Key Highlights

  • Revenue was $664.3 million, up 21.6%, and underlying EBITDA was $122.7 million, up 33.1%.
  • Underlying EBITDA was above the upgraded guidance range of $118 million to $122 million.
  • The Lynham acquisition, completed on 29 May 2026 for $165 million in cash, brought contracted Smart Communities lots to about 190,000.
  • FY29 ambitions include group Revenue above $1 billion and underlying EBITDA of $200 million, which are not guidance.

How did Superloop Ltd (ASX:SLC) reach 935,000 subscribers, and what must happen for its next set of targets to be met? In its FY26 result, released on 19 August 2026, the telecommunications group reported underlying EBITDA of $122.7 million for the year to 30 June 2026, completed its three-year "Double Down" strategy and set out ambitions for FY29. Those ambitions are not guidance, and the path involves both organic growth and recent acquisitions.

The FY26 result

Revenue was $664.3 million (all figures Australian dollars), up 21.6% from $546.5 million. Underlying EBITDA rose 33.1% to $122.7 million, an 18.5% margin, above the upgraded guidance range of $118 million to $122 million. Reported EBITDA was $106.6 million.

Net profit after tax was $17.5 million, compared with $1.2 million in FY25, and NPATA was $37.9 million. Reported Earnings Per Share were 3.4 cents. Gross Operating Cash Flow was $123.5 million, equal to 101% of underlying EBITDA, and free cash flow was $84.4 million, up 50%.

No Dividend was declared. Management said a buy-back or dividend would be reviewed as cash generation increases. The company spent $13.0 million on treasury shares during the year.

Chief executive Paul Tyler said the company had "delivered on every commitment we made" under the three-year strategy, which began in FY24 and aimed to double revenue, EBITDA and the customer base. Customers rose from about 460,000 to 935,000 over that period. The company presented its follow-on plan, which it calls SuperCharge29, at an investor day on 3 June 2026 and in the FY26 result.

What Superloop does

Superloop sells internet and telecommunications services through three segments. Consumer sells broadband under retail brands. Business supplies connectivity to organisations. Wholesale provides network services to other providers. A growing fourth strand, Smart Communities, supplies connectivity to apartment buildings and similar developments through contracted lots.

At June 2026 the group had 935,000 subscribers, up 205,000 on June 2025. The company reports Consumer at 501,000 (up 116,000), Business at 117,000 (up 10,000) and Wholesale at 317,000 (up 79,000). Other reports of the result quote a different consumer figure, so segment counts should be checked against the company's own materials.

Segment revenue was $448.3 million for Consumer (up 18.8%), $118.8 million for Business (up 16.2%) and $97.3 million of underlying revenue for Wholesale. Reported gross margins were 31.7% for Consumer, 52.2% for Business and 69.2% for Wholesale before amortisation.

Acquisitions and Smart Communities

The largest recent transaction is Lynham, completed on 29 May 2026 for $165 million in cash, subject to completion adjustments. It contributed 56,000 lots, taking contracted Smart Communities lots to about 190,000. Superloop expects Lynham to contribute $11 million of EBITDA in FY27 before synergies, with run-rate synergies of $2 million by the end of FY27.

Frontier, acquired earlier in FY26, delivered $3.5 million of annualised synergies against a $3 million target. Investment is continuing: FY27 Smart Communities Capital Expenditure is guided at $16 million to $20 million, plus $4 million of integration spending in FY27 only, while business-as-usual capital expenditure is expected at 4.25% to 4.75% of group revenue.

Balance sheet

Net Debt was about $128 million at 30 June 2026, calculated by the company as bank borrowings of $230.0 million less cash of $101.7 million. Indicative net Leverage was 1.3 times EBITDA against a target ceiling of 2.5 times. A new four-year $300 million bilateral Facility was completed in October 2025.

Interpretation (own arithmetic): net debt of about $128 million is roughly 1.0 times FY26 underlying EBITDA of $122.7 million, whereas the company quotes 1.3 times on an indicative basis. The basis for the company's figure was not detailed in the material reviewed here.

Capital expenditure excluding indefeasible rights of use was $37.9 million, slightly above the $34 million to $37 million guidance because of the Lynham acquisition.

From FY26 to the FY29 ambitions

Superloop's ambitions for FY29 are group revenue above $1 billion, underlying EBITDA of $200 million, reported EPS growth above 30% a year over three years, more than 260,000 contracted Smart Communities lots and a pathway to roughly a 20% EBITDA margin. It also assumes about 25,000 new contracted lots a year across FY27 to FY29. The company stresses these are ambitions, not guidance, and it does not give guidance beyond the current year.

Interpretation (own arithmetic): lifting revenue from $664.3 million to $1 billion over three years implies compound growth of about 14.6% a year, and lifting underlying EBITDA from $122.7 million to $200 million implies about 17.7% a year. Because a full year of Lynham will be included, not all of that would need to be organic. These rates are derived and are not company forecasts.

The company has said FY27 guidance will be provided at its Annual General Meeting in November.

Risks and monitoring points

Points to monitor include FY27 guidance at the November meeting, integration of Lynham and Frontier, customer Acquisition costs and churn, wholesale pricing, capital expenditure intensity as Smart Communities scales, and any change to capital management once the company reviews a dividend or buy-back.

The next scheduled disclosure the company has pointed to is its ESG report, due later in the calendar year.