Appendix 4E and 2024 Annual Report
| Stock | TPG Telecom Ltd (TPG.ASX) |
|---|---|
| Release Time | 28 Feb 2025, 8:22 a.m. |
| Price Sensitive | Yes |
TPG Telecom Reports FY24 Results and Announces Asset Sale
- Delivered strong financial results in FY24, with growth in Service Revenue and EBITDA
- Activated landmark regional network sharing agreement with Optus, doubling mobile coverage
- Announced $5.25 billion sale of fibre infrastructure assets and EGW business to Vocus Group
In 2024, TPG Telecom delivered a strong financial result while achieving significant milestones in the delivery of its strategy to simplify and streamline the business and create greater value for customers and investors. The company grew Service Revenue by 1.5% to $4,702 million and EBITDA by 3.4% to $1,988 million, excluding material one-offs. TPG Telecom also activated its landmark regional network sharing agreement with Optus in January 2025, doubling its mobile network coverage to more than 1 million square kilometres and 98.4% of the Australian population. Another key milestone was the announcement of the company's intention to sell its fibre infrastructure assets and Enterprise, Government and Wholesale (EGW) Fixed operations to Vocus Group for an enterprise value of $5.25 billion. This transaction will enable TPG Telecom to lock in attractive long-term economics for fibre infrastructure access, avoid future capital expenditure, and further simplify and streamline the business. The company also made progress with its multi-year program to simplify customer plans and products, digitalise the customer experience, and modernise its IT systems.
TPG Telecom expects to deliver continued growth in Service Revenue and EBITDA in FY25, supported by the expanded regional mobile network coverage and the proposed sale of its fibre infrastructure assets and EGW business to Vocus Group.
TPG Telecom is well-positioned to grow strongly in the mobile market in the coming years, bolstered by its 5G rollout and the doubling of its national coverage via the regional network sharing arrangement with Optus. The company is also focused on simplifying its customer plans and products, digitalising the customer experience, and modernising its IT systems to make it easier for customers to interact with TPG Telecom.