Leon Hinde

Macquarie Technology Group

Full-Year FY26 Consensus Forecast: Analysts expect full-year FY26 revenue in the range of A$380M – A$390M, representing a year-over-year revenue growth of roughly 3% to 5% compared to FY25

Valuation & Comparative Context

• Trailing P/E (TTM): ~48.5x – 50.7x (based on recent reported 12-month net profit).
• Why the Forward P/E expand relative to Trailing: Net profit after tax (NPAT) is temporarily compressed in the near term due to significant growth capital expenditures—specifically heavy ongoing investments into data centre capacity (e.g., IC3 SuperWest) and increased depreciation/financing costs.

EV/EBITDA Multiple: Shares trade at a forward EV/EBITDA of approximately 17.5x – 18.0x, reflecting strong underlying EBITDA cash flow performance relative to net bottom-line profit.