Abstract

The Australasian telecommunications incumbents – Telstra, Optus, TPG, Spark, and Chorus – posted resilient FY25 results amidst a challenging economic landscape. While facing headwinds from inflationary pressures and intense competition, the incumbents demonstrated a clear focus on core connectivity, disciplined cost management, and strategic portfolio adjustments. 

Mobile subscriber growth remained a key theme, with Telstra and Optus showing strong performance. Spark and TPG undertook significant transformation programs, divesting non-core assets to simplify their businesses and fortify their balance sheets. Chorus continued its steady transition to an all-fibre network, with a clear strategy to drive uptake and manage the decline of its legacy copper business. Overall, the sector is reshaping for a future defined by AI, 5G, and ever-increasing data demand.