Infratil Full Year Results for the year ended 31 March 2022

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
19 May 2022

Full year results for the period ended 31 March 2022
Infratil produces record result, highlights significant investment
into high conviction sector platforms
Infratil Limited today announced a record net parent surplus of $1.17 billion for the year ended
31 March 2022 - the largest annual profit since Infratil’s establishment.
Proportionate EBITDAF of $513.9 million (before changes in the accounting treatment of SaaS
expenses) was delivered above the mid-point of guidance which was $500 million to $520 million.
Proportionate EBITDAF including the SaaS adjustment was $474.9 million, up 27.9% percent on the
previous year’s $371.2 million. The increase predominately reflects strong earnings growth from
Vodafone and an increased earnings contribution from Infratil’s new healthcare platform.
Infratil chief executive Jason Boyes said “the Tilt Renewables sale had delivered a significant gain of
over $1 billion to shareholders, but the year was most notable for the significant investment activity
across the portfolio, with proportionate capital expenditure and investment of over $1.4 billion. This
investment was spread across our key sectors - renewable energy, digital infrastructure and healthcare
- and also saw us enter new geographies, expanding our global footprint with new investments in the
United Kingdom (Kao Data) and Asia (Gurīn Energy).”
“Our strong result represents a series of past strategic decisions and execution over a number of years.
We now see significant future potential in the high-quality sector platforms we are developing across
the portfolio. Our investments in the healthcare sector are a great example, where during the year we
grew with the acquisition of three diagnostic imaging groups in New Zealand. These businesses now
sit alongside Australian based Qscan group, representing a material Australasian diagnostic imaging
platform.”
“Our healthcare portfolio is strategically compelling with strong synergy opportunities. The investment
outlook is very positive, benefitting from the long-term tailwinds of an ageing demographic and
increasing healthcare expenditure.”
“There was also considerable investment activity in our global renewables platform, as alongside the
need to rapidly decarbonise the global economy, energy security became an increasingly important
perspective in understanding renewable generation. Alongside our United States, European and
New Zealand platforms, we committed US$233 million to establish Gurīn Energy, a renewable energy
development platform headquartered in Singapore.”
Across these platforms Infratil invested almost $300 million during the year developing new renewables
projects. The majority of this was undertaken by Longroad Energy which completed the 200MW Sun
Streams 2 solar project in Arizona and the 331MW Prospero 2 solar project in Texas.
With rising global demand for connectivity, the last 12 months also saw an expansion of Infratil’s digital
infrastructure portfolio with the acquisition of 40% of London based data centre business Kao Data for
$217.9 million.
CDC Data Centres has made significant progress during the year on construction of four new data
centres, Auckland 1 & 2, Eastern Creek 4 and Hume 5. These will completed in the first half of FY2023,

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
increasing total built capacity by over 60% to 268MW, and with significant capacity already contracted
will drive immediate uplift in revenues. In addition to this, land was acquired in Melbourne during the
year that can accommodate 150MW of capacity, with development now underway.
These contributed to the increase in the valuation of Infratil’s investment in CDC to between A$2.8
billion to A$2.9 billion. Up over 30% from A$2.1 billion to A$2.3 billion at the same time last year.
Vodafone delivered a strong result, with improved trading and a disciplined approach to cost driving a
15.7% increase in EBITDAF. As the easing global pandemic allows for more international travel, the
business should also see a rebound in roaming revenues. It is continuing to drive efficiencies through
cost management initiatives and removing business complexity. Meanwhile, it signalled the possible
sale of its passive mobile tower infrastructure assets, the largest tower portfolio in New Zealand.
“Wellington Airport has come through another turbulent year, navigating numerous Covid-19 setting
changes. It is now focussed on the resumption of international travel and the ramp up of domestic
passengers and is continuing to take a cautious approach to capital deployment. We continue to see
long-term value in the asset.”
Infratil Chair Mark Tume, who yesterday announced he is stepping down from leading the Board at the
end of May, with current Board member Alison Gerry succeeding him as Chair, highlighted the financial
year’s excellent results, delivering returns to shareholders of 18.4% - continuing on years of strong
performance.
“Infratil’s after tax return since listing in March 1994 has been 18.7% per annum, and over the last ten
years the returns have averaged 21.6% per annum after tax.
“Our shareholder returns are a result of Infratil’s ability to position itself at the forefront of trends – with
Tilt Renewables a perfect example. While the realisation reflects exceptionally well in this year’s annual
result, it is testament to a clear strategy, careful planning and quality execution over the last 24 years.
It is a reminder that developing infrastructure in “idea that matters” is a slow and patient process but
can create significant value and deliver outsized returns.”
“I have great confidence that with Alison as Chair, and a very capable Board and management team,
Infratil will continue to deliver outstanding results for shareholders.”
Incoming chair Alison Gerry steps up to the role having been an independent director on Infratil’s Board
and Chair of the Audit and Risk Committee since 2014. She has had a governance career for the last
15 years and is also on the boards of ANZ Bank and Air New Zealand, Chair of Sharesies and Co-
founder of OnBeingBold.
Mr Boyes said that Infratil’s balance sheet remains strong, even after a busy 12 months of new
investments. Total available liquidity at 31 March was $1,672.6 million, including $773 million of cash.
“There is a significant pipeline of opportunities, both across our existing platforms and also as we
evaluate additional opportunities in key sectors and new geographies. We will apply a disciplined
approach to allocating capital when assessing potential investments to maintain our record of delivering
strong returns to shareholders in line with our ten-year total shareholder return target of 11-15%.”
As part of its full year results announcement Infratil has also declared a fully imputed final dividend of
12.0 cents per share, a 4.3% increase on the prior year.
Guidance for the year ended 31 March 2023 is for Proportionate EBITDAF of between $510 million to
$550 million, up 11.5% on FY2022 at the midpoint.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Investor briefing
There will be a briefing for institutional investors, analysts and media commencing at 10.00am (NZT).
The briefing and Q&A session will also be available by webcast and teleconference.
The briefing will also be webcast live from https://infratil.com/for-investors/company-results/
Any enquiries should be directed to:
Mark Flesher, Investor Relations
mark.flesher@infratil.com

---

For the year ended 31 March 2022
Annual Results Announcement

Disclaimer
This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (Company).
To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors,
officers, partners, employees and agents will not be liable (whether in tort (including negligence) or otherwise) to you or any other person in
relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The
information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a
prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure
statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Annual Report for the period ended 31 March 2022, market releases and
other periodic and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the
Company’s securities and has been prepared without taking into accountthe objectives, financial situation or needs of prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company operates,
such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is inherently uncertain
and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty or assurancethat actual
outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note
on disclosing non-GAAP financial information, "non‐IFRS financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial
information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognisedunder New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards
(IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF, EBITDAF and EBITDA. The non-
IFRS/GAAP financial information and financial measures do not have a standardisedmeaning prescribed by the NZ IFRS, AAS or IFRS, should not
be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or
IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-IFRS/GAAP
financial information and financial measures provide useful information to users in measuring the financial performance and condition of Infratil,
you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this presentation.
Further information on how Infratil calculates Proportionate EBITDAF can be found at Appendix II.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
2
Disclaimer

Infratil Annual Results Announcement 2022
3
Presenters
Jason Boyes Infratil CEO
Phillippa Harford Infratil CFO
Programme
▪Financial Highlights
▪Continuing to Evolve
▪Portfolio Overview
▪Operating Businesses
▪Financial Performance
▪FY2022 Final Dividend
▪FY2023 Guidance
▪Summary & Outlook
Infratil Results
Announcement

Investing
Wisely In Ideas
That Matter
FY2022dominated
by a number of
highly promising
new investment
opportunities and
strong results from
existing
investments
Infratil Annual Results Announcement 2022
4
Net parent surplus
$1,169.3m
Investment
Shareholder return
Proportionate EBITDAF
1,2
$513.9m
Available capital
Fully-imputed final dividend
12.0 cps
$1,412.9m
$1,672.0m
18.4%
1.Proportionate EBITDAF represents Infratil’s share of the consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements,
revaluations, gains or losses on the sales of investments, and excludes acquisition and sale related transaction costs and International Portfolio Incentive Fees.
2.Before changes in the accounting treatment of SaaS expenses

Continuing
to evolve
The Infratil logo is
made up of the
‘square symbol’. It
reflects our focus,
foresight and
ability to look for
opportunities to
invest wisely in
ideas that matter.
Infratil Annual Results Announcement 2022
5
An evolution
Annual Report
Infratil.com
Committed to sustainability
Global perspectives
Chair transition

Portfolio
Overview
High conviction
investment
approach
providing
exposure to four
significant
platforms and
geographic
diversification
Infratil Annual Results Announcement 2022
6
Digital
Infrastructure
62%
Renewables
17%
Healthcare
14%
Airports
7%

Operating Businesses

CDC Data Centres
CDC is poised to
bring significant
new capacity
online in Auckland,
Sydney and
Canberra
Infratil Annual Results Announcement 2022
Performance
▪EBITDAF for the period was A$161.2 million, A$13.9 million (9.5%) up from the prior year
▪Revenue growth was impacted by Covid-19 lockdowns, but on track to stepupin FY2023 as
customers take up capacity in existing data centres and new data centres come online
▪Weighted average lease term (including options) increased to 21.6 years (up from 14.4 years in the
prior year) reflecting demand for CDC’sdifferentiated high security facilities
▪Independent valuation of Infratil’sshare valued at A$2.78 to A$3.0 billion, up 31.3% at the midpoint
on 31 March 2021, and 4.8% up on 31 December 2021
Outlook
▪Land acquired in Melbourne during the year can accommodate 150MW of built capacity, enabling
CDC to further expand its ecosystem; additional parcels of land have also been acquired in Auckland
and Canberra
▪Construction on four new data centres, Auckland 1 & 2, Eastern Creek 4 and Hume 5, will complete
in the first half of FY2023, increasing total built capacity by over 60% to 268MW; significant new
capacity already contracted which will drive an uplift in revenue
▪FY2023 forecast EBITDAF of A$220 million -A$230 million, up 40% at the mid-point
8
Digital InfrastructureRenewablesAirportsHealthcare

Vodafone
Benefitting from a
disciplined
approach to both
costs and
operating model
Infratil Annual Results Announcement 2022
Performance
▪EBITDAF was $481.0 million including the SaaS IFRIC clarification adjustment of $29.8 million and
$7.2 million of costs incurred in relation to the potential passive mobile towers sale
▪Excluding these amounts, EBITDAF of $518.0 million was a $70.1 million (15.7%) increase on the prior
year, with improved trading and a disciplined approach to cost driving the strong result
▪Total revenue of $1,967.4 million was up 0.7% as mobile revenue grew; driven by customer experience
and network improvements. March represented the highest ever pay-monthly base
▪Fixed market continues to be challenging with new entrants testing retail price points; however, key
metrics have stabilised
▪Growth in enterprise revenue continues, driven by ICT and partnering strategy
▪Capital expenditure excluding spectrum of $291.4 million (14.8% of revenue) was focused on
expanding 4G and 5G networks, system separation from Vodafone Group and digital transformation
▪Independent valuation of Infratil’s share on $1.54 billion -$1.80 billion, reinforcing the exceptional
performance of this investment
Outlook
▪Passive mobile towers sale is progressing, with a further update expected before half year
▪FY2023 EBITDAF including SaaS expenses is forecast to be in the range of $490 million -$520 million;
On a like for like basis this represents an increase of 5% on the current year
9
Digital InfrastructureRenewablesAirportsHealthcare

Manawa
Energy
Transition to a
standalone
renewable
generation
business complete
Infratil Annual Results Announcement 2022
Performance
▪EBITDAF of $204.2 million, up from $200.2 million in the prior year
▪Adjusted EBITDAF
1
for the period was $164.4 million, a $7.7 million increase on the prior year
▪Generation production volumes across both the North and South Islands were 1,760GWh –an
increase of 3% on last year; inflows were up on FY2021’s record low, although they remained
materially lower than average
▪Successful separation and sale of the Trustpower Mass Market Retail business for $467 million
Outlook
▪Stand alone Manawa Energy business will be focused on growth though the development of new
renewable generation assets –primarily wind and solar, as well as optimising and enhancing
existing generation assets
▪Enhancement uplifts to existing generation assets currently on track to deliver more than 67GWh
per year of additional generation
▪Over 30 new solar and wind developments under active consideration, including four solar
projects in the feasibility stage
10
Digital InfrastructureRenewablesAirportsHealthcare
1.Adjusted EBITDAF is from continuing operations (therefore excludes Retail operations) and also excludes $4.2 million of costsin
relation to the establishment of Manawa Energy

Longroad
Energy
Strategic shift
away from
develop-to-sell
model towards
develop-to-own
will build scale and
enhance
competitive
position
Infratil Annual Results Announcement 2022
Performance
▪EBITDAF for the period was US$34.9 million, a US$29.7 million increase from the prior year; increased
earnings were driven by the growing operating base as projects are retained
▪Commercial operation reached on two projects, adding 530MW to the operating portfolio;
Sun Streams 2 (200MW) and Prospero 2 (331MW, 50% owned)
▪Higher pricing for renewable energy is expected to maintain the economics of developments,
offsetting supply chain impacts and cost pressures –high quality team required to executewell in
this environment
Outlook
▪Over the next three years Longroad is targeting 4.5GW of new generation and storage.On track to
deliver 1.3GW's of new projects this year, with offtake contracted for all but one of these, which is
under negotiation
▪Developing 3.2GW's of specific projects for CY2023 and 2024 to meet that three-year target; actively
negotiating offtake arrangements for half of these projects already
▪This strategic shift will require around US$5 billion in investment, ~US$500million of equity
▪Longroad has initiated a process to assess new minority investor(s) to give Longroad further
flexibility and strategic options in the future as this scale builds –further update expected before the
half year also
11
Digital InfrastructureRenewablesAirportsHealthcare

Global Renewables
Platform
Investment in early
stage renewables
businesses
positions Infratil
well for taking
advantage of the
global shift
towards renewable
energy
Infratil Annual Results Announcement 2022
A Global Platform
▪Infratil has consolidated its position as a global player in renewable energy generation and supply
▪Galileo Green Energy, and more recently GurīnEnergy have been established to follow a similar path
to Longroad Energy, developing Renewables in Europe and Asia respectively
▪Unsustainable levels of carbon emissions requiring the rapid development of renewable energy as
well as challenges to global energy security are creating an unprecedented investment opportunity
Development pipeline
▪Over the last year Galileo doubled its development pipeline to over 3.4GW across three technologies;
solar PV, onshore wind and battery storage
▪Galileo’s growth plan foresees a ramp-up to 300MW to 500MW of investable new projects per year –
first 30MW's due to reach "ready to build" in Italy this year
▪In a short period GurīnEnergy has established a pipeline of 3.9GW across Asia
▪Across its four assets Infratil has established a genuinely global footprint with activity across
26 markets and a total development pipeline of over 20GW
▪We expect to invest more in this sector over time, capitalising on our early start, both through our
existing businesses and new ones we expect to establish in the future
12
Digital InfrastructureRenewablesAirportsHealthcare

