Reasons to invest

• Dividend growth: In recent years we have continuously increased the dividend (2018: € 0.70; 2017 € 0.65; 2016 € 0.60; 2015 € 0.55ct; 2014 € 0.50ct). In the coming years, the dividend trend will be based on the development of adjusted earnings per share. The starting point for this is the 2018 fiscal year, in which we generated adjusted earnings per share of € 0.96. The dividend will be paid out in the form of a dividend. Our target for adjusted earnings per share is € 1.2 for fiscal year 2021, with a garanteed minimum dividend of € 0.50 per share.  The continuous growth of the dividend in recent years demonstrates Deutsche Telekom's high level of reliability.
• High reliability: Dividend commitments have been fulfilled in the past, despite a sometimes difficult market environment.
• Tax-free payout: The dividend for the 2019 financial year will be paid out without deduction of the German capital gains tax.

• Revenue: Growing – by an annual average rate of +1 to +2% from 2017 to 2021.
• Cost base: Falling – not only in terms of the ratio of costs to revenue, but also in absolute terms (amount of costs in €). The exception is the United States, where business is growing strongly.
• Adjusted EBITDA: Growing – by an annual average rate of +2 to +4% from 2017 to 2021.
• Free cash flow: Growing – by an annual average rate of +10% from 2017 to 2021.
• Adjusted earnings per share: Growing – from € 0.96 in 2018 to around € 1.2 in 2021.
• Continuous investment in core business: Stable investment except for T-Mobile US.
• You can find all further information on the outlook here.

• Germany: Excellent positioning in the domestic market as an integrated provider of fixed-network and mobile services. Winner of all major quality awards. With Magenta1, Deutsche Telekom offers attractive packages combining mobile and fixed-network services.
• United States: The acquisition of the US wireless operator Sprint offers advantages for all parties involved: customers benefit from low prices and an excellent network, the public benefits from the rapid rollout of a nationwide 5G network and shareholders benefit from the huge synergies. From all what we currently know, the U.S. authorities can be expected to decide in the first half of 2019 on the matter.
  If the acquisition would not work out, our U.S. business will continue to have excellent prospects on a standalone basis: T-Mobile US is the fastest growing wireless company in the United States as a result of its innovative Un-carrier strategy, successful management team, excellent network quality and, consequently, a sharply improved positioning of the T-Mobile brand.
• Key European markets: Strong market positions in combination with a clear strategy.
• A management team that proactively addresses challenges and develops a value-oriented investment portfolio.

• Attractive returns for equity providers.
• Balance sheet ratios within the target range for debt lenders.Fully funded for more than 24 months. Maturity profile with no concentration of credit risk.
• You can find all further information on the finance strategy here.

Our investor relations efforts have been top-rated for the past few years in Europe: in 2019, IR work was awarded first place in the current Institutional Investor Survey in the telecommunications sector in Europe. In the Extel Survey, Deutsche Telekom has also been awarded first place across all sectors in Europe in recent years. Further information can be found here.