Net revenue up on an organic basis by 4.2 percent in 2025 to 119.1 billion euros; service revenues up 3.8 percent in organic termsAdjusted EBITDA AL up 4.7 percent in organic terms to 44.2 billion eurosFree cash flow AL up 2.0 percent to 19.5 billion eurosAdjusted net profit increased by 3.7 percent in 2025 to 9.7 billion eurosGuidance for 2026: Adjusted EBITDA AL of around 47.4 billion euros, free cash flow AL of around 19.8 billion euros, adjusted earnings per share of around 2.20 eurosGermany: More than 2 million FTTH customersUnited States: Impressive growthEurope: Success story continuesSystems Solutions: Closes a strong year<\/p>\n
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 \u2013 i.e., excluding exchange rate fluctuations and changes in the composition of the Group \u2013 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.<\/p>\n
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.\u00a0<\/p>\n
\u201cWe 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,\u201d says Tim H\u00f6ttges, CEO of Deutsche Telekom. \u201cWe continue to deliver reliable and sustainable growth.\u201d<\/p>\n
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.\u00a0<\/p>\n
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.<\/p>\n
Germany: More than 2 million FTTH customers<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
United States: Impressive growth<\/p>\n
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 \u2013 this figure is expected to increase to 15 million by 2030.<\/p>\n
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.<\/p>\n
Europe: Success story continues<\/p>\n
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.<\/p>\n
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.<\/p>\n
Systems Solutions: Closes a strong year<\/p>\n
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.<\/p>\n
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.<\/p>\n
The rise in profitability was mainly driven by particularly strong earnings growth in the Cloud, Digital, and Road Charging business areas.<\/p>\n
The Deutsche Telekom Group at a glance<\/p>\n
Q4<\/p>\n
2025<\/p>\n
millions of \u20ac<\/p>\n
Q4 2024<\/p>\n
millions of \u20ac<\/p>\n
Change<\/p>\n
%<\/p>\n
FY<\/p>\n
2025<\/p>\n
millions of \u20ac<\/p>\n
FY<\/p>\n
2024<\/p>\n
millions of \u20ac<\/p>\n
Change<\/p>\n
%<\/p>\n
Net revenue<\/p>\n
31,720<\/p>\n
30,932<\/p>\n
2.5<\/p>\n
119,081<\/p>\n
115,769<\/p>\n
2.9<\/p>\n
Proportion generated internationally
%<\/p>\n
78.1<\/p>\n
78.3<\/p>\n
-0.3p<\/p>\n
78.0<\/p>\n
77.3<\/p>\n
0.6p<\/p>\n
Service revenue<\/p>\n
25,352<\/p>\n
24,837<\/p>\n
2.1<\/p>\n
99,363<\/p>\n
96,537<\/p>\n
2.9<\/p>\n
Adjusted EBITDA<\/p>\n
12,442<\/p>\n
12,265<\/p>\n
1.4<\/p>\n
50,540<\/p>\n
49,423<\/p>\n
2.3<\/p>\n
Adjusted EBITDA AL<\/p>\n
10,833<\/p>\n
10,632<\/p>\n
1.9<\/p>\n
44,244<\/p>\n
43,021<\/p>\n
2.8<\/p>\n
Net profit (after non-controlling interests)<\/p>\n
1,722<\/p>\n
4,182<\/p>\n
-58.8<\/p>\n
9,609<\/p>\n
11,209<\/p>\n
-14.3<\/p>\n
Adjusted net profit (after non-controlling interests)<\/p>\n
2,131<\/p>\n
2,346<\/p>\n
-9.2<\/p>\n
9,747<\/p>\n
9,397<\/p>\n
3.7<\/p>\n
Earnings per share
\u20ac<\/p>\n
0.36<\/p>\n
0.85<\/p>\n
-58.3<\/p>\n
1.97<\/p>\n
2.27<\/p>\n
-13.1<\/p>\n
