Slide 1: HY26 Results Investor Presentation
HY26 RESULTS INVESTOR PRESENTATION 13 November 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: Infratil Half Year Results Presentation
Infratil Half Year Results Presentation Jason Boyes Andrew Carroll Infratil CEO Infratil CFO I N F R AT I L & H Y 2 6 O V E R V I E W p3 PORTFOLIO PERFORMANCE p7 GROUP FINANCIAL P E R F O R M A N C E & G U I DA N C E p20 S U P P O R T I N G M AT E R I A L S p27
Slide 4: 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% TSR since inception in 19942,3 • Market capitalisation of NZ$12.1bn1 (US$7.3bn) 600% • Included in S&P NZX50, ASX200, and 550% Period2 IFT TSR Cumu
Slide 5: A diverse portfolio with significant growth opportunities
A diverse portfolio with significant growth opportunities Total asset value NZ$19.0 billion1 Diversified across four sectors: Digital Renewables Healthcare Airports Infratil interest sold or under strategic review at 13 November 4 Notes: (1) Total asset value reflects most recent available valuation
Slide 6: HY26 Highlights
HY26 Highlights Active management has come to the fore as we refine our portfolio Significant progress toward our $1 billion divestment target, with sale agreements now in place for RetireAustralia, Fortysouth and our legacy property asset (c.58% of our target). A strategic review of Qscan is also u
Slide 7: Infratil HY26 financials overview
Infratil HY26 financials overview Proportionate EBITDAF: $514 million operational; ($32 million) development One NZ is the biggest contributor at about 58% of operational proportionate EBITDAF, with contributions from CDC and Longroad growing meaningfully. ‘Other renewables’ (Galileo, Gurīn Ener
Slide 8: Portfolio Performance
PORTFOLIO PERFORMANCE
Slide 9: A new wave of demand with over 140MW of contracts signed
A new wave of demand with over 140MW of contracts signed HY26 progress EBITDAF (A$m) and margin (%) EBITDAF for the period was A$184m, up A$25m (16%) from HY25 184 – ~50MW of operating capacity added in HY26 159 123 Strong demand across all customer segments – Size of potential contracts is incr
Slide 10: CDC on track to double FY25 EBITDAF in FY27
CDC on track to double FY25 EBITDAF in FY27 Outlook CDC Built Capacity Pipeline (MW) to 2034 Recent contract growth driving future earnings uplift Operating – 140MW announced contracts will deliver forecast revenue to achieve target of Under construction doubling FY25 EBITDAF in FY27 Future build
Slide 11: EBITDAF ramping up as operational fleet grows
EBITDAF ramping up as operational fleet grows HY26 progress Generation (operating vs construction)1 EBITDAF of US$83m1, up US$46m (124%) from HY25 – Includes initial contributions from Sun Streams 4 (677MW) and Serrano 1,621 (434MW) projects – completed this year 3.5GW operational at end of HY26
Slide 12: 30GW pipeline to meet generational growth opportunity
30GW pipeline to meet generational growth opportunity Outlook Opco run-rate EBITDA2 (US$m) 10.0GW FY26 EBITDAF guidance1 of US$120m-US$130m increased from US$110m to 1,000 10 US$120m largely due to earlier than anticipated completion of Serrano 197MW (Sun Pond) expected to be operational by FY26
Slide 13: Delivering revenue growth despite slow market
Delivering revenue growth despite slow market HY26 progress Revenue (NZ$m) Total revenue lifted $14m from HY25 with good growth in Mobile and 963 941 954 Handset & Other categories 174 171 164 – Strong mobile growth with price increases lifting total postpay mobile 109 104 101 ARPU from $40.60 (HY
Slide 14: H2 expected to be stronger with positive trading momentum
H2 expected to be stronger with positive trading momentum Outlook EBITDAF (NZ$m) & Margin (%) 304 296 279 EBITDAF and capex guidance unchanged H2 expectation reflects lift in trading momentum leading into peak summer trading period and benefit of HY26 price increases 3G network shutting down f
Slide 15: Solid EBITDAF performance as international growth continues
Solid EBITDAF performance as international growth continues HY26 progress: EBITDAF (NZ$m) & Margin (%) EBITDAF growth was supported by strong international passenger demand, 66 63 positive performance across commercial operations, disciplined cost control and an uplift in aeronautical pricing. A
