Interim results for the period ended 30 September 2022

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

15 November 2022
Interim results for the period ended 30 September 2022

Infratil sees strong earnings growth in volatile environment
Infratil today announced a Net Parent Surplus from Continuing Operations of $350.5 million for the
six months ended 30 September 2022, driven by significant growth in earnings from its associates
and the gain recognised on the sale of the Trustpower Retail business.
Proportionate EBITDAF was $275.6 million – an 11.0% rise on the $248.4 million from the same
period the previous year - reflecting strong performances from CDC Data Centres, Vodafone and
Wellington Airport. Proportionate EBITDAF for the year to 31 March 2023 is forecast to be between
$510 million and $540 million.
Infratil CEO Jason Boyes said that despite the volatile global macro-economic environment, Infratil’s
portfolio performed well, benefiting from the relative protection of infrastructure assets and
inflation linked pricing.
“The six months have been very busy. The now completed Longroad capital raise – which saw
significant uplift in its value - and the Vodafone passive mobile tower sale and investment into the
new ‘TowerCo’ were the obvious standout transactions, while significant progress was made across
the portfolio.
“It is pleasing to see the growth in operating revenues, which increased by over $300 million
compared with the same period in 2021. This reflects passenger recovery at Wellington Airport, a
full period of trading from RHCNZ Group, our New Zealand diagnostic imaging businesses, and
increased earnings from CDC Data Centres.
“CDC had a strong six months having delivered an additional 104MW of capacity across its Canberra,
Sydney and Auckland campuses. The new Silverdale and Hobsonville data centres are the largest
and most secure centres of their type in New Zealand.
“Vodafone is well positioned for the next stage of growth, with an increase in top line revenue
driven by strong post-paid trading performance and border openings, the upgrade and onshoring of
major IT systems away from the Vodafone Group, as well as the sale of its passive tower assets for

$1.7 billion. Following completion of the tower sale, Infratil will have received almost $1 billion in
cash distributions in the just over three years since acquiring Vodafone for $1.03 billion, while still
retaining a 49.9% shareholding in the Vodafone business.
“It has also been a stand-out period for Longroad Energy with the announcement of the now
completed capital raise and introduction of new co-investor MEAG. The transaction implied a pre-
money valuation for Longroad common equity of US$2,000 million, with the new capital set to
accelerate Longroad’s growth ambitions.”
Mr Boyes said despite ongoing disruptions and staff shortages causing reduced volumes, Infratil
remains positive on the potential of its scaled diagnostic imaging businesses in Australia – Qscan –
and New Zealand – RHCNZ Group – with both businesses having a significant role to play given the
long-term macroeconomic and socio-economic implications of a growing and ageing population.
“We remain confident in the case for preventative healthcare, like diagnostic imaging, in Australia,
New Zealand and globally, and the accelerated access to services and innovation only scaled
businesses like ours will deliver.

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

“RetireAustralia saw Underlying Profit of A$31.9 million, up A$9.1 million (39.9%) from the prior
period, with strong demand driving 227 unit resales and 10 new unit sales during the six months.
The sales process remains ongoing, and we will update the market as the process progresses.
“Wellington Airport saw a strong rebound in domestic traffic with passenger numbers up 24.1%
from the prior period while international travel is recovering at a slower pace, tempered by airline
capacity. EBITDAF for the six months was $40.2 million, up $8.7 million on the prior period.”
Mr Boyes said Infratil retains significant available liquidity to pursue both internal and external
investment opportunities. Over the past six months, $471.7 million was deployed, primarily across
existing digital infrastructure and global renewable businesses, which sees Infratil well placed to take
advantage of further growth in these areas.
Infratil has available capacity of over $1.4 billion to fund growth, including significant undrawn
corporate facilities, and over $400 million of cash on hand. At 30 September, gearing was 13.9%,
significantly below the target range of 30%.
CDC Data centres has forecast capex A$650 million in the current financial year. Construction has
commenced at its first Melbourne campus, with a target delivery of the first 30MW of operating
capacity in early FY2024. An additional 12MW of capacity is under development across CDC’s
operational Auckland sites.
Infratil’s global renewable platform has a combined development pipeline of over 27GW with
Longroad currently in the midst of the largest construction programme in its history, including
development of 1.3GW across seven projects in five U.S. states. Our European renewables platform
Galileo recently announced a long-term joint development venture with a plan to develop over 5GW
of offshore and onshore renewable energy and storage projects. Manawa Energy’s new generation
pipeline is growing and currently stands at more than 1.7GW.
“In terms of our returns to shareholders, we will pay a fully imputed interim dividend of 6.75 cents
per share, a 4% increase from the prior. Infratil’s share price also rose from $8.25 to $8.65 over the
period, with an after-tax return to shareholders over the six months of 6.5% and a return over the
last ten years of 20.5%,” Mr Boyes said.
“Infratil’s excellent results continue to deliver outstanding returns to shareholders - continuing years
of strong performance.”

Investor briefing
There will be a briefing for institutional investors, analysts and media commencing at 10.00am. A
webcast of the presentation will be available live
https://edge.media-server.com/mmc/p/n483k8k8.

Enquiries should be directed to:
Mark Flesher
Investor Relations
Phone: +64 27 221 6526
Email: mark.flesher@infratil.com

---

For the six months ended 30 September 2022
Interim Results Announcement

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 Interim Report for the period ended 30 September 2022, marketreleases
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 account the 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.
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. Further information on how Infratil calculates Proportionate EBITDAF can be found at Appendix 3.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
2
Disclaimer
This presentation has been prepared
by Infratil Limited (NZ company
number 597366, NZX:IFT; ASX:IFT)
(the ‘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.

Infratil Interim Results Announcement FY2023
3
Presenters
Jason Boyes Infratil CEO
Phillippa Harford Infratil CFO
Programme
▪Financial Highlights
▪Portfolio Overview
▪Sustainability
▪Operating Businesses
▪Financial Position & Outlook
▪FY2023 Interim Dividend
▪FY2023 Guidance
▪Summary
Infratil Results
Announcement

Strong underlying
performance and
capacity to
continue investing
across the
portfolio
Infratil Interim Results Announcement FY2023
4
Net parent surplus
Investment
Shareholder return
Proportionate EBITDAF
$275.6m
Available capital
Fully-imputed interim dividend
6.75cps
$471.7m
$1,429m
6.5%
Financial
Highlights
$350.5m

High conviction
investment
approach
providing
exposure to four
significant
platforms and
geographic
diversification
Infratil Interim Results Announcement FY2023
5
Digital
58%
Renewables
21%
Healthcare
14%
Airports
7%
Portfolio
Overview

Sustainability
Infratil’s ambition
is to be a leader in
sustainable
infrastructure
investment. Good
management of
ESG risks and
opportunities is
inherently aligned
with value
Infratil Interim Results Announcement FY2023
6
Infratil
▪Infratil and 10 portfolio companiesparticipated in the annual GRESB Infrastructure Assessment
with solid progress in many areas and clarity around opportunities for further improvement
▪Infratil expects to release its inaugural sustainability report in mid-2023 which will contain:
▪Climate-related disclosures in accordance with TCFD
▪Emissions reporting in line with the GHG Protocol and Partnership for Carbon Accounting
Financials (PCAF)
1
▪Climatetargets -Infratil is in the process of developing credible, ambitious emissions
reduction targets
Morrison & Co as manager of Infratil
▪Morrison & Co has been a signatory to the Principles for Responsible Investment since 2010,
reflecting its longstanding commitment to integrating ESG issues into all aspects of the
investment process for Infratil
▪Morrison & Co engages with, and is a member of ESG-linked industry organisations aligned with
key investment thematicssuch as the Investor Group on Climate Change, the Sustainable
Digitalisation Project and the Responsible Investment Association of Australasia
1
Corporate Standard | Greenhouse Gas Protocol
PCAF: The Global GHG Accounting and Reporting Standard for the Financial Industry

Operating Businesses

CDC Data Centres
Four new
data centres
commissioned in
the period
delivering 104MW
of new capacity
Infratil Interim Results Announcement FY2023
Performance
▪EBITDAF for the period was A$97.6 million, A$22.4 million up from the prior period
▪CDC has simultaneously delivered an additional 104MW (+63.4%) of capacity across its Canberra,
Sydney and Auckland campuses during the period
▪Strong customer support for these facilities has seen weighted average lease terms (including
options) maintained above 20 years
▪Of CDC’s energy needs, 78% is powered by renewable energy, with New Zealand facilities powered
from 100% renewable and carboNZerocertified electricity
Outlook
▪Construction has commenced at CDC’s first Melbourne campus, with a target delivery of the first
30MW of built capacity in mid-2023
▪12MW of additional capacity is under construction at CDC’s current Auckland sites, with land
acquired for an additional 70MW
▪Preparatory works for two additional two data centres at Eastern Creek are complete
▪CDC has completed a capital structure review, diversifying its funding base through the USPP market
and extending the size and tenor of its bank facilities
▪FY2023 forecast EBITDAF of A$210 million -A$220 million, up 33% at the midpoint on FY2022
8
DigitalRenewablesHealthcareAirports

Vodafone
New Zealand
Top line revenue
growth and
meaningful
progress in
customer service
and employee
engagement
Infratil Interim Results Announcement FY2023
Performance
▪Normalised EBITDAF
1
for the period was $257.9 million, $15.5 million up from the prior period
▪Top line revenue growth supported by 7.4% mobile service revenue growth resulting from continued
strong post-paid trading performance and border openings; ongoing focus on controlling cost base
▪4G and 5G upgrade paths are being accelerated; awarded New Zealand's best mobile network by
Umlaut
▪Best service record and best organisation health scores recorded
▪Completed an upgrade and onshoring of major IT systems away from Vodafone Group and retail
store network buy back
▪Divestment of the passive tower infrastructure completed on 1 November for $1,700 million
Outlook
▪Ongoing IT simplification programme is targeting further service gains. Greenfield digital
transformation solution has been challenging, now moving to a phased upgradeof the
existing systems
▪Rebrand to One NZ announced and will take place in early 2023
▪FY2023 forecast EBITDAF of $490 million -$520 million, up 5% at the midpoint on FY2022
9
DigitalRenewablesHealthcareAirports
1
EBITDAF excludes $13.7 million of TowerCotransaction costs, but includes rebrand costs for the period

Longroad
Energy
Capital committed
to accelerate
Longroad's
expansion plans to
develop 4.5GW
over the next
three years
Performance
▪EBITDAF for the period was US$40.7 million, a US$11.1 million increase from the prior period;
reflecting the growing base of operating assets
▪Agreement reached with new investor, MEAG, to acquire a 12% stake in Longroad for US$300
million; valuing Infratil’s investment in Longroad at NZ$920.7
1
million
▪Acquired a 31% interest in ValtaEnergy, a distributed solar generation developer and operator
Outlook
▪Development of 1.3GW, across seven projects, is currently underway consisting of:
▪Three Corners (150MW), Pittsfield (7MW), Maine DG (26MW) and the Milford Wind repower
(306MW) are currently under construction
▪Sun Streams 3 (500MW), Umbriel (200MW), and Foxhound (108MW) are expected to reach
final investment decision in CY2022, with Power Purchase Agreements (‘PPAs’) negotiated for
two of the projects
▪Exclusive negotiations for PPAs on next year’s 1.5GW of projects are underway
▪The Inflation Reduction Act will provide tailwinds for Longroad with greater certainty of federal
subsidies and incentives for domestic equipment sourcing. However, procurement pressures remain
10
DigitalRenewablesHealthcareAirports
1
Valuation as at 30 September 2022 prior to close of the Longroad capital raise and is less estimated taxes and cost of disposal if Infratil
was to sell its stake
Infratil Interim Results Announcement FY2023

Manawa
Energy
Soft result driven
by low generation
early in the period,
followed by low
wholesale prices
Infratil Interim Results Announcement FY2023
Performance
▪EBITDAF
1
for the period was $70.0 million, a $36.5 million decrease on the prior period
▪Energy revenue was impacted by lower generation volumes due poor inflows in the first quarter and
lower wholesale prices in the second quarter
▪Generation production volumes across both the North and South Islands were 976GWh –a decrease
of 2% on last year; with the average generation spot price 40.4% lower than the prior period
Outlook
▪New generation pipeline currently stands at more than 1.7GW, made up of 0.9GW of wind projects
and 0.8GW of solar projects
▪The first solar opportunity is a grid-scale project in Northland (~12MW) that is on track for FID in the
first half next year subject to securing satisfactory offtake arrangements
▪Stay-in-business capex is expected to remain elevated over the next 2-3 years as significant asset
enhancement projects, dam safety, and asset lifecycle replacements are undertaken
▪FY2023 enhancements to existing generation assets on track and on budget which, once complete,
will add an additional 30GWh per annum of generation volume uplift
11
DigitalRenewablesHealthcareAirports
1
EBITDAF for the period excludes $3.4 million of Trustpower Retail EBITDAF

Global
Renewables
Platform
The Global
Renewables
platform consists
of Manawa Energy,
LongroadEnergy,
Galileo, and
GurīnEnergy
12
DigitalRenewablesHealthcareAirports
•1.7GW operating assets
•18.1GW development pipeline
•150+ employees
•6.0GW development pipeline
•36 employees
•1.3GW development pipeline
•43 employees
•498MW operating assets
•1.7GW development pipeline
•233 employees
Infratil Interim Results Announcement FY2023

Diagnostic
Imaging
The Australasian
platform provides
meaningful scale
in a critical
healthcare sub-
sector that stands
to benefit from
long-term trends
Infratil Interim Results Announcement FY2023
Performance
▪EBITDAF for the diagnostic imaging platform was $80.7 million, up $23.2 million from the prior period,
resulting from a full period of contribution from the New Zealand businesses
▪Covid-19 tail has continued to have a negative impact in both New Zealand and Australia, resulting in
service restrictions andreduced patient volumes (13% down on budget in Australia and 11% down in
New Zealand), withQscanalso impacted by severe weather events earlier in the year
▪During the period Qscan partnered with Envision in Western Australia, acquiring two clinics with
23 radiologists and adding two MRI machines, a CT scanner, and a PET-CT machine
▪New clinic opened in Christchurch during the period, and the opening of a new clinic in Whangarei
planned for mid 2023
Outlook
▪The combined platform now employs over 300 radiologists, across 149 clinics
▪Since our initial investment we have opened 11 new clinics across Australia and New Zealand
▪FY2023 platform EBITDAF forecast reduced to NZ$160 million -NZ$170 million, down from NZ$190
million –NZ$205 million, primarily due to the continued impacts of Covid-19
DigitalRenewablesHealthcareAirports
13

RetireAustralia
Demand for
RetireAustralia’s
offering remains
strong, with
construction
progressing at four
sites
Infratil Interim Results Announcement FY2023
Performance
▪Underlying Profit
1
of A$31.9 million, up A$9.1 million from the prior period
▪Strong demand for RetireAustralia’soffering continues, with 227 resales and 10 new unit sales
during the period
▪Sales performance has remained robust, with gross sales prices outperforming listing valuations
▪20 out of 27 villages are now operating waitlists and overall village occupancy has increased to
~93.3%, the highest level since 2017
Outlook
▪Construction is currently ongoing at four villages to deliver 34 apartments and 180 independent
living units, with the majority forecast to complete within the next 12 months
▪Acquisition of a significant development site in Brisbane, immediately adjoining the existing
Cleveland Manor village, and development approval recently submitted for a premium 52-unit
vertical village in Lane Cove, Sydney
▪The strategic review process remains ongoing
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
DigitalRenewablesHealthcareAirports
14

