Deutsche Telekom : 2024 1st quarter Backup

BACKUP Q1 2024	Q1 2024
DEUTSCHE TELEKOM

Check out our IR website www.telekom.com/investor-relations for:

• This backup in .pdf and excel-format
• The IR calender
• Detailed information for debt investors
• Shareholder structure
• Corporate governance

For further information on the business units please refer to:

www.telekom.com

www.telekom.de

www.t-mobile.com

www.t-systems.com

Investor Relations, Bonn office

Phone	+49	228 181 - 8 88 80
Fax	+49	228 181 - 8 88 99
E-Mail	[e-mail]

On July 13, 2022, Deutsche Telekom agreed to sell a 51.0 % stake in GD Towers, comprising its tower assets in Germany and Austria, currently assigned to the Group Development operating segment (GD tower companies), to DigitalBridge and Brookfield. Since the third quarter of 2022 the GD Towers business unit has been reported in the interim consolidated financial statements as a discontinued operation within the meaning of IFRS 5 (consolidated view). On the other hand we continue to present the earnings situation in the interim group management report from a management perspective, including the discontinued GD Towers units (management view).

The figures shown in this report were rounded in accordance with standard business rounding principles. As a result, the total indicated may not be equal to the precise sum of the individual figures.

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CONTENT

At a Glance	3
DT GROUP
Adjusted for special factors	6
As reported	7
EBITDA Reconciliation	8
Special Factors in the consolidated income statement	9
Consolidated statement of financial position	10 - 11
Maturity profile	12
Liquidity reserves	13
Net debt	14
Net debt development	15
Cash capex	16
Free cash flow	17
Personnel	18
Exchange rates	19

GERMANY
Financials	21
Operationals & Mobile Communication KPIs	22
Additional information	23 - 24
UNITED STATES
Financials	26
Operationals	27 - 28
EUROPE
Financials	30
OTHER SEGMENTS
Group Development Financials	32
System Solutions Financials	33
GHS Financials	34
GLOSSARY	35

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DT GROUP

AT A GLANCE (MANAGEMENT VIEW) 1

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		Q1	Q2	Q3	Q4	FY	Q1	Change
		2023	2023	2023	2023	2023	2024
	Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €	%
REVENUE
Germany		6.141	6.150	6.308	6.589	25.187	6.298	2,6
United States		18.262	17.555	17.638	18.981	72.436	18.009	(1,4)
Europe		2.784	2.899	2.995	3.112	11.790	2.959	6,3
Systems Solutions		946	959	960	1.031	3.896	993	5,0
Group Development		102	4	2	7	115	2	(98,0)
Group Headquarters & Group Services		578	552	588	587	2.305	546	(5,5)
Reconciliation		(975)	(898)	(933)	(938)	(3.744)	(865)	11,3
DT GROUP		27.839	27.221	27.556	29.369	111.985	27.942	0,4
thereof continued operations		27.824	27.221	27.556	29.369	111.970	27.942	0,4
NET REVENUE
Germany		5.977	5.992	6.143	6.408	24.520	6.146	2,8
United States		18.261	17.554	17.636	18.980	72.431	18.004	(1,4)
Europe		2.741	2.849	2.934	3.063	11.586	2.911	6,2
Systems Solutions		792	796	802	868	3.258	843	6,4
Group Development	2	26	1	2	3	32	2	(92,3)
Group Headquarters & Group Services		42	29	40	48	158	36	(14,3)
DT GROUP		27.839	27.221	27.556	29.369	111.985	27.942	0,4
thereof continued operations		27.824	27.221	27.556	29.369	111.970	27.942	0,4
SERVICE REVENUE	3
Germany		5.417	5.484	5.539	5.655	22.096	5.515	1,8
United States		14.475	14.428	14.606	15.014	58.522	14.827	2,4
Europe		2.298	2.416	2.494	2.530	9.739	2.455	6,8
Systems Solutions		921	934	937	1.004	3.796	973	5,6
Group Development	2	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Group Headquarters & Group Services		242	240	274	268	1.024	236	(2,5)
Reconciliation		(538)	(549)	(591)	(578)	(2.258)	(522)	3,0
DT GROUP		22.814	22.952	23.258	23.894	92.919	23.485	2,9
thereof continued operations		22.818	22.952	23.258	23.894	92.923	23.487	2,9
EBITDA (ADJUSTED FOR SPECIAL FACTORS)
Germany		2.587	2.676	2.792	2.739	10.794	2.730	5,5
United States		7.779	7.770	8.010	7.765	31.324	8.142	4,7
Europe		1.094	1.148	1.215	1.134	4.590	1.198	9,5
Systems Solutions		99	107	109	101	416	100	1,0
Group Development	2	70	(5)	(7)	(7)	50	(6)	n.a.
Group Headquarters & Group Services		(104)	(69)	(32)	(118)	(323)	(101)	2,9
Reconciliation		(9)	(5)	(13)	5	(22)	(6)	33,3
DT GROUP		11.516	11.622	12.074	11.619	46.831	12.057	4,7
Proportional EBITDA		7.373	7.544	7.923	7.493	30.333	7.732	4,9
thereof continued operations		11.438	11.622	12.074	11.619	46.753	12.057	5,4
EBITDA AL (ADJUSTED FOR SPECIAL FACTORS)
Germany		2.489	2.528	2.638	2.583	10.238	2.576	3,5
United States		6.536	6.554	6.791	6.528	26.409	6.932	6,1
Europe		983	1.024	1.095	1.011	4.114	1.069	8,7
Systems Solutions		75	84	86	76	321	77	2,7
Group Development	2	65	(5)	(7)	(7)	45	(6)	n.a.
Group Headquarters & Group Services		(176)	(141)	(105)	(187)	(609)	(168)	4,5
Reconciliation		(9)	(5)	(13)	5	(22)	(6)	33,3
DT GROUP		9.963	10.038	10.486	10.009	40.497	10.473	5,1
Proportional EBITDA AL		6.460	6.576	6.940	6.516	26.493	6.772	4,8
thereof continued operations		9.891	10.038	10.486	10.009	40.424	10.473	5,9

