Key Highlights

  • Macquarie Technology Group Ltd (ASX:MAQ) reported FY26 Group EBITDA of $115.9 million, up 2.0% year-on-year, with shares trading at $51.35, down 0.19%, during the Trading session on 17 September 2026.
  • The result marked the Group's twelfth consecutive year of EBITDA growth, with Operating Cash Flow of $94.6 million and cash conversion of 108%.
  • The Australian Government invested $200 million into the company via the National Reconstruction Fund Corporation, in perpetual, callable, subordinated securities.
  • Capital expenditure totalled $230.5 million, including $186.2 million directed toward the IC3 SuperWest data centre construction project.

Macquarie Technology Group Ltd (ASX:MAQ) shares traded at $51.35, down 0.19%, during the trading session on 17 September 2026. The technology and data centre company recently released its results for the year ended 30 June 2026, reporting a twelfth consecutive year of EBITDA growth, in line with previously issued guidance.

FY26 Financial Results

Group EBITDA rose to $115.9 million, an increase of 2.0% on FY25's $113.6 million, extending the company's run to twelve consecutive years of EBITDA growth. Operating cash flow for the year was $94.6 million, representing a cash conversion rate of 108%. The company reported that 95% of Revenue came from contracted monthly recurring revenue, underscoring the stability of its underlying Earnings base. The company noted that investments in data centres resulted in increased financing and Depreciation costs, which impacted earnings per share.

Capital expenditure for the year totalled $230.5 million, comprising Growth Capex of $193.3 million, including $186.2 million directed toward the IC3 SuperWest data centre construction project, Customer Growth Capex of $21.6 million, and Maintenance Capex of $15.6 million. The company confirmed IC3 SuperWest construction remains on track and on budget.

National Reconstruction Fund Investment

During the year, the Australian Government invested $200 million into Macquarie Technology via the National Reconstruction Fund Corporation, a sovereign Investment fund supporting nationally significant technological innovation, digital infrastructure, defence and national security. The investment takes the form of perpetual, callable, subordinated, unsecured and non-convertible securities, to be drawn in two series of $100 million, with the first issuance completed on 1 June 2026 and the second due by 1 March 2027.

Chief Executive David Tudehope said the company's Capital Structure has become increasingly diversified through the introduction of the NRFC as a strategic investor, which combined with existing Debt facilities provides additional financial flexibility to support sovereign secure digital infrastructure, cyber security services and future growth initiatives.

Macquarie Park Campus Acquisition

On 6 August 2026, the company's Subsidiary MDC completed the Acquisition of an approximately 34,200 square metre site in Macquarie Park for a purchase price of $240 million. The site underpins a proposed approximately 200MW Macquarie Engineering & Technology Campus, bringing MDC's total capacity to an estimated approximately 268MW, of which 265MW is located within Sydney's Tier 1 Northern Zone. The company said Holding Costs for the METC site are approximately $1-2 million per annum, excluding financing costs, with designs subject to planning and other approvals.

Balance Sheet and Outlook

The company reported a strong Balance Sheet with an undrawn debt Facility of $496.5 million and a further $100 million Hybrid Securities Series 2 available to fund investment. For FY27, the company expects modest EBITDA growth, assuming IC3 SuperWest Phase 1 revenue commences in the second half of the year. Construction of IC3 SuperWest Phase 1 (6MW) is expected to be completed by September 2026, with an expedited Phase 2 of 13MW expected to be delivered by June 2027, reflecting current market Demand for larger capacity and faster lead times. The company said negotiations with an anchor customer for IC3 SuperWest are well progressed.

Key Takeaways

Macquarie Technology Group extended its record of consecutive annual EBITDA growth to twelve years in FY26, supported by a highly Recurring Revenue base and continued investment in sovereign digital infrastructure. The combination of a $200 million strategic investment from the Australian Government's National Reconstruction Fund, the acquisition of the Macquarie Park campus site, and continued progress on the IC3 SuperWest data centre project point to a company scaling its capital base to fund an expanding development pipeline, with FY27 EBITDA growth guided to be modest as new capacity comes online.