Infratil Full Year Results for the year ended 31 March 2025

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

28 May 2025


Navigating beyond the noise

Infratil today announced a strong full-year proportionate operational EBITDAF of $986 million,
towards the upper end of guidance of $960–$1,000 million.
Infratil CEO Jason Boyes said the result reflects strong operating earnings growth over the
year of $986 million (8.6%), driven by growing contributions from CDC Data Centres, One NZ,
Wellington Airport and RetireAustralia.
The year-on-year uplift also captures the benefit of a full 12-month contribution from One NZ,
following Infratil’s acquisition of the remaining 49.95% stake in June 2024. A final dividend of
13.25 cents per share was declared which brings the full year total dividend to 20.50 cents per
share, a +2.5% increase on 2024.
“Overall, the operating results were pleasing, particularly given inflationary pressures heading
into the year, significant change programmes at One NZ and Qscan, airline fleet shortages
affecting Wellington Airport, regulatory uncertainty for Longroad Energy and RHCNZ Medical
Imaging, and global market volatility.
“One NZ’s above target performance stands out, given the difficulties the New Zealand
economy has faced, and demonstrates the differentiated position of our business. CDC and
Longroad’s strong growth continued. Qscan produced excellent double-digit earnings growth
with RHCNZ Medical Imaging not far behind, with both getting on top of the sector’s inflationary
pressures.
“For the first half of the year, investors focussed on the potentially transformative impact of
artificial intelligence, including for us, accelerating demand for data centre space and
electricity to power those data centres. This calendar year, investors have focussed closely
on the pace of that acceleration, and now U.S. tariffs, amid tight New Zealand’s economic
conditions.
“While we do not ignore current events in a world that feels vastly different from a year ago,
and certainly are not immune to them, our focus as always remains on generating sustainable
growth with a long-term perspective on assets that last 30 years or more.
Key achievements and strategic milestones set the stage for scaled growth
Mr Boyes said three significant strategic milestones were achieved over the course of the
year.
“First, we agreed to merge Manawa Energy into Contact Energy at an attractive valuation for
both parties. It brings Infratil improved cash flow and continues our exposure to the New
Zealand energy sector with attractive growth opportunities over the next two to three years.
“Secondly, Infratil agreed to acquire 1.58% of CDC, at an attractive valuation considering the
improved governance rights we now have. The acquisition followed a competitive sale process
run by one of the other shareholders in CDC, and we and another CDC shareholder, Future
Fund, exercised our pre-emptive rights to acquire the 12.04% stake instead of the leading
bidder. The transaction was also significant for confirming the private market valuation for a
minority stake in the business was more than 30% higher than the previous independent
valuation.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

“Thirdly, Infratil was added to the MSCI Global Standard Index, which is an important index
comprising New Zealand’s largest listed companies. This index is closely followed by global
investors, so is critical to broadening our shareholder base. We were also added to the
Australian ASX300 index which has helped open numerous doors with new investors offshore
to tell our story.”
Well set for strong multi-year growth as data centre demand continues to expand
Mr Boyes said as global demand for fit-for-purpose AI infrastructure accelerates, Australia and
New Zealand are emerging as critical destinations.
“CDC is exceptionally well positioned, benefitting from geopolitical trust, energy stability, and
regulatory certainty - factors that are becoming increasingly important to global hyperscale
and AI customers.”
CDC delivered EBITDAF of A$330 million for the year, up A$59 million (22%) on the prior
period, driven by commissioning across Melbourne and New Zealand and higher utilisation
across existing data centres.
“CDC signed more than 230MW of new contracts during the year - including reservations and
rights of first refusal - its largest ever annual addition,” said Mr Boyes. “CDC expects to double
its EBITDAF over the next two years, with approximately 80% of that revenue contracted,
demonstrating its ability to convert demand into earnings.”
To support future growth, CDC has commenced construction at Marsden Park, one of the
largest data centre campuses in the Southern Hemisphere, and Laverton, CDC’s second
campus in Victoria, with the potential to add ~1GW of capacity between them.
Mr Boyes said it was also pleasing to see One NZ’s performance slightly ahead of guidance
midpoint despite a challenging economic backdrop.
“One NZ delivered EBITDAF of $605 million, with strong contributions from the Consumer
Mobile and Wholesale segments. The result reflects continued execution on cost discipline
and simplification, partially offset by expected declines in legacy fixed services and increased
competition in the Enterprise segment.”
One NZ remains well-positioned to drive further operational upside from ongoing strategic
initiatives, including the T-One transformation programme, AI adoption, and simplification
workstreams.
“A major development during the year was the launch of EonFibre - a new B2B fibre business
with over 11,000km of national infrastructure. As one of New Zealand’s largest fibre networks,
EonFibre will improve asset utilisation and is expected to unlock long-term third-party revenue
and platform monetisation.”
In the United Kingdom, near-term capacity and AI-ready designs have positioned Kao Data to
capture demand in a constrained London market.
“In FY2025, Kao continued the phased build-out of its KLON-02 data centre at its Harlow
campus, adding 8.8MW of high-density AI infrastructure. All completed phases have been
sold, with strong customer interest in the remaining stages. To stay ahead of demand, Kao
has now commenced development of KLON-03, a 17.6MW facility purpose-built for next-
generation, direct-to-chip liquid-cooled compute.”

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

The long-term case for renewables stands firm amid global policy shifts
Mr Boyes said Boston-based Longroad Energy had a milestone year with its largest
construction programme seeing 1.3GW of projects reach commercial operations during the
period, with a further 0.4GW completed already this year.
“Longroad’s execution has extended well beyond delivery with early action to preserve tax
credit eligibility ahead of Inflation Reduction Act reform. With 1.8GW of projects across the
next two years already safe harboured, and all expected to meet the revised 31 December
2028 placed-in-service deadline, the business is well positioned to navigate evolving policy
settings.”
An additional 3GW of projects are under active assessment for potential acceleration ahead
of the 2028 deadline. “We’re building optionality into the pipeline and assessing what projects
could potentially be brought forward,” said Mr Boyes. While the so-called “Big Beautiful Bill”
has passed the House, it remains subject to Senate approval.
The impact of recently announced Liberation Day tariffs is expected to be limited, except for
battery storage systems, or BESS. Longroad intends to utilise the current tariff pause to secure
0.4GW of BESS for its FY2026 projects, while FY2027 includes ~0.5GW of BESS that may
require higher pricing to preserve project economics.
“Despite policy and trade volatility, we remain positive about the underlying fundamentals of
the U.S. power market. U.S. power demand growth continues at historic highs, supporting
PPA volumes and pricing. Solar remains the fastest and most cost-effective form of new
generation - and will be critical to meeting future demand.
“In Asia, Gurīn Energy has made significant strides. The Palauig Solar Power Plant in the
Philippines is now operational under a 20-year revenue agreement, and we’re advancing two
further solar projects - one already in construction.”
Momentum also continues to build behind Project Vanda, Gurīn’s flagship cross-border project
to supply Singapore with renewable energy from Indonesia. While still highly conditional, the
US$2-3 billion development remains a strategic priority, now with over 70% of the required
land secured and a conditional licence from Singapore authorities in place.
“We’re targeting final investment decision on Project Vanda in late 2025, with financial close
expected in the first half of 2026. Key next steps include final approvals in Indonesia and
Singapore, marine surveys, EPC contracting, and securing offtake and financing. We’ll
continue to keep shareholders well informed as we approach this important milestone.
“Gurīn has expanded into Japan, where it is advancing a 500MW battery storage pipeline.
Grid access has already been secured for the first 240MW, creating real momentum in a
market where scale and first-mover advantage matter.”
In Europe, Galileo’s first project exits mark an important new phase, demonstrating their ability
to realise value and recycle capital as the pipeline scales, said Mr Boyes.
“Recent asset sales across Italy, Germany, and the UK highlight the platform’s quality and
discipline. Galileo’s pipeline has now grown to 16.1GW across 10 European markets. The
focus remains on progressing a high-quality, technology-diverse development pipeline while
selectively crystallising value through asset sales and partnerships.” Construction is also set
to begin shortly on two new solar PV projects in Italy.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

Strong performance supported by technology-enabled innovation
RHCNZ Medical Imaging delivered 9% year-on-year EBITDAF growth, supported by strong
organic volume growth, an ongoing shift toward higher-value modalities, and network
expansion. Three new clinics were opened during the year, two in Hamilton and one in
Tauranga, now New Zealand’s largest comprehensive radiology site. New flagship clinics
currently under development in Auckland and Dunedin Central will further strengthen
RHCNZ’s presence in key urban markets, meeting growing demand across both public and
private health sectors.
In Australia, Qscan delivered 14% year-on-year EBITDAF growth. The result was driven by
yield expansion - supported by Medicare indexation, a continued mix shift toward higher-value
modalities, and a revised pricing strategy - as well as productivity gains from Qscan’s AI-
enabled reporting platform, improved workforce efficiency, and operating leverage across its
clinic network.
RetireAustralia also delivered a strong year, reaching a major milestone with the completion
of the third and final stage of The Verge at Burleigh, comprising 168 homes. Construction is
progressing on a further 187 units across three active developments: Tarragal Glen, Carlyle
Gardens, and the Arcadia Retirement Living community in Yeronga. Portfolio occupancy
remains high at 96.2%, with waitlists across 26 of 29 villages, reflecting sustained demand for
high-quality retirement living.
Wellington Airport delivered EBITDAF of $103 million for the year, up 22% on the prior period.
The result reflects resilient demand for travel, with international passenger volumes up 7%
despite ongoing domestic headwinds. Domestic passenger numbers declined by 4%,
impacted by airline fleet and capacity constraints.

Valuation & incentive fees
Following the CDC transaction announcement in February, CDC’s independent valuer
confirmed their view that the transaction met all criteria to be considered fair market value and
subsequently adopted A$13.7 billion as the mid-point of its independent valuation. This valued
Infratil’s investment at NZ$7.2 billion, up from NZ$4.4 billion at the same time last year.
Following this, and alongside the independent valuations of its other international assets,
Infratil has accrued a $350.6 million incentive fee payable to Morrison as at 31 March 2025,
and payable over three years. This includes the write-down of Infratil’s investment of
RetireAustralia by $85 million to $404 million.

FY2025 Guidance
FY2025 Proportionate Operational EBITDAF guidance has been set at $1,000-$1,050 million,
reflecting the scaling of the operating assets at key portfolio companies. This excludes
Manawa Energy, and on a like-for-like basis is up 9% on the FY2025 result.
Proportionate Development EBITDAF guidance range for our renewable development
companies (Gurīn Energy, Galileo, Mint Renewables) is for a loss of $85-$105 million.
FY2026 Proportionate Capital Expenditure guidance is set at $2.2-$2.6 billion.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

Shareholder returns, interim dividend and dividend reinvestment plan
“In terms of our returns to shareholders, we will pay a unimputed final dividend of
13.25 cents per share, a 1.9% increase from the prior period Mr Boyes said.
The dividend reinvestment plan (‘DRP’) will operate for the final dividend, with a 2% discount
applied to the DRP strike price. A copy of the DRP Offer Document is available on our website.
The timetable for the dividend and DRP is:
Event Date
FY2025 Annual Results release Today
Ex-Date for Dividend 11 June
Record Date 12 June
Last Date to submit a participation notice 13 June
Start date for determining market price for DRP 16 June
End date for determining market price for DRP 30 June
Strike Date 1 July
Share Issue Date/Dividend Payment Date 2 July
Allotment announcement 2 July


Investor Briefing

There will be a briefing for institutional investors, analysts and media commencing at
11.00am. A webcast of the presentation will be available live on the below link.

https://infratil.com/for-investors/results/annual-results-for-the-year-ended-31-march-
2025/infratil-results-31-march-2025-live-presentation/


Investor Relations enquiries to: Media enquiries to:

Mark Flesher David Lewis
Investor Relations Thompson Lewis
Phone: +64 4 473 3663 Phone: +64 21 976 119
Email: mark.flesher@infratil.com Email: david@thompsonlewis.co.nz


Authorised for release by:

Andrew Carroll
Chief Financial Officer

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

About Infratil

Launched in 1994, Infratil Limited is a New Zealand headquartered, global infrastructure
investment company (NZX: IFT, ASX: IFT). Infratil’s purpose is to invest wisely in ideas that
matter and, in doing so, create long-term value for shareholders. It invests in renewables,
digital infrastructure, healthcare and airports, with operations in New Zealand, Australia,
Europe, Asia and the United States. With group assets currently in excess of NZ$18 billion,
Infratil targets after-tax returns to shareholders of 11-15% p.a. over the long-term.

For more information, visit www.infratil.com and LinkedIn

---

INFRATIL
ANNUAL RESULTS
ANNOUNCEMENT
FOR THE YEAR ENDED 31 MARCH 2025

1
Disclaimer
This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’)
To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable
(whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does
not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product
disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Annual Report for the period ended 31 March 2025, market releases and other periodic and continuous disclosure announcements,
which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the Company’s securities and has been prepared without taking
into account the objectives, financial situation or needs of prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company operates, such as indications of, and guidance on, future earnings,
financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty
or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS
financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial
information and financial measures include Proportionate EBITDAF, EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed
by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS, and therefore,
may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to
users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this
presentation.
Proportionate Operational EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the companies it has invested in, excluding renewable development companies (Gurīn Energy, Galileo,
Mint Renewables). It excludes discontinued operations, acquisition or sale-related transaction costs and management incentive fees. EBITDAF represents consolidated net earnings before interest, tax,
depreciation, amortisation, financial derivative movements, revaluations, and gains or losses on the sales of investments. Further information on how Infratil calculates Proportionate EBITDAF can be found
in the Appendix.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.

Infratil FY2025 Full Year Results Presentation
NAVIGATING
BEYOND
THE NOISE
Jason Boyes - Infratil CEO
Andrew Carroll - Infratil CFO

Portfolio Overview full year Highlights
P O R T F O L I O O V E R V I E W
& F U L L Y E A R H I G H L I G H T S
Group Financial performance
G R O U P F I N A N C I A L
P E R F O R M A N C E
01
02
Portfolio Company Updates
P O R T F O L I O C O M PA N Y
U P D AT E S
03

Guidance liquidity
G U I D A N C E
& L I Q U I D I T Y
Portfolio Strategy outlook
P O R T F O L I O S T R AT E GY &
O U T L O O K
04
05

Concluding remarks Questions
C O N C L U D I N G R E M A R K S
& Q U E S T I O N S
06

PORTFOLIO OVERVIEW & FULL YEAR HIGHLIGHTS
SECTION 1

4
We are an infrastructure investment company that actively invests in ideas that matter
Infratil overview
Infratil (IFT.NZX, IFT.ASX)
•Market capitalisation of NZ$10.0bn
1
(US$5.8bn)
•S&P NZX50, ASX300, and MSCI Global Standard Index member
•Founded in 1994
A unique value-add infrastructure investment company
•Current investments focused on four high conviction sectors;
digital infrastructure, renewables, healthcare and airports
•Active portfolio construction and management with multiple
pillars of value creation over time
•Unique management partnership with Morrison, benefitting
from Morrison’s extensive global capabilities
With a track record of delivering strong returns
•Infratil continues to outperform its target of shareholder returns
of 11-15% per annum on a rolling 10-year basis
Infratil has delivered a 18% TSR since inception
1,2
15FY16FY17FY19FY20FY21FY18FY22FY23FY24FY25FY26
-50%
0%
50%
150%
400%
250%
450%
100%
500%
300%
550%
200%
350%
600%
IFT
NZX 50
ASX 200
Cumulative annual return (%)
Period
1
IFT TSR
5 – year
23.9%
10 – year
17.0%
20 – year
13.9%
Since inception
18.0%
Digital
Renewables
HealthcareAirports
1
Market capitalisation and Returns are calculated to 31 March 2025
2
Chart source: Capital IQ
66%
8%
21%
5%

5
Merger of Contact Energy and Manawa is on track for completion in the first half of FY26 at
an attractive valuation for both parties, bringing material portfolio flexibility and optionality
Acquired an additional stake in CDC alongside the Future Fund, increasing Infratil’s
governance rights. The transaction price, set through a competitive third-party process,
implied a 30% uplift on CDC’s prior independent valuation
Infratil added to both the MSCI Global Standard Index and the ASX300, broadening access
to new global investors
One NZ exceeded guidance through disciplined execution in a challenging environment,
with good progress on key strategic priorities
Longroad delivered its most significant year yet, with 1.3GW completed and a further 1GW+
under construction across the U.S.
Gurīn Energy's US$2-3 billion Project Vanda received conditional approval from the
Singapore Energy Market Authority and over 70% of land required secured
Through the noise, pleasing progress on multiple strategic initiatives
Portfolio highlights
1
As at 31 March 2025
Available Capital
Market Capitalisation
Group Assets
NZ$18.3 billion
1
Up 29% from NZ$14.2 billion at the end of FY24
NZ$10.0 billion
1
incl. NZ$1,275 million raised at $10.15 a share
NZ$1,438 million
1
Up from NZ$820 million at the end of FY24

6
Infratil and key portfolio companies - One NZ, CDC, Wellington Airport, Kao Data and
Manawa – released updated climate and sustainability disclosures during the period
Both One NZ and Wellington Airport have formally committed to setting Science Based
Targets initiative (SBTi) emissions reduction targets, joining Infratil in aligning with global
best practice
Infratil has engaged with all portfolio companies using a new assessment framework
developed by Morrison to mature their approach to managing modern slavery risk
FY25 GRESB assessments are underway, with Infratil and 100% of portfolio companies
participating for the third year running. Infratil’s FY2024 GRESB score was 86, up 4%
Engagement with ESG rating providers remains a priority, especially following Infratil’s
inclusion in the ASX300 and MSCI Global Standard Index – both of which heighten visibility
and the relevance of ESG benchmarks
Infratil holds an MSCI ESG Rating of AA (up from A in July 2024). As of May 2024, Infratil’s
Morningstar Sustainalytics ESG Risk Rating was 8.5 (Negligible Risk), compared to 43.9 in
2022
Renewable Generation
Our focus on sustainability – part of investing wisely – is flowing through to ratings and real-world impacts
Sustainability highlights
1
Total Recordable Injury and Loss Time Injury Frequency Rates, based on 200,000 hours on a weighted average basis by employees
2
Infratil and its portfolio companies on a proportionate basis
One NZ Emissions & e-waste
Health, Safety & Community
LTIFR
1
0.6 (FY24: 0.7)
TRIFR
1
1.2 (FY24: 1.2)
Community investment
2
$3.8m (FY24: $3.6m)
emissions (>7,000tCO
2
e)
Scope 1&2 market-based emissions yoy
operational e-waste processed
97.5% diverted from landfill
87% lower
66 tonnes
enough to power the equivalent of
900,000 New Zealand homes, up 7%
6,460GWh

