NEXTDC FY26业绩超预期：签约容量740MW、FY27指引收入增长超50%

Nasdaq ends more than 1.5% higher as tech soars on Nvidia’s blockbuster earnings
Introduction & Market Context
NEXTDC (ASX:NXT) unveiled its FY26 full-year results on August 27, 2026, reporting what the company described as its largest contracting year in history. The Australian data center operator posted net revenue of A$405.0 million and underlying EBITDA of A$248.8 million, both exceeding guidance, while contracted utilisation more than tripled to 740.1 megawatts. Shares rose 3.39% to $14.04 following the announcement, as investors responded positively to aggressive FY27 guidance calling for revenue and EBITDA growth exceeding 50%.
The presentation highlighted a business in transition, moving from heavy development investment toward accelerated monetization of its contracted capacity. With a forward order book of 565 megawatts—all fully contracted with binding customer agreements—and 537 megawatts currently under construction, NEXTDC positioned itself to capitalize on surging demand for AI and hyperscale data center capacity across Australia and the Asia-Pacific region.
Financial Performance Highlights
The company’s FY26 financial results demonstrated strong top-line momentum alongside operational leverage, as illustrated in the following performance summary:
Net revenue grew 16% year-over-year to A$405.0 million, surpassing the company’s guidance range of A$390-400 million. Underlying EBITDA increased 15% to A$248.8 million, approximately 4% above the top end of the A$230-240 million guidance range. The company reported statutory profit after tax of A$82.1 million, a significant turnaround from the A$60.5 million loss in FY25, aided by a A$128.8 million fair value gain on investment properties following the reclassification of certain assets under lease accounting standards.
The following chart illustrates NEXTDC’s consistent revenue and EBITDA growth trajectory over the past six years:
Total revenue reached A$496.5 million, up 16% from the prior year, with billing utilisation increasing 58% to 175.0 megawatts. Direct costs rose 19% to A$91.5 million, driven primarily by increased energy consumption as new capacity came online. Facility costs increased 17% to A$78.8 million, reflecting targeted investment ahead of record capacity expansion, while corporate costs grew 17% to A$77.4 million as the company invested in systems and personnel to support accelerating customer deployments.
The detailed profit and loss summary shows the drivers behind these results:
Operational Momentum and Record Contracting
FY26 marked a watershed year for NEXTDC’s contracting activity, with the company securing 495.3 megawatts of new customer commitments—more than tripling its total sales since inception. Contracted utilisation increased 202% on a pro forma basis from 244.8 megawatts at June 30, 2025, to 740.1 megawatts as disclosed on July 21, 2026. This represents 257% of the company’s current built capacity of 288 megawatts, underscoring the substantial revenue growth visibility embedded in the forward order book.
The company’s capacity and utilisation metrics demonstrate the scale of this transformation:
Chief Executive Craig Scroggie emphasized during the earnings call that "every megawatt in that forward order book is a binding customer contract," distinguishing NEXTDC’s position from competitors with softer reservations or options. The forward order book of 565.1 megawatts is expected to convert to billing over the next four years, with 197 megawatts activating in FY27 and another 221 megawatts in FY28—meaning 74% of the forward order book will convert within two years.
The following visualization shows how the forward order book will convert to future billing through FY30:
Customer composition has shifted dramatically toward hyperscale and AI workloads, which now represent 95% of contracted megawatts and more than 70% of billing capacity. This mix shift is driving changes in NEXTDC’s economic model, as illustrated in the utilisation breakdown:
The company noted that while annualised revenue per megawatt has declined from A$4.3 million in FY25 to A$3.9 million in FY26, this reflects the economics of large-scale hyperscale deployments with more efficient cost structures. Management indicated that hyperscale developments are now targeting yields on cost exceeding 10%, supported by higher power volumes and efficient cooling technologies including liquid-to-chip solutions.
Capital Position and Balance Sheet Strength
NEXTDC executed a comprehensive capital formation strategy during FY26, raising A$9.75 billion across multiple instruments to fund its contracted growth and development pipeline. The capital raise included A$5.8 billion in senior debt across two transactions, A$750 million in subordinated notes, A$1.7 billion in hybrid securities, and a A$1.5 billion pro rata equity offering that achieved 98% institutional and 85% retail take-up.
The company’s balance sheet position as of June 30, 2026, reflects this capital influx:
Total assets reached A$10.2 billion, anchored by A$5.8 billion of property, plant and equipment and A$3.2 billion of investment properties in prime metropolitan locations. The investment property balance reflects the first asset revaluations for M3 and S4 following their reclassification under lease accounting standards for eligible AI and hyperscale facilities. Net debt stood at A$751 million as of June 30, 2026, with gearing of just 11%—down from 19% in the prior year—providing substantial capacity for continued expansion.
Pro forma available liquidity totaled A$8.7 billion, comprising A$876 million in cash, A$700 million in undrawn hybrid securities, and A$7.1 billion of undrawn senior debt facilities. The debt structure is well-diversified across approximately 50 lenders and features no maturities until December 2029, with a weighted average maturity of approximately 5 years.
