Telcos half year results: the EBITDA battle

This report analyses the H1-FY22 financial performance of major telecommunications providers in Australia and New Zealand, including Telstra, Optus, TPG, and Spark. While consumer and small business revenues faced COVID-related declines, most operators successfully protected EBITDA margins by transitioning customers away from hardware subsidies and implementing cost synergy programs. The analysis highlights a strategic shift toward higher-margin 5G Fixed Wireless Access (FWA) as a substitute for wholesale fibre products, alongside continued double-digit revenue growth from challenger brands like Aussie Broadband and Uniti.