PRE-MARKET AUSTRALIAN STOCK NEWS: NEXTDC cuts FY27 guidance on M3 Melbourne power delay; Telix reaffirms FY revenue; Sigma flags strong Chemist Warehouse momentum

Air New Zealand (AIZ AT) - Q1 FY27 passengers carried -1.0% Y/Y at 4.162mln, capacity (ASKs) -2.1% Y/Y, load factor +1.8pts to 84.8%; YTD underlying RASK (ex-FX) +12.7% Y/Y, partially mitigating significantly higher jet fuel prices. (ASX filing)

Atlas Arteria (ALX AT) - Q3 proportional toll revenue -0.4% Y/Y ex-FX (-8.9% reported), with French light vehicle traffic hit by high fuel prices. Co. noted France's draft 2027 Budget Bill includes potential TEILD tax increases, which would have cost the APRR Group c. EUR 210mln had they applied in 2025. (ASX filing)

Beach Energy (BPT AT) - Q1 FY27 production +9% Q/Q to 5.4MMboe; sales revenue +41% Q/Q to a record AUD 565mln. FY27 production (19.5-23.0MMboe) and capex (AUD 600-700mln) guidance maintained. (ASX filing)

Bega Cheese (BGA AT) - Co. said at its AGM that the business enters FY27 with strong momentum and plans c. AUD 110mln of capex to expand manufacturing capacity. (ASX filing)

Cobre (CBE AT) - Signed an agreement with Chile's ENAMI to secure c. 150k tonnes of copper oxide material for Sierra Atacama at c. USD 9/t delivered, and began an on-site copper recovery programme. (ASX filing)

EBOS Group (EBO AT) - Reaffirmed FY27 underlying EBITDA guidance of AUD 635-655mln, with growth weighted to H2. (ASX filing)

Frontier Energy (FHE AT) - AEMO lifted Waroona Stage One reserve capacity credits to 99MW from c. 88MW; annual reserve capacity payment rises to c. AUD 36mln (prev. c. AUD 32mln), and average annual revenue forecast raised to c. AUD 76mln (prev. c. AUD 72mln). (ASX filing)

Ingenia Communities (INA AT) - Ingenia has opened the door to Warburg Pincus, raising questions over its proposed Peet (PPC AT) acquisition, which carries an AUD 10mln break fee if it falls through. (AFR Street Talk)

NEXTDC (NXT AT) - Cut FY27 guidance after delays to Jemena's electricity network works push back the next grid supply increase at M3 Melbourne to FY28. Net revenue guidance cut to AUD 475-500mln (prev. AUD 615-640mln), underlying EBITDA to AUD 245-265mln (prev. AUD 385-410mln) and capex to AUD 4.5-5.0bln (prev. AUD 5.25-5.75bln). Liquidity was AUD 8.675bln at 30th September. (ASX filing)

Northern Star Resources (NST AT) - Q1 FY27 gold sold 364koz at AISC of AUD 3,217/oz; KCGM mill tie-in completed and commissioning under way. FY27 guidance unchanged at 1,500-1,650koz at AISC of AUD 3,050-3,450/oz. (ASX filing)

PLS Group (PLS AT) - Priced a USD 700mln offering of 8.00% senior unsecured notes due 2032. (ASX filing)

Pro Medicus (PME AT) - Signed a 7-year, AUD 43mln contract with Virtua Health for its Visage 7 cloud platform. (ASX filing)

Rio Tinto (RIO AT) - Blackstone and IFM Investors have bid for Rio Tinto's c. AUD 7bln energy infrastructure assets in Western Australia and Canada. (AFR Street Talk)

SEEK (SEK AT) - Gave an update on SEEK Growth Fund Stage 2 arrangements; the Fund remains focused on a potential near-term sale of investments valued at over AUD 1bln, and manager carry is only payable if at least AUD 840mln of liquidity (incl. c. AUD 700mln for SEEK) is made available to investors. (ASX filing)

Sigma Healthcare (SIG AT) - Chemist Warehouse Australian store sales +12.1% and LFL +9.8% for 1st July-16th October; international sales +30.2% and LFL +15.8% in the three months to 30th September. (ASX filing)

SkyCity Entertainment (SKC AT) - Reiterated its earnings outlook, with Q1 FY27 trading consistent with Q4 FY26 and revenue tracking in line with expectations. (ASX filing)

Telix Pharmaceuticals (TLX AT) - Q3 revenue +19% Y/Y at USD 245mln; reaffirmed FY26 revenue and other income above USD 1bln, with revenue tracking at the upper end of its USD 950-970mln guidance. (ASX filing)

Transurban (TCL AT) - Q1 FY27 group average daily traffic +3.1% Y/Y. (ASX filing)

Woodside (WDS AT) - Q3 rev. USD 4.28bln vs. USD 3.36bln Y/Y. (Newswires)

Westgold Resources (WGX AT) - Q1 FY27 gold production 98.4koz at AISC of AUD 2,912/oz, with an underlying treasury build of AUD 251mln. On track for FY27 guidance of 385-425koz. (ASX filing)

Yancoal Australia (YAL AT) - Q3 attributable saleable coal production 9.4Mt; average realised coal price AUD 170/t; cash balance up AUD 340mln. Higher diesel prices expected to put costs toward the upper end of 2026 guidance. (ASX filing)

29Metals (29M AT) - Golden Grove Q1 copper production 4.2kt (prev. 4.8kt); guidance maintained. (ASX filing) Smart Parking (SPZ AT) - Expects no material impact from the UK's new Private Parking Code of Practice. (ASX filing) Synlait Milk (SM1 AT) - Appointed Leon Fung as permanent CEO. (ASX filing) VEEM (VEE AT) - Received initial purchase orders worth c. AUD 0.8mln from HII for the Virginia Class Submarine programme. (ASX filing)

• Bank of Queensland (BOQ AT) Downgraded to Trim from Hold at Morgans; price target cut c. 3% to AUD 6.22/shr.
• Champion Iron (CIA AT) Price target cut 26.5% to AUD 2.50/shr by Bell Potter; Hold maintained.
• Pro Medicus (PME AT) Upgraded to Buy from Accumulate at Morgans; price target AUD 230.00/shr.

• RBA's Hauser said monetary policy is working, but the inflation outlook has deteriorated and appears worse than forecast, slightly exceeding expectations.

Guidance cuts attributed to utility-side delays rather than demand have historically been treated by the market as timing events, with the key distinction between deferred revenue and lost revenue: a grid connection pushed into a later year moves the cash flow profile without removing the contracted pipeline, and the next question is whether the hyperscale leases underpinning M3 remain intact through the slip. Episodes of this kind in the data centre space tend to split between one-off infrastructure friction, which is eventually given back, and cuts that signal softening demand, which are not; the size of the cut here is large relative to the prior range, so the burden of proof sits with the company at the next update. The capex reduction alongside the revenue cut is the tell: it suggests the delay is being matched by slower build-out spend rather than a demand-driven pause. Track record matters; operators with a history of meeting capacity on schedule get the benefit of the doubt, while serial slippage resets how the market prices the whole pipeline. Follow-ons are any customer commentary on the Melbourne capacity, the timing of the next utility works milestone, and whether liquidity buffers drawn down in the interim affect the funding plan. The rest of the tape is a standard pre-market mix, with the Rio asset-sale interest and the Ingenia strategic review the items most likely to generate their own follow-through.