Infratil 2026 Annual Meeting presentation content

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

Infratil 2026 Annual Meeting presentation content

Attached are the Chair and Chief Executive addresses, and accompanying presentation, to be
delivered at Infratil Limited’s Annual Shareholder Meeting from 2:30pm today in Wellington.

Infratil’s FY27 guidance remains unchanged.

Online access to the meeting is available at: https://meetings.mpms.mufg.com/agm/ift26/register


Any enquires 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:
Brendan Kevany
Company Secretary

---

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



Annual Meeting of Shareholders
Infratil Limited

HYBRID MEETING
TUESDAY, 18 AUGUST 2026 AT 2:30 PM NZST

Chair’s address
Tēnā koutou katoa. Good afternoon and welcome to Infratil’s 32
nd
Annual Shareholder
Meeting.
I am Alison Gerry, your Board Chair.
I confirm that a quorum of shareholders is present and declare the meeting open.
The minutes from our last annual meeting have been approved and I will take the Notice of
Meeting for today’s meeting as read.
I’ll start today’s agenda with a brief overview of Infratil’s progress in delivering value to
shareholders and the areas the Board has been focused on.
Infratil CEO Jason Boyes will then provide his view on how Infratil and its portfolio
companies are performing, and the outlook from here.
We’ll then have an opportunity for shareholder questions before moving to the formal
resolutions and voting.
Following the meeting, directors will also be available here in Wellington to talk with
shareholders over afternoon tea.
Today’s meeting is a hybrid format and we welcome those shareholders who have joined
us here in the room in Wellington, as well as those who have joined online.
This slide shows the virtual meeting platform. The boxes indicate where to click to get a
voting card and how to ask a question. If you need help, you can also call the number
displayed in the blue bar at the top of the platform.

2
I would like to introduce the rest of your Board to you. Joining me in the room today are:
• Jason Boyes – Jason is Infratil’s Chief Executive and he is seeking re-election today.
• Andrew Clark – Andrew has joined us from Melbourne and is a member of the Audit
and Risk Committee.
• Paul Gough – Paul has travelled from London and is our longest serving director. He
is a member of the Manager Engagement Committee.
• Kirsty Mactaggart - Kirsty is Chair of the Manager Engagement Committee and a
member of the Audit & Risk committee.
• Peter Springford – Peter is a member of the Manager Engagement Committee and
is retiring from the Board today after almost a decade. We’d like to acknowledge his
contribution in materially enhancing Infratil’s growth. He has been a strong steward
of shareholder capital, and we’re grateful that he has agreed to remain as an adviser
to the Board for a few more months as we welcome our new directors.
• Anne Urlwin – Anne is Chair of the Audit & Risk Committee. She is seeking re-
election at today’s meeting.
We have announced two director appointments as part of our succession planning.
Brad Banducci is from Sydney and is here with us today. He is seeking election as a
director, so you’ll hear more from him shortly.
Unfortunately, our other new director, Tiffany Fuller, could not join us from Melbourne due
to another long-standing board commitment. She will officially join the Infratil Board after
today’s meeting and will seek election next year. Tiffany brings extensive experience in
corporate finance and investment banking.
We have other members of the Infratil team with us today, including:
• Andrew Carroll – who recently changed roles from Chief Financial Officer to a new
Chief Operating Officer role. This role was created because of Infratil’s growth.
Andy is also a director of One New Zealand
• Matthew Ross – who was recently appointed from Deputy to Chief Financial Officer.
Matt is also a director of Wellington Airport.

