Consensus

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q2/2026 on 1st of July 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 1,139 at 30 June 2026 vs. 1,150 at 31 March 2026.
• DT buyback: In Q2 we bought approx. 0.5bn € worth of DT shares.
• DT dividend: €4.8bn paid in Q2.
• TMUS spectrum: TMUS acquired licenses in 102 markets for $278mn in the AWS-3 spectrum auction.
• TMUS M&A: TMUS announced two new fiber JVs in Q2 (combined ~$2.7bn investment upon closing; expect to pass 1.8mn homes by year end 2026). 
• TMUS shareholder returns: In April 2026, TMUS increased the 2026 total shareholder return program from initially $14.6bn towards up to $18.2bn, consisting of dividends and share buybacks. From Q4 2025, TMUS increased the dividend by 16% to $1.02. In Q2, TMUS paid a total dividend of $1.1bn, thereof c.$0.5bn to third parties and c.$0.6bn to DT (cumulative YTD $2.2bn). In Q1, 23.3mn TMUS shares were repurchased for $4.9bn. In February, DT declared that it does not intend to sell into the TMUS share buyback in 2026 (6.4mn TMUS shares worth €1.3bn were sold in 2025). On 24 April DT’s stake amounted to 53.8%.
• UScellular Synergies: Following deal closing on 1 August 2025, UScellular to generate approx. $1.2bn annual run rate synergies comprised of approx. $950mn in Opex and approx. $250mn in Capex. The integration is expected to be achieved in approx. two years, with costs to achieve of ~$2.6bn (o/w ~$1.2bn in 2026, ~$0.5bn in 1Q26).
• # TMUS CMD update guidance items: On 11 February TMUS provided guidance for service revenues, core adj. EBITDA, and adj. FCF in 2026 and 2027. In addition, TMUS guided for: 1) cash interest expense of ~$4.3bn in FY 2026 (~$5bn in FY 2027); 2) cash income taxes of ~$1.5bn in FY 2026 (~$3.5bn in FY 2027); 3) merger, network optimization & restructuring ~$2.5bn in FY 2026 (~$1bn in FY 2027).
• Other: Please also note that TMUS will report their Q2 results on July 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.