At a glance
Macquarie Technology reported A$390 million of revenue for FY26 on 26 August 2026, and a twelfth consecutive year of growth in earnings before interest, tax, depreciation and amortisation.
Net profit fell 7.8 per cent to A$32.1 million, while the data centre arm lifted its earnings to A$40 million.
The first 6MW of the new Macquarie Park building opens in September 2026 with its power and water already commissioned.
Macquarie paid A$254 million for a second Macquarie Park site, in a suburb where Ausgrid puts network use at about 35 per cent.
The Australian government's A$200 million comes in two halves, the first paid on 1 June 2026 and the second due by 1 March 2027.
Macquarie Technology lifts earnings to A$115.9m
Macquarie Technology Group reported its full-year results on 26 August 2026. Macquarie runs data centres in Sydney and Canberra alongside a cloud and cyber security business, and it is a month away from opening a new building at its Macquarie Park campus. It has also bought a second Macquarie Park site for a proposed 200MW campus, in a suburb where Ausgrid reports about 65 per cent of connection capacity unallocated.
Revenue reached A$390 million, up 5.5 per cent. Earnings before interest, tax, depreciation and amortisation reached A$115.9 million, up 2 per cent, the twelfth consecutive year of growth on that measure. Net profit fell 7.8 per cent to A$32.1 million. Depreciation and amortisation rose A$1.5 million and finance costs held at A$11.7 million. Finance income fell from A$5.0 million to A$0.7 million, the largest single swing in the result.
Macquarie spent A$230.5 million in FY26, of which A$186.2 million went into IC3 SuperWest. That is the 47MW building it is finishing at Macquarie Park. Cash at 30 June 2026 stood at A$4.9 million. In July 2026 the company also exercised its option over a second Macquarie Park site for a proposed 200MW campus, and that purchase settled on 6 August 2026. Macquarie Data Centres has 21MW installed across all its sites.
Ausgrid puts Macquarie Park network use at 35 per cent
The joint submission from Ausgrid, Endeavour Energy and Essential Energy to the New South Wales data centre inquiry, dated 27 March 2026, uses Macquarie Park as its worked example. It puts network use in the suburb at approximately 35 per cent, or 330 MVA of the 940 MVA available to connect, where MVA sizes the electrical connection the network builds rather than the power that reaches the servers. Six connected data centres account for 180 MVA of that figure, and Ausgrid expects them to reach 300 MVA when they are fully loaded. It connected those six in the five years to March 2026.
About 65 per cent of the suburb's connection capacity is unallocated, and Ausgrid has proposed a new substation at Wallumatta, to be built as demand firms up, to add connection points for data centre growth in the area.
Three other projects are moving in the same precinct. Stockland won approval for a 76.4MW development on Khartoum Road on 11 March 2026. The planning portal lists NEXTDC's S5 proposal beside the metro station at the request-for-information stage. JLL brought a 96MW site to market in the precinct on 15 August 2026.
Macquarie plans to spend A$485m to A$506m in FY27
The July announcement put the purchase price of the new site at A$240 million. Macquarie's FY27 guidance carries A$254 million for the total cost of acquiring it, plus A$11 million to A$12 million of work on the campus. Holding costs run at about A$1 million to A$2 million a year, excluding financing. Finishing IC3 SuperWest takes A$180 million to A$192 million. The remaining A$40 million to A$48 million covers customer fit-outs, general growth and maintenance across the group.
Macquarie told the market that "building of new data centres on this campus is expected to be in a few years", and that "in this period we will consider a range of funding alternatives including project finance and new longer term infrastructure investors in our data centres". Project finance means borrowing against the campus itself rather than against the company. The July announcement listed selling or part-selling existing assets and finding development partners among the same set of options.
At 30 June 2026 Macquarie had A$496.5 million undrawn on its bank facility, whose limit was lifted to A$500 million in February 2026. It also counts the second A$100 million of government money and its A$4.9 million of cash. The annual report says the land settlement was funded from existing cash reserves and the corporate debt facility. Operating cash flow ran at A$94.6 million over the year, and Macquarie says 95 per cent of its revenue is contracted and recurring.
