CDC investor presentation and guidance update

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
26 March 2026

CDC investor presentation and guidance update

Infratil is holding a briefing for analysts and institutional investors in Sydney from 9am AEST
today, featuring the attached presentation from Australasian data centre operator CDC.
Infratil CEO Jason Boyes said data centre demand thematics remain very strong.

“Our focus is on supporting CDC to deliver more capacity to meet the growing demand for data
centre space across Australasia. Infratil, along with CDC’s other major shareholders, recently
provided A$500 million in equity funding to support the acceleration of CDC’s construction
programme,” he said.

Today’s event includes a site tour to CDC’s Eastern Creek campus, where two additional data
centres are nearing operational status and will significantly boost CDC’s operational capacity.

Infratil had previously guided that CDC’s FY25 EBITDAF would double to approximately A$660
million in FY27. Higher formal FY27 EBITDAF guidance of A$680 million to $720 million is now
provided based on the updated outlook for delivery of existing contracted capacity and the
expectation for continued strong demand.

FY26 EBITDAF is expected to be at the lower end of the current guidance range of A$390
million to A$400 million, reflecting the timing of existing contracted capacity that has been
weighted toward the back end of FY26.

CDC CEO Greg Boorer said recent geopolitical developments have highlighted Australasia’s
secure position and competitive differentiation as a strategic location for data centres.

“We attended the largest AI event in the United States last week, and one of the key takeaways
is that large-scale intelligence generation will be critical to future economic prosperity. The good
news is that Australasia is globally front of mind as a preferred secure option for large-scale
intelligence generation.

As a result, we’re having even more conversations with our strategic customers about their
increased capacity needs, and we’re continuing to build new intelligence generation capacity as
fast as we can to meet that increasing demand,” he said.

CDC has the largest pipeline of capacity within Australasia with 18 operational sites and another
5 under construction. An important contributor to CDC’s ability to fast track development is the
minimal water usage enabled by its closed-loop water cooling system. CDC added almost 200
megawatts of built operating capacity in the December quarter.

Enquiries should be directed to:
Brett Jackson
Infratil Investor Relations Director
Email: brett.jackson@infratil.com

Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

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cdc.com
Investor
Presentation
1
26 March 2026
Greg Boorer
Founder and CEO

Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in
summary form, is not necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient’s particular objectives, financial situation or needs. Each recipient of this presentation should:
(i) make its own enquiries and investigations regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that
different future outcomes may have on CDC; (ii) seek legal, accounting and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in
this presentation, is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance.
Information set forth in this presentation may contain “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as “forward-
looking statements”). Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC’s projected financial performance; (ii) the expected
development of CDC’s business, projects and joint ventures; (iii) execution of CDC’s vision and growth strategy; (iv) sources and availability of third-party financing for CDC’s projects; (v) completion of CDC projects that are currently
underway, in development or otherwise under consideration; (vi) renewal of CDC’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking
statements are provided to allow recipients of this presentation the opportunity to understand CDC’s beliefs and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing
opportunities.
Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and accept that future results may be affected by a range of variables which could cause outcomes or
trends to differ materially, including (but not limited to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii)
industry competition; (ix) geopolitical risks, legislative, fiscal and regulatory developments; (x) economic and financial markets conditions; (xi) approvals; and (xii) cost estimate.
All trademarks, logos and brand names are the property of their respective owners. Use of these names, trademarks and brands does not imply endorsement.
Important notice and disclaimer
CDC
2
Progress. Secured.
CDC Investor Day Presentation

CDCProgress. Secured.
Agenda
3
04
07
20
29
Introduction
Growth Trajectory

Achievements
Questions
CDC Investor Day Presentation

CDCProgress. Secured.
Our ANZ Presence
CDC campus
Operational data centre
Data centre under construction
Network connectivity
Future development – Land secured
Operational
data centres
18
Data centres under
construction
5
Total capacity
1
2.7GW+
Asset ownership
100%
Sydney Eastern Creek
Canberra Hume
Sydney
Canberra
Auckland
Melbourne
HU1HU2HU3
HU4HU5
EC1EC2EC3
EC4EC5EC6
Hume One:
Hume Two:
SD1
HV1
Auckland Silverdale
Auckland Hobsonville
Melbourne Brooklyn
BK1BK2
Sydney Marsden Park
MP1
HU6
SD2
HV2
MP2MP3
MP4
MP5MP6
Melbourne Laverton
LV1
Perth
Perth Maddington
MA1
LV2
FY1
FY2
BE1
Canberra Fyshwick
Canberra Beard
1.Growth forecast underpinning CDC’s build capacity to FY2034
4
CDC Investor Day Presentation

