Infratil Limited · NZX:IFT
Infratil — Investor Day (September 2026)
131 slides from Infratil's investor day presentation, Sep 16, 2026
Slide 1: Data centre demand drives growth and guidance increase
16 September 2026 For personal use only Data centre demand drives growth and guidance increase Infratil has increased its FY27 EBITDAF guidance and released the attached presentations ahead of its Investor Day for institutional investors and analysts in Sydney today. Infratil CEO Jason Boyes said gl
Slide 2: One New Zealand
One New Zealand For personal use only One New Zealand continues to play an important role in Infratil’s portfolio as a reliable cash flow contributor. It has grown consumer mobile revenue share and has made significant progress in its IT modernisation and simplification programme. One NZ recently an
Slide 3: Matthew Ross, Infratil Chief Financial Officer
For personal use only Matthew Ross Infratil Chief Financial Officer Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Slide 4: Infratil Investor Day September 2026
INFRATIL personal use only INVESTOR DAY 16 SEPTEMBER 2026
Slide 5: Disclaimer
DISCLAIMER This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; Non-GAAP Financial Information personal use only ASX:IFT) (the ‘Company’) This presentation contains certain financial information and measures that are “non-GAAP To the maximum extent permitted by
Slide 6: Our asset locations
OUR ASSET LOCATIONS A diverse portfolio with significant growth opportunities 1 personal use only 2 3 4 5 3 1 1 4 4 2 3 3 4 2 1 1 2 2 2 3 5 1 1 3 1 United States: 12% Europe: 5% Asia: 2% Australia: 54% New Zealand: 27% 2
Slide 7: Your Board
YOUR BOARD personal use only ALISON GERRY JASON BOYES ANDREW CLARK PAUL GOUGH Joined 11 July 2014 Joined 1 April 2021 Joined 1 June 2022 Joined 5 December 2012 KIRSTY MACTAGGART ANNE URLWIN BRAD BANDUCCI TIFFANY FULLER Joined 25 March 2019 Joined 1 January 2023 Joined 1 July 2026 Joined 19 August 20
Slide 8: Board focus areas
BOARD FOCUS AREAS Tracking key performance indicators personal use only SHAREHOLDER VALUATION RISK ESG RETURN MANAGEMENT • Share price • Operational • Progress against SBTI portfolio target • Discount to • Credit Independent • GRESB score ̶ S&P metrics valuation-NAV • ESG issues ̶ Internal metrics (
Slide 9: Agenda – Infratil Investor Day September 2026
AGENDA – INFRATIL INVESTOR DAY 16 September 2026, Sydney personal use only Morning Afternoon 9:00am – 9:10am Welcome 12:00pm – 12:50pm LUNCH • Alison Gerry, Infratil Chair 12:50pm – 1:50pm One NZ Update 9:10am – 9:40am Infratil Portfolio Update • Nick Judd, Chief Executive • Jason Boyes, Chief Execu
Slide 10: Introductions
INTRODUCTIONS Recent changes within the Infratil team personal use only ANDREW CARROLL MATTHEW ROSS LEE COKER CHIEF OPERATING OFFICER CHIEF FINANCIAL OFFICER HEAD OF INVESTMENT & CORPORATE DEVELOPMENT 7
Slide 11: Our strategy
OUR STRATEGY The approach we set out at Investor Day 2025 personal use only Ideas that matter Attractive global thematics Infrastructure characteristics Portfolio construction Pillar 1 Pillar 2 Pillar 3 approach Cashflow generators Mature growth platforms Future growth platforms Active portfolio • D
Slide 12: Looking back to Investor Day 2025
LOOKING BACK TO INVESTOR DAY 2025 personal use only What we said… What has happened since then… CDC & Longroad driven by strong thematics; Global AI demand accelerated; CDC signed a 555MW focus on scaling new growth businesses contract and Longroad acquired a 2.8GW project Medium term goal of balanc
Slide 13: Surging AI demand
SURGING AI DEMAND Rising capability and falling token costs are accelerating compute demand personal use only Inference tokens processed, quadrillion tokens per month Model capability rising ~12x More complex workloads become viable 35 26 Token costs falling 20 Lower prices unlock greater usage 15 1
Slide 14: Constrained supply
CONSTRAINED SUPPLY Chips and memory are responding; power system response takes longer personal use only Constraint Current 2028-30 Why? severity severity Firmed generation Development, permitting and equipment lead times limit pace of supply POWER Grid and interconnection Connections remain importa
Slide 15: Physical assets are positioned to benefit
PHYSICAL ASSETS ARE POSITIONED TO BENEFIT Advantaged platforms can deliver scarce DC capacity and the energy that powers it personal use only Compute demand driving rapid data … and sustained scarcity across power Supply remains constrained centre capacity growth… and enabling infrastructure as powe
