Infratil Investor Day 2025
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
18 September 2025
Infratil portfolio set for growth
Confidence in future growth is the feature of Infratil’s Investor Day in Sydney today, as global data
centre demand continues to drive the infrastructure investment company’s digital and renewable
energy investments. Infratil chair Alison Gerry said this is the second consecutive year the company
has held its investor day in Sydney, reflecting its focus on growing its Australian shareholder base.
“Our recent inclusion in the S&P/ASX 200 index has helped lift Australian ownership over 10%, but
that’s still well below the 40% or so of our asset portfolio that is invested here in Australia,” she
said.
Infratil CEO Jason Boyes said the company is prioritising further investment in the fast-growing
digital and renewable energy sectors and simplifying its current portfolio.
“Our target is to achieve between 11 to 15 per cent returns over a rolling 10-year period and today
we’re showcasing some of the exciting growth opportunities we see from our global portfolio after
navigating a volatile nine months,” he said.
Four of Infratil’s portfolio companies are providing updates on their operations. Australasian data
centre operator CDC remains on track to double FY25 earnings by FY27, with contracting
progressing well, and expected to be completed in the near term. Longroad Energy has clarity on
tax credit qualification for its future projects and announced a new solar project earlier this week to
deliver renewable energy for Meta in Texas. Gurīn Energy has its first solar site operational in the
Philippines and is progressing plans to deliver renewable energy from Indonesia to Singapore. One
NZ has maintained steady performance despite the wider challenges of the New Zealand economy
and is investing for operational efficiency.
Infratil has also announced a strategic review of Australian medical imaging business Qscan.
Infratil’s 57% shareholding in Qscan was last valued at NZ$460 million. This follows an
announcement in August of the sale of its 50% stake in RetireAustralia for NZ$328 million, with the
transaction expected to be completed by the end of the calendar year. Infratil is targeting NZ$1
billion of divestment proceeds from the simplification of its investment portfolio.
Infratil confirmed its FY26 guidance remains unchanged.
Recordings of the attached presentations will be available on Infratil’s website after the event.
https://infratil.com/for-investors/investor-days/
Portfolio company updates
CDC
CDC CEO Greg Boorer said CDC has worked hard for 18 years to earn its reputation as a digital
infrastructure platform of global significance.
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
“In an AI world, we have demonstrated we can deliver at scale and at speed the right facilities, in
the right locations, with the right cooling, power densities and speed of delivery. This is attracting
a lot of customer demand and putting CDC at the core of global conversations.”
• CDC is a global leader in data centre development and operations with the largest pipeline of
capacity within Australasia: 15 operational sites, 7 under construction and a new campus
recently announced for Perth.
• The Australasian data centre market is forecast to continue to grow rapidly, with ongoing broad-
based customer demand driven by cloud and AI workloads.
• CDC remains on track to double FY25 earnings by FY27, with contracting progressing well,
and expected to be completed in the near term.
Longroad Energy
Longroad Energy CEO Paul Gaynor said the US-based renewable energy developer, owner and
operator has just confirmed construction of its seventh renewable energy project in Texas.
“1000 Mile is Longroad’s largest solar project to date and its output will advance Meta’s target to
support its data center operations with 100% clean energy. Data center expansion, industrial
growth and electrification are accelerating U.S. electricity demand, and we now have regulatory
clarity on tax credit qualification.”
• To date, the business has qualified ~6GW of projects and can qualify additional solar and wind
projects before July 2026, with battery storage tax credits remaining accessible well into the
2030s.
• Longroad Energy is targeting growth in its operating portfolio from 5.5GW in 2025 to 10GW by
2028, driving operating company run-rate EBITDA from ~US$380 million to ~US$700 million
over the same period.
• Annual project capex of ~US$2 billion will be funded predominantly from tax credits, tax equity
and debt; with ~US$150 million of equity expected to be required annually through 2028.
Gurīn Energy
Gurīn Energy CEO Assaad Razzouk said the business continues to benefit from the strong
momentum behind Asia’s energy transition.
“Over the past 12 months, we have commissioned our first solar project in the Philippines and
advanced the development of key projects in several markets. These include the Vanda Solar and
Battery project linking Indonesia and Singapore, one of the largest solar-plus-storage projects in
the world, and our battery energy system projects in Japan. Our progress reflects the dynamism
and scale of Asia’s renewable energy landscape, powered by the support of communities and
government policies in the markets where we operate.”
• Gurīn Energy has identified 8GW of mixed mid and late-stage projects in various Asian
markets out to 2030, with 5.5GW owned by Gurīn Energy.
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
• About 90% of the necessary land has been acquired for Project Vanda. Total capex is
expected to be US$2-3 billion with US$500 million of equity required. Financial close is
expected in 2026 with construction commencing in 2027 and Phase 1 operational in 2028.
One NZ
One NZ CEO Jason Paris said One NZ continues to deliver.
“We are competing well and have good trading momentum. We are attracting and retaining high-
value customers through our differentiated One NZ Satellite and One Wallet propositions. Our IT
modernisation programme is on track, and we continue to deploy AI across every part of our
business.”
• One NZ remains on track to meet its FY26 EBITDA target of NZ$595 million to $625 million and
is forecasting reduced capital intensity this year. It is targeting mid-30% EBITDA margins in the
medium term along with continued efficient capital investment.
ENDS
Enquiries should be directed to:
Brett Jackson
Infratil Investor Relations Director
Email: brett.jackson@infratil.com
Emma Myers
Communications Manager
Email: media@morrisonglobal.com
Authorised for release by:
Andrew Carroll
Infratil Chief Financial Officer
---
Infratil2025 Investor Day
Portfolio Set forGrowth
18 September 2025
1
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 investedin, 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.
Disclaimer
2
Kirsty Mactaggart
Joined March 2019
Paul Gough
Joined December 2012
Jason Boyes
Joined April 2021
Non-Independent Director
Peter Springford
Joined November 2016
Alison Gerry
Joined July 2014
Chair since May 2022
Andrew Clark
Joined June 2022
Anne Urlwin
Joined January 2023
Infratil Directors
3
Shareholder engagement
Understanding investor perspectives and what matters most
Making improvements to our disclosures
Continuing to develop deeper disclosure and improve transparency
Morrison relationship
Maintaining constructive tension while staying focused on long-term outcomes
Morrison’s expertise
Drawing on a global pool of infrastructure specialists with deep sector knowledge
Clear priorities: shareholder engagement, improving disclosure, and the Morrison partnership
Areas of Board Focus
9:00am – 9.10amWelcome & Overview
Alison Gerry, Infratil Chair
9.10am – 9.40.amInfratil Portfolio Update
Jason Boyes, Infratil Chief Executive
9.40am - 10.30 amLongroad Energy
Paul Gaynor, Longroad Energy Chief Executive
Peter Keel, Longroad Energy Chief Financial Officer
Charles Spiliotis, Longroad Energy Chief Investment Officer
10.30am - 10.50 amMorning Break
10.50am - 11.20 amMorrison Update & the Global Infrastructure Environment
Paul Newfield, Morrison Chief Executive
Will Smales, Morrison Chief Investment Officer
11.20am - 12.10pmGurīn Energy
Assaad Razzouk, Gurīn Energy Chief Executive
Emma Biddles, Gurīn Energy Chief Sustainability Officer
12.10pm - 1.00pm Lunch Break
1.00pm - 2.00pm
One NZ
Jason Paris, One NZ Chief Executive
Nick Judd, One NZ Chief Financial Officer
Kieran Byrne, One NZ Chief Technology Officer
Summer Collins, Chief AI & Data Director
2.00pm - 3.00pm
CDC
Greg Boorer, CDC Chief Executive
3.00pm - 3.20pmWrap Up
Jason Boyes, Infratil Chief Executive
Infratil 2025 Investor Day
Sydney
18 September 2025
9:00am - 3:20pm AEST
Infratil Investor Day
Portfolio Set for Growth
18 September 2025
6
Portfolio positioned well, with clear strategy and confidence in future growth
Foundations for Growth
The Portfolio Today
Strong progress on a number of key portfolio initiatives
Our Strategy and Objectives
Managing complexity while staying focused on where value has been created
Confidence in Growth Drivers
Strong positive momentum in our key drivers of future growth
The Portfolio Today
8
Infratil (IFT.NZX, IFT.ASX)
•Market capitalisation of NZ$12.2bn
1
(US$7.3bn)
•Included in S&P NZX50, ASX200, and MSCI Global Standard
Index
•Our target: shareholder returns of 11-15% per annum on a
rolling 10-year basis
A value-add infrastructure investment company
•Active portfolio construction and management with multiple
pillars of value creation over time
•Management partnership leverages Morrison’s extensive
global capabilities
•Current investments focused on four sectors:
A strong track record: 18% TSR since inception in 1994
2,3
-50%
0%
100%
200%
300%
400%
500%
600%
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Cumulative annual return (%)
Period
2
IFT TSR
5 – year
23.4%
10 – year
19.3%
20 – year
14.2%
Since inception
18.4%
66%
8%
21%
IFT
NZX 50
ASX 200
Notes: (1) Market capitalisation as at 17 September 2025; (2)
Infratil Returns are calculated to 17 September 2025; (3)
Chart source: Capital IQ
Digital
67%
Healthcare
8%
Renewables
20%
Airports
5%
We are an infrastructure investment company that actively invests in ideas that matter
Infratil Overview
9
Over the last 6 months we have made strong progress on a number of key portfolio initiatives
Navigating the Noise
CDC ownership
increased to 49.75%
Inclusion in
S&P ASX200 Index
Clarity provided on US tax
credits for renewables
May
Merger of Manawa and
Contact completed
June
Agreement to sell
RetireAustralia
July
CDC confirms Perth
expansion
AugustSeptember
10
DigitalRenewablesHealthcare Airports
37.3%
38.0%
73.0%
9.5%
1
95.0%
49.7%
20.0%
99.8%
54.0%
52.7%
57.4%
50.0%
2
66.0%
67% portfolio20% portfolio8% portfolio5% portfolio
ShareholdingShareholdingShareholdingShareholding
NEW
SOLD
Notes: (1) Sale of Manawa Energy to Contact Energy completed 11 July for $180 million cash and 9.5% shareholding in Contact Energy; (2) Sale of RetireAustralia announced 8 August
with forecast proceeds of $328 million prior to adjustments for completion and transaction costs.
Focused on four sectors: digital, renewables, healthcare and airports
Portfolio Today
11
1
4
3
5
1
3
2
4
1
1
2
3
4
2
1
1
2
3
4
1
1
2
5
5
5
2
A Globally Diversified Portfolio
United States: 12%Europe: 6%Asia: 3%Australia: 44%New Zealand: 35%
Focused on four sectors; digital, renewables, healthcare and airports
Our Strategy and Objectives
13
Asset valuations
3
(NZ$m)Growth in market capitalisation (NZ$m)
Infratil’s growth over the last five years has prompted a refinement of strategy
A Step Change in Scale
2,579
12,225
FY20Equity raises
1
Impliedgross
shareholder
value change
DividendsManagement
and Incentive
fees
4
Today
5 – Year TSR 26.2% p.a.
2
934
1,452
2,157
3,698
2,528
12,089
311
488
FY20Sept-25 Pro Forma
5,484
18,173
24.3% p.a.
