FlexiRoam (ASX:FRX) has signed a two-year agreement with Etihad Airways, the national airline of the United Arab Emirates, to supply connectivity across three use cases under a single master framework.
The three use cases are staff connectivity, aircraft operational data and pilot iPad connectivity, with coverage spanning more than 125 countries. All three operate on a recurring monthly subscription model.
The Board has deemed the Agreement material, citing Etihad’s scale and global profile. For investors, the deal continues FlexiRoam’s enterprise momentum through 2026 and further validates its large-enterprise strategy.
What the agreement covers: three use cases, one framework
The Agreement runs for an initial term of two years, renewable by agreement, and consolidates three distinct connectivity applications under one framework:
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Staff Connectivity — multi-network global roaming data pools for Etihad personnel across the airline’s international route network, managed through the FlexiRoam Partner Portal.
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Aircraft Operational Data — SIMs and eSIMs in onboard aircraft routers and modems, transferring aircraft operational data and supporting connected crew devices while aircraft are on the ground.
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Pilot iPad Connectivity — dedicated data pools for the iPads Etihad pilots use for itineraries, flight documentation, rostering and operational updates while aircraft are on the ground. This use case carries an initial 12-month term.
Two of these use cases were already in service. Staff connectivity and aircraft operational data were provided under earlier agreements disclosed in April 2025 and March 2026 respectively. The Agreement announced today brings all three under a single two-year framework, alongside any future use cases the parties may agree. This is a consolidation and expansion of an existing relationship, not a new one.
The aircraft operational data expansion disclosed in March 2026 marked the point at which FlexiRoam moved from a discretionary staff connectivity service into mission-critical operational infrastructure across a fleet of 120-plus aircraft, establishing the precedent that the Etihad consolidation now formalises.
| Use Case | What It Powers | Model | Term |
|---|---|---|---|
| Staff Connectivity | Global roaming data pools for Etihad personnel via the FlexiRoam Partner Portal | Recurring monthly subscription | Two years |
| Aircraft Operational Data | SIMs/eSIMs in onboard routers and modems; connected crew devices on the ground | Recurring monthly subscription | Two years |
| Pilot iPad Connectivity | Data pools for pilot iPads (itineraries, flight documentation, rostering, updates) while aircraft are on the ground | Recurring monthly subscription | Initial 12 months |
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Commercial terms and why this matters for recurring revenue
The commercial model is straightforward. Revenue is derived principally from monthly data pool subscription fees, together with one-off SIM and eSIM provisioning fees and usage-based charges. The partnership sits within the Group’s B2B Solutions segment.
This aligns with FlexiRoam’s strategy of growing contracted recurring revenue. Recurring revenue became the majority of revenue in FY26 — 55%, up from 39% in FY25, with a Q4 mix of 66%.
In the interest of transparency, the Agreement does not specify a minimum number of data pools or devices, nor an aggregate minimum contract value. The Company cannot quantify the total revenue expected at this stage, as it will depend on the rate of deployment and data consumption across Etihad’s operations.
For investors, the significance lies in earnings quality. Growing a base of contracted, subscription-based revenue improves the predictability and visibility of future income, even where the precise value remains dependent on usage.
Investors exploring how recurring revenue growth translated into financial performance at the group level will find our full explainer on FlexiRoam’s H1 FY26 financial turnaround covers the 19-percentage-point gross margin expansion, the return to positive net current assets, and the enterprise partnerships that underpinned the result.
Why a tier-one airline partnership validates the platform
In simple terms, FlexiRoam supplies the SIM and eSIM (digital SIM) connectivity and the management platform, while Etihad uses them to run shared monthly data pools for its staff, aircraft and pilots’ iPads. One platform serves all three applications.
Securing a tier-one global airline carries weight beyond the revenue involved. Such partnerships tend to signal that a platform meets the operational standards large organisations demand:
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Reliability and compliance — enterprise-grade connectivity suited to airline operations.
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Versatility — a single platform serving three distinct use cases, individual travellers and IoT deployments across the payments, agriculture and aviation sectors.
FlexiRoam’s broader platform supplies eSIM and physical SIM-based data solutions across 190+ countries through 600+ carrier partners. The Etihad deal continues a run of enterprise wins through 2026, following the previously announced Dialog, Paydibs, Tune Protect and Australian payments group agreements. These reflect the Company’s stated model of starting with one service, delivering, and being chosen for more.
Expansion framework and the B2B2C optionality
The Agreement also provides a framework to add further use cases over time, subject to separate written terms. One possibility management has flagged is a business-to-business-to-consumer (B2B2C) use case, in which Etihad would make FlexiRoam connectivity available to its own passengers or loyalty members.
This mirrors the model already used in FlexiRoam’s credit card and travel insurance programs, where the partner funds a data entitlement for its customers or members. It is a channel approach that embeds connectivity with enterprises that already own the customer relationship.
Importantly, any future use case is subject to separate terms to be agreed in writing, and no assurance is given that any will be. The B2B2C opportunity should be viewed as strategic optionality rather than a committed or contracted revenue stream.
Management commentary
Jefrey Ong, CEO & Executive Director
“In March we said this partnership showed our enterprise model working in practice: start with one service, deliver, and be chosen for more. Today’s named two-year Agreement across three use cases is that model delivered. We look forward to growing our services with the Etihad team.”
What’s next for FlexiRoam investors
The Agreement runs for an initial two-year term, renewable by agreement, with subscription revenue building within the B2B Solutions segment. Deployment pace and data consumption across Etihad’s operations will determine the actual revenue generated over time.
Potential future use cases, including a B2B2C offering, remain optionality subject to separate terms. Consolidating a tier-one airline relationship under a single framework strengthens FlexiRoam’s positioning in large-enterprise connectivity.
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