Telstra Group Ltd

TLS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Recognizing Telstra's Defensiveness

Brian Han

Dec 5, 2025

Business Strategy and Outlook

Telstra's performance during and since the depths of covid-19 shows the resilience of its earnings and the strength of its balance sheet, especially given the negative impact on high-margin roaming revenue was material during the pandemic. The AUD 2.7 billion cost-out program under T22 was delivered, and an additional AUD 428 million of costs was eliminated under the T25 plan.

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Telstra Group Ltd

Recognizing Telstra's Defensiveness

Business Strategy and Outlook

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