Deutsche Telekom's Q3-2026 Investor Conference Call - DEUTSCHE TELEKOM AG

Good afternoon everyone and welcome to Deutsche Telekom's third quarter, 2026 conference call. Joining me today are our CEO, Tim Mertges, and our CFO, Christian Illig. Tim will begin with an overview, followed by Christian, who will take you through our quarterly performance and group financials in more detail. After this, we have time for Q&A. Before handing over to Tim, please take note of the usual disclaimer included in our presentation. Also, please be aware that this conference will be recorded and uploaded to the internet. And now it is my pleasure to hand over to Tim. Thank you, Johannes, and welcome to today's call. As you have seen, you know, we keep delivering strong results, both financially and commercially. And we are making good progress with our strategic agenda as well. Let's start with the financials. Another strong quarter. Year over year, organic service revenue is growing by 4%. Adjusted EBITDA is growing bei 8%. In the first nine months, adjusted EPS grew double-digit, you know, at almost 12%. And following T-Mobile's guidance increase, we are raising our guidance for 26 for EBITDA and free cash flow today. Our commercial momentum remains strong in all markets, in all segments. And I'm very happy that we returned to positive broadband net ads in Germany. At the same time, we delivered accelerated broadband revenue growth. And we have record fiber net ads. So great development in Germany on this quarter. Today, we propose a dividend increase of 10 cents to 1,10 euro for 26. This is another 10% growth year over year. In addition, in 27, we want to buy back up to 2 billion of our stock. And we should discuss that later on this topic. We are continuing to strengthen our fibre footprint, both organically and inorganically, having agreed two new fibre joint ventures in the US earlier in the year. And in August, we announced the acquisition of a Polish fibre asset for 1 billion euros. And by the way, we even acquired some smaller assets here in Germany, you know, from companies who went into insolvency. Most of you probably followed our AI investors day, where we updated on our progress and outlined ambitious AI-related targets for the year to come. This is 2.5 billion of cost savings, gross savings, until 2030. In the US, T-Mobile joined other carriers in a joint venture for satellite rule coverage. In Europe, DT is exploring a joint bid with three other operators for European Satellite Spectrum, following the same logic as what we have laid out in the US. Last but not least, we are announcing two highly qualified new board successions. On the one side, you know, Christian, our successor on the CFO position, Dana Jai, you might know him. And for the other one is on the product and technology side, we hired from AWS Jan Hofmeyer. So a lot of progress within the company, and I'm very happy about this quarter. But clearly, there's also a lot fear in the market, fear that our industry could get disrupted by new forces, be it AI agents or being it, you know, satellite players. So the big question for me here is how can we give you confidence about our business model and about Deutsche Telekom? And let me start with three components on this. The first one is our track record. And we have always delivered over the last almost 20 years or 15 years under my tenure here as CEO. And today, we show you another set of very strong results. But it's not just that we are delivering. We are delivering in very high competitive market situations. We are outperforming the competition, as you have seen on our current numbers, for instance in Germany, time and time and again. The U.S. market is getting even more competitive. Our European markets are already very competitive. And we know how to survive in this environment. And yes, we have been even able to grow in all the markets where we are operating. And that's quarter after quarter and year over year. Today, by the way, in Germany, we're showing the 40th quarter in a row, consecutive quarter on EBITDA growth, or the same on Europe, 35 quarters in a row of growth. And we have grown faster than our peers. Second, our excellent asset basis and the investments which we took in the past and which we take in the future. In every market, we are clear network leader from a network possession. And we defend our position here and we extend our network leadership here, and we will continue to do so. For instance, in Germany, we are accelerating the fiber connections while our competition is significantly slowing down. In the U.S., we look at the forthcoming spectrum auctions as an opportunity to strengthen our leadership not only on the spectrum side but even on the network side we have a strong brand the most valuable telco brand in the world strong execution technology leadership and a unique transatlantic presence and as we outlined at our recent investor day we are aggressively leveraging ai for better customer experience for growth and for significant efficiencies gains within the entire workflow of this organization. So we are in investing in today. And we are reinvesting today's success into our future strength. And last but not the third, let me mention some of the challenges faced by our competition here. Building fiber is super expensive. And filling the networks takes even more time. Building a terrestrial network is costly and takes many years. It's much more complicated than it may look in the lab or on a spreadsheet. Or in the US, we have 380 megahertz of high quality low and mid band spectrum. This will be hard, if not impossible, to match. Sometimes I'm a bit irritated how quickly the market thinks that everything what has been built over centuries can get disrupted within a minute. I don't see this. So we are not ignoring the potential challenges. I even make them bigger than they maybe are. You know that my organization is waking up and addressing these topics, but you know, we should not get totally panicking here. We have to put our blinkers on, as we say here. We have focus on delivering on our strategy. We have to deliver, you know, an excellent, outstanding customer service. And then I'm very confident that we will manage all the challenges which are laying in front of us. Now, let me skip the next slides and go straight forward to 26 and our outlook for the reminder of the year. You know, this year is done. So we are very much focusing on 27. we are upgrading our numbers again for 26 so and we have now after discussing that even with our board you know a new guidance with regards to our dividend so last week you know Timova raised its 26 EBITDA guidance by 100 million and its free cash flow guidance by 150 million at the midpoint and today we are just passing this guidance increase through. As a result, our 26 group EBITDA will be around 47.6 billion, and our group free cash flow guidance will increase to around 20.1 billion. Our guidance for adjusted EPS, you know, will be at the 2 euro 20. So with all, let's say, the kind of changes we are committing to this one, and our ex-US guidance also remains unchanged. Again, based on current foreign exchange, our DT ex-U.S. EBTR guidance is at 15.4 billion today, would be in line with 15.5 billion consensus. So you can see our on our usual comparison page, the details in the appendix. Finally, let me talk about our proposed shareholder returns for the coming year. It has two components. We propose a dividend of one euro 10 for 26 to be paid in 27, plus a 27 share buyback of up to $2 billion. Together, this amounts to shareholder returns of around $7 billion, a combined yield of around 6% at the current share price. So I'll let you know that the share price is very cheap. So the dividend proposal amounts to 10% year-over-year growth. And by the way, if you look to 23, this is a growth of 43%. And it is consistent with our guidance for adjusted EPS of €2.20 and our stated payout ratio of 40 to 60%. Regarding the proposed share buyback, we believe our proposal represents the right balance between attractive shareholder remuneration and financial flexibility for strategic opportunity, such as Spectrum, mainly in the US, in 27, and our infrastructure investments in all the different areas where we are acting. Having the buyback also gives us the opportunity to take advantage of excessive share price volatility and drive earnings accretion. So, you see, all hands on deck, you know, good result in the back, and let's say a future which is more challenging, but I'm looking forward to it. But first, I'll let Christian talk about the results of the third quarter. Thanks, Tim. And