CDC Independent Valuation – 31 March 2026

CDC’s valuation increased by 7.2% during the quarter, reflecting continued growth in CDC’s pipeline of operating and planned capacity, and the successful completion of a A$500 million equity raise (with Infratil contributing A$250 million) to support acceleration of the development pipeline.

Excluding the equity raise, the valuation increased by 3.5% on a like‑for‑like basis.

The 31 March 2026 independent valuation of CDC increased by A$1.0 billion from 31 December 2025, to A$15.0 billion, reflecting the mid-point of the assessed valuation range of A$14.1 billion to A$16.0 billion.

On this basis, Infratil’s 49.72% interest in CDC is valued at A$7,454 million, up A$500 million from A$6,954 million at 31 December 2025.

Further valuation details are included in the attached presentation document.

Enquiries should be directed to: 

Brett Jackson

Investor Relations

Email: brett.jackson@infratil.com

Authorised for release by:

Andrew Carroll

Infratil Chief Financial Officer