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DT raises FY guidance as Q3 growth accelerates

10 Nov 2022

German telecoms group Deutsche Telekom (DT) has reported net revenue of EUR28.98 billion (USD29.1 billion) for the three months ended 30 September 2022, an increase of 8.8% from EUR26.64 billion in the year-ago quarter. Adjusted group EBITDA AL totalled EUR10.45 billion in Q3 2022, up 8.5% from EUR9.66 billion in the third quarter of 2021. DT said that the strong year-on-year appreciation in the US dollar had a significant effect on the reported figures, resulting in lower levels of growth on an organic basis: excluding changes in exchange rates and the composition of the group, net revenue was up 0.5%, service revenues increased by 3.4% and adjusted EBITDA AL was up 0.7%. Reported net profit (after non-controlling interests) rose from EUR889 million to EUR1.58 billion, while adjusted net profit climbed 83.6% y-o-y to EUR2.41 billion in 3Q22. DT has raised its full year guidance for the third time this year and now expects to report adjusted EBITDA AL of more than EUR37 billion in 2022.

In its domestic market, DT generated total revenue of EUR6.14 billion in the third quarter of 2022, up by 2.8% compared to the year-ago period, while adjusted EBITDA grew 3.0% to EUR2.54 billion. The firm’s German mobile subscriptions reached 52.99 million at 30 September 2022 (an increase of 1.5% y-o-y), of which 23.54 million were post-paid (+2.7%). Domestic fixed broadband lines grew 1.7% y-o-y to 14.64 million (of which 11.74 million were fibre-based – VDSL, vectoring and fibre-to-the-home [FTTH] – lines, up by 15.4%) and pay-TV subscriptions rose 2.6% to 4.07 million.

T-Mobile US ended September 2022 with 111.76 million mobile subscriptions, a rise of 4.5% from 106.92 million a year earlier, and the number of post-paid subscriptions rose 5.2% y-o-y to 90.41 million. Revenue grew by 15.9% to EUR19.32 billion and adjusted EBITDA also jumped 15.9% y-o-y to EUR6.69 billion. Mobile subscriptions across DT’s European operations rose by 2.0% to 47.30 million, and retail broadband lines and TV customers declined by 7.2% to 6.59 million and by 20.1% to 4.10 million, respectively. Revenue in the Europe segment declined by 1.1% y-o-y to EUR2.85 billion in Q3 2022, and adjusted EBITDA fell by 5.3% to EUR1.05 billion, slowed primarily by a new supplementary telecoms tax imposed in Hungary and by rising energy costs.

Germany, Deutsche Telekom (DT), T-Mobile US, Telekom Deutschland

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