Highlights

  • Consensus rating of Buy from 6 analysts: 5 Buy or equivalent, 1 Hold, 0 Sell or equivalent.
  • Mean price target of A$87.70 against a share price of A$51.00 on 8 October 2026, an implied upside of 72.0%.
  • Analyst targets range from A$57.90 to A$110.00.
  • Group EBITDA was $115.9 million, up 2.0% from $113.6 million, marking twelve consecutive years of EBITDA growth.

Macquarie Technology Group (ASX:MAQ) carries a consensus analyst rating of Buy. Of the 6 analyst recommendations recorded, 5 are Buy or equivalent, 1 is Hold and 0 are Sell or equivalent. The mean price target is A$87.70, with targets ranging from A$57.90 to A$110.00, against a current share price of A$51.00 (8 October 2026). Macquarie Technology Group Ltd provides data centre, cloud, cyber security and telecommunications services in Australia, with its data centre Business operating as Macquarie Data Centres (MDC).

Company name

Macquarie Technology Group

Ticker

(ASX:MAQ)

Exchange

ASX (Australian Securities Exchange)

Current share price

A$51.00

Price date

8 October 2026

Number of analysts

6

Rating consensus

Buy

Consensus price target (mean)

A$87.70

Highest target

A$110.00

Lowest target

A$57.90

Implied upside/downside to mean target

Implied upside of 72.0%

Latest developments

Macquarie Technology Group (ASX:MAQ) announced its results for the year ended 30 June 2026 on 26 August 2026, which it said were in line with guidance. Group EBITDA was $115.9 million, up 2.0% from $113.6 million, marking twelve consecutive years of EBITDA growth. Operating Cash Flow was $94.6 million, a cash conversion of 108%, and 95% of Revenue came from contracted monthly recurring revenue. The company noted that data centre Investment increases financing and Depreciation costs, which affect earnings per share.

Capital expenditure was $230.5 million, including growth capex of $193.3 million, of which $186.2 million was for IC3 SuperWest, and the company said construction remains on track and on budget. The Australian Government invested $200 million through the National Reconstruction Fund Corporation in perpetual, callable, subordinated, unsecured and non-convertible securities, drawn in two series of $100 million, with the first issued on 1 June 2026 and the second by 1 March 2027.

On 6 August 2026, MDC completed the Acquisition of a site of about 34,200 square metres in Macquarie Park that underpins a proposed 200 MW Macquarie Engineering and Technology Campus, bringing total capacity to an estimated 268 MW, of which 265 MW is in Sydney's Tier 1 Northern Zone. The company has an undrawn Debt Facility of $496.5 million and a $100 million Hybrid Securities Series 2 available for further investment.

Risks and what to watch

EBITDA growth was 2.0% and the company states that data centre investment increases financing and depreciation costs that affect EPS. IC3 SuperWest and the proposed Macquarie Park campus are large capital programs dependent on construction delivery, power and customer demand. The second $100 million hybrid issuance is not due until 1 March 2027.

Next milestones

Items to watch include IC3 SuperWest construction progress, development of the Macquarie Engineering and Technology Campus, the second hybrid issuance by 1 March 2027, customer take-up of new capacity, and the half-year result.