Infratil Limited · NZX:IFT
Infratil — Investor Day (September 2025)
22 slides from Infratil's investor day presentation, September 2025
Slide 1: Morrison Update
I N F R AT I L I N V E S T O R D AY 2 0 2 5 Morrison Update PAUL NEW FIELD, MORRISON CEO AND PARTNER W ILLIAM SMALES, MORRISON CHIEF INVESTMENT OFFICER AND PARTNER P R I V A T E1 A 8 NSDE P C TOENMFBI D EERN2T0I 2A5L
Slide 2: Manager update
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 3: A global infrastructure investor, born in New Zealand
A global infrastructure investor, born in New Zealand 37 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE ATTRACTIVE EXPERIENCED STRONG TRACK RECORD GLOBAL MANAGER ALIGNMENT 18%+ annualised return Established in 1988 in Morrison’s largest client, over 31 years1 New Zealand ensuring strong focus AUM NZD
Slide 4: How Morrison organises to drive value for Infratil
How Morrison organises to drive value for Infratil O U R M O D E L B A L A N C E S P R O V I D I N G I N F R AT I L S P E C I F I C C A PA B I L I T I E S W I T H ACCESS TO GLOBAL RESOURCE AND EXPERTISE I N F R AT I L MORRISON Infratil Board provides independent Morrison CEO leads the organisation,
Slide 5: Morrison is structured to deliver for Infratil
Morrison is structured to deliver for Infratil L E A D I N G I N F R A S T R U C T U R E I N V E S T I N G C A PA B I L I T I E S I N F R AT I L R E Q U I R E S T H E A B I L I T Y T O … MORRISON DELIVERS THIS THROUGH … 215+ professionals across 7 global offices in key markets Operate at global scal
Slide 6: Building our global capability to support Infratil's growth
Building our global capability to support Infratil's growth ONE OF THE WORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS North America Europe Asia Australia & NZ 215+ 24 34 10 148 professionals professionals professionals professionals professionals • Digital Infrastructure • Digital Infrastructure
Slide 7: Investing in sector and operational expertise
Investing in sector and operational expertise EXAMPLES OF RECENT ADDITIONS TO THE EXTENDED MORRISON TEAM ALEX BADENOCH PHIL KELLEY JOHN SLAMECKA MARVIN RICHARDSON JAMES SHAW TALENT & DIGITAL DIGITAL TECH-ENABLED DECARBONISATION TRANSFORMATION INFRASTRUCTURE INFRASTRUCTURE SUPPLY CHAINS • Former Grou
Slide 8: Investment update
Investment update WILLIAM SMALES, MORRISON CHIEF INVESTMENT O F F I C E R A N D PA R T N E R
Slide 9: To invest wisely in ideas that matter.
OUR PURPOSE: To invest wisely in ideas that matter. HUGH RICHMOND LLOYD MORRISON FOUNDER
Slide 10: To invest wisely in ideas that matter
To invest wisely in ideas that matter WE ADOPT A TARGETED ORIGINATION APPROACH GLOBAL THEMATICS INFRASTRUCTURE FIT Energy transition Provides essential services for communities Digitisation & connectivity Enduring social license to operate MORRISON FOCUS Global mobility Resilient to macroeconomic cy
Slide 11: Infratil performance
Infratil performance WE ARE COMMITTED TO DELIVERING THE EXTRAORDINARY INFRASTRUCTURE FUND PERFORMANCE DISTRIBUTION, BY NET IRR RANGE, VINTAGE YEAR 2000 -2025, FUND # N = 275. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m IFT return • Since Inception: 18.4% • 10Y: 19.3% • 88th
Slide 12: New ideas are tested against high value internal options
New ideas are tested against high value internal options THE VALUE OF PLATFORMS: CAPITAL DEPLOYED BY IFT NZ $M THE ‘PLATFORM ADVANTAGE’ CAPEX (IFT proportionate share) Information advantage IFT re-investment (existing asset) IFT new investment 3,649 Timing of deployment RHC ROIC > WACC 1,800 OneNZ D
Slide 13: The end-to-end investment lifecycle
The end-to-end investment lifecycle M O R R I S O N ’ S D I S C I P L I N E D A P P R O A C H D R I V E S VA L U E AT E V E R Y S TA G E Research & Investment Asset Management Portfolio Management Origination • Identify and source • Multi-stage process from • Active portfolio • Development of value
Slide 14: Identifying ideas that matter
Identifying ideas that matter M O R R I S O N ’ S P R O C E S S B E G I N S W I T H “ I D E A S T H AT M AT T E R ” … A N D S T R O N G IN-HOUSE RESEARCH 61 research papers completed last 18 months I N V E S T I N G W I S E LY I N I D E A S T H AT M AT T E R R E S E A R C H C O N D U C T E D I N T H
Slide 15: 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 BY SECTOR AND REGION WITHIN THE PIPELINE ~200 opportunities • Logistics &
Slide 16: From global pipeline to investable opportunities
From global pipeline to investable opportunities M O R R I S O N U N D E R TA K E S A R I G O R O U S M U LT I - S T E P P R O C E S S T O F I LT E R A N EXTENSIVE GLOBAL PIPELINE TO A FEW HIGH -CONVICTION INVESTMENTS ~200 opportunities Sourcing & Origination: Proprietary origination, sector relatio
Slide 17: Bringing the process to life: A time capsule
Bringing the process to life: A time capsule 17
Slide 18: An Idea that Matters
Data centres represent a robust and growing market opportunity in Australia ‘Australian data centre services market forecast 706 2018 2014 Future demand growth is underpinned by strong fundamentals + According to Cisco, Australian IP traffic wil double 2012-17 and internet traf wil grow 23a CAGR Gro
Slide 19: A need for infrastructure capital
A need for infrastructure capital 19
Slide 20: Access points
Access points We Ongoing dialogue with Crown Castle Australia around potential entry options Early discussions with NZ telco’s about creation of a 3 party tower platform Watching brief on international listed tower operators Unlisted: CDC (Largest data centre provider to Australian government) Engag
Slide 21: The big picture
The big picture A I P O W E R I N G T H E H E A R T O F I N F R AT I L’ S P O R T F O L I O A G L O B A L A I T R A N S F O R M AT I O N P O W E R I N G T H E H E A R T O F I N F R AT I L ’ S P O R T F O L I O Global data centre energy consumption, TWh2 ENERGY 1,000 900 +14% p.a. 800 700 600 500 COM
Slide 22: The big picture
The big picture A RANGE OF OPPORTUNITY AS INDUSTRIES TRANSFORM T R AN S P O R TAT I O N LOGISTICS & F I N AN C I AL S Y S T E M S & & FLEETS AU T O M AT I O N D ATA P L AT F O R M S 22