Infratil Limited · NZX:IFT
Infratil — Investor Day (March 2024)
141 slides from Infratil's investor day presentation, Mar 5, 2024
Slide 1: Infratil Investor Day 2024 announcement
5 March 2024 Infratil Investor Day 2024 Infratil has this morning released the presentation material for its annual Investor Day. Presentations will be recorded during the day and will be available to view on https://infratil.com/for-investors/reports-results-meetings-investor-days/ after the event.
Slide 2: Infratil Investor Day
For personal use only Infratil Investor Day Managed by March 2024
Slide 3: Disclaimer Information
Disclaimer Information This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information For
Slide 4: Welcome
Welcome For personal use only Infratil 2024 Investor Day, Sydney 5 March 2024 Alison Gerry Jason Boyes Andrew Carroll • Independent Director since • Infratil Chief Executive • Infratil Chief Financial July 2014 and Infratil Chair Officer and Director since Officer since November since May 2022 April
Slide 5: Agenda
Agenda For personal use only 9:00am – 9.10am Welcome & Overview Infratil 2024 Alison Gerry, Chair Investor Day, 9:10am – 9:40am Portfolio Update & Growth Outlook Jason Boyes, Infratil Chief Executive Sydney Andrew Carroll, Infratil Chief Financial Officer 9:40am – 10.00am Morrison Update Paul Newfie
Slide 6: Agenda
Agenda For personal use only 1:10pm – 1:30pm Digital & Connectivity Update Infratil 2024 Will Smales, Morrison Chief Investment Officer & Global Head of Digital Lewis Bailey, Executive Director, Strategy Investor Day, 1:30pm – 2:20pm One NZ Sydney Jason Paris, One NZ Chief Executive 2:20pm – 3:20pm
Slide 7: Portfolio Update
Portfolio Update For personal use only Jason Boyes Andrew Carroll Managed by Infratil Chief Executive Infratil Chief Financial Officer
Slide 8: Infratil is a New Zealand established global infrastructure investor
Infratil Investor Day For personal use only Infratil is a • Infratil invests in infrastructure, with a portfolio of investments across digital New Zealand infrastructure, renewable energy, healthcare and airports, and exposure across New Zealand, Australia and 15 other countries established global •
Slide 9: Growth investments complemented by core cash generating businesses
Infratil Investor Day For personal use only Growth • One NZ is complemented by two other core cash generating businesses, investments Wellington Airport and Manawa Energy • They support target credit and liquidity metrics and reinvestment into higher complemented by returning growth capex options ge
Slide 10: Portfolio of smaller and earlier stage investments
Infratil Investor Day For personal use only • UK-based colocation data centre development platform with 3 sites and 20MW of Portfolio of Owned 53% operating capacity. High performance computing, AI, enterprise and hyperscale focussed. 60MW current capacity, with visibility to 150MW+ smaller and earl
Slide 11: Portfolio Composition
Portfolio Composition For personal use only Our portfolio is centred on investment into Digital Renewables Healthcare Airports four central 64% 20% 11% 5% “ideas that matter” Infratil Investor Day 2024 10
Slide 12: Track Record
Track Record For personal use only Period Total Shareholder Return1 Infratil targets 5-years 26.2% total shareholder 10-years 21.4% returns of 11 – 15% 30-years 18.7% p.a. over a ten- Year to date 15.9% year rolling period, Returns (%) Accumulation Index ($) 150.0% 175,000 our track record 125.0% 15
Slide 13: Investment Approach
Investment Approach Active portfolio and asset management generates long-term value For personal use only Target Digital Renewables Healthcare Other Returns Core 8-10% Stable cash generation and moderate growth Target portfolio returns of Core Plus 10-15% Reinvestment into growth capex and higher re
Slide 14: Investment Approach
Investment Approach Growth platforms manufacture core assets to support further reinvestment For personal use only Target Digital Renewables Healthcare Other Returns 64% 20% 11% 5% Core 8-10% Core Plus 10-15% Development 15-25% & Growth 13
Slide 15: Investment Approach: what we said and did
Investment Approach What we said last year, and what we did For personal use only 2023 Infratil Investor Day Outlook 2024 Infratil Investor Day Update • Evaluate further attractive data centre and connectivity • Announced a conditional agreement with HKT to establish a strategic partnership to oppor
Slide 16: A Sustainable Approach
A Sustainable Approach For personal use only Key elements • We released our inaugural sustainability report in August covering: • Infratil’s refreshed sustainability strategy and ESG material issues – good of sustainability governance of ESG issues is a prominent area of focus • Emissions reporting
Slide 17: CFO Early Reflections: growth potential
CFO Early Reflections For personal use only Significant growth Growth Potential • There are significant expansion opportunities within existing portfolio potential and companies - "growth" infrastructure value upside. • Heavy bias in portfolio capex investment towards growth returns, reflecting retu
