Analysts remain moderately optimistic about NetLink NBN Trust even though its FY2025 ebitda declined 1.5% y-o-y to $288.1 million due to lower revenue, lower non-operating income and higher operating expenses.

Revenue dipped 1% y-o-y to $407 million due to a drop in ancillary project revenue from fewer work orders alongside a slight dip in regulated asset base (RAB).

Under the RAB model, NetLink has secured a 7% regulatory return for the five-year period beginning April 2024, unchanged from the previous term. Residential connection prices have been cut by 2% to $13.50 per link, and non-building access points (NBAP) rates fell 4.5% to $70.50.