Infratil Limited · NZX:IFT
Infratil — Investor Day (September 2025)
147 slides from Infratil's investor day presentation, Sep 18, 2025
Slide 1: Infratil portfolio set for growth
18 September 2025 Infratil portfolio set for growth Confidence in future growth is the feature of Infratil’s Investor Day in Sydney today, as global data centre demand continues to drive the infrastructure investment company’s digital and renewable energy investments. Infratil chair Alison Gerry sai
Slide 2: CDC and Longroad Energy updates
“In an AI world, we have demonstrated we can deliver at scale and at speed the right facilities, in the right locations, with the right cooling, power densities and speed of delivery. This is attracting a lot of customer demand and putting CDC at the core of global conversations.” • CDC is a global
Slide 3: Gurīn Vanda and One NZ updates
• About 90% of the necessary land has been acquired for Project Vanda. Total capex is expected to be US$2-3 billion with US$500 million of equity required. Financial close is expected in 2026 with construction commencing in 2027 and Phase 1 operational in 2028. One NZ One NZ CEO Jason Paris said One
Slide 4: Infratil 2025 Investor Day
For personal use only Infratil 2025 Investor Day Portfolio Set for Growth 18 September 2025
Slide 5: 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 6: Infratil Directors
Infratil Directors For personal use only Alison Gerry Jason Boyes Andrew Clark Paul Gough Joined July 2014 Joined April 2021 Joined June 2022 Joined December 2012 Chair since May 2022 Non-Independent Director Kirsty Mactaggart Peter Springford Anne Urlwin Joined March 2019 Joined November 2016 Joine
Slide 7: Areas of Board Focus
Areas of Board Focus Clear priorities: shareholder engagement, improving disclosure, and the Morrison partnership For personal use only Shareholder engagement Understanding investor perspectives and what matters most Making improvements to our disclosures Continuing to develop deeper disclosure and
Slide 8: Infratil 2025 Investor Day agenda
Infratil 2025 Investor Day 9:00am – 9.10am Welcome & Overview Alison Gerry, Infratil Chair Sydney 9.10am – 9.40.am Infratil Portfolio Update Jason Boyes, Infratil Chief Executive 18 September 2025 For personal use only 9.40am - 10.30 am Longroad Energy Paul Gaynor, Longroad Energy Chief Executive 9:
Slide 9: Infratil Investor Day
For personal use only Infratil Investor Day Portfolio Set for Growth 18 September 2025
Slide 10: Foundations for Growth
Foundations for Growth Portfolio positioned well, with clear strategy and confidence in future growth For personal use only The Portfolio Today Strong progress on a number of key portfolio initiatives Our Strategy and Objectives Managing complexity while staying focused on where value has been creat
Slide 11: The Portfolio Today
For personal use only The Portfolio Today
Slide 12: Infratil Overview
Infratil Overview We are an infrastructure investment company that actively invests in ideas that matter Infratil (IFT.NZX, IFT.ASX) A strong track record: 18% TSR since inception in 19942,3 For personal use only • Market capitalisation of NZ$12.2bn1 (US$7.3bn) • Included in S&P NZX50, ASX200, and M
Slide 13: Navigating the Noise
Navigating the Noise Over the last 6 months we have made strong progress on a number of key portfolio initiatives For personal use only CDC ownership Merger of Manawa and Agreement to sell CDC confirms Perth increased to 49.75% Contact completed RetireAustralia expansion May June July August Septemb
Slide 14: Portfolio Today
Portfolio Today Focused on four sectors: digital, renewables, healthcare and airports For personal use only Digital Renewables Healthcare Airports Shareholding Shareholding Shareholding Shareholding 49.7% 37.3% 52.7% 66.0% 99.8% 9.5%1 57.4% NEW 54.0% 95.0% 50.0%2 SOLD 20.0% 38.0% 73.0% 67% portfolio
Slide 15: A Globally Diversified Portfolio
A Globally Diversified Portfolio Focused on four sectors; digital, renewables, healthcare and airports 1 2 For personal use only 3 4 3 4 5 5 1 1 2 3 3 4 5 2 1 2 2 5 1 4 1 1 2 United States: 12% Europe: 6% Asia: 3% Australia: 44% New Zealand: 35% 1 11
Slide 16: Our Strategy and Objectives
For personal use only Our Strategy and Objectives
Slide 17: A Step Change in Scale
A Step Change in Scale Infratil’s growth over the last five years has prompted a refinement of strategy Growth in market capitalisation (NZ$m) Asset valuations3 (NZ$m) For personal use only 5 – Year TSR 26.2% p.a.2 24.3% p.a. 18,173 Digital 12,225 Renewables Healthcare Airports 12,089 5,484 2,579 2,
Slide 18: Strategy on a Page
Strategy on a Page Core investment approach remains the same Ideas that For personal use only matter Attractive global thematics Infrastructure characteristics Pillar 1 Pillar 2 Pillar 3 Portfolio Cashflow generators Mature growth platforms Future growth platforms construction Scaled business with e
Slide 19: Key Refinements to our Approach