Wellington
Airport
Wellington Airport
has remained
resilient, despite
minimal
international traffic
and Covid-19
continuing to
impact domestic
passenger
volumes
Infratil Annual Results Announcement 2022
Performance
▪EBITDAF for the year was $56.8 million, up $20.8 million on the prior year
▪Passenger numbers were up 18.9% fromthe prior year, with3.5 million domestic passengers and
49,000 international passengers during the short window in which the trans-Tasman bubble
operated
▪Continued discipline in capital management and a focus on retaining the cost savings achieved in
the prior year alsocontributed to the result
▪Bank debt facilities fully refinanced, including anextension ofmaturities to 2025 and 2026 and a
reduction in overall bank facilities to pre-Covid levels of $100 million
Outlook
▪Qantas and Jetstar will shortly resume trans-Tasman routes and the airport is anticipating that
65% of pre-Covid international capacity will be operating by the end of July 2022
▪Significant capital projects in FY2023 include continuation of the Taxiway Bravo reconstruction
and work on environmental resilience projects
▪FY2023 forecast EBITDAF of NZ$65 million -NZ$70 million is driven by recovering passenger
numbers as New Zealand restrictions lift, and borders are reopened
13
Digital InfrastructureRenewablesAirportsHealthcare

Diagnostic
Imaging Platform
Infratil’s strategic
vision is to be
Australasia’s
leading provider of
radiology services,
meeting the needs
of a growing and
ageing population
Infratil Annual Results Announcement 2022
Performance
▪FY2022 EBITDAF for the diagnostic imaging platform was $125.5 million, representing a full year
contribution from Qscanand a part year from the New Zealand Group
▪Covid-19 disruption continued in both New Zealand and Australia, resulting in service restrictions
andreduced patient volumes, withQscanalso impacted by the recent flooding in Australia
▪Following the acquisition of Pacific Radiology in May 2021, Infratil has also partnered with Auckland
Radiology and Bay Radiology; creating New Zealand’s leading diagnostic imaging platform
▪Six new clinics were opened during the year; three in New Zealand and three in Australia
Outlook
▪The combined platform now employs over 270 radiologists, across 148 stand alone clinics
▪Organic synergies are already presenting across the platform, while a number ofjoint initiatives across
procurement, artificial intelligence, IT systems and teleradiology are being actively considered
▪The platform looks set for continued growth with the gradual return of volumes as the impact of
Covid-19 tapers, and further clinics are opened
▪FY2023 forecast EBITDAF of NZ$190 million -NZ$205 million driven by recovering volumes, new clinics
and a full year contribution from the New Zealand group
Digital InfrastructureRenewablesAirportsHealthcare
14

RetireAustralia
Record year of
performance as
refreshed strategy
drives resales and
new developments
are completed
Infratil Annual Results Announcement 2022
Performance
▪Underlying Profit
1
of A$56.5 million, up A$26.3 million (86.8%) from the prior year
▪Total sales of 568 villas/apartments, comprising 489 resales, an increase of 51.4% over prior year,
and 76 new sales in the year, 280% up on prior year
▪15 of its 27 villages are now operating waitlists and overall village occupancy has increased to
~95% compared to the Australian industry average of 90%
▪Despite the challenges caused by Covid-19, resident satisfaction remained stable and positive,
with 88% of residents saying they are satisfied or very satisfied with life in their village
Outlook
▪RetireAustralia is continuing to progress its near-term development pipeline, with 331 units and
22 care hub beds split across several locations at various stages of the approval process
▪Infratil, along with its partner New Zealand Superannuation Fund, have announced a strategic
review of their shareholdings in RetireAustralia, which is expected to be concluded by the end of
the calendar year
1.Underlying Profit is an unaudited non-GAAP measure used by RetireAustralia which removes the impact of unrealised fair value
movements on investment properties, impairment of property, plant and equipment, one-off gains and deferred taxation, while
adding back realised resale gains and realised development margins
Digital InfrastructureRenewablesAirportsHealthcare
15

Financial Performance

Infratil Annual Results Announcement 2022
Financial Overview
▪Record net parent surplusof $1.17 billion driven by the completion of the Tilt Renewables sale
▪Proportionate EBITDAF$513.9 million (excluding’Software as a Service’ (‘SaaS’) expenseof
$14.8 million and including Trustpower Retail of $24.8 million), above the mid-point of the guidance
range of $500 million to $520 million
▪Proportionate EBITDAF from continuing operationsof $474.9 million, up $103.6 million
▪Accrued annual incentive fee of $99.7 million; largely reflecting the 30% uplift in value of CDC
▪Capital deployment of over $1.4 billion, including theacquisition of our New Zealand-based
Diagnostic Imaging group ($408.8 million), a 40% stake in Kao Data ($217.9 million) and significant
capital expenditure at CDC Data Centres($259.9 million) and Longroad Energy ($246.5 million)
▪Total available liquidityof $1,672.6 million available to fund growth; includes $899.6 millionof
corporate facilities, fully refinanced and extended in October 2021, and cash of $773.0 million
▪Total cash dividends of 18.5 cps for the year, an increase of 4.2% from the prior year
(11.7% increase including imputation credits)
▪Total shareholder returns of 18.4%; above the target range of 11% to 15%
Investing Wisely In
Ideas That Matter
FY2022dominated
by a number of
highly promising
new investment
opportunities and
strong results from
existing
investments
17

International
Portfolio
Incentive Fees
Performance fees
largely from the
realisation of
Tilt Renewables
and the valuation
uplift in
CDC Data Centres
Infratil Annual Results Announcement 2022
▪CDC Data Centres independent valuation valued Infratil’s investment at A$2,780 million -A$2,996 million
▪RetireAustralia independent valuation valued Infratil’s investment at A$363.1 million -A$433.1 million
▪Longroad independent valuation valued Infratil’s investment at US$158.6 million
▪The FY2022 annual incentive fee is payable in three annual tranches, with payment of the second and third
tranche being subject to the total value of the assets being maintained at the relevant date
▪Galileo Green Energy was assessed for its initial incentive fee on 31 March 2022, based on the independent
valuation there is no initial incentive fee payable
1.The hurdle rate is calculated on a daily basis compounding, and adjusted for any capital movements and distributions during the period.
2.IRR is calculated in NZD after incentive fees and calculated as at 31 March 2022.
3.No incentivefees are paid in relation to New Zealand assets, as defined in the Management Agreement.
31 March ($millions)FY2021CapitalDistributionsHurdle
1
ValuationIncentive FeeIRR
2
Annual Incentive Fee
CDC Data Centres$2,401.4 ($17.3)$13.5 ($288.3)$3,117.3 $84.8 37.9%
Longroad Energy$136.2 ($15.4)$10.6 ($16.0)$227.4 $14.1 32.8%
RetireAustralia$361.0 --($43.3)$408.8 $0.9 4.0%
$2,898.6 ($32.8)$24.1 ($347.6)$3,753.5 $99.7
Reaslised Incentive Fee
Tilt Renewables$1,317.5 -$22.3 ($53.7)$1,959.2 $122.1 35.2%
ASIP$45.6 --($1.7)$44.3 ($0.6)10.5%
$1,363.0 -$22.3 ($55.4)$2,003.5 $121.5
Initial Incentive Fee
Galileo Green Energy-($28.2)-($3.2)$26.1 ($1.0)(7.7%)
18

Dividend
FY2022 final
dividend of
12.0 cps, increased
by 4% from the
prior year
Infratil Annual Results Announcement 2022
Final Ordinary Dividend
▪A final dividend of 12 cps, up 4% on the prior year, fully imputed, with a record date of 1 June 2022
▪Dividend outlook is for continued modest cps growth, primarily reflecting the cashflows from
CDC Data Centres, Vodafone and our Diagnostic Imaging platform
▪The dividend reinvestment plan will not be activated for this dividend
Ordinary Dividend per Share Profile
0
5
10
15
20
2013201420152016201720182019202020212022
InterimFinal
19

Debt Capacity &
Facilities
With cash on hand
and undrawn bank
facilities, Infratil
has a strong
balance sheet for
further investment
Infratil Annual Results Announcement 2022
▪Upon completion of the Tilt Renewables’
disposal, Infratil fully repaid its drawn bank
debt facilities and has net cash of $773 million
at 31 March 2022
▪Infratil fully refinanced all of its bank facilities
in October 2021, improving terms and
extending maturities out to a maximum of
31 July 2026
▪31 March gearing of 9.4%, significantly below
the target range of 30%
▪Post 31 March 2022 ~$270 million will be
applied to the payment of performance fees
▪Infratil's next two bond maturities are $93.7
million of IFT190 bonds in June 2022 and
$100.0 million of IFT240 bonds in December
2022
1.Gearing calculated as total net debt / total capital based on the Infratil share price at 31 March 2022.
2.Infratilwholly owned undrawn bank facilties. Includes Core debt facilities and Term Loan debt facilities only.
Debt Maturity Profile as at 31
st
March 2022 (NZ$ million)
2
194
122
156
164
156
102
146
123
232
40
391
279
190
-
100
200
300
400
500
600
FY23FY24FY25FY26FY27FY28FY29FY30Perpetuals
Millions
BondsUndrawn Bank Debt
31 March ($millions)20222021
Net bank debt/(cash)($773.0)$328.2
Infratil Infrastructure bonds$1,163.7$1,155.2
Infratil Perpetual bonds$231.9$231.9
Total net debt$622.6$1,715.3
Market value of equity$5,972.9$5,154.7
Total capital$6,595.3$6,870.0
Gearing
1
9.4%25.0%
Undrawn bank facilties
2
$899.6$353.0
100% subsidiaries cash$773.0$13.8
Liquidity available$1,672.6$366.8
20

Infrastructure
Bond Offer
Infratil is
considering
making an offer of
8-year unsecured,
unsubordinated,
re-setting fixed
rate bonds to
New Zealand
institutional and
retail investors
Infratil Annual Results Announcement 2022
Infrastructure Bond Offer
▪Infratil Limited is considering making an offer of 8-year unsecured, unsubordinated, re-setting fixed
rate bonds (Bonds) to New Zealand institutional and retail investors
▪It is expected that the interest rate on the Bonds will be fixed for the first four years and then reset in
June 2026 for a further period of four years
▪The offer will likely comprise two separate parts:
▪A “Firm Offer” expected to open on 26 May 2022, which will be available to clients of the Joint
Lead Managers, approved financial intermediaries and other primary market participants invited
to participate in the bookbuild. The Firm Offer is expected to close on 2 June 2022, followed by a
bookbuild process to set the interest rate on the Bonds
▪An “Exchange Offer” expected to open on 3 June 2022 (immediately following the Firm Offer),
under which all New Zealand resident holders of the IFT190 bonds that mature on 15 June 2022
will have the opportunity to exchange some or all oftheir maturing bonds for Bonds
▪Investors can register their interest in the offer by contacting a Joint Lead Manager or their usual
financial adviser. Indications of interest will not constitute an obligation or commitment of any kind
▪No money is currently being sought and applications for the Bonds cannot currently be made. If
Infratil offers the Bonds, the offer will be made in accordance with the Financial Markets Conduct Act
2013 as an offer of debt securities of the same class as existing quoted debt securities. The Bonds are
expected to be quoted on the NZX Debt Market
21

FY2023 Guidance
Proportionate
EBITDAF in the
range of
$510 -$550
million, which at
the midpoint is up
11.6% on a like for
like basis
Infratil Annual Results Announcement 2022
FY2023 Guidance
▪FY2023 Proportionate EBITDAF guidance range set at $510 million –$550 million
▪Key guidance assumptions include:
▪CDC Data Centres EBITDAF of A$220 million -A$230 million (Infratil’s share 48.1%)
▪Vodafone EBITDAF of $490 million -$520 million (Infratil’s share 49.9%)
▪Manawa Energy EBITDAF of $137 million –$156 million (Infratil’s share 51.0%)
▪Diagnostic Imaging EBITDAF of $190 million -$205 million (Infratil’s share 50.5% -56.3%)
▪Forecast AUD/NZD 0.9247, USD/NZD 0.6878, EUR/NZD 0.6203, and GBP/NZD 0.5249
▪Guidance is based on Infratil management’s current expectations and assumptions about the trading
performance, is subject to risks and uncertainties, and dependent on prevailing market conditions
continuing throughout the outlook period
▪Guidance is based on Infratil’s continuing operations and assumes no major changes in the
composition of the Infratil investment portfolio. It excludes the impact of any potential Vodafone
towers transaction, the strategic review ofRetireAustralia and one month of Manawa Retail
▪Trading performance and market conditions can and will change, which may materially affect the
guidance set out above
22

At Infratil, we
believe that
Infrastructure
underpins the
abilities of
communities to
grow, society to
function and
economies to
thrive
Infratil Annual Results Announcement 2022
23
Summary & Outlook

Appendices
For the year ended 31 March 2022
Annual Results Announcement

Share Price
Performance
Infratil continues
its track record of
outstanding
returns
Infratil Annual Results Announcement 202225
Accumulation Return
1
PeriodTSR
1 Year18.4%
5 Year28.0%
10 Year21.6%
Inception –28 years18.7%
APPENDIX ONE
6.50
6.70
6.90
7.10
7.30
7.50
7.70
7.90
8.10
8.30
8.50
31/0330/0431/0530/0631/0731/0830/0931/1030/1131/1231/0128/0231/0330/04
Infratil Share Price
1.Accumulation returns are to 31 March 2022 based on a closing share price of $8.25, the calculation assumes that shareholders reinvest
dividends on the day they are earned, and participates in any rights offerings.

