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Deutsche T elekom Q3 2026 results November 5, 2026 #DT26Q3
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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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9M 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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9M/26 strong growth continues – €1.10 dividend proposed 9M/2026 Highlights • Strong financial growth: 9M organic service revenues +4.0%, adj. EBITDA AL +7.6%, FCF AL +1.7%1, adj. EPS +11.7%1 • Guidance upgrade in the US and for the group • Positive broadband net adds, accelerated broadband revenue growth, and record fiber net adds in Germany • DT proposes dividend for 2026 of €1.10 and SBB of up to €2 bn in 20272. 2026 DT SBB program at €1.8 bn in 9M • DT acquires Polish fiber assets for €1 bn • TMUS, Verizon and AT&T agree JV for satellite rural coverage • DT and 3 other European operators agree to explore joint satellite spectrum bid • DT outlines AI progress and ambitions at Investor Day. DT expands Industrial AI Cloud capacity • DT announces succession for CFO and Head of P&T 1 FCF AL and adj. EPS growth rate as reported. 2 subject to necessary approvals 4
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9M/26 Adj. EBITDA AL growth yoy, organic 9M/26 Key Financials % growth yoy, organic 9M/26 Adj. EBITDA AL by segment1 € mn Financials 9M/26 organic strong organic growth 23,842 8,145 3,763 315 9.9% +€2,154 mn 2.2% +€177 mn 4.0% +€144 mn 4.7% +€14 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 4.5% 4.0% 2.4% 7.6% 3.1% 1 Excl. GHS, GD & reconciliation (€-513 mn). Group EBITDA AL €35,552 mn. GAAP Core adj. EBITDA growth of 11.5% 5
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FTTH Fiber homes passed in mn 5G Coverage % of POPs Networks extending our leadership 10.9 11.8 9M/25 12.0 14.4 9M/26 22.7 26.4 +3.7 EU GER 99 99 9M/25 9M/26 89 95 9M/25 9M/26 +6pp GER EU ▪ GER: Record quarter of FTTH net adds (+190k) ▪ EU: FTTH utilization ratio at 38% ▪ GER: Most consistent mobile network in Europe according to Ookla ▪ EU reaches 95% 5G coverage target one year ahead of CMD ambition 6 GER: 5G area coverage of 90%. L TE area coverage of 93%
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Mobile net adds 000 Fixed line net adds2 000 Customer Growth strong commercial performance continues 919 768 9M/25 9M/26 9M/25 9M/26 1,235 1,243 138 162 9M/25 9M/26 139 144 9M/25 9M/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. 7 Return to customer growth in GER
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AI & automation related KPIs targets for 2030. DT ex US +50–60% software developer productivity 70–80% of our code written with AI 15–20% IT gross savings1 100% calls initially handled by AI 50–55% reduced calls & chats (vs 2023) Up to 70% retention & tariff changes via digital +5 tNPS Sales & Service touchpoints 10–15% Network gross savings1 Level 4 Autonomous Network for high value use cases >4 CXI for >90% of mobile customers ~€2.5 bn by 2030 Gross savings from AI and automation1 ~€1.1 bn by 2027 Gross savings from AI and automation2 >€ 1 bn by 2030 Additional revenues from new AI value pools Recap AI Investor Day aiming for substantial benefits 8 Customer interface Network IT & Software Financial Impact 1 IDC AL vs. 2023, DT ex US, excl. token costs, incl. cap. labour. 2 vs 2023, IDC AL and Capex, excl. token costs.
