Interim Report 2025/2026

INTERIM REPORT

2025/2026

OUR INVESTMENT PORTFOLIO

Infratil's total asset value was NZ$19 billion at 30 September, based on a combination of independent valuation, market and book values, with assets diversified across four sectors:

Digital Infrastructure

Renewable Energy

Healthcare Infrastructure

Airport

$2,273m

$934m

$331m

$487m

$618m

5% 8%

$3,709m

$35m

$555m

$344m

21% 66%

$849m

$164m

$789m

$179m

$7,716m

FY25

FY24

FY23

FY22

FY21

FY20

FY19

FY18

FY17

FY16

IFT TSR

22.8%

19.2%

13.8%

18.4%

Period1

5 -year

10 - year

20 - year

Since inception

1. Returns are calculated to 30 September 2025

300%

200%

100%

0%

-100%

FY15

Total shareholder return has been 19% per annum over a ten-year period, assuming that all dividends and the value of rights issues were reinvested when received.

600%

500%

400%

Cumulative Annual Return (%)

TOTAL SHAREHOLDER RETURN

IFT

NZX 50

ASX 200

We've successfully navigated through the noise of the market and regulatory challenges that faced our digital and renewables businesses in early 2025.

Our international growth businesses, Longroad Energy in the United States and CDC in Australasia, are building strong earnings momentum on the back of new waves of demand and our ongoing investment in their infrastructure assets.

There were still challenges. While our New Zealand businesses have been largely resilient, the weak New Zealand economy has continued to constrain their performance.

The geographic and sector diversity of our portfolio meant we were able to grow proportionate operational EBITDAF 1 to NZ$514 million in the first half of FY26 (HY26). This was up 7% from the prior HY25 period. Proportionate capital expenditure was down $52 million, to $1,139 million, when comparing HY26 and HY25.

Our portfolio asset value grew by $735 million, to just over

$19 billion, in HY26. This and reduced market uncertainty helped lift our share price from $10.38 to $12.35 during the period.

We're pleased to confirm an interim dividend of 7.25 cents per share, partly imputed, to be paid on 16 December. The dividend reinvestment plan is available, with a 2% discount, for those shareholders who choose to participate.

PROPORTIONATE EBITDAF 1

HY24

HY25

HY26

One NZ is the biggest contributor at about 58% of proportionate EBITDAF, with contributions from CDC and Longroad growing meaningfully. Other renewables (Galileo, Gurīn Energy, Mint Renewables) incurred $32 million of EBITDAF losses as they invest in early-stage development.

NZ$m -100 0 100 200 300 400 500 600

PROPORTIONATE CAPEX

HY24

HY25

CDC and Longroad Energy accounted for 69% of proportionate capex in HY26, with Longroad's spend reducing by about

$135 million from HY25 levels due to project timing.

HY26

NZ$m 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200

ASSET VALUE

HY24

HY25

HY26

Total asset value of ~$19 billion, up $735 million in HY26, largely due to Infratil's acquisition of another 1.58% ownership in CDC which has helped lift it to 41% of

total asset value. Renewables asset composition changed with a 9.47% stake in Contact Energy following the sale of Manawa Energy.

NZ$m 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

CDC Fortysouth

Other renewables

Sold

One NZ

Kao Data

Longroad Energy

Contact Energy

Healthcare

Wellington Airport

Corporate

1. EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and nonoperating gains or losses on the sales of investments and assets. Proportionate EBITDAF shows Infratil's operating costs and its share of the EBITDAF of the companies it has invested in. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 13 November 2025 HY26 results presentation.

   PORTFOLIO SET FOR GROWTH

   As we explained at our Investor Day in September, our growth over the last five years has reached a point where we needed to review the role of the businesses within the 'pillars' of our portfolio. This marks another notable juncture in Infratil's evolution.

   While we always make an investment decision with a view to holding an asset for the long-term, we're now simplifying the current portfolio and divesting businesses unlikely to scale or deliver meaningful returns under our ownership. Action we've taken so far has included:

   • 8 August: we announced the sale of our 50% stake in RetireAustralia for NZ$331 million, with the transaction due to be completed by the end of 2025.

   • 18 September: we announced a strategic review of Australian medical imaging business Qscan, with our 57% shareholding last valued at NZ$487 million.

   • 13 November: we announced the sale of our 20% stake in Fortysouth for more than $200 million and the sale of a legacy property asset for $55 million.

     We have a $1 billion divestment target over the medium term and we expect to reinvest the proceeds into existing or new opportunities in sectors driven by strong thematics. This includes prioritising capital towards high conviction assets, such as CDC and Longroad Energy, which continue to be standout performers for us.

     Another feature of our strategy refresh is our focus on balancing our operating cash flow and dividends. Our core 'pillar 1' assets -Contact Energy, One NZ, Wellington Airport - have a clear role as cash flow generators, with ongoing optimisation to drive continued distributions. We expect these distributions to cover fixed costs and support sustainable dividends in the medium term. As 'pillar 2' assets like CDC and Longroad Energy develop mature operating bases, they will also have more ability to reinvest and fund further distributions to Infratil.

     Our 'pillar 3' assets are those smaller businesses that we are looking to identify and develop into $1 billion-plus businesses over three to five years. Our Manager, Morrison, is continually scanning for new sectors and businesses that we could add to this part of the portfolio. Gurīn Energy is an example of one such business poised for potentially transformational growth and its success would in turn help maintain CDC's relative weighting in the portfolio.

     OUR INVESTMENT PORTFOLIO STRATEGY

     IDEAS THAT MATTER

     PORTFOLIO CONSTRUCTION APPROACH

     PILLAR 1

     Cashflow generators Scaled business with enough diversity for stability

     PILLAR 2

     Mature growth platforms Scaled business, more concentrated to drive returns

     PILLAR 3

     Future growth platform Multiple smaller businesses that can scale to $1bn+ over 3-5 years

     *

     INFRASTRUCTURE CHARACTERISTICS

* Strategic review announced September 2025

Contact Energy's Glenbrook battery project will be one of New Zealand's largest grid-scale energy storage systems and will support resilience of the electricity grid.

