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 July 21, 2025, 17 days before the Q1 results but will be updated for Q2 by last week of July latest.

(€ millions)	Q2	FY25	FY26	FY27	FY28	FY29
Revenues	28,600	117,256	119,913	124,048	127,813	131,312
EBITDA AL* (adjusted)	10,953	43,983	46,256	49,048	51,378	53,638
Cash capex	3,976	16,300	16,361	16,583	16,878	17,160
Free cashflow AL* (before dividend payout)	4,735	19,359	19,777	20,735	22,564	23,628
Net debt (incl. leasing obligations)	129,020	132,011	131,123	130,265	129,231	130,474
Net debt (excl. leasing obligations)	93,233	94,395	91,928	91,076	86,391	79,897
Net income (adjusted)	2,419	9,583	10,602	11,634	12,805	14,001
* AL = After Leases (IFRS 16)

(€)	Q2	FY25	FY26	FY27	FY28	FY29
Earnings per share (adjusted)	0.50	1.99	2.24	2.49	2.71	3.03
Dividends per share		1.00	1.12	1.25	1.37	1.50

Detailed consensus (60 lines)

All details like
-segment data (financial and operational KPIs)
-high/low and the number of included analysts for every estimate
available in these documents:

Consensus (pdf, 332.6 KB)
Consensus in excel format (xlsx, 52.0 KB)

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q2/2025 on 1^st of July 2025.

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

Net debt effects
- FX: 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 1.082 at 31 March 2025.
- DT buyback: In Q2 we spent approx. 0.5bn €.
- DT dividend: €4.4bn paid in Q2
- TMUS shareholder returns: TMUS has announced $14bn of shareholder returns in 2025, split into dividends and share buybacks. In Q2 TMUS paid 0.5bn US$ of dividends to third parties and 0.5bn US$ to DT. On 12 June we started to sell into the TMUS SBB. On 17 April DT’s stake was 51.8%.
- M&A: TMUS announced the closing of the Lumos transaction in Q2/25. T-Mobile invested approx. €0.8bn into the joint venture.
Other
- Please also note that TMUS will report their Q2 results on July 23rd.

Please see detailed time schedule for compilation of consensus

Deadline for Submission:	EOB Monday, July 7th 2025
Individual Feedback period:	Thursday, July 10th 2025 onwards
Start of Quiet Period:	Friday, July 18th 2025
Publication of Consensus:	EOB Tuesday, July 22nd 2025 at the latest
Publication of Results:	Thursday, August 7th 2025

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

Background on the consensus and disclaimer

What is a consensus

The consensus is the median of all available and meaningful estimates from equity analysts on Deutsche Telekom's future financials.

Why we as Deutsche Telekom compile a Consensus

Our detailed review of all submitted estimates ensures the highest possible data quality. We make sure, that all estimates are based on the same definitions and reflect the latest structural changes in Deutsche Telekom. Moreover we remind every analyst of the latest relevant publicly known news. Thus the data quality of this consensus is higher than automated compiled consensi from third parties like Visible Alpha, Blomberg, Factset etc.

Disclaimer

This document has been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.