for the sake of completeness, let me first quickly recap T-Mobile's strong third quarter results. So, U.S. gap service revenue was up 6.2% on a year-on-year basis. That is a sequential slowdown, which can be explained by the finalization of the U.S. seller, which came to an end in August of this year. U. S. GAAP core EBITDA was up 11 percent, and that obviously supported also the guidance upgrade of 100 million at the midpoint, which Jim talked about already. Postpaid account growth, 274, you heard about this, which was sequentially stable, but a a very strong upper increase of 4.2% in the third quarter on a year-on-year basis. The uptick in the post-paid churn can be explained for two reasons. One is a higher number of broadband-only customers, and the second one is the recent rate plan adjustments or modernization. Moving over to Germany. Germany had another solid quarter. Total revenues were up by 4.1%, and they were obviously positively impacted by the World Cup non-service revenues. This quarter's adjusted EBITDA is at 1.5%, which is below the average run rate of this year. But we talked about this. The reason is prior year's cost saving, cost phasing, sorry. And we expect for the fourth quarter that we return above the average run rate. of EBITDA in 26, so we are still in reach to reach the lower end of the guidance of 2.5% to 3% for the year 26. Tim said it, 10 years of consecutive EBITda growth. I think this is really a very reliable and strong performance from the German team. Moving to service revenue. Service revenue accelerates sequentially, especially mobile service revenue came in strong with 2.9% this quarter, so it supported our unchanged guidance of 2% to 2.5% of mobile service revenue growth over the course of the CMD period. The fixed service revenue also accelerated to 1.5%, and that was very much driven by the sequential improvement in the broadband revenue growth, which you're going to see on the next page. Broadband revenue growth accelerated to 2.8%, supported, A, by the stabilization of the customer base, B, by the front and back book price increases. And I think we indicated this, that this is going to happen in the third quarter. The wholesale service revenues posted another slight decline because they're not benefiting from any additional price increases, which happened in the past. Moving to our fixed line KPIs, look, Tim talked about the return into positive territory when it comes to customer growth. That was supported by many initiatives. One of the biggest one was that we actually faced a lower churn after our front and back book price increases than we anticipated it to be. But the biggest factor in all this is the fiber penetration. We had a very strong quarter in the third quarter with a 23% year-on-year increase, and we added another 190,000 Fiverr customers to our base, and the penetration is now close to 18%. Finally, on the TV side, I think we saw a relatively slow quarter in triple play only, but we had a solid performance on contracted OTT TV propositions. And if you combine them together, so triple play and contracted OTT, we added roughly 275,000 customers in the first nine months. Let's move over to Germany Mobile. It's still a promotional market, but our customer growth is still very, very stable. And you see it's the highest in the given quarters in 26 and only slightly below the previous year. My expectation is that is going to be more than 100% net edge share in the German market, but we have to see what the others are reporting. The growth in data usage is reflected, obviously, or is reflecting our unlimited propositions, which we introduced last year. Europe, very consistent, very strong performance, both commercially as well as financially. Both organic revenues and service revenues grew at over 4%, and that is driven by all categories, fixed, mobile, and IT services. The sequential improvement in revenue growth was driven by higher equipment sales, but also by a slower drag of planned unwind of wholesale transit revenues. By the way, keep in mind that the Greek-European recovery front has come to an end in the third quarter, and that will impact future service revenue, unfortunately, in a negative way. Organic EBITDA was up 4% year-to-date and 4.3% this quarter, and the difference between organic and reported can be mainly explained by the strengths of the Hungarian foreign. Alongside with the financial performance, you see the commercial performance. Both mobile net ads as well as broadband net ads were better than last year, and all categories were in positive territory. I think every netco contributed to this, but if there's one netco outstanding, then it's Poland with a stunning performance. T-Mobile systems delivered another solid quarter when it comes to revenue and EBITDA, and it's tracking well against the CMD targets. And we're seeing particularly good momentum in public and defense, but also in digital solutions. And as we said at the AI Investor Day, we decided to expand our industrial iCloud factory in the south of Germany. And we will talk about this, I think, beginning of next week. So that basically brings me to an end to the operational review. And now we can take a look, a short look at the financials. Let's take a Look at the reported financials and you see that almost every category, every KPI developed positively. I think if I would basically call out two, then it's the reported EBITDA, which grow at 10% in this given quarter, and the adjusted earnings, 14%. Let's move over to free cash flow and net profit. You see that we have a slight increase on free cash low coming from cash flow from operations. And we have very strong adjusted net profit performance which is very much driven by a stronger EBIT and obviously there's negative effects like taxes but also more minorities which brings that number down but still the performance of 12.7 percent is stunning so lastly net debt as always you see that our net debt without leases has come down by four billion this quarter and that was driven by the strong free cash flow but also by the spectrum sale gain, which we got from the 800 sale of two grain. And at the end of the quarter, we have now, I think, a leverage, including leases of 255 and excluding leases 217. So very well below the target which we have given ourselves. And that completes my review for the third quarter. Yeah, thank you very much, Tim and Christian. We will now begin the Q&A session. If you would like to ask a question via WebEx, please use the raise hand function. Should you wish to withdraw your question, simply click the raise-hand button again. If your joining by phone, please press star 3 and to unmute yourself, star 6. To withdraw your questions, please press star three once again. I will announce your name when it's your turn to speak. As As usual, we would appreciate it if you could limit yourself to two questions. And please also know that you will need to mute and unmute your line manually. With that, let's begin. I think the first question is from Andrew Lee at Goldman Sachs. Good afternoon, everyone. I hope you can hear me okay. I had one question in two parts. It's on the satellite risk, given it's the most pressing concern from investors, particularly to the U.S., but across the sector at the moment. Just firstly on Europe, so there have been press reports today of direct recent contract with the German chancellor, and I don't expect you to comment on the main focus of that story in Handelsblatt today, but wondered if in your interactions with the german chancellor and with other European governments, if you've garnered any confidence in the focus on sovereignty across Europe, does that present a barrier to entry for new non-European entrants into becoming a mobile operator, particularly by restricting their access to spectrum? So is it different? Is the risk different in Europe to the US? First question. And then second question on the US. I hear your point. It's not easy to build a network, but we have seen fourth entrants disrupt markets in the past in Europe. Italy and France spring to mind, also Germany to an extent. They had government or regulator support for that uh that ensured them envino access in the medium term so the question is how confident are you that in the us or that the us will be different to those examples and that an mvno will not be forced or forthcoming coming to provide that platform to to succeed thank you okay so thank you for these questions by the way first you know i will not comment on confidential discussion with the chancellors or with any kind of you know our governmental representatives um um i can only tell you that