Slide 1: Full year 2025 results
Full year 2025 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 known by Telstra as at the date of this presentation, are provided as a general guide only and are not guarantees or predictions of fut
Slide 3: Full year 2025 results – Vicki Brady, CEO
Full year 2025 results Vicki Brady – Chief Executive Officer Copyright Telstra© 3
Slide 4: Full year 2025 results
Full year 2025 results EBITDA NPAT EPS ROIC $8.6b +14% $2.3b +31% 18.9cps +34% 8.5% +1.7pp Underlying EBITDA1,2 Underlying NPAT1,2 Cash EPS1,2 Underlying ROIC1,2 $8.6b +4.6% $2.3b +1.8% 22.4cps +12% 8.5% +0.2pp Strategy On-market share Episode NPS improved Total dividend3 1 point last 12 months buy-
Slide 5: FY25 Underlying EBITDA and cost-out
Full year 2025 results FY25 Underlying EBITDA1,2 Cost-out growth on PCP Underlying EBITDA1,2 • FY25 core fixed costs 7% CAGR FY21 to FY25 • Mobile: $235m or 4.7% reduced by $306m or 4.7% on PCP • Fixed-C&SB: $109m or 43% $8.6b $8.2b • $428m core fixed cost $8.0b • Fixed-Enterprise: $103m or 76% redu
Slide 6: T25 strategy
T25 strategy Consistent growth in earnings and shareholder returns Growth Additional shareholder returns Dividends cents per share (cps) • Underlying EBITDA1 7% CAGR • Completed $750m on-market from FY21 $6.7b to FY25 $8.6b share buy-back 19.0 • Underlying EPS1 18% CAGR • Announced a further on- fro
Slide 7: Investing in connectivity
Investing in connectivity • Australia’s largest mobile network: 3 million square km or 99.7% population coverage • Australia’s largest 5G network with 95% population coverage • Additional $800m mobile investment over 4 years, within BAU capex, to extend our network leadership and deliver 5G Advanced
Slide 8: Supporting customers
Supporting customers • Episode NPS improved 15 points on FY21 • C&SB TIO complaints reduced >70% since FY21 • Migrated around 98% of our 7.7m consumer customers to our new digital stack • Helped on average >1m customers in vulnerable circumstances stay connected each year from FY22 to FY25 • Making
Slide 9: Supporting Australians
Supporting Australians • Upgraded >1k payphones in disaster prone areas across Australia with free Wi-Fi and backup power • Supported renewable energy projects worth $1.6b – helping to enable projects across Queensland, Victoria and New South Wales • Returned >$2.1b to shareholders in dividends in t
Slide 10: Outlook
Outlook • Trends indicate that demand for connectivity will only grow • Our core connectivity business is strong, with a unique set of competitive advantages • We have established a strong track record of disciplined delivery through T22 and T25 – this has laid the foundation for our Connected Futur
Slide 11: Full year 2025 results – Michael Ackland, CFO
Full year 2025 results Michael Ackland – Chief Financial Officer Copyright Telstra© 11
Slide 12: Strong cash generation supporting shareholder returns
Strong cash generation supporting shareholder returns Reported results reflect one-off restructuring and non-cash impairments largely in prior year Reported Underlying2 • Significant reported growth vs FY24 • Underlying results adjustments2,3: FY24 FY25 Change FY24 FY25 Change • FY25 EBITDA by $14m
Slide 13: Underlying results
Underlying results Continued earnings growth in line with strategy Underlying1 FY24 FY25 Change • Continued earnings growth from: • income growth and strong cost discipline Total income1 $23.4b $23.6b 0.7% • partly offset by higher D&A, finance and tax expense Operating expenses $15.1b $14.9b -1.4%
Slide 14: EBITDA by product