GROUP FINANCIAL PERFORMANCE
SECTION 2

8
33
59
15
26
FY24
EBITDAF
CDCOne NZ
(28)
Manawa
Energy
Wellington
Airport
Other
(27)
CorporateFY25
EBITDAF
908
986
Proportionate operational EBITDAF
1
for was $986 million which is towards
the upper end of guidance
Operating earnings growth reflects strong contributions from CDC, One NZ,
RetireAustralia and Wellington Airport compared to the prior period. The
uplift relative to FY24 also reflects a full period of One NZ ownership.
Excluding Manawa and normalising FY24 for a full year of One NZ ownership,
Operational EBITDAF increased 5.8% on FY24
Proportionate development EBITDAF for the period was a loss of $69 million,
an increase of 56% on prior year as development platforms continue to invest
Proportionate capex increased to $2.4 billion, up 39% from FY24, driven
primarily by increased development at CDC
Infratil directly invested $939 million into assets in the year. The largest
investment in the period was $494 million into CDC
Proportionate operational EBITDAF (NZ$m)
Stronger operating results from key investments alongside accelerating portfolio capital expenditure
Financial performance highlights
$2,389 million
Up 39% from FY24
Proportionate capital expenditure
($69 million)
Up 56% from FY24
Proportionate development EBITDAF
$986 million
Up 8.6% from FY24
Proportionate operational EBITDAF
$939 million
Down 58% from FY24
Infratil investment
1
Further information on how Infratil calculates Proportionate EBITDAF can be found in the appendix including a reconciliation to net profit after tax

9
Valuation & incentive fees
Infratil’s total portfolio asset value has increased to $18.3 billion, a
$4.1 billion increase over the FY2024 portfolio asset valuation of
$14.2 billion
–this includes $938.6 million of direct investment by Infratil
Infratil has accrued a $350.6 million incentive fee, primarily driven by the
outperformance of CDC and Gurīn, offset by Longroad Energy and
RetireAustralia, which is payable over three years
oThe CDC valuation has increased by 64% on the prior year driven by
material contract wins, an equity raise, and in the last quarter an auction
process involving third parties establishing a new valuation benchmark
oThe carrying value of RetireAustralia was reviewed against market-based
comparables and other benchmarks at 31 March 2025 to estimate the
fair value of Infratil’s investment. The current valuation implies a price to
book multiple of 0.74x
An incentive fee of $202 million is payable to Morrison in FY2026,
$80 million of which will be paid via the issue of Infratil scrip
More information including the basis for the valuations is included in the
appendix of this pack
183
145
61
160
85
256
83
43
310
26
Gurīn EnergyKao DataGalileoLongroad EnergyManawa EnergyOne NZ
18,304
CDC
2,829
OtherProperty
(25)
FY24
portfolio
asset
value
Wellington AirportRetireAustralia
(60)
FY25
portfolio
asset
value
Qscan GroupRHCNZ
14,209
Portfolio asset valuation (NZ$m)
Recent transaction has provided an updated lens on CDC’s value

10
Final unimputed dividend of 13.25 cents per share
Record date of 12 June 2025 (ex-dividend date of 11 June 2025)
Payment date of 2 July 2025
The NZD/AUD exchange rate used for the payment of Australian dollar
dividends will be set on 12 June 2025
Dividend reinvestment plan (DRP)
There will be a 2% discount offered for the FY25 final dividend
Dividend reinvestment plan application forms must be in by
13 June 2025
Trading period for setting price for DRP is 16 June 2025 to 30 June
2025. DRP strike price will be announced on 1 July 2025
Ordinary dividends (CPS)
Final unimputed dividend of 13.25 cps, brings the total FY25 dividend to 20.5 cps, up 2.5% from FY24
Final dividend
13.25 CPS
2.5% increase on FY24 total
2% discount
On the 10-day VWAP to 30 June 2024
12 June 2025
Payment date of 2 July 2025
DRP strike priceRecord dateFinal dividend
6.25
6.50
6.75
7.00
7.25
11.50
12.00
12.50
13.00
13.25
FY21AFY22AFY23AFY24AFY25A
Interim dividendFinal dividend

CDC DATA CENTRES
DIGITAL INFRASTRUCTURE
% of the portfolio
40%
Valuation
$7.2 billion
Initial Investment
September 2016
IRR since inception
38.7% p.a.

12
268
318
372
2,454
453
1,629
FY24AFY25AMay 25Under
construction
Future buildTotal capacity
Year in review
EBITDAF for the year was A$330 million, up A$59 million (22%) from the prior
year, driven by commissioning across Melbourne and New Zealand and higher
utilisation across existing data centres
Record contracting year, securing over 230MW of new customer contracts, of
which a little over half are in the form of reservations, across multiple
geographies
CDC now delivers, or is contracted to deliver, capacity to all the top Western
global cloud service providers - establishing trusted relationships that support
further contract wins
Weighted Average Lease Expiry including customer options remained strong at
~30 years
104MW has become operational and a further 141MW
1
has commenced
construction, including Marsden Park, one of the largest data centre campuses
in the Southern Hemisphere, and Laverton, CDC’s second campus in Victoria
These campuses have the potential to add ~1GW of capacity between them,
contributing to the forecast build capacity to 2034 doubling from 1.2GW to
2.5GW
Strong support from lenders and investors, with A$2.4 billion raised through a
combination of debt (A$1.5 billion) and equity (A$900 million) to fund
expanding development pipeline
Existing capacity and future growth (MW)
Record contracting year, significant build programme on track
CDC
230MW+ of additional
capacity contracted
(incl. reservations)
372MW of operating
capacity
Operating assets
•Melbourne – 226MW
•Sydney – 168MW
•Canberra – 58MW
As at 28
th
May 2025
1
New capacity commencing construction between 1 April 2024 and 28 May 2025

13
Outlook
FY2026 EBITDAF guidance of A$390 million-A$410 million, up 21% at the
midpoint, as rephasing by customers pushed some growth in to FY2027
As a result of this and new contracts signed last year, CDC expects to double
its EBITDAF over the next two years (FY2026/27), with approximately 80% of
forecast revenue contracted
Significant build programme continues, with 453MW under construction as at
May 2025, with the potential for up to five data centres to become revenue
generating over the next 12 months
FY2026 capital expenditure guidance of A$1.6 billion–A$1.8 billion, in line
with customer rephasing
Have not contracted all of the 400MW expressed in June 2024; however, CDC
sees demand moving rather than disappearing
Deep pipeline of customer engagements continues: from advanced
negotiations to earlier stage conversations, as customer requirements and
customer types are constantly evolving
Outlook for data centre demand remains robust, and CDC remains well
positioned to capture growth in cloud and AI workloads
CDC’s strength across Government and National Critical Infrastructure
customers continues to be an important point of difference
Infratil expects to commit ~A$250 million within the next 12 months to fund
the future build, alongside similar amounts from the other shareholders and
CDC’s ongoing debt funding programme
EBITDAF (A$m) & Margin (%)
Well set for strong multi-year growth as data centre demand continues to expand
CDC
EBITDAF guidance
A$390-A$410 million
80% of forecast revenue
over the next two years is
contracted
161
215
271
330
75%
77%
76%
74%
FY22AFY23AFY24AFY25AFY26G
EBITDAMargin %
390 - 410

One NZ
DIGITAL INFRASTRUCTURE
% of the portfolio
20%
Valuation
$3.7 billion
Initial Investment
July 2019
IRR since inception
21.5% p.a.

15
Year in review
EBITDAF of $604.8 million, up 1% on the prior year and slightly ahead of guidance
midpoint, despite a challenging economic backdrop. EBITDAF margin improved to
31%
–Recurring revenue up $25 million on prior year, with strong contributions from
Consumer Mobile and Wholesale segments
–Performance partially offset by expected declines in legacy fixed services and
ongoing competition in parts of the Enterprise segment
–Supported by continued execution on cost discipline and simplification
Improved cash flow positionafter absorbing one offspend associated with DEFEND
investment and Dense Air spectrum
Satellite TXT, launched in December 2024 in partnership with SpaceX, now has
380k+ active users, sending over 12,000 messages/day, providing unmatched
emergency and rural coverage
Executed mobile product simplification, consolidating legacy postpay plans and
expanding the One Wallet loyalty programme to drive retention
EonFibre launched, now the second-largest B2B fibre provider in NZ, with EBITDAF
of approximately $50 million
AI acceleration programme established to enhance service and operational
efficiency
IT transformation programme on track, delivering Phase 1 focused on prepay and
setting the foundation for future simplification and efficiency
Revenue (NZ$m)
Disciplined execution in a challenging environment, supported by simplification and cost control
One NZ
667
735
783
815
404
364
354
347
197
226
222
211
199
209
212
223
500
451
425
325
1,967
1,984
1,996
1,921
FY22AFY23AFY24AFY25A
MobileConsumer FixedEnterprise
WholesaleProcurement & Other
Mobile ARPU $34.82
Up from $33.10 in FY24
Consumer and SME
fixed ARPU $75.44
Up from $74.01 in FY24

16
Outlook
EBITDAF guidance of $595-$625 million, up ~1% on FY2025, reflecting
ongoing growth in Consumer Mobile - leveraging investment in SpaceX and
One Wallet - and Wholesale, supported by ongoing cost management and
continued ARPU uplift through pricing adjustments
–Guidance is inclusive of circa $25 million of incremental discretionary
expenditureon SpaceX, AI acceleration and property relocation costs
Capital expenditure guidance (excluding spectrum and head office relocation
capex) of $235-$265 million. Capital intensity is expected to normalise to
~11% over the medium term as network and IT investment tapers
Disciplined 5G rollout remains a focus, with 62% population coverage as at
March 2025. 3G network shutdown, targeted from December 2025, will free
up spectrum to enhance mobile network performance and efficiency
Continuing to target mid-30% EBITDAF margins in the medium term, under-
pinned by scale benefits, product simplification, and long-term cost efficiency
IT transformation remains a key enabler, with benefits including lower
operating costs and improved customer experience. Product rationalisation
and customer migration to in-market plans are well progressed
AI initiatives, including working with partners to deploy AI agents at scale, will
further lift operational productivity and service quality
EBITDAF (NZ$m) & Margin (%)
Well-placed to capture operational upside from T-One, AI and simplification initiatives
One NZ
481
528
600
605
24%
27%
30%
31%
FY22AFY23AFY24AFY25AFY26G
EBITDAFMargin %
595 - 625
EBITDAF guidance
$595-$625 million
Capex guidance
$235-$265 million

LONGROAD ENERGY
RENEWABLES
% of the portfolio
12%
Valuation
$2.1 billion
Initial Investment
October 2016
IRR since inception
55.2% p.a.

18
1.8GW
3.2GW
1.3GW
0.5GW
FY24AFY25AUnder
Construction
FY26FY27
~1.5GW
FY28FY28
Operating
target
1.0GW
~1.5GW
~8.5GW
Year in review
EBITDAF of US$45 million
1
, down US$11 million (19%) from the prior year, primarily
driven by prior year outperformance from the Prospero 1 & 2 projects
Revenue arrangements signed for 1.4GW of new projects, with 400MW under
construction and the remaining 1.0GW expected to close by end of FY2026. A further
0.5GW is in advanced negotiation expected to close in FY2027 (total of 1.9GW)
Construction momentum continues, with 1.4GW completed during the year, 434MW
(Serrano) completed in early FY2026, and a further 0.6GW (1000 Mile – 400MW,
Sun Pond – 197MW) forecast to reach completion in late FY2026/early FY2027
Longroad has been preparing for Inflation Reduction Act (IRA) reform by safe
harbouring FY2026/27 projects preserving access to existing tax credits. Based on
legislation passed last week:
–All FY2026 projects (1.3GW) and 0.5GW of FY2027 already safe harboured, working
to complete safe harbouring all FY2027 and 2028 projects by September (additional
~2.5GW)
–Confident can meet new placed in service deadline of 31 December 2028 for
~2.4GW of FY2026/27 projects, some uncertainty on remaining ~0.4GW and FY2028
–Whilst the Big Beautiful Bill has passed the House, it remains subject to Senate
changes – positive or negative
Impact of Liberation Day tariffs on Longroad expected to be minimal except battery
storage (BESS), which relies heavily on Chinese imports. Looking to use current tariff
pause to import BESS for FY2026 projects (~0.4GW). FY2027 includes ~0.5GW of BESS.
Higher PPA pricing likely required to maintain project economics on BESS
Construction and safe harbouring progress (GW)
Record year completing 1.4GW of construction, and positioning for further growth
Longroad Energy
1.4GW of new generation
completed in FY25
0.6GW across three
projects under construction
1.For the year ended 31 March 2025
1000 Mile (400MW) & Sun Pond (197MW)
Serrano (434MW) completed in early FY2026
1.8GW safe harboured today
~2.5GW targeting Sep-25 for safe harbouring
Operating assets
FY28 Operating asset target
Construction and safe harbouring progress

19
Longroad Energy
3.5GW
0
1
2
3
4
5
6
7
8
9
-
200
400
600
800
1,000
CY23A
3.8GW
CY24A
5.5GW
CY25F
7.0GW
CY26F
~8.5GW
CY27F
Outlook
FY2026 EBITDAF guidance of US$110 million-US$120 million
1
, up 155% at the
midpoint
Targeting Opco run-rate EBITDA
2
at 31 March 2026 of ~US$370 million, driven by:
–~US$60 million from the full year contribution of projects that just achieved
operations and the current under construction projects;
–~US$95 million from the 1.3GW of capacity that is projected to close and start
construction during the year; and
–Add back of ~US$100 million of all corporate overheads and development
related costs (split 50/50)
Projecting to reach Opco run-rate EBITDA target of US$600 million by December
2027 with 8.5GW (vs 9.5GW estimated in 2024), as project economics have
improved. Still in reach, with CY2025/26 projects set to take the Opco run-rate
EBITDA to ~US$500 million
–Remaining ~US$100 million requires a further ~1.5GW by FY2028/CY2027;
–Assessing another ~3GW+ of additional projects that could also potentially be
brought forward, which would provide additional coverage
Although significant volatility to be navigated, market fundamentals remain strong.
US power demand growth continues at historical highs, supporting PPA volumes
and pricing to maintain project economics, particularly for BESS. Solar remains the
cheapest and fastest additional source of generation, and needed to meet demand
Opco run-rate EBITDA
2
(US$m)
Earnings growth arrives, with more to come, although significant volatility to navigate
Development pipeline
increased to 30GW+
High confidence in 0.9GW
of solar-only projects
achieving FNTP in FY26
1.Guidance prepared in alignment with the Infratil financial year of 31 March 2026
2.Opco run-rate EBITDA calculated based on 5-year average EBITDA once projects reach operational status and recognised in Opco run-rate EBITDA total based on year of financial close, adding back
all corporate overheads and development related costs
Opco run-rate EBITDA CY2027 Target
Opco run
-
rate EBITDA
Operating projects
Projects to be constructed, seeking PPAs and
safe harbouring by Sep-25
Projects to be constructed with PPAs signed or
advanced, almost all safe harboured
Projects under construction
Potential projects to be brought forward
Future operating projects
Generation capacity, including under construction
(Excludes bring forward projects)

OTHER PORTFOLIO ENTITIES

21
First project has reached operation and revenue generation showing a step change in maturity
Gurīn Energy
75MW of operating
generation
6.6GW development
pipeline across five
markets
Year in review
Delivered first operational project, the 75MW Palauig Solar Power Plant in the
Philippines. The project is 100% owned and underpinned by a 20-year PPA
Advanced development of two additional solar projects in the Philippines,
including a 39MW project now in construction and a 70MW project at early-
stage development
Significant progress on Project Vanda (US$2-3 billion capex, 2.2GW of installed
solar capacity and 1.2GW of battery storage), including receipt of a conditional
licence and securing over 70% of land required
Expanded presence in Japan, opening a local office and progressing a 500MW
battery storage pipeline with grid access secured for the first 240MW project
Outlook
Although still highly conditional, Project Vanda remains a priority, requiring
~US$500 million of equity but with potential to create US$500 million+ of value
Targeting final investment decision late 2025 and financial close in the first half
of 2026. Next steps include critical Indonesian and final Singapore approvals,
completing marine surveys, EPC contracting, and securing offtake and financing
Strengthened governance with the appointment of former Indonesian Foreign
Affairs Minister, Her Excellency Retno Marsudi as a Non-Executive Director
Pipeline continues to grow, with diligence underway on over 1.3GW of potential
solar and storage capacity across Thailand, the Philippines, and South Korea
The Palauig Solar Power Plant, Zambales Province, Philippines

22
Barium Bay floating offshore wind project (internal render)
Year in review
Increased pipeline to 16.1GW across 10 European markets covering PV (27%),
BESS (26%), onshore wind (36%), and offshore wind (11%) technologies
Demonstrated value realisation and capital recycling through the sale of smaller
solar PV projects in Italy, an equity stake in rooftop solar platform Enviria
(Germany), and a 40MW BESS project in the UK
Advanced negotiations underway for a further 100MW BESS sale in Italy
Barium Bay, a 1,100MW floating offshore wind project in Italy, has received
Environmental Impact Assessment approval – the largest approval to date
Outlook
Demand for renewables in Europe is expected to continue, supported by
increased power needs from AI and data centres, rising energy and data
sovereignty, and ongoing net zero policy commitments
Galileo’s development-stage pipeline remains largely insulated from current
trade and tariff risks, with flexible procurement and minimal near-term supply
chain exposure
Focus remains on advancing its high-quality, technology-diverse pipeline while
selectively crystallising value through asset sales and partnerships
Construction to begin shortly on two solar PV projects in Italy totalling 8MW
First project exit marks a new phase of growth as pipeline scales across Europe
Galileo Green Energy
48MW of project sales
in FY2025
16.1GW development
pipeline across
10 markets

