Infratil : Annual Report 2024

Annual

Report

2024

2024

1994

1

As we celebrate 30 years of Infratil's groundbreaking journey as an infrastructure investor, we reflect on our humble beginnings and remarkable evolution. Established three decades ago, Infratil broke new ground as one of the earliest listed infrastructure funds, reshaping the landscape of investment possibilities for individual investors.

Our initial focus on New Zealand's infrastructure landscape saw strategic investments in companies like Trustpower, Central Power, and the Port of Tauranga lay the groundwork for an enduring legacy.

Infratil today

Digital 62%

48% Infratil		99.9% Infratil
$4.4		$3.5
billion		billion

53% Infratil

$560

million

20% Infratil

$195

million

$145

million

Over time as our vision expanded beyond New Zealand, so did our portfolio, driving diversification and a global expansion. Yet, amidst our growth, our commitment to community and long-term asset stewardship has remained.

In nearly every sector that Infratil has invested in, our vision has seen us lead the way in identifying new forms of infrastructure, whether in renewables, data centres or diagnostic imaging.

Looking forward to the next decade we embrace the challenge of navigating an increasingly dynamic landscape as we search for the next generation of transformative infrastructure.

As we embark on this new chapter, we remain dedicated to delivering value to our shareholders, stakeholders, and communities alike.

Infratil's portfolio composition over time

$ Billions
14
12
10
8
6	Data Centres
	Connectivity
	Non-Renewable Energy
4	Renewable Energy
	Healthcare
2	Social Infrastructure
Airports
	Ports
0	Public Transport
Utilities
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Renewables 22%

51% Infratil		37% Infratil		95% Infratil
$730		$2.0		$235
million		billion		million

Healthcare 11%

58% Infratil				50.3% Infratil
$410		$465		$605
million		million		million

Airports 4%

66% Infratil

$625

million

40% Infratil

$240

million

73% Infratil

$2

million

2

1

30 years of growth

Manawa Energy

Central Power

Powerco

Port of Tauranga

Port of Auckland

Wellington International Airport

Natural Gas Corporation

Tranz Rail

Infratil Airports Europe

Lumo Energy

Energy Developments

NZ Bus

Auckland International Airport

Perth Energy

Snapper

Infratil Property

iSite

Z Energy

Metlifecare

ASIP

RetireAustralia

Clearvision Ventures

ANU Student Accommodation

CDC Data Centres

Longroad Energy

Tilt Renewables

One NZ

Galileo Green Energy

Qscan Group

RHCNZ Medical Imaging

Gurīn Energy

Kao Data

Fortysouth

Mint Renewables

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2

3

Operating Highlights

Today, Infratil manages a diversified portfolio of 15 infrastructure investments spanning four key sectors: Digital, Renewables, Healthcare, and Airports.

These sectors, which we refer to as 'ideas that matter,' are driven by major social and economic trends, fuelling demand for transformative infrastructure.

Our underlying investments highlight Infratil's increasingly global presence, with Infratil businesses operating in 17 countries across Australasia, North America, Asia, Europe and the United Kingdom.

Our portfolio is anchored by four key assets, CDC, One NZ, Longroad Energy, and Wellington Airport, which collectively comprise 75% of our holdings. CDC and Longroad Energy serve as significant growth catalysts, developing new data centres and solar farms at attractive returns.

One NZ and Wellington Airport have their own growth but generate cashflow to support the existing debt and reinvestment into growth options.

The remainder of our portfolio consists of smaller or earlier stage investments earmarked for future growth or cash flow generation. However, all our businesses share a common trait: they deliver essential services to the communities they serve.

In New Zealand alone, approximately four out of every 10 people over the age of 10 are One NZ customers, while our radiology clinics saw the equivalent of one in every seven New Zealanders during the last year.

Manawa Energy generated enough electricity last year to power over 270,000 New Zealand homes, while 5.5 million

291 MW

Data Centre capacity

2,281 MW

Installed renewable generation

6,043 GWh

Renewable energy generated

5,442

Retirement village residents

6,682

Group employees

1,997,000

Mobile connections

Financial Highlights

$854.0 M

Net parent surplus

$864.1 M

Proportionate EBITDAF 1

$2,225 M

Infratil investment

$2,265 M

Net debt

$10.89

Share price

$9,067 B

Market capitalisation

Infratil's net parent surplus reflects the strong operating performance of the portfolio as well as the accounting for the acquisition of the additional stake in One NZ during the year. This resulted in a gain being recognised on Infratil's existing 49.95% stake.