Our conviction in the renewable energy sector is reflected in the fact it now comprises approximately 21% of our portfolio, with Longroad Energy and Contact Energy our two largest investments. We favour renewables because they deliver sustainable long-term societal benefits and because they make sound financial sense.

This thematic, together with our strategy to bolster the cash flow generating businesses within our portfolio, was a large part of our decision to acquire an additional 4.92% holding in Contact. By funding the $438 million transaction

with a combination of debt and new Infratil shares, we've preserved our funding flexibility for future growth.

At the same time, we're confident in the opportunities created by Contact's merger with Manawa. Contact now has about 500 megawatts (MW) of additional capacity and winter-weighted electricity generation, meaning it has a more diverse and resilient hydro generation portfolio. It also has a large attractive development pipeline, from which it can choose to progress the highest value options. Its current investment programme includes:

• completing the Te Mihi Stage 2 geothermal power plant near Taupō

• building a 100MW battery storage system at Glenbrook near Auckland

• building, with its joint venture partner, a solar farm near Christchurch Airport to generate 168MW (at peak)

• development plans for a 100MW battery system in Stratford, Taranaki; a 179MW joint venture solar farm at Glorit, north of Auckland; and a 1,200GWh per year Southland Wind Farm.

  There is plenty happening across our other renewables businesses, with highlights since our full year results including:

• Longroad Energy (USA) earnings grew strongly with

3.5GW of operating capacity and is constructing more to meet the soaring demand for electricity being driven by new data centres, industrial growth and electrification. In September, financial close of the 1,000 Mile solar project was announced. It will provide 400MW to advance Meta's target to support its data centre operations with 100% clean energy.

• Gurīn Energy (Asia) has identified a pipeline of about 9GW of potential projects, including 303MW of wind and solar recently acquired in South Korea. Work is continuing on Project Vanda, to deliver solar energy from Indonesia to Singapore. About 90% of the necessary land is secured and the next major milestone is an export licence from the Indonesian government.
• Galileo (Europe) has a 16GW project pipeline across 10 Markets, including onshore wind projects in France, Germany, Italy, Spain and the UK. The Barium Bay 1.1GW floating offshore wind project, in the Southern Adriatic Sea, received a positive Environmental Impact Assessment decree. About 230MW of solar and battery storage projects in Italy received final authorisations, while 140MW of battery projects in the UK and Italy were sold to crystallise value.
• Mint Renewables (Australasia) announced a strategic joint venture with Ngai Tahu Holdings in August. Called Mint Aotearoa, it will combine Mint's supportive long-term capital and deep technical expertise in renewable energy with Ngai Tahu Holdings' strong local commercial presence, rooted in Ngai Tahu values and iwi governance structures.

DIGITAL INFRASTRUCTURE

We've come a long way from early 2025 when the market was focused on potential risks to data centre demand. Market reports at the time were suggesting hyperscalers were pulling back on their computing investment and the release of the Deep Seek AI model had raised questions about the need for large AI investment.

Fast forward six months and CDC has announced 140MW of new contracts in the space of a month. Typically, 1MW powers thousands of computer servers at once. So, these announcements represent a huge amount of AI and cloud computing capability.

If you watched CDC CEO and Founder Greg Boorer's presentation at our Sydney Investor Day in mid-September, his insight was that there is a "tsunami" of demand coming. Contract sizes are getting larger while the availability of data centre capacity is becoming a bottleneck.

CDC is in a strong position given its build programme, with about 450MW under construction and a 1,600MW future development pipeline in the next decade. This was shown by the October 16th announcement of a strategic partnership with Firmus Technologies and their partner, NVIDIA, to explore development opportunities beyond their first AI Factory deployment in Melbourne.

Firmus is targeting expansion to a range of other Australian cities, with the goal of reaching 1.6GW of computing capacity by 2028. CDC will look to leverage its fast-growing footprint to accommodate Firmus' planned growth. This includes expanding

CDC's footprint to Perth, with plans for a new 200MW data centre announced in August. This development will open up Perth's potential to serve as a renewable-powered computing hub for Asia.

The 40MW contract with Firmus is also notable because it marks CDC's first contract with a neocloud provider. This is an emerging customer segment for CDC and underscores the rapid diversification of data centre demand more generally.

Progress at our other digital businesses includes:

• Demand for data centre capacity is also strong in the UK where our Kao Data business achieved revenue of £34 million in the half-year. This was up 21% from HY25 and reflects the growth in its operating capacity. This has lifted to 37MW, up from 27MW in the prior year. Another 18MW of capacity is under construction at its Harlow campus, strategically located between Cambridge and London.

• One NZ is seeing positive trading momentum as it heads into the peak summer trading period. Revenues have lifted through a mix of pricing and service initiatives, including the One Wallet loyalty programme and SpaceX text services -with more than 6 million texts now sent via the exclusive satellite service. Parts of the market, such as enterprise and legacy fixed services, remain challenging but One NZ is making gains with its mobile virtual network services. EonFibre is also now operating as a standalone wholesale bandwidth provider.

One NZ has been embracing the use of AI, including the deployment of 33+ AI solutions and 100 qualified ideas in the pipeline to enhance productivity and customer experience. This has included using AI for network reliability, cybersecurity and detecting scams and fraud and improving customer service.

ADVANCED HEALTHCARE INFRASTRUCTURE

We're creating a standalone teleradiology service provider that will benefit from combined scale and advances in technology.

This proposed business would combine non-core assets from our Qscan and RHCNZ Medical Imaging businesses and be owned by Infratil, alongside doctors and management. It would focus purely on teleradiology and enhance flexibility in the delivery of services. Subject to certain conditions being met, the new business is expected to be created in the next few months.