EBITDA by product Growth across domestic connectivity and infrastructure EBITDA FY24 FY25 Change Change $m • Underlying EBITDA2,3 growth of $378m or 4.6% Mobile $5,026m $5,261m 4.7% 235 • Mobile growth from higher service revenue Fixed - C&SB $254m $363m 42.9% 109 • Fixed-C&SB growth from price rise
Slide 15: Mobile
Mobile Ongoing growth supported by leading mobile network and customer-focused propositions $11.0b $5.3b Mobile service revenue - $m ARPU - handheld1 - $/mth +2.1% on PCP FY25 Income 3% FY25 EBITDA 5% +3.5% on PCP 43.71 • Mobile service revenue 3.5% growth supported by 42.82 handheld price changes
Slide 16: Fixed - C&SB
Fixed - C&SB Track record of earnings growth with strong ARPU growth and continued cost discipline $4.3b $363m Bundles & data ARPU $/mth Bundles & data net adds SIOs k FY25 Income ▼1% FY25 EBITDA 43% +5.7% on PCP • EBITDA growth from price rises and nbn margin FY24 FY25 expansion (despite SIO loss)
Slide 17: Fixed - Enterprise
Fixed - Enterprise Cost reduction offsets continued decline in connectivity and calling $3.4b $239m Fixed - Enterprise income1 $m Fixed - Enterprise EBITDA $m FY25 Income1 ▼0.3% FY25 EBITDA 76% -0.3% on PCP +75.7% on PCP • Fixed - Enterprise income1 broadly flat • Data and Connectivity (DAC) income
Slide 18: International
International Growth in core connectivity offset by headwinds in legacy products and Digicel Pacific A$2.5b A$678m Wholesale & Enterprise Digicel Pacific Total subscribers – m FY25 Income1 1% FY25 EBITDA1,2 12% DAC/NAS income1 - A$m +3.0% on PCP +3.4% on PCP • Wholesale & Enterprise results refl
Slide 19: Infrastructure
Infrastructure Growth from ongoing demand for digital infrastructure and contractual nbn indexation InfraCo Fixed income nbn revenue • InfraCo Fixed results reflect lower nbn $m $m commercial works, legacy disposals and internal charges largely power related Core access +1.1% on PCP +5.4% on PCP • I
Slide 20: Strong cost discipline
Strong cost discipline Operating expenses FY24 FY25 Change Change $m • Reduction in operating expenses with productivity and lower sales costs offsetting -21 inflation and growth from acquired business nbn payments $1,975m $1,954m -1.1% • nbn payments decline from lower SIOs partly Non-nbn sales cos
Slide 21: Strong cash generation
Strong cash generation FY24 FY25 Change Change $m Underlying EBITDA2 $8,243m $8,621m 4.6% 378 • Cash EBIT2 growth from higher Underlying EBITDA and broadly flat BAU Lease amortisation -$619m -$600m 3.1% 19 capex, leases and spectrum amortisation Underlying EBITDAaL2 $7,624m $8,021m 5.2% 397 • Workin
Slide 22: Cash generation supporting shareholder returns
Cash generation supporting shareholder returns FY24 FY25 Change Change $m FCFaL1 before strategic investment1 $3,247m $3,433m 5.7% 186 • Strategic investment1 includes Intercity Fibre Network project and Strategic investment1 -$261m -$325m -24.5% -64 supports future earnings growth Spectrum -$1,284m
Slide 23: Strong capital position and liquidity
Strong capital position and liquidity FY24 1H25 FY25 • Net debt increase ~$0.6b since FY24 with $750m buy-back completed in 2H25 Net debt $15.8b $16.3b $16.4b • Average cost of debt broadly flat Debt servicing (comfort zone 1.75 - 2.25x)2 2.1x 1.9x 1.9x • Strong liquidity with $1.0b cash and $3.6b A
Slide 24: FY26 guidance
FY26 guidance FY25 FY26 guidance1 Underlying EBITDAaL2 $8.02b $8.15b to $8.45b Business-as-usual capex3 $3.38b $3.2b to $3.5b Cash EBIT4 $4.31b $4.55b to $4.75b Strategic investment5 $0.33b $0.3b to $0.5b 1. This guidance excludes material one-offs, such as mergers and acquisitions, disposals, impai
Slide 25: Delivering growth and shareholder value creation