▪Operating revenue reflects a full year of Qscan
Group, a part year of Pacific Radiology Group
and increased earnings from Vodafone and
RetireAustralia
▪Incentive fees largely from the sale of
Tilt Renewables and a 30% increase in the
valuation of CDC Data Centres
▪Increase in depreciation & amortisation and net
interest primarilydue to the addition of
Qscan Group and the Pacific Radiology Group
▪Increased tax expense is largely due to
Manawa Energy derivative movements and the
addition of Qscan Group and the Pacific
Radiology Group, partially offset by Corporate
▪Realisations and revaluations reflect positive
movements in electricity derivatives and
property valuation uplifts at Wellington Airport
and Infratil Infrastructure Property, partially
offset by interest rate swap movements
▪Discontinued operations relate to
Tilt Renewables and Trustpower’s Retail
business, and includes the $1,136.8 million gain
on the sale of Tilt Renewables
Infratil Annual Results Announcement 2022
26
1.Discontinued operations represent businesses that have been divested, or
businesses which will be recovered principally through a sale transaction
rather than through continuing use
31 March ($millions)20222021
Operating revenue$1,129.1 $590.8
Operating expenses($610.7)($257.1)
Operating earnings$518.4 $333.7
International Portfolio incentive fees($221.2)($223.1)
Depreciation & amortisation($91.4)($60.4)
Net interest($159.5)($137.2)
Tax expense($22.6)$9.7
Realisations and revaluations$82.2 ($24.6)
Net surplus/(loss) continuing$105.9 ($101.9)
Discontinued operations
1
$1,125.8 $85.9
Net profit after tax$1,231.7 ($16.0)
Minority earnings($62.4)($33.2)
Net parent surplus$1,169.3($49.2)
Financial Summary
Record net parent
surplus of
$1.17 billion driven
by the completion
of the Tilt
Renewables sale
APPENDIX TWO

▪CDC uplift from take-up of capacity in existing
data centres
▪Vodafone is continuing to benefit from cost-
outs and efficiency gains
▪Wellington Airport saw traffic recovery for a
period, before Covid restrictions reversed that
trend
▪Longroad uplift reflects the commissioning of
material solar projects and full year contributions
from El Campo, Little Bear, and Prospero I
▪Full year contribution from Qscan Group and a
part year from the Pacific Radiology Group
▪Corporate expenses reflect increased
management fees driven by Infratil share price
appreciation and higher other corporate costs
▪‘Software as a Service’ relates to the recent IFRIC
change in accounting treatment (from being a
depreciable asset to an expense item)
Infratil Annual Results Announcement 2022
27
31 March ($millions)20222021
CDC Data Centres$82.2 $75.8
Vodafone$243.8 $217.9
Kao Data($1.5)-
Manawa Energy$83.9 $79.9
Longroad Energy$15.1 $0.1
Galileo Green Energy($5.4)($3.6)
GurīnEnergy($6.0)-
Diagnostic Imaging$66.8 $11.0
RetireAustralia$16.9 $10.4
Wellington Airport$37.3 $23.7
Corporate & other($58.2)($44.1)
Proportionate EBITDAF
1
$474.9$371.2
Trustpower Retail$24.2$22.2
Software-as-a-Service expense$14.8$5.5
Adjusted EBITDAF$513.9$398.9
Proportionate
EBITDAF
EBITDAF uplift
reflects continued
resilience across
the portfolio and
uplifts from
Diagnostic
Imaging
1.ProportionateEBITDAFrepresentsInfratil’sshareoftheconsolidatednetearningsbeforeinterest,tax,depreciation,amortisation,
financialderivativemovements,revaluations,gainsorlossesonthesalesofinvestments,andexcludesacquisitionorsalerelated
transactioncostsandtheimpactofInternationalPortfolioIncentiveFees.CDCEBITDAFexcludesRMSpaymentstomanagement
shareholders.Accruedpaymentsunderthisschemeareincludedinnetexternaldebt.
APPENDIX THREE

Capital Expenditure
& Investment
Significant new
investment into
Infratil’s high
conviction
platforms will see
Infratil well placed
to take advantage
of growth in these
segments
Infratil Annual Results Announcement 202228
1.The table shows Infratil’s share of the investment spending of investee companies. In a period where Infratil acquires a new
investment, the consideration paid is shown as the investment for that period. Subsequently, capital expenditure of the investee
company would be presented.
▪CDC Data Centres’ ongoing construction of H5,
EC4, AKL1 and AKL2 totalling 104MW
▪Vodafone ICT capability growth and continued
expansion of 4G and 5G into the regions. In the
year 5G was introduced to
Manawatu/Whanganui and the Bay of Plenty
▪Growth capital projects suspended at
Wellington Airport, however, safety and
resilience capital works are tracking well
▪After pausing development for a period last
year, RetireAustralia now has construction
underway at four sites
▪Longroad Energy completed construction of
530MW of solar projects in the period in
Arizona and Texas, and started construction on
26MW in Maine
▪Acquisition of stakes in Pacific Radiology,
Auckland Radiology, Bay Radiology, and
Kao Data, and initial investment into Gurīn
Energy in the period
31 March ($millions)20222021
CDC Data Centres$259.9 $119.3
Vodafone$177.9 $120.9
Manawa Energy$23.6 $18.6
Tilt Renewables-$247.3
Longroad Energy$246.5 $325.9
Qscan Group$13.8 -
RetireAustralia$26.1 $29.8
Wellington Airport$11.7 $23.1
Other-$12.5
Capital Expenditure$759.5$897.4
Kao Data$217.9 -
Gurīn Energy$8.3 -
Pacific Radiology Group$408.8 -
Qscan Group-$309.6
Galileo$13.8$11.8
Clearvision$4.6$11.0
Infratil Investments$653.4 $345.4
Total Capex & Investment$1,412.9 $1,229.8
APPENDIX FOUR

NPAT to
Proportionate
EBITDAF
Infratil Annual Results Announcement 202229
31 March 2022 ($millions)20222021
Net profit after tax (‘NPAT’)1,231.7
(16.0)
Less: Associates
1
equity accounted earnings(268.5)
(182.6)
Plus: Associates
1
proportionate EBITDAF347.4
300.5
Less: minority share of Subsidiary
2
EBITDAF(158.0)
(97.5)
Plus:share of acquisition or sale-related transaction costs35.5
16.9
Net loss/(gain) on foreign exchange and derivatives(68.0)
56.4
Net realisations, revaluations and impairments(14.2)
(31.8)
Discontinued operations(1,125.8)
(85.9)
Underlying earnings(20.0)
(39.9)
Plus: Depreciation & amortization91.4
60.4
Plus: Net interest159.5
137.2
Plus: Tax22.6
(9.7)
Plus: International Portfolio Incentive fee221.2
223.1
Proportionate EBITDAF
474.9371.2
Add: Trustpower Retail Proportionate EBITDAF24.222.2
Add:Software-as-a-Service expense$14.8$5.5
Adjusted EBITDAF
513.9398.9
1.Associates include Infratil’s investments in CDC Data Centres, Vodafone NZ, Kao Data, RetireAustralia, Longroad Energy, and Galileo
Green Energy.
2.Subsidiaries include Infratil’s investments in Manawa Energy, Qscan Group, Pacific Radiology Group, Wellington Airport and Gurīn
Energy.
APPENDIX FIVE
Proportionate EBITDAF is an
unaudited non-GAAP (‘Generally
Accepted Accounting Principles’)
measure of financial
performance, presented to
provide additional insight into
management’s view of the
underlying business
performance.
Specifically, in the context of
operating businesses,
Proportionate EBITDAF provides
a metric that can be used to
report on the operations of the
business (as distinct from
investing and other valuation
movements).

Movements in
Wholly Owned
Group Net Bank Debt
The Wholly Owned Group
comprises Infratil and its wholly-
owned subsidiaries and excludes
Manawa Energy, Tilt Renewables,
Wellington Airport, Qscan
Group, Pacific Radiology Group,
GurīnEnergy, CDC Data Centres,
Vodafone NZ, RetireAustralia,
Longroad Energy, Kao Data and
Galileo Green Energy
Wholly Owned Net Bank Debt
comprises the drawn bank
facilities (net of cash on hand) of
Infratil’s wholly owned
subsidiaries
Infratil Annual Results Announcement 202230
31 March 2022 ($millions)
Opening Wholly Owned Net Bank Debt –1 April 2021(328.2)
Manawa Energy dividends56.7
Tilt Renewables special dividend16.1
Clearvision dividends1.7
Vodafone NZ distributions and shareholder loan interest payments37.2
CDC distributions and shareholder loan interest payments13.4
Longroad Energy distributions and capital return54.0
Annual Incentive Fee (FY2020 Second and FY2021 First Instalment)(116.2)
Net interest(61.2)
Other operating cashflows(68.4)
Sale of Tilt Renewables1,959.3
Sale of ASIP44.8
Receipt of NZ Bus depot contingent consideration16.1
IFT FY2021 Final dividend & FY 2022 Interim dividend(121.8)
IFT220 bond maturity(93.9)
IFT310 bond issue101.2
Pacific Radiology investment(408.8)
Kao Data investment (217.9)
Other investing and financing cashflows(111.1)
Closing Wholly Owned Net Bank Debt/(Cash)773.0
Longroad Energy(58.7)
CDC Data Centres(17.4)
GurīnEnergy(8.3)
Galileo Green Energy(13.8)
Other(12.9)
Net other investment & financing cashflows(111.1)
APPENDIX SIX

---

1
Annual Report 2022
Investing wisely
in ideas that matter

1
1
Infratil
Annual Report
2022
Contents
Portfolio Overview4
Financial Highlights5
Directors6
Report of the Board Chair8
Report of the Chief Executive12
Management16
Sustainability Strategy20
Tackling the Threat of Climate Change 22
Financial Trends and Performance 26
Shareholder Returns and Ownership32
Bondholders 33
Infratil’s Businesses
Renewable Energy38
Digital Infrastructure52
Healthcare68
Airports76
Financial Statements81
Corporate Governance147
Directory 163

23
We believe that infrastructure
underpins the abilities of
communities to grow, society to
function and economies to thrive.
We anticipate the systems and assets needed to
connect people to places, sustainable resources and
the services of modern life.
We use our proven judgement and experience to invest
in bold infrastructure that will stimulate sectors,
invigorate communities and reward our investors over
the longer-term. This purpose speaks to our foresight to
look for opportunities to shift the present.
Evolution of our symbol
The Infratil logo is made up of the
‘square symbol’. It reflects our
focus, foresight and ability to
look for opportunities to invest
wisely in ideas that matter.
It is an evolution of our original
network symbol, simplifying

it down for longevity to four
vibrant colours.
The framing symbolises Infratil’s
ability to focus on ideas that are
the building blocks of modern
societies.

45
Portfolio
Overview
Financial
Highlights
Airports
Our assets
Our assets represent
a unqiue portfolio of
high conviction positions,
diversified by geography,
across four growth sectors.
Net parent surplus
$1,169.3
million
Proportionate capital
expenditure 2
$1,412.9
million
Cash dividend declared
12.00cps
4.67 cps imputation

Share price
$8.25
Market capitalisation
$6.0
billion
Proportionate EBITDAF 1
$ 474 . 9
million
Net debt 3
$622.6
million
Shareholder returns 4
$18.4%p.a.
1 EBITDAF is a 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 2022 annual results
presentation.
2 Investment and capital spending by Infratil and its 100% subsidiaries and Infratil’s share of investee company capital spending.
3 Infratil parent and 100% subsidiaries.
4 Shareholder returns are one-year returns assuming that Dividends are invested on date of payment.
CLEARVISION
Renewable EnergyDigital InfrastructureHealthcare

67
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 metrics.
• 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 H.R.L. Morrison & Co.
Morrison & Co is a specialist manager
of infrastructure investments and
performs this role for Infratil under an
investment 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 that
the cost is reasonable relative to the
alternative.
Further commentary on the Board is set
out on pages 147 - 152 of this report.
Mark Tume
Mark joined the Infratil board as an
independent director in 2007 and was
appointed Chair in 2013. Mark is Chair of
the Nomination & Remuneration, and
Management Engagement committees.
“I maintain ties with Infratil’s many
stakeholders and ensure that directors are
delivering on their responsibilities. My
experience in finance and from serving on
a number of boards gives me an
appreciation of the issues faced by Infratil
and its businesses.“
Jason Boyes
Jason is Chief Executive of Infratil and
joined the board in April 2021.
“As Chief Executive I am responsible for
working with board and management on
shaping Infratil’s strategies and goals, and
for ensuring that management delivers
accordingly. Management has to identify
opportunities, ensure that Infratil’s
businesses are performing to their
potential, and ensure that risks are
monitored, managed and are within
acceptable and agreed parameters.”
Alison Gerry
Alison joined the Infratil board as an
independent director in July 2014. Alison is
Chair of the Audit & Risk committee, and a
member of the Nomination &
Remuneration, and Management
Engagement committees.
“My experience in finance and risk
management helps me appreciate
Infratil’s strategic opportunities and
threats from financial markets,
technology, regulation and the natural
environment. Executing strategy is about
allocating capital and about developing a
culture which reflects the value we place
on people, customers, and communities.”
Paul Gough
Paul joined the Infratil board as an
independent director in December 2012.
Paul is a member of the Nomination &
Remuneration and Management
Engagement committees.
“As a Kiwi who works in London, I’m very
aware of how global events impact

New Zealand and Australia. In London
I manage investments in similar fields to
Infratil’s, but often with more development
risk. Achieving the best outcome requires
the best from people. The focus on
performance and people is consistent
with what I see at Infratil.”
Kirsty Mactaggart
Kirsty joined the Infratil board as an
independent director in March 2019.

Kirsty is a member of the Audit & Risk and
Management Engagement committees.
“I have over 25 years of financial market
experience across multiple countries and
sectors. My transactional experience as a
banker, and governance focus as an
investor, are applied to ensure the
manager delivers for all Infratil
stakeholders.”
Peter Springford
Peter joined the Infratil board as an
independent director in November 2016.
Peter is a member of the Management
Engagement committee.
“Having led a major industrial company
based in New Zealand and Australia,
businesses in Asia, and been chair or
director of companies operating
internationally, I recognise that a key
ingredient of successful investment is
having the right people who provide
diversity of experience and perspective.
This is a challenging investment
environment, but there are good
opportunities available to Infratil because
of its capabilities and access to capital.”

