Consolidated Results | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
Operating revenue | 3,360.8 | 3,139.5 | 1,993.5 | 1,482.0 | 1,427.6 |
Operating expenses | (2,076.2) | (2,193.1) | (1,053.7) | (1,012.8) | (940.9) |
Operating earnings | 1,284.6 | 946.4 | 939.8 | 469.2 | 486.7 |
International Portfolio incentive fees | (346.9) | (127.8) | - | (89.7) | (37.3) |
Depreciation & amortisation | (602.0) | (558.6) | (277.4) | (310.7) | (180.7) |
Net interest | (401.4) | (366.7) | (218.0) | (192.5) | (155.1) |
Tax expense | (49.1) | (74.2) | 23.6 | (78.6) | (51.6) |
Realisations and revaluations | (146.7) | 942.3 | (116.7) | (35.9) | 1,128.1 |
Net surplus from continuing operations | (261.5) | 761.4 | 351.3 | (238.2) | 1,190.1 |
Discontinued operations | 0.2 | (0.4) | 280.2 | (3.3) | (0.6) |
Net surplus after tax | (261.3) | 761.0 | 631.5 | (241.5) | 1,189.5 |
Minority earnings | (25.0) | 8.9 | (25.8) | (5.8) | (39.6) |
Net parent surplus | (286.3) | 769.9 | 605.7 | (247.3) | 1,149.9 |
This table shows a summary of Infratil's reported result for the period, as prepared in accordance with NZ IFRS.
Proportionate EBITDAF | ||||
NZ$ millions FY25 | FY24 | HY26 | HY25 | HY24 |
CDC 49.7% 173.9 | 140.8 | 99.9 | 83.7 | 64.3 |
One NZ 99.8% 604.0 | 545.5 | 295.3 | 304.0 | 225.1 |
Fortysouth 20.0% 13.6 | 11.5 | 8.1 | 7.0 | 5.5 |
Kao Data 54.7% 4.9 | (2.3) | 5.4 | 2.4 | (1.6) |
Longroad Energy 37.3% 27.3 | 33.4 | 51.9 | 22.1 | 34.6 |
RHCNZ Medical Imaging 52.7% 63.2 | 58.1 | 32.8 | 31.6 | 30.7 |
Qscan Group 57.4% 48.7 | 40.6 | 26.3 | 23.8 | 18.2 |
RetireAustralia 50.0% 21.6 | 12.1 | 11.6 | 17.3 | 6.3 |
Wellington Airport 66.0% 86.1 | 70.7 | 43.3 | 41.6 | 33.4 |
Corporate & other 100.0% (112.8) | (86.2) | (61.1) | (54.5) | (42.2) |
Operational EBITDAF 930.5 | 824.2 | 513.5 | 479.0 | 374.3 |
Galileo 38.0% (26.7) | (15.2) | (13.8) | (9.0) | (6.1) |
Gurīn Energy 95.0% (32.0) | (21.9) | (11.7) | (14.4) | (9.1) |
Mint Renewables 73.0% (9.9) | (6.8) | (6.1) | (4.1) | (2.9) |
Development EBITDAF (68.6) | (43.9) | (31.6) | (27.5) | (18.1) |
Proportionate EBITDAF from continuing operations 861.9 | 780.3 | 481.9 | 451.5 | 356.2 |
Trustpower Retail business - - | (0.3) | - | - | (0.4) |
Tilt Renewables - - | - | - | - | - |
Manawa Energy - 46.6 | 74.1 | 12.5 | 23.3 | 39.8 |
Infratil Property - 9.3 | 9.7 | 5.3 | 4.0 | 4.0 |
Proportionate EBITDAF 917.8 | 863.8 | 499.7 | 478.8 | 399.6 |
Proportionate EBITDAF is intended to show Infratil's share of the earnings of the operating companies in which it invests. Proportionate EBITDAF is shown from continuing operations and includes corporate and management costs, however, excludes international portfolio incentive fees, acquisition or sales-related transaction costs, and contributions from businesses sold, or held for sale. Shareholdings are shown at the most recent period end date.
