MACQUARIE TECHNOLOGY GROUP LIMITED (MAQ)
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03/03/2026

1

Outperform

$88.87

25.84%

Macquarie Technology's 1H26 saw a 2% earnings 'beat' driven by higher growth segments with strong cash generation, Macquarie notes. 

Macquarie Technology Park data centre remains on track to deliver 6MW capacity on time, on budget, with long-lead items ordered to take capacity to 19MW.

The business is planning new products in cyber and AI for sovereign workloads, including government and the defence industry, which should support the medium-term outlook, the broker suggests.

The growth outlook is underpinned by the company's leverage to strong secular growth thematics, Macquarie notes, (cloud, cyber security, data centres), with many catalysts over the next 12 months that should drive a valuation re-rate.

Target falls to $88.87 from $96.60, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 118.00 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 69.30 cents.

17/03/2026

1

Buy

$95.00

34.52%

Canaccord Genuity considers a $200m investment from Australia's National Reconstruction Fund a strong endorsement of the Macquarie Technology business and the quality of its cloud services & government offering in particular.

The instrument, with the company issuing up to $200m in hybrid securities to the NRF, will be on the balance sheet as non-dilutive equity and provide significant flexibility for future funding options.

Also a positive, the broker contends, is that the funds will be deployed to grow areas of the business outside the data centre segment. Buy rating and $95 target unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 105.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 42.00 cents.