Superloop (SLC) H1 2025 earnings summary

Executive summary

• Achieved strong customer growth, reaching 664,000 (up 63%), and revenue growth of 31% to AUD 258 million, driven by organic expansion, successful customer migrations, and execution of the Double Down strategy.

• Underlying EBITDA rose 66% to AUD 38.2 million, with margin improvement and strong operating leverage.

• Net loss after tax narrowed to AUD 7.8 million, an improvement of AUD 10.9 million year-over-year.

• Completed migration of over 130,000 Origin customers, boosting Wholesale revenue and market share.

• Announced acquisition of Uecomm, expected to complete in Q3, adding significant metro fibre infrastructure.

Financial highlights

• Revenue increased 31% year-over-year to AUD 258 million; gross margin up 28% to AUD 88 million, with a group margin of 34.2%.

• Underlying EBITDA up 66% to AUD 38.2 million; EBITDA margin at 14.8%.

• Free cash flow reached AUD 16 million, up AUD 3.4 million year-over-year; gross operating cash flow conversion at 98%.

• Net cash position of AUD 10.9 million; indicative interest cover ratio at 12.6x.

• Operating expenses increased 12.4%, mainly due to higher marketing spend; opex/revenue ratio improved to 15.3%.

Outlook and guidance

• Affirmed FY2025 guidance: underlying EBITDA of AUD 83–88 million, over 50% growth on FY2024.

• CapEx guidance maintained at AUD 28–30 million for FY2025.

• Confident of achieving NPAT positive in FY2026, in line with the three-year plan.

• Early H2 trading shows accelerated customer growth, especially in Wholesale.

• Focus areas include cost leadership, digitisation, organic growth, and disciplined M&A.