Net revenue up 3.3 percent in organic terms in the third quarter to 28.9 billion euros; service revenues up 3.6 percent in organic termsAdjusted EBITDA AL up 2.9 percent in organic terms to 11.1 billion eurosFree cash flow AL down 9.2 percent in the third quarter to 5.6 billion euros; up 6.8 percent in the first nine months to 16.1 billion eurosAdjusted net profit of 2.7 billion euros in the third quarter: up 14.3 percentNew guidance for 2025: adjusted EBITDA AL expected of around 45.3 billion euros, up from the previous guidance of more than 45 billion euros; free cash flow AL expected of around 20.1 billion euros, up from more than 20 billion eurosDividend for 2025 set to rise from 90 cents to 1.00 euro per share, plus share buy-backs of up to 2 billion euros planned for 2026Germany: FTTH momentum accelerates United States: Another record quarterEurope: Steady growthSystems Solutions: Strong earnings performance
Many strong results, the third guidance increase this year, and a planned record-high dividend payment. Deutsche Telekom continues to grow reliably. Net revenue grew in the third quarter by 3.3 percent year-on-year in organic terms – i.e., excluding the effects of changes in exchange rates and the composition of the Group – to 28.9 billion euros. Service revenues were up 3.6 percent on an organic basis. At the same time, adjusted EBITDA AL grew 2.9 percent in organic terms to 11.1 billion euros. Mainly spurred by the weaker U.S. dollar year-on-year, in arithmetical terms, the reported growth rates declined by 1.5 percent for revenue, 2.2 percent for service revenues, and 0.2 percent for adjusted EBITDA AL.
“We reliably deliver strong figures in spite of all the challenges in our markets,” says Tim Höttges, CEO of Deutsche Telekom. “And we want our shareholders to profit from this strength, too, in the form of an attractive dividend.”
Free cash flow AL was down in the third quarter by 9.2 percent year-on-year to 5.6 billion euros, but up 6.8 percent overall in the first nine months to 16.1 billion euros – and well on track to hitting the full-year target.
At 2.7 billion euros, adjusted net profit in the third quarter was up 14.3 percent against the prior year. Excluding adjustment for special factors, it declined by 17.9 percent to 2.4 billion euros. The difference in the growth figures is due to a significant reduction in the special factors in profit/loss from financial activities which, in the prior-year quarter, had included positive changes at two subsidiaries.
On the basis of the trend in the United States, and especially due to the consolidation of UScellular since the beginning of August, the Group is raising its full-year 2025 guidance for the third time this year. Deutsche Telekom now expects to report adjusted EBITDA AL of around 45.3 billion euros, up from the previous guidance of over 45 billion euros. The free cash flow AL forecast now stands at around 20.1 billion euros, adjusted from more than 20 billion euros. The guidance for the Group outside of the United States remains unchanged.
Deutsche Telekom plans to distribute a record-high dividend for the 2025 financial year, with an increase from 90 cents to 1.00 euro per share, subject to approval by the relevant bodies. As a further element of its shareholder remuneration, the Group also plans to buy back shares worth up to 2 billion euros in 2026.
Germany: FTTH momentum accelerates
Deutsche Telekom recorded 155,000 net FTTH customer additions in its home market between July and September, marking the best-ever quarter for new users of pure fiber lines. Thanks to its systematic network build-out, Deutsche Telekom’s fiber-optic network now passes 11.8 million households. On a virtually stagnating overall broadband market, Deutsche Telekom lost 25,000 lines. Deutsche Telekom plans to invest the tax benefit from the accelerated depreciation expense in strengthening the Group’s fiber build-out.
Mobile service revenues increased in the third quarter by 1.8 percent on an organic basis. Branded contract customer additions amounted to 314,000 in the same period. This strong uptick reflects the success of the Group’s unlimited plans.