Key Refinements to our Approach Managing complexity while staying focused on where value has been created For personal use only Clearer defined roles for portfolio assets • Clarifies where value is created, cash generated and how the portfolio is balanced • Sets clear expectations for existing and p
Slide 20: We Expect Our Portfolio Composition to Evolve Over Time
We Expect Our Portfolio Composition to Evolve Over Time Achieving our target return would see our market cap grow to NZ$20 billion over the next 5 years For personal use only Portfolio Pillar 1 Pillar 2 Pillar 3 construction Cashflow generators 30% Mature growth platforms 60% Future growth platforms
Slide 21: Medium-Term Strategic Objectives
Medium-Term Strategic Objectives In May we outlined four workstreams important to delivering our strategy For personal use only Identify and scale our growth Divest businesses unlikely to platforms beyond CDC and scale under our ownership Longroad Energy and reinvest Continue to broaden our Balance
Slide 22: Medium-Term Strategic Objectives
Medium-Term Strategic Objectives Clear priorities for focus and simplification ahead For personal use only Identify and scale our growth platforms Divest businesses unlikely to scale beyond CDC and Longroad Energy under our ownership and reinvest • CDC and Longroad Energy have been stand- • We conti
Slide 23: Medium-Term Strategic Objectives
Medium-Term Strategic Objectives Strengthening the foundations for future growth For personal use only Balance Infratil’s operating cash flow Continue to broaden our shareholder and dividends base to support future scale • In the medium term, we expect portfolio • Entry into the ASX200 has improved
Slide 24: Confidence in Growth
For personal use only Confidence in Growth
Slide 25: Funding Capacity to End of FY2027
Funding Capacity to End of FY2027 Clear funding pathways to support our current plan For personal use only 2,200 Significant capacity exists to fund our 2,000 (280) current plan and future growth 1,800 672 1. Undrawn facilities are forecast as at (135) 30 September 2025 1,600 (265) 2. $1 billion of
Slide 26: Navigating Beyond The Noise
Navigating Beyond The Noise Confidence in the growth opportunities ahead — from data centre demand to U.S. renewables For personal use only AI demand reaffirmed U.S. renewables certainty CDC continues to develop and Longroad Energy’s pipeline supported by tax experience strong demand at scale credit
Slide 27: Infratil Investor Day
For personal use only Infratil Investor Day Portfolio Set for Growth 18 September 2025
Slide 28: Net Asset Values
Net Asset Values Overview Period ended ($Millions) Sep-25 Mar-25 Pro Forma Acutal For personal use only The table represent Infratil’s proportionate share of an asset's independent CDC 7,285.4 7,248.5 valuation, market value, or book value One NZ 3,713.5 3,713.5 Fortysouth 184.4 186.3 CDC, Longr
Slide 29: Portfolio Company Returns – as at June 2025
Portfolio Company Returns – as at 30 June 2025 Total capital Total realised Total unrealised Month of Initial Duration Total value4 IRR For personal use only Asset Segment Geography invested1 proceeds2 proceeds3 Investment (years) (NZD) (NZD) (NZD) (NZD) (NZD) CDC Digital Infrastructure Australasia
Slide 30: Investor Day Update September 2025
For personal use only Investor Day Update 18 September 2025
Slide 31: Longroad Overview
For personal use only Longroad Overview COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 2
Slide 32: Longroad: December 2025
Longroad: December 2025 Operating Company (Opco) Development Company (Devco) For personal use only 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 bill
Slide 33: Opco (Year-end 2025)
Opco (Year-end 2025) 5.5 GW / 36 Projects For personal use only Operating / in-construction & owned Advanced development COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 4
Slide 34: Opco (Year-end 2025)
Opco (Year-end 2025) 5.5 GW / 36 Projects For personal use only 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
Slide 35: Key Milestones Last Months
Key Milestones Last 12 Months Placed 1.1 GW into operations (Sun Streams 4, Serrano) For personal use only 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
Slide 36: Commenced Operation of 1.1 GW
Commenced Operation of 1.1 GW Sun Streams 4 (Arizona) Serrano (Arizona) For personal use only 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 Se
Slide 37: Commenced Construction of 0.7 GW
Commenced Construction of 0.7 GW1 Thousand Mile (Texas) Sun Pond (Arizona) For personal use only 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 Comm
Slide 38: Regulatory Impacts
Regulatory Impacts For personal use only 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 Pipe
Slide 39: Supply Chain
Supply Chain For personal use only 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
Slide 40: Market Update
For personal use only Market Update COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 11
Slide 41: 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 For personal use only • As a result, new generation capacity additions expected to rise to ~80 GW per year from