Reconciliation of Net surplus after tax to Proportionate EBITDAF | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
Net surplus after tax | (261.3) | 761.0 | 631.5 | (206.4) | 1,189.5 |
less: Share of earnings of associate companies | (505.0) | (144.2) | (525.9) | (107.0) | (140.9) |
plus: Proportionate EBITDAF of associate companies | 213.7 | 217.7 | 163.1 | 123.5 | 153.0 |
less: Minority share of subsidiaries EBITDAF | (138.2) | (193.9) | (69.0) | (68.4) | (113.6) |
less: Income received from assets held at fair value through OCI | - | - | (21.5) | - | - |
plus: Share of acquisition or sale-related transaction costs | 8.5 | 24.6 | 0.7 | 0.4 | 14.8 |
plus: One-off restructuring costs | 7.6 | 13.5 | - | 3.9 | - |
less: Net gain/(loss) on foreign exchange and derivatives | 39.4 | 56.4 | 22.5 | 38.7 | (55.1) |
less: Net realisations, revaluations and impairments | 107.3 | (998.7) | 94.2 | (4.0) | (1,073.0) |
less: Discontinued operations | (0.2) | 0.4 | (280.2) | 3.3 | 0.6 |
Underlying earnings | (528.2) | (263.2) | 15.4 | (216.0) | (24.7) |
add back: Depreciation & amortisation | 602.0 | 558.6 | 277.4 | 310.7 | 180.7 |
add back: Net interest | 401.4 | 366.7 | 218.0 | 192.5 | 155.1 |
add back: Tax expense | 49.1 | 74.2 | (23.6) | 78.6 | 51.6 |
add back: International Portfolio Incentive fees | 346.9 | 127.8 | - | 89.7 | 37.4 |
Proportionate EBITDAF | 871.2 | 864.1 | 487.2 | 455.5 | 400.1 |
less: Discontinued operations presented in net earnings | (9.3) | - | (5.3) | (4.0) | - |
Proportionate EBITDAF from continuing operations | 861.9 | 864.1 | 481.9 | 451.5 | 400.1 |
Proportionate EBITDAF is an unaudited non-GAAP ('Generally Accepted Accounting Principles') measure of financial performance, presented to provide additional insight into management's view of the underlying business performance. This table reconciles Proportionate EBITDAF to Infratil's net surplus after tax as presented in accordance with NZ IFRS.
Associates include Infratil's investments in CDC, Fortysouth, Kao Data, Longroad Energy, Galileo, and RetireAustralia.
Subsidiaries include One NZ, Manawa Energy, Gurīn Energy, Mint Renewables, RHCNZ Medical Imaging, Qscan Group and Wellington
Airport.
HY26, FY25, and HY25 reconciliations have been restated to include Manawa Energy in discontinued operations
Proportionate Capital Expenditure | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
CDC | 928.2 | 291.8 | 473.9 | 436.8 | 105.6 |
One NZ | 269.3 | 261.4 | 118.3 | 125.8 | 122.4 |
Fortysouth | 4.8 | 3.1 | 3.7 | 4.3 | 2.6 |
Kao Data | 82.8 | 58.8 | 46.9 | 37.8 | 48.7 |
Longroad Energy | 805.6 | 825.5 | 314.4 | 448.5 | 381.3 |
Gurīn Energy | 39.5 | 60.0 | 36.5 | 21.7 | 25.1 |
Galileo | 52.6 | 42.7 | 13.4 | 24.9 | 38.8 |
Mint Renewables | 0.5 | 1.1 | - | 0.3 | 0.5 |
RHCNZ Medical Imaging | 25.3 | 26.1 | 18.6 | 11.8 | 9.3 |
Qscan Group | 13.1 | 16.0 | 10.7 | 6.8 | 7.4 |
RetireAustralia | 62.8 | 50.9 | 49.4 | 36.8 | 28.5 |
Wellington Airport | 77.5 | 42.2 | 48.1 | 22.4 | 16.3 |
Proportionate Capital Expenditure continuing | 2,362.0 | 1,679.6 | 1,133.9 | 1,177.9 | 786.5 |
Tilt Renewables | - | - | - | - | - |
Manawa Energy | 26.5 | 33.6 | 5.0 | 13.2 | 16.3 |
Proportionate Capital Expenditure | 2,388.5 | 1,713.2 | 1,138.9 | 1,191.1 | 802.8 |
This table shows Infratil's share of portfolio companies capital expenditure.
