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 Q1/2026 on 1^st of April 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 1,1498 at 31 March 2026 vs. 1.1750 at 31 December 2025.
• DT buyback: In Q1 we bought approx. 0.5bn € worth of DT shares.
• TMUS shareholder returns: In December 2025, 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. From Q4 2025, TMUS increased the dividend by 16% to $1.02. In Q1, TMUS paid c.0.55bn US$ of dividends to third parties and c.0.6bn US$ to DT. On February 11, TMUS announced an acceleration of 1Q26 share buybacks to $5bn. Also on February 11, DT declared that it currently does not intend to sell into the TMUS share buyback in 2026 (6.4mn TMUS shares worth €1.3bn were sold in 2025). On 6 February DT’s stake amounted to 52.8%.
• 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 ~$1.3bn 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: TMUS 11 February CMD update can be found here. Please also note that TMUS will report their Q1 results on April 28th.

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.