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 (IFT) is set to report its FY26 result on Tuesday 26 May.</li><li>We expect a lot of investor attention at the result to focus on CDC, which is warranted given it is 50%–60% of IFT’s portfolio by value; however, it is important not to forget about the rest.</li><li>One NZ and Wellington Airport need to generate improved free cash flow to help cover IFT’s fees, dividends, and interest.</li></ul>

Infratil (IFT) is set to report its FY26 result on Tuesday 26 May.We expect a lot of investor attention at the result to focus on CDC, which is warranted given it is 50%–60% of IFT’s portfolio by value; however, it is important not to forget about the rest.One NZ and Wellington Airport need to generate improved free cash flow to help cover IFT’s fees, dividends, and interest.

Infratil FY26 Preview—More CDC or More Than CDC?

<ul><li>Infratil (IFT) has announced CDC has signed a 555MW data centre contract.</li><li>CDC has provided total contracted EBITDA for the first time, at ~A$2bn (to be achieved by March 2029).</li><li>CDC's implied contracted EV/EBITDA multiple remains below data centre peers despite its faster growth and superior returns.</li></ul>

Infratil (IFT) has announced CDC has signed a 555MW data centre contract.CDC has provided total contracted EBITDA for the first time, at ~A$2bn (to be achieved by March 2029).CDC's implied contracted EV/EBITDA multiple remains below data centre peers despite its faster growth and superior returns.

<ul><li>Infratil (IFT) has announced that CDC has signed a 555MW data centre contract.</li><li>This contract win takes CDC’s contracted EBITDA to ~A$2bn (broadly its FY29 exit run-rate), versus our current A$1.4bn EBITDA estimate in FY30.</li><li>CDC has also provided first-time FY27 capex guidance of ~A$4bn, well ahead of our expectations.</li></ul>

Infratil (IFT) has announced that CDC has signed a 555MW data centre contract.This contract win takes CDC’s contracted EBITDA to ~A$2bn (broadly its FY29 exit run-rate), versus our current A$1.4bn EBITDA estimate in FY30.CDC has also provided first-time FY27 capex guidance of ~A$4bn, well ahead of our expectations.

Infratil (IFT): Large CDC Contract Win; Contracted EBITDA Now ~A$2bn

<ul><li>Infratil (IFT) and CDC hosted an upbeat investor presentation and site tour at its nearly completed Eastern Creek campus in Sydney.</li><li>Encouragingly, CDC indicated its recent equity raise (A$500m), supportive debt syndicate, and rapidly growing free cash flow from operating data centres should be sufficient to fund current growth ambitions.</li><li>Retain OUTPERFORM.</li></ul>

Infratil (IFT) and CDC hosted an upbeat investor presentation and site tour at its nearly completed Eastern Creek campus in Sydney.Encouragingly, CDC indicated its recent equity raise (A$500m), supportive debt syndicate, and rapidly growing free cash flow from operating data centres should be sufficient to fund current growth ambitions.Retain OUTPERFORM.

<ul><li>Infratil (IFT) has fallen ~-16% since its 1H26 result and is broadly flat vs two years ago.</li><li>CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.</li><li>We expect CDC can deliver A$1bn in EBITDA in FY29.</li></ul>

Infratil (IFT) has fallen ~-16% since its 1H26 result and is broadly flat vs two years ago.CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.We expect CDC can deliver A$1bn in EBITDA in FY29.

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 Ltd (IFT NZ)

Infratil FY26 Preview—More CDC or More Than CDC?

Infratil (IFT) is set to report its FY26 result on Tuesday 26 May. We expect a lot of investor attention at the result to focus on CDC, which is...

Forsyth Barr

Infratil CDC Lands a Big Fish

Infratil (IFT) has announced CDC has signed a 555MW data centre contract. CDC has provided total contracted EBITDA for the first time, at ~A$2bn...

Forsyth Barr

Infratil (IFT): Large CDC Contract Win; Contracted EBITDA Now ~A$2bn

Infratil (IFT) has announced that CDC has signed a 555MW data centre contract. This contract win takes CDC’s contracted EBITDA to ~A$2bn (broadly...

Forsyth Barr

Infratil CDC Gets Even More Bullish

Infratil (IFT) and CDC hosted an upbeat investor presentation and site tour at its nearly completed Eastern Creek campus in Sydney. Encouragingly,...

Forsyth Barr

Infratil CDC—A REIT That Grows

CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.We expect CDC can deliver A$1bn in EBITDA...

Forsyth Barr

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