- Net revenue up 3.4 percent in 2024 to 115.8 billion euros; service revenues up 3.9 percent to 96.5 billion euros
- Adjusted EBITDA AL up 6.2 percent to 43.0 billion euros
- Free cash flow AL grows by 18.7 percent to 19.2 billion euros
- Adjusted net profit up 18.3 percent in 2024 to 9.4 billion euros
- Record dividend of 0.90 euros per share planned
- Group guidance for 2025: Adjusted EBITDA AL of around 44.9 billion euros, free cash flow AL of around 19.9 billion euros, adjusted earnings per share of around 2.00 euros
- Germany: strong growth in fiber use
- United States: net customer additions continue
- Europe: seven years of earnings growth
- Systems Solutions: all targets achieved
Financial targets achieved and, in some cases, exceeded, record dividend planned, further growth expected. These are the key messages from Deutsche Telekom for the 2024 financial year. Total revenue increased by 3.4 percent compared with the prior year to 115.8 billion euros. Service revenues grew by 3.9 percent to 96.5 billion euros. At the same time, adjusted EBITDA AL grew by 6.2 percent to 43.0 billion euros. Free cash flow AL was up 18.7 percent to 19.2 billion euros. The Group therefore achieved – and in some cases exceeded – its most recently raised guidance from November.
In organic terms, i.e., based on constant exchange rates and excluding changes in the composition of the Group, the growth rates were 3.3 percent for total revenue, 3.7 percent for service revenues, and 6.0 percent for adjusted EBITDA AL.
“Another record year for Deutsche Telekom,” says CEO Tim Höttges. “We are growing across all business areas. Our flywheel, at the center of our strategy, is spinning and generating the momentum we need to keep building on the successes of 2024 in 2025.”
Adjusted net profit increased by 18.3 percent in 2024 to 9.4 billion euros, whereas unadjusted net profit declined 37.0 percent to 11.2 billion euros. This is primarily due to the fact that the unadjusted figure from 2023 included a large gain from the sale of the majority stake in the GD Towers cell tower business. Recurring adjusted earnings per share came in at 1.83 euros, significantly higher than the guidance level of over 1.75 euros. Excluding one-time effects, earnings per share amounted to as much as 1.90 euros.
Deutsche Telekom expects adjusted EBITDA AL for the 2025 financial year of approximately 44.9 billion euros, an increase of around 4.5 percent against 2024. Adjusted free cash flow AL is expected to increase by around 4.0 percent to around 19.9 billion euros. Adjusted earnings per share is expected to increase by around 9.0 percent to around 2.00 euros. These targets align with the ambitions communicated at the Capital Markets Day in October.
For the financial year just ended, the Group plans to distribute a dividend of 0.90 euros per share, which will be the highest dividend payment in Deutsche Telekom’s history. This is subject to approval by the relevant bodies. Deutsche Telekom additionally plans up to 2 billion euros in share buy-backs in 2025.
Germany: strong growth in fiber use
Deutsche Telekom’s fiber-optic network is gaining in popularity. More than 10 million households can now subscribe to a fiber rate plan from Deutsche Telekom. The gigabit network already has a customer base of almost 1.5 million, with 472,000 new customers added in the year just ended. That was 61 percent more than in 2023. The total number of net broadband additions in 2024 was 134,000. The TV customer base grew by 311,000.
Mobile service revenues grew in the fourth quarter by 2.1 percent year-on-year. Branded contract customer additions amounted to 261,000 in the same period. In total, the customer base in this segment grew by 1.2 million over the full year.
Telekom Deutschland also reports positive trends in its most important financial performance indicators. Adjusted EBITDA AL increased by 2.7 percent in 2024 to 10.5 billion euros. Revenue grew by 2.1 percent compared with 2023 to 25.7 billion euros.
United States: net customer additions continue
T-Mobile US’ industry-leading growth continued in 2024. Service revenues of T-Mobile US amounted to 66.1 billion U.S. dollars, up 4.5 percent against 2023. At the same time, adjusted EBITDA AL increased by 8.1 percent to 30.9 billion U.S. dollars.
