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Consensus Details Q2 and FY 2021 - 2025

Disclaimer: This document had 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.

	Q2	estimates
		# of
Gross Revs [€ million]
Germany	5.920	19
Total Service revs in %	1,2%	9
MSR growth YoY in %	1,2%	18
Mobile Contract Net Adds (own-branded) ['000]	131	8
Retail Line Losses ['000]	-23	14
BB retail Net Adds DT ['000]	90	15
TMUS (gross revs in €)	16.192	19
Gross revs in $ (US GAAP)	19.382	19
Service revs in $ (US GAAP)	14.328	18
$-FX-Rate: 1 Euro for ...	1,2	19
Europe	2.731	20
Group Development	768	20
NL	509	17
GD Towers	274	17
T-Systems	1.038	20
GHS	638	20
Reconciliation	-1.221	20
Group revs	26.105	20

					FY 21	estimates								FY 22		estimates								FY 23
High		Low		Average		# of		High		Low		Average				# of		High		Low		Average
6.015		5.845		5.923		19		24.286		23.804		24.035		24.280		19		24.808		23.665		24.280		24.586
		24.026
1,9%		0,2%		1,1%	1,0%	9		2,2%		0,3%		1,0%		1,3%		9		3,0%		0,8%		1,3%		1,3%
2,5%		-0,3%		1,1%	1,1%	18		3,2%		-0,2%		1,1%		2,0%		18		3,6%		1,0%		2,2%		1,8%
150		50		123	550	7		1000		300		577		424		8		500		300		417		375
81		-50		-5	-109	14		352		-278		-10		-112		13		899		-500		6		-90
110		50		84	363	15		414		211		336		259		15		406		120		285		260
17.168		15.340		16.270	67.234	19		69.932		64.010		66.798		68.499		19		72.556		65.309		68.538		70.360
20.105		4.829		18.260	79.761	19		81.722		19.721		74.891		81.325		19		83.920		18.759		76.599		83.681
14.745		9.101		14.029	57.720	18		59.021		37.281		56.741		59.935		18		61.937		38.475		58.815		61.844
1,22		1,19		1,20	1,19	19		1,22		1,18		1,20		1,19		19		1,22		1,18		1,19		1,19
3.646		2.669		2.773	11.371	20		12.224		10.951		11.388		11.499		20		12.327		10.796		11.475		11.600
814		641		762	3.077	20		4.072		2.505		3.099		3.152		20		4.112		2.455		3.162		3.225
568		485		508	2.058	17		2.126		1.993		2.045		2.071		17		2.177		2.003		2.089		2.096
285		245		270	1.065	17		1.147		976		1.075		1.078		17		1.182		1.000		1.103		1.126
1.071		994		1.035	4.074	20		4.243		3.973		4.084		4.089		20		4.375		3.854		4.087		4.097
660		618		640	2.517	20		2.598		2.451		2.525		2.474		20		2.650		2.328		2.496		2.441
-1.085		-1.640		-1.233	-4.873	20		-4.550		-6.236		-4.940		-4.909		20		-4.028		-6.370		-4.954		-4.918
27.154		25.197		26.125	107.041	20		110.563		104.195		106.845		108.779		20		113.428		105.583		108.955		110.865

estimates					FY 24	estimates								FY 25		estimates
# of	High	Low		Average		# of		High		Low		Average				# of		High		Low		Average
19		23.540		24.572		19		25.949		23.438		24.878		25.293		18		26.468		23.374		25.154
25.376		24.963
9	1,6%	0,4%		1,1%	1,4%	9		2,1%		0,0%		1,2%		1,1%		9		2,1%		-0,1%		1,1%
18	4,0%	0,5%		1,8%	1,8%	18		3,5%		0,5%		1,7%		1,5%		17		3,1%		-1,3%		1,4%
8	450	200		362	360	8		447		50		328		350		7		447		-100		294
13	898	-750		0	-72	13		897		-1000		-14		-72		12		325		-1000		-72
15	412	100		260	200	15		418		100		233		160		14		424		80		196
19	75.432	66.624		70.277	72.754	19		78.726		67.192		72.458		74.951		18		82.717		68.513		74.932
19	86.681	18.451		78.366	85.613	19		90.392		18.385		80.677		87.350		18		94.516		18.311		82.874
18	64.829	39.616		60.768	64.174	18		68.132		40.769		62.936		66.459		17		70.756		41.932		65.014
19	1,22	1,18		1,19	1,19	19		1,22		1,18		1,19		1,19		18		1,22		1,18		1,19
20	13.972	10.733		11.652	11.726	20		19.664		10.668		12.022		11.842		19		12.140		10.654		11.709
20	4.154	2.406		3.227	3.279	20		3.464		2.358		3.241		3.335		18		3.561		2.310		3.296
17	2.250	2.006		2.127	2.134	17		2.317		2.009		2.161		2.166		16		2.364		2.013		2.184
17	1.217	1.020		1.134	1.183	17		1.254		1.040		1.165		1.224		16		1.291		1.061		1.203
20	4.549	3.816		4.113	4.110	20		4.691		3.777		4.136		4.076		19		4.806		3.716		4.138
20	2.624	2.212		2.465	2.412	20		2.597		2.101		2.439		2.385		19		2.571		1.996		2.407
20	-3.495	-6.526		-4.966	-4.910	20		-2.978		-6.722		-4.974		-4.861		19		-2.437		-6.939		-4.959
20	116.438	107.505		111.141	113.454	20		119.923		108.370		113.763		116.015		19		124.124		109.989		116.589

