Telstra Group's (ASX:TLS) increased fiscal 2026 on-market share buyback program to AU$1.25 billion, with AU$640 million already completed, shows continued balance sheet strength, said Jarden in a Thursday note.

The company reported Thursday fiscal first-half underlying earnings of AU$0.101 per share, up from AU$0.089 a year earlier. Analysts polled by FactSet expected earnings of AU$0.12.

Jarden said that minimal changes to market consensus earnings forecasts are expected following this result, as current consensus estimates are already slightly above the midpoint of the guidance range.

From a segment perspective, Enterprise looks to have been a strong contributor to the mobile result, which is a positive outcome, the note said.

Jarden has a neutral rating with a AU$4.80 price target on Telstra.

The company's shares rose 4% in recent Thursday trade, reaching their highest since September 2016.