NetLink NBN Trust - Maybank Research 2025-05-19: FY25 Operating Metrics In Line, Dividend Beats Consensus

• NetLink Trust’s revenue and cash flows are resilient and well supported by a stable business model. We see NetLink Trust as a bigger beneficiary as and when the interest rate cycle turns.
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FY25 NPAT misses but on the surface.

• NetLink Trust's FY25 earnings declined 6% y-o-y and are 6% below the Street. Revenue and EBITDA also declined 1% y-o-y and missed Street expectations by 2%. However, we note that higher-margin RAB revenue is stabilizing as rising connections offset the regulatory price cut, which came into effect in Apr’24.
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Operating metrics – stability or growth.

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-08-01 NetLink NBN Trust 1QFY26 Review - Slight Hiccup But Limited Risk To Dividends.

Previous report by Maybank:
2025-07-07 NetLink NBN Trust - 6% Yield, Backed By Clear Cash Flows.

Price targets by 2 other brokers at NetLink Trust Target Prices.

Listing of research reports at NetLink Trust Analyst Reports.

Relevant links:
NetLink Trust Share Price History,
NetLink Trust Announcements,
NetLink Trust Dividend Payout Dates & Corporate Actions,
NetLink Trust News