Annual Report 2025

NAVIGATING BEYOND THE NOISE

1

Annual Report 2025

NAVIGATING BEYOND THE NOISE

INFRATIL TODAY

Digital 66%

The last year has tested investors' resolve.

Rising geopolitical tensions, surging tariffs, and a weakening global macroeconomic outlook have created a volatile investment environment.

49.8% Infratil 1

$7.2

billion

99.9% Infratil

$3.7

billion

54% Infratil

$702

million

20% Infratil

$186

million

$156

million

Sentiment has swung on everything from ESG and AI, to interest rates and infrastructure demand.

Renewables 21%

At Infratil, we've stayed focussed. We've always believed that the best strategy in uncertain times is to back quality - high-performing assets, strong management, and sectors underpinned by enduring demand. It's this conviction that continues to shape our portfolio and our results.

Our strategy isn't built for headlines. It's built for the long haul. We invest in businesses that matter more as the world changes - platforms like CDC

51% Infratil

$789

million

37% Infratil

$2.1

billion

95% Infratil

$493

million

38% Infratil

$326

million

73% Infratil

$23

million

and Longroad Energy, which sit at the intersection of digital infrastructure, energy transition, and sustainability. These businesses are growing rapidly and executing with discipline, regardless of short-term market noise.

We've also sharpened our focus. As our portfolio has grown in scale and maturity, so too has the need for greater discipline in how we allocate capital. We are concentrating our efforts on the areas with the greatest

Healthcare 8%

potential to create long-term value - refining our portfolio, improving operating performance, and ensuring that every investment supports our strategic direction.

Navigating beyond the noise is not just about seeing past volatility. It's about having the confidence to act when others hesitate, the patience to wait when the timing isn't right, and the discipline to stay aligned with our long-term purpose: building world-class infrastructure platforms that

57% Infratil

$455

million

$404

50% Infratil

million

52% Infratil

$689

million

deliver for our shareholders, and for the future.

Airports 5%

66% Infratil

$934

million

1. Post acquisition of CSC stake after year end.

2. The basis for the valuation numbers is included on page 23 of this report.

OPERATING HIGHLIGHTS

Today, Infratil owns a diversified portfolio of 15 infrastructure investments spanning four

347 MW

FINANCIAL HIGHLIGHTS

$986.4 M

Proportionate Operational EBITDAF -which represents Infratil's share of

key sectors: Digital Infrastructure, Renewable Energy, Healthcare, and an Airport.

These sectors, which we refer to as "ideas that matter", are shaped by enduring social and economic trends, which continue to drive long-term demand for essential infrastructure.

Our portfolio reflects an increasingly global footprint, with operations in 18 countries across Australasia, North America, Asia, Europe, and the United Kingdom.

It is anchored by three core businesses - CDC, One NZ, and Longroad Energy - which collectively comprise approximately 70% of our portfolio value. These businesses are scaling rapidly to meet rising demand in their sectors, with CDC and Longroad undertaking major developments to capture the next wave of AI and clean energy growth.

One NZ, alongside Wellington Airport, continues to generate operating cash flows that support our capital base and reinvestment in new opportunities. The remainder of the portfolio comprises earlier-stage or more targeted investments, each selected for their potential to grow into core positions or generate attractive growth.

Beyond the headlines of tariff hikes, AI hype, economic slowdown and shifting political winds, our focus has remained on what matters most - backing businesses that deliver critical services to the communities they serve which should be best placed to continue to thrive long term.

In New Zealand, approximately four in every 10 people over the age of 10 are One NZ customers, and our radiology clinics supported the equivalent of one in every nine New Zealanders this year.

Wellington Airport welcomed 5.3 million passengers, while Longroad and Manawa Energy generated enough renewable electricity to power the equivalent of more than 900,000 New Zealand homes.

Whether supporting AI deployment, playing a critical role in building New Zealand's telecommunications backbone, helping to decarbonise global energy systems, or providing specialist healthcare services, our portfolio continues to

Data Centre capacity

3,785 MW

Installed renewable generation

5,527

Retirement village residents

6,460 GWh

Renewable energy generated

7,076

Group employees

1,931,000

Mobile connections

2,464,000

Medical scans

5,317,000

Airport passengers

Proportionate Operational EBITDAF 1

$286.3 M

Net parent loss

$939 M

Infratil investment

$2,188 M

Net debt

$10.38

Share price

$10.0 B

Market capitalisation

13.25 cps

Cash dividend declared

(2.6%)

12 month shareholder return 2

EBITDAF from its portfolio companies, net of corporate operating costs -increased by 8.6% from the prior year to $986 million.

This result reflects the full-year consolidation of One NZ, alongside strong earnings growth from CDC, Wellington Airport, and our healthcare businesses. These gains were partially offset by a weaker contribution from Manawa Energy, which was affected by extremely challenging market conditions. On a like-for-like basis, adjusting for the inclusion of One NZ's full-year results, Proportionate Operational EBITDAF rose by 2.5%.

Infratil reported a net parent loss of $286 million, compared with a surplus of $770 million in the prior year. This primarily reflects a reduction in revaluation uplifts compared to the prior year, when the acquisition of a controlling interest in One NZ resulted in a $1,075 million upward revaluation.

During the year, Infratil invested $939 million directly into its portfolio companies, including $494 million into CDC.

The balance was deployed across the portfolio to support growth in our digital and renewable development platforms.

Net debt, which reflects corporate-level borrowings, comprised $545 million of bank debt and $1,643 million of retail bonds as at year end. The year-on-year reduction in debt was driven by the successful completion of a

$1,275 million equity raise during the year, partially offset by continued capital deployment into our assets.

A final dividend of 13.25 cents per share has been declared, up 1.9% on the prior year's final dividend. Total dividends declared for FY2025 were 20.50 cents per share.

Infratil's share price closed the year at $10.38, down from

$10.89 at the same time last year. While this decline is disappointing, it serves as a reminder that our share price is not immune to broader market dynamics and short-term sentiment shifts.

deliver long-term value and essential services through all market conditions.

1. EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF shows Infratil's operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction costs and management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 31 March 2025 annual results presentation.

2. Shareholder returns are 12-month returns assuming that dividends are reinvested on the date of payment.

Directors

From Left to right

EXPERIENCED LEADERSHIP DIRECTORS

Infratil's shareholders elect directors for three-year terms to look after their interests. Directors are expected to:

• Maintain a dialogue with shareholders, to understand concerns and priorities.

• Participate in the formation and evolution of the Company's strategy.

• Ensure effective articulation to external stakeholders of strategy, goals, risks and performance, including with regard to environmental, social and governance issues.

• Monitor strategy implementation, financial performance, risks and legal compliance.

• Maintain awareness of relevant societal and market developments and provide diversity of perspective and knowledge relevant to the Company.

• Monitor the performance of Infratil's manager, Morrison. Morrison is a specialist manager of infrastructure investments and performs this role for Infratil under an investment management agreement which is available on Infratil's website. Through the management agreement, Infratil benefits from having a management team with great breadth and depth of skills, however, the Board must be vigilant about potential conflicts of interest and satisfied management is delivering value, aligned with shareholders, and the cost is reasonable reflecting the experience, capability and performance of the management team.

Further commentary on the Board is set out on pages 126 - 140 of this report.

Alison Gerry

Alison has been Chair since 2022, an independent director since 2014 and was last re-elected in 2022. She is a director of Air New Zealand, ANZ Group Holdings, Australia and New Zealand Banking Group Limited, and Chair of Sharesies. She has been a professional director since 2007. Previously, Alison worked for both corporates and for financial institutions in Australia, Asia and London in trading, finance and risk roles.

Jason Boyes

Jason is Chief Executive of Infratil and joined the Board in 2021. Jason is a director of Longroad Energy and CDC Data Centres. He joined Morrison in 2011 after a 15-year legal career in corporate finance and M&A in New Zealand and London. Jason has an interest in, and is a

partner at, Morrison which has the Management Agreement with Infratil.

Andrew Clark

Andrew joined the Board as an independent director in 2022. He is an experienced strategist and transformation executive with over 30 years of diverse management consulting experience. During this time, he held a number of senior roles within the Boston Consulting Group (BCG).

Paul Gough

Paul joined the Board as an independent director in 2012 and was last re-elected in 2024. He is a managing partner of the UK private equity fund STAR Capital. He is a director of several international companies in the transport, logistics, healthcare, infrastructure and financial services sectors. Paul previously worked for Credit Suisse First Boston in New Zealand and London.

Kirsty Mactaggart

Kirsty joined the Board in 2019 and was last re-elected in 2022. She is a senior advisor at Montarne, a specialist advisory firm focussed on capital markets and corporate governance. Prior to her director and advisory career, she was Head of Equity Capital Markets and Corporate Governance for Fidelity International in Asia, and was also a managing director at Citigroup based in Hong Kong and London. She has over

25 years of global equity market experience with a unique investor perspective and a focus on governance.

Peter Springford

Peter joined the Board as an independent director in 2016 and was last re-elected in 2023. He has extensive experience in managing companies in Australia, New Zealand and Asia, including five years based in Hong Kong as President of International Paper (Asia) Limited and four years as Chief Executive Officer and Managing Director of Carter Holt Harvey Limited.

Anne Urlwin

Anne joined the Board as an independent director in 2023. She is a chartered accountant and an experienced finance and governance professional. Her current governance roles include Chair of Precinct Properties and a director of Vector and Ventia. She has previously been a director of Summerset Holdings, Tilt Renewables, Chorus and Meridian Energy. Anne is Chair of the Audit and Risk Committee and has a significant accounting, financial, risk and sustainability background.

REPORT OF THE BOARD CHAIR

Kia ora koutou,

This year marks another chapter in Infratil's journey of disciplined growth and long-term value creation.

In an environment marked by heightened uncertainty and macroeconomic volatility, we remain firm in our belief that enduring value is best created through strategic focus,

high-quality assets, and a long-term horizon. Our investment philosophy is grounded in resilience: resilience of assets, of management teams, of business models, and of relationships. Amid the noise of short-term market movements, shifting policy landscapes, and evolving investor sentiment, Infratil continues to chart a course guided by conviction and consistency.

STRATEGIC POSITIONING AND PORTFOLIO MANAGEMENT

Our strategy is simple, but not easy. We seek to deliver long-term returns of 11-15% per annum after fees and tax,

measured over a ten-year period. This horizon acknowledges the reality of market cycles and macroeconomic swings, and it reflects our deliberate focus on structural thematics that

transcend short-term noise. In the ten years to 31 March 2025, we have delivered shareholder returns of 17.0% per annum, after fees and tax, comfortably exceeding our target.

This outcome has been delivered through strong operating performance, selective reinvestment, and continued refinement of our portfolio. We know that share price performance will vary year to year. Over the past 12 months, shareholder returns were -2.6%, a sobering result after delivering 18.2% in the first nine months of the year. This swing is a stark reminder of how market volatility can overshadow fundamental progress. It also highlights the importance of maintaining our discipline.

In the past year, the portfolio has remained focussed around our three most material investments: CDC, Longroad, and One NZ. These three assets represent over two-thirds of our portfolio value and are all exposed to long-term structural tailwinds in digitisation and decarbonisation. Our role as a Board is to ensure these businesses have the strategic support, capital backing, and governance to succeed.

We also acknowledge that these assets are where many investors have expressed concern in recent months. These include sector-specific uncertainty - ranging from the

New Zealand economic outlook (One NZ) to hyperscale AI demand (CDC) and shifting policy dynamics in the U.S. renewables market (Longroad).

These headwinds contributed to a growing discount between our share price and the longer-term view of the value of our assets. Both the Board and Morrison remain focussed on narrowing this gap through continued performance, active communication, and clear articulation of our strategy. Share purchases by directors and senior Morrison executives, including the Infratil CEO and CFO, and Morrison's CEO, underscore our collective confidence in Infratil's long-term outlook.

We also continue to invest time and energy into monitoring portfolio composition, concentration, and diversification.

We recognise the level of exposure to CDC is now elevated as it continues to grow strongly, within our target return range for growth assets, and an attractive risk profile given its contracted growth and market position. However, concentration of this nature is not new for Infratil. Over the past 30 years, we have repeatedly built significant positions in ideas that matter. Our focus remains on ensuring we allocate capital wisely within the portfolio and to new more attractive ideas, balancing risk with opportunity and prioritising those initiatives that will move the dial.

PLANNING FOR SCALE, THE INFRATIL WAY

This year, the Board has also worked with Morrison on how we manage our now significant scale and complexity, and planning for our future growth. In part, this has involved distilling what has made us so successful over our first 30 years, and identifying what we might change or add to continue that success into the future given our scale today.

You can see from my letter that we believe our investment strategy and long-term approach is as relevant today as ever. Our CEO, Jason Boyes, outlines some of the implications we see from this in his letter.

At a practical level, the Board and Morrison are working on more formally codifying our approach to key elements of

our investment approach that we believe are critical to future performance. Codifying our approach helps newer businesses learn faster from more mature ones, so important as we scale. We call these the "Infratil Way" and include our approach to portfolio company remuneration, reviewing and enhancing portfolio company board performance and sustainability. More work in this space will continue this year, including to facilitate synergies from greater collaboration between portfolio companies where sensible.

We have also agreed a set of strategic KPIs with Morrison for the coming two to three years which are outlined in Jason's letter. We believe that this clarity helps cut through the complexity of the portfolio, and assists Morrison and investors focus on what we believe is important near term, and assists us to measure Morrison's short-term performance across a broad set of metrics in addition to the long-term return target in place now for some years.

RELATIONSHIP WITH MORRISON

Infratil's management model has been in place for over

30 years, and our long-standing relationship with Morrison continues to evolve and deepen. As we scale, the need for a high-performing, highly-aligned manager is more important than ever.

Over the past year, the Morrison team has continued to invest in its global capability, with alignment to Infratil shareholders enhanced through the payment of incentive fees in Infratil shares.

Our relationship is built on mutual respect, transparency, and healthy tension. We benefit not only from Morrison's execution and origination capability, but also from the intellectual property built up over 30 years of experience in infrastructure investment. This year, that experience was on display across the portfolio, including collaborative initiatives between our renewable and digital infrastructure platforms and continued leadership in sustainability and capital raising.