This solid financial performance was driven by unabated strong customer growth. In the year just ended, T-Mobile US reported 6.1 million new postpaid mobile customers, including 3.1 million phone customers. By year-end 2024, 6.4 million customers were using the fixed-network substitute product, High Speed Internet. That is 1.7 million more than a year earlier. For 2025, T-Mobile US expects further strong growth in postpaid mobile customers of 5.5 to 6.0 million.
T-Mobile US continued its share buy-back program, while Deutsche Telekom has sold no further shares in T-Mobile US since mid-2024. As a result, Deutsche Telekom’s ownership stake in T-Mobile US had risen to 51.5 percent as of January 24, 2025.
Europe: seven years of earnings growth
The Europe operating segment continued its earnings growth for the seventh year in succession, quarter by quarter. For full-year 2024, earnings increased in organic terms by 8.1 percent to 4.4 billion euros. In organic terms, revenue increased in 2024 by 5.2 percent year-on-year to 12.3 billion euros.
Customer numbers also grew sharply in the year ended. The mobile contract customer base increased by 729,000 in 2024, while the number of broadband lines grew by 234,000. The number of TV customers across the various technical platforms grew by 126,000 over the full year.
Systems Solutions: all targets achieved
Revenue rose by 2.8 percent to 4.0 billion euros in the year ended. Adjusted EBITDA AL increased by 14.8 percent against 2023, coming in at 369 million euros, and surpassing the guidance of 0.3 billion euros.
The Deutsche Telekom Group at a glance
Comments on the table
New partners for the cell tower business
On July 13, 2022, Deutsche Telekom agreed to sell a 51.0 percent stake in the tower business companies in Germany and Austria (GD Towers) to DigitalBridge and Brookfield. The transaction was consummated on February 1, 2023. From this date onward, GD Towers is no longer included in the Group’s figures as a fully consolidated entity.
The sale resulted in a gain on deconsolidation, recognized in reported net profit, in the first quarter of 2023 of 12.9 billion euros. This extraordinary income has been eliminated from the adjusted net profit for the full-year 2023.
The stake in the cell tower business retained by Deutsche Telekom of 49.0 percent has been recognized using the equity method since February 1, 2023.
The GD tower company DFMG Deutsche Funkturm GmbH continues to build and operate passive infrastructure for Deutsche Telekom’s mobile network. This primarily comprises the concrete or steel mast, its foundation, the power connection, cooling, and climate control. It does not include the active network technology (primarily the antennas) or the fiber-optic circuits. These remain the property of Deutsche Telekom.
a) Cash outflows for investments in property, plant, and equipment, and intangible assets (excluding goodwill).
b) At reporting date.
Operating segments: Development of operations
Operating segments: Development of customer numbers in the fourth quarter of 2024
Comments on the table
a) Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
Operating segments: Development of customer numbers in year-on-year comparison
Comments on the table
a) Sum of all FTTx access lines (e.g., FTTC/VDSL, vectoring, and FTTH/B).
This media information contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. They are generally identified by the words “expect,” “anticipate,” “believe,” “intend,” “estimate,” “aim,” “goal,” “plan,” “will,” “seek,” “outlook,” or similar expressions and include generally any information that relates to expectations or targets for revenue, adjusted EBITDA AL, or other performance measures. Forward-looking statements are based on current plans, estimates, and projections, and should therefore be considered with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. They include, for instance, the progress of Deutsche Telekom’s staff-related restructuring measures and the impact of other significant strategic or business initiatives, including acquisitions, dispositions, and business combinations. In addition, movements in exchange rates and interest rates, regulatory rulings, stronger than expected competition, technological change, litigation and regulatory developments, among other factors, may have a material adverse effect on costs and revenue development. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, Deutsche Telekom’s actual results may be materially different from those expressed or implied by such statements. Deutsche Telekom can offer no assurance that its expectations or targets will be achieved. Without prejudice to existing obligations under capital market law, Deutsche Telekom does not assume any obligation to update forward-looking statements to account for new information or future events or anything else. In addition to figures prepared in accordance with IFRS, Deutsche Telekom presents alternative performance measures, e.g., EBITDA, EBITDA AL, adjusted EBITDA, adjusted EBITDA AL, adjusted EBITDA margin AL, Core EBITDA, adjusted EBIT, EBIT margin, adjusted net profit/loss, adjusted earnings per share, free cash flow, free cash flow AL, gross debt, and net debt. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
About Deutsche Telekom: Deutsche Telekom at a glance
