Consensus

Prior the the publication of the quarterly results, Deutsche Telekom provides a detailed consensus for the upcoming quarterly results, the current financial year and the next four years.

The following consensus numbers are still as of October 28, 2025.

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q3/2025 on 6th of October 2025.

The following points DT has given analysts to remind when compiling their projections:

Net debt effects

• FX: As always please keep in mind that each 1cent move in the $US between balance sheet dates corresponds to approximately €1bn change in net debt. The $US exchange rate was 1.1741 at 30 September 2025 vs. 1.1720 at 30 June.
• M&A: €7.9bn, reflecting TMUS acquisitions of UScellular and Metronet.
• M&A: TMUS announced the closing of the Metronet and UScellular transactions in Q3/25. T-Mobile invested approx. $4.9bn into the joint venture and approx. $4.3bn for UScellular’s wireless operations. For Q3, TMUS expects the following financial impacts from the UScellular acquisition: Service revenues approx. $400 million, Core adj. EBITDA approx. $125 million, costs to achieve approx. $100 million and approx. $175 million in  D&A. Also in Q3, TMUS expects from recent other acquisitions, alongside ongoing network investments to have additional $120 million in D&A and other expenses. 
• UScellular Synergy update: UScellular deal to generate approx. $1.2bn annual run rate synergies (previously $1bn) comprised of approx. $950 million in Opex and approx. $250 million in Capex.  The integration is expected to be achieved in approx. two years (previously three to four years) and costs to achieve to be approx. $2.6bn, within original guidance range. 
• DT buyback: In Q3 we spent approx. 0.6bn € on buying back DT shares.
• Dividends: 0.4bn € of TMUS dividends paid to 3rd parties.
• TMUS shareholder returns: TMUS has announced $14bn of shareholder returns in 2025, split into dividends and share buybacks. In Q3 TMUS paid c.0.5bn US$ of dividends to third parties and c.0.5bn US$ to DT. From Q4, TMUS will increase the dividend by 16% to $1.02. On 12 June DT started to sell into the TMUS SBB and shares worth €150 million were sold in Q2, €0.8bn were sold in Q3. On 18 July DT’s stake was 52.1%.

Other: Please also note that TMUS will report their Q3 results on October 23rd.

Please see detailed time schedule for compilation of consensus

Consensus files for previous quarters are available on the page for the quarterly results and the download page.