Slide 16: RHCNZ and Qscan HY26 progress
HY26 progress HY26 progress EBITDAF of $62m down slightly from $63m in HY25 EBITDAF of A$42m, up 11% from A$38m in HY25 – Primarily driven by a negative mix shift to lower margin work – Primarily driven by positive mix of imaging demand and pricing changes 526,000 scans, up from 520,000 in HY2
Slide 17: An opportunity to lift our ownership while preserving future flexibility
An opportunity to lift our ownership while preserving future flexibility Transaction summary Opportunity to acquire TECT’s 4.92% holding, lifting our ownership to 14.3% – A simple transaction, partly recycling $186m cash received for Manawa Energy’s sale to Contact in mid-2025 – With TECT becoming
Slide 18: ~9GW pipeline with 5.9GW Gurīn owned
~9GW pipeline with 5.9GW Gurīn owned HY26 progress Project Vanda overview Philippines – 75MW Zambales solar plant (20-year PPA) operational since January and delivered US$3m revenue – 39MW in Tarlac expected to be operational ~Q2 FY27 Japan – 500MW battery storage pipeline with grid access secur
Slide 19: 16GW pipeline across European markets
16GW pipeline across 10 European markets HY26 progress Pipeline includes a mix of technologies: onshore wind (35%), battery storage (28%), solar PV (27%) and offshore wind (10%) Development of existing projects continues to progress, including: – The onshore wind pipelines in France, Germany, It
Slide 20: Expanding capacity in a tightly constrained London market
Expanding capacity in a tightly constrained London market HY26 progress Revenue (£m) 34 Revenue of £34m was up 21% from £28m in HY25 as previously contracted 28 capacity came online. 26 – EBITDAF of £4.3m, up £2.1m (105%) over HY25 Operating capacity increased from 27MW to 37MW over the last 12
Slide 21: Group Financial Performance & Guidance
GROUP FINANCIAL PERFORMANCE & GUIDANCE
Slide 22: Financial Performance Highlights
Financial Performance Highlights Increased Longroad and CDC capacity drives earnings growth The HY26 result was a net parent surplus of $605.7m, compared with a Proportionate Operational EBITDAF1 (NZ$m) $247.3m loss in the prior comparative period driven by an increase in CDC 3 (9) 3 associate ear
Slide 23: Valuation Update
Valuation Update Increases reflect continued investment in growth platforms Infratil’s total asset value has increased to $19.0bn, a $0.7bn increase over Portfolio asset valuation (NZ$m) the last 6 months. This includes $469m of direct investment by Infratil, 62 13 (71) 33 8 (8) (73) including the
Slide 24: Funding Capacity to End of FY27
Funding Capacity to End of FY27 Clear funding pathways to support our current plan Funding Capacity (NZ$m) Significant capacity exists to fund our current plan 2,400 and future growth 2,200 1 1. Undrawn facilities as at 30 September 2025 2,000 (280) 2 2. $1 billion of planned asset divestments 1,800
Slide 25: Interim Dividend
Interim Dividend Moderate dividend growth balanced with capital needs of the portfolio Interim dividend Final dividend Infratil net dividend (cents per share) 7.25 cents per share, 1.75 cents of imputation credits attached Interim dividend Record date: 27 November 2025 (ex-dividend date: 26 Nove
Slide 26: FY26 Guidance Update
FY26 Guidance Update Guidance on track; range updated to reflect forecast divestments The Group remains within the Proportionate Operational EBITDAF guidance range of Component Guidance (100% basis) NZ$1,000–NZ$1,050m set at the start of the year. Changes within that range are: EBITDAF Original Up
Slide 27: Funding and Liquidity
Funding and Liquidity Strong credit profile and significant flexibility to support investment across the portfolio Significant balance sheet flexibility to support additional capital Balance sheet overview (NZ$m) investment across FY26/FY27 4,000 18.0% 15.9% 13.8% 16.0% 3,500 12.0% 1,106 $79 mil
Slide 28: Portfolio Update and Outlook
PORTFOLIO UPDATE AND OUTLOOK
Slide 29: Portfolio refinement – pillar view
Portfolio refinement – pillar view 28
Slide 30: Solid progress against our medium-term strategic objectives