handelsblatt is uh is um inventing a lot of stories you know where i'm questioning the effect base here but uh um independent from that one you know this is uh something um which which we anyhow take diff differently um there's clearly a growing recognition here in Europe and in Germany with regard to digital sovereignty, because secure communications, resilient infrastructure, these are strategic priorities for the German government and as well for the European Commission here. But there is clearly nothing about excluding foreign companies or American companies. That's not, I think, the reaction on tariffs or whatever, what I have been witnessing so far here in Europe. Europe is benefiting from international investments. We are benefiting from innovations and competition, you know, which we have in the U.S., so therefore, you know everybody has to meet the European requirements with regards to security, with regards to resilience or regulatory compliance here. But there's no kind of exclusion for anybody here on this one. Spectrum stays a scared resource and is a national resource. So that is something where they decide on. To be honest, I think that on the European Commission side, SpaceX has a good chance or the satellite operators from the US to apply for Spectrum here as well. But what you have seen from our joint venture, which we have funded with our big major competition, is that we will apply for that one as well, we are working on this. because, you know, we don't want to be dependent on only one operator here, and we want to structure this in the best way for the European telco industry, but not only for us. So, therefore, you now, yes, we are applying for that spectrum, which we have here. This is 20 megahertz of MSS spectrum. So, this is definitely something we're going to look at. So, now, the second question, you know, look, our philosophy on MVNOs has been very clear and remains unchanged. It's about access to new customers and it's an access to a new channels. You know, that is why we like MVNO. We don't like MVNOs just to fill pipes, you create contribution to earnings and then at the end of the day losing control about our own retail prices, because the MVNO is always offering a cheaper price. Anyhow, not a big thing, MVNOs, because, you know, that is, we are filling our pipes with our own customers, with our own brand, and we have a big pull on this one. So therefore, you now, I do not want to see an arbitrage on our business going forward. So therefore, it is very difficult to see how an MVNO agreement with Starlink would fit into that framework going forward. And unlike Italy and Spain, we don't see any kind of pressure of regulatory intervention that you force for an MVMO to be provided. Okay. Thank you. on to polo at polo tank at ubs next um yeah hi thanks for taking questions um i have two the first one is just about ai iran so at your ai cmd you highlighted how the mobile network becomes a national sensor and how it could be a key component in terms of enabling robotics and driverless cars on this basis it sounds like the mobile net work could be valuable to tesla as well as SpaceX. So you made it very clear that T-MIS is not going to offer an MVO to SpaceX, but could T-Bus offer a network slicing deal to Tesla specifically for robotics and driverless cars? Second question is just about Huawei. So there were reports in the press earlier today about the German government looking to accelerate the swap out of Huawei and focus on the RAN as well as the core network. So just wondered what your thoughts were on this and what are the implications for DT in terms of a swap out? Can it be done within the existing CapEx envelope? Or would there be some funding to come from the German government? Thanks. Two questions for me. First one, to be honest, look, if I once, you know, personally was involved into a negotiation with Tesla on IoT services and the like. And by the way, the meeting took exactly seven minutes, because, you know, they said, if you're not willing to accept this kind of price for your IoT services, we are not interested to talk to you. I said, this is a price we will never offer to you, thank you for the meeting. So that was how the interaction worked. To be honest, I always interested, you Know, to enable robotics, driverless cars, and of this kind of service, but they have to come to realistic pricings, because you know we cannot give it for free. So, therefore, you know, look, we are open to this one, but there are no current discussions as you need to at my level here and to my knowledge with Tesla. We are talking to other car manufacturers, definitely, and to be honest, we have won some car deals here with IoT services, but a specific one to Tesla I'm not aware of. Second one with regard to Huawei. Look, by the way, it's interesting that, you know, there is a new kind of wave of, you know, the speculation that there is a Huawei wipe out here in Europe. To be honest, you know, I can only link it to the discussion on the Cyber Security Act of Brussels because on the European government or with the institutions, you know we have a deal in place for Deutsche Telekom that means we have nothing with Chinese equipment on our core network, nothing in the optical network. And for the RAN steering, we are developing our own RAN controller so that we take the software on our own. We make good progress on developing that software. By the way, we have resold or reselling the software to Vodafone and to Telefonica here in Germany. So they are helping us to reimburse for the cost. So therefore, this is on its way. There are no kind of other discussions going on. To my knowledge, even the 36 months of rip and replace are more or less off the table. And let me do another comment, you know. I hear a lot of discussion that people are saying, by the way, 80% of the energy market, you know, and solar market is now dominated by Chinese vendors. And the software for this solar panels is, you know, Chinese. So, is this a security risk for energy supply? We have a double-digit growth for cars from China now in Europe. These cars are fully steered with software from China. So, I do not know why we are now focusing only on the mobile network here in Germany where we have no incidents and no kind of access to the infrastructure from the outside. I think, you know, the industry will be facing a lot of investments and they will lose time to market on 6-3. So if this CSA Act is striving for resilience, but costing 40 billion as a whole industry, I can tell you the opposite is what Europe will gain. They will lose resilience because, you know, we will lose time for the latest and most modern technology. So, therefore, you, know, I'm fighting against it. I think there is no necessity to push that forward, but there's nothing more to say at that point in time. There might be some political discussion, less of this in Germany. Yeah, thanks all. And with that, next, we move to Ulrich Rathe at Bernstein, please. Thanks very much. My first question would be an operational one for once. So could you comment a little bit on what's going on in German broadband? You have earlier commented that the trends in broadband would improve, the volume trends would improve in the second half. This has now happened, but consensus, even with your indications, didn't actually discount it. So could you talk a little bit about the competition, what you're doing, how much money you're putting in, how much activity you're put in, and what you attribute this success in the third quarter to? My second question is to Mr. Herkes. When asked about the DT mobile merger on a previous conference call, I forgot which one, you said no comment. But please give us credit that Deutsche Telekom won't do stupid deals. Can you put some guardrails in here? What is a stupid deal? What is good deal? Does this always mean industrial synergies are required? Or could you sort of give any other indications what the criteria really are? Thank you. Ulrich, let me start with the broadband question. Look, I think we were narrowing around to zero over the past quarters. And I think what actually supported the third quarter to get into 11 was two major effects aside churn prevention initiatives which are happening. One was that especially the back book price increase generated significantly less churn than the original business case anticipated, and that supported us, obviously. And the second one is the net-ed performance. You know that we have changed our fiber rollout strategy to have a stronger SDU focus. Obviously, we have faster connections. We have a full build-out on MDUs, and that actually