Slide 16: Attractive returns across AI infra value chain
ATTRACTIVE RETURNS ACROSS AI INFRA VALUE CHAIN Capital intensity and expected returns rise, and contract tenor compresses downstream personal use only Directional project level economics Renewables Powered Turnkey Neocloud / (PV + BESS) shells DCs GPUaaS Total CapEx ~$0.8–1.1m ~$7m ~$15m ~$40m (US$/
Slide 17: An advantaged position to build from
AN ADVANTAGED POSITION TO BUILD FROM Existing platforms provide multiple pathways to capture value across the AI value chain personal use only Power and enabling Data centres and Services and Physical infrastructure compute adoption AI IFT view Develop and operate Develop scarce inputs into Capture
Slide 18: Convergence driving portfolio priorities
CONVERGENCE DRIVING PORTFOLIO PRIORITIES AI infrastructure presents the strongest opportunity personal use only Overall portfolio: $22b total asset value AI infrastructure: $16b (73%) 7% 5% 3% 3% Australia 4% 15%% $12b New Zealand (54%) UK 5% 6% 88% 15% 5% 4% $22b 1% 1% 2% 6% 19% 13% 21% Australia 5
Slide 19: Infratil data centres
INFRATIL DATA CENTRES Strong growth, downside protection, and position to address adjacent options personal use only • 1.1GW (+70MW) of contracted capacity underpins over half the valuation¹, delivering • Strong growth, with 22MW contracted in 2026 YTD A$2.2b of EBITDAF when fully deployed and gener
Slide 20: Infratil energy businesses
INFRATIL ENERGY BUSINESSES US accelerating, with further upside and ROW options personal use only • ~7GW contracted and operating, or under construction, by year-end 2026, underpins Building longer dated options: ~60% of the valuation1, and US$540m run-rate EBITDAF (ex. dev and corporate costs), • G
Slide 21: Contracted capacity delivers EBITDAF growth
CONTRACTED CAPACITY DELIVERS EBITDAF GROWTH CDC and Longroad contribution to underpin material growth in group earnings personal use only CDC’s FY27 EBITDAF Guidance Infratil FY27 Prop. Operational EBITDAF Guidance Increased to A$710m - A$750m Increased to $1,320m - $1,420m from A$680m - A$720m from
Slide 22: Funding flexibility for growth
FUNDING FLEXIBILITY FOR GROWTH Balance sheet positioned to support growth options across the portfolio personal use only BBB+ credit rating Available Liquidity (NZ$m) • Stressed leverage is the key credit metric, with a target of maintaining comfortable headroom above 2.5x • Further hybrid issuance
Slide 23: Refining our strategy
REFINING OUR STRATEGY Focused on scaled growth engines and adjacent options; searching for new verticals personal use only Ideas that matter Attractive global thematics Infrastructure characteristics Pillar 1 Pillar 2 Pillar 3 Sufficient cash Scaled growth engines Future options in Portfolio generat
Slide 24: Looking ahead
LOOKING AHEAD Portfolio strategy to drive further momentum and optionality personal use only Our portfolio is well positioned to capture the significant growth opportunity from the global rollout of AI, providing the scarce physical infrastructure required to power and deliver it Contracted capacity
Slide 25: Morrison Update
I N F R AT I L I N V E S T O R D AY 2 0 2 6 Morrison Update rsonal 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 6 NSDE P C TOENMFBI D EERN2T0I 2A6L
Slide 26: Manager update
rsonal 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 27: We invest for the long-term
We invest for the long-term rsonal use only 3
Slide 28: A global infrastructure investor, born in New Zealand
A global infrastructure investor, born in New Zealand 38 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE rsonal use only ATTRACTIVE EXPERIENCED STRONG TRACK RECORD GLOBAL MANAGER ALIGNMENT 18%+ annualised return Established in 1988 in Morrison’s largest client, over 32 years1 New Zealand ensuring stro
Slide 29: SuMiTB, a strategic partner to support global growth
SuMiTB, a strategic partner to support global growth N O C H A N G E T O H O W M O R R I S O N M A N A G E S I F T, T O T H E M A N A G E M E N T A G R E E M E N T, O R T O T H E T E A M rsonal use only US$2.0 BILLION+ + Equity investment LONG-TERM STRATEGIC PARTNERSHIP FUND COMMITMENTS COLLABORATIO
Slide 30: Investing in operational expertise
Investing in operational expertise ADDING PROVEN INVESTMENT AND OPERATING EXPERTISE IN KEY GLOBAL M ARKETS rsonal use only Brendan Scollans Gianfranco Saladino Todd Wynn Head of North America Executive Director Europe Operating Partner, Energy, North America • 30+ years investing across North • 14+
