Infratil Newsletter - August 2026

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

Infratil Newsletter – August 2026

Attached is a copy of the latest Infratil Newsletter for investors, with commentary on
developments at Infratil and various portfolio companies.

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

Authorised for release by:

Matthew Ross
Infratil Chief Financial Officer

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Investor newsletter
August 2026
We’ve had a busy few months since our financial results announcement with a dozen retail
investor presentations completed across 10 New Zealand towns and cities, the quarterly
update to CDC’s independent valuation, and the release of our annual climate reporting.
Our retail investor roadshow reached about 1,500 attendees this year and provided useful
insights on how investors view our portfolio strategy and the growth opportunities we see
ahead. Unsurprisingly, questions about the strength of AI-related demand and potential risk for
Infratil remains a focus for investors.
We saw markets waver again in recent weeks, before quarterly results from several US
hyperscalers showed continued strong demand for AI infrastructure and US data centre
operator Equinix upgraded its guidance. Our view remains that large-scale operators – like CDC
and Longroad Energy - with secured land, power and customer relationships, are very well
placed to capitalise on AI-driven growth opportunities in their respective markets.
In this edition:
Tune in to the Opening Bell .................................................................................................. 2
Credit rating adding value for CDC ....................................................................................... 2
CDC valuation shows development acceleration .................................................................. 3
Australian government progresses national AI Standard ........................................................ 4
Kao Data wins landmark UK neocloud contract .................................................................... 5
Longroad targets 15GW of power in 2029 ............................................................................. 7
Leadership changes support growth .................................................................................... 7
Changing of the guard at One NZ ......................................................................................... 9
Morrison announces strategic Japanese partnership ............................................................ 9
Gauging our performance ................................................................................................. 10
Progress on sustainability and climate reporting ................................................................. 10
Other updates .................................................................................................................. 11

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Tune in to the Opening Bell
For those who are seeking insights into New Zealand companies and the broader capital
market, check out the NZX’s Opening Bell podcast series.
Our CEO Jason Boyes sat down with the podcast’s Joseph Shuker soon after our FY26 results
for a chat about the things we’re focused on, and what we’re thinking about further ahead.
Listen to the episode here.


Credit rating adding value for CDC
CDC has been busy diversifying its funding sources since it secured its inaugural public credit
rating, Baa2 (Stable), from Moody’s in April. Two transactions have now been completed,
raising A$1.7 billion in funding with a third currently in market. CDC has experienced extremely
strong demand for its two transactions, ensuring cost effective outcomes.
In May, CDC issued a A$1 billion hybrid capital bond at a blended margin of 250 basis points
across A$650 million floating rate and A$350 million fixed-to-floating rate tranches. The
transaction was almost six times oversubscribed.
This was followed by a debut Australian senior bond that attracted more than A$4 billion of
demand. The transaction was upsized from A$500 million to A$700 million, comprising:
• 6 Year: A$400 million at +145bps margin, equating to approximately 6.1% per annum
• 10 Year: A$300 million at +175bps margin, equating to approximately 6.6% per annum
CDC has returned to the US Private Placement market following successful issuances in 2022
and 2024. The deal launched recently at US$400 million across 10, 12 and 15 year tenors, with
the ability to upsize depending on investor demand and pricing. The deal is expected to close in
August with funding set for Q4 in 2026.

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CDC valuation shows development acceleration
The latest CDC independent valuation increased by A$3.5 billion, or 23.6%, in the quarter to 30
June to a mid-point of A$18.5 billion. This values Infratil’s 49.72% interest in CDC at A$9.2
billion at the mid-point, up A$1.75 billion from the 31 March valuation.
Much of this increase reflected the valuation catching up with CDC’s announcement in early
May of its 555 megawatt (MW) contract, which the market had already reflected in the share
price. However, the valuation update also revealed the acceleration in CDC’s build programme,
with leasable capacity under construction doubling to 810M W.
Leasable capacity is primary ICT capacity that is contractable or revenue generating and aligns
with the forward views on contracted capacity that CDC has previously provided out to FY29.
With contracted capacity now accounting for a significant portion of operating and under
construction capacity, the quarterly valuation update revealed that CDC has included 1.3GW
of additional future build capacity in its pipeline to FY40. This takes its total pipeline to 3.9GW
and will ensure it maintains sufficient runway to meet continued strong customer signals for
additional large scale data centre demand.

