Reasons to invest

• High reliability: The dividend for the fiscal year 2019 will be 60 Cent per share, irrespective if the merger between T-Mobile USA and Sprint happens or not. For the years 2020 and 2021 we have increased the minimum dividend in November 2019 from 50 Cent to 60 Cent. 
• Dividend growth: The growth of our dividend will base in the coming years on the development of the adjusted earnings per share. If – what we expect – the merger of T-Mobile USA and Sprint will be approved, the adjusted earnings per share will decrease initially before they increase significantly after the integration. The minimum dividend will be in any case 60 Cent. In case the merger will not happen, we expect increasing adjusted earnings per share and therefore an growing dividend from the basis of the fiscal year 2019 (60 Cent). 
• Tax-free payout: The dividend for the 2019 financial year will be paid out without deduction of the German capital gains tax.

*subject to required approvals

• 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.