Adjusted EBITDA AL trended slightly upwards with an increase of 0.1 percent to 2.7 billion euros. Revenue declined by 1.8 percent to 6.3 billion euros. Revenues connected to the UEFA EURO 2024 soccer championships could not be matched by comparable earnings in this year. By contrast, service revenues increased by 0.4 percent in organic terms.
United States: Another record quarter
The growth story in the United States continues with impressive figures. T-Mobile US posted record-high postpaid customer additions of 2.3 million, including 1.0 million postpaid phone customers. Both growth levels are industry-leading. T-Mobile US now expects full-year postpaid net customer additions of between 7.2 to 7.4 million in 2025, up from its previous forecast of 6.1 to 6.4 million.
Service revenues rose in the third quarter by 9.0 percent year-on-year to 18.2 billion U.S. dollars. Adjusted EBITDA AL increased at the same time by 5.5 percent to 8.4 billion U.S. dollars.
Europe: Steady growth
Deutsche Telekom continues to post strong earnings growth in the Europe segment. Adjusted EBITDA AL increased in organic terms in the third quarter by 4.6 percent year-on-year to 1.2 billion euros. The growth rate slowed slightly against the previous quarters as expected but remains fully inside the medium-term guidance range of 4 to 5 percent communicated at the 2024 Capital Markets Day. Total revenue in the third quarter amounted to 3.2 billion euros, an increase of 2.2 percent in organic terms. Service revenues rose by 3.3 percent on an organic basis, putting them above the guidance range of 2.5 to 3 percent communicated at the Capital Markets Day.
Deutsche Telekom concluded the sale of the mobile communications business in Romania on October 1, 2025. With the sale of the fixed-network business in 2020, this means that the Group is now withdrawing from the country. The Romanian business will no longer be included in the figures as of the fourth quarter of this year.
Our key customer metrics continued to develop positively. The number of mobile contract customers rose by 129,000 (including a one-time adjustment of 60,000 in Romania). The number of broadband customers grew by 57,000, and the number of TV users by 38,000.
Systems Solutions: Strong earnings performance
T-Systems once again increased its earnings in the quarter just ended with adjusted EBITDA AL of 127 million euros, an increase of 22.8 percent on an organic basis. Improving profitability in the cloud business was a key contributor to this trend. Revenue increased in organic terms by 3.0 percent to 1.0 billion euros.
At 689 million euros, order entry in the third quarter was down 20.5 percent year-on-year in organic terms. This figure is susceptible to fluctuations and, viewed on a trailing 12-month basis, it was up by 3.7 percent year-on-year.
The Deutsche Telekom Group at a glance
Q3
2025
millions of €
Q3 2024
millions of €
Change
%
Q1-Q3
2025
millions of €
Q1-Q3
2024
millions of €
Change
%
FY
2024
millions of €
Net revenue
28,935
28,501
1.5
87,361
84,838
3.0
115,769
Proportion generated internationally
%
77.6
77.0
0.6p
77.9
77.0
0.9p
77.3
Service revenue
24,670
24,127
2.2
74,011
71,700
3.2
96,537
Adjusted EBITDA
12,675
12,689
-0.1
38,097
37,158
2.5
49,423
Adjusted EBITDA AL
11,115
11,096
0.2
33,411
32,389
3.2
43,021
Net profit (after non-controlling interests)
2,427
2,957
-17.9
7,886
7,027
12.2
11,209
Adjusted net profit (after non-controlling interests)
