Tpg Telecom Limited · ASX:TPG
Tpg Telecom — Investor Presentation (February 2026)
38 slides from Tpg Telecom's investor presentation, Feb 27, 2026
Slide 1: TPG Telecom Limited Results for Full Year Ended 31 December 2025 – Investor Presentation
Market Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Sydney, 27 February 2026 TPG Telecom Limited Results for Full Year Ended 31 December 2025 – Investor Presentation Please find attached for immediate release to the market an Investor Presentation con
Slide 2: 2025 Full-Year Results
2025 Full-Year Results 1
Slide 3: 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.
Slide 4: Agenda
Agenda Results highlights and strategy 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 To seek the fullest understanding of TPG Telecom’s performance, users should read this presentati
Slide 5: Results highlights and strategy update
Results highlights and strategy update Iñaki Berroeta, CEO and Managing Director
Slide 6: Key messages
Key messages FY25 was a year of transformation, positioning us strongly for FY26 2025: a milestone year for delivery of our strategy 1 Regional network sharing, sale of EGW Fixed operations, capital management Strong Mobile trading performance 2 Continued year-on-year gains in market-share, subscrib
Slide 7: FY25 strategy highlights
FY25 strategy highlights A milestone year for the delivery of our strategy Doubled our mobile Strong improvement in third- Access to expanded fixed Run networks coverage through regional party mobile network network with “owner economics” smarter network sharing MOCN benchmarking: up 12ppt1 through
Slide 8: Network transformation
Network transformation Best-ever mobile coverage delivering for customers and driving lower churn 5G investment and Material uplift in Higher consideration 1 regional expansion 2 customer experience 3 and lower churn 35% increase in TPG network uplift Vodafone network non- total national sites verif
Slide 9: Performance highlights
Performance highlights Strong results driven by Mobile subscriber growth and cost discipline Gross Margin ROIC Mobile subscribers (Pro Forma) Operating Free Cash Flow (Pro Forma) p228k $2,657m $1,291m 5.42% to 5,742k p 1.3% p $642m p 0.66 ppt EBITDA Guidance basis Mobile ARPU (Pro Forma) Free Cash F
Slide 10: Mobile
Mobile Consistent growth with plans and products that meet customers’ needs Service Revenue and Gross Margin ($m) ARPU ($) Subscribers (‘000) Consistently increasing our share of Continued strong growth in Digital First Growth three times the rate of Australian industry value subscriber brands popul
Slide 11: Home Broadband
Home Broadband Strong margin performance in a highly aggressive NBN market Service Revenue and Gross Margin ($m) AMPU1 ($) Subscribers (‘000) Strong profitability profile remains Mix shift to Fixed Wireless 5G Standalone to expand Fixed Wireless addressable market +6.2% (93) / (4.5)% 2,076 +0.7% 16
Slide 12: Customer wellbeing
Customer wellbeing Taking care of our customers as they use our products and services Customer Wellbeing Customer First, People Always specialists Domestic and Family Violence Providing timely, discreet and trauma-informed support enabling victim-survivors to stay Industry leading, first of its kind
Slide 13: Engaging with regulation
Engaging with regulation Industry policy should support, not constrain, telcos’ capacity to invest for customers Spectrum: A critical asset that makes mobile connectivity possible • Achieving efficient renewal of licences is critical to maintaining service quality and affordability for customers • P
Slide 14: Review of financial performance
Review of financial performance John Boniciolli, CFO
Slide 15: Key financial metrics
Key financial metrics EBITDA in line with guidance; growing momentum in cash flow and ROIC CONTINUING OPERATIONS ($M) 2024 2025 CHANGE Service Revenue 4,089 4,179 2.2% Mobile up 4.2%; Fixed up 0.7% Gross Margin (Pro Forma) 2,622 2,657 1.3% Continued strong management of direct costs offsetting $59m
Slide 16: Profit summary
Profit summary Strong cost control offsetting impact of first-year MOCN costs 2024 PRO 2025 PRO CONTINUING OPERATIONS ($M) 2024 2025 CHANGE CHANGE Pro Forma is as if new commercial arrangements arising from FORMA FORMA the Vocus Transaction, had been in place the entire Year Service Revenue 4,089 4,
Slide 17: Cash flow summary
Cash flow summary Strong group growth in FY25, with momentum building through 2H25 and into FY26 ($M) 2024 2025 CHANGE EBITDA 1,712 1,837 125 Would be $1,626 million on Pro Forma basis Non-cash impairments 250 — (250) Includes $687 million benefit from new handset receivables Income tax expense (2)
Slide 18: Balance sheet summary
Balance sheet summary Transformation of our financial position ($M) 2024 2025 CHANGE Enduring capital efficiency improvement delivered through implementation of new Trade and other receivables 1,419 687 (732) handset receivables financing program Property plant and equipment 3,865 2,418 (1,447) Prim
Slide 19: Cost management
Cost management Strong ongoing reductions in total cost base supporting performance improvement Cost of telco (direct costs) • Vast majority of direct costs made up of NBN and other third-party wholesale costs FY25 Pro • New infrastructure-sharing contracts (MOCN and TAWFA) comprise c.10% of total d
