Infratil (IFT) Investor presentation summary

Operational and financial performance

• Operating portfolio expected to reach 5.5 GW and $380 million run-rate EBITDA by end of 2025, with 36 projects in operation or under construction.

• Targeting growth to 10 GW and ~$700 million run-rate EBITDA by 2028, with a robust pipeline and active development.

• Placed 1.1 GW into operations in the last 12 months and commenced construction on 0.7 GW, including major projects in Arizona and Texas.

• Weighted contracted revenues at 96% with a weighted remaining PPA term of 17.5 years and strong offtaker ratings.

• $17.3 billion capital raised since inception, with a corporate debt facility expanded to $1.1 billion.

Growth strategy and project pipeline

• Development pipeline totals 30 GW, with a 1.5 GW annual new growth target and 76 active projects extending beyond 2029.

• Key markets include Arizona, Utah, MISO, and California, with regional diversity across the U.S.

• M&A remains a key growth driver, supporting expansion into new markets and enhancing competitive positioning.

• Approximately 6 GW of projects are tax credit qualified, positioning the pipeline for regulatory success.

• Business plan aims for 1.5 GW annual additions, with implied coverage ratios exceeding targets through 2028.

Market trends and regulatory environment

• U.S. electricity demand projected to grow 78% by 2050, driven by AI, cloud services, and electrification.

• Annual new renewable generation capacity additions expected to reach ~80 GW per year from 2025-2045.

• Unsubsidized renewable generation and storage remain cost-competitive with conventional generation.

• Recent legislation provides greater certainty for tax credits, with PV and wind credits through 2030 and BESS credits through 2037.

• Strong procurement relationships and domestic manufacturing help mitigate tariff and supply chain risks.