	Net Revs [€ million]
	Germany	5.748	12	5.822	5.666	5.750	23.264	12	23.509	23.197	23.301	23.583	12	23.683	23.030	23.529	23.900	12	24.109	22.905	23.806	24.206	12	24.465	22.803	24.090	24.467	11	24.853	22.739	24.341
	TMUS	16.239	12	16.679	15.693	16.270	67.019	12	67.906	64.299	66.591	68.412	12	70.163	66.040	68.329	70.119	12	71.836	66.893	69.933	71.780	12	73.797	67.192	71.715	74.018	11	76.240	68.513	73.724
	Europe	2.680	12	2.739	2.656	2.681	11.182	12	11.365	11.080	11.190	11.286	12	11.483	11.043	11.292	11.417	12	11.629	11.030	11.395	11.532	12	11.768	11.010	11.489	11.635	11	11.905	10.986	11.553
	Group Development	580	12	616	563	584	2.331	12	2.424	2.247	2.332	2.383	12	2.584	2.326	2.401	2.434	12	2.693	2.365	2.456	2.476	12	2.784	2.404	2.509	2.525	11	2.854	2.420	2.547
	T-Systems	806	12	830	771	803	3.151	12	3.254	3.016	3.153	3.135	12	3.394	2.922	3.151	3.165	12	3.528	2.867	3.167	3.192	12	3.638	2.843	3.181	3.158	11	3.728	2.815	3.161
	GHS	45	12	57	15	44	197	12	205	48	175	193	12	201	14	171	188	12	201	-26	165	185	12	201	-88	158	182	11	201	-158	145
	Adj. EBITDA AL [€ million]
	Germany	2.333	20	2.357	2.289	2.329	9.430	20	9.565	9.331	9.430	9.664	20	9.853	9.399	9.653	9.924	20	10.192	9.411	9.884	10.176	20	10.671	9.431	10.121	10.349	19	11.159	9.853	10.382
	TMUS	5.518	20	5.735	5.275	5.517	22.188	20	22.770	21.584	22.156	23.421	20	25.679	22.363	23.577	25.085	20	27.954	22.930	25.237	27.104	20	29.692	24.817	26.960	28.676	19	31.981	25.872	28.421
	TMUS in $ (IFRS)	6.635	15	8.141	6.357	6.716	26.458	15	32.441	25.901	26.916	28.039	15	35.434	26.397	28.658	30.514	15	36.320	27.066	30.608	32.669	15	37.591	29.294	32.639	34.221	14	39.949	30.529	34.510
	TMUS in $ (US GAAP)	6.727	15	6.935	6.549	6.760	27.207	15	28.193	26.368	27.200	28.424	15	30.476	27.341	28.655	30.674	15	32.431	28.011	30.602	32.941	15	34.939	30.238	32.761	34.775	14	37.030	31.422	34.605
	TMUS ex handset leasing in $ (US GAAP)	5.788	10	5.977	5.690	5.802	23.569	10	23.795	22.605	23.436	26.105	10	27.940	25.245	26.279	28.937	10	30.492	27.232	28.942	31.617	10	33.415	28.616	31.400	33.844	9	35.699	30.073	33.390
	Europe	960	20	992	937	959	3.950	20	4.001	3.882	3.950	4.017	20	4.189	3.894	4.013	4.059	20	4.298	3.943	4.082	4.117	20	4.323	3.938	4.133	4.157	19	4.365	3.876	4.171
	Group Development	310	20	326	293	309	1.222	20	1.278	1.136	1.222	1.268	20	1.338	1.180	1.265	1.314	20	1.401	1.180	1.307	1.355	20	1.466	1.251	1.351	1.382	19	1.534	1.315	1.397
	NL	152	16	170	145	154	611	16	643	578	611	636	16	668	593	633	650	16	696	609	651	666	16	721	625	668	679	15	743	634	683
	GD Towers	161	16	178	146	161	633	16	709	579	639	650	16	736	597	661	687	16	764	603	686	715	16	793	609	709	738	15	824	615	737
	T-Systems	66	20	80	53	66	282	20	331	236	276	295	20	361	231	291	310	20	378	226	302	329	20	404	227	314	326	19	430	224	319
	GHS	-62	20	-20	-150	-66	-435	20	-332	-549	-438	-433	20	-282	-535	-434	-433	20	-232	-560	-427	-431	20	-182	-600	-422	-433	19	-132	-600	-419
