Infratil Full Year Results for the year ended 31 March 2026

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

26 May 2026

Infratil delivers 11% earnings lift and confirms strong growth outlook
• Proportionate operational EBITDAF[1] up 11% to NZ$989 million (FY25: NZ$895 million)
• Proportionate capital expenditure up 17% to NZ$2.7 billion (FY25: NZ$2.3 million)
• Total asset value up 13% to NZ$20.6 billion (FY25: NZ$18.3 billion)
• Over NZ$600 million of assets divested to focus on larger-scale growth opportunities
• Net parent surplus of NZ$550 million (FY25: loss of NZ$295 million)
• Final dividend of 13.65cps unimputed; total FY26 dividend of 20.9cps
• Guidance for FY27 Proportionate operational EBITDAF (excluding corporate costs) to
increase 21% at the mid-point vs FY26 $1,114 million, on a like-for-like basis

Infratil (NZX/ASX:IFT) today announced an 11% uplift in earnings to NZ$989 million for FY26, primarily
driven by investments in Australasian data centre business CDC and United States renewable energy
business Longroad Energy. It has also announced a strong growth outlook as both these businesses
convert investment supported by unprecedented sector demand, into a strong trajectory of future
revenue growth.
Infratil Chief Executive Jason Boyes said the infrastructure investor was very pleased to deliver a 13.9%
total shareholder return across FY26, despite ongoing market noise and volatility.
“Demand for efficient AI infrastructure is striking and may be the investment opportunity of a lifetime,”
Mr Boyes said.
“CDC’s announcement in early May of Australasia’s largest ever data centre contract has swept aside
the market ups and downs of FY26, adding approximately 35% of returns since 31 March. CDC has
demonstrated Australasia’s opportunity to attract global computing capacity, supported by regional
stability, competitive build costs and access to renewable energy,” he said.
CDC is now a global scale data centre operator with over one gigawatt of capacity contracted and is
forecasting its EBITDAF will grow more than 150% to over A$1 billion in FY28.
Longroad Energy is also benefitting from the AI thematic, with a project to supply a Meta data centre
and with further opportunities emerging.
Longroad Energy’s EBITDAF increased 170% to US$121 million in FY26 and is forecast to grow
strongly as more generation enters operation. It has lifted its solar and battery projects under
construction to a record 2GW in FY26 which combined with the 3.5GW already in operation, will deliver
total generation capacity equivalent to about half of New Zealand’s current capacity.
With electricity demand in the USA projected to increase by about 30% to 50% by 2040, Infratil has
agreed to provide a further US$300 million to support Longroad’s acceleration over the next two years.
The business is targeting US$1 billion run-rate EBITDAF by CY29/30, based on lifting its development
cadence to ~2GW annually. This is underpinned by the recent acquisition of a very large scale ~2.8GW
solar and battery development project, which is subject to regulatory approvals.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Data centres and renewable energy remain growth focus
Infratil is continually scanning for potential new opportunities to create shareholder value. Mr Boyes
says the strongest of these continue to be in data centres and renewable energy.
“We’re exploring more opportunities to bring power and data centre expertise together — delivering
integrated solutions for customers in a way that is more efficient and at greater scale. Longroad, for
example, has established a dedicated data centre team and is progressing options to develop more
than 4GW of grid-connected data centres, co-located with its solar and battery storage projects.
These options could include simply providing the sites as powered land, or with powered shells
developed by Longroad or with other partners.”
In the United Kingdom, Kao Data is also seeing increased data centre demand and secured a 10-
year agreement with an international neocloud provider for a 22MW deployment. In March, it acquired
a greenfield site at Park Royal in West London which will help accommodate further growth.
Decarbonisation and data centre electricity demand are both drivers for Infratil’s Asian renewable
energy business, Gurīn Energy. In March, its project to deliver solar energy from Indonesia to
Singapore received an Indonesian permit to generate, distribute and sell electricity. However, bilateral
government discussions to enable cross-border renewable energy trade and investment are taking
longer than hoped.
Other sectors largely resilient
Infratil’s telecommunications business, One NZ, increased its free cash flow and its distributions to
Infratil more than doubled, to NZ$180 million in the year. This was a credible performance given the
soft economic conditions in New Zealand and extent of market competition. Total connections on its
mobile network increased to almost 2 million and EonFibre is gaining traction as a wholesale high-
capacity bandwidth provider, having recently secured a material subsea capacity contract with a
hyperscaler.
Wellington Airport also remained resilient, delivering a 2% increase in EBITDAF despite weak
macroeconomic conditions and ongoing domestic airline fleet availability issues reducing total
passenger numbers. Significant investment during the year included a runway safety upgrade to
enable modern widebody aircraft to connect Wellington directly to hubs in Asia.
Australian medical imaging provider Qscan achieved 12% EBITDAF growth despite sector-wide
inflationary pressures. In New Zealand, RHCNZ also completed more scans, but EBITDAF reduced
slightly due to heightened costs and competition.
In Europe, renewable energy business Galileo has seen the value attributed to earlier stage
development projects fall and it has reset its strategy to focus on fewer nearer term projects in a
smaller number of markets.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Divestments and credit rating
Infratil sold more than $600 million of assets over the last year to focus on larger-scale investment
opportunities. A sale process is currently underway for its share of Australian medical imaging
provider Qscan, and last week it sold a NZ$495 million stake in listed investment Contact Energy.
There is the potential for another $1 billion or more of divestments over the medium term as Infratil
assesses the growth outlook and scale opportunities of its existing assets.
An inaugural BBB+ credit rating, assigned by S&P Global Ratings in December 2025, provides Infratil
with further financial flexibility by giving access to new debt markets, improved borrowing terms and
reduced financing costs. Infratil intends to lodge a Product Disclosure Statement for an inaugural offer
of capital bonds today[2] , which are expected to carry a BBB- S&P issue rating and intermediate equity
treatment (50% equity credit).
FY27 guidance and final FY26 dividend
Guidance for FY27:
• Proportionate Operational EBITDAF of NZ$1,300 to $1,400 million (excluding Corporate
Costs) up 21% at the mid-point on FY26 on a like-for-like basis
• Corporate costs of NZ$150 to $170 million
• Proportionate Development Spend of NZ$95 to $110 million
• Proportionate capital expenditure of NZ$3,800 to $4,400 million

Infratil confirmed it will pay an unimputed final dividend of 13.65 cents per share on 29 June 2026,
bringing total FY26 dividends to 20.9 cents per share. The dividend reinvestment plan (DRP)
will operate for the final dividend, with a 2% discount applied to the DRP strike price. A copy of the
DRP Offer Document is included with today’s announcement.
Virtual investor briefing: from 11.00am (NZT) at https://infratil.com/for-investors/results/


Notes:
[1] EBITDAF is an unaudited non-GAAP measure of consolidated net earnings before interest, tax, depreciation,
amortisation, financial derivative movements, impairments, revaluations, and gains or losses on the sale of investments.
EBITDAF also excludes acquisition and sale-related transaction costs, management incentive fees, and one-off project
costs. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute
for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented
by other entities. Proportionate Operational EBITDAF represents Infratil’s share of EBITDAF from its investee companies,
excluding Contact Energy. It also excludes corporate costs and early-stage, non-capitalised Development Spend incurred by
Infratil’s early-stage renewables businesses. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in
the FY26 Annual Results Presentation.
[2] Investors can register interest in the offer by contacting a Joint Lead Manager or their usual financial adviser. Indications
of interest will not constitute an obligation or commitment of any kind. No money is currently being sought and applications
for the Capital Bonds cannot currently be made. If Infratil offers the Capital Bonds, the Offer will be made in accordance with
the Financial Markets Conduct Act 2013.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
Enquiries should be directed to:

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

Emma Myers
Communications Manager
Email: media@morrisonglobal.com

Authorised for release by:

Andrew Carroll
Infratil Chief Financial Officer

---

ANNUAL
RESULTS
PRESENTATION
FOR THE
YEAR ENDED
31 MARCH 2026

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 Annual Report for
the period ended 31 March 2026, market releases 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.
EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, impairments, revaluations, and gains or losses on the sale of investments.
EBITDAF also excludes acquisition and sale-related transaction costs, management incentive fees, and one-off project costs. Proportionate Operational EBITDAF represents Infratil’s share of EBITDAF from
its investee companies, excluding development spend associated with earlier-stage renewables businesses (Gurīn Energy, Galileo, and Mint Renewables), and excluding corporate costs and listed
company Contact Energy. Development Spend represents early-stage, non-capitalised expenditure incurred by Infratil’s earlier-stage renewables businesses. 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.
DISCLAIMER
1

AGENDA
INFRATIL ANNUAL RESULTS PRESENTATION
P O R T F O L I O O V E R V I E W & F U L L Y E A R H I G H L I G H T S
P O R T F O L I O P E R F O R M A N C E
G R O U P F I N A N C I A L P E R F O R M A N C E
Supporting MATERIALS
S U P P O R T I N G M AT E R I A L S
PA G E 3
PA G E 21
PA G E 27
PA G E 8
PORTFOLIO STRATEGY OUTLOOK
P O R T F O L I O S T R AT E GY & O U T L O O K
PA G E 31
2

ANNUAL
RESULTS
PRESENTATION
PORTFOLIO
OVERVIEW & FULL
YEAR HIGHLIGHTS

-50
0
50
100
150
200
250
300
350
400
450
500
550
600
650
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Infratil (IFT.NZX, IFT.ASX)
•Market capitalisation of NZ$16.0bn
1
(US$9.3bn)
•Included in S&P NZX 50, ASX 200, 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: 18.9% TSR
2
since 1994
3
Cumulative annual return (%)
Period
2
IFT TSR
5 – year 18.5%
10 – year21.0%
20 – year 15.1%
Since inception18.9%
Notes: (1) Market capitalisation as at 25 May 2026; (2) Infratil Returns are calculated to 25 May 2026; (3) Chart source: Capital IQ
(NZX50, ASX 200).
An infrastructure investment company that actively invests in ideas that matter
INFRATIL OVERVIEW
IFT
NZX50
ASX200
4

PORTFOLIO UPDATE
A diverse portfolio with significant growth opportunities
Portfolio changes
•Manawa Energy sold July 2025
•Contact Energy stake received July 2025
•RetireAustralia sold December 2025
•Infratil Property sold December 2025
•Anytime Radiology established December 2025
•Fortysouth sold April 2026
Portfolio composition (31 March 2026
1
)
Notes: (1) Based on a combination of independent valuation, market and book value. Chart excludes Fortysouth following its
subsequent sale.
5

Despite continued market ‘noise’, Proportionate Operational EBITDAF of $989.4 million was delivered, up 11% on FY25 and
towards the top end of the $960–$1,000 million guidance range
CDC nowa global scale data centre operator, with more than 1GW of contracted capacity and growth outlook supporting a
step change in future earnings. Its Moody’s Baa2 (stable) public credit rating provides additional flexibility to fund growth
Longroad Energy's growth is accelerating, supported by strong demand drivers and opportunities to scale. Developments
in other markets are taking more time (Gurīn Energy), or proving more challenging (Galileo)
Our largest New Zealand businesseswere resilient, with Wellington Airport and One NZ delivering positive EBITDAF
growth despite challenging market conditions in their respective sectors
On track to achieve the initial $1 billion divestment target, with $600 million of assets sold and a sale process underway for
Qscan. Post balance date, a $500 million stake in Contact has been sold to support future growth
Infratil’s inaugural S&P BBB+ (stable) credit rating gives access to new debt markets, improved borrowing terms and
reduced financing costs
Strong ESG performance is translating into higher ratings, such as MSCI AA, and inclusion in additional indices, including
the Dow Jones Best in Class Australia Index
Delivering growth in volatile markets
FY26 HIGHLIGHTS
6

(200)02004006008001,0001,200
FY24
FY25
FY26
05,00010,00015,00020,00025,000
FY24
FY25
FY26
Notes: (1) FY26 Proportionate operational EBITDAF includes corporate costs for the purposes of comparison to guidance and excludes
discontinued operations; (2) Assets are valued at either independent valuations, book values, or market values.
Portfolio momentum evident in key financial metrics
FY26 FINANCIAL HIGHLIGHTS
$989 million
Proportionate Operational EBITDAF
1
$2.7 billion
Proportionate Capital Expenditure
$20.6 billion
Total Asset Value
$16.26 per share
Net Asset Value (post management fees)
20.9 cents per share
FY26 Dividend Declared
11%
17%
13%
5%
2%
CDC
One NZ
Kao Data
Longroad Energy
Contact Energy
Other renewables
Healthcare
Wellington Airport
Sold
Other
Corporate
Proportionate Operational EBITDAF
1
(NZ$m)
Asset value
2
(NZ$m)
7

ANNUAL
RESULTS
PRESENTATION
PORTFOLIO
PERFORMANCE

220
200
200
400
CDC Contracted Capacity (ICT MW)
1
Earnings step-change underway with over 1GW now contracted
CDC
FY26FY27FY28FY29Total
1GW+
Year in Review
•FY26 EBITDAF of A$393m, up A$63m (19%) from FY25
–220MW of invoiced ICT capacity at FY26 end
–555MW contract signed on 5 May lifts contracted ICT capacity
to 1GW+
–FY26 capex of A$2.11bn, up from A$1.76bn in FY25
–353MW of built operating capacity added during the year
–572MW under construction at FY26 end
–Capex per ICT MW varies by site, with current $/MW averages in
the mid-teens (excluding land)
•Well-capitalised balance sheet supports ongoing growth
–All major shareholders contributed A$500m in February 2026 to
support current growth plans
–CDC Australia assigned a public Baa2 credit rating (stable outlook)
on 21 April 2026
–FY26 actual weighted average cost of debt of ~6%
–Mandate announced for a hybrid AMTN wholesale bond on
25 May 2026
Notes: (1) 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.
9

Unprecedented demand continues, strong outlook for further growth
CDC
Outlook
•EBITDAF¹ expected to step up significantly as contracted capacity
comes online
–FY27 EBITDAF guidance of A$680m–A$720m
–EBITDAF expected to exceed A$1bn in FY28, subject to build
delivery timing and customer activation
–Fully deployed 1GW of contracted capacity is expected to deliver
~A$2bn of annualised contracted EBITDAF
•Capex steps up and continued development of the future pipeline
–FY27 capex guidance of A$3.8bn–A$4.2bn (excluding land), with
disciplined capital deployment aligned to revenue generation
–Ongoing acquisition of power and land to meet customer demand
–Densification also expected to support further capacity growth as
customer requirements and site opportunities evolve
•Growth outlook and demand remains very strong
–Contracting discussions progressing well for signings in H1 FY27
and beyond for further medium and large-scale deployments
–Actively progressing 1GW+ extension of growth pipeline to
accommodate future demand
EBITDAF
1
Growth (A$m)
271
330
392
FY24FY25FY26FY27GFY28F
680-720
$1bn+
+155%
Notes: (1) EBITDAF includes the straight-lining of lease revenue for contracts with fixed indexation over the term of the arrangement.
10

Well positioned to capture an outsized share of ongoing growth
CDC
Contracted earnings visibility and premium customer base
•Contracted earnings provide strong visibility over future cash flows
•Customer base dominated by government and hyperscale counterparties
Scale and efficient development economics
•Benefits from scale and demand-driven modular development
•Densification and technology evolution support attractive returns
Superior access to funding
•IG credit rating supports efficient pricing and broad access to debt markets
•Supportive long-term institutional shareholders committed to growth
Technology and sustainability advantage
•Design supports increased computing density and liquid cooling solutions
•Minimal water usage is a key differentiator in site development
237MW
Sydney
308MW
156MW
Canberra
20MW
181MW
Melbourne
210MW
98MW
Auckland
34MW
Perth
Data Centres
Under construction572MW
Operating capacity671MW
6715721,663
05001,0001,5002,0002,5003,000
Operating capacityUnder constructionFuture build
2.9GW capacity pipeline as at 31 March
1
Notes: (1) Built MW.
11

