Superloop (SLC) H2 2025 earnings summary

Executive summary

• Achieved first positive net profit after tax (NPAT) of AUD 1.2 million, a year ahead of turnaround plan targets.

• Revenue grew 31% year-over-year to AUD 546 million, driven by strong Consumer and Wholesale segment performance.

• Underlying EBITDA rose 70% to AUD 92.2 million, with margin expanding to 16.9%.

• Achieved record customer growth, adding 275,000 new customers and reaching 731,000 total, with nbn market share up 2.8% to 6.6%.

• Free cash flow nearly doubled to AUD 56.3 million, ending with a net cash position of AUD 29.5 million.

Financial highlights

• Gross margin increased 31% to AUD 190 million, with group gross margin stable at 34.7%.

• Operating expenses rose 12% to AUD 103 million, but opex/revenue ratio improved to 14.4%.

• Free cash flow up 93% to AUD 56 million; gross operating cash flow conversion at 95% of underlying EBITDA.

• CapEx at AUD 28.4 million, 5.2% of revenue, focused on digital upgrades and network expansion.

• Net profit after tax improved by AUD 16 million to AUD 1.2 million.

Outlook and guidance

• Confident in achieving Double Down strategy targets by FY 2026, including AUD 700 million revenue and mid-to-high teens EBITDA margin.

• FY 2026 off to a strong start with 17,000 net new consumer customers in first seven weeks.

• Positioned to benefit from NBN's speed upgrades and expected market churn in September.

• M&A remains a strategic lever, with strong balance sheet to support accretive acquisitions.

• No formal guidance provided at full-year results; guidance expected at AGM.