	Reconciliation	-8	20	-3	-28	-12	-28	20	5	-59	-26	-28	20	5	-55	-24	-28	20	5	-72	-25	-28	20	5	-80	-26	-28	19	5	-73	-26
	Group EBITDA AL adj.	9.133	20	9.351	8.877	9.103	36.636	20	37.181	35.824	36.571	38.259	20	40.495	37.088	38.340	40.395	20	42.919	38.033	40.360	42.508	20	44.802	39.594	42.430	44.471	19	47.243	41.252	44.245
	Group ex TMUS EBITDA AL adj.	3.599	19	3.692	3.514	3.592	14.437	19	14.580	14.240	14.427	14.765	19	15.012	14.424	14.773	15.144	19	15.552	14.474	15.131	15.509	19	16.163	14.526	15.477	15.816	18	16.767	15.261	15.833
	Group EBITDA adj.	10.466	17	10.823	10.147	10.484	42.220	17	43.130	40.175	42.218	43.929	17	46.779	42.331	44.005	45.963	17	49.408	43.314	46.061	48.276	17	51.502	45.518	48.249	50.538	16	54.164	47.176	50.186
	Cash Capex [€ million]
	Germany	1.028	19	1.127	937	1.035	4.209	20	4.585	4.190	4.269	4.469	20	5.000	4.300	4.513	4.612	20	5.000	4.500	4.651	4.700	20	5.029	4.500	4.736	4.743	19	5.026	4.500	4.760
	TMUS	2.394	20	2.656	2.074	2.397	9.861	20	20.213	9.480	11.143	9.804	20	11.192	8.716	9.765	8.459	20	9.674	7.398	8.431	8.321	20	9.778	7.398	8.369	8.284	19	10.169	7.398	8.424
	TMUS in $ (US GAAP)	2.956	19	3.166	2.285	2.888	11.973	19	21.109	11.323	12.397	11.845	19	12.507	10.600	11.720	10.000	19	11.404	9.067	10.097	9.875	19	11.733	9.286	10.044	9.998	18	12.203	9.153	10.165
	Europe	415	18	950	363	444	1.799	20	2.300	1.650	1.822	1.815	20	2.300	1.600	1.825	1.818	20	2.300	1.600	1.826	1.811	20	2.300	1.600	1.824	1.819	19	1.990	1.600	1.801
	Group Development	132	19	166	80	132	563	20	612	451	550	578	20	678	454	566	571	20	641	458	562	546	20	625	462	547	522	19	621	351	524
	T-Systems	58	19	74	50	59	249	20	370	217	259	246	20	370	215	257	249	20	370	212	257	251	20	370	206	258	241	19	370	198	258
	GHS	240	19	250	110	230	973	20	1.020	779	965	962	20	1.010	795	951	955	20	1.010	787	944	950	20	1.010	779	938	943	19	1.010	771	926
	Group Cash Capex	4.271	20	4.742	3.715	4.268	17.639	20	28.404	17.295	18.210	17.853	20	19.241	16.675	17.846	16.317	20	19.028	15.657	16.644	16.378	20	19.511	15.696	16.650	16.573	19	20.664	15.641	16.785
	Cash [€ million]
	Group FCF AL before dividends	1.967	17	2.904	1.442	2.091	8.152	19	9.075	7.544	8.206	10.393	19	14.823	9.215	10.662	14.637	19	17.249	12.634	14.865	17.960	19	20.325	15.554	17.767	19.252	18	22.256	16.343	19.062
	TMUS reported FCF AL in $ (US GAAP)	1.205	13	3.106	454	1.545	5.440	15	7.684	3.591	5.491	7.844	15	12.446	3.600	8.177	13.581	15	15.475	3.600	12.910	15.981	15	18.828	3.600	15.408	16.995	14	20.439	3.600	16.442
	Group ex TMUS FCF AL	885	11	1.601	301	966	3.606	14	3.765	3.054	3.577	3.708	14	4.746	3.083	3.762	3.911	14	8.090	3.366	4.199	4.069	13	16.547	3.708	5.080	4.320	12	29.383	2.966	6.383
	Group FCF before dividends	3.362	12	4.075	1.195	3.133	12.902	12	14.588	-2.282	11.736	15.377	12	19.291	8.824	15.249	19.894	12	22.586	9.111	19.327	22.580	12	25.027	6.701	21.402	24.324	11	27.324	6.261	22.647