Delivering strong earnings growth as construction lifts to record 2GW
LONGROAD ENERGY
Year in Review
•EBITDAF of US$121m, up US$76m (170%) from FY25, including
contributions from Serrano (434MW, from April 25) and
Sun Streams 4 (677MW, from March 25)
•Opco run-rate EBITDAF of US$367m up US$93m (34%) from FY25
•3.5GW operational at FY26 end, with a further 2GW under
construction including:
–Sun Pond (Arizona solar + storage, 197MW, COD
1
achieved
in April 2026)
–1,000 Mile (Texas solar, 400MW, COD CY26)
–Milford Solar 2 (Utah solar, 392MW, COD CY27)
–Big Creek (Arkansas solar, 533MW, COD CY27)
•A further 1.7GW is expected to commence construction in FY27
•>6GW of projects qualified for tax credits, to support our
development targets out to 2030
–Solar projects required to be placed in service by the end of 2030
to maintain eligibility
–Battery storage tax credits accessible through 2037
Notes: (1) Commercial Operation Date; (2) Opco run-rate EBITDAF is calculated based on the five-year average EBITDAF once projects reach operational
status. Projects are included in Opco run-rate EBITDAF based on the year of financial close, with all corporate overheads and development-related costs added
back; (3) addback of all Longroad corporate overheads and development-related expenses, as well as normalisation for differences between actual operating
performance and the expected five-year average, and adjustments for non-controlling interests in projects.
FY26 EBITDAF to Opco run-rate EBITDAF
2
(US$m)
GenerationSolarBatteryWindTransmission
Operating assets2.3GW0.7GW0.5GW-
Under construction1.7GW0.2GW0.1GW
45
121
367
40
144
62
FY25 EBITDAFFY26 EBITDAFCorporate
overheads &
Development
expenses
3
Projects under
construction
OpCo run-rate
EBITDAF FY26
102
Corporate
Development
12

490
640
770
860
70
140
CY25CY26FCY27FCY28FCY29F
350
840
1,000
New very large-scale project, robust demand ups annual cadence to avg. 2GW p.a.
LONGROAD ENERGY
•Following years of modest growth in U.S. electricity consumption,
demand is projected to increase by ~30-50% by 2040, driven by
data centres, electrification, and growth in domestic manufacturing
1
•In April, agreed to acquire a ~2.8GW solar + storage project, which
would deliver targeted uptick in development cadence on its own:
–PPA in place; expected to begin construction in two phases in
CY28 and CY29
–progress contingent on state regulatory approval of the
acquisition and PPA, and land lease extension which is subject
to federal approval
•CY25 target projects contracted or in late stage discussions, with
ongoing robust demand, >6GW tax qualified pipeline and new very
large-scale project underpinning our targeted increase in
development cadence to reach US$1 billion in run rate earnings by
CY29/30
New data centre strategy
•Actively progressing options to develop 4GW+ of grid connected
data centres co-located with Longroad solar + storage projects.
Options to develop powered shell, alone or with partners, or
monetise as powered land
Opco run-rate EBITDAF
2
Notes: (1) Source: American Clean Power Association; (2) Opco run-rate EBITDAF is calculated based on the five-year average EBITDAF once projects reach
operational status. Projects are included in Opco run-rate EBITDAF based on the year of financial close, with all corporate overheads and development-
related costs added back. (3) An additional 2GW has been evenly spread over CY28 and CY29 to reflect targeted upsize in development cadence.
GenerationCY25CY26FCY27FCY28F
3
CY29F
3
Operating assets3.5GW4.2GW5.9GW6.4GW8.0GW
Under construction1.8GW2.9GW2.8GW4.8GW5.7GW
Total Portfolio5.3GW7.1GW8.7GW11.2GW13.7GW
Annual growth forecast+1.5GW+1.8GW+1.6GW+2.5GW+2.5GW
Illustrative impact of increasing avg. cadence to 2.0GW p.a.
September 25 investor day Opco run-rate EBITDAF guidance
13

Under construction
3
Operating
3
2,347MW
Solar
1,665MW
729MW
Battery
210MW
458MW
Wind
Transmission
100MW
Infratilhas agreed to invest further US$300m to supportLongroad’s acceleration
LONGROAD ENERGY
Arizona
111MW
1,093MW
729MW
85MW
Texas
121MW
723MW
400MW
Arkansas
533MW
New Mexico
67MW
Minnesota
31MW
California
282MW
98MW
75MW
Maine
184MW
50
20
210
80
FY27F EBITDAFCorporate overheads
& Development
expenses
2
Full year contribution
from projects
comissioned in year
Projects under
construction
OpCo run-rate
EBITDAF FY27F
120 - 135
490
130
FY27F EBITDAF to Opco run-rate EBITDAF
Guidance
•FY27 EBITDAF guidance of US$120m–US$135m
1
. Modest uplift

as constructioncompletes in the back end of FY27 and in FY28,
and due to increased development expenses
•FY27 Opco run-rate EBITDAF on track for ~US$490m across the
7.1GW operating and under construction fleet
Funding
•Infratil has agreed to provide an additional US$300m of equity
funding to support Longroad’s acceleration, to be deployed over
the next ~2 years
Notes: (1) Guidance prepared in alignment with the Infratil financial year of 31 March 2027; (2) addback of all Longroad corporate overheads and
development-related expenses, as well as normalisation for differences between actual operating performance and the expected five-year average, and
adjustments for non-controlling interests in projects; (3) Total figures include rounding.
Utah
522MW
306MW
50MW
100MW
14
Corporate
Development

GURIN ENERGY GALILEO
Project Vanda awaiting key approval Market headwinds encourage a reset
•Project Vanda: Indonesia to Singapore utility-scale solar
–Land secured for solar ~2GW + ~1GW battery
–Indonesia granted production licence in March; still awaiting
export licence as key gate to final investment decision
–Ownership: 75% Gurīn Energy; 25% Gentari
–Expected capex US$2-3bn, requiring ~US$500m equity
•Malaysia: projects for data centre supply opportunities
•Philippines: Zambales 75MW solar delivered US$6m revenue;
Tarlac 39MW project expected to be operational Q3 FY27
•Japan: 240MW battery storage project reached ready-to-build
status
•South Korea: acquired 300MW wind + solar pipeline
•Many individual European markets reaching maturity
–Moving away from high values for earlier stage projects
–Targeted returns more difficult to achieve at any point in the project
lifecycle
•Strategy reset in H2 FY26 to position Galileo as an independentpower
producer and take projects through construction and operations
–Focus on fewer markets where power demand, power prices,
connection conditions and regulation allow pipeline deployment at
attractive returns
–Focus on sales in other markets to allow capital recycling and
focused effort
•Write-offs and write-downs of €61.2 million (IFT share €23.3 million)
recognised to reflect a narrower strategic focus and reduced values of
early-stage projects
•Target is 700–900MW operational, or in construction, by 2030
–First project operational: 3MW solar in Lombardy, Italy
–Second Lombardy 5MW solar project starting construction
Notes: (1) Prior to shareholder equity injections.
15

Delivering revenue growth in a challenging market
ONE NZ
Year in Review
•EBITDAF +$4m to $609m with mobile momentum
balancingincreased costs and strategic spend
•Mobile performing well in higher-value segments
–Mobile connections grew, lifting network utilisation
–Postpaid expansion; mobile ARPU $36.60 vs $35.50 (FY25)
–One Wallet phone redemptions up ~5x vs FY25, reducing churn
–Handset & Other revenue +$74m
•5G up to 70% pop. coverage: 3G network exit unlocks spectrum
•EonFibre's first full year of operation, delivering ~$65m EBITDAF
•IT investment and simplification continuing to drive benefits
–Free cash flow +$67m vs FY25, with reduced capex
andinvestment, andinclusive of one-off property incentives
–$183m distributions to IFT made up of $159m of shareholder
loan interest and repayments and $24m of subvention payments
(up from $91 million in FY25)
801
831
847
424
325
399
212
223
225
212
203
202
348
340
325
FY24FY25FY26
1,996
1,921
1,998
Consumer FixedEnterpriseWholesaleHandset & OtherMobile
1,982
1,963
1,979
379
364
347
FY24FY25FY26
2,361
2,3272,325
Fixed connectionsMobile Connections
Revenue (NZ$m)
Connections (000’s)
16

Ongoing focus on delivery and simplification
ONE NZ
Outlook
•NZ markets remain low growth, with weak net migration and ongoing
macroeconomic headwinds
–Enterprise and fixed markets challenging
–Annual price increase implemented across mobile + fixed in April
•EonFibre gaining traction as wholesale high-capacity
bandwidth provider, with good data centre demandand a material
hyperscaler contract (subsea) in Q4 FY26
•Investment in mobile growth, IT and AI-first initiatives continues,
accompanied by careful cost discipline
–50+ AI solutions in operation; focus on short-term payback
Guidance
•FY27 EBITDAF $600m to $640m
–Target: EBITDAF margin mid-30% in medium term through mobile
growth, increased wholesale revenues, simplification and cost
efficiency
•FY27 capex $235m to $265m (excl. spectrum)
–Target: capex intensity ~11% in medium term as network and IT
modernisation spend tapers
600
605
609
30%
31%
30%
37
61
128
82
91
183
FY24FY25FY26
Free cash flowDistributions
Notes: (1) For free cash flow calculation refer to the Detailed Financial Information & Operating Metrics – March 2026 disclosure.
Free cash flow (NZ$m) & Distributions (NZ$m)
EBITDAF (NZ$m) & Margin (%)
17
FY24FY25FY26

Resilient EBITDAF in challenging domestic market
WELLINGTON AIRPORT
Year in Review
•EBITDAF increased 2.3% to $133m, supported by strong international
growth, further diversification of commercial operations, disciplined
cost control, and higher aeronautical pricing
•International passengers grew 4% to 823k (FY25: 791k)
•Domestic passengers declined 6% to 4.26m (FY25: 4.53m), reflecting
a weak economy and airline capacity constraints
•$112m invested in infrastructure, including the runway safety upgrade
(completed March), a new 800-space car park, a new fire station, and
enhanced terminal hospitality areas
Outlook
•FY27 EBITDAF guidance $130m to $140 million
•Runway safety upgrade enables long-haul flights to Asia and beyond
•MoU signed with Guangzhou Baiyun International Airport (China) to
explore partnership opportunities
•Despite easing capacity constraints, fuel cost pressures are limiting
expansion, with airlines scaling back domestic schedules amid
ongoing Middle East uncertainty
Passengers (m)
0.7
0.80.8
4.74.5
4.3
FY24FY25FY26
5.4
5.3
5.1
Passengers DomesticPassengers International
107
130
133
71%
FY24
74%
FY25
74%
FY26
EBITDAF (NZ$m) & Margin (%)
18

Doubled contracted capacity, new prime London site added
KAO DATA
Year in Review
•Revenue
1
of £48m, up 28% from £38m in FY25 as previously
contracted capacity came online
–EBITDAF of £4.7m, up 9% (£0.4m) from FY25
•Operating capacity increased from 29MW to 37MW, with additions
at Harlow and Slough
•Construction of KLON-03 (17.6MW) progressing, designed for
GPU-driven AI workloads and rack densities up to 130kW, with
capacity online from early 2027
•Strong contracting momentum, with materially all operating and
under construction capacity contracted at year-end, including
KLON-03
Outlook
•London market remains constrained by land and power,
supporting pricing and development value
•With all current capacity contracted, Kao acquired a 4.7-acre West
London greenfield site for development
–New 30MW+ West London site targeted for 2029 delivery, in a
prime availability zone expected to attract broad demand,
including hyperscale customers
23
29
37
26
18
64
72
106
9
FY24FY25FY26
96
127
161
Future buildUnder constructionOperating
Kao Data built capacity pipeline (MW)
25
38
48
Revenue
1
(£m)
Notes: (1) Excludes energy pass through revenue.
19
FY24FY25FY26

HEALTHCARE
•EBITDAF of $121m, down 4% ($5m) from
FY25
1
–1.02m scans completed, up from 1.01m
–Radiologist workforce: 170 (up 6)
–Standalone clinics: 66 (down 6)
•Cost and competition pressures, together
with a mix shift to lower margin work drove
the reduction in EBITDAF
•Performance improvement
programme focused on pricing, productivity
and cost-saving initiatives
•Focus on supporting public and private
healthcare systems as imaging demand
continues to grow
•FY27 EBITDAF guidance of NZ$115-$135m
•EBITDAF of A$87m, up 12% (A$10m) from FY25
1
–1.5m scans completed, up from 1.45m
–Radiologist workforce: 192 (up 28)
–Standalone clinics: 80 (up 6)
•Earnings growth supported by rising
demand, pricing discipline, higher margin
work and strong execution
•Expanded footprint and capability through
organic growth and integrating seven
practices
•Investing in advanced imaging and digital
tools, including AI-enabled reporting, to
improve productivity and clinical outcomes
•Business performing strongly, providing a
solid base for the strategic review currently
underway; update expected in H1 FY27
•FY27 EBITDAF guidance of A$90-$105m
•Standalone teleradiology provider established
from RHCNZ and Qscan
•Dedicated management team alongside Infratil
and doctor shareholders
•Pure-play teleradiology model servicing 57
acute hospitals across Australasia
•Provides dedicated capacity for urgent and
overflow studies, improving utilisation and
reporting throughput
•Well positioned to benefit from ongoing
technology advances, including AI
•Active discussions with public and private
counterparties to grow third-party revenue
•First full quarter of operations materially in line
with forecast and investment case
•Expected to deliver annual EBITDAF of
~A$10m
Note: (1) EBITDAF has been presented aligned to FY26 guidance.
20

ANNUAL
RESULTS
PRESENTATION
GROUP FINANCIAL
PERFORMANCE

Increased operational capacity at CDC and Longroad drove EBITDAF growth in FY26
FINANCIAL PERFORMANCE HIGHLIGHTS
47
3
50
2
2
1
CDCOne NZLongroad
Energy
Qscan
Group
Wellington
Airport
Other
(12)
Corporate
989
FY26
EBITDAF
895
FY25
EBITDAF
Notes: (1) Further information on how Infratil calculates Proportionate EBITDAF can be found in the supporting materials including a
reconciliation to net profit after tax; (2) excludes EBITDAF contributions from Manawa Energy, RetireAustralia, Fortysouth and Infratil Property.
$2,687 million
Up 17% from FY25
Proportionate capital expenditure
($70 million)
Up 2% from FY25
Proportionate development spend
$1,336 million
Up 42% from FY25
Infratil investment
$549.8 million
Up $845m from FY25
Net parent surplus
Highlights
•Proportionate operational EBITDAF was $989.4m, up $94.1m
(10.5%) on FY25, as CDC and Longroad capacity growth drove
increased contributions
•Proportionate development spend was $70.1m, up $1.5m
(2.2%) on FY25 reflecting continued spend across renewables
development platforms
•Proportionate capex was $2.7bn, up $392.2m (17.1%) on
FY25, driven by increased expenditure at CDC and Kao Data,
partially offset by decreases at One NZ and Longroad
•Infratil direct investment was $1.3bn, up $397.2m (42.3%) on
FY25. The largest investment in the period was $556m into
CDC reflecting completion of our increased shareholding and
subsequent funding of future growth.
Proportionate Operational EBITDAF
2
(NZ$m)
22

Growth reflects growth performance alongside continued equity investment
VALUATION UPDATE
1,685
31
164
606
277
60
22
136
114
137
35
AnytimeQscan Group
(73)
Mint RenewablesGurīn EnergyGalileo
(69)
Longroad EnergyContact EnergyKao DataOne NZ
(327)
CDC
FY25
portfolio
asset
value
18,304
FortySouth
3
(477)
Clearvision VenturesDivested asets
2
FY26
portfolio
asset
value
Wellington AirportRHCNZ
20,624
Movements in Infratil’s share of valuations
•Infratil’s total asset value increased to $20.6bn, up $2.3bn on
FY25, including$1.3bn investment by Infratil
•CDC’s valuation increased $1.7bn, including the acquisition of
an additional 1.58% in early FY25 and A$250m capital
injection in February 2026
•One NZ’s valuation reduced by $327m, reflecting
macroeconomic and competitive conditions
•Contact Energy replaced Manawa Energy in the portfolio (July
2025) with another 4.92% acquired in October 2025
•Longroad’s valuation increased $277m, driven by new
operational capacity
•Galileo decreased $69m reflecting softening values across
early-stage development projects, with write-downs/offs of
projects across its pipeline partially offset by $53m of equity
contributions (IFT share)
•RHCNZ decreased $73m, reflecting challenging trading and
revised long term growth assumptions
Asset Valuations (NZ$m)
1
Notes: (1) Reflecting Infratil’s share of valuations as at 31 March 2026. Based on a combination of independent valuation, market and
book value; (2) Divested assets includes RetireAustralia and Infratil Property; (3) Fortysouth was divested in April 2026.

