Slides
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18 AUGUST 2026 ANNUAL MEETING
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AGENDA ANNUAL MEETING 1. CHAIR’S ADDRESS 2. CHIEF EXECUTIVE’S ADDRESS 3. SHAREHOLDER QUESTIONS 4. RESOLUTIONS 1 5. CLOSE & AFTERNOON TEA
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3 YOUR BOARD
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DIRECTOR SUCCESSION 4 Brad Banducci Appointed: 1 July 2026 Experience: highly accomplished CEO and brings over 35 years of leadership experience spanning retail and consumer, fintech, and management consulting. Based in Sydney. Tiffany Fuller To be appointed: 19 August 2026 Experience: brings extensive experience in chartered accounting, corporate finance, investment banking, private equity, funds management, and management consulting. Based in Melbourne.
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(200) 0 200 400 600 800 1,000 1,200 FY24 FY25 FY26 0 5,000 10,000 15,000 20,000 25,000 FY24 FY25 FY26 Notes: (1) FY26 Proportionate operational EBITDAF includes corporate costs for the purposes of comparison to guidance and excludes discontinued operations; (2) Assets are valued at either independent valuations, book values, or market values. Portfolio momentum evident in key financial metrics FY26 FINANCIAL HIGHLIGHTS $989 million Proportionate Operational EBITDAF1 $2.7 billion Proportionate Capital Expenditure $20.6 billion Total Asset Value $16.26 per share Net Asset Value (post management fees) 20.9 cents per share FY26 Dividend Declared 11% 17% 13% 5% 2% CDC One NZ Kao Data Longroad Energy Contact Energy Other renewables Healthcare Wellington Airport Sold Other Corporate Proportionate Operational EBITDAF1 (NZ$m) Asset value2 (NZ$m) 5
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OUR STRATEGIC OBJECTIVES 6 A clear set of medium-term objectives
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BOARD FOCUS AREAS 7 VALUATION • IFT share price • Discount to Independent valuation-NAV RISK MANAGEMENT • Operational • Credit o S&P metrics o Internal metrics ESG • Progress against SBTI portfolio target • GRESB score • ESG issues (last12 months) HOLDCO INITIATIVES • Portfolio strategy • Operating model • Other o e.g. cash flow PORTCO INITIATIVES • Growth opportunities • Value realisation PORTCO OVERVIEW • Financial performance • Forward look return • Portfolio fit • Management team & Board SHAREHOLDER RETURN PORTFOLIO COMPOSITION • Asset concentration • Sector concentration • Cash flow generation OTHER METRICS • Relationships; Resources Note: This is a summary of the key performance indicators tracked by the Infratil Board. Tracking key performance indicators
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OUR MANAGER 8 • Infratil’s Board sets specific goals and objectives to align Morrison’s management efforts with Infratil’s strategic priorities. • Morrison manages Infratil’s assets, along with other large scale institutional clients and unlisted infrastructure funds. Infratil is Morrison’s largest client by assets under management. • Morrison’s global capability and scale is becoming more important as Infratil grows and looks to develop new, larger investment opportunities. A 30+ year relationship
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Independent review by PwC BENCHMARKING PERFORMANCE 9 IFT• Reviewed management and performance fee arrangements between Infratil and Morrison. • Benchmarked against a peer set of externally managed listed infrastructure funds. • Noted that Infratil’s fee structure is more closely aligned with performance driven infrastructure investment models, rather than traditional externally managed infrastructure vehicles. • Identified the exclusion of a large part of portfolio (i.e. NZ assets) from the performance fee as unusual, and the 12% post-tax hurdle rate as more challenging relative to peers.
