Slide 1: Telstra Group Limited — Financial Results
T 19 February 2026 Market Announcements Office Office of the Company Secretary Australian Securities Exchange Level 41, 242 Exhibition Street 4" Floor, 20 Bridge Street AUSTRAtIA VIC 3000 SYDNEY NSW 2000 ELECTRONIC LODGEMENT - Telstra Group Limited (ACN 650 620 303) — ASX: TLS Telstra Group Limited
Slide 2: Disclaimer
Disclaimer Forwarétooking statements This resentation inluresforwarédocking statements. The forwarocking statements ae base on assumption arc nfrmation awn by Telstra 2 atthe date ofthis presentation, are provided as a ganeal que ony and are not guarantees cr prdictnsof future performarce. Telstra b
Slide 3: Half year 2026 results
Half year 2026 results EBIT E $2.0b +9,2% 9.9cps +11% Cash EBIT'2 Cash EPS! $2.5b +14% 14.0cps +20% ROIC On-market share 8.8% +0.8pp buy-back Underlying ROIC! 1H26 $637m completed 8.9% +0.9pp Increased to up to $1.25b All percentage growth rates on prior corresponding period (PCP). 1. Refer to defin
Slide 4: Half year 2026 results
Half year 2026 results € 1H26 EBITDA 4.7% growth 1H26 Cash EBIT'* 14% growth aera 1s 1H26 Underlying EBITDA'5.3% Se capex’ 5.2% Hnderiying Eetpact lecline to $1. growth 7% CAGR 1H21 to 1H26 * Mobile: $93m growth cae . . 1H26 Positive operating $4.2b * Fixed-C&SB:$37m growth leverage!2+3.1pp __ $4.0b
Slide 5: Investing in connectivity
Investing in connectivity Connectivity is foundational to supporting national productivity, resilience and security Aura Network — this week we reached the half-way mark with 7,000km of fibre in the ground — $1.1b strategic investment across Aura Network and Viasat projects to date (FY23 to 1H26) -
Slide 6: Outlook
Copyright Telsta? Outlook + Weare focused on delivering value for our customers, communities and shareholders as we build momentum behind Connected Future 30. * Including through: - Growth in core business cash flow - Active portfolio and investment management - Disciplined capital management * Our
Slide 7: Half year 2026 results
11 Half year 2026 results € Continued earnings growth supporting increased returns to shareholders + Earnings per share (EPS) of 9.9cps up 11% from key product growth, cost and capital discipline, and accretive Total income! $11.8b $11.8b 0.2% buy-backs Operating expenses a7e8) $7.4b zi + Cash EPS o
Slide 8: Cash earnings
Cash earnings € Growth from strong cost and capital efficiency + Underlying EBITDAaL"? growth of $219m or 5.5% 1H25 1H26 Underlying EBITDAaL"2 3,966) 4.1851 5.5% + BAU capexincludes increased mobile RAN investment i) ° be ™ bs ™ offset by efficiencies and program timings skewed to 2H BAU capex’ $1,6
Slide 9: Mobile
Mobile € Ongoing growth supported by leading mobile network and customer-focused propositions $5.8 b $2 ai b Mobile service revenue! ARPU- handheld $/mth $m +5.1% on PCP. 1H26 Income! A4% 1H26 EBITDA’ 44% +5.6% on PCP + Mobile service revenue 5.6% growth supported by handheld price changes and whole
Slide 10: Fixed - Enterprise
Fixed - Enterprise € Focusing on connectivity through simplification, portfolio management and cost management $1 .6b $87 m Fixed- Enterpriseincome! Fixed - Enterprise EBITDA? 1H26 Income’ W5% 1H26 EBITDA’ 9% $m $m ~4.9% on PCP ~9.4% on PCP + Fixed - Enterprise income decline with Data and Connectiv
Slide 11: Infrastructure
Infrastructure Growth from external demand for digital infrastructure + InfraCo Fixed income decline of 0.4% - Growth of 3.3% from nbn CPI indexation and “Other external” including ground stations - Offset by lower internal revenue including internal efficiencies and lower power usage + InfraCo Fixe
Slide 12: Strong capital position and liquidity
Strong capital position and liquidity € P| tes | FY25 | tH26 | + Net debt increase of $0.4b since FY25 with $0.6b share buy-back completed in 1H26 Net debt $16.3b $16.4b $16.8b + Average cost of debt lower Debtsetsicing (comfort zone/i75=2250) es Es * Strong liquidity with $1.4 cash and $3.8b of unu
