NetLink NBN's 9M FY26 profit drops 11.8% despite 1.6% revenue rise

Higher depreciation from a larger asset base fueled a profit decline to $65.4m.

NetLink NBN Trust reported an 11.8% year-on-year decline in profit after tax to $65.4m for the nine months ended 31 December 2025 (9M FY26), down from $74.1m in the same period a year earlier.

The decline is attributed to higher depreciation arising from a larger asset base and increased net finance costs, partially offset by a higher income tax credit, the trust said in a press release.

The decrease came despite a 1.6% rise in revenue to $313m, up from $308.2m in 9M FY25.

The increase was driven mainly by non-regulated asset base (non-RAB) revenue, particularly ancillary project work, whilst RAB revenue remained stable

Earnings before interest, tax, depreciation and amortisation slipped by 0.6% to $215.5m, down from S$216.8m a year earlier, due to higher operating expenses, including increased property tax for the Seletar central office and IT-related costs.

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