• Twenty consecutive halves of EBITDA growth
• Revenue of $183.6 million, up 1% on 1H FY24
• EBITDA of $56.2 million, up 6% on 1H FY24
• Strong balance sheet with $450m undrawn debt facility and $91m cash

Macquarie Technology Group Ltd (ASX: MAQ) today announced its results for the half-year ended 31 December 2024. The company has delivered twenty consecutive halves of EBITDA growth, with revenue of $183.6 million in 1H FY25, an increase of 1% on 1H FY24 ($181.3 million). Earnings before interest, tax, depreciation, and amortisation (Group EBITDA) were $56.2 million, an increase of 6% on 1H FY24 ($53.0 million). The company maintained strong EBITDA margins in a period of increased cost pressures and had operating cash flow of $40.9 million in 1H FY25, with a continued healthy cash conversion of 105%. Macquarie Technology has a strong balance sheet with an undrawn debt facility of $450m, along with cash and deposits of c$91m available to fund further investment. Net profit after tax was $17.9 million, an increase of 21% on 1H FY24 ($14.8 million). Capital expenditure for 1H FY25 was $58.9 million, driven by Growth Capex of $41.8 million, including $39.0 million for IC3 SuperWest. Construction of IC3 SuperWest is well underway, with Phase 1 expected to be completed in Q3 2026.

FY25 EBITDA is expected to be approximately $112 to $115 million, which includes Macquarie Data Centres' EBITDA of $36 to $37 million. FY25 Total Capex is expected to be between $162 to $181 million, and FY25 Depreciation is expected to be between $53 and $56 million.

The company is focused on acquiring a new campus in Sydney to enable its growth plans and ensure capacity runway for its customers and prospects. It is also investing in its capabilities to support the growth in the MDC platform. The impact of US tech vendors is expected to ease as the company enters FY26, and operational efficiencies will continue to maintain EBITDA margins in 2H FY25 for the Telecom business.