Infratil Full Year Results for the year ended 31 March 2023

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

22 May 2023


Infratil delivers a strong FY2023 result, and provides positive guidance for FY2024
despite near term global and local economic headwinds, with strong thematic
tailwinds continuing to drive investment across the portfolio

Infratil today announced a net parent surplus from continuing operations of $643.1 million for
the year ended 31 March 2023, driven by significant growth in earnings from its associates
and the gains recognised on the sale of the Trustpower retail business and the sale of One
New Zealand’s passive tower assets.

Proportionate EBITDAF was $531.5 million – an 11.9% increase on the $474.9 million from
the same period the previous year - reflecting strong performances from CDC Data Centres,
One New Zealand and Wellington Airport – and towards the top end of our most recent
guidance.

Infratil CEO Jason Boyes said that on performance, we unapologetically aim high, and the
current year has been no different on that front, meeting our market guidance and achieving
our target returns to shareholders in a difficult macro environment.

“The last year has been extremely active across our portfolio. Longroad Energy undertook a
significant capital raise, which saw a material uplift in its value. One New Zealand completed
its rebrand as well as the sale of its passive mobile tower infrastructure to a consortium
including Infratil, leading to the establishment of Fortysouth. CDC Data Centres delivered an
additional 104MW of data centre capacity across in Canberra, Sydney and Auckland. While
Manawa Energy completed the sale of the Trustpower mass market retail business.”

At a portfolio level Infratil committed to setting a science-based target with a clearly defined
path to reduce emissions in line with the Paris Agreement goals in May 2023.

“What’ is pleasing is that despite all of the activity across our portfolio, the management teams
of our portfolio companies have remained focused and delivered a set of impressive financial
and operational results.

“CDC saw a significant expansion of capacity to meet new and existing customer demand,
substantial capital deployment to bring this capacity online and a continuation of strong
financial growth, this year delivering 33% EBITDAF growth. Expansion included two new
Auckland campuses in Silverdale and Hobsonville, which are the largest and most secure data
centres of their type in New Zealand.

“2023 was a year of change as Vodafone rebranded to One New Zealand, a culmination of its
second phase of transformation involving network expansion, improved customer experience,
and the sale of passive mobile tower assets. Against this backdrop One New Zealand
delivered a strong annual result with EBITDAF of $527.8 million, and momentum that will see
further growth in FY2024.

“By any measure it was a stand-out period for Longroad Energy, starting with the
announcement of a US$500 million capital raise and introduction of new co-investor MEAG.
The transaction, which closed prior to the announcement of the Inflation Reduction Act,
highlighted the level of value that Longroad had created for shareholders. With this new capital

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

committed Longroad is now in the midst of the largest construction programme in its history,
totalling 1.3GW across six projects in five states of the United States of America.

“Hydrological conditions, wholesale pricing, and hedging contracts contributed to a stronger
net energy margin for Manawa Energy, however this was offset by a fall in carbon prices, the
loss of ACoT revenue, and increased development and corporate overheads. Following the
completion of the sale of the Trustpower retail business in May 2022, Manawa has used the
last 12-months to refocus on advancing new developments and serving its commercial and
industrial customers.

“Looking ahead, the New Zealand diagnostic imaging team expects to see a return to pre-
covid scan volume growth rates in FY2024. The industry fundamentals remain strong, the
health system reforms are gathering pace, and the healthcare system and radiology referral
network is continuing its recovery from covid. We are also excited to deliver additional capacity
in Whangārei, Auckland, Hamilton, Tauranga, Whanganui, Napier and Dunedin over the next
year.

Mr Boyes said, the scale of Infratil’s platform, which also includes Qscan in Australia, means
that we can continue to invest in the best technology, offer the best learning and development
opportunities for our doctors and staff, and most importantly, offer patients and referrers the
widest breadth of expertise across a full range of sub-specialisations.

“Demand for RetireAustralia’s retirement villages continues to be strong with 432 sales during
the year and waitlists now in place for over 75% of its villages. The integration of care into
villages is continuing, using a combination of RetireAustralia’s own home care services and
partnerships with select local care providers.

“In its first full year of travel without covid restrictions since the start of the pandemic,
Wellington Airport hosted 5.3 million passengers, with 4.7 million domestic passengers and
560,000 international passengers passing through its terminals. This helped drive an improved
financial result from the previous year, with EBITDA up 57.6% to $89.6 million, reflecting a
solid recovery across all revenue lines and in line with the growth in passenger numbers.

Over the last year, close to $1.4 billion was deployed across the portfolio, primarily across
Infratil’s existing digital and renewable businesses. “This is the type of investment that
shareholders should be looking at, because it is the investment, we are making today that will
generate returns over the next 10-year period and beyond.”

Mr Boyes highlighted that Infratil retains significant liquidity to support further internal and
external investment opportunities.

“Thematic tailwinds continue to provide valuable options for growth across Infratil’s portfolio.
Climate commitments from governments and societal demands are growing and will
accelerate the transition to renewable energy, resulting in an unprecedented level of
investment. Data demand and connectivity growth is showing no sign of slowing, which also
creates further unique investment opportunities in this sector.

In the last 12-months we have seen the United States-led Biden Administration’s climate
agenda receive a US$369 billion boost in federal funding towards clean energy and climate
change mitigation with the signing of the Inflation Reduction Act. This is most meaningful for
developers that have already spent time building their development pipelines.

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

Not to be outdone, the European Union has also increased its funding, with over €400 billion
now allocated to the clean energy transition, which we expect to continue globally.”

Infratil currently has $1.4 billion of available capacity to fund growth, including significant
undrawn corporate facilities, and almost $600 million of cash on hand. At 31 March, gearing
was 9.8%, significantly below the target range of 30%.

Reflecting feedback and concerns of shareholders in recent years, Infratil and its Manager,
Morrison & Co, have agreed in principle to make amendments to the incentive fee provisions
in the Management Agreement. The amendments will provide for annual offsetting of over and
under performance between the three categories of incentive fees for international assets,
and the carry forward of the impact of underperformance for unrealised assets (and in limited
circumstances for realised assets).

The amendments will be applied to the calculation of the incentive fees due to Morrison & Co
for FY2023, and the net effect of the changes for FY2023 is a reduction in incentive fees of
$5.7 million.

In addition to this, Infratil has elected to pay $60.0 million of the third tranche of the FY2021
Annual Incentive Fee by way of issue of shares on 29 May 2023. In accordance with the
Management Agreement, t he share issue price will be set at 98 per cent of the weighted
average sale price of all trades of Infratil’s ordinary shares on the NZX on the 5 business days
immediately prior to the issue date of 29 May 2023.

“In terms of our returns to shareholders, we will pay a fully imputed final dividend of 12.50
cents per share, to go with the 6.75 cents per share interim dividend, a 4% increase from the
prior year. Infratil’s share price also rose from $8.25 to $9.20 during the year, with an after-tax
return to shareholders over the six months of 14.2%, and a return over the last ten years of
19.4% per annum,” Mr Boyes said. “Infratil’s portfolio continues to deliver outstanding returns
to shareholders, and the investments we have made this year should support future returns in
line with our stated target return of 11 to 15 % per annum to shareholders over a 10 year
period.”

Looking ahead, the FY2024 Proportionate EBITDAF guidance range has been set at $570
million to $610 million, up 11.0% at the midpoint FY2023 result strong result – reflecting the
momentum that has been building across the portfolio.



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 on the below link.

https://edge.media-server.com/mmc/p/ikpvzpep


Enquiries should be directed to:

Mark Flesher
Investor Relations
Infratil Limited
mark.flesher@infratil.com

---

Infratil Annual Results Announcement
For the year ended 31 March 2023

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
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The
information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a
prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure
statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Annual Report for the period ended 31 March 2023, market releases and
other periodic and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the
Company’s securities and has been prepared without taking into 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 recognised under 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 standardised meaning prescribed by the NZ IFRS, AASor
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 Five.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.

3
Presenters
Jason Boyes Infratil CEO
Phillippa Harford Infratil CFO
Programme
Financial Highlights
Portfolio Composition
Operating Company Updates
Portfolio Outlook
Sustainability
FY2024Guidance
Summary
Infratil Results
Announcement

Net parent surplus
Investment
Shareholder return
Proportionate EBITDAF
$531.5m
Available capital
Fully-imputed final dividend
12.5cps
$1,359m
$1,491m
14.2%
$643.1m
Financial
Highlights
StrongFY2023
result despite near
term global and
local economic
uncertainty, strong
thematic tailwinds
continue to drive
investment across
the portfolio
4

Digital
57%
Healthcare
14%
Airports
8%
Renewables
21%
Portfolio
Composition
Focus on four
high-conviction
platforms, across
a geographically
diverse portfolio
of companies
5

Operating Company Updates

1
Assumes 585MW of total built capacity, 268MW is in operation at 31 March 2023, 42MW is under construction and 275 MW is
classified as future builds. The blended cost of equity used in the valuation was 9.60% (31 March 2022: 9.75%)
CDC
Data Centres
Significant capital
deployed to bring
new data centre
capacity online,
meeting new and
existing customer
demand
Year in review
•EBITDAF for the year was A$215.5 million, A$54.3 million (33.7%) up from the prior year
•CDC completed four new data centres during the year, adding 104MW of built capacity across its
existing campuses in Canberra and Sydney and two new data centres in Auckland
•Weighted average lease term (including options) increased to 24 years, up from 21.6 years in 2022
•Capital structure review undertaken during the year which has secured funding for the next two
years of development, while also diversifying CDC’s funding base
•Independent valuation of Infratil’s shareholding increased to between A$3.1 billion and A$3.7 billion
1
,
up 18.1% on the midpoint from the prior year
Outlook
•Construction underway on three new data centres, including the first data centre on CDC’s first
120MW Melbourne campus which is due for completion early 2024
•12MW expansion across CDC’s two Auckland data centres expected to complete in FY2025
•Significant portfolio of undeveloped land across all operating geographies, sufficient to take total
capacity to 786MW+
•Forecast FY2024 EBITDAF of A$260 million to A$270 million, up 23.0% at the midpoint from
FY2023
7

1
Includes an estimate of any capital gains tax payable on realisation
Construction of
1.3GW underway
across 6 projects
forecast to
deliver a
meaningful uplift
in earnings from
FY2025
Year in review
•EBITDAF for the year was US$39.7 million, up US$4.7 million (13.5%) from the prior year
•Uplift is driven by the full year of operation of Sun Streams 2 and Prospero 2, partially offset by
lower services revenues
•The business remains focused on its development programme, with 1.3GW across six projects
currently under construction – and set to deliver earnings uplift in future periods once operational
•US$500 million capital raise completed during the year, including an additional US$100 million
commitment from Infratil, to accelerate Longroad’s construction programme
•Strategic investment in ValtaEnergy, a California-based developer, owner, and operator of
distributed generation projects announced
•Independent valuation of Infratil’s shareholding increased by nearly 5 times to US$744.1 million
1
Outlook
•The next phase of Longroad’s development plan is two solar and storage development projects in
Arizona - Sun Streams 4 (677MW) and Serrano (387MW)
•Targeting development of 1.5GW of operating assets annually, with 8.5GW of generation targeted
by the end of 2026
•18GW development pipeline now includes 50 active projects out to 2027 and beyond
Longroad
Energy
8

•Team of 46 spread over eight markets
•9.1GW pipeline across eight countries,
covering onshore and offshore wind, solar
and battery storage
•Irish wind development joint venture
received planning consent for its first
45MW, currently expanding its pipeline to
800MW
•Two large floating offshore wind farms in
Italy under development
•Joint development venture, named Source
Galileo formed with a plan to develop over
5GW of offshore and onshore renewable
energy and storage projects in Ireland,
Norway, and the UK
•Joint venture to develop utility-scale
ground-mounted solar plants across
Germany formed
•Targeting c.200MW of projects to the
investment decision stage in H1 FY2024
•Team of 50 spread over seven markets
•3.7GW pipeline across six countries
•Final investment decision reached in April
2023 on a 76MW solar project in the
Philippines, with construction expected to
start imminently
•Planning submission is imminent for
between 150MW and 200MW of Solar
projects in South Korea
•Targeting c.200MW of projects to the final
investment decision stage in FY2024
•Mint Renewables established in late 2022
to invest in the development of wind, solar
and storage solutions across Australia
•Small, high-quality team assembled
Momentum
building across
Infratil’s
Renewables
platform with a
development
pipeline of over
30GW across
four continents
and 29 markets
Development
Platforms
9

1
EBITDAF excludes $3.5 million of Trustpower Retail EBITDAF
Focus on building
development
pipeline and
enhancing
existing
generation after
completion of the
sale of the retail
business
Year in review
•EBITDAF for the year was $136.7 million
1
, down $23.0 million (14.3%) on the prior year
•Generation production volumes were 1,917GWh, up 8.9% from 1,760GWh in the prior year
•Hydrological conditions, wholesale pricing, and hedging contracts contributed to a stronger net
energy margin than FY2022, however this was offset by a fall in carbon prices, the loss of ACoT
revenue, and increased development and corporate overheads
•Focus continues on enhancing existing generation, which is on track to deliver ~80GWh
per annum of volume uplift by FY2029, with 15GWh delivered in FY2023
•920MW of solar and wind projects have been secured with either landholder or option
agreements in place, with a further ~420MW in advanced stage of negotiations
Outlook
•EBITDAF for FY2024 is forecast to be$120 million to $140 million, down 5% on FY2023
•Development rights secured for a 230MW wind generation project in the central North Island,
with consultation, consenting, and connection activity under way
•Proposed solar farm adjacent to Argyle Power Station is in the design and consenting phase
Manawa
Energy
10

Diagnostic
Imaging
Signs of
improvement after
covidpandemic
effects and
adverse Australian
weatherevents
Year in review
•EBITDAF for the year was $169.9 million, $45.7 million up from the prior period, largely
reflectingthe first full year of ownership of the RHCNZ Medical Imaging Group
•Continuation of covid-related disruption to the healthcare system resulted inreferrals and scan
volumes remainingsupressed, however signs of improvement in the latter part of FY2023
•Across the platform two new clinics were opened, one significant clinic refurbishment was
completed and a number of clinic expansions were undertaken
•Platform now consists of 150 clinics, employing289 radiologists. During the year the two
businesses performed over 2.3 million scans and saw over 1.4 million patients
•Significant investment continues in remuneration models, organisational capability and IT in order
to improve quality, productivity and efficiency
Outlook
•Forecast FY2024 EBITDAF ofbetween $180 million to $220 million, up 17.7% at the midpoint
from FY2023
•Seven new or expanded clinics are forecast to be delivered across New Zealand in FY2024, and
Qscan is expecting to invest in a new clinic in Queensland
•Both Qscan and RHCNZ expect that scan volumes will continue to recover towards pre-
pandemic levels, with RHCNZ to recover to pre-pandemic volumes in FY2024
11

