Quarterly Results and T-Mobile US Combination Focus

Deutsche Telekom reported 1Q26 results that met market expectations, with Germany growth slowing slightly but offset by strong performance in Europe. Management maintained full-year guidance as investors look toward potential M&A with T-Mobile US.

Key Takeaways

• 1.Deutsche Telekom's 1Q26 results were broadly in-line with consensus, and full-year ex-US guidance remains unchanged.
• 2.Investor attention is expected to shift from earnings to recent press reports concerning a potential full combination with T-Mobile US (TMUS).
• 3.Growth in Germany slowed to +1.1% yoy in 1Q, but management anticipates acceleration in the second half of 2026 driven by IT services and rebounding public services spend.

Table of Contents

• Germany — key details
• Exhibit 3: DT: net add trends in Germany
• Valuation and key risks
• Key downside risks to our thesis and price target include
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Price target and rating history chart(s)
• Target price history table(s)

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