Deutsche Telekom's Buyback Tally Nears 49.4 Million Shares as Satellite Rivals Cloud the T-Mobile US Story
Published on 11/12/2026 at 09:31 | Editorial boerse-global.de
Deutsche Telekom has now repurchased roughly 49.4 million of its own shares since launching its buyback programme in August, after picking up about 5.22 million shares in the week just ended. The disclosure, made on Monday, came alongside news that the first phase of the company's Munich AI factory is fully sold out — a demand signal that has prompted the group to commit just under a quarter of a billion euros to a further expansion, lifting capacity to 20 megawatts.
The capital-return and infrastructure updates bookend a quarter in which the Bonn-based carrier delivered on the numbers but still found itself fighting a narrative it does not control: the competitive threat to T-Mobile US from satellite communications.
Strong headline figures, raised outlook
For the third quarter of 2026, Deutsche Telekom reported revenue of EUR 31.1 billion. Adjusted EBITDA AL came in at EUR 12.2 billion, while adjusted net profit reached EUR 3.0 billion. The results were published on 5 November, the same day the group raised its full-year guidance.
For the year as a whole, management now expects adjusted EBITDA AL of around EUR 47.6 billion and free cash flow AL of roughly EUR 20.1 billion. Shareholders were also offered a dividend of EUR 1.10 per share, and the board held out the prospect of share buybacks worth up to EUR 2 billion for 2027 — a planning figure that sits alongside the proposed payout.
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Barclays nudges target higher, DZ Bank trims
Barclays raised its price target to EUR 33 from EUR 32 on Tuesday while keeping its "Overweight" rating. Analyst Mathieu Robilliard acknowledged the strength of the results but pointed to investor unease over satellite competition. The DZ Bank had already reworked its assessment following the nine-month report and the slightly upgraded outlook, cutting its fair value to EUR 33 from EUR 35 on 5 November while leaving its "Buy" rating intact.
The shares were up 0.3% at EUR 26.10.
Why the stock felt heavy on results day
According to dpa-AFX, the drag on 5 November came chiefly from the decline in T-Mobile US stock, which the agency linked to SpaceX's spectrum purchase and the prospect of the company entering the market as an additional competitor. The size of the announced buyback also fell short of expectations, the report added.
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Deutsche Telekom is also extending its AI partner ecosystem: T-Systems and Sparxity have agreed to collaborate on building out European sovereign AI infrastructure, an arrangement the group classes as an addition to that network.
Investors will get the next set of hard numbers on 25 February 2027, when Deutsche Telekom reports fourth-quarter and full-year 2026 results.
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