23

Moderate dividend growth balanced with capital needs of the portfolio
DIVIDEND
13.00
7.00
FY24
13.25
7.25
FY25
13.65
7.25
FY26
Final dividendInterim dividend
Final Dividend
•13.65 cents per share, with no imputation credits attached
•Record date: 10 June 2026 (ex-dividend date:9 June)
•Payment date: 29 June 2026
•NZD/AUD rate to be set on 10 June 2026 and announced on
11 June 2026
Dividend reinvestment plan (DRP)
•Available for the final FY26 dividend with 2% discount
•DRP elections must be made by 11 June 2026
•10-day VWAP period is 12 to 25 June 2026 (inclusive)
•Strike price announced 26 June 2026
Infratil net dividend (cents per share)
24

Investment grade profile unlocks material benefits and resilience
FUNDING AND LIQUIDITY
156
102
146
273
365
204
123
371
500
371
175
107
625
4
120
220
232
FY27FY28FY29FY30FY31FY32FY33>FY33
BondsBank Debt DrawnBank Debt UndrawnAcquisition FacilitiesIFTHA
Highlights
•Inaugural S&P BBB+ (stable) credit rating secured in December 2025,
enables reduced funding costs and broader access to diverse capital
sources
•Bank debt refinance completed in May 2026, realising cost savings
and improved terms that enhance financial flexibility
•Infratil intends to lodge a PDS for an inaugural offer of capital bonds
today, which are expected to carry a BBB- S&P issue rating and
intermediate equity treatment (50% equity credit). Enhances funding
flexibility and supports investment grade credit profile of Infratil
•Further activity expected to diversify funding sources, adding long-
term balance sheet resilience
•Investment grade rating is expected to deliver savings of ~$7m per
annum in FY27, increasing to ~$10m over time.
•$1.1 billion of available liquidity supports future growth, further
enhanced by ~$495m of proceeds realised post balance date from
Contact Energy partial sell-down
Capital Bonds PDS: Investors can register interest in the offer by contacting a Joint Lead
Manager or their usual financial adviser. Indications of interest will not constitute an
obligation or commitment of any kind. No money is currently being sought and
applications for the Capital Bonds cannot currently be made. If Infratil offers the Capital
Bonds, the Offer will be made in accordance with the Financial Markets Conduct Act 2013.
Notes: (1) Funding and Liquidity metrics are based on the methodologies set out on slide 41, aligned to S&P treatment. Net debt includes
pro forma adjustment for unconditional Fortysouth divestment proceeds receivable at 31 March 2026.
Funding and Liquidity (NZ$m)
1
Debt maturity profile (NZ$m)
25
725
2265
2188
2988
89
135
151
161
1492
820
1438
1109
8%
17%
13%
15%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
500
1000
1500
2000
2500
3000
3500
4000
4500
FY23FY24FY25FY26
Net debtRecourse letters of credit issuedLiquidity availableLoan to Value

FY27 Proportionate Operational EBITDAF guidance range set at NZ$1,300 to $1,400 million
FY27 GUIDANCE
Capital Expenditure (100%)
Component Guidance
CDCA$3,800-$4,200m
One NZNZ$235-$265m
Kao Data£175-£195m
Longroad EnergyUS$1,500-$1,700m
Wellington AirportNZ$50-$80m
RHCNZ
NZ$30-$50m (IFT Share)
Qscan Group
Gurīn, Galileo, and MintNZ$115-$135m (IFT Share)
Notes: (1) 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.
EBITDAF (100%)Component Guidance
CDCA$680-$720m
One NZNZ$600-$640m
Longroad EnergyUS$120-$135m
RHCNZNZ$115-$135m
Qscan GroupA$90-$105m
Wellington AirportNZ$130-$140m
Development SpendNZ$95-$110m (IFT share)
Corporate costsNZ$150-$170m
Guidance
•Proportionate Operational EBITDAF guidance range of:
NZ$1,300–NZ$1,400 million
–An increase of ~21% on FY26 on a like-for-like basis
–Proportionate Operational EBITDAF guidance has been prepared
excluding Corporate Costs
•Proportionate Development Spend guidance range of:
NZ$95–NZ$110 million
–An increase of ~46% on FY26
•Corporate costs guidance range of NZ$150-NZ$170 million,
•Proportionate Capital Expenditure guidance range of
$3,800 million - $4,400 million
–An increase of ~53% on FY26 on a like-for-like basis
•Forecast exchange rates to NZD used in setting Group guidance:
AUD 0.8382, USD 0.5769, EUR 0.4958, and GBP 0.4368
26

ANNUAL
RESULTS
PRESENTATION
PORTFOLIO
STRATEGY &
OUTLOOK

Portfolio Health and Safety
•No fatalities
•LTIFR
2
0.6; TRIFR
2
1.2, in line with FY25
CDC
•WUE less than 0.02
•100% renewable electricity offered
Portfolio coverage SBTi
•Target: 60% by 2028
•As at 31 March 2026: 23.4%
Longroad Energy
•14 weeks paid parental leave
•29 burrowing owls fledged
Community investment
•Proportionate portfolio investment,
including Infratil: $2.4m
One NZ
•1st rooftop solar project
•91t operational e-waste, 99% recycled
Notes: (1) Visit Infratil's website for: Climate Related Disclosures, Modern Slavery Report, and ESG Data Book; (2) Total Recordable Injury
and Loss Time Injury Frequency Rates, based on 200,000 hours on a weighted average basis by employees.
SUSTAINABILITY HIGHLIGHTS
ESG Rating uplift driven by disclosure and delivery
Rating bodyLatest
rating
Previous
rating
GRESB9486
MSCI ESGAAA
S&P CSA3823
Sustainalytics ESG Risk6.68.5
Forsyth Barr Climate & ESGA-B+
CDPBC
External Ratings Assessments
28
Inclusion in S&P Dow Jones
Best in Class Australia Index

Solid progress against strategy
MEDIUM-TERM STRATEGIC OBJECTIVES
Divest businesses unlikely to scale
under our ownership and reinvest
•$600m of sales completed; Qscan process underway
•Potential for another $1 billion+ of divestments over the medium term
Balance Infratil’s cash flow and
dividends
•On track with One NZ's improved distributionprofile; growth expected from
CDC and Longroad as earnings and future distribution capacity grows
Identify and scale our growth
platforms beyond CDC and
Longroad Energy
•CDC and Longroad have accelerated materially, setting a high bar; however
interesting adjacent opportunities are emerging across these platforms
•Gurīn Energy still awaiting key approval
Continue to broaden our
shareholder base and support
future scale
•ASX 200 inclusion has seen ASX trading volume lift to ~30%
•Increased analyst coverage helping grow interest, work in progress
29

CDC has a once-in-a-lifetime opportunity to develop AI infrastructure at globally relevant scale, with strong
demand, project pipeline, capability and funding flexibility to continue to accelerate
Longroad is also capitalising on the opportunity, targeting increased development and US$1bn run-rate
EBITDAF by CY29/30, backed by new very large-scale project, subject to regulatory approvals
Continuing to develop other potentially material growth opportunities including Longroad’s data centre
options and Gurin’s Vanda project
Infratil has significant flexibility to support that growth, supported by improved cash flow profile, ongoing
divestment programme and inaugural S&P BBB+ credit rating
Continued focus on lifting operational performance across the portfolio, with strong progress by One NZ
and Qscan, and improvement plans in place for RHCNZ and Galileo
We have navigated the noise of 2025, are realistic about the challenges that persist, and are as positive as
ever about the opportunities and options for the portfolio ahead
Portfolio positioning for further step changes in growth
LOOKING AHEAD
30

SUPPORTING
MATERIALS

1
1
2
5
4
3
1
2
4
3
United States: 13%Europe: 5%Asia: 3%Australia: 47%New Zealand: 32%
1
3
4
3
21
5
22
4
1
1
1
2
3
3
ASSET LOCATIONS
32

NET ASSET VALUES
Commentary
•The table represents Infratil’s proportionate share of an asset's
independent valuation, market value, or book value
•CDC, One NZ, Kao Data, Longroad Energy, Galileo, Gurīn Energy, Mint
Renewables, RHCNZ Medical Imaging, Qscan Group, and Wellington
Airport reflect the midpoint 31 March 2026 independent valuations
•The fair value of Contact Energy is shown based on the market price of
$9.25 as at 31 March 2026, based on Infratil’s shareholding at that date
•Clearvision and Anytime Radiology reflect their accounting book values
as at 31 March 2026
•The carrying value of Fortysouth reflects the final sale price, which
completed in April 2026
•An illustrative estimate of thepresent value of the management
agreement is presented here, based on an assumption that Infratil’s
total shareholder return is in the middle of its target return range of 11 –
15%, withincentive fees on international assets calculated to accrue at
the same rate. These fees are discounted over a 5 year period.
1
31 March ($Millions)20252026
CDC$7,248.5 $8,933.2
One NZ$3,713.5 $3,386.7
FortySouth$186.3 $217.0
Kao Data$701.6 $865.4
Manawa Energy$788.8 -
Contact Energy- $1,394.5
Longroad Energy$2,111.9 $2,389.3
Galileo$326.0 $257.1
Gurīn Energy$493.0 $553.3
Mint Renewables$22.8 $44.8
RHCNZ Medical Imaging$689.3 $616.4
Qscan Group$454.5 $590.1
Anytime Radiology-$114.0
RetireAustralia$404.3 -
Wellington Airport$933.9 $1,070.7
Clearvision Ventures$156.2 $191.5
Property$73.1 -
Portfolio asset value$18,303.7 $20,624.0
Wholly owned group net debt($2,187.8)($3,204.6)
PV of management agreement($1,128.5)($1,168.4)
Net asset value$14,987.4 $16,251.0
Shares on issue (m)968.1 999.3
Net asset value per share$15.48 $16.26
33
Notes: (1) The illustrative fees model used to estimate the present value of the management agreement is available on Infratil’s website.

PORTFOLIO RETURNS AS AT 31 MARCH 2026
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 20169.6 1,588 169 8,933 9,102 35.8%
One NZDigital InfrastructureNew Zealand
July 20196.7 2,852 1,386 3,387 4,773 16.5%
Kao DataDigital InfrastructureUnited Kingdom
August 20214.6 574 - 865 865 15.4%
FortysouthDigital InfrastructureNew Zealand
October 20223.4 212 9 217 226 1.8%
Clearvision VenturesDigital InfrastructureUnited States
March 201610.1 105 2 192 193 13.0%
Longroad EnergyRenewable EnergyUnited States
October 20169.4 830 308 2,389 2,698 47.3%
Manawa Energy
5
Renewable EnergyNew Zealand
April 199431.3 395 2,607 - 2,607 18.0%
Contact Energy
7
Renewable EnergyNew Zealand
July 20250.7 1,356 44 1,395 1,439 7.5%
Gurīn EnergyRenewable EnergyAsia
July 20214.7 265 1 553 554 44.4%
GalileoRenewable EnergyEurope
February 20206.1 205 - 257 257 9.9%
Mint RenewablesRenewable EnergyAustralia
December 20223.3 36 - 45 45 14.4%
RHCNZ Medical Imaging
6
HealthcareNew Zealand
May 20214.8 576 149 616 765 8.6%
Qscan Group
6
HealthcareAustralia
December 20205.3 385 103 590 693 14.1%
Anytime RadiologyHealthcareAustralasia
December 20250.3 119 6 114 120 N/M
RetireAustraliaHealthcareAustralia
December 201411.0 370 373 - 373 0.1%
Wellington AirportAirportsNew Zealand
November 199827.4 96 696 1,071 1,767 17.4%
Infratil PropertyOtherNew Zealand
December 200718.0 91 162 - 162 8.4%
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
6.A non-cash benefit equal to the value of Infratil's capital contributions into Qscan and RHCNZ which reflected the purchase of Teleradiology assets by Anytime Radiology has been recognised
7.As Contact Energy has been held for less than a year its IRR has been de-annualised to reflect the shorter holding period
34

INCENTIVE FEES
•The incentive fee is calculated based on 20% of the outperformance of an international asset’s valuation above a 12% hurdle
•As at 31 March 2026, a realised incentive fee of negative $21.2 million and an annual incentive fee of negative $18.2 million have been calculated
•The realised negative fee has been offset against the current incentive fee bank and will reduce the fee payable as at 31 March 2026
•The $18.2 million negative annual fee will be carried forward to the next fiscal year and be used to reduce any positive fees earned
31 March ($millions)FY25 Valuation
2
CapitalFXDistributionsHurdleFY26 Valuation
1
OutperformanceIncentive Fee
Annual Incentive Fee
CDC(7,212.2) (555.7)- 6.9 (894.6)8,888.5 232.9 46.6
Kao Data(694.5) (98.3)(10.7)- (88.0)856.7 (34.8)(7.0)
Longroad Energy(1,728.2) (48.7)(1.9)- (212.1)1,886.9 (104.0)(20.8)
Galileo(321.1) (53.4)(0.4)- (42.0)253.2 (163.7)(32.7)
Gurin Energy(485.6) (92.8)(4.1)- (65.2)545.0 (102.7)(20.5)
Mint Renewables(22.6) (14.5)- - (3.6)44.3 3.6 0.7
Qscan(450.0) - - - (54.0)581.8 77.8 15.6
Annual Total(10,914.3) (863.5)(17.0)6.9 (1,359.5)13,056.5 (90.9)(18.2)
Realised Incentive Fee
RetireAustralia(404.2) - - - (35.0)333.0 (106.2)(21.2)
(11,318.6) (863.5)(17.0)6.9 (1,394.5)13,389.5 (197.1)(39.4)
Notes: (1) Valuations for the purposes of the incentive fee are calculated net of estimated costs of disposal and any potential capital gains
taxes; (2) Signs are negative to enable calculation across to determine outperformance.
35

