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>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