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Highlights

  • IFT delivered Proportionate Operational EBITDAF of NZD 986 million in FY25, primarily driven by contributions from portfolio companies.
  • The company’s operational EBITDAF grew 5.8% year-on-year in FY25, excluding contributions from Manawa Energy.
  • IFT declares final FY25 dividend of 13.25cps, raising full-year payout to 20.5cps.

Infratil Limited (NZX:IFT, ASX:IFT) is a New Zealand-based global infrastructure investor with a diversified portfolio across renewables, digital infrastructure, healthcare, and airports.

FY25 Performance Overview

In the financial year ended 31 March 2025 (FY25), Infratil delivered Proportionate Operational EBITDAF of NZD 986 million, primarily driven by contributions from portfolio companies such as CDC Data Centres, One New Zealand (One NZ), RetireAustralia, and Wellington Airport. After adjusting FY24 figures to reflect a full year of One NZ, operational EBITDAF grew 5.8% year-on-year, excluding contributions from Manawa Energy. However, Proportionate Development EBITDAF recorded a loss of NZD 69 million, representing a 56% increase from the prior year, due to continued investment by development platforms.

Proportionate Capex rose 39% year-on-year to NZD 2.4 billion in FY25, driven by continued expansion and development within CDC, which also attracted the largest individual investment of NZD 494 million during the year. In total, direct investment into assets amounted to NZD 939 million.

Dividend and Shareholder Returns

Infratil announced a final unimputed dividend of 13.25 cents per share, a 2.5% increase from the prior year, taking the total FY25 dividend to 20.5 cents per share. The record date for the dividend is 12 June 2025, with a payment date of 2 July 2025.

The company offers a 2% discount on its FY25 final dividend under the dividend reinvestment plan, with applications due by 13 June 2025, a pricing period from 16 to 30 June, and the strike price to be announced on 1 July 2025.

Forward Guidance for FY26

Infratil projects Proportionate Operational EBITDAF of NZD 1,000 million to NZD 1,050 million in FY26. This represents an approximate 9% increase over the normalised FY25 figure of NZD 986 million (excluding Manawa Energy). CDC Data Centres is expected to contribute AUD 390 million to AUD 410 million, while One New Zealand’s EBITDAF is projected between NZD 595 million and NZD 625 million.

For its renewable development entities — Gurīn Energy, Galileo, and Mint Renewables — the company anticipates a Proportionate Development EBITDAF loss of NZD 85–NZD 105 million. The company expects FY26 Proportionate Capex to range from NZD 2.2 billion to NZD 2.6 billion, compared with NZD 2.4 billion in FY2025.

Share performance of IFT

IFT shares closed 1.178% higher at NZD 10.30 per share on 12 June 2025. 52-week high of IFT is NZD 13.34, recorded on 24 October 2024 and 52-week low is NZD 9.13, recorded on 7 April 2025.

Resistance and support summary

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 12 June 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.