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Telstra Group Posts Positive Fiscal 2026 Headline Numbers, Weakness in Postpaid Mobile, Jefferies Says

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Telstra Group (ASX:TLS) delivered positive fiscal 2026 headline numbers, but a deeper analysis shows underlying weaknesses in postpaid mobile, Jefferies said in a Thursday note.

The telecommunications company reported AU$0.204 in underlying earnings per share, compared with AU$0.191 a year ago.

Underlying earnings before interest, taxes, depreciation, and amortization and net profit after tax align with consensus expectations, but trends in postpaid mobile are weakening, offset by strength in prepaid and mobile virtual network operator segments, the financial services firm said.

Total income was AU$23.41 billion for the 12 months ended June 30 versus AU$23.61 billion previously.

The company expects fiscal 2027 cash earnings before interest and taxes of AU$4.75 billion to AU$4.95 billion, and business-as-usual capital expenditure of AU$3.35 billion to AU$3.65 billion.

Jefferies maintained its hold rating and AU$5.10 price target on Telstra.

Telstra shares fell 3% in morning trade on Thursday.

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