• Proportionate operational EBITDAF up 7% to $514 million
• Proportionate capital expenditure down $52 million to $1,139 million
• Net parent surplus of $606 million on asset valuation increases and Manawa Energy sale

Infratil delivered a step-up in earnings for the six months ended 30 September 2025 and announced the divestment of Fortysouth and its legacy property assets as it refines its portfolio for further growth. The geographic and sector diversity of Infratil's portfolio saw Proportionate Operational EBITDAF grow to $514 million in the six-month period, up 7% from the prior HY25 period, largely driven by Longroad Energy in the United States and CDC in Australasia. Proportionate Capital Expenditure was down $52 million, to $1,139 million, when comparing HY26 and HY25. The total asset value of Infratil's investments grew by $735 million, to just over $19 billion, in the six-month period. Increases in CDC's property valuations and the sale of Manawa Energy resulted in a net parent surplus of $606 million, compared with a $247 million loss in HY25. Infratil has entered into a conditional agreement to sell its 20% shareholding in Fortysouth for more than $200 million, and has also signed an unconditional sale of its property asset in Auckland for $55 million. These divestments mark another step in Infratil's strategy to refine its portfolio for growth. The company expects to invest another A$250 million in CDC during the next six months, so CDC can accelerate its construction programme to meet the surging demand for capacity in Australia. Longroad Energy is seeing benefit from data centres in the USA, where it is constructing its largest ever solar farm to support Meta's operations with clean energy. In Asia, Gurin Energy is awaiting a decision on the export licence for Project Vanda, one of the largest solar-plus-battery projects in the world that will deliver solar energy from Indonesia to Singapore.

Infratil expects Proportionate Operational EBITDAF of NZ$960 to $1,000 million for FY26, adjusted for the announced divestments of RetireAustralia and Fortysouth. Proportional Development EBITDAF guidance has been narrowed to expenditure of $85 to $100 million, and Proportionate capital expenditure guidance is unchanged at NZ$2.2 to $2.6 billion.

Infratil's digital and renewable energy businesses are seeing strong momentum, with CDC and Longroad Energy building strong earnings growth on the back of new waves of demand. The company is focused on simplifying its current portfolio and reinvesting in areas with strong thematic drivers to position Infratil for continued growth and shareholder returns.