CDC Independent Valuation – 30 September 2025

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

CDC Independent Valuation – 30 September 2025

CDC’s valuation increased in the quarter as it continues to establish itself as a global leader in
data centre development and operations, with a substantial pipeline and strong demand for
capacity across Australasia. Public announcements in the quarter included expansion plans for a
new region in Perth, Western Australia and the securing of approximately 100MW of new
contracted capacity.

The 30 September 2025 independent valuation of CDC shows an increase of A$77 million since
30 June 2025, to A$13.6 billion, reflecting the mid-point of the assessed valuation range of A$12.8
billion to A$14.5 billion. On this basis, Infratil’s 49.72% interest in CDC is valued at A$6,780 million,
up A$32 million from A$6,748 million at 30 June 2025.

The September valuation was undertaken by a new independent valuer, consistent with policy
requirements to periodically change valuers. The key drivers of valuation change this quarter
were:
• Minor operational and business plan updates since June 2025.
• Adjustments in the valuation approach applied by the new valuer, including changes to the
shape of the forward yield curve and an increase in the calculation of the cost of equity by
0.33%, from 11.05% in June to 11.38% in September.

The increase in cost of equity was driven by an increase in the forecast gearing ratio and partially
offset by a reduction in the Asset Specific Risk Premium (ASRP).
• The increase in gearing does not reflect a material change in CDC’s forecast capital
structure, but rather a change in the calculation approach applied by the new valuer.
• The reduction in ASRP reflects the valuer’s overall assessment of the blended risk across
CDC’s operating, under construction and future build development sites, as well as the
progress made since June, including the recent announcement of new contracts for
approximately 100MW of additional capacity.

The growth forecast underpinning CDC’s build programme to FY34 remains broadly consistent
with the June 2025 update. Consistent with prior announcements, Infratil expects to commit a
further A$250 million to CDC’s development pipeline within the next six months to support
continued growth.

Further valuation details are included in the attached presentation document.
Enquiries should be directed to:

Brett Jackson
Investor Relations
Email: brett.jackson@infratil.com

Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

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CDC INDEPENDENT
VALUATION
30 SEPTEMBER 2025

1
CDC’s valuation increased in the quarter as it continues to establish itself as a global leader in data centre development and operations, with
a substantial pipeline and strong demand for capacity across Australasia. Public announcements in the quarter included expansion plans for
a new region in Perth, Western Australia and the securing of approximately 100MW of new contracted capacity.
The 30 September 2025 independent valuation of CDC shows an increase of A$77 million since 30 June 2025, to A$13.6 billion, reflecting
the mid-point of the assessed valuation range of A$12.8 billion to A$14.5 billion.
On this basis, Infratil’s 49.72% interest in CDC is valued at A$6,780 million, up A$32 million from A$6,748 million at 30 June 2025.
The September valuation was undertaken by a new independent valuer, consistent with policy requirements to periodically change valuers.
The key drivers of valuation change this quarter were:
–Minor operational and business plan updates since June 2025.
–Adjustments in the valuation approach applied by the new valuer, including changes to the shape of the forward yield curve and an
increase in the calculation of the cost of equity by 0.33%, from 11.05% in June to 11.38% in September.
The increase in cost of equity was driven by an increase in the forecast gearing ratio and partially offset by a reduction in the Asset Specific
Risk Premium (ASRP).
–The increase in gearing does not reflect a material change in CDC’s forecast capital structure, but rather a change in the calculation
approach applied by the new valuer.
–The reduction in ASRP reflects the valuer’s overall assessment of the blended risk across CDC’s operating, under construction and future
build development sites, as well as the progress made since June, including the recent announcement of new contracts for
approximately 100MW of additional capacity.
The growth forecast underpinning CDC’s build programme to FY34 remains broadly consistent with the June 2025 update.
Consistent with prior announcements, Infratil expects to commit a further A$250 million to CDC’s development pipeline within the next six
months to support continued growth.
CDC Independent Valuation Update- 30 September 2025

2
Valuation Methodology30 September 202530 June 2025
Primary valuation methodologyDCF using FCFE
(with a cross check to market multiples and precedent
transactions)
DCF using FCFE
(with a cross check to market calibration, comparable
companies and precedent transactions)
Terminal year20552055
Enterprise valueA$18,068 millionA$17,630 million
Equity valueA$13,637 millionA$13,560 million
Equity value(Infratil share)A$6,780 million (49.72%)A$6,748 million (49.76%)
Net debt
Including accrued Management Share payments
A$4,431 millionA$4,070 million
Key valuation assumptions
Risk free rate4.00%4.00%
Asset beta0.5750.575
Cost of equity (blended rate)
Reflects the assessed risk of the spectrum of CDC’s
portfolio, from operating data centres with contracted
revenues through to developing projects without
contracted revenues.
11.38%
(increase primarily reflects a change in the
approach to gearing applied by the new valuer)
11.05%
Long term EBITDA margin83% (2055)83% (2055)
CapexValuation assumes no development beyond 2040Valuation assumes no development beyond 2040
Independent Valuer Assumptions

3
CDC publishes its development pipeline showing its current
planned build programme out to FY34 (per the table opposite).
The independent valuer assumes CDC continues to develop to
2040 (per the previous slide).
During the quarter, operating capacity remained unchanged at
372MW, while capacity under construction was unchanged at
453MW
Future build capacity to FY34 increased modestly from 1,629MW
to 1,636MW, reflecting ongoing site design refinements.
Built Capacity Pipeline by
Region to FY34 (MW)
September 2025June 2025
Operating capacity
Canberra117117
Sydney123123
Melbourne3434
Auckland9898
Total372372
Under construction capacity
Canberra5858
Sydney168168
Melbourne226226
Auckland--
Total453453
Future build capacity
Canberra7373
Sydney878869
Melbourne525525
Australian expansion3436
Auckland126126
Total1,6361,629
Total Capacity Pipeline2,4612,454
CDC Development Pipeline
318
372372
382
453453
1,754
1,629
1,636
2,4542,454
2,461
0
500
1,000
1,500
2,000
2,500
3,000
Mar-25Jun-25Sep-25
CDC Built Capacity Pipeline (MW) to 2034
OperatingUnder constructionFuture build