Aussie Broadband (ASX:ABB) has released its first-quarter trading update for FY25, reporting a growth of 22,119 broadband connections, marking a 21% increase from the previous quarter. This expansion has raised the company's market share of the NBN to 7.60% as of 30 September 2024, up from 7.38% at the end of the previous quarter.
The update also reveals several key client wins, including a significant five-year network agreement with The Reject Shop, which will provide enhanced connectivity across 400 retail sites.
In addition to these developments, Aussie Broadband has partnered with Red Energy to sell broadband and energy products, marking a strategic move into the energy sector for the company. The new partnership, launched in mid-September, is expected to scale over the financial year.
Aussie Broadband's diversification strategy appears to be paying off, with a focus on increasing its presence in the enterprise and government sectors while maintaining a strong foothold in residential broadband services.
