TPG Telecom : HY26 Financial Results Investor Presentation

About this update from Tpg Telecom Limited

‌Half Year Results 2026 ‌TPG Telecom acknowledges the Traditional Custodians of Country throughout Australia and the lands on which we and our communities live, work and connect. ‌Agenda 1 Results highlights and business update 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 seek the fullest understanding of TPG Telecom's performance, users should read this presentation in conjunction with the consolidated financial statements in TPG's 2026 Half Year Report, which is available on the Company's website at https://www.tpgtelecom.com.au . 3 ‌Results highlights and business update Iñaki Berroeta CEO and Managing Director ‌Key messages 1H26 momentum positions TPG for a stronger second half and continued growth into FY27 Enhanced network driving growth Mobile network coverage increased to 99% of population Subscriber share growth c. 1ppt since MOCN launch Consistently lower port-outs since MOCN launch MVNO contract wins with Zip, Swoop and Spacetalk Strong Mobile performance Mobile Gross Margin up 4.2% Subscriber growth driven by Digital First, MVNO and Business Continued outperformance versus market on Postpaid subscriber growth 5 ARPU growth in 1H26 with acceleration expected in 2H26 following recent plan refreshes Cash flow momentum building Sustained growth from increased margin, disciplined opex control and lower capex Structural improvement underpinned by lower borrowings ROIC and dividends growing Persistent benefits from earnings growth and capital structure efficiency Interim dividend of 10.0 cents per share (up 1 cent) reflects strong cash flow generation and outlook ‌Performance highlights Strong results underpinned by Mobile growth and focused cost discipline Mobile subscribers Gross Margin Operating Free Cash Flow ROIC ▲ 64k $1,329m $199m 6.07% to 5,806k ▲ 2.9% ▲ 16.4% ▲ 1.24 ppt Mobile ARPU EBITDA Free Cash Flow to Equity Underlying EPS $35.21 $821m $93m 3.6¢ ▲ 0.7% ▲ 4.5% ▲ $108m ▲ 2.7¢ Mobile Service Revenue $1,224m ▲ 3.1% Underlying NPATA $70m ▲ $53m Debt to EBITDA 0.8x ▼ 1.5x Interim dividend 10.0¢ ▲ 11.1% 25% franked 1 Gross Margin, EBITDA, Underlying NPATA, Operating Free Cash Flow, Free Cash Flow to Equity, ROIC, Underling EPS growth presented in comparison to 1H25 Pro Forma basis. Refer to Glossary on slides 29 and 30 for definitions of key terms. 6 ‌Mobile ARPU growth across all products accelerating into 2H26 following recent plan refreshes KEY CALLOUTS: Total 1H26 subscriber growth of 64k reflects market-leading growth across Postpaid, Digital First and Prepaid segments ARPU ($) +0.5% Subscribers ('000) 1H26 Postpaid churn down 0.3ppt vs 1H25, reflecting continuing reduction since MOCN launch MVNO migrations (Swoop and Spacetalk) expected to take place in 2H26 34.97 35.21 48.51 48.75 +2.8% 25.39 26.10 +4.6% 18.99 19.87 5,742 +64 / +1.1% 5,806 MVNO +43 / 25.1% Prepaid (30) / (1.7)% Digital First +57 / +7.9% Postpaid flat 171 269 264 1,732 1,702 724 781 2,846 2,846 214 2H26 OUTLOOK: 2H26 total ARPU growth expected to be higher than 1H26 following May to August plan refreshes, supporting continued Service Revenue growth HY25 HY26 HY25 HY26 HY25 HY26 HY25 HY26 Total Postpaid Digital First Prepaid FY25 HY26 Total (ex MVNO) Postpaid Digital First Prepaid Postpaid Digital First Prepaid Data SIM MVNO Refer to Appendix slide 24 for detailed subscriber and ARPU metrics. Refer to Glossary slides 29 and 30 for definitions of key terms. 