CDC signs 555MW data centre contract with US customer

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


CDC signs 555MW data centre contract with US customer

CDC Data Centres (CDC) has secured the largest data centre contract in Australia’s history, a 555
megawatts (MW) deal that takes its total contracted capacity to over one gigawatt.
The 30-year contract is with a United States high-end investment grade customer, and is inclusive of
renewal options of up to 20 years. The capacity will be delivered across CDC campuses that are
already under development and will become operational over FY28 and FY29.
The 555MW equates to about 40% of operating capacity across all Australian data centres in 2025.
Infratil CEO Jason Boyes said this marks another step
-change in the scale of Australasian data
centre demand and an important milestone in CDC’s evolution.
“Today’s announcement underscores Australasia’s opportunity to attract global computing capacity,
supported by regional stability, competitive build costs and access to renewable energy.
“This contract reflects the strong global track record CDC has established in delivering large
-scale,
future
-proofed and sustainable data centre campuses, and consolidates its position as the largest
data centre provider across Australia and New Zealand” he said.[1]
CDC Founder and CEO Greg Boorer said the announcement highlights Australasia’s position as a
preferred secure destination for large-scale intelligence generation.
“This is another massive tick of approval for Australia as a global hub for intelligence generation. We
have been working hard for nearly twenty years preparing for this moment, and this is only the
beginning of an era of prosperity and growth for Australia in this space.
“Today’s new contracts represent our largest ever contracting announcement, and the largest ever for
Australia so far.[1]
“The size and term of this agreement reflect the strongest vote of confidence in this region and in
CDC’s differentiated offering, trusted customer relationships and large-scale development capability.”
With today’s announcement, CDC’s total contracted capacity exceeds 1GW and EBITDAF[2] is
expected to exceed A$1 billion in FY28. When fully deployed, CDC’s total contracted capacity would
deliver annualised EBITDAF of approximately $2 billion.
CDC’s FY27 EBITDAF guidance of A$680 million to A$720 million remains unchanged as the newly
contracted capacity will become operational over FY28 to FY29.
CDC expects FY27 capital expenditure to be between A$3.8 billion and $4.2 billion, excluding land, as
data centre construction lifts to meet market demand. CDC shareholders contributed A$500 million in
equity in February to support the acceleration of CDC’s construction programme. The new contract is
within CDC’s current growth plan and doesn’t require further shareholder equity.

2
CDC will fund its development programme utilising existing cash on hand and committed debt
facilities, along with further debt and hybrid funding. CDC is supported by the strong Baa2 (Stable)
credit rating assigned to CDC’s Australian business by Moody’s Ratings on 21 April. The public rating
provides access to deep and liquid global debt and hybrid markets, alongside the funding markets
CDC has accessed previously.
An audioconference to discuss the contract announcement will be held on Wednesday 6 May at
11:30am NZT (9:30am AEST) and can be accessed at https://ccmediaframe.com/?id=FCRzX34Y
A presentation to accompany the audioconference is attached.

[1] Based on CDC’s assessment and from publicly available information as at March 2026.
[2] EBITDAF includes the straight-lining of lease revenue for contracts with fixed indexation over the
term of the arrangement.

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

Nicole Grove
Head of Communications and Brand
Email: media@morrisonglobal.com

3
Authorised for release by:
Jason Boyes
Infratil Chief Executive Officer

About CDC
Established in 2007, CDC is a leading developer, owner and operator of large
-scale data centres
across Australia and New Zealand. CDC provides sovereign, secure and scalable data centre
infrastructure and is the only major operator in the region with “Certified Strategic” accreditation
across all facilities, positioning it as a preferred partner for Federal Government agencies, National
Critical Infrastructure organisations and hyperscale cloud providers.
CDC is investing to support the region to become a digital infrastructure hub, in alignment with the
Australian Government’s National AI Plan, which identifies “smart infrastructure” as foundational to
enabling AI-driven productivity, economic resilience and digital sovereignty.
Infratil holds a 49.7% shareholding in CDC Group Holdings Pty Ltd (the ultimate parent company of
CDC), alongside investment partners Future Fund (34.5%) the Commonwealth Superannuation
Corporation (12.0%), and CDC management (3.7%).

---

5 May 2026
CDC Contract Update – Growing Beyond 1GW

1
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Disclaimer

2
Agenda
1. Introduction - Jason Boyes, Infratil CEO
2. Contract overview - Greg Boorer, CDC Founder & CEO
3. Financial overview - David Collins, CDC CFO
4. Q and A

3
220
200
200
400
 Super-sized contract underscores CDC’s market-leading customer offering
–proven ability to deliver data centres at scale
–extensive development pipeline for future capacity
–robust balance sheet with investment-grade credit rating
–highest-level security credentials
–design that delivers technology and sustainability advantages
(e.g. closed loop water cooling)
555 megawatts (MW) of newly contracted capacity
–to be fulfilled across FY28-29
–high-end investment grade US customer
–10-year minimum term (up to 30 years total term)
–total contracted capacity grows to 1GW+ in FY29
Contract confirms Australasia as a preferred global data centre destination
Contracted capacity doubles to 1 Gigawatt (GW)
CDC CONTRACTED CAPACITY (ICT MW)
1