1
EBITDAF excludes transaction costs related to the sale of TowerCo, but includes rebrand costs of $28 million
Transformation
initiatives are
continuing across
the business
including the
rebrand to One
New Zealand
Year in review
•EBITDAF for the year was $527.8 million
1
, up $46.8 million (9.7%)from the prior year
•Post-paid mobile trading continues to improve with One NZ leading the market in total post-paid
mobile connection growth.Roaming revenue had returned to 80% of pre-covid levels by the end
of the year
•Enterprise service revenue continues to grow in line with the market
•Retail stores successfully integrated and rebrand to One NZ completed
•Underlying cost base, excluding $28 million of costs related to the rebrand, remained stable with a
continued focus on cost control absorbing inflationary pressures
•$300 million invested during the year into a number of capital projects, including 294 new and
upgraded 4G and 5G sites across the country
Outlook
•Forecast FY2024 EBITDAF of $580 million to $620 million, up 14% at the midpoint from FY2023
•Ongoing focus on delivering a leaner and more efficient business to drive customer service gains
andcost savings
•Partnership with SpaceX announced to deliver mobile coverage to 100% of New Zealand from
late 2024 via the Starlinknetwork of low Earth orbit satellites
One
New Zealand
12

Year in review
•Underlying Profit
1
for the year was A$30.3 million, down A$26.1 million on the prior year
•Total unit sales of 432 included 32 new units and 400 resales, down from 565 in the prior year
which had a higher level of available stock
•Current village occupancy is at 96.8%, which compares favourably to the Australian industry
average of 90%
•Integration ofcare into villages is continuing, using a combination of RetireAustralia’s own home
care services and partnerships with select local care providers
•Construction started on 42 apartments in TarragalGlen and 62 apartments and a 10 bed care
facility at Stage 3 of The Verge
Outlook
•Construction is expected to complete on a further 254 independent living apartments and a 10-
bed care hub across two developments during FY2024
•Between 520 and 560 units, including between 150 to 185 new units, are expected to be sold
over FY2024
•Targetinga development run rate of 200+ new units per annum over the coming three financial
years, given its current development pipeline
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
Retire
Australia
Demand for new
and existing
villages remains
strong and
development
continues across
multiple sites
13

Year in review
•EBITDAF for the year was $89.6 million, $32.8 million (57.7%) up from the prior year
•FY2023 Passenger numbers for the year were 5.3 million, up 49% on the prior year with domestic
passenger numbers returning to 90% of pre-pandemic levels and international passengers to 76%
•International borders fully reopened, with Air New Zealand resuming international flights from
March 2022 and Qantas and Fiji Airways restarting flights shortly after
•$100 million of bank finance was converted to a sustainability linked loan
•A number of important capital projects were completed or are underway including securing
development rights over the golf club site, the redevelopment of Taxiway Bravo, a new stormwater
management system, airfield lighting, and a new roof on the international terminal
Outlook
•Significant upcoming capital projects include an upgrade to the international arrivals hall in order to
provide a better experience for passengers, as well as a new airport fire station and ground
services building
•Pricing consultation with airlines for FY2025-2029 will shortly commence
•Forecast FY2024 EBITDAF of between $105 million to $110 million, up 20.0% at the midpoint
from FY2023
Wellington
Airport
After several
years of covid
turbulence, the
last 12 months
have seen
Wellington Airport
resume planning
to accommodate
future growth
14

Portfolio Outlook

1.Gearing calculated as total net debt / total capital based on the Infratil share price at 31 March 2023.
2.Infratilwholly owned undrawn bank facilities.
•Significant cash reserves and undrawn bank
facilities remain available following receipt
of the net proceeds from the One NZ
towers transaction in November 2022
•$100 million of IFT240 bonds were repaid in
December 2022
•A single bond maturity in FY2024 –
$122 million of IFT210s in September 2023
•31 March 2023 gearing of 9.8%,
significantly below the target range of 30%
31 March
($millions)
20232022
Net bank debt
($593.2)($773.0)
Infrastructure bonds$1,085.9 $1,163.7
Perpetual bonds$231.9 $231.9
Total net debt$724.6 $622.6
Market value of equity$6,660.6 $5,972.9
Total capital$7,385.2 $6,595.5
Gearing
1
9.8% 9.4%
Undrawn bank facilities$898.4 $899.6
100% subsidiaries cash$593.2 $773.0
Liquidity available$1,491.6 $1,672.6
122
156
164
156
102
146
123
116
232
341
369
189
-
100
200
300
400
500
600
FY24FY25FY26FY27FY28FY29FY30FY31>FY32
Millions
BondsUndrawn Bank Debt
Debt Capacity
& Facilities
Significant
liquidity available
to support
investment
opportunities;
gearing remains
dependent on
underlying
cashflows
16

31 March ($millions)FY2022CapitalDistributionsHurdleValuationIncentive FeeIRR
1
Annual Incentive Fee
CDC Data Centres$3,117.3($14.2)$37.1($372.7)$3,660.3
2
$38.634.0%
Longroad Energy$227.4($243.7)$8.4($39.5)$1,185.8
3
$136.760.7%
RetireAustralia$408.8--($49.1)$431.8
4
($5.2)4.4%
Galileo$26.1($42.1)-($5.5)$71.2
5
($0.5)2.0%
Initial Incentive Fee
Qscan$309.7-$2.4($91.7)$370.6
6
($5.7)8.5%
$4,089.3($300.0)$47.9($558.5)$5,719.7
x
$163.9
1.IRR is calculated in NZD after incentive fees and calculated as at 31 March 2023
2.CDC Data Centres independent valuation of Infratil’sinvestment is in the range of A$3,130 million - A$3,725 million
3.Longroadindependent valuation of Infratil’sinvestment is US$744.1 million
4.RetireAustraliaindependent valuation of Infratil’sinvestment is in the range of A$366.7 million - A$445.0 million
5.Galileo independent valuation of Infratil’sinvestment is in the range of €37.1 million - €44.7 million
6.Qscanindependent valuation of Infratil’sinvestment is in the range of A$317.6 million - A$380.2 million
Valuation &
Incentive Fees
Strong valuation
uplifts for CDC
Data Centres and
LongroadEnergy
have resulted in a
net incentive fee
accrual of
$163.9 million for
FY2023
Agreement inprinciple toamend the Management Agreement to provide for annual offsetting of over and under
performance between the three categories of incentive fees for international assets, and the carry forward of the
impact of underperformance for unrealised assets (and in limited circumstances for realised assets)
The amendments will apply to calculation of the incentive fees due to Morrison & Co for FY2023, and the net effect
of the changes for FY2023 is a reduction of $5.7 million relating to Qscan’sperformance
No changes have been made to how the underlying calculations are performed, in that the hurdle remains at a fixed
12%, incentive fees are calculated as 20% of outperformance above that hurdle, and incentive fees can still only be
earned on international assets
On 19 May 2023, Infratil gave notice to Morrison & Co, as Manager, that it has elected to pay $60.0 million of the
third tranche of the FY2021 Annual Incentive Fee by way of issue of shares on 29 May 2023
17

FY2024
Guidance
FY2024
Proportionate
EBITDAF
guidance up 11.0%
at the midpoint on
a strong FY2023
result
Outlook
•FY2024 Proportionate EBITDAF guidance range set at $570 million – $610 million
•Key guidance assumptions include:
•CDC Data Centres EBITDAF of A$260 million -A$270 million
•One NZ EBITDAF of $580 million -$620 million
•Manawa Energy EBITDAF of $120 million –$140 million
•Wellington Airport EBITDAF of $105 million - $110 million
•Diagnostic Imaging EBITDAF of $180 million – $220 million
•Renewables Platform EBITDAF loss of $50 million as platforms invest in growth
•Contributions from Longroad Energy, Kao Data and RetireAustralia in line with FY2023
•Forecast NZD/AUD 0.9162, NZD/USD 0.6585, NZD/EUR 0.6047, and NZD/GBP 0.5344
•Guidance is based on Infratil management’s current expectations and assumptions about the
trading performance, is subject to risks and uncertainties, and dependent on prevailing market
conditions continuing throughout the outlook period
•Guidance is based on Infratil’s continuing operations and assumes no major changes in the
composition of the Infratil investment portfolio
•Trading performance and market conditions can and will change, which may materially affect the
guidance set out above
18

1.Assuming SBTi approval process proceeds within anticipated timeframe.
Year in review
•100% of Infratil’s portfolio companies participated in GRESB Infrastructure Assessments
•Infratil has committed to setting a Science Based Targets initiative (‘SBTi’) validated target under
the framework for financial institutions
•Implementation of Persefoniclimate data platform. Persefoni, a Clearvision investee, is a carbon
accounting platform that provides a single source of carbon truth and supports emissions
measurement, analysis and metric calculations.
•Joined the Initiative ClimatInternational (iCI)
Outlook
•Infratil will release its inaugural sustainability report in August 2023 which will include:
•Climate-related disclosures in accordance withthe Aotearoa New Zealand Climate Standards
•Emissions reporting in line with the GHG Protocol and Partnership for Carbon Accounting
Financials
•Climate targets in line with the SBTi framework for financial institutions
1
, on a portfolio coverage
basis
•Net Zero target to be set in 2024 once SBTi finalises its Net-Zero Standard for financial
institutions (FINZ)
Infratil invests in
ideas that matter.
Sustainability is
inherent in this
approach – both
in how we invest,
as well as what
we invest in
Sustainability
19

•Longroad is aiming to deliver 4.6GW of projects over 2023-26 requiring ~US$8 billion capex (85-
90% debt funded) with ~US$1 billion to be funded via equity. 1.3GW is currently under construction
•Manawa Energy is focused on rebuilding its development pipeline with 920MW of solar and wind
projects having been secured to date. Consultation, consenting, and connection activity is under way
for the 230MW Huriwakawind generation project in the central North Island
•Galileo and Gurīn Energy are expected to start construction of their first material projects imminently
•CDC has 42MW of capacity under construction across three new facilities, with construction
forecast to commence on additional capacity this year
•Kao Data has announced plans to establish a new 40MW Manchester data centre
•One NZ has announced a partnership with SpaceX to deliver mobile coverage to 100% of
New Zealand from late 2024 via the Starlinknetwork of low Earth orbit satellites
•RHCNZ is forecasting seven new or expanded clinics to be delivered across New Zealand in
FY2024, and Qscan is expecting to invest in a new clinic in Queensland
•RetireAustralia expects to complete construction on a further 254 independent living apartments
and a 10-bed care hub across two developments during FY2024
•Wellington Airport has a number of significant upcoming capital projects including an upgrade to
international arrivals , as well as a new airport fire station and ground services building
•At the portfolio level we remain alert to attractive opportunities arising from current macro volatility,
but remain patient and disciplined
Significant
Growth Pipeline
Our portfolio
companies have
significant value
accretive
investment
opportunities that
require
investment in the
near term
20

Summary
•Our businesses are performing well, despite global and local economic uncertainty, inflation and interest
rate headwinds
•Strong result over the last 12-months and FY2024 is set to deliver further earnings growth
•Thematic tailwinds continue to provide valuable options for growth across the portfolio; there is no
shortage of investment opportunities within our existing platforms
•Climate commitments from governments and societal demandsare growing and will accelerate the
transition to renewable energy, resulting in anunprecedented level of investment
•Data demand and connectivity growth is showing no sign of slowing; we continue to look for unique global
access points that will provide us with further opportunities in this sector
•Infratil is an attractive partner for global players looking for experienced industry investors withlong-term
flexible capital
•Our strong and flexible balance sheet will allow us to take advantage of internal and external opportunities
over the coming year

Appendix

Infratil continues
its track record of
outstanding
returns
7.00
7.50
8.00
8.50
9.00
9.50
10.00
Mar
22
Apr
22
May
22
Jun
22
Jul
22
Aug
22
Sep
22
Oct
22
Nov
22
Dec
22
Jan
23
Feb
23
Mar
23
Apr
23
Infratil Share Price
1.Accumulation returns are to 31 March 2023 based on a closing share price of $9.20, the calculation assumes that shareholders reinvest dividends on the day they are earned, and participates in any rights offerings.
Accumulation Return
1
PeriodReturn
1 Year14.2%
5 Year28.4%
10 Year19.4%
Inception – 29 years18.6%
Share Price
Performance
Appendix One

1.Discontinuedoperationsrepresentbusinessesthathavebeendivested,orbusinesseswhichwillberecoveredprincipally
througha saletransactionratherthanthroughcontinuinguse
31 March
($Millions)
20232022
Operating revenue
$1,845.1 $1,297.4
Operating expenses($871.8)($779.0)
Operating earnings$973.3 $518.4
International Incentive fees($169.6)($221.2)
Depreciation & amortisation($107.6)($91.4)
Net interest
($166.8)($159.5)
Tax expense
($42.5)($22.6)
Realisations and revaluations$74.8 $82.2
Net surplus/(loss) continuing$561.6 $105.9
Discontinued operations
1
$330.1 $1,125.8
Net surplus after tax$891.7 $1,231.7
Minority earnings($248.6)($62.4)
Net parent surplus$643.1 $1,169.3
•Operating revenue reflects a full year of
RHCNZ and increased earnings from One NZ
and CDC Data Centres
•Incentive fees reflect the increase in valuation
of Longroadand CDC Data Centres
•Increase in depreciation & amortisation and
net interest primarilydue to a full period
contribution from RHCNZ Medical Imaging
(Auckland and Bay Radiology)
•Increased tax expense is largely due to
increased associate earnings and dividends
received from Manawa Energy that were
partially imputed
•Realisations and revaluations reflect negative
movements in electricity derivatives, partially
offset by positive interest rate swap
movements
•Discontinued operations relate to the
Trustpower retail business and includes a
gain on sale of $328.8 million
Financial
Summary
Net parent
surplus of
$643.1 million
driven by the
completion of the
Trustpower retail
sale, One NZ
Towercosale and
CDC Data
Centres property
revaluations
Appendix Two
24

