Slide 1: Infratil interim results announcement
Infratil interim results announcement For the period ended 30 September 2024
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: Interim results announcement
Interim results announcement Presenters 01 KEY DEVELOPMENTS 02 P O R T F O L I O C O M PA N Y U P D AT E S 03 GUIDANCE & LIQUIDITY Jason Boyes Infratil CEO Andrew Carroll Infratil CFO 04 CONCLUDING REMARKS 05 QUESTIONS 06 S U P P O R T I N G M AT E R I A L S 2
Slide 4: Key Developments
Section 1 Key Developments
Slide 5: Key developments
Key developments Resilient portfolio performance and continued shareholder value creation Good operating performance across key areas of our portfolio, despite a testing domestic landscape and global volatility Total shareholder return CDC continues to experience significant growth in demand, drivin
Slide 6: Financial performance
Financial performance Improved interim results and strongly growing investment across the portfolio Proportionate operational EBITDAF for the half year of $506 million Proportionate operational EBITDAF (NZ$m) was in line with expectations 960 – 1,000 Earnings growth reflects strong contributions
Slide 7: Interim dividend
Interim dividend Moderate dividend growth balanced with capital needs of the portfolio Interim dividend Interim dividend A unimputed interim dividend of 7.25 cents per share (cps) has been declared The record date is 21 November 2024 (ex-dividend date of 20 November 2024) 7.25 cps The payment
Slide 8: Sustainability
Sustainability Busy half year, with more disclosure enhancements and progress by portfolio companies Continuing to lift the level of disclosure, with portfolio companies increasingly Reports released releasing their own climate and sustainability disclosures, demonstrating our commitment to transpar
Slide 9: CDC (48.2% ownership)
Section 2 – Portfolio company updates CDC (48.2% ownership)
Slide 10: CDC
CDC Unprecedented demand has driven CDC to double its total future capacity and accelerate development Year to date Existing capacity and future growth1 (MW) EBITDAF for the period was A$159 million, up A$36 million (29%) from the 2,296 prior period, driven by the commissioning of the first Melbou
Slide 11: CDC
CDC Significant contracting and construction tracking well, demand strong and broad based Outlook Revenue (A$m) FY25 EBITDAF guidance is maintained at A$320 million to A$330 million, 212 though trending toward the lower end with some new workload deployments shifting out into first half FY26 165 1
Slide 12: One NZ (99.8% ownership)
Section 2 – Portfolio company updates One NZ (99.8% ownership) 11
Slide 13: One NZ
One NZ Performance is in line with expectations and strategic priorities are on track Year to date Revenue (NZ$m)3 EBITDAF for the period was $304 million1, up $25 million (9%) from the prior period. Growth was driven by consumer mobile and a strong focus on cost management 990 956 963 940 – Mobil
Slide 14: One NZ
One NZ Continuing to invest to support future earnings growth Outlook EBITDAF (NZ$m) and margin % FY25 EBITDAF guidance remains at $580 million – $620 million, with H2 EBITDAF expected to be broadly flat with similar revenue trends 580 – 620 Capital expenditure (excl. spectrum) remains in the gu
Slide 15: Longroad Energy (37.3% ownership)
Section 2 – Portfolio company updates Longroad Energy (37.3% ownership)
Slide 16: Longroad Energy
Longroad Energy Construction on track, and good progress on projects for FY25 and FY26 Year to date 2.0GW of identified projects Existing capacity and future growth (GW) across CY2024 / 2025 EBITDAF for the half is US$37 million, down US$21 million (36%) from the prior period, primarily driven by
Slide 17: Longroad Energy
Longroad Energy Uncertainty from U.S. elections, currently expecting modest exposure across FY25/26 projects Outlook Opco run-rate EBITDA1,2 (US$m) Longroad EBITDAF guidance range reduced to US$55 million - $60 million 800 (US$10 million) due to the consolidation of Longroad’s investment in distri
Slide 18: Other portfolio companies
Section 2 Other portfolio companies 17
Slide 19: Gurīn Energy and Kao Data
Gurīn Energy (95% ownership) and Kao Data (52.8% ownership) Next-generation platforms scaling up with transformational projects approaching key development decisions Gurīn has now received a conditional licence from Singapore’s Energy Market EBITDAF for the period was £2 million, up £4 million f
Slide 20: RHCNZ Medical Imaging and Qscan
RHCNZ Medical Imaging (50.0% ownership) and Qscan (57.6% ownership) Infratil’s diagnostic imaging businesses continue to grow EBITDAF amid rising cost pressures EBITDAF for the period was $63 million, up $2 million (3%) from the prior EBITDAF for the period was A$38 million, up A$7 million (24%)
Slide 21: Wellington Airport and RetireAustralia