Slide 18: CFO Early Reflections: independent valuations
CFO Early Reflections For personal use only Independent Role of Independent Valuations • Independent valuations seem to have created a "glass ceiling" and a material valuations don't gap to Infratil’s own valuations always fully value • A large part of the value gap relates to the valuation of growt
Slide 19: CFO Early Reflections: portfolio and capital management
CFO Early Reflections For personal use only Portfolio and We have many tools to manage future capital demands • Portfolio company performance to drive operating cashflow capital • Control positions provide ability to influence size and timing of cash flows management is a • Future cash flow from tod
Slide 20: Key Messages
Key Messages For personal use only Solid operating performance & outlook, supporting credit & liquidity metrics Portfolio remains • Guidance unchanged well-positioned in • Wellington Airport emerging strongly from COVID and repricing high quality • Healthcare businesses tracking ahead of peers platf
Slide 21: Appendix
For personal use only Managed by Appendix
Slide 22: Debt Capacity & Facilities
Debt Capacity & Facilities For personal use only Significant 31 December 30 September 31 March ($millions) 2023 2023 2023 undrawn bank Net bank debt 734.2 609.8 (593.2) Infrastructure bonds 1,241.0 1,241.0 1,085.9 facilities remain Perpetual bonds Total net debt 231.9 2,207.2 231.9 2,082.7 231.9 724
Slide 23: Portfolio Company Debt
Portfolio Company Debt For personal use only We intend Net Debt / 30 September 2023 Gearing1 EBITDA2 • Gearing and credit metrics are monitored to complement CDC3 22.3% - across the portfolio in aggregate and at One NZ 32.1% 3.0 the individual portfolio company level the 6 monthly Fortysouth Kao Dat
Slide 24: Asset Valuations
Asset Valuations For personal use only Enhanced 31 December 30 September ($millions) 2023 2023 • CDC, Longroad Energy, Qscan and Galileo disclosure around CDC One NZ 4,307.9 3,022.8 4,160.6 3,022.8 reflect the midpoint of 31 December independent valuations independent FortySouth Kao Data 205.1 391.1
Slide 25: Morrison Update
I N F R AT I L I N V E S T O R D AY 2 0 2 4 Infratil Investor Day: Morrison Update For personal use only P A UL NE W F I E L D , M O R R I S O N C E O A ND P A R T NE R W I L L S M A L E S , M O R R I S O N C I O A ND P A R T NE R P R I V A T E A N D C OMNAFRI D CEH N2T0I A 2 4L
Slide 26: A global infrastructure investor, born in New Zealand
A global infrastructure investor, born in New Zealand 35 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE For personal use only ATTRACTIVE EXPERIENCED STRONG TRACK RECORD GLOBAL MANAGER ALIGNMENT 18%+ annualised return Established in 1988 in NZ$200m+ direct Morrison over 29 years1 New Zealand sharehold
Slide 27: Investment performance: Infratil vs the World
Investment performance: Infratil vs the World W E ARE COMMITTED TO KEEP DELIVERING THE EXTRAORDINARY PEER PERFORMANCE DISTRIBUTION, BY NET IRR RANGE, VINTAGE YEAR 19 99-2023, FUND # For personal use only N = 201. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m IFT return • Sinc
Slide 28: Early mover in the infrastructure asset class
Early mover in the infrastructure asset class SUCCESSFULLY RECOGNISING AND CAPITALISING ON MARKET EVOLUTION M O R R I S O N A N D I N F R AT I L F I R S T I N V E S T M E N T S B Y S E C T O R For personal use only Relative to global infrastructure investments (by value) | 1994 – 2022 USD 1 trillio
Slide 29: Building our global capability to support Infratil's growth
Building our global capability to support Infratil's growth ONE OF THE W ORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS For personal use only North America Europe Asia Australia & NZ 190+ 22 28 7 142 professionals professionals professionals professionals professionals • Digital Infrastructure •
Slide 30: Global infrastructure deal activity slowed significantly in 2023
Global infrastructure deal activity slowed significantly in 2023 INFRASTRUCTURE DEAL FLOW REACHED A 10 YEAR LOW IN JUNE 2023 G L O B A L I N F R A S T R U C T U R E A G G R E G AT E D E A L VA L U E , B Y Q U A R T E R , U S D B N For personal use only 194 184 170 Signs of 165 recovery? 143 141 Slow
Slide 31: Infrastructure sector capital raising dropped c.50% in 2023
Infrastructure sector capital raising dropped c.50% in 2023 CONGESTION APPEARING IN THE TYPICAL PRIVATE FUND LIFE CYCLE For personal use only INFRASTRUCTURE CAPITAL RAISED LP ALLOCATION TO INFRASTRUCTURE US$bn (funds closed in period) As at December each year Under Allocated At Target Over Allocated
Slide 32: Infrastructure remains a strategic priority for major asset managers
Infrastructure remains a strategic priority for major asset managers BLACKROCK’S USD12.5B ACQUISITION OF GIP IS LIKELY TO ACCELERATE THIS TREND MAJOR ASSET MANAGERS EXPANDING IN INFRA (LTM) ATTRACTED BY THEMES IFT HAS INVESTED IN FOR YEARS For personal use only “A number of long-term structural tren
Slide 33: What does it all mean for Infratil?
