Infratil (IFT) investor relations material

Independent valuation

• Midpoint valuation was A$18.45bn at 30 Sep 2026, down A$78m from 30 Jun; assessed range A$17.4bn–A$19.6bn.

• Contracting, construction acceleration and pipeline growth supported cash flows; higher forward yields increased forecast debt-servicing costs and offset progress.

• A 49.69% interest was valued at A$9.168bn, down A$45m QoQ; prior value reflected a 49.72% interest.

Valuation assumptions

• Valuation used DCF using FCFE, cross-checked against market multiples and precedent transactions; terminal year 2055, with no development assumed beyond 2040.

• Enterprise value A$25.587bn, equity value A$18.450bn and net debt A$7.137bn, versus A$24.504bn, A$18.528bn and A$5.976bn at 30 Jun 2026.

• Cost of equity rose 13 bps to 12.58%; risk-free rate remained 4.25%, asset beta 0.575 and long-term EBITDA margin 83% in 2055.

• Higher forecast long-term gearing lifted the cost of equity; a slight reduction in asset-specific risk premium partly offset the increase.

Capacity pipeline

• Total capacity pipeline increased 240MW QoQ to 4.18GW; operating capacity was 550MW and under-construction capacity 810MW, both unchanged.

• Australian future-build capacity rose 240MW to 2.73GW, supporting expansion to meet strong customer demand.

• Contracted capacity reached 1.1GW with a further 70MW contracted; potential projects in Australia and New Zealand may enter the pipeline subject to project milestones.