Spark profit masks underlying weakness

Mobile revenue rises, other growth remains elusiveSpark reported a full-year profit up 91 percent on last year to $499 million. Much of that is the telco reported a $278 million gain on the sale from the sale of a 75 percent share of the company’s data centre business.The company’s adjusted net profit is $225 million, down 0.9 percent on 2025. Reported EBITDAI is up 23 percent at $1.295 billion, while adjusted EBITDAI fell 2.4 percent to $1.035 billion when adjusted for the one-offs.💡EBITDAI is "Earnings before finance income and expense, income tax, depreciation, amortisation and net investment income." Spark adds investment income to the more standard EBITDA to give a broader total earnings picture.Adjusted revenue is flat at $3.7 billion. Mobile revenue increased 4.4 percent to $1.52 billion and mobile service revenue was up 1.1 percent at $998 million.The headline numbers look better than the performance of the underlying business. Spark’s underlying earnings measure actually went…