7 ‌Home Broadband Improved outlook for subscriber numbers in 2H26 following stabilisation initiatives KEY CALLOUTS: NBN churn reduced 1.1ppt in 1H26 vs 1H25 and high-speed (NBN100 plus) now 56% of NBN base AMPU 1 ($) Subscribers ('000) Fixed Wireless returned to growth in 2Q26, driven by footprint expansion following the implementation of Standalone 5G 5G Fixed Wireless increased to >70% of subscribers +0.2% 50.88 +0.2% 50.97 1,983 115 15 285 (42) / (2.1)% FWA (1) / (0.4)% 1,941 114 16 284 2H26 OUTLOOK: AMPU expected to strengthen in 2H26 25.76 25.36 22.21 1,527 NBN (41) / (2.6)% 1,568 22.25 Further improved subscriber performance anticipated in 2H26 vs 1H26, following positive momentum in July and August NBN subscriber base continuing to stabilise with Fixed Wireless returning to growth in 2H26 with increasing 5G mix Overall NBN Fixed Wireless Total NBN Fixed Wireless HY25 HY26 HY25 HY26 HY25 HY26 FY25 HY26 NBN Fixed Wireless Vision Network Other 8 1 Wholesale transmission and fibre access costs with Vocus (TAWFA) not allocated to product, the Vision wholesale broadband agreement (WBA) has been allocated to product. Refer to Appendix slide 24 for detailed SIOs and ARPU metrics. Refer to Glossary slides 29 and 30 for definitions of key terms. ‌Service Revenue and Gross Margin Mobile margin expansion expected to accelerate in 2H26 with improving Home Broadband margin KEY CALLOUTS: Mobile Gross Margin +4.2% and greater than Mobile Service Revenue growth Mobile ($m) Home Broadband ($m) Mobile Gross Margin growth more than offsetting full six months of regional network sharing arrangement Home Broadband Gross Margin expected to improve over time as customer base stabilises 1,187 +3.1% 1,224 980 +4.2% 1,022 843 (1.9)% 827 (4.5)% 2H26 OUTLOOK: Expecting Gross Margin growth to continue to exceed Service Revenue growth in 2H26 312 298 HY25 HY26 HY25 HY26 Benefit from Mobile ARPU expected for the full year following announced plan refreshes Service Revenue Gross Margin Service Revenue Gross Margin 1 Service Revenue Gross Margin HY25 HY26 HY25 HY26 Service Revenue Gross Margin 1 1 Transmission and Wholesale Fibre Access Agreement costs not allocated to product; Vision Network Wholesale Broadband Agreement allocated to Home Broadband in all periods. Refer to Appendix slide 24 for detailed SIO and ARPU metrics. Refer to Glossary slides 29 and 30 for definitions of key terms. 9 ‌Delivering our strategy STRATEGY PILLAR 1H26 DELIVERED LOOKING AHEAD Run networks smarter 150% increase in regional data usage post MOCN Three new MVNO partnerships Successful delivery of fibre separation Explore further network sharing opportunities Engage in ACCC domestic roaming review Continue to develop LEOSat partnerships Invigorate brands and services Make it easy for customers Become faster, simpler and stronger Highest ever Vodafone consideration with non-customers Home Broadband initiatives to address NBN churn Enhance Fixed Wireless through 5G standalone Launched AI-enabled analytics for Home Broadband 10ppt increase in Vodafone first contact resolutions Business simplification post Vocus transaction Flat operating costs despite ongoing elevated inflation $46m real opex efficiencies since start FY25 2H26: Launch market-leading Upgrade and Protect feature for handset customers 2H26: Release improved digital portal and Fleet proposition for Vodafone Business Expand AI-enabled analytics for Mobile Continue simplification/rationalisation of IT systems Deliver single IT stack to support all customers Expand AI capabilities in network and operations Continue delivery of $100m opex efficiencies by FY29 Embody customer first, people always 5-Star Employer of Choice for four of five years Vodafone NPS up 12pts to 31pts from June 2025 Expand market-leading in-store customer wellbeing specialist program Develop AI-enabled proactive customer support 10 ‌Review of financial performance John Boniciolli CFO DRAFT all figures under review ‌Key financial metrics Mobile Service Revenue growth, cost discipline and capital efficiency delivering for shareholders ($M) HY25 PRO FORMA 1 HY26 CHANGE Service Revenue 2,060 2,071 0.5% Gross Margin 1,291 1,329 2.9% EBITDA 784 821 4.7% EBITDA (Guidance basis) 786 821 4.5% NPAT (20) 35 275.0% Underlying NPATA 17 70 53 Underlying EPS (cents) 0.9 3.6 2.7 Ordinary dividends per share (cents) 9.0 10.0 11.1% ROIC 4.83 % 6.07 % 1.24ppt Gross Margin growth > Service Revenue growth Mobile revenue growth and