We note that the current year includes a large incentive fee that will be payable to Morrison over three years. This primarily relates to the outperformance of our investment in CDC. We take confidence from the fact that the current independent valuation of CDC is in line with a transaction price set in an auction process involving only external bidders - which reinforces the strong private market demand for this sector and for CDC.

Importantly, the positive changes to the Management Agreement agreed in 2023 have helped simplify and modernise the relationship, while preserving its essence. A key enhancement was the introduction of a modified high-water mark, which ensures that in most instances incentive fees are not paid on one category without the recovery of any underperformance of other fee categories. This structure reinforces alignment and protects shareholder interests.

During the year, the Board also reviewed corporate and related party costs. As a result, more than $4 million of operational costs will be removed from fees paid to Morrison from FY2026. We remain confident that our management model continues to serve shareholders well and positions Infratil for continued success.

SHAREHOLDERS AND INVESTOR RELATIONS

We are long-term investors, and we are privileged to have a shareholder base that shares this horizon. Our equity raise last year, one of the largest in New Zealand corporate history, was met with strong support. The placement was oversubscribed several times over, and retail participation was strong. It was pleasing to see many shareholders who participated in the placement continue to buy on-market in the months following.

The catalyst for that raise was development to meet increasing customer demand at CDC, but the support we received reflects broader confidence in our strategy and portfolio. We do not take this for granted.

We continue to invest in enhancing our disclosure and investor engagement, including providing additional information on key assets, enhanced independent valuation disclosures, and more frequent independent valuation updates.

We have also maintained our commitment to meeting shareholders face to face, continuing our retail roadshow across New Zealand, and institutional events in New Zealand and Australia.

Of particular note is our governance roadshow, now in its third year, which enables institutional shareholders to engage directly with Infratil directors. The feedback we receive through these forums continues to inform our Board discussions and priorities.

GOVERNANCE AND BOARD PERFORMANCE

We are a highly engaged Board. During the year, we completed a formal external evaluation of Board performance conducted by Propero. The review found high levels of energy, collaboration, and transparency, with a strong sense of shared purpose. Board and management ratings of performance are strong, placing Infratil at the 90th percentile of Propero's database, up from the 75th percentile in 2021. There was also strong alignment on Board performance between the Board and Management. Directors bring deep expertise, but also an openness to challenge, learn and evolve. I have seen firsthand the commitment each director brings to the table, not only in terms of time and preparation, but in the quality of insight and questioning they offer. There is a genuine sense of shared responsibility for delivering long-term outcomes, and a willingness to evolve as the business scales and our roles grow in complexity.

We know that good governance requires continuous improvement. This includes maintaining governance altitude, lifting our focus to strategic and portfolio-level issues, and constructively challenging management to ensure decisions are robust and aligned with long-term value creation. We are also taking a long-term view of Board succession planning to ensure we retain institutional knowledge while gradually introducing new perspectives that will support Infratil's continued growth and evolution.

LOOKING AHEAD

Our investment strategy is to invest in ideas that matter -themes and assets that will remain essential to society for decades to come. Data. Connectivity. Decarbonisation. Healthcare. Infrastructure. These are not fads. They are the backbone of economic resilience and productivity. And they are central to the type of infrastructure that investors want to own.

We are not immune to market cycles, valuation volatility, or macro headwinds. But we are well placed to endure them. Our 10-year return target is designed to take the long view, to smooth the effects of shorter-term divergence between asset

and share price performance, and to reflect our belief that time is the friend of a well-run business.

As we look ahead, the challenges are real, rising geopolitical tensions, elevated cost pressures, and more volatility to come. But so too are the opportunities.

The AI revolution is accelerating demand for digital infrastructure. The energy transition continues. Governments are increasingly looking to private capital to help solve infrastructure deficits. These trends play directly into our strengths.

To all our shareholders, thank you for your continued support. We are privileged to manage your capital and remain committed to doing so with discipline, transparency and care.

Ngā mihi nui,

Alison Gerry

Chair

REPORT OF THE

CHIEF EXECUTIVE

Dear investors,

Our 31st year was as eventful as any other I can recall. For most of 2024, investors focussed on the potentially transformative impact of artificial intelligence, including for us, accelerating demand for data centre space and electricity to power those data centres. This calendar year, investors have focussed closely on the pace of that acceleration, and now Liberation Day tariffs. Throughout, New Zealand's economic conditions have remained tight.

Suffice to say, the world today feels vastly different to the world at the beginning of the last year. This too shall pass, a wise person once said, and while we do not ignore current events, and certainly are not immune to them, our focus as always remains on generating sustainable growth over the long term. So, our theme for this annual report is Navigating Beyond the Noise.

RETAINING OUR LONG-TERM STRATEGIC APPROACH TO GROWTH

Our long-term focus means we target returns to shareholders on a ten-year rolling basis. While we pay a dividend, our focus is primarily on growth in value per share as reflected in our share price. As at 31 March 2025, our ten-year total shareholder return stood at 17.0% per annum (vs 22.0% last year), well above our target return of 11-15% per annum. This year illustrates the wisdom of a long-term target well, with the contribution to our annual return, +18.2% over the first nine months of the year and -20.8% over the last three months. Our portfolio companies own, operate and in many cases develop long-term infrastructure assets that last 30 years or more. Their intrinsic value does not fluctuate as much as this would suggest.

Our approach is to blend a portfolio of stable, cash flow generating infrastructure businesses with faster growing infrastructure businesses that can reinvest that cash at attractive returns over multiple years. This portfolio approach enables us to invest for growth through economic cycles, across more options than a single business generally has, and occasionally to change our portfolio strategically away from mature businesses to new ones with more attractive long-term growth prospects, or opportunistically as good deals arise.

Portfolio companies can and do work and learn together too. Maintaining this cycle over long periods of time takes our constant attention, to the operating performance of our businesses, the long-term trends influencing the growth of infrastructure businesses globally (e.g. digitisation, decarbonisation, and ageing populations), and disciplined and dynamic capital allocation to the best long-term opportunities across our existing businesses and new businesses Morrison identifies. This approach is how Infratil has generated excellent growth over its 31-year history, 18% per annum, and how we look to continue that track record sustainably into the future.

INFRATIL'S PORTFOLIO TODAY AND LOOKING AHEAD

You can think of Infratil's portfolio as being arranged into three pillars. The first is our cash flow generating businesses that have some growth of their own, but whose principal role in the portfolio is supporting Infratil and the faster growth of the other two pillars through economic cycles.

The second pillar is our mature growth platforms, today CDC Data Centres and Longroad Energy. These are reinvesting almost all their internally generated cash to fund growth, and occasionally require additional equity from Infratil.

The third pillar is our growth platforms for the future, principally today Gurīn Energy, Galileo and Kao Data. These have limited or no capacity to fund their own growth while they build out their first operating assets.

In the last two years, strategic and growth opportunities across all three pillars have emerged that have exceeded our funding capacity, requiring equity raises. Last year, CDC accelerated its build programme in response to significantly increased demand for its data centres to support artificial intelligence.

We decided to undertake a capital raise for our share of the equity for that acceleration. We raised $1,275 million, and A$434 million was injected into CDC in December, alongside an equal amount from our partners in that investment. We expect to inject approximately A$250 million into CDC over the next year, again alongside an equal amount from our partners. With this funding, CDC expects to double its EBITDAF over the next two years, with approximately 80% of revenue contracted.

Longroad also has a large build programme, supported by

significantly increasing demand for power in the U.S. for data centres and manufacturing. This year we committed an additional US$110 million to Longroad to fund its build programme through to 2027.

Completing CDC and Longroad's current, significant build programmes is key to achieving our long-term return target of 11-15% per annum total shareholder returns over the next

two to three years. While underway, our portfolio mix is skewed away from cash flow generating toward growth, with approximately 60% of the value of our portfolio in pillars 2 and 3 today (i.e. in net consumers of cash from Infratil). As these programmes complete over the next two to three years and become cash flow generating, we expect the portfolio to revert closer to the 50/50 balance of cash flow generating and growth that we target over the long term.

PORTFOLIO CONCENTRATION

We get asked a lot about the concentration of our portfolio in CDC, now about 40% by value. This is elevated, although not unprecedented for Infratil: Trustpower was more than half of Infratil's assets at times. Like returns, concentration is something we manage over the long term. Like our investors, we value diversification for the resilience it can provide against issues like climate change or regulatory/political uncertainty. Trustpower's weighting was balanced over time by demerging Trustpower's renewable energy development business, Tilt Renewables, and by maturing other, future growth platforms like CDC and Longroad.

Near term, we are particularly focussed on Gurīn's large Singapore-focussed solar and battery project. This is a US$2-3 billion project, that will require approximately US$500 million of equity and take three to five years to complete.

The project is extremely complex, even for experienced renewable energy developers like us, but has the potential to create US$500 million or more of value. The project is due to reach financial close in the next year, and is one to watch.

If this project completes, we expect CDC to remain a similar proportion of our portfolio over the next few years.

Galileo and Kao Data have their own growth programmes too, while Longroad watches as U.S. lawmakers review incentives for renewable energy developers over the balance of this year. We expect that pressure to ease when regulation has stabilised.

FUTURE GROWTH AREAS

While we remain confident in increasing demand for renewable energy and data centres and attractive returns for those sectors in the future, we continue to explore new areas of long-term growth. Our healthcare investments, for example, span all three of our pillars, both generating cash flow and having exposure to long-term, stable growth.

Also, Morrison's 200+ global team is constantly monitoring long-term infrastructure growth trends globally and identifying new infrastructure investment opportunities. One of the more interesting ideas we are working on at the moment is shared, advanced logistics facilities. Think robotics in warehouses, shared between industry participants to reduce overall costs to sectors like pharmaceuticals or food and beverage. We will use our annual Investor Day in September to share early thinking on future growth areas like this.

Our approach requires Infratil to maintain flexibility to fund our most attractive growth opportunities through economic cycles, both the ones within our portfolio and new ones that could be added. It is critical not to miss the next CDC or Longroad that Morrison identifies. While we have raised equity in recent years, that is relatively unusual in our history and not our first preference. Our focus today is firmly on internal sources for funding our growth, primarily the operating cash flow and distributions from our pillar one businesses. These cover our annual fixed outgoings, but do not currently cover our dividend. Ensuring distributions to Infratil cover our dividend as well over the next two to three years is an important strategic target for us, and we expect this to happen as One NZ's free cash flow grows strongly and CDC and Longroad's significant current growth programmes complete.

We will also look to divest businesses that may not be able to scale to be meaningful as cash or growth contributors in our ownership. Divestments can take some time, two to three years, to minimise disruption for those teams and their customers, and find the best new owner.

SCALE AND COMPLEXITY ARE RECURRING THEMES

Many of our businesses benefit from scale. Infrastructure development businesses like CDC and Longroad benefit enormously by being able to maintain deeper pipelines of projects to react to customer demand faster than smaller competitors, and to reduce their costs by procuring and financing at scale, and by building more and larger projects to efficiently spread their fixed costs. In our experience, returns for these businesses have not declined as you might expect over time as new competitors enter their markets, but they have tended to increase because of these scale benefits. It is one reason why we continue to like their long-term growth outlook.

Scale also benefits Infratil. Our market capitalisation when we invested in CDC and Longroad in 2016 was "just" $1.8 billion, and only nine years later at 31 March 2025 was $10.0 billion. Scale is important in listed capital markets, to attract the Australian and increasingly global institutional investors Infratil will need to support its growth in the future. Continuing our track record of 15% per annum capital growth from the past 10 years, implies that Infratil's market capitalisation will reach approximately $20 billion by 2030.

Working towards the best mix of local and global investors to support this growth is a big focus for us. Thoughtfully managed, this will benefit all shareholders, large and small, by bringing more liquidity and diverse perspectives on the value of the portfolio. Retaining and building on our sustainability credentials will be important to attract the widest possible pool of investors.

One of the key insights from that work has been that too many small assets, that are not meaningful for shareholder returns, is a negative for the offshore institutional investors that we would like to attract. This supports our focus on selling businesses that may not scale in our ownership, and on scaling our key cash flow and growth generating businesses. We expect more of the portfolio to become concentrated in fewer, large investments as that shift takes place, while maintaining enough diversification to provide some stability for returns through economic cycles and sowing sufficient seeds for future growth, as I have already outlined.

KEY ACHIEVEMENTS AND STRATEGIC MILESTONES THIS YEAR

Overall, the portfolio achieved pleasing operating results, particularly given the inflationary pressures heading into the year, significant change programmes in One NZ and Qscan, airline fleet shortages affecting Wellington Airport, and Government-related uncertainty for Longroad (U.S. renewable energy incentive reform) and RHCNZ (New Zealand health reform). One NZ's on target performance stands out, given the difficulties the New Zealand economy has faced, and demonstrates the differentiated position of our business. Also, Qscan's double digit earnings growth is a welcome return to form, with RHCNZ not far behind, as they've got on top of the inflationary pressure that the whole sector has faced.

Achieving these results takes enormous focus from our businesses and Morrison, and lays the foundation for our strategic initiatives. We achieved three key strategic milestones this year.

First, we agreed to merge Manawa Energy into Contact Energy. This was achieved at an attractive valuation for both parties, and for Infratil brings improved cash flow, and continues our exposure to the New Zealand energy sector with attractive growth opportunities over the next two to three years.

Manawa (formerly Trustpower) was Infratil's first investment, and as I've said, was at one point more than half the portfolio. Thank you to the Manawa team for all their hard work over the years, no less this last year which has been trying while making this transaction a major success.

Secondly, Infratil agreed to acquire 1.58% of CDC, at an attractive valuation considering the improved governance rights we now have. The acquisition followed a competitive sale process run by one of the other shareholders in CDC for whom that investment had become quite large, and we and another CDC shareholder, Future Fund, exercised our pre-emptive rights to acquire the 12.04% stake instead of the leading bidder. The transaction was also significant for confirming the private market valuation for a minority stake in the business was more than 30% higher than the previous independent valuation.

