NetLink NBN Trust - OCBC Research 2026-05-18: Steady Dividend Growth

• NetLink Trust (SGX:CJLU)’s 2HFY26 revenue increased 2.1% y-o-y to S$206.3m, largely driven by higher ancillary project revenue (+44.4% y-o-y), co-location (+8.4% y-o-y) and central office revenue, (+6.1% y-o-y), partially offset by lower installation-related and other revenue.

2HFY26 EBITDA and net profit missed expectations, but DPU in line.

• a slight decrease in non-building address points (NBAP) and Segment connections revenue (-0.1% y-o-y), attributable to a higher rebate tier extended to an RL for Point-to-Point connections.

• EBITDA fell 3.6% y-o-y to S$139.5m while net profit fell 15.1% y-o-y to S$39.8m in 2HFY26, mainly due to higher expenses, coming in below our and market expectations.

• A final dividend of 2.71 Singapore cents per unit was declared, up 1.1% y-o-y. This brings NetLink Trust's DPU for the full year to 5.42 Singapore cents, up 1.1% y-o-y, underscoring management’s commitment to delivering steady and sustainable dividend growth.

Strong growth in NBAP and segment connections.

Chu Peng OCBC Group Research | https://www.iocbc.com/ 2026-05-18

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