Slide 31: Investing in governance expertise and senior advisors
Investing in governance expertise and senior advisors DEEPENING GOVERNANCE WITH GLOBAL POLICY AND SECTOR EXPERTISE. rsonal use only Dr. Kurt Campbell Giorgia Carchitto Jim Harding Senior Advisor, Foundation Member Non Exec Director, Galileo Non Exec Director, Kao Data Morrison Global Advisory Group
Slide 32: In the room today
In the room today EXPERIENCED ANZ LEADERSHIP SUPPORTING INFRATIL rsonal use only Grace Tang Clayton Delmarter Phillipa Harford Head of ANZ Investments Executive Director, Energy Operating Partner • 19+ years across infrastructure • 20+ years across renewable energy • Senior finance and governance in
Slide 33: Investment update
rsonal use only Investment update WILLIAM SMALES M O R R I S O N C H I E F I N V E S T M E N T O F F I C E R A N D PA R T N E R
Slide 34: Our purpose: to invest wisely in ideas that matter
rsonal use only OUR PURPOSE: To invest wisely in ideas that matter. HUGH RICHMOND LLOYD MORRISON FOUNDER
Slide 35: Build IFT value through disciplined investment management
Our job is to build IFT value through disciplined investment management P O W E R F U L S T R U C T U R A L TA I LW I N D S C R E AT E D E E P I N T E R N A L O P T I O N S A N D NEW OPPORTUNITIES rsonal use only A TRANSFORM ING AT T R A C T I V E A DYNAM IC GLOBAL ECONOM Y INTERNAL OPTIONS HUNTING
Slide 36: Recalling the end-to-end investment lifecycle
Recalling 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 rsonal use only Research & Investment Asset Management Portfolio Management Origination • Identify and source • Multi-stage process from • Active portfol
Slide 37: How Morrison works with Infratil portfolio companies
How Morrison works with Infratil portfolio companies MORRISON COMBINES GOVERNANCE, SPECIALIST EXPERTISE AND ACTIVE SU PPORT TO H E L P B U I L D S T R O N G E R P O R T F O L I O C O M PA N I E S A N D C R E AT E L O N G - T E R M VA L U E rsonal use only D E E P M O R RISON C AP AB IL IT Y AC T IV
Slide 38: How this translates into value creation for Infratil
How this translates into value creation for Infratil T H R E E E X A M P L E S O F A C T I V E A S S E T M A N A G E M E N T A C R O S S T H E I N F R AT I L P O R T F O L I O rsonal use only TRANSFORM C R E AT E N E W P L AT F O R M S CONNECT THE PORTFOLIO • Strengthened governance, leadership • Id
Slide 39: 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 54 research papers completed last in the 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
Slide 40: 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 rsonal use only BY SECTOR AND REGION WITHIN THE PIPELINE 200+ opportunitie
Slide 41: From global pipeline to investable opportunities for Infratil
From global pipeline to investable opportunities for Infratil A B R O A D G L O B A L F U N N E L , W I T H M O R R I S O N A N D I F T M A N A G E M E N T W O R K I N G C L O S E LY T O G E T H E R T O I D E N T I F Y, A S S E S S A N D P R O G R E S S O P P O R T U N I T I E S A L I G N E D T O I
Slide 42: Recent Morrison deals
Recent Morrison deals BUILDING INFRASTRUCTURE BUSINESSES FOR EMERGING ECONOMIC NEEDS rsonal use only PO L A R IS F IL L EX O R A N GE J V DESCRIPTION DESCRIPTION DESCRIPTION APAC cold-chain platform seeded through the Developer, owner and operator of automated Partnership with Orange to establish an
Slide 43: We see a wealth of opportunity as AI matures
We see a wealth of opportunity as AI matures A F O U N D A T I O N A L T E C H N O L O G Y R E S H A P I N G W H E R E V A L U E A C C R U E S A C R O S S T H E E C O N O M Y, C R E AT I N G O P P O R T U N I T I E S A C R O S S I N F R A S T R U C T U R E , R E A L A S S E T S A N D C R I T I C A L
Slide 44: Investor Day Update September 2026
rsonal use only Investor Day Update September 2026 Picture: Big Creek, Lee County, AR
Slide 45: Business Update
Business Update rsonal use only $ Market Demand Updated Guidance Capital Needs • Record demand from data centers and electrification • 2029 GW target: 14.3 from 11.5 • Funded into 2027 via IFT’s March 2026 commitment • 150–190 GW of renewables and storage, 2027–2029 • Run-rate EBITDA target: $1.2 B1
Slide 46: Updated Opco Capacity Guidance
Updated Opco Capacity Guidance 2025 IFT Investor Day Current / In 2025 Plan FNTP Aug. 30 - Dec. 31, 2026 Updated guidance rsonal use only 14.3 (GW) 11.4 10.0 8.5 8.5 7.0 6.9 5.5 5.3 2025 2026 2027 2028 2029 2026 on Plan; Updated Opco Guidance to 14.3 GW by End of 2029 (avg. ~2.50 GW per year) 3 IFT