Unfortunately, the transaction coincided with fears that

AI-driven demand for data centre space in Australia was falling, so our share price unexpectedly went down rather than up for a period after this announcement. Confidence seems to have returned somewhat, and we remain confident in CDC's strong market position and growth prospects.

Thirdly, Infratil was added to the MSCI Global Standard Index, which is an important index comprising New Zealand's five largest listed companies. This index is closely followed by global investors, so is critical to broadening our shareholder base. We were also added to the ASX300 which has opened numerous doors with new investors offshore to tell our story. Inclusion in these indices - and their associated ESG indices - will heighten visibility and the relevance of Infratil's ESG ratings.

WHAT WE'VE LEARNED THIS YEAR

It is as important to reflect on what we have learned this year too. For me, it is that transactions are very difficult in the current environment, can take a lot longer than you think, and require extraordinary focus and skill. Manawa's merger with Contact was one example. We would like to have made more progress

on other potential sales this year, and you will see that clearly called out in our new strategic targets.

NEW STRATEGIC TARGETS FOR NEXT YEAR AND BEYOND

The Board has approved a new set of strategic targets for the business going forward, that are key to supporting our future growth. They are as follows:

• Sell businesses that may not scale under our ownership, to reinvest into our growth platforms. We expect this to yield

  $1 billion+ in proceeds over the next two to three years.

• Identify and scale the next pillar of growth, beyond CDC and Longroad. I have mentioned Gurīn above and other opportunities. In addition to attractive growth, success here

  would see CDC staying at a similar proportion of our portfolio to what it is today while continuing its own strong growth (circa 40%).

• Return Infratil's operating cash flow to balance, with distributions from portfolio companies covering our fixed annual outgoings and our dividend. We exclude incentive fees as that should eventually be met from capital flows: realisations or extraordinary distributions from our businesses. We expect to be able to achieve this balance as CDC and Longroad's currently elevated build programmes complete, in the next two to three years.

• Broadening our shareholder base to support our future scale. The first milestone towards our target shareholder mix is potential inclusion in the ASX 200 index within the next year.

CONCLUDING REMARKS

Ordinarily, uncertainty increases the further out you look, but the reverse feels truer today. The long-term drivers of demand for our businesses continue, but the noise of technological, political and geopolitical change in the near term is meaningful. Our portfolio approach has never been more valuable to navigating that noise, and growing through it. While U.S. renewable energy business valuations reflect some of that noise, Gurīn and its renewable projects are stepping forward. As Wellington Airport contends with aircraft shortages, merging Manawa with Contact will improve cash flow through to Infratil. Morrison's scale and entrepreneurial, long-term mindset, continues to find innovative ways like these to position the portfolio for long-term sustainable growth.

Lastly, thank you, to you our shareholders, for supporting our equity raise last year and all the feedback - positive and constructive - throughout the year. It is much appreciated.

Ngā mihi nui,

Jason Boyes

Chief Executive

TRANSPARENT AND RELIABLE MANAGEMENT TEAM

Infratil's management team comprises individuals employed by Morrison, including Infratil's Chief Executive and Chief Financial Officer, as well as senior personnel from its portfolio

companies. The day-to-day management of Infratil is governed by a Management Agreement, which outlines Morrison's responsibilities, authority, and the fee arrangements for its services.

Founded in New Zealand in 1988, Morrison is a leading global infrastructure investor and operator, with over 215 professionals across offices in New Zealand, Australia, Asia, the United Kingdom and Europe. Morrison has managed Infratil since its inception, helping transform it from a domestic infrastructure investor into a globally diversified platform. The relationship spans over 30 years and remains central to Infratil's ability to scale and deliver superior shareholder outcomes.

The Board sets specific goals and objectives for Morrison, aligning management efforts with Infratil's strategic priorities. Morrison is held accountable to the Board for achieving these outcomes.

Morrison invests across the risk-return spectrum, in both private and listed infrastructure markets. In addition to Infratil, Morrison manages investments for institutional clients including the New Zealand Superannuation Fund, the Commonwealth

Superannuation Corporation, and the Australian Future Fund, as well as managing other unlisted infrastructure funds. Several of these investors are co-investment partners in Infratil's portfolio.

Morrison's deep sector knowledge, global relationships, and execution capabilities provide Infratil with access to opportunities, insights, and talent that far exceed what a business of its size could develop independently. This is

further strengthened by Morrison's own investment in Infratil, which reinforces long-term alignment with shareholders.

STAKEHOLDER ENGAGEMENT

SHAREHOLDER RETURNS AND OWNERSHIP

Infratil's large and diverse shareholder base, along with our ownership of assets deeply embedded in local communities, underscores Infratil's commitment to a broad set of stakeholders. We understand that owning such significant assets brings

a responsibility to be transparent and open in our reporting and communication.

Our goal is to continually improve the accountability of governance and management while increasing transparency in our operations. This commitment involves providing regular updates on the progress of our businesses and the risks associated with each investment. To achieve this, we ensure that shareholders have the opportunity to engage with Infratil's management and directors, ask questions, and offer feedback.

Infratil's 2024 retail roadshow saw management travel the length of New Zealand to meet directly with shareholders and bondholders, hosting 17 events between 29 May and 3 July. Covering centres from Whangārei to Invercargill, the roadshow reaffirmed Infratil's commitment to transparent, in-person engagement. Last year's series was particularly timely, with seven presentations held during the offer period for Infratil's equity raise, enabling management to speak directly to the transaction and provide clarity for investors considering participation. More than 1,800 shareholders attended the sessions, which included a formal presentation, open Q&A, and informal networking with management.

In addition to the traditional roadshow, Infratil partnered with Sharesies to host a hybrid event tailored to the next generation of retail investors, attracting over 100 participants both in person and online.

More recently, CDC CEO Greg Boorer and members of his senior management team hosted an investor briefing and site visit to CDC's new Brooklyn campus in Melbourne. The session provided an update on CDC's significant growth outlook, driven by the rising demand for secure, sustainable, and advanced digital infrastructure, particularly in AI and hyperscale workloads.

We have also sought to expand our channels of communication. In addition to regular NZX announcements and presentations, we now provide more frequent newsletter updates and digital communications, available through our website.

Looking ahead to 2025, we plan to scale back our retail roadshow slightly, with 12 venues scheduled. However, we remain committed to visiting most of our previous locations on a two-year rotation - provided attendance levels continue to justify the investment of management time and resources. This evolving approach reflects the need to balance the importance of face-to-face engagement with domestic shareholders against the growing presence of international investors on our register, and the need to ensure they are equally well supported through appropriate channels.

These adjustments are part of our broader effort to support greater transparency and accountability. We know our portfolio is dynamic, and that, for many shareholders, the mix of assets they own today may differ from when they first invested. That's why we believe in sustained, two-way dialogue. It allows us to explain the rationale behind our decisions, hear directly from our stakeholders, and ultimately continue to build confidence in Infratil's long-term strategy.

Over the past decade, Infratil's portfolio has undergone transformational change. It is now significantly more geographically diverse, with over 20% of the portfolio located outside Australasia - up from just 0.1% ten years ago. At the same time, our portfolio has evolved to reflect emerging global trends, with digital infrastructure growing from less than 1% to 66% of total value. Over this period, the overall value of Infratil's assets increased by 750%. The changing shape of our portfolio reflects our ambition to build global platforms of scale in ideas that matter.

Over the year to 31 March 2025, Infratil's share price fell from $10.89 to $10.38.

Infratil paid two dividends amounting

to 20.25 cents per share (cps) cash and

1.75 cps in imputation credits.

Additionally, during the year, retail shareholders had the opportunity to participate in a retail share offer at a price of $10.15 per share. Institutional shareholders were also offered participation through an institutional placement at the same price.

The total return to shareholders for the year was negative 2.6%, comprising a 1.5% after-tax dividend return (28% tax rate) and a 4.1% capital loss. The total return of the NZX50 over the same period was 1.4%, while the return from the ASX200 was 2.95%. Both calculations assume that all dividends were reinvested when received, so the shareholder neither took out, nor invested any additional cash.

Infratil's after tax and fees return since listing in March 1994 has been 18.0% per annum, and over the last ten years 17.0% per

Annual Return

175%

Accumulation Index

$175,000

150%

$150,000

125%

$125,000

100%

$100,000

75%

$75,000

50%

$50,000

25%

$25,000

0%

$180,000

25%

-$25,000

50%

-$50,000

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

Dividend Return

Capital Return

Accumulation Index

31 YEAR TRACK RECORD

annum. A shareholder who invested $1,000 in Infratil shares on 31 March 1994 and subsequently reinvested all dividends and the value of all rights issues (i.e., who neither took money out nor put money in) would, as of 31 March 2025, own 16,495 shares worth $168,261. Shown below as the accumulation index.

OWNERSHIP

As the size and scale of Infratil has grown, so too has our overseas investor base. While shareholdings across all investor types increased during the year - largely driven by our equity raise - the most significant proportional change was a 6.2% increase in ownership by offshore investors.

As at 31 March 2025 the top 10 underlying shareholders owned 27.5% of shares on issue, up slightly from 27.0% in the prior year.

31 March 2025 31 March 2024

SUSTAINABILITY

At Infratil, sustainability is not a trend.

While political and regulatory environments may influence the pace of change, our commitment to investing wisely remains constant.

This means integrating sustainability considerations into our investment approach to support long-term value for shareholders, and to meet the expectations of our customers, communities and capital providers.

In its broadest sense, sustainability is about meeting the needs of today without compromising the ability of future generations to meet theirs. It's about building infrastructure that is resilient, inclusive, and enduring - infrastructure that supports a liveable climate, thriving communities, and a prosperous, sustainable economy.

While some segments of global markets have retreated from overt ESG initiatives, such as diversity, Infratil remains firmly committed to long-term sustainability leadership. In

New Zealand, there is an enduring expectation that companies act as responsible stewards of capital, resources, and people. We are proud to stay the course - not because it is fashionable, but because it is foundational.

We filter out the noise - from the politicisation of ESG to the hype cycles surrounding emerging technologies - and stay focussed on the structural forces shaping the future of infrastructure. We don't chase trends; we build value that endures. For us, sustainability is not separate from performance

- it is central to our ability to deliver attractive long-term returns for shareholders. From the decarbonisation of energy systems and the digitisation of economies, to meeting the healthcare needs of ageing populations, our investments are aligned with the global transition to a more sustainable, connected, and resilient future.

This year marked several milestones on our sustainability journey, including the publication of our second Sustainability Report and the release of our first mandatory climate-related disclosures. Climate & Nature is one of the four pillars of Infratil's sustainability strategy. Our SBTi-validated science-based targets - the first in New Zealand's financial sector - continue to guide both our own operations and our expectations of portfolio companies. We remain focussed on progress over perfection, recognising that while the path forward may be complex, the direction is clear.

MEASURING PROGRESS

Infratil and its portfolio companies have participated in GRESB assessments for three consecutive years. These independent

ESG benchmarks provide valuable insights - not only into relative performance and areas for improvement, but also into how we track and evidence progress.

As Infratil's inclusion in the NZX50, ASX300 and MSCI indices grows, ESG ratings are also one of the mechanisms through which we attract a broader pool of high-quality investors.

ESG RATING OUTCOMES IN 2024

TRANSPARENT LEADERSHIP

Transparency and alignment with credible ESG standards are central to Infratil's sustainability strategy. Demonstrating leadership in this area means reporting clearly, benchmarking against global frameworks, and engaging constructively with stakeholders. During the period, Infratil and several of its portfolio companies published updated sustainability and/or climate-related disclosures, reflecting our commitment to open and consistent reporting:

• Infratil FY2024 Sustainability Report & Climate-Related Disclosures (CRD)

• CDC Sustainability Report 2024

• One NZ Sustainability Report FY2024

• Manawa Energy Climate Statement FY2024

• Wellington Airport 2024 Kaitiakitanga Report & Climate Related Disclosures

• Kao Data FY2024 ESG Report

DELIVERING POSITIVE IMPACTS

Infratil reports aggregated portfolio metrics across our most material ESG themes, including financed emissions, governance, people, and community engagement. While transparency and disclosure matter, it is real-world impact that ultimately demonstrates progress.

Across the portfolio, we are seeing tangible, measurable outcomes on the sustainability issues that matter most to our businesses and stakeholders - outcomes that align closely with our purpose and strategy. These include improved emissions intensity, community partnerships, and the deployment of climate-resilient infrastructure.

2025 HIGHLIGHTS

100%

of portfolio companies measuring carbon footprint

26%

of portfolio companies committed to having an SBTi-validated emissions reduction target

43%

Females on Infratil's Board

Zero

Reported workplace fatalities across the portfolio

0.6

Lost Time Injury Frequency Rate 1

1.2

Total Recordable Incident Frequency Rate 1

$3.8 M

Proportionate community investment

BELOW IS A SNAPSHOT OF POSITIVE IMPACTS BEING DELIVERED ACROSS OUR KEY SECTORS:

CDC and Kao Data continue to build next-generation data centres that support AI innovation while minimising negative environmental impacts. CDC's facilities use zero water for cooling, saving the equivalent of 2,000 Olympic-sized swimming pools annually. Its New South Wales operations have achieved zero waste certification, and CDC New Zealand remains the only large-scale data centre platform globally to be Toitū-certified net carbon zero. Kao Data continues to power all its data centres on 100% renewably sourced electricity.

In early 2024, One NZ partnered with New Zealand's largest

e-waste recycling company, Echo, to responsibly resell, reuse, or recycle end-of-life technology equipment from its operations. In the first year of the partnership, a targeted

clean-up of facilities resulted in 65,707 kilograms of operational waste being processed - with an impressive 97.5% diverted from landfill.

Longroad, Galileo, and Gurīn continue to advance large-scale wind, solar, and storage projects that will contribute to the global energy transition. This year, Longroad and Manawa Energy together generated enough renewable electricity to power the equivalent of more than 900,000 New Zealand homes.

