Thorsten Langheim on Group Development - Deutsche Telekom's Capital Market Day 2024 #DTCMD24

Thanks, Al. Righty, I just switched into this gear a minute ago behind the stage, reminded me of being a soccer player 20 years ago when you fly away for a major game and you swap into team gear. I kind of like that. Reminds me a little bit when Bayern Munich flies to Aston Villa. But next time, I would appreciate if we have the lizard leather jacket of Jensen Huang so we are a bit more trendy. But it's a good bridge from my love of soccer to what we have here. As a summary of the key messages, I want to leave you with three buzzwords: first is Kaiser Franz (Franz Beckenbauer), second is Jerry Maguire, and third is high bar but no land grab. What I mean by that is we are in the best position ever – not by accident, but through blood, sweat, and tears over the last 14 years. Luck is a dividend of sweat. When Tim became CFO in 2009, he brought RoKI discipline. We started as number four in many markets and are now number one, including in the US. We have a rigorous approach: we look at RoKI, we are not emotional or dogmatic. We said no to out-of-footprint acquisitions, major content and media, and adjacencies. We built DT Capital Partners to invest in selected areas for strategic insights. Our weak spot was BT, but we learned. We got lucky with timing on divesting T-Mobile Holland and towers, but it was a lot of work. We always go for strategic optionality. Now we are the rock in the storm. We have no cow on the ice – we are in a strong position with great responsibility to invest excess capital intelligently. The US is strategic: we took control from SoftBank, and we executed the Sprint merger, towers, and options trades to buy T-Mobile US shares at an average of $120, creating significant value. Going forward, from Kaiser Franz to Jerry Maguire – show me the money. We have flexibility and optionality. I will not sell a single share of Deutsche Telekom; I will see significant personal wealth creation. We are growing double-digit EPS and still trade at 13 times PE. We have a strong portfolio, no weak links. Our German towers are a premium asset – 31,000 towers, we are the leader. We will participate in European tower consolidation but not in land grab. DT Capital Partners has invested about 900 million, got 600 million back, and the portfolio is worth 1.4 billion. We have learned from co-investments in towers and fiber, and we are now setting up a tech fund with 2 billion to invest in infrastructure, grow equity, and strategic areas. To conclude: Kaiser Franz ensures we don't do anything stupid, Jerry Maguire will show the money – Christian will come on stage – and we are in high bar, no land grab mode. Thank you.