Infratil (IFT) H1 2025 earnings summary

Executive summary

• Delivered strong operating performance and resilient portfolio results across key assets, with CDC, 1NZ, and Wellington Airport driving outcomes despite challenging conditions.

• Achieved total shareholder return of 14.5% in H1 FY2025 and 23.0% for the year to 30 September 2024, outperforming benchmarks.

• Raised $1.275 billion in equity in June 2024, enhancing balance sheet flexibility and supporting future growth, particularly in CDC Data Centres.

• Supported Contact Energy’s proposed acquisition of Manawa Energy, expecting $186 million cash and a 9.5% Contact stake, pending regulatory approval.

• Discontinued the Console Connect investment due to transaction complexity and market shifts.

Financial highlights

• Proportionate operational EBITDA/EBITDAF for the half was NZD 506 million, up 21% from HY24 and 7% on a like-for-like basis.

• Proportionate CapEx rose to NZD 1.2 billion, up 52% from HY24, reflecting increased development activity.

• Interim dividend of 7.25 cents per share declared, a 3.6% increase on HY24, with a 2% DRP discount.

• Net profit after tax for the period was $123.5 million, while net loss attributable to owners was $212.2 million due to lower revaluation gains.

• Operating revenue rose to $1,715.3 million for the six months ended 30 Sep 2024.

Outlook and guidance

• FY25 proportionate operational EBITDA/EBITDAF guidance narrowed to NZ$960–$1,000 million, with CDC and Long Road trending toward lower ends due to timing and policy uncertainties.

• CapEx guidance revised to NZD 2.4–2.8 billion for the year.

• 1NZ FY25 EBITDA/EBITDAF guidance remains at NZD 580–620 million, with flat second-half expectations.

• Longroad Energy FY25 EBITDA/EBITDAF guidance reduced to US$55–$60 million due to increased development expenditure and US election uncertainty.

• Portfolio positioned for long-term value capture amid gradual global economic recovery and sector resilience.