Wellington
Airport
Domestic
Passenger
numbers rebound
strongly, while
international
recovery is
tempered by
airline capacity
Infratil Interim Results Announcement FY2023
Performance
▪EBITDAF for the period was $40.2 million, up $8.7 million on the prior period
▪Passenger numbers were up 24.1% fromthe prior period, with2.3 million domestic passengers
and 213,875 international passengers during the six months
▪Continued discipline in capital management and a focus on retaining the cost savings achieved
during the Covid-19 period has enabled Wellington Airport to maintain its margins as passenger
numbers increase
▪Wellington Airport has been rated 3
rd
best for sustainability by GRESB amongst participating
airports and achieved a 5-Star GRESB rating
Outlook
▪Short term capital spend remains focused on priority projects, being the reconstruction of Taxiway
Bravo and seismic upgrades. Work has started on a new electric bus terminal and a new Airport
Fire Station
▪Wellington Airport is continuing to assess potential development plans having secured rezoning
of the southern half of the Miramar Golf Course
▪FY2023 forecast EBITDAF of NZ$80 million -NZ$85 million, up 49% at the midpoint on FY2022,
driven by recovering passenger numbers and increasing capacity
15
DigitalRenewablesHealthcareAirports

Financial Position & Outlook

International
Portfolio
Incentive Fees
Performance fee
accrual reflects the
uplift in Longroad’s
valuation following
its recent capital
raise
Infratil Interim Results Announcement FY2023
▪CDC Data Centres based on an independent valuation at 30 September 2022, which valued Infratil’s investment at
A$2,649 million -A$3,139 million
▪Longroad Energy based on an independent valuation as at 30 June 2022, adjusted for pre-capital raise contributions
▪RetireAustralia based on the 31 March 2022 valuation
▪Galileo based on an independent valuation as at 30 June 2022, adjusted for capital movements to September 2022
▪Qscan initial incentive fee assessment is based on an independent valuation as at 30 June 2022
▪The FY2023 annual incentive fee, if ultimately payable, will be payable in three annual tranches, with payment of the
second and third tranche being subject to the total value of the assets being maintained at the relevant date
1.The hurdle rate is calculated on a daily basis compounding, and adjusted for any capital movements and distributions during the period
2.Valuations include an estimate of any capital gains or income tax (or the like) that would be payable upon a sale or other realisation and an
estimate of the likely sale costs, or such notional estimate of likely sale costs, both or which are deductions to the Independent Valuations
3.IRR is calculated in NZD after incentive fees and calculated as at 30 September 2022
4.No incentivefees are paid in relation to New Zealand assets, as defined in the Management Agreement
17
30 September ($millions)
FY2022CapitalDistributionsHurdle
1
Valuation
2
Incentive FeeIRR
3
Annual Incentive Fee
CDC Data Centres$3,117.3($14.1)$15.0($186.9)$3,266.4($7.4)34.9%
Longroad Energy$227.4($19.6)$1.1($14.8)$920.7$132.071.7%
RetireAustralia$408.8--($24.6)$432.1($0.3)4.5%
Galileo$26.1($15.7)-($3.1)$44.9-1.2%
$3,779.6($49.4)$16.1($229.4)$4,664.1$124.4
Initial Incentive Fee
Qscan$309.7-$2.4($70.2)$375.1($0.5)11.8%

Dividend
FY2023 interim
dividend of
6.75 cps, an
increase of 4%
from the prior
period
Infratil Interim Results Announcement FY2023
Interim Dividend
▪Fully-imputed interim dividend of 6.75 cps declared (up 4% on the prior period) with a record date
of 30 November 2022 and a payment date of 14 December 2022
▪Dividend outlook is for continued modest cps growth, primarily reflecting the increase in 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
18

Debt Capacity
& Facilities
With cash on hand
and significant
undrawn bank
facilities, Infratil
has a strong
balance sheet for
further investment
Infratil Interim Results Announcement FY2023
▪Infratil retains significant available liquidity to
pursue both internal and external investment
opportunities
▪$614 million of net proceeds from Vodafone
Towers transaction will further the strengthen
liquidity position, with receipt expected in Q3
FY2023
▪30 September gearing of 13.9%, significantly
below the target range of 30%
▪Given current liquidity, $100 million of
IFT240 bonds maturing on 15December 2022
will be repaid, with no new issuance
1.Gearing calculated as total net debt / total capital based on the Infratil share price at period end
2.Infratilwholly owned undrawn bank facilities. Includes Core debt facilities and Term Loan facilities only
3.A reconciliation to 30 September 2022 liquidity is available in Appendix 7 of this presentation
19
100
122
156
164
156
102
146
123
116
232
40
396
282
193
-
100
200
300
400
500
600
FY23FY24FY25FY26FY27FY28FY29FY30FY31Perpetuals
Millions
BondsUndrawn Bank Debt
Repayment
$Millions30 September 202231 March 2022
Net bank debt($405.7)($773.0)
Infratil Infrastructure bonds$1,185.9 $1,163.7
Infratil Perpetual bonds$231.9 $231.9
Total net debt$1,012.1 $622.6
Market value of equity$6,262.5 $5,972.9
Total Capital$7,274.6 $6,595.5
Gearing
1
13.9% 9.4%
Undrawn bank facilities
2
$906.3 $899.6
100% subsidiaries cash$405.7 $773.0
Liquidity available
3
$1,428.8$1,672.6

FY2023
Guidance
Proportionate
EBITDAF range
narrowed to
$510 -$540 million
Infratil Interim Results Announcement FY2023
FY2023 Guidance
▪FY2023 Proportionate EBITDAF guidance range is narrowed to $510 million –$540 million
(previously $510 to $550 million)
▪Key guidance assumptions include:
▪CDC Data Centres EBITDAF of A$210 million -A$220 million (Infratil’sshare 48.1%)
▪Vodafone EBITDAF of $490 million -$520 million (Infratil’sshare 49.9%)
▪Manawa Energy EBITDAF of $127.5 million –$140 million (Infratil’sshare 51.1%)
▪Diagnostic Imaging EBITDAF of $160 million -$170 million (Infratil’sshare 50.5% -55.1%)
▪Forecast AUD/NZD 0.9022, USD/NZD 0.6228, EUR/NZD 0.6053, and GBP/NZD 0.5171
▪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’scontinuing operations and assumes no major changes in the
composition of the Infratil investment portfolio. It excludes the impact of the Vodafone Towers
transaction, the strategic review ofRetireAustraliaand one month of Manawa Retail
20

▪Portfolio transactions
demonstrate the
embedded optionality
of our businesses
▪Robust performance
overall, underpinned by
quality investments
▪Strong capital position
▪Capacity to take
advantage of
opportunities in a
volatile market
▪Expect global diversity
of the portfolio to
increase
Infratil Interim Results Announcement FY2023
21
Summary

Appendices
For the period ended 30 September 2022
Interim Results Announcement

1.Accumulation returns are to 30 September 2022 based on a closing share price of $8.65, the calculation assumes that shareholders
reinvest dividends on the day they are earned, and participates in any rights offerings.
Share Price
Performance
Infratil continues
its track record of
outstanding
returns
Infratil Interim Results Announcement FY2023
Accumulation Return
1
PeriodReturn
6 Month6.5%
5 Year26.9%
10 Year20.5%
Inception –28.5 years18.6%
Appendix 1
23
7.00
7.50
8.00
8.50
9.00
9.50
10.00
Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22
Infratil Share Price

▪Increase in operating revenue reflects passenger
recovery at Wellington Airport, a full period of
trading from RHCNZ Group, and increased
earnings from CDC Data Centres
▪Operating expenses driven by the increased
salary costs in Qscan as new clinics are
established, as well as a full period contribution
from RHCNZ Group
▪Increase in depreciation & amortisation
primarilydue to the full period contribution of
the RHCNZ Group
▪Realisations and revaluations reflect positive
movements in foreign exchange and interest
rate swap contracts
▪Discontinued operations in the period relate to
the Trustpower Retail business
Infratil Interim Results Announcement FY2023
24
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
Financial
Summary
Net parent surplus
driven by
Trustpower Retail
sale and
revaluations of
CDC’s data centres
APPENDIX TWO
Six months ended 30 September
($Millions)
20222021
Operating revenue$951.0 $644.4
Operating expenses($450.0)($393.2)
Operating earnings$501.0 $251.2
International Portfolio Incentive fees($124.4)($131.4)
Depreciation & amortisation($51.1)($43.2)
Net interest($82.3)($80.0)
Tax expense($77.1)($58.1)
Realisations and Revaluations$54.7 $75.8
Net Surplus/(loss) continuing$220.8 $14.3
Discontinued operations
1
$336.5 $1,116.0
Net surplus after tax$557.3 $1,130.3
Minority earnings($206.8)($49.7)
Net parent surplus$350.5 $1,080.6
Appendix 2

▪CDC uplift from increasing utilisation at existing
data centres and contribution from new data
centres commissioned during the period
▪Vodafone has benefited from the return of
roaming, improving ARPU and a continued
focus on costs
▪Wellington Airport has seen international traffic
resume and domestic travel return to near pre-
covid levels
▪Longroad uplift reflects the contribution of
Sun Streams 2 and Prospero II which were
completed in FY2022
▪RHCNZ performance reflects a full period of
contribution from all three businesses in the
Group, but covid tail is persisting
▪Qscan ongoing headwinds from Covid-19
patient referral reductions and cost increases
▪Corporate expense reduction is driven by a non-
recurring transaction cost in prior year offset by
increased management fees driven by Infratil
share price appreciation
Infratil Interim Results Announcement FY2023
25
Proportionate
EBITDAF
EBITDAF uplift
reflects varying
levels of recovery
from Covid-19
impacts and
Diagnostic
Imaging
acquisitions
1.ProportionateEBITDAFrepresentsInfratil’sshareoftheconsolidatednetearningsbeforeinterest,tax,depreciation,amortisation,
financialderivativemovements,revaluations,gainsorlossesonthesalesofinvestments,andexcludesacquisitionorsalerelated
transactioncostsandtheimpactofInternationalPortfolioIncentiveFees.CDCEBITDAFexcludesRMSpaymentstomanagement
shareholders.Accruedpaymentsunderthisschemeareincludedinnetexternaldebt.
APPENDIX THREE
Six months ended 30 September
($Millions)
20222021
CDC Data Centres
$51.9 $38.3
Vodafone
$128.8 $120.4
Kao Data
($1.5)($0.1)
Manawa Energy
$35.7 $54.4
Longroad Energy
$21.7 $13.7
Galileo
($4.2)($2.9)
Gurīn Energy
($6.5)($1.0)
RHCNZ Group
$26.6 $12.4
Qscan Group
$15.2 $18.7
RetireAustralia
$10.9 $6.3
Wellington Airport
$26.5 $20.8
Corporate and Other
($29.5)($32.6)
Proportionate EBITDAF
1
$275.6 $248.4
Tilt Renewables
-$7.8
Trustpower Retail business
$1.8 $8.0
Total
$277.4 $264.2
Appendix 3

Capital Expenditure
& Investment
Ongoing
investment in high
conviction
platforms sees us
well placed to take
advantage of
growth
opportunities
Infratil Interim Results Announcement FY2023
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’ completion of H5, EC4, AKL1
and AKL2 and settlement of prior period land
purchases has driven increased capital spend
▪Vodafone continued expansion of 4G and 5G
into the regions; 31 new sites and 92 upgraded
sites
▪Growth capital projects have resumed at
Wellington Airport with Taxiway Bravo, the
redevelopment of Miramar South School and
continued resilience works
▪Longroad Energy has seven projects in
construction or significant pre-construction
stages
▪The Diagnostic Imaging businesses continue to
spend on the rollout of new clinics, equipment
and IT transformation projects
▪RetireAustralia has construction underway at
four sites with a further two sites expected to
begin construction before the end of FY2023
APPENDIX FOUR
Six months ended 30 September
($Millions)
20222021
CDC Data Centres$230.0 $99.8
Vodafone$62.4 $105.2
Kao Data$12.5 -
Manawa Energy$9.3 $7.8
Tilt Renewables-$21.9
Longroad Energy$56.9 $189.1
RHCNZ Group$5.7 -
Qscan Group$3.7 $3.1
RetireAustralia$29.5 $6.9
Wellington Airport$13.2 $4.7
Capital Expenditure$423.2 $438.5
Kao Data-$73.6
Gurīn Energy$11.8 $2.8
Galileo$15.9 -
RHCNZ Group-$313.6
Clearvision$20.8 -
Infratil Investments$48.5 $390.0
Total Capex & Investment$471.7 $828.5
Appendix 4
26

1.Associates include Infratil’s investments in CDC Data Centres, Vodafone NZ, Kao Data, RetireAustralia, Longroad Energy, and Galileo
2.Subsidiaries include Infratil’s investments in Manawa Energy, Qscan Group, Pacific Radiology Group, Wellington Airport and GurīnEnergy
NPAT to
Proportionate
EBITDAF
Infratil Interim Results Announcement FY2023
Six months ended 30 September
($Millions)
20222021
Net profit after tax (‘NPAT’)557.3
1,130.3
Less: Associates
1
equity accounted earnings(346.6)
(114.0)
Plus: Associates
1
proportionate EBITDAF207.6
175.7
Less: minority share of Subsidiary
2
EBITDAF(86.2)
(87.1)
Plus:share of acquisition or sale-related transaction costs-
22.6
Net loss/(gain) on foreign exchange and derivatives(54.9)
(73.6)
Net realisations, revaluations and impairments0.2
(2.2)
Discontinued operations(336.5)
(1,116.0)
Underlying earnings(59.1)
(64.3)
Plus: Depreciation & amortization51.1
43.2
Plus: Net interest82.3
80.0
Plus: Tax77.1
58.1
Plus: International Portfolio Incentive fee124.2
131.4
Proportionate EBITDAF275.6248.4
Add: Trustpower Retail Proportionate EBITDAF1.88.0
Add: Tilt Renewables Proportionate EBITDAF
-7.8
Adjusted EBITDAF
277.4264.2
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).
Appendix 5
27

