NEXTDC has delivered record full-year results for FY26 with both revenue and earnings beating upgraded guidance, posting net revenue of A$405.0 million and underlying EBITDA of A$248.8 million. The data centre operator grew net revenue by 16 percent year-on-year and EBITDA by 15 percent, outperforming its own forecast range of A$390-400 million and A$230-240 million respectively. The statutory loss of A$60.5 million is largely driven by depreciation and one-time items rather than operational weakness, with the company’s underlying cash generation and operational performance remaining the focal points for investors.
The most striking metric from the announcement is the record contracted utilisation of 740.1 megawatts, up a remarkable 202 percent on a pro forma basis. This represents binding customer commitments for capacity and volume, creating a forward order book of 565.1 megawatts or 3.2 times the current billing utilisation of 175.0 megawatts. This deep order book substantially reduces execution risk for investors, with contracted EBITDA expected to exceed A$1.0 billion from existing agreements alone. The ratio of forward orders to current utilisation suggests significant revenue growth runway without requiring aggressive new customer acquisition.
Capital expenditure of A$3,397 million exceeded guidance of A$2,700-3,000 million, reflecting both accelerated delivery of contracted capacity and strategic land acquisitions. This investment cycle, funded through A$2.3 billion in senior debt raised in July 2026, positions NEXTDC to capture structural demand for data centre infrastructure driven by artificial intelligence expansion and cloud migration. Pro forma liquidity expanded to A$8.7 billion, providing ample capacity to fund growth and navigate market cycles.
Built capacity increased 38 percent to 287.9 megawatts during the year, while billing utilisation jumped 58 percent to 175.0 megawatts. These capacity metrics demonstrate that NEXTDC is delivering infrastructure on an accelerated timeline, converting contracted orders into operational assets faster than historical patterns. The combination of record contracting activity, accelerated builds, and strong balance sheet position characterises a company entering a hyper-growth phase.
Investors should focus on the company’s ability to execute its substantial capex program and convert the record order book into revenue generation within guidance range. Near-term attention should centre on utilisation rates, pricing sustainability amid AI-driven capacity deployment, and any changes to the customer mix. This announcement is price sensitive and flagged as material by the ASX.
View the full ASX announcement (PDF)
About NEXTDC Limited (ASX: NXT)
NEXTDC Limited develops and operates data centers in Australia and the Asia-Pacific region. The company offers data center colocation solutions, high-performance computing, disaster recovery services, and various digital infrastructure solutions to enterprise clients, government agencies, and cloud providers. Headquartered in Brisbane, Australia, NEXTDC provides critical connectivity and infrastructure services across its network of facilities.
If you would like to discuss this announcement or how it might affect your portfolio, request a callback or call us on 1300 889 603.
