Deutsche Telekom AG, Europe’s biggest telecommunications operator, raised its guidance for 2023 slightly after posting third quarter profit higher than analyst estimates, fueled by user growth in Germany.

Adjusted earnings before interest, taxes, depreciation and amortization after leases were €10.5 billion ($11.2 billion), the Bonn-based carrier said in a statement on Thursday. That beat analysts’ average €10.3 billion forecast, according to a Bloomberg survey.

Deutsche Telekom also raised its guidance for the third time this year. It now expects an adjusted Ebitdaal of around €41.1 billion and free cash flow after leases of more than €16.1 billion, raising both metrics by €100 million from its guidance after the first half.

The company added 96,000 net broadband users and 350,000 branded contract mobile customers in Germany in the third quarter.

The telecommunications giant has also been buoyed by its exposure to the US, outperforming its European peers and helping the company weather a weaker market at home.

T-Mobile US Inc., which is traded separately in the US and accounts for more than 60% of Deutsche Telekom’s revenue, raised its guidance for free cash flow for the year in October. This month, Deutsche Telekom announced plans to spend as much as €2 billion ($2.1 billion) next year to buy back shares and raise its dividend.

Chief Executive Officer Tim Hoettges said the share buyback will repay investors who took a hit to the stock price when the company raised capital to increase its position in the US company two years ago. The German telecommunications giant has been steadily increasing its stake in the US division and now controls most of the shares.

“In these uncertain times, Deutsche Telekom continues to grow unabated on both sides of the Atlantic,” Hoettges said in the statement.

Still, the company is facing mounting competition in the US. Amazon.com Inc. has held discussions with wireless carriers, including T-Mobile US, about wholesale service that would potentially let it offer customers mobile plans for free as part of a Prime membership, people familiar with the matter said in June. Cut-price providers are also gaining strength in Germany. 1&1 AG is set to offer smartphone plans in the country later this year.

Deutsche Telekom’s shares have gained 14% this year, compared to a 1.6% gain in the STOXX Europe 600 Telecommunications index.