Slide 1: Annual Results Presentation for the Year Ended 31 March 2026
ANNUAL RESULTS PRESENTATION FOR THE YEAR ENDED 31 MARCH 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’) To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employ
Slide 3: Agenda
INFRATIL ANNUAL RESULTS PRESENTATION AGENDA P O RT F O L I O O V E R V I E W & F U L L Y E A R H I G H L I G H T S PAG E 3 P O RT F O L I O P E R F O R M A N C E PAG E 8 GROUP FINANCIAL PERFORMANCE PAG E 2 1 PORTFOLIO STRATEGY OUTLOOK P O RT F O L I O ST R AT E GY & O U T LO O K PAG E 2 7 Supporting
Slide 4: Portfolio Overview & Full Year Highlights
ANNUAL RESULTS PRESENTATION PORTFOLIO OVERVIEW & FULL YEAR HIGHLIGHTS
Slide 5: Infratil Overview
INFRATIL OVERVIEW An infrastructure investment company that actively invests in ideas that matter Infratil (IFT.NZX, IFT.ASX) A strong track record: 18.9% TSR2 since 19943 650 • Market capitalisation of NZ$16.0bn1 (US$9.3bn) 600 Period2 IFT TSR • Included in S&P NZX 50, ASX 200, and 5 – year 18.5% 5
Slide 6: Portfolio Update
PORTFOLIO UPDATE A diverse portfolio with significant growth opportunities Portfolio changes Portfolio composition (31 March 20261) • Manawa Energy sold July 2025 • Contact Energy stake received July 2025 • RetireAustralia sold December 2025 • Infratil Property sold December 2025 • Anytime Radiology
Slide 7: FY26 Highlights
FY26 HIGHLIGHTS Delivering growth in volatile markets Despite continued market ‘noise’, Proportionate Operational EBITDAF of $989.4 million was delivered, up 11% on FY25 and towards the top end of the $960–$1,000 million guidance range CDC now a global scale data centre operator, with more than 1GW
Slide 8: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS Portfolio momentum evident in key financial metrics $989 Proportionate Operational EBITDAF1 (NZ$m) million Proportionate Operational EBITDAF1 11% FY24 FY25 $2.7 billion Proportionate Capital Expenditure 17% FY26 (200) 0 200 400 600 800 1,000 1,200 $20.6 13% Asset value2 (NZ
Slide 9: Portfolio Performance
ANNUAL RESULTS PRESENTATION PORTFOLIO PERFORMANCE
Slide 10: CDC: Earnings step-change underway with over 1GW contracted
CDC Earnings step-change underway with over 1GW now contracted Year in Review CDC Contracted Capacity (ICT MW)1 1GW+ • FY26 EBITDAF of A$393m, up A$63m (19%) from FY25 – 220MW of invoiced ICT capacity at FY26 end 400 – 555MW contract signed on 5 May lifts contracted ICT capacity to 1GW+ – FY26 capex
Slide 11: CDC: Unprecedented demand continues, strong outlook
CDC Unprecedented demand continues, strong outlook for further growth Outlook EBITDAF 1 Growth (A$m) +155% • EBITDAF¹ expected to step up significantly as contracted capacity comes online $1bn+ – FY27 EBITDAF guidance of A$680m–A$720m – EBITDAF expected to exceed A$1bn in FY28, subject to build 680-
Slide 12: CDC: Well positioned to capture outsized share of growth
CDC Well positioned to capture an outsized share of ongoing growth Superior access to funding • IG credit rating supports efficient pricing and broad access to debt markets • Supportive long-term institutional shareholders committed to growth Contracted earnings visibility and premium customer base
Slide 13: Longroad Energy: Strong earnings growth as construction lifts
LONGROAD ENERGY Delivering strong earnings growth as construction lifts to record 2GW Year in Review FY26 EBITDAF to Opco run-rate EBITDAF2 (US$m) • EBITDAF of US$121m, up US$76m (170%) from FY25, including 144 367 contributions from Serrano (434MW, from April 25) and Sun Streams 4 (677MW, from Marc
Slide 14: Longroad Energy: New large-scale project, robust demand
LONGROAD ENERGY New very large-scale project, robust demand ups annual cadence to avg. 2GW p.a. • Following years of modest growth in U.S. electricity consumption, Opco run-rate EBITDAF2 demand is projected to increase by ~30-50% by 2040, driven by Illustrative impact of increasing avg. cadence to 2
Slide 15: Longroad Energy: Further US$300m investment
LONGROAD ENERGY Infratil has agreed to invest further US$300m to support Longroad’s acceleration Guidance • FY27 EBITDAF guidance of US$120m–US$135m1. Modest uplift Minnesota as construction completes in the back end of FY27 and in FY28, Maine and due to increased development expenses 31MW 184MW Uta