Digital
Renewables
Healthcare
Airports
Notes: (1) Equity raises includes issuances of shares under the DRP and Scrip payments for incentive fees; (2) 5.5 year TSR is calculated from 1st April 2020 to 12 September 2025, the
calculation of TSR assumes that the investor participated in the DRP and in Equity raises, funding acquisitions through share sales; (3) excludes property; (4) The light pink segment
represents accrued but unpaid incentive fees
14
Ideas that
matter
Infrastructure characteristics Attractive global thematics
Portfolio
construction
approach
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
Target returns
11–15% p.a. target portfolio returns per annum over a rolling 10-year period
Realised 10-year return of 19% 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
Core investment approach remains the same
Strategy on a Page
15
Managing complexity while staying focused on where value has been created
Key Refinements to our Approach
Clearer defined roles for portfolio assets
•Clarifies where value is created, cash generated and how the portfolio is balanced
•Sets clear expectations for existing and potential new investments
Fewer, scaled investments in Pillar 1 and 2
•Reduces complexity and improves focus
•Prioritises assets that drive returns
•Lowers risk due to platform scale advantages
Tolerance for concentration in key businesses and value of Pillar 3
•Leverages competitive advantage due to our open-ended structure
•Builds on past success holding strong performers over long periods of time
•Allows flexibility to shift towards attractive new sectors as they emerge
16
Portfolio
construction
today
Achieving our target return would see our market cap grow to NZ$20 billion over the next 5 years
We Expect Our Portfolio Composition to Evolve Over Time
Pillar 2
Mature growth platforms 60%
Pillar 1
Cashflow generators 30%
Pillar 3
Future growth platforms 10%
Illustrative
future
portfolio
make up
3-4 scaled platforms
30-50% of portfolio
~5% yield, ~10–12% IRR
7-10 higher-growth assets
50-70% of portfolio
15%+ IRR 20%+ IRR
17
Identify and scale our growth
platforms beyond CDC and
Longroad Energy
Divest businesses unlikely to
scale under our ownership
and reinvest
Balance Infratil’s operating
cash flow and dividends
Continue to broaden our
shareholder base to support
future scale
In May we outlined four workstreams important to delivering our strategy
Medium-Term Strategic Objectives
18
Identify and scale our growth platforms
beyond CDC and Longroad Energy
Medium-Term Strategic Objectives
•CDC and Longroad Energy have been stand-
out performers, driven by strong thematics in
digital infrastructure and renewable energy
•We are now scaling the next generation of
platforms (e.g. Gurīn Energy) while managing
CDC’s concentration in the portfolio
•Success would see CDC maintain its relative
portfolio weighting
•We continue to review the portfolio to identify
investments unlikely to scale or deliver meaningful
shareholder returns
•Our RetireAustralia stake was sold for ~NZ$328
million, with completion expected this calendar year
•A strategic review of Qscan is underway, with
Infratil’s shareholding last valued at NZ$460 million
•Further announcements are expected this financial
year as we progress toward our $1 billion
divestment target
•Expect capital will be reinvested into existing or
new opportunities
Divest businesses unlikely to scale
under our ownership and reinvest
Clear priorities for focus and simplification ahead
19
Balance Infratil’s operating cash flow
and dividends
Medium-Term Strategic Objectives
•In the medium term, we expect portfolio
company distributions to cover fixed costs and
support sustainable dividends
•Pillar 1 assets have clear roles in the portfolio,
with optimisation continuing to drive
distributions
•CDC and Longroad now have significant
operating bases that underpin their
reinvestment capacity and should increasingly
fund distributions to Infratil
•Entry into the ASX200 has improved trading
depth and broadened the register
•Improved disclosure and a simplified portfolio
will help new investors take a view
•Increasing research coverage provides
different perspectives of value and helps
open new markets
Continue to broaden our shareholder
base to support future scale
Strengthening the foundations for future growth
Confidence in Growth
21
Clear funding pathways to support our current plan
Funding Capacity to End of FY2027
328
672
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
1.Undrawn
Facilities
2. Asset
Divestments
(280)
3. CDC
(135)
4. Project
Vanda
(265)
5. Incentive feesFunding
Capacity
Significant capacity exists to fund our
current plan and future growth
1.Undrawn facilities are forecast as at
30 September 2025
2.$1 billion of planned asset divestments
3.A$250 million forecast equity
commitment to CDC
4.Infratil share of expected equity funding
for Project Vanda to end of FY2027
5.Accrued but unpaid incentive fees (on a
100% cash basis)
Further funding capacity available from
additional asset sales and/or new funding
facilities
Notes: (1) Operating cashflows are not forecast to be in balance over the forecast period so will also impact liquidity to some degree
Available Capital (NZ$ million)
22
Confidence in the growth opportunities ahead — from data centre demand to U.S. renewables
Navigating Beyond The Noise
AI demand reaffirmed
CDC continues to develop and
experience strong demand at scale
U.S. renewables certainty
Longroad Energy’s pipeline supported by tax
credit visibility beyond 2028
Growing global energy demand
Driving opportunity for our renewable
energy platforms
Disciplined performance
One NZ competing well, with good trading
momentum in a challenging economy
Refinement of strategy
Rebalancing as we scale
Future platforms
Morrison actively identifying new sectors and
opportunities to seed the next wave of growth
Infratil Investor Day
Portfolio Set for Growth
18 September 2025
24
Overview
The table represent Infratil’s proportionate share of an asset's independent
valuation, market value, or book value
CDC, Longroad Energy, Galileo, Mint Renewables, Qscan, and RHCNZ Medical
Imaging reflect the midpoint of the 30 June 2025 independent valuations
One NZ, Kao Data, Gurīn Energy, and Wellington Airport reflect the midpoint of
31 March 2025 independent valuations adjusted for capital calls since 31 March
2025
The fair value of Contact Energy is shown based on the market price per the NZX as
at 12 September 2025 ($9.18)
Fortysouth, Clearvision and Property reflect their accounting book values as at
30 June 2025
The value of RetireAustralia is aligned to the expected proceeds from the
RetireAustralia divestment as announced to the NZX on the 8
th
August 2025
Wholly owned group net debt is based on a forecast position at 30 September
2025
2
As at 31 March 2025 the present value of the management contract is estimated at
$1,128.5m. The 30 September 2025 pro forma value is calculated at $1,184.9m,
assuming the March 2025 estimate is rolled forward at a discount rate of 10%. This
assumption ignores the payment of incentive fees in early FY26
Period ended ($Millions)
Sep-25
Pro Forma
Mar-25
Acutal
CDC7,285.47,248.5
One NZ3,713.53,713.5
Fortysouth184.4186.3
Kao Data757.3701.6
Contact Energy856.3-
Manawa Energy-788.8
Longroad Energy1,953.82,111.9
Galileo326.6326.0
Gurīn Energy531.0493.0
Mint Renewables30.322.8
RHCNZ Medical Imaging664.3689.3
Qscan Group460.2454.5
RetireAustralia328.0404.3
Wellington Airport933.9933.9
Clearvision Ventures148.4156.2
Property74.073.1
Portfolio asset value
18,247.418,303.7
Wholly owned group net debt(2,630.0)(2,187.8)
Present value of management contract
1
(1,184.9)(1,128.5)
Net asset value
14,432.414,987.4
Shares on issue (million)979.6968.1
Net asset value per share
$14.73$15.48
Notes: (1) Using the Illustrative Fees Model on our website the present value of the management contract is calculated using a 5 year NPV, a 10% discount rate and a 11% share
price growth rate. Asset values are assumed to grow at 13% per annum. (2) The increase in net debt primarily reflects the payment of incentive fees, the Infratil dividend,
consideration for the acquisition of 1.58% of CDC and the receipt of Manawa proceeds.
Net Asset Values
25
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 20168.8 1,272 164 7,285 7,449 36.8%
One NZDigital InfrastructureNew Zealand
July 20195.9 2,852 1,209 3,714 4,923 20.3%
Kao DataDigital InfrastructureUnited Kingdom
August 20213.9 476 - 704 704 16.7%
FortysouthDigital InfrastructureNew Zealand
October 20222.7 212 6 184 190 (4.2%)
Clearvision VenturesDigital InfrastructureUnited States
March 20169.3 99 2 148 150 10.0%
Longroad EnergyRenewable EnergyUnited States
October 20168.7 802 308 1,954 2,262 50.1%
Manawa Energy
5
Renewable EnergyNew Zealand
April 199431.2 395 1,542
1,029 2,571
17.5%
Gurīn EnergyRenewable EnergyAsia
July 20214.0 186 1 481 482 70.3%
GalileoRenewable EnergyEurope
February 20205.3 171 - 327 327 33.8%
Mint RenewablesRenewable EnergyAustralia
December 20222.5 26 - 30 30 14.0%
RHCNZ Medical ImagingHealthcareNew Zealand
May 20214.1 473 84 664 748 14.2%
Qscan GroupHealthcareAustralia
December 20204.5 328 46 460 506 10.6%
RetireAustraliaHealthcareAustralia
December 201410.5 365 35 324 359 (0.2%)
Wellington AirportAirportsNew Zealand
November 199826.7 96 696 934 1,630 17.4%
Infratil PropertyOtherNew Zealand
December 200717.5 92 104 74 178 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.
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
6.Returns have been prepared as at 30 June 2025, the valuations of Manawa Energy and RetireAustralia have been updated to reflect the divestment valuations for both
Portfolio Company Returns – as at 30 June 2025
---
Investor Day Update
18 September 2025
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.2
Longroad Overview
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.3
Longroad: December 2025
Business by Year-End 2025:
5.5 GW / ~$380 million Opco Run-Rate EBITDA
Platform
225+ people; culture of ownership and transparency
$17.3 billion capital raised since inception (9 years)
Experienced in volatile market conditions
Operating Company (Opco)
5.5 GW
~$380 million Opco Run-Rate EBITDA
1
36 projects
Development Company (Devco)
30 GW pipeline
1.5 GW target annual new growth
Key markets: AZ/UT, MISO, CA
Note: All dollar figures throughout the presentation are US dollars.
1.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
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.4
5.5 GW / 36 Projects
Opco (Year-end 2025)
Operating / in-construction & owned
Advanced development
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.5
5.5 GW / 36 Projects
Opco (Year-end 2025)
Operating / in-construction & owned
Advanced development
5.5A-
17.5
years
96%(4%)
GW
Weighted
offtaker rating
Weighted
remaining PPA
term
Weighted
contracted
revenues
2024 Opco
performance
Actuals vs.
Plan
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.6
Key Milestones Last 12 Months
Placed 1.1 GW into operations (Sun Streams 4, Serrano)
Commenced battery storage operations at Sun Streams complex
Achieved FNTP on 0.7 GW (Thousand Mile, Sun Pond, Fervo 1a) since last September
Internal equity round closed in Q4 2024
Positioning for IRA Repeal/Partial Repeal/Tariffs/Trade Wars and OB3
Corporate debt facility expansion (to $1.1 billion)
Data Center/AI demand signal strengthens
Business by Year-End 2025: 5.5 GW / ~$380 million Opco Run-Rate EBITDA
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.7
Commenced Operation of 1.1 GW
Sun Streams 4 (Arizona)
Solar capacity377 MWdc
BESS capacity300 MWac / 1,200 MWh
Power Purchase AgreementArizona Public Service
Commercial operationsFebruary 2025
Serrano (Arizona)
Solar capacity220 MWdc
BESS capacity214 MWac / 855 MWh
Power Purchase AgreementArizona Public Service
Commercial operationsApril 2025
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.8
Commenced Construction of 0.7 GW
1
Thousand Mile (Texas)
Solar capacity400 MWdc
BESS capacityn/a
Power Purchase AgreementMeta subsidiary
Estimated commercial operationsJune 2026
Sun Pond (Arizona)
Solar capacity111 MWdc
BESS capacity85 MWac / 340 MWh
Power Purchase Agreement
City of San Jose, California
& Ava Community Energy
Estimated commercial operationsApril 2026
1.Not pictured is Fervo 1a, a project for which Longroad is the transmission service provider for 300 MW of geothermal energy. Longroad does not manage construction of this project.
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.9
Regulatory Impacts
~6 GW Tax Credit Qualified to Position Pipeline for Success
OB3
PV and wind tax
credits through
2030 COD and
BESS tax credits
through 2037
Tariffs
Strong
procurement
relationships
help minimize
tariff risk
FEOC
Post 12/25 tax
credit
qualification will
require FEOC
compliance
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.10
Vendor selection
based on optimal
design and project
economics
~4 GW frame
agreement with
FSLR exempt from
tariff
circumvention
investigations, of
which 3.6 GW are
domestically
manufactured
FEOC compliance
major watch item
for non-qualified
projects
Vendor selection
based on optimal
design and project
economics
Domestically-
manufactured
trackers are key
input to qualifying
for domestic
content adder
MPT lead-times
remain schedule
constraint across
the industry as
well as key
method to qualify
projects for tax
credits
Strong
partnerships
across various
markets. Selection
based on location,
timing and overall
best value to
owner
Supply Chain
Scale Matters
EPCWind TurbinesSolar ModulesBESS SystemsInvertersTrackers
Main Power
Transformers
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.11
Market Update
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.12
US Renewable Market to 2050
•AI and cloud-based services are driving new data center buildouts, along with industrial
growth and electrification, leading to a shift in electricity demand
•As a result, new generation capacity additions expected to rise to ~80 GW per year from 2025-
2045, up from ~40 GW per year installed over past five years
Generational Growth Opportunity
25% growth in
electricity demand by
2030
78% growth in
electricity demand by
2050
Source: ICF, “Rising current: America’s growing electricity demand.”
