Superloop (SLC) H1 2025 earnings summary

Executive summary

• Achieved strong customer growth, adding over 209,000 new customers to reach 664,000, up 63% year-over-year, and delivered 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 EBITDA margin reaching 14.8%, reflecting strong operating leverage and margin improvement.

• 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 broadband customers, boosting Wholesale revenue and market share.

• Announced acquisition of Uecomm, expected to complete in Q3 FY25, adding over 2,000 km of metro fibre and 1,900 connected buildings.

Financial highlights

• Revenue increased 31% year-over-year to AUD 258 million; gross margin rose 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%.

• Net loss after tax improved to AUD 7.8 million from a larger loss in the prior period.

• Free cash flow reached AUD 16 million, up 27.5% year-over-year; gross operating cash flow conversion at 98%.

• Net cash position of AUD 10.9 million; significant undrawn debt capacity and interest cover ratio at 12.6x.

Outlook and guidance

• Affirmed FY2025 guidance: underlying EBITDA of AUD 83–88 million, representing 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.

• Focus remains on organic growth, nbn market share expansion, and disciplined M&A.

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