Deutsche Telekom on Thursday revised up its annual profit forecast for the second time, as quarterly earnings topped estimates.
The company also said that it could accomplish its objective to acquire a majority stake in T-Mobile much sooner than 2024.
Total revenue went up 5.9% year-on-year to EUR 28.2 billion in the second quarter, in line with market expectations.
The company’s adjusted earnings before interest, tax, depreciation and amortization after leases (EBITDA AL) increased to EUR 9.9 billion in the quarter, while exceeding a consensus of analyst estimates of EUR 9.84 billion.
Deutsche Telekom now forecasts full-year adjusted EBITDA AL of around EUR 37 billion, an upward revision from a prior forecast of EUR 36.6 billion.
According to Deutsche Telekom’s Chief Executive Officer Timotheus Hoettgas, acquiring a majority stake in T-Mobile US is currently the most important strategic project.
Earlier in 2022, Deutsche Telekom acquired more T-Mobile shares from Japanese conglomerate SoftBank for $2.4 billion. This way, the group’s stake in T-Mobile was raised to 48.4%.
T-Mobile, which generates about three-fifths of the group’s revenue, has been adding subscribers after its merger with Sprint and as it expands its 5G network.
T-Mobile added 1.7 million clients, who pay their bills on a monthly basis, during the quarter, while its client base expanded to 110 million.
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