Source: CDC Independent Valuation, 30 June 2026. *Rounded to nearest 10MW

460
550
400
810
1,740
2,580
0
1,000
2,000
3,000
4,000
Mar-26Jun-26
CDC Capacity Pipeline (Leasable MW*) to FY40
OperatingUnder constructionFuture build

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Australian government progresses national AI Standard
In July, Australia's Prime Minister, Anthony Albanese, announced the Federal Government's
intention to legislate a national AI Standard, including mandatory minimum requirements for
large data centres in relation to energy, water and location, to enable data centre investment
while ensuring AI works in Australia's interests.
This was followed by the Energy and Climate Change Ministerial Council (ECMC) on 28 July,
where Ministers "...agreed to progress action to ensure this important economic opportunity
occurs in a way that is beneficial for Australia's energy grids and prevents additional costs on
households, building on work already underway in some jurisdictions."
On 5 August, the Australian Energy Market Commission (AEMC) released its advice to Energy
Ministers and Minister Bowen set out the Government's approach at the National Press Club.
Data centres would offset their electricity use by surrendering Renewable Electricity
Guarantee of Origin certificates from new, additional generation, and demonstrate their load is
backed by new firm capacity.
Encouragingly, the AEMC has advised the reforms could be staged and applied proportionately
to a facility's size and load impact, and the Government has signalled multiple compliance
pathways — including power purchase agreements or direct investment in generation.
Expected next steps from here are:
• National Cabinet is expected to consider the framework in August, with the Prime
Minister to outline further detail in coming weeks.
• Ministers will develop National Electricity Rule change proposals for consideration in
September, to ensure data centres "...demonstrate that they can offset their demand by
procuring new renewable generation, adequate firming, and demand flexibility to
support the energy grids."
While the final form remains subject to consultation, CDC is well placed to meet the new
requirements given its scale and experience and will continue working with stakeholders to
ensure regulations are pragmatic.
CDC is very focused on social licence matters and locates its campuses in industrial locations.
It invests significantly in electricity network infrastructure, such as substations, for its large-
scale campuses and Infratil has extensive sector expertise in renewable energy development
that it could draw upon.
CDC is also a leader in minimising water use with its closed-loop liquid cooling system which
has been installed across CDC-built facilities for more than 18 years.

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CDC’s closed-loop liquid cooling system recirculates water through sealed pipes and places no
ongoing burden on local water catchments, potable water supply, or stormwater infrastructure.
Kao Data wins landmark UK neocloud contract
Data centre demand is a global phenomenon and, in June, our UK data centre business, Kao
Data, announced a significant 22MW contract win. The 10-year agreement is with Nebius
(NASDAQ: NBIS), a leading AI neocloud company, for capacity at Kao Data’s Harlow campus,
just north of London. The deployment forms part of Nebius’ announced £1.7 billion investment
in the UK and will provide dedicated infrastructure to support the rapid growth of inference
workloads, reflecting the increasing demand for high-performance compute environments
capable of supporting advanced AI applications at scale.
Kao Data CEO, Spencer Lamb, said the contract reinforces the role of the Harlow campus as
one of Europe’s leading hubs for industrial-scale AI research, enterprise computing, and GPU-
accelerated workloads. The agreement also highlights the strategic importance of the UK as a
destination for AI investment and innovation, supported by world-class digital infrastructure
and a growing ecosystem of technology companies.
“This partnership proves that, despite challenging macroeconomic circumstances, demand
for industrial-scale, UK-based, cutting-edge AI infrastructure remains high, with Kao Data
providing the ideal platform for the latest AI workloads. As organisations continue to invest
heavily in artificial intelligence, access to scalable, sustainable and highly connected data