3
• Lee Coker – who has been appointed Head of Infratil Investment & Corporate
Development
• Brendan Kevany - our Company Secretary.
Representatives from our auditors KPMG and our legal provider Chapman Tripp are also
present.
The financial results were released back in May so I’ll provide a brief recap.
Infratil delivered a strong performance in the financial year to the end of March. This was
underpinned by an 11% uplift in earnings to almost a billion dollars.
The valuation of our asset portfolio grew by 13%, from $18 billion to more than $20 billion.
And we lifted the dividend to 20.9 cents per share, up 2% on the prior year.
These results underlined one of Infratil’s strengths - our geographic and sector diversity.
Although our New Zealand businesses were largely constrained by ongoing softness in the
domestic economy, Longroad Energy and CDC are enjoying exceptional demand in their
markets and sectors. The substantial investment we’ve been channelling into those two
businesses is beginning to deliver a strong trajectory of future growth.
Infratil’s strength lies in our commitment to active management, strategic clarity, and long-
term value creation.
During the year, we set the four medium-term objectives shown on the screen. These
objectives were a response to Infratil’s growing scale and maturity, and the new challenges
and opportunities this growth brings as we continue to drive shareholder value. Jason will
talk about our progress against these objectives in more detail.
I do want to underline that we are very focused on the type and scale of assets needed in
Infratil’s portfolio to drive ongoing out-performance and growth. This year you’ve seen
significant progress in refining the portfolio. This has been a substantial programme of
work, with more to follow.
This slide is a summary of the dashboard of the more specific activity the Board is
monitoring closely.
First and foremost, our cornerstone goal is to deliver shareholders 11 to 15% returns per
annum, after fees and taxes, over a 10-year period. This is based on share price growth
and assuming dividends are reinvested.

4
Our performance against this measure is 17% per annum in the decade to the end of
FY26. On a one-year basis, your return was just under 14%. This was a very pleasing
outcome when you consider the impact market concerns about AI investment, and the
Middle East conflict, had on global markets through the financial year.
These themes are continuing in the current financial year and underline the importance of
backing quality assets, while remaining disciplined in the allocation of shareholder capital.
We are very cognisant of asset and sector concentration risk, particularly with CDC’s strong
growth.
We have, therefore, spent time stress-testing CDC’s valuation to ensure we have a good
understanding of this and how to mitigate it. CDC also secured a public investment grade
credit rating from Moody’s Ratings in April, and this provides further support, as well as a
competitive advantage.
In December, Infratil’s inaugural BBB+ credit rating from S&P Global Ratings also
recognised the strength, quality and resilience of our business. This has provided a
welcome benefit in the form of greater funding flexibility and savings on our borrowing
programme. It also means we have very clear credit metrics to operate to.
Another measure that we follow closely is our calculated net asset value, or NAV, per share
after fees. Market views on value can differ from the independent or market-based
valuations we use for portfolio companies. This means, for example, that Infratil’s 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.
We saw this effect amplified across FY25 and FY26, with an approximately 25% discount to
our assessed NAV. Market volatility was a significant driver of this discount.
That discount has closed to about 15% at more recent share price levels. We’ll keep
working to reduce this by helping our portfolio companies realise their growth
opportunities, and by communicating our insights on future value to the market.
This communication is carried out through an extensive investor relations programme,
ranging from our newsletters and retail roadshows, through to a growing schedule of
global engagement with institutional investors.

5
At the same time, we’re implementing initiatives to help investors better understand our
business. These have included publishing valuation and fee models, and continuing to
enhance our disclosure. New reporting on CDC’s future contracted capacity is a good
example of the latter.
ESG reporting is another focus because decisions grounded in responsible stewardship
are part of creating long-term value and managing risk. We ranked first globally in our
sector in one ESG reporting provider’s infrastructure asset assessment, and we were
recognised as the top Regional Leader for Asia-Pacific by another ratings provider.
I’ve already touched on portfolio strategy and will leave Jason to go into more detail.
However, I would note that portfolio company relationships and resourcing are an area we
are paying more attention to.
For example, greater collaboration between portfolio companies is an area where we see
the potential to unlock more synergies and value. You’ve seen an example of this
announced in the last week, with Contact Energy and CDC exploring a New Zealand data
centre opportunity.
One of the Board’s key roles is to monitor the performance of our day-to-day manager,
Morrison. While the people working for Infratil are Morrison employees, the Board retains
oversight and makes key decisions on the strategic direction of the business.
This includes driving strong performance from Morrison with the evolving mix of
qualitative and quantitative measures I’ve talked about.
Infratil draws on the global expertise that Morrison is growing across multiple
infrastructure sectors. This growth supports Infratil, as well as Morrison’s other clients and
investment funds. And this global exposure is becoming increasingly important for Infratil
as we seek larger and new sector investment opportunities.
During July, 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.