The following breakdown illustrates NEXTDC’s comprehensive debt structure and hedging position:
Notably, 100% of drawn senior debt and subordinated capital was hedged as of June 30, 2026, protecting the company from interest rate volatility. The subordinated notes were swapped to an effective fixed rate of 8.2% through maturity.
The debt maturity profile shows the company’s long runway before any refinancing requirements:
Chief Financial Officer Oskar Tomaszewski noted during the earnings call that the company is "no longer subject to any leverage ratio covenants" due to its credit standing, providing additional flexibility as it funds expansion.
Development Pipeline and Regional Expansion
NEXTDC is executing an aggressive construction program to deliver the capacity required to fulfill its contracted commitments. The company currently has 537 megawatts of built capacity under development, with an additional 130+ megawatts in planning stages. Total IT power across the company’s land bank exceeds 3,000 megawatts (3 gigawatts), positioning NEXTDC for sustained long-term growth.
The comprehensive development pipeline spans multiple regions:
Key projects advancing during FY26 included the delivery of 42 megawatts at M3 Melbourne, with billing ramp now commenced and construction continuing on the remaining 165 megawatts. At M2 Melbourne, 12 megawatts was delivered during the year, with construction of a further 60 megawatts of high-density liquid-to-chip capacity in progress. S4 Sydney construction remains on track with first slab on ground, while planning works for remaining S4 capacity and the S7 project continue.
The company’s first international site, KL1 Kuala Lumpur, opened with its foundation customer, with 10 megawatts operational and 15 megawatts in progress. TK1 Tokyo excavation and retaining works are underway, while AK1 Auckland has lodged its resource consent application. Edge network builds and expansions are progressing at GE1, SC2, and D2 to accommodate cable landing stations and critical network infrastructure platforms.
NEXTDC’s regional footprint demonstrates its strategic positioning across key Australian metropolitan markets and international expansion:
The development pipeline is heavily concentrated in the Melbourne and Sydney regions, which together account for more than 2.5 gigawatts of the company’s total planned capacity. The regional breakdown shows:
- Melbourne Region: 2GW+ of total IT power planned
- Sydney Region: 1.5GW+ of total IT power planned
- Rest of Australia: ~500MW
- International: 1GW+
ESG and Workplace Safety Performance
NEXTDC highlighted several environmental, social and governance achievements during FY26, including the publication of its first Sustainability Report under Australian Sustainability Reporting Standard AASB S2. The company is targeting net zero Scope 1 and 2 greenhouse gas emissions by 2050.
The company’s ESG initiatives and recognitions include:
On the environmental front, M3 Stages 2 and 4 achieved approximately 27% lower embodied carbon than the Stage 1 baseline, exceeding the internal project carbon reduction goal of 20%. Construction partners achieved strong resource recovery outcomes, including 94.7% waste diversion at M3, 93% at M2, and approximately 13,000 tonnes of recycled crushed concrete at M3.
Workplace health and safety performance remained strong across both construction and operational sites. Construction activities achieved a Lost Time Injury Frequency Rate (LTIFR) of 0.3 and Total Recordable Injury Frequency Rate (TRIFR) of 3.5, both below industry benchmarks. Operational sites maintained LTIFR of 2.2 and TRIFR of 2.2, also below industry benchmarks.
The company’s workforce composition includes 31% female representation overall and 38% female representation at Board level. NEXTDC is a 40:40 Vision signatory and Work180 endorsed as an Employer of Choice for all women. Through its Live to Give program, 61 employees contributed volunteer hours to community initiatives in FY26, while 58 team members are accredited as Mental Health First Aid Officers.
FY27 Guidance and Forward Outlook
NEXTDC issued aggressive FY27 guidance calling for revenue and EBITDA growth exceeding 50%, reflecting the accelerating conversion of its forward order book into billing revenue. The company expects net revenue in the range of A$615-640 million, representing growth of 52-58% from FY26’s A$405 million. Underlying EBITDA is guided to A$385-410 million, up 55-65% from the FY26 result of A$248.8 million.
The detailed FY27 guidance breakdown highlights three strategic priorities:
The revenue guidance reflects the billing ramp of 197 megawatts from the forward order book during FY27, with management noting that AI, cloud, hyperscalers, neoclouds, enterprise and partners are all driving strong growth across both colocation and hyperscale segments. CEO Scroggie noted during the earnings call that "as AI adoption moves from experimentation into production, demand is no longer the question," adding that NEXTDC’s national metro footprint positions it well for AI inference workloads that require sovereignty and data gravity.
Capital expenditure is guided to A$5,250-5,750 million for FY27, up substantially from FY26’s A$3,397 million, reflecting the acceleration of investment following the material new contract wins. This includes up to A$500 million of reimbursable customer fit-out. Major expansion works planned for FY27 include continued build-out at M2 Melbourne, M3 Melbourne, KL1 Kuala Lumpur and S4 Sydney, with early works for M4 Melbourne in progress and S5 Sydney expected to commence during the year.
