TPG Telecom Limited

Annual Report
2024

About this report and our FY24 annual 
reporting suite
Our FY24 Annual Report (this report) has integrated key 
sustainability updates in anticipation of the new Australian 
Sustainability Reporting Standards (AASB S1 General 
Requirements for Disclosure of Sustainability-related Financial 
Information and AASB S2 Climate-related Disclosures), 
effective from 1 January 2025. 
For more sustainability information, please go 
to tpgtelecom.com.au/sustainability. 
Our Corporate Governance Statement and Tax Transparency 
Report are available at tpgtelecom.com.au/investor-relations.
Lodged with the Australian Securities Exchange (“ASX”) under 
Listing Rule 4.3A.
The ASX Appendix 4E and full-year financial results of TPG 
Telecom Limited (ABN 76 096 304 620) and its controlled 
entities for the year ended 31 December 2024.
About
1
Chairman's letter
2
CEO and Managing Director's letter
3
Directors’ report
6
   Operating and financial review
6
      Business strategy
6
      Financial performance
8
      Summary of financial position
9
      Strategic risk management
15
      Sustainability Report 
18
   Board of Directors
23
   Remuneration report
42
Auditor’s independence declaration
76
Financial report
77
Directors’ declaration
140
Independent auditor’s report
141
ASX additional information
146
Glossary
149
Forward-looking statements 
Forward-looking statements, opinions and estimates provided in this report are based on assumptions and contingencies, which are 
subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market 
conditions. Forward-looking statements, including projections, guidance on future earnings and estimates, are provided as a general guide 
only and should not be relied upon as an indication or guarantee of future performance. 
Investors should form their own views as to these matters and any assumptions on which any forward-looking statements, estimates or 
opinions are based. Except as required by applicable laws or regulations, TPG Telecom does not undertake to publicly update or revise any 
forward-looking statements to reflect any change in expectations, contingencies or assumptions, whether as a result of new information or 
future events. To the maximum extent permitted by law, none of TPG Telecom, its directors, employees or agents, nor any other person 
accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the 
information contained in this report.
Acknowledgement of Country
We acknowledge the Traditional Custodians of Country 
throughout Australia and the lands on which we and our 
communities live, work and connect. We pay our respects 
to their Elders, past and present.
‘Listening to Land - Connecting to Country’ by Riki Salam 
(Mualgal, Kaurareg, Kuku Yalanji), We Are 27 Creative. 
Contents

TPG Telecom provides telecommunications services to 
consumer, business, enterprise, government and wholesale 
customers in Australia.
Home to some of Australia’s most-loved brands including Vodafone, TPG, iiNet, AAPT, Internode, Lebara and 
felix. We own and operate nationwide mobile and fixed networks that are connecting Australia for the better.
~7.6m
fixed and mobile services in 
operation to customers
1.0m+
square kilometres mobile 
network coverage
~7,700
mobile sites including 
regional network sharing
~3,300
employees
Our purpose and values 
TPG Telecom’s purpose is to build meaningful relationships and support 
vibrant, connected communities. 
Our values guide the company culture, what we prioritise, and the 
experiences we create for customers and communities: 
About
Page 1  |  TPG Telecom Annual Report 2024

Dear Shareholders
It is a pleasure to present TPG Telecom Limited’s 
Annual Report for 2024.
TPG Telecom’s infrastructure and family of brands 
continue to play a vital role in the Australian 
community and economy. Our lives are becoming 
ever more reliant on connectivity – for which speed, 
reliability, security and great value are all essential. 
Customers are demanding higher quality services 
while facing ongoing cost of living challenges.
I am proud that millions of Australians continue to 
recognise the value and quality of TPG Telecom’s 
range of mobile and fixed services to help them 
stay connected, productive and entertained.
TPG Telecom is positioned to grow strongly in the 
mobile market in the coming years, bolstered by 
our 5G rollout and the doubling of our national 
coverage via our new regional network sharing 
arrangement with Optus. We are also now 
Australia’s largest provider of Fixed Wireless 
home internet services, complementing our 
position as a major operator in the NBN market.
Strategic milestones
In 2024, we delivered several significant milestones 
as we work towards our strategic ambition to be 
Australia’s best telco for customers, shareholders, 
our people and the community.
In September 2024, we received regulatory 
approval for the regional Multi-Operator Core 
Network (MOCN) partnership with Optus. This 
innovative infrastructure sharing arrangement 
brings choice to customers accessing services in 
regional and rural areas. Since we went live in late 
January 2025, the customer response has been 
very positive.
In October 2024, we announced the sale, for an 
enterprise value of $5.25 billion, of our fibre 
network infrastructure assets and Enterprise, 
Government and Wholesale (EGW) fixed business 
to Vocus Group. The transaction is subject to 
regulatory approval and other conditions precedent.
This transaction will be transformative for TPG 
Telecom, enabling us to lock in attractive long-term 
economics for fibre infrastructure access, avoid the 
future capital expenditure we would face under 
alternative arrangements, and further simplify and 
streamline the way we do business. Proceeds from 
the transaction will also create an opportunity for us 
to optimise our capital structure.
Infrastructure partnerships of this kind make TPG 
Telecom leaner and more agile so we can prioritise 
investment in the areas that can have the biggest 
impact on our customers, such as our metropolitan 
mobile network, brands and customer-facing 
technology systems.
Board changes
The Board was pleased to welcome Paula Dwyer 
as an independent non-executive director and chair 
of the Audit and Risk Committee in October. 
Ms Dwyer will stand for election at the Annual 
General Meeting in May 2025. Her appointment 
followed Arlene Tansey’s retirement from the Board. 
We thank Ms Tansey for her four years of service.
Dividends
The Board has declared a final dividend of 
9.0 cents per share for 2024, taking total dividends 
for the Year to 18.0 cents per share, the same as 
2023. The final dividend is unfranked, reflecting the 
full utilisation of our franking credit balance against 
the 2024 interim dividend.
Looking ahead
On behalf of the Board, I would like to recognise 
our people for their commitment and shared 
success in 2024 and thank our customers and 
shareholders for their ongoing support. We enter 
2025 with a stronger, more competitive position to 
provide our customers with the choice and value 
they deserve. We look forward to continuing 
our progress in the year ahead.
Canning Fok
Chairman
Chairman’s Letter
Page 2  |  TPG Telecom Annual Report 2024

Dear Shareholders
In 2024, TPG Telecom delivered a strong financial 
result while achieving significant milestones in the 
delivery of our strategy to simplify and streamline 
our business and create greater value for 
customers and investors. We delivered another 
year of growth in Service Revenue and expansion 
in gross margin. We grew EBITDA in line with our 
guidance to the market. We delivered a material 
increase in cash flow, improved return on capital, 
and stable dividends.
We activated our landmark regional network 
sharing agreement with Optus in January 2025. 
This innovative infrastructure partnership doubles 
our mobile network coverage to more than 1 million 
square kilometres and 98.4% of the Australian 
population, making our services more attractive to 
customers who live in or visit regional and rural 
Australia. We have had a very strong customer 
response in the first month since launch.
We accelerated progress with our multi-year 
program to simplify the plans and products we 
provide to customers, digitalise our customers’ 
experience and modernise our IT systems. 
We have already reduced our total number of 
plans materially, while new apps and digital tools 
coming to market in 2025 will make life easier 
and faster for customers.
Another important milestone was the completion 
of the strategic review of our fibre infrastructure 
network assets. In October 2024, we announced 
our intention to sell these assets, plus our 
Enterprise, Government and Wholesale (EGW) 
Fixed operations, to Vocus Group for an enterprise 
value of $5.25 billion1.
We will receive significant value for the assets we 
are selling, while gaining access to a larger fibre 
network under a partnership model on terms that 
are both financially and strategically attractive.
The fees we pay under this arrangement won’t 
increase as we add customers or data volume 
to the network – supporting expansion in our 
operating margins as we grow revenue. We will 
also avoid significant future investment that would 
otherwise have been required to replenish expiring 
network access arrangements with other carriers 
in the coming years.
We are making good progress with separation 
planning. The transaction is expected to close 
in the second half of 2025, subject to regulatory 
approval and other conditions precedent.
2024 results
Slower market growth and intense competition 
resulted in overall Service Revenue growth in 2024 
of 1.5% to $4,702 million. However, we delivered 
another year of strong growth in Mobile Service 
Revenue, which was up 5.4% to $2,272 million.
This growth, combined with direct cost efficiencies, 
enabled an increase of 3.5% in gross margin to 
$3,213 million. Flattening of indirect cost growth 
translated to a 3.4% increase in EBITDA, excluding 
material one-offs2, to $1,988 million. This was in 
line with our guidance for the year.
Operating Free Cash Flow was up more than 
three times to $672 million3, reflecting lower capital 
expenditure as our network investment has passed 
its peak, and improved working capital. Return on 
Invested Capital4 improved 40 basis points to 
6.1%, reflecting profit growth and lower capital 
expenditure. Earnings per share was 10.7 cents, 
up 1.9%4,5. Dividends per share were constant 
at 18.0 cents.
CEO & Managing
Director’s Letter
Page 3  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.
1 Proposed sale to Vocus Group remains subject to regulatory approval and other conditions precedent; expected to complete in second 
half of 2025.
2 Material one-offs for FY24 include non-cash impairment of regional mobile network assets of $250 million, transaction and separation 
costs of $20 million and restructuring redundancy costs of $6 million, recorded in operating expense. 
3 Excludes any material one-off impacts.
4 FY23 restated to no longer treat $38 million of transformation costs (pre-tax) as material one-offs. Prior to this adjustment, FY23 ROIC 
was reported at 6.1% and EPS was 11.9 cents.
5 EPS (LTIP basis) is statutory NPAT adjusted by adding back customer base amortisation and material one-offs (subject to the discretion of 
the Board), divided by weighted number of shares on issue.
“We activated our landmark 
regional network sharing 
agreement with Optus in 
January 2025.”

Strategy reset
Our ambition to be Australia’s best telco for 
customers, shareholders, our people and the 
community is unchanged – but in 2024 we 
refreshed our strategy. Details of the new strategic 
framework are set out on pages 6 and 7.
The refreshed strategy has four guiding principles:
• Run our networks smarter
• Invigorate our brands and services
• Make it easier for our customers, and
• Become faster, simpler and stronger.
Running networks smarter
Our objective is to invest in core network assets 
where building scale creates value for customers 
and shareholders. Where we don’t believe we can 
invest efficiently, we are creating strategic 
partnerships to extend our reach.
That’s why we have invested significantly in TPG 
Telecom’s core mobile network infrastructure in 
metropolitan areas, converting approximately 72% 
of our sites to next generation 5G technology as at 
February 2025, with the remainder planned to be 
largely completed over 2025 to 2027.
At the same time, the regional mobile network 
sharing arrangement with Optus and the fibre 
network access we will get under our proposed 
transaction with Vocus give TPG Telecom access 
to larger networks with an attractive and predictable 
cost profile, while enabling us to avoid material 
future capital expenditure. 
The 5G rollout and regional sharing arrangement 
achieve another important objective: to close the 
gap in mobile coverage. This not only improves 
our offering to our own retail customers, but also 
makes us a more attractive partner for mobile 
virtual network operator (MVNO) providers, such 
as Lyca Mobile, which joined us during 2024.
Invigorating brands and services
We are making our brands stronger and more 
distinctive than ever. This involves investing in and 
differentiating those that are core to our growth and 
exiting those that are not. We are streamlining our 
portfolio to integrate the Internode, Westnet and 
Adam brands into our other offerings – and 
becoming more targeted in positioning our core 
retained brands to different customer segments.
Vodafone is taking its place as a truly competitive 
full-service national provider of Mobile and Fixed 
services for all Australians. TPG and iiNet are fast 
evolving as digital-first brands, offering excellent 
value across Fixed and Prepaid Mobile plans. 
The felix brand continues to grow share as a 
simple, mobile-only digital player. Lebara and 
Kogan.com continue to offer simple, great value 
Prepaid deals. 
Looking further ahead, we will continue to refine 
and enhance our brands, and we are confident 
that we can deliver further growth across product 
segments, aided by the significant increase in the 
size of our mobile network, our market leading 
position in Fixed Wireless home internet and our 
strong national footprint as an NBN provider.
Making it easier for customers
We are excited that customers are starting to see 
the benefits of our efforts to simplify the plans and 
products we provide to customers, digitalise our 
customers’ experience and modernise our IT 
systems. To date this has meant a 69% reduction 
in the combined number of front and back-book 
plans we offer from 3,732 to begin with to 1,145 
at the end of 2024, towards our end-state target 
of approximately 100. We have also achieved 
a strong increase in digital sales, and a 15% 
reduction in IT applications to 568 at the end of 
2024, towards our end-state target of fewer 
than 250.
We will continue to streamline our products, plans 
and IT applications in 2025 and deliver a simpler, 
faster and more intuitive experience for customers. 
New apps and online tools will make it even easier 
for customers to interact with us.
CEO & Managing Director’s Letter continued
Page 4  |  TPG Telecom Annual Report 2024

Becoming faster, simpler and stronger
We are focused on simplifying our operations to 
reduce our cost base, while increasing capital 
efficiency and financial flexibility.
The proposed sale of the fibre infrastructure and 
EGW Fixed assets will streamline TPG, enabling 
us to transfer out of the business operating costs 
of an estimated $210 million and annual capital 
expenditure of an estimated $150 million, on a 
2023 pro forma basis. We expect to be able to 
reduce both capital expenditure and operating 
costs further through incremental efficiencies after 
we complete the transaction and recent network 
and IT investments. 
We are targeting total capital expenditure excluding 
spectrum payments of $550 million to $650 million 
from 2027 (compared with $1,014 million in 2024 
and a forecast of $900 million for 2025). We are 
also targeting an incremental $100 million1 
reduction in operating costs post the completion of 
the sale of the fibre and EGW Fixed assets.
Operating cost trends are already improving. 
Excluding material one-offs, the increase in 
operating costs reduced to 1.0% in the second half 
of 2024. We expect the increase in 2025 to be no 
higher than the rate of inflation.
The proceeds we are due to receive from the 
sale of the fibre and EGW Fixed assets create 
significant capital management optionality1. 
Our Board continues to assess the use of these 
proceeds to optimise TPG’s capital structure.
2025 outlook
The year ahead will be important to our growth 
journey as we deliver the benefits of increased 
coverage through the regional network sharing 
arrangement, roll out improvements in customer 
systems, and manage a smooth separation of 
fibre and EGW Fixed assets.
Assuming no material change in operating 
conditions, we expect EBITDA for 2025 to be 
between $1,950 million and $2,025 million, 
from $1,988 million in 2024. We are also guiding 
for cash capital expenditure excluding spectrum 
payments of approximately $900 million. Guidance 
is for the entire TPG Telecom business, including 
assets proposed to be sold to Vocus2 and is 
excluding any material one-offs3.
We are also expecting a further strong 
improvement in Operating Free Cash Flow as a 
result of lower capital expenditure and improved 
working capital movements, while spectrum 
payments will also be lower than for 2024.
Our outlook beyond 2025 is bright. We now have 
the right position to grow our share of industry 
revenue, while continuing our cost leadership 
position and increasingly efficient approach to 
capital allocation. 
I have great confidence looking ahead that we 
can deliver the growth in operating earnings, 
free cash flow and Return on Invested Capital 
to support long-term shareholder value creation.
I am proud of the way our people continue to 
connect with our customers by delivering great 
value services at the same time as our business 
navigates this period of transformation. We have 
the right team to deliver for customers and 
shareholders over the years to come.
On behalf of the TPG Telecom’s management, 
I would like to thank our people for our shared 
success in 2024. We also thank our customers 
and shareholders for your ongoing support of TPG 
Telecom. We look forward to keeping you updated 
as we continue our progress throughout the year.
Iñaki Berroeta
Chief Executive Office 
and Managing Director
CEO & Managing Director’s Letter continued
Page 5  |  TPG Telecom Annual Report 2024
1 $100m cost reduction is the gross efficiency prior to the impact of inflation and is expected to be delivered over two to four years post the 
completion of the sale of the fibre and EGW Fixed assets; excludes material one-offs (including but not limited to transition and separation 
costs relating to the fibre/EGW Fixed transaction).
2 Proposed sale to Vocus Group remains subject to regulatory approval and other conditions precedent; expected to complete in second 
half of 2025.
3 Separation costs of $80 million to $120 million related to the proposed sale of fixed network infrastructure assets and EGW Fixed 
operations to Vocus Group will be included within material one-offs in FY25.

Our strategic ambition
TPG Telecom ended 2024 and enters 2025 with a refreshed strategy to support our ambition to be Australia’s 
best telco for our customers, our shareholders, our people and our communities.
Our strategy focuses our efforts on becoming Australia’s most nimble, simple and efficient integrated telco, and 
is guided by four principles: run networks smarter, invigorate brands and services, make it easy for 
customers and become faster, simpler and stronger.
Directors’ report | Operating and financial review 
Page 6  |  TPG Telecom Annual Report 2024
Growing Mobile 
market share
• Deliver revenue share growth
• Increase in-brand convergence 
(multi-product purchasing)
• Enhance consideration of our brands 
among customers
• Activate regional network sharing
• Complete rollout of 5G to >80% of 
metro areas
• Pursue further efficiencies in eJV 
with Optus (mobile tower sharing)
• Complete separation of fibre assets 
and embed benefits
FY24 key 
achievements
Growing EBITDA 
margin
Principles
FY25 focus 
areas
Long-term 
value creation
Shareholder 
value aspirations
Run networks smarter
• 5G rollout in metro areas 72% 
complete by mid-February 2025
• Regional network sharing doubles 
mobile coverage
• Enhanced fibre network cost and 
capital efficiency through Vocus deal
• Invest in core assets where scale 
creates value
• Extend reach through strategic 
infrastructure partnerships 
• Close gap in mobile coverage
• Complete 5G rollout
• Explore further opportunities from 
partnerships 
• Drive on-net utilisation via MVNO 
and FWA
Invigorate brands 
and services
• Distinctive positioning of Vodafone, 
TPG and felix
• Streamlining of Westnet, Adam and 
Internode brands
• Investment and growth in digital-only 
mobile brands
• Differentiate core brands and exit 
non-core brands
• Increase mid-tier and digital 
brand presence
• Grow revenue share across products
• Invest in targeted growth in key 
locations
• Refine and enhance brand 
propositions
• Revitalise business mobile offering 
Low opex to 
revenue ratio
Objectives
OO

Shareholder value
We are confident that our strategy will create value for our shareholders as we grow our share of 
industry revenue while materially reducing current levels of capital expenditure and driving efficiencies 
in our operating costs.
We are committed to delivering growing EBITDA margins, Operating Free Cash Flow, Return on 
Invested Capital and earnings per share, as well as attractive dividends.
Page 7  |  TPG Telecom Annual Report 2024
Make it easy 
for customers
• Total plans in market reduced by 
69% to 1,145 to date
• Digital share of sales up strongly
• IT applications reduced by 15% to 
568 to date
• Simplify plans and products
• Increase digitalisation of 
customer journeys
• Modernise IT systems
• Simplify and reduce plans by a 
further c. 750
• Launch new Vodafone app, 
digital features
• Rationalise IT applications by a 
further c. 100
• Total number of plans reduced to 
c. 100 
• Digital sales at least as strong as 
industry benchmarks
• Lean IT architecture with c. 250 
applications and single 
customer stack 
Become faster, simpler 
and stronger
• Hold recurring operating costs flat in 
real terms 
• Reduce cash capex (ex spectrum) to 
$900m in FY25
• Optimise capital structure post Vocus 
proceeds 
• Targeting additional c. $100m 
incremental annual opex efficiencies 
post Vocus transaction1 
• Reduce annual non-spectrum capex 
to $550-650m from FY27
• Optimised capital structure
• Simplify operations and reduce cost
• Increase capital efficiency 
• Increase financial flexibility 
• Agreed sale of fibre and EGW 
Fixed assets
• Capital management optionality
• Second-half opex increase 
reduced to 1.0%
Attractive dividends
Annual growth in 
OFCF, ROIC and EPS
Note: refer to Glossary on page 149 for definitions of key terms.
1. See footnote 1 on page 5.

Key financial metrics
The following section provides an overview of key financial metrics and operating performance. Readers of this 
report seeking to obtain a better understanding of the performance of the Group should read this section in 
conjunction with the consolidated financial statements and refer to the FY24 Investor Presentation available on 
the ASX and on the Company’s website at tpgtelecom.com.au/investor-relations.
Financial performance
Service Revenue
Group Service Revenue was $4,702 million, an 
increase of $70 million or 1.5% (FY23: 
$4,632 million). This moderate increase was driven 
by continued strong growth in Mobile, which more 
than offset a decline in Fixed.
Group Mobile Service Revenue was $2,272 million, 
an increase of $117 million or 5.4% (FY23: 
$2,155 million). This was driven by higher average 
revenue per user (ARPU) in Postpaid and Prepaid 
following the ongoing rationalisation of legacy plans 
and refreshed pricing for in-market plans over FY23 
and FY24. In addition, growth in subscriber 
numbers continued in Prepaid across the TPG, 
iiNet, felix, Lebara and Kogan.com brands, with 
particular strength in digital-only channels.
Group Fixed Service Revenue was $2,304 million, 
a decrease of $62 million or 2.6% (FY23: 
$2,366 million). Despite continued strong growth in 
the higher margin on-net Fixed Wireless product 
category, there was lower revenue from Consumer 
NBN products due to lower subscriber numbers. In 
Enterprise, Government and Wholesale (EGW), 
lower revenue was driven by non-core legacy 
technology products and the Vision Network 
wholesale residential broadband access business.
Service Revenue bridge ($m)
4,632
113
(38)
(4)
(1)
4,702
FY23
Consumer 
Mobile
Consumer 
Fixed
Consumer
other 
EGW
FY24
EBITDA
Earnings before interest, tax, depreciation and 
amortisation (EBITDA) was $1,712 million, a 
decrease of $163 million or 8.7% (FY23: 
$1,875 million). This reflected material one-offs, 
primarily the $250 million non-cash impairment 
charge announced in April 2024 for 
decommissioning assets ahead of the regional 
mobile network sharing arrangement with Optus.
EBITDA on a guidance basis, excluding material 
one-offs, was $1,988 million, an increase of 
$65 million or 3.4% (FY23: $1,923 million). This 
was in line with TPG Telecom’s guidance to the 
market. It primarily reflected Service Revenue 
growth, lower direct costs and a reduction in growth 
in indirect operating costs.
EBITDA bridge, guidance basis ($m)
1,923
70
47
(43)
(24)
1,988
FY23
Service 
revenue
Direct cost
Opex
Other 
margin
FY24
Cost of telecommunication services (direct costs) 
was $1,533 million, a decrease of $47 million or 
3.0% (FY23: $1,580 million). This decrease 
primarily reflected lower NBN input costs in line with 
a lower average NBN subscriber base, along with 
productivity efficiencies.
Net margin from the sale of mobile handsets and 
other hardware was $32 million, an increase of 
$15 million or 88.2% (FY23: $17 million). This was 
driven by higher fixed device margin and lower bad 
debt costs for mobile handset sales.
Directors’ report | Operating and financial review continued
Page 8  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.

Indirect operating costs, excluding material one-
offs, were $1,225 million, an increase of $43 million 
or 3.6% (FY23: $1,182 million). The rate of year-on-
year increase in operating costs was lower in the 
second half, to 1.0% from 6.6% in the first half, 
primarily reflecting reductions in employment and 
marketing costs. Within operating costs (excluding 
material one-offs): 
• Employee benefits expense was $427 million, a 
decrease of $1 million, primarily reflecting the 
outsourcing of the Manila shared service 
operations (now within other operating expense) 
following its sale to a third-party provider. 
Excluding the impact of the cost transfer, 
employee costs increases $39 million, almost all 
of which was in the first half, reflecting the 
increase in headcount in FY23.
• Technology expense was $391 million, down 
$5 million or 1.3% from the prior year (FY23: 
$396 million), reflecting business simplification, 
lower network rental and third-party exchange 
access costs.
• Other operating expense was $407 million, an 
increase of $49 million or 13.7% (FY23: 
$358 million), primarily reflecting the transfer of 
the Manila shared service operations.
Material one-offs in FY24 were as follows:
• $250 million non-cash impairment charge, related 
to the decommissioning of sites impacted by the 
implementation of the MOCN regional network 
sharing arrangement with Optus. 
• $20 million transaction and separation costs, 
related to the proposed sale of fibre network 
infrastructure assets and Fixed EGW business to 
Vocus Group, and MOCN implementation.
• $6 million of restructuring redundancy costs 
related to simplifying and streamlining TPG 
Telecom’s operating model.
NPAT
Net profit after tax (NPAT) was $(107) million, a 
decrease of $156 million (FY23: $49 million), 
primarily reflecting the one-off impact of the 
impairment charge related to the decommissioning 
of sites arising from the implementation of the 
MOCN regional network sharing arrangement.
Excluding the impairment and other material one-
offs, NPAT was $87 million, an increase of 
$4 million or 4.8% (FY23: $83 million)1.
Other drivers of NPAT were:
• Depreciation and amortisation expense was 
$1,485 million, an increase of $13 million or 0.9% 
(FY23: $1,472 million), primarily reflecting the 
slowing investment cycle for 5G network 
upgrades and IT modernisation initiatives.
• Net financing costs were $378 million, an 
increase of $37 million or 10.9% (FY23: 
$341 million), primarily reflecting higher market 
interest rates on bank debt and higher average 
levels of debt following the unwinding of the 
legacy off balance sheet handset receivables 
financing program.
• There was a $44 million income tax benefit, an 
improvement of $57 million (FY23: $13 million 
expense) reflecting the Group’s loss before tax for 
the period driven by the impairment, multiplied by 
the applicable corporate tax rate of 30% (see 
note 7(b) on page 92).
Earnings per share
Earnings per share (EPS) was (5.8) cents, a 
decrease of 8.4 cents (FY23: 2.6 cents), primarily 
reflecting the impact of the impairment charge as 
mentioned above.
EPS for Long Term Incentive Plan (LTIP) purposes, 
which adds back material one-offs and customer 
base amortisation expense, was 10.7 cents, an 
increase of 0.2 cents or 1.9% (FY23: 10.5 cents)1.
Return on Invested Capital
Return on Invested Capital was 6.1%, an increase 
of 40 basis points (FY23: 5.7%)1, primarily 
reflecting higher operating profit excluding material 
one-offs, relative to a modest increase in average 
capital invested as capital investment slowed.
Directors’ report | Operating and financial review continued
Page 9  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.
1 FY23 restated to no longer treat $38 million of transformation costs (pre-tax) as material one-offs.

Operating Free Cash Flow
Operating Free Cash Flow (OFCF) was 
$650 million, an increase of $483 million (FY23:
$167 million). This reflected higher operating 
earnings, lower capital expenditure and reduced 
negative working capital movement. Excluding 
material one-offs, OFCF was $672 million, an 
increase of $474 million (FY23: $198 million)1.
Cash capital expenditure excluding spectrum 
payments was $1,014 million, a decrease of 
$112 million or 9.9% (FY23: $1,126 million). This 
reduction reflected the peak in the prior year of 
investment to deliver the 5G mobile network, 
including the change-out of legacy Huawei 
equipment, and to modernise IT systems to enable 
product and plan simplification for customers. The 
5G rollout was approximately two thirds completed 
at the end of FY24, with upgrades having occurred 
at 3,771 of TPG’s 5,784 mobile network sites. 
Excluding sites being decommissioned as a result 
of the regional network sharing arrangement with 
Optus, the rollout was approximately 72% complete 
as at mid February 2025.
Working capital movement was $(39) million, a 
positive change of $331 million or 89.5%
(FY23: $(370) million). This was due to a reduced 
impact from the unwind of legacy off balance
sheet handset receivables financing arrangements, 
as well as lower additions to receivables from new 
sales of handsets under monthly payment plans, 
reflecting lower mobile handset sales overall.
Dividend2
The TPG Telecom Board has declared a final 
dividend of 9.0 cents per share to be paid on 4 April 
2025. The final dividend will be unfranked as the 
Company utilised all remaining available franking 
credits against the 2024 interim dividend.
Total dividends declared for 2024 were 18.0 cents 
per share unchanged from 2023.
TPG Telecom’s dividend policy is to pay a dividend 
of at least 50% of Adjusted NPAT3, which was 
$562 million, an increase of $16 million or 2.9% 
(FY23: $546 million).
Dividends paid in FY24 were $334 million
(FY23: $335 million).
Financial position
Net assets were $11,173 million, a decrease of 
$444 million (FY23: $11,617 million). This primarily 
reflected a reduction in right-of-use assets due to 
the decommissioning of parts of TPG’s regional 
mobile network to enable the regional network 
sharing arrangement with Optus, along with 
spectrum amortisation and slowing growth in 
additions to property plant and equipment in line 
with lower capital expenditure.
Net borrowings (borrowings less cash) were 
$4,057 million at 31 December 2024, an increase of 
$97 million (31 December 2023: $3,960 million). 
The increase in borrowings largely reflected the 
cessation over FY22 to FY24 of the legacy off 
balance sheet handset receivables financing 
program.
TPG’s net debt (excluding leases) to EBITDA was 
2.32 times, providing material headroom relative to 
bank covenant limits of 3.75 times4.
Directors’ report | Operating and financial review continued
Page 10  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.
1 For OFCF, material one-offs in FY24 comprised cash impacts arising from transaction and separation costs and redundancy restructuring 
costs. In FY23, material one-offs comprised cash impacts from transaction costs.
2 Further information regarding dividends is set out in Note 22 and Note 31 of this report.
3 Defined as statutory NPAT adding back material one-offs, customer base amortisation expense, spectrum amortisation expense and non-
cash tax expense. 
4 Bank covenant leverage is calculated on a pre-AASB16 basis, with lease liabilities excluded from debt and lease expense treated as an 
operating expense within EBITDA.

Consolidated Income Statement overview
Below is a condensed version of the cash flow statement, to be read with commentary in the key financial 
metrics section.
2024
2023
$m
$m
Revenue
Service Revenue
 
4,702  
4,632 
Handset and hardware revenue
 
818  
901 
Total revenue
 
5,520  
5,533 
Other income
 
12  
36 
Cost of telecommunication services
 
(1,533)  
(1,580) 
Cost of handsets and hardware sold
 
(786)  
(884) 
Technology expense
 
(391)  
(405) 
Employee benefits expense
 
(439)  
(428) 
Other operating expense
 
(421)  
(380) 
Impairments and other charges
 
(250)  
(17) 
EBITDA
 
1,712  
1,875 
Depreciation and amortisation
 
(1,485)  
(1,472) 
Operating profit
 
227  
403 
Net financing costs
 
(378)  
(341) 
(Loss)/profit before tax
 
(151)  
62 
Income tax benefit/(expense)
 
44  
(13) 
(Loss)/profit after tax
 
(107)  
49 
Attributable to:
Owners of the Company
 
(107)  
49 
Non-controlling interest
 
—  
— 
Earnings per share (cents)
 
(5.8)  
2.6 
Directors’ report | Operating and financial review continued
Page 11  |  TPG Telecom Annual Report 2024

Consolidated Balance Sheet overview
Below is a condensed version of the Group’s balance sheet as at 31 December 2024, to be read with 
commentary in the key financial metrics section.
2024
2023
$m
$m
Cash and cash equivalents
 
42  
116 
Trade and other receivables
 
972  
968 
Inventories
 
82  
117 
Other current assets
 
65  
83 
Total current assets
 
1,161  
1,284 
Property, plant and equipment
 
3,865  
3,795 
Right-of-use assets
 
1,469  
1,709 
Spectrum licences
 
1,586  
1,737 
Other intangible assets
 
10,337  
10,484 
Deferred tax assets
 
218  
171 
Trade and other receivables
 
447  
469 
Other non-current assets
 
11  
19 
Total non-current assets
 
17,933  
18,384 
Trade and other payables
 
1,031  
1,174 
Contract liabilities
 
315  
294 
Lease liabilities
 
136  
122 
Other current liabilities
 
124  
132 
Total current liabilities
 
1,606  
1,722 
Borrowings
 
4,099  
4,076 
Lease liabilities
 
2,069  
2,112 
Other non-current liabilities
 
147  
141 
Total non-current liabilities
 
6,315  
6,329 
Net assets
 
11,173  
11,617 
Contributed equity
 
18,399  
18,399 
Reserves and accumulated losses
 
(7,226)  
(6,782) 
Total equity 
 
11,173  
11,617 
Consolidated Cash Flow Statement overview
Below is a condensed version of the cash flow statement, to be read with commentary in the key financial 
metrics section.
2024
2023
$m
$m
Cash flow from operating activities
 
1,926  
1,522 
Capital expenditure
 
(1,014)  
(1,126) 
Mobile spectrum payments
 
(156)  
(28) 
Receipts from the sale of a subsidiary
 
5  
— 
Interest received
 
3  
4 
Net cash flow before financing activities
 
764  
372 
Net drawdown of borrowings
 
20  
400 
Principal elements of lease repayments
 
(136)  
(108) 
Finance costs paid
 
(376)  
(319) 
Payments for Shares acquired by TPG Telecom Employee Incentive Plan Trust
 
(12)  
(8) 
Dividends paid
 
(334)  
(335) 
Net cash flow
 
(74)  
2 
Directors’ report | Operating and financial review continued
Page 12  |  TPG Telecom Annual Report 2024

Business segment and product highlights
Consumer segment1
Service Revenue was $3,770 million, an increase of 
$71 million or 1.9% (FY23: $3,699 million).
This comprised:
• Mobile Service Revenue of $2,084 million, an 
increase of $113 million or 5.7% (FY23: 
$1,971 million), reflecting growth in ARPU2 in both 
Prepaid and Postpaid following plan refreshes and 
increased subscriber numbers3 in Prepaid, with 
particular strength in digital brands felix and 
Kogan and growth in TPG, iiNet and Lebara.
• Fixed Service Revenue of $1,680 million, a 
decrease of $38 million or 2.2% (FY23: 
$1,718 million). There was continued strong 
growth in subscribers and ARPU in Fixed Wireless 
services, but this only partially offset the impact of 
lower NBN subscriber numbers amid ongoing 
intense competition from both telco and non-telco 
service providers.
Consumer cost of telecommunication services 
(direct costs) was $1,397 million, a decrease of 
$91 million or 6.1% (FY23: $1,488 million). This 
decrease reflected improvements in product mix 
across Mobile and Fixed (including the increase in 
Fixed Wireless, reduction in NBN subscribers and 
lower wholesale costs in Vision Network) together 
with lower regulatory costs followings the non-
renewal past FY23 of 900 MHz spectrum licences. 
Handset and hardware margin was $26 million, an 
increase of $16 million (FY23: $10 million), reflecting 
higher fixed device margins and lower bad debt 
provisioning in mobile handset monthly payment 
plans following improved credit performance.
Consumer gross margin was $2,399 million, an 
increase of $178 million or 8.0% (FY23:
$2,221 million)4 as direct cost efficiencies and 
improved hardware margin augmented Service 
Revenue growth.
Consumer gross margin bridge ($m)
2,221
113
(38)
16
91
(4)
2,399
FY23
Mobile service 
revenue
Fixed service 
revenue
Handset and 
hardware 
margin
Telco costs
Other
FY24
Enterprise, Government and Wholesale segment
Service Revenue was $1,001 million, a decrease 
of $41 million or 3.9% (FY23:$1,041 million). 
This comprised:
• Mobile Service Revenue of $308 million, an 
increase of $23 million or 8.1% (FY23: 
$285 million), primarily reflecting the new MVNO 
contract with Lyca Mobile.
• Fixed Service Revenue of $693 million, a 
decrease of $63 million or 8.3% (FY23: 
$756 million), primarily reflecting non-core legacy 
technology products and lower wholesale prices 
introduced in the Vision Network wholesale 
residential fixed access business to increase 
product competitiveness.
EGW cost of telecommunication services (direct 
costs) was $203 million, an increase of $5 million 
2.5% (FY23: $198 million), primarily reflecting higher 
NBN wholesale costs in the Fixed business.
Enterprise, Government & Wholesale (EGW) gross 
margin was $810 million, a decrease of $54 million 
or 6.3% (FY23: $864 million)2 as growth in Mobile 
revenue was insufficient to offset a decline in 
Fixed revenue. 
EGW gross margin bridge ($m)
864
23
(63)
(5)
(8)
810
FY23
Mobile 
service 
revenue
Fixed 
service 
revenue
Telco costs
Other
FY24
Directors’ report | Operating and financial review continued
Page 13  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.
1 Service Revenue and gross margin include data SIMs but exclude MVNOs. Gross margin excludes hardware margin.
2 Total ARPU includes data SIMs and excludes MVNOs. Postpaid and Prepaid ARPU excludes data SIMs and MVNOs.
3 Mobile subscribers for FY23 and FY24 have been restated to reflect the removal of approximately 41,000 inactive customers.
4 FY23 gross margin restated to reflect the transfer of Bizphone commercial customers previously reported within Consumer to EGW.

Mobile subscriber numbers1 and ARPU2
Mobile subscribers as at 31 December 2024 were 
5.51 million, up 99,000 or 1.8% (FY23: 5.42 million). 
Postpaid Mobile subscribers were 2.85 million, a 
decrease of 96,000 or 3.3% (FY23: 2.94 million), 
reflecting aggressive handset discounting by 
competitors to drive customer acquisition and 
retention, lower levels of inbound migration, reduced 
international student numbers, and TPG’s closure of 
its 3G network prior to other operators.
Prepaid Mobile subscribers were 2.28 million, up 
92,000 or 4.2% (FY23: 2.18 million), reflecting 
strong growth in felix and Kogan and growth in the 
TPG, Lebara and iiNet brands.
Data SIM subscribers were 280,000, a decrease of 
3,000 or 1.1% (FY23: 283,000).
MVNO subscribers were 113,000, up 106,000 
(FY23: 7,000), reflecting the commencement of the 
Lyca Mobile contract.
Mobile subscribers by brand (000's)
3,206
3,111
916
865
842
963
444
462
7
113
Vodafone - Postpaid
Vodafone - Prepaid
Kogan, Lebara, felix
TPG, iiNet
MVNOs
DEC-23
DEC-24
ARPU was $35.02 per month, an increase of $1.24 
or 3.6% (FY23: $33.78), reflecting moderate price 
refreshes throughout 2023 and 2024. Postpaid 
ARPU was $48.46 per month, an increase of $2.28 
or 4.9% (FY23: $46.18). Prepaid ARPU was 
$20.07 per month, an increase of $1.15 or 6.1% 
(FY23: $18.92).
Mobile ARPU by subscriber type ($)
33.78
35.02
46.18
48.46
18.92
20.07
15.50
15.27
Overall Mobile
Postpaid
Prepaid
Data Sims
FY23
FY24
Total fixed subscribers and AMPU3
Fixed subscribers as at 31 December 2024 were 
2.08 million, down 51,000 or 2.4% (FY23: 
2.13 million), reflecting intense competition in the 
NBN market.
NBN subscribers were 1.68 million, a decrease of 
84,000 or 4.8% (FY23: 1.77 million), reflecting 
aggressive pricing from new entrants and more 
customers moving from NBN to Fixed Wireless 
services.
Fixed Wireless subscribers were 268,000, an 
increase of 41,000 or 18.1% (FY23: 227,000), 
reflecting strong customer uptake.
Vision Network subscribers (TPG group only) were 
108,000, a decrease of 6,000 or 5.3% (FY23: 
114,000).
Overall Fixed subscribers (000’s)
1,768
1,684
227
268
114
108
18
16
NBN
Fixed wireless
Vision Network
Other
DEC-23
DEC-24
Average Margin Per User (AMPU) across all Fixed 
technologies was $27.08 per month, an increase of 
$1.21 or 4.7% (FY23: $25.87), reflecting the growth 
in the higher margin Fixed Wireless business.
Fixed broadband AMPU by technology type ($)
25.87
27.08
21.69
21.71
49.89
52.25
Overall Fixed 
AMPU
NBN 
AMPU
On-net AMPU 
(Fixed Wireless and Vision)
FY23
FY24
Directors’ report | Operating and financial review continued
Page 14  |  TPG Telecom Annual Report 2024
Note: refer to Glossary on page 149 for definitions of key terms.
1 Mobile subscribers for FY23 and FY24 have been restated to reflect the removal of approximately 41,000 inactive customers.
2 Total ARPU includes data SIMs and excludes MVNOs. Postpaid and Prepaid ARPU excludes data SIMs and MVNOs.
3 Includes all Consumer and small office/home office NBN, Fixed Wireless, Vision Network and other broadband products, but excludes 
fixed voice products and EGW Fixed Data and Internet products; AMPU excludes Vision Network intersegment costs, which are 
eliminated at the Group level. On-net AMPU includes Fixed Wireless and Vision Network broadband products.

