Infratil (IFT) AGM 2025 summary

Opening remarks and agenda

• Meeting confirmed as properly constituted, with both in-person and online participation options, and a focus on navigating market volatility.

• Press and non-shareholders were present; post-meeting refreshments offered.

• Agenda included executive updates, shareholder questions, and voting on resolutions.

Board and executive committee updates

• Chair Alison Gerry and directors introduced, with several seeking re-election; board succession planning underway, targeting Chair transition by ASM 2028 and director retirement in 2026.

• External board evaluation found board operating at the 90th percentile.

• Recruitment ongoing for a new director with complementary skills.

Financial performance review

• Portfolio delivered operating EBIT up 9% over the year, with similar growth expected for FY 2026.

• FY2025 highlighted portfolio resilience amid global uncertainty, with strong share price recovery and consistent long-term returns within the 11-15% annual target.

• CDC and Longroad now represent about half of portfolio value, both delivering exceptional earnings growth.

• Operating cash flow currently covers fixed costs but not the full dividend; balance expected within 2-3 years as key assets mature.

• Management fees increased significantly due to CDC valuation, with performance fees paid over three years and subject to adjustment.