Infratil Limited · NZX:IFT
Infratil — Investor Day (September 2025)
22 slides from Infratil's investor day presentation, Sep 18, 2025
Slide 1: Investor Day Update
Investor Day Update 18 September 2025
Slide 2: Longroad Overview
Longroad Overview COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 2
Slide 3: Longroad: December 2025
Longroad: December 2025 Operating Company (Opco) Development Company (Devco) 5.5 GW 30 GW pipeline ~$380 million Opco Run-Rate EBITDA1 1.5 GW target annual new growth 36 projects Key markets: AZ/UT, MISO, CA Platform 225+ people; culture of ownership and transparency $17.3 billion capital raised sin
Slide 4: 5.5 GW / 36 Projects
Opco (Year-end 2025) 5.5 GW / 36 Projects Operating / in-construction & owned Advanced development COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 4
Slide 5: 5.5 GW / 36 Projects A- years
Opco (Year-end 2025) 5.5 GW / 36 Projects 17.5 5.5 A- 96% (4%) years 2024 Opco Weighted Weighted Weighted performance GW remaining PPA contracted offtaker rating Actuals vs. term revenues Plan Operating / in-construction & owned Advanced development COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 5
Slide 6: Key Milestones Last 12 Months
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
Slide 7: Commenced Operation of 1.1 GW
Commenced Operation of 1.1 GW Sun Streams 4 (Arizona) Serrano (Arizona) Solar capacity 377 MWdc Solar capacity 220 MWdc BESS capacity 300 MWac / 1,200 MWh BESS capacity 214 MWac / 855 MWh Power Purchase Agreement Arizona Public Service Power Purchase Agreement Arizona Public Service Commercial opera
Slide 8: Commenced Construction of 0.7 GW
Commenced Construction of 0.7 GW1 Thousand Mile (Texas) Sun Pond (Arizona) Solar capacity 400 MWdc Solar capacity 111 MWdc BESS capacity n/a BESS capacity 85 MWac / 340 MWh City of San Jose, California Power Purchase Agreement Meta subsidiary Power Purchase Agreement & Ava Community Energy Estimated
Slide 9: Regulatory Impacts
Regulatory Impacts Tariffs OB3 FEOC Strong PV and wind tax Post 12/25 tax procurement credits through credit relationships 2030 COD and qualification will help minimize BESS tax credits require FEOC tariff risk through 2037 compliance ~6 GW Tax Credit Qualified to Position Pipeline for Success COPYR
Slide 10: Supply Chain
Supply Chain Main Power EPC Wind Turbines Solar Modules BESS Systems Inverters Trackers Transformers Strong Vendor selection ~4 GW frame FEOC compliance Vendor selection Domestically- MPT lead-times partnerships based on optimal agreement with major watch item based on optimal manufactured remain sc
Slide 11: Market Update
Market Update COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 11
Slide 12: US Renewable Market to 2050
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 ~4
Slide 13: US Renewable Market to 2030
US Renewable Market to 2030 Annual New Renewable Generation Capacity Additions through 2030 80 80 80 80 78 80 82 74 67 60 2.5% 2.2% 2.0% 1.9% 1.8% 1.9% 1.9% 1.9% 1.9% 1.9% 1.5 1.5 1.5 1.5 1.5 2026 2027 2028 2029 2030 ICF BNEF Longroad Longroad market share (ICF) Longroad market share (BNEF) Only Nee
Slide 14: Outlook Beyond 2030
Outlook Beyond 2030 Levelized Cost of Energy Comparison ($/MWh)1 Battery storage tax Unsubsidized Solar PV - Utility $38 $78 credits accessible Unsubsidized Wind - Onshore $37 $86 through 2033+, reducing unsubsidized LCOE Unsubsidized Solar PV + Storage - Utility $50 $131 Unsubsidized Wind + Storage
Slide 15: ~30 GW Pipeline
~30 GW Pipeline Transmission, 1% Wind, 7% M&A remains key component of growth, facilitating expansion into PV, 8% new markets and increased competitive positioning of the pipeline Pipeline Breakdown by Number of Projects and Indicative FNTP Year BESS, 18% 10.3 GW 18 Projects PV + BESS, 7.2 GW 66% 20
Slide 16: Business Plan
Business Plan COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 16
Slide 17: Opco Run-Rate EBITDA ($ mm)
Opco GW and Run-Rate EBITDA ~$700 10.0 Opco Run-Rate EBITDA ($ mm)1 ~$600 8.5 ~$490 7.0 Opco (GW) 5.5 ~$380 2025 2026 2027 2028 2025 2026 2027 2028 10 GW, ~$700 mm Opco Run-Rate EBITDA by 2028 1. Opco run-rate EBITDA calculated based on 5-year average EBITDA once projects reach operational status an
Slide 18: 2026-28 Plan Candidate Projects
2026-28 Plan Candidate Projects 2026 2027 2028 GW under active development 2.6 5.0 5.3 Number of projects 9 16 15 Yearly Target (GW) 1.5 1.5 1.5 Implied Coverage 1.7x 3.3x 3.5x Revenue contracts signed or negotiating 1.1 0.6 0.3 Regional Diversity AZ AZ AZ CA CA CA MTN West MTN West MTN West ~6 GW T
Slide 19: Funding the Capex Program
Funding the Capex Program ~$2 B / year ~$1 B / year ~$1,350/kW ~$675/kW ~$750 mm ~$1 B / year / year ~$675/kW ~$500/kW ~$100 mm ~$150 mm / year / year ~$75/kW $100/kW Capex Tax Credits Net Capex Project Debt Holdco Debt Equity Needs Per Year and Tax Equity Per Year per Year $2 B Annual Capex Program
Slide 20: Consolidated Net Debt ($ billions)
Evolution of Net Debt as Company Grows $5.1 Consolidated Net Debt ($ billions) 10.0 $4.5 8.5 and Net Debt per kW1 $3.8 7.0 Opco (GW) $3.1 5.5 $573/kW $551/kW $532/kW $514/kW 2025 2026 2027 2028 2025 2026 2027 2028 Portfolio Deleverages with Time on a Per-Unit Basis 1. Net debt includes corporate ter
Slide 21: Summary
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
Slide 22: QUESTIONS?
Photo Credit: Nolan Hartleben QUESTIONS?