New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Infratil (IFT) is set to report its 1H26 result on Thursday, 13 November. Following its comprehensive investor day in September and a flurry of announcements since, we are not expecting any meaningful new information.</li><li>Reported earnings from both CDC and One NZ are unlikely to be standouts, with IFT already indicating CDC’s FY26 result is tracking towards the lower end of its prior guidance range and One NZ’s result is to be 2H-weighted.</li><li>Longroad Energy: Reported EBITDA over the last two years has not followed Longroad’s development trajectory. We expect that to change in 1H26 with 1.1GW of developments becoming operational earlier in 2025.</li></ul>

Infratil (IFT) is set to report its 1H26 result on Thursday, 13 November. Following its comprehensive investor day in September and a flurry of announcements since, we are not expecting any meaningful new information.Reported earnings from both CDC and One NZ are unlikely to be standouts, with IFT already indicating CDC’s FY26 result is tracking towards the lower end of its prior guidance range and One NZ’s result is to be 2H-weighted.Longroad Energy: Reported EBITDA over the last two years has not followed Longroad’s development trajectory. We expect that to change in 1H26 with 1.1GW of developments becoming operational earlier in 2025.

Infratil 1H26 Preview—Signals In The Detail