NetLink NBN Trust reported profit after tax of S$83.3 million for the year ended 31 March 2026 (FY26), down 12.6 per cent year-on-year, as increased operating, depreciation and finance expenses offset modest topline growth from its fibre-network business.

Distributions remained steady, with full-year distribution per unit (DPU) rising 1.1 per cent to 5.42 Singapore cents. Unitholders will receive 2.71 cents per unit for the six months ended 31 March 2026, payable on 10 June 2026, with the books closing on 28 May 2026.

Group revenue edged up 1.6 per cent to S$413.4 million, lifted mainly by stronger ancillary project income that more than compensated for softer contributions from residential, non-building address point and segment connections. EBITDA slipped 1.8 per cent to S$282.9 million, pulling the EBITDA margin down to 68.4 per cent from 70.8 per cent a year earlier.

Cost pressures weighed on profitability. Operating expenses rose on higher staff remuneration, systems maintenance, network operations and property taxes. Coupled with increased depreciation linked to new infrastructure, and higher finance costs, these factors eroded earnings despite steady cash generation of S$258.8 million from operations.

Looking ahead, the trustee-manager expects FY27 DPU to remain broadly stable, citing the regulated nature of its business and ongoing demand for fibre connectivity. While it anticipates further operating-cost and depreciation increases—partly from the new Seletar Central Office and continued network enhancements—these expenditures are eligible for future regulatory recovery as part of the Regulated Asset Base. The group will keep investing “in a disciplined and efficient manner” to expand coverage and resilience, and is exploring selective opportunities in telecommunications and infrastructure assets to support long-term growth.