Aussie Broadband Crosses the 1 Million Connection Mark, Cementing Its Place as a Major NBN Force

Regional Victoria’s most ambitious telco has officially joined a very small club. Aussie Broadband (ASX: ABB) has surpassed 1 million broadband connections, a milestone that would have seemed improbable just a few years ago for a company that started life serving regional communities — and one that positions it squarely among Australia’s largest internet providers.

The crossing of this threshold was driven largely by the migration of approximately 250,000 to 290,000 customers from More Telecom and Tangerine Telecom onto Aussie Broadband’s wholesale Nitrogen platform. The migration of More and Tangerine connections was expected to boost Aussie Broadband’s NBN broadband connections to approximately 1.04 million. That process, which ran from mid-March through to the end of June, has now delivered on that projection.

The milestone didn’t arrive overnight. It is the product of an aggressive and carefully sequenced acquisition strategy that management has been executing for the better part of two years. The company kicked off proceedings last August when it executed a series of transactions to divest its budget brand telco, Buddy, to Tangerine Telecom. Tangerine and its sister brand, More, then entered a wholesale agreement with Aussie Broadband covering their 290,000 customers.

The deal structure was straightforward enough on paper: Aussie Broadband would carry the traffic while More and Tangerine continued to handle their own customer-facing operations. Tangerine and More would continue to operate their own customer service functions, rather than outsourcing those to Aussie Broadband. For Aussie, it was an efficient way to dramatically grow its network utilisation and wholesale revenue base without taking on the full operational burden of running two additional retail brands.

The 1 million connections figure also sets the scene for what management expects to be a much larger transformation ahead. Following the migration of AGL Telco customers and the More and Tangerine services, Aussie Broadband expects to become the third-largest NBN service provider, with broadband connections projected to exceed 1.25 million and mobile connections across segments approaching 400,000. Yahoo!

The AGL Telco acquisition announced on February 11, 2026 is the centerpieces of that next growth wave. The transaction includes AGL’s broadband, mobile, and voice customer base, along with supporting systems and assets, and is expected to complete in June 2026, with customer migration slated for completion in the first half of FY27. Under the long-term partnership, AGL will continue to market and promote AGL-branded telco services to its 4.5 million existing customers and the wider market. That built-in distribution channel through AGL’s enormous energy customer base gives Aussie Broadband a growth runway that goes well beyond the immediate connection count.

The financial momentum underpinning this expansion is equally striking. Aussie Broadband reported group revenue of $637.8 million for the half year ended December 31, 2025, up 8.4 percent on the prior corresponding period, alongside a 13.4 percent growth in on-net broadband connections and an underlying NPATA of $31.3 million, up 24.5 percent.

The company’s NBN market share had reached 8.8 percent as of December 2025, up 0.4 percentage points from June, while 44 percent of its customers were already on 500Mbps or faster plans and 69 percent were on 100Mbps or above a 13-point increase since June 2025.

Group CEO Brian Maher has consistently flagged that the 1 million milestone is not a destination but a steppingstone. Aussie Broadband revised its strategic ambition for 2028 upward to 1.5 million NBN broadband customers half a million more than initially projected — which would translate into a 17 percent share of the NBN market. Matching that, the company also targets lifting group revenue from $1.6 billion to $2 billion, with earnings-per-share compound annual growth rising from 20 percent to more than 30 percent.

For a company that began as a regional internet provider in Gippsland and listed on the ASX in 2020 at a market capitalisation of under $200 million, the trajectory has been remarkable. Australia’s broadband market has long been dominated by a small number of entrenched incumbents but Aussie Broadband’s 1 million connection milestone signals that the competitive landscape may be shifting in ways that benefit consumers and shareholders alike.