Infratil Limited · NZX:IFT
Infratil — Shareholder Meeting (August 2026)
42 slides from Infratil's shareholder meeting presentation, Aug 18, 2026
Slide 1: Infratil 2026 Annual Meeting presentation content
18 August 2026 Infratil 2026 Annual Meeting presentation content Attached are the Chair and Chief Executive addresses, and accompanying presentation, to be delivered at Infratil Limited’s Annual Shareholder Meeting from 2:30pm today in Wellington. Infratil’s FY27 guidance remains unchanged. Online a
Slide 2: Annual Meeting of Shareholders - Chair's address
Annual Meeting of Shareholders Infratil Limited HYBRID MEETING TUESDAY, 18 AUGUST 2026 AT 2:30 PM NZST For personal use only Chair’s address Tēnā koutou katoa. Good afternoon and welcome to Infratil’s 32nd Annual Shareholder Meeting. I am Alison Gerry, your Board Chair. I confirm that a quorum of sh
Slide 3: Chair's address: introducing the Board
I would like to introduce the rest of your Board to you. Joining me in the room today are: • Jason Boyes – Jason is Infratil’s Chief Executive and he is seeking re-election today. • Andrew Clark – Andrew has joined us from Melbourne and is a member of the Audit and Risk Committee. • Paul Gough – Pau
Slide 4: Chair's address: FY26 results recap
• Lee Coker – who has been appointed Head of Infratil Investment & Corporate Development • Brendan Kevany - our Company Secretary. Representatives from our auditors KPMG and our legal provider Chapman Tripp are also present. The financial results were released back in May so I’ll provide a brief rec
Slide 5: Chair's address: shareholder returns and CDC valuation
Our performance against this measure is 17% per annum in the decade to the end of FY26. On a one-year basis, your return was just under 14%. This was a very pleasing outcome when you consider the impact market concerns about AI investment, and the Middle East conflict, had on global markets through
Slide 6: Chair's address: disclosure, ESG and portfolio focus
At the same time, we’re implementing initiatives to help investors better understand our business. These have included publishing valuation and fee models, and continuing to enhance our disclosure. New reporting on CDC’s future contracted capacity is a good example of the latter. ESG reporting is an
Slide 7: Chair's address: Morrison relationship and incentive fee
As Morrison’s largest client by assets under management, we are well positioned. Infratil management sees all ideas being germinated at Morrison and the Infratil Board sees relevant opportunities. This means we aren’t excluded or limited for choice. Infratil may choose to invest on our own, or along
Slide 8: Chief Executive's address
Chief Executive’s address Tēnā koutou katoa. Good afternoon everyone. Market volatility meant FY26 was not quite the steadier year we had hoped for. However, CDC’s announcement of Australasia’s largest ever data centre contract in early May more than made up for that. It was a transformational outco
Slide 9: Chief Executive's address: Longroad Energy and US demand
Our investment in Longroad Energy in the United States also began in 2016. Like CDC, Longroad is starting to come of age. Electricity demand is surging in the United States. Growth of between 30 to 40% is projected by 2040, driven by data centres, electrification and reshoring of manufacturing. Long
Slide 10: Chief Executive's address: Gurīn Energy and Taranaki
In Asia, Gurīn Energy is managing its prioritisation of markets and opportunities carefully. Government approval for its large-scale Indonesian solar project is also taking longer than we’d hoped. For a long time, we’ve wondered if CDC should expand offshore to capture some of the oversized growth w
Slide 11: Chief Executive's address: shareholder base and focus
Over time, we expect CDC and Longroad to generate sufficient returns to fund their own investment and distributions to Infratil. The growth of CDC and Longroad is also helping meet our objective of diversifying our shareholder base. Wider ownership beyond New Zealand will benefit all investors over
Slide 12: Chief Executive's address: AI and long-term investing
Infratil has had portfolio concentration in our high conviction investments in the past. Our focus is on sifting through the noise around AI to understand what really matters for our existing investments. We’re in a good position to do that. We see demand and customer behaviour first-hand at CDC, we
Slide 13: Chief Executive's address: outlook
Infratil is well positioned to support that growth, and our divestments are adding extra capacity to strengthen our balance sheet. At the same time, we need to keep an eye to the future and identify the next large-scale growth businesses. We’re continuing to drive operational performance across the
Slide 14: Annual Meeting August 2026
ANNUAL For personal use only MEETING 18 AUGUST 2026
Slide 15: Annual Meeting Agenda
ANNUAL MEETING AGENDA For personal use only 1 . C H A IR ’ S A DDR E S S 2 . C H IE F E XE C U T IV E ’ S A DDR E S S 3 . S H A R E H O L DE R Q U E ST IO NS 4 . R E S O LU T IO NS 5 . C LO S E & A F T E R N OON T E A 1
Slide 16: Virtual meeting platform guide
For personal use only | Infratil HELP NUMBER 0800 200 220 (NZ) / 1800 990 363 (AU) ‘SInfratil & Downloads Notice of meeting Annual report Virtual Meeting Guide
Slide 17: Your Board
For personal use only YOUR BOARD 3
Slide 18: Director Succession
DIRECTOR SUCCESSION For personal use only Brad Banducci Tiffany Fuller Appointed: 1 July 2026 To be appointed: 19 August 2026 Experience: highly accomplished CEO and Experience: brings extensive experience in brings over 35 years of leadership experience chartered accounting, corporate finance, inve
Slide 19: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS Portfolio momentum evident in key financial metrics $989 Proportionate Operational EBITDAF1 (NZ$m) 11% For personal use only million FY24 Proportionate Operational EBITDAF1 FY25 $2.7 billion Proportionate Capital Expenditure 17% FY26 (200) 0 200 400 600 800 1,000 1,200 $20.