Risk Management Approach
We are exposed to various uncertainties that could affect the success of our business, requiring us to maintain 
a robust risk management framework to manage risks and adapt to challenges. 
The Audit & Risk Committee (ARC), established by the Board, provides oversight on the effectiveness of TPG 
Telecom’s risk management and reporting systems. Executive leadership and the risk and oversight functions 
support the implementation of the risk management framework.
We aim to ensure that risk management is an integral part of doing business, underpinned by a strong risk 
culture and informed decision-making. Our risk management framework and governance structure are outlined 
in our Corporate Governance Statement, which is available on our website www.tpgtelecom.com.au. 
Material Risks
We regularly review and assess the Group’s exposure to strategic, financial, operational and compliance risks. 
These risks can arise from internal or external factors, including risks inherent to our business as well as 
industry factors, such as competition, technological change and regulation. 
The table below outlines the most material risks which have the potential to negatively impact our business 
strategy, growth and profitability. The Group continues to invest in management of such risks through oversight 
structures, capital deployed, and progressing various mitigating strategies. 
Resilient Network and Technology 
Our ability to provide quality products 
and services is dependent on the 
reliability and performance of our 
network and systems. Potential 
disruptions could significantly damage 
customer trust, adversely impact 
financial performance, and attract 
regulatory scrutiny. 
Sustainability pillar: 
Digital Economy; Environmental
Responsibility
• Networks designed with physical and logical separation, supported by 
preventive and recovery mechanisms including redundancy, diversification, 
proactive monitoring and threat detection capabilities.
• Ongoing investment in technology, people and partners to ensure that 
critical operations and processes are prepared to withstand business 
disruption.
• Policies, procedures and governance process for change management, 
problem management and incident management.
• Business continuity and disaster recovery programs to anticipate, respond 
to and recover from disruptions, supported by multi-tier and multi-
disciplinary approach to enable flexibility and adaptability.
• Emergency and crisis management teams consisting of senior and 
executive management to provide operational and strategic leadership, 
with incident and recovery management teams to provide technical 
expertise.
Market Competition
Market factors including rapid 
technological innovation, evolving 
digital experience expectations, and 
new competitor entrants could 
adversely impact our market share, 
growth and returns. 
Sustainability pillar: 
Customer Wellbeing
• Business simplification programs to simplify our brands, rationalise our 
plans and products, providing a clear customer focus. 
• Improving customer experience and digital journeys, through innovation 
and enhancement in digital interfaces and customer care.
• Modernising IT platforms and building robust and resilient systems, with a 
cloud-first approach and dedicated IT stacks for Consumer and EGW.
• Focus on simplified and great value plans, monetising increasing demand 
and consumption following 5G investment cycle.
• Mobile network growth with ongoing investment and rollout of 5G.
• Network expansion through regional network sharing arrangement with 
Optus and implementation of a Multi-Operator Core Network (MOCN).
• Completion of sale of fibre network assets and fixed EGW business 
to Vocus.
MATERIAL RISK
MANAGEMENT APPROACH 
Directors’ report | Operating and financial review continued
Page 15  |  TPG Telecom Annual Report 2024

Macroeconomic Factors
Adverse changes in economic and 
market conditions, including rising 
interest rates and inflation, reduced 
consumer spending, or reduced drivers 
of population growth such as 
international migration, could negatively 
impact financial performance and lead 
to cash flow constraints. 
Sustainability pillar: 
Responsible Business Practices; 
Environmental responsibility
• Policies, procedures and controls to monitor and manage financial risk 
exposures, with Executive and Board oversight.
• Capital management programs focused on sustaining investment, strong 
balance sheet and shareholder dividends, guided by a disciplined capital 
allocation framework.
• Portfolio management strategies to optimise asset sharing, utilisation and 
financing structures, as well as to pursue strategic partnerships.
• Ongoing monitoring of economic and market conditions through business 
strategy and performance review processes.
• Maintenance of diverse product and brand portfolio to service different 
customer segments and needs.
• Cost and cash flow management to deliver flatter expenditure.
Cyber Security and Data Privacy
Cyber-attacks may result in the loss of 
Critical National Infrastructure (CNI), 
000 services or services critical to 
consumers, government and or 
businesses. Significant data breaches 
may also cause reputational damage, 
regulatory scrutiny, and financial loss.
Sustainability pillar: 
Customer wellbeing
 
• Strategic technology security roadmaps with continued investment in 
systems, processes and people to deliver uplift in security capabilities. 
• ISO 27001 Information Security Management Systems (ISMS) certification, 
supported by ongoing review, and improvement of systems.
• Cyber Centre Of Excellence (CCOE) working with Nokia, Ericsson, UNSW 
and TCS, to research nation state exploits of our CNI and customer modem 
devices.
• Incident response plans and playbooks, tested and coordinated with our 
major partners such as Optus and Tech Mahindra.
• Technical risk assessments and governance processes to identify and 
manage risks from change programs and third parties.
• Privacy management framework including established policies and 
procedures, supported by ongoing training and continuous improvement.
Legal and Regulatory
Complex and evolving legal and 
regulatory environment could impact 
business strategy, elevate compliance 
risks, and increase cost of operations.
Sustainability pillar: 
Responsible Business Practices; 
Customer wellbeing
• Dedicated legal, regulatory and compliance experts to support business 
transactions, business operations and compliance risk management.
• Compliance management framework including policies, procedures and 
systems, supported by ongoing training programs.
• Proactive monitoring of regulatory changes and industry developments.
• Strategic compliance roadmap to deliver continuous improvement and uplift 
of compliance management and control capabilities.
• Ongoing investment in systems, people and capabilities to deliver 
continuous improvement in compliance processes and controls.
• Ongoing engagement with industry, regulatory and government bodies.
People and Culture 
Ability to attract, develop and retain a 
diverse and engaged workforce with 
the right skills and capabilities is 
fundamental to delivering on our 
business strategy and objectives.
Sustainability pillar: 
Inclusion & Belonging
• Embedding a performance culture and creating an environment where 
employees share a sense of purpose and perform at their best to deliver 
the company’s strategy and objectives.
• ‘Living our Spirit’ cultural programs to embed our purpose and values and 
‘Leading with Spirit’ development program for the leadership community.
• Continued investment in leadership framework and capabilities 
development, including women in leadership programs.
• Talent strategy and pipeline to identify, develop and retain talent, supported 
by success planning and management processes.
• Inclusion and belonging strategy to promote diversity, create an 
environment of equality, and build an inclusive business.
• Training and learning programs to support continued upskilling and 
development of workforce capabilities.
• Ongoing monitoring of the competitive landscape, industry and market to 
ensure continuity of leadership and retention of high performing talent.
MATERIAL RISK
MANAGEMENT APPROACH 
Directors’ report | Operating and financial review continued
Page 16  |  TPG Telecom Annual Report 2024

Health, safety, and wellbeing
Effective management and reduction of 
physical and psychosocial risk 
exposures in our operations is critical to 
maintaining a healthy and safe work 
environment for our people.
Sustainability pillar: 
Responsible Business Practices; 
Environmental responsibility
• ISO 45001 accredited occupational health and safety (OH&S) management 
system to manage risks and continually improve performance.
• Work health and safety framework and governance processes supported 
by policies, standards and performance indicators. 
• Hazard management and control processes, with workplace health and 
safety incident reporting and management.
• Safety training programs for employees and contractors to develop and 
maintain capabilities, raise awareness and embed a positive culture.
• Wellbeing strategy and programs to promote a holistic and proactive 
approach to employee wellbeing, facilitated by workplace policies, tools 
and resources.
Environmental Social Governance 
(ESG) factors
Purpose and values drive the way we 
conduct our business and the impact 
we have on our people, customers and 
communities. It is integral that we act 
responsibly and sustainably to ensure 
positive impacts for stakeholders and 
long-term value for shareholders. 
Sustainability pillar: 
Environmental responsibility; 
Responsible Business Practices
• Sustainability strategy to guide management focus and approach across 
key areas of sustainability, supported by ongoing stakeholder engagement.
• Governance framework and processes to monitor risks, opportunities, 
performance and strategy execution, with Executive and Board oversight. 
• Risk management framework and processes including policies, procedures 
and systems, supported by ongoing training programs.
• Code of Conduct and compliance training for all people.
Refer to the Sustainability Report section of the annual report and for further 
information.
MATERIAL RISK
MANAGEMENT APPROACH 
Directors’ report | Operating and financial review continued
Page 17  |  TPG Telecom Annual Report 2024

Climate-related disclosures
The following section provides an overview of our 
approach to identifying and managing climate-
related risks and opportunities, informed by the 
Australian Sustainability Reporting Standard AASB 
S2 Climate-related Disclosures (AASB S2).
This section should be read in conjunction with 
the General sustainability disclosures section 
(pages 25 to 30), the 2024 Sustainability Data 
Pack on the Investor Relations section of the 
TPG Telecom website, and the Sustainability 
section of our website.
In 2025, we intend to undertake a review of 
our sustainability strategy. This will include an 
assessment of existing commitments to determine 
if they continue to align with our evolving goals 
and stakeholder expectations.
Governance
TPG Telecom has a comprehensive corporate 
governance framework designed to establish and 
oversee the Company’s strategic direction. Through 
this governance structure we have established 
processes to understand the business implications 
of climate change and develop our response to 
climate-related risks.
Board
The Company’s highest level of oversight for 
sustainability, including climate risk, sits with the 
Board, as detailed within the TPG Telecom 
Board Charter.
To assist with the execution and delivery of these 
responsibilities, the Board has delegated roles and 
responsibilities to its Audit & Risk Committee (ARC) 
and Remuneration and Governance Committee 
(RGC). Further information on the Committees of 
the Board can be found in the respective committee 
charters and our Corporate Governance Statement.
Sustainability-related updates, including climate 
risk, are provided to the ARC via quarterly 
enterprise risk updates and six-monthly 
sustainability strategy updates.
To support TPG Telecom’s climate commitments, 
the Board introduced an ESG performance 
measure in the Long Term Incentive Plan (LTIP) 
for executives, covering the periods 2023 to 2025 
and 2024 to 2026, which is linked to TPG 
Telecom’s achievement of its 2025 renewable 
electricity target. The ‘ESG – Renewable Electricity 
Target’ accounts for 10% of the LTIP and maximum 
performance is reached if 100% of all operations 
are powered by renewable energy by the end of 
the performance period.
The Board Skills Matrix, recommended by the 
RGC and approved by the Board in 2024, includes 
‘Sustainability, environment and social awareness’, 
represented by experience in managing or 
overseeing sustainability, environmental and social 
risks and issues and impacts, including climate 
issues, on customers, stakeholders and the 
broader community. This is detailed within the 
Corporate Governance Statement.
Significant climate-related targets and 
commitments are presented to the Board for 
approval. These have included the climate risk 
roadmap, the emissions reduction targets and 
the renewable electricity target.
Management
The Executive Leadership Team (ELT) is made 
up of the CEO and executive direct reports of 
the CEO and meets regularly to monitor business 
performance, as well as to develop and execute 
strategy. This includes aspects of the sustainability 
strategy, including climate-related risks and 
opportunities. 
The Head of Sustainability and the Group 
Executive Legal & External Affairs are responsible 
for the execution of the sustainability strategy and 
report regularly to the ELT on sustainability matters, 
including climate risk.
The primary forum for management of the 
TPG Telecom sustainability strategy is the 
Sustainability Council, which consists of senior 
leaders across the business and meets quarterly.
Additional working groups exist to focus on 
managing specific initiatives that support the 
broader sustainability strategy priorities. 
Strategy
TPG Telecom recognises that climate risk may 
impact all areas of the organisation and is a key 
component of our sustainability strategy.
Climate-related risks and opportunities
As a large, national telecommunications company, 
we have exposure to a range of climate-related 
physical and transition risks. Some risks, like floods 
and fires, are common occurrences in Australia. 
We have robust processes and controls in place to 
manage those events should they occur. However, 
we recognise that other impacts may emerge or 
increase in significance over time. 
An assessment was undertaken in 2022 to identify 
climate-related risks and opportunities with the 
potential to impact our business in the future and 
resulted in three key risks being prioritised for 
further analysis via a qualitative climate scenario 
analysis. These are outlined in the table below, 
detailing the potential impacts on our business 
and approximate timeframes for when impacts 
may emerge.
Sustainability report | Climate-related disclosures
Page 18  |  TPG Telecom Annual Report 2024

Prioritised climate-related risks for TPG Telecom
RISK DESCRIPTION
POTENTIAL IMPACTS
Physical | Acute
Increased severity and 
frequency of extreme 
weather events such as 
heatwaves, bushfires, 
floods and storms. This may 
cause unplanned network 
service disruptions, damage 
to critical infrastructure and 
disruptions to supply chain. 
• Productivity losses, including those of impacted customers, due to unplanned network service 
disruptions arising from extreme weather events.
• Loss of telecommunications during a disaster, impeding emergency response measures 
(including potential reputational implications). 
• Business interruption due to a failure to appropriately adapt to and plan for new conditions.
• Equipment overheating during power failures leading to technological malfunctions and 
downtime.
• Increased cost of moderating temperatures in data centres, retail stores and offices particularly 
during extreme heat events.
• Reduced safety, wellbeing and productivity of employees and / or contractors that may be 
exposed to extreme heat if cooling requirements cannot be met.
Emergence Time Frame Short (next 5 years)
Transition | Technology
Transition to a low-carbon 
economy requiring 
renewable energy 
commitments. This may 
result in higher energy 
prices or limited supply of 
LGCs and renewable 
PPAs.1
• Increased demand (or limited supply) for LGCs and renewable PPAs, increasing the cost to 
achieve 100 per cent renewable energy.
• Increased costs from 5G network energy demand.
• Reputational damage from inability to meet publicly disclosed renewable energy targets, due to 
cost or availability constraints.
Emergence Time Frame Short (next 5 years)
Transition | Reputation
Evolving stakeholder 
expectations in relation to 
climate action, due to 
perceived impacts of 
climate change. This may 
lead to brand and reputation 
risk related to financial 
market and consumer 
expectations, including a 
focus on greenwashing.
• Increased stakeholder scrutiny due to insufficient progress on sustainability commitments or 
targets, leading to reputational damage or loss of investors / investment. 
• Insufficient level of ambition regarding climate strategy, leading to poor public perception, 
resulting in loss of customers, investors and employees.
• Disclosure of inaccurate or misleading climate statements and metrics leading to customer, 
investor or regulatory action.
• Misalignment between climate-related risks and internal policies and procedures, causing a 
dislocated risk management approach and resource and/or expenditure inefficiencies.
Emergence Time Frame Medium (5 to 15 years)
Climate scenario analysis
The scenario analysis undertaken in 2022 enabled 
us to understand how differing climate trends might 
affect the impact and likelihood of our key climate 
risks and opportunities in the short (0-5 years), 
medium (5-15 years) and long term (15+ years).
Informed by AASB S2, we utilised the following 
three scenarios: 
• No Climate Action – a high emission scenario, 
global temperature rise exceeds 4°C 
• Current Targets & Pledges – a moderate 
emission scenario, global temperature rise held 
below 2°C
• Aggressive Mitigation – a low emission scenario, 
global temperature rise held below 1.5°C
Further detail on the scenario characteristics are 
provided in the table below.
Sustainability report | Climate-related disclosures continued
Page 19  |  TPG Telecom Annual Report 2024
1 LGCs: Large-scale Generation Certificates. PPAs: Power Purchase Agreements

Summary of scenarios used in qualitative climate scenario analysis 
High Emission 
Scenario
“No Climate Action”
>4°C Scenario1
SSP5-8.52
2030 and 20503
Baseline of how 
global emissions 
would evolve if 
governments and 
markets make no 
changes to their 
existing policies and 
investments in low 
carbon technologies
In this scenario, transition 
risks are low while physical 
risks are high, arising from 
barriers to mitigation efforts. 
Globally, multiple climate-
related hazards are projected 
to increase, including:
• Flood and extreme 
precipitation
• Extreme heat and 
bushfires
• Sea level rise
• Water stress
Physical risks dominate
• Emission reduction policies are limited to 
the current policies, and global 
coordination on tackling climate change is 
lacking. 
• Continued use of fossil fuels, and energy 
intensive activities and lifestyles.
• Momentum in clean energy is insufficient 
to offset the effects of an expanding 
global economy and growing population.
• Effects of climate change require 
significant investments in adaptation 
measures to protect assets, infrastructure 
and communities.
Moderate Emission 
Scenario
“Current Targets & 
Pledges”
>2°C Scenario
SSP2-4.5
2030 and 2050
Emissions are 
curbed based on 
existing policies 
and announced 
commitments, 
including Nationally 
Determined 
Contributions, but fall 
short of meeting the 
Paris Agreement 
targets 
In this scenario, there are 
intermediate challenges to 
adaptation and mitigation 
leading to higher transition 
risks compared to the high 
emission scenario, including:
• Carbon pricing policies
• Energy policies
• Litigation risks
Note that in this scenario, 
projected changes in multiple 
climate-related hazards are 
possible, but the magnitudes 
vary compared to the high 
emission scenario.
Insufficient decarbonisation
• Emissions are curbed based on existing 
policies and announced national 
commitments to reduce emissions but fall 
short of meeting the Paris Agreement.
• Slow implementation of policies due to 
political, institutional and societal barriers. 
• The transition to a low carbon economy is 
disorderly, uncoordinated and delayed. 
Transition happens faster in certain 
regions compared to others leading to 
differences in regional policies and 
implications on cost of doing business 
and global trade (e.g., carbon border tax). 
Low Emission 
Scenario
“Aggressive 
Mitigation”
1.5°C Scenario
Physical: SSP1-2.6
Transition: SSP1-1.94
2030 and 2050
Aggressive emission 
reduction scenario 
to meet the Paris 
Agreement, marked by 
global collaboration by 
governments, society 
and industry to lead 
steep decarbonisation
This scenario has the highest 
transition risks associated 
with ambitious mitigation 
efforts, including: 
• Carbon pricing
• Increase regulations and 
policies
• Reputation risks and 
opportunities
• Product, market, energy, 
resource efficiencies
Although global warming 
levels are lower than the 
other scenarios, physical 
impacts can still occur.
Transition risks and opportunities 
dominate
• Globally coordinated effort to reduce 
emissions and avert the worst effects of 
climate change in line with the Paris 
Agreement.
• Accelerated transition to renewables and 
electrification, and aggressive regulations 
limiting the extraction and use of fossil 
fuels in all major economies.
• Assumes the world achieves Sustainable 
Development Goals by 2030.
SCENARIO AMBITION
OVERVIEW
SCENARIO ATTRIBUTES
KEY OUTCOMES 
1.
Global warming level by 2100
2.
Associated IPCC AR6 Scenario
3.
Time horizons assessed
4.
SSP1-1.9 was selected as the low emissions scenario to assess transition risks and opportunities as it represents a far more ambitious pathway with 
greater technology, policy and consumer action compared to SSP1-2.6
Sustainability report | Climate-related disclosures continued
Page 20  |  TPG Telecom Annual Report 2024

Scenario analysis key findings – physical risk 
The analysis focused on the physical risk 
statement: 
“increased severity and frequency of extreme 
weather events due to climate change”
It found that our organisation has exposure to 
multiple physical hazards including extreme heat, 
bushfire weather conditions, extreme rainfall and 
severe weather (including storms, wind gusts and 
tropical cyclones). However, the severity of the risk 
to our business varies across Australia and 
between the three different scenarios. 
The magnitude and frequency of projected 
increases of extreme heat events and bushfires are 
larger for a higher emissions scenario compared to 
a lower emissions scenario, particularly over longer 
timeframes. For extreme rain, flooding, storm and 
wind gusts and tropical cyclones, the projected 
outcomes vary regionally and projected changes 
do not always align to a high or low emissions 
scenario. 
Scenario analysis key findings – transition risk 
The analysis also examined the following transition 
risk statements:
“transition to a low-carbon economy requiring 
renewable energy commitments” and
“evolving stakeholders’ expectations in relation to 
climate action due to perceived impacts of climate 
change”
While impacts may vary under multiple scenarios 
and time horizons, the analysis showed that 
transition risks associated with electricity costs and 
brand and reputation are projected to increase.
Electricity costs: Electricity accounts for 
approximately 2 per cent of our total operating 
costs. In Australia, the electricity system is 
undergoing a transition to renewable sources and 
short-term electricity prices are likely to remain 
high, though they may decrease in the future 
through technology development and innovation.
In addition: 
• a low emissions scenario may result in higher 
carbon prices and enhanced GHG emissions 
reduction regulation.
• significant price volatility and capacity constraints 
may arise in the electricity market, depending on 
the scenario. 
• public GHG emissions reduction strategies may 
include reputational risk and brand damage if 
sufficient renewable energy supply is not 
available.
Brand and reputation: Sustained interest exists 
from stakeholders (consumers, shareholders, other 
financial market participants and employees) in 
business commitments to sustainability and the 
management of climate-related risks. In addition:
• customer, financial market and employee 
preferences for companies with market-leading 
emission reduction targets may increase under 
a low emissions scenario. 
• increased requirements for climate-related 
financial risk reporting are likely to continue.
Risk management
TPG Telecom’s risk management framework 
outlines our approach to managing risks, including 
climate-related risks. Refer to the Material Risks 
section (page 15) of this report for more 
information.
Our risk governance structure and risk 
management framework are also outlined in our 
Corporate Governance Statement. 
Identifying climate risks
Climate is classified as an ‘enterprise risk’ and is 
monitored and managed by relevant risk owners 
throughout the business.
Each business unit is accountable for identifying, 
monitoring, and managing specific business risks 
and action plans, including those related to 
climate risk.
Climate risk identification is supported by the 
Sustainability and Enterprise Risk teams through 
ongoing review and periodic scenario analysis.
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Page 21  |  TPG Telecom Annual Report 2024

Managing climate risks
The Enterprise Risk team is responsible for 
driving the successful implementation of the risk 
management framework as overseen by the ELT 
and the ARC. 
In line with our risk management procedure, all 
risks, including climate-related risks, are assessed 
based on their likelihood and impact on our 
business and given a corresponding risk rating. 
Risk treatment plans are devised based on the 
risk rating which signifies the materiality to the 
organisation from a financial, operational, 
compliance and reputational lens. 
Our management of key climate risks is 
demonstrated by the management approach 
outlined in the Material Risks section (page 15). 
We will continue to monitor changes to our climate-
related risks and impacts and adjust our approach 
accordingly to enable its effectiveness over time.
Metrics and targets
Our 2024 commitments:
• Executing our climate risk roadmap to support 
compliance with mandatory sustainability 
reporting requirements.
• Developing a strategy and implementation plan to 
support achievement of science-based emissions 
reduction targets.
• Powering our Australian operations with 100 per 
cent renewable electricity by 2025 (this target will 
be reviewed during 2025).
• Continuing to expand felix as a carbon neutral 
brand and product targeting 2 million trees 
planted.
• Working with our suppliers to reduce packaging 
and increase packaging resource recoverability 
across our products and networks.
Climate risk roadmap
In 2024, progress against our multi-year climate 
risk roadmap included:
• Implementing a sustainability data management 
platform to improve the controls over energy and 
emissions reporting. 
• Risk and Sustainability teams continuing to 
work with relevant business units to improve 
and embed the management of climate risk. 
• The Resilience team conducting a controls-
effectiveness assessment of the increasing 
climate-related threats to TPG Telecom’s 
critical infrastructure. 
• Engaging the Australian Accounting Standards 
Board (AASB) to deliver a climate risk briefing to 
our Board, focused on the upcoming disclosure 
requirements and their impact on TPG Telecom. 
• Providing climate risk training to key employees 
and awareness through regular risk reviews.
• Undertaking a gap analysis of required 
disclosures against AASB S2 to enable 
compliance in 2025.
Emissions reduction targets
TPG Telecom’s emissions reduction targets, 
covering the full TPG Telecom Group, were 
validated by the Science Based Target initiative 
(SBTi) in October 2023. The targets are absolute 
reductions, rather than intensity reductions or 
achieved through the purchase of carbon offsets. 
The SBTi classified our targets as aligned with 
the ‘1.5°C trajectory’. This is the trajectory to limit 
global temperature increases to 1.5 degrees 
Celsius, required to avoid the worst effects of 
climate change.
Overall net-zero target:
• committed to reaching net-zero GHG emissions 
across our value chain by 2050. 
Near-term targets:
• committed to reducing absolute scope 1 and 2 
greenhouse gas (GHG) emissions by 95 per cent 
by 2030, from a 2021 base year.
• committed to reducing absolute scope 3 GHG 
emissions (from purchased goods and services, 
fuel- and energy-related activities, upstream 
leased assets, and use of sold products) by 
30 per cent by 2030, from a 2021 base year.
Long-term targets:
• committed to maintaining at least 95 per cent 
absolute scope 1 and 2 GHG emissions 
reductions from 2030 through 2050, from a 
2021 base year.
• committed to reducing absolute scope 3 GHG 
emissions (from purchased goods and services, 
fuel- and energy-related activities, upstream 
leased assets, and use of sold products) by 
90 per cent by 2050, from a 2021 base year.
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Page 22  |  TPG Telecom Annual Report 2024

We expect to achieve our scope 1 and 2 emissions 
reduction targets by powering our Australian 
operations with 100 per cent renewable 
electricity, as electricity consumption accounts 
for approximately 99 per cent of our scope 1 
and 2 emissions.
Comprising approximately 84 per cent of our 
carbon footprint, scope 3 emissions are the 
most significant part of our emissions profile 
and approximately 96 per cent are concentrated 
in two areas:
• Emissions from our suppliers in the manufacture 
and delivery of goods and services we procure. 
These include the building and maintaining of our 
mobile and fixed networks, as well as devices we 
sell to our customers.
• Emissions from our customers using the products 
and services we provide.
To reduce these emissions, we aim to leverage our 
supplier relationships and work with them to set 
and achieve their own emissions reduction targets.
In 2024, we received 67 responses from a survey 
sent to our top 150 suppliers which showed that:
• 60 per cent report on energy and emissions, with 
an additional 10 per cent expected within the next 
two years.
• 42 per cent have a renewable energy target, with 
an additional 15 per cent expected within the next 
two years.
• 51 per cent have emissions reduction targets (43 
per cent are aligned to SBTi), with an additional 
31 per cent expected within the next two years.
We will use these results to guide our engagement 
efforts with key suppliers.
The below table shows the progress made against 
the emissions reduction targets, to date.
Energy (TJ) and GHG emissions (ktCO2-e)
Metric
2021
(Base Year)
20231
2024
Energy consumed
1,237
1,323
1,331
Scope 1 emissions
4.8
2.7
2.7
Scope 2 emissions
(market-based)
224.4
223.3
226.6
Scope 1 and 2 
emissions (market-
based)
229.2
226.1
229.3
Scope 3 emissions
1,327.9
1,242.4
1,237.3
Energy reductions occurred in the fixed network 
and retail footprint due to site consolidation, 
decommissioning of legacy equipment and a 
reduction in retail locations. Mobile network 
energy consumption increased as customers 
used more data, particularly on the 5G network. 
This increase was mitigated somewhat by the 
energy savings achieved from the 3G shutdown 
and decommissioning of legacy equipment. As a 
result, energy consumption for TPG Telecom 
increased by less than 1 per cent, year on year. 
The associated scope 1 and 2 emissions 
increased accordingly.
Scope 3 emissions decreased by 0.4 per cent, 
driven by shifts in spending and emission factors.
Further information on the calculation 
methodologies and metric definitions can be 
found in the 2024 Sustainability Data Pack.
Renewable electricity target
Our renewable energy procurement strategy is 
focused on long-term power purchase agreements 
(PPAs) and Large-scale Generation Certificates 
(LGCs), aligned with our Energy Management 
Policy and dependent on availability and cost 
considerations. We will also continue to 
investigate increasing our on-site solar 
capacity where feasible. 
In 2024, TPG Telecom entered into two renewable 
PPAs which, alongside top-up LGCs, supporting 
the achievement of powering our operations with 
50 per cent renewable electricity from 1 January 
2025. The PPAs will provide renewable electricity 
to roughly 1,400 sites across Queensland, NSW/
ACT and South Australia.
However, due to the ongoing volatility in the energy 
market and the high cost of renewable energy, we 
have begun a re-assessment of our 100 per cent 
renewables commitment. We will continue to 
actively engage the renewables market during 
2025 to determine if there are solutions that 
balance the benefits of renewable energy against 
the impacts those high costs have on our business 
and our customers. We will keep our stakeholders 
informed of our progress during 2025.
Sustainability report | Climate-related disclosures continued
Page 23  |  TPG Telecom Annual Report 2024
1 Prior year figures have been revised due to availability of actual data and updated estimation methodologies. The impact of these 
changes is immaterial to the overall results.

Australian electricity consumption (GWh)1
Category
2023
2024
Total electricity consumed
355
359
Renewable electricity2
Renewable Energy Target (RET)
64
63
Jurisdictional RET
15
16
Total renewable electricity 
80
79
% Renewable electricity - Australia
 22 %
 22 %
From 2023 to 2024, the proportion of renewable 
electricity consumption for our Australian 
operations was stable at 22 per cent.
felix mobile – a carbon neutral brand
felix mobile continues to operate on 100 per cent 
renewable electricity and remains certified carbon 
neutral by the Australian Government's Climate 
Active initiative. It also continues to partner with 
One Tree Planted, where one new tree is planted 
for every month each felix customer maintains an 
active subscription.
In 2024, felix achieved its goal of donating 2 million 
trees since its launch in 2020. As a result, the 
brand has extended its target to donating a further 
3 million trees by the end of 2026.
felix also serves as an innovation hub for 
TPG Telecom, with its sustainability initiatives 
providing opportunities for the broader business 
to understand how it can adopt them at scale. 
Visit the felix website to learn more.
Product stewardship
We aim to be responsible for the products and 
services we sell by minimising the environmental 
impact throughout their lifecycle and we continue to 
monitor and report our operational waste footprint 
within the 2024 Sustainability Data Pack.
Regional network sharing agreement
Signed in 2024, our regional Multi-Operator Core 
Network (MOCN) agreement will more than double 
our mobile network coverage, while significantly 
reducing our environmental footprint through the 
decommissioning of around 700 sites. Utilising 
shared network equipment enables significant 
resource and energy efficiencies.
Packaging recoverability and waste reduction
TPG Telecom remains a member of the Australian 
Packaging Covenant Organisation, a not-for-profit 
organisation working with businesses and 
government to co-regulate the environmental 
impact of packaging in Australian communities.
The majority of our packaging waste comes from 
materials for packaging SIMs, accessories, 
devices, and logistics transportation related to 
the products we sell to our customers. We remain 
committed to collaborating with our suppliers to 
improve packaging recoverability, as well as on 
waste and e-waste reduction. This has been 
communicated to suppliers through our net-zero 
survey and our Supplier Code of Conduct, 
refreshed in 2024.
We continue to make progress regarding the 
increased use of EcoSIMs3 and eSIMs4 across 
our brands and customer segments. In 2024, 
approximately 76 per cent of SIMs sold were 
either EcoSIM or eSIM and we aim to continue 
to increase this percentage in the future.
e-waste5 collection and recycling
We continue to work with MobileMuster, the product 
stewardship program funded by the Australian 
mobile telecommunications industry, to increase 
the collection and recycling of end user e-waste.
e-waste collection via MobileMuster (kg)
Provider
2023
2024
TPG Telecom – all brands
7,581
12,184
Source: MobileMuster
In 2024, the collection of fixed device e-waste at 
our logistics facilities resumed, after a pause in 
2023 due to an inventory management system 
transition as part of a broader logistics 
consolidation. This accounted, in part, for the 
increase in e-waste collection totals from the 
prior year. 
Additional e-waste efforts in 2024 included 
receiving over 32,000 device trade-ins from 
customers and the refurbishment of over 85,000 
modems intended for use by our customers. 
Sustainability report | Climate-related disclosures continued
Page 24  |  TPG Telecom Annual Report 2024
1 Not including operations in the Philippines and Guam, which account for approximately 0.1 per cent of our total electricity consumption.
2 Reported based on the methodologies and guidance set out within the most recently published Corporate Emissions Reduction 
Transparency (CERT) report Guidelines.
3 EcoSIMs are made from 100 per cent recycled plastic, with a sleeve made from 100 per cent recycled cardboard
4 eSIMs do not have a physical component, resulting in less plastic waste from manufacturing and packaging and reduced energy and 
emissions related to transport and manufacturing requirements
5 e-waste encompasses electronic products thrown away due to being broken, superseded by newer versions or reached the end of their 
useful life

General sustainability disclosures
The following section provides an overview of 
progress against our sustainability strategy and 
2024 sustainability commitments. It includes:
1.
Customer Wellbeing
2.
Inclusion & Belonging
3.
Digital Economy
4.
Responsible Business Practices
To simplify this report, the Environmental 
Responsibility pillar has been incorporated into the 
preceding Climate-related disclosures section.
1. Customer Wellbeing
Taking care of our customers as they use our 
products and services
We have processes and policies in place to protect 
customers, including protecting their personal 
information and privacy, helping them avoid scams, 
keeping them connected to our networks, and 
providing a flexible approach to support individual 
needs and circumstances.
Our 2024 commitments:
• Increasing awareness among our customers of 
ways to avoid falling victim to scams and theft 
and continuing to improve ways of blocking.
• Effectively managing our internal framework for 
ongoing compliance with the Reducing Scam 
Calls and Scam SMS Industry Code.
• Offering services and support to help and 
educate families and children to stay safer 
online as they use our products and services.
• Managing our customer vulnerability framework 
and enhancing our services and support for 
customers experiencing vulnerability.
Technology security
Our multi-year program to address security risks 
in our business involves reducing vulnerabilities, 
expanding security capabilities, upgrading 
platforms, and decommissioning legacy systems.
Alongside a range of internal training and capability 
uplifts, in 2024 we launched the TPG Telecom 
Cyber Centre of Excellence – a new cyber defence 
lab to strengthen our cyber resilience by finding, 
fixing and pre-empting potential security exploits 
and weaknesses in telco equipment and critical 
national infrastructure.
In 2024, the team developed a proof-of-concept AI 
tool that, in lab conditions, detected over 95 per 
cent of SMS scam messages. AI used in this 
manner is critical to developing tools that can 
detect and respond to the scams as they evolve.
Scams and fraud
To drive ongoing compliance with scam industry 
codes, we utilise a range of tools and technologies 
to reduce the volume of scam messages and calls.
In 2024, we implemented a new spam filter that 
uses machine learning detection algorithms that 
adapt to current network conditions and subscriber 
behaviour to detect and block attempted illicit 
activity. This is in addition to the Spamshield 
platform that we use to stop fraudulent SMS 
from reaching our customers.
Additionally, we:
• implemented SMS volumes limits; and
• controls to limit fraudulent use of numbers 
allocated to TPG Telecom.
In 2024, our ongoing efforts resulted in the blocking 
of 46 million scam calls and 109 million scam SMS.
Online safety
Several new Online Safety Act Codes and 
Standards were registered in 2023 and in 
response, we updated information on our brand 
websites to support our customers with clear, 
actionable guidance to manage their online safety.
Internally, we introduced enhanced resources and 
training materials for staff, equipping them with the 
tools and knowledge to effectively communicate 
online safety information to customers.
Sustainability report | General sustainability disclosures
Page 25  |  TPG Telecom Annual Report 2024

Customer experience
In 2024 we continued our multi-year program to 
simplify our brands, rationalise our products and 
build modern, robust, resilient IT systems. This 
company-wide transformation is designed to 
position TPG Telecom as Australia's most 
competitive, nimble and customer-focused telco.
We continued to streamline our products, services 
and platforms to further strengthen our ability to 
deliver simple, great value services that match our 
customers' changing needs and make it easier for 
them to access and use our services.This included: 
rationalising 2,546 back-book plans, retiring legacy 
IT applications and upgrading four core IT 
applications, while migrating approximately 
1 million services across brands and products.
Customer satisfaction
TPG and Vodafone continue to report complaint 
numbers below the industry average, while iiNet 
remains slightly above.
Quarterly TIO complaints1
Brand
MAR 24
JUN 24
SEP 24
DEC 242
Vodafone*
2.8
2.4
2.4
N/A
iiNet
3.8
3.3
3.4
N/A
TPG
2.9
2.3
2.4
N/A
Industry average
3.3
2.7
2.7
N/A
*Comprises Vodafone, Lebara, felix and Kogan
In 2024, aspects of our customer simplification 
program and 3G shutdown may have contributed 
to the increase in customer complaint volumes, 
compared with the same period in the prior year, 
as part of our transformation to make for a better 
experience for our customers. Efforts to simplify 
and improve our customers’ experience included:
• Enhanced use of speech analytics capabilities, 
with a focus on ethical selling and accurate 
resolutions.
• Improved TOBi Speech Bot journeys for both a 
better self-service experience and an improved 
ability for customers to reach the right team the 
first time, reducing the need for a voice transfer. 
• Increased efforts to reduce repeat interactions, 
focused on achieving reductions in repeat calls 
from customers within a seven-day period.
• Improved issue resolution through a proactive 
case management approach.
• Created an onshore centre of excellence for all 
escalated complaints.
Customers experiencing vulnerability
During 2024, changes in consumer protection 
regulations began taking effect, with more expected 
in 2025 and beyond.
As a result, we created the new role of Head of 
Customer Wellbeing to support customers across 
a range of needs, including accessibility and 
inclusion, customers in crisis, financial assistance 
and sales.
Other 2024 initiatives supporting vulnerable 
customers include: 
• Domestic and family violence (DFV) – 
partnered with Telco Together to drive an 
awareness campaign on technology-facilitated 
abuse. Information, resources and training were 
provided to our employees and published 
externally during the 16 Days of Activism Against 
Gender-based Violence. Our CEO and Managing 
Director, Iñaki Berroeta, also participated in an 
industry CEO roundtable event with the eSafety 
Commissioner and other senior Australian telco 
leaders to discuss the industry’s progress and 
identify opportunities to address the growing 
misuse of technology as an abusive tool in DFV 
cases. In addition, our second DFV Action Plan, 
aligned to the Tailor level of Telco Together’s DFV 
Action Framework, is currently underway.
• Accessibility – continued to enhance our 
approach to accessibility across our digital 
environment by further embedding accessibility 
requirements within design and development 
phases to mitigate the risk of accessibility 
issues in new customer journeys. To improve 
accessibility of existing digital experiences, we 
implemented enhanced monitoring and reporting 
systems that provide better visibility into problem 
areas requiring remediation. We also considered 
accessibility improvements to our physical 
footprint, explored enhancements to our brand 
icons and SIM packaging, and worked with 
Knowable Me to better understand accessibility 
issues in our Vodafone retail stores. The results 
will be incorporated into designs for new and 
refurbished stores, beginning in 2025. 
Additionally, we collaborated with Guide Dogs 
Australia and University of NSW to advance 
research into future innovations.
Sustainability report | General sustainability disclosures continued
Page 26  |  TPG Telecom Annual Report 2024
1 Complaints handled by the Telecommunications Industry Ombudsman (TIO) per 10,000 services in operation.
2 December quarter data was unavailable due to a change in regulatory reporting. If this data becomes available, it will be reflected in 
future reporting.

2. Inclusion and belonging
Creating an inclusive business where all of our 
people, customers and communities belong.
Our 2024 commitments:
• Increase female representation across our 
workforce in Australia through:
◦Achieving 45 per cent female representation in 
strategic leadership1 by the end of 2026;
◦Achieving 35 per cent female representation 
across our workforce by the end of 2024; and
◦Achieving 20 per cent female representation in 
science, technology, engineering and 
mathematics (STEM) functions by the end 
of 2024.
• Progress TPG Telecom's long-term commitment 
to reconciliation, by developing and commencing 
delivery of our Innovate Reconciliation Action 
Plan (RAP).
• Increase year-on-year percentage of people 
identifying as of a diverse population (Aboriginal 
and Torres Strait Islander, LGBTQI+, or having 
a disability).
Gender representation
We are proud to have achieved our 2024 workforce 
and STEM functions targets, while remaining 
focused on our strategic leadership target.
Employee gender representation 
(women as a per cent of total)
Cohort
2023
2024
Target (year)
Strategic leadership
 35.7
32.8
45 (2026)
Workforce
 34.9
35.5
35 (2024)
STEM functions
 19.5
20.4
20 (2024)
Based on Australian employee headcount at 31 Dec 2024.
We utilised a range of initiatives in 2024 to support 
the attraction, development and retention of 
female talent across all levels of the 
organisation.These included: 
• Delivered two new female talent development 
programs, Xplore and Women in Leadership, 
which focused on accelerating development of 
junior to mid-level female leaders.
• Continued Accelerate Her, a program designed to 
attract, strengthen and retain our pipeline of 
women in technology, through networking 
opportunities, panel discussions, career and 
development planning and coaching.
• Achieved 50 per cent female representation in 
our Catalyst leadership development program, 
designed to help leaders become more 
connected, more customer-focused and more 
performance-driven. 
• Improved job advertisement wording and 
selection criteria for retail store recruitment 
to support an uplift in the number of 
women applying.
• Continued to offer flexible work which benefits all 
employees, but especially women and those with 
caring responsibilities.
Progress against our strategic leadership target 
has been slow, as the cohort has fluctuated in 
response to changing business needs. In 2024, 
7 per cent of strategic leadership roles became 
redundant and voluntary attrition was low, limiting 
the number of new appointments.
Gender equality
As an organisation, we measure gender pay equity 
and report on gender pay to the Workplace Gender 
Equality Agency (WGEA), which conducts an 
analysis on both the average and median gender 
pay gap.
Our own analysis on gender pay equity found that, 
on average, women are remunerated slightly 
higher than men for equivalent roles. However, 
we recognise that using the WGEA measurement, 
a gender pay gap appears to exist.
Employee gender pay comparison
Metric
2024
Gender pay equity2
-0.1% 
Average gender pay gap (WGEA)3
15.4% 
Median gender pay gap (WGEA)4
21.6% 
Our analysis revealed the most significant 
contributing factor to what WGEA defines as the 
gender pay gap is unequal gender representation, 
particularly at more senior levels. We remain 
committed to internal gender equality initiatives 
and achieving our gender representation targets 
to help close this gap and we will work assiduously 
to improve the opportunities for women to take on 
more senior roles based on merit.
Sustainability report | General sustainability disclosures continued
Page 27  |  TPG Telecom Annual Report 2024
1 Comprised of the top three tiers of leadership below CEO.
2 Assesses equal pay for equal work by comparing the average position in salary range for men compared to women for all roles in our 
Australian workforce (excluding the Executive Leadership Team and casual employees) as at 31 December.
3 Compares the average remuneration of women to the average remuneration of men for all roles in our Australian workforce. Data from 
31 March 2024 WGEA reporting.
4 Compares the median remuneration of women to the median remuneration of men for all roles in our Australian workforce. Data from 
31 March 2024 WGEA reporting.

Reconciliation and First Nations inclusion
In March 2024 we launched our Innovate RAP, 
which acts as the roadmap outlining the tangible 
actions we will take to meet our reconciliation 
commitments.
2024 notable achievements included:
• Establishing our external First Nations Advisory 
Circle.
• Launching TPG Telecom’s Aboriginal and Torres 
Strait Islander Engagement Principles. 
• Designing TPG Telecom’s Aboriginal and Torres 
Strait Islander Procurement Strategy. 
• Partnering with First Nations owned and operated 
business, Evolve Communities, to launch our 
new 7 Steps to Practical Reconciliation learning 
module. 
• Celebrating First Nations culture and history 
through our Meaningful Acknowledgement of 
Country Campaign and National Reconciliation 
Week event.
For more information about these and other 
Reconciliation actions, please refer to our Annual 
RAP Report, located on the Reconciliation section 
of our website, available from April 2025.
Diverse and inclusive workplace
We track and monitor workforce diversity 
demographics and employees’ experiences 
through our Spirit Survey, to identify trends and 
opportunities to improve inclusion at TPG Telecom.
Our diverse workforce1
Diversity area
Declared identity
First Nations
0.5%
LGBTQI+
6.0%
Disability
7.7%
Overseas heritage
50.8%
Parents and carers
23.5%
In 2024, we supported our diverse and inclusive 
workplace through:
• Governance – launched our new Respect in our 
Workplace policy and updated our Code of 
Conduct, with a greater focus on inappropriate 
behaviours such as sexual harassment and 
racism. 
• People with disability – maintained our 
Australian Disability Network membership and 
utilised its disability inclusion resources, as part 
of International Day for People with Disability.
• LGBTQI+ inclusivity – awarded Silver Status at 
the 2024 AWEI Awards, run by our partner Pride 
in Diversity, which drives best practice LGBTQI+ 
inclusion in Australia.
• Race, Ethnicity and Cultural Heritage – 
continued to raise awareness around key 
cultural days of significance celebrated by 
our employees, including Chinese New Year, 
Ramadan, Hanukkah and Diwali.
• Parents and carers – continued offering 
22 weeks paid parental leave to primary 
and secondary carers. The first full year of 
the updated policy resulted in a 55 per cent 
increase in men who accessed paid parental 
leave, compared to 2023.
3. Digital Economy
Helping to create a vibrant digital future which 
benefits everybody
Our 2024 commitments:
• Enabling 5G network connectivity for our 
customers with the rollout of our 5G network: 
maintaining 98 per cent population 5G network 
coverage in 12 of Australia's largest cities 
and regions.
• Working collaboratively with partners to support 
innovation in the infrastructure for, and 
application of, 5G-enabled technologies.
• Helping to accelerate the uptake of narrowband 
internet-of-things (NB-IoT) and 5G-enabled 
technologies.
• Donating $1 million annually to projects that 
create opportunities to improve health, education 
and wellbeing of Australian communities in need.
• Increasing opportunities for our employees to 
use their role-specific skills on interventions that 
improve wellbeing and/or support the creation 
of vibrant connected communities.
Growing our 5G network
Our 5G rollout remains on track, as we activated an 
additional 708 5G-enabled sites, bringing the total 
to 3,771 5G-enabled sites across our network by 
the end of the year. 
5G rollout progress
Mobile network
2023
2024
5G-enabled sites (cumulative)
 3,063  3,771 
We maintained over 98 per cent 5G population 
coverage in Australia’s top 12 most populated cities 
and towns and saw 5G traffic growing by more than 
102 per cent in the past 12 months, with over four 
million 5G-capable handsets in use on our network.
Sustainability report | General sustainability disclosures continued
Page 28  |  TPG Telecom Annual Report 2024
1 Data from May 2024 Spirit Survey, from an 88% response rate.