Proportionate EBITDAF represents Infratil's share of the EBITDAF generated by its portfolio companies, along with corporate-level operating costs. Over the past year, Proportionate EBITDAF experienced significant growth, increasing by 63% from $532 million in the previous year. While a substantial portion of this increase can be attributed to the higher ownership stake in One NZ since June 2023, even after adjusting for this change, growth stood at an impressive 15.5%. This earnings expansion underscores the strong performance across the portfolio's operational businesses during the year.

In the current year direct investment by Infratil in its portfolio companies totalled $2,225 million, primarily driven by the significant investment in One NZ.

Net debt represents Infratil's corporate borrowings and comprises $792 million of bank debt and $1,473 million of retail bonds. The year-on-year increase in debt primarily stems from financing the additional investment in One NZ, as well as supporting the growth of our renewable energy platform. Despite this increase, our corporate gearing of 20% remains below the Group's target range.

passengers passed through Wellington Airport.

Beyond New Zealand, CDC has emerged as one of Australasia's largest data centre operators, and Longroad Energy is poised to have developed an energy capacity equivalent to New Zealand's total system by 2028.

2,460,000

Medical scans

5,449,000

Airport passengers

13.00 cps

Cash dividend declared

21.7% per annum

12 month shareholder return 2

1. EBITDAF is an unaudited non-GAAP measure of net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, and non-operating gains or losses on the sales of investments and assets. EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by other entities. Proportionate EBITDAF shows Infratil's operating costs and its share of the EBITDAF of the companies it has invested in. It excludes discontinued operations, acquisition or sale-related transaction costs and management incentive fees. A reconciliation of net profit after tax to Proportionate EBITDAF is provided in the 31 March 2024 annual results presentation.
2. Shareholder returns are 12-month returns assuming that dividends are reinvested on the date of payment.

4

5

Experienced Leadership

Directors

Infratil's shareholders elect directors for three-year terms to look after their interests. Directors are expected to:

• Maintain a dialogue with shareholders, to understand concerns and priorities.
• Participate in the formation and evolution of the Company's strategy.

• Ensure effective articulation to external stakeholders of strategy, goals, risks and performance, including with regard to environmental, social and governance metrics.
• Monitor strategy implementation, financial performance, risks and legal compliance.
• Maintain awareness of relevant societal and market developments and provide diversity of perspective and knowledge relevant to the Company.

• Monitor the performance of Infratil's manager Morrison. Morrison is a specialist manager of infrastructure investments and performs this role for Infratil under an investment management agreement which is available on Infratil's website. Through the management agreement, Infratil benefits from having a management team with great breadth and depth of skills, however the Board must be vigilant about potential conflicts of interest and satisfied that the cost is reasonable.

Further commentary on the Board is set out on pages 133 - 140 of this report.

Peter Springford

Peter joined the Board as an independent director in 2016 and was last re-elected in 2023. He has extensive experience in managing companies in Australia, New Zealand and Asia, including five years based in Hong Kong as President of International Paper (Asia) Limited and four years as Chief Executive Officer and Managing Director of Carter Holt Harvey Limited.

Andrew Clark

Andrew joined the Board as

an independent director in 2022. He is an experienced strategist and transformation executive with over 30 years of diverse management consulting experience. During this time, he held a number of senior roles within the Boston Consulting Group (BCG).

Anne Urlwin

Anne joined the Board as an independent director in 2023. She is a chartered accountant and an experienced finance and governance professional. Her current governance roles include Chair of Precinct Properties and a director of Vector and Ventia. She has previously been a director of Summerset Holdings, Tilt Renewables, Chorus and Meridian Energy. Anne is Chair of the Audit and Risk Committee and has a significant accounting, financial, risk and sustainability background.

Jason Boyes

Jason is Chief Executive of Infratil and joined the Board in 2021. Jason is Chair of Longroad Energy and a director of CDC Data Centres.

He joined Morrison in 2011 after a 15-year legal career in corporate finance and M&A in New Zealand and London. Jason has an interest in Morrison, which has the Management Agreement

with Infratil.

