Figure 1: Digital infrastructure share price changes August 2025

Source: Firehawk

Key developments

Overall, listed digital infrastructure stocks in the region have seen wide spreads in performance among the group. Growth in cloud and AI is improving sentiment towards DC stocks, but economic growth is expected to be sluggish relative to previous years, creating uncertain performance for Digital Infrastructure equities. More recently, an investor turn against tech stocks and “AI hype” has weighed on the sector.

NEXTDC

NEXTDC’s stock rallied by around 14% during August, with the company releasing its FY25 results at the tail end of the month. The company’s FY25 results were strong, with total revenue up 6% to $427.2m and net revenue rising 14% to $350.2m, exceeding guidance. Underlying EBITDA increased 6% to $216.7m, while capital expenditure reached $1.7bn, above forecast. The company achieved record contracted sales of 72.2MW, including a foundational hyperscale order in Kuala Lumpur, and expanded its Forward Order Book to 134MW, representing 121% of billing utilisation. Supported by $5.5bn in pro forma liquidity, NEXTDC is well positioned to capitalise on accelerating AI and cloud infrastructure demand across Asia-Pacific.

Macquarie Technology

Macquarie Technology’s stock fell by around 12% during August, with the company releasing its FY25 results at the tail end of the month. FY25 EBITDA of $113.6m was reported, supported by strong cash generation and continued investment in data centres, notably IC3 SuperWest. However, despite a resilient outlook, guidance flagged only modest group EBITDA growth in FY26. Management expects Telecom’s EBITDA to fall back to around $20m – returning to FY23 levels – amid persistent pricing pressure and margin compression. This muted earnings trajectory, particularly in Telecom, likely weighed on investor sentiment and contributed to the stock’s decline following the release.

Chorus

Chorus’s stock jumped by around 11% during the month, with the company releasing its FY25 results where the company delivered revenue steady at NZ$1,014m and EBITDA up slightly to NZ$705m. Net profit reached NZ$4m versus a NZ$9m loss in FY24, supported by disciplined cost management. Fibre connections rose by 31,000 to 1.115m, with uptake reaching 72.1% and network traffic up 10%. The company declared a final dividend of 34.5 cps, lifting FY25 dividends to 57.5 cps (up 21%). FY26 guidance points to EBITDA of NZ$710–730m, capex of up to NZ$415m, and an increased dividend of 60 cps.

Figure 2: Digital infrastructure valuation multiples August 2025

Source: Firehawk

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