Slide 1: ASX announcement cover letter
Market Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Sydney, 21 August 2026 TPG Telecom Limited Results for Half Year Ended 30 June 2026 – Investor Presentation For personal use only Please find attached for immediate release to the market an Investor
Slide 2: Half Year Results 2026
For personal use only 2026 Results Half Year
Slide 3: Acknowledgement of Traditional Custodians
For personal use only TPG Telecom acknowledges the Traditional Custodians of Country throughout Australia and the lands on which we and our communities live, work and connect.
Slide 4: Agenda
Agenda For personal use only Results highlights and business update 1 Iñaki Berroeta, CEO and Managing Director 2 Review of financial performance John Boniciolli, CFO 3 Outlook Iñaki Berroeta, CEO and Managing Director 4 Q&A All figures on a Continuing Operations basis, unless otherwise stated. To s
Slide 5: Results highlights and business update
Results highlights For personal use only and business update Iñaki Berroeta CEO and Managing Director Confidential
Slide 6: Key messages
Key messages 1H26 momentum positions TPG for a stronger second half and continued growth into FY27 For personal use only Enhanced network Strong Mobile Cash flow ROIC and dividends driving growth performance momentum building growing Mobile network coverage Mobile Gross Margin up Sustained growth fr
Slide 7: Performance highlights
Performance highlights Strong results underpinned by Mobile growth and focused cost discipline For personal use only Mobile subscribers Gross Margin Operating Free Cash Flow ROIC p64k $1,329m $199m 6.07% to 5,806k p 2.9% p 16.4% p 1.24 ppt Mobile ARPU EBITDA Free Cash Flow to Equity Underlying EPS $
Slide 8: Mobile
Mobile ARPU growth across all products accelerating into 2H26 following recent plan refreshes KEY CALLOUTS: ARPU ($) Subscribers (‘000) For personal use only Total 1H26 subscriber growth of 64k reflects market- leading growth across Postpaid, Digital First and Prepaid segments +0.5% +64 / +1.1% 1H26
Slide 9: Home Broadband
Home Broadband Improved outlook for subscriber numbers in 2H26 following stabilisation initiatives KEY CALLOUTS: AMPU1 ($) Subscribers (‘000) For personal use only NBN churn reduced 1.1ppt in 1H26 vs 1H25 and high- speed (NBN100 plus) now 56% of NBN base +0.2% Fixed Wireless returned to growth in 2Q
Slide 10: Service Revenue and Gross Margin
Service Revenue and Gross Margin Mobile margin expansion expected to accelerate in 2H26 with improving Home Broadband margin KEY CALLOUTS: Mobile ($m) Home Broadband ($m) For personal use only Mobile Gross Margin +4.2% and greater than Mobile Service Revenue growth Mobile Gross Margin growth more th
Slide 11: Delivering our strategy
Delivering our strategy STRATEGY PILLAR 1H26 DELIVERED LOOKING AHEAD For personal use only • 150% increase in regional data usage post MOCN • Explore further network sharing opportunities Run networks • Three new MVNO partnerships • Engage in ACCC domestic roaming review smarter • Successful deliver
Slide 12: Review of financial performance
Review of financial For personal use only performance John Boniciolli CFO
Slide 13: Key financial metrics
DRAFT all figures Key financial metrics under review Mobile Service Revenue growth, cost discipline and capital efficiency delivering for shareholders HY25 ($M) HY26 CHANGE PRO FORMA1 For personal use only Service Revenue 2,060 2,071 0.5% Gross Margin growth > Service Revenue growth Gross Margin 1,2
Slide 14: Profit summary
DRAFT all figures Profit summary under review Operating leverage and cost discipline convert revenue growth into accelerated profit growth HY25 CHANGE ($M) HY25 HY26 PRO FORMA1 PRO FORMA For personal use only Service Revenue 2,060 2,060 2,071 0.5% Handset and hardware revenue 388 388 354 (8.8)% Tota
Slide 15: Cash flow summary
DRAFT all figures Cash flow summary under review EBITDA growth and debt reduction have driven material increase in cash available to shareholders HY25 HY25 HY26 CHANGE ($M) GROUP PRO FORMA1 GROUP PRO FORMA For personal use only EBITDA 967 784 821 4.7% Income tax paid — — (21) Tax payable after histo
Slide 16: Operating costs
Operating costs Cost savings ahead of schedule despite high inflationary environment KEY CALLOUTS: Operating expenses (Guidance basis) ($m) For personal use only Strong first-half cost outcome with minimal increase despite high inflation 505 +3m / +0.6% 508 Savings arising from business simplificati
Slide 17: Capital investment
Capital investment Investment discipline contributing to improved profitability and cash flow CAPEX: Capex ($m) For personal use only FY26 cash capex weighted toward first-half but ongoing annual run-rate reductions continuing 473 428 431 343 FY26 additions expected to be approximately $750m 301 277
Slide 18: Capital management
Capital management De-risked financial position and confidence in cash flow outlook supports increased dividend Dividends Financial leverage Bank borrowings For personal use only 1H26 increase reflects stronger cash flow Operating momentum driving debt/EBITDA Total facilities reduced by $400m in 1H2
Slide 19: Outlook
Why do fundamental investors want to own TPG Outlook For personal use only Iñaki Berroeta CEO and Managing Director Confidential
Slide 20: Shareholder value proposition
DRAFT all figures Shareholder value proposition under reviewed Delivering strategic initiatives to improve financial performance and strengthen our investment case 1H25 1 1H26 FY26 outlook Medium-term direction (FY27–29) For personal use only Mobile Service Revenue Continued growth supported by expe
Slide 21: FY26 guidance unchanged
DRAFT all figures FY26 guidance unchanged under reviewed All guidance is subject to no material change in operating conditions FY25 OUTCOME For personal use only FY26 GUIDANCE (PRO FORMA) DRIVERS EBITDA $1,637m $1,665m to EBITDA growth driven by strong performance and continued (excluding $1,735m gr
Slide 22: Questions?