The Australian government put A$200m into Macquarie in March 2026
The Australian government is an investor in Macquarie. Its National Reconstruction Fund Corporation is a A$15 billion fund set up to back industries Australia wants built onshore and the fund announced on 11 March 2026 that it would put A$200 million into the company to strengthen Australia's sovereign cloud and cyber security capability. Macquarie sells to 42 per cent of Australian government agencies.
The money counts as equity in Macquarie's accounts rather than as debt, and it creates no new shares, so it adds capital without diluting shareholders or drawing on the bank facility the company needs for construction. Total equity rose from A$487.0 million to A$620.0 million over the year.
The A$200 million comes as two series of A$100 million. The securities have no maturity date, Macquarie can buy them back after six years, and they rank behind the company's other debt and ahead of its shares. They pay a fixed 6.00 per cent a year, and the March announcement put the effective return to holders at about 8.57 per cent a year to that first buy-back date.
Macquarie issued the first series on 1 June 2026, and the second A$100 million is due by 1 March 2027 subject to standard closing conditions. Chief executive David Tudehope said with the FY26 result that "our capital structure has become increasingly diversified through the introduction of the Australian Government's NRFC as a strategic investor". The fund's chief investment officer Mary Manning, in its March media release, called the arrangement a first of its kind for a company with no credit rating.
The new Macquarie Park building opens in September 2026
The first 6MW of IC3 SuperWest is due to be finished in September 2026, and Macquarie says all end-state power and water for the site have been commissioned. A second stage of 13MW has been expedited to June 2027. The building is designed for 47MW, which takes the Macquarie Park campus to 65MW across IC2, IC3 East and IC3 SuperWest once it is fully built.
Macquarie says long lead-time equipment for that second stage is already secured, giving it "visibility to 19MW of deployed capacity ahead of customer contract", and that negotiations with an anchor customer are well progressed. That is finished capacity a customer can take as demand arrives, in a market where new supply takes years to build.
Macquarie quotes a group total of 268MW. That is the 21MW installed across Macquarie Park, Canberra and Sydney's central business district, plus 47MW at the new building and the proposed 200MW campus. It puts 265MW of the total in Sydney's northern data centre corridor, which the company labels its Tier 1 Northern Zone. Its investor presentation says two of the three major hyperscalers in Australia buy from it, and the Sydney and Canberra sites carry Australian government hosting certification.
Funding routes across the four listed operators
Four listed operators have put their funding plans for Australian data centre construction on the record.
Operator | Funding route | Status |
|---|---|---|
About 90 per cent of data centre projects under construction sit inside partnerships with outside investors | An Australian development partnership is expected to be established in the first half of FY27 | |
Selling United States assets to fund Sydney | The US$750 million Chicago sale was agreed in May 2026, with settlement to come | |
A$1.5 billion share offer plus long-term securities committed by La Caisse | Joint ventures with private capital partners over its two Western Sydney campuses are flagged from 2027 | |
A$200 million of government securities plus a A$500 million bank facility | Says it will consider project finance and long-term infrastructure investors for the campus |
Source: company results announcements and ASX filings, April to August 2026.
Of the four, Macquarie is the one drawing on Australian government capital. NEXTDC's largest single commitment also comes from a state investor, since La Caisse manages Quebec's public pension funds. DigiCo reported on 21 August 2026 and Goodman on 20 August 2026, and NEXTDC set out its capital plan in April 2026. On Goodman's earnings call, analysts pressed the company on when its data centre spending starts paying.
What to watch
An anchor customer for IC3 SuperWest would put the first 6MW under contract as it opens, and the 13MW stage due by June 2027 behind it. Macquarie's next campus disclosures are a development application, a grid connection application with Ausgrid, and a named construction funder. The company has estimated first completion in late calendar 2029, subject to approvals.
Macquarie guides "modest growth" in earnings in FY27, on the assumption that revenue from the first 6MW starts in the second half. It guides depreciation and amortisation of A$63 million to A$67 million, against A$57.7 million in FY26. NEXTDC reports its own full-year result after the close on 27 August 2026, with Sydney capacity numbers to set beside these.