89
Report of the
Board Chair
Mark Tume
Infratil’s 2022 financial year was
dominated by excellent results and
a number of highly promising new
investment opportunities,
delivering returns to shareholders
of 18.4%. These were achieved
despite an increasingly volatile
world with the ongoing pandemic,
rising economic pressures,
continuing climate volatility, and -
who would have thought - war in
Europe.
In recent months, capital markets have
been adjusting to multiple economic,
political and social challenges. But as
unpredictable as the world currently is,
recent events in no way reduces the high
conviction we have in Infratil’s long-term
investment strategy. If anything, the
turmoil and disruption reinforces our

belief in continuing global demand for
infrastructure.
The world is trending to a more nationalist
setting as states shift away from the
interdependence that dominated since
the late-1980s. Globalisation seems to
have peaked as countries look to join
like-minded blocs not dissimilar to the
Cold War divisions. Individual states are
reviewing their own infrastructure with a
view to protecting themselves from an
over reliance on others. Nowhere is this
more palpable than watching Western
Europe moving to decouple from its
reliance on Russian oil and gas. But what
we see in that sector and region is also
playing out across other regions and
sectors, including digital and healthcare
infrastructure.
For the last decade, many viewed the
renewables investment proposition as a
response to climate change and the need
to decarbonise. While that remains a core
consideration – as the latest
Intergovernmental Panel on Climate
Change (‘IPCC’) report makes abundantly
clear - renewable energy is also
increasingly important from an energy
security perspective, as countries focus
on their need for less reliance on energy
imports and more self-sufficiency. New
domestically-located renewable
generation strengthens energy security,
reduces reliance on fragile supply chains,
and boosts clean energy generating
capacity to replace fossil fuels.
The security and integrity of digital
services are also increasingly front of mind
across the world. Before the recent
international ructions, Covid-19 had
highlighted the role digital technologies
play in supporting people and building
resilience to unexpected events. We are
seeing governments take a hands on
approach in considering the adequacy of
secure digital infrastructure – secure
connectivity and adequate data storage -
to support faster innovation, increased
capacity, efficiency, and economies

of scale.
As the board and management have
outlined in presentations and reports over
the past few years, Infratil works to be
ahead of the pack in investing in long-term
mega trends – which is driving our focus
on the digital infrastructure, renewables
and healthcare sectors. What is occurring
across the world has reinforced the
robustness of our investment thesis.
These three sectors are especially
attractive in inflationary environments,
and often less correlated with what is
occurring elsewhere in the general
economy.
The investment returns which accrue to
shareholders from being at the forefront of
trends is well illustrated by the Tilt
Renewables sale. While the sale reflects
exceptionally well in this year’s annual
result, it is testament to a clear strategy,
careful planning and quality execution
over the last 24 years. The fact it took over
two decades for realisation to occur is a
salient reminder of how we prefer to
operate.
Developing infrastructure is a slow and
patient process. While annual revenues
and cashflow are very important, taking a
long-term approach to value creation is
key to delivering outsized returns. It takes
time to transform an “idea that matters”
from a single asset into a wider next
generation platform with strong long-term
value creation potential.
We sold our investment in Tilt Renewables
for $2 billion; the transaction completing
in August. The over $1 billion gain on sale
reflects a series of decisions starting in
1994. A clear strategic view, active asset
management, and a deep understanding
of risk, across the full life-cycle of projects
and operations, culminated in an excellent
result for shareholders.
We often celebrate the big deals, be it a
significant purchase or the Tilt sale. What
is not as obvious is the amount of effort
that goes into deals which we do not end
up transacting. There are deals we work
very hard on, both as a management team
and board, expending a lot of time and
money, but ultimately do not complete.
“Developing infrastructure is a slow and patient
process. While annual revenues and cashflow
are very important, taking a long-term
approach to value creation is key to delivering
outsized returns. It takes time to transform an
“idea that matters” from a single asset into a
wider next generation platform with strong
long-term value creation potential.“

1011
Part of Infratil’s competitive advantage is
its ability, as a company, to pull together
many threads in what is often very short
spaces of time. The management team
produces top rate analysis and insights on
complex businesses and transactions, and
presents them in a manner which is
digestible. It leads not only to great rigour
from the board but also to good decisions.
A major deal will also create related
work-streams - such as negotiating a next
level funding facility, whether there is
merit in an equity raise, and can these be
executed within the deal window. When
we do not transact it will be because we
back our process, maintain our very strong
value discipline, but cannot meet vendor
expectations.
The Intellectual Property we develop in
non-completed deals is of tremendous
value. Throughout my time on Infratil’s
board, we have been adept at making
early stage investments into poorly
understood sectors based on disciplined
investment analysis. We have a clear
strategy guiding us. We back our team, we
back our research, and we back our
discipline. Our results suggest that we get
it right more often than not. I am
immensely proud of our combined

- board and management - performance
in this regard.
The strength of our bench was apparent as
we transitioned to a new chief executive,
with Jason Boyes taking over from Marko
Bogoievski on 1 April 2021. It was a
demonstration of the capability of Infratil’s
manager, Morrison & Co, and Jason, that
such a change took place amid a busy and
volatile period with no drop off in
performance and continuing excellent
results. We have noted on many occasions
the confidence we have in the ability of

our management to keep Infratil at the
forefront of next generation assets. Our
outperformance – 28 years of over 18%
after tax returns per annum – bears
testimony to that.
Over the last 12 months, the Infratil board
and management team have been
formalising our sustainability vision for

the business together with long-term
environmental, social and governance
(‘ESG’) objectives. It also includes a series
of ESG medium-term targets and outlines
the expectations we have for our portfolio
companies. We are focussed on ensuring
that Infratil is financially resilient to the
physical and transitional impacts of
climate change, and committed to
reporting to stakeholders in line with the
recommendations of the Taskforce for
Climate-related Financial Disclosures.
If this sounds familiar to Infratil
shareholders, that is because the
Company’s business has been investing

in clean, renewable energy, sustainable
transport platforms and identifying the
emergence of digital infrastructure to
facilitate connection. These ‘ideas that
matter’ are at the leading edge of
sustainability but also demonstrate
significant value potential. To be
successful, we must show to the people
who invest with us, those who use our
services, and to the communities we live
with, how we are contributing to good

ESG outcomes.
The year is also seeing some transition

on our Board. Catherine Savage left the
Board in January. She made a substantial
contribution and brought a fresh
perspective over an extremely busy
period, including the CEO leadership
transition, dealing with a takeover offer,
and through an investment period
involving some significant acquisitions

and realisations. I have also announced
I will be stepping down as Chair from
30 May 2022 but remain as a director as
part of our transition. Incoming chair
Alison Gerry steps up to the role having
been an independent director on Infratil’s
Board and Chair of the Audit and Risk
Committee since 2014.
It is pleasing to be stepping down in a

year when Infratil was acknowledged as
New Zealand’s Company of the Year in the
Deloitte Top 200 awards. From Infratil’s
beginnings as one of the world’s first listed
infrastructure funds with a minority stake
in Trustpower, we are now a global
infrastructure investor with a diverse
portfolio across digital infrastructure,
renewables, social infrastructure and
transport in multiple jurisdictions.
It has been a huge honour to have you
place your trust in me, allowing me to be
part of a company that has delivered so
much to shareholders while owning and
developing high quality assets which bring
benefits to the communities they serve. I
have great confidence that the new Chair,
reshaped board and Infratil’s management
will continue to deliver outstanding results
through multiple market cycles for
shareholders.
“These ‘ideas that matter’ are at the leading
edge of sustainability but also demonstrate
significant value potential. To be successful, we
must show to the people who invest with us,
those who use our services, and to the
communities we live with, how we are
contributing to good ESG outcomes.”
The 200MW Sun Streams 2 solar project, Arizona
Mark Tume
Chair

1213
Report of the
Chief Executive
Jason Boyes
I am very happy to be writing
this to you after my first year
as CEO of Infratil.
In reviewing Infratil’s last
12 months, the highs of our best
ever one-off result – the sale of
Tilt Renewables for a gain of over
$1 billion – stands out. This
saw Infratil deliver a Net Parent
Surplus of $1,169.3 million,
which accompanied
Proportionate EBITDAF for
the year of $474.9 million.
Alongside those returns for shareholders,
this year has seen significant new
investment activity with overall investment
of over $1.4 billion across opportunities in
our key sectors of renewable energy,
digital infrastructure and healthcare.
Our healthcare portfolio expanded with
the acquisition of three diagnostic imaging
businesses to go with the 2020 purchase
of Qscan, one of Australia’s largest
diagnostic imaging businesses. With
Pacific Radiology, Auckland Radiology and
Bay Radiology, we now also lead that
market segment in New Zealand.
Our healthcare portfolio is strategically
compelling with strong synergy
opportunities. The investment outlook is
very positive, benefitting from the
long-term tailwinds of an ageing
demographic and increasing healthcare
expenditure. Sophisticated diagnostics, in
particular, exhibit predictable volume
growth and is supported by stable funding
regimes and barriers to entry. Revenues
are, therefore, highly defensive and
growing. A feature of these acquisitions
has been the continued participation of
existing doctor shareholders and
management, generating incentives to
drive the continued growth of these
companies.
We see significant opportunities for
further growth, with additional
investments possible to create a
meaningful Australasian healthcare
platform with a number of adjacent
opportunities. We expect this sector to
deliver attractive mid-teens equity returns
for Infratil shareholders.
There was considerable investment
activity in Infratil’s global renewables
platform in a year which, as Mark Tume
notes in his report, energy security
became an increasingly important
perspective in understanding renewable
generation. Longroad Energy, our United
States joint venture with the New Zealand
Superannuation Fund, now has a
substantial development pipeline of new
wind and solar generation underway.
Galileo in Europe likewise has a busy
period of development ahead. In
September, we announced Infratil’s
commitment of US$233 million to
establish Gurīn Energy, a renewable
energy development platform
headquartered in Singapore.
Gurīn will focus on greenfield renewable
projects across Asia where there is a
significant opportunity to enter markets
which are following a ‘transition to
renewables’ roadmap laid out by Europe
and North America a decade earlier. The
region is characterised by combined
tailwinds of demand growth, a growing
commitment at national levels to
decarbonisation, an increasing desire to
reduce dependency on imported fuels,
and to build self-sufficiency and security
of supply. The breadth of the Asian market
allows us to diversify our risk profile, both
from geographic and technology
perspectives.
Investor demand for these sorts of assets
is only increasing. Manawa Energy,
formerly Trustpower, has sold its retail
business to Mercury to refocus on
developing new renewable generation
capacity to help meet the anticipated
significant increase in demand for
electricity to contribute towards

New Zealand’s climate targets. It is
currently New Zealand’s fifth largest
electricity generator with 26 hydro power
schemes and a total installed capacity of
498MW.
Just as energy security is increasingly
important in a volatile world, so too is
digital security. With global demand for
connectivity continuing to rise, the last 12
months saw further expansion of Infratil’s
digital infrastructure portfolio to build on
our successful data centre platform in
Australia and New Zealand.
In October we announced the
commitment of £120-130 million of growth
capital for a 40% stake in London data
centre business, Kao Data. The aim is to
build Kao Data into a £500 million
multi-site data centre platform in the
medium term. It currently owns a 15-acre
data centre campus in Harlow powered by
100% renewable energy and has acquired
two more prime location data centres. Kao
Data’s technically advanced data centres
are designed to meet specialist high-
performance computing requirements -

it houses NVIDIA’s Cambridge-1, the most
powerful supercomputer in the United
Kingdom.
“Our healthcare portfolio is
strategically compelling with
strong synergy opportunities.

The investment outlook is very
positive, benefitting from the

long-term tailwinds of an ageing
demographic and increasing
healthcare expenditure.”

1415
CDC Data Centres (‘CDC’) continued to
demonstrate considerable value potential.
As at 31 March 2022, its most recent
independent valuation saw a 30% increase
in the value of our investment in CDC from
12 months previously. Infratil’s 48.1%
investment in CDC is now valued at
between A$2.8 billion to A$2.9 billion. The
valuation increase reflects construction
nearing completion, the pipeline of
development and strong customer
interest in CDC’s services.

CDC currently has four data centres under
construction in Auckland, Canberra and
Sydney. It recently announced expansion
to Melbourne. This, along with CDC’s track
record and customer demand, is providing
strong confidence in the medium-term
growth outlook.
Vodafone has been performing well on its
path to become one of the lowest cost
and most efficient telecommunication
providers in New Zealand. As the easing
global pandemic allows for more
international travel, the business should
see a rebound in roaming revenues. It is
continuing to drive efficiencies realised
through cost management initiatives and
focusing on removing business
complexity. Meanwhile, it signalled the
possible sale of its passive mobile tower
infrastructure assets. It currently has the
largest tower portfolio in New Zealand,
covering 98% of the population.
Wellington Airport has endured another
tough year. Repeated changes to
pandemic settings and the emergence of
Delta and Omicron were, as you are
aware, damaging across the aviation and
tourism sectors. With its high level of
domestic business traffic and lower
reliance on the international visitor market,
Wellington Airport’s results are more
robust than its peers in the sector. A return
to pre-Covid-19 levels of passenger traffic
and revenues is dependent on how the
pandemic recovery unfolds over the next
financial year. Nonetheless, we continue
to see good long-term value outlooks for
the asset, particularly in an inflationary
environment. It remains on track to deliver
a 30% reduction in operational carbon
emissions by 2030. Its carbon emissions
target is an absolute target, which means
it will reduce emissions irrespective of its
footprint or the number of passengers
serviced.
Infratil’s balance sheet remains strong,
even after a busy 12 months of new
investments, giving us the flexibility to
fund growth investments across our
existing portfolio companies and to take
advantage of new acquisition
opportunities. There is a significant
pipeline of opportunities, both across our
existing platforms and also as we evaluate
additional opportunities in key sectors and
new geographies. Morrison & Co is
supporting Infratil’s increasingly global
focus, opening offices in New York and
Singapore in the last year, alongside its
offices in London, Australia and

“Together our investments are
increasingly demonstrating our
global commitment to sustainability
and climate change.”
It also couldn’t go without mention,
that after more than a quarter of a
century at Infratil, Tim Brown formally
retired from his day-to-day
responsibilities on 30 November.
Over the years, Tim became one of
Infratil’s most recognisable faces and
made an immeasurable contribution to
its success and reputation. He joined in
September 1994, when Infratil’s market
capitalisation was roughly $51 million.
He retired with Infratil’s market cap
having reached an all-time high at over
$6 billion - a feat that we are sure,
would have seemed astonishing at its
inception. Through this period, Infratil
also became the largest issuer of
unrated bonds in New Zealand, with

a current total of $1.4 billion of bonds
on issue.
Tim developed a formidable following

at the annual Infratil retail roadshow,
wowing audiences and developing a
strong following. He is an engaging
storyteller and had authored all of
Infratil’s annual and interim reports over
the past 27 years, along with regular
shareholder newsletters and
operational updates to the market. He
did so in a distinctive manner which
achieved the writer’s grail of being
(mostly) decipherable, interesting and
informative. He had a special ability to
provide stakeholders with the thesis for
Infratil’s new investments and then take
them on the journey as those
investments progressed. Although his
penchant for throwing in the odd word
such as “ineluctable” kept everyone on
their toes – a trait his peer reviewers
were never able to quash!
Tim was also Infratil’s government
relations representative – for which
there have been many discussions,
including campaigning for commercial
development at Whenuapai to become
a regional airport to serve the
northwest of Auckland, the Wellington
Airport runway extension proposal, and,
of course, the more recent and
contentious debates on the climate
change challenge and the merits and
dynamics of an emissions trading
regime.
On top of all of this, it should come as
no surprise to anyone that Tim was an
exceptionally encouraging and
enthusiastic colleague. Tim always had
time for his colleagues, always had a
good story to tell, and was always the
first person up for a debate or robust
conversation. We wish him very well in
whatever his next endeavours may be.
“
New Zealand. Morrison & Co now has over
150 employees, more than half of whom
are investment professionals. A far cry
from the 40 or so staff when I joined.
None of that growth has changed our
investment methodology. We will continue
to apply a disciplined approach to
allocating capital when assessing potential
investments to maintain our record of
delivering strong returns to shareholders in
line with our ten-year total shareholder
return target of 11-15%.
Together our investments are increasingly
demonstrating our global commitment to
sustainability and climate change. It is a
key aspect in our ESG framework, which
Infratil has now formalised to report on
each year. It is the right thing to do – for
communities we serve, for the
environment, for our people and for our
shareholders. Capital markets are
increasingly demanding it with
investments meeting ESG benchmarks
attracting higher volumes of interest and
capital inflows, as investors look to reduce
their exposure to less sustainable
investment classes and sectors.
Sustainable approaches to the
environment, society and our governance
are critical at all levels of our business and
operations.
The year is also notable for Chair Mark
Tume’s stepping down from that role
although he will remain as a director for a
period. His tenure began in 2007 and he
has helped to oversee a period of
remarkable growth and excellent returns
for shareholders. One of the strengths of
this Company is its high-quality Board.
They consistently provide a clear strategic
direction, pose challenging questions, and
demand excellent execution from the
management team. While I have been
Chief Executive for only a year, I have
worked with Mark and the Board he has led
for over a decade, and their collective
excellence in governance has been a
major contributor to the development of
the Company and the returns enjoyed by
our shareholders.
Leading a global infrastructure investor
through the disruptive lows of a global
pandemic has been a challenge. Of
course, the real work is done within our
platforms, and you’ll see from their
individual reports they’ve all had their fair
share of headwinds and of course
successes. Even setting aside the
extraordinary outcome from the Tilt
Renewables sale, the resilience of this
year’s underlying result is a testament to
their hard work, and the diversified nature
of our portfolio.
Jason Boyes
Chief Executive
Ordinarily, as an incoming chief executive

I would have spent a considerable amount
of time meeting shareholders, and visiting
each of our global platforms, directly
gauging perceptions of the Company and
its performance, meeting staff and
managers across the Company.
Much of the year and, especially many
long nights, have instead been spent on
video calls to staff in Europe, Asia and
North America, and investors around the
world. This is not a woe, it is my reflection.
My sympathies lie with those looking for
shrewd, insightful analysis and guidance
from me at midnight via my laptop.