Renewable energy development is, at its core, a conservation measure - reducing the impacts of climate change on wildlife and ecosystems. Longroad undertakes detailed wildlife and habitat assessments for every project and formulates strategies to mitigate risk and enhance local ecological outcomes.

RHCNZ and Qscan continue to expand access to high-quality diagnostic services, while RetireAustralia is pioneering integrated care hubs that support older Australians to age in place. Across the healthcare portfolio, we delivered 2.5 million scans to over 1.3 million patients this year. Diagnostic imaging is increasingly critical to preventative care, enabling early diagnosis and reducing the requirement for costly acute care. This shift towards value-based care improves outcomes for patients whilst also reducing system-wide costs. Wellington Airport is playing an active role helping to decarbonise air travel. It recently hosted a hydrogen fuel trial and has been selected as the home base for Air New Zealand's electric demonstrator aircraft service, launching in 2026. These initiatives underscore the airport's leadership in enabling a more sustainable future for aviation.

These are just a handful of the initiatives underway across our portfolio. Our 2024 Sustainability Report has more detail on initiatives across the Group.

1 Based on 200,000 hours on a weighted average basis by employees.

FINANCIAL TRENDS

$Millions

1,200

1,000

X

X

800

600

X

X

400

X

X

X

X

200

0

-200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

X

X

PROPORTIONATE EBITDAF

The calculation of Proportionate EBITDAF is outlined on page 3 of this report. It is intended to show Infratil's share of the operating earnings of the companies in which it invests.

Proportionate EBITDAF is a non-GAAP financial measure.

The figures include the contribution of assets held for sale.

CDC Gurīn Energy

One NZ Mint Renewables

Fortysouth Diagnostic Imaging

Kao Data RetireAustralia

Manawa Energy Wellington Airport

Longroad Energy Corporate

Galileo Sold

X Total

$Millions 2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

PROPORTIONATE CAPITAL EXPENDITURE

Over the past decade Infratil's share of the capital expenditure of its portfolio companies was $9.3 billion, the majority of which has been undertaken in the past 5 years.

Funding for this investment is derived from shareholder equity contributions, free cash flow, and debt.

INFRATIL ASSETS

$Millions 20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

The graph shows the fair values of Infratil's assets.

As noted on page 23, the fair values are market values when an asset is listed, the independent valuation if one is available, or the book value for assets which Infratil does not commission independent valuations for.

CDC Gurīn Energy CDC Gurīn Energy

One NZ

Mint Renewables

One NZ

Mint Renewables

Fortysouth Diagnostic Imaging

Kao Data RetireAustralia

Manawa Energy Wellington Airport

Longroad Energy Corporate

Galileo Other/sold

Fortysouth Diagnostic Imaging

Kao Data RetireAustralia

Manawa Energy Wellington Airport

Longroad Energy Corporate

Galileo Sold

Annual Return

100%

Accumulation Index

7,500

80%

6,000

60%

4,500

40%

3,000

20%

1,500

0%

0

-20%

(2,000)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

SHAREHOLDER RETURNS

Between 1 April 2015 and 31 March 2025 Infratil provided its shareholders with an average after tax return of 17.0% per annum.

$1,000 invested at the start of the period would have compounded to $4,808

by 31 March 2025, assuming that all distributions were reinvested.

Dividend Return

Capital Return

Accumulation Index

INFRATIL FUNDING

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Changes to the relative funding of Infratil and its 100% subsidiaries occurs as businesses are sold and acquired, when Infratil receives funds from, or advances them to its operating businesses, or if shares are repurchased or issued.

The use of debt is bound by Infratil's policy of maintaining credit metrics that are broadly consistent with an Investment Grade Credit Rating (Infratil is not credit rated) and with maintaining availability of funds for investment purposes.

Net bank and dated bonds

Perpetual bonds

Equity (market value)

FINANCIAL PERFORMANCE & POSITION

PROPORTIONATE EBITDAF

Proportionate EBITDAF is intended to show Infratil's share of the earnings of the 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 sale-related transaction costs and contributions from businesses sold, or held for sale.

A reconciliation of Proportionate EBITDAF to net surplus after tax is presented in Infratil's annual results presentation.

CONSOLIDATED RESULTS

This table shows a summary Infratil's reported result for the period.

For the year ended 31 March 2025 the net parent loss was $286.3 million, down from a profit of

$769.9 million the prior year.

The decrease is due to the $1,075.0 million revaluation of Infratil's stake in One NZ following the acquisition of Brookfield's share in the prior year.

Revenue and expenses have increased year on year due to the full year impact of the consolidation of One NZ into the Infratil accounts.

BREAKDOWN OF CONSOLIDATED RESULTS

Infratil consolidates a company when it has a controlling stake (owns more than 50%). This includes Manawa Energy, Gurīn Energy, Mint Renewables, One NZ, RHCNZ Medical Imaging, Qscan Group and Wellington Airport. Associates (where Infratil has significant influence, but not control) such as CDC Data Centres, Fortysouth, Kao Data, Longroad Energy, Galileo Green Energy and RetireAustralia are not consolidated. For those investments, the EBITDAF column shows 100% of their EBITDAF and the "Revaluations & other adjustments" column includes the adjustment required to reconcile Infratil's share of each company's net surplus after tax.

1 EBITDAF is an unaudited non-GAAP measure and is defined on page 3.

FINANCIAL PERFORMANCE & POSITION

INFRATIL DIRECT INVESTMENT

This table shows Infratil's investments made in the period.

This investment is either used to acquire new assets, increase holdings in existing assets, or used by investee companies to invest into capital projects, pay their operational expenses, or to pay down debts.

For example, the $1,800 million invested into

One NZ in FY2024 was used to acquire Brookfield's 49.95% stake of One NZ whereas the $67.5 million invested into Gurīn Energy was used on a combination of capital projects and operational expenses.

PROPORTIONATE CAPITAL EXPENDITURE

This table shows Infratil's share of the investment spending of investee companies.

Infratil's share of investment undertaken by investee companies in the period is $2,388.5 million.

To illustrate the calculation of Proportionate capital expenditure, Infratil owns 48.17% of CDC, CDC's capital expenditure for the period was A$1,760.4 million, and 48.17% of that is A$847.9 million (NZ$928.2 million).

INFRATIL AND WHOLLY-OWNED SUBSIDIARIES CASH FLOWS

This table shows the cash flows of Infratil and its 100% subsidiaries.

Cash inflows and outflows for Infratil and its 100% subsidiaries reflect the operating, investing and financing cash flow movements during the year.

International Portfolio Incentive fees paid during the period include FY2024 initial incentive fee of

$38.4 million, Tranche 1 of the FY2024 annual incentive fee ($30.4 million), Tranche 2 of the FY2023 annual incentive fee ($54.6 million), Tranche 3 of the FY2022 annual incentive fee ($33.2 million), $50 million of which were paid in scrip to Infratil's Manager.

CAPITAL OF INFRATIL AND 100% SUBSIDIARIES

This table shows the mix of debt and equity funding at Infratil's Corporate level.

During the year Infratil refinanced $56.1 million of maturing IFT230 bonds through the issuance of $204.5 million IFT350 bonds (maturing in December 2031) and $100 million of IFT260 bonds through the issuance of $121.7 million of

IFT360 bonds (maturing December 2030). In total this resulted in a net increase of $170.1 million bonds on issue.

As of 31 March 2025 Infratil has $1,365.6 million of undrawn bank facilities.

The increase in market value of equity included the issuance of 125.6 million new shares as part of the June 2024 equity raise to support further investment into Infratil's growth assets.

BOOK VALUE OF INFRATIL'S ASSETS

This table shows the accounting book value of Infratil's assets.

These are prepared in accordance with NZ IFRS, and are the amounts reflected in Infratil's consolidated financial statements.

This generally reflects Infratil's share of the net assets of its investee companies, and includes any goodwill at the consolidated level.

A separate adjustment has also been made to the Wellington Airport book value which also excludes deferred tax.

Other includes Infratil Infrastructure Property and Clearvision Ventures, and excludes cash balances and other working capital balances at the Corporate level.

FAIR VALUE OF INFRATIL'S ASSETS

This table shows the fair value of Infratil's assets.

The fair value of Infratil's investments in CDC, One NZ, Kao Data, Longroad Energy, Galileo, Gurīn Energy, Mint Renewables, Qscan Group, and RHCNZ Medical Imaging reflect independent valuations prepared for Infratil.

The carrying value of RetireAustralia was reviewed against market-based comparables and other benchmarks at 31 March 2025 to estimate the fair value of Infratil's investment at 31 March 2025.

The fair value of Manawa Energy is shown based on the market price as per the NZX.

Infratil does not commission independent valuations for its other assets and these are presented at book value.

TREASURY SNAPSHOT

$Millions

4,000

41%

34%

3,000

25%

20%

18%

2,000

1,000

9%

10%

0

FY19 FY20 FY21 FY22 FY23 FY24 FY25

In FY2025, Infratil navigated volatile financial markets to deliver a significant funding programme, emerging with a stronger, more flexible balance sheet and increased capacity to pursue compelling growth opportunities across its portfolio.

Our approach to capital management remains disciplined and proactive, focussed on ensuring the business is well-positioned to respond to financial market risks and minimise the potential for disruption to strategic execution.

FUNDING ACTIVITY

Infratil is now one of New Zealand's largest and most consistent issuers of corporate bonds, supported by a long-standing investor base built over more than 25 years. Our regular and transparent engagement with bondholders has helped shape a resilient funding profile and diversified capital base.

To support planned growth across the portfolio - and in particular, the continued expansion of CDC - Infratil moved early in FY2025 to secure additional funding. Over the year, we raised $1.92 billion in new capital, comprising $1.38 billion of equity and $540 million of new debt issuance. This included

$239 million of acquisition facilities to support the increased investment in CDC announced in February 2025, which settled in May 2025.

This strengthened liquidity position enhances our balance sheet resilience and provides important strategic optionality heading into FY2026 and beyond.

2025 CAPITAL RAISED ($MILLIONS)

131

239

131

1,382

CREDIT METRICS

Infratil seeks to maintain robust credit metrics that support its standing with debt investors and ensure reliable access to capital, particularly during periods of market volatility. Since FY2021, the majority of Infratil's funding has been sourced from equity raises and internal portfolio realisations - notably, the sale of Tilt Renewables in August 2021 and the Vodafone towers (now One NZ) in July 2022.

Proceeds have been reinvested into value-accretive growth platforms across the portfolio, including CDC, Gurīn Energy, Longroad, and Kao Data. These investments, coupled with a modest increase in debt, have supported a strengthened balance sheet and improved gearing metrics.

This disciplined approach to capital management underscores our commitment to deploying capital where it is most needed to drive future shareholder returns. Over the medium term, we are focussed on rebalancing our operating cash flow profile.

Following a period of significant investment in earlier-stage growth assets, we expect a number of these platforms to begin delivering meaningful cash flow contributions, supporting

long-term portfolio resilience and funding capacity.

NET DEBT AND GEARING

Net Debt ($Millions)

Gearing (Total net debt over total capital)

REFINANCING RISK

Infratil remains focussed on mitigating refinancing risk, which arises when maturing debt cannot be refinanced on acceptable terms - potentially impacting performance and constraining strategic flexibility.

During FY2025, Infratil maintained its disciplined approach to managing debt maturities. Key actions included the upsizing

We continue to encourage similar refinancing disciplines across our portfolio and FY2025 was a particularly active year in this regard. CDC secured significant new debt capital from multiple sources while extending funding duration and major refinancing processes were successfully completed at One NZ, Wellington Airport, and Qscan. These efforts collectively reduced near-term refinancing risk and supported the ongoing resilience of the broader group capital structure.

INFRATIL'S DEBT MATURITY PROFILE

$Millions

1,200

1,000

800

600

400

200

0

FY26 FY27 FY28 FY29 FY30 FY31 FY32 >FY32

Infrastructure Bonds Bank Debt Drawn Bank Debt Undrawn Acquisition Facilities IFTHA - Perpetual Bonds

INTEREST RATE RISK

Infratil is exposed to movements in wholesale interest rates, which can increase the cost of debt funding and adversely affect financial performance, covenant headroom, and shareholder returns.

Our interest rate risk management approach remains consistent: we separate funding risk from interest rate risk and manage each on its own merits. Infratil's funding mix includes fixed and resettable retail bonds as well as floating rate bank debt. Interest rate derivatives are also used to adjust our interest rate exposure and align with targeted settings.

Over the past year, Infratil's average cost of debt decreased from 5.96% at the end of FY2024 to 5.33% at the end

of FY2025. This decline was primarily due to the interest rate reset for $355 million bonds at lower rates.

Our strategy of regular fixed-rate issuance and prudent use of swaps supports a stable, smoothed interest rate profile across market cycles.

FOREIGN EXCHANGE RISK:

Infratil is exposed to foreign exchange (FX) risk in two key forms:

For FX transaction risk, Infratil employs a dynamic hedging strategy using a combination of FX forwards, swaps, options, and foreign currency debt. This approach ensures that each exposure is managed in a way that reflects its underlying commercial characteristics, with the goal of mitigating risk without unduly constraining strategic flexibility.

FY2025 saw continued strong growth in the value of Infratil's global asset base, particularly in Australian dollar (AUD) exposures, with CDC remaining the most significant contributor. This expansion reflects the increasing scale and geographic diversification of Infratil's portfolio.

2025 ASSET MIX BY CURRENCY

2%

(2024: 2%)

15%

(2024: 16%)

4%

(2024: 4%)

44%

(2024: 37%)

35%

(2024: 41%)

AUD NZD GBP USD EUR

As previously communicated, Infratil does not hedge the majority of its FX translation risk. The benefits of doing so are difficult to quantify in terms of shareholder value, while the costs are material - including the requirement to hold additional liquidity to fund potential FX losses and the associated opportunity costs. As such, we view the case for translation hedging as unconvincing, particularly for long-term, strategic holdings.