is gaining traction. And these were the two major topics why we got in at 11 and not with a negative. And I think there's a bunch of churn prevention measures and gross measures happening in the German market. I think we can give you more clarity on this one, but don't I don't have it out of my mind The two the two major drivers are important Good Thank you look Let me answer your question. You know that I'm not commending on any kind of specific merger speculations But I can explain our investment philosophy philosophy. Look, the first is always value creation. Any transaction must create incremental value for our shareholders. So, it has to be an add-on from the status quo. Size alone is not a strategy. The second one is economic returns. Look what we're doing is we assess the full transaction economics, including financial costs and claiming taxes, capital structure, execution leaks and long term cash generation. If this is beneficial for our shareholders, you know, we consider that. Thirdly, strategic benefits, we have to realize synergies, industrial synergies. You know, and even looking to the strategic position, our value chains in the procurement and other areas. And any transaction or every transaction has to improve our financial flexibility simply fire, let's say corporate structures or reduce complexity in the way how we are acting, going forward in a difficult which is getting more difficult. And fourthly, you know, when it comes to the principles, it has to, you know, create financial discipline, or follow financial discipline, we will not compromise our balance sheet credit quality, or our investment ratings going forward, you know, for a transaction that looks attractive, only on a paper piece, it has to really, let's say, be according to this environment. So I want to take volatility out of the stock, and then bring stock volatility into the stock. So therefore, you know, a good deal creates always, you know, value and is a creature for shareholders. Great, thanks. And with that, we move on to David Wright at Bank from America, please. Hello, guys. Thank you for taking the questions. Two from me, please? The first is, to what extent you are observing component price inflation, perhaps even within the fiber build, or, you know, the CP equipment? And what are you doing to offset that within the current capex envelope. And I guess the second question is a little more strategic. It really does look like you are in control of domestic mobile right now. Very strong net ads versus your peers and throughout the value chain. Given the German mobile market has been a source of price disruption over the last two to three years. Could it be your decision to sort of police that market? And if you step away a little from commercial activity, that could raise the tide across the whole market in general. Those two questions, please. Okay, David, let me start with the component price inflation. Obviously, we're facing component price inflation, let me focus on two major factors. One is obviously chipset pricing and the way how we go on for this. There has been a very large initiative for internal use that we completely standardized the server demand and went over all net goals to go for a pitch in order to mitigate these price increases. When it comes to consumer CPUs, CPEs, sorry, then we're passing on those price increases. Same are we doing with those things which are happening on the B2B market. It's still net negative, to be clear, despite the fact how good you are negotiating. Same holds true for optical cables, especially on optical cables. We have driven a standardization approach throughout the whole European entities, coming up with two or three different cables and that's it and we had Brazilian of cables beforehand and that helped us to drive down prices that's the way how we how we basically go about this and the compensation is coming from other categories which are less constrained where we're basically let's say increasing the pressure on our supplier base in order to offset for those net price increases which we have in memory and which we have in optical fiber cables. Thank you. I like to be the policeman, you know, for the market, you know, but only on Carnival or on Halloween, you know, so that's for sure, you know, and by the way, if you look to the German mobile market and others, You know, we are a competitor, and our ambition here is to win through quality, innovation, and value. And you're right. You're absolutely right by reading our strategy. By the way, it's not something which, you know, is a surprise. We always said it. You know? We added 284,000 own brand contract customers in the third quarter. Our mobile service revenue is growing by 3%. that demonstrates that the strength of our network, our brand, and our customer proposition is working. And we are not the cheapest. We are the most expensive player. So, quality matters. So, therefore, you know, our role is not to be a policeman. Our role is to manage the market, you now, in a way that we show that you can create value for customers and shareholders, you kno, with a good proposition and with a clear and kind of reliable brand. Now, we always have emphasized that we are emphasizing value over volume, and this stays true for the future. So we do not want to, and we're not interested in buying market share, you know, through uneconomic, you know promotions, to be very clear on this one. We have, you know, clearly demonstrated to all players pricing disciplines over the last 12 months, including, let's say, the more for more propositions, but even with our price increases, which we did. And by the way, the last price increase we did in September, or when was that now? The last one on the fixed line cohorts. The fixed line cohort was in October. Yeah, so in October, so therefore we want profitable growth, not volume at any price. And we saw no reason to apologize, let's say, for winning customers through a superior positioning. So that is, let us say, why I hope that we can lead the market, but we will not manage the market. That is a little bit, let is say, how we are doing it. And to be honest, if you look to the U.S., we are going the same. It was us, you know, not accelerating the subsidies on handset. It was us, you know, increasing the prices for mobile services. Now, I cannot say that AT&T and Verizon are following us. It looks like they are using this maybe in an interpretation as a weakness and trying to get benefit out of this. I'm watching this very carefully. But even there, we are trying to pursue the same strategy that we say, you now, quality over volume. That is, let's say, what we are aiming for. Thanks, Tim. And next up is James Ratzer at Newstreet. James, please. Yes, good afternoon. Thank you very much for taking the question. So I'd add two questions, please。 The first one was just love to get an updated view on your whole buying potential kind of strategy for fiber kind of in Germany. You know, some of the other SDU fiber builders in Germany are starting to actually now get some decent traction on wholesale offers with kind of Vodafone, Einz and Einz, Telefonica. are you ever interested in going in with them and becoming a whole buyer of their networks as well in areas where you're not building out fiber and also in the kind of mdu area you know where you've got the potential three euro 99 offer is that something you're willing to look at kind of taking up and then secondly we'd just love to get an update on how to consider your strategy around the T-Mobile share buyback for next year. So I'm very pleased to see the new buyback announced for next year, but it looks like you would now probably exceed your self-imposed target of 15 billion euros of kind of capital investment from the DT parent company, which could limit your flexibility to stop participation selling into the buyback next year, and also I suppose you're probably pending the C-band auction, how does that timing and that kind of fit into your decision on participation in the T-Mobile buyback next year? Thank you. Okay. Look, first, we are pragmatic. That's the first one. And our objective is, you know, to serve our customers, you know, profitably, and we do not have to own every meter of fibre in Germany. Very clear. We have, by the way, a substantial build out programme on our own 2.5 million additional homes annually. And at the same moment where our competition is suffering and slowing down the rollout we keep the pace we can even do a little bit more because of the efficiency gains which we have in the system so therefore we use this time to improve our infrastructure share on our