31 March
($Millions)
20232022
CDC Data Centres
$113.7 $82.2
One NZ$263.6 $243.8
Fortysouth$4.4 -
Kao Data($3.0)($1.5)
Manawa Energy
$69.9 $83.9
Longroad Energy$16.4 $15.1
Galileo($11.8)($5.4)
Gurīn Energy
($15.6)($6.0)
Mint Renewables($1.4)-
RHCNZ Medical Imaging$54.4 $32.9
Qscan Group$33.8 $33.9
RetireAustralia$6.1 $16.9
Wellington Airport$59.1 $37.3
Corporate and other($58.1)($58.2)
Proportionate EBITDAF
1
$531.5 $474.9
Tilt Renewables-$7.9
Trustpower retail$1.8 $24.2
Total$533.3 $507.0
1.ProportionateEBITDAFrepresentsInfratil’sshareoftheconsolidatednetearningsbeforeinterest,tax,depreciation,
amortisation,financialderivativemovements,revaluations,gainsorlossesonthesalesofinvestments,andexcludes
acquisitionorsalerelatedtransactioncostsandtheimpactofInternationalPortfolioIncentiveFees. CDCEBITDAFexcludes
RMSpaymentstomanagementshareholders. Accruedpaymentsunderthisschemeareincludedin netexternaldebt
Proportionate
EBITDAF
EBITDAF uplift
reflects additional
capacity utilisation
at CDC Data
Centres, return of
inbound travellers
and a full year
contribution from
RHCNZ
•CDC earnings uplift driven by commissioning
of EC4, H5 and New Zealand sites and
increased utilisation at EC3, F2 and H4
•One NZ upside driven by mobile service
revenue, including the return of roaming, and
strong cost control
•A stronger net energy margin at Manawa
Energy was offset by a fall in carbon prices,
the loss of ACoTrevenue, and increased
development and corporate overheads
•Galileo and GurīnEnergy reflect increasing
development expenditure and operations
ramp-up
•Full year contribution from RHCNZ Medical
Imaging and Envision (Qscan)
•Wellington Airport traffic recovery in both
Domestic and International passengers
•Corporate expenses reflect increased
management fees driven by Infratil share
price appreciation
Appendix Three
25

31 March
($Millions)
20232022
CDC Data Centres
$341.9 $259.9
One NZ$151.8 $177.9
Kao Data$36.0 -
Manawa Energy
$22.6 $23.6
Longroad Energy$345.9 $240.2
RHCNZ Medical Imaging$14.7 -
Qscan Group
$9.5 $13.8
RetireAustralia$66.6 $26.1
Wellington Airport$46.0 $11.7
Other--
Capital Expenditure
$1,035.0 $753.2
Kao Data-$217.9
Fortysouth$212.1 -
GurīnEnergy
$41.2 $8.3
Galileo$42.3 $13.9
Mint Renewables$4.4 -
RHCNZ Medical Imaging
-$408.8
Clearvision$24.2 $4.6
Infratil Investments$324.2 $653.5
Total Investment$1,359.2 $1,406.7
Proportionate
Investment
Strong thematic
tailwinds continue
to provide valuable
options for growth
across the
portfolio with
significant new
investment into
Infratil’s high
conviction
platforms
•CDC spend up due to the commissioning of
EC4, H5 and New Zealand sites, with work
also progressing in Melbourne
•One NZ spend included 294 new and
upgraded 4G and 5G sites
•Longroad Energy achieved financial close on
seven new renewable development projects,
totalling 1.3GW across five states
•RHCNZ Medical Imaging completed three
new clinics during the year (Timaru,
Canterbury and Palmerston North)
•A number of important capital projects were
completed or are underway at Wellington
Airport including securing development
rights over the golf club site and the
redevelopment of Taxiway Bravo
•RetireAustralia started construction on 42
apartments in TarragalGlen and 62
apartments and a 10 bed care facility at
Stage 3 of The Verge
•Reinvestment into Fortysouthfollowing the
completion of One NZ’s sale of its passive
mobile towers, and initial investment into
Mint Renewables
Appendix Four
26

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).
1.Associates include Infratil’sinvestments in CDC Data Centres, One NZ, Kao Data, RetireAustralia, LongroadEnergy, Galileo and
Fortysouth
2.Subsidiaries include Infratil’sinvestments in Manawa Energy, QscanGroup, Pacific Radiology Group, Wellington Airport, Gurīn
Energy and Mint Renewables
31 March ($millions)20232022
Net profit after tax (‘NPAT’)891.71,231.7
Less: Associates
1
equity accounted earnings(653.4)(268.5)
Plus: Associates
1
proportionate EBITDAF389.4347.4
Less: minority share of subsidiary
2
EBITDAF(177.8)(158.0)
Plus:share of acquisition or sale-related transaction costs-35.5
Net loss/(gain) on foreign exchange and derivatives(91.9)(68.0)
Net realisations, revaluations and impairments17.1(14.2)
Discontinued operations(330.1)(1,125.8)
Underlying earnings45.0(20.0)
Plus: Depreciation & amortisation107.691.4
Plus: Net interest166.8159.5
Plus: Tax42.522.6
Plus: International Portfolio Incentive fee169.6221.2
Proportionate EBITDAF531.5474.9
Earnings
Reconciliation
Appendix Five
27

31 March ($millions)20232022
Opening Wholly Owned Net Bank (Debt)/Cash773.0 (328.2)
Manawa Energy dividends93.6 56.7
One NZ distributions and shareholder loan interest payments181.0 37.2
CDC distributions and shareholder loan interest payments37.1 13.4
Longroad Energy distributions and capital returns12.6 54.0
RHCNZ Medical Imaging distributions30.3 -
Qscan Group distributions2.3 -
Tilt Renewables distributions-16.1
Clearvision distributions-1.7
Net interest(43.9)(61.2)
Other corporate operating cashflows(58.5)(68.4)
Incentive fees paid(271.0)(116.2)
RHCNZ Medical Imaging investment(16.4)(408.8)
Kao Data investment (21.2)(217.9)
Other investing and financing cashflows(388.9)(111.1)
One NZ towers sale capital return690.2 -
Fortysouthinvestment(212.1)-
Sale of Tilt Renewables-1,959.3
Sale of ASIP-44.8
Receipt of contingent consideration-16.1
Dividends paid(137.1)(121.8)
Bond maturities(100.0)(93.9)
Proceeds from bond issues22.2 101.2
Closing Wholly Owned Net Bank (Debt)/Cash593.2 773.0
CDC Data Centres(14.0)(17.4)
Longroad Energy(260.6)(58.7)
GurīnEnergy(43.4)(8.3)
Galileo(42.3)(13.8)
Clearvision Ventures(24.2)(12.9)
Mint Renewables(4.4)-
Net other investment & financing cashflows(388.9)(111.1)
The Wholly Owned Group
comprises Infratil and its
wholly-owned subsidiaries and
excludes Manawa Energy,
Mint Renewables, Wellington
Airport, QscanGroup, Pacific
Radiology Group, GurīnEnergy,
CDC Data Centres, One NZ,
RetireAustralia, Longroad
Energy, Kao Data, Galileo and
Fortysouth
Wholly Owned Net Bank Debt
comprises the drawn bank
facilities (net of cash on hand)
of Infratil’swholly owned
subsidiaries
Movements in
Net Bank Debt
Appendix Six
28

---

1
The power of global
connectivity
Annual Report 2023

21
1
Infratil
Annual Report
2023
global
adjective
1. relating to the whole world; worldwide.
2. relating to or encompassing the whole of something, or of a group of things.
connectivity
noun
1. the state of being connected or interconnected.
2. capacity for the interconnection of platforms, systems, and applications.
The importance of connectivity and technology in our interconnected world is
increasingly shaping the future of business, politics, and society as a whole.
Infratil’s investments include the physical assets that underpin the type of global
connectivity that we take for granted; fibre networks, data centres,
cell networks, subsea cables and energy networks.
Not only do our investments provide physical connections, they are embedded within,
and inherently connected to the communities in which we operate. All of our investments
provide essential services to these communities, whether that is healthcare, aged care,
transportation, renewable energy, communication or pure connectivity services.
Infratil is harnessing the power of global connectivity, both in the way we invest and
manage our portfolio, but also increasingly in the way we grow our own networks and
connections between people and portfolio companies around the world.
1
Contents
Portfolio Overview2
Operating Highlights5
2023 Snapshot6
Financial Highlights7
Governance
Directors8
Report of the Board Chair10
Management
Report of the Chief Executive12
Management14
Stakeholder Engagement 18
Shareholder Returns and Ownership19
Sustainability20
Community23
Results
Financial Trends26
Financial Performance & Position28
Bondholders 32
Foreign Exchange 33
Infratil’s Businesses
Digital36
CDC Data Centres38
Kao Data41
One NZ42
Fortysouth45
Renewables48
Longroad Energy50
Galileo Green Energy53
Manawa Energy54
Gurīn Energy56
Mint Renewables57
Healthcare60
RHCNZ Medical Imaging62
Qscan Group64
RetireAustralia 66
Wellington Airport68
Financial Statements 73
Corporate Governance Disclosures 140
Directory 154

23
Portfolio
Overview
23

45
Operating
Highlights
Data Centre capacity
285
MW
Installed renewable generation
2 ,11 7
MW
Airport passengers
5,253,165
Medical scans
2,387,999
Retirement village residents
5,225
Mobile connections
2,003,529
million
Renewable energy generated
5,750
GWh
Group employees
6,474
Portfolio
Overview
Portfolio Composition - SectorPortfolio Composition - Geography
AirportsRenewablesDigital Healthcare
51% Infratil
27% TECT / 22% Public
37.1% Infratil / 37.1% NZ Super
13.8% Management / 12% MEAG
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
73% Infratil

27% CSC
20% Infratil
40% InfraRed / 40% Northleaf
Australia 47%New Zealand 35%
United
States
14%
UK, Europe

& Asia
4 %
Digital 57%
Renewables 21%
Healthcare 14%
Airports

7%
Other 1%

67
2023
Snapshot
Financial
Highlights
Net parent surplus
$643.1
million
Proportionate capital expenditure2
$1,359.2
million
Cash dividend declared
12 . 5 0 cps
4.86 cps imputation
Share price
$9.20
Market capitalisation
$6.7
billion
Proportionate EBITDAF 1
$531.5
million
Net debt 3
$724.7
million
12 month shareholder return 4
14.2%
per annum
1 EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating
gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for
measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF shows Infratil’s
operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction costs and
management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 31 March2023 annual 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 12-month returns assuming that dividends are reinvested on the date of payment.
CDC Data Centres delivered an additional
104MW of data centre capacity across its
Canberra, Sydney and Auckland campuses.
One New Zealand completed the sale
of its passive mobile tower infrastructure
to a consortium including Infratil, leading to
the establishment of Fortysouth.
Manawa Energy completed the sale of the
Trustpower mass market retail business,
including approximately 238,000
customers to Mercury Energy.
Qscan expanded into Western Australia
through a partnership with Envision Medical
Imaging in Perth.
Longroad Energy announced the raise of
US$500 million of equity capital, including
the acquisition of a 12% stake by MEAG for
US$300 million.
Wellington Airport passenger numbers
are climbing back to pre-covid levels, with
domestic passengers recovering to around
90% and international to around 76% by
the end of FY2023.
Longroad Energy achieved financial close on
seven new renewable development projects,
totalling 1.3GW across five North American
states.
Mint Renewables was established in late
2022 to invest in the development of wind,
solar PV, and storage solutions across
Australia.
Vodafone rebranded to One New Zealand,
at the same time announcing a collaboration
with SpaceX to provide mobile coverage to
100% of New Zealand from late 2024.
Infratil committed to setting a science-
based target with a clearly-defined path
to reduce emissions in line with the Paris
Agreement goals in May 2023.

89
Directors
Infratil’s shareholders elect
directors for three-year terms

to look after their interests.
Directors are expected to:
• Maintain a dialogue with shareholders,
to understand concerns and priorities.
• Participate in the formation and evolution
of the Company’s strategy.
• Ensure effective articulation to external
stakeholders of strategy, goals, risks and
performance, including with regard to
environmental, social and governance
metrics.
• Monitor strategy implementation,
financial performance, risks and legal
compliance.
• Maintain awareness of relevant societal
and market developments and provide
diversity of perspective and knowledge
relevant to the Company.
• Monitor the performance of Infratil’s
manager H.R.L. Morrison & Co.
Morrison & Co is a specialist manager
of infrastructure investments and
performs this role for Infratil under an
investment management agreement.
Infratil benefits from having a
management team with great breadth
and depth of skills, however the Board
must be vigilant about potential conflicts
of interest and satisfied that the cost is
reasonable relative to the alternative.
Further commentary on the Board is set out
on pages 140 - 147 of this report.
Peter Springford
Peter joined the Board as an
independent director in
November 2016. Peter is a
member of the Manager
Engagement Committee.
“Having led a major industrial
company based in New Zealand
and Australia, businesses in Asia,
and been chair or director of
companies operating
internationally, I recognise that a
key ingredient of successful
investment is having the right
people who provide diversity of
experience and perspective.”
Andrew Clark
Andrew joined the Board as an
independent director in June
2022. Andrew is a member of
the Audit & Risk and Manager
Engagement Committees.
"In my 30 years of consulting in
Australia, Asia and New Zealand
I have acquired significant
experience in portfolio and
business unit strategy across a
wide range of industries and
geographies. I have developed
and led high performance teams
and worked with clients to grow
their businesses in scale and
profitability. I aim to contribute
my experience to the already
exceptional Infratil team and help
continue to deliver strong returns
for all shareholders."
Kirsty Mactaggart
Kirsty joined the Board as an
independent director in March
2019. Kirsty is Chair of the
Manager Engagement
Committee and a member of
the Audit & Risk Committee.
“I have over 25 years of financial
market experience across
multiple countries and sectors.
My transactional experience as a
banker, and governance focus as
an investor, are applied to ensure
the manager delivers for all
Infratil stakeholders.”
Alison Gerry
Alison joined the Board as an
independent director in July
2014 and became Chair in May
2022. Alison is a member of the
Audit & Risk, Nomination &
Remuneration, and Manager
Engagement Committees.
“My experience in finance and
risk management helps me
appreciate Infratil’s strategic
opportunities and threats from
financial markets, technology,
regulation and the natural
environment. Executing strategy
is about allocating capital and
about developing a culture which
reflects the value we place on
people, customers, and
communities.”
Jason Boyes
Jason is Chief Executive of
Infratil and joined the Board in
April 2021.
“As Chief Executive I am
responsible for working with
board and management on
shaping Infratil’s strategies
and goals, and for ensuring
that management delivers
accordingly. Management
has to identify opportunities,
ensure that Infratil’s businesses
are performing to their potential,
and ensure that risks are
monitored, managed and are
within acceptable and agreed
parameters.”
Anne Urlwin
Anne was appointed to the Board
in January 2023. Anne is Chair of
the Audit & Risk Committee and
a member of the Manager
Engagement Committee.
“I have governance experience
in many of the sectors Infratil
invests in and a strong interest in
sustainability. I appreciate that
the successful delivery of
long-term value for shareholders
and other stakeholders requires
robust capital and risk
management, and top talent to
identify and pursue strategic
investment in ideas that matter.”
Paul Gough
Paul joined the Board as an
independent director in December
2012. Paul is a member of the
Nomination & Remuneration and
Manager Engagement
Committees.
“As a Kiwi who runs a private equity
business investing across Europe,
I add an additional international
perspective to Infratil’s growing
portfolio and exciting pipeline of
opportunities. In London I manage
investments in similar fields to
Infratil’s, but often in a more
transitional stage of development.
Achieving the best investment
outcome generally requires getting
the best from people. The focus
on performance and people is
consistent with what I see at
Infratil and its manager.”

