Is NextDC profitable after 1H FY26?

On a statutory basis, NEXTDC reported a net loss after tax of A$(39.4)M — an 8% improvement on the prior period. On an underlying basis, EBITDA rose 9% to A$115.3M. The company is profitable at the operating level and loss-making at the net level due to depreciation, interest, and growth investment.

What is NextDC's Eastern Creek project and why does it matter?

Eastern Creek is a planned A$7 billion, 550MW AI campus in Western Sydney with anchor hyperscale demand linked to the OpenAI/Microsoft ecosystem. It sits within the 3.5GW development pipeline and is not yet reflected in contracted utilisation. If it converts, it would represent one of the largest single AI infrastructure commitments in APAC history.

Why did NextDC raise capex but keep guidance unchanged?

Higher capex reflects accelerated build-out to match contracted demand, particularly at S3, M3, KL1, and the planned S4, S7, M4 facilities. Revenue guidance is unchanged because the contracted pipeline already underpins FY26 targets; the capex acceleration is an investment in FY27–FY29 revenue

What is NextDC's share price target after the 1H FY26 results?

As at February 2026, the broker consensus on ASX:NXT following the 1H FY26 result is broadly bullish. Of 17 analysts covering the stock, 15 hold a Buy or Strong Buy rating and none hold a Sell. The average 12-month price target sits between A$19.96 and A$21.44 depending on the data source, against a post-results share price of approximately A$14.00. Individual broker targets include Morgans at A$18.80 (Buy), RBC Capital at A$20.00 (Buy), CLSA at A$19.80 to A$20.50 (Buy), Macquarie at A$17.95 (Outperform), Morgan Stanley at A$16.50 (Overweight), and Goldman Sachs at A$19.00 (Buy). The range of targets runs from A$16.50 at the low end to A$28.66 at the high end, reflecting differing views on the timing and magnitude of the FY27 billing ramp. This does not constitute financial advice.

NEXTDC 1H FY26 Analysis: Billing Ramp, AI Demand and the FY27 Outlook | Australia Data Centre Index

NEXTDC's latest half-year results are out. Here's a breakdown of the key numbers, the billing conversion timeline, and five things worth watching closely.

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