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.13
8080808080
60
67
74
78
82
1.51.51.51.51.5
1.9%1.9%1.9%1.9%1.9%
2.5%
2.2%
2.0%
1.9%
1.8%
20262027202820292030
Annual New Renewable Generation Capacity Additions through 2030
ICFBNEFLongroadLongroad market share (ICF)Longroad market share (BNEF)
US Renewable Market to 2030
Only Need ~2% Market Share to Achieve Goals
Source: Market consultant forecasts from BloombergNEF and ICF.
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.14
Outlook Beyond 2030
Unsubsidized Renewable Generation and Storage Is Cost Competitive
With Conventional Generation
$71
$141
$149
$48
$44
$50
$37
$38
$173
$220
$251
$109
$123
$131
$86
$78
Coal
U.S. Nuclear
Gas Peaking
Gas Combined Cycle
Unsubsidized Wind + Storage - Onshore
Unsubsidized Solar PV + Storage - Utility
Unsubsidized Wind - Onshore
Unsubsidized Solar PV - Utility
Levelized Cost of Energy Comparison ($/MWh)
1
1.Source: Lazard Levelized Cost of Energy + Report, June 2025.
Battery storage tax
credits accessible
through 2033+, reducing
unsubsidized LCOE
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.15
~30 GW Pipeline
20252026202720282029+
Pipeline Breakdown by Number of Projects and Indicative FNTP Year
PV + BESS,
66%
BESS,
18%
PV, 8%
Wind, 7%
Transmission, 1%
PJM, 0%
ISONE, 5%
AZ, 33%
CA, 21%
MTN West,
14%
MISO, 9%
Southeast, 7%
PAC, 5%
Other, 6%
76 Active
Projects Out
to 2029+
1.3 GW
4 Projects
5.3 GW
18 Projects
7.2 GW
20 Projects
10.3 GW
18 Projects
5.6 GW
16 Projects
M&A remains key component of growth, facilitating expansion into
new markets and increased competitive positioning of the pipeline
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.16
Business Plan
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.17
5.5
7.0
8.5
10.0
2025202620272028
Opco (GW)
Opco GW and Run-Rate EBITDA
1.Opco run-rate EBITDA calculated based on 5-year average EBITDA once projects reach operational status and recognized in Opco run-rate EBITDA total based on year of financial close, adding back all corporate
overheads and development related costs
~$380
~$490
~$600
~$700
2025202620272028
Opco Run
-
Rate EBITDA ($ mm)
1
10 GW, ~$700 mm Opco Run-Rate EBITDA by 2028
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.18
2026-28 Plan Candidate Projects
Halfway to 2028 10 GW Target at 5.5 MW at YE2025
~2.9x Coverage to Hit Next 4.5 GW by 2028
202620272028
GW under active development2.65.05.3
Number of projects91615
Yearly Target (GW)1.51.51.5
Implied Coverage1.7x3.3x3.5x
Revenue contracts signed or negotiating1.10.60.3
Regional DiversityAZ
CA
MTN West
PAC
AZ
CA
MTN West
ISONE
MISO
Southeast
Other
AZ
CA
MTN West
ISONE
Southeast
Other
~6 GW Tax Credit Qualified to Position
Pipeline for Success
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.19
Funding the Capex Program
$2 B Annual Capex Program Funded via:
(i) Tax Credits Monetized via Tax Equity, (ii) Debt, and (iii) Equity
Capex
Per Year
Tax Credits
and Tax Equity
Net Capex
Per Year
Project DebtHoldco DebtEquity Needs
per Year
~$750 mm
/ year
~$500/kW
~$2 B / year
~$1,350/kW
~$1 B / year
~$675/kW
~$150 mm
/ year
$100/kW
~$1 B / year
~$675/kW
~$100 mm
/ year
~$75/kW
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.20
$3.1
$3.8
$4.5
$5.1
$573/kW
$551/kW
$532/kW
$514/kW
2025202620272028
Consolidated Net Debt ($ billions)
and Net Debt per kW
1
5.5
7.0
8.5
10.0
2025202620272028
Opco (GW)
Evolution of Net Debt as Company Grows
1.Net debt includes corporate term loan and cash balances. For the purposes of showing the estimated capital structure of the portfolio at commencement of commercial operations, net debt (a) excludes tax equity
bridge loans (construction funding sized from tax equity commitments not yet funded) and debt serviced by tax credits and (b) is pro forma for permanent term debt for projects in-construction. Net Debt per kW is
calculated using owned net MW operating or in-construction in the given year.
Portfolio Deleverages with Time on a Per-Unit Basis
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.21
Summary
Targeting operating portfolio growth from 5.5GW in 2025 to 10GW by 2028
Driving Opco run-rate EBITDA from ~$380 mm to ~$700 mm over the same period
Recently passed legislation provides greater certainty over the treatment of tax credits
Additional 6GW of projects tax credit qualified beyond 2025 with further coverage possible
Construction underway across 0.7GW
AI and cloud data centre expansion accelerating long-term U.S. electricity demand
Photo Credit: Nolan Hartleben
QUESTIONS?
---
P R I V A T E A N D C O N F I D E N T I A L
I N F R A T I L I N V E S T O R D A Y 2 0 2 5
Morrison Update
P A U L N E W F I E L D , M O R R I S O N C E O A N D P A R T N E R
W I L L I A M S M A L E S, M O R R I S O N C H I E F I N V E S T M E N T O F F I C E R A N D P A R T N E R
1 8 S E P T E M B E R 2 0 2 5
Manager update
P A U L N E W F I E L D , M O R R I S O N C E O A N D P A R T N E R
A global infrastructure investor, born in New Zealand
3
37 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE
1. Manager strategy past performance represented by Infratil Limited’s total shareholder return, with dividends presented gross of imputation credits, net of tax and net of the supplementary dividend, from
inception on 28 March 1994 to 12 September 2025. Other relevant Infratil Limited returns: 1 year: 3.6%, 5 years: 23.4% p.a., 10 years: 19.3% p.a., SI: 18.4% p.a. Infratil is listed on the ASX and NZX.
2. Morrison AUM as at 30 June 2025. Excludes undrawn commitments.
Please refer to the slide entitled “Important Information”, in particular that past performance is not a guide to future performance.
18%+ annualised return
over 31 years
1
AUM NZD 48+ billion
2
ATTRACTIVE
TRACK RECORD
Established in 1988 in
New Zealand
7 offices globally,
215+ professionals
EXPERIENCED
GLOBAL MANAGER
Morrison’s largest client,
ensuring strong focus
Direct NZ$430m+
Morrison shareholding in
IFT, plus significant board
and executive holdings
STRONG
ALIGNMENT
How Morrison organises to drive value for Infratil
4
O U R M O D E L B A L A N C E S P R O V I D I N G I N F R AT I L S P E C I F I C C A PA B I L I T I E S W I T H
A C C E S S T O G L O B A L R E S O U R C E A N D E X P E R T I S E
I N F R AT I L
Infratil Board provides independent
governance and decision-making,
overseeing strategy, investments, and
risk management.
Morrison Investment Committee
oversees investment activity.
Infratil dedicated resource brings
portfolio specific expertise and
capabilities: finance, investor relations,
treasury, company secretarial.
Morrison pooled resource leverage
global expertise and networks: investors,
operating partners, strategy, legal, tax.
Infratil CEO, and Morrison Partner
responsible for portfolio management.
M O R R I S O N
Morrison CEO leads the organisation,
putting strategy, structures and resources
in place to drive value for its clients.
Morrison CIO leads single global
investment team, driving value through
new and existing investments.
Morrison is structured to deliver for Infratil
5
L E A D I N G I N F R A S T R U C T U R E I N V E S T I N G C A PA B I L I T I E S
INFRATIL REQUIRES THE ABILITY TO ... MORRISON DELIVERS THIS THROUGH ...
Operate at global scale to identify great investments
215+ professionals across 7 global offices in key markets
with access to proprietary deal flow
Access deep sector experience
Global network of Morrison sector specialists and Operating
Partners brings industry experience and relationships
Develop value-accretive options in companies
Dedicated asset management teams working close with
Portfolio Company Boards and Management teams
Allocate capital with discipline and conviction
Recommendations from a rigorous investment processes
governed by global Investment Committee
Appoint executives and directors that drive value
Executive talent and director networks working
collaboratively with Morrison team
Co-investment structures and ability to partner within the
Morrison network and externally
Deploy resources flexibly and partner for scale
Building ourglobal capability to support Infratil's growth
6
ONE OF THE WORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS
Data as at 31 March 2025. Grey dots represent Morrison office locations.
215+
professionals
38
Morrison managed
companies
13
IFT portfolio companies
North America
24
professionals
Europe
34
professionals
Asia
10
professionals
Australia & NZ
148
professionals
•Digital Infrastructure
•Energy Transition
•Digital Infrastructure
•Energy Transition
•Water
•Digital Infrastructure
•Energy Transition
•Global Mobility
•Ageing Population
•Circular Economy
•Water
•Digital Infrastructure
•Energy Transition
Investing in sector and operational expertise
•Former Group Executive -
Transformation,
Communication and
People at Telstra.
•Sector experience in telco
& supply chain / logistics.
•Oversees Morrison’s talent
development and guides
transformation activities
across the portfolio.
7
EXAMPLES OF RECENT ADDITIONS TO THE EXTENDED MORRISON TEAM
A L E X B A D E N O C H
T A L E N T &
T R A N S F O R M A T I O N
•Deeply experienced North
American operator with 27
years at Crown Castle, the
leading U.S. provider of
shared communications
infrastructure.
•Focused on driving growth
across Morrison’s digital
infrastructure portfolio,
while actively identifying
and evaluating new
origination opportunities.
P H I L K E L L E Y
D I G I T A L
I N F R A S T R U C T U R E
•Brings over 40 years of
healthcare and pharmacy
logistics experience with
deep expertise in fulfilment
platform innovation,
integrating robotics and
device-agnostic software
to optimise inventory and
logistics.
•Focused on identifying
and advancing
opportunitiesin next
generation supply chains
& logistics.
.
M A R V I N R I C H A R D S O N
T E C H-E N A B L E D
S U P P L Y C H A I N S
•Former New Zealand
Climate Change Minister
and architect of the
country’s net-zero
framework.
•Brings geopolitical insight
and global networks to
support Morrison’s
decarbonisation strategy.
J A M E S S H A W
D E C A R B O N I S A T I O N
•Former President of AT&T
Business International,
with nearly four decades
of global telecom
leadership.
•Brings deep expertise in
digital infrastructure,
global connectivity, and
enterprise transformation
across Europe, the Middle
East, and Africa.
•Supports Morrison’s digital
sector strategy in Europe.
J O H N S L A M E C K A
D I G I T A L
I N F R A S T R U C T U R E
Investment update
W I L L I A M S M A L E S , M O R R I S O N C H I E F I N V E S T M E N T
O F F I C E R A N D P A R T N E R
To invest wisely
in ideas that matter.
H U G H R I C H M O N D L L O Y D M O R R I S O N
F O U N D E R
O U R P U R P O S E :
To invest wisely in ideas that matter
10
WE ADOPT A TARGETED ORIGINATION APPROACH
GLOBAL THEMATICSINFRASTRUCTURE FIT
Circular economy & resource constraints
Ageing population
Global mobility
Digitisation & connectivity
Energy transition
Long term defensible profitability
Resilient to macroeconomic cycles
Enduring social license to operate
Provides essential services for communities
MORRISON
FOCUS
Ideas that matter
Drives long-term economic prosperity
Infratil performance
11
WE ARE COMMITTED TO DELIVERING THE EXTRAORDINARY
I N F R A S T R U C T U R E F U N D P E R F O R M A N C E D I S T R I B U T I O N , B Y N E T I R R R A N G E , V I N T A G E YE A R 2 0 0 0-2 0 2 5 , F U N D #
Source: Preqin as at September 2025
Note: IFT return is total shareholder return, with dividends presented gross of imputation credits, net of tax and net of the supplementary dividend, from inception on 28 March 1994 to 12
September 2025. Past performance is not a guide to future performance
N = 275. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m
IFT return
•Since Inception: 18.4%
•10Y: 19.3%
•88
th
percentile since inception, 89
th
over last 10Y
8
44
17
19
32
64
40
24
23
14
5
4
5
3
9
Below -5-5-2.5-2.5-00-2.52.5-55-7.57.5-1010-12.512.5-1515-17.517.5-2020-22.522.5-2525-27.527.5-3030+
New ideas are tested against high value internal options
12
T H E V A L U E O F P L A T F O R M S : C A P I T A L D E P L O Y E D B Y I F T
N Z $ M
Information advantage
Timing of deployment
ROIC > WACC
THE ‘PLATFORM ADVANTAGE’
Benchmarking broadly
Management dialogue
D I S C I P L I N E
Note: “Re-investment” numbers exclude IFT capital injections into CDC, Kao and Longroad platforms to avoid double count in “proportionate CAPEX”
The right access point
The right team
P A T I E N C E
RHC
Kao
CAPEX (IFT proportionate share)
IFT re-investment (existing asset)
IFT new investment
227
296
342
292
928
178
152
261
269
332
247
534
326
240
346
826
806
1,030
310
409
218
212
1,800
FY2020FY2021FY2022FY2023FY2024FY2025
2,373
1,235
1,491
1,395
3,649
2,490
OneNZ
Longroad
Tilt
CDC
Qscan
Longroad
Tilt
Kao
RHC
Longroad
OneNZ
CDC
40South
Longroad
OneNZ
CDC
OneNZ
Longroad
OneNZ
CDC
Longroad
OneNZ
CDC
The end-to-end investment lifecycle
13
MORRISON’S DISCIPLINED APPROACH DRIVES VALUE AT EVERY STAGE
Research &
Origination
InvestmentAsset ManagementPortfolio Management
•Identify and source
opportunities through
proprietary origination,
sector relationships, market
intelligence, and referrals.