10
Kia ora kōutou. I am pleased to
report that Infratil has had another
outstanding year, during a roller
coaster twelve months of global
volatility, significant inflationary
pressures and financial system
uncertainty.
Financially, Infratil exceeded its long-term
target returns, delivering an after-tax return
to shareholders for the year of 14.2%. This
was founded on over $1.3 billion invested,
and a net parent surplus of $643 million
for the year. Infratil’s 10-year return to
31 March 2023 was 19.4%.
Shareholders will no doubt have observed
the challenges in the global banking sector.
Capital management and treasury activities
have long been a key focus of the Infratil
Board. Consequently, we have a healthy
balance sheet, with over $590 million in
cash and significant undrawn bank facilities.
We also have a steady pipeline of
opportunities that could see us deploy that
capital. The reality is that infrastructure is
seen as a safe harbour investment in
challenging times, and because of its
long-dated nature has a natural resilience to
the choppy waters of inflation.
Globally positioned
Strategically, Infratil has improved its position
in areas where we see infrastructure needs
growing, particularly in renewable energy,
digital infrastructure and healthcare. We have
also continued to expand our geographic
footprint, with a presence now in 17
countries, and a global track record that
helps us access opportunities wherever they
make strategic sense.
As the world has changed, so has our
portfolio. We see demand for infrastructure
rising in most developed economies, fuelled
by long periods of public under-investment,
the need to decarbonise and electrify
transport infrastructure to meet Paris Accord
targets, technological adoption, the need for
greater domestic infrastructure security in
the face of heightened global security and
supply risks, and the need to meet population
growth and demographic changes.
More than 50% of our assets are now
international and the weighting has shifted
towards digital and connectivity investments
where we see further opportunities. That
said, we will continue to develop new
long-term ideas, such as our early position in
critical healthcare infrastructure. In my view,
we have built up market-leading intellectual
property in the assessment of infrastructure
trends and the opportunities they can
generate. While this does not always
translate to investments, this provides us with
enduring benefits for future opportunities.
Our portfolio resilience was demonstrated
throughout covid. Going forward we want to
ensure the right mix to deliver long-term
target returns to shareholders of 11-15% per
annum. To do that we will focus on sectors
and businesses with strong defensive
characteristics, exposure to growth driven by
macro trends and industry tailwinds, and
opportunities to create infrastructure
platforms to build scale.
Sustainable infrastructure
Infrastructure has been defined as the
structures needed for a society or enterprise
to operate. This illustrates an important
symbiotic thread that connects the physical
assets in which we invest, such as fibre
networks, subsea cables, mobile networks,
radiology infrastructure and energy
networks, to the communities our portfolio
serves, via essential digital connectivity,
healthcare to support an ageing population,
renewable energy to help economies
decarbonise, and airports to physically move
and connect people. Put simply, we help
societies and enterprises to function well.
You will also see in this report our focus on
ESG is intensifying, for example through our
commitment to set science-based emission
reduction targets, and the release later this
year of our inaugural sustainability report. In
my view we need to better articulate our
approach to sustainability. Putting
sustainability at the core of our strategy,
portfolio and investments is not just an
important leadership position but is
increasingly where smart capital is flowing
and new opportunities are emerging.
Sound governance
I would like to acknowledge my predecessor,
Mark Tume. As you will be aware, Mark
stepped down from the Board in December
2022, having guided Infratil through a
decade of consistent outperformance.
In other governance changes I welcome
highly experienced directors Andrew Clark,
who joined the Infratil Board in June 2022,
and Anne Urlwin, who joined in January 2023.
As always, Infratil has aimed for seamless
renewal within its management and Board
ranks. I believe the financial and operational
results for the year are testament to the
success of this approach.
The Board also took the opportunity to visit
other markets in the first half of the year.
These visits highlighted the increasingly
global experience and connections of the
Morrison & Co team. In a world where global
reach, intellectual property, and connections
matter more than ever, the Morrison & Co
capabilities are proving invaluable to Infratil.
Its role in redefining what infrastructure is has
been important to Infratil’s strategic thinking
and approach. The acquisition of 5.3 million
Infratil shares by Morrison & Co earlier in the
year further demonstrates our alignment.
Confident outlook
Looking ahead we expect to see ongoing
volatility as financial, political and regulatory
systems continue to grapple with global
inflationary pressures and a continuing
uncertain geopolitical outlook. While there
are signs of stabilisation, the October 2023
general election in New Zealand will provide
some additional insights into how our
domestic economy will navigate these
turbulent currents.
For our part, we will continue to focus on
sectors we believe offer attractive long-term
opportunities and are supported by strong
underlying fundamentals. We will also look at
selected opportunities in these areas or in
close adjacencies if and when they make
strategic sense.
I am proud Infratil has continued to deliver
for shareholders, stakeholders and
communities. I would like to acknowledge
the entire Infratil team and management
teams within our portfolio companies
for their continued hard work. I would also
like to thank shareholders for the faith
placed in us. That is a trust we do not take
lightly and will strive to continue to earn
anew every year.
Alison Gerry
Chair
Report of the
Board Chair
Management agreement updates
Reflecting feedback and concerns of
shareholders in recent years, Infratil and the
Manager have agreed in principle to make a
number of amendments to the incentive fee
provisions in the Management Agreement.
No changes have been made to how the
underlying calculations are performed, in
that the hurdle remains at a fixed 12%,
incentive fees are calculated as 20% of
outperformance above that hurdle, and
incentive fees can still only be earned on
international assets.
The Management Agreement amendments
(i) provide for offsetting the impact of
underperformance against outperformance
between the three categories of incentive
fees for international assets and carrying
forward the impact of underperformance
for unrealised assets (and in some limited
circumstances for realised assets) and (ii)
replace the existing test for payment of
deferred tranches of the annual incentive
fee (i.e., that the valuation of the assets has
not decreased since the annual incentive
fee was calculated) with a proportionate
reduction.
The amendments will apply to calculate the
incentive fees due to Morrison & Co for
FY2023, and the net effect of the changes
for FY2023 is a reduction of $5.7 million in
the total incentive fees due to
Morrison & Co
(assuming that deferred tranches of the
FY2023 annual incentive fee are paid in full).
The changes do not require shareholder
approval under the NZX Listing Rules or
Infratil’s constitution.
A revised consolidated draft of the
Management Agreement reflecting the
amendments will be uploaded on Infratil’s
website when available.
“We want to be a global leader in sustainable
infrastructure investment, well positioned to
invest in the ideas that will emerge from this.
In essence, this is what we mean by investing in
ideas that matter and what we believe drives
consistent, long-term outperformance against
our peers.”
11

Report of the
Chief Executive
“It's an exciting time to be investing in
digital assets, and Infratil holds a
privileged position managing the assets
we currently own, while also being well
positioned to access the next set of
digital opportunities globally.”
A year ago, in my first shareholder
report as CEO of Infratil, I was
reflecting on a successful 2022
financial year which was headlined
by the sale of Tilt Renewables, and
significant investment activity
across the portfolio.
Twelve months on, I can reflect on another
active year which resulted in a strong
financial result, and, even more importantly,
has better positioned Infratil for what we
believe is to come. What won’t be apparent
from the outside is the level of activity that
related to ideas and deals that we decided
not to progress.
On performance, we unapologetically aim
high and FY2023 has been no different on
that front, meeting our market guidance and
achieving our target returns to shareholders
in a difficult macro environment.
Measured investment
The financial achievements and portfolio
repositioning were delivered in an unusual set
of private market and investment dynamics.
While it was a record year for private deals,
there has been more competition for
acquisitions, which has challenged
valuations, kept some investors on the
sidelines and lengthened deal timelines.
Combined with volatile and inflationary
conditions, it set the scene for a year where
we did what we said we would, but where we
also showed patience, not chasing
overvalued assets and taking a long-term
view about the positioning of our portfolio.
Connected and sustainable growth
On our portfolio balance, digital infrastructure
is now more than 50% of our mix, reflecting
the criticality and expected growth trajectory
of connectivity. It is now recognised as a
major infrastructure asset class. Strategic
moves include the rapid expansion of CDC
Data Centres to meet the explosion of
demand for secure data management,
including the opening of two new data
centres in New Zealand and a flagship new
data centre at Eastern Creek in Sydney.
November 2022 saw the sale of the One
New Zealand’s (formerly Vodafone
New Zealand) passive mobile tower assets
for $1.7 billion to Fortysouth. Fortysouth is the
newly formed TowerCo and is New Zealand’s
largest independent mobile infrastructure
business, with Infratil reinvesting in a 20%
stake.
In renewables, we announced a
US$500 million capital raise for Longroad
Energy in August 2022, ahead of the Inflation
Reduction Act which has supercharged
investment in renewables in the United
States. Combined with the new renewable
energy platform Mint Renewables, and
alongside Galileo, Manawa Energy and Gurīn
Energy, we have a unique platform of
connected assets and we are well positioned
for growth in onshore wind and solar, as well
as beyond, including an early position in
offshore wind and hydrogen.
We have spoken to our investors before
about how we consider new types of
infrastructure, and how we continue to scan
for new ideas that matter. Healthcare is now
an established part of our portfolio, with
radiology specifically representing an
emerging sub-sector where macro trends
are driving an imbalance between supply and
demand. Radiology is an area where the
public system has significant structural
deficits in the face of an ageing population,
and where the private sector must play an
important role. With New Zealand's only
nationally scaled radiology group in Pacific
Radiology, Bay Radiology and Auckland
Radiology, alongside the expanding
Qscan group in Australia, we are well placed
to play an important part in delivering these
essential services in New Zealand and
Australia.
Against the backdrop of global instability,
it is worth noting more than half of our
portfolio is now comprised of international
assets. We recognise much of the same
macroeconomic dynamics we see in
New Zealand are playing out elsewhere,
and a global view across our platforms gives
us a unique set of insights to help manage
risk across our portfolio.
We focus a lot on sustainability and
identifying assets that are important to
society and the environment. As Alison Gerry
mentioned, we are intensifying our position
in this area. Look out for our first standalone
sustainability report which is being published
this year. We have also committed to
elevating our climate disclosures and
reporting in line with the latest standards,
including Aotearoa New Zealand Climate
standards, GHG Protocol and Partnership
for Carbon Accounting Financials, and the
Science Based Targets initiative.
Supportive trends
Looking ahead, every indicator tells us the
trends that are underpinning our current
thinking will likely deepen over the coming
decade and that sustainability and
connectivity will be at the heart of these.
We are well positioned, with a strong
core, and set of investments with multiple
growth options.
In digital infrastructure the demand for data
and connectivity is expected to accelerate
as new applications and use cases emerge.
These use cases will be enabled by
innovations in artificial intelligence, 5G,
augmented and virtual reality, robotics, data
security and sovereignty and the sheer,
essential power of connectivity. It is an
exciting time to be investing in digital assets,
and Infratil is well positioned to access the
next set of digital opportunities globally.
Rapid renewable energy growth will be driven
by increasingly urgent policy and regulatory
settings to promote decarbonisation and
climate change mitigation, with staggering
amounts of investment in renewables
required to make the transition. Beyond the
expected tripling of solar and doubling of
onshore wind by 2030, hydrogen is emerging
as a key renewable option, with demand
expected to grow over 90% by 2030. I am
also excited about the potential of Mint
Renewables and Manawa Energy, which we
believe can be leading players in renewable
energy on this side of the world.
We like to think of healthcare as the ultimate
’idea that matters’. An ageing population,
health systems stressed by years of
pandemic management and the growing
need for capital-intensive healthcare
equipment and resources are all long-term
factors in our health infrastructure thinking.
Macro trends are expected to drive an
increase over time in healthcare funding,
outsourcing, population age, and chronic
disease. We can play an important role in
addressing these, with both our diagnostic
imaging businesses giving us a platform to
expand and potentially connect with
adjacent areas.
Finally, I would like to thank the wider Infratil
team and our portfolio companies for
another big year, while also keeping each
other and our customers safe. I also thank
you, our shareholders, for going with us on
this journey. Hopefully you can see from this
report why we are feeling confident about
the future, and why we have a high conviction
in our investment approach.