6
As Morrison’s largest client by assets under management, 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 excluded or limited for choice.
Infratil may choose to invest on our own, or alongside other Morrison clients as we did with
the original investment in CDC and Longroad Energy. Morrison may also undertake
transactions for other funds and clients that Infratil has elected not to participate in.
The challenge for Infratil is more about balancing opportunities with our current priorities
and the returns we are seeking.
There is a healthy tension in our relationship with Morrison and the management model
encourages out-performance with incentive fees.
In the recent financial year, Morrison did not achieve the required incentive fee hurdle of
12% asset valuation growth on non-New Zealand assets. Instead, a negative $18 million
amount will be carried forward into the FY27 fee calculation and netted off future positive
fees.
The Board recently commissioned an independent benchmarking report from PwC to
review the fee model as well. A summary of the report will be available on our website.
The report found that shareholders get great value under our agreements with Morrison.
The 12% hurdle for out-performance is a high bar compared to other similar investment
managers.
As this chart from the benchmarking report shows, Infratil has performed extremely well
for a very long time. More importantly, we believe the portfolio today is as well positioned
as it has ever been to continue delivering strong returns to shareholders.
These may be uncertain times, but they are also exciting times for ideas that matter.
I’ll hand over to Jason now to tell you how we intend to continue to deliver that out-
performance.

7
Chief Executive’s address

Tēnā koutou katoa. Good afternoon everyone.
Market volatility meant FY26 was not quite the steadier year we had hoped for. However,
CDC’s announcement of Australasia’s largest ever data centre contract in early May more
than made up for that.
It was a transformational outcome and the share price reflected that with a significant
increase. If you calculated our one-year returns at mid-August they were almost 29%. Our
10-year returns were 20%.
The strong increase in value reflects the rapid increase in earnings that CDC is now
forecasting. CDC’s EBITDAF for the current financial year is expected to be between
A$680 and A$720 million dollars. The following year, it is expected to rise to more than
one billion Australian dollars.
Once CDC has built and is invoicing its 1 gigawatt of contracted capacity, that will grow to
about two billion dollars on an annualised basis.
Those are substantial numbers and, as this slide shows, CDC’s data centres are substantial
infrastructure.
This year, CDC expects to spend A$3.8 billion to A$4.2 billion (excluding land) in capital
expenditure to build more data centre capacity. In the recent June quarter, it added
another 90 megawatts of operating capacity and doubled the capacity under construction
to 810 megawatts.
CDC is very focused on maintaining its social licence to operate. It locates its campuses in
industrial areas and invests in electricity network infrastructure, such as substations, for its
large-scale campuses. Infratil also has extensive sector expertise in renewable energy
development that CDC can draw upon.
CDC is also a leader in minimising water use. Its closed-loop liquid cooling system has
been installed across CDC-built facilities for more than 18 years.
We first invested in CDC in 2016 and we’re now well ahead of the investment case written
early last year to lift our CDC shareholding to 49.7%. June’s independent valuation put our
share of CDC at more than A$9 billion, up from about $7 billion a year ago.

8

Our investment in Longroad Energy in the United States also began in 2016.
Like CDC, Longroad is starting to come of age. Electricity demand is surging in the United
States. Growth of between 30 to 40% is projected by 2040, driven by data centres,
electrification and reshoring of manufacturing.
Longroad is responding by increasing its development cadence to more than 2 gigawatts
a year. Near-term, t his is underpinned by their acquisition of a massive 2.8 gigawatts early-
stage project that is making its way through approvals. For comparison, New Zealand’s
installed generation capacity is about 11 gigawatts.
Regulatory support mechanisms for solar investment are in place until 2030, and even
longer for batteries. At the same time, strong power demand and prices have offset higher
delivery costs, maintaining attractive development returns.
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
help accelerate its growth.
Longroad is also seeing the positive effects of data centre demand. It is close to
com pleting a 400 megawatt project to supply a Meta data centre. And it has established a
team to develop further data centre opportunities.
Their initial work has identified up to 10 gigawatts of their existing and future development
sites that may also be suitable for data centre development. It is early days, but this could
drive additional returns above Longroad’s existing renewable generation plans.
Longroad is considering what form this might take, including whether to partner with an
established data centre operator.
While the US market remains attractive, some Asian and European markets have seen
development returns compress. Project delivery and platform costs have increased, along
with complexity and time of developments.
For Galileo, our European renewable energy business, this has meant a reduction in
valuation and a shift in its focus to fewer nearer term projects in a smaller number of
markets.

