S&P Global Ratings affirms BBB for TPG Telecom stock

Published on 10/20/2026 at 19:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half net income rose 9.40 percent to AUD 35.0 million. TPG Telecom stock costs EUR 2.39 on October 20, 2026, up 2.41 percent on the ASX.

Rating outlook and trading facts

S&P Global Ratings affirmed TPG Telecom's BBB rating and changed its outlook to stable on October 12, 2026.
First-half 2026 net income rose 9.40 percent to AUD 35.0 million.
TPG Telecom stock traded at EUR 2.39 at Lang & Schwarz on October 20, 2026 at 7:11 p.m. CEST, while the ASX quote was up 2.41 percent.
The financial full year ends on December 31, 2026.

TPG Telecom, AU0000090128, Illustration mit AI erstellt.

TPG Telecom (AU0000090128) retained its BBB long-term credit rating as S&P Global Ratings changed the outlook from negative to stable on October 12, 2026. The agency linked the decision to mobile growth, lower capital intensity and improving cash flow. TPG Telecom was trading at EUR 2.39 at Lang & Schwarz on October 20, 2026 at 7:11 p.m. CEST, while the ASX quote was up 2.41 percent from its prior close.

Half-year earnings set the operating base

TPG Telecom's first-half 2026 net income rose 9.40 percent to AUD 35.0 million, while revenue stood at AUD 2.43 billion, according to Simply Wall St on August 21, 2026. Earnings per share increased to AUD 0.018 from AUD 0.017 in the first half of 2025, while the profit margin rose to 1.40 percent from 1.30 percent.

The company also reported an interim dividend of AUD 0.10 per share for the six months ended June 30, 2026. The payment date was September 29, 2026, according to the company's investor-relations calendar.

Stock remains below its yearly high

TPG Telecom's ASX price range for the past 52 weeks was AUD 3.47 to AUD 5.85. The AUD 3.83 home-market price on October 20, 2026 stood AUD 2.02, or 34.53 percent, below the high and AUD 0.36, or 10.37 percent, above the low. The company's market capitalization was AUD 7.5 billion.

The rating outlook gives investors a defined balance-sheet marker. S&P Global Ratings expects adjusted debt to EBITDA of 2.80 times in fiscal 2026 and closer to 2.50 times from fiscal 2027. The report also identifies spectrum payments and network-sharing commitments as factors that could pressure credit metrics.

Comparison with peers

TPG Telecom: up 2.41 percent, P/E 159.58, market capitalization AUD 7.5 billion.

Telstra Group (ASX, AUD): unchanged, P/E 23.96, market capitalization AUD 52.8 billion.

Spark New Zealand (NZX, NZD): down 1.07 percent, P/E 7.03, market capitalization NZD 3.5 billion.

Next dated company marker

TPG Telecom's financial full year ends on December 31, 2026, according to its investor-relations calendar. The latest reported interim period ended June 30, 2026, leaving the next full-year reporting cycle as the next dated financial milestone.

What the rating means for leverage

The stable outlook is tied to a projected decline in adjusted leverage from 2.80 times in fiscal 2026 toward 2.50 times from fiscal 2027. That comparison puts debt reduction and spectrum funding alongside mobile earnings as the central measures for the stock.

Trading level and credit outlook

TPG Telecom was trading at EUR 2.39 at Lang & Schwarz on October 20, 2026 at 7:11 p.m. CEST. Its ASX price was AUD 3.83 at 4:10 p.m. AEDT on the same date, up 2.41 percent from the prior close of October 19, 2026. The further course of trading is shown by the continuously updated real-time quote of TPG Telecom stock.