Looking ahead, we intend to accelerate the 
availability of our 5G services to customers across 
Australia through the regional Multi-Operator Core 
Network (MOCN) agreement (see below). We 
expect that the number of 5G sites in the MOCN 
zone will increase to 1,500 by 2028 and 2,444 by 
the end of 2030.
Network innovations and partnerships
In 2024, key initiatives included:
• Regional network sharing: An agreement with 
Optus to create a regional MOCN to extend TPG 
Telecom’s 4G and 5G mobile network to reach 
98.4 per cent of the Australian population. The 
rollout, undertaken in early 2025, increased our 
regional mobile sites by more than three times, 
more than doubling the geographic coverage of 
our mobile network to approximately 1 million 
square kilometres.
• 5G Network Sensing Lab: A partnership with 
University of Technology Sydney to develop a 
prototype that uses 5G infrastructure to create 
flood sensing technology, showing in real-time 
how rainfall and potential flooding might affect 
communities and critical infrastructure. 
• Smart meter rollout: Secured a 10-year deal to 
manage one million NB-IoT digital smart meters 
for South East Water in Victoria. The project will 
replace mechanical water meters, enabling 
customers to track and manage their water 
consumption daily.
For more detail on our network innovations and 
partnerships, visit the Media Releases section of 
our website.
TPG Telecom Foundation
TPG Telecom allocated $1.5 million to the 
Foundation in 2024. These funds are used by the 
Foundation for donations to charitable projects, 
with a focus on funding scalable technology 
solutions. A small proportion of this funding is also 
directed to employee matched giving and disaster 
response funding, as well as associated program 
and management costs1.
2024 TPG Telecom Foundation contributions
Contribution type
Amount (AUD)
Cash donations – Foundation 
partners
1,319,155
Cash donations – other (matched 
giving, disaster response, etc.)
53,595
Management costs
125,726
Total
1,498,476
In 2024, the Foundation:
• Provided approximately $1.3 million in grants 
and donations to: ACON, Guide Dogs, Starlight 
Children's Foundation, Cerebral Palsy Alliance, 
headspace, Missing School and InfoXchange.
• Donated, via employee matched giving, to 
Cerebral Palsy Alliance for STEPtember, as 
well as to Variety Bash and Cancer Council.
• Collaborated with four Australian charities to 
donate 500 of our used and refurbished laptops 
to vulnerable communities experiencing digital 
exclusion.
• Donated more than 400 phones to the Australian 
charity DV Safe Phone to help domestic and 
family violence survivors connect safely.
Employee volunteering
In 2024, the Foundation organised 21 volunteering 
events for employees totalling over 1,300 hours of 
volunteering time donated to nine different 
charitable organisations.
In addition, over 300 hours of Skilled Volunteering 
was donated in 2024 to three charities (Black Dog 
Institute, Dylan Alcott Foundation, Guide Dogs).
Further detail on progress made by charity partners 
as a result of Foundation funding and employee 
volunteering can be found in our standalone 
Foundation report, located on the Foundation 
section of our website, available from April 2025.
Sustainability report | General sustainability disclosures continued
Page 29  |  TPG Telecom Annual Report 2024
1 Due to timing and duration of projects and grant cycles, grant and donation amounts may vary year-on-year. However, any unspent funds 
from one year are accrued for use in the next.

4. Responsible business practices
Our responsible business practices reinforce 
and complement our sustainability strategy, 
concentrating on issues that significantly impact 
our stakeholders. Selected highlights are noted 
below, with further detail available on the 
Sustainability section on our website.
Human rights and modern slavery
In 2024, the Executive Leadership Team and Board 
endorsed our three-year modern slavery roadmap, 
which sets out our plan to continue strengthening 
how the organisation identifies and manages 
modern slavery risks. Among the 2024 
achievements was the launch of a new third-party 
assurance platform, which automates due 
diligence processes and enhances overall risk 
management practices. 
A detailed progress update will be shared in our 
2024 Modern Slavery Statement, scheduled for 
publication in June 2025. For more information on 
current and past actions, refer to our previous 
Modern Slavery Statements, located on the 
Investor Relations section on our website.
Environmental management
In 2024, we did not record any significant 
environmental incidents for our operations, as 
tracked through our Health, Safety, Environment 
management system. Our fibre operations 
department also maintained its certification to 
ISO 14001:2015 International Standard for 
Environmental Management Systems.
Workplace health and safety (WHS)
TPG Telecom achieved ISO 45001:2018 
Occupational health and safety management 
systems certification for the entire organisation 
in 2024, expanding on the existing certification 
of its fibre engineering services. 
WHS metrics
Indicator
2023
2024
TRIFR
1.86
3.87
LTIFR
1.44
3.29
Fatalities
0
0
In 2024, our total recorded injury frequency rate 
(TRIFR) and lost time injury frequency rate (LTIFR) 
increased from the prior year. We had zero 
fatalities across the TPG Telecom Group.
An increase in TRIFR reflects the maturing of our 
WHS Management System, with an increased 
awareness on the importance of reporting WHS 
incidents. The majority of lost time injuries are 
sprains and strains from our field-based teams 
and retail store activities. In response, we will be 
launching a refreshed WHS induction in 2025 
that includes an updated manual handling 
training module. 
Career growth and development
We are committed to supporting our employees 
to develop their skills by providing a range of 
professional development opportunities.
Average annual employee training hours
Category
2023
2024
Office (Corporate)
11.0
6.6
Contact centres
39.0
11.0
Retail
32.0
25.6
The decrease in training hours is largely due to 
fewer new hires in 2024, compared to 2023. New 
hires undertake robust induction programs, 
including a wide range of training courses, while 
existing employees undertake streamlined annual 
compliance refreshers.
For more information, visit the Careers section of 
our website.
Culture and values
Our Spirit Survey is conducted semi-annually 
and measures:
• Values Alignment Index – the extent to which our 
employees consider our values are being lived 
throughout TPG Telecom; and
• Engagement score – employee connection to 
TPG Telecom, their intent to stay, motivation 
toward discretionary effort and employee 
advocacy.
Spirit Survey results1
Survey aspect
May
Oct
May
Sep
2023
2023
2024
2024
Engagement score
70%
72%
74%
71%
Values Alignment Index
74%
73%
76%
73%
In 2024, our Spirit Survey results indicate strong 
commitment and passion for our customers, 
alignment with our goals, and a respectful 
workplace. However, the ongoing evolution of 
our business has introduced ambiguity, causing a 
decrease in the Engagement score and Values 
Alignment Index in the September 2024 results. 
To address this, we will focus on the change 
experience, simplification, prioritisation, and 
enabling our people to be well-informed and 
prepared for the future.
We remain resolute in our commitment to building 
a great culture, knowing it will enable us to achieve 
our longer-term goal of being Australia's best telco, 
one that values meaningful connection with our 
people, customers and community.
Sustainability report | General sustainability disclosures continued
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1 Following the change in operations in Manila, figures have been updated to include the Australian workforce only.

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Details of Directors of the Company who held office at any time during or since the end of the financial year are 
set out below:
Current
The following are the Directors who held office at 31 December 2024.
Fok Kin Ning, Canning
Chairman
Fok Kin Ning, Canning has been a Director and Chairman 
of TPG Telecom since 2001 and March 2021 respectively. 
He is Deputy Chairman and an Executive Director of CK 
Hutchison Holdings Limited. 
He was a Director of Cheung Kong (Holdings) Limited 
and Hutchison Whampoa Limited from 1985 and 1984 
respectively until September 2024, both of which were 
formerly listed on The Stock Exchange of Hong Kong 
Limited and became wholly owned subsidiaries of CK 
Hutchison Holdings Limited in 2015. 
Mr Fok is also Chairman and a Non-Executive Director 
of Hutchison Telecommunications Hong Kong Holdings 
Limited, Chairman and an Executive Director of HK 
Electric Investments Manager Limited as the Trustee-
Manager of HK Electric Investments and HK Electric 
Investments Limited, Deputy Chairman and an Executive 
Director of CK Infrastructure Holdings Limited and Deputy 
President Commissioner of PT Indosat Tbk. He is also 
Executive Chairman of CK Hutchison Group Telecom 
Holdings Limited. 
Mr Fok was previously Chairman and a Director of 
Hutchison Telecommunications (Australia) Limited, 
Chairman and a Non-Executive Director of Hutchison 
Port Holdings Management Pte. Limited as the
Trustee-Manager of Hutchison Port Holdings Trust, 
and Chairman and an Executive Director of Power 
Assets Holdings Limited. 
The aforementioned companies are either subsidiaries or 
associated companies of CK Hutchison Holdings Limited 
of which Mr Fok has oversight as Director of CK 
Hutchison Holdings Limited.
He holds a Bachelor of Arts degree and a Diploma in 
Financial Management, and is a Fellow of Chartered 
Accountants Australia and New Zealand. 
Mr Fok’s appointment to the Board commenced on 
27 August 2001. 
Directorship of other ASX listed companies in the 
past three years: 
Hutchison Telecommunications (Australia) Limited – 
1999 to December 2023. 
Special Responsibilities: Chairman of the Board.
Iñaki Berroeta
Chief Executive Officer and Managing Director
Iñaki Berroeta is the CEO and Managing Director of 
TPG Telecom and was CEO of Vodafone Hutchison 
Australia from 2014 to 2020. A 30-year veteran of the 
telecommunications industry, Mr Berroeta previously 
served as CEO of both Vodafone Romania and Vodafone 
Malta, and held various operational roles at Vodafone 
Spain, Global Star USA, AirTouch International Inc. 
(USA) and Airtile Moviles (Spain).
Mr Berroeta holds a Master of Science in 
Telecommunications from Bilbao Superior School 
of Telecommunications Engineering, Spain, and a Master 
of Business Administration from Henley Management 
College, UK.
Mr Berroeta’s appointment to the Board commenced on 
29 June 2020.
Special Responsibilities: Chief Executive Officer and 
Managing Director.
Directors’ report | Board of Directors
Page 34  |  TPG Telecom Annual Report 2024

Paula Dwyer 
Independent Non-Executive Director
Paula Dwyer has served as an independent non-
executive Chairman and Director for over 25 years. 
She is presently a director of Allianz Australia (Chairman), 
Elenium (Chairman), Lion Group, Dexus and AMCIL. In 
the broader community she is a member of the Committee 
of the Melbourne Cricket Club. 
Previously she has served as an independent director 
of companies including ANZ Banking Group, Tabcorp 
Limited (Chairman), Healthscope Limited (Chairman), 
Leighton Holdings (now Cimic) and Suncorp Group. 
Ms Dwyer’s executive career spanned chartered 
accounting, corporate finance and corporate advisory at 
Price Waterhouse and Ord Minnett (now J. P. Morgan). 
She has a strong record of achievement across a wide 
variety of sectors including regulated industries in financial 
services (banking, insurance and investment), gambling 
entertainment, healthcare, energy and utilities; non-
regulated industries in fast moving consumer goods, 
engineering and construction, property and retailing; 
and for-purpose organisations in sport, medical research 
and commercialisation, and education. 
Ms Dwyer holds a Bachelor degree in Commerce 
(University of Melbourne), is a Fellow of the Institute of 
Chartered Accountants Australia & New Zealand, a Fellow 
of the Australian Institute of Company Directors and a 
Senior Fellow of FINSIA. 
Ms Dwyer’s appointment to the Board commenced on 
21 October 2024. 
Directorship of other ASX listed companies in the 
past three years:
Dexus Funds Management Limited (February 2023 – 
current) and AMCIL Limited (June 2023 – current). 
Special Responsibilities: Chairman of the Audit & Risk 
Committee (ARC) and member of the Remuneration and 
Governance Committee (RGC) and member of the 
Nomination Committee (NC).
Pierre Klotz 
Non-Executive Director 
Pierre Klotz is the Vodafone Group Corporate Finance 
Director. He joined Vodafone in July 2011 and is 
responsible for the Vodafone Group’s Mergers & 
Acquisitions and Treasury related activities. 
Previously, Mr Klotz held a number of senior executive 
positions at UBS Investment Bank and at HSBC 
Investment Bank.
Mr Klotz holds a Master of Science in Business 
Administration from Gothenburg School of Economics 
and Commercial Law.
Mr Klotz’s appointment to the Board commenced on 
12 May 2020.
Directorship of other ASX listed companies in the 
past three years:
Nil.
Special Responsibilities: Member of the ARC.
Directors’ report | Board of Directors continued
Page 35  |  TPG Telecom Annual Report 2024

Robert Millner AO
Non-Executive Director
Robert Millner served as a Non-Executive Director of TPG 
Corporation from 2000 until the merger with the Company 
in 2020, and was the Chairman of TPG Corporation from 
2000 until 2008.
Mr Millner brings to the Board broad corporate, 
investment, portfolio and asset management experience 
gained across diverse sectors including 
telecommunications, mining, manufacturing, health, 
finance, energy industrial and property investment in 
Australia and overseas. 
Mr Millner has over 30 years’ experience as a Company 
Director with an extensive understanding of governance 
and compliance, reporting, media and investor relations. 
Mr Millner holds directorships of the following listed 
companies: Apex Healthcare Berhad (Malaysia), 
Brickworks Limited, BKI Investment Company Limited, 
Aeris Resources Limited, New Hope Corporation Limited, 
Washington H. Soul Pattinson and Company Limited and 
Tuas Limited. He was also a former director of Australian 
Pharmaceutical Industries Limited.
Mr Millner is an Officer of the Order of Australia (AO). 
Mr Millner is a Fellow of the Australian Institute of 
Company Directors. 
Mr Millner’s appointment to the Board commenced on 
13 July 2020.
Directorship of other ASX listed companies in the 
past three years:
Brickworks Limited – 1997 to current, Washington H. Soul 
Pattinson and Co. Ltd – 1984 to current, Aeris Resources 
Limited – July 2022 to current, New Hope Corporation Ltd 
– 1995 to current, BKI Investment Company Ltd – 2003 to 
current, Milton Corporation Limited – 1998 to October 
2021, Tuas Limited – 2020 to current, Australian 
Pharmaceutical Industries Ltd – 2000 to July 2020.
Antony Moffatt
Non-Executive Director
Antony (Tony) Moffatt is a lawyer with over 30 years’ 
experience, practising in corporate, commercial and 
telecommunications law. 
After five years as a senior lawyer in an international 
law firm in Singapore, Mr Moffatt became General 
Counsel and Company Secretary for a start-up 
telecommunications business which was acquired by 
SP Telemedia Limited in 2005. He was then appointed 
General Counsel for the company formerly named 
TPG Telecom Limited (ASX:TPM) in 2008 until its merger 
with VHA in 2020. In August 2020, Mr Moffatt became 
Company Secretary for the merged group. In addition, 
Mr Moffatt was Company Secretary for a large privately 
owned Australian winery from 2004 to 2008 and was from 
time to time a director on a variety of TPG Telecom 
Limited (TPM) subsidiaries and Comms Alliance. 
Mr Moffatt was formerly a member of the key 
management personnel of TPM and played a significant 
role in its development, including the many corporate 
and large commercial transactions undertaken by that 
company. He is currently the Company Secretary for 
Tuas Limited. 
Mr Moffatt holds a Bachelor of Arts and Laws from the 
University of New South Wales. 
Mr Moffatt’s appointment to the Board commenced on 
26 March 2021.
Directorship of other ASX listed companies in the 
past three years:
Nil.
Directors’ report | Board of Directors continued
Page 36  |  TPG Telecom Annual Report 2024

Dr Helen Nugent AC
Independent Non-Executive Director
Dr Helen Nugent is Chairman of Ausgrid, the Order of 
Australia Association Foundation, a Non-Executive 
Director of IAG, and a member of the Global Advisory 
Board for UST. 
She has been a company director for over 30 years, and 
has over 40 years’ experience in the financial services 
sector. This includes having been Chairman of Veda 
Group, Funds SA, and Swiss Re (Australia); and a Non-
Executive Director of Macquarie Group, Director of 
Strategy at Westpac Banking Corporation, and a Partner 
at McKinsey & Company. 
She has also been Chairman of National Disability 
Insurance Agency and Australian Rail Track Corporation 
and a Non-Executive Director of Origin Energy. 
Dr Nugent has given back to the community in education 
and the arts, having been Chancellor of Bond University; 
President of Cranbrook School; Chairman of the National 
Opera Review; Chairman of the Major Performing Arts 
Inquiry; Chairman of the National Portrait Gallery of 
Australia; and Deputy Chairman of Opera Australia. 
Dr Nugent is a Companion of the Order of Australia (AC) 
and is a recipient of a Centenary Medal, as well as 
holding an Honorary Doctorate in Business from the 
University of Queensland and an Honorary Doctorate from 
Bond University. She is a Fellow of the Australian Institute 
of Company Directors.
Dr Nugent holds a Bachelor of Arts (Hons) and Doctorate 
of Philosophy from the University of Queensland; and a 
MBA (Distinction) from the Harvard Business School. 
Dr Nugent’s appointment to the Board commenced on 13 
July 2020.
Directorship of other ASX listed companies in the 
past three years:
Insurance Australia Group (IAG) Limited – December 
2016 to current.
Special Responsibilities: Senior Independent Director, 
Chairman of the RGC, Chairman of the NC and member 
of the ARC.
Frank Sixt
Non-Executive Director
Frank John Sixt has been a Director of TPG Telecom 
since 2001. He has been a Director and Chairman since 
1998 and December 2023, and an Alternate Director to 
a Director since 2008 of Hutchison Telecommunications 
(Australia) Limited. Mr Sixt is an Executive Director, Group 
Co-Managing Director and Group Finance Director of CK 
Hutchison Holdings Limited. 
Since 1991, Mr Sixt has been a Director of Cheung Kong 
(Holdings) Limited and Hutchison Whampoa Limited, both 
of which were formerly listed on The Stock Exchange of 
Hong Kong Limited and became wholly owned 
subsidiaries of CK Hutchison Holdings Limited in 2015. 
He is also Chairman and a Non-Executive Director of 
TOM Group Limited, an Executive Director of CK 
Infrastructure Holdings Limited, and a Director of Cenovus 
Energy Inc. and an Alternate Director to a Director of HK 
Electric Investments Manager Limited as the Trustee-
Manager of HK Electric Investments and HK Electric 
Investments Limited. 
The aforementioned companies are either subsidiaries or 
associated companies of CK Hutchison Holdings Limited 
of which Mr Sixt has oversight as Director of CK 
Hutchison Holdings Limited.
He has over four decades of legal, global finance and risk 
management experience, and possesses deep expertise 
in overseeing financial reporting system, risk management 
and internal control systems as well as sustainability 
issues and related risks. 
Mr Sixt holds a Master’s degree in Arts and a Bachelor’s 
degree in Civil Law, and is a Member of the Bar and of the 
Law Society of the Provinces of Québec and Ontario, 
Canada. 
Mr Sixt’s appointment to the Board commenced on 7 May 
2001.
Directorship of other ASX listed companies in the 
past three years: 
Hutchison Telecommunications (Australia) Limited – 1998 
to current. 
Special Responsibilities: Member of the RGC and 
member of the NC.
Directors’ report | Board of Directors continued
Page 37  |  TPG Telecom Annual Report 2024

Jack Teoh
Non-Executive Director
Jack Teoh is a businessman involved in a range of private 
companies, with particular experience in finance and 
technology. Mr Teoh is a former director of Tuas Limited, 
has been a director of Vita Life Sciences Limited since 
September 2022 and is also a director of Total Forms Pty 
Ltd, a private software business. 
Mr Teoh holds a Bachelor of Commerce from the 
University of New South Wales. 
Mr Teoh’s appointment to the Board commenced on 26 
March 2021.
Directorship of other listed companies in the past 
three years:
Tuas Limited – July 2020 to July 2022, Vita Life Sciences 
Limited – September 2022 to current.
Serpil Timuray 
Non-Executive Director
Serpil Timuray is CEO Vodafone Investments at Vodafone 
Group plc and a member of the Vodafone Executive 
Committee. Ms Timuray oversees Vodafone’s interest in 
the joint venture companies of VodafoneZiggo in 
Netherlands, VodafoneIdea in India and TPG Telecom. 
She is the Chairperson of Vodafone Turkey and Vice-
Chairperson of VodafoneZiggo Netherlands. 
Prior to her current role, Ms Timuray was the CEO of 
Europe Cluster for Vodafone. Formerly she was the Group 
Chief Commercial Operations and Strategy Officer and 
before that the Regional CEO for AMAP (Africa, Middle 
East, Asia, Pacific) where she served as a Board member 
of the listed companies of Vodacom Group, Safaricom 
and Vodafone Qatar. 
Ms Timuray joined Vodafone in 2009 as the CEO of 
Turkey. Prior to joining Vodafone, Ms Timuray was the 
CEO of Danone Turkey from 2002 to 2008. Ms Timuray 
began her career at Procter & Gamble in 1991, where she 
held several marketing roles and was subsequently 
appointed to the Executive Committee in Turkey. 
Ms Timuray was appointed as an Independent Non-
Executive Director to British American Tobacco Plc in 
December 2023. She has been an Independent Non-
Executive Director of Danone Group Plc during April 
2015-April 2023 and Chair of the Corporate Social 
Responsibility Committee. 
Ms Timuray holds a degree in business administration 
from Bogazici University in Istanbul. 
Ms Timuray’s appointment to the Board commenced on 
29 March 2023.
Former Directors 
Arlene Tansey 
Former Independent Non-Executive Director 
Ms Tansey was appointed to the Board from 13 July 2020 
and was the Chairman of the ARC and a member of the 
RGC and NC until her retirement on 21 October 2024.
Company Secretary
Trent Czinner was appointed Company Secretary of the 
Company on 26 March 2021. Mr Czinner holds a Bachelor 
of Law and Administration from the University of 
Newcastle, was admitted as a Solicitor in New South 
Wales in 1995 and has a Master of Business 
Administration from the Australian Graduate School of 
Management. Mr Czinner is also a Certified member of 
the Governance Institute of Australia.
Directors’ report | Board of Directors continued
Page 38  |  TPG Telecom Annual Report 2024

Directors’ shareholdings
The relevant interest of each director in the shares and options over such instruments issued by the companies within the 
Group and other related bodies corporate, as notified by the Directors to the Australian Securities Exchange in accordance 
with section 205G of the Corporations Act 2001, at the date of this report is disclosed in the Remuneration Report.
Directors’ meetings
The number of Board and Committee meetings held during the financial year and the number of meetings attended by each 
of the Directors as a member of the Board or relevant Committee were as follows:
DIRECTORS
BOARD MEETINGS
AUDIT & 
RISK COMMITTEE 
MEETINGS
REMUNERATION AND 
GOVERNANCE 
COMMITTEE MEETING
NOMINATION 
COMMITTEE MEETING
A
B
A
B
A
B
A
B
Canning Fok
12
12
-
-
-
-
-
-
Iñaki Berroeta
12
12
-
-
-
-
-
-
Paula Dwyer1
1
1
1
1
2
2
2
2
Pierre Klotz
12
12
4
4
-
-
-
-
Robert Millner
12
12
-
-
-
-
-
-
Antony Moffatt
12
12
-
-
-
-
-
-
Helen Nugent
12
12
4
4
4
4
2
2
Frank Sixt
12
11
-
-
4
2
2
2
Arlene Tansey2
11
11
3
3
2
2
-
-
Jack Teoh
12
11
-
-
-
-
-
-
Serpil Timuray
12
12
-
-
-
-
-
-
NOTE:
A: Number of meetings held while a member. 
B: Number of meetings attended.
Directors’ report | Board of Directors continued
Page 39  |  TPG Telecom Annual Report 2024
1 Appointed to the Board on 21 October 2024.
2 Retired from the Board on 21 October 2024.

Principal activities
The principal activity of the Group is the provision of 
telecommunications services to consumers, 
business, enterprise, government and wholesale 
customers in Australia. There was no significant 
change in the nature of this activity during the 
financial year.
Significant changes in the state of affairs
In the opinion of the Directors, aside from matters 
disclosed in the Operating and Financial Review 
(‘OFR’) section of the Annual Report and the 
Financial Report, there have been no significant 
changes to the state of affairs of the Company 
during the financial year. 
Review of operations
The OFR on pages 6 to 30 provides details relating 
to the Group’s operations and results for the 
financial year.
Likely developments
The OFR provides details relating to the Company’s 
business strategies and prospects for future 
financial years. This information in the OFR is 
provided to assist with informed decision making of 
shareholders.
Events subsequent to reporting date
Other than the matters described elsewhere, the 
Directors are not aware of any matter or 
circumstance that has arisen after the reporting date 
that, in their opinion, has significantly affected, or 
may significantly affect:
(i)
the operations of the Company and of the Group 
in future financial years, or
(ii) the results of those operations in future financial 
years, or
(iii) the state of affairs of the Company and of the 
Group in future financial years.
Corporate Governance
The Board of Directors and management of TPG 
Telecom recognise the importance of, and are 
committed to, achieving high corporate governance 
standards. Our key Corporate Governance materials 
including policies, code of conduct and Board and 
Board Committee Charters, can be found in the 
Corporate Governance section of our website within 
the Investor Relations section. In accordance with 
the 4th edition of the ASX Corporate Governance 
Council’s Principles and Recommendations, the 
Company’s Corporate Governance Statement, as 
approved by the Board, is published and available 
on the TPG Telecom website at tpgtelecom.com.au/
investor-relations.
Legal and compliance
Environmental and sustainability
TPG Telecom seeks to comply with all laws and 
regulations relevant to its operations.
This includes obligations under the National 
Greenhouse and Energy Reporting Act 2007, which 
requires the Company to report its Australian 
greenhouse gas emissions, energy consumption 
and energy production on an annual basis to the 
Clean Energy Regulator.
During the financial year, there have been no claims 
against TPG Telecom in respect of a breach of 
environmental regulation.
For more information on environmental 
performance, including environmental regulation, 
see the Sustainability Report on page 18.
More information on TPG Telecom’s approach to 
Sustainability is available online at 
tpgtelecom.com.au/sustainability. 
Proceedings on behalf of the Company
TPG Telecom is not aware of any proceedings that 
have been brought or intervened in on behalf of the 
Company with leave of the Court under section 237 
of the Corporations Act 2001.
Directors’ report | Other information
Page 40  |  TPG Telecom Annual Report 2024

Employees and Work Health and Safety (WHS)
TPG Telecom manages varied levels of inherent risk 
within its work health and safety management 
systems. These risks are both direct and indirect in 
nature including from mobile and fixed network 
deployment, inappropriate behaviour from the public 
towards our retail employees, employee wellbeing 
and associated risks within the Company’s facilities, 
products and services. The Company adopts a risk-
based approach to how it actively monitors and 
manages its obligations and is aware that any failure 
to manage these risks could cause harm to its 
people, partners or members of the public. The 
Company will continue to evolve its approach to 
WHS in 2025 as it further embeds a consistent 
approach to systems, monitoring and compliance.
Indemnification and insurance of officers 
and directors
Indemnification
TPG Telecom has agreed to indemnify all directors 
of the Company, on a full indemnity basis and to the 
full extent permitted by law, against all losses or 
liabilities (including all reasonable legal costs, 
charges and expenses) incurred by the director as a 
director or officer of the Company or a related body 
corporate of the Company.
Insurance policies
The Company maintains directors’ and officers’ 
liability insurance for the benefit of persons defined 
in the policy, which includes current and former 
directors and officers, including senior executives of 
the Company and directors, senior executives and 
secretaries of its controlled entities to the extent 
permitted by the Corporations Act 2001. The terms 
of the insurance contract prohibit disclosure of the 
premiums payable and other terms of the policies.
Auditor indemnity
The Company has agreed to reimburse its auditors, 
PricewaterhouseCoopers (‘PwC’), for any liability 
(including reasonable legal costs) incurred by PwC 
in connection with any claim by a third party arising 
from the Company’s breach of the audit agreement 
between the Company and PwC. The 
reimbursement obligation is subject to restrictions 
contained in the Corporations Act 2001. No payment 
has been made to indemnify the auditors during or 
since the end of the financial year.
Non-audit services
During the financial year, PwC, the Company’s 
auditor, has been engaged to perform assurance 
services in addition to their statutory audit services. 
Details of the amounts paid to PwC for audit and 
assurance services provided during the year are set 
out in Note 30 of the financial statements.
The Board of Directors, in accordance with advice 
provided by the Audit & Risk Committee, is satisfied 
that the provision of the assurance services is 
compatible with the general standard of 
independence for auditors imposed by the 
Corporations Act 2001. The Directors are satisfied 
that the provision of assurance services by the 
auditor did not compromise the auditor 
independence requirements of the Corporations Act 
2001 for the following reasons:
• all assurance services have been reviewed by the 
Audit & Risk Committee to ensure they do not 
impact the impartiality and objectivity of the 
auditor, and
• none of the services undermine the general 
principles relating to auditor independence as set 
out in APES 110 Code of Ethics for Professional 
Accountants.
Auditor’s independence declaration
A copy of the auditor’s independence declaration, as 
required under section 307C of the Corporations Act 
2001, is set out on page 76.
Rounding of amounts
The Company is of a kind referred to in the ASIC 
Corporations (Rounding in Financial/Directors’ 
Reports) Instrument 2016/191 dated 24 March 2016 
and, in accordance with that instrument, all financial 
information presented in the consolidated financial 
statements and Directors’ Report has been rounded 
to the nearest million dollars, unless otherwise 
indicated.
Directors’ report | Other information continued
Page 41  |  TPG Telecom Annual Report 2024

Remuneration Report
The Board of TPG Telecom is pleased to present its 
2024 Remuneration Report.
TPG Telecom is on a journey to become Australia’s 
best telco for customers, employees, and 
shareholders. While that journey remains a work-in-
progress, significant progress is being made.
Our approach to fixed remuneration, short-term 
incentive (STI), and long-term incentive (LTI) 
reflects that strategy, with a disproportionate 
emphasis being placed on aligning the interests of 
employees and shareholders, while recognising the 
importance of customers. 
Fixed Remuneration
Fixed remuneration provides executives with a 
market-competitive cash payment, consisting of a 
base amount and superannuation, benchmarked 
against companies of relatively comparable size 
and complexity. For 2024, based on 2023 data, the 
benchmark used was ASX 21-60 and ASX 31-70. 
That resulted in the three ongoing KMP (including 
the CEO) receiving a base pay increase of 3% 
(less than the rate of inflation). For 2025, based on 
2024 data, the benchmark used was ASX 31-70. 
From 1 March 2025, the base pay for the CEO will 
increase by 2.5% (less than the rate of inflation), 
while two Other Executive KMP will receive 
increases of 2.5% and 3.5% respectively. 
STI
The metrics which determine TPG Telecom’s STI 
reflect the drivers of the Company’s performance. 
Any payment must meet an initial financial, risk and 
individual behaviour gateway, before a payout is 
determined based on both a balanced Company 
scorecard (80%) and an individual’s scorecard 
(20%). The Company’s scorecard comprises 
financial metrics representing 60% (Total Service 
Revenue 20%, Operating Free Cash Flow 15%, 
and EBITDA 25%), along with 10% each for a 
customer NPS measure, and 10% for an employee 
culture measure. This approach highlights the 
importance of shareholders, customers and 
employees in determining STI.
Based on these metrics, for FY24, the achievement 
at maximum for the Company’s balanced scorecard 
was 74.38%. When combined with the individual 
scorecard, the CEO’s payout as a percent of 
maximum was 78.03%. 50% of the CEO’s 
individual scorecard was based on the 
transformative delivery of the regional network 
sharing arrangement, providing significant benefits 
for customers and shareholders alike. 
While 50% of the STI payment to the CEO and 
Other KMP is paid in cash, further alignment with 
shareholders is created by the other 50% being 
made in Deferred Share Rights (DSRs), paid in 
equal tranches over one and two years. Approval 
for the CEO’s DSRs will be sought at the 2025 
AGM. 
In 2025, the same set of metrics, as for 2024, will 
be used in the Company balanced scorecard, with 
the STI percentage opportunity for the CEO and all 
but one KMP remaining consistent between 2024 
and 2025. The Board will retain discretion to alter 
the STI as it deems appropriate as a result of 
potential changes in the business from the fibre 
network infrastructure assets transaction.
LTI
Feedback from shareholders in 2023 resulted in the 
two LTI financial hurdles being changed to Return 
on Invested Capital (ROIC) and Earnings per Share 
(EPS). Particularly in a capital intensive business 
such as telecommunications, these two metrics are 
key drivers of returns to shareholders. These two 
measures were used in 2024 and will be used 
again in 2025, with the specific challenge in each 
hurdle being adjusted each year. As requested by 
shareholders and proxy advisors, additional 
disclosure has been provided. 
For the 2025 LTI Plan, the ESG hurdle, weighted at 
10% in the 2024 LTI Plan has been removed and 
the weightings of the EPS and ROIC hurdles have 
increased to 50% each. Management remain 
committed to renewables and ESG hurdles related 
to renewables remain in the 2023 and 2024 LTI 
Plans, covering the period to 31 December 2026. 
The Board will retain discretion to alter the 2023, 
2024 and 2025 LTI Plans as it deems appropriate 
as a result of potential changes in the business 
from the fibre network infrastructure assets 
transaction.
At the 2024 AGM, shareholders approved the 
allocation of $3,090,000 in Performance Rights to 
the CEO, representing 150% of his base salary, 
vesting after three years and subject to 
performance hurdles. At the 2025 AGM, approval 
from shareholders will be sought for an allocation of 
$3,167,250 representing 150% of the CEO’s 2025 
base salary, vesting after three years subject to the 
achievement of the hurdles as above.
Directors’ report | Remuneration Report
Page 42  |  TPG Telecom Annual Report 2024

Performance and Retention Rights Plan
In 2024, as foreshadowed and made clear in the 
2023 Remuneration Report, a one-off performance 
rights retention plan was implemented for the CEO 
and ongoing Executive KMP. This decision was 
taken by the TPG Telecom Board given the 
significant changes occurring in senior executive 
roles in other telecommunications companies. 
While the Board recognised the potential adverse 
reaction of proxy advisors to any form of retention 
scheme, the Board was strongly of the view that 
retaining the executive team was in shareholders’ 
interests. A grant of Performance and Retention 
Rights for the CEO valued at $2,060,000 was 
approved by shareholders at the 2024 AGM.
Vesting of Earlier LTI Plans
As indicated in the 2024 Remuneration Report, 
the hurdles for the 2021 LTI Plan were not met 
and the shares allocated under that plan lapsed 
in March 2024. 
25.25% of the shares allocated under the 2022 
LTI Plan will vest in March 2025. The relative 
TSR hurdle, representing 50% of the hurdle, was 
not met. 50.5% of the Operating Free Cash Flow 
Hurdle was met. The metrics for both are outlined 
in the body of this Remuneration Report, in keeping 
with the undertaking previously given by the Board 
to shareholders.
Governance
A change in the membership of the Remuneration 
and Governance Committee (RGC) occurred 
after Ms Paula Dwyer joined the board as an 
Independent Director following the retirement 
of Ms Arlene Tansey. 
The RGC is comprised of a majority of independent 
directors and is chaired by Dr Helen Nugent AC, 
who is the Senior Independent Director.
An increase in the base Board fee for the two 
independent directors was approved by the Board 
in 2023, as was an increase in the fee for the 
Chairman and members of the Audit and Risk 
Committee, and the Senior Independent Director. 
No changes are proposed for 2025.
The independence of the RGC is rigorously 
maintained and conflicts of interest are assiduously 
managed.
Table of Contents
1
2024 Remuneration Report
44
2
Key Management Personnel (KMP)
44
3
Remuneration Approach
45
4
Fixed Remuneration
46
5
Short Term Incentive
47
6
2024 Long Term Incentive Plan
56
7
2024 Performance Rights Retention 
Plan
59
8
2022 Long Term Incentive Plan
60
9
Total Remuneration Outcomes 2024
61
10
Minimum Shareholding Requirements
63
11
Looking forward to 2025
63
12
Remuneration Governance
64
13
Appendices (Statutory Tables)
68
Directors’ report | Remuneration Report continued
Page 43  |  TPG Telecom Annual Report 2024

1. 2024 Remuneration Report
This report covers the period 1 January 2024 to 31 December 2024 (FY24) and shows how TPG Telecom 
Limited’s (‘TPG Telecom’, ‘the Company’) remuneration approach supports short and longer-term alignment 
with the performance of the Company for the benefit of shareholders.
2. Key Management Personnel (KMP)
KMP have the authority and responsibility for planning, directing and controlling the activities of TPG Telecom, 
directly or indirectly; the organisation’s operating activities; and its financial performance. This includes Non-
Executive Directors. However, while Non-Executive Directors are classified as KMP, they are not Executives. 
For 2024 the CEO, Executive and Non-Executive KMP were as follows:
2.1.1 CEO and Other Executive KMP
EXECUTIVE KMP
ROLE
TERM AS KMP1
Iñaki Berroeta
Chief Executive Officer and Managing Director
Full year
John Boniciolli
Group Chief Financial Officer
Full year
Kieren Cooney
Group Executive Consumer
Full year
Jonathan Rutherford
Group Executive Enterprise, Government and 
Wholesale
Full year
Vanessa Hicks
Group Executive Customer and People Experience
Commenced 28 March 2024
Ana Belea2
Group Executive Customer Operations and Shared 
Services
Ceased 28 March 2024
1.
If an Executive KMP did not serve as KMP for the full year, remuneration information disclosed in this report is from the date they 
commenced as KMP in FY24 or to the date they ceased as KMP in FY24.
2.
Ana Belea, formerly known as Ana Bordeianu.
2.1.2 Non-Executive KMP
NON-EXECUTIVE KMP
ROLE
TERM AS KMP1
Canning Fok
Non-Executive Director and Chairman
Full year
Pierre Klotz
Non-Executive Director
Full year
Robert Millner
Non-Executive Director
Full year
Antony Moffatt
Non-Executive Director
Full year
Helen Nugent
Independent Non-Executive Director & 
Senior Independent Director
Full year
Frank Sixt
Non-Executive Director
Full year
Jack Teoh
Non-Executive Director
Full year
Serpil Timuray
Non-Executive Director
Full year
Paula Dwyer
Independent Non-Executive Director
Commenced 21 October 2024
Arlene Tansey
Independent Non-Executive Director
Ceased 21 October 2024
1.
If a Non-Executive KMP did not serve as KMP for the full year, remuneration information disclosed in this report is from the date they 
commenced as KMP in FY24 or to the date they ceased as KMP in FY24.
Directors’ report | Remuneration Report continued
Page 44  |  TPG Telecom Annual Report 2024

3. Remuneration Approach
TPG Telecom’s Remuneration Framework is designed to support the Company’s overall purpose, strategic 
ambition and its remuneration principles. The Remuneration Approach aligns with the Company’s guiding 
principles, purpose and values. They are governed by the Board, independent from management, to ensure 
that the design and implementation of the framework strikes an appropriate balance between the interests of 
Executives and shareholders.
3.1 Remuneration Framework
Directors’ report | Remuneration Report continued
Page 45  |  TPG Telecom Annual Report 2024

3.2 2024 Remuneration Structure 
The remuneration structure has three components, namely Fixed Remuneration, Short-Term Incentives and 
Long-Term Incentives, along with a minimum shareholding requirement. The structure is designed with 
consideration for each individual remuneration component, as well as the total remuneration opportunity and 
mix for Executives.
3.2.1 Remuneration Structure
COMPONENT
DESCRIPTION
Fixed remuneration
Provides competitive remuneration in recognition of an Executive’s skills, experience 
and accountability to deliver value to customers and shareholders. Fixed remuneration 
is benchmarked to the median of the relevant ASX peer group, which is reviewed 
annually.
Short Term Incentive (STI)
Rewards the delivery of key strategic objectives in line with the annual strategy of TPG 
Telecom, delivering returns today with a view to the achievement of longer-term goals. 
Provides an annual assessment of Group financial, non-financial and individual 
performance. Delivered equally in cash and Deferred Share Rights (DSRs) which are 
deferred equally over one and two years.
Long Term Incentive (LTI)
Rewards the delivery of longer-term strategic objectives in line with creating 
sustainable shareholder value to provide alignment between Executive reward and 
shareholders’ interests. Assessed over a three-year period based on key drivers of 
returns to shareholders. Granted as share performance rights which are subject to 
hurdles.
Further information on the total remuneration approach, as well as each remuneration component, is provided 
in Sections 4, 5 and 6 of this report.
4. Fixed Remuneration
Fixed Remuneration is set at levels that are competitive to market to attract, motivate and retain individuals. 
It comprises base salary and superannuation.
In setting Fixed Remuneration for 2024, comprehensive analysis was undertaken in 2023, using data from 
2023, across the ASX 21-60 and ASX 31-70 peer groups. Peer groups were selected after careful consideration 
of the Company’s position within the ASX at that time. Exclusions to the peer set were made for significant 
outliers, where relevant data was not available or where the ownership structure or the nature of the operation 
were not comparable to that of TPG Telecom.
In addition to benchmarking, the Remuneration and Governance Committee (RGC) recommendations to the 
Board considered role size, complexity, internal relativities, inflation and movement in market position, as well 
as comparable telecommunications companies.
The table below sets out the annual remuneration for Executive KMP who held this role at the end of the 
financial year.
4.1.1 Annual Fixed Remuneration
EXECUTIVE KMP
ROLE
BASE SALARY1
SUPERANNUATION2
Iñaki Berroeta
Chief Executive Officer and Managing Director
$ 
2,060,000 $ 
29,932 
John Boniciolli
Group Chief Financial Officer
$ 
870,000 $ 
29,932 
Kieren Cooney
Group Executive Consumer
$ 
973,350 $ 
29,932 
Vanessa Hicks3
Group Executive Customer and People Experience
$ 
810,000 $ 
29,932 
Jonathan Rutherford
Group Executive Enterprise, Government and Wholesale
$ 
808,962 $ 
29,932 
1.
Represents the annual base salary effective 1 March 2024, which is the effective date of any increase in base salary where applicable.
2.
Superannuation is based on the statutory maximum superannuation contribution base. Actual superannuation paid is as indicated in 
Table 4.1.2.
3.
Vanessa Hicks commenced her role as KMP on 28 March 2024 which is the effective date for this salary. The table above represents 
fixed remuneration for a full year in this role.
Directors’ report | Remuneration Report continued
Page 46  |  TPG Telecom Annual Report 2024

The table below sets out the CEO’s and Other Executive KMPs’ actual Fixed Remuneration received for 2024, 
for those who held the role as at 31 December 2024.
4.1.2 Actual Fixed Remuneration
EXECUTIVE KMP
ROLE
TERM AS KMP
ACTUAL FIXED 
REMUNERATION 
(INCLUDING 
SUPERANNUATION)1,2,3
Iñaki Berroeta
Chief Executive Officer and Managing Director
Full year
$ 
2,078,666 
John Boniciolli
Group Chief Financial Officer
Full year
$ 
898,666 
Kieren Cooney
Group Executive Consumer
Full Year
$ 
997,291 
Vanessa Hicks4,5
Group Executive Customer and People Experience
Commenced 
28 March 2024
$ 
630,992 
Jonathan Rutherford
Group Executive Enterprise, Government and 
Wholesale
Full year
$ 
833,700 
1.
For the relevant term as Executive KMP as per the dates detailed in Table 2.1.1.
2.
Superannuation has been calculated based on the statutory maximum superannuation contribution base.
3.
Increases to base salary are effective 1 March each year. Where there has been an increase to base salary, the actual fixed 
remuneration represents 2 months on the prior base salary and 10 months on the new base salary.
4.
Increase to base salary was effective 28 March 2024 upon commencement as KMP.
5.
Includes an additional $500 superannuation payment related to TPG Telecom’s Super Bump program where all female employees with 
over 12 months tenure are provided an additional $500 superannuation payment annually.
5. Short Term Incentive 
The Short-Term Incentive (STI) plan is designed to reward Executives for their contribution to the achievement 
of TPG Telecom’s annual performance targets, creating value for today and into the future. To ensure alignment 
between Executive performance and shareholder value, the STI plan is designed:
• with an STI opportunity set competitively to market, comprised of equal components of cash and deferred 
equity, with the latter being paid over two years. Deferred equity reinforces alignment with shareholders;
• to be paid only after gateway requirements are met based on the Company’s financial performance and risk 
management, as well as individual behaviour;
• for the majority of the award to be measured on achievement of TPG Telecom’s balanced scorecard targets, 
which are based on the key drivers of the Company’s operating performance; and 
• with conditions regarding cessation of employment that align with shareholders' interests.
5.1 STI Opportunity
For 2024, the target and maximum STI opportunities for Executive KMP was as follows:
5.1.1 2024 Target and Maximum STI opportunity
KMP
OPPORTUNITY AT TARGET ACHIEVEMENT
OPPORTUNITY AT MAXIMUM ACHIEVEMENT
CEO
110% of Base Salary
165% of Base Salary
Other Executive KMP
75% of Base Salary
112.5% of Base Salary
The STI opportunity was established by comparing incentive remuneration to a peer group made up of relevant 
ASX 21-60 and 31-70 companies, using data from 2023. The peer companies were selected after careful 
consideration of the Company’s position within the ASX at that time. Exclusions to the peer set were made for 
significant outliers, where relevant data was not available or where the ownership structure or the nature of the 
operation were not comparable to that of TPG Telecom.
The target and maximum STI opportunity were set with reference to the median target remuneration of this 
peer group. Where STI maximum information was unavailable, the maximum was set with reference to the 75th 
percentile of remuneration for the peer group. 
Directors’ report | Remuneration Report continued
Page 47  |  TPG Telecom Annual Report 2024

