Rating upgraded BBB → A ▪ DT CR Report & TMUS CR Report 2025 published ▪ NetFed Award/#1 for DT CR website ▪ Deutsche Telekom and Palo Alto Networks launched data- sovereign cyber defence managed service Society and Environment Key ESG developments in Q2 Societal agenda 2024 2025 80.1 81.3 77 77 2024 2025 Customer satisfaction1,2 T ri*M Employee satisfaction1,3 % Environmental agenda Energy consumption mn MWh CO2e emissions (scope 1+2) kt 2024 2025 US Group ex US 11.9 12.0 7.4 4.5 7.5 4.4 183 154 70 86 2024 2025 US Group ex US 253 240 1 DT ex US. 2 on a comparable basis. 3 engagement score. 9
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Adj. EPS €/share Adj. EBITDA AL € bn FCF AL € bn 0.03 FY 2025 Guidance 2026 2.00 ~2.20 1.97 FY 2025 pro forma ~32.0 Original Guidance 2026 ~32.1 Guidance update Q1/26 44.7 ~47.4 ~47.5 29.7 15.0 15.4 15.4 Guidance 2026 FCF AL guidance raised TM US DT Ex US 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 3.61 FY 2025 pro forma ~16.2 3.71 Original Guidance 2026 ~16.3 3.71 Guidance update Q1/26 ~16.5 3.71 New guidance 19.3 ~19.8 >19.8 ~20.0 16.0 TM US DT Ex US 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$18.6 bn FCF ▪ At midpoint US$+0.2 bn vs. prior guidance ▪ Guidance includes around US$-1 bn GAAP to IFRS EBITDA bridge 10 ~+6% +2.5–3% ~+3% +3% ~+10%
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Q2 2026 results Review of segments and financials 3 7 5 7 3 4 3 4 4 3 7 6 4 3 3 2 8 8 000 3 7 4 8 4 3 1 8 4 3 7 8 0 4 3 8 1 6 3 7 2 5 2 2 7 2 8 3 7 2 5 2 4 0 9 6 1 6 9 9 8 4 7 4 4 3 6 7 9 6 4 2 4 8 3 6 7 6 2 8 8 4 8 3 7 3 1 6 1 4 8 8
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Service revenue (US GAAP) % yoy Revenues (IFRS) US$ bn Core adj. EBITDA (US GAAP) % yoy Adj. EBITDA AL (IFRS)1 US$ bn T-Mobile US industry leading financial growth Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +6.4% +5.6% +6.8% +11.9% 11.7% 1 For IFRS bridge please refer to appendix. Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +6.1% +9.1% +10.5% +11.3% 8.9% 3.6 Q2/25 Q2/26 Other revenues Service revenues 21.1 22.8 17.4 3.8 19.0 +7.9% Postpaid service revenue +12.6% yoy Q2/25 Q2/26 8.3 9.3 +12.1% Supported by USCellular and Metronet acquisition Supported by USCellular and Metronet acquisition 12
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Postpaid net account additions 000 T otal postpaid accounts 000 150 149 150 152 153 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 T-Mobile US continues to deliver strong account and ARPA growth Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0.92% 0.97% 1.04% 1.04% 0.99% 5G EXTENDED RANGE Postpaid ARPA (US GAAP) US$ Postpaid account churn % 318 396 261 217 277 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 31,502 33,979 34,240 34,439 34,700 yoy increase reflects higher number BB only accounts Increase impacted by USCellular and Metronet acquisition 13
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Revenues (reported) € mn Revenue growth (organic) % yoy Germany revenue and adj. EBITDA AL on track Adj. EBITDA AL (reported) € mn Adj. EBITDA AL growth (organic) % yoy Q2/25 Q2/26 2,605 2,672 +2.6% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 -1.3% -1.8% 2.8% 2.1% 3.7% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2.0% 0.1% 2.5% 2.5% 2.7% Q2/25 Q2/26 6,286 6,507 +3.5% 14 Positively impacted by World Cup
