Last night after market, NextDC Ltd (ASX: NXT) posted a its 1H26 earnings result, with net revenue up 13% to $189.2 million and underlying EBITDA rising 9% to $115.3 million.
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What did NEXTDC report?
- Net revenue rose 13% year-over year to $189.2 million.
- Total revenue climbed 13% to $231.8 million.
- Underlying EBITDA lifted 9% to $115.3 million.
- Net loss after tax narrowed by 8% to $39.4 million.
- Contracted utilisation surged 137% to 416.6MW, with a forward order book of 296.8MW.
- Capital expenditure reached $1,285 million, up from $1,003 million in the prior period.
- Liquidity stood at $4.2 billion at 31 December 2025.
What else do investors need to know?
NEXTDC is preparing to launch a subordinated notes offering to fund its growing contracted capacity pipeline and optimise its long-term capital structure, subject to market conditions. The company is also exploring a joint venture company (JVCo) structure for future projects, enabling additional capital recycling capacity while retaining operational control.
During the half, NEXTDC secured development approval for S4 Sydney and M4 Melbourne, and increased planned capacity at major sites including M3 Melbourne and S4 Sydney. International expansion continues, with KL1 Kuala Lumpur due to open in 2H26 and work starting on a Tokyo data centre.
What did NEXTDC management say?
Chief Executive Officer and Managing Director Craig Scroggie said:
The step change in the scale of the Company's activities over the past six months represents the culmination of many years of work to position NEXTDC to capture the unprecedented demand and reflects our reputation for delivering on time and at scale. Our record forward order book is expected to drive a material uplift in revenues and earnings as we deliver this capacity across the period to FY29.
What's next for NEXTDC?
NEXTDC has lifted its capital expenditure guidance for FY26, now expecting to spend $2.4 billion to $2.7 billion as project timelines accelerate. Revenue and EBITDA guidance remain unchanged at $390–$400 million and $230–$240 million respectively.
Management sees strong demand supporting growth, with a record sales pipeline, ample liquidity, and the forward order book underpinning confidence in delivering another standout year in FY26.
NEXTDC share price snapshot
Over the past 12 months, NEXTDC shares have risen 2%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 11% over the same period.
