Infratil Limited · NZX:IFT
Infratil — FY2025 Earnings Presentation
50 slides from Infratil's earnings presentation, May 2025
Slide 1: Infratil Annual Results Announcement
INFRATIL ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2025
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: Navigating Beyond the Noise
Infratil FY2025 Full Year Results Presentation Portfolio Overview full year Highlights NAVIGATING P O R T F O L I O O V E RV I E W 01 & FULL YEAR HIGHLIGHTS BEYOND Group Financial performance GROUP FINANCIAL 02 PERFORMANCE Portfolio Company Updates P O R T F O L I O CO M PA N Y THE NOISE 03 U P DAT
Slide 4: Portfolio Overview & Full Year Highlights
PORTFOLIO OVERVIEW & FULL YEAR HIGHLIGHTS SECTION 1
Slide 5: Infratil overview
Infratil overview We are an infrastructure investment company that actively invests in ideas that matter Infratil (IFT.NZX, IFT.ASX) Infratil has delivered a 18% TSR since inception1,2 • Market capitalisation of NZ$10.0bn1 (US$5.8bn) 600% • S&P NZX50, ASX300, and MSCI Global Standard Index member Pe
Slide 6: Portfolio highlights
Portfolio highlights Through the noise, pleasing progress on multiple strategic initiatives Merger of Contact Energy and Manawa is on track for completion in the first half of FY26 at Group Assets an attractive valuation for both parties, bringing material portfolio flexibility and optionality NZ$18
Slide 7: Sustainability highlights
Sustainability highlights Our focus on sustainability – part of investing wisely – is flowing through to ratings and real-world impacts Infratil and key portfolio companies - One NZ, CDC, Wellington Airport, Kao Data and Health, Safety & Community Manawa – released updated climate and sustainability
Slide 8: Group Financial Performance
GROUP FINANCIAL PERFORMANCE SECTION 2
Slide 9: Financial performance highlights
Financial performance highlights Stronger operating results from key investments alongside accelerating portfolio capital expenditure Proportionate operational EBITDAF 1 for was $986 million which is towards Proportionate operational EBITDAF (NZ$m) the upper end of guidance 26 (27) Operating ear
Slide 10: Valuation & incentive fees
Valuation & incentive fees Recent transaction has provided an updated lens on CDC’s value Infratil’s total portfolio asset value has increased to $18.3 billion, a Portfolio asset valuation (NZ$m) $4.1 billion increase over the FY2024 portfolio asset valuation of $14.2 billion 18,304 310 26 – this
Slide 11: Final dividend
Final dividend Final unimputed dividend of 13.25 cps, brings the total FY25 dividend to 20.5 cps, up 2.5% from FY24 Final unimputed dividend of 13.25 cents per share Ordinary dividends (CPS) Record date of 12 June 2025 (ex-dividend date of 11 June 2025) Payment date of 2 July 2025 The NZD/AUD
Slide 12: CDC Data Centres
% of the portfolio IRR since inception CDC DATA CENTRES 40% 38.7% p.a. Valuation Initial Investment DIGITAL INFRASTRUCTURE $7.2 billion September 2016
Slide 13: CDC
CDC Record contracting year, significant build programme on track Year in review Existing capacity and future growth (MW) As at 28th May 2025 2,454 EBITDAF for the year was A$330 million, up A$59 million (22%) from the prior year, driven by commissioning across Melbourne and New Zealand and higher
Slide 14: CDC
CDC Well set for strong multi-year growth as data centre demand continues to expand Outlook EBITDAF (A$m) & Margin (%) FY2026 EBITDAF guidance of A$390 million-A$410 million, up 21% at the midpoint, as rephasing by customers pushed some growth in to FY2027 390 - 410 As a result of this and new c
Slide 15: One NZ
% of the portfolio IRR since inception One NZ 20% 21.5% p.a. Valuation Initial Investment DIGITAL INFRASTRUCTURE $3.7 billion July 2019
Slide 16: One NZ
One NZ Disciplined execution in a challenging environment, supported by simplification and cost control Year in review Revenue (NZ$m) EBITDAF of $604.8 million, up 1% on the prior year and slightly ahead of guidance midpoint, despite a challenging economic backdrop. EBITDAF margin improved to 31%
Slide 17: One NZ
One NZ Well-placed to capture operational upside from T-One, AI and simplification initiatives Outlook EBITDAF (NZ$m) & Margin (%) EBITDAF guidance of $595-$625 million, up ~1% on FY2025, reflecting ongoing growth in Consumer Mobile - leveraging investment in SpaceX and 595 - 625 One Wallet - and
Slide 18: Longroad Energy
% of the portfolio IRR since inception LONGROAD ENERGY 12% 55.2% p.a. RENEWABLES Valuation Initial Investment $2.1 billion October 2016
Slide 19: Longroad Energy
