CDC Independent Valuation – 30 June 2025

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
4 July 2025

CDC Independent Valuation – 30 June 2025

The 30 June 2025 independent valuation of Infratil’s investment in CDC shows an increase of
A$148 million over the three months since the 31 March 2025 valuation.

The increase reflects the completion of the Transaction announced in February 2025, with Infratil
acquiring a 1.58% stake in CDC for A$220 million (including typical completion adjustments),
increasing its shareholding from 48.17% in March 2025 to 49.76% in June 2025. This was slightly
offset by a 1% decline in the assessed equity valuation of CDC on a 100% basis from A$13,701
million in March 2025 to A$13,560 million as at 30 June 2025.

Infratil’s 49.76% investment in CDC is now valued at between A$6,208 million to A$7,363 million
(with a midpoint of A$6,748 million), compared with A$6,066 million to A$7,208 million (with a
midpoint of A$6,600 million) based on Infratil’s 48.17% shareholding at the end of March 2025.

The growth forecast underpinning CDC’s build capacity to FY2034 remains consistent with the
March 2025 update. During the period CDC commenced additional construction in Melbourne and
Canberra, increasing capacity under construction to 453MW. CDC also increased operational
capacity by 54MW in Auckland, to reach a portfolio total of 372MW. With the progression of these
developments, CDC continues to demonstrate its strong track record of delivering projects on time
and to budget.

Region
Status
Build Capacity
(MW) to FY34,
as at
31 March 2025
Build Capacity
(MW) to FY34,
as at
30 June 2025
Canberra
Operating 117 117
Sydney
Operating 123 123
Melbourne
Operating
34 34
Auckland
Operating
44 98
Total Operating Capacity 318 372
Canberra Under Construction 39 58
Sydney
Under Construction 168 168
Melbourne
Under Construction 121 226
Auckland
Under Construction 54 0
Total Under Construction Capacity 382 453
Canberra Future Build 93 73
Sydney Future Build
869 869
Melbourne Future Build 630 525
Australian Expansion Future Build 36 36
Auckland Future Build 126 126
Total Future Build Capacity 1,754 1,629
Total Capacity 2,454 2,454


The primary valuation methodology applied by the independent valuer at 30 June 2025 was a
Discounted Cash Flow (‘DCF’) approach. This represents an adjustment from the Historical
Transaction approach adopted as the primary methodology in March 2025, albeit in line with the
primary valuation methodology from prior quarters and widely adopted as the preferred valuation

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methodology for assets of this nature. The valuer performed various market calibration and
multiple cross checks in support of the primary approach.

The blended cost of equity used in the valuation remains unchanged from the implied discount
rate of 11.05% (rounded) assessed in March 2025. A 10 basis point increase in the risk-free rate
from 3.9% to 4.0% was offset by a slight reduction in the asset-specific risk premium, reflecting
the progress of certain sites through the development pipeline as highlighted above.

The decline in the total equity valuation primarily reflects an increase in the valuer’s assessment
of the future base rate curve, leading to increased future interest costs and a resulting reduction
in valuation, as well as minor movements in other operating assumptions. In line with prior
communication, Infratil expects to commit a further A$250 million within the next 12 months to
continue to fund the development pipeline.


Enquiries should be directed to:

Mark Flesher
Investor Relations
Email: mark.flesher@infratil.com
Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

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Appendix 1 – Independent Valuation Summary 30 June 2025
Valuation Methodology 30 June 2025 31 March 2025
Primary valuation
methodology
DCF using FCFE
(with a cross check to market
calibration, comparable
companies and precedent
transactions)
Historical Transaction
(with a cross check to DCF,
comparable companies and
precedent transactions)
Forecast period
30 years (2055) 30 years (2055)
Enterprise value
A$17,630 million A$17,264 million
Equity value
A$13,560 million
(IFT share: A$6,748 million)
A$13,701 million
(IFT share: A$6,600 million)
Net debt including accrued
RMS payments
A$4,070 million A$3,563 million
Key Valuation Assumptions
Risk free rate 4.00% 3.90%
Asset beta 0.575 0.575
Cost of equity
(blended rate) reflecting the
assessed risk of the spectrum of
CDC’s activity, from operating data
centres with contracted revenues
through to developing projects
without contracted revenues.
11.05%
11.07% (Implied)
11.05% (Rounded)
Terminal growth rate 2.5% 2.5%
Long term EBITDA margin 83% (2055) 83% (2055)
Capex
Future capex reflects CDC’s
published development pipeline
Valuation assumes no
development beyond 2040
Valuation assumes no
development beyond 2040