Consensus

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q3/2026 on 2^nd of October 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 1,136 at 30 September 2026 vs. 1,139 at 30 June 2026.
• DT buyback: In Q3 we bought approx. 0.75bn € worth of DT shares
• TMUS spectrum: In August 2026, TMUS completed the sale of 800 MHz spectrum to Grain in exchange for $2.9bn in cash and Grain’s 600 MHz spectrum licenses.
• TMUS shareholder returns: In April 2026, TMUS increased the 2026 total shareholder return program from initially $14.6bn towards up to $18.2bn. In Q3, TMUS paid a total dividend of $1.1bn, thereof c.$0.5bn to third parties and c.$0.6bn to DT (cumulative YTD $3.3bn). For Q4 2026, TMUS increased the dividend by 15% to $1.17 from $1.02 previously. During Q2, 11.4mn TMUS shares were repurchased for c.$2.2bn (cumulative Q2 YTD $7.1bn). 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 17 July DT’s stake amounted to 54.3%. 
• Other: Please also note that TMUS will report their Q3 results on 28 October.

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.