Infratil (IFT) H2 2025 earnings summary

Executive summary

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

• Portfolio asset value rose 29% year-over-year to NZD 18.3 billion, driven by CDC revaluation and strategic investments.

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

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

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

Financial highlights

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

• Portfolio asset values rose NZD 4.1 billion (29%), driven by CDC, with significant value increases in Weil, Gurin, and 1NZ.

• Proportionate CapEx reached NZD 2.4 billion, up 39% year-over-year, mainly due to CDC development.

• Final dividend of 13.25 cps, total FY25 dividend 20.5 cps, up 2.5% from FY24.

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

Outlook and guidance

• FY2026 proportionate operational EBITDAF guidance set at NZD 1,000–1,050 million, up ~9% on FY25 (normalized for Manawa Energy 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.

• One NZ FY2026 EBITDAF guidance of NZD 595–625 million, targeting mid-30% margins and ongoing growth in consumer mobile.

• Longroad Energy FY2026 EBITDAF guidance of USD 110–120 million, with strong contracted revenue pipeline.