	Dividend per Share	0,60 €	4			0,45	0,60	18	0,65 €	0,60 €	0,60 €	0,65	18	0,72 €	0,60 €	0,65 €	0,71	18	0,84 €	0,60 €	0,72 €	0,84	18	0,95 €	0,66 €	0,81 €	0,90	17	1,04 €	0,68 €	0,88 €
	Group Net Debt (incl. leases)	129.968	14	131.977	128.033	129.996	128.240	19	131.832	94.493	126.355	124.357	19	132.426	89.543	122.978	122.006	19	135.461	78.706	119.825	114.394	19	137.505	62.242	114.753	110.127	18	139.009	42.752	107.971
	Group Net Debt (excl. leases)	98.893	14	100.861	96.704	98.665	97.404	18	102.220	92.378	97.070	93.103	18	99.881	84.842	93.451	90.520	18	104.444	79.414	90.454	85.346	18	105.367	64.810	85.708	82.192	17	107.771	47.886	79.674
	Expected DT stake in TMUS at YE (%)**	43,3%	2	43,6%	42,9%	43,3%	43,2%	8	43,6%	41,7%	43,1%	43,6%	9	51,0%	41,7%	44,4%	44,3%	9	53,5%	43,2%	46,3%	48,7%	9	51,0%	43,4%	47,7%	49,5%	8	55,6%	43,4%	48,8%
	Expected share buyback by TMUS ($)**		0	0	0			0	0	0		10.000	1	10.000	10.000	10.000	15.699	9	25.000	6.264	14.729	18.536	9	25.000	8.143	17.446	20.000	8	21.852	10.022	17.538
	TMUS Net Debt incl. Leases in $ (US GAAP)	96.714	7	102.555	72.659	90.733	98.121	11	101.388	20.476	84.339	86.539	12	102.453	26.159	80.198	85.250	12	110.239	41.133	83.299	86.595	12	117.302	53.326	85.653	91.949	11	125.671	43.018	88.092
	TMUS Net Debt excl. Leases in $ (US GAAP)	69.406	8	72.384	63.421	69.151	69.437	11	73.928	20.476	64.703	65.844	11	72.538	26.159	61.529	68.207	11	79.525	41.133	64.550	66.817	11	86.152	51.073	68.124	69.122	10	94.086	51.445	71.935
	Group assumed spending on spectrum*	215	12	754	0	281	9.154	19	11.300	500	8.687	1.106	18	9.682	85	2.108	908	16	1.947	-2.559	686	658	16	4.556	281	1.016	816	15	2.223	0	979
	Bottom Line [€ million]
	Group adj. D&A	6.686	17	7.168	6.139	6.687	26.730	19	28.477	22.359	26.530	26.450	19	27.905	-26.547	23.333	26.200	19	27.740	19.141	25.799	25.665	19	28.284	18.176	25.477	25.477	18	28.804	17.364	25.109
	Group adj. EBIT	3.791	17	4.297	2.801	3.751	15.605	19	16.836	11.050	15.044	17.601	19	19.968	-16.987	15.359	19.592	19	21.713	16.580	19.626	22.413	19	24.309	19.663	22.357	24.593	18	27.703	21.888	24.665
	Group adj. Net Income (after minorities)	1.533	18	2.169	1.205	1.594	5.674	20	6.688	2.769	5.570	6.392	20	8.402	3.535	6.333	7.181	20	9.835	5.649	7.276	8.208	20	10.898	6.941	8.314	9.120	19	11.703	7.670	9.268
	Group reported Net Income (after minorities)	1.173	16	1.831	536	1.153	4.013	18	5.944	2.291	3.947	4.406	18	6.220	3.514	4.584	5.727	18	7.405	4.089	5.968	7.618	18	9.628	5.111	7.593	8.419	17	11.351	6.192	8.725

*Please only include spectrum cost projections which are included in your net debt forecast

** Due to lower number of estimates no direct link can be established to other forecasts, including net debt and net income

Disclaimer

This document had 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.

27.07.2021