New Street Research - NBN Co: a new focus to achieve positive FCF? NBN Co 1H26: dial-up in cash earnings wind-down of capex

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New Street Research

Ian Martin

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NBN Co: a new focus to achieve positive FCF? NBN Co 1H26: dial-up in cash earnings & wind-down of capex

BITDA up 5.5%, accrual capex down 22%: A part period impact from its Accelerate Great HS service plan has lifted 500Mbps+ connections to 31% of active premises (cf 3% Dec 2024), helping lift residential ARPU to A$52pm and 1H26 residential revenue to A$2.25bn (4.0%).

18/02/2026 1 EN

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Ian Martin

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NBN Co: a new focus to achieve positive FCF? NBN Co 1H26: dial-up in cash earnings & wind-down of capex

Bouygues (Buy, TP: €61, +17%) Q4 25: Equans COPA guide more than offsets Telco/TF1; more upside to come

EM Telcos Pricing power returns; where best; why (some) EM Telcos’ multiples could double

C-Band Update: What Does the El Paso Airport Shutdown and Broadcaster Filing Tell Us about the C-Band Auction?

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