What does it all mean for Infratil? OBSERVATIONS IMPLICATIONS For personal use only We are investing in IFT equity and Morrison capability We are aligned and committed to outperformance IFT is well set in attractive global growth sectors Great options to grow our existing businesses Major global ass
Slide 34: Our purpose: to invest wisely in ideas that matter
For personal use only OUR PURPOSE: To invest wisely in ideas that matter. F OUND E R HUGH R I C HMOND L L OY D MOR R I S ON
Slide 35: To invest wisely in ideas that matter
To invest wisely in ideas that matter W E ADOPT A TARGETED ORIGINATION APPROACH For personal use only GLOBAL THEMATICS INFRASTRUCTURE FIT Energy transition Essential to the economic prosperity and wellbeing of its community Digitisation & connectivity MORRISON Enduring social license to operate FOCU
Slide 36: Global thematics
Global thematics MAJOR GLOBAL THEMES THAT W E BELIEVE W ILL SHAPE ECONOMIES, INDUST RIES AND SOCIETIES OVER THE LONG-TERM For personal use only 01 02 03 04 05 E NE RGY T RA NS IT ION DIGIT IS A T ION A ND GLOB A L M OB ILIT Y A GE ING P OP ULA T ION CIRCULA R E CONOM Y CONNE CT IV IT Y A ND RE S OUR
Slide 37: How Morrison assesses opportunities for Infratil
How Morrison assesses opportunities for Infratil INTERNAL OPTIONS CAN OFFER EXCEPTIONAL RISK ADJUSTED RETURNS T H E VA L U E O F P L AT F O R M S : C A P I TA L D E P L O Y E D B Y I F T THE ‘PLATFORM ADVANTAGE’ For personal use only NZ $M Information advantage CAPEX (IFT proportionate share) 3,571
Slide 38: How Morrison assesses opportunities for Infratil
How Morrison assesses opportunities for Infratil MARKETS W ILL REOPEN, PROVIDING INSIGHT AND POTENTIAL OPPORTUNITY G LO B AL F INANCIAL S P O NS O RS : SHORT-TERM : PRIVATE M ARKETS For personal use only D I S T R I B U T I O N S T O PA I D I N C A P I TA L B Y F U N D V I N TA G E HOLDING THEIR BRE
Slide 39: Finding the right access point for Infratil
Finding the right access point for Infratil TYPICALLY, MORRISON EVALUATES OPPORTUNITIES FOR YEARS BEFORE RECOMMENDING AN INVESTMENT TO INFRATIL For personal use only MORRISON ESTABLISHED BUSINESSES BILATERAL DEALS DEMERGED BUSINESSES 15
Slide 40: Important Information
Important Information The statements and opinions expressed in this document and any related discussions (the Document) are based on the information available as at the date of the Document. Morrison Private Markets Pty Limited (ABN 71 136 For personal use only 338 906, AFSL No 340502) including its
Slide 41: Morrison office locations
For personal use only AUS TR AL I A NE W Z E AL AND S I NGAP OR E UNI TE D K I NGD OM UNI TE D S TATE S Level 31 Level 4-5 5 Market Lane Level 1, Level 7 Office 25.17, Level 25 56th Floor 60 Martin Place 447 Collins Street PO Box 1395 Northern Steamship Building CapitaSky The Shard Carnegie Hall Tow
Slide 42: Renewable Energy Update
Renewable Energy Update For personal use only Managed by Vimal Vallabh Global Head of Energy
Slide 43: Global Renewables
Global Renewables For personal use only • Global investment in the energy transition hit a record US$1.8tr in 2023, to reach net A unique global zero this needs to almost triple for the remainder of the decade¹ platform, utilising a • New investment in renewable energy reached yet another record in
Slide 44: Our Global Renewables Platform
Our Global Renewables Platform Well positioned to continue to capitalise on unprecedented growth For personal use only Europe • Established in February 2020 • Wind, Solar and Storage • 10.6GW development pipeline • 58 employees Asia • Established in July 2021 • Wind, Solar and Storage • 6.9GW develo
Slide 45: Platform Highlights Reel
Platform Highlights Reel Infratil represents one of the best investable renewable opportunities globally For personal use only • Construction of >3GW across 4 States expected to complete, continue, or commence in FY2025 • Total pipeline of projects expanded by ~11GW during 2023 to 29GW across more t
Slide 46: Typical Project Return Profile
Typical Project Return Profile Holding period will significantly drive risk, return and capital at work in renewables For personal use only Variability in risk profile exists across all projects, driven by a number of factors, including resource, contracting and market structures, capex costs, polit
Slide 47: Portfolio Management
Portfolio Management Consistent methodology to valuation For personal use only Construction Regional platforms M&A cost Cost of Site Standardised market market capital select valuation approach based Looking beyond near-term pipeline, continuous Policy setting Power on project stage optionality to o
Slide 48: Valuation Evolution
Valuation Evolution Startup development platforms take time to reflect value For personal use only $/ €m Note values are as at 31 Dec 2023 and shown in local platform currency 2,800 2,700 Longroad Energy 2,600 Galileo 2,500 Gurin Energy 2,400 Mint Renewables 2,300 2,200 Planned 1st 2,100 asset sale
Slide 49: Decentralised Global Developer
Decentralised Global Developer Optimising capital deployment options for risk and returns For personal use only • Experienced localised management with deep pipelines • Diversify political, technology, markets, price and volume risks • Local market knowledge and development capability • Optionality