•Screen for attractiveness,
strategic fit and alignment
with Morrison’s investment
themes
•Multi-stage process from
preliminary through full due
diligence overseen by
Investment Committee.
•Focussed on level of
conviction on investment
value creation potential and
deep understanding of
risks and mitigants
•Development & initiation of
value creation plan.
•Active portfolio
management to drive
value creation
opportunities, operational
improvements and strategic
growth.
•Continuous collaboration
with management teams.
•Ongoing monitoring of
performance, risk, and
compliance.
•Development of value
maximising options and
pathway to realisation.
•Open ended capital drives
value through flexibility and
patience.
•Execution to maximise value
and return capital to investors.
RESEARCH BY THEMATIC
R E S E A R C H C O N D U C T E D I N T H E P A S T 1 8 M O N T H S
Good balance across
key thematics
I N V E S T I N G W I S E LY I N I D E A S T H AT M AT T E R
Identifying ideas that matter
MORRISON’S PROCESS BEGINS WITH “IDEAS THAT MATTER” ... AND STRONG
IN-H O U S E R E S E A R C H
Energy transition
Digitisation & connectivity
Global mobility
Aging population
Circular economy & resource constraints
14
61 research papers
completed last 18 months
RESEARCH BY GEOGRAPHY
Strong global focus and many cross-
geography collaborations
26%
11%
30%
13%
15%
5%
Digital
Mobility
Energy transition
Circular economy
Aging population
Macro & other
28%
18%
30%
8%
16%
ANZ
UK/EU
US
Asia
Global
An extensive global pipeline
15
R O B U S T G L O B A L P I P E L I N E T O U N L O C K N E W O P P O R T U N I T I E S F O R I N F R AT I L
M O R R I S O N G L O B A L P I P E L I N E O V E R V I E W B Y C O U N T O F D E A L S , S E G M E N T E D
B Y S E C T O R A N D R E G I O N
Note: Morrison Global Pipeline shows opportunities added over the past twelve months
31%
3%
7%
North America
4%
24%
13%
21%
39%
22%
35%
9%
21%
4%
Europe
10%
2%
ANZ
46%
27%
8%
28%
15%
16%
15%
Asia
Energy & renewables
Digital
Transport & logistics
Social infrastructure & healthcare
Circular economy
Utilities
~200 opportunities
E X A M P L E N E W E R I N D U S T R I E S
W I T H I N T H E P I P E L I N E
•Logistics & automation
•Distributed generation
•Energy storage
•Alternative fuels
•EV charging
•Waste & recycling
•Climate/carbon platforms
•Smart metering & utilities
•Data registries
•Next-gen telecom
•Defensive software
•AI-driven infrastructure
From global pipeline to investable opportunities
16
M O R R I S O N U N D E R TA K E S A R I G O R O U S M U LT I-S T E P P R O C E S S T O F I LT E R A N
E X T E N S I V E G L O B A L P I P E L I N E T O A F E W H I G H-C O N V I C T I O N I N V E S T M E N T S
~200 opportunities
Sourcing & Origination: Proprietary origination, sector relationships, market
intelligence, and referrals across all regions and sectors. Builds a broad, high-quality
pipeline aligned with Morrison’s investment priorities.
Prospect Note: A concise summary assessing strategic fit, sector attractiveness,
and initial investment thesis prepared for new opportunities. Used to filter out less-
attractive or lower-potential deals at the regional level.
Heads Up Memo: Deeper preliminary diligence including detailed financials, market
analysis and risk assessment prepared for consideration by the CIO and relevant
Product and Regional Heads for prioritisation.
Select few opportunities
approved for investment
Investment Committee (IC): Multi stage-gate process from initial investment memo
through full Stage 1 and Stage 2 due diligence on the opportunity. Each stage
requires IC approval to proceed.
Final recommendation: The IC makes a final recommendation to the relevant
product / fund (e.g., the Infratil Board) to consider. Ultimate decision-makers are kept
informed throughout, ensuring alignment and preparedness for approval.
17
Bringing the process to life: A time capsule
An Idea that Matters
18
A need for infrastructure capital
19
Access points
2020
The big picture
21
A I P O W E R I N G T H E H E A R T O F INFRATIL’S P O R T F O L I O
POWERING THE HEART OF INFRATIL’S PORTFOLIO
Source: MIT & IEA Forecast April 2025
ENERGY
COMPUTE & NETWORK
A G L O B A L A I T R A N S F O R M AT I O N
Global data centre energy consumption, TWh
2
0
100
200
300
400
500
600
700
800
900
1,000
20202021202220232024202520262027202820292030
+14% p.a.
The big picture
22
A R A N G E O F O P P O R T U N I T Y A S I N D U S T R I E S T R A N S F O R M
T R A N S P O R TAT I O N
& F L E E T S
L O G I S T I C S &
A U T O M AT I O N
F I N A N C I A L S Y S T E M S &
D ATA P L AT F O R M S
---
Assaad Razzouk, Chief Executive Officer
Emma Biddles, Chief Sustainability Officer
18 September 2025
GurīnEnergy
GurīnEnergy: 8GW+ pipeline across 7 Asian markets
1
2.5
2.9
6.1
5.7
5.7
0.3
0.3
0.6
0.6
2.9
0.3
2.8
3.5
6.7
6.3
8.7
FY21/22FY22/23FY23/24FY24/25FY25/26F
Wind
Battery
Solar
Headcount3749659296
33%
CAGR
GW under active development
75
MW
+6
other
offices
400
M USD
Note: Pipeline is as of March 2022-25 and August 2025 for FY25/26. Headcount includes all known starts in FY25/26.
5.5
GW
SG
Headquartered
in Singapore
Net owned by
Gurīn
In operation
Teams in Tokyo,
Seoul, Gwangju,
Manila, Jakarta,
Bangkok
Committed
capital
Singapore
Japan
South Korea
Indonesia
Philippines
Malaysia
Thailand
1.9 B
USD
Singapore
Japan
South Korea
Indonesia
Philippines
Malaysia
Thailand
78 M
USD
Capital allocated ~50:50 to OECD and non-OECD investment-
grade countries
2
Singapore
Japan
South Korea
Indonesia
Philippines
Malaysia
Thailand
8.7
GW
Pipeline
51% in OECD countries
49% in emerging markets
Equity investment at
commercial operations date*
52% in OECD countries
48% in emerging markets
Invested capital to date
41% in OECD countries
59% in emerging markets
* Estimated
Note: Country allocation for cross-border projects have been split 50-50 between both countries. Singapore has been classified as an OECD country for the
purposes of this analysis. Invested capital & equity investment numbers are at project level.
39%
6%
7%
20%
2%
19%
8%
17%
6%
18%
16%
34%
0%
9%
37%
8%
7%
17%
4%
21%
7%
250GW+ opportunity across our markets by 2030...
3
71
45
25
13
16
8
12
190
10
11
5
5
3
35
13
32
87
59
37
23
22
14
14
256
JapanSouth KoreaSingaporePhilippinesThailandIndonesiaMalaysiaTotal
Battery
Wind
Solar
Forecasted capacity by 2030 (GW)
Source: Aurora Energy Research (Japan), RUPTL 2025-2034 (Indonesia), Lantau Group (other markets). All numbers refer to the base/reference case scenario.
Capacity for Singapore accounts for installed capacity required to supply non-intermittent electricity imports.
Net zero
targets
Net zero by
2050
Net zero by
2050
Net zero by
2050
Reduce GHG
emissions by
75% by 2030
Carbon neutral
by 2050; net
zero by 2065
Net zero by
2050
Net zero by
2050
... driven by positive regulatory developments in past 12 months
4
JapanSouth KoreaSingaporePhilippinesThailandIndonesiaMalaysia
New target to cut
emissions 60% from
2013 levels by 2035,
with renewables to
make up 50% of
electricity
consumption by
2040 (twice the
share of today)
1.4GW of BESS
contracts awarded
in 2025 Long-term
Decarbonisation
Auction
Pro-renewables
President Lee Jae-
myung elected, with
pledges to build
RE100 industrial
zones and provide
tax/R&D benefits
Major grid upgrades
(USD 56B) underway
Launch of first
central Energy
Storage System
(ESS) auction,
(540MW awarded)
Increased target for
cross-border
renewable energy
imports from 4GW to
6GW by 2035
Singapore Energy
Interconnections set
up under the Ministry
of Finance to co-
develop and own
cross-border
transmission assets
New target to peak
emissions in 2028
Launch of 4
th
Green
Energy Auction
(GEA) for 10.5GW of
renewable capacity,
bringing total GEA
capacity targets to
28.7GW since 2022
Release of new
guidelines to
streamline RE
development and
duty-free import
incentives
Commencement of
RECs trading with
the full commercial
operations of the
Renewable Energy
Market
Release of draft
Power Development
Plan which targets
71GW of renewable
capacity by 2037
Announcement of
upcoming pilot for
corporate PPA
mechanism for 2GW
clean energy
Launch of first green
electricity tariff for
purchase of green
energy from state-
owned sources
New target of 100%
renewable energy
by 2035, announced
by the President
Establishment of
Danantara, a new
sovereign wealth
fund, to invest in
national priorities
such as renewables
New Electricity
Supply Plan targets
73GW of clean
energy by 2034
Launch of national
100GW solar+BESS
plan consisting of
minigrids and utility-
scale solar
Introduction of
corporate PPAs via
the Corporate
Renewable Energy
Supply Scheme
(CRESS)
Launch of first
national BESS tender
for 400MW capacity
Added 100MW to
double capacity of
the Laos-Thailand–
Malaysia-Singapore
cross-border clean
power trade
Markets
appear to be
entering a
“new normal”
of global
volatility
5
We are pro-actively mitigating the risks...
•Prudent pipeline development, with a focus on quality
•Rigorous thresholds for project selection
•Cost discipline across the supply chain
•Selective approach to offtakers & partners
... and seeking to capture the opportunities
•Patience
•Agility
•Value focus
•Recognition that markets take-off at different times and based
on different dynamics
120
132
140
PhilippinesIndonesiaJapan
6
Fluid and cost-competitive procurement in Asia
PV modules
Cost (USD/W)
0.12
0.15
0.14
PhilippinesIndonesiaSingapore
Construction (solar)
Cost (USD/W)
BESS Container (4hr)
Cost (USD/kWh)
0.19
0.23
0.33
PhilippinesIndonesiaSingapore
Unit costs of key supply components in each market
(based on Gurīn project experience)
Our supply chain:
•Access to Chinese and locally-
manufactured equipment, enabling
continuing cost improvements
•Sourced within Asia, mitigating
uncertainties of global trade
•For large-scale projects, we have
secured Framework Supply
Agreements with major
manufacturers
•Cost of labour remains competitive
7
Environmental and
social approvals
are prerequisites
from governments
in all markets
OECD* markets
•“Not in my backyard” or NIMBY
persists in some (but not all)
communities
•Local governments increasingly
embracing economic benefits
•Proactive and sustained
community engagement builds
our reputation and trust
Emerging markets
•Little to no NIMBY: Wind farms are
a tourist attraction in the
Philippines, for example
•Complementary social and
environmental objectives – e.g.
