NetLink NBN Trust reported its financial results for the nine months ended Dec, 31 2025 (“9M FY26”) on Jan, 29 2026.

The fibre network operator’s revenue rose 1.6 per cent to 313.0 million Singapore dollars, up from 308.2 million Singapore dollars in the prior-year period, lifted by stronger co-location and ancillary project revenue that offset lower connection, ducts and manholes, and central office income.

EBITDA slipped 0.6 per cent to 215.5 million Singapore dollars, bringing the EBITDA margin down to 68.8 per cent from 70.4 per cent a year earlier. Profit after tax fell 11.8 per cent to 65.4 million Singapore dollars, weighed by higher depreciation expenses and a 13.6 per cent increase in net finance costs.

As at Dec, 31 2025 the trust’s market capitalisation stood at 3.8 billion Singapore dollars, while net gearing was 20.3 per cent. Gross debt totalled 990.0 million Singapore dollars, fully fixed-rate, with a weighted average debt maturity of 3.4 years. Net debt to EBITDA measured 2.7 times and EBITDA interest cover was 12.8 times.

Operationally, residential fibre connections were largely steady at 1,517,049. Non-residential connections declined to 52,574, whereas non-building address points (NBAP) climbed to 3,556 and segment connections reached 4,244.

Net cash from operating activities amounted to 215.5 million Singapore dollars, leaving closing cash and cash equivalents at 195.0 million Singapore dollars on Dec, 31 2025.