New Zealand · Delayed Price · Currency is NZD Infratil Earnings Call Transcripts
Fiscal Year 2026
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Strong growth was delivered in volatile markets, led by CDC and Longroad, with significant portfolio reshaping and robust financial results. CDC and Longroad are set for further expansion, supported by improved credit ratings and capital flexibility, while challenges persist in Europe and NZ healthcare.
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A record-breaking contract with a U.S. hyperscaler boosts contracted capacity above 1 GW and secures nearly 100% investment-grade counterparties. EBITDAF is set to exceed AUD 1 billion in FY2028, with funding fully supported by existing debt and no new equity required. Sustainability, technological leadership, and a robust pipeline position the business for continued outsized growth.
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Half-year results show 7% EBITDA growth, led by CDC and Longroad, with strong contract wins and asset divestments advancing strategic goals. Updated guidance reflects CDC at lower end and Longroad raised, while financial flexibility and sustainability credentials remain robust.
Fiscal Year 2025
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The meeting reviewed strong financial performance, strategic asset moves, and board succession plans. Shareholders discussed management fees, portfolio concentration, and sustainability, with all resolutions—including director re-elections and fee payment options—passed by vote.
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Proportionate EBITDA reached NZD 986 million, with strong asset value growth and robust performances from CDC, 1NZ, and Longroad. FY2026 guidance targets further EBITDA growth, while strategic initiatives and capital recycling aim to balance the portfolio and sustain dividends.
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Strong half-year results driven by CDC, 1NZ, and Wellington Airport, with EBITDA up 7% year-over-year and robust CapEx supporting future growth. Guidance narrowed, with CDC and Long Road facing timing and policy uncertainties, but overall outlook remains positive.
Fiscal Year 2024
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The meeting highlighted strong FY24 performance, record demand in digital and renewables, and ongoing investment in growth. Board succession, incentive alignment, and sustainability were key themes, with all resolutions put to vote and robust shareholder engagement throughout.