Management emphasized that operating leverage is expected in FY27 and will accelerate in line with the conversion of the forward order book, driving rapid near-term earnings growth. The company noted that disciplined corporate investment will drive operational scalability and sustained performance improvement as growth accelerates.
While NEXTDC did not provide FY28 guidance, management indicated that a further 221 megawatts will convert in FY28, meaning 74% of the forward order book will have converted within two years. The company stated that FY28 growth could accelerate depending on how quickly sites are delivered and customers are activated.
Accounting Changes and Reconciliation
A significant technical aspect of NEXTDC’s FY26 results involves the reclassification of certain properties as investment properties under lease accounting standards. M3, S4, and M5 sites that are leased or expected to be leased to single customers under long-term agreements now qualify as operating leases from the lessor perspective under AASB 16, with properties held as investment property at fair value under AASB 140.
The revaluation on transfer totaled A$495.6 million pre-tax (A$346.9 million net of deferred tax), recognized in other comprehensive income, with an additional A$128.8 million post-transfer fair value movement included in profit or loss. These assets are no longer depreciated under the fair value model, which reduced the FY26 depreciation charge by A$7.7 million compared to what it would have been under the historical cost basis.
For transparency, NEXTDC provided a detailed reconciliation of underlying EBITDA:
The reconciliation shows that statutory EBITDA of A$352.7 million was adjusted for A$128.8 million in fair value gains on investment properties, along with add-backs for early-stage international operating expenses (A$15.3 million), acquisition-related costs (A$4.4 million), and Growth Incentive Plan expenses (A$5.2 million), resulting in underlying EBITDA of A$248.8 million.
Management noted that on the FY25 historical accounting basis, FY26 loss before tax would have been A$108.4 million (compared to the reported profit before tax of A$28.5 million), emphasizing that the accounting changes significantly impact reported statutory results but do not affect cash flows, customer contracts, or underlying operational performance.
Regional Case Study: Victoria Performance
To illustrate the long-term value creation from NEXTDC’s development model, the presentation included a detailed case study of the company’s Victoria operations, which began with the launch of M1 in 1H13:
The Victoria region has demonstrated consistent growth over 13 years, with net revenue increasing from A$14.5 million in FY14 to A$157.6 million in FY26. Facility EBITDA margins have remained consistently high, ranging between 82-91% over the period, reaching 87% in FY26. Cumulative fit-out capex has grown to A$2.1 billion, while property value at cost totals A$1.5 billion.
The case study shows contracted utilisation in Victoria has surged to 352 megawatts as of FY26, representing 261% of the region’s 135 megawatts of built capacity. With 264 megawatts remaining in the forward order book for Victoria, management expects billing utilisation to increase more than 400% by FY28, with additional earnings growth to come from M4, M5, and GE1 projects.
This regional performance demonstrates NEXTDC’s ability to develop sites, secure long-term customer contracts, and generate strong returns on invested capital over multi-year periods—a model the company is now replicating at scale across its national and international portfolio.
Market Reaction and Analyst Perspectives
NEXTDC shares rose 3.39% to $14.04 on the results announcement, building on the initial 2.5% gain reported immediately after the release. The stock remains within its 52-week range of $10.91 to $18.22, suggesting room for further appreciation if the company executes on its FY27 guidance and forward order book conversion.
During the Q&A session, analysts focused on valuation metrics, customer credit quality, yield on cost economics, and the timing of future project financing. Management confirmed that most contracted capacity involves double-A credit-rated counterparties or better, with neocloud customers backstopped by Nvidia for a decade or more—addressing concerns about customer concentration risk.
On yield on cost, CEO Scroggie indicated that economics are now more visible because the company is executing build-to-suit projects at scale with binding contracts, rather than traditional colocation where timing and fill rates were less certain. The company’s target of exceeding 10% yield on cost for hyperscale developments represents a significant improvement from historical colocation returns.
Regarding financing, CFO Tomaszewski noted that subordinated capital is treated as subordinated to senior lenders, and that project-level financing could be deployed for assets such as S4 and S7 over time. The company continues to evaluate capital partnership options through joint venture structures as projects progress and de-risk through growing contracted revenue bases.
Analysts also inquired about energy regulation and future development approvals. Management emphasized that FY27 guidance does not depend on approvals or power arrangements that are not already in place, though future projects will depend on the regulatory process. The company noted it has received written confirmation from Transgrid that new capacity allocation policies do not apply to S4 Sydney, and that NEXTDC’s operating portfolio and 565-megawatt forward order book are unaffected by proposed reforms.
With a market capitalization of approximately $13.24 billion USD and InvestingPro assigning a Financial Health Score of 3.2 out of 5 (rated as "GREAT"), NEXTDC appears well-positioned to execute its ambitious growth plans, though investors will be monitoring cash burn rates and capital deployment discipline as the company navigates its heavy investment phase.
Full presentation:
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