NBN Co has reported solid financial and operational results in the six months to 31 December 2025 with fibre expansion and the Accelerate Great program delivering more speed, value and reliability for a record number of Australians.

The results reflect nbn’s disciplined investment, technological innovation and operational efficiency to deliver a more resilient, reliable and faster network that is supporting the evolving digital needs of the nation.

Accelerate Great, launched in September 2025, unlocked access to higher speeds for customers on full fibre and Hybrid Fibre Coaxial (HFC) networks, and Australians are taking advantage of the increased value. By 31 December 2025, 41 per cent of customers were on 100 Mbps plans or above (up from 28 per cent at HY25), 31 per cent were on 500 Mbps plans or above (up from 3 per cent at HY25), and average monthly data download per customer across all technologies increased to 557 GB, a 13 per cent year-on-year increase.

More than 1 million customers have upgraded from legacy copper to faster and more resilient fibre, cementing it as the dominant technology at around 35 per cent of nbn’s network connections. This upgrade momentum has propelled Fibre to the Premises (FTTP) connections to 2.99 million as of 31 December 2025, a 24 per cent year-on-year increase.

Today, more than 10 million premises across the country are eligible to order¹ multi‑gigabit speeds, meaning 90 per cent of homes and businesses on the fixed-line network are eligible for the fastest residential wholesale speed tiers available nationally.

Financial and Operational Highlights

• Total revenue grew 2 per cent to $2.9 billion and EBITDA² increased 5 per cent to $2.2 billion, in line to meet FY26 guidance targets of $5.8 billion to $6.0 billion for total revenue and $4.2 billion to $4.4 billion for EBITDA, as outlined in nbn’s Statement of Corporate Intent 2026

• Telecommunications revenue grew by 4 per cent, with recurring revenue up 5 per cent, driven by ARPU increases due to the greater adoption of higher-speed products and regulated wholesale price changes

• Business and enterprise revenue increased during the period to $611 million, up 2 per cent

• Operating expenses reduced 7 per cent to $766 million, helped by cost‑efficiency measures and the shift to more full fibre connections delivering lower support and maintenance costs

• Capital expenditure reduced by 22 per cent to $1.5 billion, reflecting the completion of significant investment programs, including upgrades to the nbn Fixed Wireless network and the local fibre network to make 3.5 million homes and businesses previously served by Fibre to the Node (FTTN) eligible to upgrade to fibre

• Delivered on a commitment to reduce annual energy use of the nbn^® network by 25 Gigawatt-hours (GWh) by December 2025

Customer Highlights

• Connected premises: More than 8.647 million premises are connected to the nbn^® network, with approximately 35 per cent or 2.99 million premises on FTTP, up by 24 per cent from 2.42 million premises in HY25, cementing fibre as the dominant technology

• Record fibre lead-ins and FTTP growth: Approximately 287,000 premises upgraded from legacy copper to FTTP in HY26, up 32 per cent on last year, taking the total number to more than one million upgraded premises

• Higher-speed adoption: Driven by Accelerate Great, approximately 3.59 million services (41 per cent) are now connected on wholesale plans offering speeds of 100 Mbps or above, and 2.72 million services (31 per cent) on 500 Mbps speed tier plan and above (up from 28 per cent and 3 per cent, respectively, compared to the end of HY25)

• Data usage growth: Average monthly data download per premise of 557 GB per service was up 13 per cent year-on-year, with FTTP services averaging 668 GB, up 14 per cent year-on-year as customers embraced higher speeds

Network Upgrade Highlights

• Fibre Connect program: More than 10 million homes and businesses are now eligible to order some of the fastest residential wholesale speed tiers ever delivered on the nbn^® network, while over 1 million homes and businesses have upgraded to full fibre through the Fibre Connect program
  • 19 per cent of these upgrades replaced underperforming copper lines, delivering an enhanced customer experience on fibre
  • 26 per cent of all upgrades were in regional areas, bringing world-class connectivity to even more Australians
  • Work commenced for more than 228,000 premises across the country as part of the program to upgrade more than 95 per cent of the approximately 622,000 homes and businesses remaining on copper connections, keeping the program on track to its 2030 target

• Regional upgrades: Upgrades to the nbn Fixed Wireless network have supported increased demand for higher speeds and usage, with customers consuming 11.2 per cent more data on average per month (downloads) and 15.5 per cent (uploads) from June to December 2025, while more than 300,000 premises within the existing satellite footprint stand to benefit from the LEO service offering in development

Ellie Sweeney, Chief Executive Officer at NBN Co, said:

“As more Australians than ever upgrade to Fibre, our customers are seeing the benefits through lower fault rates, faster speeds and an improved customer experience.