direct costs leverage more than offsetting regional network sharing costs EBITDA growth > Gross Margin growth Operating costs broadly flat despite high inflation NPAT growth > EBITDA growth Reduced borrowing costs following 2025 debt reduction Strong dividend growth Enhanced free cash flow following 2025 fibre sale and debt reduction Accelerating ROIC growth Improved earnings and enduring benefit of capital efficiency improvements including handset receivables financing program Operating Free Cash Flow (OFCF) 171 199 16.4% Free Cash Flow to Equity (15) 93 720% Higher cash earnings and lower cash capex Materially lower borrowing costs 1 Pro Forma: as if new commercial arrangements arising from the Vocus Transaction had been in place for 1H25, creating a like-for-like comparison with 1H26. See reconciliation on slide 26. Refer to Glossary slides 29 and 30 for definitions of key terms. 12 DRAFT all figures under review ‌Profit summary Operating leverage and cost discipline convert revenue growth into accelerated profit growth 2,071 0.5% 354 (8.8)% 2,425 (0.9)% 9 n.m (771) 1.0% (334) 12.3% 1,329 2.9% (508) (0.2)% 821 4.7% (613) 1.9% 208 30.8% (159) 24.3% (37) 69.7% (86) 2.3% (36) n.m (14) n.m 35 275.0% ($M) HY25 HY25 PRO FORMA 1 Service Revenue 2,060 2,060 Handset and hardware revenue 388 388 Total revenue 2,448 2,448 Other income 2 3 Cost of provision of telco services (749) (779) Cost of handsets sold (381) (381) Gross Margin 1,320 1,291 Operating costs (507) (507) EBITDA 813 784 Depreciation and amortisation (608) (625) EBIT 205 159 Net financing costs (181) (210) - Net bank interest (122) (122) - Lease interest (59) (88) - Handset receivables financing - - Income tax benefit/(expense) 8 30 NPAT (Statutory) 32 (20) HY26 CHANGE PRO FORMA Lower handset sales volumes reflecting market conditions Very strong outcome relative to 3.6% inflation Reduction includes c. $10m one-off amortisation benefit Material reduction following FY25 debt repayments 1H25 included one-off tax benefit of $15m 1 Pro Forma is as if new commercial arrangements arising from the Vocus Transaction, had been in place the entire 2025 Year creating a like-for-like comparison with 2026. Reconciliation of HY25 Pro Forma basis on slide 26. Refer to Glossary slides 29 and 30 for definitions of key terms. 13 DRAFT all figures under review ‌Cash flow summary EBITDA growth and debt reduction have driven material increase in cash available to shareholders ($M) HY25 GROUP HY25 PRO FORMA 1 HY26 GROUP CHANGE PRO FORMA EBITDA Income tax paid Working capital and other movements 967 - 26 784 - 30 821 (21) 7 4.7% Cash flow from operating activities 993 814 807 (0.9)% Capex - assets (497) (427) (388) Capex - commissions & contract costs (46) (46) (43) Lease payments (145) (170) (177) Operating Free Cash Flow 305 171 199 16.4% Vocus sale impacts 2 (43) (43) (52) Net Bank borrowing and other financing costs paid 3 (143) (143) (40) 72% Employee incentive plan - - (14) Free Cash Flow to Equity 119 (15) 93 720% Free Cash Flow to Equity excluding transaction and separation costs 162 28 145 Net borrowings drawdown 51 51 71 Capital management cost paid - - (5) Dividends paid (167) (167) (176) Tax payable after historic tax losses utilised in FY25 Continued positive movement primarily from lower handset debtors, efficient inventory management Cash capex first-half weighted; FY26 cash capex expected to be around FY25 levels Pro Forma and 1H26 includes new fibre access agreement Separation costs for fibre/EGW Fixed as expected (ends FY26) Benefit of debt repayments in FY25 Timing related, due to 1H26 capex weighting, expected to reverse in 2H26 FY26 OUTLOOK: Free Cash Flow to Equity expected to be stronger in 2H26 vs 1H26 due to higher earnings, lower capex, sustained lower debt 1 Pro Forma is as if new commercial arrangements arising from the Vocus Transaction had been in place the entire period, creating a like-for-like comparison with 2026. Reconciliation of HY25 Pro Forma basis on slide 26. 