Slide 42: US Renewable Market to 2030
US Renewable Market to 2030 Annual New Renewable Generation Capacity Additions through 2030 For personal use only 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
Slide 43: Outlook Beyond 2030
Outlook Beyond 2030 Levelized Cost of Energy Comparison ($/MWh)1 For personal use only 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 Unsub
Slide 44: ~30 GW Pipeline
~30 GW Pipeline Transmission, 1% Wind, 7% M&A remains key component of growth, facilitating expansion into new markets and increased competitive positioning of the pipeline For personal use only PV, 8% Pipeline Breakdown by Number of Projects and Indicative FNTP Year BESS, 18% 10.3 GW 18 Projects PV
Slide 45: Business Plan
For personal use only Business Plan COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 16
Slide 46: Opco GW and Run-Rate EBITDA
Opco GW and Run-Rate EBITDA ~$700 10.0 For personal use only Opco Run-Rate EBITDA ($ 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
Slide 47: 2026-28 Plan Candidate Projects
2026-28 Plan Candidate Projects 2026 2027 2028 For personal use only 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
Slide 48: Funding the Capex Program
Funding the Capex Program ~$2 B / year ~$1 B / year For personal use only ~$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
Slide 49: Evolution of Net Debt as Company Grows
Evolution of Net Debt as Company Grows $5.1 Consolidated Net Debt ($ billions) 10.0 For personal use only $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
Slide 50: Summary
Summary Targeting operating portfolio growth from 5.5GW in 2025 to 10GW by 2028 For personal use only 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 cr
Slide 51: Morrison Update
I N F R AT I L I N V E S T O R D AY 2 0 2 5 Morrison Update For personal use only PAUL NEW FIELD, MORRISON CEO AND PARTNER W ILLIAM SMALES, MORRISON CHIEF INVESTMENT OFFICER AND PARTNER P R I V A T E1 A 8 NSDE P C TOENMFBI D EERN2T0I 2A5L
Slide 52: Manager update
For personal use only Manager update PA U L N E W F I E L D , M O R R I S O N C E O A N D PA R T N E R
Slide 53: A global infrastructure investor, born in New Zealand
A global infrastructure investor, born in New Zealand 37 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE For personal use only ATTRACTIVE EXPERIENCED STRONG TRACK RECORD GLOBAL MANAGER ALIGNMENT 18%+ annualised return Established in 1988 in Morrison’s largest client, over 31 years1 New Zealand ensurin
Slide 54: How Morrison organises to drive value for Infratil
How Morrison organises to drive value for Infratil O U R M O D E L B A L A N C E S P R O V I D I N G I N F R AT I L S P E C I F I C C A PA B I L I T I E S W I T H ACCESS TO GLOBAL RESOURCE AND EXPERTISE For personal use only I N F R AT I L MORRISON Infratil Board provides independent Morrison CEO le
Slide 55: Morrison is structured to deliver for Infratil
Morrison is structured to deliver for Infratil L E A D I N G I N F R A S T R U C T U R E I N V E S T I N G C A PA B I L I T I E S I N F R AT I L R E Q U I R E S T H E A B I L I T Y T O … MORRISON DELIVERS THIS THROUGH … For personal use only 215+ professionals across 7 global offices in key markets
Slide 56: Building our global capability to support Infratil's growth
Building our global capability to support Infratil's growth ONE OF THE WORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS North America Europe Asia Australia & NZ For personal use only 215+ 24 34 10 148 professionals professionals professionals professionals professionals • Digital Infrastructure •
Slide 57: Investing in sector and operational expertise
Investing in sector and operational expertise EXAMPLES OF RECENT ADDITIONS TO THE EXTENDED MORRISON TEAM For personal use only ALEX BADENOCH PHIL KELLEY JOHN SLAMECKA MARVIN RICHARDSON JAMES SHAW TALENT & DIGITAL DIGITAL TECH-ENABLED DECARBONISATION TRANSFORMATION INFRASTRUCTURE INFRASTRUCTURE SUPPL
Slide 58: Investment update
For personal use only Investment update WILLIAM SMALES, MORRISON CHIEF INVESTMENT O F F I C E R A N D PA R T N E R
Slide 59: Our purpose: To invest wisely in ideas that matter
For personal use only OUR PURPOSE: To invest wisely in ideas that matter. HUGH RICHMOND LLOYD MORRISON FOUNDER
Slide 60: To invest wisely in ideas that matter
To invest wisely in ideas that matter WE ADOPT A TARGETED ORIGINATION APPROACH For personal use only GLOBAL THEMATICS INFRASTRUCTURE FIT Energy transition Provides essential services for communities Digitisation & connectivity Enduring social license to operate MORRISON FOCUS Global mobility Resilie
Slide 61: Infratil performance
Infratil performance WE ARE COMMITTED TO DELIVERING THE EXTRAORDINARY INFRASTRUCTURE FUND PERFORMANCE DISTRIBUTION, BY NET IRR RANGE, VINTAGE YEAR 2000 -2025, FUND # For personal use only N = 275. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m IFT return • Since Inception: 18.