own but where other operators have built high-quality networks and where wholesale access is creating a better economics, you know, than duplicating, you know infrastructure, we are open on evaluating this. Now, that said, we're not looking, you now, for a kind of aggregated service because we want to have dark fiber, passive access to the infrastructure. structure. Why is that? Because we want to bring our quality and our signal, our security patterns and our value add into the network that we can always guarantee the highest quality which we are providing to our German customers here in this environment. So, therefore, you You know, if this is possible, we are in there have been more than 50 communities, municipalities who have now opened up their networks to us. I'm personally involved into one of the last big cities here in Germany, you know, to do a cooperation. So I can tell you we are almost there that we have a kind of full kind of jigsaw about let's say, what do we want to own ourselves and where we are building with partners and where we are using them. So this is working. And just, you know, to give you a practical example, we just signed the 500,000 households passive deal with the Stadtwerke München, which is one of the deals which we have signed up. Or, you You know, we have a lot of, let's say, cities like Münster or others where we have deals already in place. Interesting statement at the end. We have bought two companies who have built infrastructure but who were, you know, running into insolvency. And in this October, we acquired Ruhrfiber Essen and Metrofiber, you know, with 87,000 households here in Germany, which we, you know, will now integrate into our infrastructure, which is helping us to reduce our own build out in this area. So you see, we're making good progress on the infrastructure sale, we are open on passive infrastructure to everybody. And And we are interested to find a kind of good solution here with industry partners at the same time. So on your share buyback question, James, first of all, 26 is not over, right? We authorized a fairly juicy program for 26, which is $13.6 billion on share buybacks and another $4.6 on dividends. I think, and you've seen that we have absorbed 9.5% of share buybacks by the end of the third quarter. And we stick to our commitment, which we have given at the beginning of the year. We're not selling into it, right? We're nicht selling into es. Now to 27. I think we have a clear logic on how we basically determine the volume of a share buyback. We have a leverage target. We have to secure our investment in core business. Srini said it very clearly, we allocate more for Spectrum in next year, so we have a larger portion, which we plan for this one. Obviously, there's always potential accretive M&A, and then shareholder returns are coming, and especially in the last point, share buybacks. Look, we haven't had a discussion yet on the share buyback program for 27, but whatever the size is, given that the share price is currently at 150, my appetite to sell into that share buyback is fairly limited because I clearly persuaded that this is not reflecting a fair value of T-Mobile US. But we don't have a number yet. We haven't even discussed it, not even at the fringes or something like this. Thanks, Christian. And I think next is Josh Mills at BNP PowerRabber. Josh? I saw you earlier. While we wait for Josh, there is a question from Emmet Kelly and Morgan Stanley per email. The question is, you have highlighted a share buyback of up to 5 billion for the fiscal year 2026 and 2 billion for financial year up to 2 billion in 2027, with just 1.8 billion done in the first nine months of 26. Buying back 5 billion of DTAG shares in 2026 now looks very challenging. Should we expect that any potential shortfall for 2026 gets added onto the 2 billion baseline starting point for 2027 or not, Christian? Okay, so let's come back to the 26 program. Look, The intent of the 26 program was to use volatility at our advantage so that we said, okay, we're going up to $5 billion in case the share price remains at a level of 24, which we have seen over the course of this year. That was the purpose of the second program. Obviously, if we are trading at a higher level, and you can see this on a daily basis, then obviously we're buying less. And if we're staying at these, let's say, 25, 26 euro level, which I don't hope in the future, but for the sake of the argument, then probably the total volume which we're going to buy back is somewhere in the vicinity of three to three and a half billion. So we're gonna be short relative to the maximum amount. But it was never the intent to utilize the maximum mount if there is no precondition which allows to do this, which would be a very low share price. And the 2 billion for 27 is the 2 million, so there's no rollover on top of the 2 billion. I think we basically introduced a second grid in 26 because of this huge volatility from 34 to 24. I think the share price has stabilized on a lower level, so we don't need a necessity to do this. And therefore, we don' t plan to roll any kind of shortage into 27. It's 2 billion. Okay. Thank you, Christian. And I think while we still wait to connect, Josh, the next question comes from Robert Grindle at Deutsche Bank. Please, Robert. Thank you. Thank you, Hannes. Just back to the smaller altnets that you picked up. Do you have to go through some regulatory process for that or is it just because they're so small it doesn't merit a big fuss? I assume a bigger altnet would generate more attention or is that a case if they go and bust their fair game to you guys? And I'd like to ask a question about the German economy and the impact on B2B. I know it's typically a low beta effect, but are you seeing any green shoots on the economy in B2D, any business segment at this time? Thank you. So, first question, there's no regulatory process needed for the small acquisitions. Now, if there are bigger ones coming, you know, then we have to consider this. We are anyhow regulated. So I think before these companies, you know, go nowhere or the assets are lost, you know, why shouldn't be the possibility for us to integrate them into our infrastructure? So therefore, let's see. But for this tool, it's not required. So now coming to the second question, by the way, I'd like to first say one thing. Have you seen the systems order entry? 900 million this quarter. Outstanding performance. Have you seen, you know, that we are on track with our connections on both sides, on mobile and fixed, and on top of that, we have all the backbone infrastructure which we are gaining with our data center connectivity. So, therefore, you Know, I'm not so, I haven't seen, You know, this very negative economic downturns in our industries yet. We have seen some shortfalls on the car industries, but we were able to compensate them in other areas. So, therefore, you know, I think our B2B business so far has been quite strong. Now, there is a huge competition in this area. So, Therefore, you Know, on the price side, you Know, especially on the mobile side, You Know, we have seen some price competition, especially here with Vodafone. So, Therefore, the growth hasn't been that strong. It's 0.4% B2b growth in the third quarter, which we have seen. And in fixed, there's slight growth in the IT revenues, which is offsetting for slight decline on the connectivity side here as well. So, therefore, you know, I'm looking forward. You know, German's forecast is recovering. It's not good yet, but the GDP growth is at 1.3% in 26, and 1.1% expected through 27. So therefore, there is a small, fragile recovery foreseen. But I can tell you, we see a much better environment because the sovereignty discussion, the public sector businesses, health industries and defence where we are as well well positioned here as a company is encouraging that we are positive with regard to our outlook for 27 here on the B2B side. Thanks, Tim. And with that, I think next is actually Akhil Dathan here at J.P. Morgan. Akhil, please. hi afternoon i've got two questions as well please um tim you mentioned in your introductory comments the fear in the market today around disruption from satellites and agentic ai and i maybe wanted to tackle it a slightly different way i mean you laid out quite clearly why you feel confident you can defend against it but i guess one of the problems maybe we have in the outside world to deutsche telekom is that there's a clear asymmetry when we look at your sales versus these players, in the sense that you're regulated in the way they're not. There's a difference in scale globally, and there's a