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

United Kingdom

Morrisons is the fifth largest supermarket chain in the United Kingdom, retailing groceries, clothing, and general merchandise products. The company also operates as a food maker with 19 manufacturing facilities. It was founded in 1899 by William Morrison and is headquartered in Bradford, England.

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Morrisons (MRW LN)

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

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