Adjusted earnings per share
\u20ac<\/p>\n
0.44<\/p>\n
0.48<\/p>\n
-8.0<\/p>\n
2.00<\/p>\n
1.90<\/p>\n
5.2<\/p>\n
Free cash flow AL<\/p>\n
3,397<\/p>\n
4,030<\/p>\n
-15.7<\/p>\n
19,546<\/p>\n
19,156<\/p>\n
2.0<\/p>\n
Cash capexa<\/p>\n
4,670<\/p>\n
4,801<\/p>\n
-2.7<\/p>\n
19,256<\/p>\n
19,171<\/p>\n
0.4<\/p>\n
Cash capexa<\/p>\n
(before spectrum)<\/p>\n
4,650<\/p>\n
4,017<\/p>\n
15.8<\/p>\n
16,864<\/p>\n
15,962<\/p>\n
5.6<\/p>\n
Net debt (including leases)<\/p>\n
132,518<\/p>\n
137,327<\/p>\n
-3.5<\/p>\n
Number of employeesb<\/p>\n
198,079<\/p>\n
198,194<\/p>\n
-0.1<\/p>\n
Of which in Germany<\/p>\n
70,751<\/p>\n
74,550<\/p>\n
-5.1<\/p>\n
Operating segments: Development of operations<\/p>\n
Q4<\/p>\n
2025<\/p>\n
millions of \u20ac<\/p>\n
Q4 2024<\/p>\n
millions of \u20ac<\/p>\n
Change<\/p>\n
%<\/p>\n
FY<\/p>\n
2025<\/p>\n
millions of \u20ac<\/p>\n
FY<\/p>\n
2024<\/p>\n
millions of \u20ac<\/p>\n
Change<\/p>\n
%<\/p>\n
Germany<\/p>\n
Total revenue<\/p>\n
6,758<\/p>\n
6,579<\/p>\n
2.7<\/p>\n
25,610<\/p>\n
25,711<\/p>\n
-0.4<\/p>\n
Adjusted EBITDA AL<\/p>\n
2,721<\/p>\n
2,656<\/p>\n
2.5<\/p>\n
10,694<\/p>\n
10,516<\/p>\n
1.7<\/p>\n
United States<\/p>\n
Total revenue<\/p>\n
20,936<\/p>\n
20,462<\/p>\n
2.3<\/p>\n
78,097<\/p>\n
75,046<\/p>\n
4.1<\/p>\n
in USD<\/p>\n
24,356<\/p>\n
21,814<\/p>\n
11.7<\/p>\n
88,188<\/p>\n
81,148<\/p>\n
8.7<\/p>\n
Adjusted EBITDA AL<\/p>\n
7,135<\/p>\n
7,131<\/p>\n
0.1<\/p>\n
29,252<\/p>\n
28,545<\/p>\n
2.5<\/p>\n
in USD<\/p>\n
8,299<\/p>\n
7,614<\/p>\n
9.0<\/p>\n
32,998<\/p>\n
30,893<\/p>\n
6.8<\/p>\n
Europe<\/p>\n
Total revenue<\/p>\n
3,303<\/p>\n
3,205<\/p>\n
3.1<\/p>\n
12,652<\/p>\n
12,347<\/p>\n
2.5<\/p>\n
Adjusted EBITDA AL<\/p>\n
1,132<\/p>\n
1,074<\/p>\n
5.3<\/p>\n
4,677<\/p>\n
4,431<\/p>\n
5.6<\/p>\n
Systems Solutions<\/p>\n
Order entry<\/p>\n
1,386<\/p>\n
1,370<\/p>\n
1.1<\/p>\n
4,191<\/p>\n
4,020<\/p>\n
4.2<\/p>\n
Total revenue<\/p>\n
1,066<\/p>\n
1,039<\/p>\n
2.7<\/p>\n
4,103<\/p>\n
4,004<\/p>\n
2.5<\/p>\n
Adjusted EBITDA AL<\/p>\n
124<\/p>\n
102<\/p>\n
20.8<\/p>\n
427<\/p>\n
369<\/p>\n
15.7<\/p>\n
Operating segments: Development of customer numbers in the fourth quarter of 2025<\/p>\n
December 31, 2025<\/p>\n
thousands<\/p>\n
September 30, 2025<\/p>\n
thousands<\/p>\n
Change<\/p>\n
thousands<\/p>\n
Change<\/p>\n
%<\/p>\n
Germany<\/p>\n
Mobile customers<\/p>\n
74,490<\/p>\n
72,813<\/p>\n
1,677<\/p>\n
2.3<\/p>\n
Of which contract customers<\/p>\n
27,740<\/p>\n
27,414<\/p>\n
326<\/p>\n
1.2<\/p>\n
Fixed-network lines<\/p>\n
16,796<\/p>\n
16,879<\/p>\n
-83<\/p>\n
-0.5<\/p>\n
Broadband lines<\/p>\n
15,103<\/p>\n
15,101<\/p>\n
2<\/p>\n
0.0<\/p>\n
Of which optical fibera<\/p>\n
13,370<\/p>\n
13,320<\/p>\n
50<\/p>\n
0.4<\/p>\n
Television (IPTV, satellite)<\/p>\n
4,747<\/p>\n
4,725<\/p>\n
22<\/p>\n
0.5<\/p>\n
Unbundled local loop lines (ULLs)<\/p>\n
1,541<\/p>\n
1,616<\/p>\n
-74<\/p>\n
-4.6<\/p>\n
United States<\/p>\n
Customers<\/p>\n
142,388<\/p>\n
139,949<\/p>\n
2,439<\/p>\n
1.7<\/p>\n
Of which postpaid customers<\/p>\n
116,445<\/p>\n
114,063<\/p>\n
2,382<\/p>\n
2.1<\/p>\n
Of which prepaid customers<\/p>\n
25,943<\/p>\n
25,886<\/p>\n
57<\/p>\n
0.2<\/p>\n
Europe<\/p>\n
Mobile customersb<\/p>\n
47,172<\/p>\n
50,747<\/p>\n
-3,575<\/p>\n
-7.0<\/p>\n
