Financial Results

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📣 Tim Höttges (CEO): Overview
00:00:59 Welcome
00:01:08 Results H1 2022: sector leading growth (p#3)
00:02:45 Financials H1 2022 organic: strong growth (p#4)
00:04:32 Networks: leading with 5G, FTTH well on track (p#5)
00:06:26 Customers: growing strongly (p#6)
00:06:54 ESG: on top of our agenda (p#7)
00:08:59 Guidance 2022: raised on both sides of the Atlantic (p#8)
00:10:47 Strategic agenda: Deutsche Telekom continues to execute (p#9)

📣 Christian Illek (CFO): Operations Review Q2-2022
00:12:47 Welcome
00:13:08 US: strong financial growth (p#11)
00:13:37 US: best ever Q2 postpaid growth (p#12)
00:14:46 DE: 23rd consecutive quarter of EBITDA growth (p#13)
00:15:02 DE: service revenues: growing across the board (p#14)
00:15:50 DE: fixed: lower net adds, strong upselling (p#15)
00:17:25 DE: retail and wholesale fixed: improved trends (p#16)
00:18:00 DE: mobile: healthy customer intake (p#17)
00:18:25 EU: 18th consecutive quarter of organic EBITDA growth (p#18)
00:19:25 EU: strong commercial performance (p#19)
00:19:37 Towers: strong growth (p#20)
00:20:07 Systems Solutions: steady recovery (p#21)

📣 Christian Illek (CFO): Financials Q2-2022
00:20:34 Overview: strong financial growth (p#23)
00:21:33 Net Income: strong growth (p#24)
00:22:41 Net debt (financial): up on dividend, stake increase TM US, and F/X (p#25)

📣 Tim Höttges (CEO): Wrap-up
00:25:57 Main takeaways (p#27)

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In YouTube, you can find those chapter-links in the description of the video.

The subtitles of the video have been reviewed and optimized. (ongoing)
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Questions are answered by Tim Höttges (CEO), Christian Illek (CFO) and Hannes Wittig (Head of IR).

00:28:17 Intro to Q&A

🙋‍♂️ 1. 00:28:42 Andrew J. Lee (Goldman Sachs)
-Macro sensitivity in B2B segment: now vs the fincancial crisis? What are leading indicators?

🙋‍♂️ 2. 00:33:00 Polo Tang (UBS)
-Share buyback of DT shares: what to expect in the midterm?
-DE mobile pricing: Market impact from O2D's intention to increase prices? Scope that DT will follow?

🙋‍♂️ 3. 00:37:56 Emmet Kelly (Morgan Stanley)
-Energy costs: Outlook + impact on EBITDA over the next 2-3 years?

🙋‍♂️ 4. 00:41:34 David Wright (Bank of America)
-Net debt leverage: potential to relax the targets?
-TMUS stake: intention to increase to above 50% ahead of the TMUS share-buyback?

🙋‍♂️ 5. 00:44:55 Adam M. Fox-Rumley (HSBC)
-DE FTTH rollout: plans for H2 2022?
-Telco tax in Hungary: any visibility if other countries will follow?

🙋‍♂️ 6. 00:49:14 Jakob Bluestone (Crédit Suisse)
-DE Broadband net-adds: should we expect a further slowdown or a rebound? Pressure from fixed wireless access?
-DE mobile net-adds: Can you comment on the performance on the Magenta brand?

🙋‍♂️ 7. 00:54:40 Robert Grindle (Deutsche Bank)
-M&A in Europe: What is your current thinking?
-Net debt and ex-US leverage: can you start talking about it to bring focus to the undervaluation and dividend cover of the ex-US part of DT?

🙋‍♂️ 8. 01:00:40 Georgios Ierodiaconou (Citi)
-TMUS stake: how do you go about a possible share issuance (true-up) to Softbank
-Leverage: timing of returning into corridor?
-CEO succession: how about press speculations?

🙋‍♂️ 9. 01:08:10 Joshua Mills (Exane)
-DE broadband market: momentum of alternative operators?
-US Spectrum acquisition: plans to acquire further spectrum?

🙋‍♂️ 10. 01:12:40 Stephen Malcolm (Redburn)
-TMUS accounting: differences between US-GAAP and IFRS in EBITDA?
-Energy costs: impact on consumer behaviour/spending?
-Energy shortages: perparation for possible blackouts in the winter?

