Slide 1: Capital Management and Pro Forma Financial Information
Capital Management and Pro Forma Financial Information 5 August 2025 ASX: TPG 1
Slide 2: Acknowledgement of Traditional Custodians
TPG Telecom acknowledges the Traditional Custodians of Country throughout Australia and the lands on which we and our communities live, work and connect. We pay our respects to their Elders, past and present. ‘Listening to Land - Connecting to Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji)
Slide 3: Disclaimer
Disclaimer International Financial Reporting Standards (IFRS) Not financial product advice This presentation includes certain non-IFRS financial measures. These non-IFRS financial This Presentation is for information purposes only and is not financial product or investment measures are used by manag
Slide 4: Agenda
Agenda 1 Introduction 2 Capital management 3 Pro Forma financials and FY25 guidance 4 1H25 trading update 5 Conclusion and Q&A 4
Slide 5: Vocus Transaction complete: net cash proceeds of $4.7 billion
Vocus Transaction Proposed cash Reinvestment Debt Repayment of complete: net distribution of up to Plan of up to up to $2.4 billion cash proceeds $3 billion through pro $688 million to of bank borrowings of $4.7 billion rata Capital Reduction increase minority ownership Confident Dividend Policy: Pr
Slide 6: Sale of fibre and EGW Fixed assets
Sale of fibre and EGW Fixed assets Simplifying TPG and establishing infrastructure sharing Separation and transition activities Vocus Transaction completed 31 July 2025 completing as expected Low-cost access model established enabling scalable cost base as customer and data volumes grow Exited sub-s
Slide 7: Iñaki Berroeta, Chief Executive Officer and Managing Director
Iñaki Berroeta Chief Executive Officer and Managing Director 7
Slide 8: Capital management and liquidity plan
Capital management Designed to reward all shareholders and rebalance the share register to increase minority shareholder ownership and liquidity plan Capital Reduction Reinvestment Plan Debt Repayment Dividend Policy • Return of up to $3 billion to all • Up to $688 million in new • Targeting up to $
Slide 9: Capital Reduction and Reinvestment Plan
Capital Reduction and Reinvestment Plan Equal cash distribution to all shareholders with minorities able to increase their ownership Capital Reduction Reinvestment Plan Target amount: Up to $3,000 million Starting shares on issue: 1,859 million Shares on issue: 1,859,341,669 Strategic Shareholders:
Slide 10: Debt Repayment
Debt Repayment Borrowing profile transformed through refinancing and repayment Bank debt @ 30 Jun: c. $4.1b Targeting to repay up to $2.4 billion of bank debt from the following sources: Target bank debt @ 31 Dec: c. $1.7b • c. $1.7 billion from Vocus Transaction proceeds • Targeted $688 million fro
Slide 11: Leverage reduction
Leverage reduction On track to reduce total financial leverage by $2.4 billion since 2020 merger July 20 Dec 24 Dec 25 actual actual Pro Forma forecast1 Increase primarily reflects 2022 Towers Sale and Leases $1.1b $2.2b c. $2.8b TAWFA post Vocus Transaction Pro Forma assumes full subscription of Re
Slide 12: Dividend Policy
Dividend Policy Simplified approach targeting strong, predictable and growing income stream Cash flow and dividends ($m) Targeting FY25 dividend of 18 cents per share (same as FY24) Growth over time with cash flow and profit 449 Future cash flow expected to grow due to: 335 334 • Underlying earnings
Slide 13: Capital management timetable
Vocus Record date for Capital Capital Reduction distribution Transaction 1H25 results Reduction and made and Reinvestment Plan close announced Reinvestment Plan shares issued Commence Debt Repayment Reinvestment Plan election period 31 5 28 EARLY SEP EARLY OCT LATE OCT JULY AUG AUG Capital managemen
Slide 14: John Boniciolli, Chief Financial Officer
John Boniciolli Chief Financial Officer 14
Slide 15: Definition of Pro Forma financial information
Definition of Pro Forma financial information Vocus Transaction has delivered a simpler TPG with a more predictable cash cost base Key steps in deriving Pro Forma financial information (vs. status quo) Removal of divested assets Annual impact to revenue and Annual impact to leases, capex and operati
