Telecom Plus (TEP) investor relations material

Customer and partner growth

• Multiservice organic customers rose at an annualised rate of over 11% to c.526k, ahead of the FY27 10%+ full-year target and c.3x FY26 growth.

• Single-service organic customers grew at an annualised c.8.5% to c.791k; total organic customers rose at an annualised c.9.7% to c.1.32m.

• H1 monthly active Partners averaged c.4.9k, up c.15% from H2 FY26; total Partners exceeded 88k at September-end versus c.77k at FY26-end.

• c.25k core services were cross-sold in H1, on track for the FY27 target of 50k; insurance services returned to growth at c.114k.

Strategic and operational progress

• Amplify attracted a record c.6k Partners; launches included an unlimited mobile offer, enhanced multiservice incentives and a Partner share-option scheme with a 1m market-price option pot.

• Motor insurance remains on track to launch in H2 FY27; brand advertising is planned for Q3 FY27 across regional TV, radio, out-of-home and hyper-local activations.

• Digitalisation is advancing, with more customer interactions handled through automated journeys to support customer experience and operating efficiency.

• BT Group's acquisition of Platform X Communications was welcomed for the security, continuity and stability it brings to broadband connections through BT Openreach and CityFibre.

Outlook and shareholder returns

• FY27 adjusted PBT guidance was reiterated at £80m–£90m, with H1/H2 weighting expected at 15%/85%; the FY31 adjusted PBT goal is £175m.

• FY27 year-end net debt/adjusted EBITDA is expected at c.1.5x, declining to c.1.0x over the five-year plan.

• By 2 October, the £40m buyback had acquired c.3.8m shares at an average 821.24p, with c.£9.0m remaining; FY27 distributions are expected to split c.40% interim and 60% final.

• At current share-price levels, half of FY27 distributions would be via an extended buyback and the remainder via dividends.