NZX Governance Explorer

How Infratil Limited makes money

Where IFT’s revenue went in FY2026: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. IFT company profile

How Infratil Limited makes money — FY2026

Revenue $3.0b · EBITDA $989.0m (32.5% of revenue) · Net profit $574.3m (18.9% of revenue) · Financial year ending March (from the issuer record)

Infratil Limited (IFT) FY2026: where revenue of $3.0b wentRevenue → EBITDA: $989.0mRevenue → Operating costs (net of other income): $2.1bEBITDA → EBIT: $408.6mEBITDA → Depreciation & amortisation: $580.4mEBIT → Net profit: $408.6mIncome tax credit → Net profit: $138.9mOther items (net gain) → Net profit: $26.8mOther items (net gain) → Interest: $459.0mRevenue: $3.0bRevenue$3.0bEBITDA: $989.0mEBITDA$989.0mOperating costs (net of other income): $2.1b (derived)Operating costs (net ofother income)$2.1b · derivedEBIT: $408.6m (derived)EBIT$408.6m · derivedDepreciation & amortisation: $580.4mDepreciation &amortisation$580.4mIncome tax credit: $138.9mIncome tax credit$138.9mOther items (net gain): $485.8m (balancing item)Other items (net gain)$485.8m · balancingNet profit: $574.3mNet profit$574.3mInterest: $459.0mInterest$459.0m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Infratil Limited FY2026 figures used in the chart
FY2026AmountStatusNote
Revenue$3.0bReported
Operating costs (net of other income)−$2.1bDerived *Reported operating expenses $1,509.4m do not reconcile; not used.
EBITDA$989.0mReported
Depreciation & amortisation−$580.4mReported
EBIT$408.6mDerived *
Interest (net finance costs)−$459.0mReported
Income tax credit+$138.9mReported
Other items (net gain)+$485.8mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$574.3mReported
  • * ebit: $408.6m = EBITDA − D&A
  • * operating costs: $2.1b = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($3,044.9m) vs the summary table ($3,044.9m): agree within 2%.
  • Passed: EBIT not recorded; derived as EBITDA − D&A.
  • Not met: Reported operating expenses ($1,509.4m) leave $1,535.5m, not EBITDA of $989m (gap $546.5m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $485.8m is 16.0% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 5 July 2026.

Annual report: UPDATED FY2026 Annual Report (PDF, NZX)

Year-on-year EBITDA bridge (FY2025 → FY2026)

Bridge not available: FY2025 is not charted: EBIT is -$107.9m. This layout does not draw an operating loss.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (3 of 10 years from FY2017). The shaded line is the median of 7 other listed Utilities operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
IFT ebitda margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 43.6%; peer median 24.0% (3)FY2020: IFT 47.3%; peer median 19.4% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 32.5%; peer median — (0)
EBIT margin
IFT ebit margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 31.5%; peer median 16.1% (3)FY2020: IFT 35.8%; peer median 10.8% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 13.4%; peer median — (0)
Net margin
IFT net margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: IFT 4.8%; peer median 6.4% (3)FY2020: IFT 39.8%; peer median 3.5% (4)FY2021: not charted — not from annual reportFY2022: not charted — not from annual reportFY2023: not charted — not from annual reportFY2024: not charted — not from annual reportFY2025: not charted — operating lossFY2026: IFT 18.9%; peer median — (0)

IFT   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

IFT margins by year with peer medians
YearEBITDA margin: IFT · peer median (n)EBIT margin: IFT · peer median (n)Net margin: IFT · peer median (n)Note
FY2017—36.0% (2)—23.0% (2)—11.9% (2)Not charted: not from annual report
FY2018—24.1% (3)—8.9% (4)—4.5% (4)Not charted: not from annual report
FY201943.6%24.0% (3)31.5%16.1% (3)4.8%6.4% (3)
FY202047.3%19.4% (4)35.8%10.8% (4)39.8%3.5% (4)
FY2021—14.0% (4)—8.9% (4)—6.5% (4)Not charted: not from annual report
FY2022—17.3% (4)—8.2% (4)—9.9% (4)Not charted: not from annual report
FY2023—23.2% (2)—11.3% (3)—2.9% (3)Not charted: not from annual report
FY2024—22.1% (4)—11.8% (4)—7.7% (4)Not charted: not from annual report
FY2025—22.5% (5)—12.3% (5)—4.6% (5)Not charted: operating loss
FY202632.5%— (0)13.4%— (0)18.9%— (0)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2025: EBIT is -$107.9m. This layout does not draw an operating loss.
  • FY2024: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2023: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2022: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2021: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2018: Figures were not read from a filed annual report (source: yahoo_finance).
  • FY2017: Figures were not read from a filed annual report (source: yahoo_finance).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

Get NZX governance insights in your inbox

Weekly digest of board changes, insider trades, and market signals. No spam. Unsubscribe anytime.