1 Numbers include the GD Tower business (management view) which is shown as a discontinued operation in the consolidated financial statements. Please see cover sheet for more details. 2 Q2/2022 the sale of T-Mobile Netherlands was completed on March 31st, 2022. Therefore this entity is no longer part of the DT group, effective per April 1st, 2022.

3 As of January 1, 2023, the service revenue definition was extended by certain software revenues which are part of the ICT business. Prior-year figures have been adjusted retrospectively for the segments Europe, Systems Solutions and

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DT GROUP

AT A GLANCE II

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EBITDA AL MARGIN (ADJUSTED FOR SPECIAL FACTORS) (EBITDA AL / TOTAL REVENUE)

Germany

United States

Europe

Systems Solutions

Group Development

Group Headquarters & Group Services

DT GROUP

CASH CAPEX

Germany

United States

Europe

Systems Solutions

Group Development

Group Headquarters & Group Services

Reconciliation

DT GROUP

- thereof spectrum investment

NET PROFIT (LOSS) adjusted for special factors as reported

FREE CASH FLOW (BEFORE DIVIDEND PAYMENTS AND SPECTRUM INVESTMENT)

Proportional free cash flow

FREE CASH FLOW AL (BEFORE DIVIDEND PAYMENTS AND SPECTRUM INVESTMENT)

Proportional free cash flow AL

NET DEBT

NET DEBT w/o Leases

	Q1	Q2	Q3	Q4	FY	Q1	Change
	2023	2023	2023	2023	2023	2024
Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €	%
1
	40,5	41,1	41,8	39,2	40,6	40,9	0,4p
	35,8	37,3	38,5	34,4	36,5	38,5	2,7p
	35,3	35,3	36,6	32,5	34,9	36,1	0,8p
	7,9	8,8	9,0	7,4	8,2	7,8	(0,1p)
3	63,7	(125,0)	(350,0)	(100,0)	39,1	(300,0)	n.a.
	(30,4)	(25,5)	(17,9)	(31,9)	(26,4)	(30,8)	(0,4p)
	35,8	36,9	38,0	34,1	36,2	37,5	1,7p
	1.187	1.113	1.143	1.144	4.587	1.493	25,8
	2.862	2.589	2.378	2.223	10.053	2.476	(13,5)
	439	614	476	520	2.049	484	10,3
	60	59	46	43	210	63	5,0
3	18	1	3	2	24	1	(94,4)
	259	234	228	247	969	199	(23,2)
	1	1	(9)	(15)	(26)	2	100,0
2	4.826	4.611	4.265	4.164	17.866	4.718	(2,2)
	67	189	203	816	1.275	57	(14,9)
	1.959	1.887	2.268	1.826	7.940	2.238	14,2
	15.360	1.539	1.924	(1.035)	17.788	1.982	(87,1)
	4.822	4.918	5.655	5.517	20.912	4.986	3,4
	3.076	2.958	3.453	2.879	12.366	2.807	(8,7)
	3.579	3.522	4.688	4.352	16.141	3.708	3,6
	2.314	2.116	2.817	2.155	9.402	2.024	(12,5)
4	133.517	136.893	137.128	132.279	132.279	133.116	(0,3)
4	93.048	97.174	96.923	93.746	93.746	94.491	1,6