NZD $Millions 200

150

100

50

0

-50

-100

-150

-200

AUD

GBP

USD

EUR

UNREALISED FX GAIN/(LOSS) ON 2024 ASSET VALUE

Equity

Acquisition Debt Facilities

Infrastructure Bonds (net)

Core Bank Debt Facilities

and extension of $835 million in bank facilities into FY2028-FY2030 and the issuance of two new retail bonds with a weighted average tenor of 6.9 years. These initiatives lifted the average tenor of Infratil's fixed-term debt (excluding IFTHA notes) from 3.0 years at the end of FY2024 to 3.2 years at the end of FY2025.

• Transaction risk: arising from movements in NZD cash flows related to foreign currency denominated cash flows to and from existing or new offshore assets.
• Translation risk: resulting from movements in the NZD value of offshore investments when translated into Infratil's financial statements.

Annual range Actual movement

DIGITAL INFRASTRUCTURE

SCALING THROUGH THE NOISE

As AI, cloud, and cybersecurity reshape global computing, the demand for high-performance digital infrastructure continues to accelerate. Infratil's digital infrastructure platforms - CDC, One NZ, and Kao Data - are being built today for what is coming tomorrow.

As headlines focus on AI cycles and hyperscaler sentiment, digital demand continues to grow. The need for secure, scalable infrastructure has never been greater. Infratil's digital investments are positioned at the heart of this transformation. By investing with conviction and clarity, we are building platforms that will endure long after the noise subsides.

CDC

% of the portfolio

40%

Valuation

$7.2 billion

IRR

38.7%

Initial investment

September 2016

If 2024 marked a step change in the demand for data centre capacity globally, 2025 could be described as a seismic shift. Traditionally, data centres supported enterprise IT, government systems, and web hosting.

Then came the rise of cloud computing, which introduced hyperscale workloads. Now, a third wave, Artificial Intelligence is rapidly evolving, with global adoption accelerating at

an exponential pace. These waves don't replace one another; they stack, creating new layers of demand.

The difference with AI is the complexity and scale it brings. From everyday tools like Siri, Google Assistant and Netflix recommendations, to advanced training models, even the most basic AI workloads require significant processing power. As adoption grows, so too does the need for adaptable,

high-capacity infrastructure. AI isn't just changing workloads -it's redefining the infrastructure needed to support them.

This takes place against a background of a rapidly evolving global environment, where different factors - including technology advancements from the likes of DeepSeek, large scale investment announcements from Stargate, and the evolving approach of new trade tariffs and AI regulation - have introduced a degree of uncertainty across the technology and digital infrastructure sectors.

The potential impact of these and other emerging factors on AI adoption and hyperscale demand have generated considerable speculation regarding the pace and size of growth for the sector.

Recent market disclosures and broader commentary from large hyperscalers indicate that growth is expected to continue, with some demand repositioned at given points in time to better address the evolving business demand and architectural requirements. Multiple hyperscalers have reaffirmed that the

market remains constrained, with more demand than supply, supporting Infratil's investment thesis and long-term

conviction in the sector. As global demand for fit-for-purpose AI infrastructure continues to surge, Australia and New Zealand are emerging as critical locations, thanks to a combination of geopolitical trust, energy stability and regulatory reliability.

The evolving regulatory approach on the AI Diffusion Rule continues to place emphasis on controlling access to advanced chipsets and supporting technologies like NVIDIA's GPUs.

Australia and New Zealand are recognised as stable and secure jurisdictions where investments can be made long-term without such restrictions impacting the ability to use advanced chipsets and AI technology.

Additional factors, including sovereign certainty and regulatory environment, land, power and skill availability, and an advanced technology and investment environment, mean these two geographies are best-positioned to execute on this strategic advantage.

As a leading data centre platform across Australia and

New Zealand, CDC is exceptionally well-positioned to benefit, thanks to its existing relationships and strong platform credentials.

This is reflected in CDC's performance over the last twelve months and its roadmap for the years ahead.

FY2025 was a milestone year for CDC, marked by new site developments, customer wins, expanded capacity, and strong foundations for continued growth.

Over the year, CDC signed contracts for over 230MW of capacity (including reservations and rights of first refusal) -

its largest ever annual addition. With approximately 80% of the revenues forecast for the next two years already contracted, CDC is building on the growth of earnings delivered in FY2025 and reinforcing its attractive, defensible business model.

Notably, CDC now delivers, or is contracted to deliver, capacity to all the top Western hyperscale cloud service providers - a significant milestone that expands its addressable opportunity and positions it strongly to navigate near-term volatility. As contracts increase in size and complexity, CDC's long-term investment approach, strong track record, and trusted

customer relationships become key differentiators. The ability to move fast, scale safely, and serve the biggest names in technology will define the next generation of winners.

CDC's construction and development capability remains a core differentiator. In addition to its portfolio of 14 operational data centres across Canberra, Sydney, Melbourne, and Auckland, CDC has eight more sites under construction, representing 382MW of built capacity - several of which are expected to come online later this year.

The successful delivery of Brooklyn 1 (CDC's first Melbourne site) and the completion of Auckland capacity expansions at two sites demonstrate CDC's consistent ability to deliver complex projects on time and on budget. These developments added 50MW of high-density capacity during FY2025.

Global tariff policies and protectionist measures are contributing to an increasingly complex procurement environment. However, CDC's scale and early engagement model, along with its deep supplier relationships and supply chains outside of the U.S., allow it to mitigate many of these risks. The business has built buffers to manage fulfilment timelines and maintains strong vendor relationships.

In addition, as suppliers seek to manage trade tariff disruptions, platforms like CDC may benefit from access to greater equipment inventory and lower pricing, particularly in countries like Australia and New Zealand, where geopolitical risk is comparatively low.

From day one, CDC has focussed on designing and building future-proof facilities that can accommodate evolving technological demands. Its strong in-house engineering capability and culture of innovation allows it to respond quickly to changing customer needs.

A clear example of this is the ability to provide liquid cooling across all CDC-designed and developed facilities. As AI workloads and next-generation GPUs generate increasing amounts of heat, traditional air-based systems are no longer sufficient or fit-for-purpose. CDC's track record of successfully deploying multiple liquid cooling solutions positions CDC as a preferred operator for high-density workloads.

Many global operators lack the appropriate design foundations and now face costly retrofits - or, increasingly, facility obsolescence. CDC avoids this risk, giving it a competitive advantage and a clear path to continued market share gains.

CDC's development pipeline continued to grow rapidly in FY2025, more than tripling from 536MW in 2024 to over 1,700MW. Individual data centres have been replaced by a campus-led approach, developing multiple data centres across each site, with the largest of these being Marsden Park, with a long-term capacity in excess of 700MW when fully built.

This scale can only be delivered with investment in people. The CDC Academy continues to train and upskill new and existing staff, supporting productivity and fostering a culture of operational excellence. Investment in advanced internal systems and processes continues into FY2026 and beyond,

providing operating leverage and sustaining high performance.

Environmental performance is embedded in CDC's business model. Its customers, including government, enterprise,

and hyperscale clients, increasingly demand world-leading sustainability credentials. CDC's sustainability report, released during the year, highlights key achievements and

commitments. The report highlights that CDC's design ensures that its facilities consume zero water for cooling, saving the equivalent of 2,000 Olympic-sized swimming pools annually. Its New South Wales operations have achieved zero waste certification, and CDC New Zealand remains the only large-scale data centre platform globally to be Toitū certified net carbon zero. These achievements go beyond regulatory compliance or sector leadership, they reduce costs, simplify operations, and enhance CDC's ability to win and retain

high-quality customers.

The combination of high-credit worthy clients, substantial long-term contracts, and high-quality data centres continues to be a globally attractive proposition to lenders and shareholders alike. To support CDC's continuing growth,

the company raised a total of A$2.4 billion in FY2025. A$900 million was in the form of equity from existing shareholders (including A$433.5 million from Infratil), demonstrating the continued strong conviction in the CDC value proposition. The remaining A$1.5 billion of debt funding was raised through debt capital markets, further diversifying credit exposure and demonstrating the global investment

appetite for CDC. This ability to access capital at a scale and on a regular basis is a key reason behind CDC's capacity to invest in its development pipeline and remain well positioned to meet the growing customer demand it is seeing.

As at 31 March 2025, Infratil's investment in CDC was valued at between A$6.1 billion and A$7.2 billion, up from A$3.8 billion to A$4.4 billion 12 months earlier. This valuation reflects the price implied by the transaction announced in February, whereby Infratil and the Future Fund exercised their preemptive rights to acquire 12.04% of the ordinary shares in

CDC from CSC, following CSC's external sale process, and implies a 100% equity value for CDC of A$13.7 billion.

Under the transaction agreement, Infratil agreed to acquire 1.58% of CDC for A$216 million, with the Future Fund acquiring the remainder (10.46%) of the 12.04% stake sold by CSC. Following completion of the transaction on 21 May, Infratil, the Future Fund, and CSC now own 49.75%, 34.55%, and 12.04% of CDC respectively, enhancing Infratil's governance rights and demonstrating its commitment to investing in "ideas that matter". We continue to be excited by the growth prospects of CDC, and this investment reinforces our strong conviction in both the business and the powerful tailwinds driving demand for digital infrastructure.

ONE NZ

% of the portfolio

20%

Valuation

$3.7 billion

IRR

21.5%

Initial investment

July 2019

One NZ serves over 2.3 million customers across the consumer, business, enterprise and government sectors, delivering prepay and postpay mobile, broadband, enterprise fibre, and ICT services. These customers are supported by a nationwide network of 57 retail stores and a dedicated sales and support team, all underpinned by an engaged, experienced and capable workforce.

The business benefits from strong organisational health foundations; critical elements of a high performing culture and sustained success, backed by a highly engaged workforce and leadership practices performing among the top quartile globally.

Despite the broader macroeconomic challenges facing

New Zealand and competitive industry dynamics, FY2025 was a year of solid performance for One NZ. The business remained resilient in the face of a slowing economy, high inflation, and continued discounting by competitors - demonstrating the benefits of early and proactive cost actions taken in FY2024.

One NZ continues to see growing demand for its services, with the telco industry globally experiencing sustained growth and data use continuing to increase with the introduction of new technologies such as AI.

Throughout the year, One NZ maintained a clear focus on product and business simplification, progressed its multi-year IT transformation programme, commenced its journey into AI enablement, enhanced national network infrastructure, and maintained disciplined cost control. One NZ has kept a disciplined strategic focus on the long-term benefit of offering customers greater value and differentiated services. This

has resulted in EBITDAF for the year of $604.8 million, up

$4.7 million from the prior year and ahead of the midpoint of guidance. The result reflects strong contributions from the Consumer Mobile and Wholesale segments, and the ongoing

benefits of a leaner operating model. These were partially offset by expected declines in legacy fixed services and parts of the Enterprise business. The Enterprise segment remains highly competitive, with aggressive pricing moves being seen from competitors.

One NZ achieved a 31% EBITDAF margin in FY2025, continuing a steady uplift over the last four years and is targeting mid-30s margins in the medium term. These results reflect the benefits of a more streamlined business, disciplined cost control, and continued focus on value-accretive growth.

Monthly mobile data usage grew by 12% year-on-year, driven by increasing adoption of streaming, gaming, and richer digital content across devices. To accommodate this rising demand, One NZ invested over $58 million in the construction and upgrade of 277 4G and 5G mobile sites, representing a focussed and cost-effective national rollout. As of March 2025, 5G now covers 62% of the population, and 4G coverage reaches 99%. The 3G network is targeted to be shutdown from December 2025, allowing spectrum to be repurposed for more efficient next generation of 5G offerings. As a result of this intelligent, data driven approach to network expansion, One NZ was awarded New Zealand's "Best in Test" mobile network 2024 by independent benchmarking organisation umlaut, part of Accenture, for the third year running.

Alongside ongoing investment in infrastructure, One NZ expanded its wholesale MVNO (mobile virtual network operator) platform. This has supported increased utilisation of the mobile network and added over 20,000 new mobile and fixed wireless access customers to the platform. This growth reflects the strength of One NZ's core infrastructure offering and its strategic importance to third-party operators.

A major development in the year was the successful launch of EonFibre, a new independent B2B fibre business. With over 11,000km of national fibre infrastructure - including core backbone routes, metro rings, subsea links and last-mile access - EonFibre is one of the largest fibre providers in

New Zealand. EonFibre enables connectivity to all major mobile towers and data centres, significantly improving asset utilisation while creating a strong challenger in the fibre infrastructure market. This new business is expected to unlock long-term third-party revenue growth and monetisation opportunities across the broader One NZ platform.

One NZ also saw further growth in average revenue per user (ARPU). Monthly total postpay mobile ARPU increased from

$38.84 in FY2024 to $40.49 in FY2025, with customer connections remaining stable. The ARPU uplift generated

$34 million of additional revenue for the year. Growth was driven by a mix of factors including a shift to higher-value plans, the rationalisation of legacy product offerings, improved customer service, and the implementation of annual pricing adjustments. These changes reflect One NZ's strategy to generate sustainable returns on its ongoing network and service investments by running the business more efficiently and monetising demand via pricing strategies. One NZ will look to move to more regular price reviews, especially in mobile.

In April 2024, One NZ introduced its loyalty programme, One Wallet. Over FY2025 One Wallet has proven to be a successful key differentiator helping to underpin margin

improvement and churn reduction, allowing One NZ customers to build a balance towards their next phone purchase. This launched with 220,000 customers with a One Wallet balance and is now helping 540,000 customers to make their next upgrade more affordable.

A second significant innovation milestone during the year was the global-first nationwide launch of One NZ's Satellite TXT service, delivered in partnership with SpaceX. Rolled out in December 2024, the service enables direct-to-mobile text messaging via satellite on eligible devices, providing connectivity in areas with no mobile coverage. It also offers an additional layer of safety and resiliency when disaster strikes, and traditional telecommunication infrastructure fails. Already available to over 380,000 customers with over one million messages sent, the service is expected to expand including for limited data capabilities. The partnership with SpaceX gives One NZ an advantage in delivering satellite-to-mobile connectivity, positioning the business as a leader in network resilience and innovation.

