Slide 1: TPG Telecom Limited Results for Half Year Ended 30 June 2025 – Investor Presentation
Market Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Sydney, 28 August 2025 TPG Telecom Limited Results for Half Year Ended 30 June 2025 – Investor Presentation Please find attached for immediate release to the market an Investor Presentation concernin
Slide 2: ARC Meeting Submission Draft
ARC MEETING SUBMISSION DRAFT: Subject to further refinement, verification and review 1
Slide 3: Listening to Land - Connecting to Country
‘Listening to Land - Connecting to Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanj), We are 27 Creative. 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 Elder
Slide 4: Agenda
Agenda Results highlights and strategy update 1 Iñaki Berroeta, CEO and Managing Director Review of financial performance 2 John Boniciolli, CFO Outlook 3 Iñaki Berroeta, CEO and Managing Director To seek a better understanding of TPG Telecom performance, users should read this presentation in conju
Slide 5: Results highlights and strategy update
Results highlights and strategy update Iñaki Berroeta, CEO and Managing Director
Slide 6: Results highlights
Results highlights Growth in Mobile subscribers, with increasing earnings and cash flow momentum Mobile Revenue Delivery of Interim Capital subscribers and costs cash flow dividend of management up 100k on target momentum 9 cps plan2 Market-leading growth Service Revenue Operating Free Cash No reduc
Slide 7: Key financial metrics
Key financial metrics Robust EBITDA despite cost of regional network expansion; strong cash flow growth Continuing operations ($m) HY24 HY25 Change Service Revenue 2,016 2,060 2.2% Led by Mobile up 2.2%; Fixed up 0.7% Gross Margin 1,309 1,320 0.8% Up 2.8% excluding $26m regional expansion costs Oper
Slide 8: Mobile trading performance
Mobile trading performance 100,000 net additions to subscriber base with continued ARPU growth Service Revenue and Gross Margin1 ($m) Subscribers (‘000) ARPU ($)1 Service Revenue up 2.2% Vodafone Postpaid growth stronger than other Total ARPU up 33 cents or 1.0% on 1H25 Gross margin broadly flat inc
Slide 9: Mobile subscriber momentum
Mobile subscriber momentum Regional network expansion enabling growth in market share Mobile subscriber net additions (‘000) 200 1 Significant 2 Regional 3 First-half net additions 4 Plan refreshes 5 On track for continued decline in network ahead of TPG expectations occurred in July growth internat
Slide 10: Mobile model evolution
Mobile model evolution Strong growth from strongly profitable digital-first subscription products Category Brands Characteristics 1H25 growth • Premium offering • Multi-channel service including retail stores Premium Postpaid remains a core driver of Postpaid c. 2.9m SIOs +15k margin: longer custome
Slide 11: Fixed broadband trading performance
Fixed broadband trading performance Strong Fixed Wireless growth continues to drive AMPU Service Revenue and Gross Margin1 ($m) Subscribers (‘000) AMPU ($)2 Total Service Revenue up 0.7% NBN continues to be impacted by industry-wide AMPU up 3.3% Gross Margin up 0.6% despite NBN wholesale competition
Slide 12: Making it easy for customers: Superfast speeds in every room
Making it easy for customers: Superfast speeds in every room Vodafone Super Wi-Fi: a game-changer for speed, coverage and reliability Vodafone is the first major telco in Australia to launch latest generation Wi-Fi 7 modem and mesh devices. • Wi-Fi 7 delivers 4x faster speeds1 and stronger performan
Slide 13: People and community
People and community Our Values Customer wellbeing strategy Responsible Selling: Ensuring customers are only sold products and services that genuinely meet their individual needs, delivered with transparency and clarity, without pressure, and free from misleading sales tactics. Domestic and Family V
Slide 14: FY25 strategy deliverables
FY25 strategy deliverables Accelerating benefits for customers and shareholders Run networks smarter Total mobile network sites: Total 5G sites available: Fixed Wireless % of Fixed: FY21: 5,613 FY21: 1,015 FY21: 4% • Activate and deploy regional network sharing Complete FY24: c. 5,800 FY24: 3,771 FY
Slide 15: Review of financial performance
Review of financial performance John Boniciolli, CFO
Slide 16: Income statement summary
Income statement summary Robust EBITDA result and very strong improvement in NPAT Continuing operations ($m) HY24 HY25 Change Pro Forma adj. HY25 Pro Forma Pro Forma: as if new commercial arrangements arising from the Vocus Service Revenue 2,016 2,060 2.2 % — 2,060 Transaction (Transmission and Hand
Slide 17: Cash flow summary
Cash flow summary Strong growth in 1H25, with momentum to accelerate in 2H25 Continuing operations ($m) HY24 HY25 Change Pro Forma adj. HY25 Pro Forma Pro Forma adjustment reflects inclusion of EBITDA 805 813 1.0 % (29) 784 telco costs component of TAWFA and Vision WBA1 Working capital and other mov
Slide 18: Operating expense summary
Operating expense summary Increase of 0.4%, well below inflation, on track to deliver flat opex growth in FY25 Strong and focused cost discipline across all categories in 1H25, with increases in marketing spend to support regional network expansion offset by reductions in consulting fees as well as