Slide 50: A Large Investable Landscape
A Large Investable Landscape The energy transition provides an unprecedented and sustained opportunity set For personal use only Forecast investment needs to achieve a net zero outcome by 2050 $ billion (2023) +15% 7,594 8,000 +36% CCS 6,589 Clean industry 6,000 +174% Electrified heat 4,843 Electrif
Slide 51: Longroad Energy Investor Day 2024
For personal use only Investor Day 2024 March 5, 2024 Photo: ‘Infinite Skies’ by David Beavis
Slide 52: Track record
Track record Inception to date For personal use only GW 4.9 Developed 0.5 Acquired 5.4 Total (1.9) Sold 3.5 Net owned 2.0 Third-party services COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 2
Slide 53: US Renewable market (2023-2030)
US Renewable market (2023-2030) Generational growth opportunity For personal use only Projected annual US wind and solar capacity additions • Utility scale solar, onshore wind, storage buildout projection is 489 GW • ~40 GW built in 2023 Source: EIA, BloombergNEF. Note: Solar capacity in GW (DC) ter
Slide 54: Longroad 2027: 9.5 GW, US$600m+ Run Rate EBITDA
Longroad 2027: 9.5 GW, US$600m+ Run Rate EBITDA Positioned well for continued growth For personal use only Market share (utility scale) • 2024-27 @ 2.8% 3.1% 2.7% 2.3% 2.2% % of BNEF 1.5 GW p.a. projections • Backed by >28 $800 9.5 10.0 GW pipeline OpCo Run Rate EBITDA US$m $700 9.0 8.0 8.0 • Utilit
Slide 55: Broad Market Comps
Broad Market Comps GW per year December 2023 • 3.5 GW built in 2023 For personal use only Investor • 25-30 GW between 2023-27 presentation (5.5 GW p.a. at midpoint) 22 February 2024 • Expect 7 GW over next four years Earnings call 2024-27 (1.75 GW p.a.) 25 January 2024 • Expect 32.7 – 41.8 GW betwee
Slide 56: Inflation Reduction Act of 2022
Inflation Reduction Act of 2022 IRA impacts taking hold in US renewables market For personal use only 10-year PTC including solar ITC • Guidance issued 10-year ITC • Guidance issued; solar and storage guidance needs clarification Stand-alone storage ITC • Guidance issued and working Energy communiti
Slide 57: Macro market points
Macro market points • Equipment procurement For personal use only Thesis on scale • Financing (high street) is holding • Competitive advantage in M&A • IRA final guidance Challenges • Long lead times MPT / HV / MV remain • Interest rates / PPA prices vs. Returns • 2024 election • Track record, team,
Slide 58: Operating assets
Operating assets 3.5 GW / 16 projects For personal use only Longroad owned (operating and in-construction) and third-party managed assets COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 8
Slide 59: Opco 2023 Performance – Run Rate EBITDA
Opco 2023 Performance – Run Rate EBITDA For personal use only Pricing / Resource Availability Other market US$000s Actual +5% v. plan • 15.8 years remaining life (weighted average) Plan • 94% of the debt is hedged • One recordable injury COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 9
Slide 60: Construction: projects / 1.8 GW
Construction: 4 projects / 1.8 GW For personal use only COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. 10
Slide 61: Construction costs
Construction costs Price movements of key components rebased to one in January 2020 For personal use only Source: BloombergNEF, Bloomberg Terminal. Note: Data rebased to 1 on earliest available date in January 2020. Shanghai-LA freight rates used, steel reflects North America costs, while aluminium
Slide 62: Total pipeline growth – January 2022 to January 2024
Total pipeline growth – January 2022 to January 2024 35,000 28.6 GW For personal use only 30,000 25,000 +61% 20,000 17.8 GW +38% 15,000 12.9 GW 10,000 5,000 - Jan. 2022 Jan. 2023 Jan. 2024 CAISO AZ PAC SCPPA/LA NVE MTN West HI ISONE SPP MISO PJM ERCOT Other COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.
Slide 63: Pipeline breakdown by year (GW)
Pipeline breakdown by year (GW) Pipeline breakdown by project total MW and FNTP year For personal use only 30000 27500 Wind, 6% BESS,11% 25000 11.5 GW 22500 PV, 2% 19 projects 20000 PV + BESS, 81% 17500 15000 4.9 GW 14 projects 12500 10000 5.7 GW 14 projects 7500 ~70 active projects 5000 1.6 GW 4.9
Slide 64: 2024-27 Plan candidate projects
2024-27 Plan candidate projects > 2.8 x Coverage to hit next 6 GW by 2027 For personal use only 2024 2025 2026 2027 GW under active development 1.6 4.9 5.7 4.9 Number of projects 5 16 14 14 Yearly target (GW) 1.5 1.5 1.5 1.5 Implied coverage 1.1x 3.3x 3.8x 3.3x Revenue contracts signed or negotiatin
Slide 65: 9.5 GW and US$600m+ Opco run-rate EBITDA by 2027
9.5 GW and US$600m+ Opco run-rate EBITDA by 2027 Longroad project run-rate opco EBITDA For personal use only $1,000 $900 ~9.5 GW EBITDA (US$ in millions) $800 $700 $600 $111 Operating and $500 in construction $143 $400 3.5 GW $127 $300 $80 $200 $100 -- 2023 Adjusted 2024 2025 2026 2027 2024 projects
Slide 66: Funding 2024-27 growth (US$8B/6 GW)
Funding 2024-27 growth (US$8B/6 GW) Sources Funded until mid-2025, absent an acceleration For personal use only • Well-capitalized developers have competitive advantage • The renewables business has evolved to larger projects and higher development costs • Tax equity market remains tight • Future so
Slide 67: Questions?