In Australia, Qscan grew its EBITDAF by 11% from HY25, helped by a positive mix of imaging demand and pricing changes. Qscan acquired six clinics in the period, taking its footprint to 80 clinics overall and strengthening its path to ongoing revenue growth.

We're currently undertaking a strategic review of the business as part of our refreshed portfolio strategy.

RHCNZ Medical Imaging opened a new flagship clinic in Remuera, Auckland, bringing its coverage to 70 clinics. Its staff of 160 radiologists delivered more than half a million medical scans in HY26, up slightly from the prior year. While this meant revenue increased, a lower value service mix and cost inflation mean RHCNZ has lowered its FY26 EBITDAF expectations.

Improvement initatives are underway for the second half of FY26.

Wellington Airport reported EBITDAF growth as a result of positive performance across commercial operations, continued cost discipline and an uplift in aeronautical prices.

International passengers were up 7% from the same period last year. However, domestic economic headwinds and airline fleet constraints saw domestic passenger numbers down

5%, meaning total passenger numbers were down about 3% to 2.5 million.

The Airport is busy delivering its five-year infrastructure programme to enable future growth. The new 800-space carpark is open, work is complete on the new Airport Fire Station, and the hospitality area in the main terminal has been upgraded.

Work on the Engineered Materials Arresting System, to be installed at either end of the runway, is on track to be completed by March 2026. This system means larger aircraft can be accommodated without physically extending the runway, potentially opening up new airline routes.

An upgrade to the hospitality area in the main terminal added 130 more seats with a new two-storey bar and café providing fantastic views to the runway, as well as the terminal's new Wētā Workshop sculpture Manu Muramura.

SUSTAINABILITY SUCCESS

Sustainability is central to our investment approach because we believe it matters for investment performance and risk management.

This means we track our own and our portfolio companies' performance against various sustainability-focused metrics.

A globally recognised and independent measure is the GRESB Infrastructure Fund Benchmark1. We're pleased to share that our overall 2025 score in the Benchmark increased by eight points to

94/100. Within this, our management score ranked first globally, out of 135 peers. Wellington Airport is also flying high, with a

five-star rating and 98/100 score.

One NZ performed strongly as well, scoring 93/100

and ranking second in Oceania. The One NZ team had more to celebrate in September, winning 'Medium Company of the Year' in the Global Sustainability Awards.

We also track progress against Infratil's Science Based Targets initiative (SBTi) commitments. Our goal is for 60% of

portfolio companies (by fair value) to have SBTi targets by 2028, and 100% by 2030. As of 30 September 2025, One NZ and Contact Energy have targets in place, representing 25% of our portfolio.

1. The Global Real Estate Sustainability Benchmark (GRESB) organisation assesses and benchmarks the sustainability performance of real assets, including real estate and infrastructure.

OUTLOOK

Infratil Chair Alison Gerry and CEO Jason Boyes at our September Investor Day in Sydney.

We're excited about the opportunities

and work ahead for the remainder of FY26. You should continue to see progress in our evolution of the current investment portfolio, freeing up funds for reinvestment.

As previously signalled earlier this year, we plan to invest a further A$250 million in CDC, so it can continue to add capacity and cement its position as a global leader in data centre development. Their recent contract announcements mean

the business will achieve its target of doubling its FY25 earnings in FY27.

We're sometimes asked for our perspective on whether there is an AI bubble and what it might mean for CDC. The demand CDC is receiving is coming from well financed, global customers who are making their own substantial investments. Our investment is underpinned by long-term contracts with these high-quality counterparties who are backed by their own strong positive cashflows. While there is much focus on AI-related demand, data centre demand is also underpinned by the ongoing shift

of services into the cloud.

Our data centres have additional value given they are in major urban centres and have connectivity to the power grid. Power connectivity and features such as low water usage are becoming competitive advantages given network constraints in some centres.

As demand grows across AI training and inferencing, enterprise applications and cloud workloads, it is translating into scarcity of data centre space. That is in turn making data centres more valuable. In the last month, a consortium of investors acquired an American data centre company for US$40 billion. This is reportedly the largest data centre transaction in history.

The other difference we see from past tech sector hype, such

as the metaverse, is that AI services are generating real demand. Google's recent quarterly update noted their Gemini App now has 650 million monthly users and their first-party models like Gemini are processing 7 billion tokens per minute.

Another factor supporting our confidence is the convergence between the digital and renewable energy sectors. We're exploring opportunities for our electricity businesses to help data centres solve electricity supply constraints. We're already seeing the benefits of this convergence with Longroad Energy's construction of the 1000 Mile solar project to support Meta's data centre operations.

The next six months will be important too for Gurīn Energy. Clarity on their export licence from Indonesia would enable us to make

a final investment decision on Project Vanda around mid-2026.

In the meantime, we're scanning for the next potential investments to introduce to 'pillar 3'. At our Investor Day, the Morrison team said their sectors of interest include transportation and fleets, logistics and automation, and financial systems and data platforms.

You can expect us to be disciplined in our allocation of capital as we assess any opportunity. We look forward to updating you on our progress in May.

Jason Boyes

Thank you for your ongoing support.

Alison Gerry

Chair Chief Executive Officer

INTERIM REPORT FINANCIAL STATEMENTS

For the 6 months ended 30 September 2025

CONTENTS

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Consolidated Statement of Cash Flows 12

Consolidated Statement of Changes in Equity 13

Notes to the Financial Statements 16

Directory 44

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the 6 months ended 30 September 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2025

Approved on behalf of the Board on 12 November 2025.

Alison Gerry

Anne Urlwin

Director Director

The accompanying notes form part of these financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 months ended 30 September 2025

For the 6 months ended 30 September 2025

Attributable to equity holders of the Company - Unaudited

The accompanying notes form part of these financial statements

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the 6 months ended 30 September 2024

Attributable to equity holders of the Company - Unaudited

The accompanying notes form part of these financial statements

For the year ended 31 March 2025

Attributable to equity holders of the Company - Audited

The accompanying notes form part of these financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the 6 months ended 30 September 2025

1. ACCOUNTING POLICIES

   REPORTING ENTITY

   Infratil Limited ('the Company') is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX Main Board ('NZX') and Australian Securities Exchange ('ASX'), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.