Year ended 31 March ($Millions) Share20252026
CDC49.7% $173.9 $220.4
One NZ99.8% $604.0 $607.4
Kao Data54.7% $4.9 $5.8
Longroad Energy42.0% $27.3 $77.5
RHCNZ Medical Imaging 56.8% $63.2 $63.6
Qscan Group59.5% $48.7 $50.9
Wellington Airport66.0% $86.1 $88.1
Operational EBITDAF$1,008.1$1,113.7
Galileo38.0% ($26.7)($24.6)
Gurīn Energy95.0% ($32.0)($30.6)
Mint Renewables73.0% ($9.9)($14.9)
Development Spend($68.6)($70.1)
Corporate costs100%($112.8)($124.3)
Proportionate EBITDAF (continuing)$826.7 $919.3
Fortysouth20.0% $13.6 $15.6
Manawa Energy51.1% $46.6 $12.5
RetireAustralia50.0% $21.6 $20.1
Infratil Property100.0% $9.3 $6.5
Total Proportionate EBITDAF$917.8 $974.0
•Proportionate Operational EBITDAF presented earlier is on the FY26 guidance basis and includes
corporate costs. From FY27, guidance will be provided excluding corporate costs, which will be provided
separately. Proportionate Operational EBITDAF is Infratil’s share of the EBITDAF of the companies it has
invested in and is before interest, tax, depreciation, amortisation, financial derivative movements,
impairments, revaluations, and gains or losses on the sales of investments
•Proportionate capital expenditure shows Infratil’s share of the investment spending of investee companies.
PROPORTIONATE EBITDAF AND CAPITAL EXPENDITURE
Year ended 31 March ($Millions)20252026
CDC$928.2 $1,181.9
One NZ$269.3 $245.2
Kao Data$82.8 $251.7
Longroad Energy$805.6 $777.7
Gurīn Energy$39.5 $68.2
Galileo$52.6 $42.7
Mint Renewables$0.5 $0.3
RHCNZ Medical Imaging$25.3 $26.6
Qscan Group$13.1 $18.6
Wellington Airport$77.5 $73.7
Capital expenditure (continuing)$2,294.4$2,686.6
Fortysouth$4.8$9.1
Manawa Energy$26.5$5.0
RetireAustralia$62.8 $49.4
Proportionate capital expenditure$2,388.5$2,750.1
Proportionate EBITDAFProportionate Capital Expenditure
36

Year ended 31 March ($Millions)20252026
CDC$494.2 $555.7
One NZ$20.9 $0.6
Kao Data$82.9 $98.3
Longroad Energy$163.4 $48.7
Gurīn Energy$67.5 $92.8
Galileo$41.9 $53.4
Contact Energy-$293.9
Mint Renewables$11.7 $14.5
RHCNZ Medical Imaging$48.1 $49.1
Anytime Radiology-$119.5
Clearvision$8.0 $9.3
Infratil Investments$938.6 $1,335.8
Commentary
•Direct investment reflects capital deployed by Infratil to acquire new
investments, increase holdings in existing assets, or fund capital
contributions to investee companies.
•CDC investment reflects settlement of the acquisition of an additional
1.58% of ordinary shares in May 2025, alongside Infratil’s participation
in CDC’s A$500 million capital raise in February 2026.
•Kao Data investment primarily supports continued development of the
Harlow data centre campus and acquisition of a new West London
greenfield site for development.
•Contact Energy investment reflects a 50% cash payment to acquire
TECT Holdings’ 4.92% stake in October 2025 (the remaining 50% was
funded through the issuance of Infratil shares), alongside participation
in Contact’s February equity raise.
•Anytime Radiology investment relates to the carve-out of the
teleradiology businesses from Qscan and RHCNZ Medical Imaging.
•Longroad Energy equity injections have supported new projects as they
reach financial close and commence construction.
•Gurīn Energy, Galileo, and Mint Renewables investments support
platform growth and development of their respective pipelines.
INFRATIL DIRECT INVESTMENT
37

Commentary
•This table reflects the cash flow of the Infratil wholly-owned group
and reconciles opening and closing cash balances.
•A breakdown of distributions received and capital invested by asset
is provided in the Detailed Financial Information and Operating
Metrics tables released alongside this presentation.
•International Portfolio Incentive fees paid during the period include
Tranche 1 of the FY25 annual incentive fee of $116.9 million, Tranche
2 of the FY24 annual incentive fee of $30.4 million, and Tranche 3 of
the FY23 annual incentive fee of $54.6 million, of which $80.0 million
was paid in scrip to Infratil’s Manager.
INFRATIL CORPORATE CASH FLOW
Year ended 31 March ($Millions)20252026
Distributions received from portfolio companies$258.0$336.8
Management fees($109.3)($122.8)
Net interest($115.1)($144.5)
Other corporate operating cash flows($29.7)($16.3)
Net cash inflow/(outflow) from operating activities$3.9$53.2
Infratil direct investment($938.6)($1,335.8)
Proceeds from portfolio divestments-$567.1
Other investment costs($16.3)($7.8)
Incentive fees paid($106.8)($122.0)
Net cash inflow/(outflow) from investing activities($1,061.7)($895.5)
Dividends paid($124.1)($140.7)
Net bond issuance$170.0($41.1)
Debt drawdown/(repayment)($194.4)$1,010.4
Equity raised$1,258.8-
Net cash inflow/(outflow) from financing cashflows$1,110.3$828.6
Net increase/(decrease) in cash$52.5($16.7)
Cash and equivalents at the beginning of the year$19.2$71.9
Net increase/(decrease) in cash and cash equivalents$52.5($16.7)
FX gains/(losses) on cash and cash equivalents$0.2($19.0)
Cash and cash equivalents at end of year$71.9$36.2
38

EARNINGS RECONCILIATION
Year ended 31 March ($Millions)
20252026
Net profit after tax (‘NPAT’)
($269.8)$574.3
Less: Associates equity accounted earnings
($493.7)($442.2)
Plus: Associates proportionate EBITDAF
$179.4$279.1
Less: Minority share of subsidiary EBITDAF
($138.2)($131.8)
Less: Income received fair value assets through OCI
-($45.7)
Plus: Acquisition/sale-related transaction costs
$7.6$12.8
Plus: One-off restructuring costs
$7.6$3.5
Net loss/(gain) on foreign exchange and derivatives
$39.4($16.9)
Net realisations, revaluations and impairments
$107.3$99.3
Discontinued operations
($0.2)($280.2)
Underlying earnings
($560.6)$52.2
Plus: Depreciation & amortisation
$602.0$580.4
Plus: Net interest
$401.4$453.3
Plus: Tax
$46.3($138.9)
Plus: International Portfolio Incentive fee
$346.9($21.2)
Proportionate EBITDAF
$836.0$925.8
less: Discontinued operations($9.3)($6.5)
Proportionate EBITDAF (continuing operations)
$826.7$919.3
Commentary
•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).
39

Commentary
•Loan to value (LTV) calculation = adjusted net debt / fair value of
portfolio
•LTV approach consistent with S&P approach to assessing Infratil’s
stressed leverage under the Alternative Investment Funds methodology
•Fair value of portfolio represent Infratil’s proportionate share of an
asset's independent valuation, market value, or book value
•Net debt is corporate net debt (financial debt obligations of Infratil
Limited and Infratil Finance Limited) adjusted for:
–Infratil’s proportionate share of Letter of Credits issued by portfolio
companies with recourse to shareholders
–Unconditional Fortysouth divestment proceeds receivable at 31
March 2026
•Liquidity available includes:
–undrawn corporate bank facilities
–corporate cash
–unconditional Fortysouth divestment proceeds
•Weighted average cost of drawn debt of 5.20% and a weighted average
tenor of debt of 2.7 years
Notes: (1) Drawn debt excluding Perpetual IFTHAs, including drawn Acquisition Facilities.
31 March ($Millions)20252026
Net bank debt$544.8$1,602.6
Infrastructure bonds$1,411.1$1,370.0
Perpetual bonds$231.9$231.9
Total net debt drawn$2,187.8$3,204.5
Adjustments:
Recourse Letters of Credit issued$150.9$161.0
Fortysouth proceeds-($217.0)
Adjusted net debt$2,338.7$3,148.5
Fair value of portfolio$18,303.7$20,407.0
Loan to value12.8%15.4%
Liquidity available (adjusted)$1,437.5 $1,108.5
40
DEBT & LIQUIDITY

31 March 2026Gearing
1
Net Debt / EBITDA
2
% of drawn debt
hedged
3
CDC
4
24.2%9.493%
One NZ30.6%2.974%
Kao Data26.8%n/a99%
Longroad Energy
5
14.3%n/a92%
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 Imaging28.1%4.172%
Qscan Group23.2%3.163%
Anytime Radiology8.8%n/an/a
Wellington Airport33.7%6.079%
Value Weighted Average of
Portfolio Companies
9
24.2%85%
Notes:
1.Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book value at 31 March 2026
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 31 March 2026
4.CDC leverage metric applies March 2026 run rate EBITDA annualised, consistent with Moody’s calculation
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 excluding Fortysouth
Commentary
•Gearing and credit metrics are monitored both at a portfolio level
and within individual portfolio companies.
•In addition to these metrics, CDC’s Australian business was assigned
a Baa2 (Stable) investment grade rating by Moody’s on 21 April 2026,
reflecting its strong financial position and disciplined growth
strategy. Wellington Airport maintains a BBB credit rating from S&P
with a stable outlook.
•EBITDAF-based leverage metrics are not considered appropriate for
Longroad Energy and Kao Data, given their industry segments and
current operating models.
•Interest rate exposure is monitored at each portfolio company and
managed within approved treasury policy limits.
•Hedging: 85% of drawn debt was hedged on a fixed-rate basis as at
31 March 2026 (89% at 31 March 2025).
PORTFOLIO COMPANY DEBT
41

---

ANNUAL
REPORT
2026
INVESTING
WISELY IN IDEAS
THAT MATTER

Contents
Financial overview 1
Report of the Chair 2
Report of the Chief Executive 5
Management model 11
Sustainability 14
Portfolio 16
Financial performance 33
Corporate governance 97
Directory 114
At Longroad Energy’s solar farms, sustainability extends beyond clean
power generation. A wildlife and habitat assessment is conducted for
each renewable energy project to formulate strategies to reduce wildlife
risk and identify measures to enhance ecological services.
This approach reflects Infratil’s purpose of investing wisely in ideas that
matter, where progress is measured not only by short term outputs, but
also by the enduring value created for communities and the natural
world alike.
In Arizona, Longroad Energy voluntarily funded research supporting the
relocation of Western Burrowing Owls into desert areas near solar farms.
This involved partnering with a conservation group, Wild at Heart, to
create artificial burrows where adult owls are now raising young owls
due to this innovative approach.
The initiative achieves a thoughtful balance between energy generation
infrastructure and ecological benefits for a declining wildlife species in
the desert. It is a considered intervention, grounded in long-term
thinking and respect for place.
Further afield, Longroad Energy supports research into agrivoltaics
(solar agriculture integration) and participates in collaborative studies
through the Renewable Energy Wildlife Institute, to advance research
into “managed ecosystems” and enhance wildlife at energy sites.
Disclaimer
This Annual Report has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT). To the maximum extent permitted by law, Infratil Limited, 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 Annual Report. It contains summary information about Infratil Limited and its activities which is current as at the date of
this report.
This report should be read in conjunction with Infratil Limited’s FY26 Results Investor Presentation, market releases and other periodic and continuous disclosure
announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/. This report is for information purposes only and is not financial, legal, tax,
investment or other advice or a recommendation to acquire Infratil Limited securities and has been prepared without taking into account the objectives, financial situation or
needs of prospective investors. This report may contain certain “forward-looking statements” about Infratil Limited and the environment in which it 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 Infratil
Limited’s control, and it gives no representation, warranty or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.
ContentsInfratil Annual Report

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
Financial OverviewInfratil Annual Report
FY26 OVERVIEW
A STRONG TRACK RECORD: 18% TSR SINCE INCEPTION IN 1994
02004006008001,200 1,000
NZ$m
FY22
FY25
FY24
FY23
FY26
5001,0001,5002,0002,5003,0000
NZ$m
5,00010,00015,00020,00025,0000
NZ$m
FY22
FY25
FY24
FY23
FY26
FY22
FY25
FY24
FY23
FY26
17.5018.0018.5019.0019.5020.0020.5021.0021.5017.00
CPS
FY22
FY25
FY24
FY23
FY26
PROPORTIONATE OPERATIONAL EBITDAF
1
02004006008001,200 1,000
NZ$m
FY22
FY25
FY24
FY23
FY26
5001,0001,5002,0002,5003,0000
NZ$m
5,00010,00015,00020,00025,0000
NZ$m
FY22
FY25
FY24
FY23
FY26
FY22
FY25
FY24
FY23
FY26
17.5018.0018.5019.0019.5020.0020.5021.0021.5017.00
CPS
FY22
FY25
FY24
FY23
FY26
PROPORTIONATE CAPITAL EXPENDITURE
2
02004006008001,200 1,000
NZ$m
FY22
FY25
FY24
FY23
FY26
5001,0001,5002,0002,5003,0000
NZ$m
5,00010,00015,00020,00025,0000
NZ$m
FY22
FY25
FY24
FY23
FY26
FY22
FY25
FY24
FY23
FY26
17.5018.0018.5019.0019.5020.0020.5021.0021.5017.00
CPS
FY22
FY25
FY24
FY23
FY26
TOTAL ASSET VALUE
02004006008001,200 1,000
NZ$m
FY22
FY25
FY24
FY23
FY26
5001,0001,5002,0002,5003,0000
NZ$m
5,00010,00015,00020,00025,0000
NZ$m
FY22
FY25
FY24
FY23
FY26
FY22
FY25
FY24
FY23
FY26
17.50
18.0018.5019.0019.5020.0020.5021.0021.5017.00
CPS
FY22
FY25
FY24
FY23
FY26
DIVIDEND
$989 M
Proportionate Operational EBITDAF
1
11%
$2.7 B
Proportionate Capital Expenditure
2
17%
$20.6 B
Total Asset Value
13%
$16.26 per share
Net Asset Value (post fees)
5%
20.9 cents per share
Dividend Declared
2%
94/100
GRESB
3
Sustainability Score
9%
1
1. EBITDAF is an unaudited non-GAAP measure of consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, impairments, revaluations, and gains or losses on the sale of investments. EBITDAF also excludes acquisition
and sale-related transaction costs, management incentive fees, and one-off project costs. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for measures reported in accordance with NZ IFRS, as it
may not be comparable to similar financial information presented by other entities. Proportionate Operational EBITDAF represents Infratil’s share of EBITDAF from its investee companies, excluding Contact Energy. It also excludes corporate costs and early-stage,
non-capitalised Development Spend incurred by Infratil’s early-stage renewables businesses. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the FY26 Annual Results Presentation.
2. Proportionate Capital Expenditure is Infratil’s share of the capital expenditure of all portfolio companies held during the year, excluding listed company Contact Energy.
3. The Global Real Estate Sustainability Benchmark (GRESB).

