• Mobile subscriber growth of 100,000 following regional network expansion
• EBITDA up 1.0% to $813 million, with disciplined cost control
• Operating free cash flow up 23.6% to $246 million on lower capex

TPG Telecom Limited (ASX: TPG) today released its financial results for the six months ended 30 June 2025 (HY25), highlighting growth in Mobile subscribers, a simplified cost base, increased capital efficiency and a strong cash flow outlook. Service Revenue increased 2.2% to $2,060 million, driven by an increase of 100,000 Mobile subscribers following the regional network expansion in January. TPG Telecom saw subscriber growth across major metropolitan and regional centres, with lower customer churn. This was supported by solid growth in Average Revenue per User (ARPU) to $34.97, up 33 cents on the prior corresponding period. EBITDA was $813 million, an increase of 1.0%, reflecting Service Revenue growth and disciplined cost control, enabling TPG Telecom to absorb the cost of both the launch and operation of the regional mobile network infrastructure sharing arrangement. Net profit after tax (NPAT) was $32 million, an increase of $25 million, reflecting EBITDA growth, flat depreciation and amortisation expense, lower financing costs and an $8 million income tax benefit. Operating Free Cash Flow (OFCF) was $246 million, up 23.6%, primarily reflecting a $37 million reduction in capital expenditure to $473 million and reduced impact from legacy handset receivables financing arrangements.

TPG Telecom expects FY25 Pro Forma EBITDA to be between $1,605 million and $1,650 million, excluding material one-offs, and cash capital expenditure (excluding spectrum payments) to be approximately $790 million.