To achieve a payment at the STI maximum, performance needs to have met or exceeded a set of performance 
measures on the balanced scorecard. Each performance measure is assessed against threshold, target and 
maximum performance, with a pro rata being applied for achievement falling between each level.
• Threshold – represents the minimum level of performance which will result in the payment of any STI in 
relation to the performance measure.
• Target – represents performance which meets the target for the performance measure based on the annual 
target set by the Board.
• Maximum – represents performance which exceeds the target and delivers superior outcomes.
The application of the three levels of performance is shown below.
The size of the STI pool is determined based on the specific outcomes of the STI scorecard measures, capped 
by the maximum available to an individual Executive KMP.
5.2 STI Deferred Share Rights and Conditions
STI is awarded in cash and Deferred Share Rights (DSRs), which are rights over TPG Telecom ordinary 
shares. 
The cash component of 50% of the overall award is paid to Executives following the end of the one-year 
performance period. This cash payment is in recognition of the Executive’s contribution to the annual 
performance of TPG Telecom.
The remaining 50% is awarded as DSRs and is restricted in equal amounts over one-year and two-year 
periods. The number of DSRs awarded is based on the face value of the volume weighted average share price 
(VWAP) of TPG Telecom’s ordinary shares over the five working days following the announcement of the 
annual results. As these DSRs are restricted over one-year and two-year periods, the outcome for Executives 
aligns with that of the Company’s shareholders.
DSRs are granted at no cost to the Executive KMP and no dividend is payable on any unexercised DSRs. 
Shares are typically purchased on market, with this being the case in 2024. Exercise of DSRs is automatic on 
vesting and there is no exercise price.
The STI plan is also aligned with shareholders’ interests in the event that an Executive KMP ceases 
employment with TPG Telecom. Upon leaving, the STI is treated in the following way:
• STI will be forfeited if an Executive KMP resigns before the payment date, subject to the special 
circumstances outlined below.
• Unvested DSRs will also be forfeited if the Executive KMP resigns before the vesting date, subject to the 
special circumstances outlined below.
• In special circumstances, (including redundancy, retirement, death or total and permanent disability or as 
otherwise agreed), the below treatment may apply:
Directors’ report | Remuneration Report continued
Page 48  |  TPG Telecom Annual Report 2024

–
In limited circumstances, cash STI may be awarded pro rata on termination. Where business 
performance is yet to be determined for the period, outcomes will reflect at target performance. 
Where business performance has been determined, this result will be used along with an assessment 
of individual performance.
–
Unvested DSRs that have been allocated may be retained on cessation of employment, subject to the 
existing terms and conditions of the award. This process will only apply if the Executive KMP is 
employed at the date DSRs are allocated by the Board.
In circumstances where there may be a change of control, DSRs will be subject to the existing terms and 
conditions of the award and the exercise of Board discretion.
To further align the STI plan with shareholders, DSRs are subject to a hedging condition, meaning that 
Executives cannot enter into any arrangement that limits the economic risk of unvested DSRs. The STI plan is 
also subject to a malus condition. In cases where an Executive KMP acts fraudulently or dishonestly or is in 
breach of their obligations to TPG Telecom, any eligibility for STI or unvested DSRs will lapse.
5.3 Awarding STI
In determining STI outcomes, subject to the exercise of the Board’s discretion, TPG Telecom considers a 
number of factors including:
• Gateway Assessment;
• Company Performance Assessment against the balanced scorecard and targets; and
• Individual Performance Assessment
Gateway Assessment
An initial gateway assessment occurs to determine whether STI awards should be payable to the Executive 
KMP. The purpose of this gateway assessment is to determine, as a group and then as an individual, whether 
the overall financial performance of TPG Telecom has been met; that the Executives have appropriately 
managed risk; and that their individual behaviour has been considered.
5.3.1 Gateway Assessment Description
ASSESSMENT LEVEL
GATEWAY
DESCRIPTION
Assessed at a group 
level
Financial
Sets minimum financial performance aligned with shareholder interests. It is 
assessed by the RGC and the Board at year end. The assessment considers 
whether performance falls significantly below the threshold level for the key 
financial STI measures in the balanced scorecard. In 2024 they were Service 
Revenue, EBITDA and OFCF.
Risk
Defines appropriate management of financial, operational and reputational risks 
in the generation of returns. It is assessed by the Board, following input from 
the RGC, at the end of the financial year. The assessment considers key risks 
such as environmental incidents, network incidents affecting services, anti-
competitive conduct or fraud. Reputational risks, data security, cost 
management and significant declines in employee engagement are also 
considered.
Assessed at an 
individual level
Behaviours
Assesses alignment of demonstrated behaviours with the organisation’s 
purpose and culture. This is assessed by the Board at the end of the financial 
year, with input where applicable from the CEO, subject to managing conflicts 
of interest. The assessment includes potential code of conduct and contract 
breaches.
Balanced Scorecard and Targets
A balanced scorecard is set each year, with consideration given to the key drivers of TPG Telecom’s annual 
operating performance. These metrics are common in the telecommunications industry. The 2024 scorecard 
measures, which support TPG Telecom’s strategic priorities, are key drivers of short-term performance and are 
linked to shareholder value as outlined in Table 5.3.2.
Directors’ report | Remuneration Report continued
Page 49  |  TPG Telecom Annual Report 2024

5.3.2 STI Measure Alignment to Shareholder Value and Company Strategy
PERFORMANCE 
MEASURE
ALIGNMENT TO SHAREHOLDER VALUE AND COMPANY STRATEGY
Total Service 
Revenue
Drives TPG Telecom’s strategic focus on growing scale, market share and the value of customer 
relationships. Reflects changes in both subscriber numbers and pricing.
Operating Free 
Cash Flow (OFCF)
Drives TPG Telecom’s strategic focus on capital efficiency and is a proxy for recurring cash 
generated and which is available to shareholders prior to the impact of bank borrowings. Excludes 
payments for spectrum, which tend to be large, uneven, and non-recurring year to year.
EBITDA
Recognises the principal metric of recurring ongoing operating profit across the telecommunications 
sector in Australia, capturing benefits of operating cost outcomes as well as gross margin growth. 
Excludes the accounting impact of depreciation and amortisation, which can fluctuate year to year 
subject to the stage of the investment cycle and material one-off costs.
Customer Net 
Promoter Score 
(NPS)
Aligns to TPG Telecom’s business strategy by measuring the nature of the customer experience, 
with a view to minimising churn and accelerating revenue growth.
Employee 
Experience – 
Values Alignment 
Index
Supports TPG Telecom’s strategic goal of driving a high performing, values-based culture. The 
Values Alignment Index measures the extent to which the four values, outlined in Section 3.1, are 
demonstrated in the everyday experience of employees as well as the consistency of the culture 
across the organisation. This is a tailored index, measured by an employee survey.
Setting Performance Targets
Targets for the STI plan are set considering TPG Telecom’s strategy and prior year performance. Table 5.4.3 
outlines the 2024 target relative to the 2023 outcome.
Individual performance assessment
The individual component represents 20% of the total STI payment at target. The RGC, with input from the 
CEO, reviews and assesses each Executive KMP’s performance relative to their individual goals. For the CEO, 
the assessment is completed by the RGC and the Board. Information on the CEO’s and Executive KMP’s 
individual performance assessment is outlined in Section 5.5.
5.4 2024 STI Assessment, Achievement and Outcomes
The Board reviewed and assessed the extent to which the Group’s financial and risk gateways as outlined in 
Table 5.4.1 had been achieved. The Board also assessed the individual behavioural gateway for the CEO and 
Other Executive KMP and concluded that all had met the behavioural gateway for the STI plan.
5.4.1 2024 STI Gateway Assessment
ASSESSMENT 
LEVEL
GATEWAY
ASSESSMENT
GATEWAY OUTCOME
Assessed at a 
group level
Financial
Minimum financial performance has been met and TPG 
Telecom paid dividends to shareholders at 9 cents per 
share in April and October 2024. A final dividend of 9 
cents was declared for FY24.
Achieved
Risk
Appropriate risk management processes and controls 
have been put in place to manage risk within the 
business. Incidents have been appropriately managed to 
limit impacts on the business and customers.
Achieved
Assessed at an 
individual level
Behaviours
Behavioural standards were met.
Achieved
STI outcomes were calculated based on the achievement against TPG Telecom’s 2024 STI balanced scorecard 
targets. A description of the business performance measures, targets, and an assessment of the achievement 
against these targets is detailed in Table 5.4.2.
Directors’ report | Remuneration Report continued
Page 50  |  TPG Telecom Annual Report 2024

5.4.2 2024 STI Balanced Scorecard Assessment
TOTAL SERVICE REVENUE (20%)
Measures recurring revenue generated from the provision of telecommunications services excluding handset, accessory, 
and other hardware revenue.
The Total Service Revenue outcome for 2024 was $4,701.7 million resulting in an STI payment outcome between 
threshold and target. The result delivered growth of 1.5% compared to the prior year, predominantly from strong growth in 
mobile of 5.4% resulting from ARPU improvement due to plan refreshes and subscriber growth in Prepaid, partially offset 
by a reduction in fixed products revenue.
OPERATING FREE CASH FLOW (OFCF) (15%)
Measures cash flow from operations less non-spectrum related capex, finance lease repayments and finance lease 
interest (within cash flow from financing activities). It does not include payments for spectrum, bank interest costs, 
dividends or any loan payments/drawdowns. For FY24, as disclosed throughout the year, OFCF includes transformation 
costs but excludes material one-offs arising from transactions, restructuring, mergers and acquisitions, disposals, 
impairments and any such items as approved by the Board1.
On this basis, the OFCF outcome for 2024 was $671.9 million, resulting in an STI payment outcome at maximum. This 
outperformance was driven by better working capital management through an improvement in handset debtors and lower 
capital expenditure.
1.
$22.1 million material one-offs are excluded from OFCF, consistent with the $25.9 million excluded from EBITDA, adjusted for $3.8 
million of working capital. The MOCN impairment has no cash impact.
EBITDA (25%)
Measures earnings after operating costs and before charges for depreciation and amortisation, interest, and tax. As 
noted in the FY23 Remuneration Report and guidance throughout the year, it includes transformation costs (which were 
excluded from the EBITDA definition in 2023) but excludes material one-offs arising from transaction, restructuring, 
mergers and acquisitions, disposals, impairments and any such items as approved by the Board.
The EBITDA outcome, which is calculated as Statutory EBITDA excluding material one-offs of $275.7 million was 
$1,987.7 million, resulting in a payment outcome between target and maximum.1
The STI result of $1,987.7 million delivered growth of 3.4% compared to the prior year on a comparable basis. This was 
driven by a 3.5% increase in Gross Margin predominantly from Mobile products, which achieved increased Service 
Revenue of 5.4%. The increase in Gross Margin was partially offset by a 3.7% increase in opex.
1.
Material one-offs excluded from EBITDA were a $249.8 million impairment and other charges for mobile network assets arising from 
the MOCN transaction as a result of which assets no longer required will be decommissioned. There was a further $25.9 million of 
exclusions, including $6.2 million of restructuring redundancy costs, and $19.7 million of transaction costs relating to the proposed 
sale of fibre network infrastructure assets and Fixed EGW business and Optus MOCN commercial agreements and the separation 
costs associated with the fibre network infrastructure assets transaction. This is in line with disclosures in the FY23 Annual Report 
and guidance throughout the year.
Directors’ report | Remuneration Report continued
Page 51  |  TPG Telecom Annual Report 2024

CUSTOMER NPS (10%)
Measures the NPS for each brand, calculated using the average of the scores across each month of the year. Threshold 
was set based on the FY23 results. The 2024 outcome for each brand was above maximum performance, which 
indicates strong management of the customer base despite ongoing cost of living pressures, which are impacting 
customer sentiment. Plan changes implemented for all brands in the first half of 2024 dampened NPS results in that 
period. However, all brands recovered quickly to achieve strong results in the second half. The NPS outcome by brand is 
shown below.
Vodafone (5%)
TPG (2.5%)
iiNet (2.5%)
EMPLOYEE EXPERIENCE - VALUES ALIGNMENT INDEX (10%)
The index score is based on 16 values-based questions contained within the TPG Telecom culture survey. There are four 
questions for each of TPG Telecom’s values: Stand Together, Own It, Simple’s Better and Boldly Go. The questions 
evaluate the extent to which each value is demonstrated in the everyday experience of employees, and measures 
themes including accountability, respect at work, collaboration, communication, simplicity, innovation, career opportunities 
and TPG Telecom’s strategy.
The result for 2024 was 73, which equates to an outcome at threshold. This was a positive result given the ambiguity that 
existed for employees following organisational changes to reduce employment cost in the third quarter, combined with the 
media speculation about the sale of the fibre infrastructure assets and Enterprise, Government and Wholesale Fixed 
business prior to its announcement in October 2024.
Based on the 2024 STI balanced scorecard assessment, the overall Company performance outcome is 
summarised in Table 5.4.3 as a percentage of both target and maximum.
Directors’ report | Remuneration Report continued
Page 52  |  TPG Telecom Annual Report 2024

5.4.3 2024 STI Payment Outcome Percentages Against Target and Maximum
PERFORMANCE 
MEASURES
WEIGHTING
FY23 
OUTCOME1
THRESHOLD
TARGET
MAXIMUM
ACTUAL
PAYOUT 
VS
TARGET
PAYOUT
VS 
MAXIMUM
WEIGHTED 
%
PAYOUT
Total Service 
Revenue
20%
$4,632m
$4,300.2m
$4,778m
$5,255.8m $4,701.7m
92.02%
61.34%
18.40%
Operating 
Free Cash 
Flow
15%
$197.6m2
$427.8m
$534.8m
$641.8m
$671.9m
150.00%
100.00%
22.50%
EBITDA
25%
$1,923m3
$1,923m
$1,974m
$2,025m
$1,987.7m
113.43%
75.62%
28.36%
Customer
NPS
measure
5% 
Vodafone
13
15
17
19
21
150.00%
100.00%
7.50%
2.5% 
TPG
10
10
12
14
15
150.00%
100.00%
3.75%
2.5%
iiNet
12
12
13
14
17
150.00%
100.00%
3.75%
Employee 
culture 
measure
10%
73 4
73
74
75
73
50.00%
33.33%
5.00%
Total achievement out of Company performance at target (80%)
89.26%
Total achievement out of Company performance at maximum (120%)
74.38%
1.
2023 outcomes are detailed on a comparable basis to the calculation of the 2024 target. The footnotes below detail where the 2023 
STI outcome reported in the 2023 Remuneration Report differs.
2.
The 2023 outcome of $197.6m has been calculated on the same basis as the target and outcome for 2024 to exclude the negative 
impact of transaction costs ($31m). Without this change, the 2023 outcome was $166.5m. 
3.
The EBITDA outcome for the 2023 STI Plan was $1,929.9m as it excluded transformation costs of $38.3m but included transaction 
costs of $31m. If this number is adjusted on the same basis as for 2024, the 2023 outcome would be $1,923m (the difference between 
$38m and $31m).
4.
The Employee culture measure outcome for the 2023 STI Plan was 77, based on both the Australian workforce and workforce in the 
Philippines. Following the change in operations in Manila, the 2024 target was set based on the Australian workforce only which in 
2023 was 73. 
2024 CEO Individual STI Outcome
The final 20% of the STI measure is based on an individual performance assessment against measures aligned 
to TPG Telecom’s strategic objectives.
In addition to the Company’s STI scorecard performance and the STI gateway assessment, the CEO’s 
performance was assessed against individual specific objectives approved by the Board as outlined in Table 
5.5.1. The objectives reflected the guiding principles outlined earlier in Section 3.1 and the strategic priorities of 
the Company. Given the significant strategic importance of the MOCN regional network sharing arrangement, 
expansion to accelerate mobile subscriber growth through an increased addressable market, the performance 
objective related to network sharing was weighted at 50%, with all other performance objectives evenly 
weighted across the remaining 50%.
The RGC and Board assessed the CEO’s performance, which was supported by a stewardship report. The 
outcome of this assessment is outlined in Table 5.5.2 and the CEO’s total STI outcome, based on both 
Company performance and individual achievement, is outlined in Table 5.5.3. The value of the deferred 
component of the award will be subject to movements in the share price at vesting.
Directors’ report | Remuneration Report continued
Page 53  |  TPG Telecom Annual Report 2024

5.5 2024 Individual Executive Assessment
5.5.1 2024 CEO STI Performance Objectives
PERFORMANCE 
OBJECTIVES
INDIVIDUAL 
PERFORMANCE 
MEASURE
THRESHOLD
TARGET
MAXIMUM
Successful execution 
of infrastructure/ 
network sharing 
strategies
TPG gains regulatory 
approval for the 
regional network 
expansion
No achievement below 
Target
TPG gains regulatory 
approval and 
announces the 
regional network 
expansion
That the regional 
network expansion 
implementation has 
commenced
Deliver simplification 
program to reduce 
complexity and 
enhance customer 
experience
Measured by the 
reduction of Consumer 
‘front book’ products.
54% reduction (2,000 
plans) in the number 
of products in the 
‘back book’ for 
Consumer1
67% reduction (2,500 
plans) in the number 
of products in the 
‘back book’ for 
Consumer
81% reduction (3,000 
plans) in the number 
of products in the 
‘back book’ for 
Consumer
Measured by the 
decommissioning 
EGW legacy products 
and platforms
Decommissioning six 
EGW legacy products 
and platforms
Decommissioning 
seven EGW legacy 
products and 
platforms
Decommissioning 
eight EGW legacy 
products and 
platforms
Enhance network 
experience
Measured by the 
delivery of additional 
5G sites
Deliver 600 additional 
5G sites
Deliver 650 additional 
5G sites
Deliver 700 additional 
5G sites
Successful execution 
and delivery of growth 
initiatives for 
Consumer Mobile 
Postpaid and Fibre 
Connect customer 
base
Measured by the 
achievement of 
Consumer mobile 
postpaid margin
Achieve Consumer 
mobile postpaid 
margin of $1,380.3m
Achieve Consumer 
mobile postpaid 
margin of $1,427.8m
Achieve Consumer 
mobile postpaid 
margin of $1,475.3m
Measured by growth in 
the Fibre Connect 
customer base
Achieve growth in 
Fibre Connect base to 
58.3k customers
Achieve growth in 
Fibre Connect base to 
66k customers
Achieve growth in 
Fibre Connect base to 
77.2k customers
5.5.2 2024 CEO STI Performance Assessment
2024 CEO STI PERFORMANCE ASSESSMENT
ACHIEVEMENT AGAINST MEASURES
BOARD ASSESSMENT 
ON ACHIEVEMENT
Successful execution of infrastructure/
network sharing strategies
The implementation of regional network 
expansion received approval and commenced. 
It was launched commercially in January 2025, 
doubling TPG Telecom's mobile network
At Maximum
Deliver simplification program to reduce 
complexity and enhance customer experience. 
Measured by the reduction of Consumer ‘front 
book’ products and decommissioning EGW 
legacy products and platforms
69% reduction (2,546) in ‘back book’ products 
for Consumer
Between Target and 
Maximum
15 EGW legacy products and platforms 
decommissioned
At Maximum
Enhance network experience. Measured by the 
delivery of additional 5G sites
Delivered 704 5G sites in 2024, TPG Telecom 
has a total of 3,767 5G sites
At Maximum
Successful execution and delivery of growth 
initiatives for Consumer Postpaid mobile and 
Fibre Connect customer base. Measured by 
achievement of Consumer product margin and 
growth in the Fibre Connect customer base.
Consumer mobile postpaid product margin was 
$1,392.3m
Between Threshold 
and Target
Growth in Fibre Connect customer base to 
104,459 customers
At Maximum
The assessment of the CEO’s performance resulted in an outcome of 92.63% of maximum for the individual 
component.
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Page 54  |  TPG Telecom Annual Report 2024

5.5.3 CEO 2024 STI Outcomes
EXECUTIVE KMP
2024 STI CASH 
ACTUAL
2024 STI DEFERRED 
ACTUAL1
TOTAL 2024 STI 
ACTUAL
PERCENTAGE
OF MAXIMUM
Iñaki Berroeta
$1,326,177
$1,326,177
$2,652,353
78.03%
1.
Deferred equity vests in two equal tranches over one and two years.
2024 Other Executive KMP STI Outcomes
The final 20% for the Other Executive KMP STI outcome is based on an individual performance assessment. 
The RGC, following input from the CEO, reviewed and assessed each Executive KMP’s performance relative to 
their individual goals, along with a review of key performance measures. This review is supported with a 
performance report for each Executive outlining their individual goals and key performance measures, which 
are set based on TPG Telecom’s strategy. The assessment of Other Executive KMP STI outcomes for 2024 
took into account the additional workload required of Executives due to the number of transactions undertaken 
during the year.
The total STI allocated for each eligible Other Executive KMP in 2024, based on both Company performance 
and individual achievement is outlined in Table 5.5.4. The value of the deferred component of the award will be 
subject to movements in the share price at vesting. It is due to vest equally over two years.
5.5.4 2024 Other Executive KMP STI Outcomes
EXECUTIVE KMP
2024 STI CASH
ACTUAL
2024 STI DEFERRED
ACTUAL1
TOTAL 2024 STI
ACTUAL
PERCENTAGE OF 
MAXIMUM
John Boniciolli
$356,461
$356,461
$712,922
72.84%
Kieren Cooney
$380,556
$380,556
$761,112
69.51%
Vanessa Hicks2
$347,065
$347,065
$694,130
76.17%
Jonathan Rutherford
$331,452
$331,452
$662,904
72.84%
1.
Deferred equity vests in two equal tranches over one and two years.
2.
Vanessa Hicks commenced her role as KMP on 28 March 2024. The 2024 total STI above represents STI for the full year.
Directors’ report | Remuneration Report continued
Page 55  |  TPG Telecom Annual Report 2024

6. 2024 Long Term Incentive Plan
The structure and details of TPG Telecom’s Long-Term Incentive (LTI) plan are critical to creating alignment 
between Executives and the performance of the business over the longer term. TPG Telecom’s LTI plan has 
evolved since the merger in 2020. The history of the LTI plans and rationale for adjustments over this time was 
outlined in detail in TPG Telecom’s 2023 Remuneration Report.
For the 2024 LTI Plan, the hurdles remained as ROIC, EPS and ESG. No changes were made to the LTI 
opportunity available to Executive KMP or the CEO, which are outlined in Tables 6.1.1 and 6.2.1, and Section 
6.4. Consistent with prior years, the 2024 LTI targets were set at the commencement of the LTI plan, which are 
outlined in Table 6.2.1.
6.1 2024 LTI Performance Hurdles
The 2024 LTI Plan hurdles, weightings, definitions and alignment to shareholder value and the longer-term 
strategy, of TPG Telecom are outlined in the table below.
 6.1.1 2024 LTI Plan hurdles, weightings, definitions and alignment to shareholder value
2024 PERFORMANCE 
HURDLES AND WEIGHTINGS
DEFINITION OF HURDLE, ALIGNMENT TO SHAREHOLDER VALUE AND COMPANY 
STRATEGY
Return on Invested Capital1
(ROIC)
45%
ROIC is a core metric of return for all capital deployed by TPG Telecom, noting the recent 
period of elevated investment to facilitate programs for 5G and IT transformation, as well 
as spectrum agreements, to encourage higher returns on capital.
ROIC measures net operating profit after tax (NOPAT) adjusted to remove customer base 
amortisation and material one-offs (subject to the discretion of the Board), divided by 
average invested capital excluding goodwill, brand and customer base intangibles.
Earnings Per Share1
(EPS)
45%
The EPS measure is aimed at aligning Executive incentives with growth in the value 
flowing directly to equity holders.
EPS measures statutory net profit after tax (NPAT), adjusted by adding back customer 
base amortisation and material one-offs (subject to the discretion of the Board), divided 
by the weighted average number of shares on issue over the year.
ESG
Renewable Electricity
10%
The ESG performance condition is aligned with TPG Telecom’s renewable energy target, 
which sets a goal to power all operations with 100% renewable electricity.
1.
ROIC and EPS targets exclude the impact of intangibles recognised as a result of business combinations. This treatment is consistent 
with market practice.
6.2 2024 LTI Plan Hurdles and Vesting Schedules
The 2024 LTI Plan has a performance period of three years, commencing 1 January 2024 and concluding 31 
December 2026. The achievement against the performance hurdles is assessed after the conclusion of the 
performance period.
The assessment of achievement against the 2024 LTI Plan targets for all measures will be reported in the 2026 
Annual Report. The Board has discretion to make downward or upward adjustments for one-off or other items 
as it deems appropriate, while taking into consideration the benefits or otherwise for shareholders. The 2024 
LTI Plan targets have been set based on the performance forecasts for the current business. The Board will 
retain discretion to alter the LTI including as a result of potential changes in the business from the fibre network 
infrastructure assets transaction or other material one-off events.
The targets that have been disclosed aim to strike an appropriate balance between giving shareholders insight 
that the targets are appropriate to drive performance, while avoiding providing specific disclosure over a 
forward period. They are consistent with the targets outlined in the 2024 Notice of Meeting for the grant of the 
2024 LTI performance rights to the CEO.
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Page 56  |  TPG Telecom Annual Report 2024

6.2.1 2024 LTI Vesting Schedule and Targets
LTI 
MEASURE
TARGETS
MEETS 
THRESHOLD
BETWEEN 
THRESHOLD
AND MAXIMUM
MEETS OR 
EXCEEDS
MAXIMUM
ROIC
ROIC is measured against targets set by the Board 
to achieve growth over a three-year period (2024 to 
2026).
Performance at target is set to exceed the 2023 
post-tax weighted average cost of capital (WACC) 
and the 2023 base year ROIC, which was 6.1%1. 
Performance at maximum would reflect a further 
significant improvement. ROIC is measured at the 
end of the performance period.
50% of rights 
granted vest
Straight-line pro 
rata vesting 
between 50.1% 
and 100%
100% of rights 
granted vest
EPS
EPS is measured against targets set by the Board to 
achieve significantly improved performance over a 
three-year period (2024 to 2026). The baseline EPS 
result in 2023 was 11.9 cents2. At threshold, target 
and maximum levels, the hurdle for the 2024 LTI 
Plan is equal to the 2023 LTI Plan. As such, 
achievement at maximum in 2026 would reflect 
double digit average compound annual growth 
against the 2023 base year. EPS is measured at the 
end of the performance period.
50% of rights 
granted vest
Straight-line pro 
rata vesting 
between 50.1% 
and 100%
100% of rights 
granted vest
ESG
All operations powered by renewable electricity by 
the end of the performance period. Threshold 
performance is reached if 90%-99.9% of all 
operations are powered by renewable electricity by 
the end of the performance period. Maximum 
performance is reached if 100% of all operations are 
powered by renewable energy by the end of the 
performance period.
75% of rights 
granted vest
Not applicable
100% of rights 
granted vest
1.
FY23 ROIC of 6.1% reflected the exclusion of transformation costs of $26m (tax effected) from NOPAT. The definition of ROIC has 
subsequently been updated to include these costs within NOPAT, while continuing to exclude other material one-offs. On this basis, 
FY23 ROIC was 5.7%. LTI targets have not changed. Adjustment for material one-offs in the testing year for the LTI plan is at Board 
discretion, which if exercised would be disclosed.
2.
FY23 EPS of 11.9 cents for FY23 reflected the exclusion of transformation costs of $26m (tax affected). The definition of EPS has 
subsequently been updated to include these costs within NPAT, while continuing to exclude other material one-offs. On this basis, 
FY23 EPS was 10.5 cents. LTI targets have not changed. Adjustment for material one-offs in the testing year for the LTI plan is at 
Board discretion, which if exercised would be disclosed.
6.3 2024 LTI Performance Rights and Conditions
LTI is granted as performance rights that entitle participants to a fully paid ordinary share in TPG Telecom, 
subject to meeting performance hurdles as defined. Performance rights are granted at no cost to the 
participant.
The number of performance rights issued is calculated based on the face value of the volume weighted 
average share price (VWAP) of TPG Telecom's ordinary shares over the five working days following the 
announcement of the annual results.
In 2024, the five working days following the announcement of the annual results was 27 February 2024 to 4 
March 2024. The VWAP for the 2024 LTI grant of performance rights was approved by the Board at $4.71 per 
performance right. The calculation used to determine the number of performance rights at grant for each 
Executive KMP was to divide their maximum LTI dollar value by the Board-approved VWAP share price. In the 
case of the CEO, shareholder approval was sought and obtained at the May 2024 Annual General Meeting.
Shares are typically purchased on market, which was the case in 2024. The quantity of shares purchased on 
market reflects the likely vesting patterns of prior share grants.
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Page 57  |  TPG Telecom Annual Report 2024

Exercise of performance rights is automatic if the hurdles are met and the shares vest. There is no exercise 
price. No dividend is payable on unexercised rights.
The LTI plan is also aligned with shareholders’ interests in the event that an Executive KMP ceases 
employment with TPG Telecom. Upon cessation, performance rights will generally be forfeited if an Executive 
KMP resigns before the vesting date. In special circumstances (including redundancy, retirement, death or total 
and permanent disability or as otherwise agreed), any unvested rights may be retained on cessation of 
employment, subject to the existing terms and conditions of the award (including performance hurdles) and 
Board discretion.
In circumstances where there is a change of control, performance rights will be subject to the existing terms 
and conditions of the award and the exercise of Board discretion.
To further align the LTI plan with the interests of shareholders, the plan is subject to a hedging condition, 
meaning that Executives cannot enter into any arrangements that limit the economic risk of unvested 
performance rights.
The LTI plan is also subject to a malus condition. In cases where an Executive KMP acts fraudulently or 
dishonestly or is in breach of their obligations to TPG Telecom, any unvested rights will lapse.
6.4 2024 LTI Opportunity 
For 2024, the maximum LTI opportunity for Executive KMP was as follows:
6.4.1 2024 Maximum LTI Opportunity
KMP
OPPORTUNITY AT MAXIMUM ACHIEVEMENT
CEO
150% of Base Salary
Other Executive KMP
100% Base Salary
The LTI opportunity is set with reference to a peer group of relevant ASX peers based on the Company’s 
market capitalisation. For 2024, based on analysis undertaken in 2023, this was the ASX 21-60 and ASX 31-70, 
using data from 2023. Peer groups were selected after careful consideration of the Company’s position within 
the ASX at that time. Exclusions to the peer set were made for significant outliers, where relevant data was not 
available or where the ownership structure or the nature of the operation were not comparable to that of TPG 
Telecom.
The target and maximum LTI opportunity were set with reference to the median target for overall remuneration 
of this peer group, after considering the level of fixed remuneration and STI, as well as the appropriate balance 
between STI and LTI. Where LTI maximum information was unavailable, this was set with reference to the 75th 
percentile of remuneration of this peer group, considering the balance of the fixed, short-term and long-term 
components of the total remuneration package.
To achieve a payment at the LTI maximum after a three-year period, performance needs to have met or 
exceeded the maximum set for the LTI performance measure. Each performance measure is assessed against 
threshold and maximum performance with a pro rata outcome applied if achievement falls between threshold 
and maximum. ROIC, EPS and renewable electricity will be measured at the end of the performance period. 
Table 6.2.1 above outlines the specific payout schedule for each of the 2024 LTI Plan measures.
Table 6.4.2 details the number of performance rights granted to each Executive KMP under the 2024 LTI Plan 
and the share price at the time of grant for those Executive KMP. Shareholder approval was obtained for the 
grant of the CEO’s performance rights at the Annual General Meeting on 3 May 2024, even though this was not 
required as the shares were acquired on market. Performance rights are subject to performance hurdles and 
have no value unless those hurdles are met.
Directors’ report | Remuneration Report continued
Page 58  |  TPG Telecom Annual Report 2024

6.4.2 2024 LTI Plan Executive KMP LTI Grants
EXECUTIVE KMP1
POTENTIAL 
MAXIMUM as a % of 
BASE SALARY
POTENTIAL 
MAXIMUM
2024
VWAP USED FOR 
GRANT
NUMBER OF 2024 LTI 
PERFORMANCE RIGHTS 
GRANTED
Iñaki Berroeta
150% $ 
3,090,000 $ 
4.71 
656,050
John Boniciolli
100% $ 
870,000 $ 
4.71 
184,713
Kieren Cooney
100% $ 
973,350 $ 
4.71 
206,656
Vanessa Hicks
100% $ 
810,000 $ 
4.71 
171,974
Jonathan Rutherford
100% $ 
808,962 $ 
4.71 
171,754
7. 2024 Performance Rights Retention Plan
As foreshadowed and made clear in the 2023 Remuneration Report, a one-off Performance Rights Retention 
Plan (PRRP) was implemented in 2024 to retain high-performing Executives, to ensure stability in leadership 
and alignment on improving value for shareholders. 
While the Company’s existing executive remuneration structure aligns with market benchmarks, the continuity 
of leadership and retention of a high-performing team was considered critical in what continued to be a highly 
competitive landscape for executive leadership and talent as witnessed by the number of telecommunications 
CEO and Executive changes since the retention proposal was announced, including at Optus and NBN. 
Furthermore, the number of highly skilled telecommunications executives in the Australian market is limited 
and telecommunications executives are highly sought after. 
These factors, combined with the need to retain top talent to ensure sustained success and shareholder value 
creation, prompted careful consideration by Directors of a special incentive, which was detailed in the 2023 
Remuneration Report. The incentive was implemented on a one-off basis and as per the commitment. Directors 
recognise the concerns raised, prior to the May 2024 AGM where the Scheme was implemented. However, 
notwithstanding this, shareholders approved the performance rights granted to the CEO at the 2024 AGM.
The plan details, offered to eligible Executives in 2024, are as follows:
• The performance period of the plan is over three years, commencing 1 January 2024 and concluding 
31 December 2026. 
• Plan performance is measured against two equally weighted tranches: a relative TSR condition and a service 
condition, requiring the Executive to be employed and not under notice at vesting.
• Eligible Executive KMP have an opportunity equivalent of 100% of their base salary, as at 1 March 2024, 
which was converted to performance rights by using the VWAP from the five working days following the 
announcement of the annual results, as outlined in Table 7.1.2 below.
• Approval was sought from shareholders for rights proposed to be granted to the CEO, even though those 
shares were to be acquired on market. This approval was granted at the 2024 AGM.
Directors’ report | Remuneration Report continued
Page 59  |  TPG Telecom Annual Report 2024

The vesting schedule for these hurdles is outlined in Table 7.1.1 below. 
7.1.1 2024 Performance Retention Rights Plan Measures and Targets
PERFORMANCE 
MEASURE AND 
WEIGHTING
TARGET & VESTING SCHEDULE
Relative Total 
Shareholder Return 
(TSR)
50%
TPG Telecom’s TSR relative to a peer group of ASX 100 listed organisations (which excludes the 
Energy, Financial, Materials and Real Estate sectors) as at 31 December 2026, must be between 
the 50.1 and 75th percentile for rights granted under this tranche.
Achievement between the 50.1 percentile and 75th percentile results in a straight-line pro rata 
vesting. Achievement equal to or above the 75th percentile results in 100% of the rights granted 
under this tranche vesting.
Rights under this condition will generally be forfeited if the Executive is not employed or is under 
notice of termination at the time of vesting.
Retention
50%
An Executive must be employed and not under notice of termination at the time of vesting.
100% of rights granted under this tranche will vest if the Executive meets this condition.
Individuals grants to each eligible KMP are outlined in Table 7.1.2 below.
7.1.2 2024 Performance Retention Rights Grants to Eligible KMP
EXECUTIVE KMP1
POTENTIAL 
MAXIMUM AS A % of 
BASE SALARY
POTENTIAL 
MAXIMUM
2024
VWAP USED FOR 
GRANT
NUMBER OF 2024 PERFORMANCE 
& RETENTION RIGHTS GRANTED
Iñaki Berroeta
 100 % $ 
2,060,000 $ 
4.71 
437,367
John Boniciolli
100% $ 
870,000 $ 
4.71 
184,713
Kieren Cooney
100% $ 
973,350 $ 
4.71 
206,656
Vanessa Hicks
100% $ 
810,000 $ 
4.71 
171,974
Jonathan Rutherford
100% $ 
808,962 $ 
4.71 
171,754
More information about the plan performance and assessment of the award will be included in the Company’s 
2026 Remuneration Report.
8. 2022 Long Term Incentive Plan
This section of the report outlines the outcome of the 2022 LTI Plan, following the end of the performance 
period. This is consistent with the commitment made in the 2022 Remuneration Report to describe targets and 
the outcome after the end of the performance period.
8.1 2022 LTI Plan Outcome
The 2022 LTI Plan performance period was from 1 January 2022 to 31 December 2024. The 2022 LTI Plan is 
the second of the two plans that had equally weighted hurdles; TSR and OFCF.
TSR was assessed at the end of 2024 against a peer group of ASX 100 listed organisations set at the 
commencement of the LTI plan (which excludes the Energy, Financial, Materials, and Real Estate sectors). 
A decline in TPG Telecom’s share price over the course of 2024 resulted in the TSR outcome being below 
threshold. External input and certification was obtained on the TSR outcome.
8.1.1 Relative TSR Outcome
MEASURE & 
WEIGHTING
VESTING SCHEDULE
TARGET
OUTCOME1
% TO VEST
Relative TSR 
(50%)
50% of rights vest at the 50.1st 
percentile, up to 100% at the 75th 
percentile.
75th percentile
20th percentile
0%
1.
Outcome has been externally certified.
Directors’ report | Remuneration Report continued
Page 60  |  TPG Telecom Annual Report 2024

OFCF measures cash flow from operations less non-spectrum related capex, finance lease repayments and 
finance lease interest (within cash flow from financing activities). For the purposes of the LTI, it also excludes 
the impact of underlying developments which were not contemplated when the target was set based on the 
2021 long range plan. The Board has assessed the impact of transformation and transaction costs, 5G RAN 
acceleration as a substitute for spectrum acquisition and changes in costs resulting from the sale of TPG 
Telecom’s passive mobile tower and rooftop mast portfolio in 2022, noting that the gain from the sale of those 
assets is not included in OFCF.
8.1.2 OFCF Outcome
MEASURE & 
WEIGHTING
VESTING SCHEDULE
CUMULATIVE 
TARGET
OUTCOME
% TO 
VEST
YEAR 1
YEAR 2
YEAR 3
TOTAL
OFCF (50%)
50% of rights vest when 80% of 
the Cumulative OFCF is 
achieved, up to 100% when 
110% is achieved.
$1,158m
$92m
$166.5m1
$672m2
$930.5m
50.50%
1.
Consistent with the outcome disclosed in the 2023 Annual Report for the 2021 LTI Plan.
2.
Includes the negative working capital impact of the legacy handset receivables financing activities. This is calculated on a consistent 
basis with the target and outcomes for Year 1 and Year 2.
Based on the achievement against the 2022 LTI hurdles outlined in Tables 8.1.1 and 8.1.2, 25.25% of the 
performance rights granted in respect of the 2022 LTI Plan will vest in March 2025.
8.2 2021 LTI Outcome
As outlined in the 2023 Remuneration Report, there was no vesting under the 2021 LTI Plan. The performance 
rights granted under that plan to Executive KMP lapsed in March 2024.
9. Total Remuneration Outcomes 2024
9.1 2024 Total Remuneration Allocated
Table 9.1.1 below details actual total remuneration allocated to Executive KMP (both in cash and the face value 
of equity) for 2024, for those that held the role as at 31 December 2024. The 2024 LTI and the 2024 PRRP 
allocation will only have value if the specified hurdles are met after the three year performance period.
9.1.1 2024 Total Remuneration Allocated
EXECUTIVE KMP
2024 FIXED 
REMUNERATION
2024 STI 
ACTUAL1
2024 LTI GRANT 
ALLOCATED 
VALUE2
2024 PRRP GRANT 
ALLOCATED 
VALUE3
2024 ACTUAL TOTAL 
REMUNERATION 
ALLOCATED
Iñaki Berroeta
$ 
2,078,666 $ 
2,652,353 $ 
3,090,000 $ 
2,060,000 $ 
9,881,019 
John Boniciolli
$ 
898,666 $ 
712,922 $ 
870,000 $ 
870,000 $ 
3,351,588 
Kieren Cooney
$ 
997,291 $ 
761,112 $ 
973,350 $ 
973,350 $ 
3,705,103 
Vanessa Hicks4
$ 
630,992 $ 
694,130 $ 
810,000 $ 
810,000 $ 
2,945,122 
Jonathan Rutherford
$ 
833,700 $ 
662,904 $ 
808,962 $ 
808,962 $ 
3,114,528 
1.
50% paid as cash and 50% granted as deferred share rights, vesting equally over two years.
2.
Includes the grant value of the 2024 LTI Plan.
3.
Includes the grant value of the one-off 2024 Performance Rights Retention Plan (PRRP). 
4.
Vanessa Hicks was appointed as a KMP on 28 March 2024. 2024 STI Actual, 2024 LTI and 2024 PRRP values each reflect the full 
year, but not Fixed Remuneration, which only reflects the period she has been KMP. 
9.2 2024 Total Remuneration Received
Table 9.2.1 below details total actual remuneration received by each Executive KMP in 2024, for those who 
held the role as at 31 December 2024. The table comprises cash payments made and the value of any short-
term equity from previously awarded STI plans that vested in 2024.
Directors’ report | Remuneration Report continued
Page 61  |  TPG Telecom Annual Report 2024

