CDC Independent Valuation - 31 March 2026

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8 April 2026
CDC Independent Valuation – 31 March 2026

CDC’s valuation increased by 7.2% during the quarter, reflecting continued growth in CDC’s
pipeline of operating and planned capacity, and the successful completion of a A$500 million
equity raise (with Infratil contributing A$250 million) to support acceleration of the development
pipeline.

Excluding the equity raise, the valuation increased by 3.5% on a like-for-like basis.

The 31 March 2026 independent valuation of CDC increased by A$1.0 billion from 31 December
2025, to A$15.0 billion, reflecting the mid-point of the assessed valuation range of A$14.1 billion
to A$16.0 billion.

On this basis, Infratil’s 49.72% interest in CDC is valued at A$7,454 million, up A$500 million from
A$6,954 million at 31 December 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 MARCH 2026

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CDC’s valuation increased by 7.2% during the quarter, reflecting continued growth in CDC’s pipeline of operating and planned capacity, and the
successful completion of a A$500 million equity raise to support acceleration of the development pipeline. Excluding the equity raise, the valuation
increased by 3.5% on a like-for-like basis.
–The 31 March 2026 independent valuation of CDC increased by A$1.0 billion from 31 December 2025, to A$15.0 billion, reflecting the mid-point
of the assessed valuation range of A$14.1 billion to A$16.0 billion.
–On this basis, Infratil’s 49.72% interest in CDC is valued at A$7,454 million, up A$500 million from A$6,954 million at 31 December 2025.
The key drivers of the movement in the valuationthis quarter were:
–The completion of a A$500 million equity raise, with Infratil contributing A$250 million alongside other major shareholders.
–The addition of cash flows associated with the expansion of CDC’s build programme, which has increased by 156MW since the December 2025
update. This was largely driven by expanded capacity at CDC’s Marsden Park campus, enabled by design and densification updates at the site.
–A renewed funding plan, including the diversification of funding sources and the incorporation of a A$2.7 billion bank debt raise completed in
March 2026 (representing a net increase in debt capacity of A$2.1 billion), which was strongly supported by existing and new lenders.
–These positive cash flow movements were partly offset by a material upward shift in the forward yield curve, resulting in higher assumed interest
costs over the forecast period, and an increase in the cost of equity.
The independent valuer’s assessment of the cost of equity increased to 11.84% from 11.64% in December 2025:
–This was largely driven by an increase in the forecast gearing ratio, reflecting the acceleration and growth of CDC’s debt-funded construction
activity.
CDC Independent Valuation Update- 31 March 2026

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Valuation Methodology31 March 202631 December 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$20,019 millionA$19,022 million
Equity valueA$14,991 millionA$13,986 million
Equity value(Infratil share)A$7,454 million (49.72%)A$6,954 million (49.72%)
Net debt
Including accrued Management Share payments
A$5,028 millionA$5,036 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.
11.84%
(increase primarily reflects an increase in forecast
gearing as a result of an acceleration and growth
in capex associated with pipeline expansion)
11.64%
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 103MW, reflecting the ongoing
buildout of CDC’s Eastern Creek campus.
–Construction commenced for over 100MW of built capacity at CDC’s
Laverton campus in Melbourne and over 200MW at the Marsden Park
campus in Sydney.
–The pipeline to FY34 increased by 156MW, primarily reflecting design
updates at the Marsden Park site.
(Note: design and densification initiatives may result in capacity increases as
customer requirements and site opportunities continue to evolve.)
Built Capacity Pipeline by
Region to FY34 (MW)
March 2026December 2025
Operating capacity
Canberra156156
Sydney237133
Melbourne181181
Auckland9898
Total671568
Under construction capacity
Canberra2020
Sydney308204
Melbourne210105
Perth3434
Auckland--
Total572363
Future build capacity
Canberra7373
Sydney921956
Melbourne428550
Perth101101
Australia Expansion1414
Auckland126126
Total1,6631,820
Total Capacity Pipeline2,9062,750
CDC Development Pipeline
372
568
671
453
363
572
1,636
1,820
1,663
2,461
2,750
2,906
0
500
1,000
1,500
2,000
2,500
3,000
Sep-25Dec-25Mar-26
CDC Built Capacity Pipeline (MW) to 2034
OperatingUnder constructionFuture build