Tpg Telecom Limited · ASX:TPG
Tpg Telecom — Investor Day (June 2026)
83 slides from Tpg Telecom's investor day presentation, Jun 2, 2026
Slide 1: TPG Telecom Limited 2026 Investor Day
Market Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Sydney, 2 June 2026 TPG Telecom Limited (TPG: ASX) 2026 Investor Day Please find attached for immediate release to the market a presentation, including a first half 2026 trading update, to be deliver
Slide 2: Investor Day June 2026
Investor ne 2 June 2026 tpg sss
Slide 3: Welcome and Introduction
Welcome and Introduction Trent Czinner
Slide 4: Acknowledgement of Country
TPG Telecom acknowledges the Traditional Custodians of Country throughout Australia and the lands on which we and our communities live, work and connect. 3
Slide 5: Purpose Drives TPG Telecom
PURPOSE DRIVES TPG TELECOM To build meaningful relationships and support vibrant, connected communities. TPG Telecom has a strong challenger spirit and a commitment to delivering the best services and products to our customers. We are driving competition and choice for businesses and consumers acros
Slide 6: Speakers
2) me] @ ) kers lfhaki Berroeta Chief Executive Officer & Managing Director Giovanni Chiarelli Group Chief Technology Officer Bec Darley Chief Marketing Officer Vanessa Hicks Group Executive Customer and People Experience ©)313)2 tpg John Boniciolli Group Chief Financial Officer Trent Czinner Group
Slide 7: Agenda
Agenda 9:30am – 9:35am Welcome and introduction Trent Czinner 9:35am – 9:50am Spirit of a challenger Iñaki Berroeta Break Bec Darley James Gully 10:00am – 11:00am Go to market and customer experience Vanessa Hicks Jonathan Rutherford Break 11:10am – 11:40am Focus on financial performance John Bonici
Slide 8: Spirit of a Challenger
Spirit of a challenger Driving performance Iñaki Berroeta
Slide 9: Our Strategy Framework
Spirit of a Our strategy framework challenger Focus of discussion Brand and go to market Spectrum and trading update
Slide 10: Our Strategy
Our strategy Purpose: To build meaningful relationships and support vibrant, connected communities. Ambitio! To become Australia’s best telco for customers, communities, our people, and shareholders. Run networks smarter Leverage our network partnerships and sharing capabilities to bring value and c
Slide 11: Key Strategic Metrics
Key strategic metrics How to measure progress against our strategy and execution priorities Objectives Key KPIs and metrics Shareholder outcomes • Invest in core assets where scale creates value Incremental Run Increase in number Lower capex as • Extend reach through strategic, infrastructure Mobile
Slide 12: Shaping TPG Telecom
Shaping TPG Telecom Delivering for customers and shareholders 2025: project Our business 2020: TPG 2020-24: post- merger transition delivery today Investment grade financial position and VHA Launch of regional merger IT modernisation and network sharing Leaner, simpler systems uplift mobile-first bu
Slide 13: Shareholder Value Proposition
Shareholder value proposition Australian-only Large growth Efficient capital Strong cash flow Predictable returns focus and opportunity in structure, outlook following from simplified essential nature of Mobile following strong balance completion of Dividend Policy our services keep refreshed networ
Slide 14: Shareholder Value Proposition
Shareholder value proposition Delivering strategic initiatives to improve financial performance and strengthen our investment case FY25 1 FY26 context Medium-term direction (FY27–29) Continued growth despite slowing ARPU and total subscriber growth offsetting mix shift Mobile Service Revenue growth
Slide 15: Key 1H26 Trading Metrics
Key 1H26 trading metrics Continued focus on ARPU combined with strong subscriber growth in Digital First brands driving greater Mobile momentum Mobile Mobile Home Broadband Home Broadband subscribers ARPU subscribers AMPU Strong subscriber growth in YTD ARPU growth across all Fixed Wireless returned
Slide 16: FY26 Guidance Unchanged
FY26 guidance unchanged All guidance is subject to no material change in operating conditions FY25 OUTCOME FY26 GUIDANCE (PRO FORMA) DRIVERS EBITDA $1,637m $1,665m to EBITDA growth driven by strong performance and continued (excluding $1,735m growth in the Mobile business, while continued cost mater
Slide 17: Spectrum Licence Renewal Prices Onerous on Mobile Industry
Spectrum licence renewal prices onerous on Mobile industry ACMA restrains both competition and investment and creates upward mobile pricing pressure c. $2.1bn total Lump-sum Renewal profile TPG Telecom has cost to TPG payment two funding optionality 850 & c. $840m Telecom over five months prior to f
Slide 18: Our Business Is Well Placed to Meet Evolving Customer Needs
Our business is well placed to meet evolving customer needs Value, simplicity and digital-first preference are reshaping demand and behaviour
Slide 19: TPG Is Focused on Being the Telco Customers Want
TPG is focused on being the telco customers want THE CUSTOMER OUR RESPONSE Evolving customer mindset Direction of TPG Telecom More cautious and value-focused amid Strong differentiated offerings across ongoing pressure on cost of living premium Postpaid and value channels Preference for simplicity,
Slide 20: Go-to-market Position Refined and Evolved
Go-to-market position refined and evolved Three core brands meeting customers needs Premium Challenger Digital Disruptor Digital Differentiator to the Status Quo Delivering a Fair Go Doing Good Premium brand for business Digital-first Mobile and Digital-only mobile and consumers Home Broadband for b
Slide 21: Questions?