   BASIS OF PREPARATION

   These unaudited condensed consolidated half year financial statements ('half year statements') of Infratil Limited together with its subsidiaries and associates ('the Group') have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and comply with IAS 34 Interim Financial Reporting. These half year statements have been prepared in accordance with the accounting policies stated in the published financial statements for the year ended 31 March 2025 and should be read in conjunction with the previous annual report. No changes have been made from the accounting policies used in the 31 March 2025 annual report, which can be obtained from Infratil's registered office or https://www.infratil.com. The presentation currency used in the preparation of these financial statements is New Zealand dollars, which is also the Company's functional currency.

   RESTATEMENT OF INVESTMENT IN ASSOCIATES

   During the period ended 31 March 2025, CDC reviewed the accounting classification of management shares, which resulted in a revision to their historical treatment. Accordingly, a restatement has been made to reflect this adjustment as at 30 September 2024.

   Due to the option available to employees to put shares to CDC under certain schemes, which, if exercised, would require CDC to repurchase its own shares, it was determined that these instruments should be classified as a liability rather than as share capital and remeasured at each reporting date.

   The following tables summarise the impacts on the Group's consolidated financial statements for 30 September 2024.

   1. Consolidated Statement of Comprehensive Income

      For the period ended 30 September 2024

      Previously reported Adjustments As restated

      Share of earnings of associate companies	107.0	(35.1)	71.9
      Net surplus/(loss) for the period	(206.4)	(35.1)	(241.5)
      Total other comprehensive income after tax	(118.3)	-	(118.3)
      Total comprehensive income for the period	(324.7)	(35.1)	(359.8)
      Earnings per share
      Basic and diluted (cents per share)	(25.5)	(4.2)	(29.7)

   2. Consolidated Statement of Financial Position

      For the period ended 30 September 2024

      Previously reported Adjustments As restated

      Investments in associates	2,752.4	(155.6)	2,596.8
      Total assets	16,092.6	(155.6)	15,937.0
      Foreign currency tranlation reserve	(42.9)	(1.1)	(44.0)
      Retained earnings	(2,587.2)	156.7	(2,430.5)
      Total equity	(8,188.6)	155.6	(8,033.0)

      NEW STANDARDS, AMENDMENTS AND PRONOUNCEMENT NOT YET ADOPTED BY THE GROUP

      IFRS 18 - Presentation and Disclosure in Financial Statements is effective for periods beginning on or after 1 January 2027 and applies retrospectively. The new standard aims to provide greater consistency in presentation of the income and cash flow statements, and more disaggregated information. While this will not have a material impact on the results of the Group, it will result in significant changes to how the Group presents the income statement and what information will need to be disclosed on management defined performance measures.

2. NATURE OF BUSINESS

   The Group owns and operates infrastructure businesses and investments in New Zealand, Australia, the United States, Asia, the United Kingdom and Europe. The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane, Wellington, New Zealand.

   More information on the individual businesses that make up the Group is contained in Note 4 (Operating segments) and Note 5 (Investments in associates) including the relative contributions to total revenue and expenses of the Group.

3. INFRATIL SHARES AND DIVIDENDS

   Ordinary shares (fully paid)	6 months ended 30 September 2025 Unaudited	6 months ended 30 September 2024 Unaudited	Year ended 31 March 2025 Audited
   Total authorised and issued shares at the beginning of the period	968,086,132	832,567,631	832,567,631
   Movements during the period:
   New shares issued	7,742,298	130,322,236	130,322,236
   New shares issued under dividend reinvestment plan	3,761,082	3,652,413	5,196,265
   Treasury stock reissued under dividend reinvestment plan	-	-	-
   Share buyback	-	-	-
   Total authorised and issued shares at the end of the period	979,589,512	966,542,280	968,086,132

   During the period, 7.7 million new shares were issued to partially pay incentive fees payable to Morrison Infrastructure Management Limited ('Morrison') as consideration for management services, as announced on 28 May 2025. All fully paid ordinary shares have equal voting rights and share equally in dividends and equity. At 30 September 2025 the Group held 1,662,617 shares as Treasury Stock (30 September 2024: 1,662,617, 31 March 2025: 1,662,617).

   Dividends paid on ordinary shares	6 months ended 30 September 2025 Cents per share Unaudited	6 months ended 30 September 2024 Cents per share Unaudited	Year ended 31 March 2025 Cents per share Audited	6 months ended 30 September 2025 $Millions Unaudited	6 months ended 30 September 2024 $Millions Unaudited	Year ended 31 March 2025 $Millions Audited
   Final dividend prior year	13.25	13.00	13.00	129.3	108.9	108.8
   Interim dividend paid current year	-	-	7.25	-	-	70.1
   Dividends paid on ordinary shares	13.25	13.00	20.25	129.3	108.9	178.9

4. OPERATING SEGMENTS

   Gurīn Energy, Manawa Energy and Mint Renewables are renewable generation investments, Wellington International Airport is an airport investment, Qscan Group and RHCNZ Medical Imaging are diagnostic imaging investments and One NZ is a digital infrastructure investment. Infratil accounts for these companies as subsidiaries. Associates comprises Infratil's investments that are not consolidated for financial reporting purposes including CDC Data Centres, Fortysouth, Galileo, Kao Data, Longroad Energy and RetireAustralia. Further information on these investments is outlined in Note 5. The Group's investment in Manawa Energy is treated as Discontinued Operations as at 30 September 2025. Further information on discontinued operations is outlined in Note 6.1. All other segments and corporate predominately includes the activities of the Parent Company. The Group has no significant reliance on any one customer. Inter-segment revenue primarily comprises dividends from portfolio companies to the Parent Company.

