MP1 –11.79%: Megaport delivered a solid operational result, headlined by a material FY26 revenue upgrade, though the headline loss and near-term cost timing weighed on the share price.
1H26 Highlights
- Revenue $134.9m, +26% y/y (ahead of expectations)
- EBITDA $35.3m, +28% y/y
- Net loss $19.1m (vs $0.9m profit y/y)
- ARR $263.4m, +8% h/h
- FY26 revenue guidance lifted to $302–317m (from $260–270m)
- FY26 EBITDA margin targeted at 21–24%
The upgraded revenue outlook is the key positive, reflecting acquisitions and underlying demand, even as FX and integration add noise. EBITDA beat expectations, though partly due to deferred investment rather than pure operating leverage. Growth is clearly obvious, but the market wants cleaner delivery and better profitability momentum.
MM is neutral MP1 ~$10
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