REPORT OF THE
BOARD CHAIR
United States 13%Europe 5%Asia 3%Australia 47%New Zealand 32%
49.7%
Infratil Share
99.8%
54.7%
42.0%
56.8%
14.1%
95.0%
38.0%
73.0%
On behalf of your Board, I’m pleased to
report a total shareholder return of 13.9%
and proportionate operational EBITDAF
growth of 11% for FY26.
Kia ora koutou,
Infratil began in New Zealand 31 years ago and our cornerstone goal is
to deliver shareholders 11 to 15% returns, after fees and taxes, over a
10-year period. Our performance against this measure is 17.3% from
FY17 to FY26.
For FY26, from 1 April 2025 to 31 March 2026, we delivered a return of
13.9% based on share price growth and assuming dividends were
reinvested. While our share price performance during FY26 was positive,
it continued to be affected by global market noise. This included market
concerns about financial returns on AI investment and the Middle East
conflict. Even so, our conviction in our growth opportunities is stronger
than ever.
Longroad Energy emerged from the regulatory uncertainty
overshadowing United States renewable investment a year ago, with a
positive outcome on tax incentives and a market backdrop of growing
electricity demand. Similarly, CDC is expanding its data centre footprint
in Australasia as fast as it can to meet the unprecedented demand for
computing capacity. Its 5 May 2026 announcement of a massive
555 megawatts (MW) contract propelled Infratil’s share price to an
all-time high above $15.
Infratil is more than a single asset and the geographic and multi-sector
diversity of our portfolio again provided added strength. We grew
proportionate operational EBITDAF across the portfolio by 11% to
NZ$989 million in FY26, despite our New Zealand businesses
continuing to be constrained by weakness in the domestic economy.
This year-on-year EBITDAF growth was very positive given we also sold
some businesses during the year.
Infratil’s ongoing growth enabled us to confirm a dividend payout of
20.9 cents per share, unimputed. This was up from 20.5 cents per share
in FY25.
1
23
1
2
5
3
2
1
1
4
3
4
1
2
3
4
1
2
3
4
5
1
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
Report of the ChairInfratil Annual Report
Total shareholder return (TSR) is the
overall gain from an investment over
time, including share price increases and
dividends. It assumes any dividends are
reinvested.
PeriodInfratil TSR
1 year13.9%
5 years13.1%
10 years17.3%
Since inception17.9%
Returns calculated to 31 March 2026
Share priceNZ$
31 March 202510.38
31 March 202611.65
Cumulative Annual Return (%)
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
-100%
0%
100%
200%
300%
400%
500%
600%
Infratil TSR NZX 50ASX 200
TOTAL SHAREHOLDER RETURN – 10 YEARS
66.0%
59.4%
3
1
59.5%
2
Anytime Radiology
2

MARKET PERSPECTIVES ON VALUE
Infratil’s returns compare favourably against our target 11-15% range,
as well as the NZX 50 and ASX 200, over multiple timeframes as shown
to the left.
Another measure that we follow closely is our calculated net asset
value (NAV) per share, after fees, which grew from $15.48 to $16.26
over the year. The NAV represents the estimated value of our underlying
investment portfolio, plus cash and other assets, less net debt and other
liabilities. It is typically calculated using independent or market based
valuation methods for our portfolio companies.
We recognise that market views on value can differ for reasons such as
interest rate movements, market sentiment and different perspectives
on asset valuations. This means, for example, that the share price can
lag our NAV per share where Infratil’s valuations incorporate growth that
is longer dated than equity markets are willing to value.
Infratil’s share price discount to NAV widened to about 25% across
FY25 and FY26. Market sentiment was a significant driver of this
discount. At the end of FY25, we experienced the noise of potential
changes to American renewable energy policy and uncertainty about
data centre demand following the release of the Deep Seek AI model.
Positive outcomes through the first half of FY26 were then eroded when
AI bubble concerns resurfaced and the Middle East conflict drove
broader uncertainty.
Pleasingly, CDC’s massive contract announcement in May 2026 has
seen the share price discount to NAV reduce to about 10% at recent
$15 levels.
We’ll keep working to reduce this market discount to our NAV by helping
our portfolio companies to realise their growth opportunities and by
communicating our insights on future value to the market. If there is a
material sustained discount to NAV, the Board does also have the option
of implementing share buybacks of up to 20 million shares annually. This
would need to be weighed up against growth opportunities requiring
capital in the near term.
A SHARPENED STRATEGIC FOCUS
Infratil’s strength is our ability to evolve, spot thematic opportunities, and
to act decisively with exceptional management teams. It is what sets us
apart and has enabled our long-term success. As part of our continued
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
Report of the ChairInfratil Annual Report
Balance Infratil’s cash flow and dividends
Identify and scale our growth platforms
beyond CDC and Longroad Energy
Continue to broaden our shareholder base
and support future scale
Divest businesses unlikely to scale under
our ownership and reinvest
INFRATIL TSR COMPARISON
INFRATIL NET ASSET VALUE (NAV) PER SHARE
16
14
12
20
18
10
8
6
4
2
0
NZ$
31 Mar 2430 Sep 2431 Mar 2530 Sep 2531 Mar 26
Infratil NAV per shareInfratil share price
18%
16%
14%
12%
10%
8%
6%
4%
2%
1 year
Infratil
5 years10 years20 years
NZX 50
Our target is an 11-15% return over 10 years
ASX 200
0%
evolution, and increasing size, we sharpened the clarity provided to
investors about our strategic priorities. This entailed setting four
medium-term objectives for investors to track. Jason Boyes, Infratil’s
CEO, provides more detail on the progress made against these
measures in his following report.
We articulated these strategic priorities for several reasons. First,
Infratil’s growing scale and maturity brings new challenges and
opportunities. This increases the need for discipline in how we allocate
shareholder capital. The market volatility through FY26 has been a good
reminder of the need to be agile and to continually look ahead.
As we’ve said before, the best strategy in the face of uncertainty is to
back quality. That quality comes from high-performing assets, strong
management, and sectors underpinned by enduring demand.
Portfolio strategy has been a key area of focus for the Board as we look
ahead to the type and scale of assets needed to drive continuing
out-performance and growth. We’re concentrating our efforts on
thematics with the greatest potential to create long-term value.
That has meant a shift to refining our portfolio, improving operating
performance, and ensuring that every investment supports our
strategic direction.
1. Infratil’s Net Asset Value (NAV) is the total value of its investments, based on
independent valuations, book values or market prices, less Infratil’s total net
debt and an estimate of management and incentive fees. Fees are calculated
assuming that Infratil’s share price grows at the bottom end of its target return
range of 11–15%, and that incentive fees on international assets reflect the
mid-point rate of growth. These fees are discounted over a five-year period.
3

Second, we believe transparency of what we’re focused on helps build
confidence in our long-term strategy. In addition to publishing our
strategic priorities, we’ve implemented various initiatives to improve
our disclosure and help investors better understand our business.
These have included:
• continued evolution of our reporting materials with an emphasis
on clarity and simplicity
• developing renewables valuation modelling to assist understanding
of Longroad Energy’s business
• publication of a simple fees model to explain the key components
of the Morrison fees.
We’re also formalising key elements of our investment approach — the
Infratil Way — that are critical to sustaining future performance as we
scale. This includes codifying our approach and processes for portfolio
company board performance assessments, remuneration reviews and
sustainability practices.
Work is underway to embed these principles and unlock synergies
through greater collaboration between portfolio companies – where
it makes sense to do so. Newer businesses can benefit from the
experience of more mature ones, and that’s vital as we grow.
OUR RELATIONSHIP WITH MORRISON
The day-to-day management of Infratil is delegated by your Board
to Morrison. This means the people working for Infratil are Morrison
employees, but we retain oversight and make key decisions on the
strategic direction of the business.
Our relationship with Morrison enables Infratil to draw on the global
expertise that Morrison is growing across multiple infrastructure
sectors. That growth supports Infratil and Morrison’s wider clients and
investment funds. This global exposure is becoming increasingly
important for Infratil as we seek larger and new sector investment
opportunities.
As Morrison’s largest client, we are well positioned. Infratil management
sees all ideas being germinated at Morrison and the Infratil Board sees
relevant opportunities. This means we aren’t limited for choice. The
challenge is more about balancing opportunities with our current
priorities and the returns we are seeking.
One of the Board’s key roles is to monitor the performance of Morrison.
The Board has been working to ensure there is an evolving mix of
qualitative and quantitative measures that align with Infratil’s growth
and drive strong performance from Morrison. We believe shareholders
do get good value under our agreements with Morrison and there is a
healthy tension in our relationship. This tension is reflected in our review
of costs allocated to Infratil in recent years and the evolution of our
management agreement.
While Morrison is paid management fees annually, incentive fees can
only be earned on non-New Zealand assets for out-performance above
a 12% hurdle for asset valuation growth. If incentive fees are earned, as
they were in FY25, they are paid over three years and there is a clawback
mechanism if the asset valuations reduce below the initial qualifying
amount. During the year, the Board chose to pay $80 million of
Morrison’s existing incentive fees in Infratil shares. This was considered
better value for shareholders than a cash payment and increases
Morrison’s alignment with Infratil’s shareholders in an ownership sense.
In FY26, the incentive fee hurdle wasn’t achieved and Morrison didn’t
qualify for a new incentive fee. Instead, a negative $18 million amount
will be carried forward into the FY27 fee calculation and netted off future
positive fees.
1
This shows the model is working.
BOARD EVOLUTION
I’m proud to chair a high-functioning and well-balanced Infratil Board.
We have strong capabilities and skills around the board table, and we
constantly challenge ourselves to ensure we’re making the best
decisions on behalf of shareholders.
Board succession is a focus as several of us are approaching generally
accepted time limits for service. Our goal through director succession is
to ensure that we replace the core skills of retiring directors and maintain
a strong, diverse, board culture.
Peter Springford has confirmed that he will retire from the Board at
the end of his current term at the Annual Meeting in August. We’re in
the process of recruiting a director to join before he retires. For my
part, having reached 12 years of tenure, I have said that I expect to
retire from the Board at the Annual Meeting in 2028. We’ll ensure a
smooth transition and will update investors in due course.
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Report of the ChairInfratil Annual Report
LOOKING AHEAD
Infratil’s strength, as always, lies in our commitment to active
management, strategic clarity, and long-term value creation. S&P
Global Ratings recognised the strength, quality and resilience of our
business and track record with an inaugural BBB+ credit rating.
I believe we are well positioned with the current vintage of Infratil assets
the strongest yet. We have enviable exposure to very strong demand
drivers across the renewable and digital sectors, and this year’s results
show CDC and Longroad Energy beginning to deliver meaningful
returns.
These may be uncertain times, but they are also exciting times for
ideas that matter.
Thank you for your continued support.
Nga mihi nui,
Alison Gerry
Chair
1. See page 35 of Infratil’s FY26 Annual Results Presentation for more detail.
4

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Report of the Chief ExecutiveInfratil Annual Report
REPORT OF THE
CHIEF EXECUTIVE
Dear Investors,
How quickly things change. When initially thinking about the themes
for this letter in April, FY26 hadn’t exactly been the steadier year we’d
hoped for. After navigating the market noise of the prior year, we
made good progress in the first half with strong updates from Longroad
Energy and CDC. However, we then saw negative AI sentiment, along
with expectations of longer dated growth and rising rates, drive the
share price lower. With a large weighting of our portfolio in data
centres, market views on AI have become a meaningful driver of
Infratil’s share price.
Sentiment shifted our way again late in the last quarter as the Middle
East conflict encouraged investors to seek defensive stocks and global
hyperscalers announced capital expenditure plans totalling about
US$650 billion of AI-related investment. In February, we also
experienced the ‘SaaS-pocalypse’, as investors worried about AI’s
effect on tech businesses.
Given this volatile market backdrop, we’re very pleased to have
delivered a 13.9% total shareholder return for the year.
CDC MOVES THE GROWTH NEEDLE, MASSIVELY
Just five weeks on from year-end and the ups and downs of FY26 have
been swept aside by CDC’s announcement of Australasia’s largest ever
data centre contract. At our institutional investor event in Sydney in
September 2025, CDC’s founder and CEO Greg Boorer had talked
about an impending tsunami of demand. Massive, mega, super-sized,
and monster, were some of the superlatives used by media and analysts
to describe the 555MW deal.
The market responded positively to the announcement and Infratil’s
share price lifted to over $15 for the first time ever, equating to an
approximately 30% gain in this brief period. This demonstrates the point
in Chair Alison Gerry’s letter that equity markets can take time to
recognise longer dated growth. In March, our independent valuation for
CDC included forecasts for expected demand. There should be some
further uplift in the next valuation for the crystallisation of that demand
into an actual contract and the acceleration of the future demand it
represents.
With CDC making up about 40% of our portfolio, this kind of market
reaction has an amplified effect. That can go both ways, and we do
get asked when we will sell CDC given the potential concentration risk.
As I said last year, we’re comfortable with its position today.
Half of CDC’s valuation is relatively low risk, comprising lengthy leases
to some of the world’s most creditworthy companies. The rest is growth,
and we monitor the growth prospects of data centres around the world.
While there is a lot of AI hype that needs to be screened out, it is clear
we are in the midst, arguably still near the beginning, of one of the
largest technological developments and infrastructure build outs we’re
likely to see in our lifetimes.
We’re lucky enough to have a front row seat and the recent contract
announcement puts us well ahead of the investment case that
underpinned our decision in early 2025 to lift our CDC shareholding to
49.7%. For a long time, we’ve wondered if CDC should expand offshore
to capture some of the oversized growth we see there, from arguably
less capable businesses. Instead, we’re now seeing oversized overseas
demand coming to Australasia, where we are strongest and feel well
positioned to continue to win.
66%
23%
6%
5%
$8,933m
$3,387m
$865m
$192m
$1,395m
$2,389m
$590m
$616m
$114m
$1,071m
$257m
$553m
$45m
Anytime
Radiology
TOTAL ASSET VALUE NZ$20.6 BILLION AT 31 MARCH 2026
1
1. Based on a combination of independent valuation, market and book values. Chart excludes Fortysouth following its subsequent sale.
Healthcare Infrastructure
Airport
Digital Infrastructure
Renewable Energy
5

MORE THAN JUST A DATA CENTRE BUSINESS
We don’t see Infratil becoming all data centres. Just over half our net
asset value comes from businesses spanning renewable energy, telco
networks, medical imaging and an airport. Happily, the growth of data
centres and their need for electricity is providing a tailwind for some of
our renewable energy development businesses, along with
longstanding decarbonisation drivers. The Middle East conflict has also
helped turn sentiment back towards renewable energy.
We’re very positive about Longroad Energy’s outlook in the United
States. While regulatory changes drove negative sentiment about the
prospects for renewable energy in the United States at the start of FY26,
all the previous regulatory support mechanisms for solar investment
remain in place until 2030, and even longer for batteries. This has been
positive for well capitalised operators, like Longroad Energy, that have
been very effective in qualifying their projects early. At the same time,
strong power demand and prices have offset higher delivery costs. This
has maintained their attractive development returns.
Renewables development outside the United States has been more
difficult. Power demand and prices haven’t risen as much to offset
higher project delivery and platform costs, as the complexity and time
of developments has increased in many of the markets we’re active in.
This has seen returns compress.
Consequently, in Europe we’ve seen the value attributed to earlier stage
projects fall dramatically. This is largely why Galileo’s valuation has
reduced in FY26, along with some longer dated projects being written
down or off. Although the amounts are relatively small for Infratil, this is
obviously not what we hoped for our investment. We’re working closely
with Galileo to reset the business for future growth. It will now focus on
fewer nearer term projects in a smaller number of markets.
Gurīn Energy is active in a number of Asian markets with significant
renewable energy development potential. Some of these markets
have also seen development returns reduce and Gurīn is managing
its prioritisation of markets and opportunities carefully. Last year, for
example, I said we were particularly focused on Gurīn’s large-scale,
Singapore-focused solar and battery energy storage project based in
Indonesia. It is one of a small number of Indonesian projects that the
Singapore Government has supported by issuing a conditional import
licence.
PROPORTIONATE CAPEX
PROPORTIONATE EBITDAF
1
ASSET VALUE
Contact EnergyKao DataCDC
One NZ
Wellington Airport
HealthcareSold
Corporate
Other renewables
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Report of the Chief ExecutiveInfratil Annual Report
It still requires Indonesian Government approval and while Government-
to-Government discussions appear to be progressing, they are taking
longer than we’d hoped. We’re confident the project can play a key role
in supporting Singapore’s energy needs and create significant benefits
for Indonesia. However, some of our investment to date could be lost if
approvals aren’t received.
This is the nature of the renewable energy development business. It has
always been exposed to regulatory changes and market dynamics. We
have platforms and projects in multiple jurisdictions, to take advantage
of where regulatory and economic settings are positive. Or, to minimise
our downside where they are not.
As the charts above show, Longroad Energy has invested heavily in
recent years as it builds out its generating capacity. Investment in the
development pipeline for our other renewables businesses has been
much smaller. Longroad Energy’s investment is beginning to deliver a
meaningful uplift in EBITDAF, while our other renewables businesses
are still at an early development stage and are yet to deliver positive
earnings growth.
6
Longroad Energy
FY24
FY25
FY26
050010001500200025003000
NZ$m
0500010000150002000025000
FY24
NZ$m
FY25
FY26
FY24
NZ$m
FY25
FY26
-200020040060080010001200
FY24
FY25
FY26
050010001500200025003000
NZ$m
0500010000150002000025000
FY24
NZ$m
FY25
FY26
FY24
NZ$m
FY25
FY26
-200020040060080010001200
FY24
FY25
FY26
050010001500200025003000
NZ$m
0500010000150002000025000
FY24
NZ$m
FY25
FY26
FY24
NZ$m
FY25
FY26
-200020040060080010001200
1. The calculation of proportionate EBITDAF is outlined on page 1 of this report. The figures exclude the contribution of divested assets.

