ASX Release: 1H26 Record Results

ASX Announcement

26 February 2026 

1H26 Record Results

NEXTDC Limited (ASX: NXT) (“NEXTDC” or “the Company”) today announced its financial results for the half-year ended 31 December 2025 (“1H26”), delivering strong operational and financial performance.
1H26 key highlights

• Net revenue1 up A$21.4 million (13%) to A$189.2 million (1H25: A$167.8 million)

• Total revenue increased A$26.3 million (13%) to A$231.8 million (1H25: A$205.5 million)

• Underlying EBITDA2,3 up A$9.9 million (9%) to A$115.3 million (1H25: A$105.4 million)

• Net loss after tax reduced by A$3.3m (8%) to A$(39.4) million (1H25: A$(42.7) million)

• Contracted utilisation increased 240.5MW4 137% to 416.6MW

  • Forward order book of 296.8MW5 is projected to ramp into billing across the rest of FY26 to FY29, underpinning future growth in revenues and earnings

• Capital expenditure of A$1,285 million invested in the development of S3 Sydney, M3 Melbourne and KL1 Kuala Lumpur as well as other expansion activities across the portfolio (1H25: A$1,003 million)

• Liquidity (cash and undrawn debt facilities) of A$4.2 billion at 31 December 20256

NEXTDC Chief Executive Officer and Managing Director, Craig Scroggie, commented on the 1H26 results:

“The step change in the scale of the Company’s activities over the past six months represents the culmination of many years of work to position NEXTDC to capture the unprecedented demand and reflects our reputation for delivering on time and at scale. Our record forward order book is expected to drive a material uplift in revenues and earnings as we deliver this capacity across the period to FY29”

Capital formation

• NEXTDC is preparing to launch a subordinated notes offering next week to fund its growing contracted capacity pipeline and to further optimise the Company's long-term capital structure, subject to market conditions

• In parallel, the Company is progressing its evaluation of partnering with third-party capital through a JVCo structure for S4 and S7 as a disciplined funding pathway, as both projects continue to secure new customer commitments, advance through key development milestones, and are further de-risked by a growing base of contracted revenue

• Barrenjoey has been appointed as Lead Financial Adviser to support these programs. The JVCo structure is intended to provide additional capital recycling capacity while enabling NEXTDC to retain operational control and long-term economic participation across its hyperscale platform. Cadence Advisory is acting as Independent Financial Adviser to NEXTDC
  

   

Development activity

• Development approval obtained for S4 Sydney and M4 Melbourne

• M3 Melbourne’s total planned capacity upgraded from 200MW to 225MW

• S4 Sydney’s total planned capacity upgraded from 300MW to 350MW

• Planning works continue for S7 Sydney, GC1 Gold Coast and AK1 Auckland

• 33MW of additional built capacity added during 1H26 across NSW/ACT (8MW) and Victoria (25MW)

• Capacity that continues to be progressed at 31 December 2025 includes:

  • NSW / ACT: 20MW at S3 Sydney, 11MW at S6 Sydney

  • Victoria: 30MW at M2 Melbourne, 185MW at M3 Melbourne and 1MW at GE1 Geelong

  • Rest of Australia: 2MW at B2 Brisbane, 1MW at SC2 Sunshine Coast, 1.5MW at D2 Darwin, 2MW at P1 Perth and 4MW at P2 Perth

  • International: 15MW at KL1 Kuala Lumpur, which is due to open during 2H26, and initial works commenced for TK1 Tokyo

FY26 guidance

Based on current billing, contracted utilisation levels and expected new customer contracts, the Company has increased its capex guidance to reflect the acceleration of its planned inventory expansion and provides the following guidance for FY26:

• Net revenue in the range of A$390 million to A$400 million (unchanged)

• Underlying EBITDA7 in the range of A$230 million to A$240 million (unchanged)

• Capital expenditure in the range of A$2,400 million to A$2,700 million (upgraded from A$2,200-2,400 million)

Commenting on the outlook for FY26, Mr Scroggie said:

“NEXTDC remains on track to deliver another record financial performance in FY26 on the back of exceptional sales and strong financial performance in 1H26. With total liquidity of A$4.2 billion, record forward order book and record sales pipeline, the Company remains in an outstanding position to take advantage of further customer growth opportunities.”Authorised for release by the Board of NEXTDC Limited.

1H26 Results documentation

1H26 Results Presentation

1H26 Results Announcement

1H26 Reports and Accounts

¹ Comprises total revenue less direct costs
² EBITDA is a non-statutory financial metric representing earnings before interest, tax, depreciation and amortisation. Non-statutory financial metrics have been extracted from the interim financial report
³ Refer to page 33 of the 1H26 Results Presentation for a reconciliation to 1H26 Underlying EBITDA
⁴ Represents increase in contracted utilisation over the 12-month period to 31 December 2025
⁵ Forward order book represents the difference between contracted utilisation (416.6MW) and billing utilisation (119.8MW) at the end of 1H26
⁶ Reflects 31 December 2025 cash position of $278 million and $3,940 million of undrawn debt capacity
⁷ FY26 Underlying EBITDA excludes non-recurring items, costs associated with offshore development activities and acquisition opportunities, and the Growth Incentive Plan issued on 24 February 2025