Deutsche Telekom lifts 2026 outlook as Q3 profit climbs 13.8%

Deutsche Telekom booked €2.8 billion in net profit for Q3, up 13.8% year-on-year, and nudged its 2026 guidance upward on the strength of T-Mobile US. Revenue for the quarter rose 7.5% to €31.1 billion. Not a bad set of numbers for a company CEO Tim Hoettges insists has been doing this for years.

Hoettges wasted little time framing the results as more than a good quarter. His "strong figures are setting benchmarks in our industry", he said in the earnings statement, pointing to results the operator has "delivered for many years". Benchmarks, of course, are in the eye of the beholder. The numbers here do most of the arguing for him.

The company has now logged 35 consecutive quarters of rising profit, alongside growing customer numbers across TV, mobile and broadband in its European operations. Consistency is rarely glamorous, but it does add up.

Where the money actually came from

Once again, T-Mobile US carried the performance. The US business grew revenue 9.1% to €20.5 billion — roughly two-thirds of the group total. The European segment contributed a more modest lift, up 4.2% to €3.3 billion.

Germany, the home market, delivered revenue of €6.6 billion, a 3.9% increase, with the operator crediting traction in broadband — specifically fibre-to-the-home. Fibre, it turns out, still sells.

T-Systems, the group's IT arm, "posted strong new business", with order entries climbing 27.7% to €883 million. Growth was strongest in the Industrial AI Cloud line, which tells you where enterprise demand is drifting.

What changes in the outlook?

Higher expectations at T-Mobile US pushed Deutsche Telekom to raise its 2026 guidance. The company now expects adjusted EBITDAaL of around €47.6 billion, up from a previous forecast of €47.5 billion. A €100 million revision won't redraw any analyst models, but direction matters.

Free cash flow guidance also moved up, from around €20 billion to €20.1 billion.

The raises are modest. The signal is not: the group's growth engine remains on the other side of the Atlantic, and Hoettges is betting it keeps running into 2026. German fibre and European broadband provide ballast rather than thrust — solid, repeatable, and unlikely to make headlines on their own.

For an industry still arguing over who pays for networks and how, 35 straight profit quarters are a decent retort. The next test comes with full-year results, when we learn whether the US momentum and the €47.6 billion target hold together under scrutiny.