   17

   Operating segments	Gurīn Energy Asia $Millions Unaudited	Manawa Energy New Zealand $Millions Unaudited	Mint Renewables Australasia $Millions Unaudited	Wellington International Airport New Zealand $Millions Unaudited	Qscan Group Australia $Millions Unaudited	RHCNZ Medical Imaging New Zealand $Millions Unaudited	One NZ New Zealand $Millions Unaudited	Associates $Millions Unaudited	All other segments and corporate New Zealand $Millions Unaudited	Eliminations & discontinued operations $Millions Unaudited	Total $Millions Unaudited
   For the period ended 30 September 2025
   Total revenue	5.0	125.5	0.1	94.4	187.5	194.0	953.8	-	109.2	(125.4)	1,544.1
   Equity accounted earnings of associates	-	-	-	-	-	-	-	525.9	-	-	525.9
   Inter-segment revenue	-	-	-	-	-	-	-	-	(76.5)	-	(76.5)
   Total income	5.0	125.5	0.1	94.4	187.5	194.0	953.8	525.9	32.7	(125.4)	1,993.5
   Depreciation	(0.7)	(5.6)	(0.2)	(15.5)	(17.9)	(15.5)	(147.1)	-	-	5.6	(196.9)
   Amortisation of intangibles	-	(0.2)	-	-	(0.3)	(0.5)	(79.6)	-	-	0.1	(80.5)
   Employee benefits	(10.3)	(12.9)	(2.7)	(7.9)	(96.5)	(95.7)	(133.2)	-	-	12.9	(346.3)
   Other operating expenses	(7.1)	(105.7)	(5.8)	(76.4)	(46.1)	(36.4)	(524.8)	-	(66.3)	161.2	(707.4)
   Total operating expenditure	(18.1)	(124.4)	(8.7)	(99.8)	(160.8)	(148.1)	(884.7)	-	(66.3)	179.8	(1,331.1)
   Operating surplus before financing, derivatives, realisations and impairments	(13.1)	1.1	(8.6)	(5.4)	26.7	45.9	69.1	525.9	(33.6)	54.4	662.4
   Net gain/(loss) on foreign exchange and derivatives	0.3	23.1	-	-	(0.3)	(5.9)	-	-	(16.6)	(23.1)	(22.5)
   Net realisations, revaluations and impairments	(0.1)	-	-	5.4	0.2	0.1	-	-	(99.9)	0.1	(94.2)
   Interest income	(0.1)	-	0.1	0.6	1.2	1.5	1.2	-	2.4	-	6.9
   Interest expense	(0.4)	(6.8)	-	(17.1)	(18.0)	(27.7)	(97.9)	-	(63.8)	6.8	(224.9)
   Net financing expense	(0.5)	(6.8)	0.1	(16.5)	(16.8)	(26.2)	(96.7)	-	(61.4)	6.8	(218.0)
   Net surplus before taxation	(13.4)	17.4	(8.5)	(16.5)	9.8	13.9	(27.6)	525.9	(211.5)	38.2	327.7
   Taxation credit/(expense)	(0.8)	(9.8)	-	11.6	(3.3)	(4.4)	8.2	-	12.3	9.8	23.6
   Net surplus/(loss) for the period	(14.2)	7.6	(8.5)	(4.9)	6.5	9.5	(19.4)	525.9	(199.2)	48.0	351.3
   Net surplus/(loss) attributable to owners of the company	(13.1)	2.4	(6.1)	(22.0)	3.8	5.1	(19.3)	525.9	(199.2)	53.2	330.7
   Net surplus/(loss) attributable to non-controlling interests	(1.1)	5.2	(2.4)	17.1	2.7	4.4	(0.1)	-	-	(5.2)	20.6
   Current assets	60.3	-	4.2	55.1	86.6	64.1	367.6	-	544.6	0.1	1,182.6
   Non-current assets	203.1	-	2.6	1,898.8	996.0	1,511.4	5,341.6	4,618.4	235.5	790.9	15,598.3
   Current liabilities	52.7	-	2.5	134.6	86.0	63.3	818.1	-	304.0	(134.8)	1,326.4
   Non-current liabilities	87.8	-	0.3	948.4	511.1	676.2	2,553.8	-	2,562.3	(168.3)	7,171.6
   Net assets	122.9	-	4.0	870.9	485.5	836.0	2,337.3	4,618.4	(2,086.2)	1,094.1	8,282.9
   Net debt	20.2	-	(3.1)	838.7	345.0	499.2	1,529.7	-	2,609.5	-	5,839.2
   Non-controlling interest percentage	5.0%	-	27.0%	34.0%	42.6%	47.3%	0.2%	-	-	-	-
   Capital expenditure and investments	38.8	-	-	76.4	19.1	35.4	108.5	388.3	6.7	-	673.2

