Telecom Plus (TEP) Trading update summary

Trading performance and growth momentum

• Multiservice customer growth annualised at over 10% in the first four months of FY27, exceeding the previous year's 3.9% rate.

• Partner network activity at record levels, with monthly active Partners averaging 4.9k, up from 4.2k in H2 FY26.

• Partner recruitment strong, with total numbers rising to over 85k by July from 77k at FY26 year-end.

• Cross-selling of core services ramped up, with 17,000 cross-sold in four months, targeting 50,000 for FY27.

• Full year adjusted profit before tax guidance reiterated at £80m–£90m for FY27.

Strategic initiatives and operational updates

• Insurance re-platforming progressing, with motor insurance launch planned for H2 FY27.

• 'Post Office Plus' partnership pilot now live, and National League partnership ongoing.

• New brand campaign set for early Q3 launch, including TV, radio, and local activations.

• Digitalisation programme advancing, increasing digital customer interactions.

Financial and capital allocation

• Investment programme phasing will shift profit weighting more to H2 (15%/85% split expected for FY27).

• Net debt to adjusted EBITDA expected to peak at 1.5x in FY27, reducing to 1x over five years.

• £40m share buyback underway, with £20m remaining; 2.44m shares bought back at 818.66p average.

• Final FY26 dividend of 12p per share to be paid on 28 August; interim FY27 dividend and buyback extension to be announced in November.