Deutsche Telekom reported 48,000 new TV customers (IPTV, satellite) in Q4 2024 in Germany, less than in the same quarter in 2023 in which 68,000 new TV customers were added.
The development shows that the effects of a change in German legislation which allows tenants, previously tied to a cable TV subscription, to freely choose their TV provider from 1 July 2024 have slowed down towards the end of 2024. Telekom, along with other TV providers and streaming operators, had hoped to gain a strong number of former cable customers for their TV platforms.
In Q2 2024, just before the law came into force, the gain was strongest with Telekom recording 114,000 new TV customers. In Q3 2024 the additions dropped to 77,000 new TV customers.
In total, Telekom gained 311,000 new TV customers in 2024 while in 2023 just 205,000 new TV customers were added. The total number of TV customers amounted to 4.6 million at the end of 2024, an increase by 7.2% year-on-year (2023: 4.3 million).
The German telco’s net revenue increased in 2024 by 3.4% to €115.8 billion, with service revenues rising by 3.9% to €96.5 billion. Adjusted EBITDA after leases (EBITDA AL) grew by 6.2% to €43.0 billion, and free cash flow AL saw an 18.7% increase, reaching €19.2 billion. Adjusted net profit also rose by 18.3% to €9.4 billion. In light of these results, Deutsche Telekom plans to distribute a record dividend of €0.90 per share for the fiscal year 2024.
Looking ahead, the company anticipates continued growth in 2025, projecting an adjusted EBITDA AL of approximately €44.9 billion, free cash flow AL around €19.9 billion and adjusted earnings per share of about €2.00.