“We continue to see impressive demand and strong momentum for our fibre network, and more than 1 million Australians have now upgraded and are benefiting from this resilient, fast and generational network.

“Customers are clearly seeing value in our fibre and high-speed tier products, with more than 41 per cent on 100 Mbps plans and 31 per cent on 500 Mbps or above. Overall, more than 10 million Australians are eligible to order¹ multi-gigabit speeds on the nation’s digital backbone.

“The September 2025 launch of Accelerate Great saw us partner with Retail Service Providers to deliver significant value and speed increases for almost one‑third of nbn customers at no extra wholesale cost.

“Across metro, regional and remote Australia, nbn's investments to enhance wireless and fixed line networks will drive community investment, improve productivity and allow more Australians to engage in the digital economy.

“We remain committed and on track to make the last of the eligible homes and businesses served by legacy Fibre to the Node ready for an upgraded service by the end of 2030.

“With nbn continuing to carry more than 80 per cent of the nation's internet traffic, we are clear on our role as a critical infrastructure provider. We continue to execute on reducing complexity by simplifying technology, products and the way we work.”

Detailed Results

NBN Co’s key performance metrics are on track to meet FY26 guidance targets of $5.8 billion to $6.0 billion for total revenue and $4.2 billion to $4.4 billion for EBITDA. Total revenue for the six months to 31 December 2025 was $2.9 billion, a 2 per cent increase on HY25, and Earnings Before Interest, Tax, Depreciation and Amortisation² (EBITDA) was $2.2 billion, up 5 per cent on HY25.

Total revenue growth was driven by a 4 per cent increase in telecommunications revenue compared to HY25. This was underpinned by recurring revenue growth of 5 per cent, evidenced by a $3 increase in Residential Average Revenue Per User (ARPU) to $52.

The higher Residential ARPU is attributed to growing customer demand for higher-speed products, following the launch of Accelerate Great, and the application of regulated wholesale price changes in accordance with the Special Access Undertaking (SAU) Variation that was accepted by the ACCC.

Revenue from business and enterprise customers was $611 million, up 2 per cent on the prior period. The company continues to support the growing demand for high-speed broadband from small, medium and large businesses across all parts of Australia, including for our diverse TC4 Business Plans and Enterprise Ethernet products.

Capital expenditure during HY26 was $1.5 billion, down 22 per cent compared to HY25. This is attributed to the significant capital investment incurred in the prior period to complete the Fixed Wireless and Satellite Upgrade Program by December 2024. In addition, there was a reduction in the investment required to build local fibre network infrastructure as the program to upgrade 3.5 million homes and businesses served by FTTN neared completion.

The company has continued to optimise its cost base with total operating expenses of $766 million for HY26, down 7 per cent on HY25. This reflects the impacts of cost efficiency initiatives across the company and reduced direct network costs linked to the increasing number of full fibre connections.

Evolving the nbn^® network

More than 8.64 million premises were connected to the nbn^® network at 31 December 2025. The company continues to invest in expanding and upgrading the network to meet growing data demands and build greater resiliency and reliability.

The company delivered on its commitment to make 10 million premises, or approximately 90 per cent of premises on the nbn^® Fixed Line network, eligible to order¹ multi gigabit capable wholesale speeds^3,4 by 31 December 2025. These investments reflect the company’s commitment to modernising the network and supporting Australia’s transition to a more digitally connected future.

NBN Co successfully met its commitment to make over 3.5 million FTTN eligible for FTTP by the end of December 2025. In addition, nearly all Fibre to the Curb (FTTC) premises, totalling around 1.5 million, are also now eligible for FTTP, underscoring significant progress in expanding access to full fibre services.

In January 2025, the Australian Government announced a joint investment to provide upgrade pathways for the remaining premises connected to the nbn^® network via FTTN technology. NBN Co aims to provide full fibre upgrades to more than 95 per cent of the approximately 622,000 homes and businesses remaining on FTTN connections. Work is underway for more than 228,000 of those homes and businesses across the country. Upgrades will continue to be delivered progressively through to 2030.

NBN Co continues to build greater capacity in the Hybrid Fibre Coaxial (HFC) and transit networks. These ongoing investments are essential to enable the nbn^® network to support the increasing capacity demands of customers, both now and into the future, as customers respond to the Accelerate Great speed upgrade program.

NBN Co investment in its Fixed Wireless and Satellite networks is also helping to reduce congestion, improve speeds⁵, and meet the growing data needs of regional Australia. Upgrades to the Fixed Wireless network increased capacity to 6.73 Tbps, up from 6.43 Tbps as at 30 June 2025, while customers consumed 11.2 per cent more data on average per month (downloads) and 15.5 per cent (uploads) from June to December 2025.