Questions?
Slide 22: Break
Break
Slide 23: Go to Market and Customer Experience
Go to market and customer experience Being the telco customers want Jonathan Rutherford - Bec Darley - James Gully - Vanessa Hicks
Slide 24: Go to Market and Customer Experience
Go to market Vodafone Business and customer experience Consumer: distinctive brands Focus of discussion Customer Experience
Slide 25: A Clear Growth Opportunity
A clear growth opportunity vodafone business
Slide 26: Slide 26
Slide 27: Business Mobile Is a Growth Opportunity
Business Mobile is a growth opportunity… >$3bn >5 million >$450m Business Mobile Market Business Mobile Users Premium Network Services and IOT Opportunity Vodafone Business has >90% of the market to target Sources : ,TPG Telecom Market Model, Analysys Mason Australia telecoms operator business and I
Slide 28: With a Clear Set of Levers to Drive Profitable Growth
With a clear set of levers to drive profitable growth… Small to All ‘Mobile &’ ‘Digital First, Business Portfolio Focus AI Powered’ Leverages our best ever network Focus on mobile Simple for our customers Doubles our market opportunity Monetise the network Scale at low cost
Slide 29: Small to All Business Doubles Our Market Opportunity
Small to All Business doubles our market opportunity… $3bn market ~5.0m $1.2bn mobiles1 market ~1.7m mobiles1 Small Business All Business Size of Market Number of Business Mobiles *Sources: ABS Counts of Australian Business and ASBFEO calculations, Analysys Mason Australia Business Services Forecast
Slide 30: 'Mobile &' Portfolio Drives Core Mobile Revenues
‘Mobile &’ portfolio drives core mobile revenues… BUSINESS ENTERPRISE GOVERNMENT Managed 5G Advanced IoT Private Networks Global Enterprise Mobility Network Services Partnership SMALL BUSINESS Business Teams Business Broadband VAS and Cloud Based My Vodafone Proposition Fibre / Fixed Wireless Messag
Slide 31: Digital First, AI Powered Enables Scale at Lower Cost
Digital first, AI powered enables scale at lower cost… SMALL BUSINESS BUSINESS, ENTERPRISE , GOVERNMENT My Vodafone app and online ‘Swiftserve’ fleet management portal AI experience recommendations Order and manage services, eSIMs and devices Branded retail experience 75% to 99% of transactions auto
Slide 32: Case Studies
Case studies Small Enterprise Mobile Private Internet of Business Fleet Network Things Regional network coverage >6k services, 14 agencies 99% coverage of the mine ~200k connected water meters Speedy, personal service Streamlined support model Improved safety protocols Continuous leak flow detection
Slide 33: Wholesale Mobile Growth Opportunity
Our best ever network fuels a Wholesale Mobile growth opportunity… Wholesale Platform >$1bn Existing MVNOs New Brand New Use Wholesale/MVNO mobile market Entrants Cases Domestic focus Fintech Messaging Consumer Retail Wearables/Connected Cars >10% CAGR1 B2B Energy/Banks Network API’s Wholesale/MVNO
Slide 34: Customer Testimonials
“We noticed the extended coverage immediately.” Craig Milton, Managing Director, Brewtech “Vodafone makes it easy to do business.” Andrew Rothery, Sales & Marketing Manager, Crystal Pools “Vodafone plays a huge role in keeping me connected to the distillery, customers and suppliers when I’m not ther
Slide 35: Unlocking TPG Telecom's Challenger Spirit for Consumers
Unlocking TPG Telecom's Challenger Spirit for Consumers
Slide 36: A Balanced Approach to Growth
Consumer Mobile market subscriber growth primarily in value brands segment while majority of revenue remains in Premium brands Mobile market SIOs1 A balanced approach Value brands 13.4m ~30% Revenue to growth (incl. prepaid, 11.3m share MVNO, Digital subscription) • Differentiated brand strategy wit
Slide 37: Building Sustainable ARPU Growth and Subscriber Share
TPG Telecom is building sustainable ARPU growth and subscriber share TPG Telecom’s Mobile ARPU TPG Telecom’s Mobile market share +3.1% CAGR $35.0 $35.5 16.8% $33.8 16.1% 16.2% $32.4 16.0% 2022 2023 2024 2025 2022 2023 2024 2025 Strong ARPU improvements... ...and Mobile market share growth accelerate
Slide 38: TPG Telecom Has Grown Share Across Australia
