Reasons to invest

The proposed dividend for the fiscal year 2023 is 0.77€, an increase of +10% versus the dividend for FY2022 of 0.70€. The dividend will be paid out on April 15, 2024.

• High reliability: With a payout ratio of between 40 and 60 percent of the adjusted earnings per share (EPS), the sustainability of the dividend is ensured.
• Dividend growth: 40 to 60 percent of the adjusted EPS will be payed out as dividend per share and the adjusted EPS is expected to grow to more than 1.75 € in 2024. 
• Tax-free payout: The dividend for the 2022 financial year was paid out without deduction of the German capital gains tax. As the dividend is to be paid in full from the tax contribution account in accordance with § 27 of the Corporation Tax Act (Körperschaftsteuergesetz– KStG), payment will be made without deducting capital gains tax or the solidarity surcharge. Dividends paid to shareholders in Germany are not subject to taxation. Dividends do not entail tax refunds or tax credits. In the German tax authorities’ view the dividend payment reduces the acquisition costs of the shares for tax purposes. Out of today’s perspective the dividend payment from the tax contribution account in accordance with § 27 will continue over the next years.

• Revenue: Growing – by an annual average rate of +1 to +2% from 2020 to 2024.
• Indirect Cost base: Falling – not only in terms of the ratio of costs to revenue, but also in absolute terms in the ex-US part of our business (€ -1.2 billion 2020 vs 2024). The exception is the United States, where the business is growing strongly.
• Adjusted EBITDA: Growing – by an annual average rate of +3 to +5% from 2020 to 2024.
• Free cash flow: Growing to more than 18bn in 2024.
• Adjusted earnings per share: Growing to more than 1.75€ per share in 2024.
• Continuous investment in core business: round € 8.2 billion in 2024.
• You can find all further information on the outlook here.

• Germany: Excellent positioning in the domestic market as an integrated provider of fixed-network and mobile services. Winner of all major quality awards. With Magenta1, Deutsche Telekom offers attractive packages combining mobile and fixed-network services.
• United States: After the successful merger of T-Mobile USA with the US wireless operator Sprint, the success story is set to continue on an even elevated level. The rapid rollout of a nationwide 5G network will provide an excellent competitive advantage. The synergies of the merger will increase the profitability significantly. 
• Key European markets: Strong market positions in combination with a clear strategy.
• High stability and strong resilience in times of crisis: more than 200 million customers, long term purchase agreements, solid financing and transatlantic footprint (>60% of the 2022 EBITDA from USA)

• Attractive returns for equity providers.
• Clear path to return into the defined comfort zone after the merger of T-Mobile US and Sprint. Fully funded for more than 24 months. Maturity profile with no concentration of credit risk.
• You can find all further information on the finance strategy here.