2 Inclusive of the payment of transaction and separation costs of $41m, and completion related payments of $11m. 3 Inclusive of bank borrowing costs $(44)m, interest income $5m and net payments for investment in subordinated note $(1)m related to the handset receivable financing program. 14 Refer to Glossary on slides 29 and 30 for definitions of key terms. ‌Operating costs Cost savings ahead of schedule despite high inflationary environment KEY CALLOUTS: Strong first-half cost outcome with minimal increase despite high inflation Operating expenses (Guidance basis) ($m) Savings arising from business simplification benefits and disciplined cost management 505 +3m / +0.6% 508 137 126 Technology costs +11m/ +8.7% 175 Employment costs +1m / +0.6% 174 On track to deliver approximately $100m of operating cost efficiency (i.e. before inflation) by FY29 1H26 translates to real savings of c. $15m against inflation of 3.6% Approximately $31m delivered in FY25 204 Other operating expenses ($8m) / (3.9%) 196 FY26 OUTLOOK: Operating expenses expected to be broadly flat (nominal) on FY25 Pro Forma at c. $1,020 million HY25 HY26 Other operating expenses Employment costs Technology costs 15 ‌Capital investment Investment discipline contributing to improved profitability and cash flow CAPEX: FY26 cash capex weighted toward first-half but ongoing annual run-rate reductions continuing 473 Capex ($m) 428 431 388 277 Capex reducing to $650m in FY27 and falling further within $550-650m range (excluding spectrum) in FY28 FY26 additions expected to be approximately $750m 343 301 (FY25 $771m). Cash capex expected to be broadly the same as FY25 427 249 46 52 43 1H25 2H25 1H26 Cash capex - Commissions Cash capex - network and IT Capex additions basis DEPRECIATION AND AMORTISATION 1H26 transition from PPE depreciation and to RoU and amortisation of other intangibles reflects Vocus transaction Depreciation and amortisation ($m) 608 613 1H26 benefitted from c. $10m one-time amortisation adjustment 50 50 122 138 69 140 85 128 227 212 FY26 OUTLOOK: Depreciation and amortisation expense expected to be broadly flat on FY25 Pro Forma at c. $1,280 million HY25 HY26 Depreciation: PP&E Depreciation: RoU Amortisation: spectrum Amortisation: other intangibles Amortisation: customer base Refer to Glossary slides 29 and 30 for definitions of key terms. 16 ‌Capital management De-risked financial position and confidence in cash flow outlook supports increased dividend Dividends 1H26 increase reflects stronger cash flow position from EBITDA growth and debt reduction post FY25 borrowings repayment Franking of 25% sustainable over the medium-term Intention to increase over time in line with sustainable growth in profit and cash flow Dividends declared Financial leverage Operating momentum driving debt/EBITDA headroom higher over FY26 and FY27 Spectrum licence renewals beginning FY28 manageable within target ranges Debt to EBITDA (S&P) trajectory (illustrative) 1 3.00x Bank borrowings Total facilities reduced by $400m in 1H26 reflecting recent repayments and strong cash flow liquidity position Refinancing of FY28 maturities expected to be complete in Q4 FY26, delivering extension and reduced concentration of maturities Bank debt maturity ($m) 9.0 9.0 325 Target HY26 <2.75x 1,140 'BBB' 9.0 10.0 range 1H25 2H25 1H26 2.00x FY25 FY26 FY27 FY28 FY29 300 FY26 FY27 FY28 FY29 FY30 Dividend Special dividend Revolving facilities - drawn Revolving facilities - undrawn Asian term loan - drawn 1 Adjusted Debt to EBITDA is consistent with S&P rating methodology and adjusts EBITDA for items such as capitalised contract costs and MOCN payments, as well as the treatment of handset financing arrangements. Refer to Glossary slides 29 and 30 for definitions of key terms. 