Deutsche Telekom: Q1 Call: Focus on German broadband prices rises, capital allocation, AI

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Deutsche Telekom: Q1 Call: Focus on German broadband prices rises, capital allocation, AI

Update

MayMay 13,13, 20262026 02:4405:05 PMPM GMTGMT

Morgan Stanley & Co. International plc+MDeutsche Telekom | Europe Emmet B Kelly

Equity Analyst

Q1 Call: Focus on German Emmet.Kelly@morganstanley.comTerence Tsui +44 20 7425-6830

Terence.Tsui@morganstanley.com +44 20 7425-3095

broadband prices rises, capital Harrison Williams, CFA

Harrison.Williams@morganstanley.com +44 20 7425-6627

allocation, AI Lindsey C Zastawny

Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Potential transaction between DT and TMUS (as reported by Bloomberg / press

last month) – no comment. DT’s CEO won't comment on hypothetical transaction. Deutsche Telekom (DTEGn.DE, DTE GY)

Top Pick

‘If and when we have something to say, then we will comment’. DT believes it has a

positive historical track record on M&A. The Group’s capital allocation framework is ADRDTEGY.PK

Telecommunications Services | Germany

unchanged (notably increasing its shareholding in the US, contingent on DT’s view of

Stock Rating Overweight

the US asset value). Industry View Attractive

Price target €40.00

German broadband price increase. In April, DT raised ‘back book’ prices, with half Shr price, close (May 12, 2026) €27.62

52-Week Range €34.44-26.00

of DT’s existing broadband subs base seeing a price increase. This effect will be Mkt cap, curr (mn) €133,583

visible in Q2 results / German revenues. There may be slightly elevated churn in Q2. Net debt (12/26e) (mn)* €95,804

EV, curr (mn)* €261,582

However, this churn will perhaps be less than originally expected by DT. The DT

Germany team, led by Rodrigo Diehl, has worked on churn prediction, is approaching * = GAAP or approximated based on GAAP