Slide 62: New ideas are tested against high value internal options
New ideas are tested against high value internal options THE VALUE OF PLATFORMS: CAPITAL DEPLOYED BY IFT NZ $M THE ‘PLATFORM ADVANTAGE’ For personal use only CAPEX (IFT proportionate share) Information advantage IFT re-investment (existing asset) IFT new investment 3,649 Timing of deployment RHC ROI
Slide 63: The end-to-end investment lifecycle
The end-to-end investment lifecycle M O R R I S O N ’ S D I S C I P L I N E D A P P R O A C H D R I V E S VA L U E AT E V E R Y S TA G E For personal use only Research & Investment Asset Management Portfolio Management Origination • Identify and source • Multi-stage process from • Active portfolio •
Slide 64: Identifying ideas that matter
Identifying ideas that matter M O R R I S O N ’ S P R O C E S S B E G I N S W I T H “ I D E A S T H AT M AT T E R ” … A N D S T R O N G IN-HOUSE RESEARCH 61 research papers completed last 18 months I N V E S T I N G W I S E LY I N I D E A S T H AT M AT T E R R E S E A R C H C O N D U C T E D I N T H
Slide 65: An extensive global pipeline
An extensive global pipeline R O B U S T G L O B A L P I P E L I N E T O U N L O C K N E W O P P O R T U N I T I E S F O R I N F R AT I L MORRISON GLOBAL PIPELINE OVERVIEW BY COUNT OF DEALS, SEGMENTED EXAMPLE NEWER INDUSTRIES For personal use only BY SECTOR AND REGION WITHIN THE PIPELINE ~200 opport
Slide 66: From global pipeline to investable opportunities
From global pipeline to investable opportunities M O R R I S O N U N D E R TA K E S A R I G O R O U S M U LT I - S T E P P R O C E S S T O F I LT E R A N EXTENSIVE GLOBAL PIPELINE TO A FEW HIGH -CONVICTION INVESTMENTS For personal use only ~200 opportunities Sourcing & Origination: Proprietary origi
Slide 67: Bringing the process to life: A time capsule
Bringing the process to life: A time capsule For personal use only 17
Slide 68: An Idea that Matters
An Idea that Matters For personal use only 18
Slide 69: A need for infrastructure capital
A need for infrastructure capital For personal use only 19
Slide 70: Access points
For personal use only Access points 20
Slide 71: The big picture: AI powering the heart of Infratil's portfolio
The big picture A I P O W E R I N G T H E H E A R T O F I N F R AT I L’ S P O R T F O L I O A G L O B A L A I T R A N S F O R M AT I O N P O W E R I N G T H E H E A R T O F I N F R AT I L ’ S P O R T F O L I O For personal use only Global data centre energy consumption, TWh2 ENERGY 1,000 900 +14% p.
Slide 72: The big picture: a range of opportunity as industries transform
The big picture A RANGE OF OPPORTUNITY AS INDUSTRIES TRANSFORM For personal use only T R AN S P O R TAT I O N LOGISTICS & F I N AN C I AL S Y S T E M S & & FLEETS AU T O M AT I O N D ATA P L AT F O R M S 22
Slide 73: Gurīn Energy
For personal use only Gurīn Energy Assaad Razzouk, Chief Executive Officer Emma Biddles, Chief Sustainability Officer 18 September 2025
Slide 74: Gurīn Energy: 8GW+ pipeline across Asian markets
Gurīn Energy: 8GW+ pipeline across 7 Asian markets Headquartered GW under active development SG in Singapore For personal use only +6 33% 8.7 Teams in Tokyo, Seoul, Gwangju, other Manila, Jakarta, CAGR offices Bangkok 6.7 2.9 6.3 0.6 Wind 0.6 Battery 5.5 Net owned by Gurīn Solar GW 3.5 2.8 0.3 0.3 6
Slide 75: Capital allocated ~50:50 to OECD and non-OECD countries
Capital allocated ~50:50 to OECD and non-OECD investment- grade countries Equity investment at For personal use only Pipeline Invested capital to date commercial operations date* Singapore 39% Singapore 17% Singapore 37% Japan 6% Japan 6% Japan 8% South Korea 7% South Korea 18% South Korea 7% 8.7 In
Slide 76: 250GW+ opportunity across our markets by 2030
250GW+ opportunity across our markets by 2030… Forecasted capacity by 2030 (GW) 256 14 14 12 22 3 32 8 23 5 For personal use only 16 35 37 5 13 13 59 25 Battery 11 Wind 45 Solar 87 190 10 71 Japan South Korea Singapore Philippines Thailand Indonesia Malaysia Total Net zero Net zero by Net zero by Ne
Slide 77: Driven by positive regulatory developments in past months
… driven by positive regulatory developments in past 12 months Japan South Korea Singapore Philippines Thailand Indonesia Malaysia For personal use only New target to cut Pro-renewables Increased target for Launch of 4th Green Release of draft New target of 100% Introduction of emissions 60% from Pr
Slide 78: We are pro-actively mitigating the risks
We are pro-actively mitigating the risks… • Prudent pipeline development, with a focus on quality For personal use only • Rigorous thresholds for project selection Markets • Cost discipline across the supply chain appear to be • Selective approach to offtakers & partners entering a … and seeking to
