Infratil delivered an 11% increase in proportionate operational earnings to NZ$989 million in the year ended March 2026, with management providing a robust growth forecast for FY27 that sees earnings expanding a further 21% to NZ$1,114 million at the mid-point. This strong operational momentum reflects the infrastructure investor’s positioning in two structural growth trends: artificial intelligence infrastructure expansion and the energy transition, both themes currently commanding substantial global capital flows.
The earnings lift was primarily driven by two core holdings that are capturing disproportionate value from accelerating demand for AI infrastructure. Commonwealth Data Centres (CDC) benefited from what management describes as Australasia’s largest ever data centre contract, with the operator now boasting over one gigawatt of contracted capacity and forecasting EBITDAF will more than double to over A$1 billion by FY28. Meanwhile, Longroad Energy in the United States reported EBITDAF surging 170% to US$121 million, with management pointing to specific opportunities to supply computing infrastructure for Meta data centres and broader demand for renewable energy supporting AI workloads.
The growth trajectory is underpinned by substantial reinvestment and disciplined capital allocation. Proportionate capital expenditure increased 17% to NZ$2.7 billion, with Infratil committing an additional US$300 million to support Longroad’s acceleration over the next two years. The operator has lifted its solar and battery pipeline under construction to a record 2GW, which when combined with 3.5GW already operational, yields generation capacity roughly equivalent to half of New Zealand’s current output. Management is targeting Longroad’s EBITDAF to reach a US$1 billion run-rate by CY29/30, based on a development cadence of approximately 2GW annually.
What makes this particularly compelling for shareholders is that execution is translating into tangible value. The company divested over NZ$600 million of assets during the year to focus capital on larger-scale opportunities, while total asset values still expanded 13% to NZ$20.6 billion. The financial position strengthened considerably, with the net parent surplus swinging to a NZ$550 million credit from a NZ$295 million loss in the prior year, supporting a total FY26 dividend of 20.9 cents per share.
Beyond its current holdings, Infratil is exploring integrated solutions that combine data centre expertise with power generation. Management is examining more than 4GW of grid-connected data centres co-located with Longroad’s solar and battery projects, ranging from powered land provision through to fully developed facilities. Investors should monitor CDC’s execution on its contracted pipeline and regulatory approvals for Longroad’s 2.8GW development project, both of which are material to achieving the ambitious FY27 guidance. This announcement is price sensitive and has been flagged as material by the ASX.
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About Infratil Limited (ASX: IFT)
Infratil Limited is a New Zealand-based infrastructure investment company listed on the ASX and NZX. The company invests in and operates renewable energy assets, airports, diagnostic imaging services, and digital infrastructure businesses across New Zealand, Australia, the United States, Asia, the United Kingdom, and Europe. Its portfolio includes renewable energy generators, Wellington International Airport, healthcare imaging networks, and telecommunications infrastructure.
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