Six months ended
($Millions)
30 September
2022
31 March
2022
30 September
2021
Opening Wholly Owned Net Bank (Debt)/Cash773.0 1,114.3 (328.2)
Manawa Energy dividends81.6 27.1 29.6
Vodafone distributions and shareholder loan interest payments14.7 12.7 24.5
CDC distributions and shareholder loan interest payments15.0 7.6 5.8
Longroad Energy distributions and capital returns1.2 9.2 44.8
RHCNZ Group distributions14.8 --
Qscan Group distributions2.3 --
Tilt Renewables distributions--16.1
Clearvision Ventures distributions-0.1 1.6
Net interest(25.9)(24.6)(36.6)
Other corporate operating cashflows(29.6)(35.9)(32.5)
Incentive fees paid(270.8)-(116.2)
RHCNZ Group investment(10.7)(95.2)(313.6)
Kao Data investment (5.6)(144.3)(73.6)
Other investing and financing cashflows(88.2)(59.3)(51.8)
Sale of Tilt Renewables--1,959.3
Sale of ASIP--44.8
Receipt of contingent consideration--16.1
Dividends paid(86.8)(38.7)(83.1)
Bond maturities(93.7)-(93.9)
Proceeds from bond issues114.4 -101.2
Closing Wholly Owned Net Bank (Debt)/Cash405.7 773.0 1,114.3
CDC Data Centres(14.1)(6.3)(11.1)
Longroad Energy(20.9)(23.7)(35.0)
Gurīn Energy(12.4)(5.5)(2.8)
Galileo Green Energy(15.7)(13.8)-
Clearvision Ventures(20.3)(4.6)-
Other(4.8)(5.4)(2.9)
Net other investment & financing cashflows(88.2)(59.3)(51.8)
Movements in
Wholly Owned
Group Net Bank Debt
Wholly Owned Group cashflows
comprises the cashflows
between Infratil and its portfolio
companies (dividends received,
capital calls) and the corporate
operating expenses of Infratil
Wholly Owned Net Bank Debt
comprises the drawn bank
facilities (net of cash on hand) of
Infratil at the corporate level
Infratil Interim Results Announcement FY2023
APPENDIX SIX
Appendix 6
28

Available
Capital
Infratil’s available capital is
represented by reported net cash at
30 September 2022 and undrawn
bank facilities as at that date,
adjusted for significant cashflows
for the next six months following 30
September or cashflows announced
at the date of this presentation
It also includes a ‘liquidity buffer’
equal to approximately
6-months of corporate overheads
and bond interest payments
No adjustments have been made
for capital calls or distributions
outside of these significant
transactions, such as those are
forecast to occur in the ordinary
course of business
Infratil Interim Results Announcement FY2023
APPENDIX SIX
Appendix 7
($millions)
30 September Wholly Owned (Net Bank Debt)/Cash$405.7
Add: Undrawn bank facilities$906.3
Less:Funding on completion of the Longroad capital raise($151.0)
Add: Forecast net ‘TowerCo’ proceeds$613.9
Add: Manawa Energy dividend declared$12.0
Less: IFT240 Bond Maturity (December 2022)($100.0)
Less: Infratil FY2023 Interim dividend declared ($48.9)
Less: Accrued incentive fees forecast payable at 1 April 2023($149.2)
Less:Liquidity buffer($60.0)
Available Capital$1,428.8
29
▪Funding on completion of the
Longroad capital raise occurred on 6
October 2022
▪$614 million of net proceeds from the
Vodafone Towers transaction are
expected in Q3 FY2023
▪Given current liquidity, $100 million of
IFT240 bonds maturing on 15
December 2022 will be repaid, with no
new issuance

---

1
Interim Report
2022/23
Investing wisely
in ideas that matter

21
1
Infratil
Interim Report
2022/23
We believe that infrastructure
underpins the ability for 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 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.
Contents
Portfolio Overview2
Financial Highlights3
Report of the Board Chair4
Report of the Chief Executive6
Stakeholder Engagement 8
Shareholder Returns and Ownership9
Sustainability
ESG Benchmarking10
GHG Emissions11
Financial Trends12
Financial Performance & Position14
Infratil’s Businesses
CDC Data Centres20
Vodafone22
Longroad Energy24
Manawa Energy26
Diagnostic Imaging28
Wellington Airport 30
RetireAustralia 32
Other Investments34
Directory 36

23
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
$350.5
million
Proportionate capital expenditure 2
$471.7
million
Cash dividend declared
6.75 cps
2.63 cps imputation

Share price
$8.65
Market capitalisation
$6.3
billion
Proportionate EBITDAF 1
$275.6
million
Net debt 3
$1,012.1
million
Six month shareholder return 4
6.5%p.a.
1 EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating
gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for
measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF shows Infratil’s
operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction costs and
management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 30 September 2022 interim results presentation.
2 Investment and capital spending by Infratil, and Infratil’s share of investee company capital spending.
3 Infratil Corporate net debt.
4 Shareholder returns are 6-month returns assuming that dividends are invested on the date of payment.
RenewablesDigital Healthcare
51% Infratil
27% TECT / 22% Public
40% Infratil
40% NZ Super / 20% Management
49.9% Infratil
49.9% Brookfield / 0.2% Management
50.1% Infratil

49.9% Doctors
48% Infratil / 24% CSC
24% Future Fund / 4% Management
55.1% Infratil
33.1% Doctors / 13.8% MGIF
66% Infratil

34% Wellington City Council
40% Infratil
20% CSC / 20% NZ Super / 20% MGIF
40% Infratil
30% Legal & General / 30% Goldacre
50% Infratil
50% NZ Super
95% Infratil
5% Management
2

45
I am pleased to be able to provide
my first interim update as Chair of
Infratil. Having been on the board
since 2014, the last six months
has been as exciting and busy as
any previous period.
We continue to operate in a volatile macro-
economic environment with follow-on
implications of the global pandemic coupled
with the protracted war in Ukraine,
geopolitical tensions, supply chain challenges
and global aviation capacity constraints.
While some of these may stabilise over time,
inflation appears persistent and central bank
responses appear aligned and determined.
The relaxation of travel restrictions and the
return of aviation demand has been
welcomed by Wellington Airport, but we have
also seen Covid-19 related impacts to
diagnostic imaging volumes persist for longer
than anticipated. We expect both of these to
stabilise over time.
As covered at the Annual Meeting, there have
been two outstanding transactions for
shareholders to note during the half-year.
The first was Vodafone’s sale of its passive
mobile tower assets and Infratil’s investment
in the new “TowerCo” business. In May 2019,
Infratil acquired just under half of Vodafone
New Zealand (soon to be renamed One NZ)
for around one billion dollars. Based on the
31 March 2022 independent valuation, Infratil
expects to have generated a 26.7% per
annum return on its investment in Vodafone
following the Towers sale.
The Towers deal was a fantastic result
reflecting an incredible effort and swift
execution and action by the board and
management to achieve the best result for
shareholders. It is worth noting that no
incentive fee was payable to the Manager
in relation to this transaction because it is a
New Zealand asset.
The second transaction was the new capital
and co-investor for Longroad Energy. From
an original investment of US$100 million
(with another US$100 million from the
Report of the
Board Chair
NZ Superannuation Fund), the business is
now worth US$2 billion in just six years and
is well positioned for the next phase of its
growth. At completion of the transaction,
Infratil will have invested a net US$112 million
in Longroad since 2016 and achieved an
internal rate of return of over 70% per annum
based on the pre-money valuation of its stake
which is implied by this transaction. That level
of return is a testament to having identified an
opportunity, built and supported the right
team and relentlessly executed on the plan.
Globally, Infratil is well positioned to capitalise
on the energy transition and the increasing
Government support for renewable energy.
The US Inflation Reduction Act provides a
strong tailwind for Longroad as it transitions
to a build-to-own business model. We also
expect our other renewables platforms,
Galileo in Europe and Gurīn Energy in Asia, to
start hitting their strides in the medium term.
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. The long-term nature of these
investments requires conviction. By their very
nature, early investments involve analysis and
insights which are ahead of the curve.
Being well capitalised puts Infratil in an
enviable position. Volatile macro-economic
conditions can create opportunities. In
addition to overseeing the management of
our current investments and deploying
further capital within those businesses, we
are actively assessing new investment
opportunities. This includes defensive
software businesses which have a number
of infrastructure like qualities and offer
returns within the target range, as well as
opportunities created by the market volatility.
We are continuing to grow our capability and
progress our sustainability journey, building
on solid foundations. Our Manager, Morrison
& Co, has been a signatory to the UN
Principles for Responsible Investment for over
a decade. This means it is committed to
incorporating ESG – environmental, social
and governance, issues into its investment
practices, on behalf of Infratil. However, we
are conscious that stakeholder expectations
and standards are lifting – and we have an
ambition to be a leader in sustainable
infrastructure investment.
We have executed on a number of
sustainability initiatives already, for example,
Infratil and its portfolio companies now
undertake annual GRESB ESG assessments
to help us benchmark and lift performance.
We have also published our third Modern
Slavery Report, as we focus on the social
impacts of the supply chains in our
businesses. Acknowledging that climate
change is one of the key challenges that the
world faces today, our focus has turned to the
climate impact of our portfolio. We have
committed to climate related disclosures,
and we are developing a robust emissions
reduction target. With a long-term focus on
ideas that matter, sustainability is integral to
our business, so you will continue to see us
focusing in this area.
The half-year also included the acquisition of
an additional $40 million of Infratil shares by
the Manager further aligning its interests with
those of shareholders.
During the half-year, the board has also had
the opportunity to visit investments in Europe
and the United States. In addition to meeting
the management teams and seeing some of
the assets, it also gave the board a chance to
meet the increasingly global and large
Morrison & Co team which manages those
investments. The board takes a keen interest
in that expansion as the nature of our
symbiotic relationship means that for Infratil
to continue to grow and expand
geographically, so too must the Manager.
To all our shareholders and bondholders,
thank you for your support, it is very much
appreciated.
Alison Gerry
Chair

“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.”

67
Report of the
Chief Executive
The six months to 30 September have
been very busy for the team. The now
completed Longroad Energy capital raise –
which saw significant uplift in its value -
and the Vodafone passive mobile tower
sale and re-investment were the obvious
standout transactions.
I have also been able to get back on the road
again to visit our investments and meet
management teams in person, some for the
first time and others after a very long gap.
This has included solar farms in California, our
renewables and data centre investments in
Europe, diagnostic imageing clinics in
Australia and numerous visits to Wellington
Airport on the way there and back. In a time
when a lot of the world was locked down, what
constitutes Infratil has become truly global.
The volatile macro-economic environment
and entrenched inflation is something that
Infratil is not immune to, particularly when it is
persistent and global.
Our diversified and global portfolio does
benefit however, from the relative protection
of infrastructure assets and inflation linked
pricing. The long-term nature of our
investments means that we can ride out the
choppy waters.
Looking beyond the short-term, “ideas that
matter” continue to matter regardless of the
macro conditions. The drivers for the clean
energy transition are more pertinent than
ever. The ageing population and need for
investment in healthcare has never been
greater. Data and global connectivity
continue to grow.
We continue to look at opportunities,
particularly in new markets, in sectors and
adjacencies that we know well, have deep
experience in and which can be translated to
support local management teams.
CDC Data Centres had a strong six months
having delivered an additional 104MW of
capacity across Canberra, Sydney and
Auckland. The new Silverdale and Hobsonville
data centres are the largest and most secure
centres of their type in New Zealand, and we
are really excited to be able to bring CDC’s
world class facilities across the Tasman.
All of this development is capital intensive.
CDC is forecasting spending over A$650
million on capex in the current financial year
alone. To support this, CDC completed a
review of its capital structure during the
period where it was able to diversify, increase
and extend the tenor of its external funding.
Vodafone is well positioned with a very
capable management team. The business
has substantially progressed a
comprehensive rationalisation and IT
transformation programme to prepare itself
for the next stage of growth. A fibre asset
review is underway. Customer service and
employee engagement are at all-time highs.
In addition, Vodafone reached agreement to
sell its passive tower assets for $1,700 million.
Following completion of the passive tower
sale, Infratil will have received $1 billion in cash
distributions in the just over three years since
its investment into Vodafone completed,
while still holding a 49.9% shareholding in the
Vodafone business.
It has also been a stand-out period for
Longroad Energy with the announcement of
the now completed capital raise and
introduction of new co-investor MEAG. MEAG
is a leading global infrastructure investor, and
its investment is a strong endorsement of the
business and the sector. The value implied by
the transaction values Infratil’s stake at over
$900 million, while the new capital will only
accelerate Longroad’s growth ambitions. By
Christmas, Longroad would have begun
construction on 1.3GW of new renewables
projects this year alone.
On the other side of the Atlantic, just last
week Galileo announced a long-term joint
development venture with a plan to develop
over 5GW of offshore and onshore renewable
energy and storage projects in Ireland,
Norway, and the UK.
Despite ongoing disruptions and staff
shortages causing reduced volumes in the
healthcare sector globally, we remain positive
in the potential of scaled diagnostic imaging
businesses in Australia and New Zealand
today, and in the future beyond. Healthcare in
Australia and New Zealand has for some time
been delivered via a mix of publicly and
privately-owned organisations, a partnership
that we value and view as a strength. From
time to time these partnerships can come
under pressure, and we are watching with
interest the debate in New Zealand
surrounding recent changes in the regulation,
pricing and funding of diagnostic imaging here.
We remain confident in the case for
preventative healthcare, like diagnostic
imaging, in Australia, New Zealand and
globally, and the accelerated access to
services and innovation only scaled
businesses like ours will deliver. So, we
are positive about a timely and mutually
beneficial resolution to the debate in
New Zealand. It also supports even more
global diversification of our diagnostic
imaging business over time, making them
more resilient to future localised policy and
regulatory disruption.
Over the six months Infratil paid the dividend
declared at our FY2022 annual results
announcement of 16.7 cents per share
(12 cps cash and 4.7 cps imputation credits)
and the share price rose from $8.25 to
$8.85. With this report we can now declare
an interim dividend for FY2023 of 6.75 cps
cash and 2.63 cps of imputation credits.
The dividend will be paid on 14 December
2022 to shareholders of record on
30 November 2022. The dividend
reinvestment plan will not operate for
shareholders on this occasion.
Volatility in global equity markets means that
these numbers will be out of date as soon as
they are printed, but the Infratil share price
has performed well and remains one of the
stand-out performers on the NZX this
calendar year trading up ~4% year to date
while the NZX50 is currently down ~15%.

Jason Boyes
Chief Executive
“We continue to look at opportunities,
particularly in new markets, in sectors
and adjacencies that we know well,
have deep experience in and which can
be translated to support local
management teams.”