Slide 79: Fluid and cost-competitive procurement in Asia
Fluid and cost-competitive procurement in Asia Our supply chain: Unit costs of key supply components in each market (based on Gurīn project experience) For personal use only • Access to Chinese and locally- PV modules Construction (solar) BESS Container (4hr) Cost (USD/W) Cost (USD/W) Cost (USD/kWh)
Slide 80: OECD and emerging markets approvals
OECD* markets Emerging markets “Not in my backyard” or NIMBY Little to no NIMBY: Wind farms are For personal use only • • persists in some (but not all) a tourist attraction in the communities Philippines, for example Environmental and • Local governments increasingly • Complementary social and soci
Slide 81: Our approach to sustainability and communities
Our approach to sustainability and communities For personal use only Vision: to be the trusted partner of choice in renewables Mission: to contribute to global climate action by building enough renewables to power 10 million homes and to deliver long-term value for our shareholders, employees and th
Slide 82: Sustainability in action
Sustainability in action South Korea • Strong community Thailand consent helped secure Our approach • Environmental & Social first key electricity permit (aligned to international standards – e.g. (E&S) Screening - limited IFC, IAP2, Equator Principles) community issues due to For personal use only
Slide 83: Key milestones over the past months
Key milestones over the past 12 months September 20242024 September November 20242024 November January 2025 2025 January May 2025 May 2025 June 2025 June 2025 July 2025 July 2025 For personal use only Singapore/ Indonesia: Strengthened our Board Philippines: Delivered Philippines: Japan: South Korea
Slide 84: South Korea: Seizing opportunities in the evolving landscape
South Korea: Seizing opportunities in the evolving landscape SUMMARY For personal use only Strong OECD market fundamentals: • Projected ~60GW of renewables by 2030 • Attractive returns on development capital • Strong offtake regime with 20+ year PPAs on offer Optionality: Gurīn has remained committe
Slide 85: Spotlight: Japan BESS
Spotlight: Japan BESS SUMMARY Japan is the fifth-largest electricity consumer in the world, with a target of 50% RE by 2040 and 6GW of BESS For personal use only by 2030. Gurīn entered the market in 2023 and has built a 10- strong team that is currently developing 500MW of greenfield BESS. • This re
Slide 86: Japan BESS: Phase I ready-to-build by Q4 2025
Japan BESS: Phase I ready-to-build by Q4 2025 Key milestones achieved: ✓ All land acquired For personal use only ✓ Grid connection secured and finalised ✓ Topography, boundary and geotechnical studies complete ✓ Environmental & social impact assessment complete ✓ Saft selected for supply, installati
Slide 87: Spotlight: Philippines
Spotlight: Philippines SUMMARY Several projects at various stages of development in Luzon, the largest and most populous island: For personal use only 75MW solar plant in Palauig, Zambales Province • Operational in Jan 2025, operating on budget • Launched school solar visit programme • Potential for
Slide 88: Spotlight: Vanda RE
Spotlight: Vanda RE SUMMARY Vanda RE is a cross-border, greenfield project in Indonesia that will supply green energy to Singapore. For personal use only Ownership: 75% 25% Integrated development consisting of: ● “GenCo”: 2.2 GWp solar power plant and 5 GWh battery energy storage system (BESS) ● “Tr
Slide 89: Vanda RE: Positive regulatory and market momentum
Vanda RE: Positive regulatory and market momentum 1 2 3 For personal use only Vanda RE received one of six Elections in Indonesia & Singapore; G2G engagement accelerated, with Conditional Licenses for cross-border both new governments continue to additional MOUs signed and a electricity import to Si
Slide 90: Vanda RE: Progressing steadily on all fronts
Vanda RE: Progressing steadily on all fronts >90% of required land secured Marine survey launched For personal use only Owner’s Engineers appointed Offtaker discussions in progress Framework Supply Agreements signed Business plan submitted for export license Environmental and social impact assessmen
Slide 91: Gurīn Energy: Delivering on our development commitments
Gurīn Energy: Delivering on our development commitments Pipeline breakdown by year of commercial operations (GW) 10 9 For personal use only 8 7 4.0 6 5 4 2.8 3 2 1 1.6 0.1 0.2 0 2025-6 2027 2028 2029 2030+ Key project • Buildout of solar + BESS (~200MW) in • Vanda RE Phase 1 • Vanda RE Phase 2 • Van
Slide 92: Gurīn Energy: Priorities to 2028
