Infratil’s NZ$1.275bn Capital Raise Powers CDC Expansion and Portfolio Gains

Strong Financial Performance Amid Market Volatility

Infratil Limited has delivered a solid financial performance for the year ended 31 March 2025, with its proportionate operational EBITDAF reaching NZ$986 million, an 8.6% increase from the previous year. This growth was underpinned by strong contributions from key portfolio companies including CDC Data Centres, One NZ, RetireAustralia, and Wellington Airport.

The company’s CEO, Jason Boyes, highlighted that despite a challenging global environment marked by inflationary pressures, regulatory uncertainties, and geopolitical tensions, Infratil’s diversified portfolio across digital infrastructure, renewables, healthcare, and airports has demonstrated resilience and operational excellence.

Capital Raise and Strategic Acquisitions Fuel Growth

To support its ambitious growth plans, particularly the accelerated expansion of CDC Data Centres, Infratil successfully completed a significant capital raise of NZ$1.275 billion during the year. This capital injection has been pivotal in funding CDC’s extensive development pipeline, which now includes 382MW under construction and a total capacity forecast to more than double by 2034.

Further cementing its commitment to CDC, Infratil acquired an additional 1.58% stake from Commonwealth Superannuation Corporation for A$220.2 million, increasing its ownership to 49.75%. This transaction followed a competitive sale process and enhanced Infratil’s governance rights, reflecting confidence in CDC’s market position amid evolving demand for data centre capacity driven by AI and cloud computing.

Portfolio Developments and Future Outlook

Infratil also supported the proposed merger of Manawa Energy with Contact Energy, a deal expected to complete in July 2025. This strategic move is anticipated to improve cash flow and maintain Infratil’s exposure to New Zealand’s renewable energy sector, aligning with its long-term investment themes.

One NZ delivered results slightly ahead of guidance despite a tough economic backdrop, driven by disciplined execution and innovation such as the launch of EonFibre, New Zealand’s second-largest B2B fibre network. Meanwhile, Longroad Energy completed its largest construction programme to date, with 1.3GW of projects reaching commercial operation and a robust pipeline of over 30GW under development.

In healthcare, both RHCNZ Medical Imaging and Qscan Group reported strong earnings growth, supported by technology-enabled innovation and expanding service networks. Wellington Airport continued its recovery with a 22% increase in EBITDAF, despite ongoing domestic travel constraints.

Sustainability and Governance at the Forefront

Infratil’s commitment to sustainability remains a core pillar, with updated climate disclosures and ambitious emissions reduction targets aligned with global best practices. The company’s inclusion in the MSCI Global Standard Index and ASX300 has broadened its investor base, enhancing visibility and reinforcing its governance standards.

Financially, Infratil maintains a strong balance sheet with net debt of NZ$2.188 billion and a gearing ratio of 17.9%, supported by disciplined capital management and a diversified funding profile. The company declared a final unimputed dividend of 13.25 cents per share, marking a 1.9% increase from the prior year, and offers a dividend reinvestment plan with a 2% discount.

Looking ahead, Infratil’s strategic focus remains on scaling its growth platforms, balancing cash flow generation with reinvestment, and navigating near-term market uncertainties with a long-term perspective.