Slide 1: Full year 2026 results
Full year 2026 results Copyright Telstra © 1
Slide 2: Disclaimer
Disclaimer Forward -looking statements This presentation includes forward - looking statements. The forward - looking statements are based on assumptions and information k nown by Telstra as at the date of this presentation, are provided as a general guide only and are not guarantees or predictio ns
Slide 3: Full year 2026 results – Vicki Brady, CEO
Full year 2026 results Vicki Brady – Chief Executive Officer Copyright Telstra © 3
Slide 4: Full year 2026 results
Full year 2026 results EBITDAaL EBIT NPAT EPS $8.2b +3.0 % $4.0b + 1.7% $2.4b +2.7% 19.9cps +5.3% 1,2 1,2 1 Cash EPS 1 Underlying EBITDAaL Cash EBIT Underlying NPAT $8.3b +4.0 % $4.7b +8.0 % $2.5b + 4.9 % 25.5cps +14% Total dividend 3 Customer experience ROIC On -market share 8.8% +0.3 pp buy -back
Slide 5: Our ambition is to be the number one choice for connectivity in Australia
Our ambition is to be the number one choice for connectivity in Australia Our three layers and goals Our four enablers Customer Engagement People & culture To lead in how we anticipate and deliver on the connectivity needs of our customers Technology leadership Network as a Product To build and oper
Slide 6: Customer Engagement
Customer Engagement Focused on making interactions easier, more personal and more valuable for customers • Customer support available across more hours and channels, including 24/7 faults support • Expanded AI and self -service functionality driving greater digital resolution of customer enquiries;
Slide 7: Network as a Product
Network as a Product Network leadership and resilience • Australia's leading mobile network. Invested $9.5b+ in our mobile network nationally over last 5 years, with $3.8b of this in regional areas • Invested $19b+ overall capex and spectrum over last 5 years • Annual investment in networks and digi
Slide 8: Digital infrastructure
Digital infrastructure Capturing AI -driven demand • Strong AI -driven demand signals for our digital infrastructure assets • Long -term contracts secured with leading cloud and AI providers including Google, AWS and Firmus. Microsoft foundational partner on Aura Network • Over halfway through Aura
Slide 9: Enablers
Enablers Building AI capability and technology leadership at scale • Data & AI capability for our people (refer to Appendix for key Data & AI initiatives) – 15,000+ of our people completed at least one Data & AI course in FY26 – 86% of our people with a Copilot licence used it at least weekly in Jun
Slide 10: FY27 priorities and outlook
FY27 priorities and outlook Delivering Connected Future 30 targets, including cash earnings growth, underlying ROIC and positive operating leverage 1. Accelerate mobile transformation, including ongoing investment in network resilience 2. Continue to evolve our Network as a Product offerings 3. Tran
Slide 11: Full year 2026 results – Michael Ackland, CFO
Full year 2026 results Michael Ackland – Chief Financial Officer Copyright Telstra © 11
Slide 12: Full year 2026 results
Full year 2026 results Strong cash earnings growth, reported results impacted by higher D&A and non -cash impairments FY25 FY26 Change • Earnings per share (EPS) growth of 5% Total income $23.6b $23.4b -0.9% • Total income lower primarily due to divestments, product rationalisation and FX EBITDAaL $
Slide 13: Cash earnings
Cash earnings Strong growth from disciplined cost and investment supporting sustainable returns FY25 FY26 Change • Underlying EBITDAaL 1,2 growth of $320m or 4% Underlying EBITDAaL 1,2 $8,021m $8,341m 4.0% • Disciplined BAU capex included increased mobile investment offset by lower IT spend followin
Slide 14: Product detail
Product detail Growth across Mobiles, Fixed - C&SB, Infrastructure and Other FY25 FY26 Change Change $m • Mobile growth from service revenue growth, partly offset by higher costs Mobile $5,261m $5,436m 3.3% 175 • Fixed - C&SB growth from cost discipline and fixed wireless Fixed - C&SB $363m $412m 13
Slide 15: Mobile