Jason Boyes
Chief Executive
1213

Management
Transparent and Reliable
Infratil’s management comprises
people employed by the

Morrison & Co (including the
Chief Executive and Chief
Financial Officer), and people
employed by Infratil’s subsidiaries
and investee companies.
Infratil has delegated the day-to-day
management of the Company to Morrison &
Co under a Management Agreement. The
Management Agreement specifies the
duties and powers of Morrison & Co, and the
management fee payable to Morrison & Co
for delivering those services.
The Board determines and agrees with
Morrison & Co specific goals and objectives,
with a view to achieving the strategic goals of
Infratil. Morrison & Co is then accountable to
the Board for the achievement of the
strategic goals of Infratil.
As a specialist infrastructure investment
manager with offices globally, Morrison & Co
also manages investments on behalf of other
clients; including the New Zealand
Superannuation Fund, the Commonwealth
Superannuation Corporation and the
Australian Future Fund, each of which has
investments in partnership with Infratil.
Infratil benefits from its management having
the expertise of a larger and more expert
group of individuals than a company of
Infratil’s scale could normally hope to retain
and from the manager’s broad contacts and
global relationships.
Jason Boyes
Infratil Chief Executive, Director of Infratil and
CDC Data Centres, Chair of Longroad Energy,
Morrison & Co Partner
Phillippa Harford
Infratil Chief Financial Officer, Director of One
New Zealand, RetireAustralia and Wellington
Airport, Morrison & Co Partner
Paul Newfield
Morrison & Co Partner and Chief Executive
William Smales
Director of CDC Data Centres and Kao Data,
Morrison & Co Partner, CIO and Global Head of
Digital and Connectivity
Marko Bogoievski
Director of One New Zealand
Greg Boorer
Chief Executive of CDC Data Centres
Ralph Brayham
Morrison & Co Data Infrastructure &
Technology Specialist
Michael Brook
Director of RHCNZ Medical Imaging and
Morrison & Co Executive Director
Deion Campbell
Chair of Mint Renewables, Director of Manawa
Energy, Morrison & Co Operating Partner
Kellee Clark
Director of Longroad Energy, Morrison & Co
Partner and Head of Legal
Matt Clarke
Chief Executive of Wellington Airport
Susan Clifford
Client Operations & Communications
Jon Collinge
Morrison & Co Sustainability Director,
Executive Director
Peter Coman
Chair of RetireAustralia, RHCNZ Medical
Imaging, Qscan and Infratil Property,
Morrison & Co Partner and Head of Australia
and New Zealand
Clayton Delmarter
Director of Mint Renewables
Rachel Drew
Chair of Wellington Airport, Director of Qscan
and RHCNZ Medical Imaging, Morrison & Co
Executive Director
Mark Flesher
Capital Markets & Investor Relations,
Morrison & Co Executive Director
Paul Gaynor
Chief Executive of Longroad Energy
Vincent Gerritsen
Director of Galileo and Kao Data, Morrison &
Co Partner and Head of UK and Europe
Priya Grewal
Director of Gurīn and Mint Renewables,
Morrison & Co Investment Manager
Christina Hughes
Morrison & Co Sustainability Manager
Brendan Kevany
Infratil Company Secretary and Senior
Corporate Counsel
Andrew Lamb
Infratil Infrastructure Property Development
Director
Nick Lough
Morrison & Co Executive Director
Sharyn Lyford
Investor Relations & Communications
Scott McCutcheon
Morrison & Co Head of Tax
Terry McLaughlin
Chief Executive of RHCNZ Medical Imaging
Chris Munday
Chief Executive of Qscan
Jason Paris
Chief Executive of One New Zealand
Nicole Patterson
Director of CDC Data Centres NZ and
Fortysouth, Morrison & Co Investment Director
David Prentice
Chief Executive of Manawa Energy
Alicia Quirke
Morrison & Co Regional Tax Director
Assaad Razzouk
Chief Executive of Gurīn Energy
Paul Ridley-Smith
Chair of Manawa Energy
Tom Robertson
Infratil Treasury & Risk Manager
Brett Robinson
Chief Executive of RetireAustralia
Matthew Ross
Director of Wellington Airport, Infratil Finance
Director, Morrison & Co Executive Director
Maddy Simmonds
Infratil Senior Corporate Accountant
Louise Tong
Director of Sustainability, Risk & Funding,
Morrison & Co Executive Director
Vimal Vallabh
Chair of Gurīn Energy and Galileo,
Morrison & Co Partner and Global Head
of Energy
Ingmar Wilhelm
Chief Executive of Galileo
Thomas Wills
Infratil Financial Performance and Analysis
Manager
Somali Young
Infratil Financial Controller
Laura Beggs
Infratil Corporate Accountant
Dion Blackmore
Infratil Corporate Accountant
1415

Delivering
sustainable
returns to
investors
Our commitment to sustainability
runs deep, and we believe that
it’s not just the right thing to
do – it’s also good for business.
By integrating sustainability into
everything we do, we can create
lasting value for our shareholders
and the wider community. Our
actions and how we manage
our investments have real-world
impacts – and we take that
responsibility seriously.
We recognise that the challenges
we face – from climate change
to social inequality – require a
connected, sustainable response,
and we believe that our continued
focus on investing in ideas that
matter will deliver returns for
shareholders at the same time
as delivering positive social and
environmental outcomes.
1617

Infratil has a large and diverse
shareholder base, and because of
the nature of the assets that we
own – which are often embedded
within communities – we have an
even wider set of stakeholders to
which we are accountable.
We understand the responsibility of owning
such privileged assets, and the importance
of being transparent and open in our
reporting and communication.
Our goal is to continually improve the
accountability of governance and
management, and the transparency with
Stakeholder
Engagement
Ownership
Shareholder Returns
and Ownership
Over the year to 31 March 2023
Infratil’s share price rose from
$8.25 to $9.20. In addition, Infratil
paid two dividends amounting to
18.75 cps cash and 7.30 cps in
imputation credits.
The total return to shareholders for the period
was 14.2%, comprising a 2.3% after tax
dividend return (28% tax rate) and a 11.9%
capital gain. The total return of the NZX50
over the same period was negative 1.9%. The
calculation of the capital gain assumes that
all dividends were reinvested when received,
so the shareholder neither took out, nor
invested any additional cash. Infratil’s after
tax return since listing in March 1994 has
been 18.6% per annum, and over the last
ten years 19.4% per annum after tax. A
shareholder who invested $1,000 in Infratil
shares on 31 March 1994 and subsequently
reinvested all dividends and the value of all
rights issues (i.e., who neither took money
out nor put money in) would, as of 31 March
2023, own 15,480 shares worth $140,379.
31 March 202331 March 2022
Million
shares%
Million
shares%
New Zealand retail investors346.74 7. 9 %352.348.7%
New Zealand institutional investors209.528.9%216.029.8%
Overseas investors1 6 7. 723.2%155.621.5%
723.9723.9
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
995 997 999200120032005200720092011201320152017201920212023
0%
$0
29 Year Track Record
Capital ReturnAccumulation IndexDividend Return
which we operate. 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.
An important part of our stakeholder
engagement is ensuring that both
shareholders and our wider stakeholders
have plenty of opportunities to hear from,
and question, management and directors.
During the year to 31 March 2023 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 FY2022 annual results announcement
on 19 May 2022 and interim results
announcement on 15 November 2022;
• The annual series of presentations to
retail shareholders and bondholders
across 15 centres in New Zealand from
30 May 2022 to 15 June 2022;
• The Annual Meeting on 25 August 2022;
including shareholder resolutions, a
speech by the Chair on governance
and strategy, and a presentation
by management on activities and
prospects; and,
• Institutional Investor Days in Sydney
(October 2022) and Auckland (March
2023) which featured presentations
from the management teams of Infratil’s
key portfolio businesses and senior
executives from Infratil.
Infratil makes all this content available on our
website https://infratil.com/for-investors/
reports-results-meetings-investor-days/
Infratil is a unique investment proposition in
that the share that an investor originally
purchased can look quite different to the
same share an investor owns today. Different
parts of Infratil’s portfolio will grow at different
rates, meaning Infratil’s portfolio composition
is constantly evolving. This is one of the
reasons maintaining a regular dialogue with
shareholders is so important for Infratil.
This is demonstrated below. Ten years ago
80% of Infratil’s portfolio was invested in
New Zealand, whereas now only 35% of
the portfolio is invested in New Zealand.
1819
Infratil’s shareholder split has remained
relatively stable during the year, with a
1.7% increase in overseas ownership
as a result of a reduction in both
New Zealand retail and institutional
ownership.
As at 31 March 2023 the top 10
underlying shareholders owned 26.2%
of shares on issue, up slightly from
25.7% in the prior year.
One Infratil share 10 years ago
Geographic split
Infratil share today
Geographic split
Renewables
38%
New Zealand 80%New Zealand 35%
Non-renewable energy
32%
Airports

15%
Other 3%
Public transport
12%
International 20%
International 65%
Digital
57%
Healthcare

14%
Renewables

21%
Airports

7%
Other 1%

Sustainability
Infratil invests in ideas that
matter. Sustainability is inherent
in this approach – both in how we
invest, as well as what we invest
in. Sustainability underpins

key megatrends – such as
decarbonisation - that help to
shape our investment strategy.
Increasingly, we recognise the need to
articulate more formally what this means for
Infratil: integration of ESG considerations
into the investment process (the how) and
the sustainability credentials of our portfolio
and individual assets (the what).
While this may all seem somewhat esoteric,
it matters. Our investors and stakeholders
need to understand, based on concrete
data and with reference to recognised
frameworks, what impact Infratil has on the
world, and what impact the world – and
external forces such as climate change –
might have on our portfolio. This is known
as “double materiality” – which is the
approach we are taking as we seek to more
deeply understand and better articulate
sustainability at Infratil.
The world of sustainability is complex and
rapidly evolving, so as well as drawing on our
human skills, such as communication and
collaboration, we’re looking to leverage
technology to help us navigate this journey.
In doing this, we’re realising the strategic
objective behind our investment in
Clearvision: to identify and engage with
technology relevant to our investments.
We are looking to leverage three key pieces
of sustainability technology that will provide
us with the insights and data we need to
understand, measure and report on our
climate-related risks and opportunities –
two of which are Clearvision investees.
See table below.
But it’s not all about technology –
sustainability is a very human endeavour too.
We engage on sustainability through a range
of channels with our portfolio companies –
from integration into our strategy, to ESG
due diligence prior to investment and ESG
targets incorporating ESG considerations
into our investment management process.
We also engage on specific ESG topics
– such as climate change – through our
sustainability team. Another example of
engagement is the in-person interviews
we’ve recently undertaken with a range of
stakeholders as part of a formal materiality
assessment process, to understand what
ESG issues matter most from their
perspectives. The synthesis of this work will
provide a strong foundation for our approach
to sustainability.
To achieve our sustainability objectives, as
well as to ensure we are keeping abreast of
developments, both Infratil, and its manager,
Morrison & Co, are engaged in a range of
initiatives.
Infratil and all its portfolio companies
undertake annual GRESB Infrastructure
Assessments – a useful tool to independently
benchmark progress against global and
regional sector peers.
Infratil also engages with several global ESG
ratings, and we welcome the introduction of
some more bespoke domestic frameworks.
As well as providing insights to our investors
and other stakeholders, ESG ratings help
Infratil understand the opportunities for lifting
our ESG performance. One challenge Infratil
faces is that it is often mis-classified as a
“utility” for the purposes of these ratings,
due to the dominance of this sector in the
accounting revenue line (a different
accounting treatment is applied, depending
on whether our investment is under or over
50% of total equity). We are working to
become more accurately classified, to reflect
that we are an infrastructure investment
company with a diversified portfolio.
Infratil and Morrison & Co have also recently
both joined iCI, a global collaborative initiative
where we can engage with peer investors to
better understand and manage the risks
associated with climate change in the
portfolio.
We’re endeavouring to follow best practice
with our approach to sustainability by
aligning with suitable, recognised market
standards – such as our commitment to
setting a SBTi-validated target. You will see
more on that in our Sustainability Report,
Persefoni, a Clearvision investee, is a carbon accounting
platform that provides a single source of carbon truth for
Infratil, enabling management and reporting of carbon
emissions with the same focus as financial transactions.
The platform enables Infratil to analyse its carbon footprint
and benchmark against sector and regional peers.
Jupiter, a Clearvision investee, offers a physical climate risk
platform that turns sophisticated climate science into
actionable data. Using the platform, Infratil can map the
physical assets of its portfolio companies to provide
insights on the impacts associated with various climate
perils under a range of climate scenarios and timelines.
Infratil will use Oxford Economics’ climate scenarios and
research to understand the impact of climate change on
the global economy, different countries and sectors. We
will then use the outputs of these scenarios to understand
the financial risks and opportunities for our portfolio.
which we will produce with reference to the
Global Reporting Initiative ('GRI') as well the
recently published Aotearoa New Zealand
Climate Reporting Standards.
We will also be disclosing information about
our emissions footprint in line with the GHG
Protocol and, as a financial institution, in line
with the Partnership for Carbon Accounting
of Financials (PCAF). This will allow us to
disclose key metrics for our portfolio, such as
emissions intensity per dollar invested, and
on a per dollar revenue basis. This will support
investors to understand the impact of
including us in their investment portfolios
and allow them to compare our emissions
footprint with our peers. In line with PCAF,
and to support consistency and
comparability, we will be reporting all our
portfolio emissions in Scope 3, Category 15.
A summary of our emissions profile and
approach is set out below.
We are committed to sustainability – we
firmly believe it’s an idea that matters. We
take sustainability and responsible investing
seriously – and assessment of ESG
outcomes is embedded in our investment
and asset management activities. As you
can see on our progress chart, we have
much work to do, but we also have successes
to celebrate along the way. Our portfolio
companies have some impactful
sustainability workstreams underway –
we look forward to sharing those with you,
along with a suite of more formal ESG
data and metrics, in our upcoming
Sustainability Report.
2021
Scope 1, 2 and 3 GHG emissions
FY2023 Highlights
• 100% of Infratil’s portfolio companies
participated in GRESB Infrastructure
Assessments
• Committed to setting an SBTi target
• Implementation of Persefoni climate
data platform
• Joined the Initiative Climat
International (iCI)
As an infrastructure investor
with no offices, facilities or
employees, lnfratil's emissions
primarily relate to its Board travel
and the emissions of its portfolio
companies.
lnfratil's emissions measurement
and reporting will align with GHG
Protocol and PCAF and be
independently assured. lnfratil
will also report a range of other
emissions data and metrics that
represent best practice and meet
stakeholder expectations.
lnfratil has committed to setting
a SBTi-validated target under
the framework for financial
institutions. These targets will
cover Board travel emissions and
scope 3 emissions associated
with its investments, based on a
portfolio coverage approach.
Over time, each portfolio
company will set its own science
based target relevant to its sector
and business.
Upstream activities
Infratil has no offices
or facilities that use
electricity
Infratil has no
operational assets
or facilities
Downstream activities
Scope 1
Direct
Scope 2
Indirect
Scope 3
Indirect
Scope 3
Indirect
Emissions from Infratil’s
share of portfolio companies’
scope 1, 2, 3 emissions
No emissions
No emissions
Emissions from Infratil
board travel