89
We believe that providing clear
and accessible information to
capital providers and other key
stakeholders helps enable
informed investment decision
making.
Our goal is to continually improve the
accountability of governance and
management, and the Company’s
transparency. As part of this we aim to
provide regular updates on the progress of
our businesses and the risks involved with
each of our investments.
Over the six months to 30 September 2022
and since then, the following meetings were
held with shareholders and bondholders. In all
cases there were opportunities for attendees
to provide feedback and raise questions and
concerns with directors and management.
• The annual results announcement on
19 May and interim results announcement
on 15 November accompanying the
release of this report;
• The annual series of presentations to retail
shareholders and bondholders;
• The Annual Meeting on 25 August;
including shareholder resolutions, a
speech by the Chair on governance and
strategy, and a presentation by
management on activities and prospects;
and,
• The Sydney Institutional Investor and
Analyst Day in October which featured
presentations from the management
teams of CDC Data Centres and
Vodafone.
These followed Infratil’s fully virtual Investor
Day in February 2022 where management
provided an update on Infratil's portfolio
strategy, as well as its views on the near-term
outlook. There were also a number
of presentations from senior executives
at Infratil’s portfolio businesses, including
Longroad Energy, CDC Data Centres,
Vodafone and panel discussions on
Healthcare and Renewables.
All of this content is available on Infratil’s
website https://infratil.com/for-investors/
reports-results-meetings-investor-days/.
The Annual Meeting
This year the Annual Meeting was held in
Wellington, with shareholders offered the
option to join the meeting in person or online
in what has become known as a hybrid
meeting. This was the first time that we had
been able to hold the meeting in-person
since 2019.
It was pleasing to be able to meet with
shareholders formally again and welcome
them to the Annual Meeting. It was also
pleasing to be able to welcome shareholders
online, those using the online platform were
also able to participate in the meeting and
ask questions. In total approximately 100
shareholders attended the meeting in
person, while 240 joined the meeting online.
Shareholder Presentations
Infratil continues to have a strong Retail
Investor base with ~48.9% of shares
($3.1 billion of equity) held by New Zealand
Retail investors.
The annual series of presentations to retail
shareholders and bondholders ran across
15 meetings from 30 May 2022 to 15 June
2022. Meetings were held in Invercargill,
Dunedin, Queenstown, Christchurch,
Nelson, Wellington, Kāpiti, Palmerston North,
Napier, New Plymouth, Rotorua, Tauranga,
Hamilton, Auckland, and the North Shore.
Approximately 1,400 people attended across
the country.
Presentations followed a standard format of
about 50 minutes of presentation, 10 to 20
minutes of formal Q&A, followed by an hour
of informal interaction between management
and shareholders, with light refreshments
provided. The series of presentations is a
strong differentiator for Infratil, with no other
listed companies in New Zealand carrying
out a series of presentations with a similar
breadth.
Feedback suggests that the presentations
continue to provide retail investors with clear
and accessible information. 83% of
attendees said the presentation improved
their understanding of Infratil's strategy and
outlook, while 95% said the presentation
gave them good access to management
and the opportunity to ask any questions
they had.
Stakeholder
Engagement
Ownership
Shareholder Returns
and Ownership
Over the six months to
30 September 2022 Infratil’s
share price rose from $8.25 to
$8.65. In addition, Infratil paid

a dividend in May of 12.00 cps
attaching 4.67 cps of imputation
credits.
The total return to shareholders for the period
was 6.5%, comprising a 1.4% after tax
dividend return (28% tax rate) and a 5.1%
capital gain. The return of the NZX50 over
the same period was -8.6%. The calculated
return 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 18.6% per annum,
and over the last ten years 20.5% 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 30 September 2022 own
15,462 shares worth $130,789.
30 September 202231 March 202230 September 2021
Million
shares%
Million
shares%
Million
shares%
New Zealand retail investors35448.9%35248.7%35248.6%
New Zealand institutional investors20328.0%21629.8%21529.8%
Overseas investors16723.1%15621.5%15621.6%
724724723
140%
$140,000
120%
$120,000
100%
$100,000
80%
$80,000
60%
$60,000
40%
$40,000
20%
$20,000
(20%)
-$20,000
(40%)
-$40,000
Annual ReturnAccumulation Index
995997999200120032005200720092011201320152017201920212023
0%
$0
29 Year Track Record
Capital ReturnAccumulation IndexDividend Return
8

1011
ESG
Leadership
78%
ESG
Policies
00%
ESG
Reporting
77%
ESG
Reporting
66%
ESG
Policies
73%
ESG
Leadership
61%
ESG
Performance
68%
Stakeholder
Engagement
8%
Risk
Management
66%
ESG Risk
Management
100%
Stakeholder
Engagement
100%
Infratil
Peer Group
Portfolio EntitiesPeer Group
ESG
Leadership
78%
ESG
Policies
00%
ESG
Reporting
77%
ESG
Reporting
66%
ESG
Policies
73%
ESG
Leadership
61%
ESG
Performance
68%
Stakeholder
Engagement
8%
Risk
Management
66%
ESG Risk
Management
100%
Stakeholder
Engagement
100%
InfratilPeer Group
Portfolio EntitiesPeer Group
Infratil has an ambition to be
a leader in sustainable
infrastructure investment. Good
management of ESG risks and
opportunities is inherently aligned
with value. Infratil is focused on
integration of ESG into all aspects
of the investment process – from
screening to due diligence,
investment execution and
ongoing asset management.
Whilst Infratil has a focus on broader material
ESG issues, we acknowledge that climate
change is a critical and urgent issue, and that
it is at the forefront of many stakeholders’
minds. There is now undeniable scientific
evidence that atmospheric greenhouse
gases have risen to levels which are
impacting the climate. Unless net emissions
are rapidly curtailed, material adverse
consequences are highly likely.
Our purpose – to invest in ideas that matter
- is well aligned with catalysing a rapid and
efficient transition to a low emission,
climate-resilient future. Infratil’s 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. This can most clearly be seen in
Infratil’s commitment to the development of
Renewable Generation globally. Infratil’s
Renewable Energy platform currently has a
development pipeline of over 20GW across
four continents and 26 markets. However, our
commitment extends across all the sectors
we invest in.
Companies must understand what climate
change and the transition to lower emissions
means for their business and performance,
and they must be transparent about this, and
their goals, plans and actions. Part of this is
understanding what your gross carbon
emissions footprint is.
Infratil has been working with external
consultants to develop a best practice
approach to the measurement and reporting
of its emissions. For a company such as
Infratil, with a diversified portfolio that
includes varying degrees of control and
influence, it was determined that emissions
should be calculated across the portfolio in
accordance with the GHG Protocol
1
and
reported in line with the PCAF Standard
2
.
The GHG Protocol establishes
comprehensive global standardised
frameworks to measure and manage
greenhouse gas (‘GHG’) emissions from
private and public sector operations, value
chains and mitigation actions.
PCAF is a global partnership of financial
institutions that work together to develop and
implement a harmonised approach to assess
and disclose the GHG emissions associated
with their loans and investments.
The PCAF standard is complimentary to the
GHG Protocol and provides detailed guidance
on how to account for GHG emissions and
provides financial institutions with the
starting point required to set science-based
targets and align their portfolio with the Paris
Climate Agreement .
This approach would see Infratil’s emissions
disclosed in the following categories
• Scope 1: Direct emissions e.g., from
company facilities and owned vehicles. As
Infratil has no offices, facilities or vehicles,
there are no emissions in this category.
• Scope 2: Indirect emissions, such as those
from the use of electricity. As Infratil has
no offices or facilities requiring electricity,
there are no emissions in this category.
• Scope 3: Value chain emissions broken
down into 15 categories, the most material
and relevant for Infratil are highlighted
below.
• Category 1-8: Upstream emissions from
purchased goods, business travel,
employee commuting, waste. For Infratil,
the only material category here is business
travel (flights, hotels and ground
transport) for the Board.
• Category 9-14: Downstream emissions
such as those associated with sold goods.
Infratil has no “sold goods” so there are no
emissions in this category.
• Category 15: Emissions associated with
investments. For Infratil, this is the most
material category of emissions.
Emissions associated with investments is
by far the most material aspect of Infratil’s
emissions profile. Initially we will seek to
measure and report portfolio companies’
scope 1 & 2 emissions, but over time will
expand to also include material scope 3
emissions.
In addition to this, Infratil will report its own
operational scope 3 emissions from directors’
travel, largely associated with attending
board meetings, engaging with investors and
with the portfolio companies.
Independent assurance of the Group’s GHG
emissions in line with the GHG Protocol and
the PCAF standard will play a key part in
providing clear and accessible information to
capital providers and other key stakeholders.
We believe that providing clear
and accessible information to
capital providers and other key
stakeholders enables informed
investment decision-making.

This includes benchmarking the
performance of Infratil and its
investments (portfolio
companies) using industry
recognised ESG rating systems.
Robust ESG benchmarking informs
investment and asset management priorities
and simplifies the communication of ESG
performance to stakeholders, whilst also
providing useful and actionable insights to the
companies being rated on where to focus to
continue improving performance. In 2020,
Infratil and three of its portfolio entities
successfully piloted the GRESB Infrastructure
Fund Assessment (‘GRESB’). In 2021, Infratil
and nine of the portfolio entities took part.
GRESB looks at the ESG performance of
infrastructure funds and portfolio companies.
The fund-level assessment is split into two key
areas - ‘Management’ and ‘Performance’
(the performance of the entity’s underlying
investments).
The Management component carries a 30%
weighting and considers ESG leadership,
policies, reporting, risk management and
stakeholder engagement, and is focused on
the systems and processes that have been
established by the organisation’s
management team.
The Performance component carries a
70% weighting and is determined from the
weighted average GRESB performance of
the portfolio companies (a score of zero is
allocated to investments that do not
participate).
ESG
Benchmarking
GHG
Emissions
10
The GRESB assessments undertaken by the
portfolio companies follow a similar structure,
with Management and Performance
components. The Management aspect
considers the same five aspects noted
previously. The Performance aspect, which
has a 60% weighting, awards points for
reporting of ESG metrics which are
determined as material issues for that
particular entity.
In 2022, Infratil achieved a Management
score of 90% (2021: 97%) compared to the
benchmark average of 93% (2021: 87%).
The chart (below left) demonstrates that
Infratil outperformed its peers in several
categories, including in ESG risk
management and stakeholder engagement,
however underperformed in the Leadership
and Reporting categories.
Ten portfolio companies participated in the
GRESB Asset Assessment in 2022 - CDC
Data Centres (38%), Vodafone (20%),
Manawa Energy (14%), Wellington Airport
(7%), RetireAustralia (5%), RHCNZ Imaging
Group (5%), Qscan Group (4%), Longroad
Energy (3%), Kao Data (3%) and Galileo
(<1%). The percentage weightings above
represent the portfolio companies’ overall
contribution to Infratil’s ‘Performance’ score.
Infratil’s Performance score was 71% (2021:
63%) compared to the benchmark average
of 77% (2021: 69%). While Infratil’s underlying
investments improved their performance
during the period, the performance against
benchmark shows that peer companies are
also lifting their game, as the focus on
sustainability accelerates globally.
The average of the scores (by category)
achieved by Infratil’s portfolio entities are
shown against sector peer benchmarks in the
chart (below right). The chart demonstrates
that while there are several opportunities for
Infratil’s portfolio entities to improve their
approach to ESG integration, the portfolio
did not materially underperform the relevant
peer groups.
Infratil’s overall GRESB score was 77%
(2021: 73%) for the year compared to the
benchmark average of 82% (2021: 76%).
In summary, the GRESB assessments show
Infratil is continuing its solid performance, but
further work is required to engage with and
support the portfolio companies to continue
to improve their performance. Some of the
gap will be closed as entities become more
familiar with the GRESB assessment (which
has some complexity), and we will look to
share best practice and insights between
portfolio companies, noting some have been
recognised by GRESB as market leaders.
Infratil’s Management performanceAverage portfolio entity performance
1 The Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
2 Partnership for Carbon Accounting Financials’ Global GHG Accounting & Reporting Standard for the Financial Industry.

1213
(1,500)
0
1,500
3,000
4,500
6,000
7,500
0%
(20%)
20%
40%
60%
80%
100%
Annual ReturnAccumulation Index
20132014201520162017201820192020202120222023
-100
0
100
200
300
400
500
600
$Millions
20232013201420152016201720182019202020212022
X
X
X
X
X
X
X
X
X
X
X
0
2,500
2,000
1,500
1,000
500
$Millions
20132014201520162017201820192020202120222023
1,000
2,000
3,000
4,000
6,000
5,000
$Millions
20132014201520162017201820192020202120222023
0
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
20132014201520162017201820192020202120222023
Proportionate Capital Investment
Over the decade Infratil has invested over
$8.6 billion, with the majority having been
undertaken by investee companies.
Investment has accelerated over the last
4 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 13.9% as at
30 September 2022.
Proportionate EBITDAF
The calculation of Proportionate EBITDAF
is outlined on page 3 of this report. It is
intended to show Infratil’s share of the
operating earnings of the companies in
which it invests.
Proportionate EBITDAF is a non-GAAP
financial measure.
The figures include the contribution of
assets held for sale.
Shareholder Returns
Between 1 October 2012 and
30 September 2022 Infratil provided
its shareholders with an average after
tax return of 20.5% per annum.
$1,000 invested at the start of the period
would have compounded to $6,439 by
30 September 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 17, 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 $1,415.4 million
compared to an independent valuation
of $3,266.4 million (mid-point).
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.
For HY2023 shareholder returns, assets and funding are as at
30 September 2022. Proportionate EBITDAF and capital investment
are annualised based on the latest forecasts and guidance.
CDC Data Centres
CDC Data Centres
Vodafone
Vodafone
Longroad Energy
Longroad Energy
Kao Data
Kao Data
Manawa Energy
Manawa Energy
RetireAustralia
RetireAustralia
Wellington Airport
Wellington Airport
Diagnostic Imaging
Diagnostic Imaging
Gurīn Energy
Gurīn Energy
Galileo
Galileo
Other
Other
Sold
Dividend Return
Capital Return
Accumulation Index
13
CDC Data Centres
Vodafone
Longroad Energy
Kao Data
Manawa Energy
RetireAustralia
Wellington Airport
Diagnostic Imaging
Gurīn Energy
Galileo
Sold
Corporate

