CDC Independent Valuation - 31 December 2025

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
6 January 2026
CDC Independent Valuation – 31 December 2025

CDC’s valuation increased in the quarter, supported by an additional 40MW of previously
announced contracted capacity, the addition of 196MW of built operating capacity, and continued
expansion of the build programme.

The 31 December 2025 independent valuation of CDC shows an increase of A$349 million since
30 September 2025, to A$14.0 billion, reflecting the mid-point of the assessed valuation range of
A$13.1 billion to A$15.0 billion.

On this basis, Infratil’s 49.72% interest in CDC is valued at A$6,954 million, up A$174 million from
A$6,780 million at 30 September 2025.

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

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

Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

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CDC INDEPENDENT
VALUATION
31 DECEMBER 2025

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CDC’s valuation increased in the quarter, supported by an additional 40MW of previously announced contracted capacity, the addition of
196MW of built operating capacity, and continued expansion of the build programme.
The 31 December 2025 independent valuation of CDC shows an increase of A$349 million since 30 September 2025, to A$14.0 billion,
reflecting the mid-point of the assessed valuation range of A$13.1 billion to A$15.0 billion.
On this basis, Infratil’s 49.72% interest in CDC is valued at A$6,954 million, up A$174 million from A$6,780 million at 30 September 2025.
The key drivers of the movement in the valuationthis quarter were:
–The addition of cash flows associated with the expansion of CDC’s build programme, which has increased by 289MW since the
September 2025 update. This was largely driven by expanded capacity across both under-construction and future build sites, including
densification capacity uplifts at some sites.
–These positive cash-flow movements were partly offset by an upward shift in the forward yield curve, resulting in higher assumed interest
costs over the forecast period.
The operating updates above were reflected in the independent valuer’s assessment of the cost of equity, which increased to 11.64% from
11.38% in September 2025, driven by:
–An increase in the forecast gearing ratio, reflecting the growth in CDC’s debt-funded construction activity.
–Partially offset by a continued reduction in the Asset Specific Risk Premium as construction activity progresses and new contracts are
confirmed.
As announced previously, Infratil also expects to support this growth witha further A$250 million investment before the end of FY26.
CDC Independent Valuation Update- 31 December 2025

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Valuation Methodology31 December 202530 September 2025
Primary valuation methodologyDCF using FCFE
(with a cross check to market multiples and precedent
transactions)
DCF using FCFE
(with a cross check to market multiples and precedent
transactions)
Terminal year20552055
Enterprise valueA$19,022 millionA$18,068 million
Equity valueA$13,986 millionA$13,637 million
Equity value(Infratil share)A$6,954 million (49.72%)A$6,780 million (49.72%)
Net debt
Including accrued Management Share payments
A$5,036 millionA$4,431 million
Key valuation assumptions
Risk free rate4.00%4.00%
Asset beta0.5750.575
Cost of equity (blended rate)
Reflects the assessed risk of the spectrum of CDC’s
portfolio, from operating data centres with contracted
revenues through to development projects without
contracted revenues.
11.64%
(increase primarily reflects an increase in forecast
gearing as a result of increased capex associated
with pipeline expansion – see page 3)
11.38%
Long term EBITDA margin83% (2055)83% (2055)
CapexValuation assumes no development beyond 2040Valuation assumes no development beyond 2040
Independent Valuation Assumptions

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The independent valuation assumes CDC continues to develop to 2040
(per the previous slide). CDC publishes its planned build programme
out to FY34 (per the table opposite). During the quarter:
–Operating capacity increased by 196MW, including inaugural operations at CDC’s
Marsden Park and Beard campuses, as well as the second data centre at the
Brooklyn campus.
–CDC’s pipeline to FY34 increased by 289MW, reflecting expanded capacity across
both under-construction and future build sites. This included design and
densification updates at some sites, as well as recognition of more of the planned
capacity at CDC’s first data centre campus in Perth following the start of
construction.
Note: design and densification initiatives will deliver further capacity
increases as customer requirements and site opportunities continue to evolve.
Built Capacity Pipeline by
Region to FY34 (MW)
December 2025September 2025
Operating capacity
Canberra156117
Sydney133123
Melbourne18134
Auckland9898
Total568372
Under construction capacity
Canberra2058
Sydney204168
Melbourne105226
Perth34-
Auckland--
Total363453
Future build capacity
Canberra7373
Sydney956878
Melbourne550525
Perth10120
Australia Expansion1414
Auckland126126
Total1,8201,636
Total Capacity Pipeline2,7502,461
CDC Development Pipeline
372372
568
453453
363
1,629
1,636
1,820
2,454
2,461
2,750
0
500
1,000
1,500
2,000
2,500
3,000
Jun-25Sep-25Dec-25
CDC Built Capacity Pipeline (MW) to 2034
OperatingUnder constructionFuture build