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Telecom Plus (TEP) investor relations material

Telecom Plus H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary25 Nov, 2025

Executive summary

  • Achieved 19% year-over-year customer growth, reaching 1,386,585 customers by September 2025, with compounding double-digit growth over four years, driven by a multi-service subscription model and partner-led distribution.

  • Cross-sell partnership with TalkTalk exceeded expectations, with over 190,000 broadband customers acquired and 5,000 upgraded and cross-sold.

  • On track for record customer and service numbers, profits, and shareholder returns for FY2026, with a medium-term target of over 2 million customers.

  • Continued investment in AI, digital transformation, and operational efficiency, including AI-powered customer support and smart meter triage.

  • Maintained award-winning service levels, including Which? Recommended Provider status for both Energy and Broadband.

Financial highlights

  • Revenue increased 7% year-over-year to £744.5m in H1 FY26, driven by customer growth.

  • Gross profit declined 6% to £157.6m, with gross margin at 21.2% (down from 24.1%), mainly due to revised phasing of energy industry costs.

  • Adjusted profit before tax (PBT) for H1 was £33m, down 30% from H1 FY25, reflecting H1/H2 cost rephasing.

  • Adjusted EPS fell 28% to 31.5p; statutory EPS was 22.2p (down 36.8%).

  • Interim dividend increased to 38p per share, up 3% year-over-year, with a payout target of 80–90% of adjusted net profit.

Outlook and guidance

  • Reiterated FY26 guidance: ~25% total customer growth (including TalkTalk), low double-digit organic growth, and adjusted PBT of £132–138m.

  • Medium-term goal to reach over 2 million customers, with expected annual growth of 10–15%.

  • Dividend payout expected to remain at 80–90% of adjusted post-tax profit.

  • Plans to expand cross-sell blueprint and acquire more single-service customer books.

  • Shareholder returns expected to increase in line with customer growth.

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Frequently asked questions

Telecom Plus Plc is a telecommunications company that provides services in the United Kingdom. The company offers residential and business customers a range of services including high-speed Internet, telephone line rental, digital television programming and voice over IP. Telecom Plus Plc provides mobile phone services as part of its Mobile Broadband product range. The company was incorporated in 1996 and is based in London, the United Kingdom.

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