Europe's largest telecom operator, Deutsche Telekom, released second-quarter results that matched expectations, then announced an increase to its 2026 share buyback program by up to 3 billion euros ($3.5 billion).

The company stated in a Thursday announcement that its board approved the new buyback plan during an August 6 meeting, a move designed to address the company's underperforming share price. With this addition, the total annual buyback volume can now reach up to 5 billion euros.

Deutsche Telekom reported second-quarter revenue growth of 4.4%, reaching 29.9 billion euros, which closely aligned with the analyst consensus estimate of 30 billion euros. Thanks to its majority stake in U.S.-based T-Mobile, the company has outperformed its European peers in recent years, effectively offsetting competitive pressures within Germany and across Europe.

Leveraging the performance of T-Mobile in the U.S., the company raised its full-year guidance for free cash flow after leasing on Thursday, from a previous forecast of over 19.8 billion euros to approximately 20 billion euros. The company noted that it has already completed roughly 1.2 billion euros in share repurchases under the previously announced 2026 buyback program.

Deutsche Telekom's share price has declined by approximately 1% year-to-date.