9
In Asia, Gurīn Energy is managing its prioritisation of markets and opportunities carefully.
Government approval for its large-scale Indonesian solar project is a lso taking longer than
we’d hoped.
For a long time, we’ve wondered if CDC should expand offshore to capture some of the
oversized growth we see there. Instead, we’re seeing oversized overseas demand coming
to Australasia.
To date, much of that demand has been focused on Australia. Last week we announced
that two of our portfolio companies, Contact Energy and CDC, are exploring how they
might satisfy that demand in Taranaki.
Contact Energy brings existing network infrastructure in Stratford, existing renewable
electricity generation, and a substantial pipeline of new renewable energy projects. CDC
brings globally recognised data centre expertise and sustainability credentials.
It’s a partnership that makes great sense and, if the team can make the pieces fall into
place, it really will meet our goal of delivering infrastructure ideas that matter. Both for the
region and New Zealand.
We made solid progress delivering against our strategic objectives through the year.
While we always make an investment decision with a view to holding an asset for the long-
term, our growth has driven us to refine our current portfolio. This means we’re divesting
those businesses unlikely to scale, or deliver meaningful returns, under our ownership.
To date, we ar e more than $600 million towards our initial target of $1 billion from
divestments. This has come from the sale of our stakes in Fortysouth, RetireAustralia, and
our property business. A sale process is underway for our radiology business Qscan. We
expect to continue refining the portfolio in the medium term.
Another goal is to balance our operating cash flows and dividends in the medium term.
Income from our portfolio companies began to increase in the financial year. This
narrowed our operating cash flow deficit, after cash dividends, to $90 million from $120
million in FY25.
One New Zealand and Wellington Airport play an important role as cash flow generators,
with optimisation of those businesses to drive continued distributions. Both businesses
have been resilient despite weak macroeconomic conditions and sector challenges.

10
Over time, we expect CDC and Longroad to generate sufficient returns to fund their own
investment and distributions to Infratil.
The growth of CDC and Longroad is also helping meet our objective of diversifying our
shareholder base. Wider ownership beyond New Zealand will benefit all investors over
time by deepening the pool of potential investors.
Over the last year, our inclusion in the S&P/ASX 200 has boosted offshore trading and
several more Australian analysts have initiated coverage. About a dozen analysts now
publish research on Infratil.
We do have more work to do on helping investors understand our model. Having fewer
portfolio companies will help with that.
Although we’re always scanning for new infrastructure businesses, for now our strongest
opportunities are adjacent to our existing data centre and renewables businesses.
Longroad’s exploration of data centre opportunities is a prime example, and it has
att racted growing investor interest.
This chart shows the growth and composition of our portfolio over the last decade.
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 is reflected in the share price, at scale, and
that growth can be supported by our internally generated cash flows.
CDC’s size in our portfolio means some investors do ask when we might sell it to reduce
any potential concentration risk. We remain comfortable with its position and scale in the
portfolio today.
Approximately half of CDC’s valuation is relatively low risk, comprising lengthy leases of
mostly new, cutting-edge data centres, to some of the world’s most creditworthy
companies.
The rest is growth, and we constantly monitor the growth prospects of data centres around
the world. They are at the ‘picks and shovels’ layer of today’s digital world, housing the
computing capacity that enables cloud and AI services.

11
Infratil has had portfolio concentration in our high conviction investments in the past. Our
focus is on sifting through the noise around AI 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 at scale in One NZ and in teleradiology.
This image is a timely reminder of our philosophy to invest wisely in ideas that matter and
take a long-term approach to creating value.
It was posted online just the other week to mark Morrison’s founding back in 1988. It
features the Infratil board, including Lloyd Morrison, at one of Trustpower’s original wind
farm s around 20 years ago.
Wind farms were by no means mainstream infrastructure back at that time.
Now they are and we see data centres becoming mainstream infrastructure in the same
way .
From those early days, the push from Lloyd was for Infratil to be brave and ambitious.
We’re still aspiring to do things that haven’t been done before. We’re continually looking
for new ways to add shareholder value. This involves taking calculated risk and backing
our view of the future.
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.
AI is going to be transformational, just like railroads, electricity and the internet have been
before. And it will be hugely important to a country’s ability to innovate in the future.
Prior years of investment are beginning to produce a significant step-up in returns. This
year we have guided to a 21% increase in proportionate operational EBITDAF from FY26.
That ’s on a like-for-like basis at the midpoint, excluding corporate costs.
Looking further ahead, CDC and Longroad Energy are two hugely exciting businesses. We
need to help them maximise and execute the opportunities in front of them to the best of
their ability.