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Environment ▪ Q3ytd Energy consumption ex US -4.0% yoy ▪ Trade-In option launched for mobile devices in Germany Society ▪ New campaigns against online hate launched in selected EU markets Governance ▪ DT & Cloudflare join forces to strengthen European digital resilience ▪ Digital X tech conference focusses on sovereign AI and cybersecurity Society and Environment Key ESG developments in Q3 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 1.97 FY 2025 Guidance 2026 2.00 ~2.20 29.7 15.0 FY 2025 pro forma ~32.0 15.4 Original Guidance 2026 ~32.2 15.4 New Guidance 44.7 ~47.4 ~47.6 Guidance update Q1 ~47.5 15.4 ~32.1 Guidance 2026 adj. EBITDA AL and FCF AL guidance raised again 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 16.0 3.61 FY 2025 pro forma ~16.2 3.71 Original Guidance 2026 ~16.6 3.71 New Guidance 19.3 ~19.8 ~20.1 Guidance update Q2 ~20.0 3.71 ~16.5 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$37.4 bn adj. Core EBITDA (+0.1 bn) and US$18.75 bn (+0.15 bn) FCF ▪ Guidance includes around US$-1 bn GAAP to IFRS EBITDA bridge 10 ~+6% +2.5–3% ~+4% +3% ~+10%
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Dividend growth since 2023 € Share buybacks € bn DT Group 2026/27 shareholder returns 11 1 Subject to necessary approvals. 2023 2024 2025 20261 1.10 0.77 0.90 1.00 +42.9% 2 2 2024 2025 2026 2027 Up to 5 Up to 2
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Q3 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 Q3/25 Q4/25 Q1/26 Q2/26 +5.6% +6.8% +11.9% 11.7% Q3/26 10.8% 1 For IFRS bridge please refer to appendix. Q3/25 Q4/25 Q1/26 Q2/26 +9.1% +10.5% +11.3% 8.9% Q3/26 6.2% 3.7 18.2 Q3/25 4.2 19.4 Q3/26 Other revenues Service revenues 21.9 23.6 +7.5% Q3/25 Q3/26 8.4 9.4 +11.4% 13 Partial roll-over of USCellular acquisition
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Postpaid net account additions 000 T otal postpaid accounts 000 149 150 152 153 156 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 T-Mobile US continues to deliver strong account and ARPA growth Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1.0% 1.0% 1.0% 1.0% 1.09% 5G EXTENDED RANGE Postpaid ARPA (US GAAP) US $ Postpaid account churn 396 261 217 277 274 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 33,979 34,240 34,439 34,700 34,974 yoy increase partly reflects higher number of BB only accounts 14 On track for guidance of 1mn net additions in 2026
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Revenues (reported) € mn Revenue growth (organic) % yoy Germany 40th quarter of consecutive EBITDA AL growth Adj. EBITDA AL (reported) € mn Adj. EBITDA AL growth (organic) % yoy Q3/25 Q3/26 2,733 2,774 +1.5% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -1.8% 2.8% 2.1% 3.7% 4.1% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0.1% 2.5% 2.5% 2.7% 1.5% Q3/25 Q3/26 6,347 6,597 +3.9% 15 Positively impacted by World Cup Impacted by expected cost phasing
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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 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1.8% 2.5% 2.1% 2.4% 2.9% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -0.3% 1.1% 0.7% 1.3% 1.5% T otal service revenue growth (organic)1 % yoy Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0.4% 1.5% 1.1% 1.6% 1.9% 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 Acceleration mainly from broadband revenue growth
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Fixed service revenues (reported)1 € mn Broadband revenue growth (organic) % yoy Wholesale access revenues (organic) % yoy Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -0.1% 0.5% 0.3% -2.6% -1.7% Germany fixed revenues: broadband revenue trend improving 2,1% 1,6% 1,6% 1,9% 2,8% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1,915 521 1,427 Q3/25 1,968 512 1,431 Q3/26 3,863 3,911 +1.2% Broadband Wholesale Access Other +2.8% -1.7% +0.3% 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. 17
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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: positive broadband and record FTTH net adds 27 22 28 25 48 94 90 66 58 Q3/25 Q4/25 Q1/26 Q2/26 8 Q3/26 75 116 118 91 66 155 164 148 161 190 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -25 2 -3 -20 11 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 54% Q3/25 55% Q4/25 57% Q1/26 58% Q2/26 59% Q3/26 16.1% 16.4% 17.1% 17.5% 17.9% Contracted OTT T riple play 18
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Branded contract net adds1 000 Churn2 Data usage2 % GB per month Mobile service revenues (reported) € mn Germany mobile: positive momentum continues 314 282 200 218 284 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q3/26 18.7 24.6 Q3/25 Q3/26 0.8% 0.9% +32% yoy Q3/25 Q3/26 1,735 1,785 +2.9% 1 Own branded retail customers excl. multibrand, consumer IoT and “Schnellstarter”. 2 Of B2C T-branded contract customers. 19