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centre capacity is becoming increasingly critical, and we are proud to be supporting that
g r o w t h .”
The Harlow campus includes the 17.6MW KLON-03 facility (pictured below), which is currently
under construction and will be operational from early 2027. Designed to meet the evolving
requirements of next-generation AI and high-performance computing deployments, the facility
will minimise water consumption through energy-efficient, direct-to-chip liquid cooling
technology while delivering the performance and resilience demanded by modern compute-
intensive workloads.
Sustainability remains a core focus of the campus, which is powered by 100% renewable
energy and supported by generators running on hydrotreated vegetable oil. These measures
form part of Kao Data’s broader commitment to reducing environmental impact while enabling
customers to deploy large-scale digital infrastructure in a responsible and energy-efficient
manner.
With the London market continuing to face constraints on land and power availability, further
compounded by speculative power applications, Kao Data has also acquired a West London
site and is targeting the delivery of a further 30MW+ of capacity by 2029. Together with ongoing
development at Harlow, these investments will strengthen Kao Data’s ability to support
growing customer demand, expand capacity in strategically important locations, and help
address the infrastructure requirements of the UK’s rapidly developing AI and digital economy.

Construction underway at Kao’s KLON-03 facility

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Longroad targets 15GW of power in 2029
Longroad Energy announced it has broadened its executive leadership team for its next phase
of growth. Among the team changes, Peter Keel has added the role of President to his current
CFO responsibilities.
Pete says that “by the end of this decade, we intend to grow Longroad into a 15GW
independent power producer. Our 36GW development and storage pipeline, additional 10GW
data centre pipeline, deep stakeholder relationships, and proven execution capabilities
provide a strong foundation for that growth.”
While US electricity demand is stronger than ever, interconnection delays, larger projects,
tariffs, domestic content rules and execution risk are raising the barriers to entry for smaller
developers. Longroad believes its scale, balance sheet, relationships and execution capability
give it an advantage in this changing market context.
One of the reasons Australasia, and CDC, is seeing strong data centre demand is the lack of
powered sites for data centres in the United States. That’s why one of the callouts from Infratil’s
FY26 results was Longroad Energy’s interest in exploring data centre opportunities within its
existing operating fleet and development pipeline.
Longroad’s initial review of its pipeline has now identified up to 10GW of land that may be
suitable for data centres and it is working through the details of this opportunity. The team’s
focus is on powered land and powered data centre shell opportunities, rather than full data
centre operation. They’re considering what form this might take and what role other parties
might play.
Any data centre developments would be incremental upside to Longroad’s existing focus on
growing their renewable generation fleet. We’ll hear more from Longroad about this
opportunity at our institutional investor day on 16 September.
Leadership changes support growth
New Infratil Directors
In June, we announced that Mr Brad Banducci and Ms Tiffany Fuller would be joining the Infratil
Board. Brad is a highly accomplished CEO and brings over 35 years of leadership experience
spanning retail and consumer, fintech, and management consulting. Tiffany brings extensive
experience in governance, chartered accounting, corporate finance, investment banking,
private equity, funds management, and management consulting.
Both new directors are based in Australia. This reflects half of our investment portfolio being
located in Australia, and our focus on continuing to broaden our Australian investor base.

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Brad is seeking election at the 2026 Annual Meeting on 18 August and Tiffany at the 2027
annual meeting. As previously announced, Peter Springford is retiring and will not stand for re-
election but will continue as an adviser to the Infratil Board until the end of 2026.

Newly announced Infratil directors Brad Banducci and Tiffany Fuller.

Infratil leadership team changes
With the scale and global footprint of our portfolio continuing to increase, Andrew Carroll has
moved from our Chief Financial Officer role into the newly created role of Chief Operating
Officer. He is accountable for setting and driving execution and capital allocation priorities,
overseeing portfolio and portfolio company performance, and mobilising Morrison and external
resources to deliver these outcomes. He will also retain accountability for Infratil’s capital
management. Andy is also a director of One NZ and EonFibre.
Matt Ross, who has been Deputy Chief Financial Officer since November 2023 and has been
with Infratil for over 16 years, has been appointed Chief Financial Officer, reporting to Andy.
Matt is also a director of Wellington International Airport.

Chief Operating Officer Andrew Carroll (left) and Chief Financial Officer Matt Ross.

