NBN Co has reported strong half-yearly results, which it credits to the acquisition of new customers, and strong customer demand for higher speed internet.

The increasing need for reliable and quick internet has been bolstered by the ongoing pandemic, and the shift to heavier home use, both for entertainment and work.

NBN Co reported total revenue of $2.5 billion for the six months to 31 December, a 12 per cent jump from the last half of 2020.

Approximately 190,000 additional premises were connected during the six months, with 8.4 million Aussie households now connected to the network.

EBITDA, including subscriber costs, was $1.5 billion, a massive $1.1 billion improvement on the same period in 2020. This is due to declining operating expenditure and sub payments to Optus and Telstra. For comparison, during the final six months of 2021, NBN paid $126 million in subscriber costs to Telstra and Optus, compared to $809 million in the December half of 2020

At 31 December 2021, 76 per cent of residential and business customers were connected to plans based on nbn wholesale speed tiers with peak download speeds of 50 Mbps and above, up from 70 per cent twelve months prior.

“NBN Co is meeting its promise to customers and delivering on the company’s purpose to lift the digital capability of Australia,” CEO Stephen Rue (pictured below), said.

“We have built a strong, resilient, secure and stable network that has proven its worth, particularly over the last two years, as customers in metropolitan, regional and remote areas of Australia have relied on the network to work and study from home, gain access to vital services such as telehealth appointments, shop, connect with friends and family, and be entertained.

“Not only have we built a strong network, we have built a financially sound and sustainable company in every sense. We released our second Sustainability Report in December 2021, which laid out our ‘Towards-Zero Carbon Ambition’ and commitment to source 100 per cent renewable electricity for the network and our operations from December 2025.

“Our strong capabilities and predictable cashflows have earned the trust of the national and international investment community and as a result we have successfully raised $19.8 billion in private debt and borrowings to date at very competitive interest rates. The strength of our business model has enabled us to bring forward $4.5 billion of investment in the network to help meet customers’ future needs and accelerate our repayment of the Commonwealth loan.

“We are pleased to confirm that we are on track to deliver financial results for the full year in line with guidance provided in the FY22 Corporate Plan.”