Reasons to invest

• Revenue: Growing – by an annual average rate of +4% from 2023 to 2027.
• Indirect Cost base: Falling – not only in relative terms (costs/revenue ratio in %) but also in absolute terms (amount of costs in €) by €1.2bn from 2023-2027. This does not include the US business
• Adjusted EBITDA: Growing – by an annual average rate of +4 to +6% from 2023 to 2027.
• Free cash flow: Growing to more than 21bn in 2027.
• Adjusted earnings per share: Growing to around 2.50€ per share in 2027.
• Continuous investment in core business outside the US: around € 8 billion in 2027

For more information on our outlook, click here.

• Germany: Excellent positioning in the domestic market as an integrated provider of fixed-network and mobile services. Winner of all major quality awards. With Magenta1, Deutsche Telekom offers attractive packages combining mobile and fixed-network services.
• United States: After the successful merger of T-Mobile USA with the US wireless operator Sprint, the success story is continuing on an even elevated level. The rapid rollout of a nationwide densed 5G network is providing an excellent competitive advantage. The synergies of the merger increases the profitability significantly.
• Key European markets: Strong market positions in combination with a clear strategy.
• High stability and strong resilience in times of crisis: c.300 million customers, long term purchase agreements, solid financing and transatlantic footprint (>60% of the 2025 EBITDA from USA).

• Attractive returns for equity providers.
• Clear path to return into the defined comfort zone after the merger of T-Mobile US and Sprint. Fully funded for more than 24 months. Maturity profile with no concentration of credit risk.
• You can find all further information on the finance strategy here.