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Report of the Chief ExecutiveInfratil Annual Report
SOLID PROGRESS AGAINST OUR STRATEGIC
OBJECTIVES
As the Chair’s letter notes, we’ve been focused on a very clear set of
medium-term strategic objectives through the year. These objectives
have guided a wide range of activity through FY26, and this activity has
delivered positive outcomes.
While we always make an investment decision with a view to holding an
asset for the long-term, one of our new strategic objectives in FY26 was
to divest businesses unlikely to scale under our ownership. This followed
a strategic review to consider the role of the various businesses within
the ‘pillars’ of our portfolio, and Infratil’s scale if we achieve our target
returns and grow our market cap to NZ$20 billion by 2030.
The outcome of this review was a decision to refine the portfolio and
divest those businesses unlikely to scale, or deliver meaningful returns,
under our ownership. Our initial goal was a medium-term target of
$1 billion from divestments. As at 26 May 2026 we were over halfway to
this target with more than NZ$600 million in sale proceeds received,
including:
• $55 million for a legacy property asset
• $217 million for our 20% stake in Fortysouth
• $333 million for our 50% stake in RetireAustralia
While Fortysouth is a high-quality business, it was a relatively small
position in our portfolio and was no longer a fit with our need for scaled
businesses with high target returns. RetireAustralia had not grown as
we’d hoped because of construction cost inflation in its core markets,
and a slower than expected transition in the operating model toward
more care and development. While progress had been made, the
timeframe required for better returns meant it made more sense to
redeploy our capital to near term opportunities.
We recently commenced a sale process for digital imaging business
Qscan. It is performing well and its projected returns look attractive, but
it is also unlikely to achieve the scale needed in our evolving portfolio.
While our portfolio companies are continuing to invest in growth
opportunities, one of our strategic goals is to balance our operating
cash flows and dividends in the medium term. We made good progress
in FY26, as income from our portfolio companies began to increase.
This narrowed our operating cash flow deficit, after cash dividends, to
$90 million from $120 million in FY25.
Our core ‘pillar 1’ assets – One NZ and Wellington Airport – have a clear
role as cash flow generators, with optimisation of those businesses to
drive continued distributions. As the charts on page 8 show, both
businesses are well established, with EBITDAF above their capital
expenditure requirements.
This stands in contrast to CDC and Longroad Energy where we are
beginning to see significant investment begin to deliver an uplift in
EBITDAF. While both businesses are currently designated as ‘pillar 2’
mature growth assets, our expectation is that they will also become
significant cash flow generators and graduate into pillar 1.
Over time, this earnings growth should enable them to fund their own
investment and distributions to Infratil. CDC, for example, is forecasting
its EBITDAF to exceed A$1 billion in FY28. Once fully deployed by the
end of FY29, its 1 gigawatt of contracted capacity is expected to deliver
annualised EBITDAF of approximately A$2 billion.
One NZ’s free cash flow is increasing and its distributions to Infratil more
than doubled to approximately NZ$180 million in the year. Although this
is two years later than we hoped, it is a creditable performance given
the soft economic conditions in New Zealand and increased market
competition.
ATTRACTIVE GLOBAL THEMATICSINFRASTRUCTURE CHARACTERISTICS
IDEAS
THAT
MATTER
PORTFOLIO
CONSTRUCTION
APPROACH
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 platforms
Multiple smaller businesses
that can scale to $1bn+
over 3-5 years
*
Divest businesses unlikely to scale under
our ownership and reinvest
Balance Infratil’s cash flow and dividends
* Subject to a sale process at 31 March 2026.
7

Report of the Chief ExecutiveInfratil Annual Report
CDC and Longroad Energy have accelerated strongly throughout the
year and have compelling growth ahead of them. However, all good
things must come to an end, and our growth engines when we began
30 years ago were quite different. That cycle will continue. Renewing
our growth engines for the future is a continuous, long-term activity.
Our ‘pillar 3’ assets are those smaller businesses that we are looking to
develop into $1 billion-plus businesses over three to five years. We’re
continually reviewing this part of the portfolio to determine whether
these businesses can grow to this kind of scale. As I’ve mentioned,
Gurīn Energy is an example of one of these businesses that could be on
the cusp of success. The size of its proposed Indonesia to Singapore
solar and battery storage project means that, if it proceeds, it will
become a large-scale business very quickly. This would provide further
balance to CDC’s current concentration in the portfolio.
We’re always scanning for new infrastructure businesses that we could
add to this part of the portfolio, or in other pillars. Our investment in
Clearvision Ventures, for example, helps us identify and engage with
technology changes that could impact our businesses’ activities.
Clearvision is investing in companies that can drive meaningful
disruptions in energy and infrastructure sustainability.
I mentioned in my letter last year that we were interested in automated
logistics. We completed a lot of work on this idea, and we’re still
interested because returns appear attractive. However, it feels early for
us to be confident we can achieve the scale we need in a timeframe
that’s relevant, while introducing more complexity to the portfolio.
These considerations are front of mind at a time when we are still
refining the portfolio and we already have strong growth opportunities
across our existing investments.
As Infratil grows and our portfolio businesses become more global,
we’re seeing more international investor interest. This will help diversify
our shareholder base, benefitting all investors over time by deepening
the pool of potential investors.
ONE NZ
CDC
WELLINGTON AIRPORT
LONGROAD ENERGY
700
600
500
400
300
200
100
0
FY22FY23FY24FY25FY26
100
80
60
40
20
0
FY22FY23FY24FY25FY26
1,400
800
1,0 00
1,200
600
400
200
0
NZ$m
NZ$m
NZ$m
NZ$m
FY22FY23FY24FY25FY26
Proportionate capital expenditureProportionate EBITDAF
1,000
800
600
400
200
0
FY22FY23FY24FY25FY26
Total capital invested Total realised proceeds Total unrealised proceeds
700
600
500
400
300
200
100
0
FY22FY23FY24FY25FY26
100
80
60
40
20
0
FY22
FY23FY24FY25FY26
1,400
800
1,0 00
1,200
600
400
200
0
NZ$m
NZ$m
NZ$m
NZ$m
FY22FY23FY24FY25FY26
Proportionate capital expenditureProportionate EBITDAF
1,000
800
600
400
200
0
FY22FY23FY24FY25FY26
Total capital invested Total realised proceeds Total unrealised proceeds
700
600
500
400
300
200
100
0
FY22FY23FY24FY25FY26
100
80
60
40
20
0
FY22FY23FY24FY25FY26
1,400
800
1,0 00
1,200
600
400
200
0
NZ$m
NZ$m
NZ$m
NZ$m
FY22
FY23FY24FY25FY26
Proportionate capital expenditureProportionate EBITDAF
1,000
800
600
400
200
0
FY22FY23FY24FY25FY26
Total capital invested Total realised proceeds Total unrealised proceeds
700
600
500
400
300
200
100
0
FY22FY23FY24FY25FY26
100
80
60
40
20
0
FY22FY23FY24FY25FY26
1,400
800
1,0 00
1,200
600
400
200
0
NZ$m
NZ$m
NZ$m
NZ$m
FY22FY23FY24FY25FY26
Proportionate capital expenditureProportionate EBITDAF
1,000
800
600
400
200
0
FY22
FY23FY24FY25FY26
Total capital invested Total realised proceeds Total unrealised proceeds
Those dynamics, and lower market valuations for One NZ’s closest
market comparator, Spark, have in turn driven a reduction in One NZ’s
independent valuation. We and the One NZ team have a strong set of
initiatives underway to recover that value. As you can see on page 10,
we have a solid track record of revealing value in large, integrated
businesses like One NZ over the years. This has included spinning out
One NZ’s towers business and Manawa Energy’s renewable energy
development business, Tilt.
Our cash flow will also be helped by our inaugural issuer credit rating
from S&P Global Ratings. The BBB+ credit rating reflects Infratil’s stable
funding, underpinned by substantial permanent capital and a track
record of strong investment performance. The rating will enable us to
broaden our funding options, enhance borrowing terms and reduce
financing costs.
Identify and scale our growth platforms
beyond CDC and Longroad Energy
Continue to broaden our shareholder base
and support future scale
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We have a substantial investor relations programme that is raising
awareness of Infratil in Australia and beyond, while also continuing to
engage with our New Zealand investor base through direct and online
activity. Our inclusion in the S&P/ASX 200 from mid-2025 provided a
welcome boost to Australian investor interest, as well as from
international index and active investors. We’ve seen ASX trading
volumes grow significantly, and Australasian analyst coverage has
increased with about a dozen analysts now publishing research on
Infratil.
CDC’s success should encourage more Australian investors to consider
Infratil as an investment, although we have more work to do on helping
investors understand our model and that we’re more than just a data
centre business.
8
700
600
500
400
300
200
100
0
FY22FY23FY24FY25FY26
100
80
60
40
20
0
FY22FY23FY24FY25FY26
1,400
800
1,0 00
1,200
600
400
200
0
NZ$m
NZ$m
NZ$m
NZ$m
FY22FY23FY24FY25FY26
Proportionate capital expenditureProportionate EBITDAF
1,000
800
600
400
200
0
FY22FY23FY24FY25FY26
Total capital invested Total realised proceeds Total unrealised proceeds

OUTLOOK
As we look to FY27, I’m confident in both our portfolio and the
opportunities ahead.
A key strength of our model is the discipline with which we keep testing
what we own against what else is out there. As Will Smales, Morrison’s
Chief Investment Officer, told our institutional investor audience in
September 2025, we’d reviewed several hundred investment ideas in
the prior year alone. This constant comparison helps ensure we’re
allocating capital to the opportunities we believe will deliver the best
long-term returns. In a fast changing world, that discipline matters.
Artificial intelligence is clearly front of mind. Our focus is on sifting
through the noise to understand what really matters for our existing
investments. We’re in a good position to do that. We see demand and
customer behaviour first-hand at CDC, we see the implications for
energy demand through Longroad Energy, and we’re seeing practical
applications of AI scale in One NZ and in teleradiology.
Through all that work, today, our core investment themes haven’t
changed. We continue to see the strongest opportunities in data
centres and renewable energy. They can meet our target returns in a
way that turns up in the share price (that is, at scale) and that growth
can be supported by our internally generated cash flows.
The growth in demand for efficient AI infrastructure is striking and may
be the investment opportunity of a lifetime. While computing chip
supply is well understood as a constraint, energy availability, supply
chain and labour shortages are emerging in the United States in
particular.
Longroad and CDC are established, scaled platforms with the capability
and experience to help meet this demand. Longroad has already signed
one project to supply a data centre and is establishing a dedicated data
centre development team. CDC’s new large-scale contract has
demonstrated Australasia’s opportunity to attract global computing
capacity, supported by regional stability, competitive build costs and
access to renewable energy.
Report of the Chief ExecutiveInfratil Annual Report
We’re exploring more opportunities to bring power and data centre
expertise together — delivering integrated solutions for customers in
a way that is more efficient and at greater scale. These opportunities
would require further funding and that may come from our existing
portfolio. As we assess the growth outlook and scale opportunities
for our existing assets, there is the potential for another $1 billion+ of
divestments over the medium term.
Across the portfolio, the near-term outlook is exciting. CDC is on track
to meet its target of doubling FY25 earnings by FY27. Solar and battery
storage remain the lowest-cost sources of new generation in many
markets, and we’ve agreed to provide a further US$300 million of equity
to Longroad to accelerate its growth. Gurīn Energy has an important
year ahead, with clarity on Indonesia’s export licence a potentially
transformational moment.
While those markets remain the most attractive for renewable
development today, we’re continuing to position our other platforms,
so they are ready to benefit as conditions improve in other regions.
As always, there’s plenty to be done and we’ll continue to invest wisely
to create further shareholder value.
Nga mihi nui,

Jason Boyes
Chief Executive
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9

35.8% 5.7x9.6
16.5% 1.7x6.7
47.3% 3.3x9.4
17.4% 18.4x27.4
7.5% 1.1x0.7
15.4% 1.5x4.6
8.6% 1.3x4.8
44.4% 2.1x4.7
14.1% 1.8x5.3
9.9% 1.3x6.1
13.0% 1.8x10.1
N/M 1.0x0.3
14.4% 1.2x3.3
18.0% 6.6x31.3
0.1% 1.0x11.0
1.8% 1.1x3.4
8.4% 1.8x18.0
This page shows our track record of returns on investments that we held
or divested in FY26.
The first column shows our calculated Internal Rate of Return (IRR) on
each asset up to 31 March 2026. It is expressed as a percentage per
year return, based on the capital invested, cash flows, and the most
recent asset valuation.
The Money Multiple metric shows the total value generated by an
investment relative to the total capital invested. It does not consider the
duration of investment, which is shown in the third column. Manawa
Energy is our longest held investment at 31 years.
One of the reasons we have been able to achieve strong long-term
returns is our willingness to prioritise value over asset accumulation.
Where other owners may be unwilling to question the status quo, we’ll
embrace opportunities to reshape businesses where shareholder value
can be unlocked.
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 are 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 are equal to the valuation of Infratil’s stake in each of
its assets.
4. A non-cash benefit equal to the value of Infratil’s share of Tilt on split from
Trustpower has been recognised in the total realised proceeds for Manawa Energy
to capture the value of the embedded option within Manawa.
5. A non-cash benefit equal to the value of Infratil's Anytime Radiology investment
has been recognised in Qscan and RHCNZ. This reflects the purchase of
teleradiology assets by Anytime Radiology and the value of the embedded
option within Qscan and RHCNZ.
6. As Contact Energy has been held for less than a year its IRR has been
de-annualised to reflect the shorter holding period.
Report of the Chief ExecutiveInfratil Annual Report
Total capital invested Total realised proceeds Total unrealised proceeds
Anytime Radiology
Infratil Infrastructure
Property
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8,0009,0007,0006,0005,0004,0003,0002,0001,0000NZ$m
INFRATIL TRACK RECORD
10
Investment
Duration
(years)IRR
Money
Multiple
Divested assets - FY26

OUR MANAGEMENT MODEL
Global reach to identify new ideas that matter,
with offices across North America, Europe,
Asia and Australasia
Ongoing search for potential new infrastructure
opportunities

Access to larger-scale opportunities through
co-investment by multiple clients

Infratil invested alongside other Morrison clients in
assets such as Longroad Energy and CDC