23
Year in review
Near-term capacity and AI-ready design position Kao to capture demand in a constrained London market
Kao Data
Kao Data Harlow Campus
29MW of operating
capacity
72MW development
pipeline
EBITDAF of £4.3 million, up from (£2.6) million in the prior period, driven by
improved data centre utilisation
Against a backdrop of more deliberate customer leasing, ability to offer near-
term availability in a constrained London market is a key differentiator
Evolved ‘engineered for AI’ design for new developments, enabling next-
generation high-density compute with hybrid cooling solutions
All of the completed phases of KLON-02 have been sold to customers with
strong pipeline for the remaining phases (6.6MW) completing in 2025
Commenced expansion of Harlow campus with KLON-03, a 17.6MW facility
designed for GPU-accelerated AI workloads and rack densities of up to
130kW
Outlook
Positioned for continued growth with strategic expansions, capitalising on
sector tailwinds including increasing cloud and AI adoption, evolution of
GPUaaS cloud, supply constraints and a renewed focus of the UK government
to seize and invest in the AI opportunity
Data centre portfolio now exceeds 125MW of capacity across operational,
under-development, and planned future builds
Manchester site development continues alongside advancing customer
conversations

24
EBITDAF (NZ$m) & Margin (%)
Earnings growth underpinned by new clinics and a continued shift toward higher-value modalities
RHCNZ Medical Imaging
164 radiologists
Up 1 from FY24
73
109
115
126
37%
35%
34%
34%
FY22AFY23AFY24AFY25AFY26G
EBITDAMargin
130 - 150
Year in review
EBITDAF for the year was $125.9 million, up from $115 million (9%) on the
prior year, driven by strong organic volume growth, a continued shift towards
higher-value modalities, and the opening of new clinics
Focus on enhancing strategic relationships with key funders, operational
efficiency drivers, including continued investment in technology capability
and rollout of several AI applications
Three new clinics have opened: two in Hamilton and one in Tauranga –
New Zealand’s largest comprehensive radiology site, including PET-CT
capability
Outlook
FY2026 EBITDAF guidance of $130 million-$150 million, up 11% at the
midpoint
Engaged in constructive discussions with its three major funders - ACC, Health
New Zealand Te Whatu Ora, and Southern Cross Healthcare
New flagship clinics in Auckland and Dunedin Central will strengthen RHCNZ’s
presence in key urban markets, supporting both public and private demand
Rollout of single-worklist functionality and additional AI-enabled workflow
enhancements to support radiologist efficiency and experience
Further collaboration with Qscan, capturing the benefits of scale to expand
opportunities in teleradiology, which is experiencing significant demand
72 clinics
Stable from FY24

25
57
56
68
77
25%
21%
23%
24%
FY22AFY23AFY24AFY25AFY26G
EBITDAMargin
EBITDAF (A$m) & Margin (%)
Strong performance driven by technology-enabled innovation to enhance productivity and experience
Qscan
80 - 95
164 radiologists
Up 29 from FY24
74 clinics
Down 3 from FY24
Year in review
EBITDAF for the year was A$77.2 million, up A$9 million (14%) from the prior
year, driven by:
–Yield expansion, supported by Medicare indexation, a continued shift
towards higher-value modalities, and a revised pricing strategy
–Productivity gains, supported by Qscan’s AI-enabled reporting platform,
operating leverage, and improved workforce efficiency
Strong growth in Qscan’s radiologist workforce, reflecting the business’s
reputation as a high-quality, technology-enabled workplace of choice
Successful refinancing of A$445 million debt facility and meaningful distribution
to shareholders, reflecting momentum and thoughtful capital management
Outlook
FY2026 EBITDAF guidance of A$80 million-A$95 million, up 14% at the
midpoint
Further development of Qscan’s technology platform, with continued AI
integration to enhance productivity and improve the experience for doctors,
referrers, patients, and staff
Recent Government policy settings reinforce the long-term outlook with
Medicare indexation increases confirmed for FY2026
Delivery of strategic growth initiatives, including greenfield and brownfield
developments, acquisitions, and expansion of the teleradiology platform

26
Year in review
High occupancy and resident satisfaction reflect strong demand for quality retirement living
RetireAustralia
29 villages
96.2% occupancy
1.Underlying Profit is an unaudited non-GAAP measure used by RetireAustralia which removes the impact of unrealised fair value movements on investment properties, impairment of property, plant and equipment,
one-off gains and deferred taxation, while adding back realised resale gains and realised development margins
Tarragal Glen, Central Coast
Underlying profit
1
reached A$80 million, an A$1.0 million increase on the prior
year supported by strong resale performance and village price increases, offset
by lower development settlements
430 settlements were completed - 374 resales and 56 new development unit
settlements. Resales down from prior year due to limited stock availability
Resale proceeds averaged A$205k per unit, up from A$191k in FY24, reflecting
strategic pricing and unit mix. New unit prices exceeded A$1 million on average
Portfolio occupancy remains high at 96.2%, with waitlists across 26 of 29
villages, reflecting sustained demand
Resident satisfaction remains high with 87% of residents and 88% of home care
customers satisfied with village life and home care services respectively
Completed a major milestone - The Verge at Burleigh, a 168-apartment village
featuring RetireAustralia’s first integrated Care Hub
Outlook
Development pipeline exceeds 750 units, with 187 units currently under
construction across three active projects: Tarragal Glen, Carlyle Gardens, and
the new Arcadia Retirement Living community in Yeronga
FY26 settlement guidance of 450-475 units, including 75-85 new development
settlements as remaining units at The Verge and The Green are sold down and
the Tarragal Glen expansion completes

27
Year in reviewEBITDAF (NZ$m) & Margin (%)
Despite challenges with passenger volumes, PSE5 and diversified income streams supported growth
Wellington Airport
4.5 million domestic
passengers in FY25
Down 3.9% on FY24
0.8 million international
passengers in FY25
Up 7.4% on FY24
56
90
107
130
62%
68%
71%
74%
FY22AFY23AFY24AFY25AFY26G
EBITDAMargin %
125 - 135
EBITDAF for the year was $130.2 million, up $23 million (22%) from the
prior year, driven by:
–Strong international recovery, with passenger volumes up 7.4%, and
expanded seat capacity on Brisbane and Melbourne routes
–Improved commercial returns across aeronautical and non-aeronautical
income streams, supported by key new tenants in the property portfolio
$117.4 million of capital expenditure delivered in the year, including
progress on EMAS runway safety system, new carpark, terminal and retail
upgrades, and enabling works for future expansion
Successful $125 million retail bond issue and expanded bank facilities to
fund transformational infrastructure investment
Outlook
FY2026 EBITDAF guidance of $125 million-$135 million, flat at the midpoint
FY2026 expected to see continued international growth, while domestic
recovery remains constrained by airline fleet availability
Staged delivery of 5-year, $500 million infrastructure programme underway,
including EMAS runway safety system, new car park, upgraded terminal and
new Airport Fire Station

GUIDANCE AND LIQUIDITY
SECTION 4

29
Proportionate Operational EBITDAF (NZ$m)
Data points are shown at the midpoint of guidance – and should therefore be considered indicative
(47)
Manawa Energy
FY25A
Normalised
CDCOne NZLongroad Energy
FY26G
CorporateOtherWellington AirportQscan GroupRHCNZ
986
940
1,000 – 1,050
FY25A
FY2026 Proportionate Operational EBITDAF guidance range set at NZ$1,000 to $1,050 million
FY2026 Guidance – Proportionate EBITDAF
FY2026 guidance up circa 9% on FY2025 (normalised for Manawa
Energy)
Key guidance assumptions (at 100%) include:
–CDC EBITDAF of A$390 million–A$410 million
–One NZ EBITDAF of $595 million–$625 million
–Longroad Energy EBITDAF of US$110 million–US$120 million
–Wellington Airport EBITDAF of $125 million–$135 million
–Qscan EBITDAF of A$80 million– $95 million
–RHCNZ EBITDAF of $130 million–$150 million
–Corporate costs of $125 million–$135 million
Proportionate Development EBITDAF Guidance
Gurīn, Galileo, and Mint development costs at an EBITDAF loss of
NZ$85-$105 million (IFT Share)
Proportionate Operational EBITDAF guidance
1.The following forecast exchanges rates are assumed for the purposes of currency translation in the guidance calculation NZD/AUD 0.9066, NZD/USD 0.5693, NZD/EUR 0.5397, and NZD/GBP 0.4626
2.Guidance is based on Infratil management’s current expectations and assumptions about trading performance, is subject to risks and uncertainties, and dependent on prevailing market conditions
continuing throughout the outlook period. Guidance is based on Infratil’s continuing operations and excludes the impact of any transactions announced in the period. Note that guidance excludes
Manawa Energy

30
FY2026 Proportionate Capital Expenditure guidance range set at NZ$2.2 billion to $2.6 billion
FY2026 Guidance – Proportionate Capital Expenditure
Key guidance assumptions (at 100%) include:
–CDC capex of A$1,600 million–A$1,800 million
–One NZ capex of $235 million–$265 million
–Kao Data capex of £150 million-£200 million
–Longroad Energy capex of US$800 million–US$1,000 million
–Wellington Airport capex of $90 million–$120 million
–Qscan and RHCNZ capex of $45 million-$55 million (IFT Share)
–RetireAustralia capex of A$210 million–A$240 million
–Gurīn, Galileo, and Mint capex of $200 million-$250 million (IFT Share)
1.The following forecast exchanges rates are assumed for the purposes of currency translation in the guidance calculation NZD/AUD 0.9066, NZD/USD 0.5693, NZD/EUR 0.5397, and NZD/GBP 0.4626
2.Guidance is based on Infratil management’s current expectations and assumptions about trading performance, is subject to risks and uncertainties, and dependent on prevailing market conditions
continuing throughout the outlook period. Note that guidance excludes Manawa Energy
Proportionate Capital Expenditure guidance Proportionate Capital Expenditure (NZ$m)
(27)
Manawa Energy
FY25A
Normalised
CDCOne NZLongroad EnergyQscan and RHCNZ
FY26G
Other
2,389
2,362
2,200 – 2,600
Kao DataRetireAustralia
Gurin,
Galileo,
and
Mint
Wellington Airport
FY25A
Data points are shown at the midpoint of guidance – and should therefore be considered indicative

31
Net debt and gearing %
Strong credit profile and significant flexibility to support investment opportunities across the portfolio
Funding and liquidity
Significant balance sheet flexibility to support additional capital
investment across FY2026/FY27
$170 million of net new bonds issued in FY25 with the issue of IFT350
and IFT360
Weighted average cost of debt of 5.33% and a weighted average tenor
of debt
2
of 3.2 years
1.Gearing is total net debt over total capital
2.Drawn debt excluding Perpetual IFTHAs
31 March ($Millions)20242025
Net bank debt
$791.8 $544.8
Infrastructure bonds
$1,241.1 $1,411.1
Perpetual bonds
$231.9 $231.9
Total net debt
$2,264.8 $2,187.8
Market value of equity
$9,066.7 $10,048.7
Total capital
$11,331.5 $12,236.5
Gearing
1
20.0% 17.9%
Undrawn bank facilities
$800.9 $1,365.6
100% subsidiaries cash
$19.2 $71.9
Liquidity available
$820.1 $1,437.5
164
156
102
146
273
365
204
200
292
125
193
253
446
125
110
239
232
FY26FY27FY28FY29FY30FY31FY32>FY32
BondsBank Debt DrawnBank Debt Undrawn
Acquisition FacilitiesIFTHA
Debt maturity profile (NZ$m)
1,181
1,775
1,715
623
725
2,265
2,188
34%
41%
25%
9%
10%
20%
18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY19FY20FY21FY22FY23FY24FY25
Net debtGearing

PORTFOLIO STRATEGY & OUTLOOK
SECTION 5

33
Restating our portfolio strategy and approach
Ideas that matter
Portfolio
construction
approach
Target returns
Infrastructure characteristics Attractive global thematics
Pillar 2: Mature growth platforms
Scaled businesses, more
concentrated to drive returns
Pillar 1: Cashflow generators
Scaled business with enough
diversity for stability
Pillar 3: Future growth platforms
Multiple smaller businesses that
can scale to $1bn+ over 3-5 years
11–15% p.a. target portfolio returns per annum over a rolling 10-year period
Realised 10-year return of 17% p.a., and 18% p.a. over 31 years since inception
Active portfolio
management to
maintain growth
through cycles
•Drive operational excellence
•Dynamically allocate capital from cash flow
generators to best 15%+ IRR growth opportunities
•Identify new opportunities and emerging trends to
optimise cash flow and growth pillars
•Manage balance of cash flow and growth pillars and
overall portfolio breadth as assets evolve

34
Portfolio remains well-positioned for growth, with clear priorities ahead
Outlook and medium-term strategic objectives
Identify and scale our growth platforms beyond CDC and Longroad
Gurīn Energy and other opportunities are poised for growth
Success would see CDC maintain its relative portfolio weighting
Divest businesses unlikely to scale under our ownership and reinvest
We expect over $1 billion in proceeds
Balance Infratil’s operating cash flow and dividends
Portfolio company distributions should cover fixed costs and dividends, supported by
deleveraging, growing free cash flow from One NZ and the completion of CDC and
Longroad’s current build programmes
Expect incentive fees to be funded by investment realisations
Continue to broaden our shareholder base to support future scale
Supported by inclusion in key global indices

QUESTIONS

SUPPORTING MATERIALS
INFRATIL FY2025 FULL YEAR RESULTS PRESENTATION

37
Portfolio composition at 31 March 2025
Focus on four high-conviction platforms, across a geographically diverse portfolio of companies
37.2%
38.0%
73.0%
51.1%
2
95.0%
49.8%
1
20.0%
99.9%
54.0%
51.8%
57.2%
50.0%
66.0%
66% portfolio21% portfolio8% portfolio5% portfolio
ShareholdingShareholdingShareholdingShareholding
1.Infratil has agreed to acquire an additional 1.58% of CDC’s ordinary shares for A$220.2 million, taking Infratil’s ownership on settlement to 49.8%
2.Infratil remains committed to support Contact Energy’s proposed acquisition of 100% of Manawa. If the Scheme proceeds as announced, and subject to any pre-completion dividends, Infratil’s gross cash proceeds
from the sale will be approximately NZ$186 million and following completion we will own approximately 9.5% of Contact Energy

38
Overview
The table represent Infratil’s proportionate share of an asset's independent valuation,
market value, or book value
CDC, One NZ, Kao Data, Longroad Energy, Gurīn Energy, Galileo, Mint Renewables,
Qscan, RHCNZ Medical Imaging, and Wellington Airport reflect the midpoint of
31 March 2025 independent valuations
The fair value of Manawa Energy is shown based on the market price per the NZX as at
31 March 2025 ($4.93)
Fortysouth, Clearvision and Property reflect their accounting book values as at
31 March 2025
The carrying value of RetireAustralia was reviewed against market-based comparables
and other benchmarks at 31 March 2025 to estimate the fair value of Infratil’s
investment. The current valuation implies a price to book multiple of 0.74x
Key valuation methodologies and assumptions underpinning current independent
valuations are summarised on the following pages
Net asset value
Year ended 31 March ($Millions)20242025
CDC$4,419.7 $7,248.5
One NZ$3,530.5$3,713.5
Fortysouth$195.2 $186.3
Kao Data$556.2 $701.6
Manawa Energy$728.0 $788.8
Longroad Energy$1,952.0 $2,111.9
Galileo$240.7 $326.0
Gurīn Energy$237.1 $493.0
Mint Renewables$2.0 $22.8
RHCNZ Medical Imaging$606.7 $689.3
Qscan Group$411.9 $454.5
RetireAustralia$464.4 $404.3
Wellington Airport$623.7 $933.9
Clearvision Ventures$142.6 $156.2
Property$98.4 $73.1
Portfolio asset value$14,209.1
$18,303.7
Wholly owned group net debt($2,264.8)($2,187.8)
Net asset value$11,944.3
$16,115.9
Shares on issue (million)832.6 968.1
Net asset value per share (pre fees)$14.35
$16.65
1.Price to book multiple calculated as equity value over net assets

39
Primary valuation methodology: Historical Transaction (with a
cross check to DCF, comparable companies and precedent
transactions)
Forecast period: 30 years (2055)
Enterprise value: A$17,264m
Equity value: A$13,701m
Net debt: A$3,563m
CDC (48.17%) – A$6,600m (NZ$7,249m)
Kao Data (54.01%) – £310.6m (NZ$701.6m)
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions)
Terminal value methodology: Exit multiple
Forecast period: 10.0 years (Mar-2034)
Enterprise value: £690.0m
Equity value: £575.0m
One NZ (99.9%) – NZ$3,713.5m
Primary valuation methodology: DCF using FCFF on a sum of
the parts basis (ServeCo & EonFibre) (with a cross check to
comparable companies and precedent transactions). During the
year there has been a change in the Independent Valuer of One
NZ. The Independent Valuer has applied a different
methodology of risk weighting cash flows rather than adding an
Asset Specific Risk Premium (ASRP) to the WACC, resulting in a
lower WACC for FY25
Forecast period: 10 years (2035)
Enterprise value: NZ$5,156m (pre IFRS16 - excluding lease
liabilities of ~NZ$932m)
Equity value: NZ$3,718m (IFT share NZ$3,713.5m)
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international portfolios) and setting management long-term incentives for some portfolio companies
Independent valuation summary – Digital
Valuation
methodology
Key valuation assumptions
Risk free rate: 3.90%
Asset beta: 0.575
Cost of equity: 11.07% (blended rate) reflecting the assessed
risk of the spectrum of CDC’s activity, from operating data
centres with contracted revenues through to developing
projects without contracted revenues
Terminal growth rate: 2.5%
Long term EBITDAF margin: 83% (2055)
Future capex reflects CDC’s published development pipeline
(valuation assumes no development beyond FY40)
Risk free rate: 5.18%
Asset beta: 0.80
Specific risk premium: 7.0%
Cost of equity: 17.0% reflecting Kao Data intends to undertake
a number of development projects across its data centre sites
Terminal value multiple: 22.0x
Capex assumes operating capacity increases ~150MW across
existing and new sites with development occurring between
FY26-FY34 (valuation assumes no development beyond FY34)
Risk free rate: 4.56%
Asset beta: 0.60 (ServeCo) & 0.475 (EonFibre)
Weighted average cost of capital: 8.0% (ServeCo) & 7.2%
(EonFibre)
Terminal growth rate: 2.25%
Long term capital expenditure: Expected to gradually
decrease to ~11% of revenue (incl. spectrum) over the forecast
period on a blended basis for ServeCo and EonFibre. Short-term
capital intensity expected to be elevated driven by investment in
T-One and 5G rollout
March 2025 valuationMarch 2025 valuation
March 2025 valuation

