How are the major players performing financially despite the current economic headwinds?

The sector remains resilient through disciplined cost management and a focus on core connectivity. Telstra grew its EBITDA by 4.6% to $8.6 billion, while Optus maintained a stable revenue base of $8.2 billion for the fiscal year.

Is there still significant growth potential in the mobile segment?

Mobile remains the primary engine for subscriber acquisition and revenue growth across the region. TPG Telecom successfully added 100,000 mobile subscribers in the first half of FY25 alone, driven by regional network expansion and competitive intensity.

What is the current trend for telco-owned infrastructure and data centres?

Incumbents are aggressively divesting non-core assets to simplify operations and fortify balance sheets. Spark has agreed to sell a 75% stake in its data centre business to unlock value while retaining exposure to the high-growth asset class.

How quickly is the transition to fibre-only networks progressing?

The migration from legacy copper is reaching a critical mass. Chorus now manages 1,115,000 total fibre connections, reflecting a clear strategic shift toward an all-fibre footprint and the managed decline of older infrastructure.

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FY25 results - ANZ incumbents refocus on connectivity and profitability

Telstra and Optus drive mobile growth while Spark and TPG divest non-core assets to simplify operations and boost returns.

David Kennedy · Venture Insights18 September 2025Period: FY256 min read

$23.6 billion↑

Telstra total income in FY25

4.6%↑

Telstra EBITDA growth to $8.6 billion

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Abstract

The Australasian telecommunications incumbents - Telstra, Optus, TPG, Spark, and Chorus - posted resilient FY25 results amidst a challenging economic landscape. While facing headwinds from inflationary pressures and intense competition, the incumbents demonstrated a clear focus on core connectivity, disciplined cost management, and strategic portfolio adjustments. Mobile subscriber growth remained a key theme, with Telstra and Optus showing strong performance. Spark and TPG undertook significant transformation programs, divesting non-core assets to simplify their businesses and fortify their balance sheets. Chorus continued its steady transition to an all-fibre network, with a clear strategy to drive uptake and manage the decline of its legacy copper business. Overall, the sector is reshaping for a future defined by AI, 5G, and ever-increasing data demand.

Key Takeaways

Telstra completed its T25 strategy with a 4.6% EBITDA increase to $8.6 billion and launched its new 'Connected Future 30' five-year plan.
Optus achieved a financial turnaround with revenue up 3.8% to $8.2 billion, driven by mobile growth and cost discipline.
TPG Telecom is transitioning to a mobile-led model following the sale of its fibre and fixed assets to Vocus for up to $3 billion.

FY25 results - ANZ incumbents refocus on connectivity and profitability

Abstract

Key Takeaways

What's Inside

ANZ incumbent revenue and profitability (local currency)

Australia

New Zealand

Frequently Asked Questions

Abstract

Key Takeaways

What's Inside

ANZ incumbent revenue and profitability (local currency)

Australia

New Zealand

Frequently Asked Questions

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