Infratil to acquire additional 4.92% stake in Contact (CEN)

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


Infratil to acquire additional 4.92% stake in Contact (CEN)

Infratil Limited (Infratil) has agreed to acquire TECT Holdings’ (TECT formerly, the Tauranga Energy
Consumer Trust) 4.92% shareholding in Contact Energy Limited (Contact).
The purchase price of $437.7 million, or $8.95 per share, will be funded through a combination of
$218.8 million in existing debt capacity and the issuance of $218.8 million of new Infratil shares to
TECT at $12.43 per share, being the NZX closing price on Friday, 17 October 2025.
On completion, Infratil’s shareholding in Contact will rise to 14.3%, up from 9.4% following the recent
merger of Contact and Manawa Energy. Infratil had earlier completed the sale of its 51% stake in
Manawa Energy to Contact in July 2025, in return for approximately NZ$186 million in cash and its
current shareholding in Contact. The acquisition reinforces Infratil’s strategy to invest in high-quality
assets in strong market environments.
Infratil Chief Executive Jason Boyes said the transaction is a win-win for both parties.
“TECT’s decision to diversify created a natural opportunity for us to increase our investment in
Contact. Part-funding with new shares efficiently preserves our flexibility for future growth, while
increasing ownership of a strong cashflow-generating business.
“We have a deep understanding of the sector through our ownership of Manawa Energy and we’re
confident in the opportunities created by its merger with Contact.
“We look forward to supporting Contact’s leadership as they drive the combined business forward,
and we appreciate TECT’s decision to remain invested in us through Infratil shares,” he said.
TECT’s Chief Executive, Wayne Werder, said:
“We’ve invested alongside Infratil in Trustpower and Manawa for more than 30 years and therefore
have a long-standing history of working together. We know the Infratil team and their track record
well, and we’re delighted to continue this relationship by becoming an Infratil shareholder and will
benefit from diversification through their broader infrastructure portfolio.”

Enquiries should be directed to:

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

Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

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Corporate Action Notice
(Other than for a Distribution)
Page 1 of 3
Section 1: Issuer information (mandatory)
Name of issuer Infratil Limited
Class of Financial Product Ordinary Shares
NZX ticker code IFT
ISIN (If unknown, check on NZX
website)
NZIFTE0003S3
Name of Registry MUFG Pension & Market Services
Type of corporate action
(Please mark with an X in the
relevant box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer

Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Placement X
Record date N/A – placement capacity used as scrip consideration for
the acquisition described below, rather than by way of an
offer


Ex Date (one business day before
the Record Date)
N/A – placement capacity used as scrip consideration for
the acquisition described below, rather than by way of an
offer
Currency NZD
External approvals required before
offer can proceed on an
unconditional basis?
N
Details of approvals required N/A
Section 7: Placement
Number of Equity Securities to be
issued
17,605,277
Issue price per Equity Security $12.43
Maximum dollar amount of Equity
Securities to be issued
$218,833,593.11
Proposed issue date 22/10/2025
Existing holders eligible to
participate
N

2 of 3
Related Parties eligible to
participate
N
Basis upon which participation by
existing Equity Security holders will
be determined
N/A
Purpose(s) for which the Issuer is
issuing the Equity Securities
The new IFT ordinary shares are being issued as part of
the consideration for the acquisition of shares in Contact
Energy Limited under the terms of the agreement
between Infratil Limited and TECT Holdings Limited dated
20 October 2025.
Reason for placement rather than a
pro-rata rights issue or an offer
under a Share Purchase Plan in
which the Issuer’s existing Equity
Security holders would have been
eligible to participate
N/A – placement used as scrip consideration for the
acquisition described above, rather than by way of an
offer.
Equity Securities to be issued
subject to voluntary escrow
Y (other than a transfer of the IFT ordinary shares to any
person or persons who is: (i) a sophisticated investor or
professional investor within the meaning of sections
708(8) or 708(11) of the Corporations Act 2001 (Cth) or
an investor to whom those IFT ordinary s hares can be
transferred without an Australian disclosure document
being required; and (ii) a “wholesale investor” (as that
term is defined in clause 3 of Schedule 1 of the Financial
Markets Conduct Act 2013), subject to compliance with
certain other pre-conditions).
Number and class of Equity
Securities to be issued that will be
subject to voluntary escrow and the
date from which they will cease to
be escrowed
17,605,277 IFT ordinary shares will be subject to the
voluntary escrow described above, and will cease to be
escrowed on 22 October 2026.
Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed N
Name of Lead Manager(s) N/A
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
N/A
Underwritten N
Name of Underwriter(s) N/A

3 of 3
Extent of underwriting (i.e. amount
or proportion of the offer that is
underwritten)
N/A
Fees, commission or other
consideration payable to
Underwriter(s) for acting as
underwriter(s)
N/A
Summary of significant events that
could lead to the underwriting
being terminated
N/A
Section 9: Authority for this announcement (mandatory)
Name of person authorised to
make this announcement
Brendan Kevany, Infratil Company Secretary
Contact person for this
announcement
Mark Flesher, Investor Relations
Contact phone number +64 4 473 2399
Contact email address mark.flesher@infratil.com
Date of release through MAP 20/10/2025