Slide 16: Gurin Energy and Galileo
GURIN ENERGY GALILEO Project Vanda awaiting key approval Market headwinds encourage a reset • Project Vanda: Indonesia to Singapore utility-scale solar • Many individual European markets reaching maturity – Land secured for solar ~2GW + ~1GW battery – Moving away from high values for earlier stage p
Slide 17: One NZ: Delivering revenue growth in a challenging market
ONE NZ Delivering revenue growth in a challenging market Year in Review Revenue (NZ$m) • EBITDAF +$4m to $609m with mobile momentum 1,996 1,921 1,998 balancing increased costs and strategic spend 348 340 325 212 202 • Mobile performing well in higher-value segments 212 203 225 223 – Mobile connectio
Slide 18: One NZ: Ongoing focus on delivery and simplification
ONE NZ Ongoing focus on delivery and simplification Outlook EBITDAF (NZ$m) & Margin (%) • NZ markets remain low growth, with weak net migration and ongoing 600 605 609 macroeconomic headwinds – Enterprise and fixed markets challenging – Annual price increase implemented across mobile + fixed in Apri
Slide 19: Wellington Airport: Resilient EBITDAF
WELLINGTON AIRPORT Resilient EBITDAF in challenging domestic market Year in Review EBITDAF (NZ$m) & Margin (%) • EBITDAF increased 2.3% to $133m, supported by strong international 130 133 growth, further diversification of commercial operations, disciplined 107 cost control, and higher aeronautical
Slide 20: Kao Data: Doubled contracted capacity
KAO DATA Doubled contracted capacity, new prime London site added Year in Review Revenue1 (£m) 48 • Revenue1 of £48m, up 28% from £38m in FY25 as previously contracted capacity came online 38 – EBITDAF of £4.7m, up 9% (£0.4m) from FY25 25 • Operating capacity increased from 29MW to 37MW, with additi
Slide 21: Healthcare
HEALTHCARE • EBITDAF of $121m, down 4% ($5m) from • EBITDAF of A$87m, up 12% (A$10m) from FY251 • Standalone teleradiology provider established FY251 – 1.5m scans completed, up from 1.45m from RHCNZ and Qscan – 1.02m scans completed, up from 1.01m – Radiologist workforce: 192 (up 28) • Dedicated man
Slide 22: Group Financial Performance
ANNUAL RESULTS PRESENTATION GROUP FINANCIAL PERFORMANCE
Slide 23: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Increased operational capacity at CDC and Longroad drove EBITDAF growth in FY26 Highlights Proportionate Operational EBITDAF2 (NZ$m) • Proportionate operational EBITDAF was $989.4m, up $94.1m (10.5%) on FY25, as CDC and Longroad capacity growth drove 50 2 2 1 (12) 98
Slide 24: Valuation Update
VALUATION UPDATE Growth reflects growth performance alongside continued equity investment Movements in Infratil’s share of valuations Asset Valuations (NZ$m)1 • Infratil’s total asset value increased to $20.6bn, up $2.3bn on 137 35 (477) FY25, including$1.3bn investment by Infratil 136 114 277 (69)
Slide 25: Dividend
DIVIDEND Moderate dividend growth balanced with capital needs of the portfolio Final Dividend Infratil net dividend (cents per share) • 13.65 cents per share, with no imputation credits attached • Record date: 10 June 2026 (ex-dividend date: 9 June) • Payment date: 29 June 2026 13.00 13.25 13.65 • N
Slide 26: Funding and Liquidity
FUNDING AND LIQUIDITY Investment grade profile unlocks material benefits and resilience Highlights Funding and Liquidity (NZ$m)1 • Inaugural S&P BBB+ (stable) credit rating secured in December 2025, 4500 17% 15% 18% 13% enables reduced funding costs and broader access to diverse capital 4000 1109 16
Slide 27: FY27 Guidance
FY27 GUIDANCE FY27 Proportionate Operational EBITDAF guidance range set at NZ$1,300 to $1,400 million Guidance EBITDAF (100%) Component Guidance • Proportionate Operational EBITDAF guidance range of: CDC A$680-$720m NZ$1,300–NZ$1,400 million One NZ NZ$600-$640m – An increase of ~21% on FY26 on a lik
Slide 28: Portfolio Strategy & Outlook
ANNUAL RESULTS PRESENTATION PORTFOLIO STRATEGY & OUTLOOK
