Highlights

  • Proportionate operational EBITDAF rises 7% to NZD 514M for HY26.
  • Capital expenditure falls by NZD 52M to NZD 1.14B from HY25.
  • Divestments of Fortysouth and property assets exceed NZD 250M combined.

Infratil Limited (NZX:IFT) reported a 7% year-on-year increase in proportionate operational EBITDAF to NZD 514 million for the six months ended 30 September 2025 (HY26). The rise was driven by performance from Longroad Energy in the U.S. and CDC Data Centres in Australasia. Proportionate capital expenditure decreased by NZD 52 million to NZD 1.14 billion compared with HY25.

The company recorded a net parent surplus of NZD 606 million, reflecting higher CDC asset valuations and the sale of Manawa Energy. Total asset value increased by NZD 735 million, bringing Infratil’s portfolio to just over NZD 19 billion.

Fortysouth and Property Asset Sales Announced

Infratil confirmed the conditional sale of its 20% stake in Fortysouth to InfraRed Capital Partners and Pantheon for more than NZD 200 million, subject to Overseas Investment Office approval. Additionally, the company finalized an unconditional sale of its Auckland property asset for NZD 55 million.

These transactions mark another step in Infratil’s ongoing strategy to streamline its holdings and reallocate capital toward higher-growth areas. The divestments contribute to its medium-term target of NZD 1 billion in asset sales, which also includes the earlier disposal of RetireAustralia.

Strategic Progress and Future Investments

The company continues to evaluate a potential sale of its 57% interest in Qscan, valued at NZD 487 million as of the last reporting period. Infratil also plans to invest approximately AUD 250 million in CDC over the next six months to support construction expansion amid strong capacity demand in Australia.

CDC is on track to double its FY25 EBITDAF by FY27 following recent contract wins totaling 140 megawatts. Longroad Energy’s operational portfolio reached 3.5 gigawatts, with an additional 1.6 gigawatts under construction.

Regional Performance and Dividend Update

Despite economic headwinds in New Zealand, domestic operations remained resilient. Wellington Airport achieved 4% EBITDAF growth, while One NZ increased revenue by NZD 14 million from HY25. RHCNZ Medical Imaging reported a modest EBITDAF decline due to service mix and cost inflation, although its Australian counterpart Qscan grew EBITDAF by 11%.

Infratil declared an interim dividend of 7.25 cents per share, payable on 16 December, with a 2% discount applied under the dividend reinvestment plan.

Guidance for proportionate operational EBITDAF remains between NZD 960 million and NZD 1 billion, adjusted for announced divestments, while proportionate capital expenditure is projected between NZD 2.2 billion and NZD 2.6 billion.

Share Performance of IFT

IFT was trading at NZD 11.97 per share as of 13 November 2025 at the time of writing.