Interim results for the period ended 30 September 2025

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


Earnings lift as Infratil refines its portfolio for growth
• Proportionate operational EBITDAF up 7% from HY25 to $514 million
• Proportionate capital expenditure down $52 million from HY25 to $1,139 million
• Net parent surplus of $606 million reflecting CDC asset valuation increases and Manawa
Energy sale
• Sale of Fortysouth and Infratil Property investments announced for combined $250m+
• EBITDAF guidance updated to reflect portfolio divestments
• Dividend of 7.25cps consistent with HY25

Infratil delivered a step-up in earnings for the six months ended 30 September 2025 and announced
the divestment of Fortysouth and its legacy property assets as it refines its portfolio for further growth.
The geographic and sector diversity of Infratil’s portfolio saw Proportionate Operational EBITDAF [1]
grow to $514 million in the six-month period to 30 September. This was up 7% from the prior HY25
period, largely driven by Longroad Energy in the United States and CDC in Australasia. Proportionate
Capital Expenditure was down $52 million, to $1,139 million, when comparing HY26 and HY25.
Jason Boyes, Infratil Chief Executive, said the infrastructure investor has successfully navigated
through the noise of the market and regulatory challenges that faced its digital and renewables
businesses in early 2025.
“Digital and renewable energy thematics are stronger than ever, with CDC and Longroad building
strong earnings momentum on the back of new waves of demand. CDC has recently announced 140
megawatts of contracts and Longroad Energy reached financial close for 925MW of new projects.
“Gurīn Energy in Asia is another investment poised for growth and we’re always scanning for other
attractive new growth sectors. Our focus is on simplifying our current portfolio and reinvesting in areas
with strong thematic drivers, to position Infratil for continued growth and shareholder returns,” said Mr
Boyes.
The total asset value of Infratil’s investments grew by $735 million, to just over $19 billion, in the six-
month period. Increases in CDC’s property valuations and the sale of Manawa Energy resulted in a
net parent surplus of $606 million, compared with a $247 million loss in HY25.
Sale of Fortysouth and Infratil Property announced
Infratil has entered into a conditional agreement to sell its 20% shareholding in Fortysouth to InfraRed
Capital Partners and Pantheon. The sale proceeds will be more than $200 million, in line with recent
transaction multiples in the sector. The final amount is subject to the timing of settlement, with the
transaction conditional only on Overseas Investment Office approval.
The transaction marks another step in Infratil’s strategy to refine its portfolio for growth.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
“Fortysouth, while a high-quality business with strong leadership and customer relationships, represents
a relatively small position in our portfolio. We’re pleased to have reached an efficient agreement with
existing holders, allowing for a seamless transition without the need for a broader sale process,” said
Mr Boyes.
Infratil acquired its interest in Fortysouth in 2022 when Vodafone NZ sold its passive mobile tower
infrastructure to Infratil, Infrared Capital Partners and Northleaf Capital.
An unconditional sale of Infratil’s property asset in Auckland has also been signed for $55 million. The
asset was a legacy of Infratil’s past bus company investment.
Divestments to fund growth opportunities
Today’s Fortysouth and property sale announcements mean Infratil is now over halfway to its
medium-term target of $1 billion of divestments, when including the previously announced sale of
RetireAustralia. A strategic review of Infratil’s 57% shareholding in Australian medical imaging
business Qscan, last valued at NZ$487 million, was also announced in September.
Together, its recent increased investment in Contact Energy, the strong progress on divestments and
growing operating cashflow underpins Infratil’s significant financial flexibility to invest for future growth.
Infratil expects to invest another A$250 million in CDC during the next six months, so CDC can
accelerate its construction programme to meet the surging demand for capacity in Australia.
CDC’s recent contract announcements mean it will deliver forecast revenue to achieve its target of
doubling FY25 EBITDAF in FY27. “Customer demand for liquid cooled, high density capacity has
reached a new high, and we are best positioned in the market to deliver against it,” says CDC CEO
Greg Boorer.
Longroad Energy is seeing benefit from data centres in the USA, where it is constructing its largest
ever solar farm to support Meta’s operations with clean energy. Earnings grew more than 2.5 times as
it increased its total operational solar-battery-wind fleet to 3.5GW, with another 1.6GW under
construction.

In Asia, Gurīn Energy is awaiting a decision on the export licence for Project Vanda, one of the largest
solar-plus-battery projects in the world that will deliver solar energy from Indonesia to Singapore. A
final investment decision on Project Vanda is targeted for around mid-2026. It recently acquired a new
303MW project in South Korea, adding to its potential 9GW development pipeline across a range of
markets.
New Zealand business performance
Despite the weak New Zealand economy, Infratil’s New Zealand businesses have been largely
resilient.
Wellington Airport reported 4% EBITDAF growth with positive performance across commercial
operations and continued cost discipline. International passengers were up 7% from the same period
last year, while domestic passengers declined 5%.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
One NZ increased revenue by $14 million from HY25 and is seeing positive trading momentum as it
heads into the peak summer trading period. Revenues have lifted through a mix of pricing and service
initiatives, including the One Wallet loyalty programme and SpaceX text services – with more than 6
million texts now sent via the exclusive satellite service.

Although RHCNZ Medical Imaging completed more scans than the prior year, a lower margin service
mix and cost inflation meant EBITDAF was down slightly on the prior period. It is focused on a range
of improvement initiatives for the second half. This includes creating a standalone teleradiology
service provider that will include staff and assets from Infratil’s Australian diagnostic imaging
investment, Qscan. Qscan grew its EBITDAF by 11% from HY25, helped by a positive mix of imaging
demand and pricing changes.

Interim dividend and FY26 guidance
Infratil confirmed it will pay a partially imputed interim dividend of 7.25 cents per share on 16
December. The dividend reinvestment plan will be available with a 2% discount applied to the strike
price.
Guidance for Proportionate Operational EBITDAF of NZ$1,000 to $1,050 million is unchanged on a
like-for-like basis. Adjusting for the announced divestments of RetireAustralia and Fortysouth and a
modest tightening in the range results in an updated guidance range of $960 to $1,000 million.
Proportional Development EBITDAF guidance has been narrowed to expenditure of $85 to $100
million. Guidance for Proportionate capital expenditure is unchanged at NZ$2.2 to $2.6 billion.
Virtual investor briefing: from 11.00am (NZT) at https://infratil.com/for-investors/results/half-year-
results-for-the-period-ended-30-september-2025/interim-results-announcement-september-2025/

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


Notes:
[1] EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial
derivative movements, revaluations, and nonoperating gains or losses on the sales of investments and assets. Proportionate
EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the companies it has invested in. A reconciliation
of net profit after tax to Proportionate EBITDAF is provided in the 13 November 2025 HY26 results presentation.

---

HY26 RESULTS
INVESTOR PRESENTATION
13 November 2025

1
Disclaimer
This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’)
To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable
(whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does
not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product
disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Interim Report for the period ended 30 September 2025, marketreleases and other periodic and continuous disclosure
announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the Company’s securities and has been prepared without taking
into account the objectives, financial situation or needs of prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company operates, such as indications of, and guidance on, future earnings,
financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty
or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS
financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial
information and financial measures include Proportionate EBITDAF, EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed
by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS, and therefore,
may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to
users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this
presentation.
Proportionate Operational EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the companies it has investedin, 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. Further information on how Infratil calculates Proportionate EBITDAF can be found
in the Appendix.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.

Infratil Half Year Results Presentation
Jason Boyes
Infratil CEO
Andrew Carroll
Infratil CFO
INFRATIL & HY26 OVERVIEW
PORTFOLIO PERFORMANCE
p3
p7
GROUP FINANCIAL
PERFORMANCE & GUIDANCE
p20
SUPPORTING MATERIALS
p27

3
Infratil (IFT.NZX, IFT.ASX)
•Market capitalisation of NZ$12.1bn
1
(US$7.3bn)
•Included in S&P NZX50, ASX200, and
MSCI Global Standard Index
•Our target: shareholder returns of 11-15% per annum
on a rolling 10-year basis
A value-add infrastructure investment company
•Active portfolio construction and management with
multiple pillars of value creation over time
•Management partnership leverages Morrison’s
extensive global capabilities
A strong track record: 18% TSR since inception in 1994
2,3
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
550%
600%
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Cumulative annual return (%)
Period
2
IFT TSR
5 – year 22.8%
10 – year19.2%
20 – year 13.8%
Since inception18.4%
IFT
NZX 50
ASX 200
Notes: (1) Market capitalisation as at 30 September 2025; (2) Infratil Returns are calculated to 30 September 2025; (3) Chart source: Capital IQ
An infrastructure investment company that actively invests in ideas that matter
Infratil Overview

4
A diverse portfolio with significant growth opportunities
Total asset value NZ$19.0 billion
1
Diversified across four sectors:
Digital
Renewables
Healthcare
Airports
Infratil interest sold or under strategic review at 13 November
Notes: (1) Total asset value reflects most recent available valuations as at 30 September 2025

5
8%
Significant progress toward our $1 billion divestment target, with sale agreements now in place for RetireAustralia,
Fortysouth and our legacy property asset (c.58% of our target). A strategic review of Qscan is also underway.
We’ve navigated through the significant ‘noise’ of early 2026 and delivered a 7% step up in proportionate operational
EBITDAF vs HY25, despite New Zealand’s economy remaining relatively subdued.
Digital and renewable energy thematics are stronger than ever as data and electricity demand accelerates across
multiple markets: ~140MW contracting period for CDC; Longroad Energy commenced construction of 925MW.
Strengthened our cash flow pillar by increasing our Contact Energy holding, while retaining future flexibility.
Strong sustainability results for Infratil and our portfolio companies in the annual GRESB Infrastructure Fund Benchmark
assessment; One NZ won Medium Company of the Year in Global Sustainability Awards.
Active management has come to the fore as we refine our portfolio
HY26 Highlights

6
CDC and Longroad Energy accounted for 69% of proportionate capex in HY26,
with Longroad’s spend reducing by about $135 million from HY25 levels due to
project timing.
One NZ is the biggest contributor at about 58% of operational proportionate
EBITDAF, with contributions from CDC and Longroad growing meaningfully.
‘Other renewables’ (Galileo, Gurīn Energy, Mint Renewables) incurred $32 million
of net expenditure as they invest in early-stage development.
Infratil HY26 financials overview
Proportionate EBITDAF: $514 million operational; ($32 million) development
Proportionate Capex: $1,139 million
Asset value: $19 billion
Total asset value of ~$19 billion, up $735 million in HY26, largely due to Infratil’s
acquisition of a further 1.58% ownership in CDC which has helped lift it to 41% of
total asset value.
Renewables asset composition changed with a 9.4% stake in Contact Energy
following the sale of Manawa Energy (increased to 14.3% after 30 September).

PORTFOLIO PERFORMANCE

8
EBITDAF for theperiod was A$184m, up A$25m (16%) from HY25
–~50MW of operating capacity added in HY26
Strong demand across all customer segments
–Size of potential contracts is increasing as customers deploy liquid cooling
architecture
–140MW+ contracted in the last six months
–Neocloud customer segment: 40MW operational from early FY27
–Demand supports positive contract terms
CDC’s data centre design is providing competitive advantage given:
–Computing weight and power density increases
–Liquid cooling deployments becoming the de facto standard
–Significant water usage causing social license and permitting issues for other
providers
HY26 progress
A new wave of demand with over 140MW of contracts signed
EBITDAF (A$m) and margin (%)
75%
74%
123
159
184
75%
HY24
75%
HY25
74%
HY26

9
Outlook
CDC on track to double FY25 EBITDAF in FY27
Recent contract growth driving future earnings uplift
–140MW announced contracts will deliver forecast revenue to achieve target of
doubling FY25 EBITDAF in FY27
–Delivery of recent contract wins through FY27 will drive a continued step-up in
run rate EBITDAF from FY27 into FY28
–As updated in mid-September, contractdeliveries weighted to back end of FY26
and into FY27 means FY26 EBITDAF expected at the lower end of prior guidance,
with range now narrowed to (A$390m-A$400m)
Multiple opportunities with existing and new customers for significant additional
capacity
Substantial build programme continues
–453MW under construction in HY26 expected to achieve first operations over the
next 12 months
–Expansion opportunities from densification of existing and planned development
Accelerating delivery to meet strong capacity demand
–FY26 capital expenditure guidance increased to A$1.9b – A$2.2b from prior
A$1.6b–A$1.8b range
–A$250m forecast equity (IFT share) expected to be committed in H2
CDC Built Capacity Pipeline (MW) to 2034
Capital expenditure (A$m)
268
302
372
265
388
453
517
1,606
1,636
HY24HY25HY26
Operating
Under construction
Future build
203
830
871
HY24HY25HY26

10
EBITDAF of US$83m
1
, up US$46m (124%) from HY25
–Includes initial contributions from Sun Streams 4 (677MW) and Serrano
(434MW) projects – completed this year
3.5GW operational at end of HY26
1.6GW under construction, including 400MW solar project (1,000 Mile) to supply
Meta data centre
–925MW of new projects reached financial close in the period, with an
incremental 0.4GW expected to start construction by end of FY26
Revenue agreements signed for 200MW of new projects in HY26
The 2025 portfolio is tax credit qualified
Another ~6GW of projects are qualified that can meet the ‘in service’ date by the
end of 2029
Pursuing qualification of another 2GW+ of projects in 2026 that would need to be
in service by the end of 2030
Battery storage tax credits are accessible through 2033+
Tax credit progress
HY26 progress
EBITDAF ramping up as operational fleet grows
Generation (operating vs construction)
1
SolarBattery storageWind
Operating
2,347MW729MW459MW
Under
construction
1,449MW 85MW-
1,562
2,423
3,534
861
1,124
1,621
HY24HY25HY26
Generation under construction (MW)Owned operating generation (MW)
Notes: (1) As at September half years

11
370
380
490
600
700
5.1GW
10.0GW
0
1
2
3
4
5
6
7
8
9
10
-
200
400
600
800
1,000
Sep-25
5.5GW
CY25F
7.0GW
CY26F
8.5GW
CY27FCY28F
OutlookOpco run-rate EBITDA
2
(US$m)
FY26 EBITDAF guidance
1
of US$120m-US$130m

increased from US$110m to
US$120m largely due to earlier than anticipated completion of Serrano
197MW (Sun Pond) expected to be operational by FY26 with incremental
0.4GW expected to start construction by end FY26
Demand signals remain strong with 25% growth in demand forecast from
2025 to 2030
Solar is the cheapest and fastest additional source of generation, and
Longroad’spipeline is well positioned in attractive markets
1.3GW of capacity to start construction in FY26 adds ~US$95m
Targets remain: achieve financial close on 1.5GW annually from CY26 and
Opco EBITDA run-rate to reach US$700m by December 2028
Upside potential from tax qualification in excess of this target and M&A
30GW pipeline to meet generational growth opportunity
Notes: (1) Guidance prepared in alignment with the Infratil financial year of 31 March 2026; (2) Opco run-rate EBITDA calculated based on 5-year average EBITDA once projects
reach operational status and recognised in Opco run-rate EBITDA total based on year of financial close, adding back all corporate overheads and development related costs
Opco run-rate EBITDA CY2027 Target
GW (operational & under construction)Opco run-rate EBITDA
Opco run-rate EBITDA
2
at 31 March 2026 on track for ~US$380m for
the 5.5GW operating and under construction fleet

12
HY26 progress
Total revenue lifted $14m from HY25 with good growth in Mobile and
Handset & Other categories
–Strong mobile growth with price increases lifting total postpay mobile
ARPU from $40.60 (HY25) to $43.30
–Consumer pay monthly connection growth supported by One Wallet and
SpaceX value differentiators
–Enterprise mobile remains challenging despite strong customer preference
–Ongoing Fixed & ICT revenue decline due to competition and legacy fixed
services reduction
–Winning high share of MVNO growth, with new partnerships announced
Timing of strategic spend (SpaceX, AI-first and T-One IT transformation) drove
EBITDAF of $296m vs $304m in HY25
–All ~1.2m prepay customers on new simplified IT stack
–More than 6 million texts now sent via SpaceX
HY26 free cash flow up $63m with improved working capital performance
and reduced investment and spectrum purchases (vs HY25)
EonFibre demonstrating good future stand-alone growth opportunities
Revenue (NZ$m)
Delivering revenue growth despite slow market
396
413
422
179
145
158
105
108
108
109
104
101
174
171
164
HY24HY25HY26
963
941
954
Consumer FixedEnterpriseWholesaleHandset & OtherMobile
360
379
391
$40
37
HY24
$41
34
HY25
$43
31
HY26
396
413
422
Mobile Revenue and ARPU (NZ$m)
Mobile Postpay ARPU ($)Consumer & SBEnterprise

13
Outlook
EBITDAF and capex guidance unchanged
H2 expectation reflects lift in trading momentum leading into peak summer
trading period and benefit of HY26 price increases
3G network shutting down from end 2025 will provide further simplification
and cost benefits, and free up network capacity
~100 qualified AI ideas in the pipeline and 33+ AI solutions deployed as One
NZ embraces AI for productivity, revenue and customer experience gains
One NZ head office relocated to central Auckland, on time and budget, for
better customer and staff outcomes
Mid-30% EBITDAF margins through mobile growth, increased wholesale
revenues, business simplification and cost efficiency
~11% capex intensity as network and IT modernisation investment tapers
EBITDAF (NZ$m) & Margin (%)
H2 expected to be stronger with positive trading momentum
279
304
296
29%
HY24
32%
HY25
31%
HY26
EBITDAFMargin %
Medium term targets unchanged

14
Solid EBITDAF performance as international growth continues
HY26 progress:
EBITDAF growth was supported by strong international passenger demand,
positive performance across commercial operations, disciplined cost
control and an uplift in aeronautical pricing.
A weak NZ economy and airline capacity constraints drove a 5% decline (vs
HY25) to 2.1m domestic passengers
Additional capacity lifted international passengers 7% vs HY25 to 393,000
$73m of capex in HY26 reflects ongoing infrastructure investment
programme: new 800-space carpark and fire station completed; terminal
hospitality area upgraded with added 130-seat capacity
Outlook
International passenger growth expected to continue in H2 with added
summer capacity
Engineered Materials Arresting System on track for completion at runway
ends by March 2026, extending operational performance for larger/long-
haul aircraft
Exploring international route opportunities: Memorandum of
Understanding signed with Guangzhou Baiyun International Airport (China)
EBITDAF (NZ$m) & Margin (%)
51
63
66
70%
HY24
73%
HY25
73%
HY26
New two-storey hospitality area located in the Wellington Airport terminal.

