NBN Co narrows H1 loss as high-speed upgrades grow

Telecommunications firm NBN Co has reported a half-year net loss of $350 million, marking a 23% improvement from the previous year as the company successfully reined in operational expenses.

While higher finance costs continue to weigh on the bottom line, interim revenue climbed 2% to $2.9 billion, supported by a 5% increase in EBITDA to $2.23 billion.

The financial results come as Australians increasingly migrate to premium internet tiers, driving the residential average revenue per user up 6% to $52.

High-speed adoption has surged, with 41% of customers now on plans of 100 Mbps or faster.

Most notably, the segment for speeds of 500 Mbps and above skyrocketed to 31% of the user base, up from just 3% a year ago.

Despite this shift toward more expensive plans, the total number of active premises remained largely stable, growing by only 0.3% to 8.7 million.