Superloop Gains on ASX as Customer Growth Strengthens Its Earnings Outlook

Highlights

• Superloop forecasts FY27 underlying EBITDA growth of 21%–27%, supported by business expansion and acquisitions.

• Consumer and business additions lifted total customers to 954,000 by the end of October.

• Higher infrastructure spending and interest costs place greater emphasis on delivering profitable growth.

Superloop Limited (ASX: SLC) traded at AU$2.615, representing a surge of 5.9%, following announcements released on 10 November 2026. Its latest trading update highlighted rising customer numbers and stronger earnings expectations, with attention turning to whether its expanding operations can deliver the next stage of growth.

Earnings Growth Takes Centre Stage

Superloop issued FY27 underlying EBITDA guidance of AU$148 million–AU$156 million, compared to AU$122.7 million in FY26. The measure adjusts earnings for specified accounting and other expenses.

The expected result includes approximately AU$11 million from Lynham, alongside an approximately AU$3.8 million reduction associated with AGL. Growth from underlying operations is forecast to contribute AU$18.1 million–AU$26.1 million.

Customer Expansion Continues

Total customers increased by 14,600 during the first quarter, with additions reaching 18,500 through 31 October.

The consumer division finished October with 524,400 customers, adding 19,300 during the quarter and 23,000 since June. Momentum continued despite increased departures during July and August after prices rose.

Business customers reached 119,200, increasing by 1,700 during the quarter and 2,300 through October. Smart Communities secured another 10,000 contracted lots, bringing its contracted portfolio to 200,000.

Wholesale subscribers fell by 6,400 during the quarter and 6,800 through October to 310,400, reflecting anticipated seasonality. Separately, new network agreements are expected to produce more than AU$3.6 million in annualised revenue following migration.

Expansion Requires Greater Investment

Capital expenditure is expected to reach AU$58 million–AU$62 million in FY27, compared to AU$37.9 million previously. Spending includes AU$16 million–AU$18 million for Smart Communities and approximately AU$4 million for integration.

Acquisition borrowing is expected to double net interest expense from FY26’s AU$7.8 million.

Outlook

Maintaining customer momentum and completing contracted developments will be important as Superloop absorbs higher spending and financing costs.

Its FY29 ambitions comprise revenue above AU$1 billion, underlying EBITDA of AU$200 million and reported earnings-per-share growth exceeding 30% annually over three years. These objectives remain ambitions rather than guidance, making operational delivery a factor in assessing progress.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au