For personal use only Photo by Nolan Hartleben Questions?
Slide 68: Gurīn Energy Investor Day 2024
guriīn ENERGY For personal use only Investor Day 2024 March 5, 2024 Infratil Investor Day 5 March 2024 Assaad Razzouk, Chief Executive Infratil Investor Day 2024 | 1
Slide 69: Gurīn Energy: thesis at inception in July 2021
Gurīn Energy: thesis at inception in July 2021 Renewables in Asia Flexible capital Asian development platform For personal use only • Large and growing market. World’s largest Pre-FID project Optional development/ acquisitions Late-stage asset sales post-FID growing electricity demand with power con
Slide 70: Significant market developments came hard and fast
Significant market developments Forecasted Asia (ex-China) came hard and fast renewables capacity additions (GW) (Comparison to pre-establishment of Gurīn) For personal use only Singapore Singapore announces plans to import up to 4 GW of low-carbon 2020 release October 2021 electricity, equivalent t
Slide 71: Ambitious net zero and RE targets across the region
Result: ambitious net zero and RE targets across the region Region requires US$120bn per year for the next 30 years in new renewables across Asia (Ex China)* For personal use only AAA AA A- BBB- BBB+ BBB BBB+ Credit rating** (168%) (49.6%) (264%) (86.5%) (61%) (40%) (61%) Singapore South Korea Japan
Slide 72: Our flexible business model allows rapid, effective response
Our flexible business model Initial business plan vs. actual, owned MWs under development allows us to deliver a rapid, effective response 10,000 INITIAL BUSINESS PLAN ACTUAL For personal use only Singapore Set up a consortium, which we majority-own, with 8,000 Gentari; submitted a bid to import 300
Slide 73: Key portfolio characteristics
Key portfolio characteristics • Focus on greenfield projects • Diversified across 6 key markets – Opportunistic build v. sell approach • Selective joint venture strategy, with Several markets could significantly out-perform. enabled by flexible capital Gurīn seeking to keep majority interests We are
Slide 74: Gurīn deploying capital across high-income and Asian countries
Gurīn is focused on deploying capital 51% or more to high-income countries and up to 49% to Asian countries For personal use only • Portfolio diversification across: JAPAN 335GW* – Countries † – Currencies *Total installed capacity SOUTH KOREA – Political risk 143GW* from all sources, 2021 – Interes
Slide 75: Gurīn today: 6.6 GW under development
Gurīn today: 67 professionals, 6 countries, 6.6 GW under development 6,662 MW 3,670 MW For personal use only Under development Installed target capacity Market RE Market RE capacity Countries* FY23/24 (MW) by FY29 (MW) energy target (GW)* (GW) 2022* Singapore 4,780 1,335 18GW by 2030 1 South Korea 3
Slide 76: Project highlight: Vanda RE
Project highlight: Vanda RE Ground-breaking infrastructure project to deliver 300MW of non-intermittent renewables to Singapore, by combining 2 GW of solar PV capacity with 4,428 MWh of BESS For personal use only Project has secured conditional approval from Singapore to Project timing Phase 1 Phase
Slide 77: Country highlight: India, in a league of its own
Country highlight: India, in a league of its own • Forecast to add more renewables this • Positive reforms will likely fast-track growth • Gurīn principals have over a decade than the rest of our markets decade of experience – Target of 50% non-fossil fuel-based electricity capacity by 2030 For pers
Slide 78: Gurīn Energy's leadership team
Gurīn Energy’s leadership team ✓ Deeply embedded in our individual markets ✓ Extensive development, construction and operations For personal use only experience in-country and at headquarters ✓ Flexible team, able to adjust and adapt to market changes everywhere across the region ✓ Highly focused on
Slide 79: We integrate communities in everything we do
We integrate We operate to international standards that are higher than all country regulations / laws that communities in we operate in > This increases our competitiveness: ensures we receive financing, aligns to our values, and everything we do best manages reputational risks For personal use onl
Slide 80: Gurīn is a rapidly growing renewables developer in Asia
Today, Gurīn is a rapidly growing renewables developer and operator in Asia, showcasing its capabilities alongside large players in the market • In-house greenfield development business model For personal use only – Scale to > 10 GW • High levels of diversification LUZON – 6.6 GW of advanced develop
Slide 81: Thank you
For personal use only Thank you 23 March 2023 Draft Infratil Investor Day 2024 | 14
Slide 82: Wellington International Airport Limited
Wellington International Airport Limited Infratil Investor Day March 2024 For personal use only Matt Clarke, Chief Executive
Slide 83: Wellington Airport Update
Wellington Airport Update Business Overview & FY24 Outlook Passenger Traffic For personal use only Regulatory Environment Capex Plans PSE5 Progress FY25 Drivers 2
Slide 84: Wellington Airport Overview
Wellington Airport Overview Gateway to New Zealand’s capital city and central region Western Aviation Leases Hotel Lyall Bay Retail Park & Investment Properties For personal use only Retail & Advertising ~5.4m Annual Passengers (Estimate for FY24) Ground Transport Business 85% Domestic / 15% Interna
Slide 85: FY24 Outlook
