TPG Telecom (TPG) AGM 2025 summary

Opening remarks and agenda

• Acknowledgement of traditional land custodians and welcome to shareholders attending in person and online.

• Confirmation of quorum and introduction of board members and executive team.

• Chairman Canning Fok and CEO Iñaki Berroeta addressed the meeting, outlining the agenda and strategic focus areas for the year.

• Overview of meeting procedures, voting rights, and agenda, including seven resolutions to be considered.

Financial performance review

• Achieved strong financial results in 2024: service revenue and mobile service revenue growth, expanded gross margin, increased EBITDA, and improved cash flow.

• Total service revenue grew 1.5% to AUD 4.7 billion; EBITDA up 3.4% to AUD 1.988 billion.

• Mobile business saw 5.4% revenue growth and 1.8% increase in subscribers to 5.51 million.

• Operating free cash flow tripled to AUD 672 million; return on investment capital rose to 6.1%.

• FY25 EBITDA guidance maintained at $1,950m–$2,025m, with capital expenditure expected to decrease.

Board and executive committee updates

• Paula Dwyer joined as independent non-executive director and Chair of Audit and Risk Committee.

• Board recommended re-election of Paula Dwyer, Pierre Klotz, Helen Nugent, and Canning Fok.

• Executive remuneration approach maintained, with adjustments based on peer benchmarking and shareholder feedback.