Overview Key strengths Key risks Contractual revenue profile in key Vocus network services (VNS) business. Contract renewal risk for its main VNS business. Extensive fiber and network service infrastructure. Smaller in size and scale than industry peers. Shareholder support in terms of deferring dividends to fund capital expenditure (capex) and deleveraging. Competitive markets, particularly in low-margin retail. Leveraged capital structure with about A$1.5 billion of term loan B outstanding. The company's geographically diverse fiber network forms the basis of its competitive advantage to win and defend its contractual revenue base. Voyage's VNS business accounts for about 90% of its earnings. The Australian government and its agencies are the largest customer, accounting for about half of the VNS revenue in fiscal
