Highlights

  • DGT reports FY25 annualised EBITDA of AUD 99 million, ahead of IPO guidance of AUD 97 million.
  • Contracted Australian IT capacity expected to reach 41MW by June 2026, up 95% year-on-year.
  • Around AUD 700 million liquidity available to support growth and capital recycling initiatives.

Shares of Digico Infrastructure REIT (ASX: DGT) were trading 3.20% lower at AUD 2.58 during Tuesday’s session after the company provided an operational update outlining key achievements and development milestones since its initial public offering (IPO).

The data centre operator confirmed that it has exceeded its FY25 Prospectus Disclosure Statement (PDS) guidance and is progressing on multiple fronts across its Australian and US portfolios.

Financial Results Ahead of Guidance

For FY25, DGT achieved an annualised EBITDA of AUD 99 million, surpassing its IPO forecast of AUD 97 million. The company declared a distribution of 10.9 cents per security, consistent with the guidance set at the time of listing.

Looking ahead, DGT projects a run-rate annualised EBITDA of at least AUD 180 million by July 2026, underpinned by contracted capacity growth and ongoing project execution. Distributions for FY26 are forecast to be 12 cents per security, maintaining a payout ratio of 90–100% of funds from operations (FFO).

Capacity Expansion Across Australian Portfolio

DGT’s SYD1 data centre development continues to advance. The project was granted Certified Strategic status under the Housing and Construction Framework (HCF) in August 2025. Originally designed as a 9MW facility, SYD1 has been expanded to 20MW following recent customer commitments.

The State Significant Development Application (SSDA) draft conditions have been received, with final approval expected before the end of 2025. DGT plans to accelerate the delivery of its 88MW Design and Operate (D&O) program for SYD1, targeting full delivery within three years. The company anticipates an incremental yield on cost of around 12% once the expansion is completed.

Across Australia, total contracted IT capacity is projected to reach 41MW by June 2026, representing 95% growth from June 2025 levels.

US Developments on Track

In the United States, DGT continues to progress its Chicago (CHI1) and Los Angeles (LAX1 and LAX2) data centre developments. CHI1 has begun FY26 rental payments for its first two phases, with the third phase expected in the fourth quarter of FY26.

The LAX1 project is expected to receive development approval in the second quarter of FY26, with demolition set for the third quarter and core construction to commence in the first half of FY27. The combined LAX1 and LAX2 projects are planned to deliver 66MW of capacity by the end of the construction phase, targeted for the second half of 2028. DGT has reported substantial pre-construction interest from major US hyperscalers.

Funding and Outlook

The company reported approximately AUD 700 million in available liquidity, including cash reserves and undrawn debt facilities. DGT is evaluating a 25–50% sell-down of assets across its Australian and US platforms, potentially releasing AUD 0.5–1 billion in equity to fund ongoing development.

For FY26, DGT expects underlying EBITDA between AUD 120 million and AUD 125 million. Group billed IT capacity is forecast to reach at least 85MW by July 2026, supported by new customer contracts and project completions. Growth capital expenditure is estimated at AUD 160–180 million, primarily allocated to the SYD1 expansion and funded through existing liquidity.