   Operating segments	Gurīn Energy Asia $Millions Unaudited	Manawa Energy New Zealand $Millions Unaudited	Mint Renewables Australasia $Millions Unaudited	Wellington International Airport New Zealand $Millions Unaudited	Qscan Group Australia $Millions Unaudited	RHCNZ Medical Imaging New Zealand $Millions Unaudited	One NZ New Zealand $Millions Unaudited	Restated Associates $Millions Unaudited	All other segments and corporate New Zealand $Millions Unaudited	Eliminations & discontinued operations $Millions Unaudited	Total $Millions Unaudited
   For the period ended 30 September 2024
   Total revenue	(0.3)	305.2	-	90.9	176.0	190.7	939.6	-	91.3	(305.0)	1,488.4
   Equity accounted earnings of associates	-	-	-	-	-	-	-	71.9	-	-	71.9
   Inter-segment revenue	-	-	-	-	-	-	-	-	(78.3)	-	(78.3)
   Total income	(0.3)	305.2	-	90.9	176.0	190.7	939.6	71.9	13.0	(305.0)	1,482.0
   Depreciation	(0.2)	(10.3)	(0.2)	(14.0)	(18.2)	(11.7)	(168.3)	-	-	10.3	(212.6)
   Amortisation of intangibles	-	(0.7)	-	-	(0.2)	(0.9)	(97.0)	-	-	0.7	(98.1)
   Employee benefits	(9.1)	(18.3)	(2.3)	(8.3)	(93.1)	(91.1)	(129.6)	-	(0.3)	18.3	(333.8)
   Other operating expenses	(5.8)	(243.4)	(3.4)	(58.6)	(41.6)	(36.5)	(509.5)	-	(73.9)	204.0	(768.7)
   Total operating expenses	(15.1)	(272.7)	(5.9)	(80.9)	(153.1)	(140.2)	(904.4)	-	(74.2)	233.3	(1,413.2)
   Operating surplus before financing, derivatives, realisations and impairments	(15.4)	32.5	(5.9)	10.0	22.9	50.5	35.2	71.9	(61.2)	(71.7)	68.8
   Net gain/(loss) on foreign exchange and derivatives	1.1	(23.0)	-	(0.3)	(1.6)	(10.8)	-	-	(28.2)	22.9	(39.9)
   Net realisations, revaluations and impairments	-	-	-	(2.0)	6.1	-	(0.2)	-	0.1	-	4.0
   Interest income	0.5	1.0	0.1	2.0	1.0	0.7	17.4	-	24.1	(19.2)	27.6
   Interest expense	(0.7)	(14.6)	-	(18.6)	(15.0)	(23.6)	(118.8)	-	(61.6)	32.8	(220.1)
   Net financing expense	(0.2)	(13.6)	0.1	(16.6)	(14.0)	(22.9)	(101.4)	-	(37.5)	13.6	(192.5)
   Net surplus before taxation	(14.5)	(4.1)	(5.8)	(8.9)	13.4	16.8	(66.4)	71.9	(126.8)	(35.2)	(159.6)
   Taxation expense	(0.1)	0.8	-	8.1	(4.3)	(5.7)	16.4	-	(93.0)	(0.8)	(78.6)
   Net surplus/(loss) for the period	(14.6)	(3.3)	(5.8)	(0.8)	9.1	11.1	(50.0)	71.9	(219.8)	(36.0)	(238.2)
   Net surplus/(loss) attributable to owners of the company	(13.7)	(2.5)	(4.2)	(0.6)	5.2	5.7	(50.0)	71.9	(219.8)	(36.8)	(244.8)
   Net surplus/(loss) attributable to non-controlling interests	(0.9)	(0.8)	(1.6)	(0.2)	3.9	5.4	-	-	-	0.8	6.6
   Current assets	45.8	152.1	3.6	45.4	89.6	57.9	342.3	-	374.2	164.4	1,275.3
   Non-current assets	102.2	1,914.1	3.8	1,760.1	899.6	1,431.5	5,061.6	2,852.6	846.6	(210.4)	14,661.7
   Current liabilities	41.5	169.3	2.0	144.7	89.3	78.9	489.5	-	292.3	30.6	1,338.1
   Non-current liabilities	59.6	738.3	0.4	792.9	376.5	583.9	2,515.5	-	1,642.8	(144.0)	6,565.9
   Net assets	46.9	1,158.6	5.0	867.9	523.4	826.6	2,398.9	2,852.6	(714.3)	67.4	8,033.0
   Net debt	20.3	473.3	(3.1)	683.0	233.8	445.5	1,506.8	-	1,280.4	-	4,640.0
   Non-controlling interest percentage	5.0%	48.9%	27.7%	34.0%	44.9%	49.9%	0.2%	-	-	-	-
   Capital expenditure and investments	22.9	25.4	0.4	42.4	11.9	23.7	131.0	327.0	3.7	-	588.4