15
HY26 progress
EBITDAF of A$42m, up 11% from A$38m in HY25
–Primarily driven by positive mix of imaging demand and pricing changes
Revenue grew $11m while opex was up $6m vs HY25
Workforce of 187 radiologists, up from 141 in HY25
Growth in the network with 6 clinics acquired in HY26, resulting in:
–80 standalone clinics, up from 75 at the end of HY25
FY26 EBITDAF guidance of A$80m-A$95m unchanged
HY26 progress
EBITDAF of $62m down slightly from $63m in HY25
–Primarily driven by a negative mix shift to lower margin work
526,000 scans, up from 520,000 in HY25
Revenue was up $3m vs HY25 but offset by $4m opex increase
Workforce steady at 160 radiologists
–Sites reduced to 70 standalone clinics, vs 74 in HY25
–New flagship clinic opened in Remuera in August
FY26 EBITDAF guidance of $120m to $130m, down from prior $130m to
$150m range, with improvement initiatives underway
Separates non-core components of the traditional bricks & mortar businesses into a standalone entity,
focusing purely on teleradiology and benefitting from combined scale & investment
Establishment of a dedicated management team who are investing alongside Infratil and doctors
Enhances flexibility for radiologists and enables recruitment globally outside of physical clinic base
Well positioned to benefit from further advances in technology, including AI
Remains subject to certain conditions being met, but expected to complete by end of the calendar year
Stand-alone teleradiology service provider under development

16
Opportunity to acquire TECT’s 4.92% holding, lifting our ownership to 14.3%
–A simple transaction, partly recycling $186m cash received for Manawa
Energy’s sale to Contact in mid-2025
–With TECT becoming a ~2% IFT holder via ~17.6m issued shares
Alignment with portfolio strategy
–Contact fits our need for significant sized holdings in Pillar 1 that contribute to
Infratil’s free cash flow
–Provides future optionality as a listed holding
Attractive sector and company dynamics
–We have deep experience in the sector and Manawa’s assets give Contact a
more resilient and flexible generation platform nationwide
Strong renewables focus
–Contact has high quality assets with a growing pipeline of renewable
generation projects
Transaction summary
An opportunity to lift our ownership while preserving future flexibility
Contact’s 100MW battery facility located at Glenbrook in South Auckland

17
Philippines
–75MW Zambales solar plant (20-year PPA) operational since January and
delivered US$3m revenue
–39MW in Tarlac expected to be operational ~Q2 FY27
Japan
–500MW battery storage pipeline with grid access secured for a 240MW project:
developing customer proposition and targeting to be operational in 2028
South Korea
–~ 600MW in pipeline following October acquisition of 303MW wind and solar
project portfolio from European developer
Indonesia > Singapore: Project Vanda
–>90% of land secured for solar + battery storage site
–Next major milestone remains export licence with Indonesian government
–Detailed planning work underway on project assets
–Targeting final investment decision around mid CY2026
HY26 progress
Project Vanda overview
Ownership: 75% Gurīn Energy; 25% Gentari
2.2GWp solar plant + 5GWh battery storage + ~90km subsea cable
Expected capex US$2-3 billion, requiring ~US$500 million of equity,
with construction expected 2027 and targeting:
–Phase 1 (~550MW solar) operational 2028
–Phase 2 (~1,100MW solar) operational 2029
–Phase 3 (~550MW solar) operational 2030
~9GW pipeline with 5.9GW Gurīn owned

18
Pipeline includes a mix of technologies: onshore wind (35%), battery storage
(28%), solar PV (27%) and offshore wind (10%)
Development of existing projects continues to progress, including:
–The onshore wind pipelines in France, Germany, Italy, Spain and the UK
–The Barium Bay 1.1GW floating offshore wind project in the Southern Adriatic
Sea, off the coast of Italy, which received a positive Environmental Impact
Assessment decree
Continuing to crystallise value with a 40MW battery storage project sold in April
in the UK and a 100MW project of the same technology sold in Italy in June
Construction has commenced on a 3MW solar project in Italy with an additional
5MW project to start construction shortly
230MW of solar and battery storage projects in Italy received the final
authorisations to move towards Ready to Build status
Demand for renewables in Europe is expected to continue over the medium to
long term, supported by increased power needs from AI and data centres, rising
energy and data sovereignty goals, and suitable net zero policy frameworks
HY26 progress
Galileo’s solar project under construction in the Lombardy region, Italy.
16GW pipeline across 10 European markets

19
HY26 progress
Expanding capacity in a tightly constrained London market
Revenue of £34m was up 21% from £28m in HY25 as previously contracted
capacity came online.
–EBITDAF of £4.3m, up £2.1m (105%) over HY25
Operating capacity increased from 27MW to 37MW over the last 12 months
with the addition of capacity at Harlow and Slough.
Construction continues on KLON-03 at Harlow, which, together with
remaining capacity at KLON-02, will deliver 22 MW of additional capacity.
Demand drivers remain strong and consistent with other global markets.
–Kao’s market positioning remains attractive for enterprise, AI, and
hyperscale workloads.
–The broader London market remains constrained by land and power
availability, limiting new capacity and increasing the value of development
options.
–Strong interest in all Harlow capacity.
26
28
34
HY24HY25HY26
Revenue (£m)
17
27
37
10
19
18
68
45
72
HY24HY25HY26
Kao Data built capacity pipeline (MW)
Future buildUnder constructionOperating

GROUP FINANCIAL PERFORMANCE & GUIDANCE

21
Increased Longroad and CDC capacity drives earnings growth
Financial Performance Highlights
The HY26 result was a net parent surplus of $605.7m, compared with a
$247.3m loss in the prior comparative period driven by an increase in CDC
associate earnings and the gain on sale of Manawa Energy.
Proportionate operational EBITDAF of $513.5m, was $34.5m (7.2%) ahead
of the prior year, reflecting increased contributions from CDC and Longroad
as development sites convert to operations.
Proportionate development EBITDAF for the period was a loss of $31.6m, an
increase of $4.1m (14.9%) on HY25 as development platforms continue to
invest.
Proportionate capex of $1.14bn, was down $52m on the prior year, driven
by a reduction in expenditure at Longroad Energy, partially offset by
increases at CDC, Wellington Airport, and Gurīn Energy.
Infratil directly invested $469m into assets in the year. The largest investment
in the period was $258m into CDC for a controlling stake.
Notes: (1) Further information on how Infratil calculates Proportionate EBITDAF can be found in the appendix including a reconciliation to net profit after tax, (2) excludes EBITDAF
contributions from Manawa Energy and Infratil Property
30
16
3
3
Qscan
(9)
One NZ
(2)
Other
479
514
(7)
CorporateHY25
EBITDAF
2
LongroadCDCKaoHY26
EBITDAF
$1,139 million
Down 4% from HY25
Proportionate capital expenditure
($32 million)
Up 15% from HY25
Proportionate development EBITDAF
$469 million
Up 220% from HY25
Infratil investment
$605.7 million
Up $853m from HY25
Net parent surplus
Proportionate Operational EBITDAF
1
(NZ$m)

22
Infratil’s total asset value has increased to $19.0bn, a $0.7bn increase over
the last 6 months. This includes $469m of direct investment by Infratil,
including the settlement of the additional 1.58% stake in CDC announced

in FY25 for $216m.
The valuation of CDC has increased by $468m, including settlement of the
transaction noted above.
The Longroad valuation has increased $161m, including conversion of an
additional 1.1GW from under construction to operating capacity.
Manawa Energy was sold during the period for a 9.4% stake in Contact
Energy.
–post 30 September Infratil increased its share in Contact to 14.3%.
RHCNZ has decreased by $71m, reflecting the effects of distributions paid
during the period and updates to terminal growth assumptions and long-
term EBITDAF margin expectations.
The change in the RetireAustralia’s valuation reflects the final sale price
announced in August 2025.
As at 30 September 2025, no incentive fee accrual has been recognised in
relation to the performance of Infratil’s international assets.
Portfolio asset valuation (NZ$m)
468
87
849
161
18
62
13
33
8
One NZ
(73)
(789)
Manawa EnergyContact EnergyLongroad EnergyKao DataGalileoGurīn EnergyMint Renewables
(71)
Qscan GroupClearvision Ventures
(8)
FortySouth
FY25
portfolio
asset
value
RHCNZ Medical Imaging
19,039
CDCRetireAustralia
(18)
(4)
Property
HY26
portfolio
asset
value
18,304
Increases reflect continued investment in growth platforms
Valuation Update

23
Significant capacity exists to fund our current plan
and future growth
1.Undrawn facilities as at 30 September 2025
2.$1 billion of planned asset divestments
3.A$250 million forecast equity commitment to CDC
4.Infratil share of expected equity funding for Project
Vanda to end of FY2027
5.Accrued but unpaid incentive fees (on a 100% cash
basis)
Further funding capacity available from additional
asset sales and/or new funding facilities
Notes: Operating cashflows are not forecast to be in balance over the forecast period so will also impact liquidity to some degree
Available Capital (NZ$ million)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
1.Undrawn
Facilities
2. Asset
Divestments
3. CDC4. Project
Vanda
5. Incentive feesFunding Capacity
585+
(280)
(135)
(265)
Announced divestments
Clear funding pathways to support our current plan
Funding Capacity to End of FY27
Funding Capacity (NZ$m)
1
21
3
4
5
2
3
4
5

24
Moderate dividend growth balanced with capital needs of the portfolio
Interim Dividend
Interim dividend
7.25 cents per share, 1.75 cents of imputation credits attached
Record date: 27 November 2025 (ex-dividend date:26 November)
Payment date: 16 December 2025
NZD/AUD rate to be set on 27 November 2025 and announced on 28
November 2025
Anticipated final dividend of 13.65 cps reflects circa 2% annual growth,
subject to no material adverse change in operating conditions
Dividend reinvestment plan (DRP)
Available for the interim FY26 dividend with 2% discount
DRP elections must be made by28 November 2025
10-day VWAP period is 1 to 12 December 2025 (inclusive)
Strike price announced 15 December 2025
Infratil net dividend (cents per share)
13.00
7.00
FY24
13.25
7.25
FY25
13.65
7.25
FY26
Final dividend
Interim dividend

25
EBITDAFOriginalUpdated
CDCA$390-410mA$390-400m
One NZ$595-$625mNo change
Longroad EnergyUS$110-$120mUS$120-$130m
RHCNZ$130-150m$120-130m
Qscan GroupA$80-95mNo change
Wellington Airport$125-$135mNo change
Corporate($125-$135m)($130-$140m)
Capital Expenditure
CDCA$1,600-1,800mA$1,900-2,200m
One NZ$235-$265mNo change
Kao Data£150-£200mNo change
Longroad EnergyUS$800-$1,000mNo change
Wellington Airport$90-$120mNo change
RHCNZ
$45-$55m
(IFT Share)
No change
Qscan GroupNo change
Gurīn, Galileo, and Mint
$200-$250m
(IFT Share)
No change
Guidance on track; range updated to reflect forecast divestments
The Group remains within the Proportionate Operational EBITDAF guidance range of
NZ$1,000–NZ$1,050m set at the start of the year. Changes within that range are:
–CDC guidance narrowed to A$390–A$400m consistent with comments atinvestor day
–Longroad guidance revised upward to US$120–US$130m
–RHCNZ guidance revised downward to $120–$130m
–Corporate cost guidance revised upward to $130–$140m
Adjusting for theRetireAustralia and Fortysouth divestments, the updated guidance
range from continuing operations for FY26 is:
–Proportionate Operational EBITDAF: $960–$1,000 million
Proportionate Development EBITDAF: remains within the initial guidance range of ($85–
$105m) however progress has seen us narrow the range:
– Proportionate Development EBITDAF: ($85–$100 million)
Proportionate Capital Expenditure guidance remains unchanged at $2.2 - 2.6 billion,
with the adjustment for divestments noted above offsetting the upward revision in CDC's
capital expenditure guidance:
–CDC guidance revised upward from A$1.6–A$1.8b to A$1.9–A$2.2b
Component Guidance (100% basis)
FY26 Guidance Update
Notes: (1) The following forecast exchanges rates are assumed for the purposes of currency translation in the guidance calculation NZD/AUD 0.8998, NZD/USD 0.5830, NZD/EUR 0.5034, and NZD/GBP
0.4349; (2) Guidance is based on Infratil management’s current expectations and assumptions about trading performance, is subject to risks and uncertainties, and dependent on prevailing market
conditions continuing throughout the outlook period. Guidance is based on Infratil’s continuing operations and RetireAustralia, Manawa Energy, Fortysouth, and Infratil Property.

26
725
2,265
2,188
2,622
1,492
820
1,438
1,106
7.3%
15.9%
12.0%
13.8%
-
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY23FY24FY25HY26
Net debtLiquidity availableLTV (net debt over asset fair value)
Balance sheet overview (NZ$m)
Strong credit profile and significant flexibility to support investment across the portfolio
Funding and Liquidity
Significant balance sheet flexibility to support additional capital
investment across FY26/FY27
$79 million of net new bonds issued in HY26 with the IFT370 issue
Weighted average cost of drawn debt of 5.32% and a weighted
average tenor of debt
1
of 3.3 years
Loan to value gearing metric more relevant future measure of financial
leverage
Notes: (1) Drawn debt excluding Perpetual IFTHAs, including drawn Acquisition Facilities; (2) Loan = Total Net Debt. Value = Fair Value of Portfolio (including cash)
($Millions)30 September 202531 March 2025
Net bank debt
$900.0 $544.8
Infrastructure bonds
$1,490.3 $1,411.1
Perpetual bonds
$231.9 $231.9
Total net debt
$2,622.2 $2,187.8
Fair Value of Portfolio
$19,038.7 $18,303.7
Loan to Value
2
13.8% 12.0%
Undrawn bank facilities
$1,083.6 $1,365.6
100% subsidiaries cash
$22.7 $71.9
Liquidity available
$1,106.3 $1,437.5
Debt maturity profile (NZ$m)
120
156
102
146
273
365
204
123
175
196
125
175
-
291
366
313
114
242
232
FY26FY27FY28FY29FY30FY31FY32FY33>FY33
BondsBank Debt DrawnBank Debt UndrawnAcquisition FacilitiesIFTHA

PORTFOLIO UPDATE AND OUTLOOK

28
Portfolio refinement – pillar view

29
Solid progress against our medium-term strategic objectives
Identify and scale our growth
platforms beyond CDC and
Longroad Energy
Balance Infratil’s cash flow
and dividends
Continue to broaden our
shareholder base to support
future scale
Divest businesses unlikely to scale
under our ownership and reinvest
•Growth in operating assets at CDC and Longroad is driving earnings growth
and future distribution capacity, supported by One NZ’s improving cash profile
•Increase in Contact Energy shareholding improves free cash flow
•Gurīn Energy is poised for potential growth with key milestones next year
•Ongoing scanning for new businesses or sectors that can scale to $1 billion+
•Entry into the S&P ASX 200 in July has generated new investor interest and
broader analyst research
•ASX trading volume has increased and Australian holdings are growing
•Divestments of Fortysouth ($200 million+) and legacy property assets ($55
million) announced today
•Announcements to date, including RetireAustralia, total $585 million

30
Our focus on sustainability is flowing through to tangible results
2025 GRESB Infrastructure Fund Assessment
•An investor-driven global ESG benchmark
•Infratil achieved an excellent 94/100 score in 2025
•+8 year-on-year improvement
2025 Sustainalytics ESG Risk rating:
•‘Negligible Risk’ at 6.6 points (Sept 2025)
•A 1.9 point year-on-year improvement
2025 MSCI ESG Rating
•A rating (Nov 2025)
Solid progress on Science Based portfolio target:
•Infratil 2028 target: 60% of portfolio with SBTi target
•25% of portfolio (One NZ, Contact Energy) validated
•Wellington Airport commitment to submitting target
Visit infratil.com/for-investors/sustainability-reporting/ for 2025 reports
•Climate Related Disclosures
•Modern Slavery Report
•ESG Data Book
Sustainability is part of investing wisely

31
Increased investment in Contact Energy, strong progress on divestments and growing operating cashflow
underpins Infratil’s significant financial flexibility to invest for future growth
Longroad and CDC both have strong, contracted growth profiles, with material earnings expected as
development sites convert to operations
AI presents significant upside potential to their already attractive growth, which Longroad and CDC are well
positioned to capture through strong track records, deep pipelines, and financial flexibility
CDC has multiple opportunities with existing and new customers for significant additional capacity, while
Longroad could push beyond its 1.5GW per annum target in the future
Gurīn is poised to join at scale as it progresses key development milestones on Project Vanda, and Kao is
well positioned
While we have high conviction in these opportunities, we continue to position the portfolio for long-term
growth, scanning as we always do for attractive new growth pillars
Momentum across platforms, positioned for demand upside
Looking Ahead: Set For Growth

SUPPORTING MATERIALS

33
A globally diversified portfolio of critical assets
Asset Locations
1
1
2
5
4
3
1
2
1
2
4
3
United States: 12%Europe: 6%Asia: 3%Australia: 44%New Zealand: 35%
1
3
4
3
2
1
5
22
4
1
1

34
Overview
The table represent Infratil’s proportionate share of an asset's independent valuation,
market value, or book value
CDC, Longroad Energy, Galileo, Mint Renewables and RHCNZ Medical Imaging reflect
the midpoint 30 September 2025 independent valuations
1

Qscan Group reflects the midpoint 30 June 2025 independent valuation
One NZ, Kao Data, Gurīn Energy and Wellington Airport reflect the midpoint of
31 March 2025 independent valuations
Following the divestment of Manawa Energy during the period, the fair value of
Contact Energy is shown based on the market price per the NZX as at 30 September
2025
Fortysouth and Clearvision reflect their accounting book values as at
30 September 2025
The carrying value of RetireAustralia and Property reflect the current views of
transaction valuations. The RetireAustralia transaction is awaiting FIRB approval and
expected to complete in the final quarter of the 2025 calendar year. Final proceeds
with be adjusted for transaction costs and completion adjustments. The Property
transaction will complete at the end of November 2025
Key valuation methodologies and assumptions underpinning September independent
valuations are summarised on the following page and in the Detailed Financial
Information and Operating Metrics
Net asset value
Period ended ($Millions)31 March 202530 September 2025
CDC$7,248.5 $7,716.0
One NZ$3,713.5 $3,709.3
Fortysouth$186.3 $178.8
Kao Data$701.6 $788.8
Manawa Energy$788.8 -
Contact Energy-$848.8
Longroad Energy$2,111.9 $2,273.3
Galileo$326.0 $344.0
Gurīn Energy$493.0 $555.2
Mint Renewables$22.8 $35.4
RHCNZ Medical Imaging$689.3 $618.0
Qscan Group$454.5 $487.1
RetireAustralia$404.3 $330.9
Wellington Airport$933.9 $933.9
Clearvision Ventures$156.2 $164.4
Property$73.1 $54.8
Portfolio asset value
$18,303.7 $19,038.7
Wholly owned group net debt($2,187.8)($2,622.2)
Present value of the management agreement($1,128.5)($1,184.9)
Net asset value
$14,987.4 $15,231.6
Shares on issue (million)968.1 979.6
Net asset value per share (pre fees)
$15.48$15.55
Notes: (1) Refer to NZX release on 30 September 2025 valuations for more details on movements in the valuation

35
Portfolio returns as at 30 September 2025
AssetSegmentGeography
Month of Initial
Investment
Duration
(years)
Total capital
invested
1

(NZD)
Total realised
proceeds
2
(NZD)
Total unrealised
proceeds
3

(NZD)
Total value
4

(NZD)
IRR
(NZD)
CDCDigital InfrastructureAustralasia
September 20169.1 1,290 165 7,716.0 7,881 36.4%
One NZDigital InfrastructureNew Zealand
July 20196.2 2,852 1,334 3,709.3 5,043 19.9%
Kao DataDigital InfrastructureUnited Kingdom
August 20214.1 541 - 788.8 789 16.2%
FortysouthDigital InfrastructureNew Zealand
October 20222.9 212 6 178.8 185 (4.7%)
Clearvision VenturesDigital InfrastructureUnited States
March 20169.6 103 2 164.4 166 11.3%
Longroad EnergyRenewable EnergyUnited States
October 20168.9 830 308 2,273.3 2,582 51.0%
Manawa Energy
5
Renewable EnergyNew Zealand
April 199431.3 395 2,607 - 2,607 18.0%
Contact EnergyRenewable EnergyNew Zealand
July 20250.2 843 21 848.8 870 3.2%
Gurīn EnergyRenewable EnergyAsia
July 20214.2 237 1 555.2 556 63.2%
GalileoRenewable EnergyEurope
February 20205.6 171 - 344.0 344 32.8%
Mint RenewablesRenewable EnergyAustralia
December 20222.8 28 - 35.4 35 17.5%
RHCNZ Medical ImagingHealthcareNew Zealand
May 20214.3 473 84 618.0 702 11.4%
Qscan GroupHealthcareAustralia
December 20204.8 328 46
487.1 533 11.2%
RetireAustraliaHealthcareAustralia
December 201410.8 365 35 330.9 366 0.0%
Wellington AirportAirportsNew Zealand
November 199826.9 96 696 933.9 1,630 17.4%
Infratil PropertyOtherNew Zealand
December 200717.8 91 104 54.8 159 8.3%
Notes:
1.Total capital invested is equal to the sum of all capital invested by Infratil into the asset during the holding period, and consists of initial capital contributions, shareholder loan contributions, capital calls, and
acquisition of management shares vesting under LTI schemes
2.Total realised proceeds is equal to the sum of all distributions received by Infratil during the holding period and consists of capital returns, shareholder loan interest payments, shareholder loan principal
payments, dividends, and subvention payments.
3.Total unrealised proceeds is equal to the valuation of Infratil’s stake in each of its assets. These valuations are aligned to Infratil asset values as summarised on page 35
4.Total value is equal to total realised proceeds plus total unrealised proceeds
5.A non-cash benefit equal to the value of Infratil’s share of Tilt on split from Trustpower has been recognised in Total realised proceeds for Manawa to capture the value of the embedded option within Manawa