17 Outlook ‌Why do fundamental investors want to own TPG Iñaki Berroeta CEO and Managing Director DRAFT all figures under reviewed ‌Shareholder value proposition Delivering strategic initiatives to improve financial performance and strengthen our investment case 1H25 1 1H26 FY26 outlook Medium-term direction (FY27-29) Mobile Service Revenue growth +3.7% +3.1% Continued growth supported by expected 2H26 ARPU growth Sustained ARPU and subscriber growth EBITDA margin 32.1% 33.9% Continued improvement as EBITDA tracks within guidance range of $1,665-1,735m EBITDA growth to exceed Service Revenue growth, driven by delivery of $100m opex savings (before impact of inflation) by FY29 Opex/Service Revenue 24.5% 24.5% Reduction expected as opex anticipated to be broadly flat (nominal) on FY25 Pro Forma Continued reduction driven by delivery of opex savings Capex/Service Revenue 23.0% 21.0% Further reduction in FY26 as capex reduces to c. $750m (additions basis) Improving further as Service Revenue grows and as capex has passed peak of recent investment cycle Operating Free Cash Flow $171m $199m Strong organic growth, expected to be stronger in 2H26 due to higher earnings, lower capex Improved operating performance and lower capex ROIC 4.83% 6.07% Operating performance and capital efficiency continuing to drive improved returns To grow and maintain above weighted average cost of capital over time Underlying EPS 0.9 ₵ 3.6 ₵ Growing with improved earnings and lower borrowing costs Accelerating growth with operating performance and lower borrowing costs Dividends per share 9.0 ₵ 10.0 ₵ Intention to continue to increase over time in line with sustainable growth in profit and cash flow 1 All figures Pro Forma; capex is additions basis. Refer to Glossary slides 29 and 30 for definitions of key terms. 19 DRAFT all figures under reviewed ‌FY26 guidance unchanged All guidance is subject to no material change in operating conditions FY25 OUTCOME (PRO FORMA) FY26 GUIDANCE DRIVERS EBITDA (excluding material one-offs) $1,637m $1,665m to $1,735m EBITDA growth driven by strong performance and continued growth in the Mobile business, while continued cost discipline will limit operating cost growth below inflation Excludes any material one-off 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 Capex (additions basis) $771m Approximately $750m Excludes spectrum Refer to Glossary slides 29 and 30 for definitions of key terms. 20 ‌Questions? 21 Confidential ‌Appendices 22 ‌Revenue and Gross Margin Continuing operations ($m) REVENUE ($M) GROSS MARGIN ($M) 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 Other 1 0 0 n.m Handsets and hardware 349 318 (8.9)% Total 2,233 2,215 (0.8)% 1,179 1,183 0.3% Business Mobile 95 98 3.2% Fixed 9 11 22.2% Enterprise Wholesale Mobile 42 45 7.1% Government & Wholesale Other 30 20 (33.3)% Handsets and hardware 39 36 (7.7)% Total 215 210 (2.3)% 140 138 (1.4)% Unallocated Total - - - 1 8 700.0% 1 $4 million of revenue from contracts with customers has been reclassified from Consumer segment to EGW segment under Wholesale in HY25 to align with the current period assessment of performance. Refer to Glossary slides 29 and 30 for definitions of key terms. 23 ‌Mobile and Home Broadband metrics‌ 2H24 1H25 2H25 1H26 Mobile (overall) Subs ('000) 5,514 5,614 5,742 5,806 ARPU ($) $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 $48.75 Mobile - Digital First Subs ('000) 611 667 724 781 (TPG, felix, iiNet) ARPU ($) $23.54 $25.39 $25.75 $26.10 Mobile - Prepaid Subs ('000) 1,679 1,709 1,732 1,702 (Vodafone Prepaid 1 , Kogan, Lebara) ARPU ($) $19.62 $18.99 $19.85 $19.87 Data SIMs Subs ('000) 265 268 269 264 ARPU ($) $14.94 $14.53 $15.29 $15.07 MVNOs Subs ('000) 113 110 171 214 Fixed (overall) Subs ('000) 2,076 2,021 1,983 1,941 AMPU ($) $25.40 $25.76 $27.18 $25.36 NBN Subs ('000) 1,684 1,611 1,568 1,527 ARPU ($) $69.80 $71.27 $74.37 $74.44 AMPU ($) $21.30 $22.21 $22.96 $22.25 Fixed Wireless Subs ('000) 268 285 285 284 ARPU/AMPU $49.95 $50.88 $52.30 $50.97 Vision Network (retail) Subs ('000) 108 110 115 114 ARPU ($) $67.33 $63.44 $60.29 $59.59 AMPU ($) $16.93 $11.17 $9.85 $4.70 Other Fixed Subs ('000) 16 16 15 16 Refer to Glossary slides 29 and 30 for definitions of key terms. 