UK ⫶ Building the strongest connectivity provider Transforming mobile network quality • Immediate actions taken to improve network quality for 28.8m customers − over 7m Three customers benefitting from higher 4G speeds − 16,500 km 2 of ‘not spot’ areas removed by year end − seamless roaming between networks already live in >5k sites
Mobile coverage & experience by 2030 1
• 5G SA network build with Ericsson, Nokia & four small UK-based contractors • Early impacts of network improvement recognised by independent test (Opensignal) 1 Clear synergy target pathway • £700 million yearly cost and capex synergies by 5 th year post-completion • Early actions taken: − senior management already in place − appointed network infrastructure builders − large contracts rationalisation started e.g. media buying supplier − property consolidation consultation in progress
Cost synergies (£million)
Capex
Opex & Direct costs
Network & IT maintenance Marketing, sales, distribution & logistics
>700 (2)
50%
50%
Yr5
H1 FY26 Results ⫶ November 2025
1. Opensignal study, 22 October 2025. Overall mobile coverage (2G to 5G) across operators’ networks as observed by Opensignal users. Coverage is based on Opensignal’s user measurement, enabling like-for-like assessment of operators’ networks. Data collection cutoff date: 29 August 2025. 2. Gross synergies excluding integration costs.
19
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