9.2.1 2024 Actual Cash Received
EXECUTIVE KMP
2024 FIXED 
REMUNERATION
2024 STI CASH1
STI VESTED2,3
LTI VESTED4
2024 TOTAL CASH 
RECEIVED
Iñaki Berroeta
$ 
2,078,666 
$1,326,177
$ 
717,476 $ 
0 $ 
4,122,319 
John Boniciolli
$ 
898,666 
$356,461
$ 
— $ 
0 $ 
1,255,127 
Kieren Cooney
$ 
997,291 
$380,556
$ 
204,581 $ 
0 $ 
1,582,428 
Vanessa Hicks
$ 
630,992 
$347,065
$ 
119,551 $ 
0 $ 
1,097,608 
Jonathan Rutherford $ 
833,700 
$331,452
$ 
125,967 $ 
0 $ 
1,291,119 
1.
2024 STI Plan cash payment that will be made in 2025.
2.
Includes Tranche 2 of the 2021 STI DSRs and Tranche 1 of the 2022 STI DSRs.
3.
Value is calculated at the time of grant, using the VWAP from the five days after TPG Telecom’s annual results are released. For 
Tranche 2 of the 2021 DSRs, this was $5.70, and for Tranche 1 of the 2022 DSRs, this was $4.99. The closing share price on the 
vesting date was $4.48.
4.
As reported in the 2023 Remuneration Report, no performance rights with respect to the 2021 LTI Plan vested. These were due to 
vest in March 2024.
9.3 Alignment with Shareholder Interests
The alignment of the Company’s performance for FY24 with remuneration outcomes for Executive KMP is 
outlined in Table 9.3.1.
9.3.1 Five Year Performance History
FINANCIAL
20201
2021
2022
2023
2024
Service Revenue ($m)
3,295
4,372
4,439
4,632
4,702
EBITDA ($m)
1,391
1,727
2,1352
1,9303
1,988
OFCF ($m)
361
596
92
1674
672
NPAT ($m) – statutory basis
734
113
513
49
(107)
ROIC (%)5
—
 4.9 %
 5.2 %
 5.7 %
 6.1 %
EPS (cents)6
—
12.0
12.6
10.5
10.7
Dividends Paid ($m)
N/A
288
325
335
334
Share Price7 ($)
7.22
5.89
4.89
5.18
4.49
1.
2020 includes 12 months’ results for Vodafone Hutchison Australia (now TPG Telecom Limited) and six months and 4 days’ 
contribution from TPG Corporation. Service Revenue and EBITDA are derived from statutory financial statements.
2.
For FY22, EBITDA for remuneration purposes included the $402m gain from the sale of the tower and rooftop assets and excluded 
$18m of other one-offs. On the same basis as FY24, FY22 EBITDA was $1,751m ($2,135m minus $402m, plus $18m).
3.
The EBITDA outcome for the 2023 STI Plan was $1,929.9m as it excluded transformation costs of $38.3m but included transaction 
costs of $31m. If this number is adjusted on the same basis as for 2024, the result would be an outcome for 2023 of $1,923m (the 
difference between $38m and $31m).
4.
The STI outcome for 2023 as per footnote 2 of Table 5.4.3, excludes the negative impact of transaction costs of $31m to be on the 
same basis as the STI calculated for 2024. This gives an adjusted 2023 outcome of $197.6m.
5.
ROIC (LTIP basis) numbers are NOPAT including transformation cost divided by the average capital invested. This is the basis on 
which LTIP will be calculated going forward.
6.
EPS (LTIP Basis) measures statutory net profit after tax (NPAT), adjusted by adding back customer base amortisation and material 
one-offs (subject to the discretion of the Board), divided by the weighted average number of shares on issue over the year. 
Transformation costs have been included in NPAT in all applicable years.
7.
Closing share price at 31 December.
Directors’ report | Remuneration Report continued
Page 62  |  TPG Telecom Annual Report 2024

10. Minimum Shareholding Requirements
To align Executive interests with shareholders, a minimum shareholding requirement is set for all Executive 
KMP as follows:
10.1.1 Executive KMP Minimum Shareholding Requirement
EXECUTIVE KMP
MINIMUM SHAREHOLDING
TIMEFRAME TO ACHIEVE
Commenced as KMP before 
1 January 2023
One year’s base salary calculated on 
the value of shares held directly or 
indirectly by the Executive KMP.
Seven years from commencement
Commenced as KMP after
1 January 2023
Five years from commencement
In 2023, following feedback from proxy advisors, the minimum shareholding policy was updated to exclude 
unvested performance and deferred share rights from the minimum shareholding calculation. To mitigate the 
impact of this, the timeframe for achieving the minimum shareholding was extended from five to seven years 
for selected executives. This was disclosed in the FY23 Annual Report. At 31 December 2024, none of the 
Executive KMP had reached the end of the acquisition period to achieve the minimum shareholding.
The RGC monitors compliance with minimum shareholding requirements annually. A share trading policy 
ensures Executives adhere to insider trading laws, restricting trades to defined windows. Any breach is taken 
seriously and may result in legal action, up to and including termination. Compliance with shareholding 
requirements is contingent on adherence to the share trading policy and insider trading provisions of the 
Corporations Act 2001.
11. Looking forward to 2025
For 2025, a comprehensive analysis was undertaken across the ASX 31-70 peer group, based on data as at 
December 2024. 
Considering TPG Telecom’s market capitalisation for the majority of 2024, benchmarks used for 2025 
remuneration no longer reference the ASX 21-60 peer group as was done in 2023 for 2024 remuneration. 
Limited changes are proposed for fixed remuneration, STI and LTI for Executive KMP in 2025. The effective 
date for the fixed remuneration changes will be 1 March 2025, aligned with the rest of the Company. The 
effective date for the purpose of calculating STI and LTI is 1 January 2025. The Board will retain discretion to 
make changes to the STI and LTI as it deems appropriate, including as a result of potential changes in the 
business from the proposed sale of fibre network infrastructure assets and Fixed EGW business.
11.1 2025 Base Salary
Base salaries, which are typically reviewed annually, will increase for the CEO by 2.5% in 2025, which is below 
the rate of inflation. Salaries for two Other Executive KMP will increase by 2.5% and 3.5% respectively. 
11.2 2025 STI 
The percentage of STI opportunity relative to Base Salary has increased for one Executive KMP from 75% 
to 100% for the 2025 and 2026 performance years. This temporary increase has been applied taking into 
consideration the Executive’s contribution to the management of TPG’s Enterprise, Government and Wholesale 
assets, including the contribution to strategic initiatives, continued business operations and retention of 
customers and people.
There is no change to the percentage of base salary that constitutes the STI opportunity for the CEO and other 
Executive KMP. The STI measures remain consistent with 2024, with the customer measure to remain as NPS. 
Alternative measures will continue to be considered.
The Board will retain discretion to alter the STI including as a result of potential changes in the business from 
the fibre network infrastructure assets transaction.
Directors’ report | Remuneration Report continued
Page 63  |  TPG Telecom Annual Report 2024

11.3 2025 LTI
The percentage of LTI opportunity relative to Base Salary will remain unchanged for the Executive KMP and 
CEO.
While TPG Telecom’s renewable electricity commitment remains a priority for the organisation and targets for 
2023 and 2024 remain unchanged, the ESG hurdle for this plan has been removed, with the ROIC and EPS 
hurdle weightings each being increased from 45% to 50%.
The proposed targets and vesting schedule for the 2025 LTI Plan are outlined in Table 11.3.1. The Board will 
retain discretion to alter the LTI including as a result of potential changes in the business from the fibre network 
infrastructure assets transaction or other material one-off events.
11.3.1 2025 LTI Plan Measures and Targets
PERFORMANCE 
MEASURES AND 
WEIGHTINGS
TARGETS
MEETS 
THRESHOLD
BETWEEN 
THRESHOLD 
AND MAXIMUM
MEETS OR 
EXCEEDS 
MAXIMUM
ROIC
50%
ROIC is measured against targets set by the Board to 
achieve growth over a three-year period (2025 to 
2027).
Performance at target is set to exceed the 2024 post-
tax weighted average cost of capital (WACC) and the 
2024 base year ROIC, which on a comparable basis 
was 6.1%1.
Performance at maximum would reflect a further 
significant improvement. ROIC is measured at the end 
of the performance period.
50% of rights 
granted vest
Straight-line 
pro rata 
vesting 
between 
50.1% and 
100%
100% of 
rights 
granted 
vest
EPS
50%
EPS is measured against targets set by the Board to 
achieve significantly improved performance over a 
three-year period (2025 to 2027).
The baseline EPS result in 2024 was 10.7 cents1. At 
threshold, target and maximum levels, the hurdle for 
the 2025 LTI Plan is equal to the 2023 and 2024 LTI 
Plans, despite the reduction in the 2024 base year 
EPS from 2023 and 2022.
As such, achievement at maximum in 2027 would 
reflect double-digit compound annual growth against 
the 2024 base year. EPS is measured at the end of 
the performance period.
50% of rights 
granted vest
Straight-line 
pro rata 
vesting 
between 
50.1% and 
100%
100% of 
rights 
granted 
vest
1.
For FY24, NOPAT for ROIC and NPAT for EPS were adjusted for material one-offs as follows: transaction costs, separation costs, 
redundancy costs and MOCN impairment impacts.
The assessment of achievement against the 2025 LTI Plan targets for all measures will be reported in the 2027 
Annual Report. The Board has the discretion to make downward or upward adjustments for one-off or other 
items as it deems appropriate, while taking into consideration the benefits or otherwise for shareholders. 
Adjustment for any material one-offs in the testing year is at Board discretion, which if exercised would be 
disclosed. If the proposed sale of fibre network infrastructure assets and Fixed EGW business proceeds, the 
Board will consider adjustments to targets if appropriate.
Directors’ report | Remuneration Report continued
Page 64  |  TPG Telecom Annual Report 2024

12. Remuneration Governance
The Board of Directors of TPG Telecom has oversight of TPG Telecom’s remuneration arrangements and is 
accountable for remuneration as well as for related policies and processes.
The Remuneration and Governance Committee (RGC) undertakes detailed work on remuneration and provides 
advice to the full Board through formal reports and recommendations, minutes and verbal reports provided to 
the Board by the Chairman of the RGC. 
12.1 Responsibilities of the Board and the RGC
The responsibilities of the Board and the RGC, as defined in the Board and Remuneration and Governance 
Committee Charters, are outlined in Table 12.1.1.
12.1.1 Responsibilities of the Board and the RGC
AREA
APPROVED BY BOARD ON
RECOMMENDATION OF RGC
ROLE OF THE RGC
Executive 
remuneration
• Remuneration policies 
• Remuneration arrangements for CEO and 
Executives and the Company Secretary
• Performance and remuneration outcomes for 
the CEO and Executives (including annual or 
ad-hoc reviews)
• Design and outcomes for all employee 
incentive plans involving equity in the 
Company
• Assessment of performance against STI 
group financial and risk gateways and 
individual behavioural gateways
• Gender outcomes to avoid gender or other 
bias
• Minimum shareholding policy
In addition to making recommendations to the Board, 
the RGC undertakes the following:
• Reviews remuneration policies to ensure they 
reflect:
–
ASX position and complexity of roles
–
risks involved
–
time demands and requirements of each 
role
–
relevant industry and related benchmarks
–
retention risk given market conditions
• Assesses performance against gateways and STI 
performance against metrics
• Exercises delegated discretions under employee 
incentive and equity plans
• Monitors the effectiveness of employee incentive 
and equity plans
• Ensures practices and procedures comply with 
legal and ASX requirements and are in line with 
current market practices
• Reviews remuneration reporting to ensure it 
complies with legal and governance requirements
• Monitors conformance with minimum shareholding 
requirement
Non-Executive 
Director 
remuneration
• Remuneration policies
• Remuneration fees (subject to the aggregate 
cap) as approved by shareholders 
• Minimum shareholding policy
• Monitors conformance with minimum shareholding 
requirement
Directors’ report | Remuneration Report continued
Page 65  |  TPG Telecom Annual Report 2024

12.2 Composition of the RGC 
The RGC consists of three Non-Executive Directors, with a majority (two) being independent. 
12.2.1 Members of the RGC
NON-EXECUTIVE KMP
ROLE
TERM AS KMP
Dr Helen Nugent AC
Independent Non-Executive Director, Senior Independent Director, 
Remuneration & Governance Committee Chairman & Nomination 
Committee Chairman
Full year
Frank Sixt
Non-Executive Director
Full year
Paula Dwyer
Independent Non-Executive Director and Audit & Risk Committee 
Chairman
Commenced 21 
October 2024
Arlene Tansey
Independent Non-Executive Director and Audit & Risk Committee 
Chairman
Ceased 21 October 
2024
All members of the RGC have experience in both human resources and risk to achieve effective governance of 
TPG Telecom’s remuneration system. In addition, all members of the RGC have extensive experience in 
remuneration either through their professional background or as members of the committees of other boards, 
either in Australia or overseas.
12.3 Remuneration Governance processes
In 2024, the RGC met four times to address remuneration issues. Director’s attendance at the meetings is set 
out in the Directors’ Report. 
Over that period, the RGC paid sustained attention to the design and operation of remuneration policies and 
practices, including benchmarking for KMP roles, at the same time as being acutely aware of the need to 
motivate and retain employees in a highly competitive talent market, particularly given executive changes 
occurring in the telecommunications sector.
Strong and robust processes exist for making remuneration decisions for senior employees, including 
Executive KMP, which also involve assiduous management of conflicts of interest. These processes are 
rigorously followed both by the RGC and the Board. 
The RGC and the Board also discusses with the CEO the performance of each member of the senior 
management team, including Executive KMP.
The RGC and the Board also met without the CEO in attendance to evaluate his performance, with this 
conversation supported by a stewardship report.
To assist with determination of the CEO’s remuneration, a range of benchmark data was sought from Aon 
Hewitt as an independent third party, in addition to assessing publicly available information, including detailed 
analysis of ASX annual reports. This data was considered in detail by the RGC as input to its recommendations 
and decision-making and in determining the relevant ASX peer group. However, no recommendation, as 
defined by the Corporations Act 2001, was sought from a third party.
12.4 Non-Executive Director Remuneration
Non-Executive Directors are remunerated in ways that support the retention of their independence and their 
commitment to performance for shareholders.
As approved by shareholders in 2020, the maximum aggregate fee pool available for Non-Executive Directors 
is $2.5 million.
From a review in 2023, for 2024, Non-Executive Director fees were determined with reference to the median of 
the relevant ASX peer group of companies. For 2024, this was the ASX 21-60 and ASX 31-70 which was the 
same benchmark used for Executive KMP. As disclosed in the 2023 Remuneration Report, the following 
changes were made to Non-Executive Director fees in 2024:
• An increase to the base fee for the two Independent Non-Executive Directors from $165,000 to $185,000.
• An increase to the Audit and Risk Committee Chairman fee from $50,000 to $60,000 and Audit and Risk 
Committee Non-Executive member fee from $25,000 to $30,000.
• An additional fee payable to the Senior Independent Non-Executive Director of $20,000.
Directors’ report | Remuneration Report continued
Page 66  |  TPG Telecom Annual Report 2024

Table 12.4.1 below outlines the fees (inclusive of superannuation) paid to Non-Executive Directors in 2024.
12.4.1 Non-Executive Director Fees for 2024
ROLE
BOARD
AUDIT AND RISK 
COMMITTEE
REMUNERATION & 
GOVERNANCE 
COMMITTEE
NOMINATION COMMITTEE
Chairman
$ 
450,000 $ 
60,000 $ 
50,000 
No additional fees are paid 
to the Chairman or Members 
of the Nomination 
Committee
Independent 
Non-Executive Director
$ 
185,000 $ 
30,000 $ 
25,000 
Non-Independent 
Non-Executive Director
$ 
165,000 $ 
30,000 $ 
25,000 
Senior Independent 
Non-Executive Director
$ 
20,000 
(additional fee)
After a review in 2024, no changes are proposed for Non-Executive Director fees for FY25. 
A Non-Executive Director nominated by a shareholder may elect to have their Director’s fee paid to their 
nominating shareholder. For Non-Executive Directors in 2024, this included Canning Fok, Frank Sixt, Pierre 
Klotz and Serpil Timuray.
12.5 Non-Executive Director Minimum Shareholding Requirement
To align the interests of the Board with that of shareholders, the Board has a minimum shareholding 
requirement for Non-Executive Directors as follows:
12.5.1 Non-Executive Director Minimum Shareholding Requirement
NON-EXECUTIVE DIRECTOR
MINIMUM SHAREHOLDING
TIMEFRAME TO ACHIEVE
Non-Executive Directors who directly 
receive fees
One year’s base fee calculated on the value of 
shares held directly or indirectly by the Non-
Executive Director.
Four years from the date of 
appointment.
Non-Executive Directors whose fees 
are paid to a nominating shareholder
No minimum shareholding requirement.
No minimum shareholding 
requirement.
The shareholding requirement is reviewed annually. At any point in time, the value of a Non-Executive 
Director’s minimum holding is calculated as the higher of the purchase price or current market price.
As at 31 December 2024, as a result of an increase to base fees coupled with additional restrictions on trading 
throughout 2024 due to the ongoing confidential negotiations with regard to the proposed sale of fibre network 
infrastructure assets and Fixed EGW business, one Non Executive Director (Dr Helen Nugent) did not reach 
the incremental minimum shareholding as at 31 December 2024. Dr Nugent has indicated her intention to meet 
this requirement during the next unrestricted share purchase period for Non-Executive Directors.
This situation has arisen because the Board has adopted a share trading policy to ensure Non-Executive 
Directors comply with insider trading laws in their trading of TPG Telecom shares. The policy requires Non-
Executive Directors to only trade within defined windows, document all shareholdings, as well as to provide the 
Company with written acknowledgement of any trades. Management monitors trading of all Non-Executive 
Directors. 
Non-Executive Directors are required to advise the Company Secretary of the purchase price at the time of 
purchase. 
A breach of policy is regarded seriously by the Board and may constitute a breach of the law, and as such lead 
to appropriate action being taken against the Non-Executive Director. The RGC annually monitors conformance 
of Non-Executive Directors with this policy. There were no breaches of this policy in 2024.
Directors’ report | Remuneration Report continued
Page 67  |  TPG Telecom Annual Report 2024

13. Appendices (Statutory Tables)
13.1 Executive Service Agreements
Table 13.1.1 below sets out the main terms and conditions of the employment contracts of those who were 
Executive KMP as at 31 December 2024.
13.1.1 Executive Terms of Service
TERMS OF SERVICE
CEO & MANAGING 
DIRECTOR
IÑAKI BERROETA
EXECUTIVE KMP
(EMPLOYED PRIOR TO 1 
JANUARY 2022)
EXECUTIVE KMP
(EMPLOYED AFTER 1
JANUARY 2022)
Employee notice period
Twelve months
Six months
Six months
TPG Telecom notice period
Twelve months
Six months
Six months
Term of Agreement
Unlimited term
Unlimited term
Unlimited term
Remuneration Review
Annual
Annual
Annual
Restraint and non-solicitation 
period
Twelve months
Six months
Six months
Termination arrangements
Entitled to severance of 
six months’ base salary
Entitled to severance of three 
months’ base salary or 
statutory entitlement 
whichever is greater
As per statutory entitlements
Directors’ report | Remuneration Report continued
Page 68  |  TPG Telecom Annual Report 2024

13.2 Executive Statutory Remuneration
Details of remuneration for Executives are set out below in accordance with statutory disclosure requirements under the Corporations Act 2001 and the Australian 
Accounting Standards. Due to the requirements of the accounting standards, statutory disclosure does not reflect cash received throughout 2024.
13.2.1 Executive Statutory Remuneration
SHORT TERM BENEFITS
POST-
EMPLOYMENT 
BENEFITS
OTHER 
PAYMENTS
LONG 
TERM 
BENEFITS
PAYMENTS TO BE SETTLED IN EQUITY
NAME
YEAR
BASE CASH 
SALARY
STI CASH1
NON-
MONETARY 
BENEFITS2
SUPER-
ANNUATION3
TERMINATION
 / OTHER
LEAVE4
SHORT 
TERM 
INCENTIVE5
LONG TERM 
INCENTIVE6,7
PERFORMANCE 
RIGHTS 
RETENTION 
PLAN8
TOTAL
PERFORMANCE 
RELATED 
REMUNERATION
Iñaki
Berroeta
2024
$ 2,050,000 $ 1,326,177 $ 
13,690 $ 
28,666 $ 
— $ (210,611) $ 1,171,669 $ 2,331,133 $ 
402,215 $ 7,112,939 
 74 %
2023
$ 1,975,000 $ 1,336,830 $ 
27,622 $ 
26,346 $ 
— $ 501,626 $ 
808,262 $ 
836,696 $ 
— $ 5,512,382 
 54 %
John 
Boniciolli9
2024
$ 
870,000 $ 356,461 $ 
25,190 $ 
28,666 $ 
— $ 
3,373 $ 
117,422 $ 
232,570 $ 
169,867 $ 1,803,549 
 49 %
2023
$ 
118,637 $ 
— $ 
1,489 $ 
6,850 $ 
115,000 10 $ 
10,971 $ 
— $ 
— $ 
— $ 252,947 
 — %
Kieren
Cooney
2024
$ 
968,625 $ 380,556 $ 
18,532 $ 
28,666 
$ 
3,952 $ 
356,479 $ 
740,561 $ 
190,047 $ 2,687,418 
 62 %
2023
$ 
937,500 $ 427,128 $ 
17,498 $ 
26,346 $ 
53,438 11 $ 
14,335 $ 
243,794 $ 
263,603 $ 
— $ 1,983,642 
 47 %
Directors’ report | Remuneration Report continued
Page 69  |  TPG Telecom Annual Report 2024
1 2024 STI cash includes actual STI amounts relating to the 2024 STI Plan performance year to be paid in 2025.
2 Non-monetary benefits are inclusive of any relevant fringe benefits tax and include car parking, medical and health insurance costs, tax support, relocation, entertainment and permanent residency costs.
3 Superannuation is reflective of the amount paid up to the annual statutory cap for Executive KMP who reached this cap within the year.
4 Leave is calculated based on the movement in Annual Leave and Long Service Leave comparing the accrual at the beginning of FY24 to the accrual at the end of FY24 or to the end of the Executive’s term 
as KMP within FY24. A negative value is the result of the Executive taking the leave they had accrued during the year in addition to leave from their prior leave balance.
5 For equity settled in STI, 50% of the deferred share rights (DSRs) accrued will vest after one year, with the remainder accrued and vesting after two years, both subject to relevant forfeiture conditions. The 
fair value of the rights is determined based on the market price of the Company’s shares at year-end, with an adjustment made to take into account the vesting period and expected dividends during that 
period that will not be received by each KMP. The fair value of rights granted in prior years included in these figures is determined based on the market price on the grant date, with an adjustment made to 
take into account the vesting period and expected dividends during that period that were not received by the KMP. These figures represent all STI plans currently on foot for the Executive KMP.
6 Performance share rights (PSRs) for the 2023 LTI Plan, subject to meeting hurdles, will vest on 31 March 2026. The total number of PSRs to be allocated was calculated based on the five-day VWAP of 
$4.99 over the period of 28 February 2023 to 6 March 2023. The fair value of these rights was determined for the grant date of 11 May using the Black-Scholes model for all hurdles.
7 Performance share rights (PSRs) for the 2024 LTI Plan, subject to meeting hurdles, will vest on 31 March 2027. The total number of PSRs to be allocated was calculated based on the five-day VWAP of 
$4.71 over the period of 27 February 2024 to 4 March 2024. The fair value of these rights was determined for the grant date of 13 May using the Binomial tree model for all hurdles.
8 Performance share rights (PSRs) and Retention share rights (RSRs) for the 2024 Performance Rights Retention Plan, subject to meeting hurdles, will vest on 31 March 2027. The total number of rights to be 
granted was calculated based on the five-day VWAP of $4.71 over the period of 27 February 2024 to 4 March 2024. For the PSRs the fair value of these rights was determined for the grant date of 13 May 
using the Monte-Carlo simulation model for the TSR hurdle. For RSRs the fair value of these rights was determined for the grant date of 13 May using the Binomial tree model for the TSR hurdle.
9 Represents remuneration received during period as KMP, commencing 13 November 2023.
10 Represents an amount paid in 2023, agreed on the Executive’s appointment with the Company related to the forfeiture of incentives from a previous employer. The payments mirror the timing and at target 
value of incentive payments from the previous employer.
11 Represents the accrued portion of an amount paid in September 2023. The amount was agreed on at the time of the Executive’s appointment with the Company and is related to the forfeiture of incentives 
from a previous employer. The payment mirrors the timing and at target value of incentive payments from the previous employer.

SHORT TERM BENEFITS
POST-
EMPLOYMENT 
BENEFITS
OTHER 
PAYMENTS
LONG 
TERM 
BENEFITS
PAYMENTS TO BE SETTLED IN EQUITY
NAME
YEAR
BASE CASH 
SALARY
STI CASH1
NON-
MONETARY 
BENEFITS2
SUPER-
ANNUATION3
TERMINATION
 / OTHER
LEAVE4
SHORT 
TERM 
INCENTIVE5
LONG TERM 
INCENTIVE6,7
PERFORMANCE 
RIGHTS 
RETENTION 
PLAN8
TOTAL
PERFORMANCE 
RELATED 
REMUNERATION
Vanessa 
Hicks12
2024
$ 
608,926 $ 347,065 $ 
13,388 $ 
22,066 $ 
— $ 
(20,297) $ 
162,961 $ 
295,050 $ 
120,559 $ 1,549,718 
 60 %
2023
$ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— 
 — %
Jonathan 
Rutherford
2024
$ 
805,035 $ 331,452 $ 
28,712 $ 
28,666 $ 
— $ 
23,738 $ 
297,190 $ 
609,091 $ 
157,950 $ 2,281,834 
 61 %
2023
$ 
773,500 $ 354,991 $ 
46,011 $ 
26,346 $ 
— $ 
8,973 $ 
187,541 $ 
274,096 $ 
— $ 1,671,458 
 49 %
Subtotal
2024
$ 5,302,586 $ 2,741,711 $ 
99,512 $ 
136,730 $ 
— $ (199,845) $ 2,105,721 $ 4,208,405 $ 
1,040,638 $ 15,435,458
 65 %
2023
$ 3,804,637 $ 2,118,949 $ 
92,620 $ 
85,888 $ 
168,438 $ 535,905 $ 1,239,597 $ 1,374,395 $ 
— $ 9,420,429 
 50 %
Former KMP
Ana
Belea13
2024
$ 
198,314 $ 
— $ 
5,581 $ 
7,100 $ 
618,325 14 $ 
7,156 $ 288,784 15 $ 730,026 16 $ 
— $ 1,855,286 
 55 %
2023
$ 
773,375 $ 366,772 $ 
4,166 $ 
26,846 17 $ 
— $ 
1,125 $ 
205,414 $ 
208,427 $ 
— $ 1,586,125 
 49 %
Grant 
Dempsey18
2024
$ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— 
 — %
2023
$ 
762,667 $ 377,949 $ 
4,753 $ 
26,346 $ 
176,893 19 $ 
70,657 $ 129,956 20 $ 1,103,875 21 $ 
— $ 2,653,096 
 61 %
Total
2024
$ 5,500,900 $ 2,741,711 $ 105,093 $ 
143,830 $ 
618,325 $ (192,689) $ 2,394,505 $ 4,938,431 $ 
1,040,638 $ 17,290,744
 64 %
2023
$ 5,340,679 $ 2,863,670 $ 101,539 $ 
139,080 $ 
345,331 $ 607,687 $ 1,574,967 $ 2,686,697 $ 
— $ 13,659,650
 52 %
Directors’ report | Remuneration Report continued
Page 70  |  TPG Telecom Annual Report 2024
12 Commenced role as KMP on 28 March 2024, values reflect the KMP period except for the STI cash value which reflects the cash value for the full FY24 performance year.
13 Ceased role as KMP on 28 March 2024.
14 Represents the termination payment made on departure including contractual notice period and contractual severance provisions.
15 Includes deferred equity granted under the 2022 and 2023 STI Plans that remain on foot but under accounting standards needs to be fully recognised in this statutory remuneration report.
16 Includes performance rights granted under the 2022 LTI Plan and 2023 LTI Plan that remain on foot but under accounting standards needs to be fully recognised in this statutory remuneration report. As 
outlined in Section 8.1, only 25.25% of the performance rights granted for the 2022 LTI Plan will vest.
17 Superannuation includes an additional $500 superannuation payment related to TPG Telecom’s Super Bump program where all female employees with over 12 months tenure are provided an additional 
$500 superannuation annually.
18 Represents remuneration received during period as KMP, ceasing 12 November 2023.
19 Represents the accrued portion of an amount paid in 2023 for period as KMP. The amount was agreed on at the time of the Executive’s appointment with the Company and is related to the forfeiture of 
incentives from a previous employer. The payment mirrors the timing and at target value of incentive payments from the previous employer.
20 Includes deferred equity granted under the 2022 STI Plan that remains on foot but which under accounting standards needs to be fully recognised in this statutory remuneration report, consistent with prior 
disclosures. 
21 Includes performance rights granted under the 2022 LTI Plan and 2023 LTI Plan that remains on foot but which under accounting standards needs to be fully recognised in this statutory remuneration report, 
consistent with prior disclosures. As outlined in Section 8.1, only 25.25% of the performance rights granted for the 2022 LTI Plan will vest, which has not been taken account in these numbers.

13.3 Non-Executive Director Statutory Remuneration
Details of remuneration for Non-Executive Directors are set out below in accordance with statutory disclosure 
requirements under the Corporations Act 2001 and the Australian Accounting Standards. This statutory 
disclosure does not necessarily reflect cash received throughout 2024.
13.3.1 Non-Executive Director Statutory Remuneration
 
 
SHORT-TERM BENEFITS
POST-EMPLOYMENT 
BENEFITS
 
 
NAME
YEAR
CASH SALARY 
AND FEES
NON-
MONETARY 
BENEFITS
SUPERANNUATION
TERMINATION 
BENEFITS
TOTAL
Canning Fok
2024
$ 
450,000 $ 
— $ 
— $ 
— $ 
450,000 
2023
$ 
450,000 $ 
— $ 
— $ 
— $ 
450,000 
Paula Dwyer1
2024
$ 
48,255 $ 
— $ 
5,549 $ 
— $ 
53,804 
2023
$ 
— $ 
— $ 
— $ 
— $ 
— 
Pierre Klotz
2024
$ 
195,000 $ 
— $ 
— $ 
— $ 
195,000 
2023
$ 
190,000 $ 
— $ 
— $ 
— $ 
190,000 
Robert Millner
2024
$ 
148,315 $ 
— $ 
16,685 $ 
— $ 
165,000 
2023
$ 
148,985 $ 
— $ 
16,015 $ 
— $ 
165,000 
Antony Moffatt
2024
$ 
148,315 $ 
— $ 
16,685 $ 
— $ 
165,000 
2023
$ 
148,985 $ 
— $ 
16,015 $ 
— $ 
165,000 
Dr Helen Nugent AC
2024
$ 
256,181 $ 
— $ 
28,397 $ 
— $ 
284,578 
2023
$ 
216,705 $ 
— $ 
23,295 $ 
— $ 
240,000 
Frank Sixt
2024
$ 
190,000 $ 
— $ 
— $ 
— $ 
190,000 
2023
$ 
190,000 $ 
— $ 
— $ 
— $ 
190,000 
Jack Teoh
2024
$ 
148,315 $ 
— $ 
16,685 $ 
— $ 
165,000 
2023
$ 
148,985 $ 
— $ 
16,015 $ 
— $ 
165,000 
Serpil Timuray2
2024
$ 
165,000 $ 
— $ 
— $ 
— $ 
165,000 
2023
$ 
124,637 $ 
— $ 
— $ 
— $ 
124,637 
Diego Massidda3
2024
$ 
— $ 
— $ 
— $ 
— $ 
— 
2023
$ 
45,968 $ 
— $ 
— $ 
— $ 
45,968 
Arlene Tansey4
2024
$ 
210,212 $ 
— $ 
6,962 $ 
— $ 
217,174 
2023
$ 
222,651 $ 
— $ 
17,349 $ 
— $ 
240,000 
TOTAL
2024
$ 
1,959,594 $ 
— $ 
90,962 $ 
— $ 
2,050,556 
2023
$ 
1,886,916 $ 
— $ 
88,689 $ 
— $ 
1,975,605 
1.
Paula Dwyer was appointed a Non-Executive Director on 21 October 2024.
2.
Serpil Timuray was appointed a Non-Executive Director on 29 March 2023.
3.
Diego Massidda ceased his role as a Non-Executive Director on 28 March 2023.
4.
Arlene Tansey ceased her role as a Non-Executive Director on 21 October 2024. 
Directors’ report | Remuneration Report continued
Page 71  |  TPG Telecom Annual Report 2024

13.4 Equity Movements
Table 13.4.1 provides movements in equity during the financial year for Non-Executive Directors and 
Executives who were KMP for all or part of 2024. The numbers in this table reflect equity holdings and 
movements only for the period the Non-Executive Director or Executive was KMP. 
13.4.1 Equity Movements
NAME
HOLDING AT START OF 
TERM AS KMP IN 2024
GRANTED AS 
REMUNERATION
PURCHASED/ 
(SOLD)
BALANCE AT END OF 
TERM AS KMP IN 2024
Canning Fok
 
—  
—  
—  
— 
Paula Dwyer1
 
—  
—  
—  
— 
Pierre Klotz
 
—  
—  
—  
— 
Robert Millner
 
8,673,058  
—  
—  
8,673,058 
Antony Moffatt
 
611,269  
—  
—  
611,269 
Dr Helen Nugent AC
 
28,000  
—  
—  
28,000 
Frank Sixt
 
—  
—  
—  
— 
Jack Teoh
 
133,258  
—  
—  
133,258 
Serpil Timuray
 
—  
—  
—  
— 
Arlene Tansey2
 
25,000  
—  
—  
25,000 
Iñaki Berroeta
 
235,073  
134,625  
—  
369,698 
John Boniciolli
 
—  
—  
—  
— 
Kieren Cooney
 
16,673  
38,626  
—  
55,299 
Vanessa Hicks3
 
—  
22,473  
(5,500)  
16,973 
Jonathan Rutherford
 
6,852  
24,269  
—  
31,121 
Ana Belea4
 
8,830  
33,455  
—  
42,285 
1.
Paula Dwyer was appointed as a Non Executive Director on 21 October 2024.
2.
Arlene Tansey ceased her role as a Non Executive Director on 21 October 2024.
3.
Vanessa Hicks commenced her role as a KMP on 28 March 2024
4.
Ana Belea ceased her role as a KMP on 28 March 2024.
Directors’ report | Remuneration Report continued
Page 72  |  TPG Telecom Annual Report 2024

13.5 Additional Statutory Information
Terms and conditions of the share-based payment arrangements
Terms and conditions of each grant of Share Rights to the Executive KMP in a current or future reporting period 
are as follows:
13.5.1 STI Deferred Share Rights
GRANT DATE
VESTING DATE
EXPIRY DATE
FAIR VALUE PER 
SHARE RIGHT AT 
GRANT DATE
NUMBER OF 
SHARE RIGHTS AT 
GRANT DATE
%
 VESTED 
STI Deferred Share Rights
6 May 2021
31 March 2023
31 March 2024  
$4.80  
27,354 
 100 %
3 & 5 May 2022
31 March 2023
31 March 2024  
$5.47  
113,808 
 100 %
3 & 5 May 2022
31 March 2024
31 March 2025  
$5.26  
113,805 
 100 %
11 May 2023
31 March 2024
31 March 2025  
$5.41  
147,028 
 — %
11 May 2023
31 March 2025
31 March 2026  
$5.23  
147,027 
 — %
13 May 2024
31 March 2025
31 March 2026  
$4.40  
288,148 
 — %
13 May 2024
31 March 2026
31 March 2027  
$4.24  
288,146 
 — %
13.5.2 LTI Performance Share Rights
GRANT DATE
VESTING DATE
EXPIRY DATE
HURDLE
FAIR VALUE 
PER SHARE 
RIGHT AT 
GRANT DATE
NUMBER OF 
SHARE RIGHTS 
AT GRANT DATE
%
 VESTED 
LTI Performance Share Rights
6 May 2021
31 March 2024
31 March 2025
OFCF  
$4.80  
381,162 
 0 %
6 May 2021
31 March 2024
31 March 2025
TSR  
$1.26  
381,159 
 0 %
24 September 2021
31 March 2024
31 March 2025
OFCF  
$6.54  
73,751 
 0 %
24 September 2021
31 March 2024
31 March 2025
TSR  
$2.73  
73,750 
 0 %
3 May 2022
31 March 2025
31 March 2026
OFCF  
$5.07  
299,720 
 — %
3 May 2022
31 March 2025
31 March 2026
TSR  
$3.02  
299,716 
 — %
5 May 2022
31 March 2025
31 March 2026
OFCF  
$5.07  
243,421 
 — %
5 May 2022
31 March 2025
31 March 2026
TSR  
$2.98  
243,421 
 — %
11 May 2023
31 March 2026
31 March 2027
ROIC  
$5.06  
576,777 
 — %
11 May 2023
31 March 2026
31 March 2027
EPS  
$5.06  
576,773 
 — %
11 May 2023
31 March 2026
31 March 2027
ESG  
$5.06  
128,170 
 — %
13 May 2024
31 March 2027
31 March 2028
ROIC  
$4.08  
626,019 
 — %
13 May 2024
31 March 2027
31 March 2028
EPS  
$4.08  
626,015 
 — %
13 May 2024
31 March 2027
31 March 2028
ESG  
$4.08  
139,113 
 — %
13.5.3 2024 Performance & Retention Share Rights
GRANT DATE
VESTING DATE
EXPIRY DATE
HURDLE
FAIR VALUE 
PER SHARE 
RIGHT AT 
GRANT DATE
NUMBER OF 
SHARE RIGHTS 
AT GRANT DATE
%
 VESTED 
13 May 2024
31 March 2027
31 March 2028
rTSR  
$1.88  
586,233 
 — %
13 May 2024
31 March 2027
31 March 2028
Retention  
$4.08  
586,231 
 — %
Directors’ report | Remuneration Report continued
Page 73  |  TPG Telecom Annual Report 2024

Reconciliation of shares rights and ordinary shares held by KMP
Table 13.5.4 below shows how many share rights were granted, vested and forfeited during the year.
13.5.4 Reconciliation of shares rights and ordinary shares held by KMP under employee share plans
BALANCE AT 
START OF 
YEAR
GRANTED 
DURING 
YEAR
NUMBER 
OF 
RIGHTS 
VESTED
VESTED 
%
NUMBER OF 
RIGHTS 
FORFEITED 
OR LAPSED
FORFEITED 
OR LAPSED 
%
BALANCE AT 
END OF THE 
YEAR 
(UNVESTED)
Iñaki 
Berroeta
2021 DSR
64,363
0
64,363
 100 %
0
 — %
0
2022 DSR
140,523
0
70,262
 50 %
0
 — %
70,261
2023 DSR
0
283,828
0
 — %
0
 — %
283,828
2021 LTI
408,088
0
0
 — %
408,088
 100 %
0
2022 LTI
486,842
0
0
 — %
0
 — %
486,842
2023 LTI
601,202
0
0
 — %
0
 — %
601,202
2024 LTI
0
656,050
0
 — %
0
 — %
656,050
2024 PRRP
0
437,367
0
 — %
0
 — %
437,367
John 
Boniciolli
2024 LTI
0
184,713
0
 — %
0
 — %
184,713
2024 PRRP
0
184,713
0
 — %
0
 — %
184,713
Kieren
Cooney
2021 DSR
16,672
0
16,672
 100 %
0
 — %
0
2022 DSR
43,908
0
21,954
 50 %
0
 — %
21,954
2023 DSR
0
90,685
0
 — %
0
 — %
90,685
2021 LTI
132,352
0
0
 — %
132,352
 100 %
0
2022 LTI
157,894
0
0
 — %
0
 — %
157,894
2023 LTI
189,378
0
0
 — %
0
 — %
189,378
2024 LTI
0
206,656
0
 — %
0
 — %
206,656
2024 PRRP
0
206,656
0
 — %
0
 — %
206,656
Vanessa 
Hicks1
2021 DSR
10,437
0
10,437
 100 %
0
 — %
0
2022 DSR
24,071
0
12,036
 50 %
0
 — %
12,035
2023 DSR
0
48,542
0
 — %
0
 — %
48,542
2021 LTI
52,941
0
0
 — %
52,941
 100 %
0
2022 LTI
64,421
0
0
 — %
0
 — %
64,421
2023 LTI
73,587
0
0
 — %
0
 — %
73,587
2024 LTI
0
171,974
0
 — %
0
 — %
171,974
2024 PRRP
0
171,974
0
 — %
0
 — %
171,974
Jonathan 
Rutherford
2021 DSR
6,852
0
6,852
 100 %
0
 — %
0
2022 DSR
34,834
0
17,417
 50 %
0
 — %
17,417
2023 DSR
0
75,369
0
 — %
0
 — %
75,369
2021 LTI
44,560
0
0
 — %
44,560
 100 %
0
2022 LTI
125,263
0
0
 — %
0
 — %
125,263
2023 LTI
157,394
0
0
 — %
0
 — %
157,394
2024 LTI
0
171,754
0
 — %
0
 — %
171,754
2024 PRRP
0
171,754
0
 — %
0
 — %
171,754
Ana 
Belea2
2021 DSR
15,829
0
15,829
 100 %
0
 — %
0
2022 DSR
35,252
0
17,626
 50 %
0
 — %
17,626
2021 LTI
102,941
0
0
 — %
102,941
 100 %
0
2022 LTI
125,263
0
0
 — %
0
 — %
125,263
2023 LTI
157,394
0
0
 — %
0
 — %
314,788
NAME1
GRANT 
TYPE2,3,5
1.
Commenced as a KMP 28 March 2024.
2.
Ceased as a KMP 27 March 2024.
3.
DSRs includes 2021, 2022 and 2023 STI deferred share rights.
4.
LTI includes 2022, 2023 and 2024 performance rights. LTI rights are granted at maximum opportunity for Executive KMP.
5.
PRRP is the 2024 Performance & Retention Rights Plan, granted in May 2024. 
Directors’ report | Remuneration Report continued
Page 74  |  TPG Telecom Annual Report 2024

13.6 Related Party Transactions 
There are no related party transactions in 2024 and no loans were made to any KMP. 
This concludes the Remuneration Report, which has been audited as required by section 308(3C) of the 
Corporations Act 2001 (Cth).
This Directors’ report is made in accordance with a resolution of the Directors on 28 February 2025.
 
