•  Up-sized Group sees earnings coming in above €30bn.

Guidance: DT shows off its super-sized stats

Guidance: DT shows off its super-sized stats

Source: Frank Busch / Unsplash

With most areas of the business performing strongly, DT confirmed the Europe-focused FY20 guidance it laid out in February 2020, as well as medium-term targets for FY21.

Ex‑US, the Group continues to envisage:

  • Adjusted EBITDA after leases (AL) growth of 2%, to around €13.9bn.
  • Stable capex, at around €7.8bn.
  • Free cash flow AL growth of 14%, to around €3.3bn.

US targets have been changed significantly following the amalgamation of Sprint, and lead to some spectacular Group-wide forecasts for FY20:

  • Adjusted EBITDA AL of around €34bn.
  • Capex of around €17bn.
  • Free cash flow AL of “at least” €5.5bn. This was down from previous estimates owing to the Sprint deal’s completion, and associated integration expenses.