If there is one thing to hope for in the
coming 12 months, it will be the
opportunity to meet and engage in

person with our shareholders, staff and
other stakeholders.
I am very fortunate to work with an
amazing group of people here at

Morrison & Co, and across Infratil’s
investments. While at times intellectually
and emotionally challenging, it is most
stimulating, often surprising, and there is
so much to explore and learn as we
continue to “invest wisely in ideas that
matter” for our shareholders and all our
other stakeholders.

1617
Management
Transparent and Reliable
Infratil’s management comprises
people employed by Morrison & Co
(including the Chief Executive and
Chief Financial Officer), and people
employed by Infratil’s subsidiaries
and investee companies.
Infratil has delegated the day-to-day
management of the Company to Morrison

& Co under a Management Agreement.
The Management Agreement specifies the
duties and powers of Morrison & Co, and

the management fee payable to Morrison
& Co for delivering those services.
The Board determines and agrees with
Morrison & Co specific goals and objectives,
with a view to achieving the strategic goals
of Infratil. Morrison & Co is then accountable
to the Board for the achievement of the
strategic goals of Infratil.
As a specialist infrastructure investment
manager, Morrison & Co also manages
investments on behalf of other clients;
including the New Zealand Superannuation
Fund, the Commonwealth Superannuation
Corporation and the Australian Future Fund,
each of which has investments in
partnership with Infratil.
Infratil benefits from its management having
the expertise of a larger and more expert
group of individuals than a company of
Infratil’s scale could normally hope to retain
and from the manager’s broad contacts and
relationships.
Jason Boyes
Infratil Chief Executive, Director of Infratil

and CDC Data Centres, Chair of Longroad
Energy and Galileo Green Energy, Morrison

& Co Partner
Phillippa Harford
Infratil Chief Financial Officer, Director of
Pacific Radiology, RetireAustralia and
Wellington Airport, Morrison & Co Partner
Paul Newfield
Chair of Qscan Group, Morrison & Co Partner
and Chief Executive
Marko Bogoievski
Director of Vodafone New Zealand,

Morrison & Co Operating Partner
Greg Boorer
Chief Executive of CDC Data Centres
Ralph Brayham
Morrison & Co Data Infrastructure &
Technology Specialist
Michael Brook
Director of Qscan Group and Pacific
Radiology, Morrison & Co Executive Director
Deion Campbell
Morrison & Co Operating Partner, Renewables
Kellee Clark
Morrison & Co Partner and Head of Legal
Matt Clarke
Chief Executive of Wellington Airport
Jon Collinge
Morrison & Co Sustainability Director
Peter Coman
Chair of Pacific Radiology, RetireAustralia,
Wellington Airport, Director of Manawa
Energy and Infratil Property, Morrison & Co
Partner and Co-Head of Australia and

New Zealand
Rachel Drew
Director of Wellington Airport, Morrison & Co
Executive Director
Mark Flesher
Capital Markets & Investor Relations,

Morrison & Co Executive Director
Paul Gaynor
Chief Executive of Longroad Energy
Vincent Gerritsen
Director of Galileo Green Energy and Kao
Data, Morrison & Co Partner and Head

of UK and Europe
Priya Grewal
Director of Gurīn Energy, Morrison & Co
Investment Manager
Brendan Kevany
Infratil Company Secretary and Senior
Corporate Counsel
Andrew Lamb
Infratil Infrastructure Property

Development Director
Scott McCutcheon
Morrison & Co Head of Tax
Terry McLaughlin
Chief Executive of Pacific Radiology
Hamish Mikkelsen
Infratil Corporate Accountant
Chris Munday
Chief Executive of Qscan Group
Lee Myall
Chief Executive of Kao Data
Jason Paris
Chief Executive of Vodafone New Zealand
Nicole Patterson
Director of CDC Data Centres NZ and
Vodafone New Zealand, Morrison & Co
Investment Director
Olivia Pitt
Morrison & Co Sustainability Executive
David Prentice
Chief Executive of Manawa Energy
Alicia Quirke
Morrison & Co Regional Tax Director
Assaad Razzouk
Chief Executive of Gurīn Energy
Paul Ridley-Smith
Chair of Manawa Energy
Tom Robertson
Infratil Treasury & Risk Manager
Brett Robinson
Chief Executive of RetireAustralia
Matthew Ross
Infratil Finance Director, Morrison & Co
Executive Director
Maddy Simmonds
Infratil Senior Corporate Accountant
William Smales
Director of CDC Data Centres, Kao Data and
Longroad Energy, Morrison & Co Partner, CIO
and Global Head of Digital and Connectivity
Vimal Vallabh
Chair of Gurīn Energy, Director of Galileo
Green Energy and Longroad Energy, Morrison
& Co Partner and Global Head of Energy
Ingmar Wilhelm
Chief Executive of Galileo Green Energy
Thomas Wills
Infratil Financial Performance

and Analysis Manager
Somali Young
Infratil Financial Controller

1819
Confident in
our direction
We aim to allocate capital and manage our
activities in ways that recognise our wider
social and environmental responsibilities.
Our approach creates long-term value
for our shareholders and acknowledges
humankind’s important relationships with
the natural environment.

2021
Committed to
Sustainability
Infratil’s
Sustainability
Strategy
We have a vision for Infratil to be a
leader in sustainable infrastructure
investment.
Infratil’s goal is to provide excellent risk-
adjusted returns for shareholders and, in
so doing, to allocate capital and to
manage our activities and investment.
But alongside the return on financial
capital, we also endeavour to deliver
positive returns on all of human, social and
natural capital. We recognise that
sustainable approaches to the
environment, society and our governance
are critical at all levels of our business and
operations.
Part of being a sustainable business is
understanding the impacts arising from
our investments and how we manage their
operations and ourselves. We must also
be accountable through measurement,
reporting, and transparency to enable
positive impacts for people and
communities, and the environment. This
year’s annual report outlines the vision and
objectives we have put in place to gauge
and report the progress we make towards
improved environmental, societal and
governance objectives, and which
compares our performance alongside

our peers.
This formalises our focus and how Infratil
has operated over the past two-and-a-
half decades. We were early with our
interest in developing clean, renewable
energy, sustainable transport and
identifying the importance of digital
innovation to facilitate connections. These
sectors can both demonstrate significant
value potential and be at the leading edge
of sustainability.
As an global infrastructure investor, our
goal is to work with ‘ideas that matter’,
executing in ways which are efficient,
effective, and accountable. Anticipating
and preparing for change is the foundation
of how Infratil allocates its capital through
ideas such as:
• Tackling the threat of climate change
with our investments in renewable
generation.
• Lowering the emission intensity of
transport as the demand for travel
expands.
• Delivering data processing and storage
facilities and telecommunications
infrastructure with carbon emissions,
energy and water minimisation

at the core.
• Improving health outcomes and access
through more efficient and affordable
technological responses.
The challenge for Infratil is to manage our
existing and new investments in ways
which continue to improve the
sustainability of communities and our
environments – whether it be low emission
air travel, sustainably designed
communication systems, and more
equitable access to high quality health
services. As we consider new
investments, we incorporate sustainability
into our management practices and this
underpins how we identify risks and
opportunities, and underpins our delivery
of risk-adjusted returns to our investors.
We will maintain high standards of
governance practice as we manage and
disclose material sustainability risks
effectively and transparently. We will
ensure our internal systems of practices,
controls, and procedures allow us to make
effective decisions on behalf of our
investors, our companies and our
communities, while treating our
employees with respect and inclusivity.
Communities, consumers and investors
are demanding responses on a range of
environmental and societal issues.
Corporates are increasingly being asked
to account for environmental, social and
governance issues as well as deliver
commercial returns. Businesses which

try to operate in a purely commercial
vacuum are finding that to be an
uncomfortable place.
Climate-related disclosures
We are focussed on ensuring that Infratil is
financially resilient to the physical and
transitional impacts of climate change and
committed to reporting to stakeholders in
line with the recommendations of the
Taskforce for Climate-related Financial
Disclosures (‘TCFD’). We also intend to
provide comprehensive reporting on
Infratil’s financed carbon emissions,
together with carbon emission trajectories
and targets. Our reporting will be aligned
with the Partnership for Carbon
Accounting Financials’ (‘PCAF’) Global
GHG Accounting & Reporting Standard for
the Financial Industry.
With its Aotearoa New Zealand
origins at its core, Infratil’s
purpose is to invest wisely in ideas
that matter and, in doing so,
create long-term value for our
shareholders.
We focus our sustainability efforts on six
key pillars where we believe our activities
can have the most impact, as described in
our Sustainability Framework below.
Infratil’s sustainability strategy identifies a
series of sustainability commitments,
investee company expectations and
medium-term sustainability targets.
We have developed an Impact
Measurement Framework against these
six key pillars that we will publish in

the upcoming year and will use to
assess the performance of our activities
against annually.
Climate Change
We believe that global emissions must
be reduced and that we must address
climate change and emission reduction,
fairly and efficiently
Our goal is to invest in a manner that
contributes positively to global
decarbonisation and benefits from the
transition to a low-carbon economy,
and to advocate for societal responses
to climate change
Community
We believe in making a positive
contribution to those who use our
services and to our communities; we
must be a trusted provider of services
within our communities
Our goal is to invest in a manner that
has a positive impact on communities
while doing so responsibly and in
accordance with social standards
Transparent & Reliable
We believe that providing clear and
accessible information to capital
providers and other key stakeholders
will enable informed investment
decision making
Our goal is to improve the
accountability of governance and
management, and the company’s
transparency
Our people
We believe that the wellbeing, health
and safety of Infratil’s people is a high
priority, as reflected in our Diversity
Policy, Position Statement on Modern
Slavery, Code of Ethics and

other policies
Our goal is to operate in a manner that
supports the wellbeing of our people in
a physical, emotional, intellectual, and
material sense
Leadership &
Accountability
We actively allocate capital and
manage activities in recognition of
our wider social and environmental
responsibilities as these evolve

over time
Our goal is to implement internationally
accepted governance practices as
appropriate to the unique structure

of Infratil
Natural Environment
We believe that each business has an
obligation and responsibility to protect
and foster the physical environment in
which it operates
Our goal is to invest in a manner that
acknowledges humankind’s important
relationship with and commitment to
the natural environment, and ensure
that Infratil’s ecological commitments
are delivered

2223
Emissions
Greenhouse gases in the atmosphere
increase due to fossil fuel-related
energy use and other non-energy
related emissions.
Rising Temperatures
Global temperatures rise due to a
linear relationship with greenhouse
gases in the atmosphere.
Economic Impact
As temperatures increase, economic
productivity is impacted. The
relationship is non-linear.
The Infratil Board acknowledges
that climate change is happening
and that emissions must be
reduced. It is committed to
understanding, overseeing and
providing transparency over what
climate change and the transition
to lower emissions could mean for
Infratil and its long-term financial
performance.
Infratil’s approach
The global response to climate change
presents strategic opportunities for Infratil.
For example, Infratil has long prioritised
decarbonisation in its investment strategy
and has successfully invested in the
transition to a low carbon economy in
Australia, New Zealand and the United
States. It is likely that this transition could
accelerate further over the short to
medium-term leading to the potential for
Infratil to deploy significantly more capital
into decarbonisation-linked activities
Tackling the threat
of climate change
The Recommendations of the Taskforce for Climate-related Financial Disclosures
The Financial Stability Board established the Task Force on Climate-Related Financial Disclosures (‘TCFD’) to develop recommendations
for more effective climate-related disclosures that could promote more informed investment, credit, and insurance underwriting
decisions and, in turn, enable stakeholders to understand better the concentrations of carbon-related assets in the financial sector and
the financial system’s exposures to climate-related risks.
Its disclosure recommendations are
structured around four thematic areas
that represent core elements of how
organisations operate: governance,
strategy, risk management, and metrics
and targets. These thematic areas are
intended to interlink and inform

each other.
• Governance: Disclose the
organisation’s governance around
climate related risks and opportunities.
• Strategy: Disclose the actual and
potential impacts of climate-related
risks and opportunities on the
organisation’s businesses, strategy,
and financial planning where such
information is material.
• Risk management: Disclose how the
organisation identifies, assesses, and
manages climate-related risks.
• Metrics and targets: Disclose the
metrics and targets used to assess
and manage relevant climate-related
risks and opportunities where such
information is material.
Public support for the TCFD
(demonstrated via the initiative’s website)
has grown to 3,400 organisations as of
February 2022, from 513 in September
2018. Infratil became a public supporter
of the TCFD in September 2020.
In 2021, New Zealand became the first
country in the world to pass a law that will
ensure financial organisations disclose
and ultimately act on climate-related risks
and opportunities.
The new law will require around 200 large
financial institutions (including Infratil) to
start making climate-related disclosures.
Organisations will be expected to publish
disclosures from financial years
commencing in 2023 (for Infratil the year
ended 31 March 2024), subject to the
publication of climate standards from the
External Reporting Board. The standards
will be developed in line with the
recommendations of the TCFD.
through existing businesses – Longroad
Energy, Manawa Energy, Gurin Energy, and
Galileo Green Energy – or entities that we
may invest in or establish in the future.
Scenario analysis
To assess the actual and potential impacts
of climate change on its strategy, portfolio
entities and financial planning, Infratil has
identified a number of scenarios that it will
use to assess the future risks and
opportunities associated with climate
change. These scenarios are not intended
to predict the future, but rather to help us
understand the financial resilience of
Infratil’s strategy to climate change and the
actions required to enhance resilience and
preparedness.
Working together with a leading global
economics consultant, Infratil has
developed and assessed four climate
scenarios which describe transition and
mitigation pathways over the next 30
years. Informed by the scientific work
assessing carbon emission pathways and
resulting degrees of warming undertaken
by the Network for Greening the Financial
System – a network of central banks
including the Reserve Bank of

New Zealand, the International Energy
Agency, and the Intergovernmental Panel
on Climate Change - these four ‘bookend’
scenarios range from, in essence, society
doing a lot to mitigate climate change, to
doing very little.
There are two ‘transition’ scenarios:
Organised & Decisive where early
coordinated global action occurs with
moderate climate change mitigation
policies (2°C global warming trajectory);
and Disorganised & Fragmented with
delayed and more severe government
action in future years (2-2.5°C trajectory).
There are also two ‘no transition’ scenarios:
The Status Quo / Baseline scenario which
assumes no material step-change in
carbon reduction action beyond current
announced policies and initiatives (>3°C
trajectory); and Too Little Too Late, an
extreme downside scenario which
assumes failure of current policies and
further inaction eventually resulting in
extreme physical impacts (extreme
warming).
The consultant’s ‘Global Equilibrium Model’
was used to map the respective carbon
emission and climate pathways of the four
scenarios and project the transition and
physical risks in a macroeconomic framework.
That work produced a set of macroeconomic
and operating variables which can be applied
at the asset level and portfolio level to assess
the potential aggregate economic impacts

on Infratil.
The key findings
Transition scenarios: Achieving a 2°C or lower
pathway represents a major departure from
today’s global trajectory.

