Superloop caps three-year turnaround with maiden scaled profit and $664m revenue
In its FY26 full-year results presentation delivered on 19 August 2026, Superloop Limited (ASX:SLC) reported the completion of its “Double Down” three-year strategy, marking the telecommunications provider’s transition from loss-making to sustainably profitable.
Management outlined a full-year result anchored by four hero figures. Reported revenue reached $664m, up 21.6%, while Underlying EBITDA climbed 33% to $122.7m. Net Profit After Tax (NPAT) landed at $17.5m, an increase of $16.3m from the prior year’s $1.2m. The customer base grew 28% to 935k, an addition of 205k new customers across the group.
The result confirmed that Superloop now operates as a scaled, profitable and cash-generative telco, with all “Double Down” targets achieved after a period of consolidation and investment.
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FY26 results at a glance
The group scorecard below summarises the year-on-year movement across Superloop’s key financial metrics.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Reported Revenue | $546.5m | $664.3m | +21.6% |
| Underlying EBITDA | $92.2m | $122.7m | +33.1% |
| NPAT | $1.2m | $17.5m | +$16.3m |
| Gross Operating Cash Flow | $88.0m | $123.5m | +40% |
| Free Cash Flow | $56.3m | $84.4m | +50% |
| Reported EPS | 0.24c | 3.4c | +3.16c |
| Customers | 730k | 935k | +205k |
Several data points stood out from the reported figures:
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Underlying EBITDA of $122.7m exceeded upgraded guidance of $118m–$122m
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The group achieved 101% EBITDA cash conversion
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Group nbn market share rose 1.9% to 8.5%
All three segments grew as operating leverage kicked in
A recurring theme across the presentation was operating leverage, with Underlying EBITDA growing at approximately 1.5x the pace of revenue as the group scaled. All three segments contributed to gross profit expansion during the period.
Consumer — record customer growth
Consumer revenue rose 27% to $463.2m, driven by the addition of 116k new consumer customers, which the company noted was its first time exceeding 100k new customers in a financial year. Consumer nbn market share increased to 5.2%, while gross margin held at 27.2%, above the long-term target of 25%. Management reported that the Exetel One plan, launched 1 July 2025, continued to track well, with 13.1k customers added from the Lynham acquisition.
Business — momentum accelerating
Business revenue grew 8% to $113.4m, with the second half of FY26 up 12% on the prior corresponding period. Gross margin expanded 2.6 percentage points to 43.1%. New secure connectivity wins included:
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Coles
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National Storage
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Hastings Deering CAT
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St Vincent de Paul Society NSW
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Adrad Radiators
Wholesale — enabling the “Challengers”
Wholesale revenue increased 19.2% to $97.3m, with gross margin expanding to 69.2%. The company continues to enable Challenger brands through its wholesale aggregation and white-label channels, recording growth across both Origin and other wholesale channels.
The Origin wholesale partnership reached 250,000 subscribers in March 2026, validating the capital-light wholesale model and triggering a share-based milestone payment that aligns partner and shareholder interests through to the agreement’s 2030 expiry.
What Smart Communities means for Superloop investors
A central pillar of the presentation was Smart Communities, an infrastructure growth platform that delivers wholesale fibre-to-the-premise (FTTP) and managed Wi-Fi to new property developments, student accommodation, build-to-rent projects and greenfield communities.
The model works through a “lot” funnel. Contracted lots progress to built lots (ready for service), which then convert into activated lots that generate recurring, annuity-style revenue. A “lot” refers to an individual FTTP premise or a student accommodation bed.
For investors, the appeal lies in the economics. The platform targets gross margins of 70–75%, fibre asset life exceeding 25 years, CPI-linked pricing mechanisms and a targeted return on capital above 25% IRR, which management flagged as an ambition rather than guidance.
Key metrics from the platform included:
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Approximately 190,000 contracted lots (up 93k year-on-year)
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Approximately 90,000 built lots
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Approximately 65,000 activated lots
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Approximately $65 monthly ARPU for neoloop (FTTP), with a blended PBSA and FTTP ARPU of $46
The scale expansion was accelerated by the acquisition of Lightning Broadband (Lynham), completed on 29 May 2026 for cash consideration of $165m (subject to completion adjustments). The acquisition added 56k contracted lots and is expected to contribute approximately $11m EBITDA in FY27 on a pre-synergies basis.
The Lightning Broadband acquisition was structured at 10x post-synergy EV/EBITDA, with Statutory Infrastructure Provider status across 400+ developments providing legislatively protected infrastructure rights in new residential developments that underpin the long-term lot funnel.
Cash generation and balance sheet strength
The presentation emphasised earnings quality, with the group reporting strong cash conversion and reduced leverage that supports future growth investment.
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Gross operating cash flow of $123.5m, up 40%, representing 101% conversion
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Free cash flow of $84.4m, up 50%
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Net leverage of 1.3x EBITDA, well below the target of under 2.5x, with interest cover of 15.5x
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A new $300m four-year bilateral facility refinanced in October 2025, with net debt of $128m
On capital management, the company stated that a buy-back or dividend will be reviewed as cash generation increases, framing this as a forward possibility under review rather than a declared return.
The presentation highlighted the achievement of the “Double Down” targets as a key milestone, disclosed as company results rather than attributed to any individual.
Company disclosure — “Double Down” targets achieved
Revenue run-rate >$700M; Underlying EBITDA run-rate in the mid-to-high teens (%); NPATA >$0; and Net Profit after Tax >$0.
The road to SuperCharge29
Looking forward, management outlined its FY29 ambitions under the SuperCharge29 strategy. These figures represent targets and ambitions that do not constitute guidance and carry risks and uncertainties.
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Group revenue exceeding $1B
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Group Underlying EBITDA of $200m
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Reported EPS growth above 30% on a three-year CAGR basis
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Smart Communities contracted lots exceeding 260,000 at an IRR above 25%
Artificial intelligence was positioned as a structural driver of operating leverage rather than a one-off benefit. The company reported that 63% of customer interactions were AI-enabled in FY26, with a targeted pathway towards an approximately 20% group EBITDA margin by FY29.
Superloop enters FY27 as a scaled, profitable and cash-generative telco, underpinned by proven operating leverage and a growth runway in Smart Communities. The company’s FY29 ambitions remain targets subject to risk and are not guidance, and investors should weigh these forward-looking objectives against the execution risks inherent in delivering them.
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