   I

   Operating segments	Gurīn Energy Asia $Millions Unaudited	Manawa Energy New Zealand $Millions Unaudited	Mint Renewables Australasia $Millions Unaudited	Wellington International Airport New Zealand $Millions Unaudited	Qscan Group Australia $Millions Unaudited	RHCNZ Medical Imaging New Zealand $Millions Unaudited	One NZ New Zealand $Millions Unaudited	Associates $Millions Unaudited	All other segments and corporate New Zealand $Millions Unaudited	Eliminations & discontinued operations $Millions Unaudited	Total $Millions Unaudited
   For the year ended 31 March 2025
   Total revenue	5.9	491.0	0.3	185.3	345.6	369.9	1,924.5	-	154.6	(523.4)	2,953.7
   Equity accounted earnings of associates	-	-	-	-	-	-	-	505.0	-	-	505.0
   Inter-segment revenue	-	-	-	-	-	-	-	-	(97.9)	-	(97.9)
   Total income	5.9	491.0	0.3	185.3	345.6	369.9	1,924.5	505.0	56.7	(523.4)	3,360.8
   Depreciation	(0.7)	(21.7)	(0.4)	(29.9)	(36.1)	(26.0)	(338.2)	-	-	21.7	(431.3)
   Amortisation of intangibles	-	(1.2)	-	-	(0.4)	(2.5)	(167.8)	-	-	1.2	(170.7)
   Employee benefits	(22.0)	(38.8)	(5.7)	(15.9)	(171.3)	(173.6)	(254.2)	-	(0.4)	38.8	(643.1)
   Other operating expenses	(17.7)	(368.0)	(8.1)	(77.9)	(89.8)	(70.3)	(1,071.8)	-	(385.2)	308.8	(1,780.0)
   Total operating expenditure	(40.4)	(429.7)	(14.2)	(123.7)	(297.6)	(272.4)	(1,832.0)	-	(385.6)	370.5	(3,025.1)
   Operating surplus before financing, derivatives, realisations and impairments	(34.5)	61.3	(13.9)	61.6	48.0	97.5	92.5	505.0	(328.9)	(152.9)	335.7
   Net gain/(loss) on foreign exchange and derivatives	1.1	(30.0)	-	0.2	(0.7)	(10.4)	-	-	(159.8)	160.2	(39.4)
   Revaluation adjustment of equity-accounted investment to fair value	-	-	-	-	-	-	-	-	-	-	-
   Net realisations, revaluations and impairments	(0.1)	(3.6)	-	(0.9)	5.3	(0.1)	(1.3)	-	(110.2)	3.6	(107.3)
   nterest income	-	1.8	0.2	2.5	2.7	2.2	18.1	-	10.7	(1.9)	36.3
   Interest expense	(1.7)	(29.2)	-	(35.6)	(32.7)	(46.9)	(228.4)	-	(124.6)	61.4	(437.7)
   Net financing expense	(1.7)	(27.4)	0.2	(33.1)	(30.0)	(44.7)	(210.3)	-	(113.9)	59.5	(401.4)
   Net surplus before taxation	(35.2)	0.3	(13.7)	27.8	22.6	42.3	(119.1)	505.0	(712.8)	70.4	(212.4)
   Taxation expense	(0.6)	(0.1)	-	(1.9)	(6.3)	(12.2)	30.8	-	(58.9)	0.1	(49.1)
   Net surplus/(loss) for the year	(35.8)	0.2	(13.7)	25.9	16.3	30.1	(88.3)	505.0	(771.7)	70.5	(261.5)
   Net surplus/(loss) attributable to owners of the company	(33.2)	(0.4)	(9.9)	17.1	9.3	15.3	(88.5)	505.0	(771.7)	71.1	(285.9)
   Net surplus/(loss) attributable to non-controlling interests	(2.6)	0.6	(3.8)	8.8	7.0	14.8	0.2	-	-	(0.6)	24.4
   Current assets	51.7	156.6	3.8	57.5	80.2	46.2	373.3	-	239.2	-	1,008.5
   Non-current assets	151.7	2,140.8	2.6	1,839.7	924.1	1,486.1	5,038.1	4,048.7	247.7	354.9	16,234.4
   Current liabilities	58.7	173.1	2.6	185.1	83.0	72.4	517.6	-	45.0	363.4	1,500.9
   Non-current liabilities	78.3	885.1	0.3	811.9	460.0	569.6	2,519.6	-	2,372.5	(170.3)	7,527.0
   Net assets	66.4	1,239.2	3.5	900.2	461.3	890.3	2,374.2	4,048.7	(1,930.6)	161.8	8,215.0
   Net debt	21.6	501.1	(3.2)	732.7	301.9	427.5	1,428.7	-	2,175.8	-	5,586.1
   Non-controlling interest percentage	5.0%	48.9%	27.0%	34.0%	42.8%	48.3%	0.1%	-	-	-	-
   Capital expenditure and investments	42.3	51.8	0.7	117.4	23.0	48.8	269.6	791.0	8.7	-	1,353.3

   ENTITY WIDE DISCLOSURE - GEOGRAPHICAL

   The Group operates in two principal areas, New Zealand and Australia, as well as having investments in the United States, the United Kingdom, Asia and Europe. The Group's geographical segments are based on the location of both customers and assets.

   Operating segments	New Zealand $Millions Unaudited	Australia $Millions Unaudited	Asia $Millions Unaudited	United States $Millions Unaudited	United Kingdom & Europe $Millions Unaudited	Eliminations & discontinued operations $Millions Unaudited	Total from continuing operations $Millions Unaudited
   For the period ended 30 September 2025
   Total revenue	1,476.9	187.6	5.0	-	-	(125.4)	1,544.1
   Equity accounted earnings of associates	(6.7)	588.1	-	(33.1)	(22.4)	-	525.9
   Inter-segment revenue	(76.5)	-	-	-	-	-	(76.5)
   Total income	1,393.7	775.7	5.0	(33.1)	(22.4)	(125.4)	1,993.5
   Depreciation	(183.6)	(18.2)	(0.7)	-	-	5.6	(196.9)
   Amortisation of intangibles	(80.2)	(0.4)	-	-	-	0.1	(80.5)
   Employee benefits	(249.8)	(99.1)	(10.3)	-	-	12.9	(346.3)
   Other operating expenses	(809.6)	(51.9)	(7.1)	-	-	161.2	(707.4)
   Total operating expenditure	(1,323.2)	(169.6)	(18.1)	-	-	179.8	(1,331.1)
   Operating surplus before financing, derivatives, realisations and impairments	70.5	606.1	(13.1)	(33.1)	(22.4)	54.4	662.4
   Net gain/(loss) on foreign exchange and derivatives	0.6	(0.3)	0.3	-	-	(23.1)	(22.5)
   Net realisations, revaluations and impairments	(1.9)	(92.3)	(0.1)	-	-	0.1	(94.2)
   Interest income	5.8	1.2	(0.1)	-	-	-	6.9
   Interest expense	(213.2)	(18.1)	(0.4)	-	-	6.8	(224.9)
   Net financing expense	(207.4)	(16.9)	(0.5)	-	-	6.8	(218.0)
   Net surplus before taxation	(138.2)	496.6	(13.4)	(33.1)	(22.4)	38.2	327.7
   Taxation expense	17.9	(3.3)	(0.8)	-	-	9.8	23.6
   Net surplus/(loss) for the period	(120.3)	493.3	(14.2)	(33.1)	(22.4)	48.0	351.3
   Current assets	1,031.4	90.8	60.3	-	-	0.1	1,182.6
   Non-current assets	8,835.1	4,646.6	203.1	355.2	767.4	790.9	15,598.3
   Current liabilities	1,320.0	88.5	52.7	-	-	(134.8)	1,326.4
   Non-current liabilities	6,740.8	511.3	87.8	-	-	(168.3)	7,171.6
   Net assets	1,805.7	4,137.6	122.9	355.2	767.4	1,094.1	8,282.9
   Net debt	5,477.1	341.9	20.2	-	-	-	5,839.2
   Capital expenditure and investments	220.3	272.2	38.8	57.7	84.2	-	673.2

