Slides
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Full Year Results 2026. 26 August 2026 Authorised for release by the Board of Directors of Macquarie Technology Group Limited
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Key Financial Metrics. 2026 vs 2025 Revenue $390.0m +6% EBITDA $115.9m +2% EPS 124.6 cents ps -8% 2 ● Twelve consecutive years of EBITDA growth for the Group. ● EBITDA CAGR of 4.0% over the last 3 years. ● Operating cash flow of $94.6 million in FY26. Continued healthy cash conversion of 108%. ● 95% of revenue has come from contracted monthly recurring revenue. ● Investments in data centres result in increased financing and depreciation costs which impacts EPS. ● IC3 SuperWest construction remains on track and on budget. ● Secured the Commonwealth Government as new investor into MAQ through the National Reconstruction Fund Corporation (‘NRFC’). ● Strong balance sheet with undrawn debt facility of $496.5 million and $100m Hybrid Securities Series 2 available to fund further investment.
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Business Highlights Summary. Leader in mission-critical infrastructure, cloud and security for mid-market and corporate customers. Australia’s largest managed sovereign private cloud provider, with 7 zones across Sydney, Canberra and Perth. Leading Microsoft partner: Azure Expert MSP, #1 Azure Partner (SMB & Corporate), and Microsoft Support Services designated. Investing in platform-based services that reduce customer cost and risk amid supply chain and geopolitical uncertainty. Advanced hybrid cloud solutions with Microsoft and Dell, delivering sovereignty and cost efficiency. Expanding capabilities and opportunities in Data & AI. 42% of Australian Government agencies are customers and we continue to uplift & transform their cyber security posture. Successfully delivered on largest Security Service Edge (SSE) deployment for the Australian Taxation Office. Focused on delivering the Australian Government's Essential 8 policy mandate. We monitor over 600 billion events per month. We remain the only company to have both our cloud and data centre services certified to ‘strategic’ level by the Department of Home Affairs. Identifying, evaluating and pursuing emerging opportunities in AI and cyber security products. Construction of IC3 SuperWest core and shell is complete, with the mechanical and electrical fit out progressing on time and on budget. In August 2026, we completed the purchase of a ~34,200sqm site in Macquarie Park for $240 million plus transaction costs, providing ~200MW towards a continuous pipeline of capacity for our customers. 2 out of 3 major hyperscalers are our customers. Extended leadership in SD-WAN networks in Australia by expanding proposition through a multi-vendor strategy to capture growth in SASE, SSE and Zero Trust. Disciplined investment into growth, while maintaining a continued focus on cost optimisation, EBITDA margin and operating efficiency. Continued differentiation through world-class customer experience and managed services. Revenue continues to reflect structural NBN pricing and mix changes, including the transition from higher-margin voice services toward lower-margin data services. Macquarie Cloud Services Macquarie Government Macquarie Data Centres Macquarie Telecom 4
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Company Purpose Net Promoter Score (NPS) To make a difference in markets that are underserved and overcharged. 5 +86 NPS is the measure of customer experience that is assessed on a scale of -100 to +100, where a score of greater than +50 is excellent. People Engagement Macquarie Technology Group Strengths-based Culture Award 2026 Gallup Exceptional Workplace Macquarie Technology Group
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Digital Infrastructure
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Macquarie Data Centres (MDC) is a proven developer and operator of sovereign data centre infrastructure in Australia, managing the full lifecycle from design and construction through to operations and customer delivery. MDC's highly certified, sovereign facilities are supported by 25 years strong operational and delivery track record and are aligned with global cloud and AI architectures. MDC’s portfolio comprises of 21MW of installed capacity across Macquarie Park, Canberra and Sydney CBD. Once completed, IC3 SuperWest, located in Macquarie Park, will add an additional 47MW. On 6 August 2026, MDC completed the acquisition of a ~34,200sqm site in Macquarie Park. The site underpins a proposed ~200MW Macquarie Engineering & Technology Campus (‘METC’). This brings MDC’s total capacity to an estimated ~268MW, of which 265MW is located within Sydney’s Tier 1 Northern Zone. The Macquarie Data Centres Platform. 7
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Macquarie Park Data Centre Campus IC3 SuperWest. Placeholder image IC3 SuperWest will be delivered on time and on budget in September 2026 with an initial 6MW of commissioned capacity. Long lead-time equipment has been secured to support a further 13MW, providing visibility to 19MW of deployed capacity ahead of customer contract. IC3SW has design capacity of 47MW, increasing Macquarie Park Data Centre Campus’ capacity to 65MW (including IC2 and IC3 East). All end-state power and water has been commissioned, and the facility's flexible design enables cloud, enterprise and AI deployments, including a mix of direct-to-chip liquid and air cooling. Future capacity deployment will remain aligned to customer demand. 8
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Delivered through our Certified Strategic Data Centres, our digital infrastructure and services are built to meet the Government's PSPF and Essential 8 frameworks. We are at scale and maturity to face the growing cyber challenges impacting Government. The growing sophistication of the threats means Agencies increasingly look for Australian based businesses to provide 24x7 specialised operational support. Identifying, evaluating and pursuing emerging opportunities in AI and cyber security products. 9 Macquarie Government Secures Government and Critical Infrastructure from Cyber Risks.
