Net revenue up 4.0 percent in organic terms to 28.7 billion euros; service revenues also up 4.0 percent in organic termsAdjusted EBITDA AL up 5.0 percent in organic terms to 11.0 billion eurosNet profit up by more than 25 percent year-on-year to 2.6 billion euros; adjusted net profit up 1.1 percentGuidance raised for the 2025 full year: adjusted EBITDA AL of more than 45.0 billion euros, free cash flow AL of more than 20.0 billion eurosGermany: Deutsche Telekom remains on trackUnited States: customer forecast raised substantiallyEurope: earnings growth for 30 successive quartersSystems Solutions: consistently positive trends
Deutsche Telekom’s businesses are performing well. Following a good start to the year, Europe’s leading company in the telecommunications industry continued to grow steadily in the second quarter of 2025. In organic terms, i.e., excluding the effects of changes in the composition of the Group and in exchange rates, the Group’s revenue was up in the second quarter by 4.0 percent year-on-year to 28.7 billion euros. Service revenues likewise grew by 4.0 percent to 24.4 billion euros. Adjusted EBITDA AL increased in the same period by 5.0 percent in organic terms to 11.0 billion euros. Free cash flow AL decreased by 6.7 percent to 4.9 billion euros in the quarter. This metric often fluctuates strongly from quarter to quarter. Over the first half of the year, free cash flow AL increased by 17.8 percent overall to 10.5 billion euros.
The average dollar exchange rate was 1.13 U.S. dollars per euro in the second quarter of 2025. This reflects a significant weakening of the dollar from the average exchange rate of 1.08 U.S. dollars against the euro one year ago. The resulting influence on the Group’s reported figures relates purely to currency translation effects. Reported total revenue was up by 1.0 percent and service revenues were up by 1.2 percent. Reported adjusted EBITDA AL grew 1.7 percent.
“We are again seeing sustained strong growth on both sides of the Atlantic throughout the second quarter,” says Tim Höttges, CEO of Deutsche Telekom. “Deutsche Telekom continues to set the pace in the industry.”
Reported net profit increased by 25.2 percent year-on-year to 2.6 billion euros between April and June. Adjusted for special factors, net profit increased by 1.1 percent to 2.5 billion euros. Over the first half of the year, net profit increased by 4.9 percent overall to 4.9 billion euros.
Deutsche Telekom has raised its guidance for the 2025 full year for the second time this year. Adjusted EBITDA AL is now expected to total more than 45.0 billion euros, up from the previous guidance of around 45.0 billion euros. Free cash flow AL is now expected to come in at over EUR 20.0 billion, adjusted from around EUR 20.0 billion.
Germany: Deutsche Telekom remains on track
The mobile communications business on Deutsche Telekom’s domestic market continued trending positively. With mobile services revenues up by 1.9 percent in the second quarter, Deutsche Telekom underpinned its strong market leadership in terms of this key metric. At 185,000, branded mobile contract customer additions were down on the prior quarters, mainly due to a corporate customer switching to a competitor. By contrast, the launch of the new Unlimited rate plans in April had a very positive impact on the customer base.
The number of FTTH customers continued to grow, with 137,000 additions in the second quarter. The build-out of the fiber-optic network progressed according to plan and now reaches 11.1 million households. The broadband market is characterized by low growth as well as ongoing intense competition, with Deutsche Telekom losing 20,000 lines in the second quarter.
Regarding the financial performance indicators, adjusted EBITDA AL increased by 2.0 percent year-on-year to 2.6 billion euros in the second quarter of 2025. Total revenue declined 1.3 percent to 6.3 billion euros, primarily due to a decline in business with mobile terminal equipment. By contrast, high-margin service revenues grew by 1.1 percent in organic terms.
United States: customer forecast raised substantially
T-Mobile US continues to set the pace on the U.S. wireless market. The company posted year-on-year growth in its financial performance indicators again in the second quarter of 2025. Adjusted EBITDA AL increased by 6.2 percent to 8.3 billion U.S. dollars. Service revenues were up by 6.3 percent to 17.4 billion U.S. dollars.
T-Mobile US also continues to raise the bar for the industry in respect of customer numbers. The company recorded 1.7 million postpaid customer net additions in the quarter, including 830,000 postpaid phone customers. T-Mobile US has raised its customer forecast for the full year and now expects to add between 6.1 and 6.4 million postpaid customers in 2025. This figure is 500,000 higher at the midpoint than the previous forecast.
After the end of the quarter, T-Mobile US closed the acquisitions of the fiber-to-the-home platform Metronet and the wireless carrier UScellular. As of July 18, 2025, Deutsche Telekom’s stake in T‑Mobile US amounted to 52.1 percent.
Europe: earnings growth for 30 successive quarters
The national companies in the Europe operating segment posted quarter-on-quarter earnings growth on an organic basis for the 30th successive quarter. Adjusted EBITDA AL increased by 6.3 percent in organic terms to 1.2 billion euros. Revenue for the same period increased by 2.1 percent in organic terms to 3.1 billion euros.
Mobile contract customer additions of 209,000 between April and June increased the customer base, with particularly strong growth in Poland. The number of broadband customers grew by 65,000. TV customer additions amounted to 15,000.