Slide 29: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS ESG Rating uplift driven by disclosure and delivery Portfolio Health and Safety CDC External Ratings Assessments • No fatalities • WUE less than 0.02 Rating body Latest Previous • LTIFR2 0.6; TRIFR2 1.2, in line with FY25 • 100% renewable electricity offered rating rating G
Slide 30: Medium-Term Strategic Objectives
MEDIUM-TERM STRATEGIC OBJECTIVES Solid progress against strategy Divest businesses unlikely to scale • $600m of sales completed; Qscan process underway under our ownership and reinvest • Potential for another $1 billion+ of divestments over the medium term Balance Infratil’s cash flow and • On track
Slide 31: Looking Ahead
LOOKING AHEAD Portfolio positioning for further step changes in growth CDC has a once-in-a-lifetime opportunity to develop AI infrastructure at globally relevant scale, with strong demand, project pipeline, capability and funding flexibility to continue to accelerate Longroad is also capitalising on
Slide 32: Supporting Materials
SUPPORTING MATERIALS
Slide 33: Asset Locations
ASSET LOCATIONS 1 2 3 4 5 3 1 1 4 4 2 3 3 4 2 1 1 2 2 2 3 5 1 1 3 1 United States: 13% Europe: 5% Asia: 3% Australia: 47% New Zealand: 32% 32
Slide 34: Net Asset Values
NET ASSET VALUES 31 March ($Millions) 2025 2026 Commentary CDC $7,248.5 $8,933.2 • The table represents Infratil’s proportionate share of an asset's One NZ $3,713.5 $3,386.7 independent valuation, market value, or book value FortySouth $186.3 $217.0 • CDC, One NZ, Kao Data, Longroad Energy, Galileo,
Slide 35: Portfolio Returns as at 31 March 2026
PORTFOLIO RETURNS AS AT 31 MARCH 2026 Total capital Total realised Total unrealised Month of Initial Duration Total value4 IRR Asset Segment Geography invested1 proceeds2 proceeds3 Investment (years) (NZD) (NZD) (NZD) (NZD) (NZD) CDC Digital Infrastructure Australasia September 2016 9.6 1,588 169 8,
Slide 36: Incentive Fees
INCENTIVE FEES 31 March ($millions) FY25 Valuation2 Capital FX Distributions Hurdle FY26 Valuation1 Outperformance Incentive Fee Annual Incentive Fee CDC (7,212.2) (555.7) - 6.9 (894.6) 8,888.5 232.9 46.6 Kao Data (694.5) (98.3) (10.7) - (88.0) 856.7 (34.8) (7.0) Longroad Energy (1,728.2) (48.7) (1.
Slide 37: Proportionate EBITDAF and Capital Expenditure
PROPORTIONATE EBITDAF AND CAPITAL EXPENDITURE Proportionate EBITDAF Proportionate Capital Expenditure Year ended 31 March ($Millions) Share 2025 2026 Year ended 31 March ($Millions) 2025 2026 CDC 49.7% $173.9 $220.4 CDC $928.2 $1,181.9 One NZ 99.8% $604.0 $607.4 One NZ $269.3 $245.2 Kao Data 54.7% $
Slide 38: Infratil Direct Investment
INFRATIL DIRECT INVESTMENT Commentary Year ended 31 March ($Millions) 2025 2026 • Direct investment reflects capital deployed by Infratil to acquire new CDC $494.2 $555.7 investments, increase holdings in existing assets, or fund capital One NZ $20.9 $0.6 contributions to investee companies. Kao Dat
Slide 39: Infratil Corporate Cash Flow
INFRATIL CORPORATE CASH FLOW Commentary Year ended 31 March ($Millions) 2025 2026 • This table reflects the cash flow of the Infratil wholly-owned group Distributions received from portfolio companies $258.0 $336.8 and reconciles opening and closing cash balances. Management fees ($109.3) ($122.8) •
Slide 40: Earnings Reconciliation
EARNINGS RECONCILIATION Commentary Year ended 31 March ($Millions) 2025 2026 • Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Net profit after tax (‘NPAT’) ($269.8) $574.3 Accepted Accounting Principles’) measure of financial performance, Less: Associates equity accounted earnings ($493.
Slide 41: Debt & Liquidity
DEBT & LIQUIDITY Commentary 31 March ($Millions) 2025 2026 • Loan to value (LTV) calculation = adjusted net debt / fair value of Net bank debt $544.8 $1,602.6 portfolio Infrastructure bonds $1,411.1 $1,370.0 • LTV approach consistent with S&P approach to assessing Infratil’s Perpetual bonds $231.9 $
Slide 42: Portfolio Company Debt
PORTFOLIO COMPANY DEBT Commentary 31 March 2026 Gearing1 Net Debt / EBITDA2 % of drawn debt • Gearing and credit metrics are monitored both at a portfolio level hedged3 and within individual portfolio companies. CDC4 24.2% 9.4 93% • In addition to these metrics, CDC’s Australian business was assigne