Deutsche Telekom Steps Up Buybacks as UBS Reaffirms Bullish View
Published on 07/17/2026 at 05:24 | Redaktion boerse-global.de
Deutsche Telekom has accelerated its share repurchase effort in July, buying back more than 2.3 million of its own shares in just five trading days as it continued to deploy a new tranche of a broader capital return plan.
Between 6 and 10 July 2026, the Bonn-based group purchased 2,321,535 shares via Xetra, according to company filings. The buying sits inside a 2026 repurchase programme with a total volume of EUR 2 billion, and within that framework a fresh tranche began on 1 July and is scheduled to run until 30 September 2026 with a maximum size of EUR 560 million.
That came on top of an earlier July batch: between 1 and 3 July, Deutsche Telekom had already bought 908,705 shares at an average price of EUR 24.74, also disclosed in an EQS notice. Together, the purchases show the company leaning into the programme at pace.
The stock ended Thursday at EUR 26.72, above the price paid for the most recent repurchases. It rose 1.98 percent over the week, or 1.91 percent in the other reporting period cited, after spending several weeks under pressure. Even so, the shares remain more than a fifth below the 52-week high of EUR 34.35 reached at the end of February. They also sit under the 50-day moving average of EUR 27.31.
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Investor attention is also on management activity. Rodrigo Francisco Diehl, a board member, bought 3,000 shares on 30 June and 1 July 2026 at prices between EUR 24.15 and EUR 24.64. Such purchases are often read as a sign that executives view the shares as undervalued, especially when they come shortly before a recovery in the price.
Analysts have kept a constructive stance. UBS reiterated its “Buy” rating on 13 July and set a price target of EUR 36.20, while the company was also said to have received a EUR 36.00 target from the bank on the same day in another update. JPMorgan stayed at “Overweight” with a target of EUR 40.00, pointing to the operational strength of T-Mobile US and the support from buybacks. All of those targets sit well above the current market level.
The repurchases are unfolding alongside strategic and regulatory debates around the group. Media reports say T-Mobile US is planning to move around eight million existing customers onto more expensive 5G plans, a shift that could lift operating margin and ultimately benefit Deutsche Telekom’s results. The next major test will come with the interim report for the second quarter and first half of 2026 on 6 August.
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At the same time, some large shareholders are pushing back against plans to create a holding structure involving T-Mobile US. DJE Kapital and FPM are reported to be resisting the idea, suggesting concerns about the implications for ownership structure or valuation. Deutsche Telekom is also facing criticism from competitor Netcologne, which has accused the company of tying large customers through volume discounts in its wholesale agreements.
A further update is due at the Commerzbank ODDO BHF Corporate Conference in Frankfurt on 1 September. Before then, Deutsche Telekom will publish its second-quarter 2026 numbers on 6 August and third-quarter results on 5 November 2026, giving investors more evidence on whether the current buyback pace can be maintained through the end of September.
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