NEXTDC Cuts FY27 Forecasts After Melbourne Power Delay

Conceptual data centre with power cables and suburban electricity poles

Updated: 22 October 2026, 7:25 a.m. AEDT

NEXTDC cut its revenue and earnings forecasts on Wednesday, 21 October, after delayed electricity-network upgrades pushed back expansion at its M3 Melbourne data centre in West Footscray.

In its ASX announcement, the company said Jemena had suspended parts of the required network works because of community and stakeholder opposition. The next increase in grid supply is now expected in FY28, delaying delivery and billing of contracted capacity.

NEXTDC lowered FY27 net revenue guidance to $475 million–$500 million from $615 million–$640 million. Its underlying EBITDA forecast fell to $245 million–$265 million from $385 million–$410 million. Both revised ranges exclude the affected M3 contracts.

ABC independently reported that shares fell about 40 per cent following Wednesday’s announcement. Residents and councils had opposed power-pole upgrades, including over consultation concerns.

The filing also reduced FY27 capital-expenditure guidance to $4.5 billion–$5 billion, from $5.25 billion–$5.75 billion. It said a Victorian planning decision on M3 stages 6 and 7 is now expected only after the state election on 28 November.

ABC reported that the company was considering alternative pole locations and underground cables. Those options remain under consideration, rather than a confirmed replacement power arrangement.

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