Infratil (IFT) Investor day 2026 summary

Portfolio strategy and returns

• 10-year shareholder return target remains 11%–15% p.a. after fees and taxes, assuming reinvested dividends; returns exceeded 18% p.a. over 32 years.

• Portfolio spans energy, data centres, communications and healthcare, with $22b in asset value and 73% allocated to AI infrastructure.

• Strategy prioritizes scaled data centre and renewable growth engines, supported by divestments; NZD 600m completed and a further NZD 1bn remains in view.

• Refined pillars emphasize cash generation, scaled growth engines and selective adjacent options, with capital discipline and return targets unchanged.

• Geographic exposure: Australia 54%, New Zealand 27%, US 12%, Europe 5% and Asia 2%; more than half the portfolio is Australia-based, with concentration risk monitored as CDC grows.

AI infrastructure and capital allocation

• Data centre demand is projected to rise 2.7x by 2030; power, chips and approvals constrain supply, including an expected 80 GW US power shortfall for the sector in 2030.

• AI infrastructure is the strongest opportunity, with $16b of portfolio value; project-level levered returns range from 12% to 25%.

• Capital focus is on existing power and data centre platforms and adjacencies, including integration, storage, transmission and geographic expansion; CDC-Contact Taranaki JV is an early example.

• Contracted CDC and Longroad earnings could make their combined EBITDAF contribution match all other businesses combined by 2029; portfolio cash generation needs are ~NZD 400m annually, with One NZ supplying nearly half.

• A 50 bps increase in risk-free rates was estimated to reduce Longroad operating-company valuation by NZD 160m, or ~4%; development economics and potential merchant exposure were cited as offsets over time.

Morrison and investment approach

• Morrison reported NZD 60bn AUM, up 25% YoY, a team of ~225 and more than NZD 500m of equity on its balance sheet.

• Sumitomo Mitsui Trust Bank appointed Morrison preferred global infrastructure manager, opening access to Japanese pension capital and potential corporate carve-outs; the Lloyd Morrison Trust and team retain positive control.

• Screening remained selective: 20 opportunities were examined deeply for the portfolio over 12 months, with Anytime Radiology the sole new investment; the broader pipeline exceeded 200 opportunities.

• Themes include sovereign AI, autonomous mobility and physical AI; portfolio-wide operating expertise is developing capabilities such as AI-enabled teleradiology.