Slide 47: Updated Opco Run-Rate EBITDA Guidance
Updated Opco Run-Rate EBITDA Guidance 2025 IFT Investor Day Current / In 2025 Plan FNTP Aug. 30 - Dec. 31, 2026 Updated guidance rsonal use only 1,200 ($ mm) 950 700 700 600 540 490 380 410 2025 2026 2027 2028 2029 2026 on Plan; Updated Run-Rate EBITDA Guidance to $1.2 B by End of 2029 ¹ Opco run-ra
Slide 48: CY2026 Key Activities
CY2026 Key Activities COMMERCIAL OPERATIONS FINANCIAL NOTICE TO PROCEED (FNTP) CAPITAL rsonal use only 0.6 GW online 1.1 GW FNTP by CY2026 $300 mm equity Thousand Mile and Sun Pond placed Notch Peak, Rosemary, Raven, Mahi Upsize closed with Infratil in Q1 2026. into commercial operation. and Milford
Slide 49: Reached Commercial Operation for ~600 MW
Reached Commercial Operation for ~600 MW Thousand Mile (Texas) Sun Pond (Arizona) rsonal use only Solar capacity 399 MWdc Solar capacity 112 MWdc BESS capacity n/a BESS capacity 85 MWac / 340 MWh Power Purchase Agreement Meta Power Purchase Agreement Ava Community Energy & City of San Jose Commercia
Slide 50: Achieved FNTP for MW
Achieved FNTP for 500 MW Fremont (Utah) Milford Transmission 1b rsonal use only Solar capacity 126 MWdc Transmission Line Voltage 345kV BESS capacity 49.5 MWac/198 MWh Capacity (of specific deal) 300MWac Power Purchase Agreement Utah Associated Municipal Power Systems Capacity Counterparty Fervo Com
Slide 51: On Track to Achieve FNTP for a Further 1.1 GW in CY2026
On Track to Achieve FNTP for a Further 1.1 GW in CY2026 rsonal use only Notch Peak Raven Millard County, Utah Howard County, Maryland CAPACITY 428 MWdc CAPACITY 31 MWdc TECH PV TECH PV COD 2027 COD 2027 Rosemary Fresno County, California Milford Transmission 2 CAPACITY 90 MWdc / 70MWac Beaver County
Slide 52: Amargosa Acquisition
Amargosa Acquisition 2.8 GW PV + BESS in Nye County, Nevada — Longroad's largest acquisition to date rsonal use only Amargosa Valley, NV — pre-construction site, Sept 2025 RFP Win Acquisition Signed Regulatory Approvals FNTP Commercial Operation Dec 2025 Apr 2026 Late 2026–early 2027 Targeted 2028 2
Slide 53: Market Insights & Development
rsonal use only Market Insights & Development Picture: Thousand Mile, Yoakum County, Texas
Slide 54: The Renewable Energy Narrative Has Shifted
The Renewable Energy Narrative Has Shifted Longroad is positioned to apply its disciplined development strategy to the evolving renewable energy landscape The Old Narrative rsonal use only Driven by what we believe Climate Change Environmentalism Energy Transition Decarbonization targets Phasing out
Slide 55: Unprecedented Load Growth
Unprecedented Load Growth Data centers are rapidly accelerating peak demand growth, underpinning 3% annual U.S. market electricity demand increase through 2035 U.S Data Center Installed Capacity GW rsonal use only 200 Data Center Demand Growth ~20% 150 100 50 U.S. CAGR 2025–2030 0 2015 2020 2025 203
Slide 56: Coal and Legacy Retirements Increase Demand for New Generation
Coal and Legacy Retirements Increase Demand for New Generation Retirements are tightening supply while demand soars, furthering need for new generation rsonal use only Coal and Legacy Retirements Are Driving Demand for New Generation Coal-Fired Power Capacity in the U.S. 300 GW 200 GW 100 GW 0 GW 20
Slide 57: U.S. Renewable Additions to 2030
U.S. Renewable Additions to 2030 2027-2029 Additions of 150-190 GW rsonal use only 72 70 64 62 64 (GW) 56 53 52 49 50 2026 2027 2028 2029 2030 Wood Mackenzie BNEF U.S. Renewables Buildout Remains Strong Through the End of the Decade Source: Wood Mackenzie US Solar+Wind+Storage additions (May 2026) S
Slide 58: Navigating Market Challenges
Navigating Market Challenges Longroad is well positioned to navigate regulatory, build-cost, and interconnection pressure through contracting, relationships, and portfolio scale rsonal use only Regulatory Build Costs Interconnection Queues Key Pressure: Key Pressure: Key Pressure: • Section 232 tari
Slide 59: The U.S. market leads Corporate PPA Activity
The U.S. market leads Corporate PPA Activity Standalone PV and co-located projects make up majority of the growing contractual volume rsonal use only Top corporate PPA markets in 2026, January–July US corporate PPAs, by technology BloombergNEF · capacity by market and technology (GW) BloombergNEF ·
Slide 60: Renewables are the lowest-cost source of new U.S. generation
