NBN FY24 results - enterprise growth pressures industry

NBN Co achieved its FY24 guidance for both revenue and EBITDA, principally due to growth in its enterprise fibre business. Slow decline in its residential connections was not enough to prevent revenue growth of 4%. Its network upgrade program is steadily progressing, with 78% of the fixed line network now with access to Ultrafast wholesale services. The implications for NBN’s RSP customers are negative, as aggression in the enterprise market has depressed business service ARPUs across the industry.