Highlights

  • NEXTDC reported FY26 net Revenue of AUD 405 mn, up 16% from the preceding financial year.
  • Underlying EBITDA rose 15% to AUD 248.8 mn as billing utilisation climbed to 175 megawatts.
  • Contracted utilisation reached a pro-forma 740.1 megawatts, rising 202% over FY25 and expanding the forward order book.
  • The company reported AUD 8.7 bn in pro-forma Liquidity to fund contracted capacity and development activity.

A sharp increase in contracted data centre capacity is changing the scale of NEXTDC Limited (ASX:NXT)’s delivery programme. The company ended FY26 with 740.1 megawatts of pro-forma contracted utilisation, compared with 244.8 megawatts a year earlier. Its reported revenue and underlying Earnings also rose, bringing the distinction between capacity already billed and capacity still awaiting commencement into focus.

Contracts Reach Far Ahead of Current Billing

The FY26 total represented 202% growth in contracted utilisation. Of that, 175.0 megawatts was billing utilisation, meaning customer services had begun, while the pro-forma forward order book stood at 565.1 megawatts. NEXTDC specifies that its forward order book includes binding contracted commitments, not letters of intent or uncommitted sales opportunities. The gap between billed and contracted utilisation is therefore central to future Facility fit-out and service commencement. Built capacity rose 38% to 287.9 megawatts at 30 June 2026. These categories measure different stages of the delivery cycle and should not be combined.

Revenue and Earnings Move Higher

Net revenue increased 16% to AUD 405.0 mn in FY26, above the company’s AUD 390–400 mn guidance range. Underlying EBITDA rose 15% to AUD 248.8 mn, also exceeding its AUD 230–240 mn guidance. Total revenue was AUD 496.5 mn, compared with AUD 427.2 mn the year before. Statutory net profit after tax was AUD 82.1 mn, versus a loss in FY25. The reported year thus combined higher Operating Income with a major step-up in contracted capacity. Revenue recognised during FY26 cannot be equated with the value of services that have not commenced billing.

Capital Programme Accelerates

Capital expenditure was AUD 3.397 bn during FY26, reflecting land purchases and accelerated construction needed for contracts. The company reported pro-forma liquidity of approximately AUD 8.7 bn at 30 June 2026, compared with AUD 5.5 bn a year earlier. NEXTDC disclosed that its additional capacity commitments would require staged investments in its development pipeline. Its Western Sydney planning includes accelerated development at S4, with further development at S7 to follow. The facilities are at different project stages, and future deliveries depend on construction and customer requirements.

Converting Commitments Into Live Services

NEXTDC expects its forward order book to convert progressively into billing utilisation as customer capacity is delivered. It also identified possible partnerships with private Capital investors from 2027 as opportunities under evaluation, not completed transactions. The immediate operating question is how the company schedules construction, customer handover and billing commencement across its expanding estate. Future reported utilisation, rather than contracted capacity alone, will indicate how much of the disclosed Backlog has become operational.

NEXTDC shares closed at AUD 10.39 on 12 November 2026, rising 0.29%. The session range was AUD 10.28–10.76.