Gurīn Energy: Priorities to 2028 2025 2026 2027 2028 Vanda RE Secure export license Reach Financial Close Begin construction Deliver first green For personal use only from the Indonesian for the project works electrons to Singapore Ministry of Energy & Mineral Resources Japan Achieve Ready-to- Start
Slide 93: One NZ
For personal use only THURSDAY 18 SEPTEMBER 2025 C2 General
Slide 94: Market Context
From our CEO, JASON PARIS For personal use only Market Context INFRATIL | Investor Day 2025 C2 General
Slide 95: Infratil Investor Day 2025
For personal use only INFRATIL | Investor Day 2025 C2 General
Slide 96: Winning by being the best at what customers value the most
Winning by being the best at what customers value the most For personal use only Great connectivity Great Service • Best in Test mobile network for 4 years • First stage of technology modernisation successfully running (Umlaut). completed. All ~1.2 million Prepay customers on new IT stack with simp
Slide 97: Winning by being the best at what customers value the most
Winning by being the best at what customers value the most For personal use only Great value Great trust Network leadership A trusted brand • Unmatched coverage and capacity with 5G and satellite offering additional resilience. • One NZ brand is tracking to top global benchmarks in non-customer con
Slide 98: Medium-sized company of the year in the 2025 Global Sustainability Awards
Medium-sized company of the year in the 2025 Global Sustainability Awards For personal use only Environment • Greenhouse gas (GHG) emissions reduction targets officially verified by the Science Based Targets initiative in August 2025. • Achieved 64% reduction in scope 1, 2 & limited scope 3 GHG em
Slide 99: One NZ is competing well in a challenging market
One NZ is competing well in a challenging market For personal use only Resilient performance amid macroeconomic headwinds. Despite a challenging economic environment, we continue to attract and retain high-value customers. We remain on track to meet FY26 EBITDA and cash targets, achieved by demonst
Slide 100: Finance and Trading Update
From our CFO, NICK JUDD For personal use only Finance and Trading Update INFRATIL | Investor Day 2025 C2 General
Slide 101: On track to deliver to EBITDA guidance
On track to deliver to EBITDA guidance through strong mobile growth and disciplined execution Revenue ($m) FY26 EBITDA Guidance of $595 -$625 million is maintained. Includes one-off For personal use only 1,967 1,984 1,996 investments for SpaceX, head office relocation and AI programme spend, with
Slide 102: Trading momentum improving through customer value propositions
Trading momentum improving through customer value propositions despite economic headwinds For personal use only Consumer and SME Enterprise Wholesale • Continued trading momentum on the back • Strong pipeline opportunities from One • Strong Wholesale growth due to of the rebrand, supported by dif
Slide 103: EonFibre's goal is to be the bandwidth provider of choice
EonFibre's goal is to be the bandwidth provider of choice for wholesale customers For personal use only Key milestones • Separation largely complete, in process of migrating customers. • Continued growth driven by hyperscaler demand, cloud adoption and mobile backhaul. • Exploring further gr
Slide 104: Targeting EBITDA margin expansion to mid-30s
Targeting EBITDA margin expansion to mid-30s over medium term driving increased cash flows For personal use only Clear pathway to delivering margin expansion through: EBITDA Margin (%) EBITDA Margin % Growth1 Consumer, Business and Enterprise Trading 35% • Continuing growth in mobile services tha
Slide 105: Technology Update
From our CTO, KIERAN BYRNE For personal use only Technology Update INFRATIL | Investor Day 2025 C2 General
Slide 106: Monetising our network beyond coverage and capacity
Monetising our network beyond the traditional lines of coverage and capacity Today… The future… For personal use only Monetising a new Efficiency through era of differentiated autonomous network connectivity operations • 99.5% 4G, 64% 5G population coverage Tailored connectivity Intent-based i
Slide 107: IT modernisation (T-One)
IT modernisation (T-One) achieving a world class outcome in world class time For personal use only Product simplification New platforms Prepay base cutover Next priority Pay Monthly, progressing ahead of plan deployed using AI to new platforms followed by Enterprise Hundreds of legacy
Slide 108: Driving growth through wholesale and reseller channels
Driving growth through wholesale and reseller channels For personal use only Strong growth in our MVNO business • NZ Mobile Virtual Network Operator (MVNO) market remains in early growth stage, comprising ~2.5% of the consumer market 125-145 versus 15-20% in more mature international markets. • One