The technology proved its value almost immediately. During Cyclone Tam in April 2025, severe weather and widespread power outages disrupted mobile coverage across parts of New Zealand's North Island. With some cell towers offline, the Satellite TXT service enabled affected users to stay connected by sending and receiving messages via satellite. One NZ was able to open the satellite service to all eligible customers located in the affected areas, with the response

highlighting the critical role this capability can play in supporting New Zealanders during natural disasters and infrastructure failures.

In fixed broadband, One NZ continued to face intense competition, driven by a fragmented market and ongoing wholesale input price increases. The company remains focussed on mitigating margin pressure through targeted price increases and leveraging its bundled mobile and broadband offerings to deliver customer value and retention.

Within the Enterprise segment, the business continues to face headwinds from macroeconomic conditions and intense competition including aggressive discounting, particularly in

traditional managed services. While there are some early signs of paused projects being reconsidered in the corporate sector, public sector spending on new initiatives remains limited.

In response, One NZ has prioritised targeted technology investments and innovation-led solutions, including satellite-to-mobile and dedicated fibre services.

Ongoing cost discipline has supported operating leverage across the business. Operating expenses declined year-on-year, benefiting from the early execution of cost-out programmes and simplification initiatives. These savings were partially reinvested in customer experience enhancements (One Wallet and SpaceX) and the company's IT transformation programme.

The IT Simplification programme remains One NZ's most significant strategic initiative. The programme is focussed on decommissioning legacy systems and migrating to a new, modular technology stack that will enable faster product delivery, greater automation, and long-term cost efficiencies. Phase 1 was successfully completed in FY2025, with the new Salesforce CRM and Service Order Manager deployed and all prepay customers will be transitioned early in FY2026. The further focus of FY2026 will be ongoing enablement of the Salesforce CRM and Service Order Manager and commencing the migration of postpay customers. The rationalisation of products and legacy plans during the year was and continues to be a key enabler of this progress and reflects the long-term strategic nature of the programme.

Another area of transformation is AI enablement. In FY2025, One NZ began working with Salesforce to deploy AI agents. This partnership supports rapid prototyping and deployment of AI-powered customer service technologies, expected to enhance productivity, reduce costs, and improve employee and customer experiences. AI technology will increasingly be embedded across core operations, from call centre routing to digital assistants and customer self-service tools.

Overall, enhancing customer service remains a key focus for One NZ, with 100% of its voice business call centres now based in New Zealand, focusing on reducing call wait times and transfers while aiming to resolve customer issues on the first interaction.

Through technology and training improvements, service metrics are now at their best level in years, with service interactions reduced by one million over the past three years. Generative AI capabilities in contact centre operations have led to a 10% increase in customer satisfaction and trust.

To demonstrate its increasing confidence in its service and technology improvement, One NZ publishes daily customer service metrics to its website.

One NZ continues to drive towards the goals set in its 2023 sustainability framework, which has three areas of focus -environmental, social and governance. In FY2025 the business met the significant milestone of purchasing 100% renewable energy for its directly purchased electricity contracts. This helped it achieve a 64% reduction in its GHG footprint including emissions for Scopes 1 and 2, and limited Scope 3 categories vs FY2024. One NZ blocked approximately 10 million customer attempts to access scam or malicious links and blocked

three million scam voice calls. More than 7.2 million items relating to Child Sexual Exploitation and Abuse material (CSAM) were blocked at the network level. One NZ continued its long tradition of giving back with an annual donation of

$2 million to Te Rourou, One Aotearoa Foundation, which focuses on systems change to address root causes of complex challenges affecting rangatahi (youth) and their communities. Grants were made to 61 organisations or individuals aimed at supporting young people.

KAO DATA

% of the portfolio

4%

Valuation

$702 million

IRR

18.4%

Initial investment

August 2021

Kao Data continues to grow as a provider of high-performance data centre capacity for AI, cloud and enterprise workloads. Against a backdrop of global economic uncertainty and more deliberate customer leasing activity, Kao's ability to offer near-term availability in a constrained London market has remained a key differentiator.

Customer momentum continued during the year. In March 2025, AI cloud provider Ori selected Kao's Harlow campus for its first UK-based cloud region, including the first deployment of NVIDIA's new H200 GPUs in the UK. Soon after, UK hosting provider 20i also colocated its cloud infrastructure at Harlow, citing Kao's operational excellence and sustainability credentials and Arm increased its capacity at the campus with an additional 2.2MW deployment.

In 2024 Kao continued the phased build out of the new

KLON-02 data centre at its Harlow campus, which adds 8.8MW capacity engineered for high-density AI infrastructure. All completed phases of KLON-02 have been sold to customers with strong pipeline for the remaining phases completing in 2025.

While macro-economic caution has contributed to a slower leasing environment globally, long-term market fundamentals remain strong while supply continues to be constrained.

London's data centre vacancy rate has fallen to 8.8% in Q4 2024. In this environment Kao's available capacity continues to attract interest, particularly from AI, cloud and GPUaaS providers seeking speed-to-market.

The continued adoption of AI creates significant opportunities for Kao with a long-standing track record in AI and High-Performance Computing hosting some of the UK's most advanced and demanding high-performance computing infrastructure. The UK Government's AI Opportunities Action Plan - including proposed AI Growth Zones with Harlow and

Greater Manchester included in several proposals - is expected to further support AI infrastructure investment.

To ensure it can address demand, Kao has commenced development of KLON-03, a 17.6MW facility at Harlow designed for hybrid cooling and high-density AI workloads. KLON-03 is designed to accommodate next-generation, direct-to-chip liquid-cooled compute, with rack densities of up to 130kW.

Beyond Harlow, Kao has broken ground on a new £400 million facility in Stockport, Greater Manchester - the full build-out of which will still require shareholder approval. The 32MW site will be the largest and most sustainable data centre in northern England and reflects the latest design to meet the needs of the most demanding AI and GPUaaS customers. Like the rest of the industry, the facility has been designated as Critical National Infrastructure (CNI) following the UK Government's policy shift in September 2024, which acknowledged the sector's increasing importance in areas such as AI, healthcare, and national security.

Despite broader market volatility, long-term fundamentals remain positive. London's vacancy rate has declined for five consecutive years, and increasing cloud and AI adoption will continue to drive demand. Kao's design standards, which already support NVIDIA DGX-Ready certification and liquid-to-liquid cooling, are well aligned with these needs. In addition, with utility power constrained across Slough and West London until 2030, we are seeing large-scale cloud compute move towards a likely new availability zone to the east of London.

Across its portfolio, Kao now has over 125MW of operational, under development or planned capacity, reflecting expansion at Harlow and Manchester. With longer-term plans that could grow Harlow to over 100MW, and an emerging pipeline in Manchester, Kao is positioning itself for continued long-term growth. Kao Data is also pursuing strategic opportunities to support the UK Government's "AI Opportunities Action Plan" which includes the creation of five AI Growth Zones across the country. Kao Data is involved in four submissions of interest, which could result in either growth to Harlow or Manchester sites, and/or additional compute infrastructure in two new areas.

CDC's Eastern Creek Campus, Sydney, Australia Kao Data's Harlow Campus, located between London and Cambridge, United Kingdom

CDC's Hume Campus, Canberra, Australia

RENEWABLES

CONVICTION IN CLEAN ENERGY

Demand for electricity is growing - and renewables are poised to play a central role in meeting this demand sustainably. Even as global trade tensions, tariff shifts, and policy uncertainty create near-term noise, the long-term trajectory for the sector remains unchanged.

Infratil's renewables strategy is grounded in long-term conviction: that decarbonisation, electrification, and energy security will drive investment for decades. We back platforms that are building and operating the infrastructure needed to power this transition. Across geographies and technologies, our focus remains on disciplined growth, quality execution, and the creation of long-term value in an evolving energy landscape.

LONGROAD ENERGY

% of the portfolio

12%

Valuation

$2.1 billion

IRR

55.2%

Initial investment

October 2016

This has been a milestone year for Longroad Energy as the business carried out the largest construction programme in its history. 1.3GW of projects reached commercial operations during the period, with another 0.4GW completed in early FY2026.

Together, these projects represent meaningful progress towards Longroad's ambition to own a large operating portfolio of assets. Once fully operational, these 1.8GW of projects

are expected to contribute approximately US$130 million of annualised EBITDAF, the majority of which will be seen from FY2026 onwards.

Longroad has a further 0.6GW currently under construction, including the Thousand Mile (400MW) and Sun Pond (196MW) solar projects.

During the year, Longroad signed revenue arrangements for

1.4GW of new projects, the most significant of these was the Thousand Mile project, a 400MWdc (300MWac) solar project in Yoakum County, Texas, which reached financial close and commenced construction during the year. It is Longroad's largest solar-only project to date and its first within the Southwest Power Pool ("SPP") footprint. The project is underpinned by a 20-year PPA with Meta, extending a

long-standing partnership that now covers more than 1.3GW of projects. The remaining 1.0GW relates to projects that are expected to close over FY2026 and FY2027, with a further 0.5GW in advanced negotiations.

Longroad also achieved financial close and began construction on Sun Pond during the year, a 111MWdc (85MWac) solar and 85MWac (340MWh) storage project, and the fourth development within Longroad's flagship Sun Streams Complex. The Sun Streams Complex reflects Longroad's deep partnerships with local customers, utilities, communities, and suppliers. It represents over US$2 billion of investment in the

past four years and only uses First Solar's American-manufactured photovoltaic technology.

The U.S. political and policy landscape has shifted following the 2024 election and resulting Republican "clean sweep" (the Presidency, the House, and the Senate). At the time of writing, tariffs represent the most immediate risk, especially for battery projects, raising costs and creating uncertainty around procurement timelines. While the fundamentals for solar projects remain robust, Longroad anticipates under current conditions, some risk of achieving its 1.5GW annual development target. The company maintains high confidence in progressing approximately 0.9GW of solar-only projects to close this year but sees heightened uncertainty for battery-integrated projects.

Uncertainty also surrounds the future of the Inflation Reduction Act (IRA), which we expect to receive more clarity over the next few months. A wholesale repeal remains unlikely given bipartisan support for domestic manufacturing and job creation incentives. However, targeted amendments - particularly around domestic content rules and the earlier roll off of tax credits - are a realistic possibility. Notably, many Republican states and districts have disproportionately benefited from the IRA, and there is no historic precedent for retroactive repeal of tax credits in the U.S.

To manage these risks, Longroad has proactively "safe-harboured" projects through 2027 under current tax rules. This strategic move locks in tax treatment for eligible projects, enabling continuity in development while broader legislative and regulatory settings evolve.

While the market backdrop remains challenging - marked by inflationary pressures, high interest rates, supply chain tightness, and political and regulatory uncertainty - the long-term structural tailwinds for U.S. renewables are compelling. The U.S. is experiencing an unprecedented industrial increase in electricity demand, driven by AI,

electrification and reshoring. These shifts are being met with greater pricing elasticity in the PPA market, longer-dated contracts, and heightened prioritisation by offtakers for speed-to-power, security of supply, and trusted developer relationships.

In this environment, scale and experience matter more than ever. Longroad's strategy to become a scaled owner-operator continues to prove out. This strategy enhances Longroad's ability to navigate complexity, optimise capital allocation, and unlock value across its platform. The benefits of scale include:

• Strategic flexibility to hold, sell, or acquire assets based on market conditions;

• Purchasing power to secure critical components such as solar panels, battery cells, and transformers at competitive pricing and timelines;

• Optionality in the U.S. interconnection queue, maintaining multiple queue positions across diverse geographies to mitigate binary project risk;

• Strengthened offtake relationships with hyperscalers and large utilities seeking reliable, repeat developers; and

• Improved access to finance, enabling Longroad to raise capital on more attractive terms than many of its peers.

  With these capabilities, Longroad is well positioned to continue executing on its growth strategy. The company also sees potential for transformative M&A in what is currently a buyer-friendly environment, further accelerating its ambitions. The current market conditions are reinforcing the value of quality platforms with operational scale, disciplined execution, and experienced teams - attributes Longroad has consistently demonstrated.

  Longroad remains well-funded, with over US$1.7 billion of its US$2 billion annual capex target expected to be covered by project-level debt (including tax equity). It continues to access the U.S. tax equity market - where third-party investors exchange upfront capital for tax benefits such as credits and depreciation - and has observed liquidity in that market despite recent volatility.

  Importantly, Longroad's projects are generating strong returns at, or above investment case. Across 2024 projects, the net present value (NPV) per MW has doubled relative to 2022 levels. This has enabled Longroad to exceed its internal value creation targets, even in a year when the company fell short of its 1.5GW target. This performance underscores the business's discipline in prioritising value over volume and its ability to extract strong outcomes in a difficult environment.

  As global markets face economic, regulatory, and geopolitical uncertainty, Longroad's scale, platform depth, and operational cash flows are creating competitive advantages. Smaller, less well capitalised developers are increasingly finding it more challenging to compete - facing rising barriers to entry, volatile input pricing, and project execution challenges. In contrast, Longroad is executing from a position of strength.

  While the timing of some policy and procurement decisions may affect near-term volumes, we continue to see strong fundamentals underpinning Longroad's long-term value proposition. The demand for clean, reliable energy is intensifying, and the backlog of interconnection and permitting challenges is creating scarcity in development-ready projects

  - particularly those led by experienced counterparties.

  As a result, Longroad is positioned to capture its share of future growth in U.S. renewables. Its development pipeline now spans approximately 30GW across more than 20 states, with optionality across solar, wind, and storage.

  GURĪN ENERGY

  % of the portfolio

  3%

  Valuation

  $493 million

  IRR

  87.9%

  Initial investment

  July 2021

  GALILEO GREEN ENERGY

  % of the portfolio

  2%

  Valuation

  $326 million

  IRR

  41.2%

  Initial investment

  February 2020

  
  
  

  Gurīn Energy is operating in a complex macroeconomic environment across its core markets of Southeast Asia, Japan, and South Korea, shaped by both global and regional developments.

  New U.S. tariff measures, a sluggish Chinese economic outlook, and political unrest in South Korea have contributed to currency volatility and could lead to higher interest rates and inflationary pressures.