   	New Zealand $Millions Unaudited	Restated Australia $Millions Unaudited	Asia $Millions Unaudited	United States $Millions Unaudited	United Kingdom & Europe $Millions Unaudited	Eliminations & discontinued operations $Millions Unaudited	Total from continuing operations $Millions Unaudited
   For the period ended 30 September 2024
   Total revenue	1,617.8	176.0	(0.3)	-	-	(305.1)	1,488.4
   Equity accounted earnings of associates	(6.4)	77.4	-	2.5	(1.6)	-	71.9
   Inter-segment revenue	(78.3)	-	-	-	-	-	(78.3)
   Total income	1,533.1	253.4	(0.3)	2.5	(1.6)	(305.1)	1,482.0
   Depreciation	(204.3)	(18.4)	(0.2)	-	-	10.3	(212.6)
   Amortisation of intangibles	(98.6)	(0.2)	-	-	-	0.7	(98.1)
   Employee benefits	(247.6)	(95.4)	(9.1)	-	-	18.3	(333.8)
   Other operating expenses	(921.9)	(45.0)	(5.8)	-	-	204.0	(768.7)
   Total operating expenditure	(1,472.4)	(159.0)	(15.1)	-	-	233.3	(1,413.2)
   Operating surplus before financing, derivatives, realisations and impairments	60.7	94.4	(15.4)	2.5	(1.6)	(71.8)	68.8
   Net gain/(loss) on foreign exchange and derivatives	(62.4)	(1.6)	1.1	-	-	23.0	(39.9)
   Net realisations, revaluations and impairments	(2.1)	6.1	-	-	-	-	4.0
   Interest income	45.1	1.1	0.5	-	-	(19.1)	27.6
   Interest expense	(237.2)	(15.0)	(0.7)	-	-	32.8	(220.1)
   Net financing expense	(192.1)	(13.9)	(0.2)	-	-	13.7	(192.5)
   Net surplus before taxation	(195.9)	85.0	(14.5)	2.5	(1.6)	(35.1)	(159.6)
   Taxation expense	(73.4)	(4.3)	(0.1)	-	-	(0.8)	(78.6)
   Net surplus/(loss) for the period	(269.3)	80.7	(14.6)	2.5	(1.6)	(35.9)	(238.2)
   Current assets	969.7	93.4	45.8	-	-	166.4	1,275.3
   Non-current assets	11,021.8	2,827.1	102.2	337.9	536.8	(164.1)	14,661.7
   Current liabilities	1,136.0	91.3	41.5	-	-	69.3	1,338.1
   Non-current liabilities	6,198.9	376.9	59.6	-	-	(69.5)	6,565.9
   Net assets	4,656.6	2,452.3	46.9	337.9	536.8	2.5	8,033.0
   Net debt Capital expenditure and investments	4,389.0 222.5	230.7 47.4	20.3 22.9	-99.9	-195.7	- -	4,640.0 588.4

   	New Zealand $Millions Audited	Australia $Millions Audited	Asia $Millions Audited	United States $Millions Audited	United Kingdom & Europe $Millions Audited	Eliminations & discontinued operations $Millions Audited	Total from continuing operations $Millions Audited
   For the year ended 31 March 2025 Total revenue Equity accounted earnings of associates Inter-segment revenue	3,125.3 (7.1) (97.9)	345.8 548.9 -	5.9 - -	-(18.8) -	-(18.0) -	(523.3) - -	2,953.7 505.0 (97.9)
   Total income	3,020.3	894.7	5.9	(18.8)	(18.0)	(523.3)	3,360.8
   Depreciation Amortisation of intangibles Employee benefits Other operating expenses	(415.8) (171.4) (482.9) (1,973.3)	(36.4) (0.5) (177.0) (97.9)	(0.7) -(22.0) (17.7)	- - - -	- - - -	21.6 1.2 38.8 308.9	(431.3) (170.7) (643.1) (1,780.0)
   Total operating expenditure	(3,043.4)	(311.8)	(40.4)	-	-	370.5	(3,025.1)
   Operating surplus before financing, derivatives, realisations and impairments Net gain/(loss) on foreign exchange and derivatives Revaluation adjustments of equity-accounted investment to fair value Net realisations, revaluations and impairments	(23.1) (200.1) -(30.2)	582.9 (0.7) -(80.6)	(34.5) 1.1 -(0.1)	(18.8) - - -	(18.0) - - -	(152.8) 160.3 - 3.6	335.7 (39.4) -(107.3)
   Interest income Interest expense	35.2 (464.7)	2.9 (32.7)	- (1.7)	- -	- -	(1.8) 61.4	36.3 (437.7)
   Net financing expense Net surplus before taxation Taxation expense	(429.5) (682.9) (42.3)	(29.8) 471.8 (6.3)	(1.7) (35.2) (0.6)	- (18.8) -	- (18.0) -	59.6 70.7 0.1	(401.4) (212.4) (49.1)
   Net surplus/(loss) for the year	(725.2)	465.5	(35.8)	(18.8)	(18.0)	70.8	(261.5)
   Current assets Non-current assets Current liabilities Non-current liabilities	872.8 10,804.1 993.0 7,158.5	84.0 3,733.6 85.8 460.5	51.7 151.7 58.7 78.3	-531.0 - -	-680.6 - -	-333.4 363.4 (170.3)	1,008.5 16,234.4 1,500.9 7,527.0
   Net assets Net debt Capital expenditure and investments	3,525.4 5,265.8 487.5	3,271.3 298.7 517.9	66.4 21.6 42.3	531.0 -177.3	680.6 -128.2	140.3 - -	8,215.0 5,586.1 1,353.2

5. INVESTMENTS IN ASSOCIATES

Investments include

Interest held

* Longroad Energy has an interim period end of 30 June with accounts presented at this date. This line includes adjustments for the effects of significant transactions or events that occurred between that date, and the Group's interim period end.

* Longroad Energy has a fiscal year end of 31 December with audited accounts presented at this date. This line includes adjustments for the effects of significant transactions or events that occurred between that date, and the Group's year end.