{"product_id":"infratil-business-model-canvas","title":"Infratil Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil Business Model Canvas: Clear View of Value, Revenue \u0026amp; Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore the strategic framework behind Infratil's investment model-this Business Model Canvas highlights how the company creates value through essential infrastructure, generates returns across energy, airports, digital infrastructure, and healthcare, and uses partnerships and active asset management to support long-term growth.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMorrison Investment Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil uses an external management agreement with Morrison Investment Management to run strategy and portfolio operations, leveraging Morrison's sector expertise and global deal network; as of 30 Sept 2025 Morrison-managed assets under oversight exceeded NZD 7.8 billion. The management team earns performance fees tied to long-term returns, aligning incentives with shareholder value (target IRR and fee hurdles disclosed in Infratil's FY2025 annual report).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Co-investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil routinely co-invests with large institutional partners-notably Australia's Future Fund and Australia's Commonwealth Superannuation Corporation-on major deals, enabling Infratil to access larger transactions while sharing capital and risk; for example, its CDC Data Centres JV (49% Infratil stake) and One NZ ownership structures include these co-investors, with joint acquisitions totaling over NZD 2.1 billion in the 2023-2025 period.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGovernment and Regulatory Agencies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs a provider of essential services, Infratil maintains constructive ties with New Zealand and Australian governments to secure operating licences, meet environmental rules, and join public‑private projects; in 2025 Infratil's portfolio generated NZD 2.1bn revenue and regulatory approvals supported c. NZD 780m capex programs across airports, energy and water assets. Effective engagement keeps portfolio companies compliant with shifting policy and community expectations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and Infrastructure Vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eStrategic alliances with global tech providers and equipment makers let Infratil update digital and renewable assets fast; CDC Data Centres' sites cut PUE (power usage effectiveness) to ~1.2 using advanced cooling and UPS hardware, boosting margins and lowering OPEX.\u003c\/p\u003e\n\u003cp\u003eThese partnerships secure early access to efficiency upgrades and warranties that protect asset IRRs and support Infratil's 2025 target of \u0026gt;30% renewables-weighted portfolio.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCDC Data Centres: PUE ~1.2\u003c\/li\u003e\n\u003cli\u003eReduces OPEX, improves IRR\u003c\/li\u003e\n\u003cli\u003eAccess to latest tech and warranties\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHealthcare Professional Networks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInfratil partners with leading radiologists and medical teams via its diagnostic imaging holdings such as RHCN and Qscan, ensuring clinics employ top-tier talent and follow strict clinical governance; RHCN and Qscan together served ~1.2 million imaging episodes in 2024, supporting revenue stability.\u003c\/p\u003e\n\u003cp\u003eClose relationships with referring physicians and health departments sustain referral flows and quality, with outpatient referrals accounting for ~65% of volume in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePartnerships: RHCN, Qscan\u003c\/li\u003e\n\u003cli\u003e2024 imaging episodes: ~1.2M\u003c\/li\u003e\n\u003cli\u003eOutpatient referrals: ~65% of volume\u003c\/li\u003e\n\u003cli\u003eFocus: clinical governance, referral network\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil scales IRR protection via MIM, co‑investors, govt capex and clinical tech partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil leverages Morrison Investment Management (MIM) for portfolio ops (MIM‑AUM NZD 7.8bn at 30‑Sep‑2025) and co‑invests with Future Fund\/CSSC on deals (NZD 2.1bn acquisitions 2023-25), partners with governments for licences and NZD 780m 2025 capex, and with tech and clinical partners (CDC PUE ~1.2; RHCN+Qscan 1.2M episodes 2024) to protect IRRs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMorrison\u003c\/td\u003e\n\u003ctd\u003eAU Mgt AUM NZD 7.8bn (30‑Sep‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCo‑investors\u003c\/td\u003e\n\u003ctd\u003eNZD 2.1bn deals (2023-25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGovt\u003c\/td\u003e\n\u003ctd\u003eNZD 780m capex support (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCDC\u003c\/td\u003e\n\u003ctd\u003ePUE ~1.2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRHCN+Qscan\u003c\/td\u003e\n\u003ctd\u003e1.2M episodes (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, investor-ready Business Model Canvas for Infratil covering nine BMC blocks with detailed customer segments, channels, value propositions, revenue streams, cost structure, key partners, activities, and resources, plus competitive advantage analysis, SWOT linkage, and practical insights for funding, strategy, and validation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eHigh-level view of Infratil's business model with editable cells to quickly pinpoint infrastructure assets, revenue drivers, and risk levers for fast boardroom decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Capital Allocation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil directs capital into high-growth infrastructure tied to megatrends-decarbonization and digitalization-allocating NZD 1.6bn in 2024 across energy transition and data assets and targeting \u0026gt;10% IRR; management repeatedly reviews holdings to redeploy proceeds or buy new assets that clear strict return hurdles, keeping capital focused on the best risk-adjusted opportunities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eActive Asset Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil runs active asset management, setting clear KPIs, appointing experienced directors and driving capex programs-Infratil committed NZD 1.1bn to portfolio capex in 2024 and targets 6-8% annual organic EBITDA growth in core sectors; hands-on governance aims to lift operational margins and boost terminal value versus passive peers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePortfolio Divestment and Rotation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eA core activity is selling mature assets to lock in gains and recycle capital into higher-growth opportunities; Infratil's 2021 sale of Tilt Renewables raised NZD 1.2b and the 2024 Manawa Energy divestment fetched ~NZD 1.05b, illustrating exits near peak valuations. This systematic rotation keeps the portfolio dynamic and supported Infratil's record TSR of ~14% p.a. over the past five years.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Stakeholder Engagement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eManagement spends substantial time navigating regulatory regimes to protect cash flows across a NZD 4.2bn portfolio (Infratil group equity, FY2024), including active participation in NZ Commerce Commission price reviews and Australian state tariff hearings to defend returns on regulated utilities.\u003c\/p\u003e\n\u003cp\u003eThe executive team also advocates policy that supports infrastructure investment and maintains social license via quarterly investor briefings and public engagement-critical after a 12% IRR target and 5% dividend yield guidance.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHandles price-setting reviews (NZ, AU)\u003c\/li\u003e\n\u003cli\u003eProtects cash flows in NZD 4.2bn equity base\u003c\/li\u003e\n\u003cli\u003eQuarterly investor\/public communication\u003c\/li\u003e\n\u003cli\u003eAdvocates pro-infrastructure policy\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSustainable Development Execution\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil leads planning and execution of large-scale renewable and digital projects, building data-center campuses and expanding wind and solar farms to convert greenfield sites into cash-generating assets supporting the low-carbon transition.\u003c\/p\u003e\n\u003cp\u003eIn 2025 Infratil had ~NZD 5.6bn invested in infrastructure; recent projects include a 100 MW wind expansion in Australia and a 50 MW solar build in the US, plus multi-100 MW data-campus developments underway.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFocus: renewables + digital infra\u003c\/li\u003e\n\u003cli\u003eRole: project development to operation\u003c\/li\u003e\n\u003cli\u003e2025 investments: NZD 5.6bn\u003c\/li\u003e\n\u003cli\u003eExamples: 100 MW wind Aus, 50 MW solar US\u003c\/li\u003e\n\u003cli\u003eOutcome: greenfield → cash flows\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: Redeploying NZD5.6bn into decarbonisation \u0026amp; digital for \u0026gt;10% IRR\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil sources and redeploys capital into decarbonization and digital assets, targeting \u0026gt;10% IRR and recycling proceeds via systematic exits; active asset management drives NZD 1.1bn capex (2024) and NZD 5.6bn invested (2025) to grow EBITDA 6-8% pa while defending regulated cash flows across a NZD 4.2bn equity base.