Company Reports

TPG Telecom reported a 5% lift in first-half 2026 underlying EBITDA to AUD 821 million, despite a 1% fall in revenue to AUD 2.425 billion. The board declared an interim DPS of AUD 0.10, up 11% and franked to 25%. Full-year EBITDA guidance was maintained at AUD 1.665 billion to AUD 1.735 billion.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to reduce the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

Since the release of the full-year results on Feb. 27, 2026, TPG Telecom shares have risen 8%, dividend-adjusted, compared with the 2% decline in the S&P/ASX 200. We delve into why and whether there is still value at current prices.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

TPG Telecom's 2025 underlying EBITDA rose 2% to AUD 1.637 billion, adjusted for the sale of its fiber assets and pro forma for the commercial arrangements with the buyer. A final DPS of AUD 0.08 was declared, 30% franked, bringing the full-year total to AUD 0.18, unchanged.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

TPG Telecom has launched its well-publicized Reinvestment Plan to raise up to AUD 438 million. It provides eligible shareholders with the opportunity to reinvest all or part of their recently approved AUD 1.61 per share cash distribution, or AUD 3 billion, in new TPG shares.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

Following the passing of the capital return resolution on Nov. 11, 2025, TPG Telecom will pay AUD 1.61 per share in cash distribution to eligible shareholders on Nov. 24, 2025. It comprises AUD 1.52 per share in capital return and AUD 0.09 per share in unfranked special dividend.

TPG Telecom will hold an Extraordinary General Meeting on Nov. 11, 2025, for shareholders to vote on the proposed AUD 3.0 billion, or AUD 1.61 per share, capital return. It will be paid using the AUD 4.7 billion proceeds from the sale of its fiber network assets and fixed-line business.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

TPG Telecom's 2025 first-half underlying EBITDA, excluding the divested fiber assets and related fixed-line units in both periods, lifted 1% to AUD 786 million. Net profit of AUD 32 million was up from AUD 7 million a year ago, and the unfranked interim dividend of AUD 0.09 was unchanged.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

TPG Telecom has completed the sale of its fiber network assets and fixed-line business, with the AUD 4.7 billion net proceeds earmarked for capital return and debt reduction. This will be supplemented by an estimated AUD 688 million share issue for minority shareholders to reinvest their proceeds.

The 2020 merger with Vodafone Australia (the third-ranked mobile player in the country) is one way TPG Telecom is trying to limit the impact of the NBN on its fixed-line broadband business. Mobile offers a critical strategic path to future-proof the group in the face of an onslaught from the NBN.

Shares in TPG Telecom are up 19% since the 2024 results release on Feb. 28, before counting the AUD 0.09 dividend per share paid since. There are tailwinds benefiting the group and Telstra (also up 19% over the same period), but performance also reflects recognition of positive dynamics within TPG.

Reserve Bank of Australia modelling suggests US tariffs could wipe around one percentage point from Australian GDP growth over the next few years. While the chance of a recession is higher, its impact and duration may be mitigated by monetary and/or fiscal responses deployed.

TPG Telecom's 2024 underlying EBITDA increased 3% to AUD 1.988 billion and net profit grew by 5% to AUD 87 million. The income picture masks a three-fold-plus jump in underlying free cash flow to AUD 672 million, and 2025 EBITDA guidance is eminently achievable.