Highlights

  • HY26 service Revenue reached $2,071 million, with mobile service revenue of $1,224 million.
  • The company added 64,000 mobile subscribers during the half, supported by postpaid and digital-first brands.
  • EBITDA was $821 million, while net profit after tax was $35 million for the six months ended 30 June 2026.
  • Operating Free Cash Flow was $199 million and Free Cash Flow to Equity was $93 million.
  • FY26 guidance remained unchanged, with EBITDA expected between $1,665 million and $1,735 million and Capital Expenditure additions of about $750 million.

TPG Telecom Limited (ASX:TPG) operates telecommunications services across Australia through mobile and internet brands including Vodafone, TPG, iiNet, Internode, Lebara and felix. Its nationwide mobile network is supported by more than 5,600 sites, while a regional network-sharing arrangement extends its mobile footprint. The company’s HY26 result, released on 21 August 2026, provides a current view of mobile growth, broadband trends, Earnings and cash generation during the six months ended 30 June 2026.

Mobile Revenue and Subscriber Growth Lead HY26

TPG Telecom reported HY26 service revenue of $2,071 million. Mobile service revenue was $1,224 million, increasing 3.1 per cent, supported by 64,000 additional mobile subscribers. Average revenue per user reached $35.21, reflecting a 24-cent increase on the prior corresponding period.

The company said mobile customer growth was supported by postpaid performance, digital-first subscription brands and mobile virtual network operator customers. Its regional network-sharing arrangement remained an important operational factor, with the expanded network continuing to support customer Acquisition and broader coverage.

Fixed Wireless Improves as Home Broadband Remains Competitive

Home Broadband service revenue was $827 million in HY26. The company described the NBN market as highly competitive, while noting that subscriber reductions had moderated. Fixed Wireless returned to growth in the second quarter after the addressable market was expanded through standalone 5G services.

This mix shows the importance of TPG Telecom’s mobile and wireless infrastructure as the company balances pressure in traditional broadband with growth opportunities in services delivered over its own mobile network.

Earnings and Cash Flow Reflect a Simpler Operating Structure

HY26 EBITDA was $821 million and net profit after tax was $35 million. Operating costs were $508 million. TPG Telecom also reported Operating Free Cash Flow of $199 million and Free Cash Flow to Equity of $93 million.

The company attributed the cash flow outcome to operating earnings, lower capital expenditure and reduced borrowing costs. It also indicated that the peak years of Investment in network and IT improvements have passed, which is expected to support lower ongoing cash capital expenditure.

FY26 Guidance Remains Unchanged

For FY26, TPG Telecom maintained guidance for EBITDA of $1,665 million to $1,735 million, assuming no material change in operating conditions and excluding material one-off items. Capital expenditure additions are expected to be approximately $750 million.

The board declared a 10.0-cent-per-share interim dividend, franked at 25 per cent, with payment scheduled for 29 September 2026. The company stated that its dividend policy is linked to sustainable growth in profit and cash flow.

Key Insights

TPG Telecom’s HY26 result places mobile growth and cash generation at the centre of its current operating profile. Subscriber additions, higher mobile service revenue and the return to growth in Fixed Wireless offset a more competitive Home Broadband environment. With FY26 earnings and capital expenditure guidance unchanged, the company’s second-half performance will depend on continued mobile momentum, disciplined operating costs and execution across network and IT initiatives.