Sustainable Investment Zones
powered by green energy
•Openness to investment and job
creation from renewables: Desire
for higher-skilled jobs and
capacity building
We go beyond compliance,
applying international standards and best practices
*Singapore has been classified as an OECD market for the purposes of this analysis
Our approach to sustainability and communities
8
Integrity|Respect|Collaboration|ChangeMakers
ESGPrinciplesandStandards
Our Planet
•Decarbonisation
•Environmental and
biodiversity
protection
•Resource efficiency
Mission: to contribute to global climate action by building enough renewables to power 10 million homes
and to deliver long-term value for our shareholders, employees and the communities in which we operate
Communities
•Shared benefits
•Community
development
•Partnerships for
progress
Responsible Business
•Business integrity
•International
standards
•Responsible supply
chain
Our People
•Health and safety
first
•Diverse and
equitable
workplace
•Developing talent
Vision: to be the trusted partner of choice in renewables
Sustainability in action
9
Japan
•E&S Screening - Limited
community issues due to
selection of industrial
land
•Partnerships -
Established scholarship
for female BESS
engineering talent
South Korea
•Strong community
consent helped secure
first key electricity permit
Philippines
•HSE First - HSE team
supervising construction
and operation
•Proactive engagement
through Community
Liaisons hired from the
community
•Partnerships - Launched
solar farm visit for local
public schools
Indonesia
•Securing and
maintaining social
licence – intensive and
sustained engagement
allowed us to expedite
land acquisition in a
competitive environment
•ESIA* – ongoing to
identify and manage
environmental,
biodiversity and social
risks and opportunities
•Partnerships - assessing
partners for a mangrove
conservation programme
Thailand
•Environmental & Social
(E&S) Screening - limited
community issues due to
selection of land and
early identification of
potential issues
*ESIA = Environmental & social impact assessment
Our approach
(aligned to international standards – e.g.
IFC, IAP2, Equator Principles)
Screen
•Environmental & social (E&S)
screening, including climate
risk assessment
•Survey of stakeholder
sentiment
Assess
•ESIA* - environmental,
biodiversity, social, human
rights & climate risks
•Public engagement
•Supply chain management as
part of procurement
Implement
(construction & operations)
•HSE, E&S, labour and other
management plans
Key milestones over the past 12 months
10
September 2024
Singapore/ Indonesia:
Awarded Conditional
Licence to import
300MW of non-
intermittent renewable
energy from Indonesia’s
Riau Islands
September 2024
November 2024
Strengthened our Board
of Directors through the
appointment of former
Indonesian foreign
affairs minister H.E.
Retno Marsudi
November 2024
January 2025
Philippines: Delivered
first operating project, a
75MW solar plant in
Palauig, Zambales
South Korea: Secured
first key electricity
permit for our 200MW+
solar project
January 2025
June 2025
Japan:
Grid connection
agreement finalised for
our 240MW / 1GWh BESS
in Soma, Fukushima
Singapore/ Indonesia:
Met >90% threshold for
land required for our
Vanda RE cross-border
project supplying
renewable energy from
Indonesia to Singapore
June 2025
July 2025
South Korea:
Signed definitive
agreements for the
acquisition of a 303MW
portfolio of solar and
wind assets in
development, doubling
our in-market pipeline
July 2025
September 2024July 2025
May 2025
Philippines:
Began construction on
a 39MW solar power
project in Capas, Tarlac
Province
May 2025
All projects under-pinned by long-term offtakers
➢ Offtakers are either quasi-sovereign (Thailand) or with top domestic credit ratings
➢ Average tenor of 20-25 years
South Korea: Seizing opportunities
in the evolving landscape
11
Strong OECD market fundamentals:
•Projected ~60GW of renewables by 2030
•Attractive returns on development capital
•Strong offtake regime with 20+ year PPAs on offer
Optionality: Gurīn has remained committed to the market
notwithstanding the changing political landscape and
lengthy timelines required for grid connections (2030+):
•Continued to develop our ~200MW solar project for
commercial operations in 2031
•Securing key electricity permits
•Pursued expansion of capacity to adjacent land
•Expanded portfolio by acquiring another 300MW of
projects
➢Well-positioned to capture opportunities from the new
pro-renewables administration and from expected
transmission upgrades
SUMMARY
Spotlight: Japan BESS
12
Japan is the fifth-largest electricity consumer in the
world, with a target of 50% RE by 2040 and 6GW of BESS
by 2030.
Gurīn entered the market in 2023 and has built a 10-
strong team that is currently developing 500MW of
greenfield BESS.
•This represents over USD 600m of investment (equity
+ debt) in Japan over the next 6 years.
•Phase I is a 240MW / 960MWh BESS in Soma,
Fukushima, representing USD 270m of investment
(equity + debt). It will be ready-to-build by Q4 2025.
•Phase II is a 260MW BESS located in South Japan and
is slated for further development in 2026.
SUMMARY
Japan BESS: Phase I ready-to-build by Q4 2025
13
Key milestones achieved:
✓All land acquired
✓Grid connection secured and finalised
✓Topography, boundary and geotechnical studies
complete
✓Environmental & social impact assessment complete
✓Saft selected for supply, installation and long-term O&M
✓EPC contractor selected
Key battery specifications:
•4-hour LFP Saft Intensium® Flex
•219 containers & 73 units of Power
Conversion Systems (PCS)
Four business model options
(not mutually exclusive; may be combined)
Tolling contract
Merchant
agreement
Long-term
decarbonisation
auction
Sale of asset/
Partial sell-
down
Spotlight: Philippines
14
Several projects at various stages of development in
Luzon, the largest and most populous island:
75MW solar plant in Palauig, Zambales Province
•Operational in Jan 2025, operating on budget
•Launched school solar visit programme
•Potential for a co-located 80MWh BESS
39MW solar plant in Capas, Tarlac Province
•Built on 40ha of former military land leased from
the Bases Conversion Development Authority
•Began construction in May 2025
Several other projects in the pipeline, including a
66MW solar project in Isabela Province, with the
potential to build a 1GW+ platform in-country.
SUMMARY
Spotlight: Vanda RE
15
Vanda RE is a cross-border, greenfield project in
Indonesia that will supply green energy to Singapore.
Ownership:
Integrated development consisting of:
●“GenCo”: 2.2 GWp solar power plant and 5 GWh
battery energy storage system (BESS)
●“TransCo”: A 90km+ subsea cable route
●Expected capex of USD 2–3b (~USD 500m
equity)
Projected timeline:
SUMMARY
PHASE 1PHASE 2PHASE 3
Operational
Commencement
202820292030
75%25%
Vanda RE: Positive regulatory and market momentum
16
Vanda RE received one of six
Conditional Licenses for cross-border
electricity import to Singapore
Elections in Indonesia & Singapore;
both new governments continue to
support energy cooperation
G2G engagement accelerated, with
additional MOUs signed and a
Milestone Ceremony in June 2025
Setup of Singapore Energy
Interconnections, owned by the
Singapore Ministry of Finance, to
jointly develop and own the
transmission line
Signing of joint commitments on the
development of Green Sustainable
Industrial Zones with the Indonesian
Ministry of Planning
Continued material reduction of
capex for subsea cables,
solar panels and BESS
123
456
Business plan submitted for export
license
Vanda RE: Progressing steadily on all fronts
17
Owner’s Engineers appointed
>90% of required land secured
Environmental and social impact
assessments underway, with ongoing
stakeholder engagement
Framework Supply Agreements signed
Offtaker discussions in progress
Marine survey launched
Debt financial advisors appointed
GurīnEnergy: Delivering on our development commitments
18
1.6
2.8
4.0
0.1
0.2
2025-62027202820292030+
0
1
2
3
4
5
6
7
8
9
10
Pipeline breakdown by year of commercial operations (GW)
Key project
milestones
•Buildout of solar + BESS (~200MW) in
the Philippines
•Vanda RE Phase 1
(1150MW) complete
•Japan BESS Phase 1
(240MW) complete
•Vanda RE Phase 2
(1150MW) complete
•Japan BESS Phase 2
(260MW) complete
•First Thai FiT project
(69MW) operational
•Vanda RE Phase 3
(1150MW) complete
•Second Thai FiT project
(59MW) operational
•Buildout of South Korean
portfolio (570MW)
19
2025202620272028
Vanda RE
Japan
BESS
Others
Secure export license
from the Indonesian
Ministry of Energy &
Mineral Resources
Reach Financial Close
for the project
Begin construction
works
Deliver first green
electrons to Singapore
Achieve Ready-to-
Build status for Phase I
(240MW)
Start construction for/
monetise Phase I
Start construction for
Phase II (260MW)
Reach commercial
operations date for
Phase I
Successfully add BESS
to our Zambales plant,
our first hybrid project
Submit successful bid
in Thai auctions, if held
Reach FID for 1-2 Thai
solar projects
Reach FID for 1-2 South
Korean projects
Commission 1-2 Thai
solar projects
Continue to strengthen the team and deliver on our development commitments
Advance construction
of second operational
project and increase
pipeline in the
Philippines
GurīnEnergy: Priorities to 2028
Thank you
---
C2 General
THURSDAY 18 SEPTEMBER 2025
C2 General
INFRATIL | Investor Day 2025
From our CEO, JASON PARIS
Market
Context
C2 General
INFRATIL | Investor Day 2025
INFRATIL | Investor Day 2025
•Best in Test mobile network for 4 years
running (Umlaut).
•World first satellite to mobile and IoT satellite
service with Space X. We are delivering huge
resilience, health and safety and productivity
gains with more than 4 million texts sent
already.
•AI powered network optimisation, cyber
threat detection and self-healing agents.
•EonFibre separated with an aspiration to be
New Zealand’s leading bandwidth
infrastructure provider.
•3G network shutting down from end-2025,
simplifying the business, reducing costs and
freeing up network capacity.
Great connectivity
•First stage of technology modernisation successfully
completed. All ~1.2 million Prepay customers on new IT
stack with simplified products and plans.
•More than 2m service interactions removed over 3
years. The average customer now calls us once every
2 years.
•100% of our Enterprise service teams are NZ based.
•AI already transforming customer experiences:
✓1900 employees with access to AI tools and
training.
✓3000 robotic process automation tools in place
✓450k AI Prepay Concierge users.
✓Hundreds of network probes deployed.
✓20 Agentic AI team members in our org structure.
Great Service
Winning by being the best at
what customers value the most
C2 General
INFRATIL | Investor Day 2025
A trusted brand
•One NZ brand is tracking to top global
benchmarks in non-customer consideration, a
strong signal of future demand and growth
beyond the current base.
A trusted employer
•Banned aggressive customers and closed at
risk retail stores.
•1 point away from top quartile of global
McKinsey organisational health index.
•Launched ‘Leading One’ a new adaptive
leadership programme, aiming for all people
leaders to complete this by mid-FY27.
•50% of senior leadership is female.
Great trust
Network leadership
•Unmatched coverage and capacity with 5G and
satellite offering additional resilience.
•Bundled satellite-to-mobile text message service in our
Pay Monthly plans. Satellite Voice and Data will be
charged additionally.
Device leadership
•A new loyalty programme, One Wallet, is being funded
through the retirement of historical and complex plans
with associated legacy discounts. More than 1.1m Pay
Monthly customers now on in-market plans.
•This differentiated loyalty offering, enabling customers
to put loyalty dollars to reduce the cost of their next
interest-free phone, is complex and expensive for
competitors to match.
Price competitiveness
•Partnering with other brands e.g. Kogan, Mighty Mobile
etc to execute multi-brand strategy targeting more
price sensitive segments versus using One NZ.
Great value
Winning by being the best at
what customers value the most
C2 General
INFRATIL | Investor Day 2025
Environment
Medium-sized company of the year in the
2025 Global Sustainability Awards
•Greenhouse gas (GHG) emissions reduction targets officially verified by the Science
Based Targets initiative in August 2025.
•Achieved 64% reduction in scope 1, 2 & limited scope 3 GHG emissions (FY25 vs FY24).
•More than 64,000 kilograms of e-waste from operations diverted from landfill in FY25
(97.5% recycled).
Social
•Continue investing $2m annually in Te Rourou, One Aotearoa Foundation, to help youth
of NZ.
•Blocked ~10m attempts to access scam or malicious links in FY25.
Governance
•Increased GRESB Infrastructure Assessment score by six points, to 79 out of 100 in FY24.
Targeting >90 for FY25.
•Māori Strategy extended engagement with local tribes (iwi) and internal cultural capability
activity.
