Deutsche Telekom reported a 9.2% decline in fourth-quarter adjusted net profit to €2.13 billion, as a weaker U.S. dollar reduced earnings from its T-Mobile US stake. Group revenue rose 2.5% to €31.72 billion, with organic growth of 5.5%, but a currency headwind cost €706 million in the quarter.

The company tempered its German outlook, citing weaker broadband customer losses and softer B2B revenues. Full-year adjusted EBITDA AL growth in Germany was just 1.7%, below its 2%-2.5% compound annual target. While organic revenue growth reversed to 2.8% in Q4, fiber rollout (580,000 customers) and homes passed (12.6 million) lag behind 2027 goals.

Offsetting domestic pressure, T-Mobile US posted strong results, with full-year core adjusted EBITDA up 6.8% to $33.92 billion. The parent company maintained its leverage ratio at 2.62 times EBITDA and proposed a €1.00 dividend. For 2026, guided group adjusted EBITDA AL of €47.4 billion assumes an exchange rate of 1.13, below consensus expectations.