40
Primary valuation methodology: DCF using FCFE. Valuation
approach consists of:
–A top-down approach (aggregate enterprise cashflows,
including a terminal value); and
–Bottom-up valuation approach (DCF using FCFE for operating,
under-construction, and near-term development projects
2
, and
a multiples approach for long-term development pipeline),
–Platform derived from the difference between top down and
bottom-up valuations
Forecast period: Top down: 30Y, Bottom up: 40Y (2065)
Enterprise value: US$7,125m
Equity value
1
: US$3,745m
Risk free rate: 4.6%
Asset beta: top down - 0.86
Cost of equity: 13.9% top-down, 9.6% operating assets, 9.7%
under construction, 10.2% near-term projects plus milestone
discounts, 16.6% long-term pipeline plus milestone discounts
Terminal growth rate: 2.5% (top-down, year 30)
Near-term (3 years) development pipeline: 5,019MW
Long-term development pipeline (5 years): 25,287MW
Multiple for long-term development projects: US$140/kW
Platform value assessed around ~10% of total enterprise value
Longroad (37.7%) – US$1,209m (NZ$2,112m)Gurīn (95%) – US$282.2m (NZ$493.0m)
Primary valuation methodology: valuation range based on
two different methodologies:
–Income and asset-based approach: adopts a DCF using
FCFE for more certain and near-term developments,
probability weighted to account for development and
construction risk and values less certain projects at cost
–Market and asset-based approach: using multiples of
comparable companies/transactions (which includes
platform value), applied to the development pipeline
(probability weighted), considering projects only with a
50%+ probability
Forecast period: ~33 years (2057)
Equity value: US$297m
Risk free rate: 1.5%-6.2% based on 10 year govt bond yield of
each country
Asset beta: 0.35
Cost of equity: 6.7% -12.4% (the discount rates used for each
project are calculated with reference to each project’s location)
Terminal value: N/A (finite life assets)
Multiples: US$0.6-$0.9m / MW(transaction), US$0.7-1m / MW
(trading)
Discount for lack of marketability (DLOM): 11%
Galileo (38%) – €172.4m (NZ$326.0)
Primary valuation methodology: Transaction multiples for
more advanced projects and cost for entry-stage projects (DCF
used for a single minor project)
Equity value: €453.8m (€397.5m in December 2024)
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international portfolios) and setting management long-term incentives for some portfolio companies
Independent valuation summary - Renewables
1.Longroad Equity Value adjusted for committed but uncalled capital included in the independent valuation
2.Assets that are expected to achieve FNTP in the next three calendar years
March 2025 valuationMarch 2025 valuation
March 2025 valuation
Valuation methodology
Key valuation assumptions
Risk free rate: n/a
Asset beta: n/a
Multiples for development projects that are ‘ready to build’
range from €50-400k/MW depending on country and
technology type (i.e. solar, wind, or standalone battery storage)
The valuer assigns a discount (~10-95%) to the multiple that it
considers appropriate as the project moves towards ‘ready to
build’ stage. For projects that are early to mid-stage of the
development lifecycle, only a small percentage of the ‘ready to
build’ value is captured with the majority of value being
recognised as projects get close to ‘ready to build’ stage
Platform premium of ~1% applied

41
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions)
Forecast period: 20 years (2045)
Enterprise value: NZ$2,121m
Equity value: NZ$1,415m (IFT share NZ$933.9m)
Risk free rate: 4.50%
Asset beta: 0.600
Cost of equity: 9.85%
Terminal growth rate: 3.5%
Wellington Airport (66%) – NZ$933.9m
RHCNZ (51.74%) – NZ$688.7m
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions)
Forecast period: 12 years (2037)
Enterprise value: NZ$1,770.8m
Equity value: NZ$1,331.2m (IFT share NZ$688.7m)
Risk free rate: 4.2%
Asset beta: 0.67
Cost of equity: 11.7% (discrete period), 12.6% (terminal value)
Terminal growth rate: 3.5%
Qscan (57.16%) – A$413.9m (NZ$454.5m)
Primary valuation methodology: DCF using FCFE (with a cross
check to comparable companies and precedent transactions)
Forecast period: 10 years (2035)
Enterprise value: A$1,007.5m
Equity value: A$724.1
Risk free rate: 4.00%
Asset beta: 0.775
Cost of equity: 13.20%
Terminal growth rate: 3.5%
Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the
international portfolios) and setting management long-term incentives for some portfolio companies
Independent valuation summary – Airports & Healthcare
Valuation
methodology
Key valuation assumptions
March 2025 valuationMarch 2025 valuation
March 2025 valuation

42
Portfolio returns
AssetSegmentGeography
Month of Initial
Investment
Duration
(years)
Total capital
invested
1

(NZD)
Total realised
proceeds
2
(NZD)
Total unrealised
proceeds
3

(NZD)
Total value
4

(NZD)
IRR
(NZD)
CDCDigital InfrastructureAustralasia
September 20168.6 1,032 162 7,248 7,411 38.7%
One NZDigital InfrastructureNew Zealand
July 20195.7 2,852 1,203 3,714 4,917 21.5%
Kao DataDigital InfrastructureUnited Kingdom
August 20213.6 476 - 702 702 18.4%
FortysouthDigital InfrastructureNew Zealand
October 20222.4 212 6 186 192 (4.2%)
Clearvision VenturesDigital InfrastructureUnited States
March 20169.1 96 2 156 158 12.3%
Longroad EnergyRenewable EnergyUnited States
October 20168.4 781 308 2,112 2,420 55.2%
Manawa Energy
5
Renewable EnergyNew Zealand
April 199431.0 395 1,542 789 2,331 17.3%
Gurīn EnergyRenewable EnergyAsia
July 20213.7 172 1 493 494 87.9%
GalileoRenewable EnergyEurope
February 20205.1 151 - 326 326 41.2%
Mint RenewablesRenewable EnergyAustralia
December 20222.3 22 - 23 23 4.1%
RHCNZ Medical ImagingHealthcareNew Zealand
May 20213.8 473 63 689 752 15.5%
Qscan GroupHealthcareAustralia
December 20204.3 328 46 455 500 10.9%
RetireAustraliaHealthcareAustralia
December 201410.3 365 35 404 439 2.2%
Wellington AirportAirportsNew Zealand
November 199826.4 96 641 934 1,575 17.4%
Infratil PropertyOtherNew Zealand
December 200717.3 94 104 73 178 9.3%
Notes:
1.Total capital invested is equal to the sum of all capital invested by Infratil into the asset during the holding period, and consists of initial capital contributions, shareholder loan contributions, capital calls, and
acquisition of management shares vesting under LTI schemes
2.Total realised proceeds is equal to the sum of all distributions received by Infratil during the holding period and consists of capital returns, shareholder loan interest payments, shareholder loan principal
payments, dividends, and subvention payments.
3.Total unrealised proceeds is equal to the valuation of Infratil’s stake in each of its assets. These valuations are aligned to Infratil asset values as summarised on page 38
4.Total value is equal to total realised proceeds plus total unrealised proceeds
5.A non-cash benefit equal to the value of Infratil’s share of Tilt on split from Trustpower has been recognised in Total realised proceeds for Manawa to capture the value of the embedded option within
Manawa

43
Incentive fee overview
The net incentive fee accrual for 31 March 2025 is $350.6 million
Valuations for the purposes of the incentive fee are calculated net of estimated costs of disposal and any potential capital gains taxes
Incentive fees
31 March ($millions)
FY24 Incentive
Fee Valuation
CapitalFXDistributionsHurdle
FY25 Incentive
Fee Valuation
Incentive Fee
Annual Incentive Fee
CDC
4,399.3 (494.2)- 24.1 (543.3)7,212.2 359.9
Kao Data550.7 (82.9)(8.3)- (70.2)694.5 (3.5)
Longroad Energy
1,503.1 (163.4)(2.6)- (185.2)1,728.2 (25.2)
Galileo
237.1 (41.9)- - (30.1)321.1 2.4
Gurīn Energy233.5 (67.5)(4.3)0.6 (31.3)485.6 29.9
RetireAustralia
454.1 - - 5.2 (54.3)404.2 (19.8)
Qscan
407.8 - - 43.6 (48.9)450.0 7.4
Initial Incentive Fee
Mint Renewables(21.8)- - (3.1)22.6 (0.5)
7,785.6 (871.7)(15.2)73.5 (966.4)11,318.6 350.6

44
(50,000)
(25,000)
-
25,000
50,000
75,000
100,000
125,000
150,000
175,000
(50%
(25%
-
25%
50%
75%
100%
125%
150%
175%
Accumulation index
Annual Return
Dividend Yield (LHS)Capital Return (LHS) Accumulation Index (RHS)
Total shareholder return of (2.6%) for the year to 31 March 2025 and a 18.0% return over 31 years
Total shareholder returns
PeriodTSR
1 - year(2.6%)
5 – year 23.9%
10 – year17.0%
20 – year 13.9%
Since inception (31 years)18.0%
Notes:
1.The accumulation index assumes that $1,000 was invested in Infratil’s IPO and that an investor reinvests all dividends at the time of receipt and participates in any equity raises or rights offerings so that they neither
take any money out or invest any new money into Infratil
2.Accumulated dividends represent the total value of dividends received by the investor

45
Year ended 31 March ($Millions)Share20242025
CDC
48.2%
$140.8 $173.9
One NZ
99.9%
$545.5 $604.0
Fortysouth
20.0%
$11.5 $13.6
Kao Data
54.0%
($2.3)$4.9
Manawa Energy
51.1%
$74.1 $46.6
Longroad Energy
37.2%
$33.4 $27.3
RHCNZ Medical Imaging
51.8%
$58.1 $63.2
Qscan Group
57.2%
$40.6 $48.7
RetireAustralia
50.0%
$12.1 $21.6
Wellington Airport
66.0%
$70.7 $86.1
Corporate & other
($76.5)($103.5)
Operational EBITDAF
$908.0 $986.4
Galileo
38.0%($15.2)($26.7)
Gurīn Energy
95.0%($21.9)($32.0)
Mint Renewables
73.0%($6.8)($9.9)
Development EBITDAF
($43.9)($68.6)
Total continuing operations
$864.1$917.8
Trustpower Retail business51.1%
($0.3)-
Total
$863.8 $917.8
Proportionate capital expenditureProportionate EBITDAF
Proportionate capital expenditure and EBITDAF
Year ended 31 March ($Millions)20242025
CDC$291.8 $928.2
One NZ$261.4 $269.3
Fortysouth$3.1 $4.8
Kao Data$58.8 $82.8
Manawa Energy$33.6 $26.5
Longroad Energy$825.5 $805.6
Gurīn Energy$60.0 $39.5
Galileo$42.7 $52.6
Mint Renewables$1.1 $0.5
RHCNZ Medical Imaging$26.1 $25.3
Qscan Group$16.0 $13.1
RetireAustralia$50.9 $62.8
Wellington Airport$42.2 $77.5
Proportionate Capital Expenditure$1,713.2 $2,388.5
Proportionate capital expenditure shows Infratil’s share of the investment spending
of investee companies.
Proportionate EBITDAF shows Infratil’s share of the earnings of the companies in
which it invests. Proportionate EBITDAF is shown from continuing operations and
includes corporate and management costs, however, excludes incentive fees,
transaction costs and contributions from businesses sold, or held for sale.

46
Overview
This investment is either used to acquire new assets, increase holdings in existing
assets, or used by investee companies to invest into capital projects, pay their
operational expenses, or to pay down debts
Capital contributed to CDC to better position the business for its next stage of
growth as it delivers on 382MW of capacity currently under construction
Investment into Kao Data is primarily to support the development of its Harlow data
centre facility
Longroad equity injections have been used to support new projects as they reach
full notice to proceed and begin construction
Capital invested into RHCNZ was to support doctor liquidity and growth in the
platform
Investment into Gurīn Energy, Galileo, and Mint Renewables is used to support
platform growth and investment into capital projects and to support the growth of
capability within the assets
Year ended 31 March ($Millions)20242025
CDC$35.1 $494.2
One NZ$1,800.0 $20.9
Kao Data$156.2 $82.9
Fortysouth- -
Longroad Energy$96.2 $163.4
Gurīn Energy$55.8 $67.5
Galileo$39.6 $41.9
Mint Renewables$5.7 $11.7
RHCNZ Medical Imaging- $48.1
Qscan$17.8 -
Clearvision$18.8 $8.0
Infratil direct investment$2,225.2$938.6
Infratil direct investment

47
Overview
This table reflects the Infratil wholly owned group’s cash flow and serves as a
reconciliation between Infratil’s opening and closing cash balances
The breakdown of distributions received and capital invested by asset are provided
in the Detailed Financial information & Operating Metrics tables that are released
alongside this presentation
International Portfolio Incentive fees paid during the period include FY2024 initial
incentive fee of $38.4 million, Tranche 1 of the FY2024 annual incentive fee
($30.4 million), Tranche 2 of the FY2023 annual incentive fee ($54.6 million),
Tranche 3 of the FY2022 annual incentive fee ($33.2 million), $50 million of which
were paid in scrip to Infratil’s Manager
Year ended 31 March ($Millions)20242025
Distributions received from portfolio companies
$231.6$258.0
Management fees
($86.2)($108.7)
Net interest
($110.9)($115.1)
Other corporate operating cash flows
($7.0)($30.2)
Net cash inflow/(outflow) from operating activities$27.5$4.0
Infratil direct investment
($2,225.2)($938.6)
Other investment costs
($14.0)($16.3)
Incentive fees paid
($102.2)($106.8)
Net cash inflow/(outflow) from investing activities($2,341.4)($1,061.7)
Dividends paid
($154.3)($124.1)
Net bond issuance
$155.1$170.0
Debt drawdown/(repayment)
$811.0($194.4)
Equity raised
$928.1$1,258.8
Net cash inflow/(outflow) from financing cashflows$1,739.9$1,110.3
Net increase/(decrease) in cash and cash equivalents
($574.0)$52.7
Cash and cash equivalents at the beginning of the year
$593.2$19.2
Net increase/(decrease) in cash and cash equivalents
($574.0)$52.7
Cash and cash equivalents at end of year
$19.2$71.9
Infratil wholly owned group cash flow

48
Overview
Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting
Principles’) measure of financial performance, presented to provide additional
insight into management’s view of the underlying business performance
Proportionate EBITDAF is shown from continuing operations and includes corporate
and management costs, however, excludes incentive fees, transaction costs and
contributions from businesses sold, or held for sale
Specifically, in the context of operating businesses, Proportionate EBITDAF provides
a metric that can be used to report on the operations of the business (as distinct
from investing and other valuation movements)
Year ended 31 March ($Millions)20242025
Net profit after tax (‘NPAT’)761.0(261.3)
Less: Associates
1
equity accounted earnings(144.2)(505.0)
Plus: Associates
1
proportionate EBITDAF217.7213.7
Less: minority share of subsidiary
2
EBITDAF(193.9)(182.8)
Plus: share of acquisition or sale-related transaction costs24.615.5
Plus: one-off restructuring costs (including Fibreco)13.57.6
Net loss/(gain) on foreign exchange and derivatives56.469.4
Net realisations, revaluations and impairments(998.7)110.9
Discontinued operations0.4-
Underlying earnings(263.2)(532.0)
Plus: Depreciation & amortisation558.6624.9
Plus: Net interest366.7428.8
Plus: Tax74.249.2
Plus: International Portfolio Incentive fee127.8346.9
Proportionate EBITDAF864.1917.8
Earnings reconciliation

49
Gearing and credit metrics are monitored across the portfolio in aggregate and at
the individual portfolio company level
One NZ, Welington Airport and Qscan completed full refinancing of debt packages
in the period, upsizing debt capacity and securing improved commercial terms
As previously signalled, CDC completed a A$900 million capital raise in December
2024 and will require additional equity from shareholders over the next 12 months
to fund its accelerated growth while maintaining disciplined capital management
and credit metrics
EBITDAF based leverage metrics not appropriate for Longroad, RetireAustralia and
Kao Data based on industry segment and current operating models
In addition to the below metrics, Wellington Airport maintains a BBB S&P credit
rating (stable outlook)
Exposure to interest rates is monitored across each portfolio company and
managed within approved treasury policy limits
89% of drawn debt was hedged on a fixed rate basis as at 31 March 2025
Portfolio company debt
31 March 2025Gearing
1
Net Debt /
EBITDA
2
% of drawn
debt hedged
3
CDC
4
19.7%9.5110%
One NZ27.9%3.0 72%
Fortysouth44.7%13.9 87%
Kao Data16.0%n/a111%
Manawa Energy24.5%5.967%
Longroad Energy
5
25.4%n/a91%
Galileo
6
-n/a n/a
Gurīn Energy
7
-n/a n/a
Mint Renewables
8
-n/a n/a
RHCNZ Medical Imaging24.7%3.7 78%
Qscan Group28.4%3.9 60%
RetireAustralia25.3%n/a69%
Wellington Airport33.6%5.578%
Value Weighted Average of
Portfolio Companies
9
23.6%89%
1.Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book value at 31 March 2025
2.Unless otherwise stated EBITDAF definitions based on pre IFRS16 and allowable pro forma adjustments under financing arrangements for each Portfolio Company rounded to one decimal place
3.Calculated as floating rate drawn debt plus active ‘pay fixed’ interest rate swaps / total drawn debt as at 31 March 2025. CDC and Kao Data hedge positions reduced to 100% or below in Q1 FY26
4.CDC leverage metric applies March 2025 run rate EBITDAF annualised and includes Shareholder Loans in Net Debt
5.Longroad gearing calculation reflects holding company Net Debt position and excludes non-resource project financing, % of drawn debt hedged is based on non-recourse term debt but excludes construction
and working capital facilities
6. 7. 8. Holding company Net Debt position, excludes non-recourse project finance borrowing
9. Calculated based on IFT’s value weighted, proportionate share of Total Net Debt /Total Capital across all portfolio companies
Overview

---

1
Annual Report 2025
NAVIGATING
BEYOND
THE NOISE

1
INFRATIL TODAY

49.8% Infratil
1
$ 7. 2
billion
99.9% Infratil
$3.7
billion
54% Infratil
$702
million
20% Infratil
$186
million
$156
million

51% Infratil
$789
million

37% Infratil
$ 2 .1
billion

95% Infratil
$493
million

38% Infratil
$326
million


73% Infratil
$23
million

57% Infratil
$455
million

50% Infratil
$404
million
52% Infratil
$689
million

66% Infratil
$934
million
Airports
5%


Renewables
21%


Digital
66%
Healthcare
8%

The last year has tested investors’ resolve.
Rising geopolitical tensions, surging tariffs, and a
weakening global macroeconomic outlook have
created a volatile investment environment.
Sentiment has swung on everything from ESG and
AI, to interest rates and infrastructure demand.
At Infratil, we’ve stayed focussed. We’ve always believed that the best
strategy in uncertain times is to back quality - high-performing assets,
strong management, and sectors underpinned by enduring demand.
It’s this conviction that continues to shape our portfolio and our results.
Our strategy isn’t built for headlines. It’s built for the long haul. We invest in
businesses that matter more as the world changes - platforms like CDC
and Longroad Energy, which sit at the intersection of digital infrastructure,
energy transition, and sustainability. These businesses are growing rapidly
and executing with discipline, regardless of short-term market noise.
We’ve also sharpened our focus. As our portfolio has grown in scale and
maturity, so too has the need for greater discipline in how we allocate
capital. We are concentrating our efforts on the areas with the greatest
potential to create long-term value - refining our portfolio, improving
operating performance, and ensuring that every investment supports
our strategic direction.
Navigating beyond the noise is not just about seeing past volatility. It’s
about having the confidence to act when others hesitate, the patience
to wait when the timing isn’t right, and the discipline to stay aligned with
our long-term purpose: building world-class infrastructure platforms that
deliver for our shareholders, and for the future.
NAVIGATING
BEYOND

THE NOISE
1 Post acquisition of CSC stake after year end.
2 The basis for the valuation numbers is included on page 23 of this report.