Renewables are the lowest-cost source of new U.S. generation (unsubsidized) On a $/MWh basis, unsubsidized renewable energy remains the most cost-competitive form of new-build generation Solar PV—Community & C&I $88 $197 rsonal use only Solar PV—Utility $40 $98 Solar PV + Storage—Utility $61 $156 Re
Slide 61: Development Pipeline and LCOE Market Advantage
Development Pipeline and LCOE Market Advantage Portfolio concentrated in markets with long-term cost advantage LCOE (2026$/MWh) Pipeline by Market Solar CC (2x1) rsonal use only $120 WECC California $80 34% Other $40 36% 2026 2038 2050 36 GW $120 ERCOT 4% CAISO MISO 14% $80 Arizona 12% $40 2026 2038
Slide 62: Near-term Development Pipeline
Near-term Development Pipeline Near-term development portfolio provides ample coverage to annual targets Pipeline Rollout by Region with Annual Targets Highlights rsonal use only 7 projects 2026 1.6 GW Ample Target Coverage (1.6 GW) 2-3x Coverage on Annual Targets 24 projects 2027 1.6 GW (7.0 GW) Pi
Slide 63: How Longroad Supports Data Center Growth Objectives
How Longroad Supports Data Center Growth Objectives Existing capabilities and operating fleet allow Longroad to leverage digital infrastructure opportunities rsonal use only Co-Located Greenfield Projects Operating Site Expansion • Power hyperscale campuses onsite • Leverage existing operating fleet
Slide 64: Incremental Growth Opportunity: Data Centers
Incremental Growth Opportunity: Data Centers Five immediately actionable energy campuses totaling 5 GW across Utah, Arizona and Texas with grid potential in 2029–2030 rsonal use only Summary of Immediately Actionable Opportunities Data Center Development Footprint AZ Campus — 500+ MW grid load Exist
Slide 65: Financial Overview
rsonal use only Financial Overview Picture: Thousand Mile, Yoakum County, Texas
Slide 66: Longroad Today
Longroad Today Vertically integrated United States IPP with large operating fleet and development platform Opco – Operating Fleet Devco – Development Platform rsonal use only 6.9 GW $410 mm $540 mm 36 GW $1.0 B 7.6 GW Operating and Under CY2025 CY2026 Pipeline Total Pipeline Investment Developed and
Slide 67: Financing Track Record
Financing Track Record With over $20 B in total capital raised, Longroad has developed an extensive network of tax equity, debt and sponsor equity providers Tax Equity Project and Sponsor Equity Debt rsonal use only Total Tax Equity Raised: Equity Through Partnerships and Sale Proceeds: Total Debt R
Slide 68: EBITDA to Run-Rate EBITDA Bridge
EBITDA to Run-Rate EBITDA Bridge Run-Rate EBITDA underpinned by de-risked under-construction portfolio rsonal use only 113 ($ mm) 117 20 540 290 Actual CY26 EBITDA (exc. Dev and Partial Year Operating Projects Under construction as of Aug. 31, Planned FNTP before CY26 Run-Rate EBITDA CY26 G&A costs)
Slide 69: CY2026 Run-Rate to Actual EBITDA
CY2026 Run-Rate to Actual EBITDA Full Year from Existing Opco Projects Construction Fleet 2026 FNTPs rsonal use only 78 540 107 ($ mm) 65 290 Actual Run-Rate EBITDA CY26 (ex. 2027 2028 2029 Run-Rate EBITDA CY26 Dev and G&A costs) 26 IFT INVESTOR DAY
Slide 70: Funding the 2027–2029 Capex Program
Funding the 2027–2029 Capex Program $2–4 B capex deployed each year through 2029, driving balance sheet growth Annual Sources & Uses of Capital Through 2029 Summary rsonal use only 2026 0.8 0.7 $0.2 $1.8 Funding Status $0.1 2026 fully funded 2027 1.4 0.9 $0.2 $2.6 Current-year capital needs are cove
Slide 71: Cumulative 2027–2029 Sources & Uses
Cumulative 2027–2029 Sources & Uses rsonal use only $10.8 $5.0 ($ B) $5.8 $4.4 $0.6 $0.8 Total Capex Tax Credits and Tax Equity Net Capex Project Debt Holdco Debt Equity Needs $10.8 B Capex Program to Double Opco by 2029: Tax Credits and Tax Equity, Debt, and Equity 28 IFT INVESTOR DAY
Slide 72: Evolution of Net Debt with Near-Term Plan
Evolution of Net Debt with Near-Term Plan Operating Fleet Run-Rate EBITDA Consolidated, Cumulative Net Debt(1) rsonal use only $8.8 1,200 ($ mm) 950 ($ B) $6.8 700 $4.9 540 $3.9 2026 2027 2028 2029 2026 2027 2028 2029 Opco Run-Rate EBITDA to $1.2 B by 2029 ¹ Opco run-rate EBITDA uses three-year aver
Slide 73: Summary
Summary rsonal use only Updated Guidance 14.3 GW operating fleet and $1.2 B run-rate EBITDA targeted by 2029 2026 Execution On track for ~7.0 GW operating and in construction by CY2026; Amargosa acquisition Data Center Upside 10+ GW pipeline, including 5 GW of immediately actionable campuses for 202
Slide 74: Questions?