Alison Gerry

Alison has been Chair since

May 2022, an independent director since 2014 and was last re-elected in 2022. She is a director of

Air New Zealand, ANZ Bank

New Zealand, and Chair of Sharesies. Alison has been a professional director since 2007. Previously, Alison worked for both corporates and for financial institutions in Australia, Asia and London in trading, finance and risk roles.

Kirsty Mactaggart

Kirsty joined the Board as an independent director in 2019, and was last re-elected in 2022. Kirsty is a director of Sharesies Investment Management Limited and a senior advisor at Montarne. Prior to her director and advisory career, she was Head of Equity Capital Markets and, Corporate Governance for Fidelity International in Asia, and was also a managing director at Citigroup based in Hong Kong and London. She has over 25 years of global equity market experience with a unique investor perspective and a focus on governance.

Paul Gough

Paul joined the Board as an independent director in 2012 and was last re-elected in 2021. He is managing partner of the UK private equity fund STAR Capital. He is a director of several international companies in the transport, logistics, healthcare, infrastructure and financial services sectors. Paul previously worked for Credit Suisse First Boston in New Zealand and London.

6

7

Report of the Board Chair

Kia ora kōutou. I am pleased to report that Infratil's 30th year was another remarkable one for shareholders.

Financially, Infratil exceeded its long-term target returns, delivering a return to shareholders for the year of 21.7% after tax and fees. This was achieved through a combination of strategic investment and strong operational performance, with over $3.6 billion invested by Infratil and its investee companies.

The Board remains laser-focused on its overriding objective, delivering target returns of 11-15% per annum (after fees) over a 10-year period for shareholders. To achieve this, the Board and Infratil's manager, Morrison, are relentlessly executing business plans and investment cases within our portfolio entities.

Strategic Positioning and Portfolio Management

While we look forward to long-term growth, it is important to reflect on 30 years of successful investment and take stock.

There are many valuable and repeatable lessons, and we continue to benefit from the intellectual property which comes from 30 years of investing success, what we often refer to as the 'Secret Sauce'.

In part, this involves focusing on sectors and businesses with strong defensive characteristics, which have been foundational to our portfolio over the years. However, we also look to capitalise on growth driven by industry trends such as social change and disruption, providing opportunities to create large-scale proprietary infrastructure platforms.

Another part is using our portfolio approach to blend lower risk cash generating businesses with higher risk and return growth investments which enables us to take early positions in emerging infrastructure. We think about our investments as a mixture of core (8-10%), core plus (10-15%) and development & growth (15-25%) assets, often with development platforms that will mature into core assets over our investment horizon.

We were early to the party for renewable energy and data centres but cannot rest on our laurels. We are constantly on the lookout for emerging infrastructure. We are excited about our newest investment in Console Connect, but the work that underpins that investment started more than five years ago and continues as we work towards settlement.

We continue to spend time on new ideas and based on our track record, shareholders can have confidence that we are actively exploring ideas which might lead to investments in the next decade.

A focus around the Board table over the last year has been to ensure we spend more time focusing on our most material investments - for now this includes CDC, Longroad and One NZ. However, we also continue to spend a lot of time discussing portfolio mix and diversification. Given the growth opportunities within our pipeline, the competition for capital within the portfolio has grown with even more discipline required to allocate wisely.

"I take great pride in Infratil's ability to continuously meet the needs of our shareholders,stakeholders, and communities. I am immensely grateful to the entire Infratil team and our portfolio companies for their tireless dedication and contributions."

You will also see in this report our focus on ESG is continuing. Last year we set science-based emission reduction targets and released our inaugural sustainability report and climate related disclosures. This year, we will update these reports as we file our first mandatory climate related disclosures.

Given the global scale of the portfolio, the Board visited a number of other markets during the financial year. These visits highlighted the increasingly global experience and connections of the Morrison team, who manage the investments we visited. In a world where global reach, intellectual property, and connections matter more than ever, the Morrison capabilities are proving invaluable to Infratil.

Relationship with Morrison

Infratil's relationship with our manager, Morrison, remains very healthy and it continues to perform strongly for Infratil shareholders. The Board was pleased to be able to agree positive changes to the management agreement last year that helps simplify our long-standing relationship. We have been pleased to see the continued investment Morrison has made in its own global team and the increasing alignment through part of this year's incentive fees being paid in Infratil shares.

We also saw the value of synergies and experience within the portfolio, whether this was our renewable energy experts working with our data centre businesses, our Australian and New Zealand radiology platforms exploring 'follow the sun' teleradiology opportunities together, or connections made through our early-stage technology investments providing tools for the development of our climate disclosures and emissions reporting.