32
3,785 MW
Installed renewable generation
7, 0 7 6
Group employees
2,464,000
Medical scans
5,317,000
Airport passengers
5,527
Retirement village residents
1,931,000
Mobile connections
OPERATING HIGHLIGHTS
$286.3 M
Net parent loss
$986.4 M
Proportionate Operational EBITDAF
1
$939 M
Infratil investment
$2,188 M
Net debt
$10.38
Share price
$10.0 B
Market capitalisation
13.25 cps
Cash dividend declared
(2.6%)
12 month shareholder return
2
FINANCIAL HIGHLIGHTS
Today, Infratil owns a diversified portfolio of
15 infrastructure investments spanning four
key sectors: Digital Infrastructure,
Renewable Energy, Healthcare, and an
Airport.
These sectors, which we refer to as “ideas that matter”,
are shaped by enduring social and economic trends,
which continue to drive long-term demand for essential
infrastructure.
Our portfolio reflects an increasingly global footprint,
with operations in 18 countries across Australasia, North
America, Asia, Europe, and the United Kingdom.
It is anchored by three core businesses - CDC, One NZ,
and Longroad Energy - which collectively comprise
approximately 70% of our portfolio value. These businesses
are scaling rapidly to meet rising demand in their sectors,
with CDC and Longroad undertaking major developments
to capture the next wave of AI and clean energy growth.
One NZ, alongside Wellington Airport, continues to generate
operating cash flows that support our capital base and
reinvestment in new opportunities. The remainder of the
portfolio comprises earlier-stage or more targeted
investments, each selected for their potential to grow into
core positions or generate attractive growth.
Beyond the headlines of tariff hikes, AI hype, economic
slowdown and shifting political winds, our focus has remained
on what matters most – backing businesses that deliver
critical services to the communities they serve which should
be best placed to continue to thrive long term.
In New Zealand, approximately four in every 10 people
over the age of 10 are One NZ customers, and our
radiology clinics supported the equivalent of one in every
nine New Zealanders this year.
Wellington Airport welcomed 5.3 million passengers,
while Longroad and Manawa Energy generated enough
renewable electricity to power the equivalent of more
than 900,000 New Zealand homes.
Whether supporting AI deployment, playing a critical role in
building New Zealand’s telecommunications backbone,
helping to decarbonise global energy systems, or providing
specialist healthcare services, our portfolio continues to
deliver long-term value and essential services through all
market conditions.
Proportionate Operational EBITDAF -
which represents Infratil’s share of
EBITDAF from its portfolio companies,
net of corporate operating costs -
increased by 8.6% from the prior year
to $986 million.
This result reflects the full-year consolidation of One NZ,
alongside strong earnings growth from CDC, Wellington
Airport, and our healthcare businesses. These gains were
partially offset by a weaker contribution from Manawa
Energy, which was affected by extremely challenging
market conditions. On a like-for-like basis, adjusting for
the inclusion of One NZ's full-year results, Proportionate
Operational EBITDAF rose by 2.5%.
Infratil reported a net parent loss of $286 million, compared
with a surplus of $770 million in the prior year. This primarily
reflects a reduction in revaluation uplifts compared to the
prior year, when the acquisition of a controlling interest in
One NZ resulted in a $1,075 million upward revaluation.
During the year, Infratil invested $939 million directly into
its portfolio companies, including $494 million into CDC.
The balance was deployed across the portfolio to support
growth in our digital and renewable development platforms.
Net debt, which reflects corporate-level borrowings,
comprised $545 million of bank debt and $1,643 million
of retail bonds as at year end. The year-on-year reduction
in debt was driven by the successful completion of a
$1,275 million equity raise during the year, partially offset
by continued capital deployment into our assets.
A final dividend of 13.25 cents per share has been declared,
up 1.9% on the prior year’s final dividend. Total dividends
declared for FY2025 were 20.50 cents per share.
Infratil’s share price closed the year at $10.38, down from
$10.89 at the same time last year. While this decline is
disappointing, it serves as a reminder that our share price is
not immune to broader market dynamics and short-term
sentiment shifts.
6,460 GWh
Renewable energy generated
347 MW
Data Centre capacity
1 EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-
operating gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a
substitute for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF
shows Infratil’s operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction
costs and management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 31 March 2025 annual results presentation.
2 Shareholder returns are 12-month returns assuming that dividends are reinvested on the date of payment.

54
EXPERIENCED LEADERSHIP
DIRECTORS
Alison Gerry
Alison has been Chair since 2022, an independent director since 2014
and was last re-elected in 2022. She is a director of Air New Zealand,
ANZ Group Holdings, Australia and New Zealand Banking Group Limited,
and Chair of Sharesies. She has been a professional director since 2007.
Previously, Alison worked for both corporates and for financial
institutions in Australia, Asia and London in trading, finance and risk roles.
Jason Boyes
Jason is Chief Executive of Infratil and joined the Board in 2021. Jason

is a director of Longroad Energy and CDC Data Centres. He joined
Morrison in 2011 after a 15-year legal career in corporate finance and
M&A in New Zealand and London. Jason has an interest in, and is a
partner at, Morrison which has the Management Agreement with Infratil.
Andrew Clark
Andrew joined the Board as an independent director in 2022. He is an
experienced strategist and transformation executive with over 30 years
of diverse management consulting experience. During this time, he held
a number of senior roles within the Boston Consulting Group (BCG).
Paul Gough
Paul joined the Board as an independent director in 2012 and was last
re-elected in 2024. He is a managing partner of the UK private equity
fund STAR Capital. He is a director of several international companies

in the transport, logistics, healthcare, infrastructure and financial
services sectors. Paul previously worked for Credit Suisse First Boston
in New Zealand and London.
Kirsty Mactaggart
Kirsty joined the Board in 2019 and was last re-elected in 2022. She is a
senior advisor at Montarne, a specialist advisory firm focussed on capital
markets and corporate governance. Prior to her director and advisory
career, she was Head of Equity Capital Markets and Corporate
Governance for Fidelity International in Asia, and was also a managing
director at Citigroup based in Hong Kong and London. She has over

25 years of global equity market experience with a unique investor
perspective and a focus on governance.
Peter Springford
Peter joined the Board as an independent director in 2016 and was

last re-elected in 2023. He has extensive experience in managing
companies in Australia, New Zealand and Asia, including five years
based in Hong Kong as President of International Paper (Asia) Limited
and four years as Chief Executive Officer and Managing Director of
Carter Holt Harvey Limited.
Anne Urlwin
Anne joined the Board as an independent director in 2023. She is a
chartered accountant and an experienced finance and governance
professional. Her current governance roles include Chair of Precinct
Properties and a director of Vector and Ventia. She has previously been
a director of Summerset Holdings, Tilt Renewables, Chorus and Meridian
Energy. Anne is Chair of the Audit and Risk Committee and has a
significant accounting, financial, risk and sustainability background.
Directors
From Left to right
Infratil’s shareholders elect directors for three-year terms to
look after their interests. Directors are expected to:
• Maintain a dialogue with shareholders, to understand
concerns and priorities.
• Participate in the formation and evolution of the Company’s
strategy.
• Ensure effective articulation to external stakeholders of
strategy, goals, risks and performance, including with regard
to environmental, social and governance issues.
• Monitor strategy implementation, financial performance,
risks and legal compliance.
• Maintain awareness of relevant societal and market
developments and provide diversity of perspective and
knowledge relevant to the Company.
• Monitor the performance of Infratil’s manager, Morrison.
Morrison is a specialist manager of infrastructure
investments and performs this role for Infratil under an
investment management agreement which is available on
Infratil's website. Through the management agreement,
Infratil benefits from having a management team with great
breadth and depth of skills, however, the Board must be
vigilant about potential conflicts of interest and satisfied
management is delivering value, aligned with shareholders,
and the cost is reasonable reflecting the experience,
capability and performance of the management team.
Further commentary on the Board is set out on pages 126 - 140
of this report.

76
REPORT OF THE
BOARD CHAIR
Kia ora koutou,
This year marks another chapter in Infratil’s journey of
disciplined growth and long-term value creation.
In an environment marked by heightened uncertainty and
macroeconomic volatility, we remain firm in our belief that
enduring value is best created through strategic focus,
high-quality assets, and a long-term horizon. Our investment
philosophy is grounded in resilience: resilience of assets, of
management teams, of business models, and of relationships.
Amid the noise of short-term market movements, shifting
policy landscapes, and evolving investor sentiment, Infratil
continues to chart a course guided by conviction and
consistency.
STRATEGIC POSITIONING AND PORTFOLIO
MANAGEMENT
Our strategy is simple, but not easy. We seek to deliver
long-term returns of 11-15% per annum after fees and tax,
measured over a ten-year period. This horizon acknowledges
the reality of market cycles and macroeconomic swings, and
it reflects our deliberate focus on structural thematics that
transcend short-term noise. In the ten years to 31 March 2025,
we have delivered shareholder returns of 17.0% per annum,
after fees and tax, comfortably exceeding our target.
This outcome has been delivered through strong operating
performance, selective reinvestment, and continued
refinement of our portfolio. We know that share price
performance will vary year to year. Over the past 12 months,
shareholder returns were -2.6%, a sobering result after
delivering 18.2% in the first nine months of the year. This swing
is a stark reminder of how market volatility can overshadow
fundamental progress. It also highlights the importance of
maintaining our discipline.
In the past year, the portfolio has remained focussed around
our three most material investments: CDC, Longroad, and One
NZ. These three assets represent over two-thirds of our
portfolio value and are all exposed to long-term structural
tailwinds in digitisation and decarbonisation. Our role as a Board
is to ensure these businesses have the strategic support,
capital backing, and governance to succeed.
We also acknowledge that these assets are where many
investors have expressed concern in recent months. These
include sector-specific uncertainty - ranging from the
New Zealand economic outlook (One NZ) to hyperscale AI
demand (CDC) and shifting policy dynamics in the U.S.
renewables market (Longroad).
These headwinds contributed to a growing discount between
our share price and the longer-term view of the value of our
assets. Both the Board and Morrison remain focussed on
narrowing this gap through continued performance, active
communication, and clear articulation of our strategy. Share
purchases by directors and senior Morrison executives,
including the Infratil CEO and CFO, and Morrison’s CEO,
underscore our collective confidence in Infratil’s long-term
outlook.
We also continue to invest time and energy
into monitoring portfolio composition,
concentration, and diversification.
We recognise the level of exposure to CDC is now elevated as
it continues to grow strongly, within our target return range for
growth assets, and an attractive risk profile given its contracted
growth and market position. However, concentration of this
nature is not new for Infratil. Over the past 30 years, we have
repeatedly built significant positions in ideas that matter. Our
focus remains on ensuring we allocate capital wisely within the
portfolio and to new more attractive ideas, balancing risk with
opportunity and prioritising those initiatives that will move the
dial.
PLANNING FOR SCALE, THE INFRATIL WAY
This year, the Board has also worked with Morrison on how we
manage our now significant scale and complexity, and planning
for our future growth. In part, this has involved distilling what has
made us so successful over our first 30 years, and identifying
what we might change or add to continue that success into the
future given our scale today.
You can see from my letter that we believe our investment
strategy and long-term approach is as relevant today as ever.
Our CEO, Jason Boyes, outlines some of the implications we
see from this in his letter.
At a practical level, the Board and Morrison are working on
more formally codifying our approach to key elements of
our investment approach that we believe are critical to future
performance. Codifying our approach helps newer businesses
learn faster from more mature ones, so important as we scale.
We call these the “Infratil Way” and include our approach to
portfolio company remuneration, reviewing and enhancing
portfolio company board performance and sustainability. More
work in this space will continue this year, including to facilitate
synergies from greater collaboration between portfolio
companies where sensible.
We have also agreed a set of strategic KPIs with Morrison for
the coming two to three years which are outlined in Jason’s
letter. We believe that this clarity helps cut through the
complexity of the portfolio, and assists Morrison and investors
focus on what we believe is important near term, and assists us
to measure Morrison’s short-term performance across a broad
set of metrics in addition to the long-term return target in place
now for some years.
RELATIONSHIP WITH MORRISON
Infratil’s management model has been in place for over
30 years, and our long-standing relationship with Morrison
continues to evolve and deepen. As we scale, the need for a
high-performing, highly-aligned manager is more important
than ever.
Over the past year, the Morrison team has continued to invest
in its global capability, with alignment to Infratil shareholders
enhanced through the payment of incentive fees in Infratil
shares.
Our relationship is built on mutual respect, transparency, and
healthy tension. We benefit not only from Morrison’s execution
and origination capability, but also from the intellectual property
built up over 30 years of experience in infrastructure
investment. This year, that experience was on display across
the portfolio, including collaborative initiatives between our
renewable and digital infrastructure platforms and continued
leadership in sustainability and capital raising.
We note that the current year includes a large incentive fee
that will be payable to Morrison over three years. This primarily
relates to the outperformance of our investment in CDC. We
take confidence from the fact that the current independent
valuation of CDC is in line with a transaction price set in an
auction process involving only external bidders - which
reinforces the strong private market demand for this sector
and for CDC.
Importantly, the positive changes to the Management
Agreement agreed in 2023 have helped simplify and
modernise the relationship, while preserving its essence. A key
enhancement was the introduction of a modified high-water
mark, which ensures that in most instances incentive fees are
not paid on one category without the recovery of any
underperformance of other fee categories. This structure
reinforces alignment and protects shareholder interests.
During the year, the Board also reviewed corporate and related
party costs. As a result, more than $4 million of operational
costs will be removed from fees paid to Morrison from FY2026.
We remain confident that our management model continues to
serve shareholders well and positions Infratil for continued
success.
SHAREHOLDERS AND INVESTOR RELATIONS
We are long-term investors, and we are privileged to have a
shareholder base that shares this horizon. Our equity raise last
year, one of the largest in New Zealand corporate history, was
met with strong support. The placement was oversubscribed
several times over, and retail participation was strong. It was
pleasing to see many shareholders who participated in the
placement continue to buy on-market in the months following.
The catalyst for that raise was development to meet increasing
customer demand at CDC, but the support we received
reflects broader confidence in our strategy and portfolio. We
do not take this for granted.