Slide 13: Delivering growth and shareholder value creation
Delivering growth and shareholder value creation Portfolio management including Alliance Automation, MTData 5 Al completed. Versent group sale expected to close in 2H26, and Portfolio & investment International Voice sale expected to close by end of February management Aura (Intercity Fibre) Network
Slide 14: Telstra at a glance
25 Telstra at a glance € 9 Australia’s largest mobile network: 3 million square km / 99.7% population coverage Network! 250,000km optical fibre network in Own or operate 400,000km of subsea cable and Australia 2,000 POPs e 9 (4h = Customers and people! 7% 1. Asat end of 1H26unless otherwise noted. C
Slide 15: Sustainability
Sustainability € Creating a Helped an average >1m customers in vulnerable circumstanc Launched the 2025 Australian Digital better digital tay connected each year (FY22 to FY25) il persia i world! Partnered with WESNET to deliver >50,000 | Partnered with LibrariesSA to expand digital literacy program
Slide 16: Connected Future — progress
Connected Future 30 — progress Status legend @ On track for delivery ‘®@ Progress made but below target* @ Not on track @ Early progress Customer Engagement Network as a Product Digital Infrastructure People & culture eee Achieve top quartile Al maturity by FY30 Sustainability Financial discipline F
Slide 17: Underlying earnings reconciliation to reported earnings
31 U lyi i iliation t ted ings'2 nderlying earnings reconciliation to reported earnings": .§ Total income! $11,823m $11,787m $23,610m $11,845m —- ~—--$47m -$47m —- ~—$11,823m $11,740m $23,563m $11,845m 0.2% Operating expenses $7,561m $7,425m $14,986m $7,405m - —-$6IM -$6Im -$23m $7,561m $7,364 $14,9
Slide 18: Cash earnings
Cash earnings € $Change | %Change Underlying EBITDA’ $7950m $8,243m $4,248m $4,373m $8,621m $4,472m $224m 5.3% Leases! $574m $619m $282m $318m. $600m $287m $5m 1.8% Underlying EBITDAaL'? $7,376m $7,624m $3,966m $4,055m $8,021m $4,185m $219m 5.5% BAU capex’ $3,297m $3,405m $1,631m $1,757m $3,388m $1,
Slide 19: Cashflow supporting investment, dividends and buy-backs
Cashflow supporting investment, dividends and buy-backs Cash EBIT! $2,174m — $2,138m = $4,312m = $2,478m 14.0% Working capital and other? -$947m $840m -$107m -$422m 55.4% Add back: Spectrum amortisation $16im — $160m_ = $32Im_—$ 161m : Income taxes paid -$268m —-$712m_~—--$980m ~—--$303m ~—-18.1% Fi
Slide 20: Operating leverage
Operating leverage ¢ Underlying income $23,173m $23,401m $11,823m $11,740m $23,563m $11,845m Underlying operating expenses $15,196m $15,142m $7,561m $7,364m $14,925m $7,382m Share of loss/(gain) from associates $27m $16m $14m $3m $17m -$9m Leases! $574m $619m $282m $318m $600m $287m BAU capex’ $3,29
Slide 21: Capital management
Capital management € Diversified sources of debt'2 Bond debt maturity profile! Bank Average bond debt maturity 5.3 years Loans 10% $AUD billions 14 *, New bond issuances in 1H26 Commercial Paper 1.2 | 17% 10% EUR Bonds Bank Loans 44% 1.0 90% CHF Bonds 3% Debt Capital 08 Markets US Bonds 5% OG 0.4 AU
Slide 22: Product performance | Operating expenses
Product performance | Operating expenses € $ Change % Change Mobile $5,696m $2,965m $2,789m $5,754m $3,074m $109m 3.7% Fixed - C&SB $4,101m $1,991m $1,945m $3,936m $1,900m -$91m 4.6% Fixed - Enterprise $3,320m $1,594m $1,612m $3,206m $1,521m -$73m 4.6% Fixed - Active Wholesale $272m $133m $134m $267
Slide 23: Product performance | Mobile
Product performance | Mobile € FY25 PP Renae) «Mobile services income growth across all products NEIe) «Postpaid handheld revenue growth of 4.0% driven by ARPU growth of 4.8% following price rises Mobile income $5,567m $5,448m = $14,015m $5,769m 3.6% o EEE hrm ee Mobile services! $4,225m $4,283m $8,
Slide 24: Product performance | Fixed - C&SB
Product performance | Fixed - C&SB Change Fixed - C&SB income! $2,174m —$2,125m —$4,299m —$2,120m —--2.5% Core connectivity $1,871m $1,835m $3,706m = $1,846m —--1.3% Consumer content & services $227m © $217M_=—$444m_~—$21IM_— 7.0% Business applications & services $76m = $738M_=— $149M_ = $63M_—~17.1