Shareholders and Investor Relations

This year, we held our first formal governance meetings, providing large institutional investors the opportunity to engage directly with our directors. Following the release of this report and leading up to our annual shareholder meeting, the Board will conduct a more structured governance roadshow. This initiative allows us to directly address shareholder concerns and better understand your expectations from the Board, ensuring we continue to meet your needs effectively.

Our equity raise conducted as part of the One NZ transaction last year, represented not only the largest raise Infratil has ever undertaken, but also one of the largest in New Zealand's corporate history, with the total equity raised exceeding $935 million.

It is pleasing to see that shareholders who participated in the equity raise have achieved a return of 19.1% (including dividends) on their new shares in the period since.

We continue to attract new investors, including international institutions, while remaining committed to our retail shareholder base.

Supporting this we held our first full Institutional Investor Day in Sydney in March, while our retail investor roadshow is set to begin, with 16 events across New Zealand in June.

Looking ahead

Looking ahead we expect the new-normal of turbulence in financial, political and regulatory systems to continue with global inflationary pressures being slower to ease and an uncertain geopolitical outlook. With the New Zealand domestic economy contracting and inflation lowering relative to other markets, we can also expect some uncertainty closer to home. However, we have learned from 30 years

of growth that uncertainty can bring opportunity, and we are ready to execute.

I take great pride in Infratil's ability to continuously meet the needs of our shareholders, stakeholders, and communities. I am immensely grateful to the entire Infratil team and our portfolio companies for their tireless dedication and contributions. I would also like to thank shareholders for the faith placed in us. That is a trust we do not take lightly and one we continue to work hard to earn anew each year.

Alison Gerry

Chair

8

9

Report of the Chief Executive

Reflecting on Infratil's remarkable 30-year journey, I'm struck by the transformative impact we've had in the infrastructure sector. Over the past three decades, we've witnessed significant global changes, and Infratil has not only adapted but often led the way.

I am pleased to report that this year we continued to build on our legacy of success, delivering a strong financial result and making significant strides in growing our portfolio. While we celebrate these achievements, we recognise that our approach is designed for sustainable, long-term growth, not overnight success, and therefore this year's result is the culmination of many years work.

Over 30 years, Infratil has grown from a New Zealand-focused infrastructure investment company into a global player, today owning a diversified portfolio encompassing digital infrastructure, renewable energy, healthcare, and airport investments. We refer to these sectors as "ideas that matter", as they represent the future of infrastructure investment and are thematics that will continue to have a major influence on the world.

As we move forward, our goal is to continue building on this foundation, leveraging the lessons learned from our 30-year history while embracing new opportunities that align with our vision for the future. In this report, we will highlight some of our key achievements over the past year, but you should also get a strong sense of our strategic outlook for the path ahead.

Conviction in our Investment Strategy

Infratil's current portfolio is heavily weighted towards high-growth digital infrastructure and renewable energy businesses, with a specific focus on developing these critical assets. Over 80% of our portfolio is invested in these two sectors, which are central to understanding our investment approach.

These platforms represent two of the most sought-after asset classes, converging to address the growing demand for AI and data centres with the essential need for sustainable energy solutions. As AI development accelerates, the need for robust, scalable data centres powered by renewable energy becomes increasingly critical.

This combination not only enhances operational efficiency and sustainability but also underscores our commitment to meeting the evolving demands of this global market.

To date, few if any listed investment entities are exposed to both asset classes quite the way that Infratil is today.

Across digital infrastructure and renewable energy, three major assets form the core of our portfolio, representing 70% of its total value: CDC, One NZ and Longroad Energy.

These high-growth companies, particularly CDC and Longroad, are complemented by our core cash flow-generating assets, including One NZ, Wellington Airport, Manawa Energy and RHCNZ Medical Imaging. These core assets play a vital role in maintaining our credit and liquidity metrics while providing the necessary cashflow to reinvest in our high-growth platforms.

The remainder of our portfolio consists of smaller or earlier- stage investments designed to become the scaled core cashflow-generating or core growth platforms of the future.

Investing in future growth

Longroad Energy is currently embarking on the largest capital works project in its history. In addition to its operational projects, Longroad has had 2.4GW of assets under construction during the year across nine projects and in five States, by our estimate making it one of the top 15 developers in the U.S. Longroad's development pipeline spans a massive 28.3GW, with wind, solar, and storage projects distributed across more than 20 States in the U.S.

