NEXTDC (NXT) H2 2024 earnings summary

Executive summary

• Achieved record total revenue of A$404.3m, up 12% year-over-year, and net revenue of A$307.9m, up 10% year-over-year.

• Underlying EBITDA reached a record A$204.3m, up 5% year-over-year, within guidance.

• Contracted utilisation surged 41% to 172.6MW, with a record forward order book of 86.6MW, underpinning future growth.

• Completed A$1.3bn entitlement offer, boosting liquidity to A$2.7bn and supporting accelerated expansion.

• Expanded international footprint with early works in Kuala Lumpur and Auckland, and new facilities operational in Darwin and Newman.

Financial highlights

• Total revenue increased by A$42.0m (12%) to A$404.3m; net revenue rose by A$28.5m (10%) to A$307.9m.

• Underlying EBITDA grew by A$10.6m (5%) to A$204.3m; EBITDA margin maintained.

• Reported loss after tax widened to A$44.1m from A$22.0m, mainly due to higher depreciation, finance costs, and investments.

• Direct costs increased 16% to A$96.4m, facility and corporate costs both up 20% reflecting expansion and capability investments.

• Interconnection revenue rose 12% to A$28.3m, representing 9.2% of net revenue.

Outlook and guidance

• FY25 net revenue guidance: A$340m–A$350m; underlying EBITDA: A$210m–A$220m.

• Capital expenditure guidance: A$900m–A$1,100m, with over 70MW of capacity under development.

• Forward order book of 86.6MW expected to convert to revenue from late FY25, ramping up through FY29.

• Facility and corporate costs to rise with new site acquisitions, expansions, and capability investments.

• Strategic focus on automation, security, and scalable IT systems to support doubling business size.