Figure 1: ANZ Telco and ICT share price changes February 2026

Source: Firehawk. Only includes top 10 movers.

Key developments

After a period of volatility in 2024, Telco and IT stocks in Australia and New Zealand have seen some improvements and price stability over 2025. However, the volatility is returning for some, possibly due to a sluggish economic outlook.

Superloop

Superloop’s stock launched around 27% during the month, after the company released its 1HFY26 results. Superloop delivered strong half-year results, with total revenue rising 23% to $317.6m and underlying EBITDA jumping 46% to $55.8m. This performance, driven by record organic customer growth and improved operating leverage, led to an upgraded FY26 EBITDA guidance of $112m to $120m. Superloop also announced its $165m acquisition of Lightning Broadband, which adds 54,000 contracted lots to its Smart Communities portfolio. This move accelerates Superloop’s status as a national fibre challenger and is expected to be immediately earnings-accretive by FY27.

Aussie Broadband

Aussie Broadband jumped over 10% in February with strong operational momentum in its half year results. It reported a group revenue of $637.8 million (up 8.4% pcp) and an underlying EBITDA of $74.7 million (up 13.5% pcp). A key driver of this performance was the strategic shift toward higher-speed tiers, which resulted in nearly 70% of their connections adopting plans of 100Mbps or higher. Major corporate milestones included the company’s official entry into the S&P/ASX 200 Index, the announced acquisition of the SME-focussed Nexgen, and the successful acquisition of AGL’s telco assets, positioning Aussie Broadband to become Australia’s third-largest NBN provider. Despite a reported NPAT impacted by a one-off goodwill impairment from the divestment of its Digital Sense hosting business, the company declared a fully franked interim dividend of 2.4 cents per share and upgraded its full-year EBITDA guidance to the upper range of $162 million to $167 million.

Megaport

Megaport’s stock sank by 26% during February, after the company released its 1HFY26 results. Megaport delivered revenue of $134.9m rising 26% YoY and Group Annual Recurring Revenue (ARR) surging 49% to $338m. Growth was driven by strong Net Revenue Retention of 111% and the strategic acquisitions of Latitude.sh and Extreme IX, which expanded Megaport’s reach into the global compute and Indian markets. Consequently, management raised the lower end of its core revenue guidance while maintaining an EBITDA margin target of 21–24%. The integration of automated compute and networking positions Megaport to capture accelerating demand across cloud and AI ecosystems. The group had a Net loss for the period of $19.1m (compared to a $900k profit in the prior corresponding period), primarily driven by costs related to its acquisitions.

Data#3

Data#3’s stock plunged by around 29% during the month. This is despite the company reporting solid 1H FY26 results, with gross sales rising 9.2% to $1.5b and NPAT increasing 3.7% to $23.2m. Strong growth in Infrastructure Solutions, fuelled by a 30% surge in device sales, offset the impact of Microsoft incentive changes on the Software segment. Management expects a typical second-half earnings skew, supported by ongoing demand for AI-enabled devices and multi-cloud solutions. The stock’s decline may be explained by the sharp, sector wide declines that software exposed companies have experienced in recent weeks due to fears of AI encroaching on business models.

Figure 2: ANZ telco and ICT valuation multiples  

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x

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