Capital ExpenditureCapex guidance in FY25, although below GSe prior, is significant, and when combined with lower EBITDA and expanded data centres profile is limiting any improvement in NXT.
GuidanceThe key focus will be on FY25 guidance which is below GSe on net revenue/EBITDA (-3% and -4% respectively), with commentary alluding to a slower ramp in NXT order-book (vs. 1H24).
RevenueSlower than expected net-revenue outlook, given the delayed ramp profile, which when combined with ongoing investment to scale the platform drives meaningful EBITDA downgrades.