Key Highlights

  • Revenue rose 21.6% to A$664.3 million for FY26.
  • Underlying EBITDA rose 33.1% to A$122.7 million, above the top of upgraded guidance.
  • Net profit after tax was A$17.5 million, compared with A$1.2 million a year earlier.
  • SuperCharge29 targets group Revenue above A$1 billion, underlying EBITDA of A$200 million and EPS growth above 30% a year by FY29.

How does a telecommunications company that has just doubled down on growth decide what to do next? On 19 August 2026, Superloop Ltd (ASX:SLC) reported its FY26 results, declared its three-year Double Down strategy complete and set out a new plan called SuperCharge29. They are company targets, not forecasts or guarantees. The period-specific figures provide context for the company’s operating performance and execution priorities.

FY26 results

Underlying EBITDA was A$122.7 million, up 33.1% and above the top of its upgraded guidance range. Net profit after tax was A$17.5 million, compared with A$1.2 million in FY25. Free Cash Flow was A$84.4 million, up 50%, cash at year end was A$101.7 million, and net Debt was about A$128 million.

Total customers rose by 205,000 to 935,000, with the consumer segment at 501,000 customers. Smart Communities contracted lots nearly doubled to about 190,000 after the Frontier and Lynham acquisitions. Consumer, Business and Wholesale all grew revenue and gross profit.

How Superloop makes money

Superloop is an Australian telecommunications and fibre infrastructure provider. It sells broadband and mobile services to consumers through brands such as Superloop and Exetel, supplies connectivity to businesses and sells wholesale network capacity to other providers. It also operates Smart Communities, which delivers internet to apartment buildings and other multi-dwelling developments under long-term contracts.

The significance of customer growth

Customer numbers are the main driver of scale in telecommunications because they spread fixed costs and improve bargaining power. The addition of 205,000 customers in a year, and the gain in nbn Market Share to 8.5%, show that Superloop is taking share in a market dominated by Telstra, Optus and TPG. Consumer customers also provide the base for cross-selling mobile services. Smart Communities adds contracted, longer-duration revenue, although it requires Capital Investment in building connections and relies on acquisitions that must be integrated well.

Strategy and targets

The three-year Double Down strategy, by management's account, delivered Earnings above its target, with FY26 EBITDA exceeding upgraded guidance and customer growth surging. SuperCharge29 aims to build on that platform. Revenue above A$1 billion implies growth of more than A$335 million from FY26, and underlying EBITDA of A$200 million implies growth of roughly A$77 million. These simple comparisons are arithmetic from reported FY26 figures and say nothing about how likely the targets are. Management will need to deliver growth through customer gains, pricing, wholesale contracts and possibly acquisitions, while keeping margins and debt under control.

Sector and competitive position

broadband market is concentrated and competitive, with nbn wholesale pricing setting a floor for retail costs. Smaller providers compete on price, service and bundling, and consolidation has been common. Superloop's advantage is its mix of retail, business and wholesale segments plus infrastructure assets, which gives it several levers. Its disadvantage is scale relative to the three largest carriers, which limits pricing power. Regulatory settings on nbn wholesale prices and speed tiers can move margins in either direction.

Risks to monitor

Wholesale cost pressure and nbn pricing changes that could narrow retail margins.

Customer churn and promotional intensity in the consumer market.

Integration risk from acquisitions such as Frontier and Lynham, and the capital needed for Smart Communities rollouts.

Dependence on a few large wholesale and business contracts.

Rising debt if acquisitions are funded with borrowings.

Delivery risk against multi-year targets that were set in a growth phase, where a single missed year can reset market expectations.

Bottom line

Superloop has moved from a turnaround to a growth story, with higher earnings, more encouraging cash flow and a larger customer base. The new FY29 targets are ambitious and will test the company's ability to grow while managing costs, debt and a highly competitive market.