CDC Value Proposition
CDC continues to offer a market-leading,
differentiated offering to our customers, building
on our existing track record.
CDCProgress. Secured.
5
6
Scale
5
Sustainability
4
Ecosystem
Availability
21
Security
Optionality
3
7
Densification
CDC Investor Day Presentation

CDCProgress. Secured.
200820152018202220222024
Track record of development at scale
across multiple campuses and regions
2024
20242025
Hume
CDC’s first
campus – Hume
1 becomes
operational.
Marsden
Park
CDC’s second
Sydney
campus begins
construction.
Beard
CDC’s fourth
Canberra
campus begins
construction.
Hobsonville
Hobsonville
becomes
operational.
Silverdale
Silverdale
becomes
operational.
Eastern
Creek
CDC’s first
Sydney
campus
becomes
operational.
Fyshwick
Fyshwick 1
becomes
operational.
Laverton
Development
begins at CDC’s
second
Melbourne
campus.
Brooklyn
CDC’s first
Melbourne
campus
becomes
operational.
2026
Maddington
Maddington
campus in
Perth
development
accelerates.
20082026
6
CDC Investor Day Presentation

Growth
Trajectory.

CDCProgress. Secured.
8
AI “5-Layer Cake”
Logos illustrative only.
CDC Investor Day Presentation
Energy
Applications
Infrastructure
Chips
Models
Finance / Capital
CDC plays a critical role in the intelligence generation economy:

CDCProgress. Secured.CDC
AI Evolution Roadmap
CDC Investor Day Presentation
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Logos illustrative only and do not represent CDC customers.
Perception AI
Physical AI
Agentic AI
Generative AI
Speech recognition,
computer vision, image
classification etc

CDCProgress. Secured.CDC
AI is already a part of our world,
but we are still early stage
CDC Investor Day Presentation
10
Agentic AI is here and growing
rapidly in capability
AI central to enterprise strategies:
•Enterprises prioritising AI implementation
•AI-Native products/businesses emerging
•AI Factories as the modern DC use case
AI value chain efficiency levers:
•Hardware performance
•Model optimisation
•Software layer evolution and co-design
Agentic AI evolution:
•Level 1: Conversational agents
•Level 2: Line-of-business Agents
•Level 3: Workforce Agents
Enterprise accelerating AI
adoption to avoid AI-driven
disruption
Cost per token is decreasing,
improving profitability for AI
service providers

CDCProgress. Secured.CDC
Demand continues to grow at scale
CDC Investor Day Presentation
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0
100
200
300
400
500
600
700
800
201820192020202120222023202420252026F
Hyperscaler Capital Expenditure 2018-2026F
($bn USD)
1
MicrosoftMetaAlphabetAmazonOracle
[1] Based on company financial reports. 2026 estimates based on midpoint guidance for Meta, Alphabet and Amazon, and annualised figures / analyst forecasts for Microsoft and
Oracle. Microsoft and Oracle FY18 refers to 2018 etc, as they report in year. For exact figures refer to company reporting. [2] Source: NVIDIA. Years refer to calendar years.
5
6
10
21
35-41
50-58
73-79
0
10
20
30
40
50
60
70
80
2022202320242025202620272028
Incremental global IT load demand for
data centres (GW)
2
Hyperscale capital expenditure continues as AI build-out
evolves
Demand is forecasted to continue to grow significantly YoY,
from 103GW in 2024 to 250GW+ in 2030