Slide 20: Financing costs
Financing costs Material reduction expected in FY26 Peaked in Bank borrowings FY25 following initiation of and lease liabilities ($m) TAWFA $2.7 billion bank borrowings reduction in 4,099 FY25 — materially improves financial 2,205 2,793 position and lowers risk 1,361 • Bank borrowing costs (net of i
Slide 21: Cash flow and leverage
Cash flow and leverage Ongoing momentum from higher earnings, lower capex, stronger balance sheet • Higher conversion of earnings to cash flow as capex reduces • Deleveraging expected to continue post FY25 supported by • Spectrum payments not expected to resume until FY27 at strong organic cash flow
Slide 22: Outlook
Outlook Iñaki Berroeta, CEO and Managing Director
Slide 23: Value proposition
Value proposition Cost discipline and capital efficiency providing platform for growth Value drivers Value metrics1 FY23 FY24 FY25 FY26 and beyond Australian-only focus and essential nature of our services Mobile Service Continued growth driven by stronger Revenue growth +9.2% +5.7% +4.2% network an
Slide 24: FY26 guidance
FY26 guidance All guidance is subject to no material change in operating conditions FY25 OUTCOME (PRO FORMA) FY26 GUIDANCE DRIVERS EBITDA $1,637m $1,665m to EBITDA growth driven by strong performance and continued (excluding $1,735m growth in the Mobile business, while continued cost discipline mate
Slide 25: Question and answers
Question and answers
Slide 26: Appendices
Appendices
Slide 27: Strategy scorecard
Strategy scorecard Accelerating benefits for customers and shareholders Run networks smarter Total mobile network sites: Total 5G sites available: Fixed Wireless % of Fixed: FY21: 5,613 FY21: 1,015 FY21: 4% • Activate and deploy regional network sharing Complete FY24: c. 5,800 FY24: 3,771 FY24: 13%
Slide 28: Mobile and Fixed metrics
Mobile and Fixed metrics 1H24 2H24 1H25 2H25 Mobile (overall) Subs (‘000) 5,479 5,514 5,614 5,742 ARPU ($) $34.64 $35.62 $34.97 $35.92 Mobile Postpaid Subs (‘000) 2,895 2,846 2,861 2,846 ARPU ($) $47.67 $49.26 $48.51 $50.02 Mobile Prepaid Digital First Brands Subs (‘000) 572 611 667 724 (TPG, felix,
Slide 29: Pro Forma FY25 reconciliation
Pro Forma FY25 reconciliation GROUP (CONTINUING AND DISCONTINUED NEW COMMERCIAL ($M) OPERATIONS) ASSETS SOLD2 CONTINUING OPERATIONS ARRANGEMENTS PRO FORMA Income statement Service Revenue 4,522 (343) 4,179 — 4,179 Handset and hardware revenue 862 — 862 — 862 Total revenue 5,384 (343) 5,041 — 5,041 O
Slide 30: Pro Forma FY24 reconciliation
Pro Forma FY24 reconciliation GROUP (CONTINUING AND DISCONTINUED NEW COMMERCIAL ($M) OPERATIONS) ASSETS SOLD2 CONTINUING OPERATIONS ARRANGEMENTS PRO FORMA Income statement Service Revenue 4,704 (615) 4,089 — 4,089 Handset and hardware revenue 816 — 816 — 816 Total revenue 5,520 (615) 4,905 — 4,905 O
Slide 31: Revenue and margin
Revenue and margin Continuing operations ($m) REVENUE ($M) GROSS MARGIN ($M) 2024 2025 CHANGE 2024 2025 CHANGE Group 4,905 5,041 2.8% 2,678 2,691 0.5% Consumer Mobile 2,085 2,143 2.8% Fixed 1,674 1,682 0.5% Consumer Other 6 9 50.0% Handsets & hardware 727 772 6.2% Total 4,492 4,606 2.5% 2,402 2,409
Slide 32: Capex, depreciation and amortisation
Capex, depreciation and amortisation Depreciation and amortisation ($m) FY25 PRO Capex (additions basis, $m) FY24 FY25 FORMA Depreciation: PPE (444) (448) (445) Depreciation: RoU (149) (158) (178) Total Depreciation (593) (606) (623) 1,082 Amortisation: Spectrum licence (279) (280) (280) 989 (255) (
Slide 33: Bank borrowings
Bank borrowings Bank debt maturity ($M, 31 December 2025) Bank debt maturity ($m) 1,665 FY26 FY27 FY28 FY29 FY30 Term facilities - drawn Revolving facilities - drawn 868 797 Revolving facilities - undrawn 797 Asian term loan - fully drawn 500 500 868 500 FY26 FY27 FY28 FY29 FY30 Revolving facilities
Slide 34: Return on Invested Capital
Return on Invested Capital FY24 PRO FY25 PRO CONTINUING OPERATIONS($M) FY24 FY25 CHANGE FY24 PF ADJ. FY25 PF ADJ. FORMA FORMA CHANGE Statutory EBIT 174 400 226 (89) (54) 85 346 261 Add back acquired customer base amortisation 101 101 — — — 101 101 — Add back material one-offs 259 11 (248) — — 259 11
Slide 35: Earnings per share
Earnings per share FY24 PRO FY25 PRO CONTINUING OPERATIONS ($M) FY24 FY25 CHANGE FY24 PF ADJ. FY25 PF ADJ. FORMA FORMA CHANGE Statutory NPAT (107) 461 Discontinued operations NPAT 33 409 Continuing operations NPAT (140) 52 192 (102) (61) (242) (9) 233 Acq. Customer base amortisation (tax affected) 7
Slide 36: Glossary
Glossary TERM DEFINITION 1H Six months ended/ending 30 June of the relevant financial year. 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 new commercial agreements
Slide 37: Glossary
Glossary TERM DEFINITION Material one-offs Impacts arising from events such as transactions, redundancy, restructuring, mergers and acquisitions, disposals, impairments and any other items as determined by the Board and management. Exclude such impacts arising from the Vocus Transaction, which are a
Slide 38: 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