98
Dear investors,
Our 31st year was as eventful as any other I can recall. For most
of 2024, investors focussed on the potentially transformative
impact of artificial intelligence, including for us, accelerating
demand for data centre space and electricity to power those
data centres. This calendar year, investors have focussed
closely on the pace of that acceleration, and now Liberation
Day tariffs. Throughout, New Zealand’s economic conditions
have remained tight.
Suffice to say, the world today feels vastly different to the
world at the beginning of the last year. This too shall pass, a
wise person once said, and while we do not ignore current
events, and certainly are not immune to them, our focus as
always remains on generating sustainable growth over the long
term. So, our theme for this annual report is Navigating Beyond
the Noise.
RETAINING OUR LONG-TERM STRATEGIC
APPROACH TO GROWTH
Our long-term focus means we target returns to shareholders
on a ten-year rolling basis. While we pay a dividend, our focus is
primarily on growth in value per share as reflected in our share
price. As at 31 March 2025, our ten-year total shareholder
return stood at 17.0% per annum (vs 22.0% last year), well
above our target return of 11–15% per annum. This year
illustrates the wisdom of a long-term target well, with the
contribution to our annual return, +18.2% over the first nine
months of the year and -20.8% over the last three months. Our
portfolio companies own, operate and in many cases develop
long-term infrastructure assets that last 30 years or more. Their
intrinsic value does not fluctuate as much as this would
suggest.
Our approach is to blend a portfolio of stable, cash flow
generating infrastructure businesses with faster growing
infrastructure businesses that can reinvest that cash at
attractive returns over multiple years. This portfolio approach
enables us to invest for growth through economic cycles,
across more options than a single business generally has, and
occasionally to change our portfolio strategically away from
mature businesses to new ones with more attractive long-term
growth prospects, or opportunistically as good deals arise.
Portfolio companies can and do work and learn together too.
Maintaining this cycle over long periods of time takes our
constant attention, to the operating performance of our
businesses, the long-term trends influencing the growth of
infrastructure businesses globally (e.g. digitisation,
decarbonisation, and ageing populations), and disciplined and
dynamic capital allocation to the best long-term opportunities
across our existing businesses and new businesses Morrison
identifies. This approach is how Infratil has generated excellent
growth over its 31-year history, 18% per annum, and how we
look to continue that track record sustainably into the future.
INFRATIL’S PORTFOLIO TODAY AND LOOKING
AHEAD
You can think of Infratil’s portfolio as being arranged into three
pillars. The first is our cash flow generating businesses that have
some growth of their own, but whose principal role in the
portfolio is supporting Infratil and the faster growth of the other
two pillars through economic cycles.
The second pillar is our mature growth platforms, today CDC
Data Centres and Longroad Energy. These are reinvesting
almost all their internally generated cash to fund growth, and
occasionally require additional equity from Infratil.
The third pillar is our growth platforms for the future, principally
today Gurīn Energy, Galileo and Kao Data. These have limited or
no capacity to fund their own growth while they build out their
first operating assets.
In the last two years, strategic and growth opportunities across
all three pillars have emerged that have exceeded our funding
capacity, requiring equity raises. Last year, CDC accelerated
its build programme in response to significantly increased
demand for its data centres to support artificial intelligence.
We decided to undertake a capital raise for our share of the
equity for that acceleration. We raised $1,275 million, and
A$434 million was injected into CDC in December, alongside
an equal amount from our partners in that investment. We
expect to inject approximately A$250 million into CDC over the
next year, again alongside an equal amount from our partners.
With this funding, CDC expects to double its EBITDAF over the
next two years, with approximately 80% of revenue contracted.
Longroad also has a large build programme, supported by
REPORT OF THE
CHIEF EXECUTIVE
We continue to invest in enhancing our
disclosure and investor engagement,
including providing additional information on
key assets, enhanced independent valuation
disclosures, and more frequent independent
valuation updates.
We have also maintained our commitment to meeting
shareholders face to face, continuing our retail roadshow
across New Zealand, and institutional events in New Zealand
and Australia.
Of particular note is our governance roadshow, now in its third
year, which enables institutional shareholders to engage directly
with Infratil directors. The feedback we receive through these
forums continues to inform our Board discussions and priorities.
GOVERNANCE AND BOARD PERFORMANCE
We are a highly engaged Board. During the year, we completed
a formal external evaluation of Board performance conducted
by Propero. The review found high levels of energy,
collaboration, and transparency, with a strong sense of shared
purpose. Board and management ratings of performance are
strong, placing Infratil at the 90th percentile of Propero’s
database, up from the 75th percentile in 2021. There was also
strong alignment on Board performance between the Board
and Management. Directors bring deep expertise, but also an
openness to challenge, learn and evolve. I have seen firsthand
the commitment each director brings to the table, not only in
terms of time and preparation, but in the quality of insight and
questioning they offer. There is a genuine sense of shared
responsibility for delivering long-term outcomes, and a
willingness to evolve as the business scales and our roles grow
in complexity.
We know that good governance requires continuous
improvement. This includes maintaining governance altitude,
lifting our focus to strategic and portfolio-level issues, and
constructively challenging management to ensure decisions
are robust and aligned with long-term value creation. We are
also taking a long-term view of Board succession planning to
ensure we retain institutional knowledge while gradually
introducing new perspectives that will support Infratil’s
continued growth and evolution.
LOOKING AHEAD
Our investment strategy is to invest in ideas that matter -
themes and assets that will remain essential to society for
decades to come. Data. Connectivity. Decarbonisation.
Healthcare. Infrastructure. These are not fads. They are the
backbone of economic resilience and productivity. And they are
central to the type of infrastructure that investors want to own.
We are not immune to market cycles, valuation volatility, or
macro headwinds. But we are well placed to endure them.
Our 10-year return target is designed to take the long view, to
smooth the effects of shorter-term divergence between asset
and share price performance, and to reflect our belief that time
is the friend of a well-run business.
As we look ahead, the challenges are real,
rising geopolitical tensions, elevated cost
pressures, and more volatility to come. But
so too are the opportunities.
The AI revolution is accelerating demand for digital
infrastructure. The energy transition continues. Governments
are increasingly looking to private capital to help solve
infrastructure deficits. These trends play directly into our
strengths.
To all our shareholders, thank you for your continued support.
We are privileged to manage your capital and remain
committed to doing so with discipline, transparency and care.
Ngā mihi nui,

Alison Gerry
Chair

1110
significantly increasing demand for power in the U.S. for data
centres and manufacturing. This year we committed an
additional US$110 million to Longroad to fund its build
programme through to 2027.
Completing CDC and Longroad’s current, significant build
programmes is key to achieving our long-term return target
of 11-15% per annum total shareholder returns over the next
two to three years. While underway, our portfolio mix is skewed
away from cash flow generating toward growth, with
approximately 60% of the value of our portfolio in pillars 2 and 3
today (i.e. in net consumers of cash from Infratil). As these
programmes complete over the next two to three years and
become cash flow generating, we expect the portfolio to revert
closer to the 50/50 balance of cash flow generating and
growth that we target over the long term.
PORTFOLIO CONCENTRATION
We get asked a lot about the concentration of our portfolio in
CDC, now about 40% by value. This is elevated, although not
unprecedented for Infratil: Trustpower was more than half of
Infratil’s assets at times. Like returns, concentration is something
we manage over the long term. Like our investors, we value
diversification for the resilience it can provide against issues like
climate change or regulatory/political uncertainty. Trustpower’s
weighting was balanced over time by demerging Trustpower’s
renewable energy development business, Tilt Renewables, and
by maturing other, future growth platforms like CDC and
Longroad.
Near term, we are particularly focussed on Gurīn’s large
Singapore-focussed solar and battery project. This is a
US$2–3 billion project, that will require approximately
US$500 million of equity and take three to five years to
complete.
The project is extremely complex, even for experienced
renewable energy developers like us, but has the potential to
create US$500 million or more of value. The project is due to
reach financial close in the next year, and is one to watch.
If this project completes, we expect CDC to remain a similar
proportion of our portfolio over the next few years.
Galileo and Kao Data have their own growth programmes too,
while Longroad watches as U.S. lawmakers review incentives for
renewable energy developers over the balance of this year. We
expect that pressure to ease when regulation has stabilised.
FUTURE GROWTH AREAS
While we remain confident in increasing demand for renewable
energy and data centres and attractive returns for those sectors
in the future, we continue to explore new areas of long-term
growth. Our healthcare investments, for example, span all three
of our pillars, both generating cash flow and having exposure to
long-term, stable growth.
Also, Morrison’s 200+ global team is constantly monitoring
long-term infrastructure growth trends globally and identifying
new infrastructure investment opportunities. One of the more
interesting ideas we are working on at the moment is shared,
advanced logistics facilities. Think robotics in warehouses,
shared between industry participants to reduce overall costs to
sectors like pharmaceuticals or food and beverage. We will use
our annual Investor Day in September to share early thinking on
future growth areas like this.
Our approach requires Infratil to maintain flexibility to fund our
most attractive growth opportunities through economic cycles,
both the ones within our portfolio and new ones that could be
added. It is critical not to miss the next CDC or Longroad that
Morrison identifies. While we have raised equity in recent years,
that is relatively unusual in our history and not our first
preference. Our focus today is firmly on internal sources for
funding our growth, primarily the operating cash flow and
distributions from our pillar one businesses. These cover our
annual fixed outgoings, but do not currently cover our dividend.
Ensuring distributions to Infratil cover our dividend as well over
the next two to three years is an important strategic target for
us, and we expect this to happen as One NZ’s free cash flow
grows strongly and CDC and Longroad’s significant current
growth programmes complete.
We will also look to divest businesses that may not be able to
scale to be meaningful as cash or growth contributors in our
ownership. Divestments can take some time, two to three
years, to minimise disruption for those teams and their
customers, and find the best new owner.
SCALE AND COMPLEXITY ARE
RECURRING THEMES

Many of our businesses benefit from scale. Infrastructure
development businesses like CDC and Longroad benefit
enormously by being able to maintain deeper pipelines of
projects to react to customer demand faster than smaller
competitors, and to reduce their costs by procuring and
financing at scale, and by building more and larger projects to
efficiently spread their fixed costs. In our experience, returns for
these businesses have not declined as you might expect over
time as new competitors enter their markets, but they have
tended to increase because of these scale benefits. It is one
reason why we continue to like their long-term growth outlook.
Scale also benefits Infratil. Our market capitalisation when we
invested in CDC and Longroad in 2016 was “just” $1.8 billion,
and only nine years later at 31 March 2025 was $10.0 billion.
Scale is important in listed capital markets, to attract the
Australian and increasingly global institutional investors Infratil
will need to support its growth in the future. Continuing our track
record of 15% per annum capital growth from the past 10 years,
implies that Infratil’s market capitalisation will reach
approximately $20 billion by 2030.
Working towards the best mix of local and global investors to
support this growth is a big focus for us. Thoughtfully managed,
this will benefit all shareholders, large and small, by bringing
more liquidity and diverse perspectives on the value of the
portfolio. Retaining and building on our sustainability credentials
will be important to attract the widest possible pool of investors.
One of the key insights from that work has been that too many
small assets, that are not meaningful for shareholder returns, is
a negative for the offshore institutional investors that we would
like to attract. This supports our focus on selling businesses that
may not scale in our ownership, and on scaling our key cash flow
and growth generating businesses. We expect more of the
portfolio to become concentrated in fewer, large investments as
that shift takes place, while maintaining enough diversification
to provide some stability for returns through economic cycles
and sowing sufficient seeds for future growth, as I have already
outlined.
KEY ACHIEVEMENTS AND STRATEGIC
MILESTONES THIS YEAR
Overall, the portfolio achieved pleasing operating results,
particularly given the inflationary pressures heading into the
year, significant change programmes in One NZ and Qscan,
airline fleet shortages affecting Wellington Airport, and
Government-related uncertainty for Longroad (U.S. renewable
energy incentive reform) and RHCNZ (New Zealand health
reform). One NZ’s on target performance stands out, given
the difficulties the New Zealand economy has faced, and
demonstrates the differentiated position of our business. Also,
Qscan’s double digit earnings growth is a welcome return to
form, with RHCNZ not far behind, as they’ve got on top of the
inflationary pressure that the whole sector has faced.
Achieving these results takes enormous focus from our
businesses and Morrison, and lays the foundation for our
strategic initiatives. We achieved three key strategic milestones
this year.
First, we agreed to merge Manawa Energy into Contact Energy.
This was achieved at an attractive valuation for both parties,
and for Infratil brings improved cash flow, and continues our
exposure to the New Zealand energy sector with attractive
growth opportunities over the next two to three years.
Manawa (formerly Trustpower) was Infratil’s first investment,
and as I’ve said, was at one point more than half the portfolio.
Thank you to the Manawa team for all their hard work over the
years, no less this last year which has been trying while making
this transaction a major success.
Secondly, Infratil agreed to acquire 1.58% of CDC, at an
attractive valuation considering the improved governance rights
we now have. The acquisition followed a competitive sale
process run by one of the other shareholders in CDC for whom
that investment had become quite large, and we and another
CDC shareholder, Future Fund, exercised our pre-emptive
rights to acquire the 12.04% stake instead of the leading bidder.
The transaction was also significant for confirming the private
market valuation for a minority stake in the business was more
than 30% higher than the previous independent valuation.
Unfortunately, the transaction coincided with fears that
AI-driven demand for data centre space in Australia was falling,
so our share price unexpectedly went down rather than up for a
period after this announcement. Confidence seems to have
returned somewhat, and we remain confident in CDC’s strong
market position and growth prospects.
Thirdly, Infratil was added to the MSCI Global Standard Index,
which is an important index comprising New Zealand’s five
largest listed companies. This index is closely followed by global
investors, so is critical to broadening our shareholder base. We
were also added to the ASX300 which has opened numerous
doors with new investors offshore to tell our story. Inclusion in
these indices - and their associated ESG indices - will heighten
visibility and the relevance of Infratil’s ESG ratings.
WHAT WE’VE LEARNED THIS YEAR
It is as important to reflect on what we have learned this year
too. For me, it is that transactions are very difficult in the current
environment, can take a lot longer than you think, and require
extraordinary focus and skill. Manawa’s merger with Contact
was one example. We would like to have made more progress
on other potential sales this year, and you will see that clearly
called out in our new strategic targets.
NEW STRATEGIC TARGETS FOR NEXT YEAR
AND BEYOND
The Board has approved a new set of strategic targets for the
business going forward, that are key to supporting our future
growth. They are as follows:
• Sell businesses that may not scale under our ownership, to
reinvest into our growth platforms. We expect this to yield
$1 billion+ in proceeds over the next two to three years.
• Identify and scale the next pillar of growth, beyond CDC
and Longroad. I have mentioned Gurīn above and other
opportunities. In addition to attractive growth, success here
would see CDC staying at a similar proportion of our portfolio
to what it is today while continuing its own strong growth
(circa 40%).
• Return Infratil’s operating cash flow to balance, with
distributions from portfolio companies covering our fixed
annual outgoings and our dividend. We exclude incentive
fees as that should eventually be met from capital flows:
realisations or extraordinary distributions from our
businesses. We expect to be able to achieve this balance as
CDC and Longroad’s currently elevated build programmes
complete, in the next two to three years.
• Broadening our shareholder base to support our future scale.
The first milestone towards our target shareholder mix is
potential inclusion in the ASX 200 index within the next year.
CONCLUDING REMARKS
Ordinarily, uncertainty increases the further out you look, but
the reverse feels truer today. The long-term drivers of demand
for our businesses continue, but the noise of technological,
political and geopolitical change in the near term is meaningful.
Our portfolio approach has never been more valuable to
navigating that noise, and growing through it. While U.S.
renewable energy business valuations reflect some of that
noise, Gurīn and its renewable projects are stepping forward.
As Wellington Airport contends with aircraft shortages, merging
Manawa with Contact will improve cash flow through to Infratil.
Morrison’s scale and entrepreneurial, long-term mindset,
continues to find innovative ways like these to position the
portfolio for long-term sustainable growth.
Lastly, thank you, to you our shareholders, for supporting our
equity raise last year and all the feedback - positive and
constructive – throughout the year. It is much appreciated.
Ngā mihi nui,

Jason Boyes
Chief Executive

1312
Infratil’s management team comprises individuals employed
by Morrison, including Infratil’s Chief Executive and Chief
Financial Officer, as well as senior personnel from its portfolio
companies. The day-to-day management of Infratil is governed
by a Management Agreement, which outlines Morrison’s
responsibilities, authority, and the fee arrangements for its
services.
Founded in New Zealand in 1988, Morrison is a leading global
infrastructure investor and operator, with over 215 professionals
across offices in New Zealand, Australia, Asia, the United
Kingdom and Europe. Morrison has managed Infratil since its
inception, helping transform it from a domestic infrastructure
investor into a globally diversified platform. The relationship
spans over 30 years and remains central to Infratil’s ability to
scale and deliver superior shareholder outcomes.
The Board sets specific goals and objectives for Morrison,
aligning management efforts with Infratil’s strategic priorities.
Morrison is held accountable to the Board for achieving these
outcomes.
JASON BOYESANDREW CARROLLPAUL NEWFIELDRACHEL DREWWILLIAM SMALES
Infratil Chief Executive, Director
of Infratil, CDC and Longroad
Energy, Morrison Partner
Infratil Chief Financial Officer,
Director of One NZ, Chair of
EonFibre, Morrison Executive
Director
Morrison Partner and Chief
Executive
Chair of Wellington Airport,
Morrison Partner and Head

of Asset Management
Director of CDC and Kao Data,
Morrison Partner, CIO and
Global Head of Digital and
Connectivity
MARK FLESHERSTEVEN FITZGERALDPETER COMANKELLEE CLARKLOUISE TONG
Capital Markets & Investor
Relations, Morrison Executive
Director
Morrison Partner and Lead
Operating Partner
Chair of RHCNZ Medical
Imaging, Qscan and Infratil
Property, Morrison Partner

and Head of Australia and
New Zealand
Director of Longroad Energy,
Morrison Partner and Head of
Legal
Infratil Director of Sustainability,
Morrison Executive Director
MATTHEW ROSSBRENDAN KEVANYNICK LOUGHJILLIAN GARDNERALICIA QUIRKE
Infratil Deputy CFO, Director
of Wellington Airport,
Morrison Executive Director
Infratil Company SecretaryMorrison Executive

Director, Legal
Morrison Head of TaxMorrison Regional Tax Director
TOM ROBERTSONSOMALI YOUNGJOE BEECHTHOMAS WILLSROBYN SIMPSON
Infratil TreasurerInfratil Head of Financial
Planning and Analysis
Infratil Financial ControllerInfratil Financial Performance
and Analysis Manager
Infratil Finance Manager
PHILLIPPA HARFORDALEX BADENOCHRALPH BRAYHAMLEE COKERROHIT RANGARAJAN
Chair of One NZ, Director of
Manawa Energy, Morrison
Partner
Director of One NZ, Morrison
Partner
Director of One NZ, Morrison
Data Infrastructure

& Technology Specialist
Director of Fortysouth,

Morrison Executive Director
CDC Asset Manager,

Morrison Investment Director
LEWIS BAILEYROBERT HUANGVINCENT GERRITSENVIMAL VALLABHDEION CAMPBELL
Morrison Executive Director,
Strategy
Morrison Executive DirectorDirector of Galileo and Kao
Data, Morrison Partner and
Head of UK and Europe
Chair of Gurīn Energy and
Galileo, Morrison Partner and

Global Head of Energy
Chair of Manawa Energy and
Longroad Energy, Morrison
Operating Partner
WILL MCINDOEMARK MCARDLERAJIV KHAKHARILARIA DI FRESCOPRIYA GREWAL
Director of Mint Renewables,
Morrison Executive Director
Director of Galileo, Morrison
Executive Director
Director of Galileo and Gurīn
Energy, Morrison Executive
Director
Energy EconomistDirector of Mint Renewables,

Morrison Investment Director
MICHAEL BROOKALAN MCCARTHYNICOLE PATTERSONELIZABETH ALBERGONIPHIL WALKER
Director of RHCNZ Medical
Imaging and RetireAustralia,

Morrison Executive Director
Director of Qscan and

RHCNZ Medical Imaging
Director of CDC and Qscan,
Morrison Executive Director
Director of Wellington Airport,
Morrison Investment Director
Director of Wellington Airport
TRANSPARENT AND RELIABLE
MANAGEMENT TEAM
Morrison invests across the risk-return spectrum, in both
private and listed infrastructure markets. In addition to Infratil,
Morrison manages investments for institutional clients including
the New Zealand Superannuation Fund, the Commonwealth
Superannuation Corporation, and the Australian Future Fund, as
well as managing other unlisted infrastructure funds. Several of
these investors are co-investment partners in Infratil’s portfolio.
Morrison’s deep sector knowledge, global relationships,
and execution capabilities provide Infratil with access to
opportunities, insights, and talent that far exceed what a
business of its size could develop independently. This is
further strengthened by Morrison’s own investment in Infratil,
which reinforces long-term alignment with shareholders.