Slide 25: Product performance | International
Product performance | International € Change Change Wholesale & Enterprise external income B) FY25 vs PCP vs PCP decline driven by lower NAS and legacy voice Wholesale & Enterprise EBITDA reported Constant currency rent? 4 growth of 20% due to significant one-off . —— benefits. Significant one-off b
Slide 26: Product performance | Fixed - Active Wholesale
Product performance | Fixed - Active Wholesale Change P| vs | ates | “ EE Fixed - Active Wholesale income $179m $170m $349m $166m 7.3% Data & connectivity $130m $126m $256m $122m ~6.2% Legacy calling & fixed $49m $44m $93m $44m 10.2% EBITDA $46m $36m $82m $32m 30.4% Margin 26% 21% 23% 19% -7pp Fixed
Slide 27: Segment income
Segment income Product Mobile $3,718m $3,565m_ $7,283m, $3,791m Talatra Consumer Fixed- C&SB $1,801m $1,763m $3,564m, $1,771m Other $9m $6m $15m $11m Total $5,528m, $5,334m_ $10,862m $5,573m Mobile $918m $917m $1,835m, $978m Fixed- C&SB $373m $362m $735m $349m Telstra Business Fixed - Enterprise $15
Slide 28: Half-year results and operations review
Half-year results and operations review
Slide 29: Operating and financial review
Operating and financial review Half-year results and operations review Financial results Summary reported results 1H26 1H25 Change $m $m % Revenue (excluding finance income) 11,641 11,602 0.3 Total income (excluding finance income) 11,845 11,823 0.2 Operating expenses 7,405 7,561 (2.1) Share of net
Slide 30: Operating and financial review
Operating and financial review Reported EBITDAaL vs underlying results® 1H26 1H25 Change $m $m % EBITDA after leases (EBITDAaL) 4,162 3,966 49 Guidance adjustments 23 - n/m Underlying EBITDAaL* 4,185 3,966 5.5 Business-as-usual capex® 1,546 1,631 (6.2) Spectrum amortisation 161 161 - Cash EBIT* 2,47
Slide 31: Operating and financial review
Operating and financial review momentum behind our Connected Future 30 strategy. This includes through our core business cash flow, active portfolio and investment management, and disciplined capital management. Now that we’ve completed our first half, today we are tightening our FY26 underlying EBI
Slide 32: Operating and financial review
Operating and financial review and minorities. Cash EPS reflects Cash earnings on a per share basis. Positive operating leverage is used to assess our financial discipline under our Connected Future 30 strategy and reflects underlying income percentage growth greater than Cash EBIT cost percentage g
Slide 33: Operating and financial review
Operating and financial review Telstra Consumer (1H25 $2 million), $13 million in Telstra Enterprise Australia (1H25 $16 million), $102 million in Telstra International (1H25 $111 million), $202 million in Networks, IT and Product (1H25 $212 million), $773 million in Telstra InfraCo (1H25 $783 milli
Slide 34: Product performance
Product performance Product income breakdown (including internal income) 1H26 m Mobile 5% 2% 1% m Fixed — C&SB Fixed — Enterprise m Fixed — Active Wholesale 9% % International 1% InfraCo Fixed 12% Amplitel m Other 16% Product income Mobile Fixed — C&SB Fixed — Enterprise Fixed — Active Wholesale Int
Slide 35: Operating and financial review
Operating and financial review Mobile Mobile income increased by 3.6 per cent to $5,769 million including 5.6 per cent services revenue growth. Growth in services revenue was achieved across postpaid handheld, prepaid handheld, mobile broadband, Internet of Things (loT) and wholesale. Retail mobile
Slide 36: Operating and financial review
Operating and financial review Fixed — Active Wholesale Fixed — Active Wholesale income declined by 7.3 per cent to $166 million. Wholesale DAC revenue decreased by 6.2 per cent to $122 million reflecting SIO decline across Managed Lease Line, internet services and Wideband Ethernet Access products.