Questions? rsonal use only Picture: Thousand Mile, Yoakum County, Texas
Slide 75: Infratil | Investor Day 2026
rsonal use only INFRATIL | Investor Day 2026 C2 General
Slide 76: Our refreshed Executive team
Our refreshed Executive team One NZ EonFibre rsonal use only INFRATIL | Investor Day 2026 C2 General
Slide 77: Becoming New Zealand's telco of choice
Becoming New Zealand’s telco of choice rsonal use only >2m 2,631 19m >11,000km mobile connections* Cell sites Texts sent via EonFibre fibre network in NZ One NZ Satellite 2,212 58 5 6 New Zealand based employees Retail stores Years in a row as NZ’s Major MVNO Best Network (umlaut) partnerships *Excl
Slide 78: Solid performance today, sustainable growth tomorrow
Solid performance today, sustainable growth tomorrow rsonal use only FY26 performance solid despite macroeconomic and competitive headwinds Underlying cash performance improving with disciplined capital management Growth investment building foundations for future productivity Differentiated proposit
Slide 79: Our purpose, ambition and pillars
OUR PURPOSE A better connected Aotearoa New Zealand Kia renarena te taukaea i Aotearoa New Zealand rsonal use only OUR AMBITION Be the best at what our customers value the most OUR PILLARS Simpler, smarter One Best place to buy a Network NZ phone of choice OUR BEHAVIOURS Heart Grit Growth INFRATIL |
Slide 80: Sustainability is supporting a more efficient, resilient Aotearoa New Zealand
Sustainability is supporting a more efficient, resilient and better connected Aotearoa New Zealand rsonal use only Environment • Reduced Scope 1 and 2 emissions by 82%; Scope 3 by 13% in FY26* • First major rooftop solar install in Christchurch, supporting 100% renewable energy goal • First NZ telco
Slide 81: Winning in market
rsonal use only Winning in market INFRATIL INFRATIL || Investor Investor Day Day 2025 2026 C2 General
Slide 82: One NZ is growing consumer mobile revenue share
One NZ is growing consumer mobile revenue share and taking ~58% of total mobile market growth rsonal use only Total Consumer Mobile Revenue Share • Growing revenue share in the critical Consumer mobile Mar-24 Mar-25 Mar-26 market, competing strongly for #1 position in Pay Monthly consumer 33% 34% 35
Slide 83: Strategy to win the home by being the best place to buy a phone
Strategy to win the home by being the best place to buy a phone rsonal use only High-value Pay Monthly customers bring more mobile and broadband connections, reducing churn • One Wallet enables targeted investment in customers who have higher potential lifetime value • One Upgrade and Trade-In furth
Slide 84: Strong focus on improving Enterprise segment performance
Strong focus on improving Enterprise segment performance rsonal use only • Elevated competitor activity in Enterprise segment has been challenging for ARPUs across products • Re-segmented our Enterprise customer base to sharpen focus on strategic customers • Strong mobile pipeline following the laun
Slide 85: Infratil | Investor Day 2026
rsonal use only INFRATIL | Investor Day 2026 C2 General
Slide 86: IT modernisation and simplification (T-One)
IT modernisation and simplification (T-One) is enabling a better customer experience rsonal use only Programme remains Strong project planning Product simplification Customer experience on-track with and budget discipline continues to materially and cost benefits are successful cutovers continues re
Slide 87: Value is being realised through AI enablement
Value is being realised through AI enablement Company-wide business transformation programme with 52 AI solutions live in FY26 rsonal use only Two examples of where AI Software Development Network concierge is supporting Lifecycle AI agent innovation and driving real √ Development teams provided wit
Slide 88: Infratil | Investor Day 2026
rsonal use only INFRATIL | Investor Day 2026 C2 General
Slide 89: Emerging trends point to new growth opportunities
Emerging trends point to new growth opportunities as NZ’s network of choice rsonal use only Traditional industry battlegrounds are changing. Coverage and capacity are no longer differentiators. Satellite, hyperscalers and digital natives are moving into traditional telco value pools. AI fundamentall
Slide 90: Growth from a more open digital connectivity platform
Growth to come from building a more open digital connectivity platform FROM TO rsonal use only Traditional telco Digital connectivity model platform • Vertically integrated and hardware- • Connectivity exposed through APIs via driven a cloud-based digital platform • Fixed network behaviour and one-s
Slide 91: The Halter partnership gives a flavour of the growth opportunity
The Halter partnership gives a flavour of the growth opportunity rsonal use only The end customer (the Farmer) experiences farm productivity, not a network service. • Halter owns the end-customer relationship, One NZ supplies the underlying connectivity. • Connectivity is embedded inside a higher-va
Slide 92: Our digital connectivity platform is already helping us win in market
Our digital connectivity platform is already helping us win in market rsonal use only • The platform is live, powering both Wholesale and 64% of ports to MVNOs over the past 12 months were to the One NZ network Retail via APIs. 55% 48% 49% 75% 86% 74% 69% 60% 48% 45% 63% 63% 59% • More efficient to
Slide 93: Proposed RAN sharing with 2degrees
Proposed Radio Access Network (RAN) sharing with 2degrees will result in more efficient deployment of mobile infrastructure rsonal use only • Separate 50/50 RANCo JV will own and operate the combined RAN assets and provide managed services back to each party • Core networks, spectrum management righ
Slide 94: EonFibre
rsonal use only EonFibre INFRATIL | Investor Day 2025 C2 General
Slide 95: EonFibre has strong momentum in a growing market
EonFibre has strong momentum in a growing market rsonal use only EonFibre Statutory EBITDAF ($m) • AI and cloud migrations driving increasing traffic demand, particularly between data centres and across the subsea network Double digit EBITDAF growth (CAGR • New Zealand increasingly viewed as an at
Slide 96: EonFibre separation is complete
EonFibre separation is complete and its goal is to be NZ’s leading bandwidth infrastructure provider rsonal use only • EonFibre is one of New Zealand’s largest telecommunications infrastructure owners with over 11,000 km of fibre • Diverse customer base: • One NZ • Hyperscalers, Neoscalers, CDNs • N
Slide 97: Infratil | Investor Day 2026
rsonal use only INFRATIL | Investor Day 2026 C2 General
Slide 98: Looking ahead with confidence
Looking ahead with confidence Winning in market across mobile and broadband, rsonal use only with solid year-to-date trading Scaling automation and AI to realise value and become a FY27 guidance Capex: EBITDAF: simpler, smarter business unchanged $235m to $265m (excl. $600m to $640m spectrum) Buildi
Slide 99: rsonal use only
rsonal use only C2 General
Slide 100: Infratil September 2026 – CDC
1 rsonal use only Infratil Investor Update 16 September 2026 cdc.com
Slide 101: Important notice and disclaimer
CDC Investor Day Presentation 2 Important notice and disclaimer rsonal use only 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 b
Slide 102: CDC Progress. Secured. – Agenda
3 1 Introduction rsonal use only 2 Finance Government policy 3 and social licence 4 Customer demand 5 Questions CDC Progress. Secured.