1 Including Vodafone Prepaid data SIMs, reported prior periods have been restated. 24 DRAFT all figures under review ‌Balance sheet summary Transformation of our financial position ($M) 31/12/2025 30/6/2026 CHANGE Trade and other receivables 687 571 (116) Property plant and equipment 2,418 2,297 (121) Intangible assets 9,005 8,875 (130) Deferred tax assets 370 361 (9) Right of use assets 1,725 1,687 (38) Other assets 306 309 3 Total assets 14,511 14,100 (411) Lease liabilities 2,793 2,747 (46) Trade and other payables 1,045 765 (280) Borrowings 1,361 1,435 74 Other liabilities 641 623 (18) Total liabilities 5,840 5,570 (270) Net assets/equity 8,671 8,530 (141) Enduring capital efficiency improvement delivered through implementation of new handset receivables financing program Timing due to 1H26 capex weighting, expected to reverse in 2H26 Refer to Glossary slides 29 and 30 for definitions of key terms. 25 Subject to AUP review ‌Pro Forma reconciliation‌ HY25 HY26 CHANGE ($M) GROUP (CONTINUING AND DISCONTINUED OPERATIONS) ASSETS SOLD CONTINUING OPERATIONS NEW COMMERCIAL ARRANGEMENTS HY25 PRO FORMA Income statement Service Revenue 2,354 (294) 2,060 - 2,060 2,071 0.5 % Handset and hardware revenue 388 - 388 - 388 354 (8.8)% Total revenue 2,742 (294) 2,448 - 2,448 2,425 (0.9)% Other income 6 (4) 2 1 3 9 n.m Cost of telecommunications services 1 (791) 42 (749) (30) (779) (771) 1.0 % Cost of handsets and hardware (381) - (381) - (381) (334) 12.3 % Gross Margin 1,576 (256) 1,320 (29) 1,291 1,329 2.9 % Operating expenditure (609) 102 (507) - (507) (508) (0.2)% EBITDA 967 (154) 813 (29) 784 821 4.7 % Guidance adjustments 47 (45) 2 - 2 - n.m EBITDA (guidance basis) 1,014 (199) 815 (29) 786 821 4.5 % Depreciation and amortisation (672) 64 (608) (17) (625) (613) 1.9 % EBIT (guidance basis) 342 (135) 207 (46) 161 208 29.2 % Net Financing Cost (184) 3 (181) (29) (210) (159) 24.3 % Cash flow statement Cash flow from operating activities 993 (141) 852 (38) 814 807 (0.9)% Capex excluding spectrum payments (543) 70 (473) - (473) (431) 8.9 % Lease - principal component (83) 9 (74) (8) (82) (91) (11.0)% Lease - interest component (62) 3 (59) (29) (88) (86) 2.3 % Operating Free Cash Flow 305 (59) 246 (75) 171 199 16.4 % Refer to Glossary slides 29 and 30 for definitions of key terms. 1 Pro Forma adjustments for cost of telecommunications services lower than 5 August 2025 presentations, following an update to Vision WBA cost allocation methodology, now recognised as lost revenue in discontinued operations. 26 ‌Earnings per share CONTINUING OPERATIONS ($M) HY25 HY26 CHANGE HY25 PRO FORMA ADJ HY25 PRO FORMA HY26 PRO FORMA & STAT CHANGE VS 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 affected) 2 - (2) - 2 - (2) Underlying NPATA 69 70 1 (52) 17 70 53 Weighted avg. # ordinary shares (basic, millions) 1,860 1,954 94 - 1,860 1,954 94 Weighted avg. # ordinary shares (diluted, millions) 1,863 1,956 93 - 1,863 1,956 93 Basic EPS (cps) 1.7 1.8 0.1 - (1.1) 1.8 2.9 Diluted EPS (cps) 1.7 1.8 0.1 - (1.1) 1.8 2.9 Underlying basic EPS (cps) 3.7 3.6 (0.1) - 0.9 3.6 2.7 Refer to Glossary slides 29 and 30 for definitions of key terms. 27 ‌Return on Invested Capital CONTINUING OPERATIONS($M) HY25 HY26 CHANGE HY25 PF ADJ. HY26 PF ADJ. HY25 PRO FORMA HY26 PF CHANGE 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 - (2) EBIT adjusted for specific items 257 258 1 (46) - 211 258 47 Notional tax (77) (77) - 14 - (63) (77) (14) Net operating profit after tax (NOPAT) 180 181 1 (32) - 148 181 33 Net operating profit after tax (NOPAT) 12-month rolling 377 359 (18) (63) (6) 314 353 39 Total assets 14,779 14,100 (679) 588 (27) 15,367 14,073 (1,294) Less current liabilities (1,307) (1,386) (79) (53) 89 (1,360) (1,297) 63 Add back lease liabilities (current) 112 165 53 32 - 144 165 21 Less cash (45) (55) (10) - - (45) (55) (10) Remove deferred tax assets (410) (361) 49 (93) 27 (503) (334) 169 Remove customer base intangible (300) (200) 100 - - (300) (200) 100 Remove brand name (309) (309) - - - (309) (309) - Remove goodwill (6,707) (6,706) 1 - - (6,707) (6,706) 1 Invested Capital 5,813 5,248 (565) 474 89 6,287 5,337 (950) Average Invested Capital (AIC) 6,022 5,530 (492) 474 282 6,497 5,812 (685) ROIC = NOPAT(12-month rolling) ÷ AIC 6.26% 6.48% 0.22 ppt 4.83% 6.07% 1.24 ppt Refer to Glossary slides 29 and 30 for definitions of key terms. 