DT Grows Steadily and Raises Guidance for 2026

Deutsche Telekom maintained its course in volatile times for the markets and even raised its financial targets for the full year. In the first three months of 2026, net revenue increased by 4.7% year-on-year in organic terms to €29.9 billion.

Service revenues grew by 4.6% in organic terms to €25 billion. At the same time, adjusted EBITDA AL increased by 7.5% in organic terms to €11.5 billion. Free cash flow AL was up by 0.7% to €5.7 billion. The reported growth rates were lower on paper, at 0.4% for revenue, 0.8% for service revenues, and 2.0% for adjusted EBITDA AL, owing to the year-on-year decline in the US dollar.

“Deutsche Telekom shows resilience in turbulent times,” said Tim Höttges, CEO of the Group. “Our business operations remain stable, largely unaffected by events around the globe. In fact, we have slightly raised our guidance.”

The increase in DT’s full-year expectations reflects the raised guidance recently announced by its subsidiary, T-Mobile US. The Group now expects adjusted EBITDA AL for 2026 of around €47.5 billion and free cash flow AL of more than €19.8 billion. This is up from the previous levels of around €47.4 billion and around €19.8 billion, respectively. The guidance for adjusted earnings per share remains unchanged at around €2.20.

Adjusted net profit increased by 6.5% in the reporting period to €2.6 billion. This corresponds to adjusted earnings per share of 54 eurocents. On an unadjusted basis, net profit was down by 28.2% to €2 billion, mainly owing to the positive effects of write-ups of the carrying amounts of investments in the prior year, for which there was no corresponding effect in the current year.