C2 General
INFRATIL | Investor Day 2025
One NZ is competing well in a challenging market
Resilient performance amid macroeconomic headwinds. Despite a challenging economic environment,
we continue to attract and retain high-value customers.
We remain on track to meet FY26 EBITDA and cash targets, achieved by demonstrating operational
discipline and financial resilience.
Strong momentum in Consumer and SME. Customers are joining or renewing at higher ARPU levels, with
minimal churn following strategic price increases above CPI, underpinned by market differentiation from
One NZ Satellite and One Wallet.
Enterprise mobile is challenging due to aggressive competitor discounting. Enterprise customers
consistently choose One NZ when we match market pricing, reinforcing our customer value proposition.
ICT, cybersecurity and wholesale have good momentum, bolstered by our acquisition of DEFEND, which
strengthens our position in the cybersecurity market.
Becoming a world leader in deploying AI is key to unlocking the next wave of productivity, revenue and
customer experience gains.
C2 General
Finance and
Trading Update
INFRATIL | Investor Day 2025
From our CFO, NICK JUDD
C2 General
FY26 EBITDA Guidance of $595 -$625 million is maintained. Includes one-off
investments for SpaceX, head office relocation and AI programme spend, with
underlying growth at ~5%.
A stronger second half (H2) than first half (H1) is expected in terms of EBITDA
and cash performance driven by trading seasonality, mobile acquisition
momentum, H1 price increases and continued cost discipline.
Growth is underpinned by trading momentum and cost discipline including:
•Strong mobile margin growth through price increases and connection
growth in Consumer and Enterprise supported by value differentiators like
One Wallet and SpaceX.
•Strong wholesale growth due to new Mobile Virtual Network Operator
(MVNO) onboarding and growing connections.
•Underlying operating costs improving compared to the prior year, excluding
one-off investments.
•Continue to focus on absorbing the impact of inflation and increased
consumption costs through simplification and ongoing cost out including
employment cost efficiencies.
On track to deliver to EBITDA guidance through
strong mobile growth and disciplined execution
FY26 Capex guidance remains at $235m-$265 million (excluding spectrum
and head office relocation capex) with capital intensity forecast to reduce
to 13%.
667
735
783
815
404
364
354
347
197
226
222
211
199
209
212
223
500
451
425
325
1,967
1,984
1,996
1,921
1900 - 1960
FY22AFY23AFY24AFY25AFY26G
MobileConsumer FixedEnterpriseWholesaleProcurement & Other
481
528
600
605
595 - 625
FY22AFY23AFY24AFY25AFY26G
Capital
Intensity
Revenue ($m)
EBITTDAF ($m)
15%15%13%14%13%
INFRATIL | Investor Day 2025
INFRATIL | Investor Day 2025
•Continued trading momentum on the back
of the rebrand, supported by differentiation
of One Wallet and One NZ Satellite.
•Overall consumer market growth flat in Q1
FY26. One NZ total revenue market share
36%
1
.
•Consumer mobile ARPU increased +7% in
FY25.
•Continued opportunity to grow fixed
wireless customer base with increasing 5G
reach.
Consumer and SME
•Strong pipeline opportunities from One
NZ Satellite (including IoT) service.
•Driving market-leading mobile ARPU and
supported by recent key acquisitions.
•ICT and core connectivity pricing
remains highly competitive.
•CPI clause in 100% of new contracts with
a term greater than 12 months.
•DEFEND cybersecurity business now 95%
owned with strong integrated sales
approach across Enterprise and SME
areas.
Enterprise
•Strong Wholesale growth due to
continued MVNO platform momentum.
•MVNO base growth of +18k in FY25 driven
by existing and new partner growth,
targeting +30K in FY26.
•New partnerships with Telsim and
Advantai Goup announced recently.
•>60% of market MVNO net ports coming
onto the One NZ network over the past
quarter.
Wholesale
Trading momentum improving through customer
value propositions despite economic headwinds
1.IDC NZ Fixed & Mobile Market Segmentation- Q2 2025 (June Quarter)
C2 General
•Separation largely complete, in process of migrating
customers.
•Continued growth driven by hyperscaler demand, cloud
adoption and mobile backhaul.
•Exploring further growth opportunities with other network
providers and hyperscalers. EBITDA of ~$50m, two-thirds
of EonFibre’s revenues are internal.
•Investments in modernising platforms, inventory and
interfaces, to complete in FY27.
•New capital allocation framework to maximise returns.
Key milestones
INFRATIL | Investor Day 2025
Over 11,000kms
of fibre, including
to all major NZ
data centres
EonFibre's goal is to be the bandwidth
provider of choice for wholesale customers
EonFibre networkAqualink (EonFibre)Southern Cross Subsea Cable
C2 General
INFRATIL | Investor Day 2025
Targeting EBITDA margin expansion to mid-30s
over medium term driving increased cash flows
Clear pathway to delivering margin expansion through:
1. Graph not to scale, with medium term EBITDA % shown for illustrative purposes only
EBITDA Margin % Growth
1
Increased distributions from improving cash
generation driven by margin expansion and
reduced capital investment.
Capital Intensity normalises to ~11%
over the medium term.
24%
27%
30%
31%
35%
FY22AFY23AFY24AFY25AMedium Term
EBITDA Margin (%)
Targeting mid-30 percent EBITDA
margin over the medium term.
Consumer, Business and Enterprise Trading
•Continuing growth in mobile services that is underpinned by increasing
data consumption trend and price increases. Expected net base growth
aspirations are supported by product and service differentiation.
Wholesale Growth
•Revenue growth driven by MVNO growth on our mobile network.
Eon Fibre Growth
•The separation of EonFibre supports growing utilisation and return on the
fixed network.
Operating efficiencies
•Ongoing focus on cost efficiencies and business simplification through IT
modernisation, absorbing inflation impacts and delivering streamlined
operations and improved customer experience. Cost reduction supported
by scaled adoption of agentic AI.
C2 General
Technology
Update
INFRATIL | Investor Day 2025
From our CTO, KIERAN BYRNE
INFRATIL | Investor Day 2025
•99.5% 4G, 64% 5G population coverage
•NZ's best mobile network 4yrs running (umlaut)
•Approx. 2m mobile connections
*
across 2,550 sites**
•Satellite TXT deployed with data and voice coming
•Six major MVNO partnerships
•Coverage and capacity becoming more ubiquitous
across mobile operators
Monetising a new
era of differentiated
connectivity
Tailored connectivity
products that differentiate
through Quality of Service
(QoS); data and network
capabilities exposed
through APIs.
Efficiency through
autonomous network
operations
Intent-based intelligent
networks, using Agentic
AI, machine learning (ML)
and automation to
monitor, self-optimise and
self-heal.
Monetising our network beyond the
traditional lines of coverage and capacity
*Excludes IOT, **includes over 500 RCG (Rural Connectivity Group) sites
Today...
The future...
INFRATIL | Investor Day 2025
New platforms
deployed using AI
New CRM and SOM
deployed and several
legacy platforms
decommissioned.
Prepay base cutover
to new platforms
1.2m Prepay customers
migrated to new platforms.
Customer experience and
cost benefits from reduced
failed orders and average
handling time (AHT).
Next priority Pay Monthly,
followed by Enterprise
Mid-FY27 to complete
consumer mobile, late-
FY27 for consumer fixed.
Additional benefits from
reduced call volumes, and
automated provisioning.
Product simplification
progressing ahead of plan
Hundreds of legacy
products and price points
removed.
IT modernisation (T-One) achieving a
world class outcome in world class time
C2 General
INFRATIL | Investor Day 2025
•NZ Mobile Virtual Network Operator (MVNO) market remains in
early growth stage, comprising ~2.5% of the consumer market
versus 15-20% in more mature international markets.
•One NZ has built a market-leading MVNO platform. The ease,
flexibility and speed of our wholesale platform makes us the
preferred choice for broadband and mobile entrants.
•Six major MVNOs (plus several smaller) on-board addressing
different market segments and providing greater competition
and choice for consumers.
•MVNO commercial models incentivise ARPU growth.
•Fixed wireless (FWA), Ultrafast Broadband (UFB) fibre, and
Internet of Things (IoT) products launched in addition to mobile.
•Strong double digit YoY growth in MVNO connections expected
in FY26.
Strong growth in our MVNO business
5
13
27
61
108
125-145
FY21AFY22AFY23AFY24AFY25AFY26G
Connections (000)
Driving growth throughwholesale
and reseller channels
C2 General
Artificial
Intelligence
INFRATIL | Investor Day 2025
From our Chief AI and Data Director
SUMMER COLLINS
INFRATIL | Investor Day 2025
Infrastructure
Responsible AI
We are using AI systems
in a safe, trustworthy,
and ethical way.
Responsible AI Policy
guides use and
deployment.
AI Activators
Cross functional teams
working across the
organisation delivering
operational efficiencies
via robotic process
automation (RPA)
machine learning (ML),
generative & agentic AI.
Global PartnershipsAI for all
We will continue to scale
AI use across the entire
organisation and
democratise access,
prioritising training and
skills development.
We have been scaling AI for yearsand have global partnerships
New Zealand’s AI-first telco
C2 General
INFRATIL | Investor Day 2025
Strong AI momentum continues to grow
C2 General
INFRATIL | Investor Day 2025
Significant benefits will be realised
Progress
in FY25
AI & Agentic
Platforms
AI Enablement Tools
across One NZ
Workforce
•AI Elevate: Trained
1000+ employees on AI.
•Elevate hands-on labs.
•Copilot rolled out to all
support staff.
•ChatGPT pilot.
•Responsible AI training.
•Back-office automation
accelerated.
Enterprise
•10 AI Agents in beta
with Enterprise
customers & teams
across service tasks.
•AI for process mining.
Network & IT
•Gen AI for Software
development.
•Voice & SMS Fraud
detection.
•Customer Network
Experience score.
•Network diagnostic
Agent.
•Power Supervisor
Agent.
Service
•AI Powered call
routing.
•AI powered Call
Summarisation.
•AI Concierge with
450K customers.
Marketing
•Campaign automation
using Machine
Learning.
•Generative AI
speeding up campaign
creation.
•Generative AI
speeding up analytics.
C2 General
INFRATIL | Investor Day 2025
Future
Outlook
From our CEO, JASON PARIS
INFRATIL | Investor Day 2025
Looking ahead with confidence
Strong ongoing demand for our technology, products and services in a stable yet highly
competitive market.
As coverage and capacity become ubiquitous across mobile operators, we will move from
mobile network leadership to parity in 5G and Satellite, and prioritise the creation of new
Quality of Service (QoS) network products.
Revenue growth will come from increasing prices above CPI in core plans to reflect greater
value, monetising new QoS network products, including satellite voice and data, and growth in
targeted areas of telco ICT and wholesale.
Productivity gains will come from an AI-first approach in every part of our business, and
completing phase two of our technology modernisation with all customer records and all simple
Pay Monthly mobile and broadband products on a single CRM by end of CY26.
We will complete EonFibre platform modernisation and compete strongly as a high bandwidth
wholesaler.
Medium term targets remain mid-30’s EBITDA margin %, capital intensity closer to ~11% and
increased cash generation.
C2 General
T AN S
jason.paris@one.nz
---
cdc.com
InfratilInvestor
Day
1
September 2025
Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary form, is not
necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient’s particular objectives, financial situation or needs. Each recipient of this presentation should: (i) make its own enquiries and investigations
regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that different future outcomes may have on CDC; (ii) seek legal, accounting
and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in this presentation, is given for illustrative purposes only and cannot be relied upon as an
indicator of (and provides no guidance as to) future performance.
Information set forth in this presentation may contain “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as “forward-looking statements”).
Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC’s projected financial performance; (ii) the expected development of CDC’s business, projects and joint
ventures; (iii) execution of CDC’s vision and growth strategy; (iv) sources and availability of third-party financing for CDC’s projects; (v) completion of CDC projects that are currently underway, in development or otherwise under consideration; (vi) renewal of
CDC’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow recipients of this presentation the opportunity to understand CDC’s beliefs
and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing opportunities.
Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and accept that future results may be affected by a range of variables which could cause outcomes or trends to differ materially, including (but not limited
to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii) industry competition; (ix) geopolitical risks, legislative, fiscal and regulatory
developments; (x) economic and financial markets conditions; (xi) approvals; and (xii) cost estimate.
All trademarks, logos and brand names are the property oftheir respective owners. Use of these names, trademarks and brands does not imply endorsement.
Important notice and disclaimer
CDCProgress. Secured.