GROWTH SINCE LAUNCH OF NETWORK EXPANSION (JAN-25) TPG Telecom has grown share across Australia enabled by improved network consideration and experience Share at May-26 vs Jan-25 (Directional only)
Slide 39: NBN Market Remains Flat
NBN market remains flat, while shift to high-speed creates opportunities for incumbents, attackers and NBN alternatives Market NBN1 speed shift Fixed Wireless growth High speed Low speed TPG Rest of Market +0.3% CAGR +17.5% CAGR 8.7m 8.8m 8.8m 8.8m 666k 604k 509k 410k 43% 45% 44% 43% 31% 42% 23% 23%
Slide 40: Strong Home Broadband Margin and Fixed Wireless Expansion
TPG Telecom has delivered strong Home Broadband margin. Fixed Wireless standalone expands the opportunity to maintain competitive advantage TPG Telecom’s Home Broadband margin Fixed Wireless footprint expansion +2% +15-20% 618 628 Pre 5G Standalone Post 5G 2024 2025 Standalone Launch Launch Strong F
Slide 41: TPG Telecom Brand Portfolio Is Uniquely Positioned
TPG Telecom brand portfolio is uniquely positioned to capture market opportunities Differentiated Digital Differentiator Doing Good Premium Challenger to the Status Quo Complementary portfolio of owned and MVNO brands reaching Digital Disruptor Delivering a Fair Go different customer segments Conver
Slide 42: Vodafone's Challenger Positioning
Vodafone’s challenger positioning to win outsized share of Premium market
Slide 43: Strengthening Vodafone's Brand and Network Credentials
Strengthening Vodafone’s brand and network credentials Network perception +9ppt Non-customers Network experience +5ppt Customers outside top five capital cities Mobile consideration +3ppt Non-customers Fixed consideration +2ppt Non-customers Growth since launch of network expansion (Dec-24 to Apr-26
Slide 44: Full-service Proposition Supports Continued ARPU Growth
Full-service proposition supports continued ARPU growth, targets ~2m premium subscriber switching pool Value Network Product Experience Converged full-service value Full-service experience 98.5% coverage Home of handsets proposition store, online and phone Premium brand Consumers Expanded 5G standal
Slide 45: Digital Subscription Brands
Digital subscription brands 44
Slide 46: Value Brands Forecast to Grow
Value brands forecast to grow by c. +1.5m services by FY29 in Mobile with our digital subscription brands taking a large share Market value brands SIOs Digital subscription brands SIOs1 +1.5m Includes ~14.9m >1.1m prepaid, 13.4m MVNO, 11.3m Digital 724k subscription) 464k 2022 1 Category 2025 2 Cate
Slide 47: Digital Subscription Brands Are Highly Attractive
Digital subscription brands are a highly attractive way of capturing growing customer demand in Mobile Digital subscription brands are more profitable than physical channels and help overall cost control by avoiding expensive retail channels and commission costs c. 30% higher today ARPU* c. 20% Incr
Slide 48: Building the Leading Digital-first Converged Value Brand
Building the leading digital-first converged value brand TPG is unlocking the convergence opportunity... …driven by: Brand uplift +3pp 30% Lifting mobile credentials to support convergence Increased Mobile consideration since brand refresh Q2‘25 IMPROVEMENT Digital enabled convergence x2 Digital-fir
Slide 49: Scaling felix Mobile
Scaling felix mobile with unique “Good for the planet and good for your wallet” digital-only value proposition Unique in market Good for the planet. Frictionless digital proposition Good for your wallet. experience Unlimited data plan at 4.8 million trees planted App store rating: speeds up to 40 Mb
Slide 50: Human Connection Fuels Customer Experience
Human connection fuels Customer Experience strategy in a digital world
Slide 51: The Landscape Has Been Fundamentally Changed
The landscape has been fundamentally changed Rising regulation, low industry trust and affordability pressures are redefining customer experience Customer needs Regulation is Operating model are changing increasing shifting Customers expect simpler journeys, Stronger standards, scam Digital, retail,
Slide 52: Creating Customer Value