1
This represents the ~MW expected to be invoiced by the end of each financial year.
Timing for conversion of contracted capacity to billing is subject to both site
completion and customer activation.
FY26FY27FY28FY29Total
1GW +

4
New contract utilises capacity in development in Australia
572MW currently under construction
Continuing to develop future pipeline
–1.6GW of additional pipeline capacity through to 2034
–densification may support further capacity growth as customer
requirements and site opportunities evolve
–acquiring additional power and land to meet customer demand
Development programme continues at pace
6715721,663
050010001500200025003000
2.9GW capacity pipeline (built MW) – 31 March 2026
Operating capacityUnder constructionFuture build
Future build capacity to FY34
March 2026
(built MW)
Canberra73
Sydney921
Melbourne428
Perth101
Australia Expansion14
Auckland126
Total1,663MW

5
0
100
200
300
400
500
600
700
800
900
1000
FY26FY27FY28
Significant step-up in EBITDAF* as contracted capacity comes online
–FY27 EBITDAF guidance of A$680m-$720m unchanged by new contract
–expect EBITDAF to exceed A$1bn in FY28, subject to timing of build delivery and
customer activation
–when fully deployed, 1GW contracted capacity would deliver annualised
contracted EBITDAF ~A$2 billion
Capital expenditure lifts in FY27 to support future capacity demand
–FY27 capex guidance of A$3.8bn to $4.2bn (excluding land), up from FY26 A$1.9
to $2.2bn
–capex per ICT MW varies by site: current $m average in mid-teens (excluding land)
–continued focus on efficient capital deployment aligned to revenue generation
EBITDAF to exceed A$1bn in FY28
EBITDAF Growth (A$m)
75%
74%
$390-$400m
$680-$720m
$1bn+
Note: chart uses midpoint of guidance ranges
A$1bn+
of EBITDAF expected in FY28
~A$2bn
of annualised EBITDAF when
contracted 1GW is fully deployed
$3.8-$4.2bn
of capex in FY27 (excl land)
* EBITDAF includes the straight-lining of lease revenue for contracts with fixed indexation over the term
of the arrangement

6
CDC Australia assigned Baa2 (stable outlook)
credit rating on 21 April 2026
Investment grade credit rating enables substantial funding capacity
Moody’s Ratings acknowledged CDC Australia’s strengths
included:
•robust demand and predictability of earnings growth
•90%+ of CDC's revenue derived from investment-grade
rated customers
•weighted average lease expiry of 28.4 years (including
options)
•demand-driven, modular development model reduces
execution and utilisation risk to capital deployment
Debt
Excellent liquidity with A$3.9bn cash and undrawn bank
borrowings at 31 March
FY26 actual weighted average cost of debt ~6%
CDC Australia: new public Baa2 (stable outlook) credit rating
provides path to deeper capital markets (e.g. senior/hybrid
public debt), alongside existing bank and USPP capital
Structural separation of NZ business for organisational
efficiency: delivered A$827m in capital to CDC Australia,
reducing drawn debt
CDC NZ, while not publicly rated, maintains an investment
grade profile and can use NZ debt capacity for growth
Equity
All major CDC shareholders provided A$500m in February to
meet current plan
Infratil contributed A$250m investment based on 49.72%
ownership
CDC has a well capitalised balance sheet to support ongoing growth

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Growth outlook remains strong
Source: NVIDIA. Calendar Years.
Contracted earnings visibility and premium customer base
substantial contracted earnings gives visibility over future cash flows
government and hyperscaler dominated customer base
Scale and efficient development economics
CDC benefits from scale and demand-driven modular development
densification and technology evolution supports attractive returns
Superior access to funding
efficient pricing and access to debt enabled by investment grade credit rating
supportive long-term institutional owners willing to fund growth
Technology and sustainability advantage
CDC design supports increased computing density and liquid cooling
minimal water use a powerful differentiator for site development
Demand for data centre capacity isn’t slowing
CDC is well positioned to capture ongoing growth
Positive global signals for data centre demand
Ongoing discussions with other strategic large scale customers
Continued growth across government and national critical
infrastructure sectors
5
6
10
21
2022202320242025202620272028
35 - 41
50 - 58
73 - 79
Incremental global IT load demand for data centres (GW)
Demand is forecasted to continue to
grow significantly YoY, from 103GW in
2024 to 250GW+ in 2030

8
CDC returns are robust
Capacity to support growth
We continue to see attractive mid-teens plus equity returns from CDC
New contract is within CDC’s current growth plan and doesn’t require
further shareholder equity
Infratil has clear pathways to support further growth if required
–portfolio divestment programme has achieved NZ$600m+ of
proceeds with $1bn target on track
–investment grade credit rating: BBB+ (stable outlook) reflects
Infratil’s strong liquidity position
Concluding remarks - Q and A
Infratil’s FY26 full year results – Tuesday 26 May
Infratil’s portfolio investments – 31 December 2025
Infratil interest sold, or subject to sale process, at 30 April