12
Infratil is well positioned to support that growth, and our divestments are adding extra
capacity to strengthen our balance sheet. At the same time, we need to keep an eye to the
future and identify the next large-scale growth businesses.
We’re continuing to drive operational performance across the portfolio. As always, there’s
plenty to be done. Things may not always happen as quickly or predictably as we’d like,
and capital discipline remains as important as ever.
We have the great fortune of having a range of fantastic investment opportunities in front
of us. For an active investor like Infratil, those choices are what really matters when it
comes to creating shareholder value.


ENDS

---

18 AUGUST
2026
ANNUAL
MEETING

AGENDA
ANNUAL MEETING
1. CHAIR’S ADDRESS
2. CHIEF EXECUTIVE’S ADDRESS
3. SHAREHOLDER QUESTIONS
4. RESOLUTIONS
1
5. CLOSE & AFTERNOON TEA

3
YOUR BOARD

DIRECTOR SUCCESSION
4
Brad Banducci
Appointed: 1 July 2026
Experience: highly accomplished CEO and
brings over 35 years of leadership experience
spanning retail and consumer, fintech, and
management consulting.
Based in Sydney.
Tiffany Fuller
To be appointed: 19 August 2026
Experience: brings extensive experience in
chartered accounting, corporate finance, investment
banking, private equity, funds management, and
management consulting.
Based in Melbourne.

(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)
5

OUR STRATEGIC OBJECTIVES
6
A clear set of medium-term objectives

BOARD FOCUS AREAS
7
VALUATION
•IFT share price
•Discount to Independent
valuation-NAV
RISK MANAGEMENT
•Operational
•Credit
oS&P metrics
oInternal metrics
ESG
•Progress against SBTI
portfolio target
•GRESB score
•ESG issues (last12 months)
HOLDCO INITIATIVES
•Portfolio strategy
•Operating model
•Other
oe.g. cash flow
PORTCO INITIATIVES
•Growth opportunities
•Value realisation
PORTCO OVERVIEW
•Financial performance
•Forward look return
•Portfolio fit
•Management team & Board
SHAREHOLDER RETURN
PORTFOLIO COMPOSITION
•Asset concentration
•Sector concentration
•Cash flow generation
OTHER METRICS
•Relationships; Resources
Note: This is a summary of the key performance indicators tracked by the Infratil Board.
Tracking key performance indicators

OUR MANAGER
8
•
Infratil’s Board sets specific goals and objectives
to align Morrison’s management efforts with
Infratil’s strategic priorities.
•Morrison manages Infratil’s assets, along with
other large scale institutional clients and unlisted
infrastructure funds. Infratil is Morrison’s largest
client by assets under management.
•Morrison’s global capability and scale is
becoming more important as Infratil grows and
looks to develop new, larger investment
opportunities.
A 30+ year relationship

Independent review by PwC
BENCHMARKING PERFORMANCE
9
IFT
•Reviewed management and performance fee arrangements
between Infratil and Morrison.
•Benchmarked against a peer set of externally managed listed
infrastructure funds.
•Noted that Infratil’s fee structure is more closely aligned with
performance driven infrastructure investment models, rather than
traditional externally managed infrastructure vehicles.
•Identified the exclusion of a large part of portfolio (i.e. NZ assets)
from the performance fee as unusual, and the 12% post-tax
hurdle rate as more challenging relative to peers.