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Fixed service revenue growth (organic)1 % yoy Mobile service revenue growth (organic) % yoy Germany growth in mobile and fixed service revenues Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2.0% 1.8% 2.5% 2.1% 2.4% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0.8% -0.3% 1.1% 0.7% 1.3% T otal service revenue growth (organic)1 % yoy Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1.1% 0.4% 1.5% 1.1% 1.6% 1 Due to the exclusion of voice transit revenues from service revenues (fixed service revenues) as of Q1/26, historic figures and growth rates have been re-stated. 15 Positively impacted by IT project business
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Fixed service revenues (reported)1 € mn Broadband revenue growth (organic) % yoy Wholesale access revenues (organic) % yoy Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1.7% -0.1% 0.5% 0.3% -2.6% Germany fixed revenues: broadband revenue trend improving Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2.7% 2.1% 1.6% 1.6% 1.9% 528 Q2/25 514 Q2/26 3,869 3,909 1,910 1,431 1,945 1,450 +1.0% Broadband Wholesale Access Other +1.8% -2.6% +1.3% Broadband (B2C) ARPA +2.8% yoy 1 Due to the exclusion of voice transit revenues from service revenues (fixed service revenues) as of Q1/26, historic figures and growth rates have been re-stated. 16 Roll-over of price increases
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Broadband net adds 000 FTTH net adds and penetration 000 and % of base Retail customers with ≥100 Mbit/s tariff % of customer base TV net adds (incl. contr. OTT) 000 Germany fixed KPIs: FTTH and TV growing strongly 94 9023 Q2/25 27 Q3/25 22 Q4/25 28 Q1/26 25 Q2/26 59 75 116 118 91 36 48 66 137 155 164 148 161 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 -20 -25 2 -3 -20 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 53% Q2/25 54% Q3/25 55% Q4/25 57% Q1/26 58% Q2/26 15.8% 16.1% 16.4% 17.1% 17.5% Contracted OTT T riple play 17 Plus, ~1 mn non contracted OTT net adds in H1/26
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Branded contract net adds1 000 Churn2 Data usage2 % GB per month Mobile service revenues (reported) € mn Germany German mobile: positive momentum continues 185 314 282 200 218 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q2/26 17.2 23.7 Q2/25 Q2/26 0.8% 0.9% +38% yoy Q2/25 Q2/26 1,725 1,766 +2.4% 1 Own branded retail customers excl. multibrand, consumer IoT and “Schnellstarter”. 2 Of B2C T-branded contract customers. 18
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Adj. EBITDA AL (reported) € mn Revenues (reported) € mn Adj. EBITDA AL growth (organic) % growth yoy Revenue growth (organic) % growth yoy Europe 34th consecutive quarter of organic EBITDA growth Q2/25 Q2/26 3,116 3,164 +1.5% Q2/25 Q2/26 1,170 1,255 +7.3% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2.1% 2.2% 3.5% 2.1% 1.0% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 6.3% 4.6% 3.8% 3.5% 4.1% Impacted by deconsolidation of Romania and decline in WS-transit revenue (Service revs up 4.1% organically) 19 Positively impacted by Hungarian currency strength
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Broadband net adds 000 Mobile contract net adds 000 TV net adds 000 FMC net adds 000 Europe strong commercial performance continues 15 38 50 30 16 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 65 57 77 54 56 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 156 143 197 123 102 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 209 129 236 127 189 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 20