Slide 19: EBITDA bridge
EBITDA bridge Revenue growth and cost discipline more than offsetting impact of regional network expansion Movement and Pro Forma adjustments ($m) 1.0% growth reflects modest Gross Pro Forma, guidance basis growth of 0.9% after Margin increase and opex discipline adjusting for impact of new commerci
Slide 20: Capex, depreciation and amortisation summary
Capex, depreciation and amortisation summary Network expenditure to slow further in FY25 Depreciation and amortisation growth of c. 1% in FY24 and similar expected in FY25 Cash capex ($m) Depreciation and amortisation ($m) Capex excluding spectrum down $37 million or 7.3%: peak of 5G rollout Total e
Slide 21: Cash flow outlook
Cash flow outlook Ongoing improvement expected as capex reduces and working capital improves Legacy drivers Drivers of FY25 free cash flow Drivers of medium-term free cash flow • Higher capex reflecting peak of 5G and IT • Capex c. $102m lower on Pro Forma basis • Improving EBITDA outlook including
Slide 22: Leverage reduction
Leverage reduction Balance sheet appropriately geared with significant medium-term headroom to target ratios Material headroom to bank debt Investment grade position established Strong cash flow outlook increasing over time • Deleveraging to occur over remainder • Increasing cash flow with higher •
Slide 23: Debt funding
Debt funding Stable position reflecting strong cash flow Net financing costs ($m) Gross bank debt and lease liabilities ($m) Bank debt maturity ($m), August 2025 Net bank interest expense down $4m, reflecting both Bank borrowings to EBITDA of 2.33 times1 at Refinanced c. $2.1 billion of bank debt fa
Slide 24: Outlook
Outlook Iñaki Berroeta, CEO and Managing Director
Slide 25: Capital management and liquidity plan
Capital management and liquidity plan Capital Reduction Reinvestment Plan Debt Repayment Dividend Policy • Return of up to $3 billion to • Designed to increase minority • $1.7 billion of bank • Interim FY25 dividend of 9 all shareholders via pro ownership, improve free-float borrowings repaid in cen
Slide 26: Reinvestment Plan strategy
Reinvestment Plan strategy Attractive reinvestment option for TPG minority shareholders, aimed at offsetting the potential free-float market capitalisation impact of the Capital Reduction and increasing minority ownership Objective: to increase minority ownership, improve free float liquidity, and m
Slide 27: FY25 guidance
FY25 guidance Provided on Pro Forma basis Range Drivers EBITDA $1,605m to $1,655m • Pro Forma guidance reflects previous FY25 guidance of $1,950m to $2,025m, (excluding adjusted to: material one-offs) • Exclude any contribution of Discontinued Operations (i.e. EGW Fixed, network infrastructure, Visi
Slide 28: Delivering on our long-term value proposition
Delivering on our long-term value proposition Australian-only focus and 1H25 progress driving key metrics to grow shareholder value essential nature of our services keep operating risk low Growing Mobile Large market share growth Mobile subscribers up 100k market opportunity in Mobile Annual Nationa
Slide 29: Questions and answers
Questions and answers
Slide 30: Appendices
Appendices
Slide 31: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 30 June of the relevant financial year. MOCN Multi-operator core network sharing arrangement. 2H Six months ended/ending 31 December of the relevant financial year. MVNO Mobile virtual network operator. AMPU Average margin per user.
Slide 32: Pro Forma 1H25 reconciliation
Pro Forma 1H25 reconciliation Group New commercial ($m) (Continuing and Assets sold Continuing operations Pro Forma arrangements discontinued operations) Income statement Service Revenue 2,354 (294) 2,060 — 2,060 Handset and hardware revenue 388 — 388 — 388 Total revenue 2,742 (294) 2,448 — 2,448 Ot
Slide 33: Return on Invested Capital
Return on Invested Capital HY24 Pro HY25 Pro Continuing operations ($m) HY24 HY25 Change HY24 PF adj. HY25 PF adj. Change Forma Forma Statutory EBIT 199 205 6 43 46 156 160 4 Add back acquired customer base amortisation 50 50 — — — 50 50 — Add back material one-offs 2 3 1 — 1 2 2 — EBIT adjusted for
Slide 34: Revenue by product and gross margin by segment
Revenue by product and gross margin by segment Continuing operations Revenue ($m) Gross margin ($m) 1H25 2,237 211 2,448 Consumer Group EGW 1H24 2,205 195 2,400 1,183 136 1 1H25 1,320 Total Mobile 1,291 29 1H25 1,050 834 4 349 2,237 Fixed Consumer Other Handsets 1H24 1,028 829 3 345 2,205 and hardwa
Slide 35: Mobile and Fixed metrics
Mobile and Fixed metrics 2H23 1H24 2H24 1H25 Mobile (overall) Subs (‘000) 5,415 5,479 5,514 5,615 ARPU ($) $34.62 $34.64 $35.62 $34.97 Mobile Postpaid Subs 2,942 2,895 2,846 2,861 ARPU $47.45 $47.67 $49.26 $48.51 Mobile Prepaid1 Subs 2,183 2,196 2,275 2,361 ARPU $19.39 $19.77 $20.66 $20.74 Data SIMs
Slide 36: Disclaimer
Disclaimer International Financial Reporting Standards (IFRS) Past performance This presentation includes certain non-IFRS financial measures. These non-IFRS financial Past performance information given in this Presentation is given for illustrative purposes only measures are used by management to a