NetLink NBN Trust 3QFY25 - UOB Kay Hian 2025-02-12: Soft Results On Lower Prices & Higher Operating Costs

• NetLink posted lower 3QFY25 revenue, EBITDA and PATMI, in line with our expectations. The soft performance was largely due to lower interconnection prices and higher operating costs. Despite lower prices, 9MFY25 RAB revenue was stable as overall connections continued to grow.
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9MFY25: Soft results in line.

• For 9MFY25, NetLink NBN Trust reported lower revenue (-0.4% y-o-y), EBITDA (-5.1% y-o-y) and PATMI (-12.9% y-o-y), forming 74%/73%/74% of our full-year forecasts respectively.
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• The weaker EBITDA and PATMI were largely due to lower revenue and non-operating income, coupled with higher operating costs. Also, there was a one-off reversal gain of around S$6.2m in 3QFY24.
• Excluding the one-off gain, 9MFY25 EBITDA and PATMI would have only dropped by around 2% and 5% y-o-y respectively based on our estimates.

Soft quarter.

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Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-12 SGinvestors.io

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