  Despite these headwinds, electricity demand continues to grow, underpinned by economic momentum and structural tailwinds such as accelerating digitalisation. Southeast Asia's digital economy alone is expected to reach US$1 trillion by 2030, positioning key cities as global data centre hubs and further fueling demand for green electricity.

  The energy transition remains a central priority across Gurīn's markets, with governments continuing to prioritise grid modernisation and renewable energy development as key components of their economic, climate, and energy security strategies.

  While demand for renewable energy remains strong, market conditions vary significantly across Gurīn's geographies. In Singapore, alongside support for regional power import projects, the government raised its carbon tax five-fold to S$25/tCO₂ in 2024, with a pathway to S$50-80/tCO₂ by 2030.

  Other Southeast Asian nations - including the Philippines, Malaysia, and Thailand - are gradually expanding renewable energy capacity through market reforms, although permitting delays and transmission constraints continue to limit progress.

  In South Korea and Japan, authorities are pursuing multi-pronged strategies to address severe grid congestion. These include temporarily limiting new renewable connections, accelerating the development of transmission and substation infrastructure, and, in Japan, implementing reforms to better integrate stationary storage solutions, such as batteries, into the grid.

  Today, Gurīn has over 6.3GW of renewable energy projects under development across six countries, supported by a team of 92. A key milestone this year was the completion of its first operational project: the 75MW Zambales ground-mounted solar plant in the Philippines, which began commercial operations in February 2025. The project is fully owned by Gurīn, with power being sold under a 20-year Power Purchase Agreement (PPA).

  Building on this progress, Gurīn is advancing two additional solar developments in the Philippines. A 39MW project is nearing construction commencement, with debt financing secured and preparatory works underway as of March 2025. The project is targeting commercial operations in the first half of 2026. Gurīn is also developing a 70MW early-stage project, with land secured and a final investment decision expected in late 2026.

  The business continues to progress Project Vanda, a

  US$2-3 billion total investment initiative to deliver 300MW of non-intermittent renewable energy to Singapore. The project, based in Indonesia, will require 2,200MW of solar generation capacity and 1,200MW of battery storage. Key updates include receipt of a conditional licence from Singapore's Energy Market Authority in September 2024 and completion of approximately 70% of the land acquisition.

  Ongoing development workstreams are progressing across key areas, including environmental and marine studies, EPC design and costing, financing preparation, and continued engagement with the Indonesian government on export licensing.

  Subject to shareholder approval, Gurīn is targeting a final investment decision in December 2025 and financial close in the first half of 2026, likely to require equity in the order of US$500 million. This remains subject to government approvals and completion of permitting, construction contracting, offtake arrangements, and financing.

  In Japan, Gurīn continues to advance its 500MW battery storage pipeline, with land and grid connections secured for its first site, a 240MW project in Fukushima Prefecture. EPC and offtake discussions are underway. Reflecting its commitment to the Japanese market, Gurīn established a local office in July 2024 and has grown its team to seven.

  The business is also progressing early-stage opportunities across Thailand, the Philippines, and South Korea, with due diligence underway on multiple sites and portfolios representing over 1.3GW of potential capacity.

  Galileo's expansion reflects the growing scale and maturity of the platform and supports its ambition to be one of Europe's leading independent renewable energy developers.

  Over the same period, Galileo's development pipeline increased by 3.5GW, reaching 16.1GW across 10 European markets. The portfolio is balanced across four core technologies: onshore wind (36%), solar PV (27%), battery energy storage systems (26%), and offshore wind (11%).

  This technological mix reflects Galileo's strategic focus on addressing different grid needs and customer demands and supports the growing trend towards hybrid energy systems.

  Galileo continues to build out a high-quality team, with headcount increasing over the last 12 months, bringing the total core team to over 75 employees as at March 2025.

  This includes expanding and strengthening its in-house development capabilities, with the hiring of more than

  10 people into the business development team - primarily in Italy, Spain and France - during the year, looking to leverage proprietary knowledge and expertise in local markets.

  Through its technologically balanced and geographically diversified pipeline, Galileo is well positioned across attractive markets and able to take advantage of rising customer demand for renewable energy and policy support at the European level. Galileo may also benefit from knock-on effects relating to increased energy sovereignty and supply chain opportunities, triggered by recent announcements regarding tariffs that the US foresees imposing on a wide range of global trading partners.

  European appetite for renewables remains strong in the medium to long term, despite a slowdown in declared energy transition ambitions in the US. Increasing power generation needs - driven by energy-intensive industries, including rising demand from data centres and the defence sector - and reformulated but continued net zero support in Europe, will ensure continued demand for renewables across the continent.

  The potential negative impact of tariffs and escalating trade tensions is likely to be minimal in the short to medium term, as Galileo is currently not directly exposed to major supply chain issues. Given that equipment from suppliers of renewable technologies in Asia may increasingly be shipped to Europe, the medium-term outlook on procurement opportunities is rather positive.

  Galileo continues to demonstrate the value of its pipeline through the sale of single assets and batch asset sales, while the key driver of future value remains the progression of projects in the development pipeline, combined with the assembly of market-leading competencies in developing and executing projects at platform level.

  In FY2025, Galileo delivered several notable value realisations:

• The sale of its equity stake in Enviria, the leading rooftop solar developer and operator in the German industrial and commercial market, to BlackRock.

• The sale of several smaller Italian solar PV projects to GreenIT.

• The signing of an agreement to sell a 40MW BESS project in the UK to Trina Solar.

• Advanced negotiations for the sale of a 100MW BESS project in Italy, with closing expected in early FY2026.

Alongside these sales, Galileo has continued to invest strategically in new markets and teams to further enhance its pipeline. During the year, Galileo increased its ownership in Pagra from 35% to 100%. Pagra provides rooftop solar solutions to I&C customers in Poland, a market with growing demand for behind-the-meter renewable energy. The transaction also deepens Galileo's operational footprint in Central Europe.

In France, Galileo acquired 100% of Quénéa, a utility-scale renewables developer focussed on onshore wind and solar PV. The business was rebranded as Galileo Energies Nouvelles and is now fully integrated into the platform, with a strengthened team and a robust pipeline of local projects. This acquisition provides Galileo with a stronger presence in one of Europe's largest energy markets and a firm foundation for future growth.

With a robust pipeline, strengthened local capability, and growing track record of value realisation, Galileo is well placed to deliver long-term growth across a rapidly evolving European energy landscape. The business expects to commence construction of its first project next year.

MANAWA ENERGY

% of the portfolio

4%

Valuation

$789 million

IRR

17.3%

Initial investment

April 1994

Infratil's journey with Manawa Energy, formerly Trustpower, spans the full 31-year arc of our existence. It was Infratil's first investment at the time of our initial public offering in 1994, and over three decades has been a cornerstone in both our financial performance and evolution as an infrastructure investor.

From supporting the original listing and subsequent growth of Trustpower, through the creation and demerger of Tilt Renewables, to its transformation into a focussed generation

platform under the Manawa Energy brand, this investment has delivered significant value for Infratil shareholders.

In September 2024, Infratil announced its support for the next chapter in this legacy: Contact Energy's proposed acquisition of 100% of Manawa via a Scheme of Arrangement ("the Scheme"). Under the terms of the transaction, Manawa shareholders are to receive cash consideration of $1.12 and 0.5830 Contact shares per Manawa share - implying a total value of $6.37 per share based on the five day VWAP of Contact's shares up to and including 30 April 2025. These numbers reflect dividends paid by the two entities since the announcement. For Infratil, the transaction is expected to generate approximately $180 million in cash proceeds and result in a 9.5% shareholding in Contact.

This transaction is a continuation, not a conclusion of Infratil's longstanding involvement in New Zealand's energy transition. It brings together two highly complementary generation portfolios. Manawa's hydro assets, with their winter-weighted generation profile, are a natural fit alongside Contact's broader base of hydro and geothermal capacity. Together, the combined business will be better positioned to provide

fixed-price electricity to the market, manage dry-year risk, and accelerate the delivery of over 10TWh of development options.

FY2025 was an exceptionally challenging year for Manawa Energy, shaped by unprecedented market conditions and sustained periods of low hydro inflows. Total production volumes were 281GWh (15%) lower than the prior year, driven by two prolonged periods of very low hydro inflows, while wind offtake volumes were also 60GWh below expectations.

Including planned outages and adjustments in storage and purchased volumes, total production was 384GWh (20%) below long-run averages. These conditions highlight the inherent variability of renewable generation and the importance of a more balanced generation mix.

This strategic alignment, alongside the transaction's fair value, underpinned our decision to commit our 51% stake in favour of the Scheme. It reflects our confidence in the quality of the Contact team and the opportunity they have to take the combined business forward. We are also pleased that Deion Campbell, Manawa's Chair, will join the Contact Board at completion, supporting continuity and integration.

Pending shareholder and High Court approvals, the transaction is expected to complete on 11 July 2025, following the recent receipt of Commerce Commission clearance. Once implemented, the combination will unlock further optionality within Infratil's portfolio. The upfront cash proceeds, together with a new investment in one of New Zealand's most important renewable developers, will provide additional flexibility to deploy capital into new growth opportunities while preserving exposure to a high-quality, high-yielding utility.

Over more than three decades, Infratil has supported a series of significant milestones in Manawa's evolution - acquiring and integrating hydro schemes, investing in wind generation, and facilitating the creation of Tilt Renewables, which became one of Australasia's leading renewable energy developers. This long-standing involvement has shaped both Manawa and Infratil, deepening our understanding of the energy sector and the role infrastructure investors can play in enabling the energy transition.

As global energy systems transform, and New Zealand advances toward a net zero future, we are proud of our legacy with Manawa and look forward to continuing that journey through our ongoing stake in Contact.

Gurīn Energy's Palauig Solar Power Plant, Zambales Province, Philippines

Longroad Energy's Sun Stream Complex, Arizona, United States

Manawa Energy's Cobb River Hydro-electric Power Station, New Zealand

HEALTHCARE

SUPPORTING SYSTEMS UNDER STRAIN

Healthcare is a sector under pressure. Workforce shortages, rising demand, and evolving care models are creating near-term complexity - but the fundamentals remain unchanged. The need for timely diagnoses, accessible services, and trusted care continues to grow.

Infratil's healthcare businesses are focussed on delivering essential services and supporting high-quality care. We back teams with strong clinical cultures, scalable models, and long-term ambition.

By investing in services that matter most to communities, we are supporting platforms built for long-term relevance, resilience, and impact.

RHCNZ MEDICAL IMAGING

% of the portfolio

4%

Valuation

$689 million

IRR

15.5%

Initial investment

May 2021

RHCNZ has demonstrated its resilience and strategic positioning over FY2025, delivering a strong financial result in the face of a number of operating headwinds. Revenue increased by 8.5% to $369 million and EBITDAF rose 9.2% to $126 million, reflecting both disciplined execution and the inherent strength of the platform.

Throughout the year, the business navigated funding pressures, workforce constraints, and wider health sector disruption. Encouragingly, RHCNZ is having constructive discussions with all three of its major funders - ACC, Health New Zealand Te Whatu Ora, and Southern Cross

Healthcare. These engagements recognise RHCNZ's unique role as New Zealand's only truly national diagnostic imaging provider of scale, with 72 clinics and comprehensive modality coverage across the country.

As the sector continues to evolve, RHCNZ is well placed to become a national partner to the public health system. Scale, reach, and operational expertise position the platform to contribute meaningfully to alleviating diagnostic bottlenecks and advancing equitable health outcomes, particularly through expanded teleradiology services and partnerships that support greater regional access.

Following a sustained period of investing for growth, RHCNZ is now well-placed for the income generation that follows. While organic and strategic growth opportunities remain, near-term focus is on optimising existing capacity, improving clinical efficiency, and unlocking platform leverage.

Teleradiology represents a significant area of opportunity, enabling more flexible resource utilisation and helping address sector-wide workforce challenges. With system-level benefits, including faster diagnostic throughput and reduced geographic disparities, RHCNZ's scale and technology backbone provide a strong foundation for national leadership in this space.

Importantly, RHCNZ remains focussed on ensuring that these gains translate into improved patient experiences. The Group's strategic objective is to be the first choice for both referrers and patients, a goal that informs everything from clinic design and network coverage to digital interfaces and staff experience.

Over the past year, RHCNZ continued to expand its geographic presence, opening or progressing several flagship sites. These facilities represent a step-change in scale and capability, setting new standards for diagnostic imaging in New Zealand.

The new Seventeenth Avenue clinic in Tauranga opened in February and is now the country's largest comprehensive radiology site. Spanning more than 3,000 square metres, it offers a full suite of modalities including PET-CT, MRI, CT, ultrasound, x-ray, fluoroscopy, and mammography, from a single, purpose-built location. This is the first Bay Radiology

clinic to house a PET-CT scanner, and in just a few months over 100 patients have already benefited from improved diagnostic access and care pathways.

Elsewhere, major builds are progressing in Auckland and Dunedin Central. These clinics will further consolidate RHCNZ's presence in key urban catchments, supporting both public and private demand.

In the Waikato, the opening of the Te Kōhao Health Wellness and Diagnostic Centre in April 2024 marked a landmark moment for equity in access. This unique partnership between Pacific Radiology and Te Kōhao Health, supported by Health New Zealand Te Whatu Ora, is designed to reduce health inequalities for Māori in the Waikato by providing a new model of care that minimises barriers to access and provides timely, essential health services in an appropriate, whānau led environment. The joint venture, formalised in 2025, represents a model of collaborative healthcare with long-term potential for replication.

Delivering high-quality imaging outcomes requires attracting and retaining the best talent. RHCNZ's scale creates differentiated value for doctors and clinical staff - through peer networks, career pathways, and access to leading-edge tools and technologies.

During the year, the Group achieved a significant milestone of consolidating seven practice management systems into a single system which provides the basis for improved patient

experience and a common platform to enable ongoing system and process alignment across the Group. Major progress has been made implementing a new system to improve the radiologists' experience and enable radiologist work to be shared nationally and allocated to the appropriate sub-specialist. Further progress has been made rolling out AI enhancements to improve machine performance and support diagnostic quality and efficiency. These investments further strengthen the patient experience and service to our referrers as well as offering significant efficiency improvements for the Group.