1514
Infratil's large and diverse shareholder base,
along with our ownership of assets deeply
embedded in local communities,
underscores Infratil’s commitment to a
broad set of stakeholders. We understand
that owning such significant assets brings
a responsibility to be transparent and open
in our reporting and communication.

Our goal is to continually improve the accountability of
governance and management while increasing transparency
in our operations. This commitment involves providing regular
updates on the progress of our businesses and the risks
associated with each investment. To achieve this, we ensure
that shareholders have the opportunity to engage with Infratil’s
management and directors, ask questions, and offer feedback.
Infratil’s 2024 retail roadshow saw management travel the
length of New Zealand to meet directly with shareholders and
bondholders, hosting 17 events between 29 May and 3 July.
Covering centres from Whangārei to Invercargill, the roadshow
reaffirmed Infratil’s commitment to transparent, in-person
engagement. Last year’s series was particularly timely, with
seven presentations held during the offer period for Infratil’s
equity raise, enabling management to speak directly to the
transaction and provide clarity for investors considering
participation. More than 1,800 shareholders attended the
sessions, which included a formal presentation, open Q&A,
and informal networking with management.
In addition to the traditional roadshow, Infratil partnered with
Sharesies to host a hybrid event tailored to the next generation
of retail investors, attracting over 100 participants both in
person and online.
More recently, CDC CEO Greg Boorer and members of his
senior management team hosted an investor briefing and site
visit to CDC’s new Brooklyn campus in Melbourne. The session
provided an update on CDC’s significant growth outlook, driven
by the rising demand for secure, sustainable, and advanced
digital infrastructure, particularly in AI and hyperscale
workloads.
We have also sought to expand our channels of communication.
In addition to regular NZX announcements and presentations,
we now provide more frequent newsletter updates and digital
communications, available through our website.
Looking ahead to 2025, we plan to scale back our retail
roadshow slightly, with 12 venues scheduled. However, we
remain committed to visiting most of our previous locations on
a two-year rotation - provided attendance levels continue to
justify the investment of management time and resources. This
evolving approach reflects the need to balance the importance
of face-to-face engagement with domestic shareholders
against the growing presence of international investors on our
register, and the need to ensure they are equally well supported
through appropriate channels.
These adjustments are part of our broader effort to support
greater transparency and accountability. We know our portfolio
is dynamic, and that, for many shareholders, the mix of assets
they own today may differ from when they first invested. That’s
why we believe in sustained, two-way dialogue. It allows us to
explain the rationale behind our decisions, hear directly from
our stakeholders, and ultimately continue to build confidence
in Infratil’s long-term strategy.
Over the past decade, Infratil’s portfolio has undergone
transformational change. It is now significantly more
geographically diverse, with over 20% of the portfolio located
outside Australasia - up from just 0 .1 % ten years ago. At the
same time, our portfolio has evolved to reflect emerging global
trends, with digital infrastructure growing from less than 1% to
66% of total value. Over this period, the overall value of Infratil’s
assets increased by 750%. The changing shape of our portfolio
reflects our ambition to build global platforms of scale in ideas
that matter.
STAKEHOLDER
ENGAGEMENT
SHAREHOLDER RETURNS
AND OWNERSHIP
31 YEAR TRACK RECORD
Capital ReturnAccumulation IndexDividend Return
Over the year to 31 March 2025, Infratil's
share price fell from $10.89 to $10.38.
Infratil paid two dividends amounting
to 20.25 cents per share (cps) cash and
1.75 cps in imputation credits.
Additionally, during the year, retail shareholders had the
opportunity to participate in a retail share offer at a price
of $10.15 per share. Institutional shareholders were also
offered participation through an institutional placement
at the same price.
The total return to shareholders for the year was negative
2.6%, comprising a 1.5% after-tax dividend return (28% tax
rate) and a 4.1% capital loss. The total return of the NZX50
over the same period was 1.4%, while the return from the
ASX200 was 2.95%. Both calculations assume that all
dividends were reinvested when received, so the shareholder
neither took out, nor invested any additional cash.
Infratil’s after tax and fees return since listing in March 1994 has
been 18.0% per annum, and over the last ten years 17.0% per
175%
$175,000
150%
$150,000
125%
$125,000
100%
$100,000
75%
$75,000
50%
$50,000
25%
$25,000
0%
$180,000
25%
-$25,000
50%
-$50,000
Annual Return
Accumulation Index
2025202320212019201720152013201120092007200520032001199919971995
annum. A shareholder who invested $1,000 in Infratil shares on
31 March 1994 and subsequently reinvested all dividends and
the value of all rights issues (i.e., who neither took money out
nor put money in) would, as of 31 March 2025, own 16,495
shares worth $168,261. Shown below as the accumulation
index.
OWNERSHIP
As the size and scale of Infratil has grown, so too has our
overseas investor base. While shareholdings across all investor
types increased during the year - largely driven by our equity
raise - the most significant proportional change was a 6.2%
increase in ownership by offshore investors.
As at 31 March 2025 the top 10 underlying shareholders owned
27.5% of shares on issue, up slightly from 27.0% in the prior year.
31 March 202531 March 2024
Million
shares%
Million
shares%
New Zealand retail investors 383.7 39.7% 369.4 44.4%
New Zealand institutional investors 264.5 27.3% 239.9 28.8%
Overseas investors 319.9 33.0% 223.2 26.8%
968.1 832.6

1716
SUSTAINABILITY
At Infratil, sustainability is not a trend.
While political and regulatory environments
may influence the pace of change, our
commitment to investing wisely remains
constant.
This means integrating sustainability considerations into our
investment approach to support long-term value for
shareholders, and to meet the expectations of our customers,
communities and capital providers.
In its broadest sense, sustainability is about meeting the needs
of today without compromising the ability of future generations
to meet theirs. It’s about building infrastructure that is resilient,
inclusive, and enduring - infrastructure that supports a liveable
climate, thriving communities, and a prosperous, sustainable
economy.
While some segments of global markets have retreated
from overt ESG initiatives, such as diversity, Infratil remains
firmly committed to long-term sustainability leadership. In
New Zealand, there is an enduring expectation that companies
act as responsible stewards of capital, resources, and people.
We are proud to stay the course - not because it is fashionable,
but because it is foundational.
We filter out the noise - from the politicisation of ESG to the
hype cycles surrounding emerging technologies - and stay
focussed on the structural forces shaping the future of
infrastructure. We don’t chase trends; we build value that
endures. For us, sustainability is not separate from performance
- it is central to our ability to deliver attractive long-term returns
for shareholders. From the decarbonisation of energy systems
and the digitisation of economies, to meeting the healthcare
needs of ageing populations, our investments are aligned with
the global transition to a more sustainable, connected, and
resilient future.
This year marked several milestones on our sustainability
journey, including the publication of our second Sustainability
Report and the release of our first mandatory climate-related
disclosures. Climate & Nature is one of the four pillars of Infratil’s
sustainability strategy. Our SBTi-validated science-based
targets - the first in New Zealand’s financial sector - continue to
guide both our own operations and our expectations of portfolio
companies. We remain focussed on progress over perfection,
recognising that while the path forward may be complex, the
direction is clear.
MEASURING PROGRESS
Infratil and its portfolio companies have participated in GRESB
assessments for three consecutive years. These independent
ESG benchmarks provide valuable insights - not only into
relative performance and areas for improvement, but also into
how we track and evidence progress.
As Infratil’s inclusion in the NZX50, ASX300 and MSCI indices
grows, ESG ratings are also one of the mechanisms through
which we attract a broader pool of high-quality investors.
ESG RATING OUTCOMES IN 2024
Assessment2024 Outcome
Infratil GRESB Rating86 (up from 83 in 2023)
Forsyth Barr Carbon &
ESG Rating
B+ (unchanged)
Morningstar Sustainalytics
ESG Risk Rating
8.5 (Negligible Risk) vs.
43.9 (Severe Risk) in 2022
MSCI ESG RatingAA (up from A in July 2024)
CDP - Climate ChangeC (unchanged)
TRANSPARENT LEADERSHIP
Transparency and alignment with credible ESG standards are
central to Infratil’s sustainability strategy. Demonstrating
leadership in this area means reporting clearly, benchmarking
against global frameworks, and engaging constructively with
stakeholders. During the period, Infratil and several of its
portfolio companies published updated sustainability and/or
climate-related disclosures, reflecting our commitment to open
and consistent reporting:
• Infratil FY2024 Sustainability Report & Climate-Related
Disclosures (CRD)
• CDC Sustainability Report 2024
• One NZ Sustainability Report FY2024
• Manawa Energy Climate Statement FY2024
• Wellington Airport 2024 Kaitiakitanga Report & Climate
Related Disclosures
• Kao Data FY2024 ESG Report
DELIVERING POSITIVE IMPACTS
Infratil reports aggregated portfolio metrics across our most
material ESG themes, including financed emissions,
governance, people, and community engagement. While
transparency and disclosure matter, it is real-world impact
that ultimately demonstrates progress.
Across the portfolio, we are seeing tangible, measurable
outcomes on the sustainability issues that matter most to our
businesses and stakeholders - outcomes that align closely with
our purpose and strategy. These include improved emissions
intensity, community partnerships, and the deployment of
climate-resilient infrastructure.
BELOW IS A SNAPSHOT OF POSITIVE IMPACTS BEING
DELIVERED ACROSS OUR KEY SECTORS:
CDC and Kao Data continue to build next-generation data
centres that support AI innovation while minimising negative
environmental impacts. CDC’s facilities use zero water for
cooling, saving the equivalent of 2,000 Olympic-sized
swimming pools annually. Its New South Wales operations have
achieved zero waste certification, and CDC New Zealand
remains the only large-scale data centre platform globally to
be Toitū-certified net carbon zero. Kao Data continues to power
all its data centres on 100% renewably sourced electricity.
In early 2024, One NZ partnered with New Zealand’s largest
e-waste recycling company, Echo, to responsibly resell, reuse,
or recycle end-of-life technology equipment from its
operations. In the first year of the partnership, a targeted
clean-up of facilities resulted in 65,707 kilograms of operational
waste being processed - with an impressive 97.5% diverted
from landfill.
Longroad, Galileo, and Gurīn continue to advance large-scale
wind, solar, and storage projects that will contribute to the
global energy transition. This year, Longroad and Manawa
Energy together generated enough renewable electricity to
power the equivalent of more than 900,000 New Zealand
homes.
Renewable energy development is, at its core, a conservation
measure - reducing the impacts of climate change on wildlife
and ecosystems. Longroad undertakes detailed wildlife and
habitat assessments for every project and formulates strategies
to mitigate risk and enhance local ecological outcomes.
RHCNZ and Qscan continue to expand access to high-quality
diagnostic services, while RetireAustralia is pioneering
integrated care hubs that support older Australians to age in
place. Across the healthcare portfolio, we delivered 2.5 million
scans to over 1.3 million patients this year. Diagnostic imaging
is increasingly critical to preventative care, enabling early
diagnosis and reducing the requirement for costly acute care.
This shift towards value-based care improves outcomes for
patients whilst also reducing system-wide costs.
Wellington Airport is playing an active role helping to
decarbonise air travel. It recently hosted a hydrogen fuel trial
and has been selected as the home base for Air New Zealand’s
electric demonstrator aircraft service, launching in 2026. These
initiatives underscore the airport’s leadership in enabling a more
sustainable future for aviation.
These are just a handful of the initiatives underway across our
portfolio. Our 2024 Sustainability Report has more detail on
initiatives across the Group.
100%
of portfolio companies measuring
carbon footprint
26%
of portfolio companies committed to
having an SBTi-validated emissions
reduction target
43%
Females on Infratil’s Board
Zero
Reported workplace fatalities
across the portfolio
0.6
Lost Time Injury Frequency Rate
1
1.2
Total Recordable Incident
Frequency Rate
1

$3.8 M
Proportionate community
investment
2025 HIGHLIGHTS
1 Based on 200,000 hours on a weighted average basis by employees.

1918
INFRATIL FUNDING
Changes to the relative funding of Infratil and
its 100% subsidiaries occurs as businesses
are sold and acquired, when Infratil receives
funds from, or advances them to its operating
businesses, or if shares are repurchased or
issued.
The use of debt is bound by Infratil’s policy of
maintaining credit metrics that are broadly
consistent with an Investment Grade Credit
Rating (Infratil is not credit rated) and with
maintaining availability of funds for investment
purposes.
PROPORTIONATE EBITDAF
The calculation of Proportionate EBITDAF is
outlined on page 3 of this report. It is intended
to show Infratil’s share of the operating
earnings of the companies in which it invests.
Proportionate EBITDAF is a non-GAAP
financial measure.
The figures include the contribution of assets
held for sale.
INFRATIL ASSETS
The graph shows the fair values of Infratil’s
assets.
As noted on page 23, the fair values are
market values when an asset is listed, the
independent valuation if one is available, or
the book value for assets which Infratil does
not commission independent valuations for.
Annual ReturnAccumulation Index
2025
0%
20%
40%
60%
100%7,500
6,000
4,500
3,000
1,500
0
(2,000)
80%
-20%
202420222021202020192018201720162023
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
2024202520232022202120202019201820172016
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
$Millions
2025
2,000
202420162017201820192020202220232021
0
202320222021202020192018201720162024
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2,600
2,400
2,200
2,000
2025
$Millions
-200
200
400
600
1,200
1,000
800
$Millions
0
2016
X
2017
X
2018
X
2019
X
2020
X
2021
X
2022
X
2023
X
2024
X
2025
X
Dividend Return
Capital Return
Accumulation Index
SHAREHOLDER RETURNS
Between 1 April 2015 and 31 March 2025
Infratil provided its shareholders with an
average after tax return of 17.0% per annum.
$1,000 invested at the start of the period
would have compounded to $4,808
by 31 March 2025, assuming that all
distributions were reinvested.
PROPORTIONATE CAPITAL
EXPENDITURE
Over the past decade Infratil’s share of the
capital expenditure of its portfolio companies
was $9.3 billion, the majority of which has
been undertaken in the past 5 years.
Funding for this investment is derived from
shareholder equity contributions, free cash
flow, and debt.
Net bank and dated bonds
Perpetual bonds
Equity (market value)
To t a l
X
Longroad EnergyCorporate
Fortysouth
Diagnostic Imaging
Galileo
Other/sold
Kao Data
RetireAustralia
CDCGurīn Energy
Manawa Energy
Wellington Airport
Mint RenewablesOne NZ
Longroad EnergyCorporate
Fortysouth
Diagnostic Imaging
Galileo
Sold
Kao Data
RetireAustralia
CDCGurīn Energy
Manawa Energy
Wellington Airport
Mint RenewablesOne NZ
Longroad EnergyCorporate
Fortysouth
Diagnostic Imaging
Galileo
Sold
Kao Data
RetireAustralia
CDCGurīn Energy
Manawa Energy
Wellington Airport
Mint RenewablesOne NZ
FINANCIAL TRENDS