Slide 109: Artificial Intelligence
From our Chief AI and Data Director SUMMER COLLINS For personal use only Artificial Intelligence INFRATIL | Investor Day 2025 C2 General
Slide 110: New Zealand's AI-first telco
New Zealand’s AI-first telco For personal use only We have been scaling AI for years and have global partnerships Infrastructure Responsible AI AI Activators Global Partnerships AI for all We are using AI systems Cross functional teams We will continue to scale in a safe, trustworthy, working acros
Slide 111: Strong AI momentum continues to grow
Strong AI momentum continues to grow For personal use only INFRATIL | Investor Day 2025 C2 General
Slide 112: Significant benefits will be realised
Significant benefits will be realised For personal use only Marketing Service Network & IT Enterprise Workforce • Campaign automation • AI Powered call • Gen AI for Software • 10 AI Agents in beta • AI Elevate: Trained Progress using Machine routing. development. with Enterprise 1000+ employees on A
Slide 113: Future Outlook
From our CEO, JASON PARIS For personal use only Future Outlook INFRATIL | Investor Day 2025 C2 General
Slide 114: Looking ahead with confidence
Looking ahead with confidence Strong ongoing demand for our technology, products and services in a stable yet highly competitive market. For personal use only As coverage and capacity become ubiquitous across mobile operators, we will move from mobile network leadership to parity in 5G and Sate
Slide 115: Infratil Investor Day: CDC
For personal use only 1 Infratil Investor Day September 2025 cdc.com
Slide 116: Important notice and disclaimer
Important notice and disclaimer Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary form, is not necessarily
Slide 117: Business overview
For personal use only Business overview.
Slide 118: Our ANZ Presence
Our ANZ Presence 15 Sydney Marsden Park For personal use only Canberra Hume Hume One: Operational MP1 MP2 MP3 data centres HU1 HU2 HU3 MP4 MP5 MP6 Hume Two: HU4 HU5 HU6 7 Canberra Sydney Eastern Creek Data centres under Canberra Fyshwick EC1 EC2 EC3 construction EC4 EC5 EC6 FY1 FY2 2.4GW+ Canberra B
Slide 119: CDC continues to grow and strengthen our unrivalled platform
CDC continues to grow and strengthen our unrivalled platform 2025 has been another successful year, as CDC strengthens our position as a global leader in data centre development and operations. Building on our track record of security, availability, high density, optionality and sustainability, CDC
Slide 120: CDC is rapidly expanding its customer base & partnerships
CDC is rapidly expanding its customer base & partnerships CDC continues to invest in the depth and strength of relationships with our foundational customer ecosystem. In addition, we have been establishing strong relationships across the entire AI customer ecosystem, which is seeking to develop, acc
Slide 121: Sydney Region: 1GW+ capacity
Sydney Region: 1GW+ capacity to meet our customers’ demand CDC has been accelerating its developments in the largest data centre region in Australia to meet significant customer demand. This includes nearing completion of EC5/6 at the Eastern Creek campus and accelerating work at Marsden Park campus
Slide 122: Melbourne Region: 650MW+
Melbourne Region: 650MW+ in Australia’s 2nd global DC hub CDC is building at scale and at pace on two campuses in Melbourne. At our Brooklyn campus, our second data centre BK2 is nearing completion and will join BK1 in being operational. At our Laverton campus, construction is progressing on our fir
Slide 123: Canberra Region: new expansion
Canberra Region: new expansion to serve critical customer base CDC is also nearing completion of the first data centre in our new campus in Canberra, Beard. In addition, in response to existing and new customer demand, we continue to expand our campus in Hume to offer significant capacity to our hig
Slide 124: Perth Region: Expanding west
Perth Region: Expanding west to meet local and global demand CDC has announced our Maddington campus in Perth, which will be the largest AI and advanced technology data centre campus in the region, expected to deliver 200MW+ of high-density capacity when complete.1 Perth will play a key role as part
Slide 125: Auckland Region: additional capacity delivered in FY26
Auckland Region: additional capacity delivered in FY26 Hobsonville 2 facility became operational at the start of FY26, providing additional capacity to address significant customer demand in this region. Combined with Silverdale, our two Auckland campuses will offer 135MW+ of capacity when complete.
Slide 126: Market overview
For personal use only Market overview.