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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 35th consecutive quarter of organic EBITDA growth Q3/25 Q3/26 3,179 3,312 +4.2% Q3/25 Q3/26 1,235 1,313 +6.3% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 2.2% 3.5% 2.1% 1.0% 4.2% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 4.6% 3.8% 3.5% 4.1% 4.3% 20 Positively impacted by Hungarian currency strength Higher equipment revenues and less drag from transit revenues (Service revs: +4.3%)
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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 38 50 30 16 37 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 57 77 54 56 64 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 143 197 123 102 114 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 129 236 127 189 225 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 21
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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 good growth in revenue and profitability Q3/25 Q3/26 4.2 4.3 +2.0% Q3/25 Q3/26 1,014 1,080 +6.5% 127 132 Q3/25 Q3/26 +4.3% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 3.0% 3.5% 2.1% 5.7% 5.7% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 22.8% 21.6% 4.0% 5.3% 4.8% ▪ Good growth in revenue due to Digital ▪ Public and Defense sectors with positive momentum ▪ Expanding Industrial AI cloud due to strong demand ▪ Record customer satisfaction ▪ Well on track for CMD targets 22
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Financials Q3/26 reported strong growth continues across the board 1 Free cash flow AL before dividend and before spectrum investments. Cash capex before spectrum investment. Spectrum: Q3/25: €61 mn, Q3/26: €275 mn paid . 9M/25: €1,052 mn, 9M/26: €824 mn. Organic growth rate of 4.5% Organic growth rate of 7.6% Organic growth rate of 4.0% Driven by higher restructuring and integration expenses in the US. In addition, 9M/25 benefitted from book gains on GD T owers and GF+ 23 € mn Q3 9M 2025 2026 Change 2025 2026 Change Revenue 28,935 31,102 +7.5% 87,361 90,906 +4.1% Service revenues 24,541 26,045 +6.1% 73,608 76,490 +3.9% Adj. EBITDA AL 11,115 12,210 +9.9% 33,411 35,552 +6.4% Adj. EBITDA AL (excl. US) 3,919 4,075 +4.0% 11,294 11,710 +3.7% Adj. Net profit 2,670 3,008 +12.7% 7,617 8,393 +10.2% Net profit 2,427 2,762 +13.8% 7,886 7,255 -8.0% Adj. EPS (in €) 0.55 0.63 +14.3% 1.56 1.74 +11.7% Free cash flow AL1 5,622 5,703 +1.4% 16,149 16,417 +1.7% Cash capex1 4,000 4,008 +0.2% 12,213 11,820 -3.2% Net debt excl. leases (AL) 98,206 100,515 +2.4% 98,206 100,515 +2.4% Net debt incl. leases (IFRS 16) 132,779 134,208 +1.1% 132,779 134,208 +1.1%
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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: Q3/25: €61 mn, Q3/26: €275 mn (excl. €2,501 mn proceeds from sale of spectrum to Grain) . 9M/25: €1,052 mn (excl. €1,777 mn proceeds from sale of spectrum)., 9M/26: €824 mn (excl. €2,501 mn proceeds from sale of spectrum to Grain). Q3/25 182 Net CF from ops. -73 Leasing payments -8 Capex (excl. spectrum)2 -20 Others Q3/26 5,622 5,703 +1.4% Q3/25 1,116 Adj. EBITDA -41 D&A -166 Financial Result -335 T axes -236 Minorities Q3/26 2,670 3,008 +12.7% 24
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Net debt excl. leases (AL) € bn Net debt leverage clearly in comfort range Leverage ratios X -5.7 Q3/26F/X and others 0.6 DT SBB 0.7 SBB TM US 104.4 100.5 2.1 Dividends 0.7 Spectrum1 -2.2 FCF ALQ2/26 -3.8 2024 2025 Q3/26 2.78 2.31 2.62 2.22 2.55 2.17 Incl. leases Excl. leases 25 1 Includes €2,501 mn of cash inflow from spectrum sale to Grain.
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Q3 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 9M/26 Key messages reliable and resilient growth ▪ Reliable and resilient financial growth continues ▪ Guidance upgrade in the US and for the group ▪ On track for FY26 and CMD 2023–27 guidance ▪ Record quarter for FTTH net adds and return to broadband customer growth in GER ▪ Strong progress with A.I.-powered digitization; delivering against ambitious targets ▪ Leverage well within comfort zone. ▪ Dividend of €1.10 and SBB of up to €2 bn announced2 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. 2 subject to necessary approvals 27
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Q3 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 % Q3/26 over Q3/25 9M/26 over 9M/25 Group revenues +5.5 +4.5 Group service revenue +4.1 +4.0 Service revenue DT ex US +2.9 +2.4 Group Adj. EBITDA AL +8.0 +7.6 Adj. EBITDA AL DT ex US +3.4 +3.1 Group Core adj. EBITDA AL +8.1 +7.6 29
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FCF AL excl. US1 well on track for FY guidance € bn 9M 2025 9M 2026 Adj. EBITDA 12.4 12.9 Leasing opex -1.1 -1.2 Adj. EBITDA AL 11.3 11.7 Cash Capex -5.5 -5.2 Proceeds from sale of fixed assets +0.1 +0.1 Special Factors Cash -0.8 -0.7 Interest ex leasing -0.8 -0.8 Cash Taxes -0.7 -0.7 Other (working capital etc.) +0.1 -0.3 FCF AL 3.7 4.1 1 Includes cash returns related to tower transaction. Excludes TMUS dividend receipts. 30 Capex decrease driven by phasing. Expect catch up in Q4.