It will require a rapid transition across all
industry sectors as well as substantial
investments in low and negative emissions
technologies e.g., direct air capture and
carbon storage. Whenever the response
occurs, it will require strong government
support which may include fiscal policy and
other measures that result in a period over the
next 10-20 years where the economy moves
away from the equilibrium. The earlier global
coordinated action commences, the less
severe the mitigation policies and actions
required to achieve the transition and the
lower the level of disruption to the economy.
No transition scenarios: If a transition
does not occur over the next 20 years the
economy is expected to continue relatively
unaffected until the greenhouse gases in
the atmosphere pass a tipping point that
would result in much higher temperatures
and severe physical damage, the worst of
which would materialise after 2050.

The high temperatures and severe physical
damage could lead to a rapid decline in
global productivity and prosperity

post-2050.
The following pages describe at a high level
the potential impacts on society and the
economy of each climate change scenario
that we have assessed. We will utilise
these scenarios to undertake detailed
financial analysis to inform Infratil’s
investment strategy and risk management
processes.
Managing climate change risk
It is clear that the investments within
Infratil’s portfolio are not equally exposed
to climate-related risks.
An airport faces different risks to a medical
radiology business or a large-scale
renewable energy project.
Different infrastructure investments face
different market, operational, physical,
regulatory and reputational risks
associated with increasing climate
volatility and change. The risks depend on
multiple factors including but not limited to
the asset’s geography, the nature of its
activities e.g., dependence on fossil fuels,
or the correlation of its financial
performance with macroeconomic
variables e.g., GDP, energy prices and
inflation. Climate change risks could
therefore materialise in different ways,
such as reduced customer demand,
increased financing costs, capital
expenditure to protect asset value, or
changes in insurance costs and/or
coverage.
Underpinned by the scenario analysis
described earlier, Infratil will continue to
actively review the risks and opportunities
associated with climate change across
different time horizons.
The following pages describe at a high level
the potential impacts of various climate
change scenarios on society and the
economy that Infratil will use to comply
with its TCFD obligations.

2425
Climate Change Scenario
No Transition Scenarios
Living with a new (worse) climate
Life gets gradually harder and more uncomfortable
Life in a low-carbon world
Society suffers short-term pain to achieve long-term gain
ScenarioImplications of climate change on societyImplications of climate change on the economy
Too Little Too Late
Limited climate action and failure in meeting current Nationally
Determined Contributions (NDCs)
Extreme Warning
RCP 7.0
No further mitigationSevere irreversible
physical damage
Short-termism, selfishness and
political ill will lead to consumers,
businesses and governments not
addressing climate change issues.
Developing nations

follow the technology path of
developed nations i.e.,carbon
intensive energy and industry.
Governments, businesses and
consumers acknowledge the
potential impact of climate change
and act accordingly.
Developing nations choose a
different technology path to
developed nations.
Significant global warming occurs
(7°C by 2100), extreme weather
events become more frequent,
economic productivity diminishes
leading to job losses, mass climate
migration place pressure on more
resilient nations.
The eventual response to the
climate disaster comes too

late and the worst impacts
are irreversible. Life changes
permanently.
Increased societal pressure

to make more sustainable
choices e.g., transport, building
materials and design, lifestyle
choices etc.
Society reaps the long-term
environmental, social and
economic benefits of the
transition and life returns to
normal.
• No change to status quo.
• No change to status quo.
• Global stakeholders implement
a range of mitigation measures
to drive transition. Mitigation
measures may include market
intervention policies.
• Period of potential reduced
output as global economy
structurally transitions to a low
carbon economy.
• Successful transition to

low carbon economy.
• Economy trends towards
a new, more productive
equilibrium.
• Period of potential reduced
output as global economy
structurally transitions to a

low carbon economy.
• Due to delayed action, the
measures required to meet
mitigation goals are likely to

be more severe compared
to the Organised & Decisive
scenario.
• Successful transition to

low carbon economy.
• Economy trends towards a new,
more productive equilibrium.
• Global economies likely to start
outperforming ‘Baseline’

long-term forecasts due to
mitigated climate risks.
• Inflationary pressures build

as fossil fuel demand
outstrips supply.
• Global productivity and

output decline as the impact
of climate increases and physical
damage materialise.
• Chronic and acute climate change
risks materialise, resulting in
irreversible severe physical damage
and lost productivity and output.
• Quality of life impacted with

day-to-day life changing
permanently and potential climate
migration away from vulnerable
regions.
• Global temperatures continue to
increase until a tipping point is
reached.
• Low-carbon economy

settles at a new equilibrium
and overall output increases
above baseline.
• Society reaps the long-term
environmental, social and
economic benefits of the
transition.
• Physical risks of climate
change mitigated
.
• Productivity and output
stagnate as the impact of
climate increases.
• No change to status quo.• No change to status quo.
Status Quo / Baseline
Status quo. Reflects existing policy and commitments
as made in countries’ NDCs
>3oC Trajectory
RCP 6.0
Limited (current)
mitigation policies
Unmitigated

irreversible
physical damage
Disorganised & Fragmented
Delayed and disorganised global action requires severe
response to meet mitigation goals
>2–2.5oC Trajectory
RCP 2.6–4.5
Severe mitigation
policies
Physical damage
largely mitigated
Organised & Decisive
Immediate and coordinated global action by all stakeholders
to meet mitigation goals, allowing for phased and
moderate economic responses
2oC Trajectory
RCP 2.6–4.5
Moderate mitigation
policies
Physical damage
mitigated
Now
–
2030
2030
–
2040
2040
-
2030
Long
Run
Transition Scenarios

2627
(2,000)
0
2,000
4,000
6,000
8,000
10,000
0%
(20%)
20%
40%
60%
80%
100%
Annual ReturnAccumulation Index
2013201420152016201720182019202020212022
Dividend YieldCapital Return
10 Year Accumulation Index
-100
0
100
200
300
400
500
600
$Millions
20132012201420152016201720182019202020212022
X
X
X
X
X
X
X
X
X
X
X
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Trustpower
Retire Australia
Wellington Airport
Qscan Group & Pacific Radiology
Gurīn Energy
Galileo Green Energy
Sold
Corporate
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Trustpower
Retire Australia
Wellington Airport
Qscan Group
Pacific Radiology
Other
0
2,000
1,600
1,200
800
400
$Millions
20122013201420152016201720182019202020212022
0
1,000
2,000
3,000
4,000
5,000
$Millions
20122013201420152016201720182019202020212022
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
20122013201420152016201720182019202020212022
Net bank debt and dated bondsPerpetual BondsEquity (market value)
Proportionate Capital Investment
Over the decade Infratil has invested over
$7.8 billion, with the majority undertaken
by investee companies.
Investment has accelerated over the last

3 years, with over half of investment
undertaken over the last decade during

that period. Funding for investments was
provided by operating cash flows, debt

and equity issuance, and the divestments
of assets.

Infratil Funding
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.
As a general rule Infratil targets debt funding
of 30% of assets, compared to 9.4% as at

31 March 2022.
Proportionate EBITDAF
The calculation of Proportionate
EBITDAF is outlined on page 5 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.

Shareholder Returns
Between 1 April 2012 and
31 March 2022 Infratil provided
its shareholders with an average
after tax return of 21.6% per annum.
$1,000 invested at the start of the
period would have compounded to
$7,044 by 31 March 2022, assuming
that all distributions were reinvested.

Infratil Assets
The graph shows the NZ IFRS values of
Infratil’s assets (book value).
As noted on page 31, the IFRS values are
in some cases lower than the fair values
as assessed with reference to listed
markets (the NZX) or independent
valuations.
This is highlighted by Infratil’s investment
in CDC Data Centres which currently
has a book value of $1,026.2 million
compared to an independent valuation
of $3,015 - $3,226 million.

Net bank and dated bonds
Perpetual bonds
Equity (market value)
Financial Trends
These graphs were chosen to illustrate the key
financial trends over the last decade
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Trustpower
Retire Australia
Wellington Airport
Qscan Group
Pacific Radiology
Dividend Return
Capital Return
Accumulation Index
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Trustpower
Retire Australia
Wellington Airport
Qscan Group &

Pacific Radiology
Gurīn Energy
Sold
Galileo Green Energy
Corporate
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Trustpower
Retire Australia
Wellington Airport
Qscan Group &

Pacific Radiology
Sold
Other
27

2829
Financial Performance
& Position
Year Ended 31 March ($Millions) Share20222021
CDC Data Centres48.1% $82.2 $75.8
Vodafone 50.0% $243.8 $217.9
Kao Data 39.9% ($1.5) -
Manawa Energy 51.0% $83.9 $79.9
Longroad Energy 40.0% $15.1 $0.1
Galileo Green Energy 40.0% ($5.4)($3.6)
Gurīn Energy 95.0% ($6.0) -
Pacific Radiology Group 50.5% $32.9 -
Qscan Group 56.3% $33.9 $11.0
RetireAustralia 50.0% $16.9 $10.4
Wellington Airport 66.0% $37.3 $23.7
Corporate & other ($58.2)($44.0)
Proportionate EBITDAF $ 474 . 9 $371.2
Tilt Renewables 65.2% $ 7. 9 $52.6
Trustpower Retail 51.0% $24.2 $22.2
$507.0 $446.0
Year ended 31 March 2022 ($Millions)Share
EBITDAF
1
100%D&AInterestTa x
Revaluations
& other
adjustmentsMinorities
Infratil
share of
earnings
CDC Data Centres 48.1% $170.9 - - - ($12.8) - $158.1
Vodafone 50.0% $488.2 - - - ($477.9) - $10.3
Kao Data 39.9% ($3.7) - - - $1.5 - ($2.2)
Manawa Energy 51.0% $164.4 ($20.5)($28.6)($46.0) $38.8 ($59.9) $48.2
Longroad Energy 40.0% $50.1 - - - ($22.4) - $27.7
Galileo Green Energy 40.0% ($13.6) - - - $9.1 - ($4.5)
Gurīn Energy 95.0% ($6.3)($0.1)($0.1) - - $0.3 ($6.2)
Pacific Radiology Group 50.5% $65.2 ($9.7)($17.1)($10.6)($15.7)($6.5) $5.5
Qscan Group 56.3% $60.3 ($30.6)($17.4)($3.9)($1.2)($3.1) $4.0
RetireAustralia 50.0% $33.7 - - - $45.4 - $ 7 9 .1
Wellington Airport 66.0% $56.5 ($30.5)($25.9)($2.5) $5.3 ($1.0) $1.9
Corporate & other ($279.4) - ($70.5) $40.4 $23.3 - ($286.2)
Total (continuing) $786.3($91.4)($159.6)($22.6)($406.7)($70.2) $35.7
Tilt Renewables 65.2% $12.1 ($19.5)($6.3) $3.8 $1,123.9 $7.8 $1,121.8
Trustpower Retail 51.0% $47.5 ($27.0)($1.2)($4.6)($3.0) - $11.8
To t a l $845.9 ($137.9)($167.1)($23.4) $714.2 ($62.4) $1,169.3
Year ended 31 March 2021 ($Millions)Share
EBITDAF
1
100% D&A Interest Ta x
Revaluations
& other
adjustmentsMinorities
Infratil
share of
earnings
CDC Data Centres 48.1% $157.7 - - - ($23.5) - $134.2
Vodafone

49.9% $436.6 - - - ($463.8) - ($27.2)
Manawa Energy 51.0% $156.7 ($23.1)($29.0)($4.7)($83.5)($13.4) $3.0
Longroad Energy 40.0% $ 7. 7 - - - $40.2 - $47.9
Galileo Green Energy 40.0% ($9.0) - - - $5.4 - ($3.6)
Qscan Group 56.3% $19.6 ($7.9)($5.1)($2.0)($16.9) $5.4 ($6.9)
RetireAustralia 50.0% $20.8 - - - $10.4 - $31.2
Wellington Airport 66.0% $36.0 ($29.6)($26.5) $12.4 $10.1 ($0.6) $1.8
Corporate & other ($267.2) - ($76.6) $4.1 $48.7 ($0.1)($291.1)
Total (continuing) $558.9($60.6)($137.2) $9.8 ($472.9)($8.7)($110.7)
Tilt Renewables 65.2% $80.2 ($43.8)($11.8)($31.5) $78.5 ($24.5) $47.1
Trustpower Retail 51.0% $43.5 ($22.2)($1.3)($5.6) - - $14.4
To t a l $682.6 ($126.6)($150.3)($27.3)($394.4)($33.2)($49.2)
1 EBITDAF is an unaudited non-GAAP measure and is defined on page 5.
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. During the
year the Group adopted a change in
accounting standards relating to the
treatment of configuration and
customisation costs incurred in
implementing Software-as-a-Service
(‘SaaS’) cloud computing arrangements.
A reconciliation of Proportionate EBITDAF

to net surplus after tax is presented in
Appendix I of Infratil’s annual results
presentation.
Consolidated Results
For the year to 31 March 2022 the net parent
result was a gain of $1,169.3 million, up from
a loss of $49.2 million the prior year.
The main source of the difference was the
$1,136.8 million gain on the sale of Tilt
Renewables during the year.
Revenue and expenses have increased year
on year with a full year contribution from
Qscan, and the contribution from the

New Zealand diagnostic imaging group
from 1 June 2021.
This year also includes an incentive fee
accrual of $221.2 million (which includes a
realised incentive fee of $122.1 million

relating to the sale of Tilt Renewables).
More information on the calculation of
these fees is included in note 28 of the
financial statements.
Discontinued operations includes the gain on
sale, as well as the operating results of both
Tilt Renewables and the Trustpower Retail
business for the year.
Breakdown of Consolidated Results
Infratil consolidates a company when it controls it (owns more than 50%). This includes Manawa Energy, Gurīn Energy, the Pacific
Radiology Group, Qscan Group and Wellington Airport. Associates (where Infratil has significant influence, but not control) such as
CDC Data Centres, Vodafone New Zealand, 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 their net surplus after tax.
Year ended 31 March ($Millions) 2022 2021
Operating revenue $1,129.1 $590.8
Operating expenses($610.7)($257.1)
International Portfolio Incentive fees($221.2)($223.1)
Depreciation & amortisation($91.4)($60.4)
Net interest($159.5)($137.2)
Tax expense($22.6) $9.7
Realisations & revaluations $82.2 ($24.6)
Discontinued operations $1,125.8 $85.9
Net surplus after tax $1,231.7 ($16.0)
Minority earnings($62.4)($33.2)
Net parent surplus $1,169.3 ($49.2)
For 2022 the average exchange rates were NZ$/A$ 0.9429 and NZ$/US$ 0.6969 (2021: 0.9338 and 0.6711).