Business overview.
CDCProgress. Secured.CDCProgress. Secured.
Our ANZ Presence
CDC campus
Operational data centre
Data centre under construction
Network connectivity
Future development – Land secured
Operational
data centres
15
Data centres under
construction
7
Total capacity
1
2.4GW+
Asset ownership
100%
Sydney Eastern Creek
Canberra Hume
Sydney
Canberra
Auckland
Melbourne
HU1HU2HU3
HU4HU5
EC1EC2EC3
EC4EC5EC6
Hume One:
Hume Two:
SD1
HV1
Auckland Silverdale
Auckland Hobsonville
Melbourne Brooklyn
BK1BK2
Sydney Marsden Park
MP1
HU6
SD2
HV2
MP2MP3
MP4
MP5MP6
Melbourne Laverton
LV1
Perth
Perth
PE1
LV2
FY1
FY2
BE1
Canberra Fyshwick
Canberra Beard
1.Growth forecast underpinning CDC’s build capacity to FY2034
CDCProgress. Secured.CDCProgress. Secured.
CDC continues to grow and strengthen our unrivalled platform
2025 has been another successful year, as CDC strengthens our position as a global leader in data centre development and operations. Building on our track record of security,
availability, high density, optionality and sustainability, CDC continues to lead on both the customer and delivery fronts.
Accelerated development at CDC Marsden Park, Australia and New
Zealand’s first ultra-scale “AI Factory” campus
Scale
CDC continues to grow its portfolio of sites and execute on development plans. CDC has
the largest pipeline of capacity within ANZ and is capturing the benefits of being able to
deliver at scale.
Technological Superiority
CDC’s innovative cooling technology allows us to deploy the best-in-class hardware our
customers are seeking in the AI age, while unlocking billions of litres of water per year
for the communities in which we operate.
Funding
~$2bn in debt and equity raisings over the last 9 months accelerate delivery of our
development pipeline. Shareholder confidence highlighted by the landmark deal signed
to ensure continued support for growth.
NVIDIA DGX-Ready Certified
NVIDIA DGX-Ready Data Center certification for
Australia and New Zealand footprints.
CDCProgress. Secured.CDCProgress. Secured.
CDC is rapidly expanding its customer base & partnerships
CDC continues to invest in the depth and strength of relationships with our foundational customer ecosystem. In addition, we have been establishing strong relationships
across the entire AI customer ecosystem, which is seeking to develop, access or support AI services and increasingly work together with foundational customers to unlock the
power of data.
Foundational Ecosystem
CDC continues to strengthen and form new relationships in our
foundational target customer ecosystem, across existing and new
regions.
CDC’s core value proposition of security, availability, optionality,
sustainability and interconnectivity is particularly important in this
space and recognised by the market as differentiated and market-
leading.
AI Ecosystem
Fast-growing ecosystem attracted to CDC’s technologically superior offering, proven
agility and speed to market, as well as our scale and our existing ecosystem.
Public sector
NCI
Hyperscale Cloud
Hyperscale AI
Semiconductors
Neoclouds
Frontier Labs
AI Superapps
CDCProgress. Secured.CDCProgress. Secured.
Sydney Region: 1GW+ capacity to meet our customers’ demand
CDC has been accelerating its developments in the largest data centre region in Australia to meet significant customer demand. This includes nearing completion of EC5/6 at
the Eastern Creek campus and accelerating work at Marsden Park campus - expected to be the largest campus in the Southern Hemisphere upon completion. The two
complete campuses are expected to provide 1GW+ of capacity to our customers.
1
Marsden Park, Sydney
NSW
720MW+
Eastern Creek, Sydney
NSW
280MW+
EC5 nearing completion, followed shortly by
completion of EC6.
Significant progress on first data centre on
campus over the last few months.
1.Total built capacity based on current campus design.
CDCProgress. Secured.CDCProgress. Secured.
Melbourne Region: 650MW+ in Australia’s 2
nd
global DC hub
CDC is building at scale and at pace on two campuses in Melbourne. At our Brooklyn campus, our second data centre BK2 is nearing completion and will join BK1 in being
operational. At our Laverton campus, construction is progressing on our first large scale facility. The two complete campuses are expected to provide 650MW+ of capacity to
our customers
1
.
Brooklyn, Melbourne
VIC
350MW+
Laverton, Melbourne
VIC
300MW+
Construction underway for first large scale
facility, LV1.
Nearing completion of construction
of BK2.
1.Total built capacity based on current campus design.
CDCProgress. Secured.CDCProgress. Secured.
Canberra Region: new expansion to serve critical customer base
CDC is also nearing completion of the first data centre in our new campus in Canberra, Beard. In addition, in response to existing and new customer demand, we continue to
expand our campus in Hume to offer significant capacity to our highly critical customer ecosystem in this region. When complete, the region is expected to provide ~250MW of
capacity across our campuses in Hume, Fyshwick and Beard.
1
Beard, Canberra
110MW+
Hume, Canberra
90MW+
Campus expansion in
progress with H6 facility.
First data centre in Beard is
nearing completion.
1.Total built capacity based on current campus design.
Fyshwick, Canberra
ACT
40MW+
Operational campus.
ACTACT
CDCProgress. Secured.CDCProgress. Secured.
WA
Perth Region: Expanding west to meet local and global demand
CDC has announced our Maddington campus in Perth, which will be the largest AI and advanced technology data centre campus in the region, expected to deliver 200MW+ of
high-density capacity when complete.
1
Perth will play a key role as part of CDC’s footprint of data centres that serve many of the most discerning customers across Australia,
New Zealand and the globe.
Maddington, Perth
Strategically located to support demand for compute to support national initiatives
such as AUKUS.
Supporting national progress
Perth represents an opportunity for Hyperscale and AI customers to offer low
latency services to WA and international end-users.
Hyperscale and AI international expansion
Expanding to Perth allows CDC to offer our existing national customers even
greater geographical optionality across the East and West coast.
Additional geographic diversity
Large opportunity to offer our differentiated data centre capacity to new
customers operating or supporting the prosperous WA economy.
Adding new customers in WA
200MW+
1.Total announced built capacity based on current campus design.
CDCProgress. Secured.CDCProgress. Secured.
Auckland Region: additional capacity delivered in FY26
Hobsonville 2 facility became operational at the start of FY26, providing additional capacity to address significant customer demand in this region. Combined with Silverdale,
our two Auckland campuses will offer 135MW+ of capacity when complete.
1
Hobsonville, Auckland
NZ
75MW+
Silverdale, Auckland
NZ
60MW+
SD1 facility is fully operational.
HV2 facility became operational at the start of
FY26.
1.Total built capacity based on current campus design.
Market overview.
CDCProgress. Secured.CDCProgress. Secured.
Investment in Data Centres and AI is accelerating globally
The race for AI supremacy is still accelerating and this is reflected in the significant level of CAPEX and investment in data centres and infrastructure. The data centre industry is
set to benefit as infrastructure and compute is seen as a highly strategic investment for the leading technology companies, as well as nation states. In addition, AI is being
firmly positioned as a matter of geostrategic competition and national security importance.
1.Public press releases. Figures approx. and converted to AUD as at 20 August 2025.
Microsoft opens New
Zealand cloud region
Indonesia launched the National AI
Roadmap White Paper, proposing
the creation of a sovereign AI fund,
aimed at positioning Indonesia as a
regional hub for AI technology
Re-announced plans to invest $20b
in data centers in Australia by 2029
SK government focused on
developing sovereign AI industry and
supply chain; KAI investing in
autonomous aircrafts
Investment of $6b into data centre
projects in South Korea with SK
group
In May, French Government
announced $179b of investments in
its AI sector
Compute Roadmap (~$4b)
announced and signed an MOU
with OpenAI
Meta pushes forward with
Prometheus campus in Ohio, online
in 2026 and 1GW+ in size. Scales up
capex forecasts by ~$6-11b
Pennsylvania Energy and Innovation
Summit, ~$140b worth of
investments announced, attended
by President Trump
Additional ~$11b announced to be
invested to expand in Iowa
Further progress and investment in
Hyperion in Louisiana, which will be
able to scale up to 5GW over several
years.
Stargate powers ahead; “Oracle to
spend ~$62b on Nvidia GPUs for
OpenAI Texas data center”
xAI purchases former gas power plant
site in Southaven, Mississippi near
border, that at one time provided
640MW
xAI continues to invest in ‘Colossus’ in
Memphis, raising $16bn, and seeking
an additional $19b for a second DC in
Memphis
Saudi launched Humain, a state-owned
AI firm backed by the Public
Investment Fund, to spearhead its AI
ambitions. Deals with NVIDIA, AMD,
Qualcomm and AWS
UAE announced the Stargate project in
Abu Dhabi developed in collaboration
with OpenAI and other U.S. tech firms
OpenAI launched Stargate Norway,
following significant industry
investment in the Nordic region
CDCProgress. Secured.CDCProgress. Secured.
Australia and New Zealand are positioned for sizeable growth
The ANZ data centre market is forecast to grow rapidly, in-line with strong global growth out to 2030. Demand is expected to continue to outweigh supply in the short term in
both Australia and New Zealand. In particular, as AI investment continues to grow in addition to colocation and cloud, fit for purpose AI data centre capacity is expected to be
in very high demand.
1.Australia figures based on Mandala ‘Empowering Australia's Digital Future’ report 2024, New Zealand figures based on NZTech ‘Empowering Aotearoa New Zealand's Digital Future’ report 2025.
2.Global growth rate (averaged) overlay sourced from Knight Frank ‘Data Centres Global Report’ 2025
3.CBRE Report Why Australia for Data Centres, September 2025 - see report for full figures and source list.
Data centre demand (capacity) growth in ANZ, GW
1,2
1.35
3.1
0.1
0.35
1.45
3.45
20252030F
AustraliaNew ZealandKnight Frank Global Growth Rate
ANZ CAGR = 19%
Australia and New Zealand are expected to grow slightly
faster than the global market out to 2030
Data centre vacancy rates, Australia
3
Australia faces an AI-readiness gap in data centre stock, with significant demand expected
to drive lower vacancies and potentially higher rates.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
200520062007200820092010201120122013201420152016201720182019202020212022202320242025
CDCProgress. Secured.CDCProgress. Secured.
Australia as an AI Hub in the region
Beyond domestic customer demand, Australia is emerging as a relevant location to support services for customers and users in the broader region. Australia’s natural
advantages, combined with its technological and governance maturity, provide the right settings to become a destination of choice. This can provide an additional driver for
outsized growth in the market.
010203
040506
Availability of
power, land and
labour.
Clean and
affordable energy.
Existing data
centre industrial
base.
Political stability
and geopolitical
alignment.
Digital
infrastructure
ecosystem.
Availability
of capital.
Customer value
proposition.
CDCProgress. Secured.CDCProgress. Secured.
Sustainability.
CDC’s cooling system saves billions of
litres of water annually. We also offer
100% renewable electricity to our
customers.
CDC Value Proposition
CDC continues to offer a market-leading, differentiated offering to
our customers. In addition to our core differentiators, CDC has seen
our market position strengthen particularly due to our scale, future-
proof design and our liquid cooling capability in the age of AI.
High-density.
CDC’s cooling technologies enable cutting
edge +600 kW high-density and high floor
loading for advanced compute
workloads.
Availability.
100% uptime guaranteed in our resilient
and modern facilities.
Security.
Building to the highest levels of security
to ensure the protection of our
customers’ critical assets. HCF Certified
Strategic Provider.
1
Optionality.
Future-proof, purpose-built spaces to
meet diverse customer needs, at scale.
Our powerful ecosystem enables an array
of interconnection capabilities.
1.Hosting Certification Framework, Australian Government
CDCProgress. Secured.CDCProgress. Secured.
Critical data has gravity, attracting new waves of compute technologies as they
become available.
Our data centre campuses are critical infrastructure ecosystems
CDC supports some of the most critical customers in ANZ, who manage critical data and systems that safeguard the progress of the nations. This data is very sensitive and, as a
result, as new waves of technology are adopted, they gravitate towards where the data is stored, as opposed to moving the data to where the compute is. Multiple waves of
technology are acting symbiotically to generate more insights and value, as well as new data.
Traditional workloads are well represented and stable/growing in footprint
close to the core despite new waves of technology.
Cloud computing enables significant scaling with on-demand compute
capability, increasing the value and size of the data core.
Artificial Intelligence is enabling significant new capabilities and making the
data core more relevant across the organisations.
