Infratil Limited · NZX:IFT
Infratil — Debt Investor Presentation (June 2026)
37 slides from Infratil's debt investor presentation, Jun 2, 2026
Slide 1: Capital Bond Presentation
CAPITAL BOND PRESENTATION 2 JUNE 2026
Slide 2: Disclaimer (1/2)
DISCLAIMER (1/2) This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’) in relation to an offer by Infratil Limited of up to $150 million (with the ability to accept oversubscriptions at Infratil’s discretion) unsecured, subordinated, rep
Slide 3: Disclaimer (2/2)
DISCLAIMER (2/2) 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 inh
Slide 4: Agenda
CAPITAL BONDS PRESENTATION AGENDA KEY CREDIT HIGHLIGHTS PAG E 4 PORTFOLIO PERFORMANCE PAG E 1 4 KEY TERMS OF THE OFFER PAG E 2 2 S U P P O R T I N G M AT E R I A L S PAG E 2 8 3
Slide 5: Key Credit Highlights
CAPITAL BOND PRESENTATION KEY CREDIT HIGHLIGHTS
Slide 6: Company Overview & Key Credit Highlights
COMPANY OVERVIEW & KEY CREDIT HIGHLIGHTS Inaugural BBB+ (stable) S&P issuer credit rating reflects a balanced portfolio of quality infrastructure assets supported by flexible capital management levers Balanced portfolio with Proven track record of strong Strong governance and assets across sectors a
Slide 7: Portfolio Update
PORTFOLIO UPDATE A global multi-sector portfolio with significant growth opportunities Total asset value NZ$20.6 billion Portfolio composition by asset value (31 March 20261) • Diversified across four sectors Digital Renewables Healthcare Airports Notes: (1) Based on a combination of independent val
Slide 8: 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 9: Our Management Model
OUR MANAGEMENT MODEL Infratil board oversees strategic direction, Morrison manages delivery of investment and strategic objectives • Infratil’s Board oversees the strategic direction of the company, including capital management, capital structure, risk management and approving all investments and di
Slide 10: Disciplined and Targeted Investment Strategy
DISCIPLINED AND TARGETED INVESTMENT STRATEGY Infratil’s core investment approach remains unchanged Resilient underlying Ideas that matter Attractive global thematics Infrastructure characteristics assets Pillar 1 Pillar 2 Pillar 3 Balanced portfolio Cash flow generators Mature growth Future growth c
Slide 11: 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 12: Track Record of Capital Management Discipline
TRACK RECORD OF CAPITAL MANAGEMENT DISCIPLINE Balance sheet flexibility to support investment and withstand periods of market volatility Highlights 2,500 Infratil has raised equity and reinvested internal • Since 2019 Infratil has reinvested over $3.9 billion in internal capital from the portfolio p
Slide 13: Debt & Liquidity
DEBT & LIQUIDITY Commentary • Loan to value (LTV) calculation = adjusted net debt / fair value of 31 March ($Millions) 2025 2026 portfolio Net bank debt $544.8 $1,602.6 • LTV approach consistent with S&P approach to assessing Infratil’s Infrastructure bonds $1,411.1 $1,370.0 stressed leverage under
Slide 14: Significant Capital Management Levers Available
SIGNIFICANT CAPITAL MANAGEMENT LEVERS AVAILABLE Infratil has a suite of capital management levers to support liquidity and credit profile, underpinned by a permanent capital base and ready access to capital markets Portfolio Company Portfolio Equity Issuance Performance Fees Dividend Capital Options
Slide 15: Portfolio Performance
CAPITAL BOND PRESENTATION PORTFOLIO PERFORMANCE
Slide 16: CDC
CDC Unprecedented demand continues, strong outlook for further growth Outlook EBITDAF 1 Growth (A$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$1bn in FY28, subject to build 680-
Slide 17: CDC
CDC Well positioned to capture an outsized share of ongoing growth Superior access to funding • IG credit rating supports efficient pricing and broad access to debt markets • Supportive long-term institutional shareholders committed to growth Contracted earnings visibility and premium customer base
Slide 18: Longroad Energy