3031
Year Ended 31 March ($Millions)20222021
CDC Data Centres $3,117.3 $2,401.4
Vodafone $1,670.0 $857.3
Kao Data $203.4 -
Manawa Energy $1,126.2 $1,314.7
Longroad Energy $227.4 $136.2
Galileo Green Energy $26.1 $10.8
Gurīn Energy $2.0 -
Pacific Radiology Group $417.1 -
Qscan Group $305.1 $308.4
RetireAustralia $408.9 $361.0
Wellington Airport $580.0 $511.2
Parent & other $195.7 $227.3
 $8,279.2 $6,128.3
Tilt Renewables -   $1,869.3
 $8,279.2 $7,997.6
Per share $11.44 $11.06
Fair Value of Infratil’s Assets
This table shows the fair value of
Infratil’s assets
The fair value of Infratil’s investments in
CDC Data Centres, Vodafone, Longroad
Energy, Galileo Green Energy and
RetireAustralia reflect independent
valuations prepared for Infratil.
The fair value of Manawa Energy is shown
based on the market price per the NZX.
Infratil does not commission independent
valuations for its other assets and these are
presented at book value.
Year ended 31 March ($Millions)20222021
Net bank debt ($773.0m) $328.2m
Infratil Infrastructure bonds $1,163.7m $1,155.2m
Infratil Perpetual bonds $231.9m $231.9m
Market value of equity $5,972.9m $5,154.7m
Total Capital $6,595.5m $6,870.0m
Dated debt/total capital 5.9% 21.6%
Total debt/total capital 9.4% 25.0%
Capital of Infratil and
100% Subsidiaries
This table shows the mix of debt and equity
funding at Infratil’s Corporate level.
During the year $93.9 million of bonds
matured of which $54.8 million were
exchanged for IFT310 bonds and the
remaining $39.1 million were repaid. A further
$47.6 million of IFT310 bonds were issued,
taking the total issue to $102.4 million, a net
increase of $8.5 million of bonds on issue.
On receipt of the Tilt Renewables proceeds in
August 2021, Infratil repaid all of its bank debt.
This remains undrawn at 31 March 2022.
1,031,049 shares were issued in December
2021 under the Dividend Reinvestment Plan,
however, the largest driver of the change in
the market value of equity was as a result of
Infratil’s share price increasing from $7.13 to
$8.25 over the year.
Year Ended 31 March ($Millions)20222021
CDC Data Centres $1,026.2 $873.0
Vodafone $838.2 $857.3
Kao Data $203.4 -
Manawa Energy$607.2 $629.9
Longroad Energy $90.5 $44.9
Galileo Green Energy $19.7 $10.8
Gurīn Energy $2.0 -
Pacific Radiology Group $417.1 -
Qscan Group $305.1 $308.4
RetireAustralia $417.3 $340.9
Wellington Airport $580.0 $511.2
Parent & other $195.7 $227.3
To t a l$4,702.4 $3,803.7
Tilt Renewables - $864.4
$4,702.4$4,668.1
Infratil Assets Book Values
This table shows the 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.
Year Ended 31 March ($Millions)20222021
CDC Data Centres $259.9 $119.3
Vodafone $177.9 $120.9
Tilt Renewables - $247.3
Manawa Energy $23.6 $18.6
Longroad Energy $246.5 $325.9
Qscan Group $13.8 -
RetireAustralia $26.1 $29.8
Wellington Airport $11.7 $23.1
Other - $12.5
Capital Expenditure $759.5 $897.4
Kao Data $217.9 -
Galileo Green Energy $13.8 $11.8
Gurīn Energy $8.3 -
Pacific Radiology Group $408.8 -
Qscan Group - $309.6
Clearvision Ventures $4.6 $11.0
Investment$653.4$332.4
Proportionate capital expenditure and investment $1,412.9 $1,229.8
Proportionate Capital
Expenditure and Investment
This table shows Infratil’s share of the
investment spending of investee
companies, and investments made by
Infratil during the period.
To illustrate the calculation of Proportionate
capital expenditure, Infratil owns 48.1% of
CDC, CDC’s capital expenditure for the
period was A$509.5 million, and 48.1% of that
is $259.9 million.
Investment undertaken by Infratil for the year
amounted to $653.4 million. This primarily
reflects the investments in Pacific Radiology
Group and Kao Data.
In a year where Infratil acquires a new
investment, this is included under investment.
Thereafter, Infratil records its share of the
investee company’s capital expenditure.
Year Ended 31 March ($Millions)20222021
CDC Data Centres $13.4 $5.8
Vodafone $37.1 $96.7
Tilt Renewables $16.1 $179.6
Manawa Energy $56.7 $51.9
Longroad Energy $53.9 $39.5
Wellington Airport - $38.1
Clearvision Ventures $1.7 -
Net interest($61.2)($67.8)
Corporate & other($68.2)($57.1)
Operating Cashflow $49.5 $286.7
International Portfolio Incentive fee payment($116.2)($41.7)
Operating Cashflow (after incentive fees)($66.7) $245.0
Infratil and Wholly Owned
Subsidiaries Operating
Cash Flows
This table shows the operating cashflows
of Infratil and its 100% subsidiaries.
Cash inflows reflect the dividends,
distributions, interest and capital returns
received from investee companies.
Cash outflows reflect net interest payments
and corporate operating expenses.
International Portfolio Incentive fees paid
during the period include tranche 1 of the
FY2021 incentive fee ($74.4 million) and
tranche 2 of the FY2020 incentive fee

($41.8 million).

3233
Ownership
During the year 1,031,049 shares
were issued under Infratil’s dividend
reinvestment plan at $8.01 a share.
As at 31 March 2022 Infratil had
723,983,582 shares on issue.
Shareholder Returns
and Ownership
Bondholders
In June 2021, Infratil successfully
refinanced $93.9 million of
maturing IFT220’s through the
issuance of $102.4 million of the
new IFT310’s. These bonds hold
a coupon of 3.60% and a
15 December 2027 maturity date.
Infratil initially sought to make an
offer of up to $50 million, with
exceptionally strong demand
resulting in the oversubscriptions
under the offer of $52.4 million.
No other bonds matured or were bought
back over the year, although Infratil has
two maturities in the 2023 financial year.
The next bond maturity is $93.7 million of
IFT190’s in June 2022. During the last year
Infratil has undertaken a review of its bond
programme and anticipates offering
holders a reinvestment option as

outlined below.
2021 saw extremely strong conditions for
issues of corporate bonds, with credit
spreads (the difference between a
corporate borrower’s coupon rate and
wholesale interest rates) reducing to levels
not seen since pre 2007/2008. This,
combined with low interest rates,
supported corporate bond issuers to raise
funds with historically low coupons.
However, the first months of 2022 have
seen inflation take centre stage and
central banks take their first steps to
reverse accommodative policy settings.
The RBNZ has begun raising rates to fulfil
its price stability mandate, with the 5-year
swap rate increased from 1.87% on

30 September 2021 to 3.40% on
31 March 2022. This impact can be seen
in the secondary market yield for the
IFT310’s which were trading at a price of
5.00% on 31 March 2022. This reflects the
strong appetite from retail investors for
bonds issued in the primary market with
materially higher coupons than those

seen in recent years.
Bond Programme Review
The nature of the New Zealand bond
market has changed significantly since
Infratil started issuing bonds, a review was
conducted on Infratil’s issuance process
with the following objectives:
1. Ensure an efficient process exists

for existing bondholders to rollover
their bonds.
2. Create a process that appeals to and
attracts a wide range of investors
through alignment with broad market
preferences.
The review involved dialogue with a wide
range of market participants and has
resulted in the following key changes to
Infratil’s approach:
• Infratil intends to offer existing
bondholders a firm rollover option in
future via an online election process,
removing reliance on manual
application forms.
• When Infratil seeks to raise additional
funds in excess of any rollover, this will
be conducted through a traditional
bookbuild approach with a fixed
timetable, issuance size and indicative
pricing similar to the majority of issues
seen in the New Zealand corporate
bond market.
Infratil has the maturing IFT190’s in June
2022 and the IFT240’s in December 2022
which present the first opportunities to
take this new approach to market.
Infratil’s Bond Maturity Profile
Infratil’s bond maturity profile is set out
below. The goal with the bond maturities is
that they are evenly spread to minimise
refinancing pressure in any one year. With
$1,387 million of bonds on issue, Infratil is
one of the largest borrowers from the
domestic corporate bond market.
0
50
100
150
200
250
300
$ Millions
Perpetual2030 20282029 20232024202720262025
Over the year to 31 March 2022
Infratil’s share price rose from
$7.13 to $8.25. In addition, Infratil
paid two dividends amounting to
18.00 cps cash and 6.03 cps in
imputation credits.
The total return to shareholders for the
year was 18.4%, comprising a 2.4% after
tax (28% tax rate) dividend return and a
16.0% capital gain. The calculation of the
capital gain assumes that all dividends
were reinvested when received, so the
shareholder neither took out, nor invested
any additional cash.
Infratil’s after tax return since listing in
March 1994 has been 18.7% per annum,
and over the last ten years 21.6% per
annum after tax.
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 2022 own 15,219
shares worth $122,600.
31 March 2022 31 March 2021
Million

shares%
Million

shares%
NZ retail investors35248.7%3434 7. 4 %
NZ institutional investors21629.8%21129.2%
Overseas investors15621.5%16921.5%
724723
Infratil’s Bond Maturity Profile
(15%)
5%
25%
45%
65%
85%
105%
125%
(35%)-35,000
-15,000
5,000
25,000
45,000
65,000
85,000
105,000
125,000
Annual ReturnAccumulation Index
20
92022
20
620
320
020072004200

998
995
28 Year Track Record
Capital ReturnAccumulation IndexDividend Return

3435
As Infratil’s portfolio has evolved
over time, so has the Group’s
exposure to foreign exchange
(‘FX’), and therefore foreign
exchange risk. This risk principally
shows up in two ways; on Infratil’s
cashflows denominated in foreign
currencies and on Infratil’s asset
carrying values translated from
foreign currencies.
Infratil’s FX cashflow risks relate to its net
investment flows into existing offshore
assets (i.e., capital calls and dividends),
and more materially, the forecast cost

of any acquisition, or divestment of a
foreign asset.
Infratil’s FX translation risk relates to the
Group’s exposures to FX rate movements
on assets and liabilities denominated in
foreign currencies, creating unrealised FX
gains or losses which impact Infratil’s net
asset position. While these positions

are unrealised, due to the size of the
underlying assets they do present the
most material currency exposure

for Infratil.
Infratil’s FX hedging policy’s core objective
is to preserve available liquidity sources
and reduce the overall cashflow volatility
of the Group due to movements in FX. This
means Infratil seeks to hedge cashflow
risks related to its net investment flows
into existing offshore assets or relating to
acquisitions or realisations where
management is satisfied a transaction has
a high probability of occurring.
At present Infratil does not hedge its FX
translation risk, however Infratil does seek
to manage its overall currency exposure
as the portfolio composition evolves, with
an objective of maintaining a balanced
currency mix. The utilisation of foreign
currency denominated debt facilities is a
tool that management will use in future to
help smooth the Group’s overall currency
exposure. For example, Infratil now has
access to A$415 million in undrawn
revolving credit facilities which would act
to partially offset any Australian asset
positions, while a number of Infratil’s
investments also borrow in their respective
local currencies.
Infratil’s investment thesis is based on the
premise of pursuing high conviction
strategies. Given the existing unhedged
position of the portfolio, we believe the
best approach is for investors to be aware
of the global exposures Infratil now
provides particularly to the Australian
dollar (‘AUD’) and for each investor to have
the freedom to manage this in the context
of their own individual portfolio
composition and objectives.
Translation Impact
Infratil’s most material currency exposure
is AUD due to its investments in CDC Data
Centres, RetireAustralia and Qscan Group.
As of 31 March 2021, the carrying value of
these investments was A$2.82 billion, or
NZ$3.08 billion when translated at the
year-end rate of 0.9182.
Holding the opening investment value
constant (i.e., not taking into account any
movements in the underlying assets)
through the course of the year the NZD
value fluctuated between $2.91 billion
(down $168.6 million; 5.5%) and

$3.08 billion (the opening position was the
highest value of the year) with the total
opening investment position ending the year
down $34.8 million, a 1.13% unrealised loss
over the 12 months.
As further context the NZD/AUD exchange
rate is currently trading towards the top end
of its 20-year range, but it has not
appreciated in a linear fashion over those

