Deutsche Telekom's Munich AI Campus Fills Up in Seven Months as Brokers Rethink Their Price Tags
Published on 11/11/2026 at 20:01 | Editorial boerse-global.de
Deutsche Telekom's first expansion phase at its AI factory in Munich's Tucherpark was fully booked within seven months, the company said — a detail that sits alongside a fresh round of analyst target cuts following the group's quarterly update.
The Bonn-based carrier is putting just under another quarter of a billion euros into the site, lifting capacity to 20 megawatts. Additional NVIDIA Blackwell Ultra B300 systems are slated to underpin the build-out.
Guidance lifted, payout raised
On 5 November the group raised its 2026 forecast, now pointing to adjusted EBITDA AL of around EUR 47.6 billion and free cash flow AL of roughly EUR 20.1 billion. Management paired the upgrade with a dividend proposal of EUR 1.10 per share for the 2026 financial year and share buybacks of up to EUR 2 billion earmarked for 2027.
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Third-quarter revenue came in at EUR 31.1 billion, an organic gain of 5.5%. Adjusted EBITDA AL for the period reached EUR 12.2 billion, up 8.0% organically — outpacing the top line. Adjusted net profit climbed 12.7% to EUR 3.0 billion, a double-digit percentage advance. The stock traded 0.4% higher on the day.
Two brokers trim, both keep buy ratings
Goldman Sachs cut its price target to EUR 36 from EUR 38 on Friday, according to media reports, while leaving its buy recommendation in place. DZ Bank moved on 5 November, lowering its fair value to EUR 33 from EUR 35 and maintaining its "Kaufen" rating.
dpa-AFX attributed the muted share-price reaction to the quarterly figures chiefly to disappointment over the size of the announced buyback. The news agency also flagged pressure on T-Mobile US from SpaceX's entry into mobile spectrum as a second drag.
Energy-efficient computing on the side
Separately, T-Systems and Sparxity signed a letter of intent on 3 November to cooperate on energy-efficient AI computing hardware, which is to be integrated into Telekom data centres. The next Sparxity chip generation is scheduled for rollout in 2028.
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