Notes Dividends received from subsidiary companies Other income Intercompany revenue 11 | 6 months ended 30 September 2025 $000 Unaudited -694 64,547 | 6 months ended 30 September 2024 $000 Unaudited - -150,082 | Year ended 31 March 2025 $000 Audited - -468,647 |
Total revenue | 65,241 | 150,082 | 468,647 |
Directors' fees Management and other fees 11 Other operating expenses 4 | 794 59,183 4,637 | 753 140,440 7,097 | 1,506 456,991 8,423 |
Total operating expenditure | 64,614 | 148,290 | 466,920 |
Operating surplus/(loss) before financing, derivatives, realisations and impairments Net gain/(loss) on foreign exchange and derivatives Net realisations, revaluations and (impairments) | 627 (43) - | 1,792 - - | 1,727 (94) 2 |
Interest income Interest expense | 190,374 (48,913) | 195,677 (46,923) | 390,368 (95,588) |
Net financing income Net surplus/(loss) before taxation Taxation credit/(expense) 6 | 141,461 142,045 - | 148,754 150,546 (26,092) | 294,780 296,415 (13,856) |
Net surplus/(loss) for the period | 142,045 | 124,454 | 282,559 |
Total comprehensive income for the period | 142,045 | 124,454 | 282,559 |
The accompanying notes form part of these financial statements.
Infratil Limited Statement of Changes in Equity For the 6 months ended 30 September 2025Notes Balance as at 1 April 2025 Total comprehensive income for the period Net surplus for the period | Capital $000 Unaudited 3,401,954 - | Other reserves $000 Unaudited 3,141 - | Retained earnings $000 Unaudited 1,048,137 142,045 | Total $000 Unaudited 4,453,232 142,045 |
Total other comprehensive income | - | - | - | - |
Total comprehensive income for the period | - | - | 142,045 | 142,045 |
Contributions by and distributions to owners | ||||
Shares issued | 79,996 | - | - | 79,996 |
Shares issued under dividend reinvestment plan | 39,227 | 39,227 | ||
Reserves transferred from amalgamated company | - | - | - | - |
Conversion of executive redeemable shares | - | - | - | - |
Dividends to equity holders 3 | - | - | (129,310) | (129,310) |
Total contributions by and distributions to owners | 119,223 | - | (129,310) | (10,087) |
Balance at 30 September 2025 | 3,521,177 | 3,141 | 1,060,872 | 4,585,190 |
For the 6 months ended 30 September 2024 | |||||
Balance as at 1 April 2024 Total comprehensive income for the period Net surplus for the period | 2,036,654 - | - - | 336,929 124,454 | 2,373,583 124,454 | |
Total other comprehensive income | - | - | - | - | |
Total comprehensive income for the period | - | - | 124,454 | 124,454 | |
Contributions by and distributions to owners | |||||
Shares issued | 1,345,832 | - | - | 1,345,832 | |
Reserves transferred from amalgamated company | - | - | - | - | |
Dividends to equity holders | 3 | - | - | (108,928) | (108,928) |
Total contributions by and distributions to owners | 1,345,832 | - | (108,928) | 1,236,904 | |
Balance at 30 September 2024 | 3,382,486 | - | 352,455 | 3,734,941 | |
For the year ended 31 March 2025 Balance as at 1 April 2024 Total comprehensive income for the year Net surplus for the year | Audited 2,036,654 - | Audited - - | Audited 336,929 282,559 | Audited 2,373,583 282,559 | |
Total other comprehensive income | - | - | - | - | |
Total comprehensive income for the year | - | - | 282,559 | 282,559 | |
Contributions by and distributions to owners | |||||
Shares issued | 1,308,760 | - | - | 1,308,760 | |
Shares issued under dividend reinvestment plan | 56,540 | - | - | 56,540 | |
Reserves transferred from amalgamated company | - | 3,141 | 607,556 | 610,697 | |
Dividends to equity holders | 3 | - | - | (178,907) | (178,907) |
Total contributions by and distributions to owners | 1,365,300 | 3,141 | 428,649 | 1,797,090 | |
Balance at 31 March 2025 | 3,401,954 | 3,141 | 1,048,137 | 4,453,232 | |
The accompanying notes form part of these financial statements.
