Aussie Broadband AGM: FY27 EBITDA guidance reaffirmed at $205M to $215M
In its AGM presentations on 23 October 2026, management at Aussie Broadband (ASX:ABB) reaffirmed FY27 underlying EBITDA guidance of $205 million to $215 million and capital expenditure of $60 million to $65 million, as announced at the FY26 results.
Group CEO Brian Maher said more than 193,000 broadband connections have been added year to date, taking total connections above 1.3 million. The Chair and CEO framed FY26 as a “transformational” year, with FY27 positioned as the year of completing migrations and embedding recent acquisitions.
The key takeaways slide describes the FY27 guidance as implying 24% to 30% EBITDA growth.
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FY26 results recap
The Chair and CEO addressed FY26 (the year ended 30 June 2026) before turning to the trading update. Both highlighted earnings growth, cash generation and higher shareholder returns.
Earnings and cash flow growth
The presentation data showed growth across each headline financial measure.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | **$1,186.5M** | **$1,295.4M** | **+9.2%** |
| Underlying EBITDA | **$138.2M** | **$165.3M** | **+19.6%** |
| EPSA | **19.0c** | **23.9c** | **+25.8%** |
| Operating cash flow | **$117.3M** | **$167.2M** | **+42.5%** |
Underlying EBITDA reached the top end of the company’s upgraded guidance range, according to the Chair. Operating cash flow is measured before interest and tax.
The Chair noted that FY26 growth was “substantially organic”, with the benefits of a number of strategic initiatives “expected to contribute more meaningfully from FY27 onwards.” The CEO said operating cash flow increased by “more than 40%”.
Shareholder returns
Ordinary fully franked dividends rose 50%, from 4.0 cents to 6.0 cents per share, comprising an interim dividend of 2.4 cents and a final dividend of 3.6 cents.
The company also announced an on-market share buyback of up to $115 million in August. To date, more than 11.7 million shares have been purchased, representing 37% of the total buyback.
Adrian Fitzpatrick, Chair
“In August, we also announced an on-market share buyback of up to $115 million, reflecting the Board’s confidence in the Company’s outlook, balance sheet strength and cash generation capability.”
Diversified growth platform and operating momentum
Management positioned the group’s three operating segments, Residential, Business, Enterprise and Government (BE&G), and Wholesale, as the base for future growth and earnings diversification.
Operating metrics
Key FY26 operating metrics included:
- 1.11m broadband connections, up 323k or 41% on June 2025
- 263k mobile services, up 22%
- 12.1% NBN market share, up 3.7 percentage points (versus 4% at the 2020 ASX listing)
- Most trusted Telco brand for the fifth consecutive year, as measured by Roy Morgan
Mr Maher said that with connections now above 1.3 million and the AGL Telco migration nearly complete, Aussie Broadband is Australia’s third-largest NBN provider.
Three strategic transactions, three segments
The Chair said the team completed “four strategic transactions within six months”. The CEO’s address focused on three, one for each segment.
- Residential: The AGL Telco acquisition was completed in June. The five-year goal is 500,000 connections, representing 12% of AGL’s 4.2 million energy customers. Migration of approximately 320,000 connections across broadband and mobile is expected to finish by the end of October.
- Wholesale: The More and Tangerine migration added 269,000 broadband services. More’s partnership with CommBank Yello provides an indirect Big 4 banking channel, and connections are expected to return to growth in Q2 FY27.
- BE&G: Nexgen adds stronger small and medium business capability, including national reach, an experienced sales team and agentic AI tools for small business. It is performing in line with expectations.
The AGL Telco acquisition completed in June involved issuing about 22 million shares to AGL, roughly 7% of issued capital, and sits alongside the More and Tangerine agreement as a major driver of the connection step-up.
What is an NBN wholesale migration, and why does it matter?
An NBN wholesale migration moves customers from one provider’s systems to another’s. Moving hundreds of thousands of services at once can cause short-term customer disruption and operational noise.
Mr Maher said that is not unusual at this scale and that the effects “will dissipate in the next few weeks.” The presentation said the migrations add scale and earnings uplift from FY27, with limited incremental capital requirements after migration.
FY27 trading update: organic growth and migrations
Excluding the recently migrated AGL, More and Tangerine customers, connections grew by 18,800, of which 11,000 was organic net growth in Residential.
| Segment | Jun-26 | Sep-26 | Oct-26 (to 20 Oct) |
|---|---|---|---|
| Residential | **682,601** | **871,033** | **879,292** |
| BE&G | **92,579** | **95,549** | **96,109** |
| Wholesale | **336,194** | **328,594** | **329,349** |
| Total | **1,111,374** | **1,295,176** | **1,304,750** |
The October figures are as at 20 October 2026 and include AGL residential connections migrated. Wholesale connections fell by 7,600 in the September quarter.
Mr Maher said short-term volume impacts on migrated More and Tangerine connections, as communicated in August, have been mitigated. He noted modest volume growth in October to date and said continued growth is expected.
Road to Look-to-28
The presentation mapped the pathway across three financial years:
- FY26 (complete): continued organic growth and strategy execution, with strategic transactions executed
- FY27 (in progress): customer migrations completed, newly acquired teams and operations embedded, and productivity benefits emerging
- FY28 (future): scale driving further operating leverage, transaction benefits realised and productivity initiatives improving margin
The company upgraded its Look-to-28 ambitions. Mr Maher stressed that “these are ambitions, not guidance.”
| Ambition | Previous | New |
|---|---|---|
| Group revenue | **>$1.6bn** | **>$2.0bn** |
| EBITDA margin | **>12.5%** | **>13.5%** |
| NBN market share (excluding satellite) | **>11%** (c1m connections) | **>17%** (c1.5m connections) |
| EPS growth | **>20% CAGR** | **>30% CAGR** |
| Residential contribution | **<60%** | **<60%** |
The presentation notes the ambitions carry risks and uncertainties, and that growth rates are referenced from FY25.
Brian Maher, Group Chief Executive Officer
“FY26 was the year we executed the transactions. FY27 is the year we complete the migrations and embed the teams and operations that joined us. And FY28 is when we really start to see the benefits of scale show up fully in our earnings.”
Board and leadership changes
The Chair outlined several changes across the Board and leadership team:
- Jean-Baptiste Rousselot was recently welcomed as a Non-Executive Director
- Darren Rowland was welcomed as Group Chief Financial Officer to his first AGM
- Phillip Britt and Graeme Barclay were thanked for their service following their departure from the Board
- The search for an additional director is described as “well progressed”
Mr Maher thanked the more than 1,600 employees across Aussie Broadband, Symbio and Nexgen. He listed management’s priorities as continuing to grow organically, completing integration activities, realising the benefits of recent transactions, improving productivity and operating leverage, and continuing to execute against the Look-to-28 ambitions.
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