22
Community
The unique nature of
infrastructure assets often
means that the physical assets
that Infratil owns, and the
essential services these assets
provide, have a direct impact

on the communities in which
we operate.
We believe in making a positive contribution
to those who use our services and to our
communities; alongside our portfolio
businesses we must be a trusted provider
of services within our communities, and we
must contribute back to the communities
which provide us with the social licence to
operate.
Extreme weather
In early 2023 New Zealand was battered by
two extreme events, firstly massive rainfall
and flooding in Auckland, followed by
Cyclone Gabrielle, causing widespread
damage, particularly to communities along
the East Coast of the North Island.
While One New Zealand’s network
equipment escaped widespread damage in
either event, subsequent power outages
rendered many cell sites inoperable, and slips
destroyed bridges and roads, cutting vital
fibre links that carry data.
The New Zealand telco industry banded
together to restore connectivity as quickly
as possible. One New Zealand immediately
mobilised teams across the business who
worked around the clock to restore 53% of
impacted sites in the first 48 hours and 70%
within 72 hours.
To combat power outages, 70 generators
were deployed to cell sites, requiring top-ups
every four to eight hours. Due to the remote
and inaccessible nature of many sites,
helicopters and light aircraft had to be used.
To connect some isolated areas, One
New Zealand stood up legacy links and
deployed satellite backhaul for sites until
fibre links could be repaired.
22
Sustainability
Giving back
Recognising the dire situation of many
residents, One New Zealand offered all its
impacted customers free unlimited mobile
data for 14 days and provided free
emergency phones and wireless modems
via its retail stores to those in need, getting
them back up and connected as quickly
as possible.
One New Zealand’s Te Rourou Foundation,
raised almost $230,000 for the Auckland
City Mission flood appeal, made up of public
donations, matched donations from One
New Zealand employees and an immediate
donation from Te Rourou Foundation.
Te Rourou Foundation also donated $30,000
to two local iwi in cyclone-impacted areas
and is focusing on longer term support
for impacted areas via its ongoing digital
equity work.
A safer future
In April 2023, One New Zealand announced
a new collaboration with SpaceX, to provide
coverage to 100% of the country. One
New Zealand will provide coverage where
it hasn’t been before, initially launching with
a text and MMS service in late 2024, with
data and voice to follow in 2025.
One New Zealand’s award-winning mobile
network will work in conjunction with
SpaceX’s constellation of Starlink satellites
in low Earth orbit to deliver mobile coverage
to One New Zealand customers across the
entire country where they have line of sight
to the sky, and out to its territorial limit.
One New Zealand will ensure everyone
remains connected during an emergency
regardless of the provider they use, as
anyone with an appropriate phone will be
able to call 111 in an emergency (when
voice satellite calling is available). One
New Zealand has dedicated part of its
mid-band spectrum to enable this service.
SpaceX’s next generation satellites will be in
orbit and ready to provide connectivity from
late 2024.
This innovation will mean whatever the future
holds weather-wise, New Zealanders will be
connected in the years to come.
23
1990s
Infratil’s inaugural investment is in
renewable energy. (Trustpower,
now Manawa Energy)
2000s
Renewable energy generation
exceeds 2TWh
2010s
Morrison & Co becomes signatory to the
Principles for Responsible Investment
Infratil’s portfolio expands to social
infrastructure: digital connectivity and
aged care
Morrison & Co establishes dedicated
sustainability team. Renewables
platform expands globally
2020
Infratil’s social infrastructure investments
broadened to include Healthcare
Formal exclusions screening published
First Modern Slavery Position and Climate
Position Statements issued
2021
GRESB Infrastructure Assessments piloted
Sustainability Strategy published
2023
Emissions platform, Persefoni, implemented;
FY2023 portfolio emissions measured
Oxford Economics climate scenarios
refreshed; physical climate risk platform
selected
Renewable energy generation exceeds
5.7TWh in FY2023
Infratil and Morrison & Co join APAC chapter
of initiative Climat International
Materiality assessment undertaken

2022
GRESB Infrastructure Assessments
undertaken by Infratil and all its portfolio
companies
Infratil and its Manager commit to setting
SBTi targets
Infratil undertakes CDP assessment
GRESB rates Wellington Airport third best
airport in the world for sustainability
2024
Progress on sustainability
A team from One New Zealand
works to restore mobile
connectivity at the Nūhaka site
in northern Hawke's Bay
22
Infratil to formally report under Aotearoa
New Zealand's Climate Standards
SBTi Net Zero Framework for Financial
Institutions expected to be published
Continue to work with portfolio
companies to lift GRESB scores and
implement climate strategies
Wellington Airport announces $100 million
sustainability linked loans
Infratil will publish its inaugural Sustainability
Report, including climate-related disclosures
Infratil to set SBTi targets

2425
Delivering a
global result
for investors
Our portfolio is designed to
capture value across a range of
geographies, sectors, and asset
classes, generating what we
believe will be sustainable returns
over the long-term. By investing
across a globally diversified
portfolio, we have been able to
navigate a complex and rapidly
changing market environment,
while delivering strong financial
results.
Our portfolio strategy remains
unchanged, in that we continue
to focus on delivering returns over
the long-term. This approach has
served shareholders well, as we
seek to balance risk management
and growth across the portfolio
– while prioritising investment
through our existing assets.
25

2627
-100
0
100
200
300
400
500
600
$Millions
2023201420152016201720182019202020212022
X
X
X
X
X
X
X
X
X
X
0
2,500
2,000
1,500
1,000
500
$Millions
2014201520162017201820192020202120222023
1,000
2,000
3,000
4,000
6,000
5,000
$Millions
0
2014201520162017201820192020202120222023
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
2014201520162017201820192020202120222023
Proportionate Capital Investment
Over the decade Infratil has invested over
$9.0 billion, with the majority undertaken
by investee companies.
Investment has accelerated over the last
4 years, with over half of investment under-
taken 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 makes
advances 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 liquidity
purposes.
As a general rule Infratil targets debt funding
of 30% of assets, compared to 9.8% as at
31 March 2023.
Proportionate EBITDAF
The calculation of Proportionate EBITDAF
is outlined on page 7 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.
Infratil Assets
The graph shows the NZ IFRS values of
Infratil’s assets (book value).
As noted on page 31, the IFRS values are in
some cases lower than the fair values as
assessed with reference to listed markets
(the NZX) or independent valuations.
This is highlighted by Infratil’s investment
in CDC Data Centres which currently
has a book value of $1,403.4 million
compared to an independent valuation
of $3,660.3 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.
Longroad EnergyCorporate
Longroad EnergyOther
Fortysouth
Diagnostic Imaging
Fortysouth
Diagnostic Imaging
Galileo
Sold
To t a l
Galileo
Sold
Kao Data
RetireAustralia
Kao Data
RetireAustralia
CDC Data CentresGurīn Energy
CDC Data CentresGurīn Energy
Manawa Energy
Wellington Airport
Manawa Energy
Wellington Airport
2014201520162017201820192020202120222023
(2,000)
0
2,000
4,000
6,000
8,000
10,000
0%
(20%)
20%
40%
60%
80%
100%
Annual ReturnAccumulation Index
Dividend Return
Capital Return
Accumulation Index
Shareholder Returns
Between 1 April 2013 and 31 March
2023 Infratil provided its shareholders
with an average after tax return of
19.4% per annum.
$1,000 invested at the start of the period
would have compounded to $5,888 by
31 March 2023, assuming that all
distributions were reinvested.
Mint RenewablesOne NZ
Mint RenewablesOne NZ
Longroad EnergyCorporate
Fortysouth
Diagnostic Imaging
Galileo
Sold
Kao Data
RetireAustralia
CDC Data CentresGurīn Energy
Manawa Energy
Wellington Airport
Mint RenewablesOne NZ
27
X

2829
Financial Performance
& Position
Year ended 31 March ($Millions) Share20232022
CDC Data Centres 48.1% $113.7 $82.2
One NZ 50.0% $263.6 $243.8
Fortysouth 20.0% $4.4 -  
Kao Data 39.9%($3.0)($1.5)
Manawa Energy 51.1% $69.9 $83.9
Longroad Energy 37.1% $16.4 $15.1
Galileo 40.0%($11.8)($5.4)
Gurīn Energy 95.0%($15.6)($6.0)
Mint Renewables 73.0%($1.4) -  
RHCNZ Medical Imaging 50.1% $54.4 $32.9
Qscan Group 55.2% $33.8 $33.9
RetireAustralia 50.0% $6.1 $16.9
Wellington Airport 66.0% $59.1 $37.3
Corporate & Other ($58.1)($58.2)
Proportionate EBITDAF  $531.5 $474.9
Tilt Renewables 65.2% -    $ 7. 9
Trustpower Retail business 51.1% $1.8 $24.2
To t a l  $533.3 $507.0
Year ended 31 March 2023 ($Millions)Share
EBITDAF
1
100%D&AInterestTa x
Revaluations
& other
adjustmentsMinorities
Infratil share
of earnings
CDC Data Centres
 48.1%
 $236.4 -   -   -   $175.4 -   $411.8
One NZ
 50.0%
 $527.8 -   -   -  ($323.8) -   $204.0
Fortysouth
 20.0%
 $22.4 -   -   -  ($27.2) -  ($4.8)
Kao Data
 39.9%
($7.6) -   -   -   $28.1 -   $20.5
Manawa Energy
51.1%
$136.7($21.6)($25.1)($39.2) $63.4($58.1)$56.1
Longroad Energy
 37.1%
 $63.6 -   -   -  ($26.2) -   $37.4
Galileo
 40.0%
($29.5) -   -   -   $18.1 -  ($11.4)
Gurīn Energy
 95.0%
($16.4)($0.4)($0.1) -   $0.1 $0.9($15.9)
Mint Renewables
 73.0%
($2.0) -   -   -   -   $0.5($1.5)
RHCNZ Medical Imaging
 50.1%
 $108.6($23.2)($35.6)($12.7) $3.6($20.4) $20.3
Qscan Group
 55.2%
 $61.3($33.6)($22.5)($1.7) -  ($1.5) $2.0
RetireAustralia
 50.0%
 $12.2 -   -   -  ($16.3) -  ($4.1)
Wellington Airport
 66.0%
 $89.6($28.7)($26.3)
($6.3)
($3.1)($8.6) $16.6
Corporate & other -  ($228.1)($0.1)($57.2) $17.4 $11.4 -  ($256.6)
Total (continuing)  $975.0($107.6)($166.8)($42.5)($96.5)($87.2) $474.4
Trustpower Retail business 51.1% $3.5($1.9) $0.1($0.4) $328.8($161.4) $168.7
To t a l  $978.5($109.5)($166.7)($42.9) $232.3($248.6) $643.1
Proportionate EBITDAF
Proportionate EBITDAF is intended to
show Infratil’s share of the earnings of
the companies in which it invests.
Proportionate EBITDAF is shown from
continuing operations and includes
corporate and management costs,
however, excludes international portfolio
incentive fees, acquisition or sale-related
transaction costs and contributions from
businesses sold, or held for sale.
A reconciliation of Proportionate EBITDAF
to net surplus after tax is presented in
Infratil’s annual results presentation.
Consolidated Results
This table shows a summary of Infratil’s
reported result for the period.
For the year ended 31 March 2023 the
net parent surplus was $643.1 million,
down from $1,169.3 million the prior year.
The main source of the difference was the
$1,136.8 million gain on the sale of Tilt
Renewables reported in the prior period,
while the current period includes the gain
on sale of the Trustpower Retail business
of $328.8 million. Both of these amounts
are included in discontinued operations.
Discontinued operations includes the gain
on sale, as well as the operating results of
one month of the Trustpower Retail
business.
Revenue and expenses have increased
year on year with a full period contribution
from the three businesses that make up
RHCNZ Medical Imaging.
Breakdown of Consolidated Results
Infratil consolidates a company when it controls it (owns more than 50%). This includes Manawa Energy, Gurīn Energy, Mint Renewables,
RHCNZ Medical Imaging, Qscan Group and Wellington Airport. Associates (where Infratil has significant influence, but not control) such as
CDC Data Centres, One NZ, Fortysouth, Kao Data, Longroad Energy, Galileo and RetireAustralia are not consolidated. For those investments,
the EBITDAF column shows 100% of their EBITDAF and the “Revaluations & other adjustments” column includes the adjustment required to
reconcile to Infratil’s share of their net surplus after tax.
Year ended 31 March ($Millions) 2023 2022
Operating revenue $1,845.1 $1,297.4
Operating expenses($871.8)($779.0)
International Portfolio Incentive fees($169.6)($221.2)
Depreciation & amortisation($107.6)($91.4)
Net interest
($166.8)($159.5)
Tax expense
($42.5)($22.6)
Realisations and revaluations $74.8 $82.2
Discontinued operations $330.1 $1,125.8
Net surplus after tax $891.7 $1,231.7
Minority earnings($248.6)($62.4)
Net parent surplus $643.1 $1,169.3
Year ended 31 March 2022 ($Millions)Share
EBITDAF
100%D&AInterestTa x
Revaluations
& other
adjustmentsMinorities
Infratil share
of earnings
CDC Data Centres 48.1% $171.0 -   -   -  ($12.9) -   $158.1
One NZ  50.0% $488.2 -   -   -  ($477.9) -   $10.3
Kao Data 39.9%($3.7) -   -   -   $1.5 -  ($2.2)
Manawa Energy 51.0% $164.4($20.4)($28.6)($46.0) $38.8($60.0) $48.2
Longroad Energy 40.0% $50.1 -   -   -  ($22.4) -   $27.7
Galileo 40.0%($13.6) -   -   -   $9.1 -  ($4.5)
Gurīn Energy 95.0%($6.3)($0.1)($0.1) -   -   $0.3($6.2)
RHCNZ Medical Imaging 50.5% $65.2($9.8)($17.2)($10.6)($15.6)($6.5) $5.5
Qscan Group 56.3% $60.3($30.6)($17.4)($3.9)($1.3)($3.1) $4.0
RetireAustralia 50.0% $33.8 -   -   -   $45.3 -    $ 7 9 .1
Wellington Airport 66.0% $56.5($30.5)($25.9)
($2.5)
 $5.3($1.0) $1.9
Corporate & Other -  ($279.4) -($70.5) $40.4 $23.4- ($286.1)
Total (continuing)  $786.5($91.4)($159.7)($22.6)($406.7)($70.3) $35.8
Tilt Renewables 65.2% $12.1($19.5)($6.3) $3.8 $1,123.9 $7.8 $1,121.8
Trustpower Retail business 51.0% $47.5($27.0)($1.2)($4.6)($3.0) -   $11.7
To t a l  $846.1($137.9)($167.2)($23.4) $714.2($62.5) $1,169.3
1. EBITDAF is an unaudited non-GAAP measure and is defined on page 7.