Aligned interests through management
contract and maintaining a strong global
investment track record
Alignment with shareholders through incentives for
out-performance, and with Morrison entities and
related individuals holding ~6.5% of Infratil shares
~NZ$57 billion
Assets under management supported by a team
of 200+ professionals
~NZ$20.6 billion
Infratil leverages wider Morrison staff to manage
its 13 portfolio companies
Morrison has been Infratil’s manager since our
inception in 1994. Over this time, Morrison has
grown from being a New Zealand focused
infrastructure investor to managing a global
platform across private and listed markets.
This includes NZ$20.6 billion in assets managed for Infratil, along with
other large scale institutional clients and unlisted infrastructure funds.
Morrison’s global capability and scale is becoming more important as
Infratil grows and looks to develop new, larger investment opportunities.
Infratil’s Board oversees the strategic direction of the company,
including capital management, capital structure, risk management and
approving all investments and divestments. The Board has delegated
management responsibilities of Infratil to Morrison, with specific goals
and objectives set to align management efforts with Infratil’s strategic
priorities.
This management model has helped Infratil deliver superior shareholder
outcomes by providing:
• scale and sector expertise beyond Infratil’s independent capacity
• growing global reach and access to investment opportunities
• the ability to co-invest with other Morrison clients in larger assets
• strong alignment through Morrison shareholdings in Infratil and
performance incentives.
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Management modelInfratil Annual Report
Finance
Tax & IR
Oversee Morrison investment
and asset management activity
Infratil CEO & CFO
Portfolio
Strategy
Legal & Risk
Morrison portfolio management team for InfratilMorrison Global Investment &
Asset Management Committees
Committees
include Infratil CEO/CFO
Sustainability
AN ACTIVE MANAGER
Active asset management is fundamental
to the preservation of capital and our
delivery of strong investment returns.
We take a hands-on approach to driving long-term business
performance to create shareholder value. We do this by creating
teams around each asset that bring to bear Morrison’s operational
and industry expertise, including sector specialists, tax, legal,
sustainability and research teams.
Infratil portfolio companies
DigitalRenewablesHealthcareAirports
Monitor Morrison, portfolio, and
portfolio company performance
Oversee capital allocation to
deliver shareholder returns
Review and approve strategy
Infratil Board
Morrison Global Investment & Asset Management functions
• Provide financial, strategy & research, management and governance expertise
• Originate new investment ideas
• Work closely with portfolio company Boards and Management
• Supplemented by a bench of 20+ sector experts and operating partners
Active management to maintain portfolio growth through cycles
• Drive financial and operational performance of portfolio companies
• Assist portfolio companies with strategic growth and value creation
• Dynamically allocate capital from cash flow generators to best 15%+ IRR opportunities
• Identify new investment opportunities to optimise portfolio cash flow and growth pillars
• Manage balance of cash flow and growth pillars and overall portfolio diversification and complexity as assets evolve
12

Management fee Incentive fee
• only for non-NZ assets
• hurdle: 12% increase in asset value
• fee: 20% of the outperformance above
the
hurdle
Infratil’s relationship with Morrison is governed
by an investment management agreement
that outlines Morrison’s responsibilities, and
the fee arrangements for its services.
The Board continually monitors Morrison’s performance to ensure
it is delivering value for shareholders and positioning Infratil for
continued success.
Morrison receives an annual management fee, with the fee varying
depending on whether an asset is part of the New Zealand or
international portfolio. An incentive fee may be payable where a
company has more than half of its assets outside New Zealand and a
minimum performance hurdle of 12% growth in asset value is achieved.
A high-level fee summary is shown in the diagram and a more detailed
fee model is available at https://infratil.com/for-investors/investor-
days/.
The management agreement includes a modified high-water mark
for incentive fees. This means that, in most instances, incentive
fees are not paid on one category without the recovery of any
underperformance of other fee categories.
An increase in incentive fees paid in recent years has reflected the
strong outperformance of our investments in Longroad Energy and
CDC, as determined by independent asset valuations. Independent
valuers are usually appointed by the Infratil Board for a three-year term
and are required to provide auditable, objective and market-based
assessments of fair value.
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
Management modelInfratil Annual Report
MANAGEMENT AGREEMENT
13
New Zealand portfolio fee
• calculated at varying rates on Infratil’s
company value (i.e. market capitalisation
+ book value of Australasian debt)
• FY26 fee equated to an average of ~0.88%
International portfolio fee
• calculated on 1.50% of acquisition cost
and Infratil’s debt for non-Australasian
companies
Annual fee
• applicable from fourth Infratil balance date
• calculated on qualifying assets’ valuation
growth from the prior year
• under-performance of individual assets is
netted off positive performance
Initial asset fee
• an asset is eligible on the third balance
date held by Infratil
• hurdle calculated on contributed capital
after being acquired
Realised asset fee
• calculated on gain from sale or other
realisation process
Single instalment
Single instalment
Paid in three annual
instalments and years 2-3
may be scaled down if the
fair value reduces from
the initial qualifying value

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
SustainabilityInfratil Annual Report
OUR SUSTAINABILITY STRATEGY
Governance
Have robust business and governance
processes to understand, actively manage and
be accountable for the ESG issues that matter.
Leadership
Be transparent, collaborative and follow
credible ESG standards and frameworks,
and influence for positive outcomes over the
long term.
Define the ideas that matter and find the opportunities where
ESG is evident eg: energy transition and social licence
Build conviction – ESG screening using Infratil’s Exclusion PolicyBuild conviction – ESG due diligence to inform decisions
Identify the value - investment decision and onboarding
including ESG considerations and plans
For example, considering ESG as part of:
• Shareholder agreements
• Onboarding plans
• Setting expectations
• Portfolio company reporting.
Invest wisely – active management, including ESG risks and
opportunities
We encourage our companies to identify and manage their material
ESG issues. On an ongoing basis, we assess and engage on:
• climate and environmental risks and opportunities
• ESG governance (including policy oversight), and
• ESG matters relating to people, communities and supply chains.
Benchmarking and reporting on material ESG matters
Infratil produces its own ESG & climate reports and increasingly
so do its portfolio companies:
• all companies report emissions and complete GRESB
assessments
• Infratil targets 60% of its portfolio having SBTi targets by end
of FY28 and 100% by end of FY30: FY26 = 23%
• $2.4m proportionate community investment, including Infratil.
Climate and Nature
Catalyse a rapid and efficient transition to a
low-carbon, resilient future, while protecting
and restoring nature.
People
Support our people and communities to thrive
from an intellectual, physical, cultural and
economic perspective.
POST-INVESTMENT
Material ESG issues are integrated across the investment process.
PRE-INVESTMENT
Material ESG issues are considered prior to committing capital.
We believe investing wisely means taking a long-term view and meeting the expectations of customers, communities and capital providers. It also requires the development of infrastructure that is resilient, sustainable and
well governed and managed. As well as focusing on sustainability at an Infratil level, we work closely with our portfolio businesses to support their own sustainability efforts and deliver real world outcomes. Our activity is
focused across the four pillars of our sustainability strategy.
Ultimately, decisions grounded in responsible stewardship are part of creating long-term value and managing risk. That’s why we also integrate sustainability considerations through our investment process.
14

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
SustainabilityInfratil Annual Report
SUSTAINABILITY IN ACTION
CDC DATA CENTRES
Not all data centres are created equal. CDC was born during Australia’s
‘Millennium Drought’, and this drove a focus on sustainability. Today,
CDC is a sector leader in this space. In FY26, CDC achieved Net Zero
emissions within its defined target boundary which includes scope 1,
scope 2 and defined scope 3 emissions (travel, waste and customer
electricity).
As part of achieving this in FY26, CDC and its customers volume-
matched all electricity used in its facilities with 100% renewable
electricity. CDC’s data centres are energy efficient supporting a range
of technologies including liquid-to-chip cooling systems which require
less energy for cooling than traditional methods. CDC also works with
grid operators to support grid stability and capacity by investing in the
development of electricity infrastructure, such as substations.
CDC is also a sector leader in water conservation. Unlike traditional data
centres that consume large volumes of water for cooling, CDC has
implemented a closed-loop liquid cooling system from day one across
all CDC-built facilities, resulting in near-zero ongoing water
consumption for primary cooling, whilst remaining energy efficient. This
means CDC does not consume up to billions of litres of water every
year when compared to traditional evaporative cooling methods. This
provides an advantage for CDC’s resilience and sustainability, as well
as a commercial and social licence advantage, helping expedite
consenting for new CDC sites in areas where water supply is limited.
GURĪN ENERGY
Gurīn Energy integrates sustainability across the full project lifecycle.
Environmental and social risks - such as biodiversity, Indigenous
Peoples, resettlement, land acquisition, community safety and
security, and physical climate exposure - are assessed from early
site screening through development and delivery.
Where projects proceed, impact assessments are aligned with
international frameworks including the Equator Principles 4 (EP4) and
the International Finance Corporation (IFC) Performance Standards
on Environmental and Social Sustainability. Risks are managed using
a hierarchy of management measures – avoid, minimise, mitigate –
and where residual impacts remain, compensate, offset or remedy.
For example, the environmental permit for the Zambales project in the
Philippines required replacement trees (50-100 times the number
Gurīn Energy removed) to be planted in a designated area.
Gurīn Energy maintains an environmental and social management
system aligned with the IFC Performance Standards, ILO conventions
and other relevant international frameworks. The system is integrated
into all business activities at every stage of project development,
construction and operation. These activities include land acquisition,
community engagement, labour management and contractor
practices. Expectations for employees, contractors and suppliers are
set by Gurīn Energy’s Code of Conduct, Human Rights Policy and
Supplier Code of Conduct.
MEASURING OUR PROGRESS
We measure and report our progress on the ESG issues that matter in
the Sustainability Reporting section of our website. Our key governance
documents, policies and Modern Slavery reporting are in the
Governance section of our website.
Our ESG performance is assessed by a range of external frameworks
shown in the table below. The ratings are used by our investors and
stakeholders in their capital allocation and engagement decisions, and
they support inclusion in ESG indices. Reflecting our progress, in May
2026, Infratil was included in the Dow Jones Best in Class Australia
Index for the first time.
Each year, our portfolio companies participate in the globally
recognised, independent GRESB Infrastructure assessment. Infratil’s
overall GRESB Fund score has continued to increase, with our 2025
management score ranking first globally, out of 135 peers. Wellington
Airport achieved a GRESB five-star rating and 98/100 score in their
sector, while One NZ scored 93/100 and ranked second in Oceania.
Rating bodyLatest ratingPrior ratingRating range
GRESB94860-100
MSCI ESGAAACCC to AAA
S&P CSA38230-100; industry
average 29
Sustainalytics
ESG Risk
6.68.50-10 = negligible risk;
40+ = severe risk
Forsyth Barr (NZ)
Climate & ESG
A-B+D to A+
CDPBCD to A
15

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Our management model
Sustainability
Our portfolio
Financial Performance
Corporate governance
Directory
16
Report of the Chief ExecutiveInfratil Annual Report
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Financial performance
Corporate governance
Directory
PortfolioInfratil Annual Report
ENABLING
IDEAS THAT
MATTER
16

CDC Data Centres (CDC) is a leading Australasian provider of data
centre infrastructure, with 25 operating and under construction
facilities across Canberra, Sydney, Melbourne, Perth and Auckland.
The business has built a strong track record of delivering large-scale,
future-ready and sustainable campuses for customers, with more than
90% of revenue derived from investment-grade rated counterparties
and a weighted average lease expiry of about 27 years, including
options. CDC is a trusted provider to Australian government agencies,
operating facilities designed to meet stringent federal security and
sovereignty requirements.
CDC continues to benefit from rising demand for secure, resilient,
high-quality data centre capacity, supported by the ongoing
densification of computing equipment, which enables greater
computing power within the same physical footprint. To meet this
demand, CDC is investing significantly in new capacity, with
construction progressing at its second Sydney and Melbourne
campuses. CDC recently celebrated the opening of its Brooklyn
campus in Melbourne and commenced construction of its first Perth
campus.
As its footprint has expanded, CDC has delivered strong earnings
growth, underpinned by long-term customer contracts, a high-quality
tenant base and favourable structural trends in digital infrastructure
demand. This saw its EBITDAF lift almost 20% in FY26, with growth
expected to accelerate further in FY27.
Construction at CDC’s Laverton
campus, Melbourne.
2016$8.9b49.7%35.8%
First investedValuation NZ$Infratil ownershipIRR
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Digital infrastructureCDCInfratil Annual Report
17
FY26 Developments
• Strong, growing demand with 220MW ICT capacity invoiced at
the end of FY26
• 671MW built operating capacity and 572MW under construction
at end of FY26
• Future build pipeline capacity of 1,663MW to FY34
• Densification is enabling CDC to deploy more capacity within
the same building envelope, extracting greater value from land,
building and infrastructure investments

CDC enters FY27 with strong momentum
following the award of a 555MW contract,
the largest data centre contract in
Australia’s history, in May 2026.
This took CDC’s total contracted capacity to more than 1GW and
materially improved medium-term earnings visibility. This new capacity
is scheduled to come online through FY28 and FY29, supporting
expectations that EBITDAF will exceed A$1 billion in FY28 and reach
approximately A$2 billion on an annualised basis when fully deployed.
Demand fundamentals for Australasian data centre space remain
compelling, driven by cloud, AI and increasing computing density.
Customers are seeking scalable, efficient and sustainable
infrastructure, with CDC’s demand-led, agile development model
helping manage execution and utilisation risk. It is a trusted provider to
Australian government agencies, operating facilities designed to meet
stringent federal security and sovereignty requirements.
Its competitive position is further strengthened by its in-house design
innovation expertise that enables the deployment of liquid cooling
technology for computing equipment and CDC’s industry-leading
closed loop cooling technology, which minimises water consumption to
near zero. This also enhances operational resilience and lowers risks for
customers because CDC builds data centres that are not reliant on
mains water availability for cooling.
With significant contracted demand, a differentiated product offering
and supportive long-term investors, CDC is well positioned to continue
scaling earnings and cash flow over the medium term. With CDC
Australia being assigned a public Baa2 (Stable) credit rating by Moody’s
Ratings in April 2026, CDC has the added ability to access global debt
and hybrid capital markets to help fund this growth.
Operating capacity 671MW
Under construction 572MW
Data Centres
Perth
Sydney
Melbourne
Canberra
Auckland
34MW
210MW
181MW
20MW
156MW
237MW
308MW
98MW
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Digital infrastructureCDCInfratil Annual Report
18
Key financials – 31 March A$m20262025
Revenue534446
EBITDAF393330
EBITDAF margin74%74%
Capital expenditure2,1131,760
Net Debt4,8813,499
Credit ratingBaa2 (stable)

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
One NZ is a leading telecommunications provider in New Zealand,
offering mobile, broadband and enterprise connectivity services to
consumer, business and government customers. It operates a
nationwide mobile network serving about 2 million connections and
offers fixed line services through a combination of its own EonFibre
business and wholesale providers’ networks.
Infratil’s history with One NZ began in 2019, as part of a consortium
that purchased the business from Vodafone Group plc. This marked
Infratil’s first significant investment in telecommunications
infrastructure and services. In 2023, Infratil acquired control of the
rebranded One NZ.
Today, One NZ has a strong market position, underpinned by its brand,
distribution channels and customer base. Ongoing investments in 5G
and fibre are supporting revenue resilience and future growth, while the
business is focused on disciplined cost management and sustainable
cash generation.
One NZ performed well in mobile in FY26, maintaining its Pay Monthly
mobile share despite competitive pressure. This was supported by its
One Wallet and One NZ Satellite differentiation. Customers have also
embraced One Wallet as the way to upgrade to their next phone, with
most of One NZ’s interest free phone sales now going through the
scheme.
FY26 Developments
• Achieved 4% revenue growth in challenging, low growth market
• 5G network investment achieved 70% population coverage
• 2G and 3G networks shut down, enabling spectrum re-use
• One NZ Satellite capability expanded from messaging to include
data and voice calling via select apps on eligible phones
• EonFibre growing high-capacity demand as a standalone
network business
• FY26 free cash flow up $67m (vs FY25) with reduced investment
and working capital discipline
• ‘Medium Company of the Year Award’ in the Global Sustainability
Awards
Key financials – 31 March NZ$m20262025
Revenue1,9981,921
EBITDAF609605
EBITDAF margin30%31%
Capital expenditure246270
Net Debt1,4931,438
Image from One NZ’s multi-year
brand advertising campaign ‘Let’s Get
Connected’, voted New Zealand’s
favourite campaign of the summer.
2019$3.4b99.8%16.5%
First investedValuation NZ$Infratil ownershipIRR
Portfolio / Digital infrastructureOne NZInfratil Annual Report
19

