Infratil (IFT) H1 2026 earnings summary

Executive summary

• Proportionate operational EBITDAF rose 7% year-over-year to NZ$514 million for HY26, driven by CDC and Longroad, with strong contract wins and international growth in digital and renewables, despite a subdued New Zealand economy.

• Net parent surplus reached NZ$631.5 million, reversing a prior year loss, supported by CDC earnings and gains from Manawa Energy sale.

• Portfolio asset value increased to over NZ$19 billion, up NZ$735 million in six months, mainly from CDC and Longroad investments and further Contact Energy stake.

• Major divestments, including RetireAustralia, Fortysouth, and legacy property assets, advanced the NZ$1 billion non-core asset sale target, with 58% achieved.

• Interim dividend of 7.25 cents per share declared, with a 2% discount for reinvestment and annualized growth of 2% anticipated.

Financial highlights

• Proportionate operational EBITDAF: NZ$514 million, up 7% year-over-year, led by CDC and Longroad.

• Proportionate capex was NZ$1.14 billion, with 69% allocated to CDC and Longroad.

• Net surplus for the period was NZ$631.5 million, compared to a loss of NZ$241.5 million in the prior year.

• Asset valuation reached NZ$19 billion, with significant uplift from CDC's transaction-based revaluation.

• Net asset value per share increased to NZ$15.55.

Outlook and guidance

• FY26 proportionate operational EBITDAF guidance updated to NZ$960 million–NZ$1 billion, reflecting divestments.

• CDC expected at lower end of FY26 EBITDAF guidance; Longroad guidance raised to US$120–130 million.

• Proportionate capex guidance unchanged at NZ$2.2–2.6 billion, with CDC's capex guidance increased.

• Further A$250 million investment planned in CDC to support capacity expansion and earnings growth.

• Strong funding capacity and balance sheet flexibility to support growth and investment plans through FY27.