Deutsche Telekom Reports Q1 Results, Raises FY21 Guidance

  • Deutsche Telekom AG DTEGY reported first-quarter FY21 revenue growth of 32.3% year-on-year to €26.4 billion.
  • Germany's revenue rose 1.9% Y/Y to €5.9 billion. The segment's adjusted EBITDA increased 3.4% Y/Y to €2.3 billion.
  • U.S. revenue rose 62.3% Y/Y to €16.5 billion. Segment adjusted EBITDA increased 80.6% Y/Y to €5.7 billion.
  • Europe revenue declined 1.1% Y/Y to €2.7 billion, with the segment's adjusted EBITDA growing 1.1% Y/Y to €946 million.
  • Systems Solutions revenue rose 0.4% Y/Y to €891 million. Segment adjusted EBITDA increased 3.3% Y/Y to €62 million.
  • Growth Development revenue rose 10.5% Y/Y to €782 million, with the segment's adjusted EBITDA rising 17.5% Y/Y to €316 million.
  • Total Adjusted EBITDA rose 41.3% Y/Y to €9.2 billion, mainly from the acquisition of Sprint.
  • Adjusted net profit declined 6.5% Y/Y to €1.2 billion, and the adjusted EPS was €0.25.
  • Free cash flow more than doubled Y/Y to €2.6 billion.
  • Guidance: Deutsche Telekom raised the FY21 adjusted EBITDA guidance outside the U.S. from €14.3 billion previous, to €14.4 billion. FY21 free cash flow guidance was raised from €3.5 billion previous, to €3.6 billion.
  • It expects the FY21 adjusted EBITDA guidance, including T-Mobile U.S., to exceed the previous guidance of €37 billion. FY21 free cash flow guidance is estimated to exceed the previous guidance of €8 billion.
  • Price action: DTEGY shares are up 1.1% at $20.20 on the last check Wednesday.

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