Longroad Energy Record year completing 1.4GW of construction, and positioning for further growth Year in review Construction and safe harbouring progress (GW) EBITDAF of US$45 million1, down US$11 million (19%) from the prior year, primarily Operating assets driven by prior year outperformance fro
Slide 20: Longroad Energy
Longroad Energy Earnings growth arrives, with more to come, although significant volatility to navigate Outlook Opco run-rate EBITDA2 (US$m) 1,000 ~8.5GW 9 FY2026 EBITDAF guidance of US$110 million-US$120 million1, up 155% at the Generation capacity, including under construction midpoint (Excludes
Slide 21: Other Portfolio Entities
OTHER PORTFOLIO ENTITIES
Slide 22: Gurīn Energy
Gurīn Energy First project has reached operation and revenue generation showing a step change in maturity Year in review Delivered first operational project, the 75MW Palauig Solar Power Plant in the Philippines. The project is 100% owned and underpinned by a 20-year PPA Advanced development of
Slide 23: Galileo Green Energy
Galileo Green Energy First project exit marks a new phase of growth as pipeline scales across Europe Year in review Increased pipeline to 16.1GW across 10 European markets covering PV (27%), BESS (26%), onshore wind (36%), and offshore wind (11%) technologies Demonstrated value realisation and c
Slide 24: Kao Data
Kao Data Near-term capacity and AI-ready design position Kao to capture demand in a constrained London market Year in review EBITDAF of £4.3 million, up from (£2.6) million in the prior period, driven by improved data centre utilisation Against a backdrop of more deliberate customer leasing, abi
Slide 25: RHCNZ Medical Imaging
RHCNZ Medical Imaging Earnings growth underpinned by new clinics and a continued shift toward higher-value modalities Year in review EBITDAF (NZ$m) & Margin (%) EBITDAF for the year was $125.9 million, up from $115 million (9%) on the prior year, driven by strong organic volume growth, a continued
Slide 26: Qscan
Qscan Strong performance driven by technology-enabled innovation to enhance productivity and experience Year in review EBITDAF (A$m) & Margin (%) EBITDAF for the year was A$77.2 million, up A$9 million (14%) from the prior year, driven by: 80 - 95 – Yield expansion, supported by Medicare indexatio
Slide 27: RetireAustralia
RetireAustralia High occupancy and resident satisfaction reflect strong demand for quality retirement living Year in review Underlying profit1 reached A$80 million, an A$1.0 million increase on the prior year supported by strong resale performance and village price increases, offset by lower devel
Slide 28: Wellington Airport
Wellington Airport Despite challenges with passenger volumes, PSE5 and diversified income streams supported growth Year in review EBITDAF (NZ$m) & Margin (%) EBITDAF for the year was $130.2 million, up $23 million (22%) from the prior year, driven by: 125 - 135 130 – Strong international recovery,
Slide 29: Guidance and Liquidity
GUIDANCE AND LIQUIDITY SECTION 4
Slide 30: FY2026 Guidance – Proportionate EBITDAF
FY2026 Guidance – Proportionate EBITDAF FY2026 Proportionate Operational EBITDAF guidance range set at NZ$1,000 to $1,050 million Proportionate Operational EBITDAF guidance Proportionate Operational EBITDAF (NZ$m) Data points are shown at the midpoint of guidance – and should therefore be considered
Slide 31: FY2026 Guidance – Proportionate Capital Expenditure
FY2026 Guidance – Proportionate Capital Expenditure FY2026 Proportionate Capital Expenditure guidance range set at NZ$2.2 billion to $2.6 billion Proportionate Capital Expenditure guidance Proportionate Capital Expenditure (NZ$m) Data points are shown at the midpoint of guidance – and should therefo
Slide 32: Funding and liquidity
Funding and liquidity Strong credit profile and significant flexibility to support investment opportunities across the portfolio Net debt and gearing % Significant balance sheet flexibility to support additional capital 41% investment across FY2026/FY27 40% 4,000 34% 35% 3,500 $170 million of ne
Slide 33: Portfolio Strategy & Outlook
PORTFOLIO STRATEGY & OUTLOOK SECTION 5
Slide 34: Restating our portfolio strategy and approach
Restating our portfolio strategy and approach Ideas that matter Attractive global thematics Infrastructure characteristics Portfolio Pillar 1: Cashflow generators Pillar 2: Mature growth platforms Pillar 3: Future growth platforms construction Multiple smaller businesses that Scaled business with en
Slide 35: Outlook and medium-term strategic objectives
