New record highs, own guidance surpassed, ambitious outlook: Deutsche Telekom closes out an extremely successful 2025. In the year just ended, net revenue increased by 4.2 percent year-on-year in organic terms – i.e., excluding exchange rate fluctuations and changes in the composition of the Group – to 119.1 billion euros. Service revenues were up by 3.8 percent in organic terms. Adjusted EBITDA AL increased in the same period by 4.7 percent in organic terms to 44.2 billion euros. The reported growth rates were lower, at 2.9 percent for revenue, 2.9 percent for service revenues, and 2.8 percent for adjusted EBITDA AL, mainly owing to the year-on-year decline in the U.S. dollar.
Free cash flow AL increased by 2.0 percent to 19.5 billion euros. In the interest of comparability, Deutsche Telekom traditionally prepares its guidance on the basis of set factors including constant exchange rates. For its 2025 full-year guidance, the U.S. dollar exchange rate from the prior year of 1.08 U.S. dollars to the euro was used. Applying the exchange rates indicated in the guidance to the values for adjusted EBITDA AL and free cash flow AL, Deutsche Telekom outperformed its most recently raised (November 2025) target values for the full year. The latest guidance from November had anticipated adjusted EBITDA AL of around 45.3 billion euros, with the final figure on the aforementioned basis coming in at 45.5 billion euros. At 20.2 billion euros, free cash flow AL likewise exceeded the expected level of around 20.1 billion euros.
“We have extended our network leadership, are improving all areas of our business through the systematic integration of artificial intelligence, and remain on course for success,” says Tim Höttges, CEO of Deutsche Telekom. “We continue to deliver reliable and sustainable growth.”
Adjusted net profit increased by 3.7 percent in 2025 to 9.7 billion euros. This corresponds to adjusted earnings per share of 2.00 euros. Of this figure, 1.97 euros are relevant for recurring earnings per share, on which the dividend is based. Deutsche Telekom announced its plans to distribute a dividend of 1.00 euro per share for 2025 back in November.
The Group expects to continue growing in 2026. Adjusted EBITDA AL is anticipated to increase to around 47.4 billion euros, and free cash flow AL to around 19.8 billion euros. Adjusted earnings per share are expected to amount to around 2.20 euros. As always, this guidance is based on constant exchange rates, in particular the U.S. dollar at the 2025 rate of 1.13 U.S. dollars to the euro. This guidance places the Group clearly on track to achieve the ambition levels it presented at the 2024 Capital Markets Day.
Germany: More than 2 million FTTH customers
The year was dominated by optical fiber. Deutsche Telekom built out its FTTH network in 2025 to 12.6 million homes passed. Growth in the number of active customers is also gaining momentum, with more than 2 million households already using such a direct fiber-optic line. 584,000 were added in 2025 alone. Meanwhile, the broadband market overall is largely stagnating. Deutsche Telekom lost 49,000 broadband lines in 2025, and gained just 2,000 in the fourth quarter.
In mobile communications, Deutsche Telekom reported a 2.4 percent increase in service revenues on its home market of Germany in the closing quarter and maintained its clear market leadership in terms of this key metric. Branded contract customer additions amounted to 282,000 in the final quarter, and to more than 1 million for the year as a whole.
In the Germany operating segment, adjusted EBITDA AL increased by 1.7 percent year-on-year in 2025 to 10.7 billion euros. Total revenue decreased by 0.4 percent to 25.6 billion euros, partially on account of lower terminal equipment revenues. Total service revenues grew by 1.1 percent in 2025 in organic terms.
United States: Impressive growth
T-Mobile US reported impressive growth in its customer numbers and financial performance indicators for both the closing quarter and full-year 2025. 2.4 million new postpaid customers were added in the fourth quarter alone, and 7.8 million overall for the year. The number of particularly valuable postpaid phone customers increased by 962,000 in the closing quarter and by 3.3 million over the full year. 8.5 million households now subscribe to the 5G Home Internet fixed-network substitute product – this figure is expected to increase to 15 million by 2030.
Service revenues at T-Mobile US grew by 7.8 percent in 2025 to 71.3 billion U.S. dollars. Adjusted EBITDA AL rose by 6.8 percent year-on-year in the same period to 33.0 billion U.S. dollars.
Europe: Success story continues
The national companies in Europe closed out the year with extremely good financial performance indicators. Adjusted EBITDA AL increased in the year just ended by 5.4 percent in organic terms to 4.7 billion euros. This segment has now posted eight successive years of year-on-year earnings growth per quarter. Service revenues increased by 3.9 percent year-on-year in 2025 in organic terms.
The number of mobile contract customers increased in organic terms by 236,000 in the fourth quarter. The customer base declined by 1.9 million to 25.6 million due to the sale of the Romanian mobile communications business effective October 1, 2025. The number of broadband customers grew by 77,000 in the closing quarter, and TV customers by 50,000.
Systems Solutions: Closes a strong year
T-Systems closes an extremely successful 2025 with a strong fourth quarter. Order entry rose by 4.2 percent year-on-year to 4.2 billion euros.