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Macquarie Cloud Services Reducing Risk and Optimising IT Costs. Placeholder image Delivering a true hybrid offering to customers focused on matching the right infrastructure to each application in a customer environment. Cloud solutions matched to unique compliance, security, governance and cost requirements for each customer. Real time security and business continuity solutions to protect against today’s ever changing, AI driven cyber threats. Aligned to recovery outcomes to keep businesses running when they are attacked. Backed by 24x7, Australian based specialised operational support. Identifying, evaluating and pursuing emerging opportunities in AI and data-driven products. 10 10
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National Reconstruction Fund Investment. The Australian Government invested $200 million into MAQ via the National Reconstruction Fund Corporation (NRFC) - a sovereign investment fund to support nationally significant technological innovation, digital infrastructure, defence and national security. • Efficient, non-dilutive capital that significantly enhances the Group's balance sheet flexibility and diversifies its funding sources. • $200 million of perpetual, callable, subordinated, unsecured and non - convertible securities, drawn in two series of $100 million (first issuance completed on 1 June 2026, second by 1 March 2027). • Proceeds support the development of sovereign, secure digital infrastructure and cyber security services, with strategic product development initiatives. 2 x $100m Tranches to Mar 2027 Non-dilutive No equity dilution $200m Hybrid investment
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FY26 Financials Find a new background picture
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Financial Results. Inter-segment revenue predominately relates to services provided by the Data Centre segment to the Cloud Services & Government s egment, eliminated on consolidation. All figures presented are subject to rounding. 13 $m FY24 FY25 FY26 FY25 v FY26 % Change Revenue Data Centres 70.0 79.9 87.0 7.1 8.9% Cloud Services & Government 206.3 211.9 235.6 23.7 11.2% Telecom 119.9 112.6 105.2 (7.4) (6.6%) Inter-segment (32.9) (34.8) (37.8) (3.0) 8.6% Total Revenue 363.3 369.6 390.0 20.4 5.5% EBITDA Data Centres 34.7 36.6 40.0 3.4 9.3% Cloud Services & Government 50.8 53.0 55.9 2.9 5.5% Telecom 23.6 24.0 20.0 (4.0) (16.7%) Total EBITDA 109.1 113.6 115.9 2.3 2.0% Depreciation & Amortisation (58.0) (56.2) (57.7) (1.5) 2.7% EBIT 51.1 57.4 58.2 0.8 1.4% Interest (3.9) (6.7) (11.0) (4.3) 64.2% NPBT 47.2 50.7 47.2 (3.5) (6.9%) Tax (14.2) (15.8) (15.1) 0.7 (4.5%) NPAT 33.0 34.9 32.1 (2.8) (8.0%)
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Group Financial Performance. Over the last 3 years: ● Revenue CAGR of 4.2% ● EBITDA CAGR of 4.0% EBITDA margin of 29.7% in FY26 EBITDA is in line with guidance 14All figures presented are subject to rounding.
