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) 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