Mobile Ongoing growth supported by leading mobile network and customer -focused propositions $11.4b $5.4b Mobile service revenue $m 1 ARPU - handheld 2,3 - $/mth +3.7% on PCP FY26 Income 1 3% FY26 EBITDA 1 3% +4.8% on PCP 45.33 • Mobile service revenue 4.8% growth supported 43.71 by handheld price
Slide 16: Fixed - C&SB
Fixed - C&SB Earnings growth with strong cost management and improved product propositions $4.2b $412m Fixed - C&SB EBITDA Bundles & data ARPU +2.6% on PCP - $/mth FY26 Income ▼3% FY26 EBITDA 13.5% $m 89.32 +13.5% on PCP • EBITDA growth from cost discipline and 5G 87.08 fixed wireless growth, partl
Slide 17: Fixed - Enterprise
Fixed - Enterprise Strong progress on product simplification, portfolio and cost management $3.2b $199m Fixed - Enterprise income 1 Fixed - Enterprise EBITDA 1 FY26 Income 1 ▼8% FY26 EBITDA 1 ▼17% $m $m -8.1% on PCP -16.7% on PCP • Fixed - Enterprise income decline with continued pressure on Data &
Slide 18: International
International Significant Wholesale & Enterprise refocus initiatives, Digicel Pacific growth excl. FX and one -offs A$2.3b A$ 654m Wholesale & Enterprise EBITDA 1 Digicel Pacific EBITDA FY 26 Income 1 -11% FY 26 EBITDA 1 -3.5% A$m A$m • Wholesale & Enterprise : +3% on PCP in A$ -10% on PCP in A$
Slide 19: Infrastructure
Infrastructure Ongoing growth in digital infrastructure; significant increase in sales pipeline and more signings • InfraCo Fixed income growth of 2.5% InfraCo Fixed income - $m nbn revenue - $m – External income growth of 3.6% from nbn +2.5% on PCP +2.5% on PCP recurring receipts, copper recovery a
Slide 20: Operating leverage
Operating leverage Strong cost management supports operating leverage FY25 FY26 Change Change $m • Positive operating leverage 2,3 of +2.0pp 1 • Cash EBIT costs lower with ongoing cost Sales costs $7,889m $7,564m - 4.1% -325 discipline, divestments and product rationalisation Fixed costs $7,036m $6,
Slide 21: Net debt
Net debt Strong capital position and liquidity FY25 1H26 FY26 • Net debt increase of $0.9b since FY25 includes $0.3b derivative valuation change and $1.25b share buy -back Net debt $16.4b $16.8b $17.3b • Lower average cost of debt to 4.8% Debt servicing (comfort zone 1.75 - 2.25x) 1 1.9x 1.9x 2.0x •
Slide 22: FY27 guidance
FY27 guidance FY26 FY27 guidance 1 Underlying EBITDAaL 2 $8,341m $8.5b to $8.8b Business - as - usual capex 3 $3,365m $3.35b to $3.65b Cash EBIT 4 $4,659m $4.75b to $4.95b Strategic investment 5 $457m $0.2b to $0.3b 1. This guidance excludes material one -offs, such as mergers and acquisitions, disp
Slide 23: Delivering growth and shareholder value creation
Delivering growth and shareholder value creation ▪ Cash earnings 1 +12% to $2.9b in FY 26 Growth in core 1 business cashflow ▪ Earnings growth led by Mobile and Infrastructure ▪ Positive operating leverage 1,2 of +2.0pp in FY2 6 ▪ Portfolio management including sale of Alliance Automation, MTData an
Slide 24: Thank you
Thank you For more information refer to: www.telstra.com.au/aboutus/investors Copyright Telstra © 24
Slide 25: Appendix
Appendix Copyright Telstra © 25
Slide 26: Telstra at a glance
Telstra at a glance >1mshareholders >1m shareholders $55bmarket $46b marketcapitalisation capitalisation Public Public ASX20 ASX20 company company Size and scale 1 FY26 FY24 $23b $23b total total income income A-/A2investment A-/A2 investmentgrade graderating ratingfrom fromS&P S&Pand andMoody’s Moo
Slide 27: Sustainability
Sustainability Creating a Helped 1.4m customers in vulnerable circumstances Supported the digital inclusion of 177,000 people, stay connected including almost 35,000 in the NT, SA and TAS better digital world Partnered with WESNET to deliver >50,000 phones to victim - Supported social and community
Slide 28: Capital management framework
Capital management framework Fiscal discipline Objectives Maximise returns for Maintain financial Retain financial shareholders strength flexibility 1 Committed to balance sheet settings consistent with an A band credit rating 2 Disciplined BAU capex to support core business growth 3 Sustainable and
Slide 29: Connected Future 30 – progress
