Capital ExpenditureCapex guidance in FY25, although below prior expectations, is significant, and when combined with lower EBITDA and expanded data centres profile is limiting any improvement.
Financial GuidanceThe key focus will be on FY25 guidance which is below expectations on net revenue and EBITDA, with commentary alluding to a slower ramp in order-book.
Revenue OutlookSlower than expected net-revenue outlook, given the delayed ramp profile, which when combined with ongoing investment to scale the platform drives meaningful EBITDA downgrades.