1 Numbers include the GD Tower business (management view) which is shown as a discontinued operation in the consolidated financial statements. Please see cover sheet for more details. 2 Amounts of payouts for property, plant and equipment and intangible assets excluding goodwill.

3 Q2/2022 the sale of T-Mobile Netherlands was completed on March 31st, 2022. Therefore this entity is no longer part of the DT group, effective per April 1st, 2022.

4 Inclusive discontinued operation GD Towers.

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CONTENT

At a Glance	3
DT GROUP
Adjusted for special factors	6
As reported	7
EBITDA Reconciliation	8
Special Factors in the consolidated income statement	9
Consolidated statement of financial position	10 - 11
Maturity profile	12
Liquidity reserves	13
Net debt	14
Net debt development	15
Cash capex	16
Free cash flow	17
Personnel	18
Exchange rates	19

GERMANY
Financials	21
Operationals & Mobile Communication KPIs	22
Additional information	23 - 24
UNITED STATES
Financials	26
Operationals	27 - 28
EUROPE
Financials	30
OTHER SEGMENTS
Group Development Financials	32
System Solutions Financials	33
GHS Financials	34
GLOSSARY	35

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DT CONSOLIDATED INCOME STATEMENT (CONSOLIDATED VIEW) 1 ADJUSTED FOR SPECIAL FACTORS

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		Q1	Q2	Q3	Q4	FY	Q1	Change
		2023	2023	2023	2023	2023	2024
	Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €	%
NET REVENUE		27.826	27.225	27.560	29.371	111.983	27.945	0,4
Other operating income		226	163	199	219	808	234	3,5
Changes in inventories		20	2	7	(34)	(6)	26	30,0
Own capitalized costs		672	677	683	696	2.728	653	(2,8)
Goods and services purchased		(11.493)	(10.890)	(10.995)	(13.027)	(46.404)	(11.170)	2,8
Personnel costs		(4.611)	(4.328)	(4.215)	(4.366)	(17.520)	(4.364)	5,4
Other operating expenses		(1.203)	(1.227)	(1.165)	(1.239)	(4.834)	(1.267)	(5,3)
Depreciation, amortization, and impairment losses		(5.899)	(5.774)	(5.846)	(6.035)	(23.554)	(5.848)	0,9
PROFIT (LOSS) FROM OPERATIONS (EBIT)		5.540	5.848	6.228	5.584	23.200	6.208	12,1
EBIT margin (EBIT / net revenue)	%	19,9	21,5	22,6	19,0	20,7	22,2	2,3p
Profit (loss) from financial activities		(1.301)	(1.608)	(1.481)	(1.647)	(6.037)	(1.356)	(4,2)
of which: finance costs		(1.365)	(1.479)	(1.369)	(1.415)	(5.628)	(1.420)	(4,0)
PROFIT (LOSS) BEFORE INCOME TAXES (EBT)		4.239	4.240	4.747	3.937	17.163	4.853	14,5
Income taxes		(1.129)	(1.115)	(1.241)	(963)	(4.447)	(1.322)	(17,1)
PROFIT (LOSS) AFTER INCOME TAXES FROM		3.110	3.125	3.507	2.974	12.716	3.531	13,5
CONTINUING OPERATIONS
PROFIT (LOSS) AFTER INCOME TAXES FROM		41	0	0	0	41	0	(100,0)
DISCONTINUED OPERATIONS
PROFIT (LOSS)		3.151	3.125	3.507	2.974	12.757	3.531	12,1
Profit (loss) attributable to non-controlling interests		1.192	1.238	1.238	1.148	4.817	1.293	8,5
NET PROFIT (LOSS)		1.959	1.887	2.268	1.826	7.940	2.238	14,2

1 The GD Tower business is shown as a discontinued operation in the consolidated financial statements (consolidated view). Please see cover sheet for more details.

