Highlights

  • CDC’s independent valuation increased by AUD 349 million to AUD 14.0 billion as at 31 December 2025.
  • Infratil’s 49.72% stake in CDC is valued at AUD 6,954 million, up AUD 174 million from September 2025.
  • CDC’s operating capacity rose by 196MW, while the development pipeline to FY34 expanded by 289MW during the quarter.

Infratil Limited (ASX:IFT) has released an update on the independent valuation of Canberra Data Centres (CDC) as at 31 December 2025. The valuation reflects increased contracted and operating capacity, continued progress across the development pipeline, and updates to financial assumptions. The revised assessment indicates an increase in both CDC’s total valuation and the value of Infratil’s equity interest.

CDC Valuation Increases in December Quarter

The independent valuation of CDC as at 31 December 2025 increased by AUD 349 million compared with the 30 September 2025 assessment, bringing the total valuation to AUD 14.0 billion. This figure represents the mid-point of the assessed valuation range of AUD 13.1 billion to AUD 15.0 billion.

The valuation movement during the quarter was supported by the addition of 40MW of previously announced contracted capacity, the commissioning of 196MW of built operating capacity, and continued expansion of CDC’s development programme.

Impact on Infratil’s Equity Interest

Based on the updated valuation, Infratil’s 49.72% interest in CDC is now valued at AUD 6,954 million, compared with AUD 6,780 million at 30 September 2025. This represents an increase of AUD 174 million over the quarter.

Infratil has previously indicated that it expects to support CDC’s growth with a further AUD 250 million investment before the end of FY26, aligning with the expansion of the build programme.

Key Drivers Behind the Valuation Movement

The primary contributors to the valuation change were additional forecast cash flows linked to CDC’s expanded build programme. Since the September 2025 update, the build programme has increased by 289MW, driven by capacity expansion across under-construction and future sites, including densification updates at selected campuses.

These increases were partly offset by an upward movement in the forward yield curve, which resulted in higher assumed interest costs across the forecast period.

The independent valuer also updated the cost of equity, increasing it to 11.64%, from 11.38% in September 2025. This adjustment reflected a higher forecast gearing ratio associated with increased debt-funded construction activity, partially offset by a reduction in the asset-specific risk premium as projects advance and additional contracts are confirmed.

Development Pipeline and Capacity Expansion

The independent valuation assumes CDC continues development through to 2040, consistent with prior assumptions. CDC publishes its planned build programme to FY34, with further capacity growth recorded during the quarter.

Operating capacity increased by 196MW, including the commencement of operations at the Marsden Park and Beard campuses, as well as the second data centre at the Brooklyn campus. The development pipeline to FY34 expanded by 289MW, reflecting design updates, densification initiatives, and the recognition of additional planned capacity at CDC’s first Perth data centre campus following the start of construction.