Connected Future 30 – progress Status legend ● On track for delivery ● Progress made* ● Not on track Key targets Status Progress 1 Grow strategic NPS by more than 50% by FY30 ● FY26 strategic NPS uplift of 1 point on PCP Customer Top 10 strongest brand in Australia. Ranked 9th strongest brand in Jan
Slide 30: Key Data & AI initiatives
Key Data & AI initiatives 1 AI initiative Metric Benefits Agentic Customer AI - contained calls Use AI to improve call containment and reduce transfers to improve customer experience Care B2B Sales AI - enabled sales Increased sales productivity through AI - assisted proposal generation and customer
Slide 31: Strategic investment: Aura Network and Viasat
Strategic investment: Aura Network and Viasat Satellite ground stations/ teleport sites Data centres Six routes completed: • Sydney to Melbourne Express path coastal via Canberra (Oct -25) Foundation path • Sydney to Melbourne Path subject to demand central via Canberra (Jun -26) • Sydney to Perth a
Slide 32: Detailed financials
Detailed financials Copyright Telstra © 32
Slide 33: Underlying earnings reconciliation to reported earnings
Underlying earnings reconciliation to reported earnings 1,2 Reported Guidance adjustments 2,3 Underlying % Change FY25 1H26 2H26 FY26 FY25 1H26 2H26 FY26 FY25 1H26 2H26 FY26 vs PCP 1 Total income $23,610m $11,845m $11,560m $23,405m -$47m - -$25m -$25m $23,563m $11,845m $11,535m $23,380m -0.8% Operat
Slide 34: Cash earnings
Cash earnings $ Change % Change FY23 FY24 FY25 1H26 2H26 FY26 vs PCP vs PCP 1 Underlying EBITDA $7,950m $8,243m $8,621m $4,472m $4,446m $8,918m $297m 3.4% Leases 1 $574m $619m $600m $287m $290m $577m -$23m -3.8% 1, 2 Underlying EBITDAaL $7,376m $7,624m $8,021m $4,185m $4,156m $8,341m $320m 4.0% BAU
Slide 35: D&A vs cash earnings equivalent
D&A vs cash earnings equivalent $ Change % Change FY23 FY24 FY25 1H26 2H26 FY26 vs PCP vs PCP BAU capex 1 $3,297m $3,405m $3,388m $1,546m $1,819m $3,365m -$23m -0.7% Leases 1 $574m $619m $600m $287m $290m $577m -$23m -3.8% Spectrum amortisation $296m $281m $321m $161m $156m $317m -$4m -1.2% BAU cape
Slide 36: Cashflow supporting investment, dividends and buy-backs
Cashflow supporting investment, dividends and buy -backs FY25 1H26 2H26 FY26 Change • FY26 Working capital and other 2 reflects Cash EBIT 1 $4,312m $2,478m $2,181m $4,659m 8.0% strong management offset by ~$250m cash 2 outflow associated with nbn true -up. FY25 Working capital and other -$107m -$422
Slide 37: Dividends and buy-backs
Dividends and buy -backs % Change FY24 FY25 1H26 2H26 FY26 vs PCP Earnings per share (EPS) Basic EPS (cents) 14.1 18.9 9.9 10.0 19.9 5.3% Underlying EPS 1 (cents) 18.5 19.1 10.1 10.3 20.4 6.8% Cash EPS 1 (cents) 20.0 22.4 14.0 11.5 25.5 13.8% Dividends Ordinary dividend - franked (cents per share) 1
Slide 38: Operating leverage
Operating leverage FY23 FY24 FY25 1H26 2H26 FY26 1 Underlying income $23,173m $23,401m $23,563m $11,845m $11,535m $23,380m Underlying operating expenses $15,196m $15,142m $14,925m $7,382m $7,089m $14,471m Share of loss/(gain) from associates $27m $16m $17m -$9m $0m -$9m Leases 1 $574m $619m $600m $2
Slide 39: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) % Change FY24 FY25 1H26 2H26 FY26 vs PCP 1 Underlying NPAT $2,306m $2,347m $1,228m $1,233m $2,461m 4.9% Add back: Net finance costs (less tax shield at 30%) $409m $447m $232m $236m $468m 4.7% 1 Underlying NOPAT $2,715m $2,794m $1,460m $1,469m $2,929m 4.8% Underlying
Slide 40: Capital management
Capital management Diversified sources of debt 1,2 Bond debt maturity profile 1 Average bond debt maturity 5.4 years Bank Loans $AUD billions 19% 1.4 AUS Bonds New bond issuances in FY26 21% 1.2 19% Bank Loans 1.0 Commercial Paper 81% 18% Debt Capital 0.8 Markets 0.6 EUR Bonds CHF Bonds 3% 35% 0.4 U
Slide 41: Product performance | Income
Product performance |Income 1 $ Change % Change FY24 FY25 1H26 2H26 FY26 vs PCP vs PCP Mobile $10,722m $11,015m $5,769m $5,599m $11,368m $353m 3.2% Fixed - C&SB $4,355m $4,299m $2,120m $2,057m $4,177m -$122m -2.8% Fixed - Enterprise 2 $3,456m $3,445m $1,608m $1,559m $3,167m -$278m -8.1% Fixed - Acti