 
 
        
Fok Kin Ning, Canning 
 
 
Iñaki Berroeta
Chairman 
 
 
 
 
Chief Executive Officer and Managing Director
28 February 2025 
 
 
 
28 February 2025
Directors’ report | Remuneration Report continued
Page 75  |  TPG Telecom Annual Report 2024

Auditor’s independence declaration
Page 76  |  TPG Telecom Annual Report 2024

About this report
The Financial Report covers the group consisting of 
TPG Telecom Limited and its controlled entities. 
All amounts are presented in Australian dollars unless 
stated otherwise.
TPG Telecom Limited is a company limited by shares, 
incorporated and domiciled in Australia. Its registered 
office and principal place of business is:
Level 27, Tower Two, International Towers Sydney, 
200 Barangaroo Avenue, Barangaroo NSW 2000.
A description of the nature of the Group’s operations 
and its principal activities is included in the Directors’ 
report on pages 6 to 30.
The financial report was authorised for issue by the 
Directors on 28 February 2025. The Directors have 
the power to amend and reissue the financial report.
Contents
Financial Statements
Consolidated income statement
78
Consolidated statement of comprehensive 
income
79
Consolidated statement of financial position
80
Consolidated statement of changes in equity
81
Consolidated statement of cash flows
82
Notes to the Consolidated Financial Statements
Note 1. Reporting entity
83
Note 2. Basis of preparation
83
Note 3. Segment reporting
86
Note 4. Revenue from contracts with customers
88
Note 5. Multi-Operator Core Network ("MOCN") 
agreement 
90
Note 6. Other profit and loss items
91
Note 7. Income tax
92
Note 8. Earnings per share
96
Note 9. Cash and cash equivalents
96
Note 10. Trade and other receivables
99
Note 11. Inventories
101
Note 12. Derivative financial instruments and 
hedge accounting
101
Note 13. Property, plant and equipment
104
Note 14. Right-of-use assets and lease liabilities 106
Note 15. Intangible assets
110
Note 16.Trade and other payables
114
Note 17. Borrowings
116
Note 18. Provisions
116
Note 19. Other liabilities
118
Note 20. Contributed equity
118
Note 21. Reserves
119
Note 22. Dividends
120
Note 23. Interests in other entities
121
Note 24. Related party transactions
123
Note 25. Share-based payments
124
Note 26. Commitments and contingencies
126
Note 27. Parent entity financial information
127
Note 28. Deed of cross guarantee
129
Note 29. Financial risk management
131
Note 30. Auditor's remuneration
137
Note 31. Events occurring after the reporting 
period
137
Consolidated Entities Disclosure Statement
138
Directors’ Declaration
140
Independent Auditor’s Report
141
Financial report
Page 77  |  TPG Telecom Annual Report 2024

2024
2023
NOTES
$m
$m
Revenue from contracts with customers
4
 
5,520  
5,533 
Other income
6
 
12  
36 
Cost of provision of telecommunication services
 
(1,533)  
(1,580) 
Cost of handsets and hardware sold
 
(786)  
(884) 
Technology costs 
 
(391)  
(405) 
Employee benefits expense
6
 
(439)  
(428) 
Other operating expenses
6
 
(421)  
(380) 
Impairments and other charges
6
 
(250)  
(17) 
Earnings before interest, tax, depreciation and amortisation
 
1,712  
1,875 
Depreciation and amortisation expense
6
 
(1,485)  
(1,472) 
Results from operating activities
 
227  
403 
Finance income
6
 
3  
4 
Finance expenses
6
 
(381)  
(345) 
Net financing costs
 
(378)  
(341) 
(Loss)/profit before income tax
 
(151)  
62 
Income tax benefit/(expense)
7
 
44  
(13) 
(Loss)/profit after income tax
 
(107)  
49 
Attributable to:
Owners of the Company
 
(107)  
49 
2024
2023
NOTES
CENTS
PER
SHARE
CENTS
PER
SHARE
Earnings per share for profit attributable to owners of the Company
Basic earnings per share
8
 
(5.8)  
2.6 
Diluted earnings per share
8
 
(5.8)  
2.6 
The above consolidated income statement should be read in conjunction with the accompanying notes.
Consolidated income statement
for the year ended 31 December 2024
Page 78  |  TPG Telecom Annual Report 2024

2024
2023
NOTES
$m
$m
(Loss)/profit for the year
 
(107)  
49 
Other comprehensive income
Items that may subsequently be reclassified to the income statement, net of 
tax:
Net (loss)/gain on cash flow hedges taken to equity
21
 
(3)  
3 
Other comprehensive (loss) / income for the year, net of tax
 
(3)  
3 
Total comprehensive (loss) / income for the year, net of tax
 
(110)  
52 
Attributable to:
Owners of the Company
 
(110)  
52 
 
(110)  
52 
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated statement of comprehensive income
for the year ended 31 December 2024
Page 79  |  TPG Telecom Annual Report 2024

2024
2023
NOTES
$m
$m
ASSETS
Current assets
Cash and cash equivalents
9
 
42  
116 
Trade and other receivables
10
 
972  
968 
Inventories
11
 
82  
117 
Derivative financial instruments
12
 
5  
2 
Prepayments and other assets
 
60  
81 
Total current assets
 
1,161  
1,284 
Non-current assets
Trade and other receivables
10
 
447  
469 
Property, plant and equipment
13
 
3,865  
3,795 
Right-of-use assets
14
 
1,469  
1,709 
Intangible assets
15
 
11,923  
12,221 
Deferred tax assets
7
 
218  
171 
Derivative financial instruments
12
 
—  
3 
Prepayments and other assets
 
11  
16 
Total non-current assets
 
17,933  
18,384 
Total assets
 
19,094  
19,668 
LIABILITIES
Current liabilities
Trade and other payables
16
 
1,031  
1,174 
Contract liabilities
4
 
315  
294 
Lease liabilities
14
 
136  
122 
Provisions
18
 
92  
91 
Other liabilities
19
 
32  
41 
Total current liabilities
 
1,606  
1,722 
Non-current liabilities
Contract liabilities
4
 
17  
16 
Borrowings
17
 
4,099  
4,076 
Lease liabilities
14
 
2,069  
2,112 
Provisions
18
 
101  
67 
Other liabilities
19
 
29  
58 
Total non-current liabilities
 
6,315  
6,329 
Total liabilities
 
7,921  
8,051 
Net assets
 
11,173  
11,617 
EQUITY
Contributed equity
20
 
18,399  
18,399 
Reserves
21
 
(2)  
— 
Accumulated losses
 
(7,224)  
(6,782) 
Equity attributable to owners of the Company
 
11,173  
11,617 
Total equity
 
11,173  
11,617 
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated statement of financial position
as at 31 December 2024
Page 80  |  TPG Telecom Annual Report 2024

ATTRIBUTABLE TO OWNERS OF THE COMPANY
CONTRIBUTED 
EQUITY
RESERVES
ACCUMULATED 
LOSSES
TOTAL EQUITY
NOTES
$m
$m
$m
$m
Balance at 1 January 2024  
 
18,399  
—  
(6,782)  
11,617 
(Loss)/profit for the year
 
—  
—  
(107)  
(107) 
Other comprehensive income, net of tax
21
 
—  
(3)  
—  
(3) 
Transfer from other reserves to retained 
earnings
 
—  
1  
(1)  
— 
Employee share schemes – value of 
employee services
25
 
—  
12  
—  
12 
Acquisition of treasury shares
21
 
—  
(12)  
—  
(12) 
Dividends paid
22
 
—  
—  
(334)  
(334) 
Balance at 31 December 2024
 
18,399  
(2)  
(7,224)  
11,173 
Balance at 1 January 2023  
 
18,399  
(3)  
(6,496)  
11,900 
(Loss)/profit for the year
 
—  
—  
49  
49 
Other comprehensive income, net of tax
21
 
—  
3  
—  
3 
Employee share schemes – value of 
employee services
25
 
—  
8  
—  
8 
Acquisition of treasury shares
21
 
(8) 
 
(8) 
Dividends paid
22
 
—  
—  
(335)  
(335) 
Balance at 31 December 2023  
 
18,399  
—  
(6,782)  
11,617 
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
for the year ended 31 December 2024
Page 81  |  TPG Telecom Annual Report 2024

2024
2023
NOTES
$m
$m
Cash flows from operating activities
Receipts from customers (inclusive of GST)
 
6,052  
5,725 
Payments to suppliers and employees (inclusive of GST)
 
(4,124)  
(4,203) 
 
1,928  
1,522 
Income taxes paid
 
(2)  
— 
Net cash generated from operating activities
9(b)
 
1,926  
1,522 
Cash flows from investing activities
Payments for property, plant and equipment
 
(783)  
(862) 
Payments for intangible assets
 
(231)  
(264) 
Payments for spectrum licenses
 
(156)  
(28) 
Receipts from sale of subsidiary
 
5  
— 
Interest received
 
3  
4 
Net cash outflows from investing activities 
 
(1,162)  
(1,150) 
Cash flows from financing activities
Proceeds from borrowings
 
1,170  
3,670 
Repayment of borrowings
 
(1,150)  
(3,270) 
Principal elements of lease payments
 
(136)  
(108) 
Payments for shares acquired by the TPG Employee Incentive Plan Trust
 
(12)  
(8) 
Finance costs paid
 
(376)  
(319) 
Dividends paid
 
(334)  
(335) 
Net cash outflows from financing activities
 
(838)  
(370) 
Net increase/ (decrease) in cash and cash equivalents
 
(74)  
2 
Cash and cash equivalents at 1 January
 
116  
114 
Cash and cash equivalents at 31 December
9
 
42  
116 
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Consolidated statement of cash flows
for the year ended 31 December 2024
Page 82  |  TPG Telecom Annual Report 2024

Note 1. Reporting entity
TPG Telecom Limited (the ‘Company’) is a company domiciled in Australia. The address of the Company’s 
registered office is Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Barangaroo 
NSW 2000. The consolidated financial statements as at, and for the year ended 31 December 2024 (referred to 
throughout this report as ‘2024’), comprise the accounts of the Company and entities controlled by the 
Company (its subsidiaries) (together referred to as the ‘Group’). Comparative information is for the year ended 
31 December 2023 (referred to throughout this report as “2023”). The Group is a for-profit entity and is primarily 
involved in the provision of telecommunications services.
Note 2. Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting 
Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) and the 
Corporations Act 2001. 
The consolidated financial statements of the Group also comply with International Financial Reporting 
Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Disclosures in relation to the parent entity required under paragraph 295(3)(a) of the Corporations Act 2001 
have been included in Note 27.
The financial statements are prepared in accordance with the historical cost convention, except for unsold 
handset and accessory receivables and derivative financial instruments, which, as noted, are at fair value. 
Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. 
Comparative information is reclassified where appropriate to enhance comparability.
(a) Going Concern
The consolidated financial statements have been prepared on a going concern basis, which assumes the 
Group will be able to realise its assets and discharge its liabilities in the normal course of business. 
At 31 December 2024, the Group had a deficiency of net current assets of $445 million (2023: a deficiency of 
$438 million). The Group is satisfied that it will be able to meet all its obligations as and when they fall due, 
supported by its history of generating profits, positive operating cash flows, current cash reserves, and 
available debt facilities.
(b) Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities 
controlled by the Company (its subsidiaries). A list of material controlled entities is set out in Note 23. 
Subsidiaries are all entities over which the Company has control. The Company controls an entity when the 
Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability 
to affect those returns through its power to direct the activities of the entity.
The acquisition method of accounting is used to account for business combinations by the Group. Subsidiaries 
are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated 
from the date that control ceases.
All intercompany transactions, balances and unrealised gains on transactions between companies within the 
Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an 
impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to 
ensure consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated 
Income Statement, Consolidated Statement of Comprehensive Income and Consolidated Statement of 
Financial Position respectively.
Notes to the consolidated financial statements
Page 83  |  TPG Telecom Annual Report 2024

Note 2. Basis of preparation continued
(c) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency 
of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated 
financial statements are presented in Australian dollars, which is the Company’s functional and presentation 
currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at 
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation at year-end exchange rates of monetary assets and liabilities 
denominated in foreign currencies are recognised in the Consolidated Income Statement except when they 
relate to financial instruments qualifying for hedges as set out in Note 12.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are 
translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities 
denominated in foreign currencies that are stated at fair value are translated to Australian dollars at foreign 
exchange rates ruling at the dates the fair value was determined.
Foreign operations
The assets and liabilities of foreign operations are translated to Australian dollars at exchange rates at the 
reporting date. The income and expenses of foreign operations are translated to Australian dollars at exchange 
rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive 
income and presented in the foreign currency translation reserve in equity.
(d) Goods and Services Tax ('GST')
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred 
is not recoverable from the taxation authority. In this case, it is recognised as part of the cost of acquisition of 
the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of 
GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the 
Consolidated Statement of Financial Position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows 
arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified 
as operating cash flows.
(e) Rounding of amounts
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of 
amounts in the directors’ report and financial report. Amounts in the directors’ report and financial report have 
been rounded off to the nearest million dollars in accordance with the instrument, unless otherwise indicated.
Notes to the consolidated financial statements continued
Page 84  |  TPG Telecom Annual Report 2024

Note 2. Basis of preparation continued
(f) New accounting standards and Interpretations
New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current reporting period but none have had 
a material impact on our accounting policies with the exception of:
• Supplier Finance Arrangements (Proposed amendments to AASB 107 and AASB 7)
The amendments introduce new disclosures relating to supplier finance arrangements that assist users of the 
financial statements to assess the effects of these arrangements on an entity’s liabilities and cash flows and 
on an entity’s exposure to liquidity risk. The amendments apply for annual periods beginning on or after 1 
January 2024.
The Group has included disclosures applicable and in accordance with the amendments. See Note 16.(f).
• AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two 
Model Rules.
The group is within the scope of the OECD Pillar Two model rules that became effective 1 January 2024, and 
applies the AASB 112 exception to recognising and disclosing information about deferred tax assets and 
liabilities related to Pillar Two income taxes.
Under the legislation, the group is liable to pay a top-up tax for the difference between its GloBE effective tax 
rate in each jurisdiction and the 15% minimum rate, unless the safe harbour provisions apply. The group will 
not incur top-up taxes for the year ended 31 December 2024 as the group’s assessment indicates that the 
safe harbour provisions apply in each jurisdiction.
New standards and interpretations not yet adopted by the Group
Certain new accounting standards and interpretations have been published that are not mandatory for 31 
December 2024 reporting periods and have not been early adopted by the Group. Those which may be 
relevant to the Group and its financial impact are set out below.
• AASB 18 Presentation and Disclosure in Financial Statements
AASB18 Presentation and Disclosure in Financial Statements, issued in June 2024, will replace AASB 101 
Presentation of financial statements and will be effective for annual reporting periods beginning on or after 1 
January 2027. The new standard introduces the following key new requirements
◦Entities are required to classify all income and expenses into five categories in the statement of profit or 
loss, namely the operating, investing, financing, discontinued operations and income tax categories. 
Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not 
change.
◦Management-defined performance measures (MPMs) are disclosed in a single note in the financial 
statements.
◦Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of 
cash flows when presenting operating cash flows under the indirect method.
The Group is in the process of assessing the impact of the new standard, particularly with respect to the 
structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures 
required for MPMs. 
Notes to the consolidated financial statements continued
Page 85  |  TPG Telecom Annual Report 2024

Note 2. Basis of preparation continued
(g) Key accounting estimates and judgements
Summary of key accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates, which, by definition, will 
seldom equal the actual results. The Group also needs to exercise judgement in applying its accounting 
policies.
Information about significant areas of estimation uncertainties and critical judgements in applying accounting 
policies that have the most significant effect on the amounts recognised in the financial statements is provided 
in the following notes:
• Note 5
Impairment and provisions from MOCN agreement
• Note 7
Recognition of deferred tax assets
• Note 10
Loss allowance on trade and other receivables
• Note 14
Lease terms and incremental borrowing rates
• Note 15
Useful lives of intangible assets
• Note 15
Determination of the Group’s cash generating units
• Note 15
Impairment of intangible assets with indefinite lives
Estimates and judgements are continually evaluated. They are based on historical experience and other 
factors, including expectations of future events that may have a financial impact on the Group and that are 
believed to be reasonable under the circumstances.
Note 3. Segment reporting
(a) Basis for segmentation
TPG has identified its operating segments based on the internal reports that are reviewed and used by the 
Group Chief Executive Officer (being the chief operating decision maker) in assessing performance and in 
determining the allocation of resources.
The Group has the following two reportable segments which are managed and organised separately because 
they require different product and service offerings to address different segments in the market. The 
organisational structure for these segments include dedicated sales, marketing and customer care teams that 
are supported by the technology and support functions within the Group. The following summary describes the 
operations of each reportable segment.
SEGMENT
PRINCIPAL ACTIVITIES
Consumer
Provision of telecommunications services to residential and small office/home office customers.
Enterprise, 
Government and 
Wholesale
Provision of telecommunications services to corporate, government and wholesale customers.
Mobile small and medium-sized enterprise customers have been categorised in this segment.
The Group Chief Executive Officer primarily uses a measure of segment result to assess the performance of 
the operating segments. Consistent with information presented for internal management reporting, the result of 
each operating segment is measured based on its EBITDA contribution, which differs from our reported 
EBITDA. Information about segment revenue is disclosed in Note 4.
Segment result excludes the effects of significant items of income and expenditure which may have an impact 
on the quality of earnings such as restructuring, impairment charges and transformation costs. 
Unallocated items include net financing costs, depreciation and amortisation costs, certain head office costs, 
other income and other one-off expenses. There were no one-off transactions that met the quantitative 
thresholds for reportable segments in 2024 and 2023.
Interest income and finance costs are not allocated to segments, as this type of activity is driven by the central 
treasury function, which manages the cash position of the Group.
Notes to the consolidated financial statements continued
Page 86  |  TPG Telecom Annual Report 2024

Note 3. Segment reporting continued
(b) Information about reportable segments
    
CONSUMER
ENTERPRISE, 
GOVERNMENT 
AND 
WHOLESALE
ELIMINATIONS
TOTAL 
REPORTABLE 
SEGMENTS
$m
$m
$m
$m
For the year ended 31 December 2024
Revenue from contracts with customers3
 
4,497  
1,023  
—  
5,520 
Inter-segment revenue
 
—  
69  
(69)  
— 
Segment revenue
 
4,497  
1,092  
(69)  
5,520 
Other income
 
—  
6  
—  
6 
Cost of provision of telecommunication services3
 
(1,397)  
(203)  
69  
(1,531) 
Cost of handsets and hardware sold
 
(701)  
(85)  
—  
(786) 
Segment gross margin
 
2,399  
810  
—  
3,209 
Segment EBITDA
 
1,443  
534  
—  
1,977 
For the year ended 31 December 2023 
Revenue from contracts with customers3
 
4,506  
1,027  
—  
5,533 
Inter-segment revenue
 
—  
108  
(108)  
— 
Segment revenue
 
4,506  
1,135  
(108)  
5,533 
Other income
 
—  
14  
—  
14 
Cost of provision of telecommunication services3
 
(1,488)  
(198)  
108  
(1,578) 
Cost of handsets and hardware sold
 
(797)  
(87)  
—  
(884) 
Segment gross margin
 
2,221  
864  
—  
3,085 
Segment EBITDA1
 
1,308  
595  
—  
1,903 
Reconciliation of segment EBITDA to the Group’s profit before income tax is as follows:
2024
2023
$m
$m
Total segment EBITDA1
 
1,977  
1,903 
Other income
 
6  
22 
Head office costs
 
(2)  
(2) 
Transaction costs (including separation costs)
 
(19)  
(31) 
Impairments and other charges2
 
(250)  
(17) 
Depreciation and amortisation expense
 
(1,485)  
(1,472) 
Net financing costs
 
(378)  
(341) 
(Loss)/profit before income tax
 
(151)  
62 
1.
$38 million of transformation costs separately presented in FY23 Financial Report have been reclassified within this line. This is to aid 
comparability with the FY24 segment EBITDA which includes transformation costs.
2.
Impairments and other charges of $250 million in FY24 relates to the accounting impacts of MOCN, refer to Note 5 for further details.
3.
A reclassification has been made for FY23 segment revenue from contracts with customers and the cost of providing 
telecommunication services. This was due to the reclassification of corporate cash flows from Consumer to EGW to align with FY24. 
The net amount reclassified from Consumer segment to EGW was $15 million.
Notes to the consolidated financial statements continued
Page 87  |  TPG Telecom Annual Report 2024

Note 3. Segment reporting continued
(c) Geographic information
The majority of the Group’s revenues are derived from Australian based entities, and no single customer 
generates revenue greater than 10% of the Group’s total revenue. A geographic analysis of the Group’s non-
current assets is set out below:
2024
2023
$m
$m
Australia
 
17,735  
18,144 
Other
 
198  
240 
 
17,933  
18,384 
‘Other’ predominantly relates to submarine cables located in international waters.
Note 4. Revenue from contracts with customers
Revenue is recognised when (or as) the Group satisfies a performance obligation by transferring a promised 
good or service to a customer. Revenue is measured based on the consideration specified in a contract with a 
customer. Revenue is presented net of GST, rebates and discounts.
Revenue arrangements with multiple deliverables
Goods and services may be sold separately or in bundled packages. For bundled packages (e.g. mobile 
devices and monthly service fees), the Group accounts for revenue from individual goods and services. The 
consideration for the bundled packages comprises cash flows from the customers (expected to be received) 
in relation to goods and services delivered over the contract term. The consideration (transaction price) is 
allocated between separate goods and services in a bundle based on their relative stand-alone selling prices. 
If an observable price is available, it is used to determine the stand-alone selling price. In the absence of 
observable prices, the Group uses various estimation methods, including an adjusted market assessment 
and cost plus margin approach, to arrive at a stand-alone selling price. The Group has determined that the 
estimated prices are largely aligned to the stand-alone selling prices.
Where a discount is provided to the customer for bundled packages they are recognised in proportion with the 
hardware and service equivalent stand-alone prices.
Service revenue - Telecommunication services
The Group sells telecommunication services of the following nature: post-paid and prepaid mobile services, 
fixed data, internet and voice services, device replacement services and content services. Telecommunication 
services include monthly access charges for voice, messaging and data services, fees for connecting users of 
fixed line and other mobile providers to the network and agreements entered into with other 
telecommunications networks. 
Revenue from telecommunication services is measured based on the consideration specified in a contract with 
a customer. The Group recognises service revenue over time in the accounting period in which the services are 
rendered, as customers simultaneously receive and consume the benefits from the services provided. Revenue 
is recognised based on output measures of the value to the customer of goods or services transferred to date, 
such as number of voice minutes, number of texts, amount of data consumed or (for an unlimited service) time 
elapsed. Given the evolution of products towards the provision of unlimited services, time elapsed is the 
measure that is the most applied. 
Set-up revenue for certain products does not satisfy the definition of a performance obligation and is treated 
as part of the total contract price and allocated over the identified performance obligations. Certain equipment 
used to deliver services are accounted for as either an asset or fulfillment cost if the equipment is not a 
promised good or service to be transferred to customers. Revenue from content services is recognised on 
a net basis when the Group acts as agent.
Notes to the consolidated financial statements continued
Page 88  |  TPG Telecom Annual Report 2024

Note 4. Revenue from contracts with customers continued
Hardware revenue
Revenue from the sale of handsets, modems and accessories is recognised at a point in time when the 
handsets, modems and accessories are delivered, the legal title has passed, and the customer has accepted 
the goods.
For mobile devices sold in bundled contracts, customers are offered a no lock in (monthly) service plan. 
Customers have two options for payment – full or partial payment at the commencement of the contract or 
instalments. A receivable is recognised for handset and accessories instalment plans. If a customer cancels 
their no lock in service plan, any outstanding hardware balance becomes payable immediately. The Group 
has determined no significant financing component exists for bundled contracts with monthly handset and 
accessories repayments. Factors such as the hardware device retail price, the significance of financing within 
the contract as a whole and the duration of the deferred payment terms have been considered. 
The total transaction price for hardware revenue paid through instalments is subject to risks around 
collectability, impacts of new plans and industry trends. Accordingly, judgement is used to estimate the impacts 
of these risks at the time of sale using a portfolio estimate. 
(a) Major product categories
TIMING OF 
REVENUE 
RECOGNITION
CONSUMER
ENTERPRISE, 
GOVERNMENT AND 
WHOLESALE
TOTAL
2024
2023
2024
2023
2024
2023
$m
$m
$m
$m
$m
$m
Mobile – Post-paid
Over time
 
1,543  
1,489  
188  
184  
1,731  
1,673 
Mobile – Prepaid
Over time
 
541  
482  
—  
—  
541  
482 
Fixed (including data and internet)1
Over time
 
1,680  
1,718  
624  
648  
2,304  
2,366 
Other service revenue
Over time
 
6  
10  
120  
101  
126  
111 
Handsets, accessories and other 
hardware 
Point in time
 
727  
807  
91  
94  
818  
901 
 
4,497  
4,506  
1,023  
1,027  
5,520  
5,533 
1 Fixed revenue has been restated for FY23 due to the reclassification of corporate cash flows from Consumer to EGW, refer to Note 3 for 
further details.
(b) Assets and liabilities related to contracts with customers
Contract assets (referred to as trade receivables) are amounts due from customers for goods and services 
performed in the ordinary course of business. Trade receivables are recognised initially at the amount of 
consideration that is unconditional less loss allowance. Refer to Note 10 for further details.
Contract costs are recognised as an asset and expensed over the expected life of a customer contract 
consistent with the transfer of the goods and services to which the capitalised costs relate to deliver the 
customer contract. Refer to Note 15 for further details.
Contract liabilities relate to unearned revenue. Unearned revenue arises from consideration received from 
prepaid services which have not been utilised, or from post-paid services which have not yet been provided. 
Contract liabilities relating to prior year released during the year were $278 million (2023: $275 million).
2024
2023
$m
$m
Contract liabilities
 
332  
310 
Notes to the consolidated financial statements continued
Page 89  |  TPG Telecom Annual Report 2024

Note 5. Multi-Operator Core Network ("MOCN") agreement 
In April 2024, the Group signed agreements with Optus Mobile Pty Limited (“Optus”) to create a regional Multi-
Operator Core Network (“MOCN”) to extend the Group’s mobile network coverage. The arrangement will 
commence in early 2025 for an initial term of 11 years, comprising of an annual net fee payable by the Group to 
Optus for access to the extended network.
The arrangement was cleared by the ACCC in September 2024, and as a result the Group recognised total 
non-cash charges of $250 million due to the planned decommissioning or transfer to Optus of 785 existing 
mobile network sites in the MOCN area. The non cash charges included the impairment of Right of Use Assets 
and Property, Plant and Equipment of $202 million and decommissioning and other provisions of $48 million. 
These charges were recognised in the Financial Statements under Impairments and other charges in the 
Consolidated Income Statement (refer to Note 6), Right-of-use assets (refer to Note 14), Property, Plant & 
Equipment (refer to Note 13) and Provisions (refer to Note 18).
Critical Estimates and Judgements: Impairment & Provisions
Judgement is required to determine the recoverable asset values in relation to the sites in the MOCN area 
that will be subject to impairment as a result of the arrangement. Provisions for the costs associated with the 
decommissioning of these sites will need to be estimated.
Notes to the consolidated financial statements continued
Page 90  |  TPG Telecom Annual Report 2024

Note 6. Other profit and loss items 
(a) Other income
2024
2023
$m
$m
Gain on sale of subsidiary
 
3  
— 
Other income
 
9  
36 
 
12  
36 
The gain on sale of subsidiary arose on the 19 February 2024 from the disposal of the Group's investment in 
Orchid Cybertech Services Incorporated.
(b) Employee benefits expense
2024
2023
$m
$m
Superannuation expense
 
48  
40 
Redundancy costs
 
9  
2 
Other employee benefits expense
 
382  
386 
 
439  
428 
(c) Other operating expenses
2024
2023
$m
$m
Advertising and promotion expenses
 
126  
132 
Consulting and outsourced services costs
 
208  
161 
Facilities expenses
 
34  
33 
Administration and other expenses
 
53  
54 
 
421  
380 
Increase in Consulting and outsourced services costs in 2024 is due to the outsourcing of the Manila shared 
services following the sale of Orchid Cybertech Services Incorporated. This cost replaces costs classified in 
2023 under employee benefits expense, technology costs and depreciation and amortisation expense.
(d) Impairments and other charges
2024
2023
$m
$m
Brand impairment charge
 
—  
17 
MOCN impairments and other charges
 
250  
— 
 
250  
17 
Refer to Note 5 for further detail on MOCN impairments and other charges.
(e) Depreciation and amortisation expense
2024
2023
$m
$m
Depreciation of property, plant and equipment
 
593  
570 
Depreciation of right-of-use assets
 
169  
195 
Amortisation of intangible assets
 
723  
707 
 
1,485  
1,472 
(f) Net Financing costs
2024
2023
$m
$m
Finance income
Interest income
 
(3)  
(4) 
Finance expenses
Amortisation of borrowing costs
 
6  
10 
Interest and finance charges for borrowings and lease liabilities
 
375  
335 
 
378  
341 
Notes to the consolidated financial statements continued
Page 91  |  TPG Telecom Annual Report 2024

Note 7. Income tax
The consolidated current tax payable or receivable is based on taxable profit for the year. Taxable profit differs 
from profit reported in the Consolidated Income Statement because some items of income or expense are 
taxable or deductible in different periods or may never be taxable or deductible. The Group’s liability for current 
tax is calculated using Australian tax rates (and laws) that have been enacted or substantively enacted by the 
reporting date.
Tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or 
credited directly to equity, in which case the tax is also recognised directly in equity.
For tax purposes, with effect from 13 July 2020, the wholly owned Australian subsidiaries acquired as part of 
the merger with TPG Corporation entered the tax consolidated group, of which the Company is the head entity, 
in accordance with Australian taxation law. The tax sharing agreement entered into between the entities within 
the tax consolidated group provides for the determination of the allocation of the income tax liabilities between 
entities should the head entity default in its tax payment obligations or if an entity should leave the tax 
consolidated group. The effect of the tax sharing agreement is that the company’s liability for tax payable by the 
tax consolidated group is limited to the amount payable to the head entity under the tax funding arrangement.
(a) Income tax expense
2024
2023
NOTES
$m
$m
Current tax
Current tax on profit & loss for the period
 
3  
6 
Adjustments for current tax in respect of prior periods
 
—  
(5) 
Total current tax expense
 
3  
1 
Deferred tax
Decrease in deferred tax assets
7(d)
 
77  
11 
(Decrease)/increase in deferred tax liabilities
7(d)
 
(121)  
1 
Adjustments for deferred tax in respect of prior periods
 
(3)  
— 
Total deferred tax (benefit)/expense
 
(47)  
12 
Income tax (benefit)/expense attributable to continuing operations
 
(44)  
13 
(b) Numerical reconciliation between tax expense and pre-tax accounting profit
2024
2023
$m
$m
(Loss)/profit before income tax
 
(151)  
62 
Income tax (benefit)/expense using the Australian tax rate of 30% (31 December 2023: 30%)
 
(45)  
19 
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Non-deductible expenses
 
3  
1 
Under / (over) from prior periods
 
(3)  
(5) 
Withholding tax paid on dividend received from subsidiary
 
2  
— 
Non-assessable accounting gain on disposal of subsidiary
 
(1)  
— 
Tax expense differential between accounting gain and capital gain on tower sale
 
—  
(2) 
Income tax (benefit)/expense
 
(44)  
13 
Notes to the consolidated financial statements continued
Page 92  |  TPG Telecom Annual Report 2024

Note 7. Income tax continued
(c) Tax losses
2024
2023
$m
$m
Unused transferred tax losses for which no deferred tax asset has been recognised
2,275  
2,275 
Total tax losses for which no deferred tax asset has been recognised
2,275  
2,275 
Potential tax benefit at 30% (31 December 2023: 30%)
 
683  
683 
The transferred losses of $2,275 million arose from the Vodafone and '3’ merger in 2009 and were transferred 
to VHA at that time. These transferred losses are subject to an available fraction calculation which determines 
the rate at which the transferred losses can be utilised.
(d) Deferred tax assets and liabilities
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences 
between the carrying amounts of assets and liabilities in the consolidated financial statements and the 
corresponding tax bases used in the computation of taxable profit. It is accounted for using the liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets 
are recognised to the extent that it is probable that taxable profits will be available against which deductible 
temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference 
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and 
liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries 
and associates, and interests in joint ventures, except where the associated entity is able to control the reversal 
of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable 
future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it 
is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be 
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or 
the asset realised, based on tax rates (and laws) that have been enacted or substantively enacted by the 
reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets 
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and 
tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a 
net basis, or to realise the asset and settle the liability simultaneously.
Notes to the consolidated financial statements continued
Page 93  |  TPG Telecom Annual Report 2024

Note 7. Income tax continued
(d) Deferred tax assets and liabilities continued
Critical Estimates and Judgements: Recognition of deferred tax assets 
Judgement is required to determine the recognition of deferred tax assets, which is reviewed at the end of 
each reporting period. The carrying amount of deferred tax assets is only recognised to the extent that it is 
probable that sufficient taxable profit will be available in the future to utilise this benefit. This assessment 
requires assumptions about the generation of future taxable profit derived from the Group’s estimates of 
future cash flows. Judgements are also required about the application of income tax legislation. These 
judgements and assumptions are subject to risk and uncertainty, hence there is a possibility that changes in 
circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax 
liabilities recognised in the Consolidated Statement of Financial Position and the amount of tax losses and 
temporary differences not yet recognised.
With regard to tax losses carried forward, the benefit of tax losses will only be obtained if the specific entity 
carrying forward the tax losses derives future assessable income of an amount sufficient to enable the 
benefit from the deductions for the losses to be realised, and the Company complies with the conditions for 
deductibility imposed by tax legislation. At 31 December 2024, $197 million (2023: $254 million) of deferred 
tax assets from tax losses have been recognised based on the Group’s assessment of the availability of the 
tax losses, and the future rate of utilisation of tax losses based on the Group’s estimates of future cash flows.
Amounts unrecognised as at the reporting date could be subsequently recognised if it becomes probable 
that future taxable profit will allow the Group to benefit from these unrecognised tax losses.
2024
2023
$m
$m
Deferred tax assets
The balance comprises temporary differences attributable to:
Employee benefits
 
22  
21 
Deferred revenue
 
11  
9 
Property, plant and equipment
 
57  
65 
Provisions and accruals
 
75  
72 
Lease liabilities
 
638  
650 
Tax losses
 
197  
254 
Copyright
 
39  
41 
Other
 
18  
22 
Total deferred tax assets
 
1,057  
1,134 
Set off tax liabilities pursuant to set-off provisions
 
(839)  
(963) 
Net deferred tax assets
 
218  
171 
Notes to the consolidated financial statements continued
Page 94  |  TPG Telecom Annual Report 2024

Note 7. Income tax continued
(d) Deferred tax assets and liabilities continued
MOVEMENTS
EMPLOYEE 
BENEFITS
DEFERRED 
REVENUE
PROPERTY, 
PLANT AND 
EQUIPMENT
PROVISIONS 
AND 
ACCRUALS
LEASE 
LIABILITIES
TAX 
LOSSES
COPYRIGHT
OTHER
TOTAL
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024 
(charged)/credited
 
21  
9  
65  
72  
650  
254  
41  
22  1,134 
- To profit or loss
 
1  
2  
(8)  
3  
(12)  
(57)  
(2)  
(4)  
(77) 
At 31 December 2024  
22  
11  
57  
75  
638  
197  
39  
18  1,057 
At 1 January 2023 
(charged)/credited
 
18  
15  
84  
70  
570  
326  
43  
19  1,145 
- To profit or loss
 
3  
(6)  
(19)  
2  
80  
(72)  
(2)  
3  
(11) 
At 31 December 2023  
21  
9  
65  
72  
650  
254  
41  
22  1,134 
2024
2023
$m
$m
Deferred tax liabilities
The balance comprises temporary differences attributable to:
Right-of-use assets
 
417  
489 
Intangible assets
 
413  
464 
Other
 
9  
10 
Set off tax liabilities pursuant to set-off provisions
 
(839)  
(963) 
Net deferred tax liabilities
 
—  
— 
RIGHT-OF-USE 
ASSETS
INTANGIBLE 
ASSETS
OTHER
TOTAL
MOVEMENTS
$m
$m
$m
$m
At 1 January 2024 (charged)/credited
 
489  
464  
10  
963 
- To profit or loss 
 
(72)  
(51)  
(1)  
(124) 
At 31 December 2024 
 
417  
413  
9  
839 
At 1 January 2023 (charged)/credited
 
437  
516  
9  
962 
- To profit or loss 
 
52  
(52)  
1  
1 
At 31 December 2023 
 
489  
464  
10  
963 
Notes to the consolidated financial statements continued
Page 95  |  TPG Telecom Annual Report 2024

Note 8. Earnings per share
UNITS
2024
2023
Basic earnings per share
cents
 
(5.8)  
2.6 
Diluted earnings per share
cents
 
(5.8)  
2.6 
(Loss)/profit attributable to the owners of the Company used in calculating 
basic and diluted earnings per share
$m
 
(107)  
49 
Weighted average number of ordinary shares during the year in calculating 
basic earnings per share
number
 1,854,631,530  1,856,238,552 
Weighted average number of ordinary shares during the year in calculating 
diluted earnings per share
number
 1,854,631,530  1,857,788,705 
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is 
calculated by dividing the profit or loss attributable to owners of the Company by the weighted average number 
of ordinary shares during the period. The weighted average number of ordinary shares is adjusted to exclude 
the shares held by the TPG Employee Incentive Plan Trust. Refer to Note 25 for information on equity 
instruments issued under the employee share scheme.
Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the 
effects of all dilutive potential ordinary shares. Rights granted to employees under share-based payments 
arrangements are considered to be potential ordinary shares and have been included in the determination of 
diluted earnings per share. 
For the year ended 31 December 2024, the weighted average number of shares used in the basic and diluted 
EPS calculations is the same. This is due to the anti-dilutive effect of share rights expected to vest, which have 
been excluded from the diluted EPS calculation as the Group incurred a loss.
For the year ended 31 December 2023, the Group recorded a profit. Consequently, the share rights expected to 
vest were included in the weighted average number of shares used in the diluted EPS calculation. 
Note 9. Cash and cash equivalents
For the purposes of presentation in the Consolidated Statement of Cash Flows, cash and cash equivalents 
include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments 
with original maturities of three months or less that are readily convertible to known amounts of cash and which 
are subject to an insignificant risk of changes in value, and bank overdrafts that are repayable on demand and 
form an integral part of the Group’s cash management.
(a) Restricted cash
At 31 December 2024, $5 million of the cash and cash equivalents balance held by the Group were subject to 
restrictions and therefore not available for general use by other entities within the Group (2023: $2 million). 
These represent funds collected on behalf of a third party that has purchased various handset receivable 
contracts.
(b) Reconciliation of cash flows from operating activities
The presentation of cash flows from operating activities in the Consolidated Statement of Cash Flows has been 
prepared based on the direct method, as it provides more relevant information for the users of the financial 
report.
Notes to the consolidated financial statements continued
Page 96  |  TPG Telecom Annual Report 2024

Note 9. Cash and cash equivalents continued
(b) Reconciliation of cash flows from operating activities continued
The reconciliation of net operating cash flows has been disclosed in the below table.
2024
2023
$m
$m
Cash flows from operating activities
(Loss)/ profit for the year after income tax
 
(107)  
49 
Adjustments for:
Depreciation and amortisation expense
 
1,485  
1,472 
Impairment charge
 
202  
17 
Net financing costs
 
378  
341 
Share based payment expense
 
13  
8 
Other non-operating (costs)/gain
 
(1)  
7 
 
1,970  
1,894 
Movements in operating assets and liabilities:
(Increase) in trade and other receivables
 
(5)  
(369) 
Decrease in inventories
 
35  
38 
Decrease/ (increase) in prepayments and other assets
 
24  
(5) 
(Increase)/ decrease in deferred tax assets
 
(47)  
12 
(Decrease) in trade and other payables
 
(100)  
(14) 
Increase in contract liabilities
 
22  
9 
(Decrease) in other liabilities
 
(10)  
(51) 
Increase in provisions
 
37  
8 
 
(44)  
(372) 
Net cash generated from operating activities
 
1,926  
1,522 
(c) Non-cash investing and financing activities
2024
2023
$m
$m
Acquisition of right-of-use assets
 
115  
333 
(d) Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
2024
2023
$m
$m
Cash and cash equivalents
 
42  
116 
Borrowings
 
(4,099)  
(4,076) 
Lease liabilities
 
(2,205)  
(2,234) 
Net debt
 
(6,262)  
(6,194) 
Notes to the consolidated financial statements continued
Page 97  |  TPG Telecom Annual Report 2024

Note 9. Cash and cash equivalents continued
(d) Net debt reconciliation continued
CASH AND CASH 
EQUIVALENTS
LEASE LIABILITIES
BORROWINGS
TOTAL
$m
$m
$m
$m
Net debt at 1 January 2024 
 
116  
(2,234)  
(4,076)  
(6,194) 
Cash flows
 
(74)  
263  
—  
189 
Lease acquisitions
 
—  
(115)  
—  
(115) 
Interest unwinding
 
—  
(127)  
—  
(127) 
Lease revaluations and 
terminations
 
—  
(8)  
—  
(8) 
Proceeds from borrowings
 
—  
—  
(1,170)  
(1,170) 
Repayment of borrowings
 
—  
—  
1,150  
1,150 
Other
 
—  
16  
(3)  
13 
Net debt at 31 December 2024 
 
42  
(2,205)  
(4,099)  
(6,262) 
CASH AND CASH 
EQUIVALENTS
LEASE LIABILITIES
BORROWINGS
TOTAL
$m
$m
$m
$m
Net debt at 1 January 2023 
 
114  
(1,965)  
(3,690)  
(5,541) 
Cash flows
 
2  
229  
—  
231 
Lease acquisitions
 
—  
(331)  
—  
(331) 
Interest unwinding
 
—  
(121)  
—  
(121) 
Lease revaluations and 
terminations
 
—  
(34)  
—  
(34) 
Proceeds from borrowings
 
—  
—  
(3,670)  
(3,670) 
Repayment of borrowings
 
—  
—  
3,270  
3,270 
Other
 
—  
(12)  
14  
2 
Net debt at 31 December 2023 
 
116  
(2,234)  
(4,076)  
(6,194) 
(e) Guarantees
2024
2023
$m
$m
Unsecured guarantees
 
24  
51 
The Group has provided bankers’ guarantees to support various commercial and regulatory obligations of $24 
million (2023: $51 million).
Notes to the consolidated financial statements continued
Page 98  |  TPG Telecom Annual Report 2024

Note 10. Trade and other receivables
Trade receivables are amounts due from customers for goods and services provided in the ordinary course of 
business. Trade receivables are recognised initially at the amount of consideration that is unconditional less a 
loss allowance. Trade receivables are generally due for settlement within 0 to 60 days, except for handset and 
accessories receivables which are collected over the term of the contract. The group holds the trade 
receivables with the objective of collecting the contractual cash flows and therefore measures them 
subsequently at amortised cost using the effective interest method. For handset and accessories receivables 
which have not been sold to third parties in accordance with the Group’s arrangements, these are initially 
recognised at the amount expected to be recoverable over the term of the contract, subject to collectability 
reviews.
Collectability of receivables is reviewed on an ongoing basis. The Group applies the AASB 9 Financial 
Instruments (AASB 9) simplified approach to measuring expected credit losses which uses a lifetime expected 
loss allowance for all receivables. To measure the expected credit losses, trade receivables have been grouped 
based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over relevant historical periods before year 
end and the corresponding historical credit losses experienced within this period. The historical loss rates are 
adjusted to reflect current and forward looking information on macroeconomic and commercial factors affecting 
the ability of customers to settle the receivables.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is 
no reasonable expectation of recovery include inactive accounts, the failure of a debtor to engage in a 
repayment plan with the Group and a failure to make contractual payments for a period of greater than 90 to 
120 days past due. Impairment losses on trade receivables are presented as impairment of receivables within 
other operating expenses in the Consolidated Income Statement. Subsequent recoveries of amounts previously 
written off are credited against the same line item.
The Group has entered into arrangements which allows them to sell certain handset and accessories 
receivables to a third party.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, 
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to 
another party. On derecognition of a financial asset, the difference between the asset’s carrying amount and the 
sum of the consideration received and receivable is recognised as handset receivable expense within cost of 
handsets sold in the Consolidated Income Statement.
As the relevant criteria in AASB 9 were satisfied, the fair value of the current receivables sold were 
derecognised from the financial statements. Unsold handset receivables were not derecognised by the Group if 
they were yet to satisfy the qualifying criteria required under the risk transfer arrangement with third parties.
TPG did not carry any of its handset related receivables at fair value as at 31 December 2024 (2023: nil).
Notes to the consolidated financial statements continued
Page 99  |  TPG Telecom Annual Report 2024

Note 10. Trade and other receivables continued
2024
2023
$m
$m
Current
Trade receivables
 
246  
265 
Less: expected credit loss allowance
 
(18)  
(16) 
 
228  
249 
Handset and accessories receivables
 
625  
576 
Accrued revenue
 
39  
27 
Receivables from related parties
 
1  
1 
Other receivables
 
79  
115 
 
972  
968 
Non-current
Handset and accessories receivables
 
444  
465 
Other receivables
 
3  
4 
 
447  
469 
(a) Movement in provision for impairment of trade receivables
2024
2023
$m
$m
Balance at 1 January
 
(16)  
(17) 
Provision for impairment recognised during the year
 
(7)  
(7) 
Receivables written off during the year
 
5  
8 
Balance at 31 December
 
(18)  
(16) 
(b) Handset and accessories receivables
2024
2023
$m
$m
Handset and accessories receivables
 
