Infratil (IFT) Workshop Presentation summary

Business segments and valuation approaches

• Two main segments: Opco (operating assets) and Devco (development pipeline).

• Opco generates recurring cash flows from existing and under-construction projects.

• Devco drives growth by creating new operating projects.

• Valuation methods include project-by-project DCF, sum-of-the-parts, and consolidated EV/EBITDA.

• Tax credits, tax equity, run-rate EBITDA, and net debt are key considerations.

Financial performance and projections

• Opco capacity projected to grow from 5.5 GW in 2025 to 10 GW by 2028.

• Opco run-rate EBITDA expected to rise from $380 million in 2025 to $700 million in 2028.

• Run-rate EBITDA is based on a 5-year average once projects are operational.

Capital expenditure and funding

• Annual capex program of $2 billion, funded through tax credits, debt, and equity.

• Capex per kW decreases over time, reflecting scale and efficiency gains.