• Fourth consecutive year of underlying growth
• Significant one-off net costs totalling $715 million in prior year
• Completed $750 million on-market share buy-back, announced additional $1 billion buy-back

Telstra has reported a strong financial year, delivering its fourth consecutive year of underlying growth. The company's reported growth was stronger than its underlying growth due to significant one-off net costs totalling $715 million in the prior year, mostly related to impairments and restructuring associated with the reset of its Telstra Enterprise business. Telstra's underlying growth more accurately reflects its financial performance compared to the prior period, excluding significant one-off items and other adjustments. The company grew underlying EBITDA across its Mobiles, Fixed Consumer & Small Business, Fixed Enterprise, InfraCo Fixed and Amplitel businesses. Its mobile business continued to perform well, with EBITDA growth of $235 million driven by higher ARPU and customers continuing to choose Telstra's network. Fixed Consumer & Small Business EBITDA grew by $109 million, reflecting ARPU growth and disciplined cost management, while Fixed Enterprise EBITDA grew by $103 million, supported by decisive actions taken to reset this business and reduce costs. Telstra's infrastructure businesses continued to grow, reflecting strong customer demand. The company has also completed a $750 million on-market share buy-back and announced an additional on-market buy-back of up to $1 billion, enabled by growth in earnings and the strength of its balance sheet.

Underlying EBITDA after lease amortisation (EBITDAaL) of $7.8 billion to $8.1 billion in FY26, business-as-usual capex of $3.1 billion to $3.3 billion, and Cash EBIT of $4.3 billion to $4.5 billion in FY26.

Telstra is focused on continuing to deliver value for its shareholders, including through its core business cash flow, active portfolio and investment management, and disciplined capital management. The company's ambition is to be the number one choice for connectivity in Australia and to continue delivering on its purpose to build a connected future so that everyone can thrive.