Deutsche Telekom Trims Buyback Tally as Broker Targets Diverge and Munich AI Build-Out Accelerates
Published on 11/13/2026 at 08:10 | Editorial boerse-global.de
Deutsche Telekom disclosed on Monday that it repurchased roughly 5.22 million of its own shares between 2 and 6 November, adding to the buyback programme the group has been reporting since August. Across the period from 10 August through 6 November, the company put the cumulative number of shares bought back at about 49.4 million. The announcement covers purchases already completed rather than a fresh repurchase mandate.
Guidance Raised, Quarterly Figures in Focus
The buyback update lands after a busy fortnight of news flow. Late last week the Bonn-based group lifted its full-year outlook, projecting around EUR 47.6 billion in adjusted EBITDA AL and roughly EUR 20.1 billion in free cash flow AL for 2026 — both forward-looking targets rather than results already booked.
Third-quarter 2026 figures, published on 5 November, showed group revenue of EUR 31.1 billion. Organic growth came in at 5.5%, while adjusted EBITDA AL reached EUR 12.2 billion, an organic advance of 8.0%. Adjusted net profit climbed 12.7% to EUR 3.0 billion.
Two Brokers, Two Directions
Analysts have been recalibrating in the wake of that report. Barclays on Wednesday raised its price target for Deutsche Telekom to EUR 33 from EUR 32, according to media reports, while reaffirming its "Overweight" rating — a change to the target rather than to the investment verdict. Goldman Sachs moved the other way on 6 November, trimming its target to EUR 36 from EUR 38 but keeping its buy recommendation intact. According to dpa-AFX, analyst Andrew Lee adjusted his estimates to reflect the quarterly report, his forecasts for T-Mobile US and recent currency moves.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
The shares added 0.6% yesterday to close at EUR 26.36.
Munich Capacity Set to Double
Capital spending continues apace on the AI side. Bloomberg reported on Monday that Deutsche Telekom is investing just under EUR 250 million to expand its AI factory in Munich, where additional Nvidia Blackwell Ultra B300 systems are intended to lift capacity to 20 megawatts — the stated goal of the build-out.
On the partnership front, T-Systems and Sparxity agreed on 3 November to collaborate on energy-efficient AI chips and computing systems. Under the arrangement, Sparxity's systems are to be integrated into Telekom data centres and validated there; the two companies signed a letter of intent at the German government's digital summit.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
Loyalty Push and a Network Accolade
Elsewhere, the group on Wednesday extended its Magenta Moments loyalty programme with a weekly "Magenta Wednesday" format, offering participants deals, promotions and chances to win. On the network side, IMTEST and zafaco named Deutsche Telekom the winner of the 2026 mobile network test on 7 November, awarding an overall grade of "very good" and a score of 1.24.
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