28 ‌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 fibre access arrangements as these are not allocated to the product level for the reported periods. ARPU Average revenue per user. Total ARPU includes data SIMs and excludes MVNOs. Postpaid ARPU excludes data SIMs. Prepaid ARPU includes Prepaid data SIMs. Capex Capital expenditure. Capex (additions basis) Capex (additions basis) means total additions to property, plant and equipment (ex asset SWAP accounting related additions) and intangibles (ex spectrum) per the financial statements. Capex (cash basis) Capex (cash basis) means additions basis capex adjusted for movements in capex creditors in the period. Continuing operations Retained business as defined under AASB5, excluding discontinued operations. Digital First Services offered primarily or exclusively over digital platforms (online or via apps) and paid for in advance via monthly subscription. Discontinued operations Parts of the business sold during the period. EBITDA Earnings Before Interest Tax Depreciation and Amortisation. EBITDA guidance basis EBITDA guidance basis is subject to no material change in operating conditions and excludes any impact of material one-offs such as transaction costs, restructuring, mergers and acquisitions, disposals, impairments, and such other items as determined by the Board and management. eJV eJV is a joint venture between TPG Telecom and Optus for the sharing of passive mobile network tower and rooftop assets. EPS underlying Calculated as Underlying NPATA, divided by weighted number of shares on issue. FWA Fixed Wireless Access. FY Financial year ended/ending 31 December of the relevant financial year. Gross Margin Earnings after cost of telecommunication services before operating expenses. Group The Company and entities controlled by the Company (its subsidiaries). Guidance basis Guidance is subject to no material change in operating conditions and excludes any material one-off impact arising from events such as transactions, redundancy restructuring, mergers and acquisitions, disposals, impairments and any other items as determined by the Board and management. 2025 Guidance basis includes impact of Pro Forma adjustments. 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 already excluded through discontinued operations. 29 ‌Glossary‌ TERM DEFINITION Mobile Service Revenue Includes Mobile Postpaid, Mobile Prepaid and Wholesale products, including MVNO and Push Text services. MOCN Multi-operator core network sharing arrangement. MVNO Mobile virtual network operator. NPAT Net Profit After Tax is the total revenue minus all expenses and tax. NPATA Net Profit After Tax, adjusted to exclude the tax-effected impact of customer base amortisation and other material one-offs determined by the Board and management. NPS Net Promoter Score. Underlying NPATA Calculated as NPATA, adjusted to add back impairments and material one-offs. NOPAT Net operating profit after tax but before finance expense. OFCF Operating Free Cash Flow, calculated as cash flows from operating activities less capital expenditure (excluding spectrum payments), lease payments and cash tax paid. Opex Operating expense. PCP Prior corresponding period. Postpaid Mobile services generally including significant service additions and paid for in arrears via a monthly billing cycle. PPE Property, plant and equipment. Prepaid Mobile services generally excluding service additions and paid for in advance. Pro Forma Pro Forma: continuing operations results adjusted as if new commercial arrangements