Infratil (IFT) H2 2025 earnings summary

Executive summary

• Achieved proportionate EBITDA of NZD 986 million for FY2025, in the top half of guidance, with 6% like-for-like growth excluding Manawa.

• Portfolio asset value rose 29% year-over-year to NZ$18.3bn, driven by CDC revaluation and strategic investments.

• Major strategic initiatives included the Contact-Manawa merger, increased CDC stake, and inclusion in global indices, broadening investor access.

• Sustainability progress recognized by third-party ESG agencies, with improved ESG ratings and strong GRESB scores.

• Group assets and available capital increased significantly, supporting ongoing growth and flexibility.

Financial highlights

• Proportionate EBITDA/EBITDAF reached NZD 986 million, up 8.6% from FY24, at the upper end of guidance.

• Portfolio asset values rose by NZD 4.1 billion (29%), mainly from CDC, with some offset from Longroad and Retire Australia.

• Proportionate capital expenditure rose 39% to NZD 2.4 billion, mainly due to CDC development.

• Final dividend of NZD 0.1325 per share, up 2.5% for the year; total FY25 dividend 20.5 cps.

• Net asset value per share increased to NZ$16.65 from NZ$14.35 year-over-year.

Outlook and guidance

• FY2026 proportionate EBITDA/EBITDAF guidance of NZD 1.0–1.05 billion, up 9% at midpoint after adjusting for Manawa exit.

• CDC expects to double earnings over two years, with 80% of forecast revenue already contracted.

• 1NZ guidance for FY2026 is up 1%, with ongoing growth in consumer mobile and cost discipline.

• Longroad targets NZD 600 million Opco run-rate EBITDA by 2028, with strong project pipeline and safe-harbored projects under IRA reforms.

• CapEx guidance for FY2026 is NZD 2.2–2.6 billion, with CDC CapEx expected to rise in FY2027 due to project rephasing.