Of which contract customersc<\/p>\n
25,590<\/p>\n
27,273<\/p>\n
-1,683<\/p>\n
-6.2<\/p>\n
Fixed-network lines<\/p>\n
8,023<\/p>\n
8,024<\/p>\n
-1<\/p>\n
0.0<\/p>\n
Broadband customers<\/p>\n
7,395<\/p>\n
7,318<\/p>\n
77<\/p>\n
1.1<\/p>\n
Television (IPTV, satellite, cable)<\/p>\n
4,468<\/p>\n
4,419<\/p>\n
50<\/p>\n
1.1<\/p>\n
Operating segments: Development of customer numbers in year-on-year comparison<\/p>\n
December 31, 2025<\/p>\n
thousands<\/p>\n
December 31, 2024<\/p>\n
thousands<\/p>\n
Change<\/p>\n
thousands<\/p>\n
Change<\/p>\n
%<\/p>\n
Germany<\/p>\n
Mobile customers<\/p>\n
74,490<\/p>\n
68,553<\/p>\n
5,936<\/p>\n
8.7<\/p>\n
Of which contract customers<\/p>\n
27,740<\/p>\n
26,532<\/p>\n
1,208<\/p>\n
4.6<\/p>\n
Fixed-network lines<\/p>\n
16,796<\/p>\n
17,155<\/p>\n
-359<\/p>\n
-2.1<\/p>\n
Broadband lines<\/p>\n
15,103<\/p>\n
15,152<\/p>\n
-49<\/p>\n
-0.3<\/p>\n
Of which optical fibera<\/p>\n
13,370<\/p>\n
13,213<\/p>\n
157<\/p>\n
1.2<\/p>\n
Television (IPTV, satellite)<\/p>\n
4,747<\/p>\n
4,638<\/p>\n
109<\/p>\n
2.4<\/p>\n
Unbundled local loop lines (ULLs)<\/p>\n
1,541<\/p>\n
1,887<\/p>\n
-346<\/p>\n
-18.3<\/p>\n
United States<\/p>\n
Customers<\/p>\n
142,388<\/p>\n
129,528<\/p>\n
12,860<\/p>\n
9.9<\/p>\n
Of which postpaid customers<\/p>\n
116,445<\/p>\n
104,118<\/p>\n
12,327<\/p>\n
11.8<\/p>\n
Of which prepaid customers<\/p>\n
25,943<\/p>\n
25,410<\/p>\n
533<\/p>\n
2.1<\/p>\n
Europe<\/p>\n
Mobile customersb<\/p>\n
47,172<\/p>\n
49,722<\/p>\n
-2,550<\/p>\n
-5.1<\/p>\n
Of which contract customersc<\/p>\n
25,590<\/p>\n
26,811<\/p>\n
-1,221<\/p>\n
-4.6<\/p>\n
Fixed-network lines<\/p>\n
8,023<\/p>\n
8,076<\/p>\n
-53<\/p>\n
-0.7<\/p>\n
Broadband customers<\/p>\n
7,395<\/p>\n
7,173<\/p>\n
222<\/p>\n
3.1<\/p>\n
Television (IPTV, satellite, cable)<\/p>\n
4,468<\/p>\n
4,410<\/p>\n
59<\/p>\n
1.3<\/p>\n","protected":false},"excerpt":{"rendered":"Net revenue up on an organic basis by 4.2 percent in 2025 to 119.1 billion euros; service revenues…\n","protected":false},"author":2,"featured_media":19578,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20989],"tags":[21635,21628,4390,11785,21638,21633,151,666,21631,21632,21639,22733,5,689,21548,21636,21629,21634,5871,4469,21637,21640,54],"class_list":["post-19577","post","type-post","status-publish","format-standard","has-post-thumbnail","category-deutsche-telekom","tag-board-of-management","tag-christian-p-illek","tag-company","tag-deutsche-telekom","tag-dividend","tag-earnings","tag-europe","tag-finance","tag-finance-publications","tag-financial-communication","tag-financial-figures","tag-financial-results","tag-germany","tag-growth","tag-hottges","tag-illek","tag-investor-relations","tag-key-figures","tag-results","tag-share","tag-t-systems","tag-timotheus-hottges","tag-usa"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/19577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=19577"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/19577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/19578"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=19577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=19577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=19577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}