Systems Solutions: consistently positive trends
T-Systems delivered again in the second quarter with very encouraging trends across key metrics. Order entry rose in the second quarter of 2025 by 20.5 percent to 1.2 billion euros compared with the same period in the prior year. Strong growth was recorded in the Road Charging and Digital areas. Over the last twelve months, order entry has grown by 11.5 percent overall.
The financial performance indicators also continued to develop positively. Revenue in the segment increased by 3.3 percent to 1.0 billion euros. Adjusted EBITDA AL rose by 10.2 percent to a total of 96 million euros.
The Deutsche Telekom Group at a glance
Q2
2025
millions of €
Q2
2024
millions of €
Change
%
H1
2025
millions of €
H1
2024
millions of €
Change
%
FY
2024
millions of €
Net revenue
28,671
28,394
1.0
58,427
56,337
3.7
115,769
Proportion generated internationally
%
76.4
76.0
0.4p
77.0
75.9
1.1p
76.3
Service revenue
24,384
24,088
1.2
49,341
47,573
3.7
96,537
Adjusted EBITDA
12,528
12,412
0.9
25,422
24,469
3.9
49,423
Adjusted EBITDA AL
10,999
10,819
1.7
22,297
21,292
4.7
43,021
Net profit (after non-controlling interests)
2,615
2,088
25.2
5,460
4,070
34.1
11,209
Adjusted net profit (after non-controlling interests)
2,504
2,477
1.1
4,947
4,716
4.9
9,397
Earnings per share
€
0.54
0.42
27.0
1.12
0.82
36.1
2.27
Adjusted earnings per share
€
0.51
0.50
2.5
1.01
0.95
6.4
1.90
Free cash flow AL
4,878
5,229
-6.7
10,528
8,938
17.8
19,156
Cash capexa
4,724
3,859
22.4
9,205
8,577
7.3
19,171
Cash capexa
(before spectrum)
3,870
3,684
5.1
8,213
8,345
-1.6
15,962
Net debt (including leases)
126,535
135,125
-6.4
137,327
Number of employeesb
199,050
200,402
-0.7
198,194
Of which in Germany
73,356
77,051
-4.8
74,550
Operating segments: development of operations
Q2
2025
millions of €
Q2
2024
millions of €
Change
%
H1
2025
millions of €
H1
2024
millions of €
Change
%
FY
2024
millions of €
Germany
Total revenue
6,286
6,369
-1.3
12,505
12,667
-1.3
25,711
Adjusted EBITDA AL
2,605
2,553
2.0
5,239
5,129
2.1
10,516
United States
Total revenue
18,597
18,282
1.7
38,397
36,291
5.8
75,046
in USD
21,083
19,685
7.1
41,915
39,235
6.8
81,148
Adjusted EBITDA AL
7,299
7,237
0.8
14,922
14,169
5.3
28,545
in USD
8,272
7,792
6.2
16,294
15,317
6.4
30,893
Europe
Total revenue
3,116
3,073
1.4
6,170
6,032
2.3
12,347
Adjusted EBITDA AL
1,170
1,108
5.6
2,310
2,176
6.2
4,431
Systems Solutions
Order entry
1,153
957
20.5
2,116
1,780
18.9
4,020
Total revenue
1,013
981
3.3
2,023
1,974
2.5
4,004
Adjusted EBITDA AL
96
87
10.2
176
164
7.5
369
Operating segments: development of customer numbers in the second quarter of 2025
June 30, 2025
thousands
March 31, 2025
thousands
Change
thousands
Change
%
Germany
Mobile customers
71,126
69,788
1,338
1.9
Of which contract customers
27,039
26,802
237
0.9
Fixed-network lines
16,981
17,067
-86
-0.5
Broadband lines
15,126
15,145
-20
-0.1
Of which optical fibera
13,298
13,255
42
0.3
Television (IPTV, satellite)
4,698
4,675
23
0.5
Unbundled local loop lines (ULLs)
1,705
1,797
-92
-5.1
United States
Customers
132,778
130,910
1,868
1.4
Of which postpaid customers
107,284
105,455
1,829
1.7
Of which prepaid customers
25,494
25,455
39
0.2
Europe
Mobile customers
50,076
49,790
286
0.6
Of which contract customersb
27,144
26,934
209
0.8
Fixed-network lines
8,033
8,087
-54
-0.7
Broadband customers
7,261
7,241
20
0.3
Television (IPTV, satellite, cable)
4,381
4,409
-28
-0.6
Operating segments: development of customer numbers in year-on-year comparison
June 30, 2025
thousands
June 30, 2024
thousands
Change
thousands
Change
%
Germany
Mobile customers
71,126
65,192
5,934
9.1
Of which contract customers
27,039
25,838
1,201
4.6
Fixed-network lines
16,981
17,253
-272
-1.6
Broadband lines
15,126
15,098
28
0.2
Of which optical fibera
13,298
13,065
232
1.8
Television (IPTV, satellite)
4,698
4,514
184
4.1
Unbundled local loop lines (ULLs)
1,705
2,181
-476
-21.8
United States
Customers
132,778
125,893
6,885
5.5
Of which postpaid customers
107,284
100,610
6,674
6.6
Of which prepaid customers
25,494
25,283
211
0.8
Europe
Mobile customers
50,076
49,287
789
1.6
Of which contract customersb
27,144
26,446
698
2.6
Fixed-network lines
8,033
8,033
-1
0.0
Broadband customers
7,261
7,048
213
3.0
Television (IPTV, satellite, cable)
4,381
4,334
47
1.1