Consensus

Prior the the publication of the quarterly results, Deutsche Telekom provides a detailed consensus for the upcoming quarterly results, the current financial year and the next four years.

The following consensus numbers are still as of February 3, 2025, 23 days before the Q4 results but will be updated for Q4 by first week of Feb latest.

(€ millions)	Q4	FY24	FY25	FY26	FY27	FY28
Revenues	30,734	115,569	122,232	127,192	131,555	134,480
EBITDA AL* (adjusted)	10,811	43,217	46,043	48,850	51,924	54,413
Cash capex	3,973	15,919	16,966	17,207	17,398	17,580
Free cashflow AL* (before dividend payout)	4,050	19,176	20,375	21,129	22,110	23,703
Net debt (incl. leasing obligations)	136,307	136,340	138,399	138,053	137,038	133,722
Net debt (excl. leasing obligations)	99,040	98,718	100,164	98,058	95,849	92,434
Net income (adjusted)	2,129	9,162	9,964	11,321	12,403	13,575
* AL = After Leases (IFRS 16)

(€)	Q4	FY24	FY25	FY26	FY27	FY28
Earnings per share (adjusted)	0.45	1.87	2.10	2.39	2.69	2.94
Dividends per share		0.90	1.00	1.13	1.25	1.40

Detailed consensus (60 lines)

All details like
-segment data (financial and operational KPIs)
-high/low and the number of included analysts for every estimate
available in these documents:

Consensus (pdf, 332.5 KB)
Consensus in excel format (xlsx, 51.9 KB)

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q4 Monday 13th Jan. 2025.

The following points DT has given analysts to remind when compiling their projections:

Net debt effects
- FX: As always - and particularly relevant this quarter - please keep in mind that each 1cent move in the $US corresponds to approximately €1bn incremental net debt.
- Spectrum: Following FCC approval of T-Mobile’s purchase of spectrum from Columbia for $3.5bn, T-Mobile paid $2.4bn in Q3 and $0.5bn in Q4, with the remaining amount expected in 2025.
- DT buyback: In Q4 we bought further c. 0,5m DT shares and completed with that our €2bn 2024 share buyback program at year end with a total volume for FY 24 of 81.3m shares, at an average price of €24,30, which corresponds to c. 1.6% of total share capital.
- TMUS dividend: In Q4 we received $0.5bn from TMUS.
- TMUS SBB: As per the last filings, T-Mobile bought back cumulatively c. 153m shares for $22.7bn by 30 September 2024, with c. 3.2m shares for $644M in Q3. Between 1 October and 18 October, T-Mobile bought back c. 4.2m shares for $891M. Since 29 June 2024, DT did not sell TMUS shares alongside the TMUS buyback. On 13 December 2024, T-Mobile announced a new shareholder return program of up to $14bn through the end of December 2025.
Guidance
- 2024/FX: Please keep in mind that 2024 guidance was issued at an average $US FX rate of 1.08 (actual average 1.08).
- 2025/FX: Please keep in mind that, as usual, new guidance will be based on the average FX of the prior year, and will be issued on an organic basis.
- CMD guidance: Please consider the extensive guidance provided at the 2024 CMD on 10/11 October 2024. All guidance was issued on an organic basis
Other
- Please also note that TMUS will report their Q4 results on January 29th.

Please see detailed time schedule for compilation of consensus

Deadline for Submission:	EOB Tuesday, January 21st 2025
Individual Feedback period:	Friday, January 24th 2025 onwards
Start of Quiet Period:	January, 31th 2025
Publication of Consensus:	EOB Wednesday, February 05th 2025 at the latest
Publication of Results:	Wednesday, February 26th 2025

Consensus files for previous quarters are available on the page for the quarterly results and the download page.

Background on the consensus and disclaimer

What is a consensus

The consensus is the median of all available and meaningful estimates from equity analysts on Deutsche Telekom's future financials.

Why we as Deutsche Telekom compile a Consensus

Our detailed review of all submitted estimates ensures the highest possible data quality. We make sure, that all estimates are based on the same definitions and reflect the latest structural changes in Deutsche Telekom. Moreover we remind every analyst of the latest relevant publicly known news. Thus the data quality of this consensus is higher than automated compiled consensi from third parties like Visible Alpha, Blomberg, Factset etc.

Disclaimer

This document has been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.