Creating Customer Value Turning customer experience into a lever for revenue growth Strategic Focus: Premium Brand: Experience to Earnings: Turning customer promises into business outcomes Progress Indicators Linking CX to revenue growth Foundations for Trust Customer quote: Drive customer loyalty t
Slide 53: Customer Wellbeing
Customer Wellbeing Protecting customers to reduce risk, building trust and advocacy to drive long-term value Responsible Selling Domestic, Family and Sexual Violence First Nations Customer Support Customer Wellbeing Specialists Payment Assistance Introduced industry-first Customer Wellbeing Speciali
Slide 54: Three Transformation Engines
Three transformation engines Retail, Contact Centre and Technology create a simpler, more trusted and scalable operating model Retail Contact Centres Technology and AI Changing role of stores to support digital- Evolution of model amid reduced volume From automation and bots to AI-enabled first chan
Slide 55: Customer Experience as a Strategic Differentiator
Customer Experience as a strategic differentiator for business performance Increased digital mix Increased first contact resolution (sales and service) Reduced demand and cost to serve Increased NPS Reduced churn Increased employee engagement
Slide 56: Questions?
Questions?
Slide 57: Break
Break
Slide 58: Focus on Financial Performance
Focus on financial performance Continually improving returns John Boniciolli
Slide 59: Focus on Financial Performance
Focus on Shareholder value drivers financial performance Capex and D&A profile Focus of discussion Funding and leverage
Slide 60: Disciplined Execution Delivering Shareholder Value
Disciplined Mobile Service Revenue Gross Margin growth > Service Revenue growth growth execution (YoY percentage growth) delivering Growth driven by balance of Mobile ARPU On-net mobile economics leveraging non-volumetric shareholder value and market share shared infrastructure costs Operating lever
Slide 61: Disciplined Execution Delivers Shareholder Value
Disciplined execution delivers shareholder value Expected cash-flow and return outcomes reflect structural capital efficiencies • Improved operating performance driving OFCF growth Free cash • Capex reducing following peak investment: $650m (FY27), $550 ̵ 650m (FY28-29) flow growing • Lower borrowin
Slide 62: Margin Accretive Mix Shift in Mobile Service Revenue
Margin accretive mix shift in Mobile Service Revenue Margin improvement from ARPU growth across all brands, combined with subscriber growth in Digital First brands Mobile ARPU growth, together Subscriber growth Increased digital mix with subscriber growth in Digital unlocks greater value lowers cost
Slide 63: Capex Reducing to $550-650m
Capex and D&A reducing following peak investment cycle Benefits both cash flow and P&L Capex reducing $1,082m Group capex (net additions basis) to $550-650m $989m $847m from FY27 $750m $650m $550m - $650m Medium-term capex driven by completion of 5G upgrades and IT modernisation with continuing tech
Slide 64: Anticipating More Than $200m D&A Reduction
Capex and D&A reducing following peak investment cycle Benefits both cash flow and P&L Anticipating more D&A to decline post 2027 $101m than $200m of $276m Customer base: FY28 c. $50m, D&A reduction $280m FY29 $0M Spectrum: from FY30 FY30 c. $180m $178m $445m Reducing D&A charges reflect: • Capex pe
Slide 65: Borrowing Costs and Leverage De-risked
Borrowing costs and leverage de-risked Balance sheet capacity to maintain investment grade position while funding upcoming spectrum renewals Maintaining S&P – Investment Grade / BBB Debt maturity profile Improved earnings expected to increase headroom To be refinanced 3.00x Refining maturity FY25 an
Slide 66: Strong Outlook for Growth in Cash Flow
Strong outlook for growth in cash flow Increased cash earnings and reducing capex increasing sustainability of future cash flows for investors Sustainable increase in operational Free Cash Flow to Equity ($m) earnings from: • Revenue growth - increasing Mobile ARPU and market share • Operating lever
Slide 67: Intention to Increase Dividends Over Time