36
Incentive fee overview
As at 30 September 2025, no incentive fee accrual has been recognised in relation to the performance of Infratil’s international assets.
The current incentive fee bank is $264.2 million, of which $147.3 million may be payable on 31 March 2026
Valuations for the purposes of the incentive fee are calculated net of estimated costs of disposal and any potential capital gains taxes
 No recent independent valuations are available for Kao Data or Gurīn Energy so no incentive fee has been estimated for these assets
Incentive fees
30 September ($millions)
FY25 Incentive
Fee Valuation
CapitalFXDistributionsHurdle
HY26 Incentive
Fee Valuation
Outperformance
Annual Incentive Fee
CDC
7,212.2 (257.8)- 3.4 (459.9)7,677.4 (249.2)
Longroad Energy
1,728.2 (48.7)(0.7)- (108.7)1,854.5 (31.8)
Galileo
321.1 (19.3)- - (21.4)338.9 (23.0)
Mint Renewables
22.6 (6.5)- - (1.6)35.1 4.3
Qscan
450.0 - - - (27.1)482.2 5.2
Realised Incentive Fee
RetireAustralia404.2 -- - (24.3)330.9 (97.6)
10,138.4 (332.4)(0.7)3.4 (642.9)10,719.0 (392.1)

37
Total shareholder return of 2.2% for the year to 30 September and a 18.4% return over 31.5 years
Total shareholder returns
PeriodTSR
1 - year2.2%
5 – year 22.8%
10 – year19.2%
20 – year 13.8%
Since inception (31.5 years)18.4%
Notes: (1) The accumulation index assumes that $1,000 was invested in Infratil’s IPO and that an investor reinvests all dividends at the ti me of receipt and participates in any equity raises or rights offerings so that they
neither take any money out or invest any new money into Infratil
(50,000)
(25,000)
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
(40.0%)
(15.0%)
10.0%
35.0%
60.0%
85.0%
110.0%
135.0%
160.0%
Accumulation index
1
Annual Return
Dividend Yield (LHS)Capital Return (LHS) Accumulation Index (RHS)

38
Period ended 30 September ($Millions)Share20242025
CDC
49.7%$83.7$99.9
One NZ
99.8% $304.0$295.3
Fortysouth
20.0% $7.0$8.1
Kao Data
54.7% $2.4$5.4
Longroad Energy
37.3% $22.1$51.9
RHCNZ Medical Imaging
52.7% $31.6$32.8
Qscan Group
57.4% $23.8$26.3
RetireAustralia
50.0% $17.3$11.6
Wellington Airport
66.0% $41.6$43.3
Corporate & other
($54.5)($61.1)
Operational EBITDAF
$479.0$513.5
Galileo
38.0% ($9.0)($13.8)
Gurīn Energy
95.0% ($14.4)($11.7)
Mint Renewables
73.0% ($4.1)($6.1)
Development EBITDAF
($27.5)($31.6)
Total EBITDAF from continuing operations
$451.5$481.9
Manawa Energy$23.3$12.5
Infratil Infrastructure Property$4.0$5.3
EBITDAF incl. Disc. Ops.$478.8$499.7
Proportionate capital expenditureProportionate EBITDAF
Proportionate capital expenditure and EBITDAF
Period ended 30 September ($Millions)20242025
CDC$436.8
$473.9
One NZ$125.8
$118.3
Fortysouth$4.3
$3.7
Kao Data$37.8
$46.9
Manawa Energy$13.2
$5.0
Longroad Energy$448.5
$314.4
Gurīn Energy$21.7
$36.5
Galileo$24.9
$13.4
Mint Renewables$0.3
-
RHCNZ Medical Imaging$11.8
$18.6
Qscan Group$6.8
$10.7
RetireAustralia$36.8
$49.4
Wellington Airport$22.4
$48.1
Capital Expenditure$1,191.1 $1,138.9
Proportionate capital expenditure shows Infratil’s share of the investment spending
of investee companies.
Proportionate EBITDAF shows Infratil’s share of the earnings of the companies in
which it invests. Proportionate EBITDAF is shown from continuing operations and
includes corporate and management costs, however, excludes incentive fees,
transaction costs and contributions from businesses sold, or held for sale.

39
Overview
This investment is either used to acquire new assets, increase holdings in existing
assets, or used by investee companies to invest into capital projects, pay their
operational expenses, or to pay down debts
Investment into CDC was in relation to the exercise of Infratil’s pre-emption rights to
acquire 1.58% of CDC’s ordinary shares from Future Fund
Investment into Kao Data was primarily to continue to support the development of
its Harlow data centre
Longroad equity injections have been used to support new projects as they reach
financial close and begin construction
Investment into Gurīn Energy, Galileo, and Mint Renewables is used to support
platform growth and development of their pipelines
Period ended 30 September ($Millions)20242025
CDC$16.9$257.8
One NZ$20.0-
Kao Data$11.5$64.9
Longroad Energy$49.7$48.7
Gurīn Energy$23.8$64.7
Galileo$13.4$19.3
Mint Renewables$6.0$6.5
Clearvision$4.0$6.8
Infratil direct investment$145.3$468.7
Infratil direct investment
Infratil Direct Investment

40
Overview
This table reflects the Infratil wholly owned group’s cash flow and serves as a
reconciliation between Infratil’s opening and closing cash balances
The breakdown of distributions received and capital invested by asset are provided
in the Detailed Financial information & Operating Metrics tables that are released
alongside this presentation
International Portfolio Incentive fees paid during the period include Tranche 1 of the
FY25 annual incentive fee ($116.9 million), Tranche 2 of the FY24 annual incentive
fee ($30.4 million), Tranche 3 of the FY23 annual incentive fee ($54.6 million), $80
million of which were paid in scrip to Infratil’s Manager
Period ended ($Millions)
31 March
2025
30 September
2025
Distributions received from portfolio companies
$258.0$232.2
Management fees
($108.7)($59.3)
Net interest
($115.1)($69.5)
Other corporate operating cash flows
($30.2)($24.7)
Net cash inflow/(outflow) from operating activities$4.0$78.7
Infratil direct investment
($938.6)($473.2)
Proceeds from portfolio divestments
- $179.2
Other investment costs
($16.3)-
Incentive fees paid
($106.8)($122.0)
Net cash inflow/(outflow) from investing activities($1,061.7)($416.0)
Dividends paid
($124.1)($90.1)
Net bond issuance
$170.0$79.1
Debt drawdown/(repayment)
($194.4)$299.1
Equity raised
$1,258.8-
Net cash inflow/(outflow) from financing cashflows$1,110.3$288.1
Net increase/(decrease) in cash and cash equivalents
$52.7($49.2)
Cash and cash equivalents at the beginning of the year
$19.2$71.9
Net increase/(decrease) in cash and cash equivalents
$52.7($49.2)
Cash and cash equivalents at end of year
$71.9$22.7
Infratil wholly owned group cash flow

41
Overview
Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting
Principles’) measure of financial performance, presented to provide additional
insight into management’s view of the underlying business performance
Proportionate EBITDAF is shown from continuing operations and includes corporate
and management costs, however, excludes incentive fees, transaction costs and
contributions from businesses sold, or held for sale
Specifically, in the context of operating businesses, Proportionate EBITDAF provides
a metric that can be used to report on the operations of the business (as distinct
from investing and other valuation movements)
Period ended 30 September ($Millions)20242025
Net profit after tax (‘NPAT’)($206.4)$631.5
Less: Associates equity accounted earnings($107.0)($525.9)
Plus: Associates proportionate EBITDAF$123.5$163.1
Less: minority share of subsidiary EBITDAF($68.4)($69.0)
Less: Income received fair value assets through other
comprehensive income
-($21.5)
Plus: share of acquisition or sale-related transaction costs$0.4$0.7
Plus: one-off restructuring costs$3.9-
Net loss/(gain) on foreign exchange and derivatives$38.7$22.5
Net realisations, revaluations and impairments($4.0)$94.2
Discontinued operations$3.3($280.2)
Underlying earnings($216.0)$15.4
Plus: Depreciation & amortization$310.7$277.4
Plus: Net interest$192.5$218.0
Plus: Tax$78.6($23.6)
Plus: International Portfolio Incentive fee$89.7-
Proportionate EBITDAF$455.5$487.2
less: Discontinued operations presented in net earnings($4.0)($5.3)
Proportionate EBITDAF (from continuing operations)$451.5$481.9
Earnings reconciliation

42
Gearing and credit metrics are monitored across the portfolio in aggregate and at
the individual portfolio company level
CDC saw very strong support for the extension and upsizing of an existing debt
tranche in the period and RHCNZ completed a full refinancing of it’s debt package,
upsizing debt capacity and securing improved commercial terms
EBITDAF based leverage metrics are not appropriate for Longroad, RetireAustralia
and Kao Data based on industry segment and current operating models
In addition to the below metrics, Wellington Airport maintains a BBB S&P credit
rating (stable outlook)
Exposure to interest rates is monitored across each portfolio company and
managed within approved treasury policy limits
81% of drawn debt was hedged on a fixed rate basis as at 30 September 2025
Portfolio company debt
30 September 2025Gearing
1
Net Debt /
EBITDA
2
% of drawn
debt hedged
3
CDC
4
23.5%12.097%
One NZ29.2%3.365%
Fortysouth47.0%19.784%
Kao Data14.9%n/a98%
Longroad Energy
5
12.0%n/a94%
Galileo
6
n/a n/a n/a
Gurīn Energy
7
n/a n/a n/a
Mint Renewables
8
n/a n/a n/a
RHCNZ Medical Imaging30.3%4.161%
Qscan Group28.9%4.056%
RetireAustralia33.9%n/a58%
Wellington Airport37.2%6.372%
Value Weighted Average of
Portfolio Companies
9
24.2%81%
Notes:
1.Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book value at 30 September 2025
2.Unless otherwise stated EBITDA definitions based on pre IFRS16 and allowable pro forma adjustments under financing arrangements for each Portfolio Company rounded to one decimal place
3.Calculated as floating rate drawn debt plus active ‘pay fixed’ interest rate swaps / total drawn debt as at 30 September 2025
4.CDC leverage metric applies March 2025 run rate EBITDA annualised and includes Shareholder Loans in Net Debt
5.Longroad gearing calculation reflects holding company Net Debt position and excludes non-recourse project financing, % of drawn debt hedged is based on non-recourse term debt but excludes construction
and working capital facilities
6. 7. 8. Holding company Net Debt position, excludes non-recourse project finance borrowing
9. Calculated based on IFT’s value weighted, proportionate share of Total Net Debt /Total Capital and % of drawn debt hedged across all portfolio companies
Overview

---

INTERIM
REPORT
2025/2026

2
OUR INVESTMENT PORTFOLIO
66%
21%
8%
5%
$7,716m
$3,709m
$789m
$179m
$164m
$849m
$2,273m
$487m
$618m
$331m
$934m
$344m
$555m
$35m
TOTAL SHAREHOLDER RETURN
Healthcare Infrastructure
Airport
Digital Infrastructure
Renewable Energy
Total shareholder return has been
19% per annum over a ten-year
period, assuming that all dividends
and the value of rights issues were
reinvested when received.
Period
1
IFT TSR
5 -year22.8%
10 - year19.2%
20 - year13.8%
Since inception18.4%
1. Returns are calculated to
30 September 2025
Infratil’s total asset value was
NZ$19 billion at 30 September,
based on a combination of
independent valuation, market
and book values, with assets
diversified across four sectors:
ASX 200
NZX 50
IFT
Cumulative Annual Return (%)
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
-100%
0%
100%
200%
300%
400%
500%
600%

3
We’ve successfully navigated through
the noise of the market and regulatory
challenges that faced our digital and
renewables businesses in early 2025.
Our international growth businesses, Longroad Energy in the
United States and CDC in Australasia, are building strong
earnings momentum on the back of new waves of demand
and our ongoing investment in their infrastructure assets.
There were still challenges. While our New Zealand businesses
have been largely resilient, the weak New Zealand economy has
continued to constrain their performance.
The geographic and sector diversity of our portfolio meant
we were able to grow proportionate operational EBITDAF
1

to NZ$514 million in the first half of FY26 (HY26). This was
up 7% from the prior HY25 period. Proportionate capital
expenditure was down $52 million, to $1,139 million, when
comparing HY26 and HY25.
Our portfolio asset value grew by $735 million, to just over
$19 billion, in HY26. This and reduced market uncertainty
helped lift our share price from $10.38 to $12.35 during
the period.
We’re pleased to confirm an interim dividend of 7.25 cents per
share, partly imputed, to be paid on 16 December. The dividend
reinvestment plan is available, with a 2% discount, for those
shareholders who choose to participate.
JOINT LETTER FROM THE CHAIR AND CHIEF EXECUTIVE
PROPORTIONATE EBITDAF
1
PROPORTIONATE CAPEX
ASSET VALUE
Longroad Energy
Contact Energy
Kao Data
CDC
Fortysouth
One NZ
Wellington Airport
Healthcare
Sold
Corporate
One NZ is the biggest contributor
at about 58% of proportionate
EBITDAF, with contributions from
CDC and Longroad growing
meaningfully. Other renewables
(Galileo, Gurīn Energy, Mint
Renewables) incurred $32 million
of EBITDAF losses as they invest in
early-stage development.
CDC and Longroad Energy
accounted for 69% of proportionate
capex in HY26, with Longroad’s
spend reducing by about
$135 million from HY25 levels
due to project timing.
1002003004005006007008009001,2001,1001,0000
HY26
NZ$m
HY25
HY24
2004006008001,0001,2001,4001,6001,8002,0000
HY26
NZ$m
HY25
HY24
Total asset value of ~$19 billion,
up $735 million in HY26, largely
due to Infratil’s acquisition of
another 1.58% ownership in CDC
which has helped lift it to 41% of
total asset value. Renewables asset
composition changed with a 9.47%
stake in Contact Energy following
the sale of Manawa Energy.
Other renewables
HY26
NZ$m
HY25
HY24
-100
0100200300400500600
1. EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and nonoperating gains or
losses on the sales of investments and assets. Proportionate EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the companies it has invested in. A reconciliation of
net profit after tax to Proportionate EBITDAF is provided in the 13 November 2025 HY26 results presentation.

4
PORTFOLIO SET FOR GROWTH
As we explained at our Investor Day in September, our growth
over the last five years has reached a point where we needed
to review the role of the businesses within the ‘pillars’ of our
portfolio. This marks another notable juncture in Infratil’s
evolution.
While we always make an investment decision with a view to
holding an asset for the long-term, we’re now simplifying the
current portfolio and divesting businesses unlikely to scale or
deliver meaningful returns under our ownership. Action we’ve
taken so far has included:
• 8 August: we announced the sale of our 50% stake in
RetireAustralia for NZ$331 million, with the transaction
due to be completed by the end of 2025.
• 18 September: we announced a strategic review of Australian
medical imaging business Qscan, with our 57% shareholding
last valued at NZ$487 million.
• 13 November: we announced the sale of our 20% stake in
Fortysouth for more than $200 million and the sale of a
legacy property asset for $55 million.
We have a $1 billion divestment target over the medium term
and we expect to reinvest the proceeds into existing or new
opportunities in sectors driven by strong thematics. This includes
prioritising capital towards high conviction assets, such as CDC
and Longroad Energy, which continue to be standout performers
for us.
Another feature of our strategy refresh is our focus on balancing
our operating cash flow and dividends. Our core ‘pillar 1’ assets –
Contact Energy, One NZ, Wellington Airport – have a clear role
as cash flow generators, with ongoing optimisation to drive
continued distributions. We expect these distributions to cover
fixed costs and support sustainable dividends in the medium
term. As ‘pillar 2’ assets like CDC and Longroad Energy develop
mature operating bases, they will also have more ability to
reinvest and fund further distributions to Infratil.
Our ‘pillar 3’ assets are those smaller businesses that we are
looking to identify and develop into $1 billion-plus businesses
over three to five years. Our Manager, Morrison, is continually
scanning for new sectors and businesses that we could add to
this part of the portfolio. Gurīn Energy is an example of one such
business poised for potentially transformational growth and its
success would in turn help maintain CDC’s relative weighting in
the portfolio.
OUR INVESTMENT PORTFOLIO STRATEGY
ATTRACTIVE GLOBAL THEMATICS
IDEAS
T H AT
M AT T E R
PORTFOLIO
CONSTRUCTION
APPROACH
INFRASTRUCTURE CHARACTERISTICS
PILLAR 1
Cashflow generators
Scaled business with enough
diversity for stability
PILLAR 2
Mature growth platforms
Scaled business, more
concentrated to drive returns
PILLAR 3
Future growth platform
Multiple smaller businesses that
can scale to $1bn+ over 3-5 years
*
* Strategic review announced September 2025

Contact Energy’s Glenbrook battery project will be one of New Zealand’s largest grid-scale energy
storage systems and will support resilience of the electricity grid.
Our conviction in the renewable energy
sector is reflected in the fact it now
comprises approximately 21% of our
portfolio, with Longroad Energy and Contact
Energy our two largest investments. We
favour renewables because they deliver
sustainable long-term societal benefits and
because they make sound financial sense.
This thematic, together with our strategy to bolster the cash
flow generating businesses within our portfolio, was a large
part of our decision to acquire an additional 4.92% holding
in Contact. By funding the $438 million transaction
with a combination of debt and new Infratil shares, we’ve
preserved our funding flexibility for future growth.
At the same time, we’re confident in the opportunities created
by Contact’s merger with Manawa. Contact now has about
500 megawatts (MW) of additional capacity and winter-
weighted electricity generation, meaning it has a more diverse
and resilient hydro generation portfolio. It also has a large
attractive development pipeline, from which it can choose to
progress the highest value options. Its current investment
programme includes:
• completing the Te Mihi Stage 2 geothermal power plant
near Taupō
• building a 100MW battery storage system at Glenbrook
near Auckland
• building, with its joint venture partner, a solar farm near
Christchurch Airport to generate 168MW (at peak)
• development plans for a 100MW battery system in Stratford,
Taranaki; a 179MW joint venture solar farm at Glorit, north of
Auckland; and a 1,200GWh per year Southland Wind Farm.
There is plenty happening across our other renewables
businesses, with highlights since our full year results including:
• Longroad Energy (USA) earnings grew strongly with
1.1 gigawatts (GW) of new capacity in HY26. It now has
3.5GW of operating capacity and is constructing more to
meet the soaring demand for electricity being driven by
new data centres, industrial growth and electrification. In
September, financial close of the 1,000 Mile solar project
was announced. It will provide 400MW to advance Meta’s
target to support its data centre operations with 100%
clean energy.
• Gurīn Energy (Asia) has identified a pipeline of about 9GW
of potential projects, including 303MW of wind and solar
recently acquired in South Korea. Work is continuing on
Project Vanda, to deliver solar energy from Indonesia to
Singapore. About 90% of the necessary land is secured and
the next major milestone is an export licence from the
Indonesian government.
• Galileo (Europe) has a 16GW project pipeline across 10
Markets, including onshore wind projects in France, Germany,
Italy, Spain and the UK. The Barium Bay 1.1GW floating
offshore wind project, in the Southern Adriatic Sea, received a
positive Environmental Impact Assessment decree. About
230MW of solar and battery storage projects in Italy received
final authorisations, while 140MW of battery projects in the UK
and Italy were sold to crystallise value.
• Mint Renewables (Australasia) announced a strategic joint
venture with Ngai Tahu Holdings in August. Called Mint
Aotearoa, it will combine Mint’s supportive long-term capital
and deep technical expertise in renewable energy with Ngai
Tahu Holdings’ strong local commercial presence, rooted in
Ngai Tahu values and iwi governance structures.
RENEWABLE ENERGY

