Infratil (IFT) Status update summary

Major contract announcement and capacity growth

• Secured the largest contract in company and Australian history, a 555MW, 30-year agreement with a US-based hyperscaler, pushing total contracted capacity above 1GW and representing about 40% of Australian data centre capacity in 2025.

• The contract features a minimum 10-year term, extendable up to 30 years, with renewal options and delivery across campuses already well advanced in development, minimizing execution risk.

• CDC's technological flexibility, sustainability credentials, and closed-loop cooling architecture (saving 14 billion liters of water annually) were key differentiators.

• Expansion utilizes sites in Australia and New Zealand, with ongoing acquisition of power and land to meet demand and a total pipeline of 2.9GW through to 2034.

• CDC is the largest data centre provider in Australia and New Zealand, holding "Certified Strategic" accreditation across all facilities.

Financial performance and guidance

• FY2027 EBITDAF guidance remains at AUD 680–720 million, with FY2028 EBITDAF expected to exceed AUD 1 billion and annualized contracted EBITDAF reaching around AUD 2 billion when the contract is fully deployed.

• FY2027 CapEx guidance (excluding land) is AUD 3.8–4.2 billion, up from AUD 1.9–2.2 billion in FY2026, reflecting strong demand.

• No additional shareholder equity is required for the new contract, following a recent AUD 500 million equity contribution.

• Capital deployment remains focused on efficiency and alignment with revenue generation.

• Portfolio divestment program has achieved over NZ$600m in proceeds, targeting NZ$1bn.

Funding and credit profile

• Funding is fully supported by existing cash, committed debt, and undrawn bank borrowings, with AUD 3.9 billion in liquidity as of March 2026.

• Moody’s public credit rating of Baa2 (stable) and BBB+ (stable outlook) for CDC Australia enables access to global debt and hybrid markets.

• Structural separation of the New Zealand business delivered AUD 827 million in capital to CDC Australia, reducing drawn debt.

• All major shareholders contributed AUD 500 million in February to support the current plan.

• Recent structural changes were for capital and operational efficiency, not a change in strategy.