Debt capital strategy

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 on the terms below for further details about the cornerstones of our debt 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:

Long-term rating 








Short-term rating




Current report

Download  (pdf, 1,3 MB)Download  (pdf, 380,2 KB)Download (pdf, 475,3 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.

BI_Leverage Ratio

Net debt/adj. EBITDA ratio is at 2.94x as of June 30, 2023.

Net debt decreased from approx. EUR 142.4 billion at the end of 2022 to approx. EUR 136,9 billion as of June 30, 2023. The main factors influencing this are given in the overview below:

  • Cash proceeds from the sale of GD Towers (EUR 10.7 bn) offset the negative effect of the sale- and leaseback (EUR 3 bn),
  • Positive Free cashflow (EUR 9.7 bn) and exchange rate effects (EUR 1.7 bn) supported the reduction of net debt, 
  • Overcompensating negative effects of TMUS share buyback program (EUR 7.6 bn),
  • Dividend payments (EUR 3.6 bn) and 
  • Additional leases (EUR 2 bn).

For more information on net debt and how it has developed please refer to interim Group Report (pdf, 1.5 MB) as of June 30, 2023 on page 22.

1Ratios for the interim quarters calculated on the basis of previous four quarters

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 between 2.25x and 2.75x.

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, 2023 the liquidity reserve amounts to EUR 14.7 billion.

For more information on the liquidity reserve, please refer to page 13 of the current Q2/2023 Backup (pdf, 528.5 KB).

T-Mobile US and OTE have the possibility to finance themselves independently on the international debt capital markets. Both subsidiaries therefore have their own rating. For further details please refer to the company websites (TMUS, OTE ).

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You have questions about the Telekom Share, financial reports or similar topics? Contact us!

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Investor Relations

Deutsche Telekom


Friedrich-Ebert-Allee 140, 53113 Bonn

Picture Markus Schäfer

Markus Schäfer

Vice President Debt Capital Markets


Friedrich-Ebert-Allee 140, 53113 Bonn

Picture Galina Zhiltsova

Galina Zhiltsova

Debt Capital Markets


Friedrich-Ebert-Allee 140, 53113 Bonn