- NetLink NBN Trust (SGX:CJLU) recorded 3QFY25 revenue of S$103.4mil (flat y-o-y, flat q-o-q), representing ~25% of FY25F consensus expectations.
3QFY25 EBITDA of S$73.3mil (-7.7% y-o-y, +4.5% q-o-q) was broadly inline.
- - Read this at SGinvestors.io -
- 3QFY25 EBITDA margin was 70.9% vs Consensus’ 71.5% (76.2% in 3QFT24), meeting management’s target of ~70% for the full year.
- 9MFY25 EBITDA of S$216.8mil (-5.1% y-o-y) comprised 73% of FY25F consensus expectation of S$297.3mil. 9MFY25 EBITDA drop would have been 2% excluding one-off benefit of S$6.2mil from disputed power charges in the 9MFY24.
Segmental performance
- - Read this at SGinvestors.io -
- The pricing in the Non-Building Access Points (NBAP) segment (~5% of revenue) lowered by 4.5% from S$73.8 to S$70.5 per connection.
- The non-RAB segment stayed flat y-o-y and q-o-q at S$17mil, primarily due to an increase of 15.6% y-o-y in installation revenue offset by a decline of 15.2% in ancillary revenue.
- NetLink’s residential connections as of 3Q25 increased to 1.517mil from 1.501mil in 3QFY24, offsetting the lowering of residential connection pricing. However, residential connections declined in 3QFY25 compared to 1.520mil in 2QFY25 mainly due to delayed terminations of lower-speed broadband plans from users who upgraded to higher-speed broadband plans, and termination of dormant connections by Requesting Licensees (RLs).
A big room to gear up
- Read more at SGinvestors.io.
