Telstra (TLS) +3.63%: a solid, defensive-style beat – cash flow improved, the dividend lifted, and guidance was tightened — with mobile again doing the heavy lifting.
1H26 Highlights
- Net income: $1.12bn (+9.4% y/y) – consensus $1.08bn
- EBITDA: $4.45bn (+4.7% y/y) – consensus $4.41bn.
- Free cash flow: $1.90bn (+48% y/y)
- Interim dividend: A$0.105 (vs A$0.095) + buyback raised to $1.25bn
Not an exciting result but a good solid outcome with an uplift in all the areas that are important, with improving capital returns.
MM is neutral TLS above $5
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