I agree and that's issue with the information provided. If the...

I agree and that's issue with the information provided. If the air con, or forklift etc break down, NXT has to replace/fix them. They have no choice. However, the accounts appear to be saying that maintenance capex is >99% less than depreciation in FY23 (and has been throughout it's history).

So I think that there are two possible explanations for this:
1) NXT has been incredibly lucky, and their equipment has out-performed significantly. In which case, there is bound to be a huge cash hit in the next 5 years when maintenance needs begin to catch up with the accumulated depreciation; OR
2) As you said, NXT is bundling in growth and maintenance capex together in their statements.

I'm pretty sure it's the latter. But that goes to my point. I find it difficult to figure out how well the established sites such as M1 are performing as the company reports on EBITDA, not EBIT and provides no info on maintenance vs growth capex.

Just my 2 cents. DYOR