Quantum and Future Technologies are expected to continue to build on top of
existing technologies to enable more value.
Visual representation depicting “data and compute ecosystem” generated by Gemini Ai using 2.5 Flash model.
CDCProgress. Secured.CDCProgress. Secured.
18 Years of Data Centre Evolution and Innovation Leadership
AI is the latest wave of technology that is driving data centre transformation at scale. This has significant implications for power densities, floor loading, cooling technologies,
and scale. CDC continues to invest in significant engineering innovation to maintain our market and technology advantage and deliver future-proof data centre capabilities. This
enables us to meet the needs of our customers not only today, but in the long term.
Rack density, cooling, floor loading and lead customer footprint size figures/technologies are indicative only. Designs and deployments can vary on a case-by-case basis.
Cooling
Air
Traditional DCs
Air
Cloud Era
Air + Liquid
Today
Liquid
Future
Rack density
<5KW5-20KW+100KW+
1MW+
Initial customer
footprint size
<1MW1-50MW50-100MW+
100MW+
AI Factories
Floor loading
800kg per sqm1t per sqm1.6t per sqm2t+ per sqm
CDCProgress. Secured.CDCProgress. Secured.
CDC continues to scale and expand in markets across ANZ
Our progress as a business since 2007 has resulted in CDC having a trusted development track record and a design capability and ethos that customers value. CDC continues to
enter into new markets whilst scaling and innovating at the rack, data centre, campus and platform level.
2007+
Canberra, ACT
175MW
•CDC is established with our first
data centre, Hume 1 (1MW)
•Built our design around the
highest requirements of Public
Sector customers
•Built the differentiated
technology and business
approach underpinning future
growth
Sydney, NSW
291MW
2018+
•First expansion market
•EC1 (7MW) launched in 2018,
with several more DCs brought
online over the coming years
•Expanded geographical and
segment customer base
Auckland, NZ
98MW
2019+
•CDC became an international
business by disrupting NZ data
centre market
•Began with delivering two
campuses, Hobsonville and
Silverdale, with an initial
capacity of 14MW each
Melbourne, VIC
261MW
2022+
•CDC grows into third Australian
market with BK1 (34MW) and
further expands customer base
•Announcement of our Laverton
campus quickly follows,
highlighting demand in
Melbourne
200MW+
2025+
Perth, WA
•CDC announces our first
campus in WA in Maddington
•Continue to strengthen our
national offering within
Australia, supporting existing
and new customers
Expansion market
Current capacity
1
Announced Capacity
2
1.Current capacity refers to operating and under construction built capacity in the region as at 30 June 2025.
2.Total announced built capacity based on current campus design.
CDCProgress. Secured.CDCProgress. Secured.
CDC has a diverse, high-growth and credit-worthy customer base
CDC primarily targets three customer segments: Public Sector, National Critical Infrastructure (NCI), and Hyperscale and AI. The Hyperscale and AI segment is the fastest
growing within CDC, highlighting CDC’s exposure to high growth drivers. Public Sector continues to experience significant growth, reflecting CDC’s strong track record in this
segment.
1.Monthly revenue growth (approximate, indexed to 100) comparison by customer segment as at June 2021 vs June 2025.
2.Indicative only – credit rating can differ on a case-by-case basis.
Public SectorNCIHyperscale & AI
Current
Markets
AllAllAll
PositionCombination of small,
private and large-scale
bespoke data halls and
colocation model,
depending on size and
security-level of the
customer
Mix of dedicated data halls
and purchasing pods within
data halls. Customers value
ecosystem and benefit from
matched security posture
Construction of large-
scale bespoke data
halls and facilities for
use by a single
customer
Revenue
framework
Public tenders and
government panels
Negotiate on contract by
contract basis
Negotiate on contract
by contract basis
Contract
structure
Typically 5-7 years, with
options extensions for 3 –
10 years
Typically 5-10 years, with
options to extend
Typically 10+ years,
with options extending
out to 20-30 years
total, AI contracts may
differ
Credit
Rating
2
AAAStrong investment gradeA-band + varied
Primary customer segments overview
~2x
~3x
Revenue growth by customer segment
1
National Critical
Infrastructure
Public SectorHyperscale & AI
20212025
CDCProgress. Secured.CDCProgress. Secured.
CDC continues to secure large scale capacity contracts
CDC continues to maintain strong contracting momentum, securing additional capacity across public sector, national critical infrastructure, hyperscale and AI customers.
•CDC has been selected to host the first-of-its-kind AI supercomputer for the higher education sector, MAVERIC, featuring the NVIDIA
GB200 NVL72 platform,
•MAVERIC will be purpose-built for large-scale AI and data-intensive workloads, marking one of the first deployments of this advanced
NVIDIA AI infrastructure platform in Australia
•This places MAVERIC and CDC at the forefront of global AI supercomputing design
•CDC extended our long-running relationship with Services Australia
•Capacity extended across Canberra campuses
•Highlights CDC’s commitment to providing highly secure, highly resilient and sustainable capacity to the Government customer
segment
•CDC was chosen to host CSIRO’s new high-performance computing (HPC) cluster, Virga. Equipped with NVIDIA H100 Tensor Core GPU
accelerators, the HPC system delivers powerful deep learning and machine learning capabilities while minimizing environmental impact
through energy-efficient hybrid direct liquid cooling technology
•Virga will play a critical role in supporting AI-driven research across a range of fields, including medical imaging, robotics, and the
recently launched National Robotics Strategy
Notable customer developments
Sustainability.
CDCProgress. Secured.CDCProgress. Secured.
CDC Sustainability Strategy
CDC is committed to sustainability, community development and operational excellence, and has set a strong foundation for future growth and leadership in the industry.
CDC’s Sustainability Strategy is built upon three core pillars— Stable planet, Thriving people and Trusted company—with the below showcasing key ESG highlights that reflect
CDC’s efforts to drive meaningful change and sustainable value for stakeholders.
Figures per CDC Sustainability Report 2024 unless otherwise stated. Calculations can also be found within CDC Sustainability Report 2024.
1. As at October 2024. 2. Hosting Certification Framework, Australian Government
Renewable energy: 100% renewable electricity
offered to Australian customers.
Environmental certifications: Maintained "Toitū
net carbonzero" and "Toitū enviromark diamond"
certifications in New Zealand.
Water efficiency: Water Usage Effectiveness (WUE)
of 0.01.
Waste management: Diverted over 90% of
operational waste from landfill at NSW campuses.
Stable planet.Thriving people.Trusted company.
CDC Academy: Continued expansion of
ourdedicated training program for data centre
employees.
Indigenous plan: supporting theincrease
Aboriginal and Torres Strait Islander employment.
Women Rising: Empowering women’s careers
through a training and mentoring initiative.
Reservist leave: High uptake of reservist and
volunteer leave from CDC staff.
Employee wellbeing program: Robust mental
health program to support employee wellbeing.
Customer satisfaction: Achieved a Net Promoter
Score (NPS) of over 94%
1
.
Home of supercomputing: CDC has added the
Maverick (Monash University), Virga (CSIRO) and
Cascade (NIWA) supercomputers.
Building to the highest level of security: All
Australian data centres built to Certified Strategic
level
2
and CDC became the first data centre to
achieve Public Cloud Data Centre Certification in New
Zealand.
Data security and privacy: Maintained our ISO
27001 certification, ensuring the highest standards in
information security and data privacy.
CDCProgress. Secured.
CDCProgress. Secured.CDCProgress. Secured.
CDC is actively engaging with energy stakeholders
Data centres have emerged as a key part of the energy grid and transition. CDC has a long track record of engaging, investing and partnering with different parts of the energy
value chain.
Utility engagement
and grid stabilisation
CDC’s data centres provide a predictable, constant
base load to the grid, which is seen as a positive
influence on power system needs. CDC also has a
history of working with grid operators in supporting
the power system when additional capacity or
reliability are required.
Investment in energy
infrastructure
CDC has a long history of working with utilities to co-
invest in infrastructure that brings overall benefits to
the grid and the economies in which we operate.
CDC’s campuses also feature dedicated substations
that add to the grid’s overall infrastructure as well as
enabling CDC to procure power at scale.
Driving demand
for renewables
CDC offers all of our customers 100% net carbon zero
electricity across all our facilities in Australia and New
Zealand.
1
CDC’s development pipeline and long-term customer
contracts provide visibility for new renewable energy
demand, enabling providers to consider future
generation projects in solar, wind and BESS.
02
0103
1.For additional details, please refer to CDC’s Sustainability Report available at cdc.com/sustainability.
CDCProgress. Secured.CDCProgress. Secured.
Industry Leadership in Water Efficiency
CDC demonstrates industry leadership through its innovative closed loop cooling system which allows that enable our purpose-built data centres to rely on zero water
consumption for the purpose of primary cooling, whilst also enhancing the resilience and flexibility of our facilities.
Sustainability
Our unique cooling system results in billions of litres of water every year being available for the benefit
of other sectors of the economy, as well as the communities around our campuses and regions, instead
of being used in our facilities.
Resilience
We inherently increase our operational resilience and lower risk for our customers, as our facilities do not rely on
external factors - such as water mains availability - for cooling.
Flexibility
Our innovative cooling system gives us ultimate flexibility when it comes to supporting our customers deploy
mixed power density requirements in the most efficient way.
01
02
03
Financial
performance.
CDCProgress. Secured.CDCProgress. Secured.
Outlook
CDC continues to maintain strong contracting momentum, with significant capacity to be deployed in the near term. CDC expects to see continued demand for our capacity
and has the capital structure in place to execute on our growth trajectory.
•CDC remains on track to double FY25 earnings by FY27, with
contracting progressing well, andexpected to be completed in the
near term.
•The timing of new contracts means FY26 EBITDAF is expected to
land around the lower end of prior guidance.
•Significant broad-based demand is continuing to drive future
growth.
•A strong capital structure continues to support execution at scale,
with efficiencies from larger campus developments further
enhancing returns.
Outlook.
CDCProgress. Secured.CDCProgress. Secured.
Core areas of focus in the period ahead
CDC will maintain our market leadership position by delivering in three key areas.
01
02
03
Agility
Maintaining our edge when it comes to development, unlocking capacity
and responding to customer priorities for large scale footprints in more
locations.
Customers
Expanding on our market-leading, differentiated offering to our customers
– strengthening and diversifying our touchpoints with existing customers,
plus offering services to new customers.
Capital
Building upon our existing sources of funding to ensure we continue to be
well capitalised and able to deliver future expansions of our pipeline in an
agile manner.
cdc.com
Questions.
3
1
cdc.com
Thank You.
3
2
cdc.com
Appendix
3
3
CDCProgress. Secured.CDCProgress. Secured.
CDC FY25 Operating Metrics
As reported in Infratil annual results for the year ended 31 March 2025.
1.Refers to Built MW
2.The calculation of Rack utilisation includes white space and reserved
3.CDC leverage metric represents run rate EBITDA annualised and includes Shareholder Loans in Net Debt
A $ millions
FY25FY24FY23HY25HY24
Operating capacity (MW)
1
318268268302268
Capacity under construction
(MW)
38241642388265
Development pipeline (MW)
1,7545364761,606517
Weighted average lease term
with options (years)
29.631.624.031.124.9
Rack utilisation
2
78%83%66%81%78%
Revenue
445.5356.5280.4212.0164.6
EBITDAF
329.7270.8215.5158.8123.3
Net profit after tax
580.5214.6762.788.5141.0
EBITDA Margin %
74%76%77%75%75%
Capital expenditure
1,760.4560.8648.1829.9202.5
Weighted average tenor of
debt (years)
5.35.24.96.0n/a
Net external debt
3,499.32,663.22,098.13,422.92,301.4
Net debt/EBITDA
3
9.59.4n/a9.8n/a
% of drawn debt hedged
110%83%n/a80%n/a
CDCProgress. Secured.CDCProgress. Secured.
June 2025 Independent Valuation – Capacity/Development Inputs
Overview of CDC Data Centre Portfolio
1
1.Forecast capacity to FY34
RegionStatusBuilt MW
CanberraOperating117
SydneyOperating123
MelbourneOperating34
AucklandOperating98
Total Operating Capacity372
CanberraUnder Construction58
SydneyUnder Construction168
MelbourneUnder Construction226
AucklandUnder Construction0
Total Under Construction Capacity453
CanberraFuture Build73
SydneyFuture Build869
MelbourneFuture Build525
Australian ExpansionFuture Build36
AucklandFuture Build126
Total Future Build Capacity1,629
Total Capacity2,454
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.