New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.</li><li>New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.</li><li>We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.</li></ul>

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.

<ul><li>Independent valuation: Increased from A$20bn (enterprise value) in March 2026 to A$24.5bn in June 2026, with IFT’s equity share increasing from A$7.5bn to A$9.2bn (+24% quarter-on-quarter increase).</li><li>Change in reporting units: CDC has changed how it reports its capacity from built MWs to leasable MWs.</li><li>Pipeline: IFT’s total pipeline has increased 3.94GW (from 2.1GW), driven by (1) an extension of its pipeline definition to FY40 (from FY34) adding +550MW, and (2) +1.3GW of new capacity (likely acquired land) to “meet strong customer demand”</li></ul>

Independent valuation: Increased from A$20bn (enterprise value) in March 2026 to A$24.5bn in June 2026, with IFT’s equity share increasing from A$7.5bn to A$9.2bn (+24% quarter-on-quarter increase).Change in reporting units: CDC has changed how it reports its capacity from built MWs to leasable MWs.Pipeline: IFT’s total pipeline has increased 3.94GW (from 2.1GW), driven by (1) an extension of its pipeline definition to FY40 (from FY34) adding +550MW, and (2) +1.3GW of new capacity (likely acquired land) to “meet strong customer demand”

Infratil (IFT): CDC Pipeline Increase and New Independent Valuation

<ul><li>Infratil (IFT) delivered a relatively in-line FY26 result.</li><li>One NZ delivered a pleasing result with small beats relative to our expectations on EBITDA, mobile connections, and free cash flow.</li><li>The most interesting new information from the result was Longroad indicating it is pursuing a data centre strategy.</li></ul>

Infratil (IFT) delivered a relatively in-line FY26 result.One NZ delivered a pleasing result with small beats relative to our expectations on EBITDA, mobile connections, and free cash flow.The most interesting new information from the result was Longroad indicating it is pursuing a data centre strategy.

Infratil FY26 Result—Even More Data Centres

<ul><li>Infratil (IFT) reported a solid overall FY26 result.</li><li>CDC indicated it is acquiring further power and land to expand its portfolio (&gt;1GW expansion) to meet customer demand, and its additional contracting discussions are progressing well with signings expected over 1H27 for medium/large scale deployments (hundreds of MWs).</li><li>Longroad has acquired a ~2.8GW solar and storage project (with a PPA in place) and increased its targeted OpCo run-rate to US$1bn by 2029/2030.</li></ul>

Infratil (IFT) reported a solid overall FY26 result.CDC indicated it is acquiring further power and land to expand its portfolio (&gt;1GW expansion) to meet customer demand, and its additional contracting discussions are progressing well with signings expected over 1H27 for medium/large scale deployments (hundreds of MWs).Longroad has acquired a ~2.8GW solar and storage project (with a PPA in place) and increased its targeted OpCo run-rate to US$1bn by 2029/2030.

Infratil (IFT): FY26 Result—Initial Impressions

<ul><li>Infratil (IFT) has announced it sold part of its stake in Contact Energy (CEN) in a fully underwritten block trade for NZ$495m.</li><li>IFT has committed to holding its remaining ~9% stake in CEN until CEN releases its FY26 results in August 2026.</li><li>We expect IFT to give further details at its FY26 results on Tuesday 26 May.</li></ul>

Infratil (IFT) has announced it sold part of its stake in Contact Energy (CEN) in a fully underwritten block trade for NZ$495m.IFT has committed to holding its remaining ~9% stake in CEN until CEN releases its FY26 results in August 2026.We expect IFT to give further details at its FY26 results on Tuesday 26 May.

Infratil (IFT): Reduces CEN Stake By NZ$495m

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil (IFT AU)

Infratil Capacity to Surprise

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development...

Forsyth Barr

Infratil (IFT): CDC Pipeline Increase and New Independent Valuation

Independent valuation: Increased from A$20bn (enterprise value) in March 2026 to A$24.5bn in June 2026, with IFT’s equity share increasing from...

Forsyth Barr

Infratil FY26 Result—Even More Data Centres

Infratil (IFT) delivered a relatively in-line FY26 result. One NZ delivered a pleasing result with small beats relative to our expectations on...

Forsyth Barr

Infratil (IFT): FY26 Result—Initial Impressions

Infratil (IFT) reported a solid overall FY26 result. CDC indicated it is acquiring further power and land to expand its portfolio (>1GW...

Forsyth Barr

Infratil (IFT): Reduces CEN Stake By NZ$495m

Infratil (IFT) has announced it sold part of its stake in Contact Energy (CEN) in a fully underwritten block trade for NZ$495m. IFT has committed...

Forsyth Barr

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