Infratil’s CDC Data Centres valuation rises by A$448m

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

9 October 2023
Infratil’s CDC Data Centres valuation rises by A$448 million
The 30 September 2023 independent valuation of Infratil’s investment in CDC Data Centres (‘CDC’)
shows an increase of A$448 million over the six months since the 31 March 2023 valuation.
Infratil’s 47.99% investment in CDC is now valued at between A$3,641 million to A$4,186 million (with
a midpoint of A$3,884 million), up from A$3,145 million to A$3,744 million (with a midpoint of A$3,436
million) at the end of March 2023. The 30 September 2023 NZD valuation of Infratil’s CDC
investment is $3,921 million to $4,507 million (with a midpoint of $4,182 million).
Infratil’s CEO Jason Boyes said “CDC’s data centre design, operating model and customer base is
strategically positioned to benefit from the new growth in demand for artificial intelligence services.
These market dynamics have seen a significant uptick in inbound customer interest. In response to
this demand CDC is expecting a significant acceleration of construction and expansion of
development planning in all locations – Canberra, Sydney, Melbourne and Auckland”.
The 30 September 2023 valuation assumes 268MW of existing operating facilities, another 265MW
currently under construction and 517MW classified as future builds to 2028, details of which are set
out in the table below.
This represents an increase of 223MW under construction and a total additional capacity including
future builds of 264MW since 31 March 2023. CDC currently has access to the vast majority of the
land required to complete these future builds.
The current forecast cost to build is consistent with recent performance.
The blended cost of equity used in the valuation has increased from 9.60% to 11.20% between March
and September 2023. This reflects an increase in the asset-specific risk premium, driven by the
acceleration of CDC’s construction programme, expansion in CDC’s assumed future build pipeline
and the valuer’s assessment of the relative increase in the scale and complexity of its
commercialisation and delivery. It also reflects an increase in the risk-free rate (3.65% to 3.75%) and
an increase in gearing as a result of higher forecast debt levels as CDC continues investment in its
expanded development pipeline.
Net debt as at 30 September was A$2,270 million.
CDC’s FY2024 full-year EBITDAF guidance of A$260 million to $270 million remains unchanged.
Further information, including the estimated International Portfolio Fair Market Value and the impact
on International Portfolio incentive fees, which are calculated on a whole of portfolio basis, will be
provided as part of Infratil’s Interim Result which is due to be released on 16 November 2023.

Region
Status Build Capacity (MW)
Canberra
Operating 117
Sydney
Operating 123
Auckland
Operating
28
Total Operating Capacity 268
Canberra Under Construction 56
Sydney
Under Construction 147
Melbourne
Under Construction 32
Auckland
Under Construction 30
Total Under Construction Capacity 265

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Any investor enquiries should be directed to:
Mark Flesher
Investor Relations
mark.flesher@infratil.com
Region
Status Build Capacity (MW)
Canberra Future Build 55
Sydney Future Build
151
Melbourne Future Build 208
Australian Expansion Future Build 22
Auckland Future Build 81
Total Future Build Capacity 517
Total Capacity 1,050