We also continued to evolve our doctor partnership model. Infratil is working closely with RHCNZ's Doctor shareholders to refine the equity structure in a way that aligns interests and unlocks long-term value across the business.

This year marks the retirement of CEO Terry McLaughlin, who has led RHCNZ through a period of expansion and

transformation. Terry was instrumental in the business's initial investment by Infratil and in building RHCNZ into the national leader it is today. He leaves the business in a strong position, with momentum and a clear strategy.

We are pleased to welcome Steven Carden as incoming CEO from 15 June 2025. Steven brings a track record of leadership and innovation across diverse sectors, and is passionate about improving healthcare outcomes through

access, excellence, and system collaboration. We look forward to Steven building on the strong platform that Terry and the team have created.

As New Zealand's healthcare landscape continues to evolve, RHCNZ is positioned to be part of the solution. Whether addressing workforce shortages, reducing wait times, or enhancing service integration, diagnostic imaging remains a crucial enabler of system-wide improvement.

RHCNZ's focus remains on long-term value creation through delivering better healthcare access and outcomes for all New Zealanders. With its strong national footprint, clinical excellence, and culture of innovation, the platform aligns closely with Infratil's broader investment thematics.

QSCAN GROUP

% of the portfolio

2%

Valuation

$455 million

IRR

10.9%

Initial investment

December 2020

RETIREAUSTRALIA

% of the portfolio

2%

Valuation

$404 million

IRR

2.2%

Initial investment

December 2014

FY2025 was a significant year for Qscan, marking strong operational and strategic progress across the business. With a network of 74 clinics and a growing number of hospital reporting contracts, Qscan remains a market leader in Australian diagnostic imaging - particularly in complex modalities such as CT, MRI and PET.

A standout achievement for the year was the increase in Qscan's radiologist workforce, from 135 to 164. Radiologists remain the core of the business, and in an environment where talent is scarce, Qscan's reputation for clinical excellence and sub-specialty depth continues to attract and retain high-performing professionals. This growth reflects Qscan's ongoing investment in clinical capability, supported by cutting-edge technology, modern imaging equipment, and strong operational support teams.

The business delivered earnings growth of 14% in FY2025, underpinned by productivity improvements, technological innovation, network optimisation and further investment in teleradiology. These outcomes place Qscan in a strong position as it enters FY2026 with momentum and clarity around strategic focus.

Australia's diagnostic imaging sector continues to demonstrate attractive fundamentals. The demographic and healthcare trends that supported our initial investment remain intact,

and recent government policy settings - including Medicare indexation of 3.5% from July 2024, with a further 2.4% confirmed for July 2025 - are reinforcing the long-term outlook. The industry has also seen heightened M&A and investor activity, highlighting strong external confidence in the sector's growth and defensive profile.

Margin improvement was a key focus in FY2025, with yield expansion and productivity improvements contributing to a 150-basis point uplift in EBITDA margins. Stable exam volumes

achieved even in the setting of a deliberate pivot towards a pricing strategy and the continued increase in the proportion of higher complexity, higher-value scans performed. Qscan's increasing share of these high-value segments is a positive signal for its positioning in a healthcare landscape where precision analytics and early diagnosis matter more than ever

- 33% of all scans in FY2025 were delivered using complex modalities, up from 31% in FY2024.

Technology continues to be a key enabler of productivity and differentiation. Benefits from AI are now being seen. The business has now completed the rollout of its AI-enabled radiologist reporting platform across all sites, and integrated Deep Learning across select scanners in its MRI fleet, delivering measurable efficiency gains. Platform enhancements will continue through FY2026 to improve the experience for doctors, patients, referrers, and staff alike, with a particular focus on simplifying workflows and improving engagement

for key stakeholders.

Teleradiology was a growing area of investment in FY2025, with Qscan establishing a standalone business unit, recruiting additional doctors, expanding its hospital reporting footprint, and launching a successful pilot reporting hub in Europe.

The pilot validated the ability to seamlessly extend Qscan's reporting platform offshore - opening up future flexibility and reinforcing Qscan's credentials in digitally enabled healthcare.

Qscan maintains a disciplined approach to growth and capital allocation. The business delivered one greenfield and two brownfield developments in FY2025, progressed diligence on a number of smaller acquisitions, and exited three clinics that no longer aligned with network strategy. This proactive portfolio management reflects Qscan's commitment to building a resilient, scalable platform through sustainable, targeted expansion in core regions.

In January 2025, Qscan successfully refinanced its debt facilities. The refinancing was oversubscribed and secured on attractive terms, providing additional capacity to support future growth and distribution flexibility. The improved capital structure has also enabled meaningful distribution to shareholders - an important milestone that reflects both the

operating momentum and thoughtful capital management of the business.

RetireAustralia continues to execute against its long-term strategy to deliver independent retirement living with integrated care.

FY2025 performance reflects both the resilience of its existing portfolio and the evolving nature of development timing in a challenging market environment. High occupancy and strong waitlists continue to provide a solid platform for future growth.

RetireAustralia recorded 374 resale settlements during FY2025, down from 408 in the prior year, primarily due to limited stock availability. This reduction was partially offset by higher average resale values of A$205,000 per unit, up from A$191,000. First settlements from new developments totalled 56 units, generating A$57 million in proceeds. While the number of development settlements was lower than the previous year, the average price per unit exceeded A$1 million, reflecting the quality of product and locations being delivered.

Despite this phasing, demand indicators remain positive. Overall occupancy remains high at 96.2%, with waitlists in place across 26 of 29 villages. RetireAustralia continues to manage vacancies and pricing actively to support cash flow and protect asset performance. On a peer-comparable basis, portfolio occupancy reinforces the underlying strength and resilience

of the operating model and the quality of RetireAustralia's product.

Importantly, resident satisfaction remains extremely positive with 87% of residents and 88% of home care customers satisfied/very satisfied with village life and RetireAustralia home care services respectively. Employee satisfaction also continued to be positive with 87% of employees satisfied/very satisfied with working at RetireAustralia.

RetireAustralia remains focussed on expanding its offering for older Australians through the delivery of quality age-friendly homes with integrated care and support. A key milestone during the year was the completion of the third and final stage of The Verge on the Gold Coast - RetireAustralia's flagship new development - comprising 168 independent living apartments and its first Care Hub. The 10-suite, nurse-led facility which provides a homelike alternative to traditional aged care is functionally full, reflecting the growing preference for more personalised, community-based care.

Earlier in the year, RetireAustralia completed a comprehensive review of its development pipeline in light of evolving market conditions. Management remains confident in its ability to selectively progress projects where local demand, pricing, and cost dynamics support attractive outcomes. The successful refinancing of the business's development facility - raising total capacity to A$700 million - demonstrates strong lender support and reflects the disciplined approach to growth.

The pipeline currently comprises more than 750 units at various stages of planning and development, including 187 units under construction across three projects: expansions at Tarragal Glen on the New South Wales Central Coast and Carlyle Gardens on the Queensland Central Coast, as well as the new Arcadia Retirement Living community in Brisbane. Construction at Arcadia is now well underway, with earthworks nearing completion and two tower cranes installed. The project will deliver 159 premium independent living apartments and an integrated Care Hub as part of a Queensland government-led urban renewal precinct. Arcadia marks the next step in RetireAustralia's strategy to deliver future-ready, care-enabled communities in well-located, high-demand catchments.

Looking ahead, while FY2026 is expected to remain stock-constrained, the medium-term outlook is positive.

RetireAustralia's long-term strategy remains centered on delivering sustainable, independent living with integrated care for older Australians - underpinned by strong demand fundamentals, disciplined capital management, and a deep understanding of resident needs.

AIRPORTS

CONFIDENCE IN CONNECTIVITY

Airports are long-term infrastructure assets - capital-intensive, operationally complex, and essential to regional connectivity. Wellington Airport continues to navigate a changing aviation landscape with resilience and purpose.

Passenger patterns are evolving, capacity remains constrained, and economic headwinds persist. Yet demand for high-quality travel infrastructure remains. Wellington Airport is responding with disciplined investment, focussed on terminal upgrades, safety systems, and long-term resilience.

More than a transport hub, Wellington Airport is part of the region's social and economic fabric - enabling travel, supporting local business, and welcoming millions of people each year.

WELLINGTON AIRPORT

% of the portfolio

5%

Valuation

$934 million

IRR

17.4%

Initial investment

November 1998

Wellington Airport delivered a solid financial result in FY2025, with EBITDAF reaching

$130.2 million. This result was achieved in a challenging operating environment and reflects the strength of the Airport's

diversified revenue streams, disciplined cost management, and proactive commercial strategy.

Passenger numbers remained stable at 5.3 million for the year, with strong growth in international travel offsetting ongoing headwinds in the domestic market. International volumes increased 7.4% to 791,000 passengers, supported by higher seat capacity and new routes. Meanwhile, domestic passengers totalled 4.5 million, down 3.9% on the prior year. The softness in domestic travel reflects constrained airline capacity due to ongoing fleet challenges, particularly at Air New Zealand, alongside a weaker economic backdrop and lower levels of government and corporate travel.

Despite these pressures, Wellington Airport remains one of New Zealand's most well-connected gateways, with services to 23 destinations. Growth in the international network has been especially encouraging, led by increased frequencies and larger aircraft deployed by Qantas on trans-Tasman routes.

Jetstar also added capacity on the domestic main trunk network, Sounds Air increased its services across Cook Strait, and Originair expanded its offering by taking on the Taupō and Westport routes.

Looking ahead, international traffic is expected to continue recovering, supported by airline investment in capacity and a concerted push by the New Zealand Government to grow international tourism. Domestic demand, while more uncertain in the short term, is expected to improve over the medium term as airline fleet upgrades take effect and business travel recovers.

The financial performance of the Airport was underpinned by strong performance across both aeronautical and non-aeronautical revenue streams. Aeronautical income grew 28.4% to $110.4 million, driven by improved international volumes. Property and passenger services income increased modestly, with retail and hospitality holding steady despite economic pressures on discretionary spending and lower domestic passengers.

The Airport continues to actively manage operating costs, maintaining efficiency despite higher input costs across rates, insurance, and utilities. This focus on disciplined financial management will be especially important in the years ahead as capital investment ramps up.

FY2025 saw the commencement of a significant infrastructure upgrade programme. Capital investment totalled $117.4 million for the year, the highest in the Airport's history. The investment is part of a broader $500 million commitment over the next five years to ensure Wellington Airport remains fit-for-purpose and capable of supporting long-term regional growth.

Major projects include the construction of a new 800-space car park on the eastern side of the precinct, completed just after year-end, and the start of construction for its Engineered Materials Arresting System (EMAS). EMAS is a modern runway safety solution that uses energy-absorbing blocks to enhance overrun protection. The system, integrated into the Airport's existing safety areas, improves both safety performance and operational capability, and its deployment is one of the first for the New Zealand aviation sector.

Work also progressed on the new Airport Fire Station, which is on track to be operational by the end of 2025. Enabling works are underway for a new baggage handling facility, an apron extension, and a new Ground Services Engineering building. These projects are designed to improve operational efficiency, support future growth, and enhance passenger experience.

Another major infrastructure priority is the Southern Seawall upgrade, which is central to the Airport's long-term climate adaptation strategy. Rising sea levels and the increasing frequency of severe weather events present a growing risk to coastal infrastructure. The project has been accepted into the Government's Fast-track Approvals programme, which provides an opportunity for streamlined consenting while maintaining robust environmental standards and community input.

Sustainability continues to be a core focus. In FY2025, Wellington Airport achieved Level 4+ Airport Carbon Accreditation - one of the highest ratings available globally. The Airport is targeting net zero emissions for its own operations by 2030.

Wellington Airport also continues to play a leadership role in decarbonising air travel. It hosted the country's first shipment of Sustainable Aviation Fuel (SAF), and preparations are well advanced to serve as the home base for Air New Zealand's first commercial electric aircraft service, set to launch in 2026 between Wellington and Blenheim. The Airport also received recognition at the ACI Asia-Pacific awards for its hydrogen fuel cell trial, and its climate collaboration with Marlborough Airport was named Sustainability Initiative of the Year at the

2024 NZ Airports Awards.

The year also saw strong progress on customer experience and commercial development. A $20 million terminal and hospitality upgrade is underway, including the creation of a flagship multi-storey venue overlooking Lyall Bay and a refreshed duty-free offering. Wellington Airport became the first in the country to implement LiDAR technology to track passenger flows and reduce wait times. LiDAR provides

real-time and historical views on queues and wait times, as well as passenger departure times and Aviation Security processing times. These upgrades are designed to deliver a seamless, modern travel experience aligned with Wellington's creative and welcoming identity.

Beyond its operations, Wellington Airport is a major contributor to the region's economy. A new independent study commissioned by the Airport found it supports over $2 billion in GDP and 14,500 jobs across the Wellington region. The Airport precinct itself hosts around 1,600 full-time equivalent roles for over 100 employers, from airlines and engineers to retailers, government agencies, and transport operators.

Finally, FY2025 marked the launch of a bold new brand for Wellington Airport, one that reconnects the Airport with the land, stories, and people. The new identity, inspired by the legend of the taniwha Whātaitai and the portal of Rangitatau, is now visible throughout the terminal, from entranceways to signage and digital displays. Developed in partnership with mana whenua and creative collaborators, the new brand

signals a broader commitment - to honouring place, deepening community engagement, and creating a world-class airport experience that reflects Wellington's unique character.

FINANCIAL STATEMENTS

CONTENTS

Consolidated Statement of Comprehensive Income 54

Consolidated Statement of Financial Position 55

Consolidated Statement of Cash Flows 56

Consolidated Statement of Changes in Equity 57

Notes to the Financial Statements 59

Corporate Governance 126

Directory 141

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2025

Approved on behalf of the Board on 27 May 2025

Alison Gerry Anne Urlwin

Director Director

The accompanying notes form part of these consolidated financial statements. The accompanying notes form part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 March 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2025

The accompanying notes form part of these consolidated financial statements. The accompanying notes form part of these consolidated financial statements.