Macquarie Technology Group posts $34m profit, flags increasing capex
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The news: Macquarie Technology Group's full-year profit climbed 5.6% year on year to $34.85 million, in line with guidance, and has flagged heavy capital expenditure on the development of its new IC3 SuperWest data centre.
The numbers: Revenue came in at $369.6 million for the year, 1.7% higher compared to FY24. Group EBITDA came in at $113.6 million, a 4.1% year-on-year increase and the group’s eleventh consecutive year of EBIDTA growth.
The data centre operator said capital expenditure was $150.1 million for FY25, driven by growth capex of $110 (including $106 million for its IC3 SuperWest data centre), customer growth capex of $18.9 million and maintenance capex of $20.2 million.
Macquarie Technology reported operating cash flow of $109.9 million in FY25 after income tax payments of $25.5 million for FY24 and FY25.
The context: The company said it will continue investment across the Macquarie Data Centre (MDC) platform, including the development of AI infrastructure and capabilities both for customers and internal operations.
Macquarie Technology said it expects EBIDTA to deliver marginal growth in FY26 and that its Macquarie Park Data Centre Campus has around 5% of capacity available for sale before the IC3 SuperWest comes on-line. Construction of IC3 SuperWest is expected to be completed by September 2026.
In FY26, group capex is expected to come in between $206 million and $234 million, with IC3 SuperWest capex expected to be between $170 million and $190 million.
The company said its undrawn $450 million debt facility along with cash and deposits of $62 million is available to fund the IC3 SuperWest construction and the likely acquisition of a new data centre campus for $240 million in Sydney.
No interim or final dividend was declared for FY25 as a result of the group continuing its phase of significant capital-intensive growth.
What they said: CEO David Tudehope said: “Macquarie Data Centres’ platform is strategically positioned to support the growth of cloud and AI companies in Australia by providing a continuous supply of over 215MW of data centre capacity over the next 7-10 years.”
