Regulatory RiskA drop in regulatory WACC below the current 7% could result in a lower distribution per unit for its unitholders.
Revenue DeclineNetLink NBN Trust reported lower revenue, EBITDA, and PATMI for FY25, primarily due to lower interconnection prices and decreased ancillary project revenue.
Valuation RiskA sharp rise in the risk-free rate from the base-case of 3.0% to 3.5% could lead to a lower valuation for NetLink NBN Trust.