Slide 42: Product performance | Operating expenses
Product performance |Operating expenses $ Change % Change FY24 FY25 1H26 2H26 FY26 vs PCP vs PCP Mobile $5,696m $5,754m $3,074m $2,858m $5,932m $178m 3.1% Fixed - C&SB $4,101m $3,936m $1,900m $1,865m $3,765m -$171m - 4.3% Fixed - Enterprise $3,320m $3,206m $1,521m $1,447m $2,968m -$238m -7.4% Fixed
Slide 43: Product performance | EBITDA and EBITDAaL
Product performance |EBITDA and EBITDAaL $ Change % Change FY24 FY25 1H26 2H26 FY26 vs PCP vs PCP Mobile $5,026m $5,261m $2,695m $2,741m $5,436m $175m 3.3% Fixed - C&SB $254m $363m $220m $192m $412m $49m 13.5% Fixed - Enterprise $136m $239m $87m $112m $199m -$40m -16.7% Fixed - Active Wholesale $94m
Slide 44: Product performance | Mobile
Product performance |Mobile Change • Mobile services income growth across all products 2H25 FY25 1H26 2H26 FY26 vs PCP • Postpaid handheld revenue growth of 3.4% driven by Mobile income $5,448m $11,015m $5,769m $5,599m $11,368m 3.2% +3.8% ARPU growth. 2H ARPU growth offset by remediation 1 costs, le
Slide 45: Product performance | Mobile physicals
Product performance |Mobile physicals Mobile handheld users 1 FY24 1H25 2H25 FY25 1H26 2H26 FY26 • FY25 postpaid handheld SIOs +162k adjustments to net adds: Reported total 14,447k 14,566k 14,532k 14,532k 14,667k 14,806k 14,806k – 64k SIM disconnections acquired during COVID -era not used (1H25 Post
Slide 46: Product performance | Fixed - C&SB
Product performance |Fixed - C&SB Change • Core connectivity income decline from lower nbn 2H25 FY25 1H26 2H26 FY26 SIOs and continued voice and legacy decline, partly vs PCP offset by higher Bundles & data ARPU and growth in 5G Fixed - C&SB income 1 $2,125m $4,299m $2,120m $2,057m $4,177m -2.8% fix
Slide 47: Product performance | Fixed - Enterprise
Product performance |Fixed - Enterprise Change • Data & Connectivity (DAC) income decline with 2H25 FY25 1H26 2H26 FY26 ARPU compression from competition, renewals and vs PCP technology change as well as service rationalisation, DAC income $331m $679m $317m $320m $637m -6.2% predominantly in 1H DAC
Slide 48: Product performance | International
Product performance |International Change Change • Wholesale & Enterprise external income AUD 2H25 FY25 1H26 2H26 FY26 vs PCP vs PCP declined due the divestment of the Constant currency wholesale voice business and NAS normalised 4 • Wholesale & Enterprise EBITDA reported Wholesale & Enterprise inco
Slide 49: Product performance | InfraCo Fixed
Product performance |InfraCo Fixed Change • InfraCo Fixed income growth from nbn recurring, 2H25 FY25 1H26 2H26 FY26 vs PCP copper recovery and satellite ground stations • nbn recurring income from nbn Co for use of pits, ducts, InfraCo Fixed income $1,334m $2,710m $1,370m $1,409m $2,779m 2.5% fibre
Slide 50: Product performance | Fixed - Active Wholesale
Product performance |Fixed - Active Wholesale Change • Fixed -Active Wholesale income decline across 2H25 FY25 1H26 2H26 FY26 multiple product portfolios vs PCP • Data & connectivity income decline from customer Fixed - Active Wholesale income $170m $349m $166m $163m $329m -5.7% exits and lower usag
Slide 51: Product performance | Amplitel
Product performance |Amplitel Change • Amplitel income growth from additional site licences, 2H25 FY25 1H26 2H26 FY26 contractual escalations, new tower builds, 5G upgrades vs PCP requiring additional area on towers and services Amplitel income $235m $470m $242m $245m $487m 3.6% • External income in
Slide 52: Segment income
Segment income Underlying income 1 Segment Product FY25 1H26 2H26 FY26 % Chg vs PCP Mobile $7,283m $3,791m $3,631m $7,422m 1.9% Fixed - C&SB $3,564m $1,771m $1,730m $3,501m -1.8% Telstra Consumer Other $15m $11m $7m $18m 20.0% Total $10,862m $5,573m $5,368m $10,941m 0.7% Mobile $1,835m $978m $975m $
Slide 53: Glossary
Glossary Term Definition (unless separately defined in the slides) Term Definition (unless separately defined in the slides) Financial Financial (cont.) Business -as -usual (BAU) capex is measured on an accrued basis and excludes spectrum, Strategic investment capex is measured on an accrued basis a