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CEO Tim Höttges + CFO Christian Illek presented DT’s Q3 2022 results and answer questions on Nov 10, 2020

Please take note of the disclaimer.

Download of the Presentation incl. disclaimer & appendix (PDF): https://www.telekom.com/resource/blob/1019416/60b4c44aee79ec2c3c0fb28f4f9fc043/dl-2022-q3-praesentation-data.pdf
Further details *(Interim Report, Backup* with KPIs, etc): https://telekom.com/22Q3
Context: see our YouTube Playlist ‘DT financial results’ with recordings of previous quarterly results calls: https://www.youtube.com/playlist?list=PLqP_xE5ElGNUVj5Jk2UvAGRa7r_HUD6jS

0:00:00 Waiting loop

0:00:52 DT Christmas campaign video (active in 9 countries)
▬▬▬▬▬ Presentation ▬▬▬▬▬
�� *Tim Höttges (CEO): Overview*
0:03:09 Welcome
0:03:52 Results Q1-3 2022: sector leading growth (p#3)
0:04:59 Financials Q1-3 2022 organic: strong growth (p#4)
0:07:00 Networks: leading with 5G, FTTH well on track (p#5)
0:08:06 Customers: growing strongly (p#6)
0:08:35 ESG: taking tangible steps towards ambitions (p#7)
0:10:15 Guidance 2022: raised for the third time (p#8)
�� *Christian Illek (CFO): Operations*
0:11:35 Welcome
0:11:38 US: strong financial growth (p#10)
0:13:40 US: highest postpaid phone growth since merger (p#11)
0:14:17 DE: 24th consecutive quarter of EBITDA growth (p#12)
0:16:28 DE: service revenues: growing across the board (p#13)
0:16:53 DE: fixed: net adds improved, strong upselling continues (p#14)
0:18:18 DE: retail and wholesale fixed: steady growth (p#15)
0:18:40 DE: mobile: record customer intake (p#16)
0:19:18 EU: 19th consecutive quarter of organic EBITDA growth (p#17)
0:20:06 EU: strong commercial performance (p#18)
0:20:23 Towers: strong growth (p#19)
0:21:18 Systems Solutions: steady recovery (p#20)
�� *Christian Illek (CFO): Financials*
0:22:03 Overview: strong financial growth (p#22)
0:22:56 Free cash flow + Net Income (p#23)
0:24:18 Net debt + Leverage (p#24)
0:25:42 Inflation exposure: multiple safeguards in place (p#25)
�� Tim Höttges (CEO): Wrap-up
0:27:47 Main takeaways (p#27)

▬▬▬▬▬▬▬ Q &A ▬▬▬▬▬▬▬
Questions were answered by *Tim Höttges (CEO), Christian Illek (CFO)* and *Hannes Wittig (Head of IR)*

*Topics* (25 questions from 13 analysts):
◾ *11x DE:* Competitive environment, Fiber JV VOD, FTTH rollout targets, FTTH costs, FTTH customer demand, Fiber migrations, Spectrum, Mobile net-adds, Wholesale revenue, TV, New mobile tariffs
◾ *7x Finance:* FCF guidance, Cash lease costs, EPS outlook on 2023, Debt leverage, Pension debt/costs, Capital allocation, Dividend, D &A,
◾ *3x Ex-US:* Macro/customer spending, Impact of inflation on FTTH, Sale of fixedline network assets
◾ *2x US:* Fiber speculation, Competitive intensity
◾ *1x T-Systems:* Restructuring

0:32:42 Intro to Q &A
0:33:07 1. ��‍♂️ Akhil Dattani (JP Morgan)
-DE competitive environment: how do you see that
-FCF Guidance: what are the moving parts?
0:38:08 2. ��‍♂️ Joshua Mills, (BNP Paribas Exane)
-DE Fiber: cooperation with Vodafone JV possible?
-TMUS Fiber: Comment on speculations?
0:41:56 3. ��‍♂️ Robert Grindle (Deutsche Bank)
-T-Systems: Restructuring to be expected?
-Ex-US macro: Impact on the consumer?
0:50:26 4. ��‍♂️ Steve Malcolm (Redburn)
-Cash lease costs: what to expect?
-DE fiber rollout: targets confirmed?
0:53:50 5. ��‍♂️ Georgios Ierodiaconou (Citi)
-EPS: Outlook for 2023
-Fiber rollout: impact of inflation?
1:01:05 6. ��‍♂️ David Wright (BoAML)
-US market: perspective on competitive intensity?
1:04:25 7. ��‍♂️ Andrew Lee (Goldman Sachs)
-Fixedline network assets: willing to sell?
-Debt leverage targets: impact on
1:08:41 8. ��‍♂️ Jacob Bluestone (Credit Suisse)
-Pension debt and costs: what to expect?
-DE fiber migrations: monetization?
1:11:46 9. ��‍♂️ Polo Tang (UBS)
-Capital allocation: plans for the proceeds of the tower sale?
1:13:40 10. ��‍♂️ James Ratzer (Newstreet)
-DE FTTH: customer demand?
-Dividend: Thinking behind the 70ct?
1:19:57 11. ��‍♂️ Ottavio Adorisio (Societe Generale)
-DE mobile net adds: what to expect?
-D &A: what to expect?
1:24:10 12. ��‍♂️ Emmet Kelly (Morgan Stanley)
-DE wholesale revenue: outlook for 2023?
-DE TV business: is DT benefiting from Vodafone’s struggles?
1:28:22 13. ��‍♂️ Usaman Ghazi (Berenberg)
-DE mobile family tariff plans: increase penetration or share gain?
-DE spectrum: view on BNetzA consultation?

1:34:10 Update on our digital investor relations activities: the latest YouTube videos now have chapters, which are also available on our website telekom.com/22Q3

1:35:12 End title with recommended playlists

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