2,670
2,335
14.3
7,617
7,051
8.0
9,397
Earnings per share
€
0.50
0.60
-16.9
1.62
1.42
13.8
2.27
Adjusted earnings per share
€
0.55
0.47
15.8
1.56
1.43
9.5
1.90
Free cash flow AL
5,622
6,189
-9.2
16,149
15,126
6.8
19,156
Cash capexa
5,381
5,793
-7.1
14,586
14,370
1.5
19,171
Cash capexa
(before spectrum)
4,000
3,601
11.1
12,213
11,946
2.2
15,962
Net debt (including leases)
132,779
128,723
3.2
137,327
Number of employeesb
201,336
199,923
0.7
198,194
Of which in Germany
72,510
75,856
-4.4
74,550
Operating segments: Development of operations
Q3
2025
millions of €
Q3 2024
millions of €
Change
%
Q1-Q3
2025
millions of €
Q1-Q3
2024
millions of €
Change
%
FY
2024
millions of €
Germany
Total revenue
6,347
6,465
-1.8
18,852
19,132
-1.5
25,711
Adjusted EBITDA AL
2,733
2,731
0.1
7,972
7,859
1.4
10,516
United States
Total revenue
18,763
18,293
2.6
57,160
54,584
4.7
75,046
in USD
21,917
20,100
9.0
63,832
59,334
7.6
81,148
Adjusted EBITDA AL
7,195
7,245
-0.7
22,117
21,414
3.3
28,545
in USD
8,404
7,962
5.5
24,698
23,279
6.1
30,893
Europe
Total revenue
3,179
3,110
2.2
9,349
9,142
2.3
12,347
Adjusted EBITDA AL
1,235
1,180
4.6
3,545
3,356
5.6
4,431
Systems Solutions
Order entry
689
870
-20.7
2,805
2,650
5.9
4,020
Total revenue
1,014
991
2.3
3,037
2,966
2.4
4,004
Adjusted EBITDA AL
127
102
23.7
303
267
13.7
369
Operating segments: Development of customer numbers in the third quarter of 2025
September 30, 2025
thousands
June 30, 2025
thousands
Change
thousands
Change
%
Germany
Mobile customers
72,813
71,126
1,687
2.4
Of which contract customers
27,414
27,039
375
1.4
Fixed-network lines
16,879
16,981
-102
-0.6
Broadband lines
15,101
15,126
-25
-0.2
Of which optical fibera
13,320
13,298
22
0.2
Television (IPTV, satellite)
4,725
4,698
27
0.6
Unbundled local loop lines (ULLs)
1,616
1,705
-89
-5.2
United States
Customers
139,949
132,778
7,171
5.4
Of which postpaid customers
114,063
107,284
6,779
6.3
Of which prepaid customers
25,886
25,494
392
1.5
Europe
Mobile customers
50,747
50,076
671
1.3
Of which contract customersb
27,273
27,144
129
0.5
Fixed-network lines
8,024
8,033
-9
-0.1
Broadband customers
7,318
7,261
57
0.8
Television (IPTV, satellite, cable)
4,419
4,381
38
0.9
Operating segments: Development of customer numbers in year-on-year comparison
September 30, 2025
thousands
September 30, 2024
thousands
Change
thousands
Change
%
Germany
Mobile customers
72,813
66,920
5,893
8.8
Of which contract customers
27,414
26,203
1,211
4.6
Fixed-network lines
16,879
17,212
-333
-1.9
Broadband lines
15,101
15,136
-35
-0.2
Of which optical fibera
13,320
13,152
169
1.3
Television (IPTV, satellite)
4,725
4,590
135
2.9
Unbundled local loop lines (ULLs)
1,616
2,020
-404
-20.0
United States
Customers
139,949
127,492
12,456
9.8
Of which postpaid customers
114,063
102,185
11,878
11.6
Of which prepaid customers
25,886
25,307
579
2.3
Europe
Mobile customers
50,747
49,712
1,035
2.1
Of which contract customersb
27,273
26,619
654
2.5
Fixed-network lines
8,024
8,045
-21
-0.3
Broadband customers
7,318
7,096
222
3.1
Television (IPTV, satellite, cable)
4,419
4,375
44
1.0
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 performance measures, e.g., EBITDA, EBITDA AL, adjusted EBITDA, adjusted EBITDA AL, adjusted EBITDA margin AL, Core EBITDA, adjusted EBIT, EBIT margin, adjusted net profit/loss, adjusted earnings per share, free cash flow, free cash flow AL, gross debt, and net debt. 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.