Form 4: Deutsche Telekom Sells T-Mobile US Shares

Deutsche Telekom AG and its subsidiaries reported the sale of 128,852 shares of T-Mobile US common stock through a pre-arranged 10b5-1 trading plan.

Summary

• Deutsche Telekom AG and its wholly-owned subsidiaries, T-Mobile Global Holding GmbH, T-Mobile Global Zwischenholding GmbH, and Deutsche Telekom Holding B.V., collectively reported the sale of 128,852 shares of T-Mobile US, Inc. (TMUS) common stock.
• The transactions occurred on October 8, 2025, and October 9, 2025, and were executed pursuant to a Rule 10b5-1 trading plan adopted on June 12, 2025.
• Sales on October 8, 2025, included 9,629 shares at a weighted average price of $225.2845, 34,101 shares at $226.1331, and 20,696 shares at $226.6364.
• Sales on October 9, 2025, included 24,872 shares at a weighted average price of $226.0851, 28,096 shares at $227.7052, and 11,458 shares at $227.443.
• Following these reported transactions, the beneficial ownership of the reporting persons in T-Mobile US common stock stands at 627,975,325 shares.
• The reporting persons are identified as Directors and 10% Owners of T-Mobile US, Inc., with Deutsche Telekom AG's status as a director-by-deputization due to its executives serving on the Issuer's board.

Sentiment

Score: 5

Explanation: The sales are part of a pre-arranged 10b5-1 trading plan, which suggests a systematic reduction in holdings rather than a reaction to new negative information. While a reduction in ownership by a major shareholder can be seen as a slight negative, the planned nature mitigates immediate concern, leading to a neutral sentiment.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a systematic and non-discretionary approach to share divestment, which enhances transparency and mitigates concerns about insider trading based on material non-public information.

Negatives

• A significant shareholder, Deutsche Telekom AG and its subsidiaries, reducing their stake could be perceived as a slight negative signal regarding their long-term conviction or valuation assessment of T-Mobile US stock.

Risks

• No specific risks were explicitly mentioned in the filing beyond the inherent risks associated with stock ownership and market fluctuations.

Future Outlook

na

Management Comments

• 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

na

Corporate Governance

Related Party Transactions

• The reported sales of T-Mobile US common stock were conducted by Deutsche Telekom AG and its wholly-owned subsidiaries, which are considered related parties due to their significant ownership stake and board representation in T-Mobile US.

Stakeholder Impact

• Shareholders may view the reduction in ownership by a major stakeholder as a slight negative signal, though the pre-planned nature of the sales under a 10b5-1 plan mitigates immediate concern about discretionary selling based on new information.

Key Dates

Recommendation

The reported transactions are routine sales executed under a pre-established 10b5-1 trading plan by a significant shareholder. While a reduction in ownership by a major entity like Deutsche Telekom could be interpreted as a negative signal, the planned nature of these sales suggests they are not based on new, adverse material information. Therefore, these transactions alone do not warrant a change in investment thesis, and a 'hold' recommendation is appropriate.

Keywords

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