Infratil (IFT) H1 2026 earnings summary

Executive summary

• Proportionate operational EBITDAF rose 7% year-over-year to NZ$514 million for HY26, driven by strong performance from CDC and Longroad, and international digital and renewables growth despite a subdued New Zealand economy.

• Net parent surplus reached NZ$631.5 million, reversing a prior loss, mainly due to CDC asset valuation increases and the Manawa Energy sale.

• Significant progress on NZ$1 billion divestment target, with sales of RetireAustralia, Fortysouth, and legacy property assets covering over half the goal.

• Portfolio asset value increased to over NZ$19 billion, up NZ$735 million in six months, mainly from CDC and Longroad investments.

• Interim dividend of 7.25 cents per share declared, with a 2% discount for reinvestment and annualized growth of ~2%.

Financial highlights

• Proportionate operational EBITDAF: NZ$514 million, up 7% year-over-year, led by CDC and Longroad.

• Proportionate capex was NZ$1.14 billion, with 69% allocated to CDC and Longroad; capex guidance unchanged at NZ$2.2–2.6 billion.

• Asset valuation reached over NZ$19 billion, with significant uplift from CDC's transaction-based revaluation.

• Net surplus for the period was NZ$631.5 million, compared to a loss of NZ$241.5 million in the prior year.

• Net asset value per share increased to NZ$15.55.

Outlook and guidance

• FY26 proportionate operational EBITDAF guidance updated to NZ$960–1,000 million, reflecting divestments.

• CDC expected to double FY25 EBITDAF by FY27, with further A$250 million investment planned.

• Proportionate capex guidance unchanged at NZ$2.2–2.6 billion.

• Strong financial flexibility and funding capacity to support further growth and investment plans.