Wellington Airport (66% ownership) and RetireAustralia (50% ownership) Leveraging increasing underlying prices and active construction programmes to drive growth EBITDAF for the period was $63 million, up $12 million (25%) from the prior Underlying profit for the period was A$58 million, up A$15
Slide 22: Guidance & liquidity
Section 3 Guidance & liquidity
Slide 23: FY25 Guidance – Proportionate EBITDAF
FY25 Guidance – Proportionate EBITDAF FY25 Proportionate operational EBITDAF guidance range narrowed at the top end to NZ$960 – $1,000 million Operational EBITDAF Guidance Proportionate operational EBITDAF (NZ$m) FY25 Proportionate operational EBITDAF guidance range narrowed at the top end to NZ$9
Slide 24: FY25 Guidance – capital expenditure
FY25 Guidance – capital expenditure FY25 Proportionate capital expenditure guidance has been reduced to $2.4 billion-$2.8 billion Capital Expenditure - Guidance Proportionate capital expenditure (NZ$m) FY25 Proportionate capital expenditure guidance reduced to $2.4 billion-$2.8 billion (previously
Slide 25: Funding and liquidity
Funding and liquidity Strong credit profile and significant flexibility to support investment opportunities across the portfolio For the period ended ($millions) 31 March 2024 30 September 2024 We have significant balance sheet flexibility to support additional capital Net bank debt $791.8 ($328.8
Slide 26: Concluding remarks
Concluding remarks Strategic focus on internal investment opportunities in sectors and assets we know well to drive sustainable growth Good operating performance across key The current environment highlights the Recent comparable transactions in data areas of our portfolio, despite a testing advanta
Slide 27: Questions
Questions
Slide 28: Supporting materials
Supporting materials
Slide 29: Net asset value
Net asset value The net asset value of Infratil assets has reached $14.0 billion as at September 2024 Overview Period ended ($Millions) 31 March 2024 30 September 2024 CDC $4,419.7 $5,236.5 The table represent Infratil’s proportionate share of an assets independent valuation, One NZ $3,530.5 $3,54
Slide 30: Independent valuation summary – Digital
Independent valuation summary – Digital Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international for portfolios) and setting management long-term incentives for some portfolio compani
Slide 31: Independent valuation summary - Renewables
Independent valuation summary - Renewables Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international for portfolios) and setting management long term incentives for some portfolio comp
Slide 32: Independent valuation summary – Airports & Healthcare
Independent valuation summary – Airports & Healthcare Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international for portfolios) and setting management long-term incentives for some por
Slide 33: Portfolio returns
Portfolio returns 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 8.1 555 157 5,237 5,394 37.2% One NZ
Slide 34: Incentive fees
Incentive fees Strong independent valuation uplift in CDC offset by slower valuation growth in Longroad results in a net incentive fee accrual of $93.6 million for HY25 Incentive fee overview FY24 Incentive HY25 Incentive 30 September ($millions) Capital FX Distributions Hurdle Incentive Fee Fee Val
Slide 35: Total shareholder returns
Total shareholder returns Infratil has delivered a total shareholder return of 23.0% for the year to 30 September 2024 and a 19.3% return over 30.5 years 180,000 Period TSR 1 - year 23.0% 160,000 5 – year 23.6% 10 – year 20.0% 140,000 20 – year 16.2% Since inception (30.5 years) 19.3% 120,000 100,00
Slide 36: Proportionate capital expenditure and EBITDAF
Proportionate capital expenditure and EBITDAF Proportionate capital expenditure Proportionate EBITDAF Period ended 30 September ($Millions) 2023 2024 Period ended 30 September ($Millions) Share 2023 2024 CDC $105.6 $436.8 CDC 48.2% $64.3 $83.7 One NZ $122.4 $125.8 One NZ 99.8% $225.1 $304.0 Fortysou
Slide 37: Infratil investment
Infratil investment Infratil has undertaken relatively modest direct investment to support the growth of its assets. We expect investment will increase significantly in the second half of the financial year Investment Overview Further investment into Kao Data to support the growth of the business
Slide 38: Earnings reconciliation
Earnings reconciliation Overview Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Period ended 30 September ($Millions) 2023 2024 Principles’) measure of financial performance, presented to provide additional insight Net profit after tax (‘NPAT’) 1,189.5 (206.4) into
Slide 39: Portfolio company debt
Portfolio company debt Overview Net Debt / % of drawn 30 September 2024 Gearing1 EBITDA2 debt hedged Gearing and credit metrics are monitored across the portfolio in aggregate and at the individual portfolio company level CDC3 25.9% 9.8 80% One NZ completed a refinancing of its debt package duri
Slide 40: 'S Infratil
'S Infratil