"I want to extend my sincere gratitude to our shareholders for their support and trust. Your partnership has been integral to our success, and we remain committed to delivering value and driving innovation through our investment."

Meanwhile, our other renewable energy platforms are making significant progress as well. Gurīn Energy, our pan-Asian renewable energy venture, has secured one of the five conditional approvals to establish a green electricity trading corridor between Indonesia and Singapore. This ambitious initiative aims to supply the Singapore market with 300MW of stable renewable energy by 2027. It involves generating power on the Riau Islands in Indonesia, with a capacity of 2GW of solar photovoltaic energy and 4.4GWh of battery storage - positioning it as one of the largest projects of its kind globally.

One of the most significant milestones from the past year was our agreement with Brookfield in June to acquire the remaining 49.95% stake in One NZ, which we didn't already own. This agreement culminated a six-year journey that began even before our initial investment in May 2019.

One NZ is more than just another asset; it has critical infrastructure that plays a central role in New Zealand's economy. By increasing our stake, Infratil has gained greater flexibility and will continue to focus on creating long-term value.

A sustainable journey

Last year we published our first sustainability report, the report outlined our updated strategy focused on key environmental, social, and governance issues, as well as our emissions footprint.

A major focus is 'Climate and Nature,' addressing the increasing impact of climate change. In response, Infratil became the first New Zealand financial institution with climate targets validated by the Science Based Targets initiative, committing to the Paris Agreement's goal of limiting global warming to 1.5°C. Our validated targets aim to reduce scope 1 and 2 greenhouse gas emissions to zero and lower scope 3 emissions from business travel.

We also require our portfolio companies to set their own validated climate targets, aligning them with our sustainability objectives, and underscoring our commitment to pursuing a sustainable portfolio.

Strategic Outlook

We were excited to announce an expansion of our digital infrastructure portfolio during the year with the announcement of a conditional investment in Console Connect. Its technology can automatically switch and route internet traffic, which makes global connections faster and more secure. Console Connect's reach extends to over 150 countries, and it currently manages about 17% of global internet traffic.

The investment remains subject to regulatory approvals, and we are looking forward to completion towards the end of the 2024 calendar year.

At home, New Zealand faces a significant infrastructure deficit, with ASB Bank recently estimating that it will take up to $1 trillion over the next 30 years to bring the country's infrastructure up to standard. The price of inaction could be high, threatening not just New Zealand's economic outlook but also exposing its communities to greater risks from climate

change. This deficit is already manifesting in everyday life, from congested roads and unreliable public transport, to leaking pipes, unplanned power outages, and cell phone black spots. These issues are all symptoms of an infrastructure network struggling to keep pace with the demands of a growing population.

Infratil, as a major investor in infrastructure, is well-positioned to invest on behalf of, or alongside, local and central Government to improve New Zealand's infrastructure landscape.

The private sector's capacity to address this infrastructure shortfall is often overlooked, offering a significant opportunity to help overcome current challenges.

It's imperative that New Zealand considers strategic shifts in thinking to energise the private sector. One example is adopting a tax credit scheme similar to that of the United States, which has proven instrumental in accelerating renewable energy projects and expanding the transmission grid. The U.S. model's success, driven by the Inflation Reduction Act, lies in its open-access tax credit system that facilitates capital flow towards the most cost-effective projects.

In contrast, New Zealand's unsubsidised approach places us at a disadvantage in attracting investment capital. By embracing a more robust incentive framework, we can accelerate the integration of alternative power sources and foster investments from smaller distribution companies, ensuring a more diverse and resilient energy infrastructure.

While we deeply value Wellington City Council's partnership at Wellington Airport and prefer its continued co-ownership, we understand the financial pressures prompting its consideration of divestment.

Infratil, as a long-term investor with access to capital, expertise, and a commitment to sustainable growth and community, is well-positioned to engage in these types of discussions with local governments across New Zealand.

As I conclude, I want to express my deep gratitude to our loyal shareholders, who in many cases have been with us for 30 years. Your support, trust, and commitment have been instrumental in our success. It is because of you that we've been able to continue to invest for the long-term with confidence. On behalf of the entire Infratil team, thank you for being with us on this journey. We look forward to a bright future together.