5

We’ve come a long way from early 2025
when the market was focused on potential
risks to data centre demand. Market reports
at the time were suggesting hyperscalers
were pulling back on their computing
investment and the release of the Deep Seek
AI model had raised questions about the need
for large AI investment.
Fast forward six months and CDC has announced 140MW of
new contracts in the space of a month. Typically, 1MW powers
thousands of computer servers at once. So, these
announcements represent a huge amount of AI and cloud
computing capability.
If you watched CDC CEO and Founder Greg Boorer’s
presentation at our Sydney Investor Day in mid-September,
his insight was that there is a “tsunami” of demand coming.
Contract sizes are getting larger while the availability of data
centre capacity is becoming a bottleneck.
CDC is in a strong position given its build programme, with
about 450MW under construction and a 1,600MW future
development pipeline in the next decade. This was shown by
the October 16th announcement of a strategic partnership
with Firmus Technologies and their partner, NVIDIA, to explore
development opportunities beyond their first AI Factory
deployment in Melbourne.
Firmus is targeting expansion to a range of other Australian
cities, with the goal of reaching 1.6GW of computing capacity
by 2028. CDC will look to leverage its fast-growing footprint to
accommodate Firmus’ planned growth. This includes expanding
CDC’s footprint to Perth, with plans for a new 200MW data
centre announced in August. This development will open up
Perth’s potential to serve as a renewable-powered computing
hub for Asia.
The 40MW contract with Firmus is also notable because it
marks CDC’s first contract with a neocloud provider. This is an
emerging customer segment for CDC and underscores the
rapid diversification of data centre demand more generally.
Progress at our other digital businesses includes:
• Demand for data centre capacity is also strong in the UK
where our Kao Data business achieved revenue of £34 million
in the half-year. This was up 21% from HY25 and reflects the
growth in its operating capacity. This has lifted to 37MW, up
from 27MW in the prior year. Another 18MW of capacity is
under construction at its Harlow campus, strategically located
between Cambridge and London.
• One NZ is seeing positive trading momentum as it heads into
the peak summer trading period. Revenues have lifted
through a mix of pricing and service initiatives, including the
One Wallet loyalty programme and SpaceX text services –
with more than 6 million texts now sent via the exclusive
satellite service. Parts of the market, such as enterprise and
legacy fixed services, remain challenging but One NZ is
making gains with its mobile virtual network services. EonFibre
is also now operating as a standalone wholesale bandwidth
provider.
One NZ has been embracing the use of AI, including the
deployment of 33+ AI solutions and 100 qualified ideas in the
pipeline to enhance productivity and customer experience.
This has included using AI for network reliability, cybersecurity
and detecting scams and fraud and improving customer
service.
We’re creating a standalone teleradiology
service provider that will benefit from
combined scale and advances in technology.
This proposed business would combine non-core assets from our
Qscan and RHCNZ Medical Imaging businesses and be owned by
Infratil, alongside doctors and management. It would focus purely
on teleradiology and enhance flexibility in the delivery of services.
Subject to certain conditions being met, the new business is
expected to be created in the next few months.
In Australia, Qscan grew its EBITDAF by 11% from HY25, helped by
a positive mix of imaging demand and pricing changes. Qscan
acquired six clinics in the period, taking its footprint to 80 clinics
overall and strengthening its path to ongoing revenue growth.
We’re currently undertaking a strategic review of the business as
part of our refreshed portfolio strategy.
RHCNZ Medical Imaging opened a new flagship clinic in
Remuera, Auckland, bringing its coverage to 70 clinics. Its staff
of 160 radiologists delivered more than half a million medical
scans in HY26, up slightly from the prior year. While this meant
revenue increased, a lower value service mix and cost inflation
mean RHCNZ has lowered its FY26 EBITDAF expectations.
Improvement initatives are underway for the second half of FY26.
DIGITAL INFRASTRUCTURE
6
ADVANCED HEALTHCARE INFRASTRUCTURE

An upgrade to the hospitality area in the main terminal added 130 more seats with a new two-storey bar
and café providing fantastic views to the runway, as well as the terminal’s new Wētā Workshop sculpture
Manu Muramura.
Sustainability is central to our investment
approach because we believe it matters
for investment performance and risk
management.
This means we track our own and our portfolio companies’
performance against various sustainability-focused metrics.
A globally recognised and independent measure is the GRESB
Infrastructure Fund Benchmark
1
. We’re pleased to share that our
overall 2025 score in the Benchmark increased by eight points to
94/100. Within this, our management score ranked first globally,
out of 135 peers. Wellington Airport is also flying high, with a
five-star rating and 98/100 score.
One NZ performed strongly as well, scoring 93 out of 100
and ranking second in Oceania. The One NZ team had more
to celebrate in September, winning ‘Medium Company of the
Year’ in the Global Sustainability Awards.
We also track progress against Infratil’s Science Based
Targets initiative (SBTi) commitments. Our goal is for 60% of
portfolio companies (by fair value) to have SBTi targets by 2028,
and 100% by 2030. As of 30 September 2025, One NZ and
Contact Energy have targets in place, representing 25% of our
portfolio.
Wellington Airport reported EBITDAF growth
as a result of positive performance across
commercial operations, continued cost
discipline and an uplift in aeronautical prices.
International passengers were up 7% from the same period
last year. However, domestic economic headwinds and airline
fleet constraints saw domestic passenger numbers down
5%, meaning total passenger numbers were down about 3%
to 2.5 million.
The Airport is busy delivering its five-year infrastructure
programme to enable future growth. The new 800-space
carpark is open, work is complete on the new Airport Fire Station,
and the hospitality area in the main terminal has been upgraded.
Work on the Engineered Materials Arresting System, to be
installed at either end of the runway, is on track to be completed
by March 2026. This system means larger aircraft can be
accommodated without physically extending the runway,
potentially opening up new airline routes.
WELLINGTON AIRPORT
7
ADVANCED HEALTHCARE INFRASTRUCTURESUSTAINABILITY SUCCESS
1. The Global Real Estate Sustainability Benchmark (GRESB) organisation assesses and benchmarks the sustainability performance of real assets,
including real estate and infrastructure.

We’re excited about the opportunities
and work ahead for the remainder of FY26.
You should continue to see progress in our
evolution of the current investment portfolio,
freeing up funds for reinvestment.

As previously signalled earlier this year, we plan to invest a
further A$250 million in CDC, so it can continue to add capacity
and cement its position as a global leader in data centre
development. Their recent contract announcements mean
the business will achieve its target of doubling its FY25 earnings
in FY27.
We’re sometimes asked for our perspective on whether there is
an AI bubble and what it might mean for CDC. The demand CDC
is receiving is coming from well financed, global customers who
are making their own substantial investments. Our investment is
underpinned by long-term contracts with these high-quality
counterparties who are backed by their own strong positive
cashflows. While there is much focus on AI-related demand,
data centre demand is also underpinned by the ongoing shift
of services into the cloud.
Our data centres have additional value given they are in major
urban centres and have connectivity to the power grid. Power
connectivity and features such as low water usage are becoming
competitive advantages given network constraints in some
centres.
As demand grows across AI training and inferencing, enterprise
applications and cloud workloads, it is translating into scarcity
of data centre space. That is in turn making data centres more
valuable. In the last month, a consortium of investors acquired
an American data centre company for US$40 billion. This is
reportedly the largest data centre transaction in history.
The other difference we see from past tech sector hype, such
as the metaverse, is that AI services are generating real demand.
Google’s recent quarterly update noted their Gemini App now
has 650 million monthly users and their first-party models like
Gemini are processing 7 billion tokens per minute.
Another factor supporting our confidence is the convergence
between the digital and renewable energy sectors. We’re
exploring opportunities for our electricity businesses to help
data centres solve electricity supply constraints. We’re already
seeing the benefits of this convergence with Longroad Energy’s
construction of the 1000 Mile solar project to support Meta’s
data centre operations.
The next six months will be important too for Gurīn Energy. Clarity
on their export licence from Indonesia would enable us to make
a final investment decision on Project Vanda around mid-2026.
In the meantime, we’re scanning for the next potential
investments to introduce to ‘pillar 3’. At our Investor Day, the
Morrison team said their sectors of interest include transportation
and fleets, logistics and automation, and financial systems and
data platforms.
You can expect us to be disciplined in our
allocation of capital as we assess any
opportunity. We look forward to updating
you on our progress in May.
Thank you for your ongoing support.
Alison Gerry Jason Boyes
Chair Chief Executive Officer
OUTLOOK
8
Infratil Chair Alison Gerry and CEO Jason Boyes at our September Investor Day in Sydney.

9
CONTENTS
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Financial Position 11
Consolidated Statement of Cash Flows 12
Consolidated Statement of Changes in Equity 13
Notes to the Financial Statements 16
Directory 44
INTERIM REPORT FINANCIAL STATEMENTS
For the 6 months ended 30 September 2025

10
Notes
6 months ended
30 September 2025
$Millions
Unaudited
Restated
6 months ended
30 September 2024
$Millions
Unaudited

Year ended
31 March 2025
$Millions
Audited
Operating revenue 1,4 46.1 1,410.1 2,855.8
Dividends
21.5
--
Total revenue 1 , 4 6 7. 6 1,410.1 2,855.8
Share of earnings of associate companies5 525.9 71.9 505.0
Total income 1,993.5 1,482.0 3,360.8
Depreciation (196.9)(212.6)(4 31.3)
Amortisation of intangibles (80.5)(9 8 .1)(170.7)
Employee benefits (3 4 6.3)(333.8)(6 4 3.1)
Other operating expenses ( 7 0 7. 4 )(76 8.7)(1,780.0)
Total operating expenditure (1,331.1)(1,413.2)(3,025.1)
Operating surplus before financing, derivatives, realisations and impairments662.468.8 335.7
Net gain/(loss) on foreign exchange and derivatives (22.5)(3 9.9)(39.4)
Net realisations, revaluations and impairments (9 4.2)4.0 (107.3)
Interest income 6.9 2 7. 6 36.3
Interest expense (2 24.9)(2 2 0.1)( 4 3 7. 7 )
Net financing expense (2 18.0)(19 2.5)(4 01.4)
Net surplus before taxation 3 2 7. 7 (159.6)(212.4)
Taxation credit/(expense)7 23.6 (78.6)(4 9.1)
Net surplus/(loss) for the period from continuing operations 351.3 (238.2)(261.5)
Net surplus/(loss) from discontinued operations after tax6 280.2(3.3)0.2
Net surplus/(loss) for the period 631.5 (241.5)(261.3)
Net surplus/(loss) attributable to owners of the Company 605.7 (247.3)(286.3)
Net surplus attributable to non-controlling interest 25.8 5.8 25.0
Other comprehensive income, after tax
Items that will not be reclassified to profit and loss:
Fair value change of property, plant & equipment -26.3 229.6
Share of associates other comprehensive income (58.4)(4 9.4)6.5
Fair value change of equity investments 8.4 (3.9)(1.0)
Realisations on disposal of equity investments --(3.5)
Ineffective portion of hedges taken to profit and loss 0.3 -(1.4)
Income tax effect of the above items (0.3)(2.5)(36.0)
Items that may subsequently be reclassified to profit and loss:
Differences arising on translation of foreign operations 142.8 ( 2 7. 7 )83.6
Realisations on disposal of subsidiary, reclassified to profit and loss (674.6)--
Effective portion of changes in fair value of cash flow hedges 46.3 (5 5.7)(170.1)
Income tax effect of the above items 38.1 (5.4)50.0
Total other comprehensive income after tax ( 4 9 7. 4 )(118.3)1 5 7. 7
Total comprehensive income for the period 134.1(359.8)(103.6)
Total comprehensive income for the period attributable to owners of the Company
723.1 (3 6 2.1)(165.0)
Total comprehensive income for the period attributable to non-controlling interests (5 8 9.0)2.3 61.4
Earnings per share

Basic and diluted (cents per share) from continuing operations 33.4(29.3)(3 0.6)
Basic and diluted (cents per share) 62.1 (2 9.7)(3 0.6)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 September 2025
The accompanying notes form part of these financial statements

11
Alison Gerry Anne Urlwin
Director Director
Notes
6 months ended
30 September 2025
$Millions
Unaudited
Restated
6 months ended
30 September 2024
$Millions
Unaudited

Year ended
31 March 2025
$Millions
Audited
Cash and cash equivalents 220.5 496.3 293.7
Trade and other accounts receivable and prepayments 420.4 482.7 425.2
Electricity market security deposits -24.5 26.2
Derivative financial instruments 11.9 68.9 80.5
Inventories 4 7. 3 36.5 42.6
Income tax receivable 24.6 -0.2
Assets held for sale6 4 5 7. 9 166.4 140.1
Current assets 1,182.6 1,275.3 1,008.5
Trade and other accounts receivable and prepayments 124.7 71.1 120.0
Property, plant and equipment 3,083.0 4,789.6 5,047.3
Investment properties 107.7 94.1 103.1
Right of use assets 1,133.3 1,100.9 1,130.1
Derivative financial instruments 32.9 64.3 93.2
Intangible assets 7 78.6 826.3 811.9
Goodwill 8 4,671.9 4,676.9 4,682.0
Investments in associates5 4,333.0 2,596.8 3,803.1
Shareholder loans to associates5 285.4 255.7 24 5.7
Other investments 9
1 , 0 4 7. 8
186.0 198.0
Non-current assets 15,598.3 14,661.7 16,234.4
Total assets 16,780.9 15,937.0 17,242.9
Accounts payable, accruals and other liabilities 758.0 777.1 862.1
Interest bearing loans and borrowings10 130.4 73.8 105.4
Lease liabilities 85.7 75.7 82.7
Derivative financial instruments 64.2 108.8 132.4
Income tax payable 1.0 20.2 1 7. 7
Infratil Infrastructure bonds11 118.1 143.3 161.5
Wellington International Airport bonds
100.0 70.0 70.0
Liabilities directly associated with the assets held for sale6
69.0
69.2 69.1
Current liabilities 1,326.4 1,338.1 1,500.9
Interest bearing loans and borrowings10 3,471.4 2,405.7 3,082.2
Accounts payable, accruals and other liabilities 236.7 213.3 381.9
Lease liabilities 1,103.5 1,05 4.6 1,086.8
Deferred tax liability 76.5339.6 280.7
Derivative financial instruments 4 3.7 109.2 23 4.7
Infratil Infrastructure bonds11 1,361.8 1,236.6 1,239.7
Perpetual Infratil Infrastructure bonds11 231.9 231.9 231.9
Manawa Energy bonds -373.0 373.4
Wellington International Airport bonds and senior notes 646.1 602.0 615.7
Non-current liabilities 7, 1 7 1 . 66,565.9 7, 5 2 7. 0
Attributable to owners of the Company 7, 3 7 2 . 5 6,515.6 6,661.3
Non-controlling interest in subsidiaries 910.4 1 , 5 1 7. 4 1,553.7
Total equity 8,282.9 8,033.0 8,215.0
Total equity and liabilities 16,780.915,937.0 17,242.9
Approved on behalf of the Board on 12 November 2025.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2025
The accompanying notes form part of these financial statements.

Notes
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Cash flows from operating activities


Cash was provided from:
Receipts from customers 1,561.9 1,74 3.9 3,305.6
Distributions received from associates 0.8 5.9 7. 2
Other dividends 1 7. 7 -1.4
Interest received 8.8 27.2 18.1
1,589.2 1,7 7 7.0 3,332.3
Cash was disbursed to:
Payments to suppliers and employees (1,308.7)(1,4 52.2)( 2 , 4 9 7. 4 )
Interest paid ( 2 1 7. 3 )(210.7)(395.9)
Taxation paid (30.5)(2 1.0)(52.6)
(1,556.5)(1,683.9)(2,9 4 5.9)
Net cash inflow / (outflow) from operating activities13 32.793.1 386.4
Cash flows from investing activities

Cash was provided from:
Capital returned from associates -16.8 25.9
Proceeds from the repayment of shareholder loans 4.3 2.1 1.8
Proceeds from sale of subsidiaries (net of cash sold) 179.2 --
Proceeds from sale of property, plant and equipment 0.6 9.2 2.5
Proceeds from sale of investment property ---
Proceeds from sale of investments 0.3 -9.1
Return of security deposits 24.7 121.9 172.3
209.1 150.0 21 1.6
Cash was disbursed to:
Purchase of investments (368.2)(83.0)(813.4)
Issue of loans (28.0)(1.3)( 7. 6 )
Lodgement of security deposits ( 1 7. 3 )(1 16.3)(168.3)
Purchase of intangible assets (55.6)(50.4)(14 0.0)
Purchase of other investments (9.6)(2.1)(2.6)
Purchase of shares in subsidiaries (net of cash acquired) (35.4)(30.0)(10.0)
Purchase of property, plant and equipment (250.2)( 2 0 7. 9 )(4 58.3)
(76 4.3)(4 91.0)(1,600.2)
Net cash inflow / (outflow) from investing activities (555.2)(3 41.0)(1,388.6)
Cash flows from financing activities

Cash was provided from:
Proceeds from issue of shares -1,258.8 1,258.8
Proceeds from issue of shares to non-controlling interest 12.9 23.7 38.5
Bank borrowings 1,264.2 329.4 2,034.2
Issue of bonds 225.0204.5 250.0
1,502.1 1,816.4 3,581.5
Cash was disbursed to:
Repayment of bank debt ( 7 3 7. 0 )( 9 8 7. 2 )(2,007.7)
Repayment of lease liabilities (4 6.5)(55.9)(105.3)
Loan establishment costs (2.2)(19.4)(32.1)
Repayment of bonds (90.8)(1 16.1)(14 0.0)
Infrastructure bond issue expenses (1.6)(2.5)(4.0)
Share buyback ---
Shares acquired from non-controlling shareholders in subsidiary companies (42.5)(2.0)(4 5.5)
Dividends paid to non-controlling shareholders in subsidiary companies (38.6)(51.8)(66.3)
Dividends paid to owners of the Company3 (90.1)(71.9)(1 2 2.4)
(1,0 4 9.3)(1,306.8)(2,523.3)
Net cash inflow / (outflow) from financing activities 452.8509.6 1,058.2
Net increase / (decrease) in cash and cash equivalents (69.7)261.7 56.0
Foreign exchange gains / (losses) on cash and cash equivalents 1.0 (1.6)1.5
Cash and cash equivalents at beginning of the period 293.7 236.2 236.2
Cash balances on acquisition ---
Adjustment for cash classified as discontinued operations (4.5)--
Cash and cash equivalents at end of the period 220.5 496.3 293.7
The accompanying notes form part of these financial statements
12
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 September 2025