Slide 37: Operating and financial review
Operating and financial review Expense performance Operating expenses 1H26 1H25 Change $m $m $m % Sales costs"® 3,903 4,006 (103) (2.6) Fixed costs 3,479 3,555 (76) (24) Underlying 7,382 7561 (179) (2.4) Guidance adjustments” 23 - 23 n/m Total 7,405 7,561 (156) (2.1) Underlying operating expenses de
Slide 38: Operating and financial review
Operating and financial review We delivered improved operating leverage of 3.1pp, reflecting a 2.9 per cent reduction in Cash EBIT costs and 0.2 per cent increase in underlying income. The reduction in Cash EBIT costs included a 2.4 per cent decrease in underlying operating expenses and a 5.2 per ce
Slide 39: Net finance costs
Operating and financial review Net finance costs Net finance costs increased by 5.1 per cent or $16 million to $332 million. Finance income decreased by $14 million to $39 million including due to the repayment of a shareholder loan by Foxtel (NXE Australia Pty Limited) at the prior year completion
Slide 40: Debt position
Debt position Cash inflows Euro bond Swiss bond Total debt issuance Commercial paper (net) Other borrowings Total 1,410 Operating and financial review Cash outflows 1H26 $m Total debt repayments - Revolving bank facilities (net) 272 Non-recourse borrowing facilities 3 Lease liability payments 336 To
Slide 41: Operating and financial review
Operating and financial review partly offset by $19 million increase in other receivables. Current tax receivables decreased by $215 million due to lower pay as you go tax instalments. Cash and cash equivalents increased by $424 million. Assets classified as held for sale of $436 million (and corres
Slide 42: Guidance versus reported results
Guidance versus reported results This schedule details adjustments made to the reported results for the current and comparative periods to reflect the performance of the business on the basis on which we provided guidance to the market, which excludes material one-offs, such as mergers and acquisiti
Slide 43: Results of operations
Results of operations Revenue (excluding finance income) Other income (i) Total income (excluding finance income) Labour Goods and services purchased Net impairment losses on financial assets Other expenses Operating expenses Share of net profit (loss) from joint ventures and associated entities Ear
Slide 44: Total income
Total income Mobile Postpaid handheld Prepaid handheld Mobile broadband Internet of Things (loT) Mobile wholesale Other Total mobile services Hardware Mobile interconnect Media, Telstra Plus & other Total Mobile Fixed - C&SB Core connectivity (i) Consumer content & services Business applications & s
Slide 45: Total expenses
Total expenses Salary, associated costs, labour substitution & other Employee redundancy Total labour Commissions Cost of goods sold Network payments and other Total goods and services purchased Net impairment losses on financial assets Asset Relocation and Commercial Works Other service contracts a
Slide 46: Statement of Cash Flows
Statement of Cash Flows Cash flows from operating activities Receipts from customers (inclusive of goods and services tax (GST)) Payments to suppliers and employees (inclusive of GST) Government grants received for operating activities Net cash generated from operations Income taxes paid Net cash pr
Slide 47: Statement of Financial Position
Statement of Financial Position Current assets Cash and cash equivalents Trade and other receivables and contract assets Deferred contract costs Inventories Derivative financial assets Current tax receivables Prepayments Assets classified as held for sale Total current assets Non-current assets Trad
Slide 48: Average Revenue per Unit (ARPU) ($)
Average Revenue per Unit (ARPU) ($) Half-year enc Dec 2025 Jun 202: Mobile Postpaid handheld 56.22 54.2 Prepaid handheld 32.29 30.2 Mobile broadband 19.82 17.9 Fixed - C&SB C&SB bundle and standalone data 89.71 87.4 Fixed - Enterprise Data & connectivity 396.07 401.7 Note: Statistical data represent
Slide 49: Segment information from operations
Segment information from operations Telstra Consumer Telstra Business Telstra Enterprise Australia Telstra International Network, IT and Product All Other Telstra excluding Telstra InfraCo Telstra InfraCo Eliminations Total Telstra segments Income by segment and product Total inco Half-year ended 31
Slide 50: Product profitability - EBITDA ($M)
Product profitability - EBITDA ($M) Half-year ended 31 2025 Mobile 2,695 2, Fixed - C&SB 220 - Data & connectivity 25 - NAS 62 Fixed - Enterprise 87 Fixed - Active Wholesale 32 International 371 InfraCo - Fixed 919 Amplitel 197 Other (49) (1 Underlying 4,472 4, Guidance adjustments (23) Reported 4,4
Slide 51: Chained numerical table
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Slide 52: SSL
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Slide 53: Half Year Results announcement
Half Year Results announcement Ex-dividend share trading commences Record date for interim dividend DRP election date Interim dividend paid Director nominations open Director nominations close (by 59m AEST) Annual Results announcement Ex-dividend share trading commences Record date for final dividen