Form 4: Deutsche Telekom Reduces T-Mobile US Stake

Deutsche Telekom AG and its subsidiaries sold over 100,000 shares of T-Mobile US common stock in late September 2025, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• Deutsche Telekom AG, T-Mobile Global Holding GmbH, T-Mobile Global Zwischenholding GmbH, and Deutsche Telekom Holding B.V. (collectively, the Reporting Persons) reported sales of T-Mobile US, Inc. (TMUS) common stock.
• A total of 128,852 shares of common stock were disposed of across multiple transactions on September 24, 2025, and September 25, 2025.
• The sales were executed at weighted average prices ranging from $237.5579 to $241.6054 per share.
• Following these transactions, the Reporting Persons beneficially own 634,305,918 shares of T-Mobile US common stock.
• All reported transactions were made pursuant to a Rule 10b5-1 trading plan adopted on June 12, 2025.
• The Reporting Persons are identified as both Directors (by deputization through their executives on the board) and 10% Owners of T-Mobile US.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by a major insider, even under a 10b5-1 plan, typically carries a slightly negative sentiment as it reduces insider ownership and could be interpreted as a strategic reduction in exposure.

Negatives

• A significant number of shares (128,852) were sold by a major insider and 10% owner, Deutsche Telekom AG and its subsidiaries, reducing their beneficial ownership in T-Mobile US.

Future Outlook

No specific future outlook or guidance is provided in this insider transaction report.

Management Comments

• The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within specified ranges.
• The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
• Solely for purposes of Section 16, each Reporting Person may be deemed to be a director-by-deputization by virtue of the fact that certain executives of Deutsche Telekom serve on the board of directors of the Issuer.
• Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

This filing reports an insider transaction by a major shareholder and director, Deutsche Telekom, which is a common occurrence in the telecommunications industry as large corporate investors manage their portfolios. It does not directly reflect broader industry trends but rather a specific corporate investment strategy.

Related Party Transactions

• Sale of 128,852 shares of T-Mobile US common stock by Deutsche Telekom AG and its subsidiaries, who are deemed directors and 10% owners of T-Mobile US.

Stakeholder Impact

• Shareholders: May perceive the insider selling as a negative signal, potentially leading to downward pressure on the stock price, despite the pre-planned nature of the transactions.

Key Dates

Recommendation

While the sale by Deutsche Telekom is a reduction in insider ownership, it was executed under a pre-arranged 10b5-1 trading plan, indicating a scheduled divestment rather than a reaction to new negative information. This suggests a neutral to slightly negative signal, but not strong enough for a 'sell' given the pre-planned nature. Investors should monitor future filings for further insights into Deutsche Telekom's long-term strategy regarding its T-Mobile US stake.

Keywords

T-Mobile US, TMUS, Deutsche Telekom, Insider Transaction, Form 4, Stock Sale, 10b5-1 Plan, Beneficial Ownership