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Over the last 3 years: ● Revenue CAGR of 7.1% ● EBITDA CAGR of 3.9% EBITDA margin of 23.7% in FY26 Cloud Services & Government Financial Performance. 15All figures presented are subject to rounding. 15
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Over the last 3 years: ● Revenue CAGR of 10.5% ● EBITDA CAGR of 6.5% EBITDA margin of 46.0% in FY26. EBITDA impacted by investing in data centre development activities costs (incl. technical specialists) associated with the potential acquisition of a new data centre campus in Sydney. Excluding investment in data centre development activities and increased consumption of power by hyperscalers, EBITDA margin remains flat. Data Centres Financial Performance. 16 All figures presented are subject to rounding. 16
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Over the last 3 years: ● Revenue CAGR of (3.8%) ● EBITDA CAGR of (0.4%) EBITDA margin of 19.0% in FY26 Telecom Financial Performance. 17All figures presented are subject to rounding. 17
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Growth Capex Customer Growth Capex Maintenance Capex ● Growth Capex is for the building of new data centre capacity, increased power supply, new technology creation and transformational investment. ● In the Data Centres business, a current example is capex for IC3 SuperWest. ● Growth Capex was $193.3 million in FY26, including $186.2 million for IC3 SuperWest and $7.1 million across the rest of the company. ● Customer Growth Capex is for additional cabling, racks, servers & storage that enable us to provision new customer orders. ● In the Telecom business, a current example is investment in SD WAN. ● Customer Growth Capex was $21.6 million in FY26. ● Most of the remaining Capex is infrastructure refresh and internal software development known as Maintenance Capex. ● Maintenance Capex was $15.6 million for FY26. 18
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Balance Sheet & Cash Flows. ● The Group has cash and cash equivalents of $4.9 million plus undrawn debt facility of $496.5 million and Hybrid Securities Series 2 of $100 million for growth initiatives. ● FY26 capital spend of $230.5 million, o Growth Capex $193.3 million (including $186.2 million for IC3 SuperWest) o Customer Growth Capex $21.6 million o Maintenance Capex $15.6 million ● Operating cash flow of $94.6 million in FY26, includes an income tax paid of $31.9 million. When comparing receipts from customers, less payments to suppliers and employees of $125.6 million to EBITDA $115.9 million this is a cash conversion of 108%. ● Cash flow used in investing activities $181.1 million includes capex and a net reduction in investment accounts (deposits) of $56.2 million (FY25 includes $28.8 million received from term deposits). ● Financing activities inflow of $85.2 million includes proceeds from Hybrid Securities Series 1 net of transaction costs $97.4 million, net proceeds from borrowings $3.5 million, interest on borrowings and financial liabilities and other lease costs. 19 $m FY25 FY26 Assets Cash & cash equivalents 6.2 4.9 Other current assets 107.4 62.4 Non-current assets 616.2 791.1 Total assets 729.8 858.4 Liabilities Creditors 65.0 73.5 Other liabilities 177.8 164.9 Total liabilities 242.8 238.4 Total equity 487.0 620.0 $m FY25 FY26 Cash flow Cash flows from operating activities 109.9 94.6 Cash flows used in investing activities (108.6) (181.1) Cash flows from / used in financing activities (25.1) 85.2 Net decrease in cash (23.8) (1.3) Opening cash & cash equivalents 30.0 6.2 Total cash & cash equivalents 6.2 4.9
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Outlook
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The Company’s EBITDA is expected to have modest growth in FY27, assuming IC3 SuperWest Phase 1 revenue commences in 2H FY27. We continue to invest in our people and capabilities to support growth, with a disciplined approach to resourcing and operational efficiency. We are strengthening the capabilities required to support the next phase of growth across the MDC platform, including the development of Macquarie Engineering & Technology Campus (‘METC’). The holding costs of METC site are approximately $1 million to $2 million p.a. (excluding financing costs). We are investing in AI-ready infrastructure and customer solutions, while deploying AI across the Group to enhance productivity and operational performance. Outlook Group. 21
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Outlook Data Centres – IC3 SuperWest. Construction of IC3 SuperWest Phase 1 (6MW) will be delivered on time and on budget and is expected to be completed by September 2026. Additional Phase 2 of 13MW has been expedited and is expected to be delivered by June 2027. This approach aligns with current market dynamics which is seeing customer demand for larger capacity and faster lead times. AI is designed to live in purpose-built high-density AI and cloud data centres like IC3 SuperWest. Access to on-shore infrastructure housed in sovereign facilities is essential for critical infrastructure industries, such as health care and finance. IC3 SuperWest has attracted significant demand by multiple customers over the last months. Negotiations with an anchor customer are well progressed. 22
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Outlook Macquarie Engineering & Technology Campus. Macquarie recently completed the acquisition of a ~34,200sqm light industrial zoned development site located between Talavera Road and the M2 motorway in Macquarie Park for a purchase price of $240 million. The Company intends to construct an engineering and technology campus co -located within a ~200MW data centre campus in Macquarie Park. Designs remain subject to planning and other approvals and will continue to be refined based on customer requirements, power approvals, construction staging and funding. The proposed facility is intended to incorporate advanced air -cooling technology with limited water usage and continue Macquarie's successful campus-style approach. Initial construction is estimated to be completed in late calendar year 2029, subject to planning and other approvals. The new campus will build on Macquarie's partnership with Macquarie University and support research, technology and learning opportunities. It is intended to provide practical, hands -on opportunities for students and researchers to utilise latest data centre, cyber security, AI and cloud technologies, while also delivering significant community benefits, including a proposed public park, community garden and outdoor art gallery, subject to approvals. Building of new data centres on this campus is expected to be in a few years, in this period we will consider a range of funding alternatives including project finance and new longer term infrastructure investors in our data centres. 23
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Outlook CS&G. Outlook Telecom. In FY27, CS&G revenue is expected to modestly grow with FY26 margins likely to be maintained. As cloud and AI adoption grows across our customer base, we are investing in new products, AI platforms and infrastructure over the coming years to help customers manage their token and security economics. In an AI-embedded environment, customers will face challenges similar to those in public cloud, particularly around cost and security and we are well positioned to support them through this transition. Macquarie Government continues to invest in Essential 8 security products. As attack surfaces expand and threats grow more sophisticated, amplified by AI, organisations operating critical infrastructure face heightened pressure to meet stringent regulatory and compliance standards. CS&G will continue to focus on cloud, cyber and AI requirements of our corporate and government customers. Telecom remains an important channel for securing CS&G services. In FY27, Telecom’s EBITDA is expected to reduce by $2 million to $3 million. Margins are anticipated to be mid to high-teens levels after NBN pricing reduction has been passed to the customers. Traditional voice continues to decline in line with the industry. Telecom's next phase of growth is the extension of SDWAN through multi-vendor growth in security. FY27 is expected to deliver modest growth. It is a year of strategic investment, establishing the foundations for the next phase of growth in CS&G AI, cyber security and cloud, and Telecom secure networking solutions. 24
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Depreciation and amortisation for FY27 is expected to be $63 million to $67 million. Hosting depreciation and amortisation is expected to be $52 million to $55 million and Telecom depreciation $11 million to $12 million in FY27. The Company plans to make further investments in growth and customer growth capex during FY27. Total capex before IC3 SuperWest and METC is expected to be between $40 million to $48 million consisting of: ● Customer Growth - $18 million to $22 million, ● Growth Capex - $4 million to $6 million, ● Maintenance Capex - $18 million to $20 million. IC3 SuperWest capex is expected to be between $180 million to $192 million to complete Phase 1 (6MW) in September 2026 and build out of Phase 2 (13MW). Total costs of acquiring the land at METC is $254 million plus expected development capex spend between $11 million and $12 million. In total, Group capex is expected to be $485 million to $506 million in FY27. Telecom capex is expected to be between $12 million and $14 million in FY27 (included in the above). Undrawn debt facilities of $496.5 million and Hybrid Securities Series 2 of $100m along with cash of $4.9 million as of 30 June 2026 are available to fund the above capital requirements of the Group. Outlook Balance Sheet Financials. 25