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>CDC remains the dominant driver of Infratil share price and valuation, with a focus expected to shift to Asia and potential positive forward guidance from Gurin.</li><li>FY25 will be the first full year of Infratil owning ~100% of One NZ, with expectations of increased disclosure, focus on free cash flow, and delivering its first year of modest positive FCF to equity holders.</li><li>Longroad's US renewables have been disappointing, but there's potential for a doubling of Opco EBITDA to US$200m in FY26, and the company is expected to focus more on new developments in Asia.</li></ul>

CDC remains the dominant driver of Infratil share price and valuation, with a focus expected to shift to Asia and potential positive forward guidance from Gurin.FY25 will be the first full year of Infratil owning ~100% of One NZ, with expectations of increased disclosure, focus on free cash flow, and delivering its first year of modest positive FCF to equity holders.Longroad's US renewables have been disappointing, but there's potential for a doubling of Opco EBITDA to US$200m in FY26, and the company is expected to focus more on new developments in Asia.

Infratil FY25 Preview—The Long Road to US500m P.a.