Jason Boyes

Chief Executive

10

11

Transparent and reliable

Management Team

Infratil's management team is comprised of individuals employed by Morrison (including the Chief Executive and Chief Financial Officer), as well as personnel from Infratil's portfolio companies.

The day-to-day management of the Company has been entrusted to Morrison through a management agreement, which sets out Morrison's duties, powers, and the management fee payable for its services.

The Board determines and agrees with Morrison specific goals and objectives, with a view to achieving the strategic goals of Infratil. Morrison is held accountable to the Board for achieving these strategic objectives.

Morrison, a specialised infrastructure investment manager with a global presence, also oversees investments on behalf of other clients, such as the New Zealand Superannuation Fund, the Commonwealth Superannuation Corporation, and the Australian Future Fund, some of which are partners with Infratil in various investments.

Infratil benefits from the extensive expertise and broader network that the Morrison management team brings to the table, surpassing what a company of Infratil's size could typically maintain internally. This enables Infratil to leverage a wealth of experience and global relationships for its advantage.

Jason Boyes	Andrew Carroll	Phillippa Harford	Paul Newfield	William Smales
Infratil Chief Executive,	Infratil Chief Financial Officer	Chair of One NZ, Director of	Morrison Partner and Chief	Director of CDC and Kao Data,
Director of Infratil and CDC,		RetireAustralia and Manawa	Executive	Morrison Partner, CIO and
Chair of Longroad Energy,		Energy, Morrison Partner		Global Head of Digital and
Morrison Partner				Connectivity

Steven Fitzgerald	Peter Coman	Kellee Clark	Louise Tong	Jon Collinge
Morrison Partner and	Chair of RHCNZ Medical	Director of Longroad Energy,	Infratil Director of	Morrison Executive Director,
Global Head of Asset	Imaging, Qscan and Infratil	Morrison Partner and Head	Sustainability, Risk & Funding,	Sustainability
Management	Property, Morrison Partner	of Legal	Morrison Executive Director
	and Head of Australia and
	New Zealand

Mark Flesher	Brendan Kevany	Nick Lough	Jillian Gardner	Alicia Quirke
Capital Markets & Investor	Infratil Company Secretary	Morrison Executive	Morrison Head of Tax	Morrison Regional Tax Director
Relations, Morrison Executive		Director, Legal
Director
Matthew Ross	Tom Robertson	Somali Young	Joe Beech	Thomas Wills
Infratil Deputy CFO, Director	Infratil Treasurer	Infratil Financial Controller	Infratil Financial Controller	Infratil Financial Performance
of Wellington Airport,				and Analysis Manager
Morrison Executive Director
Marko Bogoievski	Vincent Gerritsen	Ralph Brayham	Nicole Patterson	Rohit Rangarajan
Director of One NZ,	Director of Galileo and Kao	Morrison Data Infrastructure	Director of CDC Data Centres	CDC Asset Manager,
Morrison Operating Partner	Data, Morrison Partner and	& Technology Specialist	NZ and Fortysouth, Morrison	Morrison Investment Director
	Head of UK and Europe		Investment Director
Lewis Bailey	Robert Huang	Ilaria Di Fresco	Vimal Vallabh	Deion Campbell
Morrison Executive Director,	Morrison Executive Director	Energy Economist	Chair of Gurīn Energy and	Chair of Manawa Energy and
Strategy			Galileo, Morrison Partner and	Mint Renewables,
			Global Head of Energy	Morrison Operating Partner
Will McIndoe	Jonty Palmer	Rajiv Khakar	Lauren Beshore	Priya Grewal
Director of Mint Renewables,	Director of Gurīn Energy,	Director of Galileo,	Longroad Energy Asset	Director of Mint Renewables,
Morrison Executive Director	Morrison Director of Energy	Morrison Executive Director	Manager, Morrison Investment	Morrison Investment Director
	Operations		Director
Michael Brook	Alan McCarthy	Rachel Drew	Elizabeth Albergoni	Phil Walker
Director of RHCNZ Medical	Director of Qscan and	Chair of Wellington Airport,	Director of Wellington Airport,	Director of Wellington Airport
Imaging and RetireAustralia,	RHCNZ Medical Imaging	Director of Qscan and	Morrison Investment Director
Morrison Executive Director		RHCNZ Medical Imaging,
		Morrison Executive Director
12				13

Stakeholder Engagement

Infratil's large and diverse shareholder base, along with our ownership of assets deeply embedded in local communities, underscores our commitment to a broad set of stakeholders.