Total revenue in this segment increased by 2.5 percent against 2024 to 4.1 billion euros. Adjusted EBITDA AL grew substantially by 15.7 percent to 427 million euros.
The rise in profitability was mainly driven by particularly strong earnings growth in the Cloud, Digital, and Road Charging business areas.
The Deutsche Telekom Group at a glance
|
|
Q4
2025
millions of €
|
Q4 2024
millions of €
|
Change
%
|
FY
2025
millions of €
|
FY
2024
millions of €
|
Change
%
|
|
Net revenue
|
31,720
|
30,932
|
2.5
|
119,081
|
115,769
|
2.9
|
|
Proportion generated internationally
%
|
78.1
|
78.3
|
-0.3p
|
78.0
|
77.3
|
0.6p
|
|
Service revenue
|
25,352
|
24,837
|
2.1
|
99,363
|
96,537
|
2.9
|
|
Adjusted EBITDA
|
12,442
|
12,265
|
1.4
|
50,540
|
49,423
|
2.3
|
|
Adjusted EBITDA AL
|
10,833
|
10,632
|
1.9
|
44,244
|
43,021
|
2.8
|
|
Net profit (after non-controlling interests)
|
1,722
|
4,182
|
-58.8
|
9,609
|
11,209
|
-14.3
|
|
Adjusted net profit (after non-controlling interests)
|
2,131
|
2,346
|
-9.2
|
9,747
|
9,397
|
3.7
|
|
Earnings per share
€
|
0.36
|
0.85
|
-58.3
|
1.97
|
2.27
|
-13.1
|
|
Adjusted earnings per share
€
|
0.44
|
0.48
|
-8.0
|
2.00
|
1.90
|
5.2
|
|
Free cash flow AL
|
3,397
|
4,030
|
-15.7
|
19,546
|
19,156
|
2.0
|
|
Cash capex a
|
4,670
|
4,801
|
-2.7
|
19,256
|
19,171
|
0.4
|
|
Cash capex a
(before spectrum)
|
4,650
|
4,017
|
15.8
|
16,864
|
15,962
|
5.6
|
|
Net debt (including leases)
|
|
|
|
132,518
|
137,327
|
-3.5
|
|
Number of employees b
| | |
|
198,079
|
198,194
|
-0.1
|
|
Of which in Germany
| | |
|
70,751
|
74,550
|
-5.1
|
Comments on the table
a. Cash outflows for investments in property, plant, and equipment, and intangible assets (excluding goodwill).
b. At reporting date.
Operating segments: Development of operations
|
|
Q4
2025
millions of €
|
Q4 2024
millions of €
|
Change
%
|
FY
2025
millions of €
|
FY
2024
millions of €
|
Change
%
|
|
Germany
| | | | | | |
|
Total revenue
|
6,758
|
6,579
|
2.7
|
25,610
|
25,711
|
-0.4
|
|
Adjusted EBITDA AL
|
2,721
|
2,656
|
2.5
|
10,694
|
10,516
|
1.7
|
|
United States
|
|
|
|
|
|
|
|
Total revenue
|
20,936
|
20,462
|
2.3
|
78,097
|
75,046
|
4.1
|
|
in USD
|
24,356
|
21,814
|
11.7
|
88,188
|
81,148
|
8.7
|
|
Adjusted EBITDA AL
|
7,135
|
7,131
|
0.1
|
29,252
|
28,545
|
2.5
|
|
in USD
|
8,299
|
7,614
|
9.0
|
32,998
|
30,893
|
6.8
|
|
Europe
|
|
|
|
|
|
|
|
Total revenue
|
3,303
|
3,205
|
3.1
|
12,652
|
12,347
|
2.5
|
|
Adjusted EBITDA AL
|
1,132
|
1,074
|
5.3
|
4,677
|
4,431
|
5.6
|
|
Systems Solutions
|
|
|
|
|
|
|
|
Order entry
|
1,386
|
1,370
|
1.1
|
4,191
|
4,020
|
4.2
|
|
Total revenue
|
1,066
|
1,039
|
2.7
|
4,103
|
4,004
|
2.5
|
|
Adjusted EBITDA AL
|
124
|
102
|
20.8
|
427
|
369
|
15.7
|
Operating segments: Development of customer numbers in the fourth quarter of 2025
|
December 31, 2025
thousands
|
September 30, 2025
thousands
|
Change
thousands
|
Change
%
|
|
Germany
| | | | |
|
Mobile customers
|
74,490
|
72,813
|
1,677
|
2.3
|
|
Of which contract customers
|
27,740
|
27,414
|
326
|
1.2
|
|
Fixed-network lines
|
16,796
|
16,879
|
-83
|
-0.5
|
|
Broadband lines
|
15,103
|
15,101
|
2
|
0.0
|
|
Of which optical fiber a
|
13,370
|
13,320
|
50
|
0.4
|
|
Television (IPTV, satellite)
|
4,747
|
4,725
|
22
|
0.5
|
|
Unbundled local loop lines (ULLs)
|
1,541
|
1,616
|
-74
|
-4.6
|
|
United States
|
|
|
|
|
|
Customers
|
142,388
|
139,949
|
2,439
|
1.7
|
|
Of which postpaid customers
|
116,445
|
114,063
|
2,382
|
2.1
|
|
Of which prepaid customers
|
25,943
|
25,886
|
57
|
0.2
|
|
Europe
|
|
|
|
|
|
Mobile customers b
|
47,172
|
50,747
|
-3,575
|
-7.0
|
|
Of which contract customers c
|
25,590
|
27,273
|
-1,683
|
-6.2
|
|
Fixed-network lines
|
8,023
|
8,024
|
-1
|
0.0
|
|
Broadband customers
|
7,395
|
7,318
|
77
|
1.1
|
|
Television (IPTV, satellite, cable)
|
4,468
|
4,419
|
50
|
1.1
|
Comments on the table
a. Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
b. On October 1, 2025, Hellenic Telecommunications Organization (OTE) consummated the sale of Telekom Romania Mobile Communications.
