Trading Update: Superloop Limited

Highlights:

• Origin Partnership Success: Superloop achieves "go live" status with Origin Energy Retail, integrating its white label platform for new broadband sign-ups, surpassing 150,000 customers from the initial 130,000 at contract signing.
• Consumer Segment Growth: Record-breaking net new customer additions in 2H FY24, totaling 45,720, underscore Superloop's dominance in high-speed residential broadband with over 50% adoption of plans exceeding 100Mbps.
• Financial Performance Outlook: Anticipated FY24 underlying EBITDA expected to meet or exceed the upper end of AU$51-AU$53 million guidance range, supported by efficient cost management and strategic capex allocation.

Origin Energy Retail Partnership

Superloop Limited (ASX: SLC) has achieved a significant milestone with Origin Energy Retail Limited going live on its white label platform, effective from July 2, 2024. This collaboration enables Superloop to support new sign-ups for Origin's home broadband services, underscoring the platform's robust capabilities and the synergy between both project teams.

The transition of Origin's existing broadband customer base, initially around 130,000 customers at contract signing, has now surpassed 150,000 customers. This growth reflects Origin's expanding footprint in the broadband market and enhances the outlook for Superloop's white label offering.

Consumer Segment Performance

Superloop has reported record-breaking growth in its Consumer segment for the half-year ending June 30, 2024. Following a strong first half with 34,100 net new customers, the momentum accelerated in the second half, adding 45,720 net new customers. This performance highlights the growing demand and strong market position of Superloop's internet and mobile services.

The company continues to dominate the high-value residential broadband market, with over 50% of its base now subscribing to high-speed plans (100Mbps or greater). This trend is driven by increasing consumer preferences for reliable high-speed internet and exceptional value.

Financial Guidance and Operational Efficiency

Superloop anticipates its FY24 underlying EBITDA to meet or exceed the upper end of the previously guided range of AU$51-AU$53 million. This optimistic outlook is supported by the company's efficient cost structure and operational model, translating into robust earnings growth and strong cash generation.

The FY24 cash capital expenditure (capex) remains aligned with expectations, projected within the AU$25-AU$27 million range. This includes an additional AU$5 million in capex related to recent contract wins with Origin and AGL, alongside accelerated growth in the Consumer segment.

Superloop is poised to deliver its full-year results in late August 2024, subject to final audit processes. The company's strategic partnerships and operational efficiencies position it well for sustained growth and enhanced market competitiveness in the telecommunications sector.

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