arising from the Vocus Transaction (TAWFA and Vision WBA) had been in place for the entire period. Return on Invested Capital (ROIC) NOPAT adjusted to remove customer base amortisation expense and material one-offs (subject to discretion of the Board), divided by average invested capital excluding goodwill, brand and customer base intangibles. RoU Right of use. Service Margin Service Revenue and Other income less Cost of provision of telco services. Service Revenue Excludes revenue from handsets, accessories and other hardware products. For Mobile, includes data SIMs. For Fixed Broadband, includes voice products. SIO Services in Operation. Spectrum Radio frequency spectrum is where radio waves are transmitted and received. TAWFA Transmission and Wholesale Fibre Access Agreement between TPG and Vocus. Vision WBA Vision Wholesale Business Agreement. Total Shareholder Return Share price appreciation, dividends and other capital returns, assuming all dividends and capital returns are reinvested in TPG Telecom shares. 30 ‌Disclaimer The information in this presentation and any oral presentation accompanying it about TPG Telecom and its activities is current as at 21 August 2026 and is in summary form and is not necessarily complete. It should be read together with TPG Telecom's Appendix 4D and 2026 Half-Year Report and other announcements lodged with the Australian Securities Exchange. Future performance and forward-looking statements Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. An investment in TPG Telecom shares is subject to investment and other known and unknown risks, some of which are beyond the control of the group, including possible delays in repayment and loss of income and principal invested. TPG Telecom does not guarantee any particular rate of return or the performance of the group nor does it guarantee the repayment of capital from TPG Telecom or any particular tax treatment. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, none of TPG Telecom, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this Presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are based on assumptions (including those set out in this presentation) and by their nature subject to significant uncertainties and contingencies. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Not financial product advice This Presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire TPG Telecom shares and has been prepared without taking into account the objectives, financial situation or needs of any individuals. Before making any investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. TPG Telecom is not licensed to provide financial product advice in respect of TPG Telecom shares. Cooling off rights do not apply to the acquisition of TPG Telecom shares. Not an offer This Presentation is not, and should not be considered, an offer or an invitation to acquire TPG Telecom shares or any other financial products. International Financial Reporting Standards (IFRS) This presentation includes certain non-IFRS financial measures. These non-IFRS financial measures are used by management to assess the performance of TPG's business and make decisions on allocation of resources. Further information regarding the non-IFRS financial measures and other key terms used in this presentation are included in the glossary on slides 29 and 30. Non-IFRS measures have not been subject to audit or review. Factors that may affect forward-looking statements include legal and regulatory changes or actions; technological changes; changes in customer expectations and sentiment, economic and geopolitical factors including global market conditions, demand and availability of highly skilled people; and risks, including physical, technology and environmental risks. Investor relations contact Paul Hutton [email protected] +61 416 250 847 Media contact Mitchell Bingemann [email protected] +61 493 733 904 31

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