1,116  
1,102 
Estimated future adjustments to unbilled revenue1
 
(47)  
(61) 
 
1,069  
1,041 
Handset receivables sale expense
 
—  
— 
1. This includes estimated future adjustments to unbilled revenue and loss allowance.
Critical Estimates and Judgements: Loss allowance on trade and other receivables
Judgement is required to determine the allowance for doubtful debts for the Group’s trade receivables. 
During the financial year, the loss assumptions used in determining the provision for trade and other 
receivables were reviewed against, and updated to align with, actual debtor collectability using latest 
available data.
Notes to the consolidated financial statements continued
Page 100  |  TPG Telecom Annual Report 2024

Note 11. Inventories
Finished goods include handsets, modems, other connectivity devices and accessories and are stated at the 
lower of cost and net realisable value. The costs of individual items of inventory are determined using the 
weighted average cost or standard cost method. The standard costs are regularly reviewed and, if necessary, 
revised in the light of current conditions. The same cost formula is applied to all inventories with a similar nature 
and use to the Group. Cost comprises the purchase price and any expenditure that is directly attributable to the 
acquisition of the inventory after deducting rebates and discounts. Net realisable value is the estimated selling 
price in the ordinary course of business less the estimated costs necessary to make the sale.
2024
2023
$m
$m
Finished goods at net realisable value
 
82  
117 
Inventories expensed in the Consolidated Income Statement during the year ended 31 December 2024 
amounted to $744 million (2023: $843 million). Inventories written down during the year ended 31 December 
2024 amounted to $7 million (2023: $10 million).
Note 12. Derivative financial instruments and hedge accounting
Derivative financial instruments are utilised by the Group in the management of its foreign currency and interest 
rate risk exposures. The Group’s policy is not to utilise derivative financial instruments for trading or speculative 
purposes. 
The Group designates derivatives as hedging instruments to hedge the variability in cash flow associated with 
known or highly probable forecast transactions arising from changes in interest rates. 
At inception of the hedge relationship, the Group documents the economic relationship between hedging 
instruments and hedged items including whether changes in the cash flows of the hedging instruments are 
expected to offset changes in the cash flows of hedged items. The Group documents its risk management 
objective and strategy for undertaking its hedge transactions. 
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective 
effectiveness assessments to ensure that the economic relationship between the hedged item and hedging 
instrument is maintained.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are 
subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent 
changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the 
nature of the item being hedged. 
The fair values of derivative financial instruments designated in hedge relationships are classified as non-
current assets or liabilities, except for those that mature in less than 12 months from the reporting date, which 
are classified as current. 
For derivatives that do not qualify for hedge accounting, changes in fair value are recognised in the 
Consolidated Income Statement.
Notes to the consolidated financial statements continued
Page 101  |  TPG Telecom Annual Report 2024

Note 12. Derivative financial instruments and hedge accounting continued
Cash flow hedges that qualify for hedge accounting
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair 
value of derivatives is recognised in other comprehensive income and accumulated in the hedging reserve. The 
effective portion of changes in the fair value of the derivative that is recognised in other comprehensive income 
is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from 
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the 
Consolidated Income Statement within other income or other operating expenses. The Group tests cash flow 
hedges for effectiveness at each reporting date prospectively. 
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, or is 
terminated, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges 
is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is 
reclassified to profit or loss in the same period as the hedged expected future cash flows affect profit or loss.
2024
2023
$m
$m
Current assets
Interest rate swaps
 
2  
2 
Non-current assets
Interest rate swaps
 
—  
3 
 
2  
5 
Interest rate swaps
The Group enters into interest rate swaps for risk management purposes that are designed as cash flow 
hedges. The Group’s outstanding interest rate swaps have similar critical terms as the hedged item, such as 
reference rate, reset date, payment dates, and notional amount. The group does not hedge 100% of its loans, 
therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the 
swaps. As all critical terms matched during the year, there is an economic relationship. The interest rate swaps 
have floating legs that are indexed to 3-month BBSY rate on the reset date, being the first day of the calculation 
period. The Group’s derivative instruments are governed by contracts based on the International Swaps and 
Derivatives Association master agreements.
Hedge ineffectiveness for interest rate swaps may occur due to:
• The credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and
• Difference in critical terms between the interest rate swaps and loans.
Hedge ineffectiveness in relation to the interest rate swaps was negligible for the years ended 31 December 
2024 and 2023.
Notes to the consolidated financial statements continued
Page 102  |  TPG Telecom Annual Report 2024

Note 12. Derivative financial instruments and hedge accounting continued
Interest rate swaps continued
Other information relating to interest rate swaps designated as cash flow hedges were as follows
INTEREST RATE SWAPS  
(CURRENT & NON-CURRENT ASSETS) 
2024
2023
$m
$m
Carrying amount
2
5
Notional amount
1,100
2,500
Maturity date
2025
2024-2025
Hedge ratio
1:1
1:1
Change in fair value of outstanding hedging instruments since inception of the 
hedge
(3)
3
Change in value of hedged item used to determine hedge ineffectiveness
—  
— 
Weighted average hedged rate 
 6 %
 4 %
Hedging reserves
The Group’s hedging reserves disclosed in Note 21 relate to the following hedging instrument:
INTEREST RATE 
SWAPS
$m
At 1 January 2023
 
2 
Change in fair value of hedging instrument recognised in OCI
 
3 
At 31 December 2023
 
5 
Change in fair value of hedging instrument recognised in OCI
 
(3) 
At 31 December 2024
 
2 
There were no reclassifications from the cash flow hedge reserve to profit or loss during the period.
Notes to the consolidated financial statements continued
Page 103  |  TPG Telecom Annual Report 2024

Note 13. Property, plant and equipment
ASSET CLASS
RECOGNITION AND MEASUREMENT
Property, plant and 
equipment 
Property, plant and equipment (PP&E) are stated at historical cost less accumulated 
depreciation and impairment. Historical cost includes expenditure that is directly attributable to 
bringing the asset to the location and condition necessary for its intended use. Borrowing costs 
that are directly attributable to the acquisition, construction or production of a qualifying asset are 
included as part of the cost of that asset.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate 
asset, as appropriate, only when it is probable that future economic benefits associated with the 
item will flow to the Group and the cost of the item can be measured reliably. All other repairs 
and maintenance are charged to the Consolidated Income Statement during the financial period 
in which they are incurred.
(a) Depreciation
Depreciation is charged on property, plant and equipment excluding land. Depreciation is calculated on a 
straight-line basis to write off the depreciable amount of each item of property, plant and equipment over its 
expected useful life to the Group. The assets’ residual values and useful lives are reviewed at each reporting 
date and adjusted if appropriate. Assets are depreciated from the date they are brought into commercial 
service, or in respect of internally constructed assets from the time the asset is completed and is available for 
commercial use. The cost of internally constructed assets includes the cost of materials, direct labour, and the 
initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on 
which they are located.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as 
separate items of property, plant and equipment. The expected useful lives for PP&E assets are as follows:
Buildings
40 years
Leasehold improvements
3 to 10 years
Network & IT equipment and Infrastructure
2 to 25 years
The depreciable amount of improvements to or on leasehold properties and leased plant and equipment is 
amortised over the unexpired period of the lease or the estimated useful life of the leasehold improvement 
stated above to the Group, whichever is the shorter.
Depreciation rates and methods are reviewed at least annually and adjusted on a prospective basis as required 
by accounting standards.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount 
is greater than its estimated recoverable amount. The recoverable amount is the higher of an asset’s fair value 
less cost of disposal and value in use.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are 
included in the Consolidated Income Statement.
(b) Impairment of assets
Non-financial assets other than goodwill or intangible assets with indefinite useful lives are tested for 
impairment whenever events or changes in circumstances indicate that the carrying amount may not be 
recoverable. This includes assets under construction. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely 
independent of the cash inflows from other assets or groups of assets (cash-generating units). An impairment 
loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. An 
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying 
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been 
recognised.
Notes to the consolidated financial statements continued
Page 104  |  TPG Telecom Annual Report 2024

Note 13. Property, plant and equipment continued
(c) Property, plant and equipment movement schedule
LAND AND 
BUILDINGS
LEASEHOLD 
IMPROVEMENTS
NETWORK & IT 
EQUIPMENT AND 
INFRASTRUCTURE
ASSETS UNDER 
CONSTRUCTION
TOTAL
$m
$m
$m
$m
$m
At 31 December 2022
Cost 
 
43  
85  
5,956  
881  
6,965 
Accumulated depreciation
 
(6)  
(69)  
(3,258)  
(52)  
(3,385) 
Net book value
 
37  
16  
2,698  
829  
3,580 
Year ended 31 December 2023
Opening net book value
 
37  
16  
2,698  
829  
3,580 
Additions
 
—  
— 
361  
981 
1,017
Transfers in/(out) of other PPE and 
intangibles
 
—  
21  
744  
(950) 
(185)2
Disposal
 
—  
— 
(38)1  
(9)  
(47) 
Depreciation
 
(3)  
(9)  
(555)  
(3)  
(570) 
Net book value
 
34  
28  
2,885  
848 
3,795
At 31 December 2023
Cost
 
44  
101  
5,746  
917  
6,808 
Accumulated depreciation
 
(10)  
(73)  
(2,861)  
(69)  
(3,013) 
Net book value
 
34  
28  
2,885  
848 
3,795
Year ended 31 December 2024
Opening net book value
 
34  
28  
2,885  
848  
3,795 
Additions
 
—  
2 
153  
903  
920 
Transfers in/(out) of other PPE and 
intangibles
 
—  
14  
743  
(970) 
(213)4
Disposal
 
(1)  
— 
(17)3  
2  
(16) 
Depreciation
 
(3)  
(10)  
(576)  
(4)  
(593) 
Impairment
 
—  
—  
(28)  
—  
(28) 
Net book value
 
30  
34  
3,022  
779  
3,865 
As at 31 December 2024
Cost
 
42  
111  
6,306  
843  
7,302 
Accumulated depreciation
 
(12)  
(77)  
(3,284)  
(64)  
(3,437) 
Net book value
 
30  
34  
3,022  
779  
3,865 
1. The additions of $36 million and disposals of $38 million related to equipment that were accounted for as asset swaps.
2. The transfer balance of $185 million was transferred as additions to intangibles ($177 million cost only), and to right-of-use assets for 
leases ($8 million cost only). 
3. The additions of $15 million and disposals of $17 million related to equipment that were accounted for as asset swaps.
4. The transfer balance of $213 million (cost only) was transferred as additions to intangibles.
Notes to the consolidated financial statements continued
Page 105  |  TPG Telecom Annual Report 2024

Note 14. Right-of-use assets and lease liabilities
At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or 
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in 
exchange for consideration.
The Group has leases for various network sites, offices, retail stores and data centres. Rental contracts may 
contain both lease and non-lease components. The Group allocates the consideration in the contract to the 
lease and non-lease components based on their relative stand-alone prices.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. 
The lease agreements do not impose any covenants other than the security interests in the leased assets that 
are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Critical Estimates and Judgements: Determining lease terms
Judgement is required to determine the lease term for leases that include additional optional extension 
periods beyond the initial non-cancellable period. As a lessee, extension periods are included in the lease 
term in determining the lease liability if the Group is reasonably certain that the extension option will be 
exercised. An assessment of the likelihood of exercising renewal options, based on relevant facts and 
circumstances, such as historical lease durations, costs and business disruption required to replace the 
leased asset or relocate the site, the existence of termination penalties and the Group’s future plans, is 
performed on initial recognition of the lease. The lease term is reassessed if an option is actually exercised 
(or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment is only 
revised if a significant event or a significant change in circumstances occurs, and that is within the control of 
the Group.
For the Group’s network lease portfolio, renewal options are generally included in the lease term, when they 
are considered reasonably certain, based on the type and use of the underlying asset, that the lease will be 
extended. The length of the initial lease term is also considered, as the likelihood of exercising an option 
diminishes the longer the non-cancellable period.
For the Group’s commercial lease portfolio, which includes office buildings, data centres and retail stores, 
renewal options are generally not included in the lease term, and is assessed against the Group’s plan for its 
corporate and retail footprint.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are 
recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease 
term of 12 months or less. Low-value assets comprise IT equipment and typically have an underlying value of 
less than $10,000.
(a) Initial measurement
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased 
asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities 
include the net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable,
• variable lease payment that are based on an index or a rate, initially measured using the index or rate as at 
the commencement date,
• amounts expected to be payable by the Group under residual value guarantees,
• the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and
• payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Notes to the consolidated financial statements continued
Page 106  |  TPG Telecom Annual Report 2024

Note 14. Right-of-use assets and lease liabilities continued
Lease payments to be made under reasonably certain extension options are also included in the measurement 
of the liability.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability,
• any lease payments made at or before the commencement date less any lease incentives received,
• any initial direct costs, and
• restoration costs.
Critical Estimates and Judgements: Determining incremental borrowing rate
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily 
determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is 
used.
Judgement is required to determine the incremental borrowing rate used to measure the Group’s network 
and commercial leases. The Group is of the view that interest rates implicit in the Group’s leases are not 
readily determinable.
The incremental borrowing rate represents the rate that the individual lessee would have to pay to borrow 
the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic 
environment with similar terms, security and conditions. To determine the incremental borrowing rate, the 
Group where possible, uses recent third-party financing received by the individual lessee as a starting point, 
adjusted to reflect changes in financing conditions since the third party financing was received and 
considering elements specific to the lease, e.g. term of lease.
(b) Subsequent measurement
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which 
are not included in the lease liability until they take effect. When adjustments to lease payments based on an 
index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the profit or 
loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the 
liability for each period.
Right-of-use assets are generally depreciated over the lease term on a straight-line basis. If the Group is 
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying 
asset’s useful life.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount 
is greater than its estimated recoverable amount. The recoverable amount is the higher of an asset’s fair value 
less cost of disposal and value in use.
Notes to the consolidated financial statements continued
Page 107  |  TPG Telecom Annual Report 2024

Note 14. Right-of-use assets and lease liabilities continued
(c) Subleases
The Group has entered into lease agreements as an intermediate lessor for various retail stores and offices. 
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate 
contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset 
arising from the head lease.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s 
net investment in the leases. The net investment in each sublease is determined by discounting the rental 
payments expected to be received from the sublessee over the term of the sublease. The interest income 
associated with the discounting of the rental payments is recognised over the term of the sublease.
(d) Sale-and-leaseback
A sale-and-leaseback transaction is one where the Group sells an asset and immediately reacquires the use of 
the asset by entering into a lease with the buyer. The accounting treatment depends on whether the transfer of 
the asset by the seller-lessee satisfies the requirement of AASB 15 to be accounted for as a sale of the asset:
• if yes, as a seller-lessee, the Group measures the right-of-use asset arising from the leaseback at the 
proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group 
as a seller-lessee. Accordingly, the Group recognises only the amount of any gain or loss that relates to the 
rights transferred to the buyer-lessor.
• if not, as a seller-lessee, the Group continues to recognise the transferred assets and recognises a financial 
liability equal to the transfer proceeds. 
(e) Site Sharing Agreements
The Group has entered into a Site Sharing Agreement for various network sites. The purpose of this agreement 
is to share the costs relating to telecommunication equipment on certain network sites. Under this Agreement, 
access to network sites is granted to the other party in return for an access fee, which is settled on a net basis 
each quarter.
The Group considers the core purpose of the Agreement is for the convenience of each party rather than to 
generate lease income. The Group accounts for the subleases arising from the exchange of access fees on a 
net basis, as the exchanged right-of-use assets are similar in nature, the timing of cash flows between the 
parties mirrors the timing of receipts/payments under the head lease agreements, and the amount of cash flows 
is not expected to be materially different between the exchanged right-of-use assets. The Group is in a net 
payment position under the Agreement, and as a result the Group recognises a right-of-use asset and lease 
liability for the net payment portion in accordance with AASB 16.
Notes to the consolidated financial statements continued
Page 108  |  TPG Telecom Annual Report 2024

Note 14. Right-of-use assets and lease liabilities continued
The Consolidated Statement of Financial Position shows the following amounts relating to leases:
2024
2023
$m
$m
Right-of-use assets
Commercial properties
 
200  
207 
Network properties
 
1,269  
1,502 
 
1,469  
1,709 
Lease liabilities
Current
 
136  
122 
Non-current
 
2,069  
2,112 
 
2,205  
2,234 
• Additions to the right-of-use assets during the 2024 financial year were $115 million (2023: $333 million). 
• An impairment of $174 million was charged to right-of-use assets of network properties as a result of MOCN 
deal. Refer to Note 5 for more details.
The Consolidated Income Statement shows the following amounts relating to leases:
2024
2023
$m
$m
Depreciation of right-of-use assets
Commercial properties
 
47  
65 
Network properties
 
122  
130 
 
169  
195 
Interest expense (included in finance expenses) 
 
127  
121 
Expense relating to short-term and low-value leases (included in technology costs and other 
operating expenses) 
 
28  
41 
The total cash outflow for leases in 2024 was $291 million (2023: $270 million).
Notes to the consolidated financial statements continued
Page 109  |  TPG Telecom Annual Report 2024

Note 15. Intangible assets
ASSET CLASS
RECOGNITION AND MEASUREMENT
Goodwill
Goodwill arising in a business combination is recognised as an asset at the date that control is 
acquired (the acquisition date). Goodwill is measured as the excess of the sum of the 
consideration transferred, the amount of any non-controlling interest in the acquiree and the fair 
value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the 
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after 
reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets 
exceeds the sum of the consideration transferred, the amount of any non-controlling interests in 
the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if 
any), the excess is recognised immediately in the Consolidated Income Statement as a bargain 
purchase gain.
Brand names
On acquisition, brands of the acquiree are valued and brought to account as intangible assets. 
The value is calculated using the relief from royalty method. Brand names are classified as either 
finite or indefinite life intangible assets depending on the Group’s assessment of the expected 
pattern of economic benefits that they will generate for the Group. All current brand names have 
an indefinite useful life.
Computer software
Computer software comprises computer software purchased from third parties as well as the cost 
of internally developed software. Computer software licences are capitalised on the basis of the 
costs incurred to acquire and bring into use the specific software. Costs that are directly 
associated with the production of identifiable and unique software products controlled by the 
Group and are probable of producing future economic benefits are recognised as intangible 
assets. Direct costs include software development employee costs and directly attributable 
overheads. Software integral to a related item of hardware equipment is accounted for as 
property, plant and equipment.
Costs associated with maintaining computer software programs are recognised as an expense 
when they are incurred. 
Spectrum licences
Costs associated with acquiring spectrum licences are capitalised. The amortisation of the 
spectrum licences commences upon the later of the readiness of the network and the spectrum 
licences being allocated. 
Contract costs
Under AASB 15 Revenue from Contracts with Customers, incremental costs associated with 
acquiring and renewing a contract that are expected to be recovered are required to be initially 
recognised as an asset and expensed over the expected life of a customer contract consistent 
with the transfer to the customer of the goods and services to which the capitalised costs relate. 
Contracts costs associated with acquiring and renewing a service contract are capitalised and 
amortised over the life of the contract. Contract costs associated with the sale of handsets are 
capitalised and amortised upfront in line with transfer of handsets to the customer.
Acquired customer 
base
On acquisition, customer contracts and relationships of the acquiree are valued based on their 
expected future economic benefits (using discounted cash flow projections) and brought to 
account as intangible assets. 
Indefeasible rights of 
use capacity ('IRUs')
Indefeasible rights of use (“IRUs”) of acquired network capacity are brought to account as 
intangible assets at the present value of the future cash flows payable for the right. IRUs of 
acquired subsidiaries are accounted for at their fair value as at the date of acquisition.
(a) Amortisation
The expected useful lives of the intangible assets, other than goodwill and indefinite life brand names, are as 
follows:
Spectrum licences
9 to 20 years
Computer software
3 to 8 years
Contract costs
1 to 3 years
Customer base
8 to 15 years
Indefeasible rights of use (IRUs)
8 to 15 years
Notes to the consolidated financial statements continued
Page 110  |  TPG Telecom Annual Report 2024

Note 15. Intangible assets continued
Critical Estimates and Judgements: Useful lives of intangible assets
Judgement is required to determine the estimated useful lives of intangible assets for the basis of the 
amortisation period over which economic benefit will be derived from the asset. The Group reviews the 
useful lives at the end of each reporting period, based on the Group’s expected life of each asset class, 
including expected use of specific assets and other relevant factors such as any expected changes in 
technology.
(b) Intangibles assets movement schedule
BRAND 
NAMES
SPECTRUM 
LICENCES
COMPUTER 
SOFTWARE
CONTRACT 
COSTS
CUSTOMER 
BASE
IRUS
GOODWILL
TOTAL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2023
Cost
 
425  
3,153  
948  
170  
1,689  
217  
8,515  15,117 
Accumulated amortisation
 
(1)  
(1,143)  
(760)  
(96)  
(402)  
(52)  
—  (2,454) 
Net book value
 
424  
2,010  
188  
74  
1,287  
165  
8,515  12,663 
Year ended 31 December 
2023
Opening net book balance
 
424  
2,010  
188  
74  
1,287  
165  
8,515  12,663 
Additions
 
—  
4  
—  
101  
—  
—  
—  
105 
Transfers in from PPE
 
—  
(1)  
178  
—  
—  
—  
—  
177 
Impairment
 
(17)  
—  
—  
—  
—  
—  
—  
(17) 
Amortisation
 
—  
(276)  
(148)  
(101)  
(160)  
(22)  
—  
(707) 
Net book value
 
407  
1,737  
218  
74  
1,127  
143  
8,515  12,221 
At 31 December 2023
Cost
 
424  
3,160  
774  
202  
1,689  
217  
8,515  14,981 
Accumulated amortisation
 
—  
(1,423)  
(556)  
(128)  
(562)  
(74)  
—  (2,743) 
Impairment 
 
(17)  
—  
—  
—  
—  
—  
—  
(17) 
Net book value
 
407  
1,737  
218  
74  
1,127  
143  
8,515  12,221 
Year ended 31 December 
2024
Opening net book balance
 
407  
1,737  
218  
74  
1,127  
143  
8,515  12,221 
Additions
 
—  
128  
—  
84  
—  
—  
—  
212 
Transfers in from PPE
 
—  
—  
213  
—  
—  
—  
—  
213 
Amortisation
 
—  
(279)  
(169)  
(93)  
(160)  
(22)  
—  
(723) 
Net book value
 
407  
1,586  
262  
65  
967  
121  
8,515  11,923 
As at 31 December 2024
Cost
 
407  
3,280  
985  
183  
1,689  
217  
8,515  15,276 
Accumulated amortisation
 
—  
(1,694)  
(723)  
(118)  
(722)  
(96)  
—  (3,353) 
Net book value
 
407  
1,586  
262  
65  
967  
121  
8,515  11,923 
Notes to the consolidated financial statements continued
Page 111  |  TPG Telecom Annual Report 2024

Note 15. Intangible assets continued
(c) Impairment of assets (intangible assets with finite useful lives)
Refer to Note 13 for the Group’s non-financial asset impairment policy.
(d) Impairment testing for intangible assets with indefinite useful lives
Indefinite life intangible assets, such as goodwill and brand names, are not subject to amortisation and are 
tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might 
be impaired. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there 
are separately identifiable cash inflows known as cash generating units (“CGUs”).
Critical Estimates and Judgements: Determining the Group’s cash generating units
Judgement is required in determining the Group’s CGUs. The Group is of the view that its 
telecommunications network is integrated in nature, and no single component of the network individually 
generates cash flows from delivering products and services. For the purposes of goodwill allocation and 
impairment testing, the Group is of the view that the manner in which operations are monitored by the Group 
best reflects the Group’s CGUs.
During the financial year, there have been no changes to the manner in which the Group’s operations are 
monitored. The Group has identified the ‘Consumer’ and ‘Enterprise, Government and Wholesale’ CGU to be 
the lowest level at which goodwill is monitored for internal management purposes.
2024
2023
BRAND NAMES
GOODWILL
TOTAL
BRAND NAMES
GOODWILL
TOTAL
$m
$m
$m
$m
$m
$m
Consumer CGU
 
309  
6,386  
6,695  
309  
6,386  
6,695 
Enterprise, Government 
and Wholesale CGU
 
98  
2,129  
2,227  
98  
2,129  
2,227 
 
407  
8,515  
8,922  
407  
8,515  
8,922 
A CGU is impaired when the recoverable amount of the CGU is lower than the carrying amount of the CGU. 
The recoverable amount is the higher of an asset’s value-in-use and fair value less cost of disposal.
The Group uses the value-in-use method in order to assess the recoverable amount of the CGUs to which the 
indefinite life intangible assets have been allocated. If the recoverable amount of the CGU is less than its 
carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated 
to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset 
in the CGU.
An impairment loss recognised for goodwill cannot be subsequently reversed, whereas for identified intangibles 
the charge can be reversed where estimates used to determine the recoverable amount have changed.
Notes to the consolidated financial statements continued
Page 112  |  TPG Telecom Annual Report 2024

Note 15. Intangible assets continued
Critical Estimates and Judgements: Impairment of goodwill
Goodwill is not subject to amortisation and is assessed for impairment at least on an annual basis, or 
whenever an indication of potential impairment arises. 
Judgement is required to determine the recoverable amounts of the Group's CGUs, which have been 
determined using a value-in-use calculation. The following key assumptions have been used in determining 
the recoverable amount of the CGUs with allocated goodwill:
• Cash flow projections - cash flow projections are based on a five-year board approved long range plan. 
These include EBITDA related assumptions (such as expected customer subscriber growth rates, average 
revenue per user, product and pricing mix changes, direct costs to deliver telecommunication services, 
forecast employee headcount and wage inflation, marketing costs and other overheads), and capital 
related assumptions (including mobile and fixed networks, IT systems and spectrum). These assumptions 
are determined by an extrapolation of historical performance and future company plans. 
• Discount rate - a pre-tax discount rate has been used to discount the projected cash flows of the CGUs 
and is based on the Group's weighted average cost of capital adjusted to reflect an estimate of specific 
risks assumed in the cash flow projections.
• Terminal value growth rate – a long term growth rate is applied to extrapolate a CGU’s cash flows beyond 
the five-year forecast period. This growth rate is based on the expected long-term performance for the 
market.
31 DECEMBER 2024
31 DECEMBER 2023
CONSUMER
ENTERPRISE, 
GOVERNMENT 
AND 
WHOLESALE
CONSUMER
ENTERPRISE, 
GOVERNMENT 
AND 
WHOLESALE
Discount rate (pre-tax)
9.58%
10.21%
9.03%
9.80%
Terminal growth rate
3.00%
3.00%
3.00%
3.00%
Sensitivity analysis on all of the key assumptions employed in the value-in-use calculations has been 
performed. From this, the Group has concluded that a reasonable possible change in the key assumptions 
will not cause the carrying amounts of the Consumer and EGW CGUs to exceed the recoverable amounts. 
Notes to the consolidated financial statements continued
Page 113  |  TPG Telecom Annual Report 2024

Note 16. Trade and other payables
2024
2023
$m
$m
Trade creditors and accruals
 
949  
1,091 
Employee benefits related payables
 
39  
44 
Other creditors
 
33  
34 
Payables to related parties
 
10  
5 
 
1,031  
1,174 
(a) Trade creditors and accruals
These amounts represent liabilities for goods and services provided to the Group prior to the end of the 
financial period and which are unpaid. The amounts are unsecured and are usually paid or payable within 7 to 
180 days of recognition. The carrying amounts of trade and other payables are considered to be the same as 
their fair values, due to their short-term nature.
(b) Employee benefits - Wages and salaries
Liabilities for wages and salaries, including non-monetary benefits, that are expected to be settled wholly within 
12 months after the end of the reporting period in which the employees render the related service are 
recognised in other creditors in respect of employees’ services up to the reporting date and are measured at 
the amounts expected to be paid when the liabilities are settled. Liabilities for sick leave are recognised when 
the leave is taken and measured at the rates paid or payable.
(c) Employee benefits - Superannuation
The Group pays contributions to defined contribution superannuation plans on a mandatory, contractual or 
voluntary basis. The Group has no further superannuation payment obligations once the contributions have 
been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid 
contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments 
is available.
(d) Employee benefits - STI and LTI
A liability for employee benefits in the form of a STI plan is recognised in employee benefits related payables 
when there is no realistic alternative but to settle the liability and at least one of the following conditions is met:
• there are formal terms in the plan for determining the amount of the benefit;
• the amounts to be paid are determined before the time of completion of the financial statements; or
• past practice gives clear evidence of the amount of the obligation.
Liabilities recognised in trade and other payables for STI plans are expected to be settled within 12 months, 
subject to conditions being met, and are measured at the amounts expected to be paid when they are settled. 
The Group recognises share based compensation benefits provided within STI and LTI plans to a number of 
executives and eligible employees under reserves, refer to note 25 for further details.
(e) Employee benefits - Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement 
date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group 
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw 
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope 
of AASB 137 Provisions, Contingent Liabilities and Contingent Assets and involves the payment of termination 
benefits.
Notes to the consolidated financial statements continued
Page 114  |  TPG Telecom Annual Report 2024

Note 16. Trade and other payables continued
(f) Supplier finance arrangements
The Group participates in a supplier finance arrangement. Under the arrangement, the bank agrees to pay 
amounts due to participating suppliers in respect of invoices owed by the Group and the Group repays the bank 
at a later date. The principal purpose of this arrangement is to facilitate efficient payment processing.
There are no guarantees or securities provided under the supplier financing arrangement.
The arrangement does not significantly extend payment terms beyond the typical payment cycle with other 
suppliers that are not participating. The Group therefore includes the amounts subject to the arrangement 
within trade payables because the nature and function of these payables remains the same as those of other 
trade payables.
All payables under the arrangement are classified as current as at 31 December 2024.
2024
$m
Carrying amounts of liabilities
Presented within trade and other creditors
 
78 
 - of which suppliers have received payment 
 
78 
2024
Days after invoice 
date
Range of payment due dates
Trade creditors subject to supplier finance arrangement
85-176 
Comparable trade creditors that are not part of an arrangement
7-180
*The Group applied transitional relief available under Suppler Finance Arrangements - Amendments to AASB 107 and AASB 7 and has not 
provided comparative information in the first year of adoption.
There were no significant non-cash changes in the carrying amount of trade payables subject to supplier 
finance arrangements. 
Refer to Note 29 for additional information about how these arrangements affect the Group’s liquidity risk.
Notes to the consolidated financial statements continued
Page 115  |  TPG Telecom Annual Report 2024

Note 17. Borrowings
Borrowings are initially recognised at fair value net of unamortised transaction costs incurred. Borrowings are 
subsequently measured at amortised cost. Any difference between the proceeds and the redemption amount is 
recognised in the Consolidated Income Statement over the period of the borrowings using the effective interest 
method.
Fees paid on the establishment of loan facilities, which are not incremental costs relating to the drawdown of 
the facilities, are recognised as transaction costs of the loan to the extent that it is probable that some or all of 
the facility will be drawn down, otherwise they are recognised as prepayments and amortised on a straight-line 
basis over the term of the facility.
2024
2023
$m
$m
Non-current
Bank loans (unsecured)
 
4,110  
4,090 
Capitalised borrowing costs
 
(11)  
(14) 
Net bank loans
 
4,099  
4,076 
(a) Available facilities
At 31 December 2024, the Group has total loan facilities of $4,760 million (31 December 2023: $4,960 million). 
The total amount of undrawn borrowing facilities at 31 December 2024 was $685 million (31 December 2023: 
$905 million) which includes a committed overdraft facility of $35 million (31 December 2023: $35 million).
The Group’s bank loan facilities contain undertakings to comply with financial covenants. These require that the 
Group operates within certain financial ratios. The financial covenants that the Group is subject to are Leverage 
and Interest Coverage. Additionally, the Group is required to ensure that the Total Assets and EBITDA of the 
guarantors meet minimum threshold amounts of Total Assets and consolidated EBITDA of the Group.
There were no breaches of financial covenants during the year ended 31 December 2024.
Note 18. Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past 
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has 
been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at 
the present value of the Group’s best estimate of the expenditure required to settle the present obligation at the 
reporting date.
The discount rate used to determine the present value reflects current market assessments of the time value of 
money and the risks specific to the liability. 
(a) Onerous contracts
Present obligations arising under onerous contracts are recognised and measured as a provision. An onerous 
contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting 
the obligations under the contract exceed the economic benefits expected to be received under it.
(b) Make good provisions
A provision has been made for the present value of anticipated future costs of restoration of leased premises.
The provision includes future cost estimates associated with removing any leasehold improvements. The costs 
have been capitalised as part of the cost of leasehold improvements and are amortised over the shorter of the 
term of the lease or the useful life of the assets.
Notes to the consolidated financial statements continued
Page 116  |  TPG Telecom Annual Report 2024

Note 18. Provisions continued
(c) Decommissioning costs
The Group records a provision for decommissioning costs on its network. Decommissioning costs are provided 
at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as 
part of the cost of that particular asset. The estimated future costs of decommissioning are reviewed annually 
and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to 
or deducted from the cost of the asset. For the network sites in the MOCN area, a separate decommissioning 
provision of $48m has been recognised. Refer to Note 5 for further detail.
(d) Annual leave employee benefit obligations
Liabilities for annual leave that are expected to be settled wholly within 12 months after the end of the reporting 
period in which the employees render the related service are recognised in provision for employee benefits in 
respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid 
when the liabilities are settled.
(e) Long service leave and other long-term employee benefit obligations
The Group has liabilities for long service leave that are not expected to be settled wholly within 12 months after 
the end of the period in which the employees render the related service. The liability for long service leave is 
recognised in the provision for employee benefits and measured as the present value of expected future 
payments to be made in respect of services provided by employees up to the reporting date. Consideration is 
given to expected future wage and salary levels, experience of employee departures and periods of service. 
Expected future payments are discounted using market yields at the reporting date on high-quality corporate 
bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash 
outflows. The obligations are presented as current liabilities in the consolidated statement of financial position if 
the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting 
period, regardless of when the actual settlement is expected to occur.
2024
2023
$m
$m
Current
Employee benefits
 
65  
62 
Decommissioning and make good
 
11  
12 
Other provisions
 
2  
17 
MOCN decommissioning provision
 
14  
— 
 
92  
91 
Non-current
Employee benefits
 
7  
6 
Decommissioning and make good
 
60  
61 
MOCN decommissioning provision
 
34  
— 
 
101  
67 
Refer to Note 5 for further detail on the MOCN decommissioning provision.
(f) Movement in provisions (excluding employee benefits)
DECOMMISSIONING  
AND MAKE GOOD
MOCN 
DECOMMISSIONING 
PROVISION
OTHER 
PROVISIONS
TOTAL
$m
$m
$m
$m
Balance at 1 January 2024
 
73  
—  
17  
90 
Amounts adjusted during the year
 
7  
48  
2  
57 
Amounts utilised during the year
 
(9)  
—  
(17)  
(26) 
Balance at 31 December 2024
 
71  
48  
2  
121 
Notes to the consolidated financial statements continued
Page 117  |  TPG Telecom Annual Report 2024

Note 19. Other liabilities
2024
2023
$m
$m
Current
Carrier network payables
 
28  
28 
Other contract liabilities
 
2  
5 
Other payables
 
2  
8 
 
32  
41 
Non-current
Carrier network payables
 
—  
28 
Other financial liabilities
 
22  
22 
Other contract liabilities 
 
7  
5 
Other payables
 
—  
3 
 
29  
58 
Other financial liabilities represent amounts arising from sale-and-leaseback transactions.
Note 20. Contributed equity
Where any Group company purchases the Company’s equity instruments, for example as a result of a share-
based payment plan, the consideration paid, including any directly attributable incremental costs (net of income 
taxes) is deducted from equity attributable to the Owners of the Company as treasury shares until the shares 
are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, 
net of any directly attributable incremental transaction costs and the related income tax effects, is included in 
equity attributable to the Owners of the Company.
Shares held by the TPG Employee Incentive Plan Trust are disclosed as treasury shares and deducted in the 
reserves.
2024
2023
2024
2023
SHARES
SHARES
$m
$m
Ordinary shares (fully paid) 
 
1,859,341,669  
1,859,341,669  
18,399  
18,399 
There were no movements in ordinary shares during the year ended 31 December 2024.
Notes to the consolidated financial statements continued
Page 118  |  TPG Telecom Annual Report 2024

Note 21. Reserves
(a) Cash flow hedge reserve
The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of 
hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly 
included in the initial cost or other carrying amount of a non-financial asset or non-financial liability.
(b) Foreign currency translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial 
statements of foreign operations where their functional currency is different to the presentation currency of the 
reporting entity.
(c) Share-based payments reserve
The share-based payments reserve is used to recognise the fair value of all shares and rights both issued and 
issued but not exercised under the various employee share plans, as well as purchases of shares by the TPG 
Employee Incentive Plan Trust. (Refer to Note 25).
The table below provides the number and amount of treasury shares in the share-based payments reserve:
NUMBER OF SHARES
$m
Opening balance at 1 January 2024
 
3,626,913  
21 
Shares acquired by the TPG Employee Incentive Plan Trust
 
2,583,525  
12 
Issue of shares under the employee incentive plan
 
(732,188)  
(5) 
Balance as at 31 December 2024
 
5,478,250  
28 
NUMBER OF SHARES
$m
Opening balance at 1 January 2023
 
2,395,453  
14 
Shares acquired by the TPG Employee Incentive Plan Trust
 
1,565,136  
8 
Issue of shares under the employee incentive plan
 
(333,676)  
(1) 
Balance as at 31 December 2023
 
3,626,913  
21 
(d) Common control reserve
The common control reserve comprises differences arising from transfers of assets and liabilities in exchange 
of equity interests among entities with shareholders that had jointly controlled the Company during the year.
2024
2023
$m
$m
Cash flow hedge reserve
 
2  
5 
Foreign currency translation reserve
 
—  
(1) 
Common control reserve
 
3  
3 
Share based payments reserve
 
21  
14 
Treasury shares reserve
 
(28)  
(21) 
 
(2)  
— 
Movement in reserves
Balance at 1 January
 
—  
(3) 
Change in value of cash flow hedge reserve
 
(3)  
3 
Change in value foreign currency translation reserve
 
1  
— 
Change in value of common control reserve
 
—  
— 
Change in value of share-based payments reserve
 
7  
7 
Change in value of treasury-based payments reserve
 
(7)  
(7) 
Balance at 31 December
 
(2)  
— 
Notes to the consolidated financial statements continued
Page 119  |  TPG Telecom Annual Report 2024

Note 22. Dividends
During the year ended 31 December 2024, the following dividends were paid:
• fully franked final FY23 dividend of $167 million (9.0 cents per fully paid share) was paid on 12 April 2024 
(2023: $167 million)
• partially (87%) franked interim FY24 dividend of $167 million (9.0 cents per fully paid share) was paid on 
11 October 2024 (2023: fully franked $167 million)
Subsequent to year end, on 28 February 2025, the Board of directors have declared an unfranked final FY24 
dividend of 9.0 cents per share. As the final dividend was not declared or resolved to be paid by the Board as at 
31 December 2024, the dividend has not been provided for in the Consolidated Statement of Financial Position. 
The final FY24 dividend has a record date of 7 March 2025 and will be paid on 4 April 2025.
All dividends declared or paid during the year were fully or partially franked at the tax rate of 30%.
The Group does not operate a Dividend Reinvestment Plan.
Dividend franking account
2024
2023
$m
$m
Franking credits available for subsequent reporting periods based on a tax rate of 30% (2023: 
30%)
 
—  
133 
The above available amounts are based on the balance of the dividend franking account at year-end adjusted
for dividends paid during the year. During the year the franking credits were fully utilised.
Notes to the consolidated financial statements continued
Page 120  |  TPG Telecom Annual Report 2024

Note 23. Interests in other entities
(a) Subsidiaries
Investments in subsidiaries are measured at cost in the Company’s financial statements. The following is a list 
of all material entities that formed part of the Group as at 31 December 2024. A complete list of controlled 
entities can be found in the Consolidated Entity Disclosure Statement. 
INTEREST %
NAME OF ENTITY
NOTES
COUNTRY OF 
INCORPORATION
2024
%
2023
%
Vodafone Hutchison Spectrum Pty Limited
2
Australia
 100 
 100 
H3GA Properties (No. 3) Pty Limited
1
Australia
 100 
 100 
Vodafone Foundation Australia Pty Limited
3
Australia
 100 
 100 
Vodafone Australia Pty Limited
2
Australia
 100 
 100 
Mobile JV Pty Limited 
2
Australia
 100 
 100 
AAPT Limited
2
Australia
 100 
 100 
A.C.N. 139 798 404 Pty Ltd
2
Australia
 100 
 100 
Adam Internet Holdings Pty Ltd
2
Australia
 100 
 100 
Agile Pty Ltd
2
Australia
 100 
 100 
Chariot Pty Ltd
2
Australia
 100 
 100 
Chime Communications Pty Ltd
2
Australia
 100 
 100 
Vision Network Pty Limited
2
Australia
 100 
 100 
iiNet Limited
2
Australia
 100 
 100 
Internode Pty Ltd
2
Australia
 100 
 100 
Intrapower Pty Limited
2
Australia
 100 
 100 
Intrapower Terrestrial Pty Ltd
2
Australia
 100 
 100 
PIPE International (Australia) Pty Ltd
2
Australia
 100 
 100 
PIPE Networks Pty Limited
2
Australia
 100 
 100 
PIPE Transmission Pty Ltd
2
Australia
 100 
 100 
PPC 1 (US), Inc.
USA
 100 
 100 
PPC 1 Limited
Bermuda
 100 
 100 
Soul Communications Pty Ltd
2
Australia
 100 
 100 
Soul Pattinson Telecommunications Pty Limited
2
Australia
 100 
 100 
TPG Telecom Foundation 
Australia
 100 
 100 
TPG Corporation Limited
2
Australia
 100 
 100 
TPG Finance Pty Limited
2
Australia
 100 
 100 
TPG Holdings Pty Limited
2
Australia
 100 
 100 
TPG Internet Pty Ltd
2
Australia
 100 
 100 
TPG Network Pty Ltd
2
Australia
 100 
 100 
TransACT Capital Communications Pty Ltd
2
Australia
 100 
 100 
TPG Telecom Employee Share Trust
4
Australia
 100 
 100 
TransACT Communications Pty Limited
2
Australia
 100 
 100 
Trusted Cloud Pty Limited
2
Australia
 100 
 100 
Value Added Network Pty Limited
2
Australia
 100 
 100 
1.
This company is exempt from financial reporting requirements and does not form part of the deed of cross guarantee and is 
recognised as a small proprietary company.
2.
Pursuant to the ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, these wholly-owned subsidiaries within the 
Closed Group are relieved from the Corporations Act 2001 (Cth) requirements to prepare and lodge separate financial reports for the 
year ended 31 December 2024 (to the extent they apply).
3.
This company is a Trustee company for the TPG Telecom Foundation and is required to prepare financial reporting under Australian 
Charities and Not-for-profits Commission.
4.
TPG Telecom (TPG) Employee Share Trust was established for the purpose of subscribing for, acquiring and holding shares in TPG 
for the benefit of employees, and to ensure TPG does not contravene the Corporations Act 2001 (Cth) Section 259A in relation to the 
direct acquisition of the TPG’s own shares. Shares acquired are held by the Trustee on the terms and conditions of the trust deed.
Notes to the consolidated financial statements continued
Page 121  |  TPG Telecom Annual Report 2024