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
One NZ mobile Pay Monthly connections
have proved resilient in a highly competitive
market, underpinning steady revenue
growth. Innovative propositions, such as
One NZ Satellite and One Wallet, are
helping improve service options and
affordability, while reducing customer
churn.
The final switch-off of legacy 2G and 3G networks in March 2026
enables more efficient use of spectrum for 4G and 5G connectivity,
supporting improved speeds, coverage, and reliability. Ongoing
investment in mobile coverage has extended 5G coverage to 70% of
the population, along with upgrades to strengthen network resilience
and performance. At the same time, One NZ Satellite functionality has
expanded beyond messaging to include data and voice calling via
select apps on eligible phones, further strengthening coverage in
remote areas, with customers sending over 15 million messages
through space since launch in December 2024.
One NZ has continued to successfully transform itself into an ‘AI first,
human where it matters most’ organisation at the forefront of
innovation in the sector, working with global partners to embed AI
across the organisation. This year One NZ moved beyond feasibility
pilots which have helped drive adoption, to making strategic
investments – including upskilling employees – intended to scale AI
solutions to all parts of the telco value chain.
Portfolio / Digital infrastructureOne NZInfratil Annual Report
The recently opened
One New Zealand Stadium at
Te Kaha, in Christchurch.
20
With over 50 AI solutions live, One NZ is rewiring the organisation. It
is seeing improvements in delivering software, operational efficiency
through process automation, and customer experience improvements
through agentic support in the call centres. Better network
management has also been achieved with improved ability to spot
and respond to network anomalies.
One NZ’s “sector-leading, purpose-led sustainability” received
international recognition during the year when it won the ‘Medium
Company of the Year Award’ in the Global Sustainability Awards.
One NZ has continued to invest in infrastructure in ways to support
sustainability, including with reduced electricity usage through AI
driven network optimisation. Rooftop solar generation was installed
at a Christchurch data centre to support site operations and network
assets at the neighbouring One New Zealand Stadium.

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Digital infrastructureKao DataInfratil Annual Report
Kao Data continues to grow as a specialist developer and operator of
advanced, highly sustainable colocation data centres across the United
Kingdom. The business remains focused on hosting technically
demanding workloads, with a client base spanning high-performance
computing and AI, enterprise, and cloud providers.
Kao’s flagship asset is its 15-acre campus in Harlow, located within the
“Innovation Corridor” between London and Cambridge. The campus
has land, power and planning consent for four data centres, of which
two are currently operational and serving customers, with a third under
construction. During the period, Kao secured a 10-year agreement
with an international neocloud provider for a 22MW deployment at
Harlow, further evidencing strong demand for AI and high-density
computing capacity.
Kao continues to expand its development pipeline. In March 2026, the
business completed the acquisition of a 4.7-acre greenfield site at Park
Royal in West London. The site will be redeveloped into a new, highly
efficient and sustainable data centre, with a targeted ready-for-service
date of 2029. The project represents a strategic growth option,
providing near-term capacity and strengthening Kao’s presence in one
of Europe’s most sought-after data centre markets. As the site sits
within a prime West London availability zone, it is expected to be
attractive across all customer segments, including hyperscale.
Sustainability and energy resilience remain central to Kao’s strategy.
At Harlow, the business has entered into an agreement to procure up
to 40MW of solar power via a private wire arrangement, supporting
its pathway to net zero operations by 2030 while improving long-term
energy security and cost visibility.
FY26 Developments
• Operating capacity increased from 29MW to 37MW
• New contracts driving revenue growth
• Further 18MW under construction at Harlow campus
• Future build pipeline lifted to 106MW with addition of West
London sites
Key financials – 31 March £m20262025
Revenue4838
EBITDAF54
EBITDAF margin10%11%
Capital expenditure20273
Net Debt252110
Kao Data’s Harlow Campus, located
between London and Cambridge,
United Kingdom.
2021$865m54.7%15.4%
First investedValuation NZ$Infratil ownershipIRR
21

2016$2.4b42.5%47.3%
First investedValuation NZ$Infratil ownershipIRR
Longroad Energy develops, owns and operates utility-scale solar,
battery storage and wind projects across the United States. Its
operating capacity is increasing rapidly, supported by record underlying
demand for new electricity supply. This demand is driven by
electrification, data centre development, manufacturing onshoring
and decarbonisation.
Longroad generates revenue through long-term contracted
arrangements for electricity supply and generation or storage capacity
with utility, corporate and municipal counterparties. During the year,
434MW of new capacity entered operation, taking owned operating
capacity to 3.5GW, with another 2GW under construction at year end.
Longroad also advanced its development pipeline, qualifying more
projects for tax credits. This is expected to facilitate a higher
development cadence in the medium term.
The increasing scale of the operating portfolio is contributing to
stronger earnings, with EBITDAF up 170% in FY26.
FY26 Developments
• Serrano (Utah), a 434MW solar and battery storage project,
entered operation
• Operating owned capacity increased to 3.5GW
• 2GW of projects were under construction at year end, up from
1GW in FY25
• More than 6GW of solar and storage projects now tax
credit qualified
Key financials – 31 March US$m20262025
Revenue356222
EBITDAF12145
EBITDAF margin34%20%
Capital expenditure1,0871,485
Net Debt3,7953,270
The Sun Pond solar and battery
project in Arizona.
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Renewable infrastructureLongroad EnergyInfratil Annual Report
22

Operating 2,347MW 729MW 458MW
Under construction 1,665MW 210MW 100MW
Arizona
SolarBatteryWindTransmission
Texas
Arkansas
New Mexico
California
Utah
Minnesota
Maine
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
533MW
723MW
121MW
400MW
67MW
1,093MW
729MW
306MW
111MW
85MW
75MW
50MW
100MW
522MW
98MW
282MW
31MW
184MW
Despite what some media headlines might
suggest, renewable energy is doing the
heavy lifting when it comes to meeting the
growth in United States’ electricity demand.
After years of modest growth in U.S. electricity consumption, the
American Clean Power Association projects demand to increase by
~30% to 50% by 2040. The U.S. Energy Information Administration
expects a record 86GW of new utility-scale generating capacity to
be added in 2026, with 93% of this coming from solar, battery storage
and wind.
Communities are benefitting, with the Sun Pond solar and storage
project recently beginning to deliver 111MW solar power and 85MW
battery storage for several not-for-profit power providers. The project
will generate enough electricity to power about 35,000 average
American homes. Sun Pond is projected to avoid over 145,000 metric
tons of CO₂ emissions annually, the equivalent of taking nearly 34,000
petrol-powered passenger cars off the road each year.
Sun Pond is part of the larger Longroad Sun Streams Complex, a
four-project complex totalling nearly 1.6GW of solar and storage
capacity located in Maricopa County, Arizona. The entire complex is
providing more than US$300 million in benefits to Arizona schools and
communities through its long-term leases with the Arizona State Land
Department and tax remittances.
Portfolio / Renewable infrastructureLongroad EnergyInfratil Annual Report
23
Data centres are an increasingly important source of incremental
electricity demand. Longroad’s 1,000 Mile project is being developed
to supply a Meta data centre, and the business is increasing its focus
on this segment. To create opportunities for co-located data centre
development, by Longroad or partners, Longroad has submitted
multiple applications to connect data centre loads to transmission
networks. These applications are at existing project sites for multi-
gigawatts of load.
Longroad is seeking to increase its future contracted revenues by
continuing to advance its development pipeline, including through
selective large-scale acquisitions. The time is right for well positioned
and well capitalised businesses in this sector to grow. Infratil has
agreed to provide an additional US$300 million of equity in FY27 to
help Longroad take up this opportunity and accelerate its growth.

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Renewable infrastructureContact EnergyInfratil Annual Report
2025$1.4b14.1%7.5%
First investedValuation NZ$Infratil ownershipIRR (nine months)
Contact Energy is a listed company within Infratil’s portfolio. One of
New Zealand’s largest energy generators and retailers, Contact has
over 650,000 customer connections across electricity, gas,
broadband and mobile plans.
Infratil held 14.1% of Contact shares at the end of FY26, after first
acquiring about 9.5% in July 2025, as part of the sale of Infratil’s 51%
stake in Manawa Energy. On 20 May 2026, Infratil announced it had
reduced its holding by 5% to support future growth opportunities across
its portfolio. Infratil remains confident in Contact and the sector’s
outlook.
Contact operates 11 power stations across New Zealand, using
geothermal, hydro and thermal energy. With 3–5TWh of new grid
demand expected in the next five years, its Contact31+ strategy will
see it invest in the infrastructure required to support a more renewable,
resilient and affordable energy future for New Zealand.
Contact’s merger of Manawa Energy’s assets, together with a full
period of generation at the new Te Huka 3 geothermal plant, helped
drive a lift in Contact’s half-year earnings announced in February 2026.
Renewable generation was 97% of total electricity generation in the
half-year and Contact plans to use funding from its $575 million equity
raise to advance various battery storage, solar farm and geothermal
projects.
Contact's geothermal steam turbine
power station at Tauhara, in Taupō,
New Zealand.
24
Contact HY26 Developments
• $500 million EBITDAF in the 6-months to 31 December 2025
• Manawa Energy acquisition added 1.3TWh via hydro generation and
PPA contracts
• >80% of identified Manawa acquisition cost synergies secured in the
first six months of ownership
• Te Huka 3 plant online, supporting higher geothermal generation

Gurīn Energy has established a pipeline of ~8GW of solar, wind and
energy storage projects across a number of Asian markets. It is taking
a disciplined approach, balancing growth with regulatory, market and
execution risk, while developing assets aligned to long term demand
fundamentals.
Its flagship development is the large utility-scale Vanda RE solar and
battery project to deliver power from Indonesia to Singapore. Gurīn
Energy has a 75% stake in the project.
In mid-March 2026, the Indonesian Government granted Vanda RE
a permit to generate, distribute and sell electricity. This coincided
with bilateral discussions between the Indonesian and Singaporean
governments aimed at finalising a framework for cross border
renewable energy trade and investment. This process is taking longer
than we’d hoped and an Indonesian export licence is a key approval
required before we can make a final investment decision.
Another key development is the 240MW/960MWh battery storage
project in Japan which has reached ready-to-build status, having
secured a grid connection and the requisite land.
In the meantime, Gurīn Energy’s Zambales Province solar project has
completed its first year of operations in the Philippines and another
39MW solar plant is under construction in Tarlac Province.
FY26 Developments
• 100% of private land secured for Vanda RE; received domestic
Indonesian electricity production licence
• 240MW/960MWh battery storage project in Japan reached
ready-to-build status
• Acquired South Korean ~300MW wind + solar pipeline in
October 2025
• Tarlac Province solar project (39MW) expected to be operational
Q3 FY27
• Advanced projects with associated data centre supply
opportunities in Malaysia
2021$553m95.0%44.4%
First investedValuation NZ$Infratil ownershipIRR
Operating capacity 75MW
In development 5,449MW 2,678MW 112MW
Philippines
Malaysia
SolarWindBattery
Japan
South Korea
Thailand
Indonesia
Singapore
Project Vanda
75MW
105MW
2,072MW
25MW
818MW
2,200MW
1,250MW
614MW
458MW
112MW
585MW
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Renewable infrastructureGurīn EnergyInfratil Annual Report
25

Mint Renewables was established in late 2022 to develop
renewable energy projects, including large scale solar and
energy storage, in Australia. Mint’s project pipeline is
early-stage with around 3GW of wind, solar and storage
opportunities across Australia and New Zealand.
In August 2025, Mint announced its entry into New Zealand,
through a strategic partnership with Ngāi Tahu Holdings.
Mint Aotearoa is targeting large-scale renewable energy
developments across Aotearoa, with an initial NZ$100 million
investment programme. It combines Mint’s technical
expertise and deep development experience in renewable
energy with Ngāi Tahu Holdings’ strong regional leadership
and relationships, rooted in Ngāi Tahu values and iwi
governance structures.
FY26 Developments
• Secured environmental approval for large-scale battery
energy storage system in Victoria, Australia
• Establishment of Mint Aotearoa (Mint Renewables, Ngai
Tahu Holdings JV) and commencement of development in
New Zealand market
• Progressed a number of Australian projects towards
lodgement of environmental approvals expected in FY27
First invested2022
Infratil ownership73.00%
Net asset value NZ$m45
Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / Renewable infrastructureGalileoInfratil Annual Report
2020
First invested
$257m
Valuation NZ$
38.0%
Infratil ownership
9.9%
IRR
Galileo is a European renewable energy development platform with a
pipeline exceeding 16GW across 10 markets, spanning solar, battery
storage, and offshore and onshore wind. To date, Galileo has focused
on originating and scaling a diversified, high-quality development
portfolio, leveraging its development capability and selected
partnerships.
Historically, value has been realised through project advancement,
preconstruction asset sales, and capital recycling as projects mature.
As European renewable energy markets have evolved, with returns
affected by higher delivery costs, Galileo has begun refining its strategy
toward a build-to-own model. This will see it focus on fewer markets
where power demand, power prices, connection conditions and
regulation allow pipeline deployment at attractive returns
The change in Galileo’s development approach seeks to follow the
evolution of some of Infratil’s other renewable energy investments,
where their markets have matured.
In the meantime, the softening values across early stage development
projects, together with write offs or write downs following the strategy
reset, meant Galileo’s independent valuation reduced during the year.
As the new strategy is implemented, we expect to see Galileo improve
portfolio quality, support long-term value creation and provide greater
exposure to contracted operating assets.
During the year, Galileo completed construction of its first solar farm in
Lombardy, Italy, and executed construction contracts for a further 5MW
project in Lombardy, with construction scheduled to commence in
mid-2026.
26

Contents
Financial overview
Report of the Chair
Report of the Chief Executive
Management model
Sustainability
Portfolio
Digital
Renewables
Airports
Healthcare
Financial performance
Corporate governance
Directory
Portfolio / AirportsWellington AirportInfratil Annual Report
Wellington Airport continued to demonstrate its resilience in a
challenging operating environment. Strong performance across the
international and commercial (non-aeronautical) businesses, together
with a continued focus on efficiencies, delivered increased EBITDAF
for the year.
This was achieved despite weak macroeconomic conditions and
ongoing domestic airline fleet availability issues, which resulted in
a decline in total passenger numbers from 5.3 million in FY25 to
5.1 million. Domestic passenger volumes fell by around 6%, partly
offset by a 4% increase in international passengers, supported by
expanded trans-Tasman services and stronger inbound demand.
Significant investment was made during the year, including upgrades
to runway safety, terminal enhancements, and the construction of a
new fire station. These investments position the airport for improved
connectivity and future growth. In particular, the runway safety
upgrade enables modern widebody aircraft to connect Wellington
directly to hubs in Asia.
Wellington Airport installed the
engineered materials arresting
system (EMAS) safety zones at each
end of the runway.
1998$1.07b66.0%17.4%
First investedValuation NZ$Infratil ownershipIRR
27
FY26 Developments
• EBITDAF increased 2% to $133 million
• Strong growth in international demand partly offset reduced
domestic passenger volumes
• $112 million invested in infrastructure improvements
• Runway upgrade enhances safety and enables long-haul flights
• New car park providing 800 additional spaces
• 98/100 score in the GRESB sustainability assessment