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DT CONSOLIDATED INCOME STATEMENT (CONSOLIDATED VIEW) 1 AS REPORTED

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		Q1	Q2	Q3	Q4	FY	Q1	Change
		2023	2023	2023	2023	2023	2024
	Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €	%
NET REVENUE		27.824	27.221	27.556	29.369	111.970	27.942	0,4
Other operating income		334	294	294	462	1.384	246	(26,3)
Changes in inventories		20	2	7	(34)	(6)	26	30,0
Own capitalized costs		667	679	681	694	2.721	652	(2,2)
Goods and services purchased		(11.728)	(11.118)	(11.158)	(13.197)	(47.201)	(11.240)	4,2
Personnel costs		(4.870)	(4.716)	(4.845)	(4.646)	(19.077)	(4.549)	6,6
Other operating expenses		(1.202)	(1.285)	(1.205)	(1.326)	(5.019)	(1.317)	(9,6)
Depreciation, amortization, and impairment losses		(6.030)	(5.869)	(5.904)	(6.171)	(23.975)	(6.074)	(0,7)
PROFIT (LOSS) FROM OPERATIONS (EBIT)		5.014	5.207	5.426	5.151	20.798	5.686	13,4
EBIT margin (EBIT / net revenue)	%	18,0	19,1	19,7	17,5	18,6	20,3	2,3p
Profit (loss) from financial activities		(1.315)	(1.623)	(1.492)	(4.399)	(8.829)	(1.367)	(4,0)
of which: finance costs		(1.378)	(1.491)	(1.379)	(1.470)	(5.719)	(1.430)	(3,8)
PROFIT (LOSS) BEFORE INCOME TAXES (EBT)		3.699	3.584	3.934	751	11.968	4.319	16,8
Income taxes		(979)	(961)	(1.000)	(731)	(3.672)	(1.176)	(20,1)
PROFIT (LOSS) AFTER INCOME TAXES FROM		2.720	2.623	2.933	20	8.296	3.143	15,6
CONTINUING OPERATIONS
PROFIT (LOSS) AFTER INCOME TAXES FROM		13.691	0	3	2	13.696	0	(100,0)
DISCONTINUED OPERATIONS
PROFIT (LOSS)		16.411	2.623	2.936	22	21.992	3.143	(80,8)
Profit (loss) attributable to non-controlling interests		1.051	1.084	1.013	1.056	4.204	1.161	10,5
NET PROFIT (LOSS)		15.360	1.539	1.924	(1.035)	17.788	1.982	(87,1)

1 The GD Tower business is shown as a discontinued operation in the consolidated financial statements (consolidated view). Please see cover sheet for more details.

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DT GROUP

EBITDA RECONCILIATION (MANAGEMENT VIEW) 1

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	Q1	Q2	Q3	Q4	FY	Q1	Change
	2023	2023	2023	2023	2023	2024
Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €	%
NET PROFIT (LOSS)	15.360	1.539	1.924	(1.035)	17.788	1.982	(87,1)
+ Profit (loss) attributable to non-controlling interests	1.051	1.084	1.013	1.056	4.204	1.161	10,5
= Profit (loss)	16.411	2.623	2.936	22	21.992	3.143	(80,8)
- Income taxes	(274)	(961)	(1.000)	(729)	(2.964)	(1.176)	n.a.
= Profit (loss) before income taxes = EBT	16.685	3.584	3.937	751	24.957	4.319	(74,1)
- Profit (loss) from financial activities	(1.331)	(1.623)	(1.492)	(4.399)	(8.845)	(1.367)	(2,7)
PROFIT (LOSS) FROM OPERATIONS (EBIT)	18.015	5.207	5.429	5.151	33.802	5.686	(68,4)
- Depreciation, amortization and impairment losses	(6.030)	(5.869)	(5.904)	(6.171)	(23.975)	(6.074)	(0,7)
= EBITDA	24.046	11.077	11.333	11.322	57.777	11.760	(51,1)
- Special factors affecting EBITDA	12.530	(545)	(741)	(298)	10.946	(297)	n.a.
= EBITDA ADJUSTED FOR SPECIAL FACTORS	11.516	11.622	12.074	11.619	46.831	12.057	4,7
= EBITDA AL	22.364	9.416	9.711	9.668	51.160	10.156	(54,6)
- Special factors affecting EBITDA AL	12.401	(622)	(775)	(341)	10.663	(317)	n.a.
= EBITDA AL ADJUSTED FOR SPECIAL FACTORS	9.963	10.038	10.486	10.009	40.497	10.473	5,1

1 Numbers include the GD Tower business (management view) which is shown as a discontinued operation in the consolidated financial statements. Please see cover sheet for more details.