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Adj. EBITDA AL (reported) € mn Revenues (reported) € mn Order entry (L TM) € bn Revenue growth (organic) % growth yoy Adj. EBITDA AL growth (organic) % growth yoy Systems Solutions Solid growth in revenue and profitability Q2/25 Q2/26 4.4 4.1 -6.6% Q2/25 Q2/26 1,013 1,077 +6.2% 96 99 Q2/25 Q2/26 +3.7% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 3.9% 3.0% 3.5% 2.1% 5.7% Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 22.8% 21.6% 8.2% 4.0% 5.3% ▪ Strong momentum with digital sovereignty ▪ Public and Defense sectors showing substantial growth ▪ Decline in order entry driven by phasing, continuing to expect growth for the FY ▪ Well on track for CMD targets 21
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Financials Q2/26 reported strong yoy growth in most metrics 1 Free cash flow AL before dividend and before spectrum investments. Cash capex before spectrum investment. Spectrum: Q2/25: €854 mn, Q2/26: €426 mn. H1/25: €992 mn, H1/26: €549 mn. Organic growth rate of 4.0% Organic growth rate of 7.4% Organic growth rate of 3.9% Driven by higher restructuring and integration expenses in the US. In addition, H1/25 benefitted from book gains on GD T owers and GF+ 22 € mn Q2 H1 2025 2026 Change 2025 2026 Change Revenue 28,671 29,933 +4.4% 58,427 59,804 +2.4% Service revenues 24,237 25,406 +4.8% 49,067 50,445 +2.8% Adj. EBITDA AL 10,999 11,821 +7.5% 22,297 23,342 +4.7% Adj. EBITDA AL (excl. US) 3,701 3,852 +4.1% 7,375 7,635 +3.5% Adj. Net profit 2,504 2,784 +11.1% 4,947 5,385 +8.8% Net profit 2,615 2,450 -6.3% 5,460 4,493 -17.7% Adj. EPS (in €) 0.51 0.58 +12.7% 1.01 1.12 +10.3% Free cash flow AL1 4,878 5,027 +3.1% 10,528 10,714 +1.8% Cash capex1 3,870 4,004 +3.5% 8,213 7,812 -4.9% Net debt excl. leases (AL) 92,982 104,352 +12.2% 92,982 104,352 +12.2% Net debt incl. leases (IFRS 16) 126,535 138,387 +9.4% 126,535 138,387 +9.4%
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Adj. net profit € mn Free Cash Flow AL1 € mn FCF AL and adj. net profit strong growth in earnings 1 Free cash flow and FCF AL before dividend payments and spectrum investment. 2 Spectrum: Q2/25: €854 mn, Q2/26: €426mn. H1/25: €992 mn, H1/26: €549 mn. 475 Q2/25 Net CF from ops. -126 Leasing payments -135 Capex (excl. spectrum)2 -65 Others Q2/26 4,878 5,027 +3.1% 849 Q2/25 Adj. EBITDA -164 D&A -148 Financial Result -220 T axes -38 Minorities Q2/26 2,784 2,504 +11.1% Impacted by higher restructuring cash outs in the US Adjusted EPS of 0.58 €. +12.7% growth 23
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Net debt excl. leases (AL) € bn Net debt leverage clearly in comfort range Leverage ratios X -5.0 FCF AL 0.4 Spectrum Dividends SBB TM US 0.5 DT SBB F/X and others Q2/26 99.5 104.4 5.4 2.0 1.6 Q1/26 +4.9 2024 2025 Q2/26 2.78 2.31 2.62 2.22 2.68 2.30 Incl. leases Excl. leases 24
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Q2 2026 results Main takeaways 3 7 5 7 3 4 3 4 4 3 7 6 4 3 3 2 8 8 000 3 7 4 8 4 3 1 8 4 3 7 8 0 4 3 8 1 6 3 7 2 5 2 2 7 2 8 3 7 2 5 2 4 0 9 6 1 6 9 9 8 4 7 4 4 3 6 7 9 6 4 2 4 8 3 6 7 6 2 8 8 4 8 3 7 3 1 6 1 4 8 8