Slide 16: Summary of Pro Forma annual financial information
Summary of Pro Forma annual financial information A simplified and stronger TPG Expected ($m) FY23 FY24 Change ($b) opening Income statement Balance sheet balance 1/8/2025 Total revenue 4,894 4,904 0.2% Right-of-use assets 1.76 Cost of telecommunications services (1,532) (1,500) 2.1% Lease liabiliti
Slide 17: FY25 guidance
FY25 guidance Provided on Pro Forma basis Reset FY25 guidance Drivers EBITDA $1,605m to $1,655m • Pro Forma guidance reflects previous FY25 guidance of $1,950m to $2,025m, (excluding adjusted to: material one-offs) • Exclude any contribution of Discontinued Operations (i.e. EGW Fixed, network infras
Slide 18: Reaffirming additional financial targets
Reaffirming additional financial targets Further strengthening our cash flow performance as investment cycle passes peak Targeting a further: Free cash flow Targeted cost reduction is gross Strong contribution anticipated in Opex c. $100m efficiency prior to the impact of inflation and is expected t
Slide 19: John Boniciolli, Chief Financial Officer
John Boniciolli Chief Financial Officer 19
Slide 20: Increased coverage nationally helping TPG's brands grow mobile share
Increased coverage nationally helping TPG’s brands grow subscriber market share in Mobile since MOCN launch Sydney Next six cities Other towns Rural TPG share c. 30% TPG share c. 20% TPG share c. 5-15% TPG share <5% Share unchanged Share up c. 0.5% Share up c. 1.0% Share up c. 0.5% c. 5m people c. 1
Slide 21: Mobile and fixed subscribers, ARPU and AMPU
Mobile subscribers Mobile ARPU Fixed subscribers Fixed AMPU 5.615m $34.97 2.021m $26.11 c.100k $0.33 55k $0.84 Strong growth following Strong response to the NBN -73k Modest increase in NBN launch of network sharing “double data” offer Vision +2k AMPU combined with arrangement Postpaid: $48.51,
Slide 22: Pro Forma 1H25 key metrics (unaudited)
Pro Forma 1H25 key metrics (unaudited) Strong growth following MOCN launch 1H24 Pro 1H25 Pro ($m) Comments Forma1 Forma1 Robust trading performance following MOCN launch on 30 January and TPG Total revenue 2,400 2,448 rebrand in April; expected growth approximately 2.0% vs. PCP Approximately 0.6% hi
Slide 23: Conclusion
Conclusion Iñaki Berroeta Chief Executive Officer and Managing Director 23
Slide 24: Strategy for long-term value creation
Strategy for long-term value creation Ongoing delivery achievements setting us to be more competitive 24
Slide 25: Investment highlights summary
Australian-only focus Improved capital structure, and essential nature balance sheet and scalable cost Consistent returns of our services keep position from focus on from simplified operating risk low infrastructure sharing Dividend Policy Large market share Strong cash flow growth opportunity outlo
Slide 26: Questions and answers
Questions and answers 26
Slide 27: Appendices
Appendices 27
Slide 28: Pro Forma financial information FY23
Pro Forma financial information FY23 ($m) FY23 Reported Assets sold New Pro Forma commercial arrangements Income statement Total revenue 5,533 (639) - 4,894 Changed commercial arrangements includes TAWFA c. $60m per year (previously planned as operating Cost of telecommunications services (1,544) 14
Slide 29: Pro Forma financial information FY24
Pro Forma financial information FY24 ($m) FY24 Reported Assets sold New Pro Forma commercial arrangements Income statement Total revenue 5,520 (616) - 4,904 Changed commercial arrangements includes TAWFA c. $60m per year (previously planned as operating Cost of telecommunications services (1,521) 14
Slide 30: Pro Forma financial information 1H24
Pro Forma financial information 1H24 ($m) 1H24 Reported Assets sold New commercial Pro Forma arrangements Income statement Total revenue 2,711 (311) - 2,400 Cost of telecommunications services (744) 71 (64) (737) Cost of handsets and hardware (382) - - (382) Gross margin 1,585 (240) (64) 1,281 Opex
Slide 31: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 30 June of the relevant financial year MOCN Multi-operator core network sharing arrangement 2H Six months ended/ending 31 December of the relevant financial year MVNO Mobile virtual network operator Operating Free Measures cash flow