20 years. Displaying a period of steady
appreciation (2000-2005), followed by a
period of decline (2005-2011), a sharp
appreciation (2011-2013). Since recovering
back above 0.9000 in 2013, it has spent
most of its time trading between 0.9000-
0.9500 with very brief periods spent above
or below these levels.
Infratil has not been able to establish a clear
historic correlation between its most material
currency exposure (NZD/AUD) and its market
capitalisation. This is not unexpected given
the variety of underlying value drivers and
external market factors that influence the
Infratil share price, however this will continue
to be monitored over time.
As at 31 March 2022, 47% of Infratil’s assets
were denominated in New Zealand dollars,
45% in Australian dollars, 5% in United States
dollars and 3% in Euros and Pounds. This
excluded cash balances held at the corporate
level which are held in NZD.
2,800
Unhedged AUD Investments
2,850
2,900
2,950
3,000
3,050
3,1001.000
0.990
0.980
0.970
0.960
0.950
0.940
0.930
0.920
0.910
0.900
03/202104/202105/202106/202107/202108/202109/202110/202111/202112/202101/202202/202203/2022
NZD/AUD
NZD/AUD
$NZ Millions
Carrying value of Infratil’s Australian Investments
Unhedged AUD InvestmentsNZD/ AUD
Foreign Currency
Exposure
Manawa Energy’s Pātea Dam, Taranaki

3637
Committing
with energy
We have an obligation to protect and
foster physical environments. We look to
invest in ways that contribute positively to
global decarbonisation and that hasten the
transition to a low-carbon economy. We are
strong advocates for societal responses to
climate change.
37

38
0
5
10
15
20
25
30
35
GW
2015201620172018201920202021202220232024
AustralasiaNorth AmericaEuropeAsia
Infratil has consolidated its position
as a global player in renewable
energy generation and supply, at a
time where we are seeing
continuing changes to weather
patterns, unsustainable levels of
carbon emissions requiring
unprecedented government policy
alignment across the globe, and
significant challenges to global
energy security.
The commitment to achieve net-zero
emissions by mid-century has
dramatically shifted over the past

two years with the global coalition for
net-zero emissions growing. India is the
most recent major emitter to announce a
net zero goal. Together with China,

the EU, and United States, these four
regions represent more than half of global
greenhouse gas emissions. But, despite
this, the Nationally Determined
Contributions (‘NDCs’) – as required by
the Paris Agreement and which set out
countries’ planned combined emissions
reductions by 2030 - still fall far short of
the level of ambition needed to achieve
the 1.5 °C goal.
We believe more action will be needed
because the impacts of climate change
will be catastrophic without abatement,
and even incremental increases will be
devastating, impacting at first the world’s
most vulnerable communities.
Alongside the huge cost to communities,
the economic impacts will be profound.
Climate related economic losses have
increased sevenfold from between

the 1970s’ to the 2010s’, rising from
US$49 million per day to US$383 million
per day on average in 2019.
To meet our required targets, nothing less
than a complete transformation of how we
produce, transport and consume energy
is needed.
At a global level, renewable energy
technologies are the key to reducing
emissions from electricity supply. The
share of renewables in total electricity
generation globally is forecast to increase
from 29% in 2020 to over 60% in 2030
and to nearly 90% in 2050. To achieve
this, annual capacity additions of wind and
solar between 2020 and 2050 will be

five-times higher than the average over
the last three years.
Alongside the urgent environmental
drivers of change, lies geopolitical
upheaval and realignment. The Ukrainian
crisis has only re-highlighted the
geopolitical risks surrounding energy
security and the interconnected nature of
global energy markets. Governments are
becoming increasingly interventionist with
energy policies being changed with the
stroke of a pen, as governments seek to
tackle decarbonisation and energy
security agendas.
In Europe, following the Ukrainian invasion,
the EU launched a plan to fund a transition
away from Russian gas by two thirds by
the end of 2022 and on all Russian gas by
2027. The plan will also assess whether
markets are fit for purpose in delivering
both decarbonisation and energy security
agendas. Germany has announced the
intention to bring forward its 100%
electricity grid ambitions by 15 years to
2035 as a result of the Ukrainian conflict.
The challenges outlined require a global
focus and combined response. We expect
to invest more in this sector over time,
capitalising on our early start, through our
existing businesses and new ones we
expect to establish in the future.
The International Energy Agency
estimates that to reach net zero emissions
by 2050, annual clean energy investment
worldwide will need to more than triple by
2030 to around $4 trillion. Combined with
the energy security challenges this
represents one of the largest investment
opportunities in history. Enormous
amounts of capital are now being
mobilised and are coming into the sector.
This includes investment in technology,
and direct investments in generation fleet
and capacity.
We see the next steps including large
increases in electricity demand due to a
strong electrification of transport and heat
sectors. The increase of electricity
demand, combined with the reduction of
electricity generation from fossil fuels will
result in a big gap in power generation
which will need to be filled by a mix of
low-carbon generators.
Infratil was an early investor in the
Renewable Energy sector, with its first
investment being an investment in
Manawa Energy in April 1994. Today, we
have a genuinely global footprint with
activity across 26 markets and a total
development pipeline of over 20GW.

Our approach has been deliberate,
establishing local presences in
Australasia, North America, Europe and
Asia backed by a global perspective.

This allows us to optimise our capital
investment as markets shift, while also
addressing market, timing, weather and
technology risks. Our investment thesis
was reinforced following the sale of Tilt
Renewables during the last year, as we
saw the value that markets are placing

on quality assets with significant growth
potential.
Renewable Energy
A global platform
Platform development
pipeline by region
Infratil’s Renewable Energy platform
currently has a development pipeline of

over 20GW across across 4 continents
and 26 markets.
The sale of Tilt Renewables during the year
included its 5GW Australasian pipeline.

This was replaced by over 6GW across
Asia and Europe. Over time we expect to
rebuild our Australasian pipeline.

Annual clean energy investment
required in the net zero pathway
In its Net Zero by 2050 Roadmap for
the Global Energy Sector, the
International Energy Agency estimates
to reach net zero emissions by 2050,
annual clean energy investment
worldwide will need to more than triple
by 2030 to around US$4 trillion.
Clean electricity generation, network
infrastructure and the electrification

of end-use sectors are key areas for
increased investment. Enabling
infrastructure and technologies are

also vital for transforming the energy
system.
Australasia
North America
Europe
Asia
$0
$1
$2
$3
$4
$5
USD Trillions
201520302050
Low-emission fuelsElectricity GenerationEnergy InfrastructureEnd-Use
Low-emission fuels
Electricity Generation
Energy Infrastructure
End-Use
39
Forecast
Source: The International Energy Agency's Net Zero by 2050 Roadmap for the Global Energy Sector

41
Amid the ongoing challenges of
Covid-19, persistent below-
average inflows, and sustained
regulatory uncertainty, Manawa
Energy – Trustpower’s new name -
successfully separated over a
quarter of a century of integrated
retail operations during the year
with the completion of its retail
business sale to Mercury on
1 May 2022.
This achieves the objective Manawa set
out over a year ago – to transition to a
standalone renewable generation
business. Many years of work went into
setting up this business for a strong future
and this was reflected in the $467 million
sale. The retail operations were in strong
shape, thanks to significant efforts to
maintain momentum in growth and
customer service through the transition.
The sale saw approximately 238,000
customers nationwide, across a diversified
portfolio of services including electricity,
gas, broadband and mobile, sold to
Mercury.
At the operating level, Manawa achieved
EBITDAF of $204.2 million, up from
$200.2 million in the prior year.
Generation volumes across both its North
and South Island assets were 1,760GWh
– an increase of 3% on last year.
Generation production volumes across
both the North and South Islands were
1,760GWh – an increase of 3% on last year.
Inflows were up on FY2021’s record low,
although they remained materially lower
than average. However, work on asset
enhancements delivered additional output
which contributed to the 52GWh increase.
Manawa Energy
Infratil 51%
Tauranga Energy Consumer Trust 27%
Public 22%
Year ended 31 March20222021
Retail electricity sales 1,819GWh 1,824GWh
Generation 1,760GWh 1,708GWh
Average Generation spot price 16.6c/kwh 14.4c/kwh
Total Utility Accounts431,000 421,000
Generation EBITDAF $159.7m $156.7m
Retail EBITDAF $44.5m $43.5m
Total EBITDAF $204.2m $200.2m
Capital expenditure $46.3m $36.2m
Net external debt $739.4m $726.8m
Infratil’s cash income $56.7m $51.9m
Fair value of Infratil’s investment $1,126.2m $1,314.7m
This was achieved despite the challenges
of Covid-19 to safely deliver scheme
upgrades, including major maintenance
and asset renewals at Waipori, installing a
new generating unit runner at Coleridge,
and a new infiltration gallery intake at
Branch River that will yield an additional

10GWh a year.
The retail business contributed EBITDAF of
$44 million, up slightly from the prior year,
reflecting its ongoing strong performance.
The mass market retail business saw net
customer growth over the year and
maintained customer retention rates
above market average.
Manawa continues to service around 680
commercial and industrial customers at
more than 14,000 electricity connections
nationally. In FY2022, 1,219GWh of
electricity was supplied to these
customers, over 65% at the wholesale
spot price. The aim is to meet more of this
demand from Manawa’s own generation
portfolio, while working alongside its
customers to help them make informed
decisions about energy consumption,

load management and costs.
The commercial and industrial customer
segment shows strong growth potential.
Increased demand for renewable energy
from new industry as well as further
development in existing industry is
forecast as businesses look to
decarbonise through electrification

from alternative energy sources.
Over 500 roles shifted to Mercury with
the retail business sale, reducing the
Manawa Energy workforce to around

240 full time equivalent employees.
Staff were provided regular opportunities
for open dialogue and targeted wellbeing
initiatives. Manawa’s approach was
recognised in February with an Excellence
Award in the Health and Wellbeing
category of the HRD Awards,

New Zealand’s leading independent
awards programme for the human
resources profession.
Cobb Power Station, Nelson
40

4243
EBITDAF and Generation
Over the last ten years Manawa
Energy’s hydro generation has mainly
fluctuated with the level of rainfall within
its catchments.
EBITDAF has been relatively flat over

the same period with changes
reflecting generation levels, wholesale
electricity prices, and the contribution
from utility retailing.

Customers and retail
electricity sales
In an intensely competitive energy market,
bundling utility services was a key
ingredient in the retail success of the
Trustpower brand.
Bundling utility products like this has been
attractive to customers, and Manawa
benefitted from customers spending more
and staying for longer. All key metrics in the
retail business, including fibre and mobile
connections, products per customer and
digital uptake, continued to show positive
momentum during the year.
With more than 400,000 accounts across
the country, as of April 2022, the retail
business was in great shape to hand over
and feel confident that with Mercury,
Manawa’s retail customers will be in

good hands.
During our retail sale process and the
transition to Manawa Energy, we engaged
with investors, shareholders, and iwi. We
have spent time understanding the needs
and aspirations of our communities, our
customers, and our people. In addition to
the support and sponsorships we provide to
local communities and environmental
groups associated with our generation
assets, we are committed to deepening our
bicultural maturity.
Our commitment to more meaningful iwi
partnerships begins with our relationship
with Ngati Hangarau. We have been
consulting with Ngati Hangarau for many
years, and in our transition to our new
identity, we have begun to build a more
mutually beneficial relationship based on
our shared heritage and our mutual desire
for Manawa Energy to develop greater
cultural awareness and capability.
Our lakes, rivers and streams not only
provide the capability for us to generate
renewable electricity, they are important to
our communities for recreation and hold
great cultural significance for tangata
whenua.
David Prentice

Manawa Energy
Chief Executive
“
EBITDAF per unit of generation
and the average market price of
electricity
Historically Manawa Energy’s success
as a utilities retailer has meant that
earnings per unit of generation have
been higher than had the generation
been sold straight into the

wholesale market.
As New Zealand looks to reduce
reliance on controlled thermal
generation, this may increase the
volatility of wholesale prices, increasing
the value of Manawa’s storage and
controllable generation.
0
300
EBITDAF $Millions
50
100
150
200
250
3,000
2,500
2,000
1,500
1,000
500
0
GWh
2013201420152016201720182019202020212022
0
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
EBITDAF per GWh of generation
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0
Cents/Kwh
2013201420152016201720182019202020212022
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
GWh
2013201420152016201720182019202020212022
0
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
Customer Accounts
Electricity connections
Telecommunication customers
NZ retail electricity

sales volume (GWh)
Gas connections
EBITDAF
EBITDAF / GWhNZ Market Price
Following the sale, Manawa is now
New Zealand’s largest independent
(without an integrated mass-market retail
business) electricity generator and
renewables developer, representing about
five percent of the country’s existing
generation capacity with a substantial
portfolio of hydroelectric power schemes.
It is enhancing the value of its existing
generation assets and is currently on track
to deliver more than 67GWh a year of
enhancement uplifts - 55GWh a year of
which have either been completed or are
due to be completed by the end of
FY2026.
The shorter-term focus is to deliver 15GWh
a year of enhancement growth in 2023,
with 10GWh a year from the Branch intake
enhancement project (about to be
completed), 2GWh a year from generator
upgrades at Cobb (to be completed in
January 2023), along with the completion
of Waipori’s Deepstream Phase Two
project (3GWh a year).
A Memorandum of Understanding has
been signed with Hawke’s Bay Airport to
progress the development of a 24MW
solar farm. The development is planned for
otherwise unused airport land (due to
strict height limitations for structures next
to the runway) and utilises Hawke’s Bay’s
high sunshine hours. The solar farm will
power most of the airport’s operations and
other nearby users, generating up to
36,000 megawatt hours a year - the
equivalent of powering 5,000-6,000
homes. The next stage of the development
will be to seek a resource consent and
formalise a Joint Venture Agreement.
Looking ahead, a continued focus from the
Government and industry regulators is
absolutely critical to ensuring that the
energy system provides a platform for
achieving New Zealand’s net zero climate
ambitions.
There is an expectation that most of the
emissions reductions will be enabled by
the energy sector – primarily through
electrification of transport and industrial
process heat, with support from
increasing renewable electricity
generation. Development of the
Government’s National Energy Strategy
during the second half of 2022 will be
important for establishing the roadmap
for the energy sector’s transition
towards meeting these ambitions while
ensuring security, reliability and
affordability of supply.
The Government has acknowledged
that a target of 100 percent renewable
electricity by 2030 is aspirational, and it
intends to review this target in 2025.
Reaching 100 percent renewable
electricity supply will be challenging and
costly. Technology advances in grid
scale solar, wind generation, a better
understanding of the roles of hydrogen
and biomass powered thermal
generation, and further investment by
others in the industry in geothermal, will
all accelerate New Zealand’s
decarbonisation.
The Government is also continuing work
on the Lake Onslow “New Zealand
Battery” project, with $100 million
allocated or spent to date on feasibility,
with a total cost estimate ranging from
$4 billion to more than $10 billion. Lake
Onslow’s huge cost could be better
spent on increasing the overall stock of
renewable generation and improving
the distribution and transmission
network throughout New Zealand.
Provided regulatory settings remain
stable and balanced, Infratil is confident
that Manawa Energy can play a
significant part in meeting the above
challenges.
Generation (GWh)
43