2120
Year ended 31 March ($Millions) Share20252024
CDC 48.2% $173.9 $140.8
One NZ 99.8% $604.0 $545.5
Fortysouth 20.0% $13.6 $11.5
Kao Data 54.0% $4.9 ($2.3)
Manawa Energy 51.1% $46.6 $ 74.1
Longroad Energy 37.2% $27.3 $33.4
RHCNZ Medical Imaging 51.8% $63.2 $58.1
Qscan Group 57.2% $48.7 $40.6
RetireAustralia 50.0% $21.6 $12.1
Wellington Airport 66.0% $86.1 $70.7
Corporate & other($103.5)($76.5)
Proportionate Operational EBITDAF $986.4 $908.0
Galileo 38.0% ($26.7)($15.2)
Gurīn Energy 95.0% ($32.0)($21.9)
Mint Renewables 73.0% ($9.9)($6.8)
Proportionate Development EBITDAF ($68.6) ($43.9)
Proportionate EBITDAF $917.8 $864.1
Trustpower Retail business 51.1% - ($0.3)
To t a l $917.8 $863.8
Year ended 31 March ($Millions)20252024
Operating revenue $3,851.8 $3,139.5
Operating expenses ($2,483.0) ($2,193.1)
Operating earnings$1,368.8 $946.4
International Portfolio Incentive fees ($346.9) ($127.8)
Depreciation & amortisation ($624.9) ($558.6)
Net interest($428.8)($366.7)
Tax expense($49.2)($74.2)
Realisations & revaluations($180.3) $942.3
Net surplus/(loss) continuing($261.3) $761.4
Discontinued operations - ($0.4)
Net surplus after tax($261.3) $761.0
Minority earnings($25.0) $8.9
Net parent surplus($286.3) $769.9
Year ended 31 March 2025 ($Millions)Share
EBITDAF
1
100%D&AInterestTa x
Revaluations
& other
adjustmentsMinorities
Infratil share
of earnings
CDC
48.2%
$360.9 - - - $133.9 - $494.8
One NZ
99.9%
$604.8 ($506.0)($210.3) $30.8 ($7.6)($0.2)($88.5)
Fortysouth
20.0%
$68.0 - - - ($75.1) - ($7.1)
Kao Data
54.0%
$9.1 - - - ($19.1) - ($10.0)
Manawa Energy
51.1%
$91.2 ($22.9)($27.4)($0.1)($40.6)($0.6)($0.4)
Longroad Energy
37.2%
$ 74.6 - - - ($93.4) - ($18.8)
Galileo Green Energy
38.0%
($69.7) - - - $61.7 - ($8.0)
Gurīn Energy
95.0%
($33.7)($0.7)($1.7)($0.6) $0.9 $2.6 ($33.2)
Mint Renewables
73.0%
($13.5)($0.4) $0.1 - ($0.1) $3.8 ($9.9)
RHCNZ Medical Imaging
51.8%
$125.9 ($28.5)($44.7)($12.2)($10.4)($14.8) $15.3
Qscan Group
57.2%
$84.5 ($36.5)($30.0)($6.3) $4.6 ($7.0) $9.3
RetireAustralia
50.0%
$43.2 - - - $10.9 - $54.1
Wellington Airport
66.0%
$91.4 ($29.9)($33.0)
($1.9)
($0.7)($8.8) $17.1
Corporate & other - ($411.4) - ($81.8)($58.9)($148.9) - ($701.0)
Total (continuing) $1,025.3 ($624.9)($428.8)($49.2)($183.7)($25.0)($286.3)
Trustpower Retail business 51.1% - - - - - - -
To t a l $1,025.3 ($624.9)($428.8)($49.2)($183.7)($25.0)($286.3)
Year ended 31 March 2024 ($Millions)Share
EBITDAF
1
100%D&AInterestTa x
Revaluations
& other
adjustmentsMinorities
Infratil share
of earnings
CDC
48.2%
$292.1 - - - ($200.7) - $91.4
One NZ
99.9%
$600.1 ($446.8)($159.2) $29.5 ($108.8)($0.8)($86.0)
Fortysouth
20.0%
$57.6 - - - ($66.4) - ($8.8)
Kao Data
52.8%
($5.3) - - - $2.8 - ($2.5)
Manawa Energy
51.1%
$145.0 ($20.6)($26.2)($25.3)($47.9)($12.7) $12.3
Longroad Energy
37.0%
$91.3 - - - ($45.3) - $46.0
Galileo Green Energy
40.0%
($37.9) - - - $39.4 - $1.5
Gurīn Energy
95.0%
($23.1)($0.7)($1.4) - ($0.4) $2.2 ($23.4)
Mint Renewables
73.0%
($9.3)($0.2) $0.1 - - $2.6 ($6.8)
RHCNZ Medical Imaging
50.3%
$115.3 ($26.2)($35.7)($14.5)($9.8)($14.6) $14.5
Qscan Group
5 7. 6 %
$73.3 ($34.2)($27.7)($4.3)($60.5) $22.5 ($30.9)
RetireAustralia
50.0%
$24.2 - - - ($5.8) - $18.4
Wellington Airport
66.0%
$83.8 ($29.9)($32.0)
($49.1)
($1.8) $10.0 ($19.0)
Corporate & other - ($204.3) - ($84.6)($10.5) $1,063.3 ($0.2) $763.7
Total (continuing) $1,202.8 ($558.6)($366.7)($74.2) $558.1 $9.0 $770.4
Trustpower Retail business 51.1% ($0.6) - - $0.2 - ($0.1)($0.5)
To t a l $1,202.2 ($558.6)($366.7)($74.0) $558.1 $8.9 $769.9
BREAKDOWN OF CONSOLIDATED RESULTS
Infratil consolidates a company when it has a controlling stake (owns more than 50%). This includes Manawa Energy, Gurīn Energy, Mint Renewables,
One NZ, RHCNZ Medical Imaging, Qscan Group and Wellington Airport. Associates (where Infratil has significant influence, but not control) such as
CDC Data Centres, Fortysouth, Kao Data, Longroad Energy, Galileo Green Energy and RetireAustralia are not consolidated. For those investments,
the EBITDAF column shows 100% of their EBITDAF and the “Revaluations & other adjustments” column includes the adjustment required to reconcile
Infratil’s share of each company’s net surplus after tax.
PROPORTIONATE EBITDAF
Proportionate EBITDAF is intended to show
Infratil’s share of the earnings of the companies
in which it invests.
Proportionate EBITDAF is shown from continuing
operations and includes corporate and
management costs, however, excludes international
portfolio incentive fees, acquisition or sale-related
transaction costs and contributions from businesses
sold, or held for sale.
A reconciliation of Proportionate EBITDAF to net
surplus after tax is presented in Infratil’s annual
results presentation.
CONSOLIDATED RESULTS
This table shows a summary Infratil’s reported
result for the period.
For the year ended 31 March 2025 the net parent
loss was $286.3 million, down from a profit of
$769.9 million the prior year.
The decrease is due to the $1,075.0 million
revaluation of Infratil's stake in One NZ following the
acquisition of Brookfield's share in the prior year.
Revenue and expenses have increased year on year
due to the full year impact of the consolidation of
One NZ into the Infratil accounts.
1 EBITDAF is an unaudited non-GAAP measure and is defined on page 3.
FINANCIAL PERFORMANCE & POSITION

2322
Year ended 31 March ($Millions)20252024
CDC $494.2 $35.1
One NZ
$20.9 $1,800.0
Kao Data $82.9 $156.2
Fortysouth - -
Longroad Energy $163.4 $96.2
Gurīn Energy $67.5 $55.8
Galileo $41.9 $39.6
Mint Renewables $11.7 $5.7
RHCNZ Medical Imaging $48.1 -
Qscan - $17.8
Clearvision $8.0 $18.8
Infratil Direct Investments $938.6 $2,225.2
Year ended 31 March ($Millions)20252024
Dividends received from portfolio companies$258.0$231.6
Management fees($108.7)($86.2)
Net interest($115.1)($110.9)
Other corporate operating cash flows($30.2)($7.0)
Net cash inflow from operating activities
$4.0 $27.5
Infratil direct investment($938.6)($2,225.2)
Other investment costs($16.3)($14.0)
Incentive fees paid($106.8)($102.2)
Net cash outflow from investing activities
($1,061.7)($2,341.4)
Bond maturities
($156.2)($122.1)
Proceeds from bond issues$326.2$277.2
Debt drawdown/(repayment)($194.4)$811.0
Equity raised$1,258.8$928.1
Dividends paid (net)($124.1)($154.3)
Net cash inflow from financing cash flows
$1,110.3 $1,739.9
Net increase/(decrease) in cash$52.7($574.0)
Year ended 31 March ($Millions)20252024
CDC $2,402.7 $1,416.4
One NZ $2,371.4 $2,486.6
Kao Data $537.4 $431.8
Fortysouth $186.3 $195.2
Manawa Energy $633.5 $684.4
Longroad Energy $374.8 $211.4
Galileo $143.3 $99.1
Gurīn Energy $63.1 $32.0
Mint Renewables $2.5 $2.0
RHCNZ Medical Imaging $461.0 $425.1
Qscan Group $263.6 $296.6
RetireAustralia $404.3 $436.6
Wellington Airport $723.3 $690.9
Parent & other $229.3 $241.0
To t a l $8,796.5 $7,649.1
Year ended 31 March ($Millions)20252024
CDC $7,248.5 $4,419.7
One NZ $3,713.5 $3,530.5
FortySouth $186.3 $195.2
Kao Data $701.6 $556.2
Manawa Energy $788.8 $728.0
Longroad Energy $2,111.9 $1,952.0
Galileo $326.0 $240.7
Gurīn Energy
$493.0 $237.1
Mint Renewables $22.8 $2.0
RHCNZ Medical Imaging $689.3 $606.7
Qscan Group $454.5 $411.9
RetireAustralia $404.3 $464.4
Wellington Airport $933.9 $623.7
Clearvision Ventures $156.2 $142.6
Property $ 7 3 .1 $98.4
Portfolio asset value $18,303.7 $14,209.1
Wholly owned group net debt($2,187.8)($2,264.8)
Net asset value $16,115.9 $11,944.3
Shares on issue (m) 968.1 832.6
Net asset value per share $16.65 $14.35
Year ended 31 March ($Millions)20252024
Net bank debt $544.8 $791.8
Intratil Infrastructure bonds $1,411.1 $1,241.1
Infratil Perpetual bonds $231.9 $231.9
Total net debt $2,187.8 $2,264.8
Market value of equity $10,048.7 $9,066.7
Total Capital $12,236.5 $11,331.5
Gearing 17.9% 20.0%
Undrawn bank facilities $1,365.6 $800.9
100% subsidiaries cash $71.9 $19.2
Liquidity available $1,437.5 $820.1
INFRATIL DIRECT INVESTMENT
This table shows Infratil’s investments made
in the period.
This investment is either used to acquire new
assets, increase holdings in existing assets, or
used by investee companies to invest into capital
projects, pay their operational expenses, or to
pay down debts.
For example, the $1,800 million invested into
One NZ in FY2024 was used to acquire Brookfield’s
49.95% stake of One NZ whereas the $67.5 million
invested into Gurīn Energy was used on a
combination of capital projects and operational
expenses.
CAPITAL OF INFRATIL AND
100% SUBSIDIARIES
This table shows the mix of debt and equity
funding at Infratil’s Corporate level.
During the year Infratil refinanced $56.1 million
of maturing IFT230 bonds through the issuance
of $204.5 million IFT350 bonds (maturing in
December 2031) and $100 million of IFT260
bonds through the issuance of $121.7 million of
IFT360 bonds (maturing December 2030). In total
this resulted in a net increase of $170.1 million
bonds on issue.
As of 31 March 2025 Infratil has $1,365.6 million
of undrawn bank facilities.
The increase in market value of equity included
the issuance of 125.6 million new shares as part
of the June 2024 equity raise to support further
investment into Infratil's growth assets.
BOOK VALUE OF INFRATIL’S
ASSETS
This table shows the accounting book value
of Infratil’s assets.
These are prepared in accordance with NZ IFRS,
and are the amounts reflected in Infratil’s
consolidated financial statements.
This generally reflects Infratil’s share of the net
assets of its investee companies, and includes
any goodwill at the consolidated level.
A separate adjustment has also been made to
the Wellington Airport book value which also
excludes deferred tax.
Other includes Infratil Infrastructure Property
and Clearvision Ventures, and excludes cash
balances and other working capital balances
at the Corporate level.
FAIR VALUE OF INFRATIL’S ASSETS
This table shows the fair value of Infratil’s assets.
The fair value of Infratil’s investments in CDC,
One NZ, Kao Data, Longroad Energy, Galileo,
Gurīn Energy, Mint Renewables, Qscan Group,
and RHCNZ Medical Imaging reflect independent
valuations prepared for Infratil.
The carrying value of RetireAustralia was reviewed
against market-based comparables and other
benchmarks at 31 March 2025 to estimate the fair
value of Infratil’s investment at 31 March 2025.
The fair value of Manawa Energy is shown based on
the market price as per the NZX.
Infratil does not commission independent
valuations for its other assets and these are
presented at book value.
INFRATIL AND WHOLLY-OWNED
SUBSIDIARIES CASH FLOWS
This table shows the cash flows of Infratil and its
100% subsidiaries.
Cash inflows and outflows for Infratil and its 100%
subsidiaries reflect the operating, investing and
financing cash flow movements during the year.
International Portfolio Incentive fees paid during
the period include FY2024 initial incentive fee of
$38.4 million, Tranche 1 of the FY2024 annual
incentive fee ($30.4 million), Tranche 2 of the
FY2023 annual incentive fee ($54.6 million),
Tranche 3 of the FY2022 annual incentive fee
($33.2 million), $50 million of which were paid
in scrip to Infratil’s Manager.
Year ended 31 March ($Millions)20252024
CDC $928.2 $291.8
One NZ $269.3 $261.4
Fortysouth
$4.8 $3.1
Kao Data $82.8 $58.8
Manawa Energy $26.5 $33.6
Longroad Energy $805.6 $825.5
Gurīn Energy $39.5 $60.0
Galileo $52.6 $42.7
Mint Renewables $0.5 $1.1
RHCNZ Medical Imaging $25.3 $26.1
Qscan Group $13.1 $16.0
RetireAustralia $62.8 $50.9
Wellington Airport $ 7 7. 5 $42.2
Capital Expenditure $2,388.5 $1,713.2
PROPORTIONATE CAPITAL
EXPENDITURE
This table shows Infratil’s share of the investment
spending of investee companies.
Infratil’s share of investment undertaken by investee
companies in the period is $2,388.5 million.
To illustrate the calculation of Proportionate
capital expenditure, Infratil owns 48.17% of
CDC, CDC’s capital expenditure for the period
was A$1,760.4 million, and 48.17% of that is
A$847.9 million (NZ$928.2 million).
FINANCIAL PERFORMANCE & POSITION

2524
In FY2025, Infratil navigated volatile
financial markets to deliver a significant
funding programme, emerging with a
stronger, more flexible balance sheet and
increased capacity to pursue compelling
growth opportunities across its portfolio.

Our approach to capital management remains disciplined and
proactive, focussed on ensuring the business is well-positioned
to respond to financial market risks and minimise the potential
for disruption to strategic execution.
FUNDING ACTIVITY
Infratil is now one of New Zealand’s largest and most consistent
issuers of corporate bonds, supported by a long-standing
investor base built over more than 25 years. Our regular and
transparent engagement with bondholders has helped shape
a resilient funding profile and diversified capital base.
To support planned growth across the portfolio - and in
particular, the continued expansion of CDC - Infratil moved
early in FY2025 to secure additional funding. Over the year, we
raised $1.92 billion in new capital, comprising $1.38 billion of
equity and $540 million of new debt issuance. This included
$239 million of acquisition facilities to support the increased
investment in CDC announced in February 2025, which settled
in May 2025.
This strengthened liquidity position enhances our balance sheet
resilience and provides important strategic optionality heading
into FY2026 and beyond.
CREDIT METRICS
Infratil seeks to maintain robust credit metrics that support its
standing with debt investors and ensure reliable access to
capital, particularly during periods of market volatility. Since
FY2021, the majority of Infratil’s funding has been sourced from
equity raises and internal portfolio realisations - notably, the sale
of Tilt Renewables in August 2021 and the Vodafone towers
(now One NZ) in July 2022.
Proceeds have been reinvested into value-accretive growth
platforms across the portfolio, including CDC, Gurīn Energy,
Longroad, and Kao Data. These investments, coupled with a
modest increase in debt, have supported a strengthened
balance sheet and improved gearing metrics.
This disciplined approach to capital management underscores
our commitment to deploying capital where it is most needed
to drive future shareholder returns. Over the medium term, we
are focussed on rebalancing our operating cash flow profile.
Following a period of significant investment in earlier-stage
growth assets, we expect a number of these platforms to begin
delivering meaningful cash flow contributions, supporting
long-term portfolio resilience and funding capacity.
REFINANCING RISK
Infratil remains focussed on mitigating refinancing risk, which
arises when maturing debt cannot be refinanced on acceptable
terms - potentially impacting performance and constraining
strategic flexibility.
During FY2025, Infratil maintained its disciplined approach to
managing debt maturities. Key actions included the upsizing
and extension of $835 million in bank facilities into FY2028-
FY2030 and the issuance of two new retail bonds with a
weighted average tenor of 6.9 years. These initiatives lifted the
average tenor of Infratil’s fixed-term debt (excluding IFTHA
notes) from 3.0 years at the end of FY2024 to 3.2 years at the
end of FY2025.
We continue to encourage similar refinancing disciplines across
our portfolio and FY2025 was a particularly active year in this
regard. CDC secured significant new debt capital from multiple
sources while extending funding duration and major refinancing
processes were successfully completed at One NZ, Wellington
Airport, and Qscan. These efforts collectively reduced near-
term refinancing risk and supported the ongoing resilience of
the broader group capital structure.
Equity
Acquisition Debt Facilities
Infrastructure Bonds (net)
Core Bank Debt Facilities
Infrastructure BondsBank Debt DrawnBank Debt Undrawn
Acquisition FacilitiesIFTHA - Perpetual Bonds
2025 CAPITAL RAISED ($MILLIONS)
NET DEBT AND GEARING
INFRATIL’S DEBT MATURITY PROFILE
INTEREST RATE RISK
Infratil is exposed to movements in wholesale interest rates,
which can increase the cost of debt funding and adversely
affect financial performance, covenant headroom, and
shareholder returns.
Our interest rate risk management approach remains
consistent: we separate funding risk from interest rate risk and
manage each on its own merits. Infratil’s funding mix includes
fixed and resettable retail bonds as well as floating rate bank
debt. Interest rate derivatives are also used to adjust our interest
rate exposure and align with targeted settings.
Over the past year, Infratil’s average cost of debt decreased
from 5.96% at the end of FY2024 to 5.33% at the end
of FY2025. This decline was primarily due to the interest rate
reset for $355 million bonds at lower rates.
Our strategy of regular fixed-rate issuance and prudent use
of swaps supports a stable, smoothed interest rate profile
across market cycles.
FOREIGN EXCHANGE RISK:
Infratil is exposed to foreign exchange (FX) risk in two key forms:
• Transaction risk: arising from movements in NZD cash flows
related to foreign currency denominated cash flows to and
from existing or new offshore assets.
• Translation risk: resulting from movements in the NZD
value of offshore investments when translated into Infratil’s
financial statements.
$Millions
1,000
2,000
0
3,000
4,000
FY19FY20FY21FY23FY24FY22FY25
34%
41%
10%
20%
9%
18%
25%
1,200
$Millions
1,000
800
600
400
200
0
FY26FY27FY28FY29FY30FY31FY32>FY32
For FX transaction risk, Infratil employs a dynamic hedging
strategy using a combination of FX forwards, swaps, options,
and foreign currency debt. This approach ensures that each
exposure is managed in a way that reflects its underlying
commercial characteristics, with the goal of mitigating risk
without unduly constraining strategic flexibility.
FY2025 saw continued strong growth in the value of Infratil’s
global asset base, particularly in Australian dollar (AUD)
exposures, with CDC remaining the most significant
contributor. This expansion reflects the increasing scale and
geographic diversification of Infratil’s portfolio.
Net Debt ($Millions)
Gearing (Total net debt over total capital)
1,382
131
239
131
As previously communicated, Infratil does not hedge the
majority of its FX translation risk. The benefits of doing so are
difficult to quantify in terms of shareholder value, while the costs
are material - including the requirement to hold additional
liquidity to fund potential FX losses and the associated
opportunity costs. As such, we view the case for translation
hedging as unconvincing, particularly for long-term, strategic
holdings.
2025 ASSET MIX BY CURRENCY
AUDNZDGBPUSDEUR
44%
(2024: 37%)
35%
(2024: 41%)
4%
(2024: 4%)
15%
(2024: 16%)
2%
(2024: 2%)
Annual rangeActual movement
UNREALISED FX GAIN/(LOSS) ON 2024 ASSET VALUE
NZD $MillionsNZD $millions
-200
250
200
150
100
50
-50
-100
-150
GBPAUD
0
-200
200
150
100
50
-50
-100
-150
EUR
USDGBPAUD
0
TREASURY SNAPSHOT