c. In Poland, a hybrid prepaid-postpaid rate plan portfolio for contract customers was reclassified as of January 1, 2025. Since then, around 1 million customers that were previously reported as contract customers have been classified as prepaid customers. Comparatives have been adjusted retrospectively.
Operating segments: Development of customer numbers in year-on-year comparison
|
December 31, 2025
thousands
|
December 31, 2024
thousands
|
Change
thousands
|
Change
%
|
|
Germany
| | | | |
|
Mobile customers
|
74,490
|
68,553
|
5,936
|
8.7
|
|
Of which contract customers
|
27,740
|
26,532
|
1,208
|
4.6
|
|
Fixed-network lines
|
16,796
|
17,155
|
-359
|
-2.1
|
|
Broadband lines
|
15,103
|
15,152
|
-49
|
-0.3
|
|
Of which optical fiber a
|
13,370
|
13,213
|
157
|
1.2
|
|
Television (IPTV, satellite)
|
4,747
|
4,638
|
109
|
2.4
|
|
Unbundled local loop lines (ULLs)
|
1,541
|
1,887
|
-346
|
-18.3
|
|
United States
|
|
|
|
|
|
Customers
|
142,388
|
129,528
|
12,860
|
9.9
|
|
Of which postpaid customers
|
116,445
|
104,118
|
12,327
|
11.8
|
|
Of which prepaid customers
|
25,943
|
25,410
|
533
|
2.1
|
|
Europe
|
|
|
|
|
|
Mobile customers b
|
47,172
|
49,722
|
-2,550
|
-5.1
|
|
Of which contract customers c
|
25,590
|
26,811
|
-1,221
|
-4.6
|
|
Fixed-network lines
|
8,023
|
8,076
|
-53
|
-0.7
|
|
Broadband customers
|
7,395
|
7,173
|
222
|
3.1
|
|
Television (IPTV, satellite, cable)
|
4,468
|
4,410
|
59
|
1.3
|
Comments on the table
a. Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
b. On October 1, 2025, Hellenic Telecommunications Organization (OTE) consummated the sale of Telekom Romania Mobile Communications.
c. In Poland, a hybrid prepaid-postpaid rate plan portfolio for contract customers was reclassified as of January 1, 2025. Since then, around 1 million customers that were previously reported as contract customers have been classified as prepaid customers. Comparatives have been adjusted retrospectively.
This media information contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. They are generally identified by the words “expect,” “anticipate,” “believe,” “intend,” “estimate,” “aim,” “goal,” “plan,” “will,” “seek,” “outlook,” or similar expressions and include generally any information that relates to expectations or targets for revenue, adjusted EBITDA AL, or other performance measures. Forward-looking statements are based on current plans, estimates, and projections, and should therefore be considered with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. They include, for instance, the progress of Deutsche Telekom’s staff-related restructuring measures and the impact of other significant strategic or business initiatives, including acquisitions, dispositions, and business combinations. In addition, movements in exchange rates and interest rates, regulatory rulings, stronger than expected competition, technological change, litigation and regulatory developments, among other factors, may have a material adverse effect on costs and revenue development. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, Deutsche Telekom’s actual results may be materially different from those expressed or implied by such statements. Deutsche Telekom can offer no assurance that its expectations or targets will be achieved. Without prejudice to existing obligations under capital market law, Deutsche Telekom does not assume any obligation to update forward-looking statements to account for new information or future events or anything else. In addition to figures prepared in accordance with IFRS, Deutsche Telekom presents alternative non-GAAP performance measures, e.g., service revenue, EBITDA, EBITDA AL, adjusted EBITDA, adjusted EBITDA AL, adjusted EBITDA AL margin, EBIT margin, adjusted net profit/loss, adjusted earnings per share, free cash flow, free cash flow AL, gross and net debt, and net debt AL. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
About Deutsche Telekom: Deutsche Telekom at a glance