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DT GROUP

SPECIAL FACTORS IN THE CONSOLIDATED INCOME STATEMENT (MANAGEMENT VIEW) 1

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	Q1	Q2	Q3	Q4	FY	Q1
	2023	2023	2023	2023	2023	2024
Note	millions of €	millions of €	millions of €	millions of €	millions of €	millions of €
NET REVENUE	(2)	(4)	(4)	(2)	(13)	(3)
Other operating income	13.032	131	98	243	13.503	12
Changes in inventories	0	0	0	0	0	0
Own capitalized costs	(5)	2	(1)	(2)	(6)	(1)
Goods and services purchased	(236)	(228)	(163)	(170)	(796)	(70)
Personnel costs	(259)	(388)	(630)	(280)	(1.557)	(186)
Other operating expenses	1	(58)	(41)	(87)	(185)	(50)
Depreciation, amortization, and impairment losses	(132)	(95)	(58)	(136)	(421)	(225)
PROFIT (LOSS) FROM OPERATIONS (EBIT)	12.398	(641)	(799)	(433)	10.525	(523)
Profit (loss) from financial activities	(14)	(15)	(11)	(2.753)	(2.793)	(11)
PROFIT (LOSS) BEFORE INCOME TAXES (EBT)	12.384	(656)	(810)	(3.186)	7.732	(534)
Income taxes	876	154	240	233	1.503	146
PROFIT (LOSS) AFTER INCOME TAXES	13.260	(502)	(570)	(2.953)	9.235	(388)
PROFIT (LOSS)	13.260	(502)	(570)	(2.953)	9.235	(388)
Profit (loss) attributable to non-controlling interests	141	154	226	92	613	132
NET PROFIT (LOSS)	13.401	(348)	(344)	(2.861)	9.848	(256)

1 Numbers include the GD Tower business (management view) which is shown as a discontinued operation in the consolidated financial statements. Please see cover sheet for more details.

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CONSOLIDATED STATEMENT Of fINANCIAL POSITION

ASSETS

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		Mar. 31	Jun. 30	Sep. 30	Dec. 31	Mar. 31	Change	Change
		compared to	compared to
		2023	2023	2023	2023	2024
	Note	prior quarter %	prior year %
	millions of €	millions of €	millions of €	millions of €	millions of €
CURRENT ASSETS		40.325	37.233	36.260	36.363	38.990	7,2	(3,3)
Cash and cash equivalents		10.913	8.742	7.470	7.274	10.827	48,8	(0,8)
Trade and other receivables		15.891	15.750	15.713	16.157	15.141	(6,3)	(4,7)
Contract assets		2.548	2.500	2.513	2.426	2.481	2,3	(2,6)
Current recoverable income taxes		174	204	170	214	308	43,9	77,0
Other financial assets		5.466	5.324	5.333	5.453	5.199	(4,7)	(4,9)
Inventories		2.659	2.248	2.577	2.419	2.417	(0,1)	(9,1)
Current and non-current assets and disposal groups held for sale		487	122	245	211	152	(28,0)	(68,8)
Other assets		2.188	2.342	2.239	2.210	2.465	11,5	12,7
NON-CURRENT ASSETS		263.468	262.468	266.253	253.942	256.232	0,9	(2,7)
Intangible assets		138.142	138.026	141.048	136.004	138.247	1,6	0,1
Property, plant and equipment		65.532	65.840	66.142	65.042	65.074	0,0	(0,7)
Right of Use assets		34.524	34.312	34.536	32.826	32.883	0,2	(4,8)
Contract costs		3.281	3.352	3.487	3.511	3.522	0,3	7,3
Investments accounted for using the equity method		7.337	7.349	7.402	4.605	4.704	2,1	(35,9)
Other financial assets		5.472	4.881	5.115	4.140	4.168	0,7	(23,8)
Deferred tax assets		7.711	7.251	7.049	6.401	6.052	(5,5)	(21,5)
Other assets		1.468	1.456	1.476	1.413	1.581	11,9	7,7
TOTAL ASSETS		303.793	299.701	302.513	290.305	295.222	1,7	(2,8)

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