Delivering growth and shareholder value creation Cash earnings1 +11.4% to $2.6b in FY25 Growth in core 1 business cashflow Operating leverage1 +1.8pp in FY25 including cost and BAU capex efficiency Portfolio management including Versent group sale and Portfolio & investment 2 management strate
Slide 26: Thank you
Thank you For more information refer to: www.telstra.com.au/aboutus/investors Copyright Telstra© 26
Slide 27: Appendix
Appendix Copyright Telstra© 27
Slide 28: 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 29: 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 30: Telstra at a glance
Telstra at a glance Size and scale1 >1m shareholders $55b market capitalisation Public ASX20 company FY25 $24b total income A-/A2 investment grade rating from S&P and Moody’s Network1 Australia’s largest mobile network: 3 million square km or 99.7% population coverage Australia’s largest 5G network
Slide 31: Sustainability
Sustainability Expanded mobile coverage by 360,000 square km Creating a better Our 5G footprint covers 95% of the Australian population since FY21 to 3 million square km digital world1 Helped an average >1m customers in vulnerable Supported 677k Australians to build digital circumstances stay connec
Slide 32: T25 strategy
T25 strategy Our purpose To build a connected future so everyone can thrive and behaviours Look Beyond Work as One Make a Difference An exceptional Leading Sustained Our customer experience network & technology solutions growth and value strategic you can count on that deliver your future for our sh
Slide 33: Customer experience
Customer experience Driven by product simplification, onshore call centres, in-house stores and digitisation Increased digitisation Episode NPS at record highs Cyber security important to and complaints reduced us and our customers • C&SB: 75% services and 95% • Episode NPS • Expanded Scam Indicator
Slide 34: Network and technology solutions
Network and technology solutions Driven by network expansion including 5G and digital infrastructure Investment in network Satellite and digital leadership and resilience infrastructure 5G population coverage • Mobile coverage expanded to 99.7% • Launched Australia’s first satellite FY25 +6pp on FY2
Slide 35: The place you want to work
The place you want to work Driven by digital leadership and doing business responsibly New ways of working Digital leadership / AI Doing business responsibly • Employee engagement score of 79 – • Accelerating our data and AI priorities • In June 2024, increased our absolute in top quartile globally
Slide 36: Our commitments and metrics
T25 scorecard Customer Network & Growth New ways Digital Responsible experience Technology and value of working leadership business Market leading CX with Network leadership; by FY25: Underlying EBITDA Remain at 90th percentile All key service transactions Enable renewable energy eNPS >40 by FY25
Slide 37: T25 outcomes – progress
T25 outcomes – progress Strategic pillars Commitments & metrics Progress Market leading CX with • Episode NPS +47. Improved 1 point on FY24 and unchanged on 1H25 • eNPS >40 by FY25 • Strategic NPS uplift of 10 points FY21 to FY25. Improved 6 points on An exceptional • sNPS uplift of +25 by FY25 1H25
Slide 38: T25 outcomes – progress (continued)
T25 outcomes – progress (continued) Strategic pillars Commitments & metrics Progress Network leadership; by FY25: • Australia's largest 5G network with 95.0% population coverage (1H25 • ~95% pop. coverage for 5G 91.0%, FY24 89.3%, FY23 85.3%) Leading • >80% of traffic on 5G • 66% traffic on 5G (1H25
Slide 39: T25 outcomes – progress (continued)
T25 outcomes – progress (continued) Strategic pillars Commitments & metrics Progress Underlying EBITDA • FY23 Underlying EBITDA1 $7.95b • $7.5-8.0b by FY23 • FY25 Underlying EBITDA1 growth of 4.6% on PCP to $8,621m Sustained • Mid-single digit CAGR FY21 to FY25 • Underlying EBITDA1 7% CAGR FY21 to F