different in financial power. So I guess I'd love to understand how you think about that. And I guess one of the areas I'd be very keen to get your thoughts on is what you think that can mean for regulation. I know there's obviously the new European merger was coming up. There's topics around how markets are defined in Europe, do you think there's a way to level the playing field in a way that there's less punitive regulation on telecoms vis-a-vis some of these potential destructive forces around you? So that's sort of my first question. And then the second question is on SpaceX more specifically. If I understood it correctly, at the press conference this morning, you made a reference to the view that you believe that SpaceX needs terrestrial if they want to compete in wireless, And you talked about the choice they have between build versus buy. I just wanted to elaborate on how you think about that. You know, what is the credibility of the build opportunity versus the buy? And just how do you think of that? Thanks a lot. Sorry, great questions. Look, let me maybe start with the second question, because, you know, this is something we are, you know, looking into this intensively at that point in time. Look, first, you know we always have said that satellite services will not, you, know, substitute terrestrial service. It's impossible. It is impossible from a bandwidth. You know, you cannot build so many satellites. It's impossible, you now, if you have an antenna 10 meters or 100 meters away from you, Why should you go 400 kilometers up and down? Thirdly, 80% of all the calls are made indoors. So how do you get indoors? And please don't tell me that femtocells is the solution. This is a technology which we have tested 10 years ago, you know, and we came up that this interference problem is not something which is solving it. So therefore, we created indoor coverages, low band spectrum to a big extent. And Wi-Fi, by the way, is on a shrinkage. not on a growth. So therefore, this is not the alternative. So if he wants to play in the telecommunication business or in the connectivity business, he needs terrestrial service. No question. And by the way, I take his attempt serious. He has now bought 76 megahertz of spectrum. By the way we have 400. So, if you now say, okay, he can buy the spectrum prospectively, do your math. These are, you know, kind of double, triple digit million, billions, which are needed to gain this spectrum position. Okay, if he has the money, go for it. Then he has to build a network. I can tell you, we have 85,000 towers. No, he can rent towers, no question. But this is another 20 to 30 billion, which are required. Put antennas on it. Okay. You can buy antennas and you know and you can get maybe even in a cheaper way or you construct it in a new way but you need money for that so therefore you know my assessment is that SpaceX at least you know if they want to play in that industry needs at least minimum 200 billion but even beyond that to play in an industry which we have let's say professionalized over the last 20 years okay welcome to the party but my view on that one is you know he can make a deal of build or buy and he can choose whether he wants to spend the money or whether he's acquiring a business to be honest my thought is acquiring a a business would be for you know it's less control about the value chain but on the other side it is something where you immediately get cash flow as well and not creating over capacities. So therefore, you know, look, I would always, you know prefer the buy option, but you know you have to ask SpaceX on this one, then rather asking me on this, you know, but that would be my thought about entering the industry. On top of that, look what we have to face is this is not a mobile mobile play in the future. SpaceX is creating a new category. They are like, look, I would compare it with, let's say, inventing Tesla and bringing electromobility into a kind of legacy combustion engine industry. That is the same moment we have. And this moment is now here. We have a new kind of player who is coming to the ecosystem. He has chipsets, he has data centers, he is AI, he has satellites, he wants to go for mobile services, and he goes for handsets, he will go as well for maybe integrating social media or at least agent models into his service. So he is creating a new way of communication services. It's not that you can compare it mobile and mobile. So therefore, we have now to find the right answer about this maybe over the next 5 to 10 years a new kind of business he's going to create with a vertical integration. And that is why I'm saying I take that super serious, because I was witnessing what happened to the car industry. They were ignoring it for too long, and we have to face the situation. But it's not a free lunch. And you see that with Tesla as well in the car industry. You know, Tesla is not a very successful car company. That's my assessment, at least, looking to the numbers comparing that with Chinese cars, for instance, you know. So therefore, you have possibilities to tackle this competition. You have to do it in a very intelligent and smart way. But, you know, he's there to stay. He needs tons of money to deploy this industry and to make it successful. Okay. Look, I would not go for 200, 300 billion as a fourth player. We have just seen Charlie Ergen coming to the market and then disappearing unsuccessfully. So therefore, you know, he is another category, maybe. But I can tell you, it is not that this is an automatism, which is taking place. Okay, now the mobile operators of the American industries are dead. You know, this is not something which I foresee at all, to be very, very clear. Coming back to your first question. Look, look, I think there is no big, you know, significant asymmetric regulation in the US. So your question is more related to the European regulation. And I can tell you, wherever I'm going, and wherever I am talking to, and you know I'm talking to a lot of very important people these days, you You know, there is a clear understanding that the fragmentation of the European telecom market, which was driven by wrong regulation over the last, you know, century, you know, that this is nothing which is an industry which is able to compete with the American tech companies. So therefore, I definitely see a willingness to support from a resilience and from a sovereignty discussion, I see a kind of support for our industry. The Digital Network Act by saying we extend spectrum for 40 years and making it not expensive is already a signal in this direction. I can tell you the approval of intra-market consolidation in Spain and France is an indication about that one. So therefore, the European politicians are very concerned about the dwarfs of the telco industry here in Europe. They know that they will not be able to compete and therefore they will find instruments and discussing instruments that they can build an ecosystem that the sovereign infrastructure, which is a prerequisite for everything what's happening in AI, you know, stays in Europe. So yes, the answer is there will be and there are discussions around how this industry is getting back on their feet. Thank you, Tim. I think next up is Carl Murdoch-Smith at Citi. That's great. Thank you, Hannes. For me, I wanted to ask for Christian. In Germany, on German EBITDA, in order to reach something rounding up to 11.0 billion euros or the low end of 2.5% to 3%, as you mentioned earlier, you now need kind of three and a half to four percent EBITDA growth in Q4 and obviously consensus wasn't expecting as much of a weighting in Q3 versus Q4 and kind of under called that but I suppose more interestingly it now means that Q4 EBITD in Germany in absolute terms has to be higher than Q3 whereas looking back historically Q4 is normally slightly lower than Q3. So rather than thinking about it, the thing you referenced earlier was prior year cost bases and explaining the kind of year-on-year differences. But just in terms of why in absolute terms Q4 EBITDA in Germany will be higher this year than last year, when normally it isn't, if you can explain that. And then secondly, just in term of what Robert was asking about, and Tim, you were talking about the strength in the T-Systems order entry. Obviously, last quarter, also in Germany, you called out IT project revenues as being a benefit to last quarter. You've not done so this quarter, despite the strength. You talked about broadband. Is there anything in there in terms of IT project revenue that we should be aware of in terms of supporting the strength this quarter that's slightly more lumpy