Capital
$Millions
Revaluation reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
Total equity
$Millions
Balance as at 1 April 20253,409.2 763.0 158.6 9.8 2,32 0.7 6,6 61.3 1,5 5 3.7 8,215.0
Total comprehensive income for the period
Net surplus for the period----6 0 5.7 6 0 5.7 25.8 631.5
Other comprehensive income, after tax
Fair value change of property, plant & equipment------
Share of associates other comprehensive income---(5 8.4)-(5 8.4)-(5 8.4)
Fair value change of equity investments---8.4 -8.4 -8.4
Differences arising on translation of foreign operations--142.8 --142.8 -142.8
Items reclassified to profit and loss on disposal of subsidiaries( 7. 3 )-(0.7)0.3 ( 7. 7 )(666.9)(674.6)
Items reclassified to retained earnings on disposal of subsidiaries-(318.4)--318.4 ---
Realisations on disposal of equity investments--------
Effective portion of changes in fair value of cash flow hedges---32.3 -32.3 52.1 84.4
Total other comprehensive income( 7. 3 )(318.4)142.8 (18 .4)318.7 1 1 7. 4 (614.8)( 4 9 7. 4 )
Total comprehensive income for the period( 7. 3 )(318.4)142.8 (18.4)924.4 723.1 (589.0)134.1
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates--------
Non-controlling interest arising on acquisition of subsidiary--------
Issue of shares to non-controlling interests------(15.2)(15.2)
Issue/(acquisition) of shares held by outside equity interest----(1.7)(1.7)(0.5)(2.2)
Total contributions by and distributions to non-controlling interest----(1.7)(1.7)(15.7)(17.4)
Contributions by and distributions to owners
Shares issued79.9----79.9-79.9
Share buybacks--------
Shares issued under dividend reinvestment plan39.2 ----39.2 -39.2
Dividends to equity holders----(12 9.3)(12 9.3)(3 8.6)( 1 6 7. 9 )
Total contributions by and distributions to owners119.1 ---(129.3)(10.2)(38.6)(48.8)
Balance as at 30 September 20253,521.0 444.6 301.4 (8.6)3,114.1 7, 3 7 2 . 5 910.4 8,282.9
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 September 2025
Attributable to equity holders of the Company – Unaudited
13

Capital
$Millions
Revaluation reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Restated
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
Total equity
$Millions
Balance as at 1 April 2024 - Restated2,04 3.9 660.4 71.7 78.0 2,786.7 5,640.7 1,548.4 7, 1 8 9 . 1
Total comprehensive income for the period
Net surplus/(loss) for the period----( 2 4 7. 3 )( 2 4 7. 3 )5.8 (241.5)
Other comprehensive income, after tax
Fair value change of property, plant & equipment-15.7 ---15.7 8.1 23.8
Share of associates other comprehensive income---(4 9.4)-(4 9.4)-(4 9.4)
Fair value change of equity investments---(3.9)-(3.9)-(3.9)
Differences arising on translation of foreign operations
--( 2 7. 7 )--( 2 7. 7 )-( 2 7. 7 )
Effective portion of changes in fair value of cash flow hedges---(4 9.5)-(4 9.5)(1 1.6)(61.1)
Total other comprehensive income-15.7 ( 2 7. 7 )(102.8)-(1 14.8)(3.5)(1 18.3)
Total comprehensive income for the period-15.7 ( 2 7. 7 )(102.8)( 2 4 7. 3 )(362.1)2.3 (359.8)
Contributions by and distributions to non-controlling interest
Distribution to outside equity interest in associates
--------
Non-controlling interest arising on acquisition of subsidiary
------1.1 1.1
Issue of shares to non-controlling interests------17.5 17.5
Issue/(acquisition) of shares held by outside equity interest--------
Total contributions by and distributions to non-controlling interest------18.6 18.6
Contributions by and distributions to owners
Shares issued
1,308.8 ----1,308.8 -1,308.8
Share buybacks
--------
Shares issued under dividend reinvestment plan
3 7. 1 ----3 7. 1 -3 7. 1
Dividends to equity holders
----(108.9)(108.9)(51.9)(160.8)
Total contributions by and distributions to owners1,345.9 ---(108.9)1 , 2 3 7. 0 (51.9)1,185.1
Balance as at 30 September 20243,389.8 676.1 4 4.0 (24.8)2,430.5 6,515.6 1 , 5 1 7. 4 8,033.0
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 September 2024
Attributable to equity holders of the Company – Unaudited
14

Capital
$Millions
Revaluation reserve
$Millions
Foreign currency
translation reserve
$Millions
Other reserves
$Millions
Retained earnings
$Millions
To t a l
$Millions
Non-controlling
$Millions
Total equity
$Millions
Balance as at 1 April 20242,043.9 660.4 71.7 78.0 2,78 6.7 5,640.7 1,54 8.4 7, 1 8 9 . 1
Total comprehensive income for the year
Net surplus/(loss) for the period----(28 6.3)(28 6.3)25.0 (261.3)
Other comprehensive income, after tax
Items reclassified to profit and loss on disposal of subsidiaries------(3.5)(3.5)
Fair value change of property, plant & equipment-102.6 ---102.6 89.6 192.2
Share of associates other comprehensive income---6.5 -6.5 -6.5
Fair value change of equity investments---(1.0)-(1.0)-(1.0)
Differences arising on translation of foreign operations--86.9 --86.9 0.5 8 7. 4
Effective portion of changes in fair value of cash flow hedges---(73.7)-(73.7)(5 0.2)(123 .9)
Total other comprehensive income-102.6 86.9 (6 8.2)-121.3 36.4 1 5 7. 7
Total comprehensive income for the year-102.6 86.9 (68.2)(286.3)(165.0)61.4 (103.6)
Contributions by and distributions to non-controlling interest
Distributions to outside equity interest in associates----(0.8)(0.8)-(0.8)
Non-controlling interest arising on acquisition of subsidiary--------
Issue of shares to non-controlling interests------19.6 19.6
Issue/(acquisition) of shares held by outside equity interest------(10.0)(10.0)
Total contributions by and distributions to non-controlling interest----(0.8)(0.8)9.6 8.8
Contributions by and distributions to owners
Shares issued1,3 0 8.7 ----1,3 0 8.7 -1,3 0 8.7
Share buybacks--------
Shares issued under dividend reinvestment plan56.6 ----56.6 -56.6
Dividends to equity holders----(178 .9)(178 .9)(6 5.7)(24 4.6)
Total contributions by and distributions to owners1,365.3 ---(178.9)1,186.4 (65.7)1,120.7
Balance at 31 March 20253,409.2 763.0 158.6 9.8 2,320.7 6,661.3 1,553.7 8,215.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
Attributable to equity holders of the Company - Audited
The accompanying notes form part of these financial statements
15

16
(1) ACCOUNTING POLICIES
REPORTING ENTITY
Infratil Limited (‘the Company‘) is a company domiciled in New Zealand and registered under the Companies Act 1993. The Company is listed on the NZX
Main Board (‘NZX‘) and Australian Securities Exchange (‘ASX‘), and is an FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013.
BASIS OF PREPARATION
These unaudited condensed consolidated half year financial statements ('half year statements') of Infratil Limited together with its subsidiaries and associates
('the Group') have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and comply with IAS 34 Interim Financial Reporting. These half year
statements have been prepared in accordance with the accounting policies stated in the published financial statements for the year ended 31 March 2025 and
should be read in conjunction with the previous annual report. No changes have been made from the accounting policies used in the 31 March 2025 annual
report, which can be obtained from Infratil's registered office or www.infratil.com. The presentation currency used in the preparation of these financial
statements is New Zealand dollars, which is also the Company's functional currency.
RESTATEMENT OF INVESTMENT IN ASSOCIATES
During the period ended 31 March 2025, CDC reviewed the accounting classification of management shares, which resulted in a revision to their historical
treatment. Accordingly, a restatement has been made to reflect this adjustment as at 30 September 2024.
Due to the option available to employees to put shares to CDC under certain schemes, which, if exercised, would require CDC to repurchase its own shares,
it was determined that these instruments should be classified as a liability rather than as share capital and remeasured at each reporting date.
The following tables summarise the impacts on the Group's consolidated financial statements for 30 September 2024.
(i) Consolidated Statement of Comprehensive Income
For the period ended30 September 2024
Previously reportedAdjustmentsAs restated
Share of earnings of associate companies107.0 (3 5.1)71.9
Net surplus/(loss) for the period(206.4)(35.1)(241.5)
Total other comprehensive income after tax(118.3)-(118.3)
Total comprehensive income for the period(324.7)(35.1)(359.8)
Earnings per share
Basic and diluted (cents per share) (25.5)(4.2)(2 9.7)
(ii) Consolidated Statement of Financial Position
For the period ended30 September 2024
Previously reportedAdjustmentsAs restated
Investments in associates2,752.4 (15 5.6)2,596.8
Total assets16,092.6 (155.6)15,937.0
Foreign currency tranlation reserve(42.9)(1.1)(4 4.0)
Retained earnings(2,587.2)15 6.7 (2,4 3 0.5)
Total equity(8,188.6)155.6 (8,033.0)
NEW STANDARDS, AMENDMENTS AND PRONOUNCEMENT NOT YET ADOPTED BY THE GROUP 
IFRS 18 - Presentation and Disclosure in Financial Statements is effective for periods beginning on or after 1 January 2027 and applies retrospectively. The new
standard aims to provide greater consistency in presentation of the income and cash flow statements, and more disaggregated information. While this will not
have a material impact on the results of the Group, it will result in significant changes to how the Group presents the income statement and what information will
need to be disclosed on management defined performance measures.
16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 30 September 2025

17
(2) NATURE OF BUSINESS
The Group owns and operates infrastructure businesses and investments in New Zealand, Australia, the United States, Asia, the United Kingdom and
Europe. The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 5 Market Lane,
Wellington, New Zealand.
More information on the individual businesses that make up the Group is contained in Note 4 (Operating segments) and Note 5 (Investments in associates)
including the relative contributions to total revenue and expenses of the Group.
(3) INFRATIL SHARES AND DIVIDENDS
Ordinary shares (fully paid)
6 months ended
30 September 2025
Unaudited
6 months ended
30 September 2024
Unaudited
Year ended
31 March 2025
Audited
Total authorised and issued shares at the beginning of the period968,086,132 8 3 2 , 5 6 7, 6 3 1 8 3 2 , 5 6 7, 6 3 1
Movements during the period:
New shares issued7, 74 2 , 2 9 8 130,322,236 130,322,236
New shares issued under dividend reinvestment plan3,761,0 82 3,652,413 5,19 6,26 5
Treasury stock reissued under dividend reinvestment plan---
Share buyback---
Total authorised and issued shares at the end of the period 979,589,512 966,542,280 968,086,132
During the period, 7.7 million new shares were issued to partially pay incentive fees payable to Morrison Infrastructure Management Limited (‘Morrison‘) as
consideration for management services, as announced on 28 May 2025. All fully paid ordinary shares have equal voting rights and share equally in dividends
and equity. At 30 September 2025 the Group held 1,662,617 shares as Treasury Stock (30 September 2024: 1,662,617, 31 March 2025: 1,662,617).
Dividends paid on ordinary shares
6 months ended
30 September 2025
Cents per share
Unaudited
6 months ended
30 September 2024
Cents per share
Unaudited
Year ended
31 March 2025
Cents per share
Audited
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Final dividend prior year13.25 13.0 0 13.0 0 129.3 10 8.9 10 8.8
Interim dividend paid current year--7. 2 5 --70.1
Dividends paid on ordinary shares 13.25 13.00 20.25 129.3 108.9 178.9
(4) OPERATING SEGMENTS
Gurīn Energy, Manawa Energy and Mint Renewables are renewable generation investments, Wellington International Airport is an airport investment, Qscan
Group and RHCNZ Medical Imaging are diagnostic imaging investments and One NZ is a digital infrastructure investment. Infratil accounts for these companies
as subsidiaries. Associates comprises Infratil's investments that are not consolidated for financial reporting purposes including CDC Data Centres, Fortysouth,
Galileo, Kao Data, Longroad Energy and RetireAustralia. Further information on these investments is outlined in Note 5. The Group’s investment in Manawa
Energy is treated as Discontinued Operations as at 30 September 2025. Further information on discontinued operations is outlined in Note 6.1. All other
segments and corporate predominately includes the activities of the Parent Company. The Group has no significant reliance on any one customer. Inter-
segment revenue primarily comprises dividends from portfolio companies to the Parent Company.

Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
Wellington
International
Airport
New Zealand
$Millions
Unaudited
Qscan Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Associates 
$Millions
Unaudited
All other
segments and
corporate
New Zealand
$Millions
Unaudited
Eliminations &
discontinued
operations  
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2025
Total revenue5.0 125.5 0.1 94.4 1 8 7. 5 194.0 953.8 -109.2 (125.4)1,54 4.1
Equity accounted earnings of associates-------525.9 --525.9
Inter-segment revenue--------(76.5)-(76.5)
Total income 5.0 125.5 0.1 94.4 1 8 7. 5 19 4.0 953.8 525.9 32.7 (125.4)1,993.5
Depreciation(0.7)(5.6)(0.2)(15.5)( 1 7. 9 )(15.5)( 1 4 7. 1 )--5.6 (196.9)
Amortisation of intangibles-(0.2)--(0.3)(0.5)(79.6)--0.1 (80.5)
Employee benefits(10.3)(1 2.9)(2.7)( 7. 9 )(96.5)(95.7)(133.2)--12.9 (3 4 6.3)
Other operating expenses( 7. 1 )(105.7)(5.8)(76.4)(4 6.1)(36.4)(524.8)-(66.3)161.2 ( 7 0 7. 4 )
Total operating expenditure(18 .1)(124.4)(8.7)(99.8)(16 0. 8)(14 8 .1)(8 8 4.7)-(6 6.3)179. 8 (1,3 31.1)
Operating surplus before financing, derivatives, realisations and impairments(13.1)1.1 (8.6)(5.4)26.7 45.9 69.1 525.9 (33.6)54.4 662.4
Net gain/(loss) on foreign exchange and derivatives0.3 23.1 --(0.3)(5.9)--(16.6)(23.1)(22.5)
Net realisations, revaluations and impairments(0.1)--5.4 0.2 0.1 --(99.9)0.1 (9 4.2)
Interest income(0.1)-0.1 0.6 1.2 1.5 1.2 -2.4 -6.9
Interest expense(0.4)(6.8)-( 1 7. 1 )(18.0)( 2 7. 7 )( 9 7. 9 )-(6 3.8)6.8 (2 24.9)
Net financing expense(0.5)(6.8)0.1 (16.5)(16.8)(26.2)(96.7)-(61.4)6.8 (2 18.0)
Net surplus before taxation(13.4)1 7. 4 (8.5)(16.5)9.8 13.9 ( 2 7. 6 )525.9 (211.5)38.2 3 2 7. 7
Taxation credit/(expense)(0.8)(9.8)-11.6 (3.3)(4.4)8.2 -12.39.8 23.6
Net surplus/(loss) for the period(14.2)7. 6 (8.5)(4.9)6.5 9.5 (19.4)525.9 (199.2)48.0 351.3
Net surplus/(loss) attributable to owners of the company(13.1)2.4 (6.1)(2 2.0)3.8 5.1(19.3)525.9 (199.2)53.23 3 0.7
Net surplus/(loss) attributable to non-controlling interests(1.1)5.2 (2.4)1 7. 1 2.7 4.4 (0.1) - - (5.2)20.6
Current assets60.3 -4.2 55.1 86.6 64.1 3 6 7. 6 -5 4 4.6 0.1 1,182.6
Non-current assets203.1 -2.6 1,898.8 996.0 1,511.4 5,341.6 4,618.4 235.5 790.9 15,598.3
Current liabilities52.7 -2.5 13 4.6 86.0 63.3 818.1 -304.0 (13 4. 8) 1,326.4
Non-current liabilities8 7. 8 -0.3 948.4 511.1 676.2 2,553.8 -2,562.3 (168.3)7, 1 7 1 . 6
Net assets122.9 -4.0 870.9 485.5 836.0 2 , 3 3 7. 3 4,618.4 (2,0 8 6.2)1,0 9 4.1 8,282.9
Net debt20.2 -(3.1)838.7 3 45.0 499.2 1,529.7 -2,609.5 -5,839.2
Non-controlling interest percentage 5.0% - 2 7. 0 % 3 4.0% 42.6 % 4 7. 3 % 0.2% ----
Capital expenditure and investments38.8 --76.4 19.1 35.4 108.5 388.3 6.7 -673.2
18

Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
Wellington
International
Airport
New Zealand
$Millions
Unaudited
Qscan Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Restated
Associates 
$Millions
Unaudited
All other
segments and
corporate
New Zealand
$Millions
Unaudited
Eliminations &
discontinued
operations  
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2024
Total revenue(0.3)305.2 -90.9 176.0 190.7 939.6 -91.3 (305.0)1,488.4
Equity accounted earnings of associates-------71.9 --71.9
Inter-segment revenue--------(78.3)-(78.3)
Total income(0.3)305.2 -90.9 176 .0 19 0.7 939.6 71.9 13.0 (3 05.0)1,482.0
Depreciation(0.2)(10.3)(0.2)(14.0)(18.2)(11.7)(168.3)--10.3 (2 1 2.6)
Amortisation of intangibles-(0.7)--(0.2)(0.9)( 9 7. 0 )--0.7 (98.1)
Employee benefits(9.1)(18.3)(2.3)(8.3)(93.1)(91.1)(1 29.6)-(0.3)18.3 (333.8)
Other operating expenses(5.8)(24 3.4)(3.4)(58.6)(41.6)(36.5)(509.5)-(73.9)204.0 (768.7)
Total operating expenses(15.1)(272.7)(5.9)(80.9)(15 3 .1)(14 0.2)(904.4)-( 74 . 2)233.3 (1,413 .2)
Operating surplus before financing, derivatives, realisations and impairments(15.4)32.5 (5.9)10.0 22.9 50.5 35.2 71.9 (61.2)(71.7)68.8
Net gain/(loss) on foreign exchange and derivatives1.1 (23.0)-(0.3)(1.6)(10.8)--(28.2)22.9 (39.9)
Net realisations, revaluations and impairments---(2.0)6.1 -(0.2)-0.1 -4.0
Interest income0.5 1.0 0.1 2.0 1.0 0.7 1 7. 4 -24.1 (19.2)2 7. 6
Interest expense(0.7)(14.6)-(18.6)(15.0)(23.6)(118.8)-(61.6)32.8 (220.1)
Net financing expense(0.2)(13.6)0.1 (16.6)(14.0)(2 2.9)(101.4)-( 3 7. 5 )13.6 (192.5)
Net surplus before taxation(14.5)(4.1)(5.8)(8.9)13.4 16.8 (66.4)71.9 (126.8)(35.2)(159.6)
Taxation expense(0.1)0.8 -8.1 (4.3)(5.7)16.4 -(93.0)(0.8)(78.6)
Net surplus/(loss) for the period(14.6)(3.3)(5.8)(0.8)9.1 11.1 (50.0)71.9 (219.8)(36.0)(238.2)
Net surplus/(loss) attributable to owners of the company(13.7)(2.5)(4.2)(0.6)5.2 5.7 (50.0)71.9 (219.8)(36.8)(24 4.8)
Net surplus/(loss) attributable to non-controlling interests(0.9)(0.8)(1.6)(0.2)3.9 5.4 - - - 0.8 6.6
Current assets45.8 152.1 3.6 45.4 89.6 5 7. 9 342.3 -374. 2 16 4.4 1,275.3
Non-current assets102.2 1,914.1 3.8 1,760.1 899.6 1,431.5 5,061.6 2,852.6 8 46.6 (210.4)14,661.7
Current liabilities41.5 169.3 2.0 14 4.7 89.3 78.9 489.5 -292.3 30.6 1,338.1
Non-current liabilities59.6 738.3 0.4 792.9 376.5 583.9 2,515.5 -1,6 42.8 (14 4.0)6,565.9
Net assets46.9 1,15 8.6 5.0 8 6 7. 9 523.4 826.6 2,398.9 2,852.6 (714.3)6 7. 4 8,033.0
Net debt20.3 473.3 (3.1)683.0 233.8 4 45.5 1,506.8 -1,280.4 -4,6 40.0
Non-controlling interest percentage 5.0% 48.9% 2 7. 7 % 3 4.0% 4 4.9% 49.9% 0.2% ----
Capital expenditure and investments22.9 25.4 0.4 42.4 11.9 23.7 131.0 3 2 7. 0 3.7 -588.4
19