CHIEF
EXECUTIVE’S
UPDATE

-50
0
50
100
150
200
250
300
350
400
450
500
550
600
650
Cumulative annual return (%)
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Notes: (1) EBITDAF includes the straight-lining of lease revenue for contracts with fixed indexation over the term of the arrangement. (2)
Infratil Returns are calculated to 14 August 2026; (3) Chart source: Capital IQ (NZX50, ASX200)
11
A strong track record: 18.6% TSR
2
since 1994
3
DELIVERING GROWTH
Period
2
IFT TSR
5 – year 17.5%
10 – year19.8%
20 – year 14.7%
Since inception18.6%
IFT
NZX50
ASX200

12
Outlook
•Total pipeline to FY40: 3.9GW of leasable
capacity, with 550MW operational
•FY27 capex guidance of A$3.8bn–A$4.2bn
(excluding land)

13
Outlook
•Targeting increased annual development
cadence of >2GW renewable capacity
•Identified up to 10GW of existing and pipeline
land that may be suitable for data centres

WORKING TOGETHER IN TARANAKI
14
CDC and Contact Energy are exploring development of
a 250MW (ICT load) data centre in, Stratford, Taranaki
Proposal combines CDC’s data centre expertise and
sustainability credentials with Contact’s existing
infrastructure, renewable electricity generation, and
renewable energy project pipeline
Project would use data centre demand to underpin
regional infrastructure investment, enabling more
renewable generation and jobs

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
15

PORTFOLIO EVOLUTION (by asset valuation)
16
$NZm
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
20162017201820192020202120222023202420252026
HealthcareDigital InfrastructureRenewable EnergyNon-Renewable EnergyPublic TransportRetirementOtherAirports

WE INVEST FOR THE LONG-TERM
17

CDC has a once-in -a-lifetime opportunity to develop AI infrastructure at globally relevant scale
Longroad is also capitalising on the opportunity, targeting increased development
Continuing to develop other potentially material growth opportunities
Infratil has significant flexibility to support that growth
Continued focus on lifting operational performance across the portfolio
We are realistic about the challenges that persist, and are positive about the opportunities ahead
Portfolio positioning for further step changes in growth
LOOKING AHEAD
18

SHAREHOLDER
QUESTIONS

RESOLUTIONS

Resolutions
21
1.That Brad Banducci be elected as a director of Infratil.
2.That Anne Urlwin be re-elected as a director of Infratil.
3.That Jason Boyes be re-elected as a director of Infratil.
4.That Infratil be authorised to issue to Morrison Infrastructure Management Limited (Morrison), within the time, in the manner,
and at the price, prescribed in the Management Agreement, such number of fully paid ordinary shares in Infratil (Shares) as
is required to pay all or such portion of the third instalment of the 2025 Incentive Fee (to the extent payable) as the Board
elects to pay by the issue of Shares (2025 Scrip Option), and the Board be authorised to take all actions and enter into any
agreements and other documents on Infratil‘s behalf that the Board considers necessary to complete the 2025 Scrip Option.
5.That the Board be authorised to fix the auditor‘s remuneration.
Proxies have been lodged by 827 Shareholders holding 762,614,159 shares representing 76% of the ordinary issued
capital, excluding treasury shares.

Election of Brad Banducci
Resolution 1
22
•That Brad Banducci be elected as a director of Infratil.
The Board supports the election of Brad.

Re-election of Anne Urlwin
Resolution 2
23
•That Anne Urlwin be re-elected as a director of Infratil.
The Board supports the re-election of Anne.

Re-election of Jason Boyes
Resolution 3
24
•That Jason Boyes be re-elected as a director of Infratil.
The Board supports the re-election of Jason.

Payment of FY25 Incentive Fee by Share Issue (2025 Scrip Option)
Resolution 4
25
•That Infratil be authorised to issue to Morrison Infrastructure Management Limited (Morrison),
within the time, in the manner, and at the price, prescribed in the Management Agreement, such
number of fully paid ordinary shares in Infratil (Shares) as is required to pay all or such portion of the
third instalment of the 2025 Incentive Fee (to the extent payable) as the Board elects to pay by the
issue of Shares (2025 Scrip Option), and the Board be authorised to take all actions and enter into
any agreements and other documents on Infratil‘s behalf that the Board considers necessary to
complete the 2025 Scrip Option.

Auditor’s remuneration
Resolution 5
26
•That the Board be authorised to fix the auditor’s remuneration.

CLOSE &
AFTERNOON
TEA

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
28