NEXTDC (NXT) H2 2025 earnings summary

Executive summary

• Net revenue rose 14% year-over-year to A$350.2m, with total revenue up 6% to A$427.2m, both exceeding guidance.

• Underlying EBITDA increased 6% to A$216.7m, above guidance.

• Record new contracted sales of 72.2MW and a forward order book of 134MW, with 85% expected to convert to billings and EBITDA by FY27.

• Major expansion in data centre capacity, including 42.7MW commissioned and accelerated AI deployments, driving future growth.

• Pro forma liquidity reached A$5.5bn at year-end.

Financial highlights

• Net revenue: A$350.2m (+14% YoY); total revenue: A$427.2m (+6% YoY).

• Underlying EBITDA: A$216.7m (+6% YoY); EBITDA margin maintained.

• Net loss after tax widened to A$60.5m (from A$44.1m), reflecting higher operating and facility costs.

• Capital expenditure reached A$1,699m, above the upper end of guidance.

• Interconnection revenue grew 7% to A$30.2m, now 8.6% of net revenue.

Outlook and guidance

• FY26 net revenue guidance: A$390–400m; underlying EBITDA: A$230–240m.

• Capital expenditure guidance: A$1.8–2.0bn, supporting 121MW in development and 100MW+ in planning.

• Forward order book of 134MW to accelerate billing ramp-up, with 57MW due to go live in FY26.

• Operating leverage expected to accelerate as forward order book converts.

• Over 120MW of capacity under development, with more than 100MW in additional planning.