Shares of Australia’s NextDC plunged 39.5% on Wednesday after the data center operator slashed its annual earnings forecast. The company lowered its fiscal 2027 revenue guidance to between A$475 million and A$500 million, from A$615 million to A$640 million forecast earlier, while cutting its EBITDA forecast to A$245 million to A$265 million from A$385 million to A$410 million. These delays stem from the suspension of infrastructure upgrades at the M3 Melbourne data center amid community opposition, with electricity distributor Jemena not expecting to resume work before February 2027. Citi warned that the impact could extend beyond fiscal 2027.
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