Infratil (IFT) AGM 2024 summary

Opening remarks and agenda

• Meeting offered both in-person and online participation, with virtual platform support for voting and questions.

• Celebrated 30 years as a pioneering listed infrastructure fund, emphasizing a legacy of value creation and innovation in sectors like renewables, data centres, and diagnostic imaging.

• Notice of meeting and prior minutes confirmed; proxies lodged by 910 shareholders representing 57.21% of issued capital.

• Recent equity raise was oversubscribed 3-4 times, driven by strong demand for CDC's data centres.

• Outlined a commitment to disciplined execution and enhanced disclosure practices.

Financial performance review

• Thirty-year track record of 18.8% annual returns after taxes and fees highlighted.

• FY2024 operating performance slightly exceeded EBITDAF guidance, with strong results from CDC, Wellington Airport, and One NZ.

• After-tax return to shareholders was 21.7% for the year, with a 10-year annual return of 22.0%.

• $2.2 billion deployed across the portfolio, including $1.8 billion to acquire full ownership of One NZ.

• $1.7 billion in capital expenditure invested in digital and renewable businesses.

Board and executive committee updates

• Board comprises Peter Springford, Andrew Clark, Jason Boyes, Alison Gerry, Anne Urlwin, Kirsty Mactaggart, and Paul Gough.

• Paul Gough and Jason Boyes were re-elected as directors, with strong shareholder support.

• CFO transition from Philippa Harford to Andy Carroll, bringing additional telecom expertise.