Operating segments
Gurīn Energy
Asia
$Millions
Unaudited
Manawa
Energy
New Zealand
$Millions
Unaudited
Mint
Renewables
Australasia
$Millions
Unaudited
Wellington
International
Airport
New Zealand
$Millions
Unaudited
Qscan Group
Australia
$Millions
Unaudited
RHCNZ
Medical
Imaging
New Zealand
$Millions
Unaudited
One NZ
New Zealand
$Millions
Unaudited
Associates 
$Millions
Unaudited
All other
segments and
corporate
New Zealand
$Millions
Unaudited
Eliminations &
discontinued
operations  
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the year ended 31 March 2025
Total revenue5.9 491.0 0.3 185.3 3 4 5.6 369.9 1,924.5 -15 4.6 (523.4)2,953.7
Equity accounted earnings of associates-------505.0 --505.0
Inter-segment revenue--------( 9 7. 9 )-( 9 7. 9 )
Total income5.9 4 91.0 0.3 185.3 345.6 369.9 1,924.5 505.0 5 6.7 (523.4)3,360.8
Depreciation(0.7)(21.7)(0.4)(29.9)(36.1)(26.0)(338.2)--21.7 (4 31.3)
Amortisation of intangibles-(1.2)--(0.4)(2.5)( 1 6 7. 8 )--1.2 (170.7)
Employee benefits(2 2.0)(38.8)(5.7)(15.9)(171.3)(173.6)(25 4.2)-(0.4)38.8 (6 4 3.1)
Other operating expenses( 1 7. 7 )(368.0)(8.1)( 7 7. 9 )(89.8)(70.3)(1,071.8)-(385.2)308.8 (1,780.0)
Total operating expenditure(4 0.4)(42 9.7)(14.2)(123 .7)( 2 9 7. 6 )(272.4)(1,832.0)-(3 85.6)370.5 (3,025.1)
Operating surplus before financing, derivatives, realisations and impairments(3 4.5)61.3 (13.9)61.6 48.0 9 7. 5 92.5 505.0 (328.9)(152.9)335.7
Net gain/(loss) on foreign exchange and derivatives1.1 (30.0)-0.2 (0.7)(10.4)--(159.8)160.2 (39.4)
Revaluation adjustment of equity-accounted investment to fair value-----------
Net realisations, revaluations and impairments(0.1)(3.6)-(0.9)5.3 (0.1)(1.3)-(1 10.2)3.6 (107.3)
Interest income-1.8 0.2 2.5 2.7 2.2 18.1 -10.7 (1.9)36.3
Interest expense(1.7)(29.2)-(35.6)(32.7)(4 6.9)(2 28.4)-(1 24.6)61.4 ( 4 3 7. 7 )
Net financing expense(1.7)( 2 7. 4 )0.2 (33.1)(30.0)(4 4.7)(210.3)-(1 13.9)59.5 (4 01.4)
Net surplus before taxation(35.2)0.3 (13.7)2 7. 8 22.6 42.3 (119.1)505.0 (71 2.8)70.4 (212.4)
Taxation expense(0.6)(0.1)-(1.9)(6.3)(1 2.2)30.8 -(58.9)0.1 (4 9.1)
Net surplus/(loss) for the year(35.8)0.2 (13.7)25.9 16.3 30.1 (88.3)505.0 (7 71.7)70.5 (261.5)
Net surplus/(loss) attributable to owners of the company(33.2)(0.4)(9.9)1 7. 1 9.3 15.3 (88.5)505.0 (7 71.7)71.1 (285.9)
Net surplus/(loss) attributable to non-controlling interests(2.6)0.6 (3.8)8.8 7. 0 14.8 0.2 - - (0.6)24.4
Current assets51.7 156.6 3.8 5 7. 5 80.2 46.2 373.3 -239.2 -1,008.5
Non-current assets151.7 2,140.8 2.6 1,839.7 924.1 1,486.1 5,038.1 4,048.7 2 4 7. 7 354.9 16,234.4
Current liabilities58.7 173.1 2.6 185.1 83.0 72.4 5 1 7. 6 -45.0 363.4 1,500.9
Non-current liabilities78.3 885.1 0.3 811.9 460.0 569.6 2,519.6 -2,372.5 (170.3)7,527.0
Net assets66.4 1,239.2 3.5 900.2 4 61.3 890.3 2 , 3 74 . 2 4,0 4 8.7 (1,9 3 0.6)161.8 8,215.0
Net debt21.6 501.1 (3.2)732.7 301.9 4 2 7. 5 1,428.7 -2,175.8 -5,586.1
Non-controlling interest percentage 5.0% 48.9% 2 7. 0 % 3 4.0% 42.8% 48.3% 0.1% ----
Capital expenditure and investments42.3 51.8 0.7 1 1 7. 4 23.0 48.8 269.6 791.0 8.7 -
1,353.3
20

ENTITY WIDE DISCLOSURE - GEOGRAPHICAL
The Group operates in two principal areas, New Zealand and Australia, as well as having investments in the United States, the United Kingdom, Asia and Europe.
The Group‘s geographical segments are based on the location of both customers and assets.
Operating segments
New Zealand
$Millions
Unaudited
Australia
$Millions
Unaudited
Asia
$Millions
Unaudited
United States
$Millions
Unaudited
United Kingdom &
Europe
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
Total from continuing
operations
$Millions
Unaudited
For the period ended 30 September 2025
Total revenue1,476.9 1 8 7. 6 5.0 --(125.4)1,544.1
Equity accounted earnings of associates(6.7)58 8.1 -(3 3.1)(22.4)-525.9
Inter-segment revenue(76.5)-----(76.5)
Total income1,3 9 3.7 775.7 5.0 (3 3.1)(22.4)(125.4)1,993.5
Depreciation(18 3 .6)(18 .2)(0.7)--5.6 (19 6 .9)
Amortisation of intangibles(8 0.2)(0.4)---0.1 (80.5)
Employee benefits(24 9.8)(9 9.1)(10.3)--12.9 (3 4 6.3)
Other operating expenses
(80 9.6)(51.9)( 7. 1 )--161.2 (707.4)
Total operating expenditure(1,323 .2)(16 9.6)(18 .1)--179. 8 (1,3 31.1)
Operating surplus before financing, derivatives, realisations and impairments70.5606.1 (13.1)(33.1)(22.4)54.4 662.4
Net gain/(loss) on foreign exchange and derivatives0.6 (0.3)0.3 --(23.1)(22.5)
Net realisations, revaluations and impairments(1.9)(92.3)(0.1)--0.1 (9 4.2)
Interest income5.8 1.2 (0.1)---6.9
Interest expense(213.2)(18 .1)(0.4)--6.8 (224.9)
Net financing expense( 2 0 7. 4 )(16 .9)(0.5)--6.8 (218.0)
Net surplus before taxation(138.2)496.6 (13.4)(33.1)(22.4)38.2 3 2 7. 7
Taxation expense
1 7. 9(3.3)(0.8)--9.8 23.6
Net surplus/(loss) for the period(120.3)493.3 (14.2)(33.1)(22.4)48.0 351.3
Current assets1,0 31.4 90.8 60.3 --0.1 1,182.6
Non-current assets
8,835.1 4,646.6 20 3.1 355.2 7 6 7. 4 790.9 15,598.3
Current liabilities
1,320.0 88.5 52.7 --(13 4. 8)1,326.4
Non-current liabilities6 ,74 0 . 8 511.3 8 7. 8 --(16 8 .3)7, 1 7 1 . 6
Net assets1, 8 0 5.7 4 , 1 3 7. 6 122.9 355.2 7 6 7. 4 1,0 9 4.1 8,282.9
Net debt
5 , 4 7 7. 1 3 41.9 20.2 ---5,839.2
Capital expenditure and investments
220.3 272.2 38.8 5 7. 7 84.2 -673.2
21

New Zealand
$Millions
Unaudited
Restated
Australia
$Millions
Unaudited
Asia
$Millions
Unaudited
United States
$Millions
Unaudited
United Kingdom &
Europe
$Millions
Unaudited
Eliminations &
discontinued
operations
$Millions
Unaudited
Total from continuing
operations
$Millions
Unaudited
For the period ended 30 September 2024
Total revenue1 , 6 1 7. 8 176 .0 (0.3)--(3 0 5.1)1,4 88.4
Equity accounted earnings of associates(6.4)7 7. 4 -2.5 (1.6)-71.9
Inter-segment revenue(78.3)-----(78.3)
Total income1,533.1 253.4 (0.3)2.5 (1.6)(3 0 5.1)1,482.0
Depreciation(20 4.3)(18 .4)(0.2)--10.3 (212.6)
Amortisation of intangibles(98.6)(0.2)---0.7 (9 8 .1)
Employee benefits(247.6)(95.4)(9.1)--18.3 (333.8)
Other operating expenses
(921.9)(4 5.0)(5.8)--204.0 (76 8.7)
Total operating expenditure(1,472.4)(15 9.0)(15.1)--233.3 (1,413 .2)
Operating surplus before financing, derivatives, realisations and impairments60.7 94.4 (15.4)2.5 (1.6)(71.8)68.8
Net gain/(loss) on foreign exchange and derivatives(62.4)(1.6)1.1 --23.0 (3 9.9)
Net realisations, revaluations and impairments(2.1)6.1 ----4.0
Interest income4 5.1 1.1 0.5 --(19.1)2 7. 6
Interest expense(237.2)(15.0)(0.7)--32.8 (2 2 0.1)
Net financing expense(19 2.1)(13 .9)(0.2)--13.7 (19 2.5)
Net surplus before taxation(195.9)85.0 (14.5)2.5 (1.6)(35.1)(159.6)
Taxation expense
(73.4)(4.3)(0.1)--(0.8)(78.6)
Net surplus/(loss) for the period(269.3)80.7 (14.6)2.5 (1.6)(35.9)(238.2)
Current assets9 6 9.7 93.4 45.8 --16 6.4 1,275.3
Non-current assets
11,021.8 2 , 8 2 7. 1 102.2 3 3 7. 9 536.8 (16 4.1)14,6 61.7
Current liabilities
1,13 6.0 91.3 41.5 --69.3 1,338.1
Non-current liabilities6,19 8.9 376.9 59.6 --(69.5)6,565.9
Net assets4,656.6 2,452.3 46.9 3 3 7. 9 536.8 2.5 8,033.0
Net debt
4,389.0 23 0.7 20.3 ---4,640.0
Capital expenditure and investments
222.5 4 7. 4 22.9 99.9 19 5.7 -588.4
22

New Zealand
$Millions
Audited
Australia
$Millions
Audited
Asia
$Millions
Audited
United States
$Millions
Audited
United Kingdom &
Europe
$Millions
Audited
Eliminations &
discontinued
operations
$Millions
Audited
Total from continuing
operations
$Millions
Audited
For the year ended 31 March 2025
Total revenue3,125.3 345.8 5.9 --(523.3)2,9 5 3.7
Equity accounted earnings of associates( 7. 1 )548.9 -(18 . 8)(18.0)-505.0
Inter-segment revenue(97.9)-----(97.9)
Total income3,020.3 8 9 4.7 5.9 (18 . 8)(18.0)(523.3)3,360.8
Depreciation(415. 8)(36.4)(0.7)--21.6 (4 31.3)
Amortisation of intangibles(171.4)(0.5)---1.2 (170.7)
Employee benefits(4 82.9)( 1 7 7. 0 )(22.0)--38.8 (6 4 3.1)
Other operating expenses
(1,973 .3)(97.9)( 1 7. 7 )--308.9 (1,78 0.0)
Total operating expenditure(3,0 4 3.4)(311.8)(4 0.4)--370.5 (3,025.1)
Operating surplus before financing, derivatives, realisations and impairments(23.1)582.9 (3 4.5)(18.8)(18.0)(152.8)335.7
Net gain/(loss) on foreign exchange and derivatives(2 0 0.1)(0.7)1.1 --160.3 (3 9.4)
Revaluation adjustments of equity-accounted investment to fair value-------
Net realisations, revaluations and impairments(3 0.2)(80.6)(0.1)--3.6 (107.3)
Interest income35.2 2.9 ---(1. 8)36.3
Interest expense(4 6 4.7)(32.7)(1.7)--61.4 ( 4 3 7. 7 )
Net financing expense(429.5)(29.8)(1.7)--59.6 (4 01.4)
Net surplus before taxation(682.9)471.8 (35.2)(18.8)(18.0)70.7 (212.4)
Taxation expense
(42.3)(6.3)(0.6)--0.1 (4 9.1)
Net surplus/(loss) for the year(725.2)465.5 (35.8)(18.8)(18.0)70.8 (261.5)
Current assets
872.8 84.0 51.7 ---1,0 08.5
Non-current assets10,804.1 3,73 3.6 151.7 531.0 680.6 333.4 16,23 4.4
Current liabilities
993.0 85.8 5 8.7 --363.4 1,50 0.9
Non-current liabilities7, 1 5 8 . 5 460.5 78.3 --(170.3)7,527.0
Net assets3,525.4 3,271.3 66.4 531.0 680.6 140.3 8,215.0
Net debt
5,265.8 2 9 8.7 21.6 ---5,586.1
Capital expenditure and investments
4 8 7. 5 5 1 7. 9 42.3 1 7 7. 3 128.2 -1,353.2
23

(5) INVESTMENTS IN ASSOCIATES
Investments include
Interest held
Name of entity

Principal Activity Country/Region
6 months ended
30 September 2025
Unaudited
6 months ended
30 September 2024
Unaudited
Year ended
31 March 2025
Audited
CDC Data CentresOwner, operator and developer of data centresAustralasia 4 9.7% 48.2% 48.2%
FortysouthOwner, operator and developer of passive mobile towers infrastructureNew Zealand 20.0% 20.0% 20.0%
GalileoRenewable energy developer Europe 38.0% 38.0% 38.0%
Kao DataOwner, operator and developer of data centresUnited Kingdom 5 4.7% 52.8% 54.0%
Longroad EnergyRenewable energy owner, operator and developerUnited States 3 7. 3 % 36.5% 3 7. 0 %
RetireAustraliaOwner, operator and developer of retirement villagesAustralia 50.0% 50.0% 50.0%
24

Investments in associates
Movement in the carrying amount of investment:
CDC Data Centres
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Longroad Energy
$Millions
Unaudited
RetireAustralia
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2025
Carrying value at 1 April 2,402.6 186.3 14 3.4 5 3 7. 4 3 74 . 8 404.3 4,048.8
Capital contribution 253.1 - - 65.1 51.0 - 369.2
Capitalised transaction costs - - - - - - -
Shareholder loan 4.5 - 19.1 - - - 23.6
Total cost of acquisition 2 5 7. 6 - 19.1 65.1 51.0 - 392.8
Interest on shareholder loan (including accruals) 3.6 - 1.7 - - - 5.3
Share of associate‘s surplus before income tax 8 5 0.7 (6.7)(10.1)(13 .9)(3 3.1) 9.1 796.0
Share of associate‘s income tax (expense)(272.5) - (0.1) - - (2.8)(275.4)
Share of associate‘s share capital issued/purchased, net of dilution - - - - - - -
Total share of associate‘s earnings in the period 581.8 (6.7)(8.5)(13.9)(33.1) 6.3 525.9
Share of associate‘s other comprehensive income(20.9) - - - (3 9.1) - (6 0.0)
Share of associate‘s other reserves - - (2.6) - - - (2.6)
less: Distributions received - (0.8) - - - - (0.8)
less: Capital returned- - - - - - -
less: Shareholder loan repayments including interest(3.1) - - - - - (3.1)
Foreign exchange movements recognised in other comprehensive income 9 9.1 - 11.3 16.2 1.4 12.8 14 0.8
less: Impairment - - - - - (92.5)(92.5)
less: Investment transferred to held for sale - - - - - (33 0.9)(33 0.9)
Carrying value of investment in associate 3 , 3 1 7. 1 178.8 162.7 604.8 355.0 - 4,618.4
Equity investments in associates 3 , 1 5 7. 2 178 . 8 3 7. 2 604.8 355.0 - 4,333.0
Shareholder loans to associates 159.9 - 125.5 - - - 285.4
25

Investment in associates
Summary financial information, not adjusted for the percentage
ownership held by the Group:
CDC Data Centres
A$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Longroad Energy
US$Millions
Unaudited
RetireAustralia
A$Millions
Unaudited
For the period ended 30 September 2025
Current assets 162.4 20.1 180.4 65.3 338.2 361.3
Non-current assets 12,244.5 2,10 4.2 70.0 538.4 5 , 8 1 7. 5 3,559.6
Total assets 12,406.9 2,124.3 250.4 603.7 6,155.7 3,920.9
Current liabilities 612.0 15.2 12.4 18.1 345.2 2,602.8
Non-current liabilities 6,76 5.5 1 , 2 1 7. 2 141.2 185.5 5,050.4 414.2
Total liabilities 7, 3 7 7. 5 1,232.4 153.6 203.6 5,395.6 3 , 0 1 7. 0
Non-controlling interests - - - - (2 6 5.1) -
Net assets 5,029.4 891.9 96.8 400.1 495.0 903.9
Group‘s share of net assets 2 , 5 9 7. 0 178 .4 1 7. 9 218.7 184.4 4 52.1
Revenues 304.9 48.4 (2.8) 33.9 15 0.7 54.4
Net profit after tax 981.9 (33.7)(17.1)(6.8)(12.2) 11.8
Other comprehensive income(3 8.2) - - - (6 0.0)(0.1)
Total comprehensive income 9 4 3.7 (3 3.7)( 1 7. 1 )(6.8)(72.2) 11.7
Reconciliation of the carrying amount of the Group‘s investment:
Group‘s share of net assets in NZD 2,955.4 178 .4 36.4 508.4 279.8 423.4
add: Goodwill 184.6 - - 89.2 71.8 -
add: Shareholder loan 159.9 - 125.4 - - -
add: Capitalised transaction costs 1 7. 2 0.4 0.9 7. 2 - -
less: Impairment - - - - - (92.5)
less: Transfer to held for sale - - - - - (33 0.9)
add: Movements from 1 July to 30 September* - - - - 3.4 -
Carrying value of investment in associate 3 , 3 1 7. 1 178.8 162.7 604.8 355.0 -
* Longroad Energy has an interim period end of 30 June with accounts presented at this date. This line includes adjustments for the effects of significant transactions or events that occurred between that date,
and the Group’s interim period end.
26

Investments in associates
Movement in the carrying amount of investment:
Restated
CDC Data Centres
$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
$Millions
Unaudited
Kao Data
$Millions
Unaudited
Longroad Energy
$Millions
Unaudited
Restated
RetireAustralia
$Millions
Unaudited
To t a l
$Millions
Unaudited
For the period ended 30 September 2024
Carrying value at 1 April (Restated) 1,416 .4 195.2 9 9.1 4 31.7 211.5 436.6 2,79 0.5
Capital contribution 16.9 - - 11.5 4 9.7 - 78.1
Capitalised transaction costs - - - - - - -
Shareholder loan - - - - - - -
Total cost of acquisition 16.9 - - 11.5 49.7 - 78.1
Interest on shareholder loan (including accruals) 3.6 - 0.6 3.3 - - 7. 5
Share of associate‘s surplus before income tax 4 4.2 (6.4) 6.4 (11. 8) 2.6 72.3 107.3
Share of associate‘s income tax (expense)(21.1) - (0.1) - - (21.7)(42.9)
add: share of associate‘s share capital issued/purchased, net of dilution - - - - - - -
Total share of associate‘s earnings in the period 26.7 (6.4) 6.9 (8.5) 2.6 50.6 71.9
Share of associate‘s other comprehensive income 0.4 - 0.1 - (4 8.5) - (4 8.0)
Share of associate‘s other reserves - - (1. 8) - (0.1) - (1.9)
less: Distributions received - - - - - (2.2)(2.2)
less: Capital returned - - - - - - -
less: Shareholder loan repayments including interest(19.5) - - - - - (19.5)
Foreign exchange movements recognised in other comprehensive income(1.3) - (0.2)(2.0)(12.1)(0.8)(16 .4)
Revaluation adjustment of investment fair value - - - - - - -
less: Consideration transferred to business combination - - - - - - -
Carrying value of investment in associate 1,439.6 188.8 104.1 432.7 203.1 484.2 2,852.5
Equity investments in associates 1,289.8 188.8 46.4 384.5 20 3.1 484.2 2,596.8
Shareholder loans to associates 14 9.8 - 5 7. 7 48.2 - - 25 5.7
27