than the underlying? Thank you. Let me start. Carl, I think we already highlighted this in the Q2 call that we're going to see a softer EBITDA in Q3 and then a ramp, as you have seen it, by the way, last year in Q4. And there is cost saving, but we're not going to detail this down. If I'm saying Germany is able to reach the corridor, it will be the low, low, lower end, okay? Because right now I think the average is 2.2, if I'm not mistaken, so they have to add quite a bit, as you said, around 3.5% or to get to 2.5%. But we don't give you a driver analysis on how we get there and what kind of measures basically dragged or brought the EBITDA in Q3 down. That was the one question. I think just to be clear that when Christian talks about the 2.25% to 3%, standards, the CMD guidance range that extends from 2023 to 2027, and we have even at the beginning of the year said that we expect to be at the low end, so this is not, let's say, a new insight. When it comes to this year, we are reiterating the 11.0 billion guidance, but clearly we will round up to the 11 point zero. There will be a recovery above the run rate in q4 and you know your orders of magnitude are not wrong and that's then going to result in the collateral that you have observed but there's no no inevitable logic about q4 being lower than q3 necessarily or higher than q 3. so and when it comes to funnies there was nothing specific and you the one-off that we or the contribution from project revenues we referred to last quarter were related to the german business and mainly and this quarter there's nothing equivalent okay okay you're mute but i think the questions hopefully have been answered so i think next is paul sydney at bernberg paul that's very kind thank you for taking the questions can you hear me okay yes okay perfect thank you very much uh good afternoon um i appreciate the comments uh tim on the u.s situation i fully agree um just just a couple of questions firstly on german pricing really a sort of follow-up i think to a previous question but we're looking at mobile app who's now in germany at 19 euros you know you're paying less than the euro per day swisscom we're talking about RPUs rising in Italy earlier at 8 euros 50 or something I mean it just all sounds pretty crazy um your KPIs have improved um for for mobile and broadband so it's just really a wider question about pricing do you think you've got the opportunity to be a lot bolder I mean like just throwing it out there but could you just put prices up you know mid-single digit euros um and and customers may be willing to accept that but just a sort of a wider question on mobile and broadband pricing in Germany and then just on Europe we haven't had many questions on Europe if any but the European operations tend to get a little bit lost but they just continue to deliver you know reporting really really good results and so just wondering if if there's any M&A opportunities there both you know you potentially looking to consolidate markets or you know potentially exit because these businesses yeah are increasing in value and you know continue to deliver quarter on quarter thank you look by the way i start with the europe um question and uh you know by theway you're totally right and i like that you flag it because europe is um 35 quarters in a row growing and they're growing at a rate which is you know uh outstanding if you compare it with our competition and even you know with other industries here. This quarter another 4% growth there on the beta. So therefore, you know, it's it's great to see this portfolio is super hedged, you know, there were years where Poland was more investing. Now Poland is a star. And we see some other countries who are suffering. And by the way, we're doing we're spending a lot of let's say effort on on Europe, and to strengthen even areas where they have been traditionally weak, take the B2B areas, data center deployment in Eastern Europe, or take, you know, the brand, you know, we have just launched our brand in Greece. So, by the way, very successfully from OTE or Cosmote into the T. So all companies are now branded as well. And we are even willing to take M&A opportunities here. And, and we have bought for one billion, you know, a very, very good fixed line asset in Poland, where we have been a mobile operator only, and now we have a great position, you know, for a fixed mobile service here. This is a great company. We bought a billion. We spent a billion on this one. You see we are working on this. To be honest, we have even acquired assets in Greece, you know, on fixed line services, where, you we are compensating then for own build out and we are working constantly even on on on conservation um intra-market considerations where possible so yes um if we can generate value we are open for that one and i think we have already proven that um that we take that that that is not just a lip statement here now um by the way a second first question i fully agree we with your underlying observation. The connectivity which we are delivering to the customers is coming at a very, very remarkable low price. And if you see other industries around us or other services around us for daily lives, everything got more expensive, except the connectivity is going down year over year. So we are building more infrastructure. We We are providing more connectivity. You know, handsets getting ridiculous expensive if you take the latest, you know, innovations here. And on top of that, our industry is not able to increase the prices. One of the problems which we have in Germany is this high proportion of this MVNOs in our markets. Because the MVNO is always under bidding, you Know, the carriers with the infrastructure play. So, therefore, it's not easy, you know, to get prices up in this market on European comparison, for instance. But, you Know, we have pricing power at Deutsche because we are the quality and market leader. And, therefore we are trying to demonstrate our market power. We're trying to keep that premium in the market with good quality. You saw our growth by 2.9% and at the same time growing with 284,000 customers. So, you see that, you know, it is not only price competition which is taking place, but I can tell you there are a lot of, let's say, price-sensitive customers and a lot of the MVNOs are attracting that. And unfortunately, my big telco competitors are always newly enabling very attractive MVNOs. I do not understand, for instance, why O2 just recently has enabled Zimzalazim, you know, another MVNO, onto their network. this is not very helpful to improve the prices, which we urgently need to generate appropriate return on investments. Look, whenever we're applying price increases, I think we are always applying two principles. One is bending but not breaking. Because we had this with the first card years ago, where we actually got a step too much up and then really miserably failed on volume. So I'd rather prefer to miss on one euro on a price increase and do it then later than be one euro too high. This is the one piece. And the second one is whenever we're thinking about price increases, we have to think about how we make this recurring. Because you don't want to create a big firework and 12 months later, if it's rolling over, all the growth is gone. So we haveと have cohorts which we can apply over a multi-year basis. I think that's the way how we go about this, rather than to create a big, big bang with a huge price increase, and that's it. Think about that. A pot of coffee a day costs more than the mobile service here in Germany. So customers, and they're still asking for getting it at lower prices. I think I fully understand that we have a duty here and that we need to do something about it. But I can tell you, I will not do it, you know, by slaughtering our great position and our credibility in the market. So we do it step by step, you now, with a value proposition behind. Good. Thanks. And I think we finally made it to get Josh Mills on the line. Josh, can we please have your questions now? Thanks, guys. Hopefully you can hear me now. I'm sorry about earlier. um first question for me was around the mdu comments you made earlier saying that part of the reason for better broadband net ads uh this quarter was the uh improvement in those areas so the first part of the question was can you give us a bit more color about penetration levels in the mdus today what's changed um yeah are there any issues or bottlenecks still with getting access to the sites would be helpful and then secondly we spent a lot of time today talking about the the Starlink risk in mobile and why Tim and the team don't believe