Infratil Ltd (IFT.NZ, IFT.AX)

Research evidence excerpt

Infratil Ltd (IFT.NZ, IFT.AX)

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05 Jul 2026 21:57:18 ET │ 16 pages

CDC valuation increases 24% in Jun-26 quarter, pipeline 2x bigger,

with further upside likely from contracts

Australian Real estate

CITI'S TAKE

Suraj Nebhani, CFA AC

Infratil's (IFT) CDC data centre business has seen a significant valuation +61-2-8225-4829

increase of ~24% since March 2026, primarily driven by a substantial rise in suraj.nebhani@citi.com

contracted capacity to over 1GW and a circa doubling of the development

pipeline of 3.9GW. This signals a growth trajectory far exceeding current Howard Penny

market expectations and could be further bolstered by potential new +61-2-8225-4819

contracts. While funding growth is a pertinent concern, IFT is strategically howard.penny@citi.com

leveraging diverse financing options including capital markets, hybrid debt,

and a NZ$1bn asset sales program, thereby reducing sole reliance on equity. Akshit Batra

We maintain a Buy rating on IFT, noting that the updated valuation lifts its +912242775184

pro forma Net Asset Value (NAV) by 10% to NZ$17.70 per share. akshit.batra@citi.com

CDC valuation up ~24%,— IFT today reported its Jun-26 quarter independent

valuation update for CDC data centre business has gone up by a significant 23.6% since

Mar-26 primarily given the increased contracted capacity (following the 555MW

contract announced recently). Moreover, the pipeline has now expanded 1.9GW or

~100% to 3.9GW, highlighting much more growth than consensus expectations.

Pipeline 2x from prior disclosures — IFT also noted that CDC’s leasable capacity (IT

load) in the total pipeline has increased by 1.9GW to 3.9GW, or a doubling of total

capacity. Further, build programme has been accelerated to deliver increase in

contracted capacity by the end of FY29.