NEXTDC Slashes FY27 Guidance on M3 Power Delay; Shares Plunge 41.7%

NEXTDC (NXT.AX, NXDCF) cut its fiscal 2027 net revenue and underlying EBITDA guidance on Wednesday after a delay in additional power supply to its M3 Melbourne data centre, sending shares down 41.72% to close at A$5.35 on the Australian Securities Exchange. The company now expects net revenue of A$475 million to A$500 million, down from prior guidance of A$615 million to A$640 million. Underlying EBITDA, excluding non-recurring items, is forecast at A$245 million to A$265 million, versus the earlier range of A$385 million to A$410 million. The revision excludes revenue and attributable EBITDA from affected M3 customer contracts, which contributed roughly A$140 million each in the August guidance. The delay stems from Jemena Electricity Networks suspending parts of planned grid upgrades amid community and stakeholder opposition. The next grid supply increase to M3 is now expected in fiscal 2028, with a planning decision on Stages 6 and 7 due after the Victorian state election on November 28, 2026.