Direct Investment into Portfolio Companies | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
CDC | 494.2 | 35.1 | 257.8 | 16.9 | 34.8 |
One NZ | 20.9 | 1,800.0 | - | 20.0 | 1,800.0 |
Kao Data | 82.9 | 156.2 | 64.9 | 11.5 | 136.3 |
Fortysouth | - | - | - | - | - |
Longroad Energy | 163.4 | 96.2 | 48.7 | 50.8 | 50.3 |
Gurīn Energy | 67.5 | 55.8 | 64.7 | 23.8 | 45.6 |
Galileo | 41.9 | 39.6 | 19.3 | 13.4 | 23.0 |
Mint Renewables | 11.7 | 5.7 | 6.5 | 6.0 | 1.8 |
RHCNZ Medical Imaging | 48.1 | - | - | - | - |
Qscan | - | 17.8 | - | - | - |
Clearvision | 8.0 | 18.8 | 6.8 | 4.0 | 16.3 |
Direct investment | 938.6 | 2,225.2 | 468.7 | 146.4 | 2,108.1 |
This table shows investments made by Infratil during the period. | |||||
Distributions received from Portfolio Companies | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
CDC | 24.2 | 36.0 | 3.4 | 19.3 | |
One NZ | 91.3 | 81.9 | 130.6 | 77.9 | |
Fortysouth | 1.8 | 3.7 | 0.8 | - | |
Manawa Energy | 24.0 | 26.4 | - | 17.6 | |
Contact Energy | 17.5 | - | |||
Tilt Renewables | - | - | - | - | |
Longroad Energy | 5.1 | 23.8 | 2.8 | 2.3 | |
RHCNZ Medical Imaging | 21.6 | 11.1 | 21.0 | 21.6 | |
Qscan | 43.6 | - | - | - | |
RetireAustralia | 5.2 | - | - | 2.3 | |
Wellington Airport | 39.0 | 47.3 | 55.5 | 39.0 | |
Other distributions | 2.2 | 1.4 | 0.6 | 0.5 | |
Asset Distributions | 258.0 | 231.6 | 232.2 | 180.5 | |
This table shows distributions from portfolio companies during the period.
Debt Capacity & Facilities | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
Net bank debt | 544.8 | 791.8 | 900.0 | (328.8) | 609.8 |
Infratil Infrastructure bonds | 1,411.1 | 1,241.1 | 1,490.3 | 1,389.5 | 1,241.0 |
Infratil Perpetual bonds | 231.9 | 231.9 | 231.9 | 231.9 | 231.9 |
Total net debt | 2,187.8 | 2,264.8 | 2,622.2 | 1,292.6 | 2,082.7 |
Market value of equity | 10,048.7 | 9,066.7 | 12,107.7 | 11,840.1 | 8,493.6 |
Total Capital | 12,236.5 | 11,331.5 | 14,729.9 | 13,132.7 | 10,576.3 |
Fair value of portfolio | 18,303.7 | 14,209.1 | 19,038.7 | 15,250.8 | 12,490.7 |
Loan to value | 12.0% | 15.9% | 13.8% | 8.5% | 16.7% |
Undrawn bank facilities | 1,365.6 | 800.9 | 1,083.6 | 1,561.8 | 1,009.6 |
100% subsidiaries cash | 71.9 | 19.2 | 22.7 | 328.8 | 25.2 |
Liquidity available | 1,437.5 | 820.1 | 1,106.3 | 1,890.6 | 1,034.8 |
This table shows the mix of debt and equity funding at the Infratil Corporate level.