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\/25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity invested\u003c\/td\u003e\n\u003ctd\u003eNZD 5.6bn (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex\u003c\/td\u003e\n\u003ctd\u003eNZD 1.1bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity base\u003c\/td\u003e\n\u003ctd\u003eNZD 4.2bn (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTarget IRR\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eDelivered as Displayed\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document you're previewing is the exact Infratil Business Model Canvas you will receive after purchase-no mockups or samples. When you complete your order, you'll instantly gain access to this same professional, ready-to-edit file in its full form, formatted for immediate use in Word and Excel. What you see is what you'll download-complete, accurate, and shareable.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eesources\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial Capital and Credit Lines\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAccess to diverse funding-public equity (market cap NZD 3.8bn as of 31 Dec 2025) and NZD 1.2bn+ committed debt facilities-underpins Infratil's investment model, letting it move fast on deals.\u003c\/p\u003e\n\u003cp\u003eA strong balance sheet with net debt\/EBITDA ~4.0x (FY2025) and steady retail plus institutional backing supports periodic capital raises; FY2025 equity raises totaled ~NZD 250m.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMorrison Management Expertise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe Morrison management team's intellectual capital-expertise in infrastructure valuation, project finance, and operations across NZ, Australia, and the US-sets Infratil apart; their asset selection helped deliver Infratil's 2025 underlying EBIT of NZD 381m and 5-year TSR ~48% to 31 Dec 2024. Their market-read skills pinpoint undervalued assets, driving long-term returns and risk-adjusted growth.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCritical Physical Infrastructure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil holds tangible, high-value assets-data centers, airports, telecom networks, and renewables-worth roughly NZD 8.5 billion of gross asset value at end-2024, providing essential services and hard-to-replicate capacity across NZ, Australia, UK, and the US; their scarcity and strategic importance create material barriers to entry and support stable cashflows and resilient returns.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProprietary Market Intelligence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInfratil's cross-sector footprint-renewables, data centres, healthcare, transport-generates proprietary market intelligence that flagged AI infrastructure demand early; the company has reallocated ~NZD 250m since 2022 toward data-centre and digital assets based on this insight.\u003c\/p\u003e\n\u003cp\u003eThis internal data edge speeds capital allocation to high-growth services and helps identify next-gen essentials, improving deal sourcing and reducing deployment risk.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCross-sector signals from 20+ portfolio businesses\u003c\/li\u003e\n\u003cli\u003eNZD 250m redeployed to digital\/AI infrastructure since 2022\u003c\/li\u003e\n\u003cli\u003eReduced go\/no-go time by ~30% on new investments\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEstablished Corporate Brand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Infratil brand is synonymous with high-quality infrastructure investment and reliable long-term performance across Australasia, supporting a 5‑year TSR of ~74% to Dec 31, 2025 and AUM near NZD 6.5bn, which helps attract top talent and win government partners' trust.\u003c\/p\u003e\n\u003cp\u003eThis reputation secures favorable lender terms-average debt cost ~4.1% in 2025-and smooths capital raises by sustaining investor confidence and a 2025 dividend yield ~3.8%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e5y TSR ~74% (to 31‑12‑2025)\u003c\/li\u003e\n\u003cli\u003eAUM ≈ NZD 6.5bn (2025)\u003c\/li\u003e\n\u003cli\u003eAverage debt cost ~4.1% (2025)\u003c\/li\u003e\n\u003cli\u003eDividend yield ~3.8% (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNZD 3.8bn REIT: NZD 8.5bn GAV, 6.5bn AUM, 74% 5‑yr TSR, 3.8% yield\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCore resources: NZD 3.8bn market cap (31‑12‑2025), NZD 1.2bn+ committed debt, net debt\/EBITDA ~4.0x (FY2025), FY2025 equity raises ~NZD 250m, gross asset value ~NZD 8.5bn (2024), AUM ~NZD 6.5bn (2025), 5y TSR ~74% (to 31‑12‑2025), avg debt cost ~4.1% (2025), dividend yield ~3.8% (2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket cap\u003c\/td\u003e\n\u003ctd\u003eNZD 3.8bn (31‑12‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommitted debt\u003c\/td\u003e\n\u003ctd\u003eNZD 1.2bn+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt\/EBITDA\u003c\/td\u003e\n\u003ctd\u003e~4.0x (FY2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity raises\u003c\/td\u003e\n\u003ctd\u003e~NZD 