Simplified policy to deliver growing dividends Cash generation more than adequate to fund consistent and sustainable growth TPG’S SIMPLIFIED DIVIDEND POLICY: Intention to increase dividends over time in line with sustainable growth in profit and cash flow Franking expected to grow over time as profi
Slide 68: ROIC Expected to Exceed WACC Over Time
ROIC expected to exceed WACC over time Accelerating returns driven by operating earnings growth and compounding benefit of capital efficiency Return on Invested Capital (Pro Forma) Improved earnings and capital efficiency driving improvement, closing gap to industry WACC 5.42% (7-8%) in the near ter
Slide 69: Key Drivers Improving Shareholder Returns
Key drivers Growing Mobile Service Revenue Operating leverage in earnings and free improving cash flow shareholder returns Growing and Growing dividends maintaining ROIC over time in line above WACC with simplified policy Notes: future financial performance subject to disclaimer on slide . | Refer t
Slide 70: Questions?
Questions?
Slide 71: Networks, Technology and AI
Networks, technology and AI Emerging themes in telco technology Giovanni Chiarelli
Slide 72: Networks, Technology and AI
Networks, Artificial Intelligence: strategy and real application technology and AI Running networks smarter Focus of discussion LEOSat/UOMO Future direction: advanced use cases
Slide 73: AI Strategy: Reimagine Customer Experience
AI strategy OUR IMPERATIVE: Reimagine customer experience Foundation before acceleration Single IT stack and new data foundation Holistic view Domain-based approach Federated delivery “Speedboats” and “Jet-skis” Centralised governance Culture and skills, responsible AI, architecture
Slide 74: Three AI Models to Power Network Experience Insights
Three AI models to power deeper network experience insights Mobility Experience • Comprehensive experience view • Integrated service operations • Proactive decision-making Residential Experience • Fixed-line experience monitoring • Proactive outreach / issue resolution • Auto-generated recommendatio
Slide 75: Running Networks Smarter
Running networks smarter Shift from peak investment to maximising value from existing assets NETWORK CAPABILITIES 5G for smart devices and new applications MONETISATION Autonomous Network networks 5G core analytics SMART ENABLERS NETWORK OPERATIONS Spectrum NETWORK INFRASTRUCTURE eJV MOCN TAWFA LEOS
Slide 76: LEOSat and UOMO
LEOSat and UOMO An opportunity to extend network reach and resilience to the entire country Strategic impetus: close geographical coverage gap to reduce churn and increase market share in a more efficient way Four components to deliver a reliable service: satellite technology, earth stations, spectr
Slide 77: Future Direction: Advanced Use Cases
Future direction – advanced use cases Enabling customers in their AI-adoption journey Network Network Mobile Machine Type AI-Enabling Slicing APIs IoT Communications Services • Product differentiation • Identity & authentication • Smart metering • Industrial automation • Connectivity for AI • Cloud
Slide 78: Questions?
Questions? _—
Slide 79: Closing Remarks
Closing Remarks Iñaki Berroeta
Slide 80: Thank You
Thank you 79
Slide 81: Disclaimers
Disclaimers The information in this presentation and any oral presentation accompanying it about TPG Past performance Telecom and its activities is current as at 2 June 2026 and is in summary form and is not Past performance information given in this Presentation is given for illustrative purposes o
Slide 82: Glossary
Glossary TERM DEFINITION 1H Six months ended/ending 30 June of the relevant financial year. 2H Six months ended/ending 31 December of the relevant financial year. ACMA Australian Communications and Media Authority. AMPU Average Margin per User. Not adjusted for inclusion of commercial agreements wit
Slide 83: Glossary
Glossary TERM DEFINITION Impacts arising from events such as transactions, redundancy, restructuring, mergers and acquisitions, disposals, impairments and any other items as determined by the Board and Material one-offs management. Exclude such impacts arising from the Vocus Transaction, which are a