LONGROAD ENERGY New very large-scale project, robust demand ups annual cadence to avg. 2GW p.a. • Following years of modest growth in U.S. electricity consumption, Opco run-rate EBITDAF (US$m)2 demand is projected to increase by ~30-50% by 2040, driven by Illustrative impact of increasing avg. caden
Slide 19: Longroad Energy
LONGROAD ENERGY Infratil has agreed to invest further US$300m to support Longroad’s acceleration Guidance • FY27 EBITDAF guidance of US$120m–US$135m1. Modest uplift Minnesota as construction completes in the back end of FY27 and in FY28, Maine and due to increased development expenses 31MW 184MW Uta
Slide 20: One NZ
ONE NZ Ongoing focus on delivery and simplification Outlook EBITDAF (NZ$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 21: Gurin Energy / Wellington Airport
GURIN ENERGY WELLINGTON AIRPORT Project Vanda awaiting key approval Resilient EBITDAF in challenging market • Project Vanda: Indonesia to Singapore utility-scale solar • FY27 EBITDAF guidance $130m to $140m – Land secured for solar ~2GW + ~1GW battery • Runway safety upgrade enables long-haul flight
Slide 22: 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 23: Key Terms of the Offer
CAPITAL BOND PRESENTATION KEY TERMS OF THE OFFER
Slide 24: Key Terms of the Capital Bonds
KEY TERMS OF THE CAPITAL BONDS Issuer Infratil Limited (“Infratil”) Description Unsecured, subordinated, repayable, cumulative, interest-bearing capital bonds (“Capital Bonds”) Purpose The proceeds of the Offer will be used for the general corporate purposes of the Infratil Group. All of the proceed
Slide 25: Interest Payments
INTEREST PAYMENTS Highlights Interest Rate until the First Reset Date • Infratil may, if directed to do so by its board of directors, defer any • The Interest Rate from the Issue Date until the First Reset Date (15 payment of interest on the Capital Bonds for up to 5 years. June 2032) will be a fixe
Slide 26: Repayment
REPAYMENT Repayment terms Repayment Price • Infratil must repay all the Capital Bonds on the Maturity Date. • If the Capital Bonds are repaid: • If an Event of Default occurs, Infratil must repay all the Capital Bonds – on the Maturity Date; on the Business Day following the Event of Default. – foll
Slide 27: Early Repayment Drivers
EARLY REPAYMENT DRIVERS 2032 – Year 6 2037 – Year 11 • Potential Election Process or Infratil can redeem the Capital Bonds. • The equity content is expected to fall to 0% from 15 June 2037. • Capital Bonds are redeemable at par whereas any subsequent call • S&P treats the Capital Bonds as 100% debt
Slide 28: Key Information and Timeline
KEY INFORMATION AND TIMELINE Repayment terms Timetable • Bookbuild process • Standard bookbuild process Tuesday, 26 May PDS lodgement • NZX Firms, institutional investors and other approved parties invited to Opening Date participate in the bookbuild process Tuesday, 02 June Indicative pricing annou
Slide 29: Supporting Materials
CAPITAL BOND PRESENTATION SUPPORTING MATERIALS
Slide 30: 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 31: 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-$640m – An increase of ~21% on FY26 on a lik
Slide 32: Portfolio Management
PORTFOLIO MANAGEMENT Material stakes in portfolio assets enable active portfolio management Single / Equal Mar’26 Asset Portfolio company Largest Shareholding Value ($NZ)1 Shareholder ~20 Directors 8,933m 49.7% across portfolio companies are from Infratil / Morrison 3,387m 99.8% management, ensu
Slide 33: 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 $217.0 • CDC, One NZ, Kao Data, Longroad Energy, Galileo,
Slide 34: Infratil Corporate Cash Flow
INFRATIL CORPORATE CASH FLOW Commentary Year ended 31 March ($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) ($122.8) •
Slide 35: Earnings Reconciliation
EARNINGS RECONCILIATION Commentary Year ended 31 March ($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 36: 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
Slide 37: 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% 36