FY24 Outlook Gateway to New Zealand’s capital city and central region FY24 EBITDA ($m) Forecast 120 For personal use only Passengers 5.4m 100 80 Aero Revenue $86 - $88m 60 40 Commercial Revenue $70 - $72m 20 0 EBITDA* $106 - $108m FY20 FY21 FY22 FY23 FY24 Forecast Total Assets circa $1.8bn Financial
Slide 86: Current Route Network
Current Route Network Domestic hub, trans-Tasman and Pacific services For personal use only 5
Slide 87: Update on Passenger Numbers: Domestic
Update on Passenger Numbers Domestic Annual PAX (000s) % Pre-Covid 5,500 100% For personal use only 90% 90% 5,000 90% 4,500 80% • ~4m PAX 4,000 67% • 95% capacity recovery 70% 3,500 57% • ~83% share 60% 3,000 50% 2,500 5,231 4,690 4,695 40% 2,000 3,481 30% 1,500 2,968 1,000 20% • ~700k PAX 500 10% •
Slide 88: Update on Passenger Numbers: International
Update on Passenger Numbers International Annual PAX (000s) % Pre-Covid • 120% capacity recovery • ~49% share 1,000 100% For personal use only 900 90% 78% 800 80% 700 70% 61% • 100% capacity recovery 600 60% • ~38% share 500 50% 919 400 40% 721 300 30% 562 • 118% capacity recovery 200 20% • ~8% shar
Slide 89: Overview of Commercial Business
Overview of Commercial Business Diversified revenue streams contributing ~45% revenue Property • Diversified rent roll - 150 tenancies ranging from campus leases and residential, logistics hub, beachfront restaurants and large format retail park. • Ongoing expansion with acquisition of landholdings
Slide 90: Regulatory environment
Regulatory environment IM Decision a significant progression from the draft 7 yearly review of NZ Commerce Commission Input Methodologies recently concluded Draft decision contained several departures from the established For personal use only methodology used to estimate Asset Beta and WACC. The tw
Slide 91: PSE5 April 2024 – March 2029
PSE5 1 April 2024 – 31 March 2029 Thorough consultation process • High levels of airline engagement • Board of Airline Representatives invited into process For personal use only PSE4 incorporated a passenger wash-up & deferral • Aero revenue shortfall circa $35m • $15.1m carry forward WACC uplift –
Slide 92: PSE5 Capex
PSE5 Capex Collaborative airline engagement, campuswide development Miramar Golf Club Development Terminal Extension – increased PAX Capacity For personal use only New Baggage Handling System Apron Expansion Development of former Miramar South School site Apron Expansion Logistics Hub Development Ai
Slide 93: Moving mountains
Moving mountains Pathway cleared to 12M apron/terminal configuration For personal use only
Slide 94: Seawall works
Seawall works Structural upgrades to increase resilience For personal use only 13
Slide 95: Runway extension?
Runway extension? The goalposts have shifted For personal use only
Slide 96: No such thing as a free runway?
No such thing as a free runway? Technology has brought WLG closer to the world For personal use only
Slide 97: Sustainability update
Sustainability update Targeting net zero airport operational emissions (scope 1, 2 and staff travel) by 2030 Airport Operational Emissions – Scope 1 & 2 Targeting net zero scope 1, 2 and staff travel emissions by 2030 and longer term ambition to be absolute zero by 2050. Seeking independent, science
Slide 98: FY25 Drivers
FY25 Drivers Platform set for growth Passenger Recovery For personal use only WACC Uplift PSE4 Washup PSE4 Revenue Deferral PSE5 Capex Delivery 17
Slide 99: Q&A
For personal use only Q&A 18
Slide 100: Digital Infrastructure Update
Digital Infrastructure Update For personal use only Will Smales Lewis Bailey Managed by Chief Investment Officer Executive Director: Strategy
Slide 101: Four Engines Driving Digital Demand
Four Engines Driving Digital Demand Cloud migration and consumer video not yet out of fuel, while AI and automation are starting to fire For personal use only Enterprise cloud migration Consumer video Artificial intelligence Robotics and IoT and SaaS Market size, 2023-2028, $bn SVOD subscribers US v
Slide 102: An Eye On AI
An Eye On AI Buildout of product and interface layers will drive Gen-AI uptake For personal use only Today, ‘promise’ is greater than … but massive investment in ... and as new AI products are adopted, ‘practice’ … product development in ‘23… complementary services and adjacent Reported use of GenAI
Slide 103: Physical Infrastructure Implications: Chips
Physical Infrastructure Implications: Chips Gen-AI will shape demand for physical infrastructure For personal use only Massive production need Digital gold Fabrication capacity needed, US only, million WSPM Nvidia market capitalisation, US$tn WSPM: measurement of output of a semiconductor plant (fab
Slide 104: Physical Infrastructure Implications: Energy
Physical Infrastructure Implications: Energy Digital and Energy infrastructure increasingly entwined For personal use only Energy efficiency improvements slowing, DC energy Data centers are becoming the largest electricity consumption to double in the next 5 years consumers in some countries Electri
Slide 105: Digital Infrastructure Ecosystem
Digital Infrastructure Software defined Ecosystem For personal use only interconnection A network of physical, defensive Wired Consumers infrastructure assets underpin the delivery of the Subsea Cables Data Centers Wholesale Fibre Wireless Enterprise essential connectivity services that power Satell
Slide 106: Console Connect and Kao Data
Console Connect and Kao Data Seeding new platforms to ride the next wave of digital growth For personal use only European Data Center platform Global, configurable connectivity Business model Business model UK-based colocation datacenters Global connectivity platform Development platform, with 3 sit
