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 February 04, 2026.

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q4/2025 on 14^th of January 2026.

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

• 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 1.1750 at 31 December 2025 vs. 1.1741 at 30 September.
• UScellular Synergies: Following deal closing on 1 August 2025, UScellular to generate approx. $1.2bn annual run rate synergies 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.
• DT buyback: In Q4 we bought further c. 18m DT shares and completed with that our €2bn 2025 share buyback program at year end with a total volume for FY 25 of c.65.4m shares, which corresponds to c. 1,3% of total share capital.
• Dividends: Approx. 0.5bn € of TMUS dividends paid to 3rd parties.
• TMUS shareholder returns: TMUS announced $14bn of shareholder returns in 2025, split into dividends and share buybacks. From Q4 2025, TMUS increased the dividend by 16% to $1.02. In Q4, TMUS paid c.0.55bn US$ of dividends to third parties and c.0.6bn US$ to DT. In December, TMUS announced a new shareholder return program of up to $14.6bn that will run through end of 2026, consisting of dividends and share buybacks. On 12 June DT started to sell into the TMUS SBB and shares worth c.€150 million were sold in Q2, c.€0.8bn were sold in Q3 and c.€250 million in Q4, until end of October. On 17 October DT’s stake had been 52.1%.
• Guidance 2025/FX: Please keep in mind that 2025 guidance was issued at an average $US FX rate of 1.08 (actual average 1.13). 
• Guidance 2026/FX: Please keep in mind that, as usual, new guidance will be based on the average FX of the prior year and will be issued on an organic basis.
• Other: Please also note that TMUS will report their Q4 results, including a CMD update, on February 11th. 

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.