Figure 1: Digital infrastructure share price changes March 2026

Source: Firehawk. Only includes top 10 movers.

Key developments

Overall, listed digital infrastructure stocks in the region did well in 2024 as demand for AI infrastructure saw growing interest in the sector.  Over 2025, a gradual investor turn against tech stocks and “AI hype” has weighed on stock prices.

Uniti Group (USA)

Uniti Group’s stock rose by around 21% during March, after the company released its forth quarter and full year FY25 results, reporting a pivotal year defined by the Windstream merger and aggressive fibre scaling. The company delivered US$1.3 billion in annual revenue and US$912 million in Adjusted EBITDA, underpinned by Kinetic’s 24% year-over-year revenue surge. Despite a Q4 net loss of US$305.7 million due to non-cash charges, record consumer fibre net adds and a strengthened balance sheet drove a positive outlook. This momentum supports Uniti’s “insurgent” strategy to reach 3.5 million fibre passes by 2029.

Cogent Communications

Cogent Communications’ stock declined by 13% during the month, despite the company not releasing any notable announcements. On 20 February the company released its Q4 2025 and Full Year 2025 Results which included service revenue falling to US$975.8m from US$1,036.1m in 2024. Despite this top-line contraction, the company achieved a 100.3% surge in wavelength revenue and a 43.8% increase in IPv4 leasing income. While operational efficiencies improved adjusted EBITDA margins, annual net cash used in operating activities widened slightly to US$10.6m compared to the previous year.

NextDC

NextDC’S stock dropped by around 16% during March, despite the company not releasing any price sensitive announces. During late February the company released its 1HFY26 results in which NextDC delivered record net revenue, rising 13% to $189.2m and underlying EBITDA increasing 9% to $115.3m. Contracted utilisation surged 137% to 416.6MW, supported by a massive 296.8MW forward order book. Consequently, NEXTDC upgraded its FY26 capital expenditure guidance to $2.4–$2.7b to accelerate capacity expansion, while maintaining net revenue ($390-400m) and EBITDA targets ($230-240m).

Figure 2: Digital infrastructure valuation multiples

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x.

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