Infratil Limited · NZX:IFT
Infratil — Investor Day (September 2025)
21 slides from Infratil's investor day presentation, Sep 18, 2025
Slide 1: Gurīn Energy
Gurīn Energy Assaad Razzouk, Chief Executive Officer Emma Biddles, Chief Sustainability Officer 18 September 2025
Slide 2: Gurīn Energy: 8GW+ pipeline across 7 Asian markets
Gurīn Energy: 8GW+ pipeline across 7 Asian markets Headquartered GW under active development SG in Singapore +6 33% 8.7 Teams in Tokyo, Seoul, Gwangju, other Manila, Jakarta, CAGR offices Bangkok 6.7 2.9 6.3 0.6 Wind 0.6 Battery 5.5 Net owned by Gurīn Solar GW 3.5 2.8 0.3 0.3 6.1 5.7 5.7 0.3 2.5 2.9
Slide 3: Capital allocated ~50:50 to OECD and non-OECD investment-grade countries
Capital allocated ~50:50 to OECD and non-OECD investment- grade countries Equity investment at Pipeline Invested capital to date commercial operations date* Singapore 39% Singapore 17% Singapore 37% Japan 6% Japan 6% Japan 8% South Korea 7% South Korea 18% South Korea 7% 8.7 Indonesia 20% 78 M Indon
Slide 4: 250GW+ opportunity across our markets by 2030
250GW+ opportunity across our markets by 2030… Forecasted capacity by 2030 (GW) 256 14 14 12 22 3 32 8 23 5 16 35 37 5 13 13 59 25 Battery 11 Wind 45 Solar 87 190 10 71 Japan South Korea Singapore Philippines Thailand Indonesia Malaysia Total Net zero Net zero by Net zero by Net zero by Reduce GHG C
Slide 5: Driven by positive regulatory developments in past 12 months
… driven by positive regulatory developments in past 12 months Japan South Korea Singapore Philippines Thailand Indonesia Malaysia New target to cut Pro-renewables Increased target for Launch of 4th Green Release of draft New target of 100% Introduction of emissions 60% from President Lee Jae- cross
Slide 6: Markets appear to be entering a new normal of global volatility
We are pro-actively mitigating the risks… • Prudent pipeline development, with a focus on quality • Rigorous thresholds for project selection Markets • Cost discipline across the supply chain appear to be • Selective approach to offtakers & partners entering a … and seeking to capture the opportunit
Slide 7: Fluid and cost-competitive procurement in Asia
Fluid and cost-competitive procurement in Asia Our supply chain: Unit costs of key supply components in each market (based on Gurīn project experience) • Access to Chinese and locally- PV modules Construction (solar) BESS Container (4hr) Cost (USD/W) Cost (USD/W) Cost (USD/kWh) manufactured equipmen
Slide 8: Environmental and social approvals are prerequisites
OECD* markets Emerging markets • “Not in my backyard” or NIMBY • Little to no NIMBY: Wind farms are persists in some (but not all) a tourist attraction in the communities Philippines, for example Environmental and • Local governments increasingly • Complementary social and social approvals embracing
Slide 9: Our approach to sustainability and communities
Our approach to sustainability and communities Vision: to be the trusted partner of choice in renewables Mission: to contribute to global climate action by building enough renewables to power 10 million homes and to deliver long-term value for our shareholders, employees and the communities in which
Slide 10: Sustainability in action
Sustainability in action South Korea • Strong community Thailand consent helped secure Our approach • Environmental & Social first key electricity permit (aligned to international standards – e.g. (E&S) Screening - limited IFC, IAP2, Equator Principles) community issues due to selection of land and
Slide 11: Key milestones over the past 12 months
Key milestones over the past 12 months September 20242024 September November 20242024 November January 2025 2025 January May 2025 May 2025 June 2025 June 2025 July 2025 July 2025 Singapore/ Indonesia: Strengthened our Board Philippines: Delivered Philippines: Japan: South Korea: Awarded Conditional
Slide 12: South Korea: Seizing opportunities in the evolving landscape
South Korea: Seizing opportunities in the evolving landscape SUMMARY Strong OECD market fundamentals: • Projected ~60GW of renewables by 2030 • Attractive returns on development capital • Strong offtake regime with 20+ year PPAs on offer Optionality: Gurīn has remained committed to the market notwit
Slide 13: Spotlight: Japan BESS
Spotlight: Japan BESS SUMMARY Japan is the fifth-largest electricity consumer in the world, with a target of 50% RE by 2040 and 6GW of BESS by 2030. Gurīn entered the market in 2023 and has built a 10- strong team that is currently developing 500MW of greenfield BESS. • This represents over USD 600m
Slide 14: Japan BESS: Phase I ready-to-build by Q4 2025
Japan BESS: Phase I ready-to-build by Q4 2025 Key milestones achieved: ✓ All land acquired ✓ Grid connection secured and finalised ✓ Topography, boundary and geotechnical studies complete ✓ Environmental & social impact assessment complete ✓ Saft selected for supply, installation and long-term O&M ✓
Slide 15: Spotlight: Philippines
Spotlight: Philippines SUMMARY Several projects at various stages of development in Luzon, the largest and most populous island: 75MW solar plant in Palauig, Zambales Province • Operational in Jan 2025, operating on budget • Launched school solar visit programme • Potential for a co-located 80MWh BE
Slide 16: Spotlight: Vanda RE
Spotlight: Vanda RE SUMMARY Vanda RE is a cross-border, greenfield project in Indonesia that will supply green energy to Singapore. Ownership: 75% 25% Integrated development consisting of: ● “GenCo”: 2.2 GWp solar power plant and 5 GWh battery energy storage system (BESS) ● “TransCo”: A 90km+ subsea
Slide 17: Vanda RE: Positive regulatory and market momentum
Vanda RE: Positive regulatory and market momentum 1 2 3 Vanda RE received one of six Elections in Indonesia & Singapore; G2G engagement accelerated, with Conditional Licenses for cross-border both new governments continue to additional MOUs signed and a electricity import to Singapore support energy
Slide 18: Vanda RE: Progressing steadily on all fronts
Vanda RE: Progressing steadily on all fronts >90% of required land secured Marine survey launched Owner’s Engineers appointed Offtaker discussions in progress Framework Supply Agreements signed Business plan submitted for export license Environmental and social impact assessments underway, with ongo
Slide 19: Gurīn Energy: Delivering on our development commitments
Gurīn Energy: Delivering on our development commitments Pipeline breakdown by year of commercial operations (GW) 10 9 8 7 4.0 6 5 4 2.8 3 2 1 1.6 0.1 0.2 0 2025-6 2027 2028 2029 2030+ Key project • Buildout of solar + BESS (~200MW) in • Vanda RE Phase 1 • Vanda RE Phase 2 • Vanda RE Phase 3 mileston
Slide 20: Gurīn Energy: Priorities to 2028
Gurīn Energy: Priorities to 2028 2025 2026 2027 2028 Vanda RE Secure export license Reach Financial Close Begin construction Deliver first green from the Indonesian for the project works electrons to Singapore Ministry of Energy & Mineral Resources Japan Achieve Ready-to- Start construction for/ Sta
Slide 21: Thank you
QUrINENERGY® Thank you