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TPG Telecom (TPG) investor relations material

TPG Telecom H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary28 Aug, 2025

Executive summary

  • Service revenue grew 2.2% year-over-year, driven by mobile subscriber growth, regional network expansion, and digital-first brands, with net profit after tax rising to $32 million, aided by lower financing costs and a one-off tax benefit.

  • Completed sale of fibre network infrastructure and EGW fixed and fiber assets to Vocus Group, transitioning to a mobile-led integrated telecom company and enabling major capital management initiatives.

  • Free cash flow to equity improved by $152 million, with operating free cash flow up 35% due to lower capex and improved working capital.

  • Interim dividend of 9 cents per share declared, targeting 18 cents per share for FY2025, with a new policy aiming for sustainable annual dividend growth.

  • Announced up to $3 billion capital return to shareholders and $2.4 billion targeted debt repayment, with a reinvestment plan for minority shareholders.

Financial highlights

  • Service revenue reached $2,060 million, up 2.2% year-over-year; gross margin increased 0.8% to $1,320 million.

  • EBITDA from continuing operations was $813 million, up 1.0% year-over-year; pro forma EBITDA (guidance basis) was $786 million, up 0.9%.

  • Operating free cash flow was $246 million, up 23.6% year-over-year, with free cash flow to equity turning positive at $103 million.

  • Return on invested capital improved to 6.2%, up 80 basis points year-over-year.

  • Statutory EPS from continuing operations was 1.7 cents, up from 0.4 cents in HY24.

Outlook and guidance

  • FY2025 pro forma EBITDA guidance is $1,605 million–$1,655 million, up 2% at midpoint over FY2024.

  • Capital expenditure (excluding spectrum) expected to be $790 million, with further reductions targeted in FY2026 and beyond.

  • Dividend policy aims for annual growth in line with profit and cash flow, targeting 18 cents per share for FY2025.

  • Confident in further free cash flow growth, supported by lower capex, reduced legacy costs, and lower bank servicing costs.

  • Capital management plans include up to $3 billion capital reduction and up to $2.4 billion in bank debt repayment.

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Frequently asked questions

TPG Telecom Limited is an Australia-based telecommunications company offering a wide range of services, including mobile, broadband, fixed-line, and enterprise communications. The company serves residential, business, and government customers across Australia, leveraging its extensive network infrastructure, which includes fiber-optic and mobile networks. TPG Telecom operates under several well-known brands, such as Vodafone, TPG, iiNet, and AAPT. The company is headquartered in North Sydney, Australia, and its shares are listed on the Australian Securities Exchange.

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