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Adj. EPS in €/share H1/26 Key messages reliable and resilient growth ▪ Reliable and resilient financial growth ▪ On track for FY26 and CMD 2023–27 guidance ▪ Extending network leadership on both sides of the Atlantic ▪ Guidance upgrade in the US ▪ Strong progress with A.I.-powered digitization; on track for efficiency targets ▪ Capital allocation focused on accretion for shareholders. 1 bn DT share buyback executed in H1/26. 2026 SBB envelope increased to up to 5 bn. Total shareholder remuneration for 2026 of up to €10 bn (incl. dividend) ▪ DT’s TMUS stake at 54.3% as of July 17, 2026 ▪ Leverage well within comfort zone. Rating now at A- with all three rating agencies 2023 2024 2025 2026e1 1.60 1.90 2.00 2.20 ~2.5 2027e1 1 2026e as per FY 2026 guidance. 2027e as per CMD guidance. Both on organic base. 26
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Q2 2026 results Appendix 3 7 5 7 3 4 3 4 4 3 7 6 4 3 3 2 8 8 000 3 7 4 8 4 3 1 8 4 3 7 8 0 4 3 8 1 6 3 7 2 5 2 2 7 2 8 3 7 2 5 2 4 0 9 6 1 6 9 9 8 4 7 4 4 3 6 7 9 6 4 2 4 8 3 6 7 6 2 8 8 4 8 3 7 3 1 6 1 4 8 8
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Organic growth rates In % Q2/26 over Q2/25 H1/26 over H1/25 Group revenues +3.3 +4.0 Group service revenue +3.3 +3.9 Service revenue DT ex US +2.2 +2.2 Group Adj. EBITDA AL +7.3 +7.4 Adj. EBITDA AL DT ex US +3.2 +2.9 Group Core adj. EBITDA AL +7.3 +7.4 28
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FCF AL excl. US1 well on track for FY guidance € bn H1 2025 H1 2026 Adj. EBITDA 8.1 8.4 Leasing opex -0.7 -0.8 Adj. EBITDA AL 7.4 7.6 Cash Capex -3.8 -3.2 Proceeds from sale of fixed assets +0.1 +0.0 Special Factors Cash -0.6 -0.6 Interest ex leasing -0.6 -0.7 Cash Taxes -0.4 -0.4 Other (working capital etc.) +0.2 +0.1 FCF AL 2.3 2.8 1 Includes cash returns related to tower transaction. Excludes TMUS dividend receipts. 29 Capex decrease driven by phasing.
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Guidance 2026 new guidance compared to consensus 1 ex US Guidance re-calculated with current exchange rates (esp. the HUF) 2 Calculated by using the DT pre-results Group consensus of €19,773 mn and subtracting ex US contribution of €3,712 mn. 30 € bn Guidance 2026 in € @ 1.13 Guidance 2026 in € @ 1.16 (Cons. f/x) Consensus in € @ 1.16 Adj. EBITDA AL Group ~47.5 ~46.8 47.0 thereof ex US 15.4 15.51 15.5 thereof TMUS ~32.1 ~31.3 31.5 FCF AL ~20.0 ~19.6 19.8 thereof ex US 3.7 3.7 3.7 thereof TMUS ~16.5 ~16.1 16.12 Adj. EPS in € ~2.20 2.26
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Balance sheet solid across the board € bn 30/06/2025 30/09/2025 31/12/2025 31/03/2026 30/06/2026 Balance sheet total 281.5 287.2 289.8 293.5 291.3 Shareholders’ equity 89.7 91.6 92.2 92.0 88.8 Net debt excl. leases (AL) 93.0 98.2 98.1 99.5 104.4 Net debt excl. leases (AL)/adj. EBITDA AL1 2.11 2.23 2.22 2.24 2.30 Net debt incl. leases (IFRS 16) 126.5 132.8 132.5 133.8 138.4 Net debt incl. leases IFRS 16/adj. EBITDA1 2.51 2.64 2.62 2.64 2.68 Equity ratio 31.9% 31.9% 31.8% 31.4% 30.5% 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: A- stable outlook Moody’s: A3 stable outlook S&P: A- stable outlook 1 Ratios for the interim quarters calculated on the basis of previous 4 quarters. 31