30
Year ended 31 March ($Millions)20232022
CDC Data Centres $3,660.3 $3,117.3
One NZ $1,222.8 $1,670.0
Fortysouth $207.7 -  
Kao Data $255.7 $203.4
Manawa Energy $795.2 $1,126.2
Longroad Energy $1,185.8 $227.4
Galileo $71.2 $26.1
Gurīn Energy  $ 7. 9 $2.0
Mint Renewables $3.1 -  
RHCNZ Medical Imaging $511.6 $417.1
Qscan Group $370.6 $305.1
RetireAustralia $431.8 $408.9
Wellington Airport $667.4 $580.0
Parent & other $240.4 $195.7
  $9,631.5 $8,279.2
Per share$13.31$11.44
Fair Value of Infratil’s Assets
This table shows the fair value of
Infratil’s assets.
The fair value of Infratil’s investments in
CDC Data Centres, One NZ, Longroad
Energy, Galileo, Qscan Group, RetireAustralia
and RHCNZ Medical Imaging reflect
independent valuations prepared for Infratil.
The fair value of Manawa Energy is shown
based on the market price per the NZX.
Infratil does not commission independent
valuations for its other assets and these are
presented at book value.
Year ended 31 March ($Millions)20232022
Net bank debt/(cash)($593.2)($773.0)
Intratil Infrastructure bonds $1,085.9 $1,163.7
Infratil Perpetual bonds $231.9 $231.9
Market value of equity $6,660.6 $5,972.9
Total Capital $7,385.2 $6,595.5
Dated debt/total capital 6.7% 5.9%
Total debt/total capital 9.8% 9.4%
Capital of Infratil and 100%
subsidiaries
This table shows the mix of debt and equity
funding at the Infratil Corporate level.
During the year 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 bonds on
issue. Additionally, given Infratil’s strong
liquidity position post the receipt of the
net proceeds from the One New Zealand
towers transaction, $100 million of
IFT240s were repaid in December.
As of 31 March 2023 Infratil’s bank debt
remains undrawn.
The increase in market value of equity
reflects Infratil’s share price increasing from
$8.25 to $9.20 over the year.
Year ended 31 March ($Millions)20232022
CDC Data Centres $1,403.4 $1,026.2
One NZ $171.7 $838.2
Kao Data $255.7 $203.4
Fortysouth $207.7 -  
Manawa Energy $710.5 $607.2
Longroad Energy $315.8 $90.5
Galileo $53.3 $19.7
Gurīn Energy  $ 7. 9 $2.0
Mint Renewables $3.1 -  
RHCNZ Medical Imaging $418.3 $417.1
Qscan Group $303.7 $305.1
RetireAustralia $410.9 $417.3
Wellington Airport $667.4 $580.0
Parent & other $240.4 $195.7
To t a l $5,169.8 $4,702.4
Year ended 31 March ($Millions)20232022
CDC Data Centres $341.9 $259.9
One NZ $151.8 $177.9
Kao Data $36.0 -  
Manawa Energy $22.6 $23.6
Longroad Energy $345.9 $240.2
RHCNZ Medical Imaging $14.7 -  
Qscan Group $9.5 $13.8
RetireAustralia $66.6 $26.1
Wellington Airport $46.0 $11.7
Other -   -  
Capital Expenditure $1,035.0 $753.2
Kao Data -   $217.9
Fortysouth $212.1 -  
Gurīn Energy $41.2 $8.3
Galileo $42.3 $13.9
Mint Renewables $4.4 -  
RHCNZ Medical Imaging -   $408.8
Clearvision $24.2 $4.6
Infratil Investments $324.2 $653.5
Proportionate capital expenditure and investment $1,359.2 $1,406.7
Proportionate Capital
Expenditure and Investment
This table shows Infratil’s share of the
investment spending of investee
companies, and investments made
by Infratil during the period.
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$648.1 million, and 48.1% of
that is A$311.7 million (NZ$341.9 million).
Investment undertaken directly by Infratil for
the year amounted to $324.2 million. This
primarily reflects the investment into
Fortysouth and continued investment in
Clearvision, Galileo and Gurīn.
Year ended 31 March ($Millions)20232022
CDC Data Centres $37.1 $13.4
One NZ $871.3 $37.1
Manawa Energy $93.6 $56.7
Longroad Energy $8.4 $53.9
RHCNZ Medical Imaging $30.3 -  
Qscan Group $2.3 -  
Tilt Renewables -   $16.1
Clearvision -   $1.7
Net interest($48.0)($61.2)
Corporate & other($61.3)($68.2)
Operating Cashflow $933.7 $49.5
International Portfolio Incentive fees($270.8)($116.2)
Operating Cashflow (after incentive fees)$662.9($66.7)

Infratil and Wholly Owned
Subsidiaries Operating
Cash Flows
This table shows the operating cashflows
of Infratil and its 100% subsidiaries.
Cash inflows reflect the dividends,
distributions, interest and capital returns
received from investee companies.
Cash outflows reflect net interest payments
and corporate operating expenses.
International Portfolio Incentive fees paid
during the period include Tranche 1 of the
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.
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 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.
31

3233
Bondholders
Infratil Issuance activity
and market summary
Infratil is committed to the
New Zealand domestic bond
market and is one of the largest
and longest standing issuers.
Since our debut issue in 1999,
our infrastructure bond
programme has been a critical
component of the Group’s long
term capital structure and is
seen as fundamental to our
portfolio growth over that time.
In June 2022, Infratil successfully refinanced
$93.7 million of maturing IFT190s through
the issuance of $115.9 million IFT320s which
attracted strong demand. The interest rate
on these bonds for the first four years until
the Rate Reset Date (15 June 2026) is 5.93%
per annum (based on the 4-year swap rate of
3.93% per annum at the time of issuance
plus a credit margin of 2.00% per annum).
The coupon for the second four years will be
set on 15 June 2026 based on the 4-year
swap rate on that date, plus a 2.00% per
annum credit margin.
In December 2022, Infratil elected to fully
repay $100 million of maturing IFT240 bonds
given its strong liquidity position, with
$823.5 million of cash reserves post receipt
of the net proceeds from the Vodafone Tower
sale and $897.8 million of undrawn bank debt
available at the time. In the current year
Infratil has a single maturity, $122.1 million
of IFT210s in September 2023. A decision
regarding any rollover or re-issue of these
bonds will be made closer to the time.
Despite an increase in financial market
volatility, the New Zealand bond market has
performed well with a continuation of strong
corporate issuance. The sharp rise in
wholesale interest rates, with the 5-year
swap rate increasing from 2.55% to 4.86%
from January to December 2022, meant
new bonds offered attractive coupons to
investors. This underpinned retail demand
whilst also enabling cost effective funding in
terms of credit spreads for corporate
borrowers. The combination of strong retail
demand coupled with stable and attractive
credit spreads encouraged a steady flow
of corporate bonds to the market in 2022,
resulting in a significant uplift in issuance
relative to 2021. This meant that, once
again, the New Zealand market compared
favourably to offshore markets which saw
much more challenging conditions for
issuance as economic and geopolitical
concerns weighed on appetite from investors
in those more institutional dominant markets.
The first months of 2023 have seen strong
issuance activity despite the volatility
observed in March due to the collapse of
Silicon Valley Bank and takeover of Credit
Suisse by UBS which sparked concerns of
wider banking sector liquidity issues. The
performance of the New Zealand debt
capital markets over the last 12-18 months
highlights the value of a resilient, well-
functioning debt capital market. Having
reliable access to the domestic bond market
allows borrowers to diversify their funding
sources and extend funding tenors,
de-risking their funding profiles. Infratil looks
forward to continuing to provide a regular
supply of bonds in the coming years.
IFTHA and IFTHC update
Wholesale interest rates rose sharply in
2022, as the Reserve Bank of New Zealand
grappled with the rapid and persistent rise in
inflation pressures across the economy.
After a lengthy period of historically low
interest rates (particularly in 2020/21), the
change in inflationary conditions resulted
in a significant uplift in the cash yield on
two of Infratil’s resetting bonds. The IFTHA
perpetual bonds and the IFTHC bonds
maturing in December 2029 both reset
annually based on the 1-year swap rate at
the time plus a credit margin of 1.50% per
annum and 2.50% per annum respectively.
The below chart illustrates the coupons on
each bond from inception against the RBNZ
Official Cash Rate.
Funding Maturity Profile
Infratil proactively manages its mix of bank
and bond debt and refinancing risk across
both funding sources. One of the key
objectives of our funding strategy is to
achieve an even spread of debt maturities to
minimise refinancing pressure in any one
year. Our bank debt provides flexible and
attractively priced debt funding typically
across 1–5 year maturities, while the bond
programme provides access to longer dated
debt from 5–8 years (and up to 10 years in
certain market conditions). This means
Infratil has both diversity of funding with
different characteristics, as well as a
greater spread of debt maturities across
longer tenors.
Infratil’s investment portfolio
continues to grow and evolve
and as a higher proportion of
offshore assets are added to the
portfolio, the Group’s exposure
to foreign exchange (‘FX’) risk
increases. This risk principally
shows up in two ways; on
Infratil’s cashflows denominated
in foreign currencies (FX
transaction risk) and on the net
value of Infratil’s offshore
investments when translated to
NZD terms (FX translation risk).
Infratil’s FX transaction risks relate to
investment flows to and from existing
offshore assets (i.e., capital investments and
distributions), and cashflows associated with
any potential acquisition or divestment of a
foreign investment.
The core objective in relation to management
of FX transaction risk is to provide sufficient
cashflow certainty in the most efficient way
possible. This involves hedging once foreign
cashflows are sufficiently certain and seeking
to net exposures wherever practicable.
Infratil’s FX translation risk relates to the
Group’s exposures to FX rate movements on
assets and liabilities denominated in foreign
currencies, creating unrealised FX gains or
losses which impact Infratil’s net asset
position in New Zealand dollar terms. While
these positions do not have an immediate
cash impact, due to the value of the
underlying assets, they present the most
material currency exposure for Infratil.
At present Infratil does not hedge its FX
translation risk, however Infratil seeks to
manage its overall currency exposure as the
portfolio composition evolves. The utilisation
of foreign currency denominated debt
facilities is a tool that Infratil may use in future
to efficiently manage the Group’s overall
currency exposure. For example, Infratil has
the ability to borrow up to circa A$283 million
under its existing bank facilities which is a
mechanism we could use to partially offset
any Australian asset positions.
Translation Impact
Infratil’s most material currency exposure
is NZD/AUD due to its investments in CDC,
RetireAustralia, Qscan Group and Mint
Renewables. A significant increase in
exposure to NZD/USD occurred in FY23 as
Infratil’s holding in Longroad Energy saw a
significant uplift in value, attributable in part
to the successful minority capital raise
completed in October 2022. Infratil’s stake
is now valued at $1.185 billion, significantly
higher than the independent valuation
received on 31 March 2022 of
NZ$227.4 million.
From a gross asset perspective, the Longroad
transaction has contributed to an increase in
Infratil’s USD exposure to 13.8% (from 3.9%),
while AUD and NZD exposure are 46.9% and
35.9% respectively (from 46.7% and 46.6%).
As at 31 March 2022, the carrying value
of Infratil’s Australian investments was
A$3.83 billion, or NZ$4.13 billion when
translated at the FY2022 year-end rate of
0.9287. All else being equal, when this
exchange rate falls, the NZD value of our
investment rises and vice versa. Holding the
opening investment value constant (i.e., not
taking into account any movements in the
underlying assets) through the course of the
year the NZD value of these investments
fluctuated between NZ$4.02 billion (down
NZ$106.0 million; 2.6%) and $4.38 billion
(up NZ$259.4 million; 6.3%) with the total
opening investment position ending the year
down NZ$23.4 million, a 0.57% unrealised
loss over the 12 months.
Infratil anticipates, either through internal
or external investment opportunities, that
currency exposures will increase as we
continue to expand the portfolio outside
of New Zealand. Infratil will retain the
flexibility to utilise debt in foreign currency to
provide a natural offset to these exposures.
Infratil is a high conviction investor. Our
current approach is to not hedge the
currency risk associated with the translation
of our offshore assets to NZD. Should
Infratil materially change this position,
we will ensure the market is appropriately
informed to ensure investors can assess
and adjust their portfolios accordingly. We
believe the best approach is for investors to
be aware of the global exposures inherent
within the portfolio, particularly to the
Australian dollar. Each investor can then
make a choice to accept or manage this
exposure in the context of their own
individual portfolio composition, risk
appetite and objectives. It is worthwhile
noting that a significant and growing
proportion of Infratil shareholders are
international investors and may therefore
have a different perspective to foreign
exchange exposures relative to a
New Zealand based investor.
NZD Movement in unhedged AUD Investments
Unhedged AUD InvestmentsNZD/ AUD
Foreign Currency
Exposure
200620082010201220142016201820202022
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Coupon (% per annum)
0.8500
0.8700
0.8900
0.9100
0.9300
0.9500
0.9700
0.9900
3,800
3,900
4,000
4,100
4,200
4,300
4,400
4,500
Mar
2022
Apr
2022
May
2022
Jun
2022
Jul
2022
Aug
2022
Sep
2022
Oct
2022
Nov
2022
Dec
2022
Jan
2023
Feb
2023
Mar
2023
Infratil Annual Reset Bonds
Official Cash Rate (OCR)IFTHAIFTHC
Calendar Years

3435
The power
of connecting
to the future
35
The rise of digital technology
has revolutionised the way we
connect with each other and
access information around
the world. The power of global
connectivity, the internet, and
other digital platforms has
opened up opportunities for
communication, collaboration,
and innovation - allowing people
to connect across borders and
cultures, while enabling new
technologies and applications
to flourish.
High-performing, reliable global
networks are essential to today's
globalised, digital economy. As
global network traffic continues
to multiply, it is increasingly
important to develop a diverse,
high-capacity global network
of infrastructure that will
accommodate future societal
needs.