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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 €19,742 mn and subtracting ex US contribution of €3,711 mn. 31 € bn Guidance 2026 in € @ 1.13 Guidance 2026 in € @ 1.15 (Cons. f/x) Consensus in € @ 1.15 Adj. EBITDA AL Group ~47.6 ~47.1 47.1 thereof ex US 15.4 15.51 15.5 thereof TMUS ~32.2 ~31.6 31.6 FCF AL ~20.1 ~19.8 19.7 thereof ex US 3.7 3.7 3.7 thereof TMUS ~16.6 ~16.3 16.02 Adj. EPS in € ~2.20 2.28
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Balance sheet solid across the board € bn 30/09/2025 31/12/2025 31/03/2026 30/06/2026 30/09/2026 Balance sheet total 287.2 289.8 293.5 291.3 293.5 Shareholders’ equity 91.6 92.2 92.0 88.8 90.9 Net debt excl. leases (AL) 98.2 98.1 99.5 104.4 100.5 Net debt excl. leases (AL)/adj. EBITDA AL1 2.23 2.22 2.24 2.30 2.17 Net debt incl. leases (IFRS 16) 132.8 132.5 133.8 138.4 134.2 Net debt incl. leases IFRS 16/adj. EBITDA1 2.64 2.62 2.64 2.68 2.55 Equity ratio 31.9% 31.8% 31.4% 30.5% 31.0% 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. 32
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9M/26 US$ mn Adj. Core EBITDA (US GAAP) 1 Leasing Revenues Adj. EBITDA (US GAAP) -707 Bridge Adj. EBITDA AL (IFRS) 28,397 28,398 27,691 9M/25 US$ mn Q3/26 US$ mn Q3/25 US$ mn TMUS EBITDA reconciliation Adj. Core EBITDA (US GAAP) 4 Leasing Revenues Adj. EBITDA (US GAAP) -280 Bridge Adj. EBITDA AL (IFRS) 8,680 8,684 8,404 +5.6% yoy +5.3% yoy +5.5% yoy Adj. Core EBITDA (US GAAP) 0 Leasing Revenues Adj. EBITDA (US GAAP) -257 Bridge Adj. EBITDA AL (IFRS) 9,620 9,620 9,363 +10.8% yoy +10.8% yoy +11.4% yoy Adj. Core EBITDA (US GAAP) 11 Leasing Revenues Adj. EBITDA (US GAAP) -792 Bridge Adj. EBITDA AL (IFRS) 25,479 25,490 24,698 +6.8% yoy +6.4% yoy +6.1% yoy +11.5% yoy +11.4% yoy +12.1% yoy 33
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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 ~20.1 2021 2022 2023 2024 2025 1.22 1.83 1.60 1.90 2.00 2027 (CMD) 2.50 2026 outlook ~2.20 34 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. 35 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 36
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Ex US liquidity position € bn Ex US debt maturing € bn Financials maturity profile covered by strong liquidity reserve Q4 2026 2027 2028 2029 Ø 2.53 0.9 2.8 3.5 2.9 0,9 6,9 2,8 3,2 Maturities Q4 2026 Maturities 2027 Maturities Q1–Q3 2028 T otel maturities next 24 months 12.0 3.0 Liquidity reserve 30.09.2026 15.0 Credit lines Liquid assets 37
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Outlook 2026/27 as per annual report 2025 (1/2)1 38 € 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$) 33.5 36.2 Strong increase Europe 4.7 4.8 Increase Systems Solutions 0.4 0.4 Increase 1 See annual report 2025 for additional details.
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Outlook 2026/27 as per annual report 2025 (2/2)1 39 € bn 2025 pro forma 2026e 2027e Cash Capex Group 17.4 17.0 Decrease Germany 4.9 Slight increase Slight increase US (in US$) 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 November 5 at 14:00 CET, 13:00 GMT, 08:00 EST, 05:00 PST, 22:00 JST DT Participants: Tim Höttges (CEO), Christian Illek (CFO), Hannes Wittig (Head of IR) https:/ /dtag-public.webex.com/wbxmjs/joinservice/sites/dtag- public/meeting/download/df3f65c267334b3c899a99928b9937b2 Password: RESULTS 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: 2791 944 5589 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: 40
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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! 41