CDCProgress. Secured.CDC
Demand continues to outweigh supply in ANZ
Supply remains below demand as the market seeks proven
partners and navigates phantom capacity challenges
2750
CDCProvider 1Provider 2Provider 3Provider 4Provider 5Provider 6
Total ANZ Capacity Pipeline – Major
Colocation Data Centre Providers (MW)
1
CDC Investor Day Presentation
12
Robust demand as the number of large-scale buyers, and
the scale they are seeking, has increased
Public Sector
NCI
Hyperscale cloud
Hyperscale AI
Semiconductor Firms
Neoclouds
Frontier Labs
AI Superapps
Foundational Ecosystem
AI Ecosystem
[1] CDC total capacity as at Dec 2025. Chart represents CDC internal understanding of competitor progressed pipelines only, based on publicly available information and internal
competitor intelligence, as at March 2026. ‘Provider’ labels used in chart do not equate to other provider labelling used elsewhere in this presentation.

CDCProgress. Secured.CDC
Increasing value of DC portfolio: Densification opportunities
Increases in rack densities allow data centre providers to fit more capacity in their footprints, subject to
infrastructure and energy headroom
CDC Investor Day Presentation
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Rack density figures indicative only. For exact technical specifications refer to NVIDIA. Image courtesy of NVIDIA.
Blackwell
~130-250kW
Feynman
~580kW+
Vera Rubin
~250-580kW

CDCProgress. Secured.CDC
CDC Investor Day Presentation
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PUE figures and included scenarios are illustrative only.
Design PUE 1.225 °C PUE 1.345 °C PUE 1.1
Infra. Load
IT Load
Extra IT Load
100 MW100 MW100 MW
30 MW
20 MW
11 MW
19 MW
Increasing value of DC portfolio: Infrastructure opportunities
Customer willingness to operate hardware at higher temperatures due to technological and cooling system
advancements could free up power for IT loads

CDCProgress. Secured.
Image courtesy of NVIDIA. For exact technical specifications refer to NVIDIA. NVIDIA Vera Rubin image is indicative of current and future AI hardware deployments in CDC Data Centres that require
liquid cooling and does not represent an existing NVIDIA Vera Rubin customer deployment.
CDC
Leading on AI & CDC’s liquid cooling advantage
CDC Investor Day Presentation
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CDC’s closed-loop cooling technology
enables rapid deployment of 100% liquid
cooled hardware across all our facilities
NVIDIA Vera Rubin
100% Liquid Cooled
How CDC Deploys
CDC has achieved NVIDIA
DGX-Ready Data Center
certification across its Australian
and New Zealand data centres

CDCProgress. Secured.CDC
Industry Leadership in Water Efficiency
CDC Investor Day Presentation
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Sustainability
Our unique cooling system results in billions of litres of water every year being available
for the benefit of other sectors of the economy, as well as the communities around our
campuses and regions, instead of being used in our facilities.
01
Resilience
We inherently increase our operational resilience and lower risk for our customers, as our
facilities do not rely on external factors - such as water mains availability - for cooling.
02
Flexibility
Our innovative cooling system gives us ultimate flexibility when it comes to supporting our
customers deploy mixed power density requirements in the most efficient way.
03

CDCProgress. Secured.CDC
CDC is actively engaging with
energy stakeholders
CDC Investor Day Presentation
17
Securing power +
storage
Infrastructure
timelines
Renewable supply
0102
03

CDCProgress. Secured.CDC
Customers continue to seek
CDC’s differentiated capacity
Our differentiated offering has enabled
CDC to build the most capacity across ANZ
CDC Investor Day Presentation
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~140MW contract wins in the past ~6 months
CDCProvider 1Provider 2Provider 3Provider 4Provider 5Provider 6Provider 7Provider 8
Total ANZ Operating Capacity –
Major Colocation Data Centre Providers (MW)
1
568
■Customer
demand
■CDC’s
differentiation
■Development
at scale
[1] CDC ANZ Operating Capacity as at Dec 2025. Chart represents CDC internal understanding of competitor built capacity only, based on publicly available information and
internal competitor intelligence, as at March 2026. ‘Provider’ labels used in chart do not equate to other provider labelling used elsewhere in this presentation.