Slide 40: T25 outcomes – progress (continued)
T25 outcomes – progress (continued) Strategic pillars Commitments & metrics Progress • Remain at 90th percentile employee engagement (equivalent to • Employee engagement score 79. Performance equivalent to top high-performance norm) quartile of global companies but outside 90th percentile (equivalen
Slide 41: T25 outcomes – progress (continued)
T25 outcomes – progress (continued) Strategic pillars Commitments & metrics Progress Reduce our absolute scope 1+2 emissions by 70% by 2030 (from FY19) • Absolute scope 1+2 emissions reduction target increased in June 2024 to 70% from 50% and split from absolute scope 3 emissions The place you want
Slide 42: Detailed financials
Detailed financials Copyright Telstra© 42
Slide 43: Underlying earnings reconciliation to reported earnings
Underlying earnings reconciliation to reported earnings1,2 Reported Guidance adjustments1 Underlying FY24 1H25 2H25 FY25 FY24 1H25 2H25 FY25 FY24 1H25 2H25 FY25 Change Total income1 $23,482m $11,823m $11,787m $23,610m -$81m - -$47m -$47m $23,401m $11,823m $11,740m $23,563m 0.7% Operating expenses $1
Slide 44: Cash earnings
Cash earnings $ Change % Change Cash earnings FY23 FY24 1H25 2H25 FY25 vs PCP vs PCP Underlying EBITDA1 $7,950m $8,243m $4,248m $4,373m $8,621m $378m 4.6% Lease amortisation $574m $619m $282m $318m $600m $19m 3.1% Underlying EBITDAaL1 $7,376m $7,624m $3,966m $4,055m $8,021m $397m 5.2% BAU capex1 $3,
Slide 45: Operating leverage
Operating leverage Operating leverage FY23 FY24 FY25 Underlying income1 $23,173m $23,401m $23,563m Underlying operating expenses $15,196m $15,142m $14,925m Share of loss/(gain) from associates $27m $16m $17m Lease amortisation $574m $619m $600m BAU capex1 $3,297m $3,405m $3,388m Spectrum amortisatio
Slide 46: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) % Change Underlying ROIC FY24 1H25 2H25 FY25 vs PCP Underlying NPAT1 $2,306m $1,115m $1,232m $2,347m 1.8% Add back: Net finance costs (less tax shield at 30%) $409m $221m $226m $447m 9.3% Underlying NOPAT1 $2,715m $1,336m $1,458m $2,794m 2.9% Underlying NOPAT annual
Slide 47: Dividends
Dividends Change 2H24 FY24 1H25 2H25 FY25 vs PCP Earnings per share (EPS) Basic EPS (cents) 5.7 14.1 8.9 10.0 18.9 34.0% Underlying EPS1 (cents) 10.1 18.5 8.9 10.2 19.1 3.2% Cash EPS1 (cents) 11.7 20.0 11.7 10.7 22.4 12.0% Dividends (fully franked) Ordinary dividend (cents) 9.0 18.0 9.5 9.5 19.0 5.6
Slide 48: Capital management
Capital management Debt maturity profile1 Diversified sources of debt1 Average debt maturity 3.9 years $AUD billions Bank Loans US Bonds 14% 5% 4.5 4.0 3.5 Commercial 14% 3.0 Paper Bank Loans 18% 2.5 86% 2.0 New Bond issuance in FY25 Debt Capital EUR Bonds 1.5 Markets 40% 1.0 0.5 AUD - Bonds 23% FY2
Slide 49: Strategic investment: Intercity Fibre Network and Viasat
Strategic investment: Intercity Fibre Network and Viasat Satellite ground stations/ teleport sites Sydney - Canberra Coastal route Data centres Live from 25 June 2025 Express path Foundation path Path subject to demand Canberra - Melbourne Disclaimer: This map is an approximate illustration. We will
Slide 50: Product performance | Income
Product performance | Income1 $ Change % Change 2H24 FY24 1H25 2H25 FY25 vs PCP vs PCP Mobile $5,397m $10,722m $5,567m $5,448m $11,015m $293m 2.7% Fixed - C&SB $2,144m $4,355m $2,174m $2,125m $4,299m -$56m -1.3% Fixed - Enterprise2 $1,743m $3,456m $1,690m $1,755m $3,445m -$11m -0.3% Fixed - Active W
Slide 51: Product performance | Operating expenses