Infratil Limited Statement of Financial Position As at 30 September 202530 September | 30 September | 31 March | ||
2025 | 2024 | 2025 | ||
Notes | $000 | $000 | $000 | |
Unaudited | Unaudited | Audited | ||
Cash and cash equivalents | - | - | - | |
Prepayments and sundry receivables | 4,196 | 5,576 | 2,527 | |
Advances to subsidiary companies - incentive fees receivable | 147,326 | 118,186 | 201,970 | |
Advances to subsidiary companies | 11 | 5,716,044 | 4,775,761 | 5,504,140 |
Current assets | 5,867,566 | 4,899,523 | 5,708,637 | |
Advances to subsidiary companies - incentive fees receivable | 116,881 | 92,850 | 264,207 | |
Deferred tax | 12,236 | - | 12,236 | |
Investments | 11 | 585,529 | 585,529 | 585,529 |
Non-current assets | 714,646 | 678,379 | 861,972 | |
Total assets | 6,582,212 | 5,577,902 | 6,570,609 | |
Bond interest payable | 6,704 | 6,901 | 6,438 | |
Accounts payable | 13,065 | 11,285 | 10,765 | |
Accruals and other liabilities | 1,272 | 1,916 | 953 | |
International Portfolio Incentive fees payable | 147,326 | 118,186 | 201,970 | |
Infratil Infrastructure bonds | 7 | 118,053 | 143,308 | 161,456 |
Total current liabilities | 286,420 | 281,596 | 381,582 | |
International Portfolio Incentive fees payable | 116,881 | 92,850 | 264,207 | |
Infratil Infrastructure bonds | 7 | 1,361,804 | 1,236,598 | 1,239,671 |
Perpetual Infratil Infrastructure bonds | 7 | 231,917 | 231,917 | 231,917 |
Non-current liabilities | 1,710,602 | 1,561,365 | 1,735,795 | |
Attributable to shareholders of the Company | 4,585,190 | 3,734,941 | 4,453,232 | |
Total equity | 4,585,190 | 3,734,941 | 4,453,232 | |
Total equity and liabilities | 6,582,212 | 5,577,902 | 6,570,609 | |
Approved on behalf of the Board on 12 November 2025
Director Director
The accompanying notes form part of these financial statements.
Infratil Limited Statement of Cash Flows For the 6 months ended 30 September 2025Notes Cash flows from operating activities Cash was provided from: Dividends received from subsidiary companies Interest received Operating revenue receipts | 6 months ended 30 September 2025 $000 Unaudited -190,374 266,460 | 6 months ended 30 September 2024 $000 Unaudited -195,673 56,475 | Year ended 31 March 2025 $000 Audited -390,368 280,205 |
456,834 | 252,148 | 670,573 | |
Cash was dispersed to: Interest paid Payments to suppliers Taxation (paid) / refund | (47,456) (184,919) - | (45,460) (102,433) (1,708) | (99,889) (274,710) (1,708) |
(232,375) | (149,601) | (376,307) | |
Net cash flows from operating activities 8 | 224,459 | 102,547 | 294,266 |
Cash flows from investing activities Cash was provided from: Net movement in subsidiary company loan | - | - | - |
- | - | - | |
Cash was dispersed to: Net movement in subsidiary company loan | (211,904) | (1,435,371) | (1,596,660) |
(211,904) | (1,435,371) | (1,596,660) | |
Net cash flows from investing activities | (211,904) | (1,435,371) | (1,596,660) |
Cash flows from financing activities Cash was provided from: Proceeds from issue of shares Issue of bonds | -100,000 | 1,258,760 204,492 | 1,315,300 250,000 |
100,000 | 1,463,252 | 1,565,300 | |
Cash was dispersed to: Repayment of bonds Infrastructure bond issue expenses Repurchase of shares Dividends paid 3 | (20,854) (1,613) -(90,088) | (56,117) (2,455) -(71,856) | (79,961) (4,035) -(178,907) |
(112,555) | (130,428) | (262,903) | |
Net cash flows from financing activities | (12,555) | 1,332,824 | 1,302,397 |
Net cash movement Cash balances at beginning of period | - - | - - | - - |
Cash balances at period end | - | - | - |
Note some cash flows above are directed through an intercompany account. The cash flow statement above has been prepared on the assumption that these transactions are equivalent to cash in order to present the total cash flows of the entity.
