Infratil (IFT) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, approval of previous minutes, and agenda overview including financial performance, Board updates, shareholder Q&A, and voting on resolutions.

• Hybrid meeting format enabled both in-person and online participation, with instructions for virtual engagement.

• Chair and Chief Executive delivered addresses, followed by shareholder questions and resolutions before closing the meeting.

Board and executive committee updates

• Board introduced, including new appointments: Brad Banducci (from July 2026) and Tiffany Fuller (from August 2026); Peter Springford retiring but remaining as advisor.

• Succession planning highlighted with new director appointments and internal promotions, including Andrew Carroll as COO and Matthew Ross as CFO.

• Board members' tenure ranged from 2012 to 2023.

Financial performance review

• Proportionate Operational EBITDAF reached $989 million, with $2.7 billion in capital expenditure and $20.6 billion in total asset value.

• FY end March saw an 11% earnings uplift to nearly $1B and a 13% asset portfolio valuation increase to over NZD 20B.

• Net Asset Value per share was $16.26, and a dividend of 20.9 cents per share was declared for FY26.

• Five-year total shareholder return was 18.5%, and ten-year return was 21.0%.

• CDC and Longroad Energy delivered exceptional growth, offsetting softness in NZ businesses.

• CDC's EBITDAF expected to rise from AUD 390M to over AUD 1B next year, with long-term growth to AUD 2B annualized.

• Longroad Energy expanding development to over 2 GW per annum, supported by $300M additional equity.