- NetLink NBN Trust (SGX:CJLU) reported modest revenue growth (+1% y-o-y), stable EBITDA contributions (flat y-o-y) and a decline in PATAMI (-10% y-o-y).
1HFY26: Slight miss due to elevated depreciation.
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- elevated direct costs on ancillary projects, and
- rising installation costs.
A weaker quarter.
- For 2QFY26, revenue was slightly higher (+2% q-o-q, +0.4% y-o-y) on the back of increased ancillary project revenue (+19% q-o-q, +26% y-o-y) and co-location revenue growth (+5% q-o-q, +12% y-o-y). This helped cushion the decline in overall connections revenue (-0.2% q-o-q, +0.9% y-o-y) driven by higher churn in the non-residential segment.
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Management continues to focus on cashflow: Dividends in line.
- Netlink declared an interim dividend of 2.71 cents/share (1HFY25: 2.68 cents/share), accounting for 50% of our full-year forecast and in line with our expectation. This implies an annualised dividend yield of 5.5%.
Higher non-RAB revenue in the quarter.
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