TLDR version: This week the nbn co presented its half year FY24. Revenue continues to grow, with subscriber growth and government co-investment programs being the main drivers. Net subscriber growth was low, with losses in brownfield areas. ‘Greenfield’ premises growth is a bright spot for nbn, though we note competition is rising. By contrast, ‘brownfield’ continues to see subscriber decline, likely at the hands of wireless competitors. Upselling higher speeds offers an opportunity for ARPU growth, though we may not see the effects of the SAU repricing until full year results.