Slide 107: Digital Infrastructure: Dynamics Driving Opportunity
Digital Infrastructure: Dynamics Driving Opportunity Deep understanding of market and technology dynamics translates into… For personal use only …opportunities offering attractive risk-adjusted returns Wired Consumers Wireless Enterprise Subsea cables Data centers Wholesale fibre Data businesses Con
Slide 108: One NZ – Jason Paris
For personal use only Infratil Investor Day 5 March 2024 Jason Paris Chief Executive Officer C2 General
Slide 109: Solid performance in a competitive but stable market
Solid performance in a competitive but stable market Competitive but stable mobile market structure continues, fixed pricing intensity remains For personal use only Full upgrade of our mobile network to 4G/5G, extending our coverage with SpaceX and our 3G and 2G shut down are all on track Our wholes
Slide 110: On track to deliver mid-range of EBITDA guidance
On track to deliver at the mid-range of EBITDA guidance within a challenging economic environment Consumer/SME mobile, Wholesale and cost results all continue to be strong For personal use only Some softening in the Enterprise segment due to a depressed macro-economic environment has stopped us achi
Slide 111: Separate fibre entity to maximise usage and value
Strong demand for our fibre assets will see us establish a separate fibre entity to maximise usage and value International Domestic For personal use only I N T E R N AT I O N A L L I N K S BACKBONE METRO ACCESS Subsea cables connecting New Zealand, Core fibre network up Metro fibre rings in some Exc
Slide 112: Investing in our mobile network
Investing in our mobile network to deliver service revenue growth Nationwide 4G/5G upgrade programme on track • 99.5% of the population and 60% of the geography of New Zealand will be For personal use only covered by our upgraded 4G/5G network in CY 2025 • 3G is being retired CY 2025 and 2G retiring
Slide 113: Our future is AI
Our future is AI, with proofs of concept in emergent areas in telco Sense the world Control the physical world For personal use only Vision Audial Linguistics Robotics Process images and video Process audio signals Process, interpret and Learn and take action with render text and speech physical sys
Slide 114: AI & Data foundations and Generative AI
We have invested in AI & Data foundations and are well positioned to reimagine the business with Generative AI For personal use only INFRASTRUCTURE K E Y PA R T N E R S USE CASES RESPONSIBLE AI We have been We are using AI systems delivering machine in a safe, trustworthy, and learning AI ethical wa
Slide 115: Scaling AI within One New Zealand
Scaling AI within One New Zealand Marketing Service Network Enterprise Workforce For personal use only • Single view of mass • Generative AI for call • Machine learning • Proof of concept using • Trained 250+ employees customers analytics that help powered network generative AI and large on AI • Chu
Slide 116: Accelerating customer transformation through simplification
Accelerating our customer transformation through business simplification and IT modernisation Examples of progress made to date What we’re planning to accelerate in FY2025 For personal use only Simplification of consumer broadband plans to less than Product Only three in-market pay monthly mobile pl
Slide 117: A smaller, more highly skilled work force is emerging
A smaller, more highly skilled work force is emerging • Organisational Health metrics in the world’s top quartile • Compelling vision, culture, results and owners are attracting and retaining the best talent from Aotearoa, New For personal use only Zealand and internationally • Proven higher perform
Slide 118: Prioritising ESG to help create an awesome Aotearoa
Prioritising ESG to help create an awesome Aotearoa We launched our new Sustainability Strategy in August 2023, following a materiality assessment to prioritise ESG (Environment, Social, Governance) topics For personal use only Environment • Achieved environmental certification, via Toitū Envirocare
Slide 119: Future Scorecard
Future Scorecard ❑ World class infrastructure. Continue to invest in our mobile and fixed infrastructure to maximise value from strong ongoing demand For personal use only ❑ Top line growth. Growth in core connectivity, complemented by targeted growth in adjacencies, including ICT ❑ Simplified busin
Slide 120: For personal use only
For personal use only
Slide 121: One NZ Half Year FY24 Performance (Appendix)
One NZ Half Year FY24 Performance (Appendix) One NZ (millions) HY2024 HY2023 FY2023 On track to meet FY24 EBITDA Guidance of $580-$620 million, estimated growth of 14% For personal use only Consumer & SME 333 305 623 • Mobile service revenue grows with strong trading Enterprise 53 54 108 momentum, r
Slide 122: Infratil Investor Day Presentation – CDC
Infratil For personal use only Investor Day Presentation 5 March 2024 Greg Boorer Chief Executive Officer 1
Slide 123: Important notice and disclaimer
Infratil Investor Day 2 Important notice and disclaimer For personal use only Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined i n the Corporations Act 2001) and its activities as at the date of this document. Material has be
Slide 124: Agenda
Infratil Investor Day 3 Agenda For personal use only 05 Performance 13 Outlook 20 Questions CDC Progress. Secured.