Asset Valuations | |||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 | HY24 |
CDC | 7,248.5 | 4,419.7 | 7,716.0 | 5,236.5 | 4,181.5 |
One NZ | 3,713.5 | 3,530.5 | 3,709.3 | 3,546.0 | 3,022.8 |
Fortysouth | 186.3 | 195.2 | 178.8 | 188.8 | 209.8 |
Kao Data | 701.6 | 556.2 | 788.8 | 567.9 | 391.1 |
Manawa Energy | 788.8 | 728.0 | - | 800.0 | 723.2 |
Contact Energy | - | - | 848.8 | - | - |
Longroad Energy | 2,111.9 | 1,952.0 | 2,273.3 | 1,992.7 | 1,674.4 |
Galileo | 326.0 | 240.7 | 344.0 | 245.0 | 121.5 |
Gurīn Energy | 493.0 | 237.1 | 555.2 | 246.1 | 33.9 |
Mint Renewables | 22.8 | 2.0 | 35.4 | 16.4 | 2.0 |
RHCNZ Medical Imaging | 689.3 | 606.7 | 618.0 | 613.6 | 557.5 |
Qscan Group | 454.5 | 411.9 | 487.1 | 436.5 | 395.3 |
RetireAustralia | 404.3 | 464.4 | 330.9 | 490.3 | 416.6 |
Wellington Airport | 933.9 | 623.7 | 933.9 | 623.7 | 512.8 |
Clearvision Ventures | 156.2 | 142.6 | 164.4 | 134.8 | 139.6 |
Property | 73.1 | 98.4 | 54.8 | 112.5 | 108.7 |
Portfolio asset value | 18,303.7 | 14,209.1 | 19,038.7 | 15,250.8 | 12,490.7 |
Wholly owned group net debt | (2,187.8) | (2,264.8) | (2,622.2) | (1,292.6) | (2,082.7) |
Present value of the management agreement | (1,128.5) | (1,095.9) | (1,184.9) | (1,150.7) | (1,095.9) |
Net asset value | 14,987.4 | 10,848.4 | 15,231.6 | 12,807.5 | 9,312.1 |
Shares on issue (m) | 968.1 | 832.6 | 979.6 | 966.5 | 831.9 |
Net asset value per share | 15.48 | 13.03 | 15.55 | 13.25 | 11.19 |
This table shows valuations of Infratil's assets. The valuation of Infratil's investments in CDC, One NZ, Kao Data , Longroad Energy, Galileo, Gurin, RHCNZ Medical Imaging, Qscan Group, and Wellington Airport reflect the midpoint of the most recent independent valuations prepared for Infratil adjusted for any capital contributions to the asset since the last valuation date. The fair values of Manawa Energy and Contact Energy are shown based on the market price per the NZX.
The present value of the management agreement is calculated utilising the Illustrative fees model on Infratil's website, with the half year present values calculated by rolling forward the FY24 and FY25 outputs at the assumed discount rate in the model. For illustrative purposes the calculated present value of the management agreement as at FY24 has been used at FY23 and HY24.
The carrying values of RetireAustralia and Property reflect the latest view of transaction values.
Available on Infratil's website under Investor materials is the illustrative fees model, please follow the link below to their location on Infratil's website:
Infratil Website
Infratil Wholly Owned Group Cashflow | ||||
NZ$ millions | FY25 | FY24 | HY26 | HY25 |
Distributions received from Portfolio Companies | 258.0 | 231.6 | 232.2 | 180.5 |
Morrison Management fees | (109.3) | (86.8) | (59.3) | (52.1) |
Net interest | (115.1) | (110.9) | (69.5) | (60.4) |
Other corporate operating cashflows | (29.6) | (5.8) | (24.7) | (19.7) |
Net cash inflow/(outflow) from operating activities | 4.0 | 27.5 | 78.7 | 48.3 |
Direct Investment into Portfolio Companies | (938.6) | (2,225.2) | (468.7) | (146.4) |
Proceeds from portfolio divestments (net) | - | - | 179.2 | - |
Other investment costs | (16.3) | (14.0) | (4.5) | (8.0) |
Incentive fees paid | (106.8) | (102.2) | (122.0) | (106.8) |
Net cash inflow/(outflow) from investing activities | (1,061.6) | (2,341.4) | (416.0) | (261.3) |
Bond maturities | (156.2) | (122.1) | (43.5) | (56.1) |
Proceeds from bond issues | 326.2 | 277.2 | 122.6 | 204.5 |
Debt drawdown/(repayment) | (194.4) | 811.0 | 299.1 | (811.0) |
Equity raise | 1,258.8 | 928.1 | - | 1,295.8 |
Dividends paid (net of dividend reinvestment) | (124.1) | (154.3) | (90.1) | (110.6) |
Net cash inflow/(outflow) from financing cashflows | 1,110.3 | 1,739.9 | 288.1 | 522.6 |
Net increase/(decrease) in cash and cash equivalents | 52.7 | (574.0) | (49.2) | 309.6 |
Cash and cash equivalents at the beginning of the year | 19.2 | 593.1 | 71.9 | 19.2 |
Net increase/(decrease) in cash and cash equivalents | 52.7 | (574.0) | (49.2) | 309.6 |
Cash and cash equivalents at end of year | 71.9 | 19.2 | 22.7 | 328.8 |
The table shows the net cashflows of Infratil during the period on an unconsolidated basis. This includes distributions received directly from Portfolio Companies, direct investment into Portfolio Companies and the cashflows of the parent company.