NetLink Trust reports 9.2% fall in Q1 FY2026 earnings to S$23.3 million on lower Ebitda, expanded asset base

[SINGAPORE] The manager of NetLink NBN Trust on Thursday (Jul 31) reported a 9.2 per cent fall in its Q1 FY2026 earnings to S$23.3 million, from S$25.7 million in Q1 FY2025.

Revenue for the period rose 1.9 per cent to S$102.8 million from S$100.9 million the year before. This was driven by higher ancillary project and installation-related revenue.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 1.9 per cent to S$72 million in Q1 FY2026, from S$73.4 million in Q1 FY2025. This came on the back of higher operating expenses and an expanded asset base, resulting in the fall in earnings.

There was a slight decline in total connection numbers – comprising residential and non-residential connections – in the quarter. This was mainly the result of housekeeping efforts: licensees were asked to remove inactive residential connections; in the non-residential segment, the drop was the result of end-user churn among licensees.

The declines were partially offset by continued growth in non-building address points and segment connections, fuelling demand by Smart Nation and enterprise infrastructure projects.

Units of NetLink Trust closed down 0.6 per cent or S$0.005 at S$0.895 on Thursday.