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Macquarie delivers 18th half of profitable growth driven by data centers

Macquarie delivers 18th half of profitable growth driven by data centers

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Company expects data centers earnings before interest, taxes, depreciation and amortisation (EBITDA) alone to be between A$34-35m.

Macquarie Data Centers parent company, Macquarie Technology Group, has recorded its 18th consecutive half of profitable growth, with revenue reaching A$181.3m (up 5%) and net profit A$14.8m (up 74%).

Looking ahead, the company expects data centers earnings before interest, taxes, depreciation, and amortisation (EBITDA) alone to be between A$34-35m.

The company recently announced it received the green light for the construction of its largest data center, IC3 Super West, at its Sydney campus.

The AI-ready facility will optimise technology such as liquid cooling and monitoring systems and bring total IT load to a potential 63 megawatts.

Chairman Peter James said: “This result represents our eighteenth consecutive half of EBITDA growth, a strong result underpinned by continued growth in cloud and cyber megatrends and the outstanding customer experience reflected in our high net promoter score.”

Key points

  • Eighteen consecutive halves of profitable growth.
  • Revenue of $181.3m – an increase of 5.1% on 1H FY23 ($172.5 million).
  • Earnings before interest, tax, depreciation, and amortisation (Group EBITDA) of $53m – an increase of 3% on 1H FY23 ($51.5m).
  • Conversion of EBITDA to operating cash flows generated total operating cash flows of $49.5m during the half-year.
  • Funding of circa $86m available in the form of cash at bank and deposits – an increase since the end of the prior year due to positive operating cash flow.
  • Net profit after tax of $14.8m – an increase of 74% on 1H FY23 ($8.5m).
  • Capital expenditure for 1H FY24 was $18.5m million (1H FY23: $33.2m) driven by Growth CAPEX of $9.1m, Customer Related CAPEX of $6m and Maintenance CAPEX of $3.4m.

Chief Executive David Tudehope said: “We are pleased to have secured the IC3 Super West DA. With anticipated demand from the AI megatrend, we could increase the IT load of IC3 Super West from 38MW to 45MW. This would take the campus from 56MW to 63MW (subject to regulatory and Board approval). Access to 63MW of power is available upon opening of IC3 Super West.”


  • FY24 EBITDA is expected to be approximately $108 to $111m which includes Macquarie Data Centers EBITDA of $34 to $35m – continuing investment across the Group to drive future profitable growth.
  • CS&G FY24 EBITDA margin is expected to be in line with FY23.
  • Telecom operational efficiencies in 1H FY24 to be maintained at the same EBITDA margin in 2H FY24.
  • Site preparation and early works are underway to prepare the Macquarie Park Data center Campus for IC3 Super West.
  • Continue to explore the acquisition of sites to facilitate the growth plan of Macquarie Data centers, supporting the Sovereign focus for customer base.
  • Debt refinancing to be undertaken in line with the requirements of the construction of IC3 Super West. Remaining undrawn debt facility of $190m has been extended.
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