NetLink NBN Trust - DBS Research 2026-05-19: 6% Yield Largely Insulated From Macro Outlook

• NetLink NBN Trust (SGX:CJLU) recorded FY26 EBITDA of S$283mil (-1.8% y-o-y), slightly below consensus expectation of S$293mil. Revenue of S$413mil (1.6% y-o-y) was slightly below consensus of S$415mil due to lower NBAP (non-building access point) revenue (S$0.5mil y-o-y decline) and Ducts and manhole services revenue (S$0.8mil y-o-y decline) coupled with higher operating expenses.

Slight miss on FY26 EBITDA

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

FY26 DPU +1.1% y-o-y

• FY26 distributions attributable to unitholders increased 1.1% y-o-y to S$211mil, translating to NetLink Trust's DPU of S$5.42 cents (+1.1% y-o-y).

• Operationally, residential connections remained broadly stable at 1.518mil while non-residential connections declined 3% y-o-y to 51.9k due to end-user churn between retail licensees. Meanwhile, NBAP and segment connections each grew 10% y-o-y in FY26, supported by ongoing mobile network rollout demand.

Management guided for FY27 DPU to remain stable while also leaving room for it to be higher relative to FY26.

• Read more at SGinvestors.io.

Sachin Mittal DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-19

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