NEXTDC (ASX:NXT): Data Centre Stock in Focus

NEXTDC (ASX:NXT): Data Centre Stock in Focus – Here’s Why

Sonal Goyal

17 September 2026 07:33 PM AEST

NEXTDC (ASX:NXT): Data Centre Stock in Focus – Here’s Why

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Key Highlights

NEXTDC Limited (ASX:NXT) reported FY26 net Revenue of $405.0 million, up 16% year-on-year and above the top end of guidance, with shares trading at $11.02, down 3.25%, during the Trading session on 17 September 2026.
Contracted utilisation on a pro forma basis tripled to 740.1MW, up 202% year-on-year, with a record Forward Order Book of 565.1MW, more than 3.2 times billing utilisation.
Underlying EBITDA increased 15% to $248.8 million, exceeding the top of guidance, while Statutory NPAT swung to a $82.1 million profit from a $60.5 million loss in FY25.
Capital expenditure of $3,397 million exceeded guidance, reflecting additional land acquisitions and accelerated delivery of contracted capacity, with pro forma Liquidity rising to $8.7 billion.

NEXTDC Limited (ASX:NXT) shares traded at $11.02, down 3.25%, during the trading session on 17 September 2026. The data centre operator recently announced its financial results for the year ended 30 June 2026 (FY26), describing the period as the largest contracting year in the company's history, alongside record FY27 growth guidance.

FY26 Financial Results

NEXTDC reported total revenue of $496.5 million for FY26, up 16% from $427.2 million in FY25. Net revenue, comprising total revenue less direct costs, grew $54.8 million, or 16%, to $405.0 million, above the top of the company's guidance range of $390-400 million. Underlying EBITDA increased $32.1 million, or 15%, to $248.8 million, also exceeding the top of its $230-240 million guidance range. Excluding $0.5 million of incremental Lease income recognised on a basis not contemplated when guidance was originally set, net revenue was $404.5 million and Underlying EBITDA was $248.3 million, both still above the top of their respective ranges.

Statutory NPAT swung to a profit of $82.1 million, compared with a loss of $60.5 million in FY25. Capital Expenditure totalled $3,397 million, well above the company's guidance range of $2,700-3,000 million, reflecting additional land acquisitions and accelerated delivery of contracted capacity. Capital expenditure guidance had itself been increased three times during the year, from an original range of $1,800-2,000 million set in August 2025.

Capacity and Contracting Metrics

Contracted utilisation on a pro forma basis increased by 495.3MW, or 202%, to 740.1MW. Billing utilisation rose 58% to 175.0MW from 110.9MW, while built capacity increased 38% to 287.9MW from 207.9MW, with 80MW of additional capacity added during the year across sites in New South Wales, Victoria and Kuala Lumpur. The company's Forward Order Book, comprising binding contracted commitments only and excluding options, reservations and letters of intent, reached a record 565.1MW on a pro forma basis, more than 3.2 times billing utilisation. The company said Contracted EBITDA is expected to exceed $1.0 billion from existing contracts.

CEO and Managing Director Craig Scroggie said FY26 was the largest contracting year in NEXTDC's history, with contracted utilisation tripling on a pro forma basis and the company exceeding guidance on both net revenue and Underlying EBITDA. He said the Forward Order Book of 565MW is now more than 3.2 times billing utilisation, with the company's focus turning to delivering that capacity and converting it into revenue and cash inflow.

Liquidity and Capital Raising

Pro forma liquidity rose to $8.7 billion at 30 June 2026, up 58% from $5.5 billion a year earlier, comprising cash of $876 million, undrawn senior Debt facilities of $4,800 million, a further $2,300 million of senior debt announced on 10 July 2026, and a $700 million Hybrid Securities B Delayed Draw Series. Scroggie said the company has raised $9.75 billion of new capital since August 2025, providing significant capital to deliver contracted capacity and grow its development pipeline. Capacity continuing to be progressed at 30 June 2026 included 272.8MW across multiple New South Wales and ACT sites.

Key Takeaways

NEXTDC delivered record financial and operational results for FY26, with net revenue and Underlying EBITDA both exceeding guidance and contracted utilisation tripling on a pro forma basis, supported by substantially expanded liquidity following a series of capital raisings. The record Forward Order Book of 565.1MW, more than three times current billing utilisation, together with capital expenditure well above initial guidance to fund accelerated capacity delivery, positions the company's near-term focus on converting its contracted pipeline into realised revenue and cash flow.

FAQs

Q: What was NEXTDC's FY26 net revenue?

A: Net revenue grew 16% to $405.0 million, above the top of the company's $390-400 million guidance range.

Q: How much did NEXTDC's contracted utilisation grow in FY26?

A: Contracted utilisation on a pro forma basis tripled, increasing 202% to 740.1MW.

Q: Did NEXTDC return to profit in FY26?

A: Yes, Statutory NPAT was $82.1 million, compared with a loss of $60.5 million in FY25.

Q: What is NEXTDC's Forward Order Book?

A: The Forward Order Book reached a record 565.1MW on a pro forma basis, comprising binding contracted commitments and representing more than 3.2 times billing utilisation.

Q: How much liquidity does NEXTDC have?

A: Pro forma liquidity rose 58% to $8.7 billion at 30 June 2026, up from $5.5 billion a year earlier.

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