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H1/26 US$ mn Adj. Core EBITDA (US GAAP) 1 Leasing Revenues Adj. EBITDA (US GAAP) -450 Bridge Adj. EBITDA AL (IFRS) 18,777 18,778 18,328 H1/25 US$ mn Q2/26 US$ mn Q2/25 US$ mn TMUS EBITDA reconciliation Adj. Core EBITDA (US GAAP) 6 Leasing Revenues Adj. EBITDA (US GAAP) -275 Bridge Adj. EBITDA AL (IFRS) 8,541 8,547 8,272 +6.4% yoy +6.1% yoy +6.2% yoy Adj. Core EBITDA (US GAAP) 0 Leasing Revenues Adj. EBITDA (US GAAP) -267 Bridge Adj. EBITDA AL (IFRS) 9,537 9,537 9,270 +11.7% yoy +11.6% yoy +12.1% yoy Adj. Core EBITDA (US GAAP) 7 Leasing Revenues Adj. EBITDA (US GAAP) -512 Bridge Adj. EBITDA AL (IFRS) 16,799 16,806 16,294 +7.4% yoy +7.0% yoy +6.4% yoy +11.8% yoy +11.7% yoy +12.5% yoy 32
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Adjusted EPS € FCF AL € bn Adj. Core EBITDA growth (organic) in % yoy DT Group organic financial growth targets intact Service revenue growth (organic) in % yoy 2021 2022 2023 2024 2025 3.5% 3.7% 3.6% 3.7% 3.8% CMD CAGR 4.0% 2026 outlook “growth” 2021 2022 2023 2024 2025 7.8% 6.8% 6.9% 6.5% 4.8% CMD CAGR1 4–6% 2026 outlook ~6.0% 2021 2022 2023 2024 2025 8.8 11.5 16.1 19.2 19.5 2027 (CMD) 21.0 2026 outlook ~20.0 2021 2022 2023 2024 2025 1.22 1.83 1.60 1.90 2.00 2027 (CMD) 2.50 2026 outlook ~2.20 33 1 4 – 6% reflects EBITDA AL.
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FCF AL1 € bn Adj. EBITDA AL growth (organic) in % yoy Service revenue growth (organic) in % yoy CMD 2027e 3.7–3.9 2026 outlook 3.7 2021 2022 2023 2024 2025 3.9 3.9 3.5 3.5 3.6 2021 2022 2023 2024 2025 2.0% 1.8% 2.8% 2.9% 2.1% CMD CAGR 2.5–3% 2021 2022 2023 2024 2025 4.8% 4.8% 1.9% 3.3% 3.4% 2026 outlook ~2.5–3% CMD CAGR 3–4% DT Group ex US financial growth targets confirmed 2026 outlook N.A. 34 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.
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DT ex US broadband net adds mn TMUS broadband net adds mn TMUS mobile postpaid net adds mn DT ex US mobile postpaid net adds mn DT Group consistent customer growth over the last 5 years 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 0.5 2.0 2.1 1.7 2.0 2021 2022 2023 2024 2025 5.5 6.4 5.7 6.1 7.8 35
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Ex US liquidity position € bn Ex US debt maturing € bn Financials maturity profile covered by strong liquidity reserve H2 2026 2027 2028 2029 Ø 2.65 0.7 3.5 3.5 2.9 Maturities H2 2026 Maturities 2027 Maturities H1 2028 T otel maturities next 24 months 7.5 0.7 3.5 3.2 12.0 2.7 Liquidity reserve 30.06.2026 14.7 Credit lines Liquid assets 36
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Outlook 2026/27 as per annual report 2025 (1/2)1 37 € 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$) 33.5 36.2 Strong increase Europe 4.7 4.8 Increase Systems Solutions 0.4 0.4 Increase 1 See annual report 2025 for additional details.
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Outlook 2026/27 as per annual report 2025 (2/2)1 38 € bn 2025 pro forma 2026e 2027e Cash Capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 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 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 August 6 at 14:00 CET, 13:00 GMT, 08:00 EST, 05:00 PST, 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=m074d3b2e040eea0b503ac0e69326fdd0 Password: Q1RESUL 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: 2733 898 2740 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: 39
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Further questions please contact the IR department +49 228 181 – 8 88 80 Homepage: www.telekom.com/investors www.x.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 Investor relations on social media – Follow us to stay up to date! 40