Note 23. Interests in other entities continued
(b) Joint ventures
Under AASB 11 Joint Arrangements investments in joint arrangements are classified as either joint operations 
or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather 
than the legal structure of the joint arrangement.
Joint ventures
Interests in joint ventures are accounted for using the equity method after initially being recognised at cost in 
the consolidated statement of financial position.
Equity method
Under the equity method of accounting, investments are initially recognised at cost and adjusted thereafter to 
recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the 
Group’s share of movements in other comprehensive income of the investee in other comprehensive income. 
Dividends received or receivable from associates and joint ventures are recognised as a reduction in the 
carrying amount of the investment.
When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, 
including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has 
incurred obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the 
extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction 
provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees 
have been changed where necessary to ensure consistency with the policies adopted by the Group. 
The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy 
described in Note 13.
There are no material joint ventures to the Group as at 31 December 2024 and 31 December 2023.
Notes to the consolidated financial statements continued
Page 122  |  TPG Telecom Annual Report 2024

Note 24. Related party transactions
(a) Parent entity
TPG Telecom Limited is the head entity of the Group. Further information is detailed in Note 27.
(b) Interests in other entities
Material interests in other entities are set out in Note 23.
(c) Key management personnel
The aggregate compensation made to directors and other members of the key management personnel of the 
Group is set out below.
2024
2023
$'000
$'000
Short-term employee benefits
 
10,307  
10,193 
Post-employment benefits
 
235  
228 
Long-term benefits
 
(195)  
608 
Termination, retention and sign-on payments
 
618  
345 
Share and cash incentive payments
 
8,374  
4,262 
 
19,339  
15,636 
(d) Transactions with related parties
2024
2023
$'000
$'000
Purchases of goods and services
Purchase of assets from other related parties
 
5,146  
— 
Service expense
 
45,921  
44,658 
Roaming expense
 
12,964  
12,027 
Provision of services
Service income
 
960  
1,025 
Roaming income
 
1,558  
1,819 
Other transactions
Office rental
 
55  
3,013 
Transactions with related parties include purchase and sale contracts with entities controlled by, or associated 
with the Group’s substantial shareholders. All transactions were made at arms-length, on normal commercial 
terms and conditions and at market rates.
(e) Outstanding balances arising from sales/purchases of goods and services
The following balances are outstanding at the end of the reporting period in relation to transactions with related 
parties:
2024
2023
$'000
$'000
Current receivables
Related parties
 
981  
2,497 
 
981  
2,497 
Current payables
Related parties
 
10,544  
5,350 
 
10,544  
5,350 
Notes to the consolidated financial statements continued
Page 123  |  TPG Telecom Annual Report 2024

Note 25. Share-based payments 
(a) Share-based payments expense
Share-based compensation benefits are provided to Executives and eligible employees via the short-term 
incentive (STI) and long-term incentive (LTI) schemes.
The fair value of shares granted to employees for nil consideration is recognised as an expense over the 
relevant service period, being the year (or years) to which the STI and LTI relates and the vesting period of the 
shares. The fair value is measured at the grant date of the shares and is recognised in equity in the share-
based payment reserve. The number of shares expected to vest is estimated based on non-market and market 
performance conditions. The estimates are revised at the end of each reporting period and adjustments are 
recognised in profit or loss and the share-based payment reserve.
Where shares are forfeited due to a failure by the employee to satisfy the service conditions, any expenses 
previously recognised in relation to such shares are reversed effective from the date of the forfeiture.
Treasury shares are shares in TPG Telecom Limited that are held by the TPG Employee Incentive Plan Trust 
for the purpose of issuing shares under the short-term incentive (STI) and long-term incentive (LTI) schemes 
provided to Executives and eligible employees. The TPG Employee Incentive Plan Trust was established for 
the purposes of acquiring shares under the STI and LTI plans.
Shares issued to employees are recognised on a first-in-first-out basis. 
The shares are administered by the TPG Employee Incentive Plan Trust. This trust is consolidated in 
accordance with note 2(b). The shares are acquired on market at the Board's discretion and are held as 
treasury shares until such time as they are vested. Forfeited shares are reallocated in subsequent grants. 
Under the terms of the trust deed, TPG Telecom Limited is required to provide the trust with the necessary 
funding for the acquisition of the shares. The number of shares held by the TPG Employee Incentive Plan Trust 
on 31 December 2024 is 5,478,250, with an average price of $5.17 per share (31 December 2023: 3,626,913 
shares held at an average price of $5.73 per share).
The remuneration report sets out the details relating to the TPG share plans (pages 47 to 61), with details of 
the LTI performance share rights (pages 56 to 61) and deferred share rights (pages 47 to 56) issued to, and 
forfeited by, the CEO and other key management personnel. 
The Group continues to recognise its Share-based payment schemes as an employee benefits expense with a 
corresponding increase in reserves. The amount expensed in the year was $12,606,187 (31 December 2023: 
$7,946,830).
(b) Performance rights - LTI
Under the LTI scheme, the CEO and Executives are granted a LTI amount in the form of rights to shares of the 
Company. The rights are granted in the first year, and subject to the achievement of the LTI scheme 
performance conditions, will vest at the end of the three year performance period. They automatically convert 
into one ordinary share each on vesting at an exercise price of nil. The Executives do not receive any dividends 
and are not entitled to vote in relation to the performance rights during the vesting period. If any executive 
ceases to be employed by the Group within this period, the rights will be forfeited, except in special 
circumstances (including redundancy, retirement, death or total and permanent disability or as otherwise 
agreed by the Board). 
Notes to the consolidated financial statements continued
Page 124  |  TPG Telecom Annual Report 2024

Note 25. Share-based payments continued
The number of rights granted or outstanding during the year ended 31 December 2024 are set out below.
31 DECEMBER 2024
31 DECEMBER 2023
NUMBER OF RIGHTS
NUMBER OF RIGHTS
At 1 January
 
4,198,143  
2,533,904 
Granted during the year
 
3,391,335  
1,664,239 
Vested during the year
 
—  
— 
Forfeited during the year
 
(1,160,407)  
— 
At 31 December1
 
6,429,071  
4,198,143 
Weighted average of contractual life of all performance share rights 
outstanding
1.50 years
1.25 years
1.
All awards granted during the year have an exercise price of nil 
The accounting valuation represents the independent valuation of each tranche of Performance Share Rights 
(“PSR”) at their respective grant dates. The valuations for the year ended 31 December 2024 have been 
performed by an external independent valuer using Return on invested capital (“ROIC”), Earnings per share 
(“EPS”) and Environmental, social and governance (“ESG”). Performance Share Rights with a market vesting 
condition (for example, Total Shareholder Return “TSR”) incorporates the likelihood that the vesting condition 
will be met. The accounting valuation of Performance Share Rights with a non-market vesting condition (for 
example, ROIC) considers the likelihood that the vesting condition will be met.
ROIC, EPS and ESG hurdles – The external independent valuer has utilised the Black-Scholes model to 
determine the fair value of PSRs. This pricing model takes into account factors such as the Company’s share 
price at the date of grant, the risk-free rate of return, expected dividend yield and time to maturity. The 
accounting valuation of rights issued is allocated over the vesting period so as to take into account the 
expected level of vesting over the performance period.
The model inputs for performance share rights granted during the years ended 31 December 2024 and 31 
December 2023 included:
GRANT DATE
13-MAY-24
11-MAY-23
Share price at Grant Date
$4.55
$5.58
Risk-free rate
 3.94 %
 3.07 %
Dividend yield 
 3.80 %
 3.40 %
Effective life
2.90
2.90
Exercise price
Nil
Nil
TPG price volatility
 28 %
 30 %
The expected price volatility is based on the historic volatility of share prices of each company within the peer 
group of TPG Telecom.
Consolidated - 2024
GRANT 
DATE
PLAN
EXPIRY DATE
HURDLE
FAIR VALUE PER 
PERFORMANCE SHARE 
RIGHT AT GRANT DATE
SHARE 
PRICE
VESTING 
DATE
13-May-2024
LTI 2024-2026
31-Mar-2028
ROIC
 
$4.08  
$4.55 31-Mar-2027
13-May-2024
LTI 2024-2026
31-Mar-2028
EPS
 
$4.08  
$4.55 31-Mar-2027
13-May-2024
LTI 2024-2026
31-Mar-2028
ESG
 
$4.08  
$4.55 31-Mar-2027
13-May-2024
Performance Retention 
Rights 2024-2026
31-Mar-2028
TSR
 
$1.88  
$4.55 31-Mar-2027
13-May-2024
Performance Retention 
Rights 2024-2026
31-Mar-2028
Service
 
$4.08  
$4.55 31-Mar-2027
Notes to the consolidated financial statements continued
Page 125  |  TPG Telecom Annual Report 2024

Note 25. Share-based payments continued
Consolidated – 2023
GRANT 
DATE
PLAN
EXPIRY DATE
HURDLE
FAIR VALUE PER 
PERFORMANCE SHARE 
RIGHT AT GRANT DATE
SHARE 
PRICE
VESTING 
DATE
11-May-2023
LTI 2023-2025
31-Mar-2027
ROIC
 
$5.06  
$5.58 31-Mar-2026
11-May-2023
LTI 2023-2025
31-Mar-2027
EPS
 
$5.06  
$5.58 31-Mar-2026
11-May-2023
LTI 2023-2025
31-Mar-2027
ESG
 
$5.06  
$5.58 31-Mar-2026
(c) Deferred share rights - STI
The Group offers a short-term incentive scheme to Executives who receive 50% of the annual STI achieved in 
cash and 50% in the form of rights to deferred shares of TPG Telecom (50% cash and 50% deferred share 
rights in 2023). The rights are granted the following year and vest equally in two tranches. The first tranche will 
vest in March one year after the end of the financial year and the second tranche will vest in March two years 
after the end of the financial year. They automatically convert into one ordinary share each on vesting at an 
exercise price of nil. The Executives do not receive any dividends and are not entitled to vote in relation to the 
deferred shares during the vesting period. If any Executive or eligible employee ceases to be employed by the 
Group within this period, the rights will be forfeited, except in special circumstances (including redundancy, 
retirement, death or total and permanent disability or as otherwise agreed by the Board). 
The number of rights to be granted is determined based on the current value of the achieved STI divided by the 
volume weighted average price of the Group’s ordinary shares over five days following the announcement of 
annual results ($4.71 for rights granted on 13 May 2024 and $4.99 for the rights granted in 2023).
2024
2023
NUMBER OF SHARES
NUMBER OF SHARES
As at 1 January
 
1,194,815  
590,983 
Granted during the year
 
1,633,473  
915,872 
Vested during the year
 
(732,188)  
(306,321) 
Forfeited during the year
 
(32,755)  
(5,719) 
As at 31 December
 
2,063,345  
1,194,815 
Weighted average remaining contractual life of the deferred 
shares outstanding at the end of the period
0.58 years
0.59 years
Note 26. Commitments and contingencies
(a)  Capital commitments
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities 
is as follows:
2024
2023
$m
$m
Property, plant & equipment
 
365  
427 
Spectrum acquisition 
 
—  
128 
 
365  
555 
Notes to the consolidated financial statements continued
Page 126  |  TPG Telecom Annual Report 2024

Note 27. Parent entity financial information
The Company’s investments in subsidiaries are accounted for at cost. The financial information for the 
Company has been prepared on the same basis as the consolidated financial statements.
The parent entity financial information includes certain transactions and balances of other Group entities as 
they operate under an agency agreement.
Tax consolidation legislation
TPG Telecom Limited and its wholly-owned subsidiary Australian controlled entities have implemented the tax 
consolidation legislation. 
The head entity, TPG Telecom Limited, and the controlled entities in the tax consolidated group account for 
their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax 
consolidated group continues to be a stand-alone taxpayer in its own right. 
In addition to its own current and deferred tax amounts, TPG Telecom Limited also recognises the current tax 
liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits 
assumed from controlled entities in the tax consolidated group.
The entities have also entered into a tax funding agreement under which the wholly-owned entities fully 
compensate TPG Telecom Limited for any current tax payable assumed and are compensated by TPG Telecom 
Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax 
credits that are transferred to TPG Telecom Limited under the tax consolidation legislation. The funding 
amounts are determined by reference to the amounts recognised in the wholly-owned entities' financial 
statements. 
(a) Summary financial information
2024
2023
$m
$m
Financial position
Assets
Current assets
 
1,330  
1,268 
Non-current assets
 
18,576  
20,351 
Total assets
 
19,906  
21,619 
Liabilities
Current liabilities
 
1,392  
1,498 
Non-current liabilities
 
6,297  
7,636 
Total liabilities
 
7,689  
9,134 
Net assets
 
12,217  
12,485 
Equity
Contributed equity
 
18,399  
18,399 
Reserves
 
(4)  
(4) 
Pre-merger accumulated losses
 
(7,389)  
(7,389) 
Post-merger retained earnings
 
1,211  
1,479 
Total equity
 
12,217  
12,485 
Financial performance
Profit for the year
 
66  
216 
Total comprehensive income for the year, net of tax
 
66  
219 
Notes to the consolidated financial statements continued
Page 127  |  TPG Telecom Annual Report 2024

Note 27. Parent entity financial information continued
(b) Guarantees entered into by the parent entity
2024
2023
$m
$m
Unsecured
 
19  
46 
 
19  
46 
(c) Contractual commitments
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities 
is as follows:
2024
2023
$m
$m
Property, plant & equipment
 
365  
427 
 
365  
427 
Notes to the consolidated financial statements continued
Page 128  |  TPG Telecom Annual Report 2024

Note 28. Deed of cross guarantee
The parties to the deed of cross guarantee are those as disclosed in Note 23. Each entity that is a party to the 
deed of cross guarantee has guaranteed the debts of the other parties. By entering into the deed, each of the 
wholly-owned entities that would otherwise be subject to the requirement to prepare a financial report and 
director’s report have been relieved from that requirement under ASIC Corporations (Wholly-owned 
Companies) Instrument 2016/785.
Set out below is the summarised consolidated statement of profit or loss and other comprehensive income for 
the entities that are parties to the deed of cross guarantee.
2024
2023
$m
$m
Revenue from contracts with customers
 
5,520  
5,533 
Other income
 
12  
36 
Cost of provision of telecommunication services
 
(1,533)  
(1,578) 
Cost of handsets and hardware sold
 
(786)  
(884) 
Technology costs
 
(391)  
(405) 
Employee benefits expense
 
(439)  
(381) 
Impairments and other charges
 
(250)  
(17) 
Other operating expenses
 
(421)  
(434) 
Earnings before interest, tax, depreciation and amortisation
 
1,712  
1,870 
Depreciation and amortisation expense
 
(1,474)  
(1,457) 
Results from operating activities
 
238  
413 
Finance income
 
3  
4 
Finance expenses
 
(381)  
(345) 
Net financing costs
 
(378)  
(341) 
(Loss)/profit before income tax
 
(140)  
72 
Income tax expense
 
44  
(12) 
(Loss)/profit after income tax
 
(96)  
60 
Items that may subsequently be reclassified to the income statement, net of tax:
Net gain on cash flow hedges taken to equity
 
(3)  
3 
Other comprehensive (loss) / income for the year, net of tax
 
(3)  
3 
Total comprehensive (loss) / income for the year, net of tax
 
(99)  
63 
Summary of movements in consolidated retained earnings
2024
2023
$m
$m
Accumulated losses at the beginning of the financial year
 
(6,751)  
(6,476) 
(Loss)/profit for the year
 
(96)  
60 
Transfer from reserves
 
(1)  
— 
Dividends paid
 
(334)  
(335) 
Accumulated losses at the end of the financial year
 
(7,182)  
(6,751) 
Notes to the consolidated financial statements continued
Page 129  |  TPG Telecom Annual Report 2024

Note 28. Deed of cross guarantee continued
Set out below is the consolidated statement of financial position for the deed of cross guarantee.
2024
2023
$m
$m
ASSETS
Current assets
Cash and cash equivalents
 
41  
111 
Trade and other receivables
 
767  
765 
Inventories
 
82  
117 
Derivative financial instruments
 
5  
2 
Prepayments and other assets
 
60  
81 
Total current assets
 
955  
1,076 
Non-current assets
Trade and other receivables
 
447  
468 
Property, plant and equipment
 
3,824  
3,744 
Right-of-use assets
 
1,469  
1,708 
Intangible assets
 
11,764  
12,079 
Deferred tax assets
 
218  
171 
Derivative financial instruments
 
—  
3 
Prepayments and other assets
 
11  
16 
Total non-current assets
 
17,733  
18,189 
Total assets
 
18,688  
19,265 
LIABILITIES
Current liabilities
Trade and other payables
 
582  
740 
Contract liabilities
 
315  
294 
Lease liabilities
 
136  
121 
Provisions
 
92  
91 
Other liabilities
 
32  
42 
Total current liabilities
 
1,157  
1,288 
Non-current liabilities
Contract liabilities
 
17  
16 
Borrowings
 
4,099  
4,076 
Lease liabilities
 
2,069  
2,112 
Provisions
 
101  
67 
Other liabilities
 
29  
58 
Total non-current liabilities
 
6,315  
6,329 
Total liabilities
 
7,472  
7,617 
Net assets
 
11,216  
11,648 
EQUITY
Contributed equity
 
18,399  
18,399 
Reserves
 
(1)  
— 
Accumulated losses
 
(7,182)  
(6,751) 
Total Equity
 
11,216  
11,648 
Notes to the consolidated financial statements continued
Page 130  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management
The Group’s activities are exposed to a variety of financial risks which include market risk (including interest 
rate and foreign currency risks), credit risk and liquidity risk. The Group’s overall risk management seeks to 
minimise the potential adverse effects of these risks on the financial performance of the Group.
The Board of directors has overall responsibility for the establishment and oversight of the risk management 
framework.
The Group’s exposure to each of the above risks is managed in accordance with the Board approved Treasury 
Policy. This note presents information about the Group’s exposure to the above risks and the management 
thereof. Further quantitative disclosures are included throughout this financial report.
The Treasury Policy includes the identification, management and reporting of financial risks and associated 
controls. The Treasury Policy and systems are reviewed regularly to reflect changes in market conditions and in 
the Group’s activities. The Treasury Policy establishes a disciplined and constructive control environment in 
which all employees understand their roles and obligations.
The Group’s Audit & Risk Committee oversees how management monitors compliance with the Group’s 
Treasury Policy and reviews the adequacy of the risk management framework in relation to the financial risks 
faced by the Group.
Where relevant criteria are met, hedge accounting is applied which removes the accounting and economic 
mismatch between the hedging instrument and the hedged item. This will effectively result in recognising 
interest expense at a fixed interest rate for the hedged floating rate loans.
Refer to Note 12 for the derivative financial instruments held and hedging accounting applied by the Group.
(a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will 
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk 
management is to manage and control market risk exposures within acceptable parameters, while optimising 
return.
(i) Interest rate risk
The Group has cash balances placed with reputable banks and financial institutions which generate interest 
income for the Group.
The Group’s bank borrowings expose the Group to interest rate risk. As at the end of the reporting period, the 
exposure of the Group’s borrowings (excluding leases under AASB 16) to interest rate changes are as follows:
2024
PERCENTAGE OF 
TOTAL LOANS
2023
PERCENTAGE OF 
TOTAL LOANS
$m
$m
Variable rate borrowings
 
4,110 
 100 %  
4,090 
 100 %
Fixed rate borrowings
 
— 
 — %  
— 
 — %
 
4,110 
 100 %  
4,090 
 100 %
Notes to the consolidated financial statements continued
Page 131  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management continued
(a) Market risk continued
(i) Interest rate risk continued
The Group has entered forward-start interest rate swaps that hedge a portion of the Group’s interest expenses 
in future periods. Swaps currently in place cover 27% (2023: 61%) of the variable loan principal outstanding as 
at 31 December 2024.
The swap contracts require settlement of net interest receivable or payable every three months. The settlement 
dates coincide with the dates on which interest is payable on the underlying debt.
As at 31 December 2024, a change in the market interest rate of 50 basis points would have increased 
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other 
variables remain constant. 
PROFIT/(LOSS)1
EQUITY1
2024
2023
2024
2023
$m
$m
$m
$m
Interest rates – Increase by 50 basis points
 
(14)  
(14)  
(14)  
(14) 
Interest rates – Decrease by 50 basis points
 
14  
14  
14  
14 
1.
This is a result of the net changes in interest expenses net of income tax expenses.
(ii) Foreign currency risk
The Group is exposed to currency risk on revenues, expenses, receivables and payables that are denominated 
in a currency other than its functional currency, the Australian dollar (AUD). The Group is mainly exposed to the 
United States Dollar (USD) with minor exposures to other currencies. 
The group’s exposure to USD at the end of the year, expressed in Australian dollar, was as follows:
2024
2023
$m
$m
Trade and other receivables
 
4  
8 
Trade and other payables
 
28  
28 
During the year, the following foreign exchange related amounts were recognised in consolidated income 
statement and consolidated statement of comprehensive income:
2024
2023
$m
$m
Profit or loss
Foreign exchange gain
 
3  
3 
 
3  
3 
Notes to the consolidated financial statements continued
Page 132  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management continued
(a) Market risk continued
(ii) Foreign currency risk continued
The following table details the Group’s sensitivity to movements in the Australian dollar against relevant foreign 
currencies. The percentages disclosed below represent changes in spot foreign exchange rates (i.e. forward 
exchange points and discount factors have been kept constant). The sensitivity analysis includes only 
outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 
given percentage change in foreign exchange rates. A positive number indicates an increase in profit and equity 
and a negative number indicates a decrease in profit and equity.
PROFIT/(LOSS)1
EQUITY
2024
2023
2024
2023
$m
$m
$m
$m
USD impact
10%
 
(2)  
(2)  
(2)  
(2) 
(10%)
 
2  
2  
2  
2 
1. Profit/(loss): this is mainly as a result of the after-tax changes in the value of forward foreign exchange contracts not designated in a 
hedge relationship, foreign currency investments, receivables and payables.
(b) Credit risk
Credit risk is managed on an entity basis. Credit risk arises from cash and cash equivalents, deposits with 
banks and financial institutions, as well as credit exposures to related parties. The Group has adopted a policy 
of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults.
Impairment of financial assets (trade receivables)
The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime 
expected loss allowance for all receivables. To measure the expected credit losses, trade receivables have 
been grouped based on shared credit risk characteristics and the days past due.
CURRENT
1-30 DAYS 
PAST DUE
31 TO 60 
DAYS PAST 
DUE
61 TO 90 
DAYS PAST 
DUE
MORE THAN 91 
DAYS PAST 
DUE
TOTAL
At 31 December 2024 
Expected loss rate
%
 3.9 
 8.9 
 22.2 
 33.3 
 44.4 
Gross trade receivables
$m
 
180  
45  
9  
3  
9  
246 
Loss allowance
$m
 
7  
4  
2  
1  
4  
18 
At 31 December 2023 
Expected loss rate
%
 3.7 
 6.3 
 22.2 
 16.7 
 23.1 
Gross trade receivables
$m
 
189  
48  
9  
6  
13  
265 
Loss allowance
$m
 
7  
3  
2  
1  
3  
16 
The table above covers the expected credit loss rate of trade receivables and other debtors. Collectability of 
receivables are reviewed on an ongoing basis. The Group applies the AASB 9 simplified approach to 
measuring expected credit losses which uses a lifetime expected loss allowance for all receivables. To measure 
the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics 
and the days past due.
Geographically, the Group is subject to a concentration of credit risk as predominantly all of its revenue is 
generated in Australia.
Notes to the consolidated financial statements continued
Page 133  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management continued
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Prudent 
liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of 
funding through an adequate amount of committed credit facilities.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows. Treasury aims at 
maintaining flexibility in funding by keeping committed credit lines available with a variety of counterparties. 
Surplus funds are generally placed on deposit.
As described in Note 16, the Group also participates in a supplier finance arrangement with a bank for the 
principal purpose of facilitating efficient payment processing of supplier invoices. The balances are disclosed as 
part of trade and other payables in the financial statements.
Contractual maturities of financial liabilities
The contractual maturities of the Group’s financial liabilities were as follows:
LESS THAN 
6 MONTHS
6-12 
MONTHS
BETWEEN 
1-2 YEARS
BETWEEN 
2-5 YEARS
OVER 5 
YEARS
TOTAL 
CONTRACTUAL 
CASH FLOWS
CARRYING 
AMOUNT OF 
LIABILITIES
FINANCIAL LIABILITIES
$m
$m
$m
$m
$m
$m
$m
At 31 December 2024 
Non-derivatives
Trade and other 
payables
 
1,031  
—  
—  
—  
—  
1,031  
1,031 
Borrowings
 
59  
169  
2,341  
1,630  
517  
4,716  
4,099 
Lease liabilities
 
149  
130  
252  
711  
2,004  
3,246  
2,205 
 
1,239  
299  
2,593  
2,341  
2,521  
8,993  
7,335 
At 31 December 2023 
Non-derivatives
Trade and other 
payables
 
1,174  
—  
—  
—  
—  
1,174  
1,174 
Borrowings
 
58  
169  
208  
3,345  
1,079  
4,859  
4,076 
Lease liabilities
 
125  
120  
237  
704  
2,178  
3,365  
2,234 
 
1,357  
289  
445  
4,049  
3,257  
9,398  
7,484 
(d) Fair value measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an 
orderly transaction in the principal market at the measurement date under current market conditions. Fair value 
is an exit price regardless of whether that price is directly observable or estimated using another valuation 
technique.
Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices or dealer quotes for similar instruments;
• the fair value of interest rate swaps is determined using the present value of the estimated cash flows based 
on observable yield curves; and
• the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
Notes to the consolidated financial statements continued
Page 134  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management continued
(e) Fair value hierarchy
To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its 
financial instruments into the three levels prescribed under the accounting standards.
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivative, and 
trading and available-for-sale securities) is based on quoted (unadjusted) market prices at the end of 
the reporting period. The quoted market price used for financial assets held by the Group is the 
current bid price. These instruments are included in Level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-
counter derivatives) is determined using valuation techniques. These valuation techniques maximise 
the use of observable market data where it is available and rely as little as possible on entity specific 
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is 
included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is 
included in Level 3. This is the case for unlisted equity securities.
The following table presents the Group’s financial assets measured and recognised at fair value at 31 
December 2024 and 31 December 2023 on a recurring basis:
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
$m
$m
$m
$m
At 31 December 2024 
Financial assets
Interest rate swaps
 
—  
2  
—  
2 
Forward foreign exchange contracts
 
—  
3  
—  
3 
Total financial assets
 
—  
5  
—  
5 
At 31 December 2023 
Financial assets
Interest rate swaps
 
—  
5  
—  
5 
Total financial assets
 
—  
5  
—  
5 
There were no financial liabilities measured and recognised at fair value at 31 December 2024 and 31 
December 2023.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of 
the reporting period. There were no transfers between levels during the period.
The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as 
at 31 December 2024 (2023: nil).
Notes to the consolidated financial statements continued
Page 135  |  TPG Telecom Annual Report 2024

Note 29. Financial risk management continued
(f) Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market 
confidence and to sustain the future development of the business. The Board monitors return on capital, which 
the Group defines as profit from operating activities divided by total shareholders’ equity. The Board also 
determines the level of dividends to be paid to shareholders.
The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of 
borrowings, and the advantages and security afforded by a prudent capital structure.
From time to time, the Group may purchase its own shares on market for the purpose of issuing shares under 
employee share plans. The Group does not currently have a defined share buy-back plan.
There were no changes to the Group’s capital management during the year. 
The Group’s net debt to equity ratio at the reporting date was as follows:
2024
2023
$m
$m
Cash and cash equivalents
 
42  
116 
Borrowings (current)
 
—  
— 
Borrowings (non-current)
 
(4,099)  
(4,076) 
Lease liabilities (current)
 
(136)  
(122) 
Lease liabilities (non-current)
 
(2,069)  
(2,112) 
Net debt
 
(6,262)  
(6,194) 
Total equity
 
11,173  
11,617 
Net debt to equity ratio at 31 December
 
0.56  
0.53 
Notes to the consolidated financial statements continued
Page 136  |  TPG Telecom Annual Report 2024

Note 30. Auditor's remuneration
The Group’s external auditor is PricewaterhouseCoopers (PwC). In addition to the audit and review of the 
Group’s financial reports, PwC provides other services throughout the year. This note shows the total fees to 
external auditors split between audit, audit related and non-audit services.
2024
2023
$'000
$'000
Audit and other assurance services
Audit and review of statutory financial statements
 
2,308  
2,788 
Other assurance services required by legislation
 
—  
420 
Other assurance services
 
337  
179 
Other statutory assurance services
 
27  
18 
 
2,672  
3,405 
Non-audit services
 
—  
— 
 
2,672  
3,405 
In accordance with advice received from the Audit & Risk Committee, the Directors are satisfied that the 
provision of assurance services provided by PwC is compatible with the general standard of independence for 
auditors imposed by the Corporations Act 2001. The Directors are satisfied because the Audit & Risk 
Committee or its delegate, in accordance with pre-approved policies and procedures, has assessed each 
service, having regard to auditor independence requirements of applicable laws, rules and regulations, and 
concluded that the provision of each service or type of service would not impair the independence of PwC.
Note 31. Events occurring after the reporting period
Other than the below mentioned matters, there have been no other matter or circumstance that has arisen after 
the reporting date that has significantly affected, or may significantly affect:
(i)
the operations of the Company and of the Group in future financial years, or
(ii) the results of those operations in future financial years, or
(iii) the state of affairs of the Company and of the Group in future financial years.
Dividends declared
The details of dividends declared after 31 December 2024 are disclosed in Note 22.
Notes to the consolidated financial statements continued
Page 137  |  TPG Telecom Annual Report 2024

Basis of preparation 
This consolidated entity disclosure statement 
(“CEDS”) has been prepared in accordance with 
the Corporations Act 2001 and includes information 
for each entity that was part of the Group as at 
31 December 2024 and has regard to the 
Australian Taxation Office’s Practical Compliance 
Guidance 2018/9.
Determination of Tax Residency 
Section 295 (3A) of the Corporation Act 2001 
requires that the tax residency of each entity which 
is included in the CEDS be disclosed. The 
determination of tax residency is complex and 
requires judgement based on the interpretation of 
relevant case law and its application to the facts 
and circumstances in each case. 
In determining residency, the consolidated entity 
has applied the following interpretations:
Australian tax residency
The Group has applied the current legislation and 
guidance including having regard to the Australian 
Taxation Office’s public guidance in Tax Ruling TR 
2018/5.
Foreign tax residency
The Group has applied current legislation and 
relevant revenue authority guidance in the 
determination of foreign tax residency.
Partnerships and Trusts
Australian tax law generally does not contain 
corresponding residency tests for partnerships and 
trusts and these entities are typically taxed on a 
flow-through basis.
Below is the Group consolidated entity disclosure 
statement as required by section 295(3A) of the 
Corporations Act 2001.
EQUITY HOLDINGS
TAX RESIDENCY
NAME OF ENTITY
TYPE OF ENTITY
COUNTRY OF 
INCORPORATION
AUSTRALIAN 
OR FOREIGN
FOREIGN 
JURISDICTION
TPG Telecom Limited
Body Corporate
Australia
N/A
Australian
N/A
Vodafone Hutchison Spectrum Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Vodafone Hutchison Receivables Pty. Ltd.
Body Corporate
Australia
 100 
Australian
N/A
H3GA Properties (No. 3) Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Vodafone Foundation Australia Pty Limited
Body Corporate, 
Trustee
Australia
 100 
Australian
N/A
Vodafone Australia Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Vodafone Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Vodafone Network Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Mobileworld Operating Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Mobileworld Communications Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Mobile JV Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
AAPT Limited
Body Corporate
Australia
 100 
Australian
N/A
A.C.N. 088 889 230 Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
A.C.N. 139 798 404 Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Adam Internet Holdings Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Adam Internet Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Agile Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
AlchemyIT Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Chariot Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Chime Communications Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Connect West Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
3.6 GHZ Spectrum Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Destra Communications Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Digiplus Contracts Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Digiplus Holdings Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Digiplus Investments Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Digiplus Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Vision Network Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
iiNet New Zealand AKL Limited2
Body Corporate
New Zealand
 100 
Australian
N/A
iiNet Labs Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
iiNet Limited
Body Corporate
Australia
 100 
Australian
N/A
% OF 
SHARE 
CAPITAL 
HELD
Consolidated Entities Disclosure Statement
Page 138  |  TPG Telecom Annual Report 2024

EQUITY HOLDINGS
TAX RESIDENCY
NAME OF ENTITY
TYPE OF ENTITY
COUNTRY OF 
INCORPORATION
AUSTRALIAN 
OR FOREIGN
FOREIGN 
JURISDICTION
Internode Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Intrapower Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Intrapower Terrestrial Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
IP Group Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
IP Service Xchange Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Kooee Communications Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Kooee Mobile Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Mercury Connect Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Netspace Online Systems Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Numillar IPS Pty Ltd
Body Corporate
Australia
 89 
Australian
N/A
PIPE International (Australia) Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
PIPE Networks Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
PIPE Transmission Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
PowerTel Limited
Body Corporate
Australia
 100 
Australian
N/A
PPC 1 (US), Inc.
Body Corporate
USA
 100 
Australian1
USA1
PPC 1 Limited
Body Corporate
Bermuda
 100 
Australian
N/A
Request Broadband Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Soul Communications Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Soul Contracts Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Soul Pattinson Telecommunications Pty 
Limited
Body Corporate
Australia
 100 
Australian
N/A
SPT Telecommunications Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
SPTCom Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Telecom Enterprises Australia Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Telecom New Zealand Australia Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
TPG Corporation Limited
Body Corporate
Australia
 100 
Australian
N/A
TPG Energy Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
TPG Finance Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
TPG Holdings Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
TPG Internet Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
TPG JV Company Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
TPG Network Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
TPG Telecom Foundation
Trust
Australia
N/A
N/A
N/A
TPG Telecom Employee Share Trust
Trust
Australia
N/A
N/A
N/A
TransACT Capital Communications Pty 
Ltd
Body Corporate
Australia
 100 
Australian
N/A
TransACT Communications Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
TransACT Victoria Communications Pty 
Ltd
Body Corporate
Australia
 100 
Australian
N/A
TransACT Victoria Holdings Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Trusted Cloud Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Trusted Cloud Solutions Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
Value Added Network Pty Limited
Body Corporate
Australia
 100 
Australian
N/A
VtalkVoip Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
Westnet Pty Ltd
Body Corporate
Australia
 100 
Australian
N/A
% OF 
SHARE 
CAPITAL 
HELD
1PPC 1 (US). Inc is incorporated in the state of Delaware in the US. The company has tax obligations in Australia under the 
Income Tax Assessment Act 1997 and in the US under the Internal Revenue Code. 
2 iiNet AKL Limited is in the process of being removed from the New Zealand Company Register.
Consolidated Entities Disclosure Statement continued
Page 139  |  TPG Telecom Annual Report 2024

In the Directors’ opinion:
(a) the financial statements and notes are in accordance with the Corporations Act 2001, including:
(i)
complying with Accounting Standards, the Corporations Regulation 2001 and other mandatory 
professional reporting requirements, and
(ii)
giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its 
performance for the financial year ended on that date, and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they 
become due and payable, 
(c) at the date of this declaration, there are reasonable grounds to believe that the members of the extended 
closed group identified in Note 23 will be able to meet any obligations or liabilities to which they are, or may 
become, subject by virtue of the deed of cross guarantee described in Notes 23 and 28, and
(d) the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 for 
the year ended 31 December 2024 is true and correct.
Note 2 confirms that the financial statements also comply with International Financial Reporting Standards as 
issued by the International Accounting Standards Board.
The Directors have been given the declarations by the Chief Executive Officer and the Chief Financial Officer 
as required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Directors.
 
 
 
      
Fok Kin Ning, Canning 
 
 
Iñaki Berroeta
Chairman 
 
 
 
 
Chief Executive Officer and Managing Director
28 February 2025 
 
 
 
28 February 2025
Directors’ declaration
Page 140  |  TPG Telecom Annual Report 2024

Independent auditor’s report
Page 141  |  TPG Telecom Annual Report 2024

Independent auditor’s report continued
Page 142  |  TPG Telecom Annual Report 2024

Independent auditor’s report continued
Page 143  |  TPG Telecom Annual Report 2024

Independent auditor’s report continued
Page 144  |  TPG Telecom Annual Report 2024

Independent auditor’s report continued
Page 145  |  TPG Telecom Annual Report 2024

Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed 
elsewhere in this report is set out below. The shareholding information is current as at 7 February 2025. As at 
that date, there were 1,859,341,669 ordinary shares held by 21,450 shareholders.
Substantial shareholders
The number of shares in which the substantial shareholders and their associates have disclosed a Relevant 
Interest pursuant to the Corporations Act 2001 Section 671B are listed below.
NAME OF SHAREHOLDER
NUMBER OF ORDINARY SHARES IN WHICH A 
RELEVANT INTEREST IS HELD*
ISSUED CAPITAL
CK Hutchison Holdings Limited and its 
subsidiaries1
931,530,176
 50.10 %
Vodafone Group Plc and its subsidiaries1
931,530,176
 50.10 %
Vodafone Hutchison (Australia) Holdings 
Limited1
931,530,176
 50.10 %
Li Ka-Shing Unity Trustee Company Limited 
as trustee of The Li Ka-Shing Unity Trust2
931,530,176
 50.10 %
David Teoh and Vicky Teoh and their 
associates
264,121,325
 14.21 %
Washington H Soul Pattinson and Company 
Limited
234,396,121
 12.61 %
Brickworks Limited3
234,396,121
 12.61 %
* Relevant Interest as defined in the Corporations Act 2001 Sections 608 and 609, and provided in the above-referenced notices.
1. Substantial holding includes 25.05% from a deemed relevant interest arising from a shareholders agreement dated 24 June 2020. For 
further details, see Form 604s lodged with the ASX on 13 July 2022 and 15 July 2020.
2. Substantial holding arises from its interests in CK Hutchison Holdings Limited. The interests disclosed for this substantial holder are in 
respect of the same shares identified as being interests of CK Hutchison Holdings Limited. For further details see Form 604 lodged with 
the ASX on 15 July 2020.
3. Brickworks Limited’s substantial holding in the Company arises by virtue of it holding an interest in Washington H Soul Pattinson and 
Company Limited. For further details see Form 604 lodged with the ASX on 17 July 2020.
Voting rights (ordinary shares)
On a show of hands every member present at a meeting in person or by proxy shall have one vote, and upon a 
poll each share shall have one vote.
Distribution of equity security holders
An analysis of the number of shareholders by size of holding as at 7 February 2025 is set out below:
NUMBER OF SHARES HELD
NUMBER OF HOLDERS
UNITS
% UNITS
1 - 1,000
10,936
4,342,987
0.23
1,001 - 5,000
7,117
18,140,361
0.98
5,001 - 10,000
1,844
13,423,038
0.72
10,001 - 100,000
1,454
33,641,004
1.81
100,001 Over
99
1,789,794,279
96.26
21,450
1,859,341,669
100.00
The number of shareholders holding less than a marketable parcel of ordinary shares is 2,353 representing 
159,560 units.
ASX additional information
Page 146  |  TPG Telecom Annual Report 2024

Twenty largest shareholders (as at 7 February 2025)
NAME OF SHAREHOLDER
NUMBER OF ORDINARY 
SHARES HELD
% OF CAPITAL HELD
VODAFONE HUTCHISON (AUSTRALIA) HOLDINGS LIMITED
517,345,024
27.82
WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED
237,544,846
12.78
HUTCHISON 3G AUSTRALIA HOLDINGS PTY LIMITED
207,092,576
11.14
VODAFONE INTERNATIONAL OPERATIONS LIMITED
207,092,576
11.14
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
130,174,730
7.00
NETWEALTH INVESTMENTS LIMITED 
86,916,613
4.67
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
85,038,968
4.57
CITICORP NOMINEES PTY LIMITED
68,475,795
3.68
TSH HOLDINGS PTY LTD
68,278,498
3.67
VICTORIA HOLDINGS PTY LTD
66,654,913
3.58
VICTORIA HOLDINGS NO 3 PTY LTD 
12,625,118
0.68
VICTORIA HOLDINGS NO 1 PTY LTD 
9,468,839
0.51
VICTORIA HOLDINGS NO 2 PTY LTD 
9,468,839
0.51
J S MILLNER HOLDINGS PTY LIMITED
7,220,199
0.39
TSH HOLDINGS NO 1 PTY LTD
6,312,559
0.34
TSH HOLDINGS NO 2 PTY LTD
6,312,559
0.34
FARJOY PTY LTD
6,254,236
0.34
BNP PARIBAS NOMINEES PTY LTD 
5,949,391
0.32
BKI INVESTMENT COMPANY LIMITED
5,748,362
0.31
CPU SHARE PLANS PTY LTD 
5478250
0.29
1,749,452,891
94.09
Unquoted equity securities
As at 7 February 2025, the number of unquoted equity securities is:
UNQUOTED EQUITY SECURITIES
NUMBER OF SECURITIES
NUMBER OF HOLDERS
Performance rights
4,908,574
13
Deferred share rights
2,063,345
56
Performance retention rights
1,520,497
7
Stock exchange
TPG Telecom Limited is listed on the Australian Securities Exchange. The home exchange is Sydney, and the 
ASX code is TPG.
Other information
TPG Telecom Limited, incorporated and domiciled in Australia, is a publicly listed company limited by shares.
ASX additional information continued
Page 147  |  TPG Telecom Annual Report 2024

Principal Registered Office
Level 27, Tower Two, International Towers Sydney 
200 Barangaroo Ave
Barangaroo NSW 2000
Telephone: 133 121
Email: investor.relations@tpgtelecom.com.au 
Website: tpgtelecom.com.au
Share Registry
Computershare Investor Services Pty Ltd 
6 Hope Street 
Ermington NSW 2115
Telephone:
(within Australia) 1300 855 080
(international) +61 3 9415 4000 
Website: computershare.com.au/Investor
Upcoming key dates
6 March 2025
28 August 2025
Final ex-dividend date
Half year results announcement
7 March 2025
4 September 2025
Final dividend record date
Interim ex-dividend date
4 April 2025
5 September 2025
Final dividend payment date
Interim dividend record date
7 May 2025
3 October 2025
Annual General Meeting
Interim dividend payment date
30 June 2025
31 December 2025
End of financial half year
End of financial full year
Note: Dividend payments are subject to TPG Telecom Board approval. Dates may be subject to change.
ASX additional information continued
Page 148  |  TPG Telecom Annual Report 2024

TERM
EXPLANATION
Adjusted NPAT
Statutory Net Profit After Tax adding back transformation and transaction costs, customer base
intangible amortisation, spectrum amortisation and non-cash tax expense.
AMPU
Average Margin Per User.
ARPU
Average Revenue Per User.
Capex
Capital expenditure.
EPS (LTIP basis)
Long Term Incentive Plans (LTIP) basis Earnings Per Share measures statutory NPAT adjusted by 
adding back customer base amortisation and material one-offs (subject to discretion of the Board), 
and divided by weighted number of shares on issue.
eJV
eJV is a joint venture between TPG Telecom and Optus for the sharing of passive mobile network 
tower and rooftop assets.
FWA
Fixed Wireless Access.
Group
The Company and entities controlled by the Company (its subsidiaries).
MOCN
Multi-Operator Core Network.
MVNO
Mobile Virtual Network Operator.
Opex
Operating expenses.
EBITDA
Earnings before interest, income tax expense, depreciation and amortisation.
NPAT
Net Profit After Tax - the total revenue minus all expenses and tax.
OFCF
Operating Free Cash Flow measures cash flow from operations less capex, finance lease 
repayments and finance lease interest (within cash flow from financing activities). It does not include 
payments for spectrum and dividends and excludes any loan payments/drawdowns.
ROIC
Return on Invested Capital measures net operating profit after tax (NOPAT) adjusted to remove 
customer base amortisation, divided by average invested capital excluding goodwill, brand and 
customer base intangibles.
Spectrum
Radio frequency spectrum is where radio waves are transmitted and received.
Glossary
Page 149  |  TPG Telecom Annual Report 2024