Other Europe 15% of Group Adj. EBITDAaL 1 Other Europe & Türkiye ⫶ Strong EBITDAaL growth
-0.5% Q2 service revenue +6.1% H1 Adj. EBITDAaL
+48.4% Q2 service revenue +58.0% H1 Adj. EBITDAaL
Türkiye 8% of Group Adj. EBITDAaL 1
• Q2 service revenue impacted by B2B & ARPU pressure in Portugal • Temporary Business decline driven by project phasing in Greece and Romania • Acquisition of Telekom Romania assets completed on 1 October 2025, with integration started
• +75k mobile contract customer net additions, supported by growth in first & second brands in Portugal • Enhancing customer experience, with SuperTOBi AI agent live in all 6 markets & ‘Ask Once’ commitment being rolled out • EBITDAaL supported by service revenue growth in most markets, cost actions & a legal one-off in Portugal
• Moderating inflation continuing to impact service revenue trend • Strong customer base management & digital services demand • Strong market share progress in the last two years • Strong euro growth in service revenue, Adj. EBITDAaL & Operating FCF • Acquired 5G spectrum, with nationwide 5G to be launched next year
Service revenue growth (%) Reported growth in euro 2
Service revenue growth (%)
Net additions (‘000)
2.6%
2.6%
Fixed
Mobile contract
53.1%
52.3%
49.5%
153
110
29.6%
0.8%
78
75
0.2%
14.8%
28
(0.5%)
4
3
3
1
(5)
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
H1 FY26 Results ⫶ November 2025
1. Based on H1 FY26 Adjusted EBITDAaL contribution. 2. Growth in euro terms excluding the impact of hyperinflationary accounting adjustments.
9
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