Slide 103: Today's presenters
Commercial-in-Confidence CDC Investor Day Presentation 4 Today’s presenters rsonal use only Greg Boorer David Collins Founder and Chief Executive Officer Chief Financial Officer • Greg founded CDC in 2007 and has since led a team to • David has more than 30 years’ experience leading establish CDC as
Slide 104: CDC Value Proposition
CDC Investor Day Presentation 5 1 Security 2 Availability 3 Optionality rsonal use only 4 Ecosystem 5 Sustainability 6 Scale CDC Value Proposition CDC continues to offer a market-leading, differentiated 7 Densification offering to our customers, building on our existing track record. CDC Progress. S
Slide 105: CDC Group snapshot
Commercial-in-Confidence CDC Investor Day Presentation 6 Sydney Kemps Creek CDC Group snapshot 350 rsonal use only Baa2 Moody’s credit rating Deployed capacity (Stable) (CDC Australia) generating revenue3 MW Sydney Marsden Park Canberra Hume Hume One: MP1 MP2 MP3 Investment grade HU1 HU2 HU3 Contrac
Slide 106: Then and now – 18 months of delivery at scale
Commercial-in-Confidence CDC Investor Day Presentation 7 Then and now – 18 months of delivery at scale1 Since FY25, CDC has continued to experience strong growth across all key metrics rsonal use only Operating campuses Total pipeline2 Contracted capacity Contracted EBITDAF3 7 9 1.7GW 3.9GW 0.3GW 1.
Slide 107: Operating capacity has more than doubled over the last 18 months
Commercial-in-Confidence CDC Investor Day Presentation 8 Operating capacity has more than doubled over the last 18 months CDC has delivered seven large-scale data centres since FY25, all of which are now contributing meaningfully to CDC’s earnings generation rsonal use only Melbourne Brooklyn 2 Sydn
Slide 108: Construction is progressing to meet FY27-29 deliveries
Commercial-in-Confidence CDC Investor Day Presentation 9 Construction is progressing to meet FY27-29 deliveries CDC is well underway at all sites where customer capacity has been contracted, with all data centres under construction to be delivered across FY27-29 rsonal use only Melbourne Laverton Pe
Slide 109: Continued investment in land and power underpins CDC's pipeline
CDC Investor Day Presentation 10 Continued investment in land and power underpins CDC’s pipeline • rsonal use only In response to strong existing and new customer demand, CDC is expanding across multiple regions, with 1.3GW added to CDC’s pipeline in the June 2026 quarter • Significant progress made
Slide 110: CDC's development expertise
Commercial-in-Confidence 11 CDC’s development expertise CDC has a strong track record of delivering new data centres on time, on budget, aligned to community and customer expectations rsonal use only Overview CDC’s approach • Land selection is critical for community support, competitive ✓ CDC sites
Slide 111: Joint Venture: CDC and Contact Energy
Commercial-in-Confidence CDC Investor Day Presentation 12 Joint Venture: CDC and Contact Energy Vision: a combined renewable energy and data centre capability in Stratford, New Zealand rsonal use only • Working alongside Contact Energy on a potential 250 megawatt data centre in Stratford, Taranaki1.
Slide 112: CDC Progress. Secured. – Agenda
13 1 Introduction rsonal use only 2 Finance Government policy 3 and social licence 4 Customer demand 5 Questions CDC Progress. Secured.
Slide 113: Contracted capacity grows to 1.1GW
Commercial-in-Confidence CDC Investor Day Presentation 14 Contracted capacity grows to 1.1GW 625MW of contracts signed since the start of May, including a 555MW contract with an investment grade hyperscale customer in May 2026, confirming Australasia as a preferred global data centre destination. rs
Slide 114: Earnings outlook
Commercial-in-Confidence CDC Investor Day Presentation 15 Earnings outlook FY27 EBITDAF guidance upgraded rsonal use only CDC Group EBITDAF growth (A$) 1,2 Significant step-up in EBITDAF1 as contracted capacity comes online • FY27 EBITDAF guidance upgraded to A$710m-$750m $2.2bn • Expect EBITDAF to
Slide 115: Consistent quality through growth
Commercial-in-Confidence CDC Investor Day Presentation 16 Consistent quality through growth Underpinned by government, critical infrastructure, and hyperscale customers, the longevity, stability, and high quality nature of CDC’s recurring revenue provides strong support for its Baa2 credit rating. r
Slide 116: Diversified funding approach
Commercial-in-Confidence CDC Investor Day Presentation 17 Diversified funding approach CDC’s balance sheet remains well capitalised to support its growth, with almost $5bn of available liquidity1 and growing diversification of debt market funding sources rsonal use only Key funding principles: $4.9b
Slide 117: Capital deployment is ramping but remains highly linked to earnings
Commercial-in-Confidence CDC Investor Day Presentation 18 Capital deployment is ramping but remains highly linked to earnings CDC is focused on delivering contracted capacity while continuing to invest for future demand rsonal use only Capital expenditure (excl. land) 1. Significant increase in capi
Slide 118: CDC Progress. Secured. – Agenda
19 1 Introduction rsonal use only 2 Finance Government policy 3 and social licence 4 Customer demand 5 Questions CDC Progress. Secured.