1415
Financial Performance
& Position
Six months ended 30 September ($Millions) Share
1
20222021
CDC Data Centres 48.1% $51.9 $38.3
Vodafone 50.0% $128.8 $120.4
Kao Data 39.9% ($1.5)($0.1)
Manawa Energy 51.1% $35.7 $54.4
Longroad Energy 40.0% $21.7 $13.7
Galileo 40.0% ($4.2)($2.9)
Gurīn Energy 95.0% ($6.5)($1.0)
RHCNZ Group 50.1% $26.6 $12.4
Qscan Group 55.1% $15.2 $18.7
RetireAustralia 50.0% $10.9 $6.3
Wellington Airport 66.0% $26.5 $20.8
Corporate & Other($29.5)($32.6)
Proportionate EBITDAF $275.6 $248.4
Tilt Renewables 65.2% - $7.8
Trustpower Retail business 51.1% $1.8 $8.0
Total
$277.4 $264.2
Six months ended 30 September 2022
($Millions)Share
EBITDAF
100%D&AInterestTa x
Revaluations &
other
adjustmentsMinorities
Infratil share
of earnings
CDC Data Centres
48.1%
$108.0 - - - $222.3 - $330.3
Vodafone
50.0%
$257.9 - - - ($248.6) - $9.3
Kao Data
39.9%
($3.8) - - - ($0.7) - ($4.5)
Manawa Energy
51.1%
$70.0 ($9.7)($11.9)($17.7) $23.6 ($22.8) $31.5
Longroad Energy
40.0%
$64.5 - - - ($71.2) - ($6.7)
Galileo
40.0%
($10.4) - - - $3.9 - ($6.5)
Gurīn Energy
95.0%
($7.0)($0.2) - - - $0.4 ($6.8)
RHCNZ Group
50.1%
$53.1 ($10.8)($16.7)($8.6) $5.0 ($11.1) $10.9
Qscan Group
55.1%
$27.5 ($16.3)($10.0)($0.6) - ($0.3) $0.3
RetireAustralia
50.0%
$21.8 - - - $2.9 - $24.7
Wellington Airport
66.0%
$40.3 ($14.2)($13.0)
($2.4)
$0.4 ($3.7) $ 7. 4
Corporate & Other ($153.9) - ($30.7)($47.8) $25.7 - ($206.7)
Total (continuing) $468.0 ($51.2)($82.3)($77.1)($36.7)($37.5) $183.2
Trustpower Retail business 51.1% $3.4 ($1.9)($0.1)($0.4) $335.5 ($169.2) $167.3
To t a l $471.4 ($53.1)($82.4)($77.5) $298.8 ($206.7) $350.5
Six months ended 30 September 2021
($Millions)Share
EBITDAF
100%D&AInterestTa x
Revaluations &
other
adjustmentsMinorities
Infratil share
of earnings
CDC Data Centres 48.0% $79.8 - - - ($24.8) - $55.0
Vodafone 50.0% $241.2 - - - ($232.2) - $9.0
Kao Data 19.9% ($0.7) - - - $0.3 - ($0.4)
Manawa Energy 51.0% $106.4 ($11.9)($14.4)($45.4) $78.5 ($58.6) $54.6
Longroad Energy 40.0% $41.8 - - - ($17.3) - $24.5
Galileo 40.0% ($7.2) - - - $4.4 - ($2.8)
Gurīn Energy 95.0% ($1.0) - - - - - ($1.0)
RHCNZ Group 56.0% $22.2 ($2.6)($5.5)($3.3)($20.9) $4.6 ($5.5)
Qscan Group 56.3% $33.1 ($14.4)($9.4)($3.5) - ($2.5) $3.3
RetireAustralia 50.0% $12.6 - - - $16.2 - $28.8
Wellington Airport 66.0% $31.5 ($14.4)($12.5)
($3.6)
$2.1 ($1.1) $2.0
Corporate & Other ($163.8) - ($38.2)($2.3)($6.5) - ($210.8)
Total (continuing) $395.9 ($43.3)($80.0)($58.1)($200.2)($57.6) ($43.3)
Tilt Renewables 65.2% $12.1 ($19.5)($6.3) $3.7 $1,124.1 $ 7. 9 $1,122.0
Trustpower Retail business 51.0% $15.8 ($12.6)($0.6)($0.7) - - $1.9
To t a l $423.8 ($75.4)($86.9)($55.1) $923.9 ($49.7) $1,080.6
Proportionate EBITDAF
Proportionate EBITDAF is intended to show
Infratil’s share of the earnings of the
companies in which it invests.
Proportionate EBITDAF is shown from
continuing operations and includes corporate
and management costs, however, excludes
international portfolio incentive fees,
acquisition or sale-related transaction costs
and contributions from businesses sold, or
held for sale.
A reconciliation of Proportionate EBITDAF to
net surplus after tax is presented in Infratil’s
Interim results presentation.
Consolidated Results
This table shows a summary of Infratil’s
reported result for the period.
For the six months to 30 September
2022 the net parent surplus was a gain
of $350.5 million, down from a gain of
$1,080.6 million the prior year.
The main source of the difference was the
$1,014.7 million gain on the sale of Tilt
Renewables reported in the prior period,
while the current period included the gain
on sale of the Trustpower Retail business of
$335.5 million.
Revenue and expenses have increased
year on year with a full period contribution
from the three businesses that make up the
New Zealand diagnostic imaging group.
Breakdown of Consolidated Results
Infratil provides audited financial statements annually for the years to 31 March. The six month interim accounts to 30 September are
reviewed by Infratil’s auditors but not audited. A summary of the interim accounts is provided in this report. The full financial statements
are available on Infratil’s website.
Infratil consolidates a company when it controls it (owns more than 50%). This includes Manawa Energy, Gurīn Energy, RHCNZ Group,
Qscan Group and Wellington Airport. Associates (where Infratil has significant influence, but not control) such as CDC Data Centres,
Vodafone, Kao Data, Longroad Energy, Galileo and RetireAustralia are not consolidated. For those investments, the EBITDAF column shows 100%
of their EBITDAF and the “Revaluations & other adjustments” column includes the adjustment required to reconcile
Infratil’s share of their net surplus after tax.
Six months ended 30 September ($Millions) 2022 2021
Operating revenue $951.0 $644.4
Operating expenses($450.0)($393.2)
International Portfolio Incentive fees($124.4)($131.4)
Depreciation & amortisation($51.1)($43.2)
Net interest
($82.3)($80.0)
Tax expense
($77.1)($58.1)
Realisations and revaluations $54.7 $75.8
Discontinued operations $336.5 $1,116.0
Net surplus after tax $557.3 $1,130.3
Minority earnings($206.8)($49.7)
Net parent surplus $350.5 $1,080.6
1. Shareholding as at 30 September 2022.

1617
($Millions)
30 September
2022
31 March
2022
CDC Data Centres $3,266.4 $3,117.3
Vodafone $1,670.0 $1,670.0
Kao Data $211.3 $203.4
Manawa Energy $915.2 $1,126.2
Longroad Energy $920.7 $227.4
Galileo $44.9 $26.1
Gurīn Energy $8.2 $2.0
RHCNZ Group $421.9 $417.1
Qscan Group $375.1 $305.1
RetireAustralia $432.1 $408.9
Wellington Airport $602.7 $580.0
Other $236.1 $195.7
$9,104.6 $8,279.2
Per share$12.58$1 1.44
Fair Value of Infratil’s Assets
This table shows the fair value of
Infratil’s assets.
The fair value of Infratil’s investments in CDC
Data Centres, Vodafone, Longroad Energy,
Galileo, Qscan Group, and RetireAustralia
reflect the most recent independent
valuations prepared for Infratil.
In certain cases these valuations are not as at
30 September and have been adjusted to
reflect cash flows between 30 September
and valuation dates, but do not reflect other
fair value movements.
The fair value of Manawa Energy is shown
based on the market price per the NZX.
Infratil does not commission independent
valuations for its other assets and these are
presented at book value.
($Millions)
30 September
2022
31 March
2022
Net bank debt/(cash)($405.7)($773.0)
Intratil Infrastructure bonds $1,185.9 $1,163.7
Infratil Perpetual bonds $231.9 $231.9
Market value of equity $6,262.5 $5,972.9
Total Capital $ 7, 2 74 . 6 $6,595.5
Dated debt/total capital 10.7% 5.9%
Total debt/total capital 13.9% 9.4%
Infratil Funding and Capital
Structure
This table shows the mix of debt and equity
funding at the Infratil Corporate level.
During the six months to 30 September 2022
Infratil refinanced $93.7 million of maturing
IFT190 bonds through the issuance of
$115.9 million IFT320 bonds (maturing in
June 2030), a net increase of $22.2 million
of bonds on issue. $65 million of IFT320
bonds were issued via a Firm Offer bookbuild
process. An Exchange Offer provided holders
of IFT190s an option to exchange their
maturing bonds for IFT320s and raised an
additional $50.9 million of bonds, with the
balance of $42.8 million of the IFT190s repaid
at maturity. 
As of 30 September 2022 Infratil’s bank debt
remains undrawn.
($Millions)
30 September
2022
31 March
2022
CDC Data Centres $1,415.3 $1,026.2
Vodafone $834.6 $838.2
Kao Data $211.3 $203.4
Manawa Energy $705.2 $607.2
Longroad Energy $180.0 $90.5
Galileo $30.5 $19.7
Gurīn Energy $8.2 $2.0
RHCNZ Group $421.9 $417.1
Qscan Group $320.2 $305.1
RetireAustralia $466.1 $417.3
Wellington Airport $602.7 $580.0
Other $236.1 $195.7
To t a l $5,432.1 $4,702.4
Book Value of Infratil’s Assets
This table shows the book value of
Infratil’s assets.
These are prepared in accordance with
NZ IFRS, and are the amounts reflected in
Infratil’s consolidated financial statements.
This generally reflects Infratil’s share of
the net assets of its investee companies, and
includes any goodwill at the consolidated
level.
A separate adjustment has also been made
to the Wellington Airport book value which
also excludes deferred tax.
Other includes Infratil Infrastructure Property
and Clearvision Ventures, and excludes cash
balances and other working capital balances
at the Corporate level.
Six months ended 30 September ($Millions)20222021
CDC Data Centres $230.0 $99.8
Vodafone $62.4 $105.2
Kao Data $12.5 -
Manawa Energy $9.3 $7.8
Tilt Renewables - $21.9
Longroad Energy $56.9 $189.1
RHCNZ Group $5.7
Qscan Group $3.7 $3.1
RetireAustralia $29.5 $6.9
Wellington Airport $13.2 $4.7
Other - -
Capital Expenditure $423.2 $438.5
Kao Data - $73.6
Gurīn Energy $11.8 $2.8
Galileo $15.9 -
RHCNZ Group - $313.6
Clearvision Ventures $20.8 -
Infratil Investments $48.5 $390.0
Proportionate capital expenditure and investment $471.7 $828.5
Proportionate Capital
Expenditure and Investment
This table shows Infratil’s share of
the investment spending by investee
companies, and investments made
by Infratil during the period.
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.
To illustrate the calculation of Proportionate
capital expenditure, Infratil owns 48.1% of
CDC, CDC’s capital expenditure for the
period was A$432.2 million, and 48.1% of
that is A$207.9 million (NZ$230.0 million).
Investment undertaken by Infratil for the
six months amounted to $48.5 million.
This primarily reflects the investments in
Clearvision and Galileo.
Six months ended 30 September ($Millions)20222021
CDC Data Centres $15.0 $5.8
Vodafone $14.7 $24.5
Manawa Energy $81.6 $29.6
Longroad Energy $1.2 $44.8
RHCNZ Group $14.8 -
Qscan Group $2.3 -
Tilt Renewables - $16.1
Clearvision Ventures - $1.6
Net interest($25.9)($36.6)
Corporate & Other($29.6)($32.5)
Operating Cashflow $ 74 .1 $53.3
International Portfolio incentive fee($270.8)($116.2)
Operating Cashflow (after incentive fees)$196.7($62.9)
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 comprise net interest
payments and corporate operating expenses.
International Portfolio Incentive fees paid
during the period include Tranche 1 of the
FY2022 incentive fee ($33.2 million), Tranche
2 of the FY2021 incentive fee ($74.4 million),
Tranche 3 of the FY2020 incentive fee
($41.7 million), and a realised incentive
fee of $121.5 million relating to the sale of
Tilt Renewables.

1819
19
Infratil’s
Businesses

2021
CDC continues to innovate and set the
standard for world-class data centre
services, working closely with partners
and customers to understand their needs
now and into the future, and design and
build data centres that accommodate
these very specific their most stringent
requirements.
“
CDC Data
Centres
The last six months have seen
CDC Data Centres deliver an
additional 104MW of capacity
across its Canberra, Sydney and
Auckland campuses. Whilst the
development of these facilities has
been well communicated, their
delivery within budgetary
parameters against the backdrop
of Covid-19 lockdowns, a global
labour supply shortage and in
a highly inflationary economic
environment has been exceptional.
This new capacity includes two new
state-of-the-art hyperscale data centres in
Auckland, New Zealand. The Silverdale and
Hobsonville data centres are the largest
and most secure centres of their type in
New Zealand. They have been built to meet
the most stringent requirements of national
critical infrastructure providers and other
organisations requiring the highest levels
of government accreditations, security,
100% availability, rich connectivity and data
sovereignty. CDC’s New Zealand data
centres are to be powered from 100%
renewable and carboNZero Certified
electricity from day one.
In addition to the facilities in Auckland, CDC
has also welcomed its first customers into
its 54MW Eastern Creek 4 and 22MW Hume
5 data centres in the last six months. The
Eastern Creek campus now offers a total of
123MW operating capacity across four data
centres, with approved plans to further
increase the capacity with two additional
facilities in the same campus. To put this in
perspective, 20 Sydney Opera Houses
would fit inside the boundary of the Eastern
Creek campus.
In addition to the four newly completed data
centres, construction is also underway at
CDC’s first Melbourne campus. As
construction works ramp-up, the site will
accommodate a 300 strong workforce with a
target delivery of the first 30MW of operating
capacity in mid-2023.
Infratil 48.1 %
Commonwealth Superannuation Corporation 24.05%
Future Fund 24.05%
Management 3.8%
Hume 4 data centre, Canberra
Across its campuses, CDC is continuing
to successfully grow and diversify its
customers, including government and
hyperscale, as well as increasing and
diversifying its National Critical Infrastructure
and enterprise customers.
For all customers, cyber and data security
remain as prominent as ever. The most recent
series of high-profile Australian corporate
data breaches, which saw as many as
10 million customer accounts exposed across
several high-profile organisations, have been
a catalyst to action for organisations that
cannot afford any compromises.
Earlier this year the Australian Federal
Government introduced the Security
Legislation Amendment (Critical
Infrastructure Protection) Act 2022, which
established further obligations for National
Critical Infrastructure organisations. To assist
customers comply with these regulations,
CDC is already engaged with a growing
number of customers to help improve their
posture and take additional measures to
demonstrate they are adequately managing
their critical infrastructure risks.
While cloud providers have plans to also build
their own facilities, the benefits of colocation
within the CDC ecosystem has continued to
drive capacity demand from hyperscale.
CDC’s proven track record of fast delivery
also enhances its attractiveness as a partner
for hyperscale clients, for whom time to
market is an important factor.
CDC has invested A$432 million on new data
centre facilities, land and infrastructure in the
six months to 30 September 2022. To date,
the debt funding component of these
investments has come from a banking group
originated in the Australian bank market. With
CDC’s continuing growth, the company has
undertaken a capital structure review during
2022 in order to determine the best way to
meet planned growth objectives, while
ensuring strong liquidity and enhancement
of shareholder value.
CDC’s business model and performance to
date has provided a very strong starting point
for this review. Virtually all of CDC’s
customers are strong investment-grade
counterparties, who have long-term
contracts, with the weighted average lease
expiry of CDC’s customer contracts currently
at 21.1 years, including options. This
combination of high credit quality clients,
substantial long-term contracts and high
quality, highly secure data centres is unique
globally in the data centre industry. This
review was completed in November,
diversifying CDC’s capital structure through
the USPP market and extending the size and
tenor of its bank facilities.
EBITDA growth is forecast to continue as
customers are onboarded into CDC’s newly
commissioned facilities in New Zealand and
Australia. CDC is forecast to deliver EBITDAF
of between A$210 million to A$220 million for
the year to 31 March 2023. This is up 33.5% at
the midpoint from the year ended 31 March
2022. This is slightly below original
expectations of between A$220 million to
A$230 million, primarily as a result of
pandemic impacts across labour and supply
chain delaying completion of the Auckland
facilities and slowing customers’
commencement of operations. While that
impacted the forecast timing of customer
onboarding and revenue commencement,
it did not have an additional or ongoing cost
impact. The new business pipeline remains
robust and we are still seeing strong demand
signals from all customer categories.
Year ended 31 March
Six months ended 30 September
All A$ unless noted
30 September
2022
30 September
2021
31 March
2022
Data centre capacity (built) 268MW 164MW 164MW
Capacity under construction 42MW 104MW 104MW
Development pipeline 476MW 436MW 436MW
Weighted average lease term with options 21.1 years 22.5 years 21.6 years
Rack utilisation 65.9% 74.0% 75.3%
Target PUE1.20 1.20 1.20
EBITDAF

1
A$97.6m A$75.2m A$161.2m
Net profit after tax A$610.6m A$92.8m A$286.6m
Capital expenditure A$432.2m A$195.8m A$509.5m
Net external debt A$1,985.7m A$1,263.1m A$1,518.9m
Infratil cash income NZ$15.0m NZ$5.8m NZ$13.4m
Fair value of Infratil's investmentNZ$3,266.4mNZ$2,568.9m NZ$3,117.3m
1. CDC EBITDAF excludes RMS payments to management shareholders. Accrued payments under this scheme are
included in net external debt.