🙋‍♂️ 11. 01:19:44 Ottavio Adorisio - (Societe Generale)
-DE broadband fiber wholesale: what is the reason for decline in net-adds?
-DE FTTH rollout: any stats from JVs (capex and number of households passed)?
-DE housing associations: update on DT activities and market feedback?
-DE new mobile tariffs by DT (family plans): why has this not been introduced earlier?

🙋‍♂️ 12. 01:26:26 James Ratzer (New Street Research)
-Dividend for fiscal year 2022 (timing of announcement): prior to Q3 results in November?
-Dividend for fiscal year 2022 (payout ratio): Variables?

🙋‍♂️ 13. 01:28:53 Usman Ghazi (Berenberg)
-Free cash-flow for ex-US: how you're thinking about the headroom that you've created?

🙋‍♂️ 14. 01:30:43 Simon Coles (Barclays)
-DE broadband pricing by DT: perspective of price increases?

▪ Group financials at a Glance (Table) | Notes

▪ Income statement (Table) | Notes
         ▪ Reconciliation of the organic development (Table): Net revenue, EBITDA

▪ Statement of cash flows (Table) | Note

▪ Balance sheet (Table) | Notes

▪ Statement of comprehensive income (Table)

▪ Statement of changes in equity (Table)

▪ Segment reporting (Table)

▪ Highlights H1:
         ▪ Guidance raised for the 2022 financial year
         ▪ Corporate transactions: Sale of T-Mobile NL | Joint venture with IFM for FTTH rollout
         ▪ Investment in networks
         ▪ Cooperations, partnerships, and major deals
         ▪ Products, rate plans, and services
         ▪ Awards

▪ Significant events and transactions (H1 2022)
         ▪ Accounting policies
         ▪ War in Ukraine
         ▪ Coronavirus pandemic
         ▪ Changes in the composition of the Group
         ▪ Other transactions that had no effect on the composition of the Group

▪ Events after the reporting period (July 1 until Aug 11, 2022)
         ▪ Agreement with DigitalBridge and Brookfield on the Group’s cell tower business in Germany and Austria
         ▪ Proceedings against T Mobile US in consequence of the cyberattack on T Mobile US
         ▪ New limited partners admitted to infrastructure fund (DIV II)
         ▪ Agreements on the acquisition of spectrum licenses in the United States

▪ Overview

▪ Results of operations of the Group
         ▪ Financials: Net revenue, service revenue; Adjusted EBITDA AL, EBITDA AL; EBIT;
            Profit before income taxes; Net profit, adjusted net profit; Earnings per share,
            adjusted earnings per share; Special factors
         ▪ Employees

▪ Financial position of the Group: Balance sheet, net debt, free cash flow

▪ Other information
         ▪ Group organization, strategy, and management
         ▪ Executive bodies: Board of management supervisory board
         ▪ Related party disclosure

▪ Germany
         ▪ Business: Mobile, Fixed, Wholesale
         ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex

▪ US
         ▪ Business: Customers (prepaid/contract)
         ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex

▪ Europe
        ▪ Business: Customers, Mobile communications, Fixed network, FMC
        ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex 

▪ Systems Solutions
        ▪ Business: Overview
         ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex

▪ Group Development
        ▪ Business: Customers in NL
        ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex

▪ Group Headquarters and Group Services
        ▪ Financials: Total-/service revenues, EBITDA, EBIT, Capex

▪ Segment reporting (Table)

▪ The economic environment
         ▪ Macroeconomic development
         ▪ Overall economic risks
         ▪ Regulation:
                   ▪ EU roaming regulation
                   ▪ Approval of rates for copper-based wholesale services in DE for 10 years
                   ▪ Awarding of spectrum

▪ Forecast

▪ Risks and opportunities
         ▪ Risks arising from the macroeconomic environment
         ▪ Procurement and supply risks
         ▪ Litigation
         ▪ Anti-trust proceedings
         ▪ Assessment of the aggregate risk position

▪ Contingencies
         ▪ Claims relating to charges for the shared use of cable ducts
         ▪ Proceedings against T‑Mobile US in consequence of the cyberattack on T‑Mobile US
         ▪ Claims for damages against Slovak Telekom following a European
         ▪ Commission decision to impose fines
         ▪ Compensation in connection with the catastrophic flooding in July 2021

▪ Other financial obligations
          ▪ Disclosures on financial instruments
          ▪ Disclosure on fair value
          ▪ Disclosures on credit risk

All information for journalists can be found in our media kit:

Here you find the consensus for the first quarter 2022: