Macquarie Technology Group (MAQ) H1 2025 earnings summary

Executive summary

• Achieved 20 consecutive halves of EBITDA growth, with 1H FY25 EBITDA up 6% year-over-year to $56.2m.

• Net profit after tax for 1H FY25 was $17.9m, up 21% from the prior year.

• Revenue rose 1% to $183.6m compared to 1H FY24.

• Over 97% of revenue is from contracted monthly recurring revenue, supporting stability.

• Strong balance sheet with $91m in cash/deposits and $450m undrawn debt facility for future investment.

Financial highlights

• Revenue: $183.6m (+1.3% year-over-year); EBITDA: $56.2m (+6%); EBIT: $28.7m (+21.2%).

• NPAT: $17.9m (+21%); EPS: 69.6c (+14%).

• EBITDA margin at 30.6% in 1H FY25; cash conversion at 105%.

• Cash and equivalents at 31 December 2024 were $16.1m; deposits: $75m; undrawn debt: $450m.

• No dividends were paid or declared during the period.

Outlook and guidance

• FY25 EBITDA expected at $112–$115m, with Data Centres contributing $36–$37m.

• Ongoing investment in data centre capacity, including IC3 SuperWest, with phase 1 completion expected Q3 2026.

• Telecom revenue to decline due to NBN pricing and product mix shift, but EBITDA margins to be maintained.

• Focus on growth in data centre capacity and cloud services, with project-based incentives for senior management.