Outlook and medium-term strategic objectives Portfolio remains well-positioned for growth, with clear priorities ahead Identify and scale our growth platforms beyond CDC and Longroad Gurīn Energy and other opportunities are poised for growth Success would see CDC maintain its relative portfolio weig
Slide 36: Questions
QUESTIONS
Slide 37: Supporting Materials
SUPPORTING MATERIALS INFRATIL FY2025 FULL YEAR RESULTS PRESENTATION
Slide 38: Portfolio composition at 31 March 2025
Portfolio composition at 31 March 2025 Focus on four high-conviction platforms, across a geographically diverse portfolio of companies Shareholding Shareholding Shareholding Shareholding 49.8%1 37.2% 51.8% 66.0% 99.9% 51.1%2 57.2% 54.0% 95.0% 50.0% 20.0% 38.0% 73.0% 66% portfolio 21% portfolio 8% po
Slide 39: Net asset value
Net asset value Overview Year ended 31 March ($Millions) 2024 2025 CDC $4,419.7 $7,248.5 The table represent Infratil’s proportionate share of an asset's independent valuation, One NZ $3,530.5 $3,713.5 market value, or book value Fortysouth $195.2 $186.3 CDC, One NZ, Kao Data, Longroad Energy, G
Slide 40: Independent valuation summary – Digital
Independent valuation summary – Digital Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international portfolios) and setting management long-term incentives for some portfolio companies M
Slide 41: Independent valuation summary – Renewables
Independent valuation summary - Renewables Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international portfolios) and setting management long-term incentives for some portfolio companie
Slide 42: Independent valuation summary – Airports & Healthcare
Independent valuation summary – Airports & Healthcare Independent valuation reports are prepared for Infratil’s portfolio companies for the purpose of calculating the international portfolio incentive fee (for the international portfolios) and setting management long-term incentives for some portfol
Slide 43: Portfolio returns
Portfolio returns Total capital Total realised Total unrealised Month of Initial Duration Total value4 IRR Asset Segment Geography invested1 proceeds2 proceeds3 Investment (years) (NZD) (NZD) (NZD) (NZD) (NZD) CDC Digital Infrastructure Australasia September 2016 8.6 1,032 162 7,248 7,411 38.7% One
Slide 44: Incentive fees
Incentive fees Incentive fee overview FY24 Incentive FY25 Incentive 31 March ($millions) Capital FX Distributions Hurdle Incentive Fee Fee Valuation Fee Valuation Annual Incentive Fee CDC 4,399.3 (494.2) - 24.1 (543.3) 7,212.2 359.9 Kao Data 550.7 (82.9) (8.3) - (70.2) 694.5 (3.5) Longroad Energy 1,
Slide 45: Total shareholder returns
Total shareholder returns Total shareholder return of (2.6%) for the year to 31 March 2025 and a 18.0% return over 31 years Annual Return Period TSR Accumulation index 1 - year (2.6%) 175% 175,000 5 – year 23.9% 150% 10 – year 17.0% 150,000 20 – year 13.9% 125% Since inception (31 years) 18.0% 125,0
Slide 46: Proportionate capital expenditure and EBITDAF
Proportionate capital expenditure and EBITDAF Proportionate capital expenditure Proportionate EBITDAF Year ended 31 March ($Millions) 2024 2025 Year ended 31 March ($Millions) Share 2024 2025 CDC $291.8 $928.2 CDC 48.2% $140.8 $173.9 One NZ $261.4 $269.3 One NZ 99.9% $545.5 $604.0 Fortysouth $3.1 $4
Slide 47: Infratil direct investment
Infratil direct investment Overview This investment is either used to acquire new assets, increase holdings in existing Year ended 31 March ($Millions) 2024 2025 assets, or used by investee companies to invest into capital projects, pay their CDC $35.1 $494.2 operational expenses, or to pay down d
Slide 48: Infratil wholly owned group cash flow
Infratil wholly owned group cash flow Overview This table reflects the Infratil wholly owned group’s cash flow and serves as a Year ended 31 March ($Millions) 2024 2025 reconciliation between Infratil’s opening and closing cash balances Distributions received from portfolio companies $231.6 $258.0
Slide 49: Earnings reconciliation
Earnings reconciliation Overview Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Year ended 31 March ($Millions) 2024 2025 Principles’) measure of financial performance, presented to provide additional Net profit after tax (‘NPAT’) 761.0 (261.3) insight into manageme
Slide 50: Portfolio company debt
Portfolio company debt Overview Gearing and credit metrics are monitored across the portfolio in aggregate and at Net Debt / % of drawn 31 March 2025 Gearing1 the individual portfolio company level EBITDA2 debt hedged3 One NZ, Welington Airport and Qscan completed full refinancing of debt packag