Investment in associates
Summary financial information, not adjusted for the percentage
ownership held by the Group:
Restated
CDC Data Centres
A$Millions
Unaudited
Fortysouth
$Millions
Unaudited
Galileo
€Millions
Unaudited
Kao Data
£Millions
Unaudited
Longroad Energy
US$Millions
Unaudited
Restated
RetireAustralia
A$Millions
Unaudited
For the period ended 30 September 2024
Current assets141.3 1 7. 8 14 3.4 30.2 259.0 251.4
Non-current assets7, 5 9 2 . 1 2,10 9.4 5 7. 5 454.2 5,252.7 3,502.0
Total assets7, 7 3 3 . 4 2 , 1 2 7. 2 200.9 484.4 5,511.7 3,753.4
Current liabilities346.9 15.6 13.4 56.2 314.3 2,526.0
Non-current liabilities5,048.4 1,16 9.4 91.3 1 5 7. 3 4,520.6 3 3 7. 7
Total liabilities5,395.3 1,185.0 104.7 213.5 4,834.9 2,863.7
Non-controlling interests----(3 9 4.7)-
Net assets2,338.1 942.2 96.2 270.9 282.1 889.7
Group‘s share of net assets1,16 9.1 -36.6 14 3.0 10 3.1 444.9
Revenues2 6 7. 1 43.6 0.5 28.0 339.5 85.8
Net profit after tax33.3 (4 5.4)7. 1 (10.6)280.0 92.5
Other comprehensive income0.8 -----
Total comprehensive income3 4.1 (4 5.4)7. 1 (10.6)280.0 92.5
Reconciliation of the carrying amount of the Group‘s investment:
Group‘s share of net assets in NZD1,272.6 188.4 45.6 3 01.4 162.3 484.2
add: Goodwill1 7. 2 --7 7. 2 40.8 -
add: Shareholder loan14 9.8 -5 7. 6 48.2 --
add: Capitalised transaction costs-0.4 0.9 5.9 --
Carrying value of investment in associate1,439.6 188.8 104.1 432.7 203.1 484.2
28

Investments in associates
Movement in the carrying amount of investment:
CDC Data Centres
$Millions
Audited
Fortysouth
$Millions
Audited
Galileo
$Millions
Audited
Kao Data
$Millions
Audited
Longroad Energy
$Millions
Audited
RetireAustralia
$Millions
Audited
To t a l
$Millions
Audited
For the year ended 31 March 2025
Carrying value at 1 April1,416 .4 195.2 9 9.1 4 31.8 211.5 436.6 2,79 0.6
Capital contribution494.2 -13.3 83.0 16 8.5 -759.0
Capitalised transaction costs0.1 -----0.1
Shareholder loan--31.9 ---31.9
Total cost of acquisition494.3 -45.2 83.0 168.5 -791.0
Interest on shareholder loan (including accruals)7. 2 -1.8 4.6 --13.6
Share of associate‘s surplus before income tax7 5 7. 2 (25.4)(9.6)(14.6)(18 . 8)83.5 772.3
Share of associate‘s income tax (expense)(281.5)18.3 (0.2)--(29.4)(292.8)
add: share of associate‘s share capital issued/purchased, net of dilution11.9 -----11.9
Total share of associate‘s earnings in the period494.8 ( 7. 1 )(8.0)(10.0)(18.8)54.1 505.0
Share of associate‘s other comprehensive income(5.2)---5.2 --
Share of associate‘s other reserves--3.9 ---3.9
less: Distributions received-(1. 8)---(5.4)( 7. 2 )
less: Capital returned-------
less: Impairment-----(85.8)(85.8)
less: Shareholder loan repayments including interest(24.5)-----(24.5)
less: WHT on shareholder loans(1.1)-----(1.1)
less: Disposals-------
Foreign exchange movements recognised in other comprehensive income2 7. 9 -3.2 32.6 8.4 4.8 76.9
Revaluation adjustment of investment fair value-------
less: Consideration transferred to business combination-------
Carrying value of investment in associate2,402.6 186.3 143.4 5 3 7. 4 374.8 404.3 4,048.8
Equity investments in associates 2,253.1 186.3 4 7. 2 5 3 7. 4 3 74 . 8 404.3 3,8 0 3.1
Shareholder loans to associates 14 9.5 - 96.2 - - - 24 5.7
29

Investment in associates
Summary financial information, not adjusted for the percentage
ownership held by the Group:
CDC Data Centres
A$Millions
Audited
Fortysouth
$Millions
Audited
Galileo
€Millions
Audited
Kao Data
£Millions
Audited
Longroad Energy
US$Millions
Audited
RetireAustralia
A$Millions
Audited
For the year ended 31 March 2025
Current assets238.3 15.3 172.6 39.1 2 9 5.7 3 42.5
Non-current assets10,014.7 2,107.1 6 7. 0 503.8 5,72 6.7 3,468.1
Total assets10,253.0 2,122.4 239.6 542.9 6,022.4 3,810.6
Current liabilities1,24 5.9 20.2 15.2 13.4 381.5 2,535.2
Non-current liabilities4,956.9 1,172.7 1 1 7. 0 16 3.9 4 , 8 3 7. 9 383.1
Total liabilities6,202.8 1,192.9 132.2 1 7 7. 3 5,219.4 2,918.3
Non-controlling interests----(473.1)-
Net assets4,050.2 929.5 107.4 365.6 329.9 892.3
Adjustment for movements between 31 December and 31 March*
Group‘s share of net assets2,025.1 185.9 24.5 1 9 7. 5 122.1 4 46.2
Revenues533.6 88.4 0.6 63.8 4 01.2 182.1
Net profit after tax888.8 ( 6 7. 1 )(14.5)(11.3)218.3 100.8
Other comprehensive income(9.5)---71.1 -
Total comprehensive income879.3 (67.1)(14.5)(11.3)289.4 10 0.8
Reconciliation of the carrying amount of the Group‘s investment:
Group‘s share of net assets in NZD2,224.2 185.9 46.3 4 46.2 213.4 4 9 0.1
add: Goodwill12.3 --8 4.1 5 7. 1 -
add: Shareholder loan14 9.5 -96.2 ---
add: Capitalised transaction costs16.6 0.4 0.9 7. 1 --
less: Impairment-----(85.8)
Adjustment for movements between 31 December and 31 March*----10 4.3 -
Carrying value of investment in associate2,402.6 186.3 143.4 5 3 7. 4 374.8 404.3
* Longroad Energy has a fiscal year end of 31 December with audited accounts presented at this date. This line includes adjustments for the effects of significant transactions or events that occurred between that date,
and the Group’s year end.
30

31
(6) DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
(6.1) MANAWA ENERGY
On 7 May 2025, the New Zealand Commerce Commission (’NZCC’) granted Contact Energy (’Contact’) clearance to acquire all the shares in Manawa Energy
(’Manawa’) under the Scheme of Arrangement (’Scheme’) that was announced on 11 September 2024. On 11 July 2025, the acquisition of Manawa
by Contact was completed. The Group's 51.1% stake in Manawa was acquired for gross proceeds of $1,022.4 million comprising cash consideration of
$179.2 million and shares in Contact valued at $843.2 million on completion date. The gain on sale was $272.6 million after transaction costs.
As the carrying amount of the Group’s investment in Manawa has been recovered through the sale transaction, the investment in Manawa has been classified
as a discontinued operation from 11 July 2025. The comparative consolidated statement of comprehensive income and respective notes have been restated
to show the discontinued operation separately from continuing operations. The results from discontinued operations are presented separately below.
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Operating revenue125.5 305.2 4 91.0
Total revenue125.5 305.2 491.0
Depreciation(5.6)(10.3) (21.7)
Amortisation of intangibles(0.2) (0.7) (1.2)
Employee benefits(12.9) (18 .3) (3 8.8)
Other operating expenses(10 5.7) (24 3.4) (36 8.0)
Total operating expenditure(124.4) (272.7) (429.7)
Operating surplus before financing, derivatives, realisations and impairments1.132.5 61.3
Net gain/(loss) on foreign exchange and derivatives23.1(23.0)(3 0.0)
Net realisations, revaluations and impairments--(3.6)
Interest income-1.0 1.8
Interest expense(6.8) (14.6) (29.2)
Net financing expense(6.8) (13 .6) ( 2 7. 4 )
Net surplus/(loss) before taxation1 7. 4 (4.1)0.3
Taxation credit/(expense)(9.8) 0.8(0.1)
Net surplus/(loss) for the period 7. 6 (3.3)0.2
Net realisations, revaluations and impairments272.6 --
Net surplus/(loss) from discontinued operations280.2 (3.3)0.2
Basic and diluted (cents per share) from discontinuing operations28.7 (0.4)-
Total assets-2,066.2 2 , 2 9 7. 4
Total liabilities-9 0 7. 6 1,058.2
Net assets of discontinued operation-1,158.6 1,239.2
The net gain on sale is calculated as follows:
Gross sale proceeds1,022.4
Infratil carrying amount of assets and liabilities as at the date of sale (including Goodwill)( 74 8 . 3)
Gain on sale274 .1
Transaction costs(1.5)
Net gain on sale272.6
The profit from the discontinued operation is 51.1% attributable to the owners of the Company in line with the Group's ownership percentage in Manawa.
Cash flows from/(used in) discontinued operations
Net cash from/(used in) operating activities3.3 33.6 49.5
Net cash from/(used in) investing activities0.3 (18 .9)(4 8.7)
Net cash from/(used in) financing activities(1.3)(10. 8)-
Net cash flows for the period2.3 3.9 0.8

32
(6.2) INFRATIL INFRASTRUCTURE PROPERTY
In June 2022, the Infratil Infrastructure Property Limited (‘IIPL‘) Board approved the marketing of IIPL‘s investment property at 100 Halsey Street (‘Wynyard 100‘)
for a potential sale. The sales process remained ongoing at 30 September 2025. As such, the investment property at 100 Halsey Street is deemed to be held
for sale at 30 September 2025. Included in assets and liabilities held for sale are investment property ($54.8 million), right of use assets ($70.1 million) and
lease liabilities ($69.0 million).
At 30 September 2025, the investment property at 100 Halsey Street is not deemed to be a discontinued operation as it does not represent a separate major
line of business or geographic area of operation for the Group.
(6.3) RETIREAUSTRALIA
In August 2025, Infratil and the New Zealand Superannuation Fund announced a binding agreement to sell RetireAustralia to Invesco, subject to the satisfaction
of a limited number of conditions. As at 30 September 2025, the transaction had not completed but remained on track to settle in the final quarter of the 2025
calendar year.
At 30 September 2025, the sale of RetireAustralia was assessed as highly probable. Accordingly, the investment was classified as held-for-sale. This resulted in
the discontinuation of equity accounting and the investment being measured at fair value. Fair value was determined based on the expected final sale proceeds
at period end.
On completion, Infratil expects to receive proceeds of approximately A$290 million (NZ$331 million) after transaction costs, with final proceeds to be adjusted
for customary completion adjustments.
(7) TAXATION
6 months ended
30 September 2025
$Millions
Unaudited
Restated
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Net surplus/(loss) before taxation from continuing operations3 2 7. 7 (15 9.6)(212.4)
Taxation on the surplus for the period @ 28%(91.8)4 4.759.5
Plus/(less) taxation adjustments:
Effect of tax rates in foreign jurisdictions(6.2) (2.3) (5.7)
Net benefit of imputation credits3.46.1-
Tax losses not recognised/(utilised)(4.6) (10.0) (9.1)
Effect of equity accounted earnings of associates15 4.616.714 3.5
Recognition of previously unrecognised deferred tax-3.3-
(Over)/Under provision in prior periods5.4(9.5) 2.9
Net investment realisations2.1(0.1) (6.7)
Derecognition of previously recognised deferred tax5.5--
Other permanent differences(4 4.8) ( 1 2 7. 5 ) (233.5)
Taxation expense23.6(78.6) (49.1)
Current taxation (8.5) (3 9.5) (83.3)
Deferred taxation 32.1(3 9.1) 34.2
Tax on discontinued operations(9.8) 0.8(0.1)
International Tax Reform - Pillar Two Model Rules
The Group is within the scope of the Organisation for Economic Co-operations and Development‘s Pillar Two Model Rules. In late March 2024, Pillar Two
legislation was enacted in New Zealand, being the jurisdiction in which the group parent entity (Infratil Limited) is incorporated, and came into effect for the
Group from 1 April 2025. For some entities within the Group (that are located in other jurisdictions with earlier adoption), the Pillar Two rules came into effect
from 1 April 2024 and have a current tax impact for the current reporting period.
Under the Pillar Two Model Rules the Group is liable to pay a top-up tax if the effective tax rate (calculated by a jurisdiction) is below the 15% minimum tax rate
as calculated under the Pillar Two legislation. The Group‘s assessment of its potential exposure to date, which has included an analysis of the application of the
transitional safe harbour rules for all jurisdictions, was based on the Group‘s 31 March 2025 year end information. This assessment indicates that for that period,
if the Pillar Two Model Rules had been in effect, no top-up tax would have arisen for the Group‘s operations and therefore there is no current tax impact. The
Group is not expecting this position to change going forward but will continue to monitor and assess the potential impact on the Group.
The Group has applied temporary mandatory relief from deferred tax accounting in respect of Pillar Two Model Rules and will account for this as a current tax
when it is incurred (where relevant).

33
(8) GOODWILL
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Balance at beginning of the year4,682.0 4 , 6 7 7. 0 4 , 6 7 7. 0
Goodwill arising on acquisitions2 7. 9 -0.5
Goodwill disposed of during the year(61.9)--
Goodwill impaired during the year---
Transfers to disposal group assets classified as held for sale---
Fair value adjustments on finalisation of goodwill--(1.2)
Effects of movements in exchange rates23.9 (0.1)5.7
Balance at the end of the year4,671.9 4,676.9 4,682.0
The aggregate carrying amounts of goodwill allocated to each cash generating unit are
Manawa Energy-61.9 61.9
Qscan Group710.5 653.3 659.0
RHCNZ Medical Imaging1,080.8 1,080.5 1,0 81.0
One NZ2,880.6 2,8 8 0.1 2,8 8 0.1
Mint Renewables-1.1 -
4,671.9 4,676.9 4,682.0
(9) OTHER INVESTMENTS
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Contact Energy848.8 --
Clearvision Ventures16 4.4 13 4.8 156.2
Other34.6 51.2 41. 8
Balance at the end of the year1 , 0 4 7. 8 186.0 198.0
Contact Energy
On 11 July 2025, as part consideration for Contact Energy’s ('Contact') acquisition of Manawa Energy, Infratil received 93.3 million Contact shares with a fair
value of $843.2 million at the transaction date. Infratil has elected to measure its investment in Contact at fair value through other comprehensive income
('FVOCI') in accordance with NZ IFRS 9. The investment is classified as level 1 under the fair value hierarchy as the valuation is based on the listed share price.
As at 30 September 2025, the fair value of the investment, based on Contact’s NZX closing share price, was $848.8 million. The increase in fair value of
$5.6 million has been recognised in other comprehensive income. In addition, a dividend of $21.5 million was recognised in profit or loss during the period
Clearvision Ventures
In February 2016 Infratil made an initial commitment of US$25 million to the California based Clearvision Ventures. Further commitments of US$25 million and
US$50 million were made in May 2020 and May 2022 respectively bringing Infratil‘s total commitments to US$100 million. The strategic objective of the
investment is to help Infratil‘s businesses identify and engage with technology changes that will impact their activities. As at 30 September 2025, Infratil has
made total contributions of US$64.7 million (30 September 2024: $60.7 million, 31 March 2025: $62.7 million), with the remaining US$35.3 million
commitment uncalled at that date.

34
(10) LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group‘s interest bearing loans and borrowings.
30 September 2025
$Millions
Unaudited
30 September 2024
$Millions
Unaudited
31 March 2025
$Millions
Audited
Current liabilities
Unsecured bank loans132.5 51.1 9 4.1
Secured bank facilities1.3 29.6 1 7. 5
less: Loan establishment costs capitalised and amortised over term(3.4)(6.9)(6.2)
130.4 73.8 105.4
Non-current liabilities
Unsecured bank loans90 0.2 79.7 712.5
Secured bank facilities2,5 9 8.7 2,340.6 2,389.3
less: Loan establishment costs capitalised and amortised over term( 2 7. 5 )(14.6)(19.6)
3,471.4 2,405.7 3,082.2
Facilities utilised at reporting date
Unsecured bank loans1,032.7 13 0.7 806.6
Unsecured guarantees---
Secured bank loans2,60 0.0 2,370.3 2,406.8
Secured guarantees1.4 5.7 5.5
Facilities not utilised at reporting date
Unsecured bank loans1,214.7 1, 8 5 0.7 1,6 8 0.7
Unsecured guarantees---
Secured bank loans373.5 362.3 510.8
Secured guarantees-0.1 -
Interest bearing loans and borrowings - current130.4 73.8 105.4
Interest bearing loans and borrowings - non-current3,471.4 2,405.7 3,082.2
Total interest bearing loans and borrowings3,601.8 2,479.5 3 , 1 8 7. 6
30 September 2025
$Millions
Unaudited
30 September 2024
$Millions
Unaudited
31 March 2025
$Millions
Audited
Maturity profile for bank facilities (excluding secured guarantees):
Between 0 to 1 year176 .3 3 6 7. 5 373.3
Between 1 to 2 years1,6 6 3.1 943.9 556.0
Between 2 to 5 years3,302.3 3,350.8 4,421.1
Over 5 years79.2 51.8 54.5
Total bank facilities5,220.9 4,714.0 5,404.9

35
FINANCING ARRANGEMENTS
Wholly owned subsidiaries
Infratil Finance Limited, a wholly owned subsidiary of the Company, has entered into bank facility arrangements with a negative pledge agreement, which, with
limited exceptions does not permit the Infratil Guaranteeing Group (‘IGG‘) to grant any security over its assets. The IGG comprises entities subject to a cross
guarantee and comprises Infratil Limited, Infratil Finance Limited and certain other wholly owned subsidiaries. These facilities are primarily used to fund the
corporate and investment activities of the Company. The IGG does not incorporate the underlying assets of the Company‘s non-wholly owned subsidiaries and
associates. The IGG bank facilities also include restrictions over the sale or disposal of certain assets without bank agreement. Liability under the cross
guarantee is limited to the amount of debt drawn under the IGG facilities, plus any unpaid interest and costs of recovery.
At 30 September 2025 there was $922.8 million of drawn debt under the IGG facilities (30 September 2024: nil, 31 March 2025: $616.6 million) and
undrawn IGG facilities totalled $1,083.6 million (30 September 2024: $1,561.8 million, 31 March 2025: $1,365.7 million).
Non-wholly owned subsidiaries
The Group‘s non-wholly owned subsidiaries also enter into bank facility arrangements. Amounts outstanding under these facilities are included within loans and
borrowings in the table above. Wellington International Airport‘s facilities are subject to negative pledge arrangements which, with limited exceptions, does not
permit those entities to grant security over their respective assets. One NZ, Qscan Group and RHCNZ Medical Imaging borrow under syndicated bank debt
facilities, under which security is granted over their respective assets. All non-wholly owned subsidiary facilities are subject to restrictions over the sale or
disposal of certain assets without bank agreement.
The various bank facilities across the Group require the relevant borrowing group to operate within defined performance and gearing ratios as is typical of debt
facilities of this nature. Throughout the period the Group has complied with all debt covenant requirements as imposed by the respective lenders.
Interest rates
Interest rates payable on bank loan facilities are floating rate determined by reference to prevailing money market rates at the time of draw-down plus a margin.
Interest rates paid during the period ranged from 4.05% to 7.91% (30 September 2024: 6.45% to 8.98%, 31 March 2025: 4.64% to 8.98%).