Solid progress against our medium-term strategic objectives • Divestments of Fortysouth ($200 million+) and legacy property assets ($55 Divest businesses unlikely to scale million) announced today under our ownership and reinvest • Announcements to date, including RetireAustralia, total $585 million
Slide 31: Sustainability is part of investing wisely
Sustainability is part of investing wisely Our focus on sustainability is flowing through to tangible results 2025 GRESB Infrastructure Fund Assessment • An investor-driven global ESG benchmark • Infratil achieved an excellent 94/100 score in 2025 • +8 year-on-year improvement 2025 Sustainalytics ES
Slide 32: Looking Ahead: Set For Growth
Looking Ahead: Set For Growth Momentum across platforms, positioned for demand upside Increased investment in Contact Energy, strong progress on divestments and growing operating cashflow underpins Infratil’s significant financial flexibility to invest for future growth Longroad and CDC both have st
Slide 33: Supporting Materials
SUPPORTING MATERIALS _—ll,llOOS
Slide 34: Asset Locations
Asset Locations A globally diversified portfolio of critical assets 1 2 3 4 5 3 1 4 1 4 2 3 3 4 1 2 1 2 2 2 5 1 1 1 United States: 12% Europe: 6% Asia: 3% Australia: 44% New Zealand: 35% 33
Slide 35: Net asset value
Net asset value Overview Period ended ($Millions) 31 March 2025 30 September 2025 CDC $7,248.5 $7,716.0 The table represent Infratil’s proportionate share of an asset's independent valuation, One NZ $3,713.5 $3,709.3 market value, or book value Fortysouth $186.3 $178.8 CDC, Longroad Energy, Gali
Slide 36: Portfolio returns as at 30 September 2025
Portfolio returns as at 30 September 2025 Total capital Total realised Total unrealised Month of Initial Duration Total value4 IRR Asset Segment Geography invested1 proceeds2 proceeds3 Investment (years) (NZD) (NZD) (NZD) (NZD) (NZD) CDC Digital Infrastructure Australasia September 2016 9.1 1,290 16
Slide 37: Incentive fees
Incentive fees Incentive fee overview FY25 Incentive HY26 Incentive 30 September ($millions) Capital FX Distributions Hurdle Outperformance Fee Valuation Fee Valuation Annual Incentive Fee CDC 7,212.2 (257.8) - 3.4 (459.9) 7,677.4 (249.2) Longroad Energy 1,728.2 (48.7) (0.7) - (108.7) 1,854.5 (31.8)
Slide 38: Total shareholder returns
Total shareholder returns Total shareholder return of 2.2% for the year to 30 September and a 18.4% return over 31.5 years Annual Return Period TSR Accumulation index1 1 - year 2.2% 225,000 160.0% 5 – year 22.8% 200,000 10 – year 19.2% 135.0% 20 – year 13.8% 175,000 Since inception (31.5 years) 18.4
Slide 39: Proportionate capital expenditure and EBITDAF
Proportionate capital expenditure and EBITDAF Proportionate capital expenditure Proportionate EBITDAF Period ended 30 September ($Millions) 2024 2025 Period ended 30 September ($Millions) Share 2024 2025 CDC $436.8 $473.9 CDC 49.7% $83.7 $99.9 One NZ $125.8 $118.3 One NZ 99.8% $304.0 $295.3 Fortysou
Slide 40: Infratil direct investment
Infratil direct investment Overview Infratil Direct Investment This investment is either used to acquire new assets, increase holdings in existing Period ended 30 September ($Millions) 2024 2025 assets, or used by investee companies to invest into capital projects, pay their CDC $16.9 $257.8 opera
Slide 41: Infratil wholly owned group cash flow
Infratil wholly owned group cash flow Overview This table reflects the Infratil wholly owned group’s cash flow and serves as a 31 March 30 September Period ended ($Millions) 2025 2025 reconciliation between Infratil’s opening and closing cash balances Distributions received from portfolio companie
Slide 42: Earnings reconciliation
Earnings reconciliation Overview Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Period ended 30 September ($Millions) 2024 2025 Principles’) measure of financial performance, presented to provide additional Net profit after tax (‘NPAT’) ($206.4) $631.5 insight into
Slide 43: Portfolio company debt
Portfolio company debt Overview 30 September 2025 Gearing1 Net Debt / % of drawn EBITDA2 debt hedged3 Gearing and credit metrics are monitored across the portfolio in aggregate and at CDC4 23.5% 12.0 97% the individual portfolio company level One NZ 29.2% 3.3 65% CDC saw very strong support for