The accompanying notes form part of these financial statements.
Infratil Limited Notes to the Financial Statements For the 6 months ended 30 September 2025-
Accounting policies
Reporting entity
Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main Board ('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
Basis of preparation
These unaudited condensed half year financial statements ('half year statements') of Infratil Limited have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and comply with IAS 34 Interim Financial Reporting . The half year statements have been prepared in accordance with the accounting policies stated in the published financial statements for the year ended 31 March 2025 and should be read in conjunction with the previous annual report. No changes have been made from the accounting policies used in the 31 March 2025 annual report which can be obtained from Infratil's registered office or https://www.infratil.com. The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company's functional currency.
Comparative figures have been restated where appropriate to ensure consistency with the current period. To aid comparability certain balance sheet items have been represented from those reported in prior years to conform to the current year's presentation. Total equity remains unchanged.
New standards, amendments and pronouncements not yet adopted by the Company
IFRS 18 - Presentation and Disclosure in Financial Statements is effective for periods beginning on or after 1 January 2027 and applies retrospectively. The new standard aims to provide greater consistency in presentation of the income and cash flow statements, and more disaggregated information. While this will not have a material impact on the results of the Company, it will result in significant changes to how the Company presents the income statement and what information will need to be disclosed on management-defined performance measures.
- Nature of business
The Company is the ultimate parent company of the Infratil Group which owns and operates infrastructure businesses and investments in New Zealand, Australia, the United States, Asia, United Kingdom and Europe. The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane, Wellington, New Zealand.
(3) Infratil shares and dividends | 6 months ended 30 September 2025 Unaudited 968,086,132 7,742,298 3,761,082 - - - | 6 months | Year |
ended | ended | ||
30 September | 31 March | ||
2024 | 2025 | ||
Ordinary shares (fully paid) | Unaudited | Audited | |
Total issued capital at the beginning of the period | 832,567,631 | 832,567,631 | |
Movements in issued and fully paid ordinary shares during the period: | |||
New shares issued | 130,322,236 | 130,322,236 | |
New shares issued under dividend reinvestment plan | 3,652,413 | 5,196,265 | |
Treasury Stock reissued under dividend reinvestment plan | - | - | |
Conversion of executive redeemable shares | - | - | |
Share buyback | - | - | |
Total authorised and issued capital at the end of the period | 979,589,512 | 966,542,280 | 968,086,132 |
During the period, the company issued 7.7 million new shares to partially pay incentive fees payable to Morrison Infrastructure Management Limited ('Morrison') as consideration for management services, as announced on 23 May 2025. All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2025 the Group held 1,662,617 shares as Treasury Stock (30 September 2024: 1,662,617, 31 March 2025: 1,662,617).
Dividends paid on ordinary shares Final dividend prior year Interim dividend paid current year | 6 months ended 30 September 2025 Unaudited cps 13.25 - | 6 months ended 30 September 2024 Unaudited cps 13.00 - | Year ended 31 March 2025 Audited cps 13.00 7.25 | 6 months ended 30 September 2025 Unaudited $000 129,310 - | 6 months ended 30 September 2024 Unaudited $000 108,928 - | Year ended 31 March 2025 Audited $000 108,846 70,074 |
Dividends paid on ordinary shares | 13.25 | 13.00 | 20.25 | 129,310 | 108,928 | 178,920 |