Australia Telecommunications Operators: Let‘s ‘Telco‘ About It: Strong traffic trends for Superloop, Telstra branded weak but Belong and Boost strong

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Australia Telecommunications Operators: Let‘s ‘Telco‘ About It: Strong traffic trends for Superloop, Telstra branded weak but Belong and Boost strong

Australia Telecommunications Operators

15 July 2026 Citi Research

#4. Industry continues to skew towards the value-

end/MVNOs

Figure 17. All three major brands (Telstra, Optus and Figure 18. In terms of MAU growth, both Optus and Telstra

Vodafone Australia) are seeing app downloads decline. branded apps saw a pick-up in the rate of decline of MAUs

Optus saw an improvement in the rate of decline in May and which could point to increase in churn while Interestingly

June. Vodafone Australia has been growing MAUs

5% 40%

0% 30%

-5%

20%

-10%

10%

-15%

0%

-20%

-25% -10%

-30% -20%

-35%

-30%

-40%

Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

Optus flagship Vodafone Australia Telstra flagship Telstra flagship Optus flagship Vodafone Australia

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, SensorTower Source: Citi Research, SensorTower

Figure 19. In terms of web visits, Telstra saw a pick-up in unique visitors’

growth to +3% yoy in 4Q26 vs flat yoy growth in 3Q26. Optus continues to see

a decline in web traffic, while Vodafone saw the strongest improvement with

+5% yoy growth in visitors in 4Q vs. -13% yoy decline in 3Q. This could be a

function of EOFY promos.

35,000

('000) 30,000

25,000 visitors

20,000 unique

Monthly 15,000

- 10,000

5,000 Australia

Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26

Optus Telstra Vodafone

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Note: We have used unique visitors to the landing page of the website and not login page