Superloop (SLC) H2 2024 earnings summary

Executive summary

• Achieved record FY24 revenue of $420.5 million, up 30% year-over-year, with all segments contributing and organic growth as the main driver.

• Underlying EBITDA rose 45.2% to $54.3 million, exceeding guidance and driving margin expansion to 12.9%.

• Net loss after tax narrowed to $14.7 million from $43.2 million, with NPATA turning positive at $23.5 million.

• Customer base grew to over 455,000, with 80,000–87,000 net new consumer customers and significant nbn market share gains.

• Major contract wins with Origin and AGL set the stage for a material earnings uplift in FY25.

Financial highlights

• Revenue up 30% year-over-year to $420.5 million; gross margin up 24.2% to $145.1 million (34.8% margin).

• Underlying EBITDA up 45.2% to $54.3 million; NPATA positive at $23.5 million, with overall net loss reduced.

• Free cash flow increased 26% to $29.2 million; operating cash flow conversion at 92%.

• CapEx for FY24 was $25 million, at the lower end of guidance.

• Net cash position of $3.6 million at FY24 end, with $49.1 million in undrawn debt capacity.

Outlook and guidance

• FY25 underlying EBITDA expected between $83–88 million, a 53–62% uplift on FY24.

• CapEx forecasted at $28–30 million for FY25, supporting Smart Communities and network upgrades.

• Ambition to reach over 500,000 consumer customers, $700 million revenue, mid- to high-teens EBITDA margin, and NPAT positive by FY26.

• Significant earnings step change expected in FY25 from Origin and AGL contracts.

• Revenue and earnings from Origin and AGL contracts to become more visible in FY25.