Transatlantic Growth Drives Optimism
Deutsche Telekom has raised its full-year guidance for the second time in 2024, fueled by robust Q2 performance and strong U.S. results. The Bonn-based DAX giant reported adjusted EBITDA of €11 billion, matching analyst expectations, while revenue grew 1% to €28.7 billion (4% organically). Net profit rose 1.1% to €2.5 billion, exceeding forecasts. The company now targets over €45 billion in adjusted EBITDA for 2025, up from earlier projections of "around €45 billion," with free cash flow also upgraded to "over €20 billion."
While domestic revenue fell 1.3% due to weaker mobile device sales, service revenues in Germany grew 1.1%. The U.S. subsidiary T-Mobile remained the standout performer, offsetting European stagnation. Management highlighted sustained transatlantic growth, with the U.S. division’s July guidance upgrade directly influencing Deutsche Telekom’s revised outlook. Analysts welcomed the results, noting consistent execution despite home market challenges.
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