2223
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Mobile revenue $430.7m $401.2m $804.9m
Fixed revenue $350.6m $358.3m $710.5m
Other revenue $208.2m $196.9m $452.0m
Operating costs($745.3m)($715.2m)($1,486.4m)
EBITDAF $244.2m $241.2m $481.0m
Capital expenditure $124.9m $210.8m $356.2m
Net debt $1,344.4m $1,389.8m $1,344.4m
Infratil cash income $14.7m $24.5m $37.2m
Infratil book value $834.6m $846.7m $838.2m
Fair value of Infratil's investment
1
$1,670.0m
1. Based on independent valuation as at 31 March 2022, the figure presented is the midpoint of the valuation range
$1,535 million - $1,805 million included in net external debt.
Vodafone
Infratil 49.9%
Brookfield Asset Management 49.9%
Management 0.2%
The move to One NZ will see more
investment into networks, onshore
service, and technology solutions for
New Zealand customers. One NZ
better reflects our deep connections
and legacy in New Zealand, as well as
our future ambitions.
“
The first six months saw Vodafone
achieving top line revenue growth
supported by strong post paid
mobile and ICT growth. With a
continued focus on cost
management, Vodafone saw
EBITDAF grow by $15.5 million
(when excluding transaction costs
relating to the sale of Vodafone’s
passive mobile tower assets) to
$244.2 million. The result also
includes a level of one-off spend in
relation to the upcoming One NZ
rebrand.
Vodafone continues to aspire to be
New Zealand’s lowest cost
telecommunications provider, while at
the same time enhancing its customer
experience. Vodafone recently recorded
its best service record and best organisation
health scores. As part of enhancing
customer experience Vodafone has
set a goal of becoming the country’s
top telecommunications brand by net
promoter score.
In a stable but competitive consumer market,
Vodafone is a market leader in postpaid
mobile customer connection growth and is
achieving increases in mobile customer
average revenue per user (‘ARPU’). It has
successfully passed on price increases and is
looking to replicate an annual CPI based
pricing construct that is being used in many
markets around the world, including Australia.
At the same time, postpaid customer churn
has reduced while roaming and tourism
revenues have started to recover as Covid-19
restrictions ease. Vodafone has the highest
mobile market connection share in enterprise
and SME, with the SME mobile base having
recorded its lowest annual churn on record.
Vodafone continues to expand its footprint
in ICT (selling Information and
Communication technology services to
Enterprise and SME customers) with strong
revenue growth and is positioned as a leader
in ICT enhanced security through the partial
acquisition of leading New Zealand cyber
security company, DEFEND. Cyber-crime is a
growing threat, and as New Zealand
businesses continue to adopt new
technologies, the partnership provides
increased capability and capacity to drive
cyber resilience.
Following the deal announcement in July,
Vodafone has now completed the sale of
its passive mobile tower assets for
$1,700 million. In addition to the material
uplift in value created, the transaction will
also enable the accelerated upgrade of
Vodafone’s 4G and 5G network coverage
and capacity over the next five years.
Vodafone remains one of New Zealand’s
largest owners of fixed infrastructure. This
includes a suite of backhaul, fibre and copper
assets that are not being fully utilised. As a
result, a fibre asset review is currently
underway to determine how to maximise the
value of those assets.
Perhaps the biggest announcement during
the period, was the announcement that in
early 2023 Vodafone New Zealand will be
transforming to One NZ. The new brand will:
• Enable significant ongoing cost savings
once the rebrand is completed and One
NZ has been established;
• Help improve mobile trading performance
via brand reappraisal and improved
consideration from previously hard-to-
reach potential customers;
• Accelerate ICT growth and unlock further
trading improvements in a growing
segment of the market that Vodafone has
a relatively low market share in, and;
• Link the brand refresh to internal business
transformation programmes that are
delivering further simplifications and
efficiencies across the company.
At a global level, connectivity continues to be
driven by trends such as the exponential
growth in data consumption, a shift to cloud,
remote and mobile working, and growing
cybersecurity concerns.
At the individual level, customers are moving
to unlimited plans – both in fixed and mobile
– driven by data hungry applications. While
this places additional demands on networks
and associated capital requirements, it also
reduces customer churn and improves
customer network experience.
Vodafone remains well placed to take
advantage of these opportunities. 4G and 5G
upgrade paths are being accelerated and its
simplification programme is targeting further
service gains. Vodafone, and its successor
One NZ, are also examining how to use
advanced AI, machine learning and data
analytics to further improve its customer
experience and service offering.
Other achievements during the period
included building a wholesale Mobile
Virtual Network Operator (‘MVNO’) platform
(which is now in market), being awarded
New Zealand’s best mobile network,
completing the buy back of its retail store
network, onshoring and insourcing around
300 customer service frontline staff,
actioning 100 percent of business calls
onshore and placement of regional SME
business managers across New Zealand.
Vodafone has now completed an upgrade
and onshoring of its major IT systems away
from its former global parent Vodafone
Group, giving it much more control over its
staff and customer facing IT systems, and
enabling much greater flexibility to support
customers. The programme has taken three
years and has run across multiple systems,
including a successful Enterprise Resource
Planning migration which is now becoming a
global case study. Other systems that have
been separated from Group include security,
identity and all modern workplace Office IT
systems.
As part of the wider IT transformation
programme a decision has been made to
move from a digital transformation greenfield
solution to a phased upgrade approach. The
assets under construction, as part of the
greenfield solution, are currently being
assessed for reuse as part of a new managed
IT evolution roadmap.

2425
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Owned operating generation 1,561MW 1,583MW 1,583MW
Generation managed for others 1,873MW 1,873MW 1,873MW
Total generation developed in year- 530MW 530MW
Generation under construction 489MW 26MW 26MW
Near term pipeline 808MW 1,890MW 1,271MW
Long-term pipeline 16.8GW 5.7GW 12.4GW
Employees 153 134 142
Infratil's aggregate investment amount NZ$300.2m NZ$255.5m NZ$279.5m
Aggregate capital returned NZ$279.2m NZ$269.0m NZ$278.1m
Infratil's cash income NZ$1.2m NZ$1.5m NZ$54.0m
Infratil book value NZ$180.0m NZ$51.4m NZ$90.5m
Fair value of Infratil's investment NZ$920.7m NZ$156.6m NZ$227.4m
Longroad
Energy
Infratil 37.1%
New Zealand Superannuation Fund 37.1%
Management 13.8%
MEAG 12.0%
*as at 6 October 2022
Sun Streams 2, Arizona
The additional capital raised allows
Longroad to maximise its competitive
position in what remains one of the
most attractive markets in the world
for renewable energy investment.
“
At establishment Longroad Energy’s
focus was primarily in the
development of utility-scale wind
and solar generation throughout
North America. This included the
development of large scale solar
and wind generation projects,
which could be sold on completion.
This created recurring development
margins and avoided the need for
shareholders to invest large sums in
relatively low-yielding de-risked
projects.
Over the past 12 months Longroad has made
a strategic shift to a primarily “develop to
own” model to build a scaled renewables
platform. Operating a scaled platform allows
Longroad to receive the benefits of scale in an
increasingly competitive environment. This
includes improved purchasing power on solar
panels, wind turbines and batteries, the
ability to manage a larger development
pipeline and an increase in optionality across
the portfolio.
Earlier this year Longroad announced that this
strategic shift would require investment of
around US$8 billion, US$1.2 billion of which
would come from Longroad shareholders.
On 1 August, Longroad announced that
MEAG, acting as the asset management arm
for entities of Munich Re, had agreed to invest
US$300 million to acquire a 12% stake in
Longroad. At the same time, Infratil and the
NZ Superannuation Fund each committed to
invest a further US$100 million, while
retaining a 37% stake each. The transaction
implied a pre-money valuation for Longroad
common equity of US$2,000 million. The
additional capital will primarily be used to
fund Longroad’s near-term development
pipeline.
Longroad is currently in the midst of the
largest construction programme in its history,
which includes development of 1.3GW across
seven projects in five states. Of the seven
projects, four have achieved financial close
(489MW), and the remaining three are
expected to close before the end of the
year (808MW).
One of the projects that is currently under
construction is the Three Corners Solar
project in Kennebec County, Maine. At
150MW and located in the heart of Central
Maine Power’s transmission system, the
project will produce enough power for
30,000 Maine homes and will displace
the State’s dirtiest and most expensive
generation.
The largest project currently under
development and expected to reach financial
close this year is Sun Streams 3, a 500MW
solar and storage project in Maricopa County,
Arizona.
These projects form part of the 4.5GW of
development projects that Longroad expects
to develop over the next three years.
The additional equity commitment will also
continue to support Longroad’s investments
in adjacent sectors. In June, Longroad
announced a strategic investment in Valta
Energy, a Dana Point, California based
developer, owner, and operator of distributed
generation projects. Valta was founded in
2009 and has established a successful
business without any external funding.
Longroad’s equity investment provides
growth capital to Valta’s robust development
pipeline, thereby positioning the company for
more rapid expansion. Valta develops and
operates assets nationwide, with operating
assets primarily in California, Massachusetts,
and Hawaii, which is a good strategic fit with
Longroad’s existing utility-scale business.
On 16 August, President Biden signed the
Inflation Reduction Act of 2022 into law. Its
main objectives are to lower prescription drug
costs, fund new energy projects, address
climate change, health care provisions, and
reduce budget deficits. The Act will provide
additional tailwinds for Longroad, principally
through longer term certainty for federal
subsidies, added incentives for domestic
equipment sourcing, stand-alone storage
Investment Tax Credits and direct pay for tax
equity. The industry is awaiting specific
implementation guidance from the US
Treasury, however, together with the
Infrastructure Investment and Jobs Act
passed in late 2021, the Inflation Reduction
Act will allocate ~US$370 billion in federal
funding to climate measures, in the form of
infrastructure grants and tax credits which is
expected to result in up to ~US$1.0 trillion to
US$1.3 trillion in total investment by 2030.
Despite the obvious tailwinds, rising interest
rates, continuing constraints in the supply
chain, and the ability to procure enough
batteries to satisfy Longroad’s growth plans
remain as challenges for the business. One
of the benefits of Longroad’s increasing scale
is that these challenges can be more
appropriately managed across the platform.
In support of its pipeline development,
Longroad has established a deep relationship
with First Solar, affording favourable
procurement status and supply chain
benefits. Longroad is currently contracted
with First Solar for nearly 4GW of panel supply
through 2026.

2627
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Generation 976GWh 1,000GWh 1,760GWh
Average generation spot price 12.4c/kwh 20.8c/kwh 16.6c/kwh
Total utility accounts 7,000 424,000 431,000
Generation EBITDAF $70.0m $106.4m $159.7m
Retail EBITDAF $3.4m $15.8m $44.5m
EBITDAF $73.4m $122.2m $204.2m
Capital expenditure $18.2m $15.3m $46.3m
Net external debt $460.6m $663.9m $739.4m
Infratil cash income $81.6m $29.6m $56.7m
Fair value of Infratil's investment $915.2m $1,167.7m $1,126.2m
Manawa
Energy
Infratil 51%
Tauranga Energy Consumer Trust 27%
Public 22%
Mangorei Power Station, Taranaki
Manawa is moving from an origination to
an execution phase, with the objective
of progressing projects through to being
ready for investment decision. The
pipeline is growing quickly, with just
under 800MW of solar and wind projects
with either landholder or option
agreements in place.
“
Manawa Energy has now
successfully separated over a
quarter of a century of integrated
retail operations with the completion
of the sale of the Trustpower mass
market retail business to Mercury
Energy on 1 May 2022. This achieved
the objective of transitioning to a
standalone renewable generation
business.
The Trustpower brand was also attached
to the sale of the retail business, and at
completion the Manawa Energy name was
formally adopted by the standalone
renewable generation business. Manawa
means ‘heart’ and speaks to the heart of
its operations in the Bay of Plenty, from
where Manawa connects with communities
across Aotearoa New Zealand, through its
generation assets.
Manawa’s generation assets include
26 power schemes throughout New Zealand,
and a total installed capacity of 498MW.
Following the sale of its mass market retail
business it has retained 650 commercial and
industrial electricity business customers
which are served at more than 7,000
electricity connections nationally. Outside
of its commercial and industrial electricity
business customers, the majority of
Manawa’s generation is currently sold to
Mercury Energy.
The terms of sale of Manawa’s generation
to Mercury were agreed at the time of the
sale of the Retail business. The contract
approximates the volume used by the mass
market retail business until October 2024
before reducing each year until it matures in
2031. The pricing for the first five years of the
contract is fixed, escalated quarterly by CPI.
For the last five years pricing is reset with
reference to the ASX electricity market.
The electricity market is extremely volatile,
and the electricity price is dependent on
many different factors (supply, demand,
weather conditions, geopolitical events).
Therefore, it is hard to forecast how electricity
prices (both forward and spot prices) will
move in the future through a longer period.
Having a fixed price for the first five years of
the contract allows Manawa Energy to have
a degree of certainty around its earnings
over the short term as it sets its sights on
developing new renewable generation
assets.
Manawa generated 976 gigawatt hours
(‘GWh’) in the first six months of the financial
year – a decrease of 2% on last year.
Generation volumes were impacted in April
and May by particularly challenging scheme
inflows, with inflows being 29% and 25%
below average. National storage rose
dramatically across the second quarter,
starting at 74% of the 10-year average and
finishing at 149%. Manawa inflows were also
very strong in the second quarter with
storage at the end of the period 140% of
average. Despite high inflows, generation
volumes remained below the prior period
due to deliberate decisions to retain water
in storage. This, in part, reflected lower
prices throughout the market as national
hydro capacity sat comfortably above
historical averages.
Manawa’s geographically diversified assets
help to manage weather risks, alongside
regulatory and stakeholder risks. Manawa is
currently part way through a programme of
strategic enhancements to its assets with
30GWh per annum of volume uplift expected
to be delivered by the end of FY2023.
A further ~77GWh per year worth of
enhancements are currently planned to
be delivered in the coming years.
Non-development capital expenditure will
remain elevated across the next two to three
years due to significant investment across
asset enhancement, dam safety and asset
lifecycle replacements.
Manawa expects this this to peak in FY2024
and taper off to a new normal ‘BAU’ level of
$22 million to $32 million from FY2026
onwards.
On top of the strategic enhancements
programme, Manawa is currently reviewing
over 1.7GW of renewable development
opportunities, noting that not all of these
options will translate into viable
developments. Manawa is taking a very
deliberate approach to new development
– pursuing its own projects in addition to
partnerships and joint ventures with existing
developers. Included in the pipeline is a range
of solar and wind projects in both the North
and South Islands.
Manawa’s solar focus to date has been on
securing projects in the upper North Island
with strong grid connection and nodal pricing
prospects - rather than focusing on just solar
resource. The first solar opportunity is a grid
scale project in Northland (~12MW), which is
on track for Final Investment Decision next
year subject to securing satisfactory offtake
arrangements. Manawa has also acquired,
via land purchases and leases, an additional
three ~100MW solar sites north of Auckland
with good expansion opportunities, very
strong grid connection potential, and
proximity to significant load. These are in
addition to the previously announced project
near Thames (~100MW).
Manawa has also recently secured a 250MW
project in the Waikato with strong connection
prospects. Wind monitoring on the site is
about to commence. This is in addition to a
78MW wind project in the South Island with
wind monitoring already in place. The focus to
date has been on securing projects which are
uncorrelated with the significant installed
capacity in the lower North Island.
A continued focus from the Government
and industry regulators remains critical to
ensuring that the energy system provides
a platform for achieving New Zealand’s net
zero climate ambitions. Aggregate energy
consumption is unlikely to drop, but the
proportion that comes from coal and gas
can and will. This can only meaningfully
occur if New Zealand builds more renewable
generation.
Two of the most powerful policies to
accelerate the build of more renewable
generation seek to ensure that consenting
frameworks enable a faster and more
efficient deployment of renewables and
transmission projects, and to properly price
carbon in line with New Zealand’s emissions
targets. Both Manawa and Infratil
are strong advocates for positive policy
development in both of these areas.