3637
Over the past decade Digital
Infrastructure has matured into a
standalone investment asset
class. With its increasing
importance has come an
acceleration of investment and
technological advancement.
Digital assets now comprise over 50% of
Infratil’s assets. When Infratil first invested in
CDC Data Centres in 2016, digital assets
were less than 15% of the portfolio and many
investors questioned the infrastructure
characteristics of data centres.
Digital infrastructure assets, in particular
data centres, mobile towers, fibre optic
networks and subsea cables have all now
emerged as distinct infrastructure asset
classes as investors seek opportunities in
the physical assets that underpin the
technologies that societies and enterprises
rely on.
Infratil shareholders have benefitted from
the early recognition of the increasing
importance of these assets and the essential
services they deliver.
The growth in digital can be seen in all parts
of our lives, however at what point is this
yesterday’s news? We are still early in the
digital age as significant new data-hungry
applications and technologies continue to
emerge.
The most recent Ericsson Mobility Report
forecast that by the end of 2022, 5G
subscriptions were expected to reach one
billion, and by 2028 will pass five billion. Total
global mobile data traffic – excluding traffic
generated by Fixed Wireless Access – was
expected to reach around 90 exabytes (a
billion gigabytes) per month by the end of
2022 and is projected to grow by a factor of
nearly 4 to reach 325EB per month in 2028.
The past year will be remembered for when
artificial intelligence, or AI, took hold and
captured the world’s attention. For the first

time we are seeing people contemplating
amazing use cases for AI that are a reality,
not just science fiction.
ChatGPT is just one of many industry use
cases which will include a new series of
applications that will reshape society. The
market for AI alone is expected to grow
twentyfold from nearly US$100 billion in
2021, to nearly US$2 trillion in 2030.
Forms of AI, whether it be ChatGPT or
autonomous vehicles, rely on the rapid
analysis of huge datasets of information,
creating multitudes of new data and a need
for new digital infrastructure as a result.
Beyond AI we are now also seeing robotics
and automation having a greater impact on
society and the way we work – sensors and
actuators at the edge of digital networks are
increasingly used for commercialised
applications such as monitoring and control
of industrial settings.
Amazon has been one of the most high-
profile global companies to embrace robotics
and automation. The e-commerce group
handled approximately five billion packages
in 2021 — about 13 million a day — with 75%
of them being handled by its robots in at least
one part of the delivery process.
Over the horizon, Quantum computing is
likely to be the next major technological
advancement. Quantum computing
harnesses the laws of quantum mechanics
to solve problems too complex for classical
computers. Like other historical technological
breakthroughs, quantum computers have
the potential to fundamentally change how
we work and live.
As the world continues to recover from the
covid pandemic, the effects of another
ongoing global challenge – the antibiotic
resistance crisis – have become an
increasing focus. The antibiotics crisis is a
particularly urgent example of a global
challenge in need of a true paradigm shift in
the way we discover materials. The rapid

progress in quantum computing and
quantum machine-learning techniques is
now creating realistic prospects of identifying
new antibiotics that are structurally distinct
from those currently available.
Bringing these ideas back to Infratil – all of
these opportunities will require digital
architecture and business models that
continue to evolve. The required
infrastructure needs will not just be bigger,
but will require more bandwidth, they will
need to be more scalable, more flexible.
Latency concerns will require addressing as
computing needs move closer to the edge.
Perhaps Infratil’s biggest advantage will be
the increased focus on security and
sovereignty – already differentiators in
Infratil’s existing digital assets. How people
choose the assets they operate on, and how
they choose the capital behind those assets
is increasingly coming into focus. The stability
of the networks that underpin these systems
and their power sources - data centres alone
are estimated to be responsible for up to 3%
of global electricity consumption today and
are projected to touch 4% by 2030 - find
themselves the focus of state and global
interests.
As global geopolitical tensions ratchet up all
of these factors highlight Infratil’s privileged
position as a trusted long-term source of
capital, at scale.
When we think about the assets that Infratil
invests in, our focus has always been on
securing privileged positions where we can
roll out the next generation of technology,
protected from the potential of disruption via
the delivery of essential services from scaled
positions. All of our current investments
contain these embedded organic growth
opportunities that will allow Infratil to
continue to deploy capital from a trusted
position.
International bandwidth usage
One Terabit per second is the equivalent of
125GB per second of data transfer.
Over the past five years the total average
growth rate of global bandwidth usages has
been 33% per year, on a per user basis this is
an increase of 22% in bandwidth use per user
per year over the past five years.
Around 99% of global data traffic passes
through undersea cables, with the bandwidth
limitations of satellite based connections,
undersea cables remain critical to global
connectivity.
Digital
Platform
The world is becoming more
connected
As of 2022, there are 5.3 billion internet
users, representing 66% of the global
population, this leaves 2.7 billion people
currently unconnected.
The mobile phone is the most common
gateway to the internet (in most
developing countries mobile phones
are the main way of connecting to
the internet).
Source: ITU Measuring digital developments: facts and figures 2022.
Source: ITU Measuring digital developments: facts and figures 2022.
37
0%
10%
20%
30%
40%
50%
60%
70%
0
1
2
3
4
5
6
7
200520062007200820092010201120122013201420152016201720182019202020212022
Number of internet users, billionsPercentage of the population
International bandwidth usage by region, Tbit/s
0
200
400
600
800
1,000
1,200
1,400
201720182019202020212022
Number of usersPercentage of global population
Americas
Africa
Other Economies
Asia PacificArab States
Commonwealth of
Independent States
Europe

3839
CDC Data
Centres
When thinking about digital
infrastructure and the backbone it
provides for the technologies we
often take for granted, data centres
are where that technology ’hits the
ground’. These cutting-edge facilities
are the beating heart of a digital
world, enabling the processing
speed and connectivity that underpin
how these technologies serve our
day-to-day lives.
The 2023 financial year saw CDC Data
Centres cement itself as Australia and
New Zealand’s leading data centre operator,
able to meet the rapidly expanding needs
of a variety of business and government
customers, while continuing to position
itself for future growth.
Performance highlights include a significant
expansion of capacity to meet new and
existing customer demand, substantial
capital deployment to bring new data centre
capacity online, on-time and on-budget,
despite global development constraints and
cost pressures - and a continuation of strong
financial growth, this year delivering 33%
EBITDAF growth.
CDC continues to grow its data centre
campuses in Auckland, Sydney and
Canberra and is also well underway with
development of its Melbourne site. As the
Melbourne construction works ramp-up, the
site accommodates a 300-strong workforce
with a target delivery of the first 30MW of
operating capacity in FY2024.
CDC has successfully delivered an additional
104MW of capacity and continued to
onboard new customers across its
campuses.
The Eastern Creek campus is worth
highlighting. Home to four world-leading
data centres, it has cost A$1.5 billion to date.
As CDC’s largest data centre campus so far,
it offers a total of 123MW operating capacity,
with approved plans for two more data
centres on campus. To put that into context,
over twenty Sydney Opera Houses would fit
inside the campus boundaries. The campus
is underpinned by long-term customer
commitments.
The new Auckland campuses in Silverdale
and Hobsonville are the largest and
most secure data centres of their type in
New Zealand. Built to exceed the
requirements of national critical
infrastructure providers and other
organisations, and proven through the
recent extreme weather events, they have
secured significant customer commitments
in the New Zealand market.
CDC also has a significant portfolio of
undeveloped land which includes all the
geographies in which it currently operates,
and they own the land required to develop
in excess of 786MW of capacity.
CDC’s combination of high credit quality
Infratil 48.1 %
Commonwealth Superannuation Corporation 24.05%
Future Fund 24.05%
Management 3.8%
Silverdale data centre, Auckland

clients, substantial long-term contracts and
high quality, highly secure data centres is a
globally attractive proposition to lenders.
To support CDC’s continuing growth, the
Company undertook a capital structure
review during 2022 to determine the best
way to fund its planned growth. As a result
of this review, CDC diversified its capital
structure into the USPP and Japanese loan
markets and extended the size and tenor of
its bank facilities.
Across all of its campuses, CDC is continuing
to successfully grow and diversify its
customer base, including government and
hyperscale, as well as National Critical
Infrastructure and enterprise customers.
Since it was founded in 2007, a core to the
CDC success has been a clear, well-
executed strategy, best-in-class data
security, modular optionality, 100%
guaranteed availability and a highly
interconnected data centre ecosystem.
Security is one of CDC’s key differentiators.
Starting in Canberra serving Government
customers with stringent and highly sensitive
security requirements meant that CDC
invested in implementing best-in-class
security standards from day one. As the
world has shifted towards higher security
expectations, CDC has diligently maintained
its lead as the market demand shifted
towards its higher security offerings.
CDC is committed to growing and operating
sustainably, reflected in its approach to
people, planet and operations. CDC is
working on a science-aligned emissions
reduction target. It received Toitu enviromark
gold certification this year, recognising CDC
has a plan to achieve its environmental goals
and the basis of a robust Environmental
Management System. The New Zealand data
centres were powered by 100% carboNZero
certified renewable electricity from day one.
This year the CDC Academy, a dedicated
learning programme for employees, was
established. On the trust side, CDC
guarantees 100% availability and continues
to set the bar for the highest security,
sovereignty and resilience certifications
possible.
Demand for capacity in sustainable,
world-class data centres continues to grow.
Digital adoption is accelerating, driven by the
relentless shift to cloud and emerging
technology developments. New technologies
such as AI are driving different data centre
requirements, including on architecture,
cooling designs and rack densities, which
pose significant challenges to traditional data
centres. Global supply chain disruptions, the
threat of cyber-terrorism and geopolitical
tensions have lifted the criticality of
resilience, security and data sovereignty.
CDC is well placed to respond to all these
trends to its advantage.
As a result, in FY2024 CDC will continue to
focus on growth, starting with the pipeline of
42MW under construction in Silverdale,
Hobsonville and Melbourne, while planning is
well advanced for its next Sydney build.
The future for CDC is exciting. When thinking
of the limitless potential of new technologies
and the data that these will generate, the
need for more storage and the increasing
importance of digital connectedness, the
role of data centres is critical.
Infratil’s investment in CDC is now valued
between A$3.13 billion to A$3.73 billion,
up from A$2.78 billion to A$2.91 billion
12 months earlier. This valuation increase
reflects the benefit of CDC’s refinancing and
expansion of its debt facilities, the inclusion
of two additional developments, and
changes to the blended discount rate used
for the valuation. These were partially offset
by updates to macro-economic
assumptions, principally an increase in the
outlook for the Bank Bill Swap Rate. The
independent valuation assumes 585MW of
total built capacity, 268MW is in operation at
31 March 2023, 42MW is under construction
and 275MW is classified as future builds. The
blended cost of equity used in the valuation
has decreased from 9.75% to 9.60%
Year ended 31 March20232022
Data centre capacity (built)268MW164MW
Capacity under construction42MW104MW
Development pipeline476MW436MW
Weighted average lease term with options24.0 years21.6 years
Rack utilisation66.0%75.3%
Target PUE1.201.20
Revenue
1
A$297.3mA$226.1m
EBITDAF
2
A$215.5mA$161.2m
Net profit after taxA$762.7mA$286.6m
Capital expenditureA$648.1mA$509.5m
Net debt
3
A$2,098.1mA$1,518.9m
Infratil cash incomeNZ$37.1mNZ$13.4m
Fair value of Infratil’s investment
4
NZ$3,660.3mNZ$3,117.3m
1 Revenue excludes the on charge of electricity.
2 CDC EBITDAF excludes RMS expense and significant one-off transaction expenses.
3 Accrued RMS payments to management shareholders are included in net debt.
4 Based on an independent valuation as at 31 March 2023.

40
Facilities & Capacity
When Infratil acquired its stake in CDC
Data Centres in 2016 it had 28MW
of available capacity spread across
2 campuses in Canberra.
At 31 March 2023 the business has grown
to 268MW of operating capacity spread
across 13 data centres and 4 campuses,
including Sydney and Auckland. Over that
time EBITDA has grown from A$47.5 million
per annum to over A$215 million per
annum.
CDC locations:
Current and under development
CDC’s unique, highly interconnected
and shareable ecosystem offers
government, hyperscale and
commercial clients opportunities to
connect and collaborate securely,
according to their strategic needs.
The combination of high credit quality
clients and large contracts with long
Weighted Average Lease Expiries is
unique globally in the data centre
industry.
0
300
250
200
150
100
50
0
300
250
200
150
100
50
Capacity (MW)EBITDAF A$m
2014201520162017
Infratil’s investment
2018201920202021202220232024
SydneyEBITDAF
AucklandMelbourneCanberra
Canberra capacity
Auckland capacity
Sydney capacity
Kao
Data
Infratil 40%
Legal & General Capital 30%
Goldacre 30%
Demand for data centre capacity
in the UK - and the Greater
London and Slough region
especially, continues to show
strong momentum.
A variety of factors including continued
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. Despite constraints in land and power
availability west of London, expected
incremental MW-supply is forecast to mirror
demand.
Momentum at Kao Data’s Harlow campus is
building as construction of the second facility
(KLON-02) progresses to plan. Work
commenced in March 2022 and operations
are expected to start in September 2023.
The additional 8.8MW (which can stretch to
10MW) facility will pick up on many of the
design-improvements from KLON-01 and will
continue to offer best-in-class sustainability
credentials. Expansion of the Harlow campus
is not only a strategic milestone in Kao Data’s
evolution, but also contributes to the
development of London’s eastern perimeter
as a growing data centre hub.
Kao Data’s Slough facility in West London is
the ideal complement to the Harlow campus.
This 20MW facility, all of which is booked
under long-term contracts, is ideally
positioned within the world’s second largest
data centre hub, and the highly sought-after
West London Availability Zone. As one of
the few larger colocation opportunities
remaining in the Slough area, interest in this
capacity is high and a long-term contract
for the remaining capacity has recently
been signed.
In March 2023, Kao Data’s Harlow Campus
hosted the UK’s ‘Quantum Data Centre of
the Future’ project led by ORCA Computing.
Kao Data was chosen as the venue for the
Quantum Data Centre of the Future
demonstration, with its KLON-01 data centre
already hosting some of the UK’s most
advanced, high performance computing
infrastructure systems including NVIDIA’s
Cambridge-1 supercomputer. ORCA’s PT-1
is the first quantum machine to run at room
temperature, making it a trailblazer in terms
of usability. It requires infrastructure that is
not yet widely available. Kao Data is one of
few data centre operators in the UK able to
cater specifically for these types of
deployments, and thereby enable quantum-
ready forms of AI and machine learning.
Kao Data not only looks after some of the
most demanding and critical use cases in the
UK, but it is doing so with a market-leading
sustainable approach. This year Kao Data
has collaborated with its energy provider to
ensure all the renewable energy it uses is
now associated with a known source - Little
Cheyne Court wind farm in Kent. Every
electron Kao Data consumes is matched by
an equivalent capacity generated by this
specific wind farm. This removes uncertainty
around the exact energy source and ensures
its power is matched by genuine, renewable
energy sources in the UK.
Looking ahead, despite the challenging
macro environment, Kao Data has recently
closed a number of contracts at Harlow and
is in advanced stages of securing additional
opportunities with a number of high profile
existing and new clients. The focus for
FY2024 will be on securing and onboarding
these customers, while planning the next
developments across Kao Data’s portfolio.
This includes a third data centre facility at the
Harlow campus (KLON-03), as well the first
stage of Kao Data’s tier 2 data centre market
strategy to develop new sites within the UK.
The first of these will be Manchester and
plans are afoot for a 36MW facility on the
outskirts of the city.
Construction of KLON-02 underway next to KLON-01 in Harlow
CDC Data
Centres
Melbourne capacity
EBITDAF
H1
Hume One
H2
SD1
Silverdale
SD1A
HV1
Hobsonville
HV1A
H3
F1
Fyshwick
BK1
Brooklyn
Operational
Under development
F2F3
EC1
Eastern Creek
EC2EC3EC4EC5EC6
H4
Hume Two
H5H6
41