Slide 20: Our Strategic Objectives
OUR STRATEGIC OBJECTIVES A clear set of medium-term objectives For personal use only 6
Slide 21: Board Focus Areas
BOARD FOCUS AREAS Tracking key performance indicators SHAREHOLDER RETURN VALUATION RISK MANAGEMENT ESG For personal use only • IFT share price • Operational • Progress against SBTI • Discount to Independent • Credit portfolio target valuation-NAV o S&P metrics • GRESB score o Internal metrics • ESG
Slide 22: Our Manager
OUR MANAGER A 30+ year relationship • Infratil’s Board sets specific goals and objectives to align Morrison’s management efforts with For personal use only Infratil’s strategic priorities. • Morrison manages Infratil’s assets, along with other large scale institutional clients and unlisted infrastru
Slide 23: Benchmarking Performance
BENCHMARKING PERFORMANCE Independent review by PwC • Reviewed management and performance fee arrangements IFT between Infratil and Morrison. For personal use only • Benchmarked against a peer set of externally managed listed infrastructure funds. • Noted that Infratil’s fee structure is more closely
Slide 24: Chief Executive's Update
CHIEF EXECUTIVE’S For personal use only UPDATE
Slide 25: Delivering Growth
DELIVERING GROWTH A strong track record: 18.6% TSR2 since 19943 For personal use only 650 600 Period2 IFT TSR 550 5 – year 17.5% 10 – year 19.8% 500 20 – year 14.7% 450 Cumulative annual return (%) Since inception 18.6% 400 350 300 IFT NZX50 250 ASX200 200 150 100 50 0 -50 FY16 FY17 FY18 FY19 FY20 F
Slide 26: Outlook
For personal use only Outlook • Total pipeline to FY40: 3.9GW of leasable capacity, with 550MW operational • FY27 capex guidance of A$3.8bn–A$4.2bn (excluding land) 12
Slide 27: Outlook
For personal use only Outlook • Targeting increased annual development cadence of >2GW renewable capacity • Identified up to 10GW of existing and pipeline land that may be suitable for data centres 13
Slide 28: Working Together in Taranaki
WORKING TOGETHER IN TARANAKI For personal use only CDC and Contact Energy are exploring development of a 250MW (ICT load) data centre in, Stratford, Taranaki Proposal combines CDC’s data centre expertise and sustainability credentials with Contact’s existing infrastructure, renewable electricity gen
Slide 29: Medium-Term Strategic Objectives
MEDIUM-TERM STRATEGIC OBJECTIVES Solid progress against strategy For personal use only 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 ca
Slide 30: Portfolio Evolution (by asset valuation)
PORTFOLIO EVOLUTION (by asset valuation) 22,000 20,000 For personal use only 18,000 16,000 14,000 $NZm 12,000 10,000 8,000 6,000 4,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Healthcare Digital Infrastructure Renewable Energy Non-Renewable Energy Public Transport Retirement Othe
Slide 31: We Invest for the Long-Term
WE INVEST FOR THE LONG-TERM For personal use only 17
Slide 32: 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 For personal use only Longroad is also capitalising on the opportunity, targeting increased development Continuing to develop other
Slide 33: Shareholder Questions
For personal use only QUESTIONS SHAREHOLDER
Slide 34: Resolutions
For personal use only RESOLUTIONS
Slide 35: Resolutions
Resolutions 1. That Brad Banducci be elected as a director of Infratil. For personal use only 2. That Anne Urlwin be re-elected as a director of Infratil. 3. That Jason Boyes be re-elected as a director of Infratil. 4. That Infratil be authorised to issue to Morrison Infrastructure Management Limite
Slide 36: Election of Brad Banducci
Resolution 1 Election of Brad Banducci For personal use only • That Brad Banducci be elected as a director of Infratil. The Board supports the election of Brad. 22
Slide 37: Re-election of Anne Urlwin
Resolution 2 Re-election of Anne Urlwin For personal use only • That Anne Urlwin be re-elected as a director of Infratil. The Board supports the re-election of Anne. 23
Slide 38: Re-election of Jason Boyes
Resolution 3 Re-election of Jason Boyes For personal use only • That Jason Boyes be re-elected as a director of Infratil. The Board supports the re-election of Jason. 24
Slide 39: Payment of FY25 Incentive Fee by Share Issue
Resolution 4 Payment of FY25 Incentive Fee by Share Issue (2025 Scrip Option) For personal use only • That Infratil be authorised to issue to Morrison Infrastructure Management Limited (Morrison), within the time, in the manner, and at the price, prescribed in the Management Agreement, such number o
Slide 40: Auditor's remuneration
Resolution 5 Auditor’s remuneration For personal use only • That the Board be authorised to fix the auditor’s remuneration. 26
Slide 41: Close & Afternoon Tea
For personal use only TEA CLOSE & AFTERNOON
Slide 42: 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