that. So as credible a threat in the near term as some people might believe. But on the broadband side, I'd be interested to hear whether you are seeing any new challenges in the German broadband space, any change in approach from Starlink, as I know that in the UK and some other markets, there's been cutting prices further in the past couple of weeks. So just interested in any colour you have on Starlink broadband to germany thanks christen you're lazy today you know so you can answer other questions you know okay guys let's move on um by the way um first you know i'm very encouraged by um the um development in our fiber adoption. You know, we have now 18% on Q3. Even, by the way, our pre-sales is going up. We have delivered 190,000 fiber net additions this quarter, which is up 23% year on year. But, however, you know, we should distinguish our overall fiber penetration from the specific MDU segment. And multi-dwelling units remain one of the biggest opportunities, but also it still is one of the biggest execution challenges which we have, as you know. So, the main bottleneck is not the fibre network outside of the building. It is getting the access in the building, so securing landlord's permissions, installing the in-house infrastructure. Now, there is a new law which is now, by the way, on the way getting ratified, which is exactly supporting that the build-out in the multi-dwelling units is taking place. So, look, so far, I cannot call it a day, but, you know, I think the process and the thing is on its way. I meet Carsten Wildberger tomorrow morning. We will talk about that again as well. So I'm very encouraged for 27 that we're going to see that one of the bottlenecks, you know um is is going away and that we find um you know a better way um so um this is a little bit the one on top of that i do not see any negatives on this one um and christian maybe uh dropping in you know we were very impressed of seeing um that we have up to 20 productivity gain in the way how we deploy fiverr now with all the tools which we're having so it is getting cheaper We see that permissions, you know, are there because the communities need that as a differentiator in their services. There's no kind of big kind of push that we see that there is a copper-to-fiber migration being enforced by regulation. So, to be honest, you Know, I cannot call any additional negatives here. I think we are now in this kind of learning curve of implementing. I think that fiber is getting a more normal product in the environment. And I see that we are better positioned from a brand, from a reliability perspective, and even from a CapEx perspective than our competition. And on top of that, you know, I give credit to Rodrigo and his team. they're doing a much better job of selling and focusing on the homes connected aside from the homes passed. First of all, Josh, I don't have the number for the MBU with me and we'd have to take a look whether we can send you that number. Second piece is what Tim was saying is right. We have brought down construction costs now to the level back of, on a price index of 2022 And that efficiency gain simply allows us to connect more homes given that we have expanded the investment envelope for fiber. And that simple more connection of homes being an SDU or an MDU obviously results in higher customers. But I don't have a specific answer on your question on MDU penetration. With regard to your second question, look, we monitor Starlink very closely. And to be honest, it's an impressive technology and it provides a valuable solution, particularly for customers in remote and underserved areas. We see it now being served for, you know, on the on the coast side for family, for vacation houses. We see It on the islands in Greece. So there is some some kind of, you know, play out for that one. But I can tell you one thing, the moment where we have deployed fiber to the households, this is a superior solution. So therefore, you know, we do not see with our super, you know, aggressive rollout here in Germany that we need any kind of adjustment to this strategy due to Starlink. I think, you know, satellite service has a right to play in some areas. But in Europe, the whole basic Starlink substitution significantly lower. You know, we have now 5G coverage of more than 90%. If you take 4G and other services, we are at 96% for Germany. So there is no need, you know, like in the US that you have to integrate a satellite service into your proposition, because you have already sufficient services. So therefore, you Know, I do not see this on the mobile or direct device services side, there's a limitation with access to spectrum, which is even, you know, this advantage for satellite operators in Europe, I do not see that, you know, Europe is being cannibalized from the broadband services, because you know most of the countries have in Europe already fiber and they are deploying fiber much more aggressive than this is in the US. So therefore, no, I would say we take satellite competition serious, but we do not see a reason to change our fiber strategy based on current evidence from this play excellent thank you very much i have just on the mdu broadband or fiber penetration this is in the low teens the overall penetration as you've seen on the chart has gone up by two percentage points we are not really providing that information on a quarterly basis or otherwise but you can should be assured that the mdu penetration is going up and contributing to the improvement in the overall penetration i have two final questions from stefan bayazian from otto he said would it be fair that the usc band spectrum auction is also an important factor in your share buyback decisions the answer is yes second question is can you provide some intel into the use of t satellite in the us and whether that confirms that the service reminds very little use the answer is 0.003%. And now that was what Peter Oswaldik and others have commented in September and how they have quantified the detour network traffic. That's correct, yes, at this point in time. So that brings us to the end of today's call. Tim, any final words? I think you've had a few final words already, but any more? You don't want to hear me anymore. I want to be the policeman at least of this session here, if I'm not the policeman of the market yet, you know, look, we continue to deliver reliable commercial and financial growth. By the way, just focus, every business is delivering growth. Everything is, every business is delivering free cash flow. Everything is delivering positive return on investments. Our EBITDA is growing by 7.6% in the first nine months. I think that is a very good result and EPS 12%. So therefore, you know, our track with regard to capital markets guidance is intact. And you know how important it is for Christian, myself and the whole team, you need to deliver on our promises. We upgrade our guidance for this year, according to the US, knowing that the US is under more threat, both from a competition perspective, but as well from a new kind of player in this environment, which is SpaceX, where we have to find appropriate answers in our planning going forward. And I see encouraging elements in Germany, which was a headache for us, you know, in the past. And we solved that issue to a big extent, which the fiber deployment numbers, both on the NetEd side and even, you the economics of the build out. So we have bought back 1.7 billion of shares. Now this is bringing us to a TMUS stock holding of 55% by end of September. So this is, by the way, even in a very comfortable position to sit in, you know, with regard to all the developments we as a controlling shareholder wants to drive there. And we have a dividend increase of another 10%, which is, you know, since 23, 43% up. I think please consider this and compare it with other telcos, how we are performing. Look, I'm not happy with the share price, to be very, very clear on this one. I think, you Know, both on the multiples and on other things, you know, the market is a little bit harsh. But, you know, this is our duty now to convince you that we are driving the story. And I hope that we gave you a little bit flavor of that we are confident, but even having the right answers. And with this, I hope to see you very soon then next year, latest. Thank you. Okay. Thank you, this concludes today's call. Thank you very much for your participation and continued interest in Deutsche Telekom. Should you have any further questions, please do not hesitate to contact our investor relations team. We wish you a pleasant day and look forward to speaking with you again soon. Thank you!