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) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.</li><li>FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.</li><li>We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.</li></ul>

Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.

Infratil - One NZ Delivering Growth but No Cash, Yet

Infratil Ltd

Infratil - One NZ Delivering Growth but No Cash, Yet