Highlights

  • NEXTDC reported a 29% increase in pro forma contracted utilisation since 30 June 2025.
  • The pro forma forward order book expanded by 53%, reflecting recent customer contract wins.
  • FY26 capital expenditure guidance was raised by AUD 400 million, while earnings guidance remains unchanged.

NEXTDC Limited (ASX:NXT) announced an update to its contracted utilisation and capital expenditure guidance following recent customer contract activity. As at 1 December 2025, the company reported that pro forma contracted utilisation increased by 71 megawatts (MW), representing a 29% rise from 30 June 2025 levels. This takes total pro forma contracted utilisation to 316MW.

The increase reflects customer contract wins secured since the end of the FY25 financial year. Reported figures exclude contractual expansion options and reservations associated with hyperscale customers, consistent with the company’s stated methodology.

Forward Order Book Expands

Alongside higher contracted utilisation, NEXTDC reported an expansion in its pro forma forward order book. The forward order book increased by 53% since 30 June 2025 to reach 205MW. The forward order book represents the difference between pro forma contracted utilisation of 316MW and billing utilisation of 111MW as at 30 June 2025.

The company stated that the forward order book is expected to convert progressively into billings and revenue over the period from FY26 to FY29.

FY26 Capital Expenditure Guidance Revised

In response to the additional customer contracts, NEXTDC revised its FY26 capital expenditure guidance. The company increased its FY26 capex range by AUD 400 million, citing the acceleration of a portion of its planned inventory expansion to support new customer capacity requirements.

FY26 capital expenditure guidance is now set at between AUD 2,200 million and AUD 2,400 million, compared with the previous range of AUD 1,800 million to AUD 2,000 million. The prior guidance was released with the company’s FY25 results on 28 August 2025.

Earnings Guidance Unchanged

Despite the update to capital expenditure, NEXTDC confirmed that its FY26 net revenue and underlying EBITDA guidance remains unchanged.

Share Price Snapshot
NXT was trading 1.65% higher at AUD 13.795 per share as of 01 December 2025.