Slide 125: Overview
Infratil Investor Day 4 Overview CDC is the pre-eminent owner/operator and developer of highly secure, connected and sovereign data centre campuses For personal use only across Australia and Aotearoa New Zealand. Security Sustainability • HCF Certified Strategic Provider1 • Industry-leading WUE • Go
Slide 126: Performance
For personal use only Infratil Investor Day Performance 5
Slide 127: FY2024 achievements to date
Infratil Investor Day 6 FY2024 achievements to date CDC continues to meticulously deliver on its commitments to customers, people, new developments and financial targets. For personal use only Focus area Status Achievements • Record 200MW+ new capacity contracted1 – largest ever addition within 12 m
Slide 128: Delivering on our development commitments
Infratil Investor Day 7 Delivering on our development commitments CDC has delivered on its development commitments, making significant progress on the construction activities over the last 12 months across both Australia and New Zealand. For personal use only New Zealand Australia Auckland – Silverd
Slide 129: Our locations
Infratil Investor Day 8 Our locations Operational data centres For personal use only across Australia and New 13 Zealand Canberra Hume Hume One: Sydney Eastern Creek HU1 HU2 HU3 Data centres under 8 construction Hume Two: EC1 EC2 EC3 HU4 HU5 EC4 EC5 EC6 Additional capacity to Canberra accommodate st
Slide 130: World-class data centre portfolio
Infratil Investor Day 9 World-class data centre portfolio Capacity Growth Forecast by Region1 For personal use only Region Status Built MW MW Canberra Operating 117 Sydney Operating 123 1200 Auckland Operating 28 Total Operating Capacity 268 1000 Canberra Under Construction 39 Sydney Under Construct
Slide 131: Brand Refresh
Infratil Investor Day 10 Brand For personal use only Refresh Specialising in world-leading critical infrastructure capabilities, CDC has established itself as the foremost destination for customers who cannot – and will not – compromise on their digital critical infrastructure. Together with our cus
Slide 132: ESG Leadership Highlights
Infratil Investor Day 11 ESG For personal use only Leadership Stable Thriving Trusted Highlights planet. people. company. • Stable Planet: First certified net carbon zero hyperscale data centre provider in New Zealand1 • Thriving People: Supporting our people’s wellbeing and community engagement • T
Slide 133: CDC Academy and innovation partnership
For personal use only Infratil Investor Day 12 CDC continued to scale its Tiered Technical Training University Engagement Innovation partnership proprietary designed, • Bespoke technical training • Collaboration with universities to • CDC and Innovation Central dedicated learning hub. explore how CD
Slide 134: Outlook
For personal use only Infratil Investor Day Outlook 13
Slide 135: Global demand-side market outlook
Infratil Investor Day 14 Global demand-side market outlook Data Centre demand growth continues to accelerate The race to achieve Multimodal AI supremacy • Major hyperscalers continue to generate revenue growth on the back of For personal use only continued adoption of cloud and increasing customer u
Slide 136: ANZ market outlook
Infratil Investor Day 15 ANZ market outlook Australia and New Zealand market forecasts suggest that demand will continue to outweigh supply, Additional growth drivers meaning continued capacity constraints and bottlenecks for customers: For personal use only Whilst GenAI continues to be the largest
Slide 137: Harnessing strategic trends for growth
Infratil Investor Day 16 Harnessing strategic trends for growth CDC continues to uniquely position itself at the intersection of several macro trends that support its accelerated growth trajectory. For personal use only Sovereignty and security controls Escalating geostrategic competition is evolvin
Slide 138: Priorities for the period ahead
Infratil Investor Day 17 Priorities for the period ahead The focus for FY2025 remains consistent across the four key dimensions of Customer, People, Development and Finance. For personal use only Customer People Development Finance • Address increased customer • Continue to cultivate high • Execute
Slide 139: Development at scale across multiple campuses and regions
Infratil Investor Day 18 Development at scale across multiple campuses and regions CDC continues to grow its development footprint, with over 380MW of data centres under construction across multiple campuses and regions in Australia and New Zealand For personal use only ACT – Beard (BE1) VIC – Brook
Slide 140: Financial performance and outlook
Infratil Investor Day 19 Financial performance and outlook CDC’s business model has very solid foundations, with four key strengths underpinning its strong financial performance. Profitable growth to continue as customers are onboarded into facilities in Australia and New Zealand and our increased c
Slide 141: Questions
For personal use only Infratil Investor Day Questions 20