One of the guidelines for our financial policies defines an equity ratio corridor of between 25 and 35 percent. Fixing of the equity ratio in this interval helps on the one hand to optimize risk for all equity and liabilities and on the other hand to increase the return on equity. The limiting factor for the level of debt is a defined ratio of net debt to EBITDA of up to 2.75x.
The strategy of Deutsche Telekom is covered by a financial strategy with three key core points:
- Attractive dividend policy for shareholders
- Security for investors
- Increase of the company value
Having undisputed access to the debt capital markets at all times is the core objective of Deutsche Telekom's debt capital strategy.
Please click the terms below for more details on the cornerstones of our debt financing strategy.
In order to ensure unhindered access to the debt capital market at all times, Deutsche Telekom has set the following target corridor for its finance strategy: Credit ratings are to be in the solid investment grade, i.e., not over A- and not under BBB.
Deutsche Telekom's current ratings correspond to these requirements:
|
| Moody's | S&P | Fitch |
|---|---|---|---|
|
Long-term Rating
|
A3 |
A- |
A- |
|
Outlook
|
stable |
stable |
stable |
|
Short-term Rating
|
P-2 |
A-2 |
F2 |
|
Current Report
| Download (PDF, 752 KB) | Download (PDF, 159 KB) | Download (PDF, 201 KB) |
What is a Rating?
Ratings assess the creditworthiness of a company. The rating assesses to what extent the issuer of a bond will be able to meet its obligations for interest and capital repayments also in the future. The published assessments of the independent rating agencies are an important risk indicator for an issued financial instrument.
Deutsche Telekom AG's financial strength is regularly assessed by the international rating agencies Moody's Investors Service, Standard & Poor's, and Fitch Ratings.
Net debt is an important key performance indicator for investors, analysts and rating agencies. It is one of the Group's key management ratios, especially as a component of relative financial ratios such as net debt/adj. EBITDA, and fundamental information for the international financial markets.
Net debt/adj. EBITDA ratio is at 2.68x as of June 30, 2026.1
Net debt increased from approx. EUR 132.5 billion at the end of 2025 to approx. EUR 138.3 billion as of June 30, 2026. The main factors influencing this are given in the overview below:
- Share buyback programs of TMUS (EUR 6.1 bn) and DTAG (EUR 1.0 bn),
- Dividend payments (EUR 5.8 bn),
- Spectrum investments (EUR 0.5 bn) as well as
- Additional leases (EUR 2.1 bn) and
- Negative currency (EUR 2.9 bn) and other effects (EUR 0.7 bn)
- Were only partly offset by the strong Cashflow (EUR 13.4 bn)
For more information on net debt and how it has developed please refer to the Group Interim Report (PDF, 3.37 MB) as of June 30, 2026 on page 24.
1Ratios for the interim quarters calculated on the basis of previous four quarters.
Deutsche Telekom ensures the solvency and financial flexibility of the Group at all times by means of an adequate liquidity reserve. Credit lines and cash are assessed as covering the maturities of bonds and loans of the next 24 months. As of June 30, 2026 the liquidity reserve amounts to EUR 14.7 billion.
For more information on the liquidity reserve, please refer to page 13 of the current Q2/2026 Backup (PDF, 228 KB) on page 13.
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