Slide 127: Investment in Data Centres and AI is accelerating globally
Investment in Data Centres and AI is accelerating globally The race for AI supremacy is still accelerating and this is reflected in the significant level of CAPEX and investment in data centres and infrastructure. The data centre industry is set to benefit as infrastructure and compute is seen as a
Slide 128: Australia and New Zealand are positioned for sizeable growth
Australia and New Zealand are positioned for sizeable growth The ANZ data centre market is forecast to grow rapidly, in-line with strong global growth out to 2030. Demand is expected to continue to outweigh supply in the short term in both Australia and New Zealand. In particular, as AI investment c
Slide 129: Australia as an AI Hub in the region
Australia as an AI Hub in the region Beyond domestic customer demand, Australia is emerging as a relevant location to support services for customers and users in the broader region. Australia’s natural advantages, combined with its technological and governance maturity, provide the right settings to
Slide 130: Customer value proposition
For personal use only Customer value proposition.
Slide 131: CDC Value Proposition
Security. Building to the highest levels of security Availability. to ensure the protection of our 100% uptime guaranteed in our resilient For personal use only customers’ critical assets. HCF Certified and modern facilities. Strategic Provider.1 CDC Value Proposition High-density. CDC’s cooling tec
Slide 132: Our data centre campuses are critical infrastructure ecosystems
Our data centre campuses are critical infrastructure ecosystems CDC supports some of the most critical customers in ANZ, who manage critical data and systems that safeguard the progress of the nations. This data is very sensitive and, as a result, as new waves of technology are adopted, they gravita
Slide 133: Years of Data Centre Evolution and Innovation Leadership
18 Years of Data Centre Evolution and Innovation Leadership AI is the latest wave of technology that is driving data centre transformation at scale. This has significant implications for power densities, floor loading, cooling technologies, and scale. CDC continues to invest in significant engineeri
Slide 134: CDC continues to scale and expand in markets across ANZ
CDC continues to scale and expand in markets across ANZ Our progress as a business since 2007 has resulted in CDC having a trusted development track record and a design capability and ethos that customers value. CDC continues to enter into new markets whilst scaling and innovating at the rack, data
Slide 135: CDC has a diverse, high-growth and credit-worthy customer base
CDC has a diverse, high-growth and credit-worthy customer base CDC primarily targets three customer segments: Public Sector, National Critical Infrastructure (NCI), and Hyperscale and AI. The Hyperscale and AI segment is the fastest growing within CDC, highlighting CDC’s exposure to high growth driv
Slide 136: CDC continues to secure large scale capacity contracts
CDC continues to secure large scale capacity contracts CDC continues to maintain strong contracting momentum, securing additional capacity across public sector, national critical infrastructure, hyperscale and AI customers. For personal use only Notable customer developments • CDC has been selected
Slide 137: Sustainability
For personal use only Sustainability.
Slide 138: CDC Sustainability Strategy
CDC Sustainability Strategy CDC is committed to sustainability, community development and operational excellence, and has set a strong foundation for future growth and leadership in the industry. CDC’s Sustainability Strategy is built upon three core pillars— Stable planet, Thriving people and Trust
Slide 139: CDC is actively engaging with energy stakeholders
CDC is actively engaging with energy stakeholders Data centres have emerged as a key part of the energy grid and transition. CDC has a long track record of engaging, investing and partnering with different parts of the energy value chain. For personal use only Utility engagement 01 Investment in ene
Slide 140: Industry Leadership in Water Efficiency
Industry Leadership in Water Efficiency CDC demonstrates industry leadership through its innovative closed loop cooling system which allows that enable our purpose-built data centres to rely on zero water consumption for the purpose of primary cooling, whilst also enhancing the resilience and flexib
Slide 141: Financial performance
For personal use only Financial performance.
Slide 142: Outlook
Outlook CDC continues to maintain strong contracting momentum, with significant capacity to be deployed in the near term. CDC expects to see continued demand for our capacity and has the capital structure in place to execute on our growth trajectory. For personal use only • CDC remains on track to d
Slide 143: Outlook
For personal use only Outlook.
Slide 144: Core areas of focus in the period ahead
Core areas of focus in the period ahead CDC will maintain our market leadership position by delivering in three key areas. For personal use only Agility 01 Maintaining our edge when it comes to development, unlocking capacity and responding to customer priorities for large scale footprints in more l
Slide 145: Appendix
For personal use only cdc.com Appendix 3 3
Slide 146: CDC FY25 Operating Metrics
CDC FY25 Operating Metrics As reported in Infratil annual results for the year ended 31 March 2025. A $ millions FY25 FY24 FY23 HY25 HY24 For personal use only Operating capacity (MW)1 318 268 268 302 268 Capacity under construction 382 416 42 388 265 (MW) Development pipeline (MW) 1,754 536 476 1,6
Slide 147: June 2025 Independent Valuation – Capacity/Development Inputs
June 2025 Independent Valuation – Capacity/Development Inputs Overview of CDC Data Centre Portfolio1 For personal use only Region Status Built MW Canberra Operating 117 Sydney Operating 123 Melbourne Operating 34 Auckland Operating 98 Total Operating Capacity 372 Canberra Under Construction 58 Sydne