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CHIEF EXECUTIVE’S UPDATE
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-50 0 50 100 150 200 250 300 350 400 450 500 550 600 650 Cumulative annual return (%) FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Notes: (1) EBITDAF includes the straight-lining of lease revenue for contracts with fixed indexation over the term of the arrangement. (2) Infratil Returns are calculated to 14 August 2026; (3) Chart source: Capital IQ (NZX50, ASX200) 11 A strong track record: 18.6% TSR2 since 19943 DELIVERING GROWTH Period2 IFT TSR 5 – year 17.5% 10 – year 19.8% 20 – year 14.7% Since inception 18.6% IFT NZX50 ASX200
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12 Outlook • Total pipeline to FY40: 3.9GW of leasable capacity, with 550MW operational • FY27 capex guidance of A$3.8bn–A$4.2bn (excluding land)
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13 Outlook • Targeting increased annual development cadence of >2GW renewable capacity • Identified up to 10GW of existing and pipeline land that may be suitable for data centres
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WORKING TOGETHER IN TARANAKI 14 CDC and Contact Energy are exploring development of a 250MW (ICT load) data centre in, Stratford, Taranaki Proposal combines CDC’s data centre expertise and sustainability credentials with Contact’s existing infrastructure, renewable electricity generation, and renewable energy project pipeline Project would use data centre demand to underpin regional infrastructure investment, enabling more renewable generation and jobs
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Solid progress against strategy MEDIUM-TERM STRATEGIC OBJECTIVES Divest businesses unlikely to scale under our ownership and reinvest • $600m of sales completed; Qscan process underway • Potential for another $1 billion+ of divestments over the medium term Balance Infratil’s cash flow and dividends • On track with One NZ's improved distribution profile; growth expected from CDC and Longroad as earnings and future distribution capacity grows Identify and scale our growth platforms beyond CDC and Longroad Energy • CDC and Longroad have accelerated materially, setting a high bar; however interesting adjacent opportunities are emerging across these platforms • Gurīn Energy still awaiting key approval Continue to broaden our shareholder base and support future scale • ASX 200 inclusion has seen ASX trading volume lift to ~30% • Increased analyst coverage helping grow interest, work in progress 15
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PORTFOLIO EVOLUTION (by asset valuation) 16 $NZm 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Healthcare Digital Infrastructure Renewable Energy Non-Renewable Energy Public Transport Retirement Other Airports
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WE INVEST FOR THE LONG-TERM 17
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CDC has a once-in-a-lifetime opportunity to develop AI infrastructure at globally relevant scale Longroad is also capitalising on the opportunity, targeting increased development Continuing to develop other potentially material growth opportunities Infratil has significant flexibility to support that growth Continued focus on lifting operational performance across the portfolio We are realistic about the challenges that persist, and are positive about the opportunities ahead Portfolio positioning for further step changes in growth LOOKING AHEAD 18
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SHAREHOLDER QUESTIONS
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RESOLUTIONS
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Resolutions 21 1. That Brad Banducci be elected as a director of Infratil. 2. That Anne Urlwin be re-elected as a director of Infratil. 3. That Jason Boyes be re-elected as a director of Infratil. 4. That Infratil be authorised to issue to Morrison Infrastructure Management Limited (Morrison), within the time, in the manner, and at the price, prescribed in the Management Agreement, such number of fully paid ordinary shares in Infratil (Shares) as is required to pay all or such portion of the third instalment of the 2025 Incentive Fee (to the extent payable) as the Board elects to pay by the issue of Shares (2025 Scrip Option), and the Board be authorised to take all actions and enter into any agreements and other documents on Infratil‘s behalf that the Board considers necessary to complete the 2025 Scrip Option. 5. That the Board be authorised to fix the auditor‘s remuneration. Proxies have been lodged by 827 Shareholders holding 762,614,159 shares representing 76% of the ordinary issued capital, excluding treasury shares.
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Election of Brad Banducci Resolution 1 22 • That Brad Banducci be elected as a director of Infratil. The Board supports the election of Brad.
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Re-election of Anne Urlwin Resolution 2 23 • That Anne Urlwin be re-elected as a director of Infratil. The Board supports the re-election of Anne.
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Re-election of Jason Boyes Resolution 3 24 • That Jason Boyes be re-elected as a director of Infratil. The Board supports the re-election of Jason.
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Payment of FY25 Incentive Fee by Share Issue (2025 Scrip Option) Resolution 4 25 • That Infratil be authorised to issue to Morrison Infrastructure Management Limited (Morrison), within the time, in the manner, and at the price, prescribed in the Management Agreement, such number of fully paid ordinary shares in Infratil (Shares) as is required to pay all or such portion of the third instalment of the 2025 Incentive Fee (to the extent payable) as the Board elects to pay by the issue of Shares (2025 Scrip Option), and the Board be authorised to take all actions and enter into any agreements and other documents on Infratil‘s behalf that the Board considers necessary to complete the 2025 Scrip Option.
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Auditor’s remuneration Resolution 5 26 • That the Board be authorised to fix the auditor’s remuneration.
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CLOSE & AFTERNOON TEA
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This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (the ‘Company’) To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable (whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation. Information This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth). This presentation should be read in conjunction with the Company’s Annual Report for the period ended 31 March 2026, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/. Not financial product advice This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the Company’s securities and has been prepared without taking into account the objectives, financial situation or needs of prospective investors. Future Performance This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company operates, such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty or assurance that actual outcomes or performance will not materially differ from the forward-looking statements. Non-GAAP Financial Information This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF, EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this presentation. EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, impairments, revaluations, and gains or losses on the sale of investments. EBITDAF also excludes acquisition and sale-related transaction costs, management incentive fees, and one-off project costs. Proportionate Operational EBITDAF represents Infratil’s share of EBITDAF from its investee companies, excluding development spend associated with earlier-stage renewables businesses (Gurīn Energy, Galileo, and Mint Renewables), and excluding corporate costs and listed company Contact Energy. Development Spend represents early-stage, non-capitalised expenditure incurred by Infratil’s earlier-stage renewables businesses. Further information on how Infratil calculates Proportionate EBITDAF can be found in the Appendix. No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission. DISCLAIMER 28