Infratil (IFT) H2 2026 earnings summary

Executive summary

• Proportionate operational EBITDAF rose 11% to NZ$989.4 million, driven by CDC and Longroad, with both benefiting from global AI infrastructure and renewable energy demand.

• Major portfolio reshaping included divestments (Manawa Energy, RetireAustralia, Infratil Property, Fortysouth) and acquisition of a Contact Energy stake.

• Largest NZ businesses (Wellington Airport, One NZ) delivered guidance and positive EBITDAF growth despite challenging conditions.

• Strong ESG performance, with improved ratings and inclusion in Dow Jones Best in Class Australia Index.

• Net parent surplus reached NZ$550 million, reversing a prior year loss.

Financial highlights

• Proportionate operational EBITDAF reached NZ$989.4 million, up 11%, near the top end of guidance.

• Proportionate capital expenditure was NZ$2.7 billion, up 17% year-over-year.

• Total asset value increased 13% to NZ$20.6 billion.

• Dividend declared at 20.9cps for FY26, up 17%, with a 2% DRP discount.

• Available liquidity at year-end was NZ$1.1 billion, enhanced by asset sales.

Outlook and guidance

• FY27 proportionate operational EBITDAF guidance: NZ$1,300–1,400 million, up ~21% year-over-year.

• CDC FY27 EBITDAF guidance: A$680–A$720 million; Longroad targeting US$120–135 million in FY27 and US$1 billion run-rate by decade's end.

• Proportionate capital expenditure guidance: NZ$3.8–4.4 billion, up ~53% year-over-year.

• Ongoing focus on cost control, operational improvements, and scaling growth platforms.

• Proportionate development spend projected at NZ$95–110 million.