We understand that owning such significant assets brings a responsibility to be transparent and open in our reporting and communication.

Our goal is to continually improve the accountability of governance and management while increasing transparency in our operations. This commitment involves providing regular updates on the progress of our businesses and the risks associated with each investment.

To achieve this, we ensure that shareholders have several opportunities to engage with our management and directors, ask questions, and offer feedback. Over the last year, we hosted several key meetings with shareholders and bondholders where they could interact directly with our leadership. These included:

• The FY2023 annual results announcement on 22 May 2023 and the interim results announcement on 16 November 2023.
• A series of presentations to retail shareholders and bondholders across 15 centres in New Zealand from 29 May to 29 June 2023.
• The Annual Meeting on 17 August, featuring shareholder resolutions, a governance and strategy speech by the Chair, and a presentation by management on business activities and prospects.
• Institutional Investor Days in Phoenix, Arizona (September 2023), and Sydney (March 2024), showcasing presentations from key portfolio business management teams and senior Infratil executives.
• An initial series of governance meetings, introducing large institutional investors to directors.

These meetings provided valuable opportunities for shareholders to raise questions, voice concerns, and engage with Infratil's leadership.

All related content is readily accessible on our website at www.infratil.com.

Infratil's portfolio is dynamic and constantly evolving. As a result, the composition of an investor's share today may differ significantly from when it was initially purchased. This fluidity is why maintaining an ongoing dialogue with shareholders is helpful.

A decade ago, 89% of Infratil's portfolio was invested in New Zealand; today, 41% is invested domestically. Similarly, our investments in Digital Infrastructure have seen dramatic growth - from just 0.1% of the portfolio ten years ago to 62% today. These changes reflect our ongoing strategy to expand our investment footprint and diversify geographically. Our consistent stakeholder engagement plays a key role in keeping our shareholders informed and engaged as our business continues to evolve.

Geographic split - 2015

International 11%

New Zealand 89%

Geographic split - 2024

International 59%

New Zealand 41%

Infratil share 10 years ago - 2015

Renewable Energy	Non-Renewable Energy
44%	17%

Airports 12%

Public Transport 11%

Social Infrastructure 16%

Infratil share today - 2024

Digital	Renewables	Healthcare
62%	22%	11%

Airports	Other
4%	1%

14

15

Shareholder Returns and Ownership

From 31 March 2023 to 31 March 2024, Infratil's share price increased from $9.20 to $10.89.

During this period, Infratil also paid two dividends totaling 19.50 cents per share (cps) in cash and 6.00 cps in imputation credits.

Additionally, during the year, retail shareholders had the opportunity to participate in a retail share offer. Eligible shareholders could acquire 127 shares for every 1,000 shares owned at a price of $9.20 per share. Institutional shareholders were also offered participation through an institutional placement at the same price.

The total return to shareholders for the year was 21.7%, consisting of a 2.0% after-tax dividend return (at a 28% tax rate) and a 19.7% capital gain, inclusive of the retail share offer. By comparison, the total return of the NZX50 for the same period was 2.3%. The capital gain calculation assumes that all dividends were reinvested upon receipt, indicating a scenario where shareholders neither withdrew nor added additional funds.

Since its listing in March 1994, Infratil has delivered an average after-tax return of 18.7% per annum. Over the past decade, the average after-tax return has been 22.0% per annum. To illustrate the benefits of long-term investing, a shareholder who invested $1,000 in Infratil shares on 31 March 1994, and reinvested all dividends and the value of all rights issues, would own 16,057 shares worth $171,910 as of 31 March 2024.

Annual Return 75%

50%

25%

0%

1994

Dividend Return

Capital Return

Accumulation Index

(25%)

$1,000

(50%)

30 Year Track Record

		Accumulation Index
Ownership		$175,000
31 March 2024
26.8%	223.2 million
44.4%	369.4 million	$150,000
28.8%	239.9 million
	832.6 million
31 March 2023
		$125,000
23.2%	167.7 million
47.9%	346.7 million
28.9%	209.5 million
	723.9 million	$100,000

New Zealand retail investors

New Zealand institutional investors

Overseas investors

$75,000

$50,000

$25,000

$0

2024

($25,000)

$171,910

($50,000)

16

17