Questions? For personal use only 21 Confidential
Slide 23: Appendices
For personal use only Appendices 22
Slide 24: Revenue and Gross Margin
Revenue and Gross Margin Continuing operations ($m) REVENUE ($M) GROSS MARGIN ($M) For personal use only HY25 HY26 CHANGE HY25 HY26 CHANGE Group 2,448 2,425 (0.9)% 1,320 1,329 0.7% Mobile 1,050 1,081 3.0% Home Broadband 834 816 (2.2)% Consumer Other1 0 0 n.m Handsets and hardware 349 318 (8.9)% Tota
Slide 25: Mobile and Home Broadband metrics
Mobile and Home Broadband metrics 2H24 1H25 2H25 1H26 Mobile (overall) Subs (‘000) 5,514 5,614 5,742 5,806 For personal use only ARPU ($) $35.62 $34.97 $35.92 $35.21 Mobile - Postpaid Subs (‘000) 2,846 2,861 2,846 2,846 ARPU ($) $49.26 $48.51 $50.02 $48.75 Mobile - Digital First Subs (‘000) 611 667
Slide 26: Balance sheet summary
DRAFT all figures Balance sheet summary under review Transformation of our financial position ($M) 31/12/2025 30/6/2026 CHANGE For personal use only Trade and other receivables 687 571 (116) Enduring capital efficiency improvement delivered through implementation of new handset receivables financing
Slide 27: Pro Forma reconciliation
Subject to AUP review Pro Forma reconciliation HY25 GROUP HY26 CHANGE For personal use only (CONTINUING AND CONTINUING NEW COMMERCIAL HY25 ($M) DISCONTINUED OPERATIONS) ASSETS SOLD OPERATIONS ARRANGEMENTS PRO FORMA Income statement Service Revenue 2,354 (294) 2,060 — 2,060 2,071 0.5 % Handset and ha
Slide 28: Earnings per share
Earnings per share HY25 HY26 PRO FORMA HY25 PRO FORMA & CHANGE VS For personal use only CONTINUING OPERATIONS ($M) HY25 HY26 CHANGE ADJ PRO FORMA STAT PRO FORMA Statutory NPAT 32 35 3 (52) (20) 35 55 Acq. Customer base amortisation (tax affected) 35 35 — — 35 35 — Adj. for material one-offs (tax aff
Slide 29: Return on Invested Capital
Return on Invested Capital HY25 PRO CONTINUING OPERATIONS($M) HY25 HY26 CHANGE HY25 PF ADJ. HY26 PF ADJ. FORMA HY26 PF CHANGE For personal use only Statutory EBIT 205 208 3 (46) — 159 208 49 Add back acquired customer base amortisation 50 50 — — — 50 50 — Add back material one-offs 2 — (2) — — 2 — (
Slide 30: Glossary
Glossary TERM DEFINITION 1H Six months ended/ending 30 June of the relevant financial year. For personal use only 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 fib
Slide 31: Glossary
Glossary TERM DEFINITION Mobile Service Revenue Includes Mobile Postpaid, Mobile Prepaid and Wholesale products, including MVNO and Push Text services. For personal use only MOCN Multi-operator core network sharing arrangement. MVNO Mobile virtual network operator. NPAT Net Profit After Tax is the t
Slide 32: Disclaimer
Disclaimer The information in this presentation and any oral presentation accompanying it about TPG Past performance Telecom and its activities is current as at 21 August 2026 and is in summary form and is not Past performance information given in this Presentation is given for illustrative purposes