Telstra closed FY25 with its fourth consecutive year of underlying growth, driven by performance across Mobiles, Fixed Consumer & Small Business, Fixed Enterprise, InfraCo Fixed, and Amplitel. Reported EBITDA benefited from the absence of $715 million in one-off costs recorded last year. Mobile services revenue grew 3.5% on the back of higher ARPU and network demand, while cost control measures reduced core fixed costs by 4.7% year-on-year.
The company declared a fully franked final dividend of 9.5 cents per share, lifting total annual dividends to 19 cents, up 5.6% from FY24. A completed $750 million share buyback will be followed by a new on-market buyback of up to $1 billion. Telstra’s network investments include Australia’s largest mobile footprint, with 95% 5G population coverage and an additional $800 million committed over four years to deliver 5G Advanced capabilities.
The Intercity Fibre Network build reached a milestone with the Sydney-to-Canberra coastal route now live and the Canberra-to-Melbourne segment scheduled for 1H26. Strategic capex for FY25 included $330 million for this and related projects, with FY26 guidance for total capex at $8.15–$8.45 billion.
“We have established a strong track record of disciplined delivery through T22 and T25, laying the foundation for our Connected Future 30 strategy, which will see us adapt and lead to shape the future of connectivity,” said Telstra CEO Vicki Brady.
🌐 Analysis
The completion of Telstra’s T25 program marks the end of a four-year transformation aimed at lifting customer experience, extending network leadership, delivering sustainable growth, and making Telstra a more attractive workplace. The company exceeded most scorecard metrics, including underlying EBITDA, EPS, ROIC, and cost-out targets. Customer Net Promoter Scores rose, mobile and fixed ARPUs improved, and digital migration advanced, with 98% of consumer accounts now on the new stack.
The intercity fibre project is central to Telstra’s long-term infrastructure strategy, providing high-capacity, low-latency routes to support future traffic growth and emerging AI/data workloads. This network will underpin both domestic backhaul resilience and competitive positioning in enterprise and wholesale markets.
Major network infrastructure trends from FY25:
- 95% 5G population coverage; $800M incremental investment over four years for 5G Advanced.
- Australia’s largest mobile network footprint (3 million sq km, 99.7% population coverage).
- First satellite-to-mobile text messaging product launched.
- Intercity Fibre Network: Sydney–Canberra route live; Canberra–Melbourne coastal route due 1H26.
- Significant investment in cyber safety, including Scam Protect and Fraud Indicator.
- Upgrades to 1,000+ disaster-prone payphones with Wi-Fi and backup power.
- Strategic partnerships (e.g., with Accenture) to accelerate AI and data analytics adoption.
- Support for renewable energy projects worth $1.6B across three states.
Telstra’s completion of T25 sets the stage for its next strategic phase amid rising data and AI-driven connectivity demands. The intercity fibre expansion strengthens Australia’s core infrastructure backbone, ensuring the capacity and resiliency required for the next generation of services while positioning Telstra to defend market share against both domestic competitors and global hyperscale entrants.
