Macquarie Technology Group’s full year results for 2026 demonstrate sustained profitability with twelve consecutive years of EBITDA growth, establishing a reliable earnings track record. The company reported EBITDA of $115.9 million against revenue of $390 million, representing a compound annual growth rate of 4.0% over the past three years. The Australian Government’s decision to become an investor through the National Reconstruction Fund Corporation underscores confidence in Macquarie’s strategic role in sovereign infrastructure development.
The quality of Macquarie’s earnings underscores the value of its customer base and operational discipline. Ninety-five percent of revenue derives from contracted monthly recurring revenue, providing predictable cash generation even amid market volatility. Operating cash flow reached $94.6 million with a cash conversion ratio of 108%, indicating that the company converts earnings into cash at rates that exceed reported profit, a metric that separates resilient businesses from those dependent on favourable accounting treatments.
Across its business divisions, Macquarie has consolidated leadership in critical infrastructure. The Data Centres segment has secured two of Australia’s three major hyperscalers as customers and completed construction of its IC3 SuperWest facility, with mechanical and electrical fit-out proceeding on budget. The purchase of a 34,200 square metre site in Macquarie Park for $240 million in August 2026 establishes a pipeline of 200 megawatts of capacity for future growth. In Government Services, 42% of Australian Government agencies now count Macquarie as a customer, while Cloud Services revenue benefits from leadership positions as a top Azure partner and the country’s only certified strategic-level provider of both cloud and data centre services to government.
Earnings per share of 124.6 cents reflects the impact of increased depreciation and financing costs from the accelerated capital investment program in data centres. This creates a modest headwind for reported EPS growth relative to underlying EBITDA progress, a trade-off that reflects deliberate capital allocation toward capturing structural growth in cloud and critical infrastructure demand. The balance sheet readily supports this strategy, with undrawn debt facilities of $496.5 million and $100 million in available Hybrid Securities.
Investors should monitor the progression of the Macquarie Park data centre development and the trajectory of customer additions in hyperscale and government segments. The competitive intensity of data centre markets and any material changes to government procurement policies represent key variables affecting forward returns. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Macquarie Technology Group Limited (ASX: MAQ)
Macquarie Technology Group Limited is an Australian data centre, cloud, cybersecurity, and telecommunications company serving medium to large businesses and government customers. The company provides voice communications, cloud infrastructure, network management, cyber security solutions, and colocation services. It is headquartered in Sydney and listed on the Australian Securities Exchange since 1999.
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