Infratil Guidance Update – Manawa Energy

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

17 February 2025


Infratil Guidance Update – Manawa Energy


This morning Manawa Energy (NZX: MNW), of which Infratil owns 51%, released an update
in relation to their EBITDA guidance for the full year to 31 March 2025.

The announcement saw Manawa Energy revise their EBITDAF guidance from NZ$95 – $115
million to NZ$80 – $95 million.

A copy of the Manawa Energy announcement can be found here.

As Infratil prepares EBITDAF guidance on a proportional basis, Infratil’s Proportionate
Operational EBITDAF
1
guidance has been updated to reflect this change.

Infratil’s adjusted FY2025 Proportionate Operational EBITDAF guidance range is now
NZ$951 – $991 million (previously NZ$960 – $1,000 million).


Enquiries should be directed to:

Mark Flesher
Investor Relations
Phone: +64 4 473 3663
Email: mark.flesher@infratil.com


Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer


1
Proportionate Operational EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the
companies it has invested in, excluding renewable development companies (Gurīn Energy, Galileo, Mint
Renewables). It excludes discontinued operations, acquisition or sale-related transaction costs and management
incentive fees. EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation,
financial derivative movements, revaluations, and gains or losses on the sales of investments.