CDCProgress. Secured.CDC
Established talent hubs and supply
chains are our advantage
CDC Investor Day Presentation
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2 campuses
3 campuses
2 campuses
First campus expansion underway
2 campuses
Teams already in place enable faster expansion
in existing and new markets
Faster time-to-market enabled by platform
maturity and standardisation
Trusted supplier relationships built through
repeat delivery
Reliability built through operational experience
In-house expertise and continuous upskilling
enabled by CDC Academy - a competitive
advantage

CDCProgress. Secured.
CDC Investor Day Presentation
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Expectations of Data Centres and AI
Infrastructure Developers
1. Prioritising Australia's national interest.
2. Supporting clean energy transition.
3. Sustainable and efficient water usage.
4. Investment in Australian skills and workforce.
5. Research, innovation and local capability.
CDC is already leading on Australian Government’s new data centre rules:
[1] For details please refer to Sustainability Update 2025 available at cdc.com/sustainability
Business and ownership alignment
with national interest.
Already achieved 95% of Net Zero Target 2030,
including 95.8% renewable energy.
1
No water consumption for the
purpose of primary cooling.
Developing new skills and workforce through CDC
Academy and partnerships with education sector.
Home of high-performance computing and
research; working with domestic manufacturing.

Achievements.

CDC Growth
•Completed work at BK2, BE1 and HV2
•First of 6 buildings complete at Marsden Park
•New Perth region - construction underway at
Maddington campus
CDCProgress. Secured.
22
CDC Investor Day Presentation

CDCProgress. Secured.
23
Customers
•Strengthened and diversified our customer
base across priority markets
•Contracted new capacity across all regions
•Ongoing focus on customer satisfaction
and long-term relationships
CDC Investor Day Presentation

CDCProgress. Secured.
24
People
•A deeply embedded high-performance
culture across our regional platform
•Scaled organisational capability to support
sustained growth
•Continued investment in new functions and
capabilities to underpin expansion
•CDC Academy continues to grow and evolve
CDC Investor Day Presentation

CDCProgress. Secured.
25
Development
•Accelerated construction across our regions
•Expanded the development pipeline across
our platform
•Strengthened our track-record and
reputation of delivering large-scale projects
across multiple regions
CDC Investor Day Presentation

Further details can be found in CDC’s Sustainability Update
CDCProgress. Secured.
26
CDC Investor Day Presentation
Sustainability
•Water Usage Effectiveness (WUE) of 0.01
•Toitū net carbonzero and Toitū enviromark
diamond certifications renewed in NZ– targeting
Net Zero Carbon across platform by 2030
•100% renewable electricity offered to customers
by default since 1 January 2024 - 95.8% matched
renewable electricity in FY25
•Zero Waste certification in NSW
•Graduate and leadership programs elevating
women in STEM
•Growing number of community organisations
supported, building on our history in this space

Progress. Secured.
27
Data Centres as
Enabling Infrastructure
•$12.6bn gross value added per TWh of
energy consumed
•Only 2% of Australia’s annual energy
consumption is data centre usage
•$7.2bn invested in grid infrastructure by
2030
Figures sourced per ‘’Data Centres as Enabling Infrastructure’ report.
Figures represent Australian data centre industry as a whole.
CDC
CDC Investor Day Presentation

CDCProgress. Secured.
28
Financial Performance
•FY27 EBITDAF guidance set at A$680-720m
•FY26 EBITDAF expected at lower end of
guidance, driven by timing of contracts
•Strong earnings trajectoryinto FY28 &
beyond
•A$500m equity raised in February 2026,
supported by all major shareholders
•Bank debt upsizing to A$2.1bn expected to
close March 2026
•Funding plan in place to support FY27 capex
programs
CDC Investor Day Presentation

CDCProgress. Secured.
29
Outlook
Core focus areas in the period ahead
CDC Investor Day Presentation
CDC
1
Agility at scale
Maintaining our edge when it comes to development, unlocking capacity and
responding to customer priorities for large scale footprints in more locations.
2
Customers at scale
Expanding on our market-leading, differentiated offering to our customers –
strengthening and diversifying our touchpoints with existing customers, plus
offering services to new customers.
3
Capital at scale
Building upon our existing sources of funding to ensure we continue to be well
capitalised and able to deliver future expansions of our pipeline in an agile manner.

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