• Step change in coverage and addressable market
• $5.25 billion proposed sale of fibre assets to streamline business and strengthen financial position
• Accelerating IT modernization and product simplification to improve customer experience

TPG Telecom delivered a strong financial performance in FY24, with continued growth in Mobile Service Revenue, expansion of gross margin, increased EBITDA in line with guidance, improved cash flow, and higher return on capital invested. The company also achieved significant strategic milestones, including the completion of a regional network sharing arrangement with Optus, which has extended its mobile network reach to 98.4% of the Australian population, and the proposed sale of its fibre network infrastructure assets and Enterprise, Government, and Wholesale fixed business to Vocus Group for an enterprise value of up to $5.25 billion. This transaction will simplify TPG Telecom's business, unlock significant value for shareholders, and secure long-term access to the fibre infrastructure needed to support the company's growth. The company is now entering a new phase with a refreshed strategy focused on running networks smarter, invigorating brands and services, making it easier for customers, and becoming faster, simpler, and stronger. Key priorities include leveraging the expanded mobile network coverage, rolling out improvements to customer systems, and managing a smooth separation of the fibre and Enterprise, Government, and Wholesale fixed business.

Assuming stable operating conditions, TPG Telecom expects EBITDA for 2025 to be between $1,950 million and $2,025 million, with cash capex around $900 million. The company also anticipates a strong improvement in Operating Free Cash Flow due to lower capital expenditure and better working capital movements.

TPG Telecom's strategic initiatives have laid a strong foundation, and the company is confident in its ability to continue delivering exceptional value to its customers and shareholders. The company will focus on delivering the benefits of increased mobile network coverage, rolling out improvements to customer systems, and managing a smooth separation of the fibre and Enterprise, Government, and Wholesale fixed business.