Superloop's Broadband Disruption Keeps Chipping Away at Telstra

Strong execution, contract wins, and an NBN speed upgrade drove over 100% gains for early backers, and Superloop continues taking market share from Telstra despite pricing changes.

31 Aug 2026 · 3 min read

Superloop, an early-stage disruptor in Australian broadband taking market share from Telstra through NBN speed upgrades and its Origin Energy retail partnership, delivered a strong run rewarding early backers with more than 100 percent gains, before profit-taking and telecommunications sector weakness tested conviction, with Ophir Asset Management arguing the stock remains attractively positioned as Telstra continues losing market share despite pricing changes.

A strong early execution story rewards patient holders

Ellerston Capital said Superloop was a key contributor to performance, with the share price rebounding nearly 20 percent during the month following a weak August, despite limited company-specific news, with the primary catalyst being the NBN high-speed bestowal that took effect mid-month, upgrading customers on 100 Mbps plans to 500 Mbps at no additional cost. Endeavor Asset Management said it exited Superloop during the month, having first invested in mid-2024 at $1.50 a share, with strong execution and contract wins, including with Origin, driving solid earnings growth and a doubling in the share price, exiting the remaining holding with the stock now fairly valued and well understood by the market, realising a gain of over 100 percent. Glennon Small Companies said shares rose 18.06 percent in September, driven by a mix of positive corporate developments and investor sentiment, describing a provider of fibre infrastructure and connectivity services across the Asia Pacific region positioned in a growth sector benefiting from increasing data and connectivity demands.

We exited Superloop during the month, having first invested in mid 2024 at $1.50 per share. Strong execution and contract wins, including with Origin, drove solid earnings growth and a doubling in the share price. With the stock now fairly valued and well understood by the market, we exited the remaining holding, realising a gain of over 100%.

— Endeavor Asset Management, Monthly Report, September 2025

Profit-taking amid broader sector weakness

Glennon Small Companies said Superloop fell during January following a period of strong prior performance, with the pullback reflecting profit-taking and broader weakness across telecommunications infrastructure providers, with investor concerns around competitive pressures and margin sustainability weighing on sentiment, despite ongoing growth in broadband subscribers and network utilisation.

Superloop fell during January following a period of strong prior performance, with the pullback reflecting profit-taking and broader weakness in telecommunications infrastructure providers. Investor concerns around competitive pressures and margin sustainability weighed on sentiment, despite ongoing growth in broadband subscribers and network utilisation.

— Glennon Small Companies, Monthly Report, January 2026

Taking share from Telstra despite pricing changes

Ophir Asset Management said Superloop is in a great spot, with the market giving it defensive characteristics, noting the market had assumed Telstra would stop shedding as much market share once it changed its pricing, but Telstra has shown it hasn't changed anything at all, with Superloop's deal with Origin helping it reach around 5 to 6 percent market share. Alphinity Investment Management said it had also bought more shares in the internet group.

The market was assuming that Telstra was going to stop shedding as much market share when they changed their pricing, but it's shown that they haven't changed anything at all. Superloop's got a deal with Origin. I think Superloop's now at sort of 5-6% share.

— Ophir Asset Management, Article, May 2026

What fund managers say they are watching next is continued market share gains from Telstra given the pricing dynamics Ophir describes, delivery of the Origin Energy partnership's contribution to growth, whether broadband subscriber and network utilisation growth continues outpacing margin sustainability concerns, and continued benefit from the NBN speed upgrade catalyst.