Slide 119: Australian states are forging their own policy and regulatory paths
Commercial-in-Confidence CDC Investor Day Presentation 20 Australian states are forging their own policy and regulatory paths National rsonal use only Expectations of data centres and AI infrastructure developers – Mar 2026 Proposed Mandatory National Standards for Large Data Centres – Aug 2026 NSW
Slide 120: Higher standards, greater certainty and faster pathways favour CDC
Commercial-in-Confidence CDC Investor Day Presentation 21 Higher standards, greater certainty and faster pathways favour CDC. The Federal Government has outlined its intention to legislate mandatory national standards for new large data centres, with the goal of improving clarity and consistency acr
Slide 121: Why CDC is different
Commercial-in-Confidence CDC Investor Day Presentation 22 Why CDC is different rsonal use only Near-zero water use for cooling – 100% renewable electricity matching industry-leading WUE <0.02 L/kWh. across our operations. Purpose-built for communities – facilities Net Zero achieved in FY26 across ar
Slide 122: FY26 sustainability highlights
Commercial-in-Confidence CDC Investor Day Presentation 23 FY26 sustainability highlights CDC is committed to delivering on its ESG goals, in response to environmental forces, social trends and governance imperatives rsonal use only 100% 1.38 Net Zero emissions renewable <0.02 for FY26 electricity WU
Slide 123: CDC Progress. Secured. – Agenda
24 1 Introduction rsonal use only 2 Finance Government policy 3 and social licence 4 Customer demand 5 Questions CDC Progress. Secured.
Slide 124: Data centre demand is accelerating, driven by investment in AI and cloud
Commercial-in-Confidence CDC Investor Day Presentation 25 Data centre demand is accelerating, driven by investment in AI and cloud rsonal use only Global occupancy3 Annual and Forecast Capital Expenditures - Tech Giants (US$bn)1,2 1,200 97% Available capacity remains scarce across global data centre
Slide 125: Inference is driving sustained AI demand
Commercial-in-Confidence CDC Investor Day Presentation 26 Inference is driving sustained AI demand rsonal use only Global data centre demand (GW) Share of global demand 219 25% 30% 181 34% 37% 40% 43% 153 93 AI inference 128 72 28% 56 30% 103 31% 30% 44 AI training 29% 28% 82 62 31 53 21 46 40 23 31
Slide 126: Power constraints in traditional hubs are redirecting hyperscale deployments
Commercial-in-Confidence CDC Investor Day Presentation 27 Power constraints in traditional hubs are redirecting hyperscale deployments toward scalable, trusted markets rsonal use only The ANZ region combines the attributes Australia’s 2030 data centre outlook has needed to support hyperscale growth
Slide 127: CDC continues to capture demand across hyperscale, government and critical infrastructure
Commercial-in-Confidence CDC Investor Day Presentation 28 CDC continues to capture demand across hyperscale, government and critical infrastructure customers rsonal use only Hyperscale is accelerating, with continued growth Demand remains underpinned by evolving across NCI and public sector requirem
Slide 128: CDC Progress. Secured. – Agenda
29 1 Introduction rsonal use only 2 Finance Government policy 3 and social licence 4 Customer demand 5 Questions CDC Progress. Secured.
Slide 129: Lease Revenue Straight-Lining
CDC Investor Day Presentation 30 Lease Revenue Straight-Lining Summary $130m • Straight-lining of lease revenue is required in rsonal use only accordance with accounting standard IFRS16 for $120m contracts with fixed indexation over the term of the arrangement or rent-free periods Accounting Revenue
Slide 130: June 2026 Independent Valuation – Capacity/Development Inputs
CDC Investor Day Presentation June 2026 Independent Valuation – Capacity/Development Inputs Overview of CDC Data Centre Portfolio1 rsonal use only Region Status Leasable MW Operating and Under Construction ACT Operating 120 NSW Operating 220 VIC Operating 130 NZ Operating 80 Total Operating Capacity
Slide 131: CDC FY26 Operating Metrics
CDC Investor Day Presentation CDC FY26 Operating Metrics As reported in Infratil annual results for the year ended 31 March 2026. rsonal use only A $ millions FY26 FY25 FY24 FY23 Operating capacity (MW)1 671 318 268 268 Capacity under construction (MW) 572 382 416 42 Development pipeline (MW) 1,663