Infratil (IFT) H2 2025 earnings summary

Executive summary

• Proportionate operational EBITDA/EBITDAF reached NZD 986 million for FY2025, up 8.6% year-over-year and at the upper end of guidance, driven by CDC, One NZ, Wellington Airport, and RetireAustralia.

• Portfolio value increased by 29% to NZD 18.3 billion, mainly from CDC revaluation and strategic investments.

• Achieved major milestones: Contact-Manawa merger, increased CDC stake, and inclusion in MSCI Global Standard and ASX300 indices, broadening investor access.

• Delivered 18% total shareholder return since inception, with a market cap of NZD 10.0 billion as of 31 March 2025.

• Sustainability progress recognized by third-party ESG agencies, with improved ESG ratings and science-based emissions targets.

Financial highlights

• Proportionate operational EBITDA/EBITDAF was NZD 986 million, up 8.6% from FY24, at the upper end of guidance.

• Portfolio asset values rose by NZD 4.1 billion (29%), mainly from CDC, with some offset from Longroad and Retire Australia.

• Proportionate capital expenditure rose 39% to NZD 2.4 billion, mainly due to CDC development.

• Final dividend of NZD 0.1325 per share, total FY25 dividend 20.5 cps, up 2.5% year-over-year.

• Net asset value per share increased to NZD 16.65 from NZD 14.35 year-over-year.

Outlook and guidance

• FY2026 proportionate operational EBITDA/EBITDAF guidance set at NZD 1.0–1.05 billion, up 9% at midpoint after adjusting for Manawa exit.

• FY2026 capex guidance of NZD 2.2–2.6 billion, with major investments in CDC, One NZ, Kao Data, and Longroad.

• CDC expects to double EBITDAF over two years, with 80% of forecast revenue already contracted.

• Longroad targets NZD 600 million Opco run-rate EBITDA by 2028, with strong project pipeline and safe-harbored projects under IRA reforms.

• One NZ FY2026 EBITDAF guidance of NZD 595–625 million, targeting mid-30% margins.