2829
Qscan Group
Pacific Radiology
Auckland Radiology
Bay Radiology
Private providers play a critical and highly
complementary role in the provision of
healthcare services to the public sector
– especially in specialist areas that
require considerable capital investment
to meet growing demand.
“
Infratil’s healthcare portfolio
consists of Qscan Group (‘Qscan’)
in Australia, and RHCNZ Imaging
Group (‘RHCNZ’ – Pacific Radiology
Group, Auckland Radiology Group,
and Bay Radiology) in New Zealand.
The combined Australasian
platform consists of a 149 clinics
and employs over 300 radiologists
– many of whom are also
shareholders through the doctor
partnership model.
Together, the Australasian platform
provides meaningful scale in a healthcare
sub-sector that stands to benefit from the
long-term macroeconomic and socio-
economic tailwinds of a growing and ageing
population.
Private providers play a critical and highly
complementary role in the provision of
healthcare services to the public sector –
especially in specialist areas that require
considerable capital investment to meet
growing demand. This is particularly apparent
for sophisticated and increasingly accurate
diagnostic testing. Through Infratil’s
partnerships with doctor-led practices in
Australia and New Zealand, we are
supporting the growth of smaller providers
and leveraging the benefits of scale to drive
greater efficiencies, widen their geographical
reach (including to rural and regional
communities) and create the critical mass
necessary for the level of investment that is
needed to continue moving healthcare
systems forward. More excitingly, from a
patient and doctor perspective, the
increasing pool of clinicians enables
opportunity for enhanced collaboration,
greater access to sub-specialty expertise,
and broadens research, learning and
development.
Diagnostic imaging encompasses a range of
technologies (or modalities), including CT &
MRI scans, X-ray, ultrasound, and PET-CT /
nuclear medicine imaging. These
technologies have broad applications across
the entire healthcare eco-system. As the
benefits of higher-tech modalities, especially
for the early diagnosis and treatment of
cancers, becomes clear, diagnostic imaging
is experiencing a shift towards these
modalities. In addition, advances in scanning
technology are supporting new clinical
applications and improving diagnostic
accuracy and efficiency, and clinical
workforce productivity. We expect the
diagnostic imaging industry will continue to
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Volume of scans (000's) 1,103 813 1,894
Sites (No. of standalone clinics) 149 120 147
Total patients (000's) 703 N/A 1,157
Total radiologists 301 222 272
CT machines 74 72 73
MRI machines 57 55 54
PET-CT machines 15 11 14
Revenue NZ$298.5m NZ$190.1m NZ$440.6m
Operating expenses(NZ$217.8m)(NZ$132.6m)(NZ$307.4m)
EBITDAF NZ$80.7m NZ$57.5m NZ$133.2m
Capital expenditure NZ$18.1m NZ$25.4m NZ$57.3m
Net external debt NZ$689.4m NZ$522.6m NZ$652.8m
Infratil book value NZ$742.1m NZ$607.5m NZ$722.2m
be a benefactor of expanding and emerging
technologies such as theranostics (advanced
cancer treatment and associated imaging),
teleradiology, data analytics and artificial
intelligence and machine learning.
Diagnostic imaging is an essential
component of the patient pathway and plays
a critical role in preventative healthcare. It
supports earlier diagnosis of disease or injury,
which informs more effective treatment
planning. The benefits of earlier diagnosis are
clear, leading to improved patient outcomes,
accelerating a return to functionality, and
ultimately reducing the overall costs and
burden across the healthcare system.
Improved access to preventative healthcare
and diagnostic imaging remains a focus for
the Australian Government. The Federal
Government has recently introduced a
number of positive changes, through the
Medicare Benefits Schedule, which provide
increased funding towards the early
diagnosis of prostate cancer and Alzheimer’s
disease. PET-CT is a critical technology for the
early diagnosis of these diseases and, as a
market leader of PET-CT imaging in Australia,
Qscan is ideally positioned to deliver these
services and provide greater patient access
for all Australians.
Qscan has continued to experience a
challenging operating environment, with
results adversely impacted by Covid-19
and extreme weather conditions across its
portfolio of clinics in the early part of the year.
Several clinics were closed or inaccessible for
a period due to flooding, including a major
clinic in Brisbane which is currently
undergoing a full rebuild (scheduled to
re-open in January 2023), with significant
flood mitigation measures now built in.
Despite these challenges, Qscan has
continued to deliver exceptional services to
patients, whilst recruiting a number of
radiologists and expanding access across
its network to meet the needs of those
impacted communities.
With the underlying fundamentals of the
diagnostic imaging sector remaining strong,
Qscan continues to assess both organic and
inorganic growth opportunities. In April 2022,
Qscan partnered with the leading boutique
radiology group in Perth, Western Australia,
bolstering its presence within the region and
further adding to its talented pool of
clinicians.
In New Zealand, the Government’s
restructuring of the health system is designed
to put a larger emphasis on the provision of
primary health services and preventative
healthcare (including diagnostic imaging),
particularly for Māori and Pacific communities
who are currently under-served.
In the first six months of the year, RHCNZ’s
volumes have been impacted by the long tail
of New Zealand’s Omicron wave, and the
cascading impacts across the broader
healthcare system. During this period, the
business has experienced some changes in
patient and referrer trends that have led to
lower growth than long run trends. However,
we expect to see a return to trend following
the easing of pandemic settings.
Since Infratil’s investment, the RHCNZ group
has committed to invest over $120 million
over the next few years into new machines,
clinics, research initiatives, and ensuring
clinical excellence – with almost $75 million
committed within the last six months. This is
considerably more than would have been the
case without Infratil’s balance sheet and the
combined critical mass of the new group. It
includes meaningful investment into rural and
under-served communities, a continued
focus on technology and innovation, greater
learning and development opportunities for
clinicians, and increasing the country’s
PET-CT scanning capability to meet the
growing need for these services due to
their role in the early detection and treatment
of cancer.

3031
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Passengers Domestic 2,305,855 1,981,691 3,480,581
Passengers International 213,875 48,413 48,667
Scope 1 & 2 emissions CO
2
e tonnes 713 638 1,066
Aeronautical income $35.1m $27.4m $54.3m
Passenger services income $17.4m $13.2m $22.3m
Property/other income $ 7. 3 m $ 7. 0 m $13.8m
Operating costs($19.6m)($16.1m)($33.6m)
EBITDAF $40.2m $31.5m $56.8m
Net profit/(loss) after tax $11.0m $2.9m $3.0m
Capital expenditure $19.9m $7.2m $17.8m
Net external debt $582.1m $583.7m $587.4m
Infratil cash income - - -
Infratil book value $602.7m $558.9m $580.0m
Wellington
Airport
Infratil 66%
Wellington City Council 34%
Demand for travel has returned with a
vengeance with record high aircraft load
factors being achieved. Wellington
Airport has weathered the pandemic
and is well poised to return to growth
as global networks are restored and
domestic fleets transition to zero
emission aircraft.
“
Passenger numbers have
rebounded strongly over the
last six months as the long tail of
New Zealand’s Omicron wave
slowly passes. Domestic
passengers were almost 90% of
pre-covid levels for the period,
with international passengers
at 44% and increasing as airlines
add more capacity.
International demand returned to 63% of
pre-covid levels in September, ahead of the
recovery in capacity. Load factors grew
strongly towards the end of the month in the
lead up to school holidays at the beginning of
October. Air New Zealand, Qantas, Jetstar
and Fiji Airways have all now recommenced
operating international services.
Domestic travel has also returned strongly
with over 400,000 passengers in the month
of September, a recovery to 94% of 2019
levels. This has been driven by average load
factors of 87% which were well ahead of
pre-covid levels.
As the Airport continues to recover from the
impacts of Covid-19, it continues to carefully
manage capital spending after a challenging
couple of years. The priority over the last six
months has been on reconstructing Taxiway
Bravo - the paved area between the runway
and airport terminal - and seismic upgrades
to the terminal buildings. Work has also
started on a new electric bus terminal and a
new Airport Fire Station.
The Airport Fire Station is to be constructed
on the western side of the runway, moving
from the existing facility on the eastern side
of the runway. This will create space for more
aircraft stands, allowing for staged expansion
to accommodate growth.
In the period, Wellington Airport has also
secured the designations to develop the
current airport landholdings and the southern
half of the Miramar Golf Course. This allows
the Airport to expand over time as demand
increases, enabling it to handle new
sustainable aviation technology like electric
aircraft and replace the current gas boilers
with lower emissions plant.
Pleasingly, Wellington Airport has also
continued to perform strongly from a
sustainability perspective. Wellington Airport
recently rated third in the world for
participating airports in the 2022
independent global assessment carried out
by GRESB. The airport has also achieved a
5-Star GRESB rating for the first time,
recognising entities in the top 20% of the
benchmark. Recent improvements include
increasing the energy efficiency of its
buildings and infrastructure, recycling 100%
of the asphalt removed from the 2021 runway
resurfacing (nearly 18,000 tonnes), diverting
a third of total waste from landfill in the last
year, and replacing a third of the total vehicle
fleet with electric vehicles to date.
Wellington Airport has also joined a new
Industry Advisory Board for Heart Aerospace,
helping the Swedish company develop its
first electric aircraft, the ES-30. As Sounds
Air’s hub airport, Wellington Airport has
been working closely with its team and
Heart Aerospace for several years. With
Air New Zealand also joining the partnership
it is expected we will see e-flights operating
on high frequency sectors across the Cook
Strait this decade.
The aviation sector knows how vital it is to
transition to lower emissions while also
maintaining and growing the connections
between people and businesses, crucial
for a small, dispersed island nation like
New Zealand. Short haul electric flights
are the first step in solving this challenge.
Wellington Airport’s central location is
perfectly placed as a hub, with two thirds
of scheduled domestic flights on routes
within the range of the ES-30 aircraft.
The Commerce Commission released its final
report on Wellington Airport’s PSE4 airline
pricing in late September. The report
confirmed that Wellington Airport’s “pricing
decisions and allocation of risk are generally
appropriate after considering external factors
including the impacts of Covid-19 on its
customers”. The Airport’s pricing consultation
was originally scheduled to be completed in
2019 but was delayed to enable extended
consultation with airlines on the Airport’s
long-term capital expenditure planning. It
was delayed a further year with the onset of
the Covid-19 pandemic. The pricing period
covered by PSE4 is 1 April 2019 to 31 March
2024. As part of PSE4 Wellington Airport
introduced risk sharing arrangements with its
airlines which defers revenue from PSE4 to
later pricing periods. As a result of deferring
revenue via the adjustments, the airport and
airlines have reallocated risk during PSE4,
with parties sharing demand risk, resulting in
lower PSE4 pricing for airlines and Wellington
Airport being exposed to collection of this
revenue in PSE5.

3233
Year ended 31 March
Six months ended 30 September
30 September
2022
30 September
2021
31 March
2022
Residents5,3695,2095,283
Serviced apartments499535500
Independent Living Units3,5693,5843,569
Unit resales227255489
New unit sales104176
Resale gain per unitA$178,629A$129,545A$135,665
New unit average valueA$575,600A$732,256A$676,941
Occupancy receivable/unitA$135,488A$121,879A$132,428
Embedded resale gain/unitA$58,129A$38,106A$51,584
Underlying profitA$31.9mA$22.8mA$56.5m
Net profit after taxA$44.6mA$54.2mA$149.1m
Capital ExpenditureA$53.4mA$13.1mA$49.2m
Net external debtA$190.8mA$153.4mA$161.7m
Infratil book valueNZ$466.1mNZ$355.9mNZ$417.3m
RetireAustralia
Infratil 50%
New Zealand Superannuation Fund 50%
RetireAustralia has reported strong first
half performance during a period of
significant disruption and pressure. The
care, dedication and professionalism of
the RetireAustralia team has played a key
role in helping the business continue to
adapt and respond to changing
workforce circumstances.
“
Demand for RetireAustralia’s
facilities continues to be strong
with 227 unit resales and 10 new
unit sales during the last six
months. A favourable product
profile, both from a unit type and
geographical perspective, along
with strong pricing led to a higher
average collect than expected
across these settlements. This has
helped drive an underlying profit for
the period of A$31.9 million, up
from A$22.8 million in the prior
period.
In mid-August, on the back of robust
performance across the portfolio,
RetireAustralia implemented price increases
at all villages. RetireAustralia has continued to
assess its unit pricing relative to house pricing
in the relevant catchment, with a further
pricing review being considered for
November 2022. Sales performance has
remained robust following each pricing uplift
with unit sales prices outperforming the
revised valuations.
Waitlists are now a common feature at more
than 20 villages (up from 15 villages at
31 March 2022), which has assisted in not
only driving pricing outcomes, but has also
allowed RetireAustralia to be more targeted
when marketing to potential residents.
Occupancy across the portfolio now sits at
93.3%, up from 92.3% at 31 March 2022
and the highest level since 2017, despite the
overall growth in the number of units over
that period. The near-term outlook remains
well supported, with a number of deposits on
hand, which are due to settle in the coming
months.
Construction continues at four sites. A
further 34 apartments are being built at The
Rise at Wood Glen, and 22 units at Forresters
Beach - both are premium villages on the
NSW Central Coast. In Southeast
Queensland, construction of a further 66
apartments is underway at The Verge on
the Gold Coast, as well as 92 apartments at
The Green at Tarragindi, Brisbane. The
majority of projects are forecast to complete
within the next 12 months.
RetireAustralia recently purchased a
significant development site, immediately
adjoining the existing Cleveland Manor village
in Brisbane. This creates an opportunity to not
only add scale to an existing well-performing
village but to also enable the introduction of
Home Care services from a new Care Hub.
Provision of these services has the potential
to improve value for the existing Cleveland
and nearby Wellington Manor villages, by
embedding a “care cluster” in the desirable
Brisbane bayside area. Current concept plans
support the development of 154 units
(including a 10-bed care hub) spread over
three buildings to be constructed in multiple
stages. The acquisition is a strong example
of RetireAustralia’s ability to source
attractive development sites. Settlement
of the acquisition is expected to occur in
December 2022.
Development approval has recently been
submitted for a premium 52-unit vertical
village in Lane Cove, on the lower north
shore of Sydney. Multiple other identified
and prospective developments are in
various stages of approval and negotiation,
adding to a strengthening long term
development pipeline.
During the development of its current
strategic plan, an additional $100 million
of funding capacity was identified to
execute the development programme
aspirations. Potential financiers were
approached to gauge appetite towards
increasing the total lending facility from
$350 million to $450 million and in April
management successfully achieved
financial close. Engagement from lenders
was strong, leading to favourable
commercial terms and improved pricing,
resulting in significant annual interest cost
savings given the debt funded nature of
developments.
RetireAustralia’s development pipeline is
targeted towards delivering metropolitan
vertical villages with an integrated continuum
of care offering. Execution of the current
strategy places greater focus on attracting a
care sensitive resident and in turn highlighting
the “needs based” aspect of the decision to
move into a RetireAustralia retirement
offering, as opposed to purely financial.
On 1 March 2022, Infratil and its co-
shareholder (the New Zealand
Superannuation Fund) announced a
strategic review of their shareholding in
RetireAustralia. Infratil’s August Annual
General Meeting included an update noting
that the strategic review had moved to the
next stage through the decision to launch a
formal sales process. At 30 September 2022,
and at the time of releasing Infratil’s FY2022
interim result, the sales process remains
ongoing. Infratil will assess all offers against
other value maximising options for
shareholders and will update the market as
the process progresses.
Artist impression: The Green at Tarragindi, Brisbane