In the first half of FY26, NBN Co and Amazon Leo announced a contractual agreement to deliver high-speed broadband to customers in parts of regional, rural and remote Australia via Low Earth Orbit (LEO) satellite technology.

NBN Co plans to offer wholesale residential-grade fixed LEO satellite broadband services to premises within its existing satellite footprint, via participating Retail Service Providers (RSPs). NBN Co will shortly begin consultation with RSPs, regional stakeholders, regulators and community groups on speed tiers, pricing and installation support to shape the LEO product offering.

Safe and engaged workforce

NBN Co remains committed to building a safe, digitally empowered, outcome-focused culture with engaged people who are socially responsible and adaptive

There were no serious Health, Safety, and Environment (HSE) incidents recorded in the first half.

In HY26, NBN Co developed a Critical Risk Avoidance Program to focus on proactive elimination of risks through design improvements, innovation and collaboration with the company’s delivery partners.

Driving innovation through AI and automation

NBN Co continues to explore emerging technologies to ensure the nbn^® network remains scalable, resilient and ready to meet future demand.

During HY26, NBN Co progressed several initiatives, including the use of AI to improve network management, field operations and customer experience. These efforts are helping the company unlock efficiencies and strengthen its digital capabilities.

The company signed a three-year agreement with RMIT University in December 2025, which brings together academia and telco industry experts with the aim of developing enhanced broadband outcomes for the nation and exploring opportunities for collaboration on key projects, including development of a digital twin to model the nbn^® network for detailed scenario planning and options analysis as well as supporting NBN Co’s AI and robotics programs.

Environmental sustainability

During the half, NBN Co’s third Power Purchase Agreement (PPA) went live at the Munna Creek Solar Farm on the Sunshine Coast as the company met its commitment to 100 per cent renewable electricity purchases from December 2025.

NBN Co also delivered on its commitment to implement projects that reduce annual energy use of the nbn^® network by 25 Gigawatt-hours (GWh) by December 2025⁶.

In October 2025 as part of the Accelerate Great program, NBN Co began rolling out new energy-efficient customer premises equipment, known as Network Termination Devices (NTDs), to households and businesses across Australia, reducing emissions and resource use.

Supporting local communities

NBN Co takes its role in operating critical network infrastructure seriously with a clear purpose of keeping communities connected before, during, and after emergencies.

NBN Co’s emergency assets such as its STAND deployments continue to support communities in their times of need. Its field and community teams, and delivery partners stand ready to reconnect the network and impacted services in challenging conditions, as part of a swift and coordinated operational response when events escalate. The importance of this coordinated approach was clearly illustrated at the beginning of 2026, in support of communities impacted by extreme fire conditions in Victoria and severe weather and flooding in Queensland.

Full fibre connections deliver greater resilience and a better customer experience and are more resilient and faster to reconnect after storms, floods and fires, giving more Australians peace of mind during these challenging times.

Funding the company's future

NBN Co remains the largest Australian corporate issuer in green and sustainability format in the domestic and international debt capital markets, with over A$8.6 billion equivalent of green and sustainability bonds outstanding.

In September 2025, NBN Co successfully raised US$650 million (A$988 million equivalent) from its latest bond issuance in the US debt capital markets⁷. The 5-year bond had a peak order book, which was more than seven times oversubscribed, enabling the company to raise debt on more favourable terms and making it one of the company’s largest order books for a single tranche bond offering.

As at 31 December 2025, NBN Co had net debt of $27.5 billion (comprised of debt capital markets issuances and bank debt), and a strong committed liquidity position of $5.4 billion.

Footnotes

1. Service availability including timing will depend on phone and internet providers offering nbn^® Hyperfast and is subject to service qualification and only available where network capacity and equipment permits.
2. EBITDA includes Earnings Before Interest, Tax, Other non-operating income, Depreciation and Amortisation and Gains/(Losses) on derivatives measured at fair value through profit/(loss).
3. An end customer’s experience, including the speeds actually achieved over the nbn^® network, depends on some factors outside NBN Co’s control (like equipment quality, software, and how a retail service provider designs its network) and the NBN Co technology used for the connection.
4. These are nbn® wholesale speed tiers, which NBN Co provides to retail phone and internet providers. Attainable wholesale speeds are subject to the rollout of network upgrades and some premises will require NBN Co to complete upgrades to the equipment at the premises.
5. An end customer’s experience, including the speeds actually achieved, depends on many factors, including whether the customer is using the internet during the busy periods (7pm - 11pm), the number of people in a household online at the same time, and some factors outside of nbn’s control (like in-home equipment quality and set-up, chosen broadband plan, age of device(s) and/or how each Retail Service Provider designs its network).
6.  NBN Co delivers on commitment to reduce power consumption of the nbn network
7. Half-Year Report 2026  

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