Telstra Group (TLS) H2 2025 earnings summary

Executive summary

• Achieved fourth consecutive year of underlying growth, completing the T25 strategy and launching Connected Future 30, focused on core connectivity, innovation, and digital leadership.

• Reported FY25 EBITDA up 14% to $8.6b and NPAT up 31% to $2.3b, with EPS up 34% to 18.9c and return on invested capital up 1.7pp to 8.5%.

• Fully franked total dividend for FY25 increased 5.6% to 19c per share.

• Completed $750m share buyback and announced an additional buyback of up to $1b.

• Launched new products, including Australia’s first satellite-to-mobile text messaging, and invested in network leadership and digital safety.

Financial highlights

• Reported EBITDA up 14% to $8.6b; underlying EBITDA up 4.6%.

• NPAT up 31% to $2.3b; underlying NPAT up 1.8%.

• Cash EPS up 12% to 22.4c; total income increased 0.7% to $23.6b.

• Free cash flow after leases before strategic investment rose 5.7% to $3.43b.

• ROIC improved to 8.5%, up 1.7pp.

Outlook and guidance

• FY26 guidance: underlying EBITDAaL of $8.15b–$8.45b, cash EBIT of $4.55b–$4.75b, BAU capex of $3.2b–$3.5b, and strategic investment capex of $0.3b–$0.5b.

• Focus on core connectivity, disciplined capital management, and adapting to technological change.

• Committed to sustainable, growing dividends and ongoing capital management, including buybacks.