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Highlights

  • Infratil posted a net loss of NZ$261.3 million, down from a NZ$761 million profit in FY2024.

  • Proportionate operating earnings (EBITDAF) rose 8.6% to NZ$986 million.

  • FY2026 EBITDAF guidance set at NZ$390–$410 million, up 21% at midpoint from FY2025.

Infrastructure investment firm Infratil Limited (ASX:IFT) reported a net loss of NZ$261.3 million (US$241.2 million) for the financial year ended March 31, 2025, reversing a NZ$761 million profit recorded in the previous year. The loss came despite an 8.6% increase in proportionate operating earnings, which rose to NZ$986 million.

The full-year operational earnings (EBITDAF) landed toward the upper end of Infratil’s guidance range of NZ$960 million to NZ$1 billion. The company attributed the earnings growth to contributions from several key portfolio companies, including CDC Data Centres, One NZ, Wellington Airport, and RetireAustralia.

Infratil declared a total dividend of 20.5 cents per share for the financial year, marking a 2.5% increase compared to FY2024.

Looking ahead, Infratil issued FY2026 EBITDAF guidance in the range of NZ$390 million to NZ$410 million. At the midpoint, this reflects a 21% increase over FY2025 EBITDAF, which excludes asset realisations and one-off items.

The company noted that the year’s operating earnings uplift was supported by a full-year contribution from telecommunications provider One NZ, following Infratil’s acquisition of the remaining 49.95% stake in June of the previous year.

Chief Executive Officer Jason Boyes acknowledged the challenges faced during the period, citing inflationary pressures, market volatility, and sector-specific constraints. These included airline fleet shortages affecting Wellington Airport, as well as regulatory uncertainties for Longroad Energy and RHCNZ Medical Imaging.

“Our portfolio companies have continued to grow and perform in a difficult environment. This resilience and the diversification of our assets underpin the strong operational earnings we delivered,” said Boyes.

Infratil’s diversified portfolio spans sectors including digital infrastructure, healthcare, renewable energy, and transport.