36
(11) INFRATIL INFRASTRUCTURE BONDS
30 September 2025
$Millions
Unaudited
30 September 2024
$Millions
Unaudited
31 March 2025
$Millions
Audited
Balance at the beginning of the period1,6 33.1 1,46 4.9 1,46 4.9
Issued during the period122.6
204.5
326.2
Exchanged during the period(22.6)
-
(76.2)
Matured during the period(20.9)
(5 6.1)
(80.0)
Purchased by Infratil during the period-
-
-
Bond issue costs capitalised during the period(1.6)
(2.5)
(3.9)
Bond issue costs amortised during the period1.3
1.1
2.4
Issue premium amortised during the year(0.1)
(0.1)
(0.3)
Balance at the end of the period1,711.8 1,611.8 1,633.1
Current118.1 14 3.3 161.5
Non-current1,239.8
1,114.6
1 , 1 1 7. 6
Non-current variable coupon122.0
122.0
122.1
Non-current perpetual variable coupon231.9
231.9
231.9
Balance at the end of the period1,711.8 1,611.8 1,633.1
Repayment terms and interest rates:
IFT260 maturing in December 2024, 4.75% p.a. fixed coupon rate-
10 0.0
-
IFT250 maturing in June 2025, 6.15% p.a. fixed coupon rate-
43.4
43.4
IFT300 maturing in March 2026, 3.35% p.a. fixed coupon rate120.3
120.3
120.3
IFT280 maturing in December 2026, 3.35% p.a. fixed coupon rate156.3
156.3
156.3
IFT310 maturing in December 2027, 3.60% p.a. fixed coupon rate102.4
102.4
102.4
IFT270 maturing in December 2028, 6.78% p.a. fixed coupon rate 14 6.2
14 6.2
14 6.2
IFT320 maturing in June 2030, 5.93% p.a. fixed coupon rate until 15 June 2026115.9 115.9 115.9
IFT330 maturing in July 2029, 6.90% p.a. fixed coupon rate150.0
150.0
150.0
IFT340 maturing in March 2031, 7.08% p.a. fixed coupon rate1 2 7. 2
1 2 7. 2
1 2 7. 2
IFT350 maturing in December 2031, 7.06% p.a. fixed coupon rate204.5
204.5
204.5
IFT360 maturing December 2030, 6.00% p.a. fixed coupon rate121.7
-
121.7
IFT370 maturing in June 2032, 6.16% p.a. fixed coupon rate122.6
-
-
IFTHC maturing in December 2029, 6.24% p.a. variable coupon rate, reset annually123.2 123.2 123.2
IFTHA Perpetual Infratil infrastructure bonds231.9
231.9
231.9
less: issue costs capitalised and amortised over term(10.5)
(10.0)
(10.2)
add: issue premium capitalised and amortised over term0.1
0.5
0.3
Balance at the end of the period1,711.8 1,611.8 1,633.1

37
Fixed coupon
The fixed coupon bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds.
IFTHC bonds
The IFTHC bonds the Company has on issue are at a face value of $1.00 per bond. Interest is payable quarterly on the bonds. The coupon for the IFTHC bonds
for the 1-year period from (but excluding) 15 December 2024 was fixed at 6.24% per annum (for the 1-year period to 15 December 2024 the coupon was
7.78%). Thereafter the rate will be reset annually at 2.50% per annum over the then one year swap rate for quarterly payments.
IFT270 bonds
The interest rate of the IFT270 bonds was fixed at 4.85% for the first five years and then reset on 15 December 2023 for a further five years. The interest rate for
the IFT270 bonds for the period from (but excluding) 15 December 2023 was fixed at 6.78% until the maturity date.
IFT320 bonds
The interest rate of the IFT320 bonds is fixed at 5.93% for the first four years and will then reset on 15 June 2026 for a further four years. The interest rate for the
IFT320 bonds for the period from (but excluding) 15 June 2026 until the maturity date will be the sum of the four year swap rate on 15 June 2026 plus a margin
of 2.00% per annum.
Perpetual Infratil infrastructure bonds (‘PIIBs‘)
The Company has 231,917,000 (30 September 2024: 231,917,000, 31 March 2025: 231,917,000) PIIBs on issue at a face value of $1.00 per bond. Interest
is payable quarterly on the bonds. On 15 November 2024 the coupon was set at 5.51% per annum until the next reset date, being 15 November 2025
(September 2024: 7.06%, March 2025: 5.51%). Thereafter the rate will be reset annually at 1.50% per annum over the then one year swap rate for quarterly
payments, unless Infratil‘s gearing ratio exceeds certain thresholds, in which case the margin increases. These infrastructure bonds have no fixed maturity date.
Throughout the period the Company complied with all debt covenants relating to its Bonds on issue.
At 30 September 2025 Infratil Infrastructure bonds (including PIIBs) had a fair value of $1,703.1 million (30 September 2024: $1,554.0 million, 31 March
2025: $1,572.6 million).
(12) FINANCIAL INSTRUMENTS
(12.1) FAIR VALUES
Financial assets and financial liabilities are measured at their fair value, with the exception of bond debt and senior notes which are measured at amortised cost.
The bond debt and senior notes have a fair value at 30 September 2025 of $2,476.2 million (30 September 2024: $2,629.4 million, 31 March 2025:
$2,663.4 million) compared to an amortised cost value of $2,457.9 million (30 September 2024: $2,656.8 million, 31 March 2025: $2,692.2 million).
(12.2) ESTIMATION OF FAIR VALUES
The fair values of financial assets and financial liabilities are determined as follows:
• The fair value of financial assets and liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted
market prices.
• The fair value of other financial assets and liabilities are calculated using market-quoted rates based on discounted cash flow analysis.
• The fair value of derivative financial instruments are calculated using quoted prices. Where such prices are not available, use is made of discounted cash flow
analysis using the applicable yield curve or available forward price data for the duration of the instruments.
Where the fair value of a derivative is calculated as the present value of the estimated future cash flows of the instrument, the two key types of variables used in
the valuation techniques are:
• forward price curve (for the relevant underlying interest rates, foreign exchange rates or commodity prices); and
• discount rates.
Valuation inputSource
Interest rate forward price curve
Published market swap rates
Foreign exchange forward prices
Published spot foreign exchange rates
Electricity forward price curve
Market quoted prices where available and management‘s best estimate
based on its view of the long run marginal cost of new generation where no
market quoted prices are available
Discount rate for valuing interest rate derivatives
Published market interest rates as applicable to the remaining life of the
instrument
Discount rate for valuing forward foreign exchange contracts
Published market rates as applicable to the remaining life of the instrument
The selection of variables requires significant judgement and therefore there is a range of reasonably possible assumptions in respect of these variables that
could be used in estimating the fair value of these derivatives. Maximum use is made of observable market data when selecting variables and developing
assumptions for the valuation techniques.

38
(12.3) FAIR VALUE HIERARCHY
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly
(that is, derived from prices) (level 2)
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3)
The following tables present the Group‘s financial assets and liabilities that are measured at fair value.
30 September 2025
Level 1
$Millions
Unaudited
Level 2
$Millions
Unaudited
Level 3
$Millions
Unaudited
To t a l
$Millions
Unaudited
Assets per the statement of financial position
Derivative financial instruments - energy----
Derivative financial instruments - cross currency interest rate swaps-19.5 -19.5
Derivative financial instruments - foreign exchange0.9 9.9 -10.8
Derivative financial instruments - interest rate-14.5 -14.5
Tot al0.9 43.9 -44.8
Liabilities per the statement of financial position
Derivative financial instruments - energy----
Derivative financial instruments - cross currency interest rate swaps-14.3 -14.3
Derivative financial instruments - foreign exchange-20.8 -20.8
Derivative financial instruments - interest rate1.0 71.8 -72.8
Tot al1.0 106.9 -107.9
30 September 2024
Assets per the statement of financial position
Derivative financial instruments - energy- - 8 7. 6 8 7. 6
Derivative financial instruments - cross currency interest rate swaps- 7. 4 -7. 4
Derivative financial instruments - foreign exchange- - --
Derivative financial instruments - interest rate0.9 3 7. 3 -38.2
Tot al0.9 4 4.7 8 7. 6 133.2
Liabilities per the statement of financial position
Derivative financial instruments - energy- - 15 6.7 15 6.7
Derivative financial instruments - cross currency interest rate swaps- - --
Derivative financial instruments - foreign exchange- 2.7 -2.7
Derivative financial instruments - interest rate1.0 5 7. 6 -58.6
Tot al1.0 60.3 156.7 218.0

39
31 March 2025
Level 1
$Millions
Audited
Level 2
$Millions
Audited
Level 3
$Millions
Audited
To t a l
$Millions
Audited
Assets per the statement of financial position
Derivative financial instruments - energy- - 114.3 114.3
Derivative financial instruments - cross currency interest rate swaps- 20.2 -20.2
Derivative financial instruments - foreign exchange0.2 3.1 -3.3
Derivative financial instruments - interest rate0.4 35.5 -35.9
Tot al0.6 58.8 114.3 173.7
Liabilities per the statement of financial position
Derivative financial instruments - energy- - 298.5 298.5
Derivative financial instruments - cross currency interest rate swaps- - --
Derivative financial instruments - foreign exchange- 22.0 -22.0
Derivative financial instruments - interest rate0.3 46.3 -46.6
Tot al0.3 68.3 298.5 3 6 7. 1
There were no transfers between derivative financial instrument assets or liabilities classified as level 1 or level 2, and level 3 of the fair value hierarchy during the
period ended 30 September 2025 (30 September 2024: none, 31 March 2025: none).
(13) RECONCILIATION OF NET SURPLUS WITH CASH FLOW FROM OPERATING ACTIVITIES
6 months ended
30 September 2025
$Millions
Unaudited
Restated
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Net surplus for the period631.5(241.5)(261.3)
Items classified as investing activity:
(Gain)/Loss on investment realisations, impairments and disposals
of discontinued operations
(18 8 .3)(6.1)81.9
Trade Payables relating to investing activities0.2 0.1 0.1
Items not involving cash flows:
Movement in financial derivatives taken to the profit or loss(6.5)60.6 69.4
Decrease in deferred tax liability excluding transfers to reserves(53.8)(6 6.4)(50.3)
Changes in fair value of investment properties10.6 2.3 24.9
Equity accounted earnings of associates net of distributions received(522.0)(6 6.2)(470.2)
Depreciation2 0 2.7 222.8 453.0
Movement in provision for bad debts1.0 9.8 15.0
Amortisation of intangibles80.5 9 9.1 171.9
Other19.9 31.8 3 7. 4
Movements in working capital:
Change in receivables(3 9.1)(13 .2)6 2.7
Change in inventories(4.7)9.7 5.9
Change in trade payables(12 6 .4)(3 9.1)(68.0)
Change in accruals and other liabilities6.0 (9.2)274 .1
Change in current and deferred taxation21.1 98.6 39.9
Net cash flow from operating activities32.7 93.1 386.4

40
(14) CAPITAL COMMITMENTS
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Committed but not contracted for49.5 90.2 31.6
Contracted but not provided for14 4.6 151.1 226.3
Capital commitments194.1 241.3 2 5 7. 9
Group capital commitments are primarily associated with RHCNZ Medical Imaging's capital expenditure in relation to completion costs for new branches,
branch expansion and the purchase of various new and replacement machinery, One NZ's open capital expenditure purchase orders and Wellington
Airport's capital expenditure projects including the apron development and new fire station.
Infratil capital commitments
Capital commitments from Infratil are primarily associated with Infratil‘s capital contributions to development phase subsidiaries and associates. Total
committed capital by Infratil and total uncalled commitment to date is designated in the entity‘s local currency.
Local Currency
Total commitment at
30 September 2025
$Millions
Uncalled
commitment at
30 September 2025
$Millions
Uncalled
Commitment at
30 September 2025
(NZD)$Millions
Longroad EnergyUSD 4 5 7. 8 38.3 6 6.1
GalileoEUR 114.0 16.7 33.9
Gurīn EnergyUSD 2 3 7. 5 93.6 161.5
Kao DataGBP 355.9 96.2 223.3
Mint RenewablesAUD 219.0 192.9 220.2
ClearvisionUSD 10 0.0 33.4 5 7. 6
Tot al762.6
The uncalled commitment at 31 March 2025 was $834.4 million. Infratil‘s shareholding allows it to control the timing and quantum of any capital calls.
(15) RELATED PARTIES
Certain Infratil Directors have relevant interests in a number of companies with which Infratil has transactions in the normal course of business. A number of key
management personnel are also Directors of Group subsidiary companies and associates.
Morrison Infrastructure Management Limited ('Morrison') is the management company for the Company and receives management fees in accordance with
the applicable management agreement. Morrison is owned by H.R.L Morrison & Co Group Limited Partnership, in which Jason Boyes, a director and Chief
Executive of Infratil, has a beneficial interest.
The passive mobile tower assets sold by One NZ to Fortysouth during the year ended 31 March 2023 have been leased back to One NZ as part of the 20-year
master service agreement. Following the One NZ acquisition, the right-of-use asset and lease liability attributable to agreements with Fortysouth are held on the
Balance Sheet at $780.3 million and $817.0 million, respectively. Additionally, interest expense was $32.9 million and right-of-use asset depreciation was
$22.6 million for the 6 months to 30 September 2025 within the Statement of Comprehensive Income. The Group’s share of the operating revenue for
Fortysouth is included within share of associate earnings line in the Statement of Comprehensive Income. Infratil has deemed that any unrealised gains or losses
for transactions between One NZ and Fortysouth are not material and will not be eliminated.
There are other related party transactions between companies within the Group. These are carried out in the ordinary course of business at the appropriate
market rate. The arrangements are not deemed material for separate disclosure.
Management and other fees paid by the Group (including associates)
to Morrison or its related parties during the period were:
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
Management fees1659.3 141. 8 456.2
Executive secondment and consulting0.2 -0.1
Directors fees (net of rebates)0.7 1.1 2.8
Financial management, accounting, treasury, compliance and
administrative services
0.1 0.8 1.6
Other--0.2
Total management and other fees60.3 143.7 460.9

41
(16) MANAGEMENT FEES PAID UNDER THE MANAGEMENT AGREEMENT WITH MORRISON
INFRASTRUCTURE MANAGEMENT LIMITED
The day-to-day management responsibilities of the Company have been delegated to Morrison Infrastructure Management Limited ('Morrison') under a
Management Agreement. The Management Agreement specifies the duties and powers of Morrison, and the management fees payable to Morrison for
delivering those services. These include a New Zealand Portfolio Management Fee, International Portfolio Management Fee and International Portfolio Incentive
Fees. More detail on how Management fees are calculated is included in Infratil's Annual Report.
Management fees paid under the Management Agreement during the period were:
6 months ended
30 September 2025
$Millions
Unaudited
6 months ended
30 September 2024
$Millions
Unaudited
Year ended
31 March 2025
$Millions
Audited
New Zealand & International Portfolio Management Fees59.3 52.1 10 9.3
International Portfolio Incentive Fees-8 9.7 346.9
Total management and other fees59.3 141.8 456.2
Management fees payable under the Management Agreement included in accounts payable,
accruals and other liabilities:
$Millions
Unaudited
$Millions
Unaudited
$Millions
Audited
New Zealand & International Portfolio Management Fees10.9 11.3 9.1
International Portfolio Incentive Fees264.2 1 1 7. 4 468.2
Total management and other fees275.1 128.7 4 7 7. 3
(17) CONTINGENT LIABILITIES AND LEGAL MATTERS
The Company and certain wholly owned subsidiaries are guarantors of the bank debt facilities of Infratil Finance Limited under a Deed of Negative Pledge,
Guarantee and Subordination and the Company is a guarantor to certain obligations of subsidiary companies.
(18) EVENTS AFTER BALANCE DATE
Dividend
On 12 November 2025, the Directors approved a partially imputed interim dividend of 7.25 cents per share to holders of fully paid ordinary shares to be paid on
16 December 2025.
Acquisition of an additional 4.92% interest in Contact Energy
On 20 October 2025, Infratil agreed to acquire an additional 4.92% interest in Contact Energy from TECT Holdings for a total consideration of $437.7 million.
The consideration comprises $218.8 million funded from newly committed acquisition debt facilities and $218.8 million satisfied through the issuance of new
Infratil shares to TECT at an issue price of $12.43 per share.
Following completion of the transaction on 21 October 2025, Infratil’s ownership in Contact increased to 14.3%.
Fortysouth Sale
Infratil entered into a conditional agreement on 10 November 2025 to sell its 20% shareholding in Fortysouth to InfraRed Capital Partners and Pantheon. The
sale proceeds are expected to be more than $200.0 million, and we currently anticipate the difference between the carrying value and total consideration to
result in a gain on sale. The final amount is subject to the timing of settlement, with the transaction conditional only on Overseas Investment Office approval.

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the shareholders of Infratil Limited (Group)
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 41
do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30
September 2025 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
‒ the interim consolidated statement of
financial position as at 30 September 2025;
‒ the interim consolidated statements of
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the interim consolidated financial statements in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibilities are further described in the Auditor's responsibilities for the review of the interim
consolidated financial statements section of our report.
We are independent of Infratil Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to climate related assurance, agreed upon
procedures, taxation services and other assurance and advisory engagements. Subject to certain restrictions,
partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. These matters have not impaired our independence as auditor of
the Group. The firm has no other relationship with, or interest in, the Group.
42

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the shareholders of Infratil Limited (Group)
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 41
do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30
September 2025 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
‒ the interim consolidated statement of
financial position as at 30 September 2025;
‒ the interim consolidated statements of
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the interim consolidated financial statements in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibilities are further described in the Auditor's responsibilities for the review of the interim
consolidated financial statements section of our report.
We are independent of Infratil Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to climate related assurance, agreed upon
procedures, taxation services and other assurance and advisory engagements. Subject to certain restrictions,
partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. These matters have not impaired our independence as auditor of
the Group. The firm has no other relationship with, or interest in, the Group.
43

Use of this Independent Auditor’s Review Report

This report is made solely to the shareholders. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders for our review work, this report, or any of the conclusions we have formed.
Responsibilities of directors for the interim consolidated financial
statements

The directors, on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34; and
‒ such internal control, as the directors determine is necessary, to enable the preparation of interim
consolidated financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's responsibilities for the review of the interim consolidated
financial statements

Our responsibility is to express a conclusion on the interim consolidated financial statements based on our
review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim consolidated financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on the interim consolidated financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Ed Louden.

For and on behalf of:


KPMG Wellington
12 November 2025

44
Directors
Alison Gerry (Chair)
Jason Boyes
Andrew Clark
Paul Gough
Kirsty Mactaggart
Peter Springford
Anne Urlwin
Company Secretary
Brendan Kevany
Registered Office - New Zealand
5 Market Lane
PO Box 320
Wellington
Telephone: +64 4 473 3663
Internet address: www.infratil.com
Registered Office - Australia
C/-. Morrison Private Markets
Level 31
60 Martin Place
Sydney NSW 2000
Telephone: +61 2 8098 7500
Manager
Morrison Infrastructure Management Limited
5 Market Lane
PO Box 1395
Wellington
Telephone: +64 4 473 2399
Internet address: www. morrisonglobal.com
Share Registrar - New Zealand
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland
Telephone: +64 9 375 5998
Email: enquiries.nz@mpms.mufg.com
Internet address: www.mpms.mufg.com
Share Registrar - Australia
MUFG Corporate Markets
Level 12
680 George Street
Sydney NSW 2000
Telephone: +61 1300 554 474
Email: info@mpms.mufg.com
Internet address: www.mpms.mufg.com
Auditor
KPMG
44 Bowen Street
PO Box 996
Wellington 6011
Legal Advisors
Chapman Tripp
20 Customhouse Quay
PO Box 993
Wellington 6140
DIRECTORY