Product performance | Operating expenses $ Change % Change 2H24 FY24 1H25 2H25 FY25 vs PCP vs PCP Mobile $2,881m $5,696m $2,965m $2,789m $5,754m $58m 1.0% Fixed - C&SB $1,995m $4,101m $1,991m $1,945m $3,936m -$165m -4.0% Fixed - Enterprise $1,678m $3,320m $1,594m $1,612m $3,206m -$114m -3.4% Fixed -
Slide 52: Product performance | EBITDA
Product performance | EBITDA $ Change % Change 2H24 FY24 1H25 2H25 FY25 vs PCP vs PCP Mobile $2,516m $5,026m $2,602m $2,659m $5,261m $235m 4.7% Fixed - C&SB $149m $254m $183m $180m $363m $109m 42.9% Fixed - Enterprise $65m $136m $96m $143m $239m $103m 75.7% Fixed - Active Wholesale $42m $94m $46m $3
Slide 53: Product performance | Mobile
Product performance | Mobile Change 2H24 FY24 1H25 2H25 FY25 vs PCP Mobile income $5,397m $10,722m $5,567m $5,448m $11,015m 2.7% • Mobile services income growth across postpaid, prepaid and wholesale partly offset by mobile broadband Mobile services1 $4,126m $8,224m $4,225m $4,283m $8,508m 3.5% • Po
Slide 54: Product performance | Fixed - C&SB
Product performance | Fixed - C&SB Change 2H24 FY24 1H25 2H25 FY25 vs PCP Fixed - C&SB income1 $2,144m $4,355m $2,174m $2,125m $4,299m -1.3% • Core connectivity income growth from higher Bundles & data ARPU and growth in 5G fixed wireless, partly Core connectivity $1,817m $3,663m $1,871m $1,835m $3,
Slide 55: Product performance | Fixed - Enterprise
Product performance | Fixed - Enterprise Change 2H24 FY24 1H25 2H25 FY25 vs PCP DAC income $368m $748m $348m $331m $679m -9.2% • Data & connectivity (DAC) income decline continued with ARPU compression, renewals at lower rates and DAC EBITDA $41m $95m $42m $44m $86m -9.5% technology change Margin 11
Slide 56: Product performance | International
Product performance | International Change Change AUD 2H24 FY24 1H25 2H25 FY253,4 vs PCP vs PCP Constant currency normalised2 • Wholesale & Enterprise external income Wholesale & Enterprise income $914m $1,863m $920m $964m $1,884m 1.1% 0.1% growth of 1.8% with growth in DAC partly offset by declines
Slide 57: Product performance | InfraCo Fixed
Product performance | InfraCo Fixed 2H24 FY24 1H25 2H25 FY25 Change • Core access income and EBITDAaL (excl. CW and vs PCP legacy asset sales) growth of +1.1% and +5.1% respectively InfraCo Fixed income $1,420m $2,746m $1,376m $1,334m $2,710m -1.3% • Commercial & recoverable works (CW) decline Comme
Slide 58: Product performance | Fixed - Active Wholesale
Product performance | Fixed - Active Wholesale Change 2H24 FY24 1H25 2H25 FY25 vs PCP Fixed - Active Wholesale income $178m $366m $179m $170m $349m -4.6% • Fixed-Active Wholesale income decline largely due to legacy products Data & connectivity $129m $259m $130m $126m $256m -1.2% • Data & connectivi
Slide 59: Product performance | Amplitel
Product performance | Amplitel Change 2H24 FY24 1H25 2H25 FY25 vs PCP Amplitel income $224m $453m $235m $235m $470m 3.8% • Income 5.4% growth (excluding gains from customer contracts3) from additional site licences, contractual External $45m $96m $51m $49m $100m 4.2% escalations, new tower builds, 5
Slide 60: Segment income
Segment income Underlying income1 Segment Product FY24 1H25 2H25 FY25 Change vs PCP Mobile $7,089m $3,718m $3,565m $7,283m 2.7% Fixed – C&SB $3,615m $1,801m $1,763m $3,564m -1.4% Telstra Consumer Other $18m $9m $6m $15m -16.7% Total $10,722m $5,528m $5,334m $10,862m 1.3% Mobile $1,794m $918m $917m $
Slide 61: Glossary
Glossary Term Definition (unless separately defined in the slides) BAU capex Business-as-usual (BAU) capex is measured on an accrued basis and excludes spectrum, guidance adjustments, strategic investment, externally funded capex and capitalised leases Cash earnings Underlying EBITDAaL less BAU cape