NEXTDC (NXT) H1 2025 earnings summary

Executive summary

• Net revenue for 1H25 grew 13% year-over-year to A$167.8m, driven by increased billing capacity and strong contracted utilisation.

• Underlying EBITDA rose 3% to A$105.4m, reflecting operational leverage and expansion investment.

• Contracted utilisation increased 18% to 176.0MW, with a forward order book of 83.0MW supporting growth through FY29.

• Completed A$678m capital raise and refinanced senior debt, ending 1H25 with A$2.5bn in liquidity.

• Expanded data centre footprint with new capacity in Sydney, Melbourne, Brisbane, Adelaide, Darwin, and advanced projects in Kuala Lumpur and Auckland.

Financial highlights

• Net revenue up 13% year-over-year to A$167.8m; interconnection revenues increased 6.6% to A$15.0m.

• Underlying EBITDA increased 3% to A$105.4m; reported EBITDA was A$96.3m.

• Net loss after tax widened to A$42.7m from A$21.5m in 1H24, impacted by higher operating and facility costs.

• Liquidity (cash and undrawn senior debt) stood at A$2.5bn at period end.

• Total assets reached A$5.2bn, with property (land and buildings) valued at A$3.1bn.

Outlook and guidance

• FY25 guidance reaffirmed: net revenue A$340–350m, underlying EBITDA A$210–220m, capex A$1.3–1.5bn.

• 83.0MW forward order book expected to convert to revenue through FY29, underpinning long-term growth.

• Operating leverage expected to accelerate from FY26 as new capacity comes online.

• Ongoing investments in technology and customer experience to drive scalable growth and cost efficiencies.