DT Raises Guidance Again After Strong Q3

Deutsche Telekom continued to grow in the third quarter of 2025. The German-based operator group recorded organic growth in all relevant segments and again raised guidance for 2025.

Net revenue grew in the third quarter by 3.3% in organic terms to €28.9 billion. Service revenues were up 3.6%, as EBITDA AL grew 2.9% to €11.1 billion. Mainly spurred by the weaker U.S. dollar year-on-year, in arithmetical terms, the reported growth rates declined by 1.5% for revenue, 2.2% for service revenues, and 0.2% for adjusted EBITDA AL.

“We reliably deliver strong figures despite all the challenges in our markets,” said Tim Höttges, CEO of Deutsche Telekom. “And we want our shareholders to profit from this strength, too, in the form of an attractive dividend.” DT plans to distribute a record-high dividend for the 2025 financial year, with an increase from 90 cents to €1 per share. As a further element of its shareholder remuneration, the Group also plans to buy back shares worth up to €2 billion in 2026.

Free cash flow AL was down in the third quarter by 9.2% to €5.6 billion, but up 6.8% overall in the first nine months to €16.1 billion, on track to hit the full-year target. At €2.7 billion, adjusted net profit in the third quarter was up 14.3% against the prior year. Excluding adjustment for special factors, it declined by 17.9% to €2.4 billion.

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. DT now expects to report adjusted EBITDA AL of around €45.3 billion, up from the previous guidance of over €45 billion. The free cash flow AL forecast now stands at around €20.1 billion, adjusted from more than €20 billion. The guidance for the Group outside of the United States remains unchanged.