Superloop targets $156m FY27 EBITDA after customer base reaches 954,000

Customer growth keeps Superloop on its FY27 target path

Superloop Limited (ASX:SLC) has set a $148 million to $156 million underlying EBITDA target for FY27 after adding 18,500 customers in the first four months of the financial year. The group reached 954,000 customers by 31 October, giving management an early operating result to support guidance for growth of 21% to 27% on FY26 underlying EBITDA of $122.7 million.

The strongest contribution came from Consumer, where net additions reached 19,300 in the September quarter and 23,000 by 31 October. That result came despite a price increase that drove higher churn in July and August; Superloop noted there was no comparable price increase in the prior corresponding period. The Consumer base stood at 524,400 customers at the end of October.

The update extends the earnings trajectory set out in the company’s FY26 results, which reported 33% growth in underlying EBITDA and introduced the SuperCharge29 plan. That earlier plan targets more than $1 billion in revenue and $200 million in underlying EBITDA by FY29, ambitions that remain targets rather than current-year guidance.

Smart Communities adds contracted fibre demand

Smart Communities was another notable growth engine, with 10,000 new lots contracted in Q1 and total contracted lots reaching 200,000. Superloop defines a lot as an individual fibre-to-the-premises location or student accommodation bed. Business customers increased by 1,700 in Q1 and 2,300 by 31 October, supported by small business, corporate office and Smart Communities internet services.

Wholesale numbers moved in the opposite direction, with subscribers down 6,400 in Q1 and 6,800 by 31 October as the segment experienced its expected first-quarter seasonality. Traditional Wholesale nevertheless recorded strong on-net wins across backhaul and subsea capacity on the Indigo cable asset, which Superloop expects to contribute more than $3.6 million in annualised revenue once migrated.

Higher EBITDA comes with a larger investment bill

Superloop’s FY27 guidance includes approximately $11 million of contribution from the Lynham acquisition, a roughly $3.8 million reduction relating to AGL, and $18.1 million to $26.1 million of underlying growth across the business. The company has not provided quarterly revenue or earnings figures in this update, so the customer gains and contract wins remain operating indicators rather than a reported interim profit result.

Capital expenditure is expected to increase to $58 million to $62 million, compared with $37.9 million in FY26. The company attributes much of the increase to $16 million to $18 million of previously communicated Smart Communities investment and approximately $4 million of Lynham integration expenditure. That spending is central to the growth plan, but it also means the conversion of customer and infrastructure momentum into cash generation will matter as FY27 progresses.

The next test is migration and execution

The update leaves Superloop with several measurable milestones: converting the wholesale wins into revenue, integrating Lynham, delivering the Smart Communities program and sustaining consumer additions after the price-led churn spike. Management also expects FY27 net interest expense to rise materially as borrowing associated with the Lynham network acquisition flows through, adding another moving part beneath the EBITDA headline.