Deutsche Telekom Balances Raised Guidance and a Bigger Payout Against a Lower Goldman Target
Published on 11/08/2026 at 17:51 | Editorial boerse-global.de
Deutsche Telekom has laid out a fuller picture of its medium-term financial plans, pairing a higher dividend and a fresh share buyback with upgraded earnings guidance — even as Goldman Sachs trimmed its price target on the stock.
The Bonn-based group said Thursday it envisions paying EUR 1.10 per share for 2026, a 10% increase on the prior year. Alongside that pledge, management lifted its full-year 2026 forecast for adjusted EBITDA AL to around EUR 47.6 billion and guided free cash flow AL to roughly EUR 20.1 billion. For 2027, the company announced a buyback of up to EUR 2 billion, meaning further repurchases of its own stock sit on the agenda next to the proposed dividend.
Those targets rest on third-quarter numbers published the same day. Revenue for the three months reached EUR 31.1 billion, an organic rise of 5.5%, while adjusted EBITDA AL came in at EUR 12.2 billion.
Goldman Sachs responded on Friday by cutting its price target to EUR 36 from EUR 38, while keeping its "Buy" rating. The analysts thus stuck with their purchase recommendation but set a lower mark for the shares.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Network Test Streak and Infrastructure Wins
Operationally, Deutsche Telekom reported a further success on Friday: it took top spot in the Computer BILD mobile network test for the 15th time in a row, earning an overall grade of "very good (1.2)." According to the company, it led rivals on both 5G speed and 5G coverage.
On AI infrastructure, T-Systems is teaming up with Sparxity. The two firms signed a letter of intent at the Digital Summit on Tuesday covering energy-efficient AI computing infrastructure, with Sparxity technology to be integrated into T-Systems data centers. The next chip generation is slated to arrive in Telekom's data centers in 2028.
A separate infrastructure mandate concerns the digital euro. The European Central Bank said on October 30 that it had selected Nexi Payments and Deutsche Telekom Business Solutions as joint network service providers. The contract with the top-ranked provider initially covers the pilot phase and took effect on September 28, with the selection relating to network services for that pilot.
Höttges on SpaceX and the Long Game
Chief executive Tim Höttges also addressed the longer-term competitive landscape on Thursday. According to Reuters, he said that, with a possible entry by SpaceX into the US mobile market in view, investors are already pricing in lower long-term profitability for established wireless carriers.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
Private investors get their own access to management on November 10, 2026, when the company hosts a live webcast with Hannes Wittig, head of investor relations, scheduled from 18:00 to 19:00.
Deutsche Telekom has flagged February 25, 2027 as the date for its fourth-quarter and full-year 2026 results.
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