3435
Other
Investments
Galileo
Renewables
Galileo has vigorously pursued its strategy
of leveraging off carefully chosen joint
development partners, resulting in a pipeline
expansion over the half year until September
2022 to just over 6GW of dedicated projects.
The Russian invasion of Ukraine continues to
cause severe political and economic
disruptions, making energy supply forecasts
for Europe over the next 18 months very
difficult. Gas imports from Russia over the
Nord Stream 1 and 2 pipelines were stopped
completely at the beginning of September
and in the meantime underwater explosions
have destroyed sections of both pipelines.
Demand for power and gas is on a downward
trend in several European countries following
the sharply rising procurement costs for
both energies.
The governments of all European countries
are currently trying to partially compensate
end consumers for these cost increases,
however key parameters like price cap levels,
volumes and tenors are still under negotiation.
A push towards simplified and accelerated
build-out scenarios as well as rules for
developing more renewable energy, including
the necessary grid infrastructure are
expected across Europe.
Since March 2022, Galileo has signed
additional development agreements covering
Germany, Italy, Norway, Poland and Spain,
bringing additional onshore wind but also the
first offshore wind project, ground mounted
solar and rooftop solar projects into the
pipeline. GGE Nordics has signed a
development agreement for one of Europe’s
largest onshore wind projects, and Galileo
has finalised the agreement with Source
Energie establishing a Joint Venture (JV)
concentrating on utility-scale solar PV and
battery projects in the UK, and large-size
offshore wind projects in the Nordic as well
as the Celtic Sea (UK, Ireland and Norway).
Galileo received its first off-take contract in
September, for a solar PV project in Italy, and
the Irish JV EMP Energy received planning
consent for its first wind project Shronowen
with a capacity of 50MW. This project has
been submitted into the grid allocation round
on 30 September 2022. Finally, Galileo has
announced its JV with Hope Group aiming to
develop a 500+MW floating offshore wind
farm in the Adriatic Sea in Italy.
Gurīn Energy
Renewables
There has been an increase in support of
renewables and decarbonisation across
Asia. Governments have rolled out increasing
targets and all key Asian countries have
announced firm commitments to net zero
ambitions. Additionally, the region’s exposure
to commodity prices has been emphasised
by the Russian invasion of Ukraine, further
reinforcing the benefits of fast tracking the
renewables roll out. Unlike its developed
market counterparts, most Asian countries
continue to operate single buyer structures
which provide long-term contracting
structures to projects that result in simplified
offtake opportunities.
At the 12 month point since creation, Gurīn
has established a pipeline with over 2.1GW
of identified wind, solar and storage projects.
The team’s focus over the last six months has
been in the Philippines and South Korea,
where market conditions are favourable.
In the Philippines three significant solar
projects have been, or are close to being
signed, ranging from ‘early stage’ with land
rights secured to ‘late stage’ nearing ready to
build. In South Korea, the local team have
secured the majority of land required for a
large-scale solar project, which is progressing
well with good community engagement.
In Singapore, Gurīn continues to progress
its response to the government’s RFP for
importing low-carbon electricity via a
sub-sea cable. Gurīn and its partner, a large
Malaysian industrial, intend to import solar
generated energy, backed up with storage,
from Indonesia. In Thailand, the Energy
Regulation Commission issued an
announcement to acquire 5.2GW of
electricity from renewable resources by
2030, with favourable feed in tariffs, and
the team are negotiating with potential
consortia members to participate.
Kao Data
Digital Infrastructure
Demand for data centre capacity in the UK -
and the Greater London and Slough region
especially, continues to set the trends within
the European data centre industry. A variety
of factors including major hyperscale and
enterprise growth, post-pandemic
continuation of online services, and the
evolution of the UK’s world-leading artificial
intelligence community are all key drivers.
This demand is set against the backdrop of a
turbulent and volatile energy market due to
the Russian invasion of Ukraine. Whilst unlike
other European nations, the UK is far less
reliant on gas imports and the related shut
down of the Nord Stream 1 and 2 pipelines,
availability of power and subsequent price
rises have caused UK data centre operators
to address their energy procurement
strategies to increase operational resilience.
Despite these market challenges Kao Data
has experienced a strong last six months of
sustained growth, both in terms of its
portfolio but also customer acquisition.
Their second data centre in Harlow is under
construction – bringing a further 8.8MW
online, this compliments the 12MW of
IT-capacity under development in Slough.
As one of the largest available colocation
opportunities remaining in the Slough area –
the world’s 2nd largest data centre hub,
Tier 1 and 2 hyperscale cloud interest in this
capacity is high.
New clients across Kao Data’s data centre
network in the last six months have included
two large deployments from global Tier 1
financial institutions, deployments from
enterprise IT solution providers and rapid
growth start-ups using high density,
GPU-powered platforms for AI and machine
learning.
Key drivers for customers continue to be
technical offering, scalability and
sustainability. With its experienced team,
growing portfolio and advanced
infrastructure Kao Data is well positioned
within the UK market. Kao Data also continues
to lead the field in sustainability, through
collaboration with its energy provider, all the
renewable energy it uses is now uniquely
matched by an equivalent capacity
generated by a specific UK wind farm asset,
providing added certainty as to the source
and validity of its power, despite energy
industry pressures.
Infratil Infrastructure Property
Social Infrastructure
Infratil Infrastructure Property (‘IIPL’) holds
a 17,142m
2
perpetual leasehold interest in a
site in the heart of Auckland’s prestigious
Wynyard Quarter. The site is home to the
Wynyard 100 development, consisting of
a 154 room Travelodge hotel, 380 space
carpark, ground level retail and offices, and
depot space leased to NZ Bus.
The hotel, carpark and all commercial
tenancies leased are open and trading, with
both the hotel and carpark trading above
budget during the period.
Hotel occupancy was over 70% in the month
of September, with over 4,800 guests.
Carpark occupancy remains at ~100%, with
approximately 60% of carparks contracted
on a monthly basis.
Wynyard 100 is a near full city block
bounded by Halsey Street, Gaunt Street
and Packenham Street West and provides
a combination of income with strong
growth potential. The growth potential is
underpinned by up to 60,000m
2
of
undeveloped Gross Floor Area available on
the site, with the current leases and
management agreements providing control
and long-term income growth.
Wynyard Quarter is now established as
a New Zealand tech hub, with the sector
continuing to perform well and likely to see a
high level of growth within the office market
over the coming decade. Hotel demand will
benefit from returning international tourists
and business travellers from the growing
office community in the Viaduct Wynyard
Quarter. Carpark income is supported by
these dynamics, with limited supply in
Wynyard Quarter and growing demand from
nearby commercial developments.
Despite these positive tailwinds, the
development is no longer aligned to Infratil’s
current portfolio strategy. During the period
the IIPL Board approved the marketing of
Wynyard 100 with a view to a potential sale in
the current financial year.
Clearvision Ventures
Digital Infrastructure
Infratil’s investment in Clearvision Ventures
is helping Infratil's businesses identify and
engage with technology changes that will
impact their activities. Clearvision is focused
on investing in companies that can apply
innovations in Artificial Intelligence & Machine
Learning, IoT, and Security technology, to
drive meaningful disruptions in energy and
infrastructure, sustainability, and establish
clear category dominance and leadership.
Besides strengthening our relationships with
Silicon Valley, the Clearvision investment also
increases our exposure to startups, strategic
partners, incubators and universities, broader
macro and enabling technology trends, whilst
providing an ‘early look’ into business models
of the future. As Infratil’s teams and portfolio
become more global, this exposure becomes
increasingly relevant and valuable.
In May 2022, Infratil agreed to commit a
further US$50 million to Clearvision’s
Sustainability Growth Fund. This is in addition
to the previous US$50 million commitments.
The new fund will see Clearvision expand its
core thematics including decarbonisation,
mobility and logistics, smart cities, AI
optimisation as well as cyber security.
Clearvision’s portfolio closely mirrors Infratil’s
“ideas that matter” investment strategy,
which has seen it invest into a number of
sustainability sub-sectors including
electrification (Autogrid), grid reliability and
resiliency (Tomorrow.io) as well as carbon
emissions tracking and accounting (Aclima,
Persefoni).
In total Infratil has made a commitment
of US$100 million to Clearvision, with
contributions of US$43.9 million
(NZ$66.1 million) made to 30 September
2022. The current carrying value of Infratil’s
investment in Clearvision is NZ$133.1 million.
Clearvision’s investments are unlisted, with
the exception of ChargePoint which is listed
on the New York Stock Exchange.
ChargePoint has one of the largest electric
vehicle charging networks in the world with a
strong leadership position in North America
and a growing presence in Europe.

3637
Directory
37
Directors
Alison Gerry (Chair)
Jason Boyes
Andrew Clark
Paul Gough
Kirsty Mactaggart
Peter Springford
Mark Tume
Company Secretary
Brendan Kevany
Registered Office - New Zealand
5 Market Lane
PO Box 320
Wellington
Telephone: +64 4 473 3663
Internet address: www.infratil.com
Registered Office - Australia
C/- H.R.L. Morrison & Co Private Markets
Level 31
60 Martin Place
Sydney
NSW 2000
Telephone: +61 2 8098 7500
Manager
Morrison & Co Infrastructure Management
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Facsimile: +64 4 473 2388
Internet address: www.hrlmorrison.com
Share Registrar - New Zealand
Link Market Services
Level 30
PwC Tower
15 Customs Street West
PO Box 91976
Auckland
Telephone: +64 9 375 5998
E-mail: enquiries@linkmarketservices.co.nz
Internet address: www.linkmarketservices.co.nz
Share Registrar - Australia
Link Market Services
Level 12
680 George Street
Sydney
NSW 2000
Telephone: +61 2 8280 7100
E-mail: registrars@linkmarketservices.com.au
Internet address: www.linkmarketservices.com.au
Auditor
KPMG
10 Customhouse Quay
PO Box 996
Wellington
Legal Advisors
Chapman Tripp
10 Customhouse Quay
PO Box 993
Wellington 6140

For regular updates on the activities of our portfolio
companies you can follow us on LinkedIn or sign up for
email alerts at https://infratil.com/contact-us/

38

---

1
Infratil Interim
Financial Statements
For the 6 months ended
30 September 2022
Contents
Consolidated Statement
of Comprehensive Income
02
Consolidated Statement

of Financial Position
03
Consolidated Statement

of Cash Flows
04
Consolidated Statement

of Changes in Equity
05
Notes to the Financial

Statements
07
1

2
Consolidated Statement
of Comprehensive Income
For the 6 months ended 30 September 2022
The accompanying notes form part of these consolidated financial statements.
Notes
6 months ended
30 September 2022
$Millions
Unaudited
6 months ended
30 September 2021
$Millions
(Restated)
Unaudited
Year ended
31 March 2022
$Millions
(Restated)
Audited
Operating revenue9 604.4 528.7 1,027.2
Dividends-1.6 1.7
Total revenue604.4 530.3 1,028.9
Share of earnings of associate companies5 346.6 114.1 268.5
Total income951.0 644.4 1,297.4
Depreciation49.4 40.9 84.6
Amortisation of intangibles1.7 2.3 6.8
Employee benefits189.2 120.6 275.3
Other operating expenses10 385.2 404.0 724.9
Total operating expenditure625.5 567.8 1,091.6
Operating surplus before financing, derivatives, realisations and impairments325.5 76.6 205.8
Net gain/(loss) on foreign exchange and derivatives54.9 73.6 68.0
Net realisations, revaluations and impairments(0.2)2.2 14.2
Interest income6.91.7 6.4
Interest expense89.2 81.7 165.9
Net financing expense82.3 80.0 159.5
Net surplus before taxation2 9 7. 9 72.4 128.5
Taxation expense/(credit)11 7 7. 1 5 8 .1 22.6
Net surplus for the period from continuing operations220.8 14.3 105.9
Net surplus from discontinued operations after tax8 336.5 1,116.0 1,125.8
Net surplus for the period557.3 1,130.3 1,231.7
Net surplus attributable to owners of the Company350.5 1,080.6 1,169.3
Net surplus attributable to non-controlling interest206.8 49.7 62.4
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss:
Net change in fair value of property, plant & equipment recognised in equity 14.7 60.6 83.6
Share of associates other comprehensive income45.5 (3.2)19.5
Net change in fair value of equity investments at fair value through other
comprehensive income(1.9)6.8 14.8
Realisations on disposal of equity investments at FVOCI--5.6
Ineffective portion of hedges taken to profit and loss---
Income tax effect of the above items(9.1)(10.9)(20.2)
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations163.1 (59.9)(30.7)
Realisations on disposal of subsidiary, reclassified to profit and loss-(444.2)(444.4)
Effective portion of changes in fair value of cash flow hedges(0.6)(79.0)(53.6)
Income tax effect of the above items(8.2)20.6 21.2
Total other comprehensive income after tax203.5 (509.2)(404.2)
Total comprehensive income for the period760.8 621.1 827.5
Total comprehensive income for the period attributable to owners of the Company5 5 7. 3 1,010.9 1,191.7
Total comprehensive income for the period attributable to non-controlling interests203.5 (389.8)(364.2)
Earnings per share
Basic and diluted (cents per share) from continuing operations25.3 (5.9)4.9
Basic and diluted (cents per share) 48.4 149.5 161.7