Telekom stock holds after 2025 revenue and profit gains

Telekom (DE0005557508) is anchored by its 2025 results, with revenue at EUR 115.8 billion, adjusted EBITDA AL at EUR 43.0 billion, and free cash flow AL at EUR 19.2 billion. The company also reported adjusted net profit of EUR 9.4 billion for 2025, according to its investor relations materials.

EUR 115.8 billion revenue

Revenue for 2025 reached EUR 115.8 billion, compared with EUR 111.9 billion in 2024, showing a year-over-year increase of EUR 3.9 billion. Adjusted EBITDA AL rose to EUR 43.0 billion in 2025 from EUR 42.8 billion a year earlier, while adjusted EBITDA AL margin stood at 37.2%.

That margin is important because Telekom's earnings profile remains the main driver for valuation, more than the daily market tone. Free cash flow AL of EUR 19.2 billion in 2025 also gives the group room to support investment and shareholder returns.

Cash flow at EUR 19.2 billion

Free cash flow AL increased to EUR 19.2 billion in 2025 from EUR 16.1 billion in 2024, a rise of EUR 3.1 billion. Adjusted net profit advanced to EUR 9.4 billion in 2025, up from EUR 7.6 billion in 2024, which underlines the stronger earnings conversion in the full year.

For investors, the combination of EUR 19.2 billion in free cash flow and EUR 9.4 billion in adjusted net profit matters more than a short-term chart move. The comparison with 2024 shows that Telekom finished the year with more cash generation and higher earnings.

Germany and T-Mobile US

The group also highlighted the two core engines of the story: Germany and T-Mobile US. In 2025, Germany revenue contributed EUR 25.3 billion and the United States remained the largest growth engine, with T-Mobile US continuing to support group-scale cash generation.

Telekom's operating mix remains relevant because the German fixed-line and mobile base is paired with the US wireless franchise. That combination helps explain why the 2025 numbers remained resilient even as capital spending stayed elevated.

Consumer products still matter

MagentaTV and the wider consumer portfolio remain representative products for the German market narrative. Telekom's retail base is still built around fixed broadband, mobile contracts, and converged bundles, which feed through into recurring revenue and support the 2025 cash flow profile.

Stock and venue

Telekom shares are listed in Frankfurt, and the most recent published market context in this article is the 2025 operating set above. The full-year figures give the stock a clearer fundamental frame than a headline-only view of the session.