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Changing of the guard at One NZ
One New Zealand announced that current Chief Financial Officer, Nick Judd, will succeed
Jason Paris as CEO. Jason has led the organisation for almost eight years and over this time
One has transformed into a company recognised for innovation, customer focus and long-term
value creation.
One NZ was recently named the umlaut Best in Test mobile network winner for the fifth
consecutive year running (2021-2026), with a clean sweep across every award category: voice,
data, reliability and overall network performance.
Kieran Byrne (currently Chief Technology Officer) will become Chief Financial Officer on 31
August and brings commercial, financial, strategic and operational experience developed
through leadership roles across Strategy, Technology and Transformation. Sharina Nisha
becomes Chief Technology Officer with more than 30 years of telco experience, including
leading many of One NZ’s important technology initiatives.

Outgoing One NZ CEO Jason Paris (left) with his successor and current CFO Nick Judd.
Morrison announces strategic Japanese partnership
During July, our manager Morrison announced a new strategic partnership with Sumitomo
Mitsui Trust Bank. We’ve had a few investors ask what this might mean for Infratil. The simple
answer is that this does not change Morrison’s management of Infratil, or Morrison’s
investment and asset management responsibilities.
As outlined in our Annual Report (see pages 11-12) , Infratil has its own Board and is Morrison’s
largest client. The Board oversees capital allocation to deliver Infratil shareholder returns and
monitors Morrison’s performance under the management agreement.
Infratil management sees all investment opportunities identified by Morrison and refers
relevant opportunities to the Infratil Board to consider. Infratil may choose to invest alongside
other Morrison clients, as occurred with the original investment in CDC and Longroad Energy,
or Morrison may undertake transactions for other funds and clients that Infratil has elected not
to participate in.

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Gauging our performance
We’re often asked which other publicly listed companies Infratil can be compared with.
Infratil’s diversified portfolio means the answer can vary depending on what is being measured.
A useful benchmark is the diversified infrastructure grouping monitored by the Global Listed
Infrastructure Organisation (GLIO). The GLIO update for 31 July is shown below.
GLIO also publishes a Journal on the listed infrastructure sector.

Source: GLIO Benchmark & Company Statistics Pack, July 31, 2026, p72
Progress on sustainability and climate reporting
There’s plenty happening across our sustainability workstreams at this time of year. We’ve just
published Infratil’s FY26 Climate Related Disclosures outlining the potential impacts of climate
change on our portfolio, our approach to scenario analysis, and the steps we’re taking in
response.
Importantly, Infratil's geographic and sector diversification helps mitigate climate-related risks
while providing exposure to opportunities created by the transition to a lower-carbon economy.
It also gives us the flexibility to direct capital to regions and sectors offering the most
compelling long-term risk-adjusted returns.
CDC recently released its 2026 Sustainability Report. One NZ published its Sustainability
Report FY26 and has recently been shortlisted as a Tech & AI category finalist for the Global
Sustainability Awards 2026. The One NZ team’s submission highlighted the use of AI, machine
learning and automation to optimise energy use with 24 GWh of electricity saved and
approximately 1,720 tonnes of greenhouse gas emissions avoided over two years.
Infratil was chuffed to be recognised by Morningstar Sustainalytics as the top Regional Leader
for Asia-Pacific in a recent report. This recognises our low overall exposure alongside strong
management of material ESG issues across Infratil and our portfolio.

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Other updates
• Wellington Airport reopened its southwest pier to jet aircraft in early July, following a fire
incident on 12 June. Staff and contractors had been working around the clock to repair
smoke and water damage to the pier. The Airport minimised disruptions for travellers by
transferring domestic jet flights to the northern pier during the closure.
• Mint Renewables announced Craig Brown had been appointed to the newly created role of
Chief Executive Officer to lead the next phase of Mint’s growth, execution and long-term
value creation in Australia and New Zealand.
• NZX is holding the NZX Tech Investor Day in Auckland on 8 October to connect high-
growth technology companies with investors, advisers and the wider capital markets.
Infratil CEO Jason Boyes will be presenting. More information is available here.
• Infratil is supporting this year’s NZ Shareholder’s Association Investor Conference in
Wellington from 22-23 October. Find out more about the conference here.
Follow us on LinkedIn or visit our website at infratil.com for future updates and presentations. If
you’d like to provide us with feedback, please email info@infratil.com