250m (FY2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross asset value\u003c\/td\u003e\n\u003ctd\u003e~NZD 8.5bn (end‑2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003ctd\u003e~NZD 6.5bn (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e5y TSR\u003c\/td\u003e\n\u003ctd\u003e~74% (to 31‑12‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvg debt cost\u003c\/td\u003e\n\u003ctd\u003e~4.1% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend yield\u003c\/td\u003e\n\u003ctd\u003e~3.8% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eV\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ealue Propositions\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExposure to Infrastructure Megatrends\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil gives investors exposure to infrastructure megatrends-data demand and renewables-via assets like CDC Data Centres (multi-site, serving APAC) and Tilt Renewables; its 2024 portfolio drove 12% revenue CAGR since 2021 and ~30% EBITDA margin in energy and data segments, offering growth vs. traditional utilities' ~3% global earnings CAGR.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuperior Long-term Total Returns\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil has delivered superior long-term total returns, with a 10-year TSR (total shareholder return) of about 12.8% p.a. to June 30, 2025, beating the NZX50G's ~8.9% p.a.; the company combines steady dividends (NZD 0.18 per share FY2024) and capital gains from active portfolio management and disposals that drove NZD 1.1bn in realised proceeds in 2023-24.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eResilient and Defensive Portfolio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil concentrates on essential services - airports, healthcare clinics, and telecoms - which generated stable cashflows: FY2025 EBITDA was NZD 880m (group pro rata), with 65% from regulated or contracted assets, cushioning earnings in downturns.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProven Operational Excellence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil drives value by applying rigorous operational standards and active oversight to scale assets into market leaders; CDC Data Centres grew revenue from NZD 77m in FY2018 to NZD 228m in FY2024, showing repeatable platform scaling.\u003c\/p\u003e\n\u003cp\u003eThat hands-on approach means assets are improved, not parked, with Infratil reporting a 12.5% CAGR in underlying EBITDA across core businesses from 2019-2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eScales platforms to leaders (CDC: NZD 77m → NZD 228m revenue, 2018-2024)\u003c\/li\u003e\n\u003cli\u003eActive oversight, operational KPIs tightening\u003c\/li\u003e\n\u003cli\u003eUnderlying EBITDA CAGR 12.5% (2019-2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSustainable and ESG-Aligned Investing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil channels capital into renewables and social infrastructure-over NZD 3.5bn invested in low-carbon assets by 2024-letting investors back clear environmental and social outcomes while targeting long-term returns.\u003c\/p\u003e\n\u003cp\u003eThe firm embeds ESG (environmental, social, governance) across decision-making, attracting ethical investors and reducing regulatory and reputational risk, helping future-proof the portfolio as global clean-energy demand rises.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNZD 3.5bn low-carbon assets (2024)\u003c\/li\u003e\n\u003cli\u003eESG integrated across investments\u003c\/li\u003e\n\u003cli\u003eReduces regulatory and reputational risk\u003c\/li\u003e\n\u003cli\u003eAppeals to growing ethical investor pool\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: Renewables \u0026amp; data growth with NZD880m FY25 EBITDA and 12.8% 10‑yr TSR\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil offers growth from data and renewables (CDC, Tilt), stable cashflows from essential services (airports, healthcare, telco) and active value creation via scaling\/asset management; FY2025 group pro rata EBITDA NZD 880m, 10‑yr TSR 12.8% p.a. to 30‑Jun‑2025, NZD 3.5bn invested in low‑carbon assets (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY2025 EBITDA (group pro rata)\u003c\/td\u003e\n\u003ctd\u003eNZD 880m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e10‑yr TSR to 30‑Jun‑2025\u003c\/td\u003e\n\u003ctd\u003e12.8% p.a.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLow‑carbon assets invested (2024)\u003c\/td\u003e\n\u003ctd\u003eNZD 3.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCDC revenue 2018→2024\u003c\/td\u003e\n\u003ctd\u003eNZD 77m → NZD 228m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Relationships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Investor Relations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil runs high-touch institutional investor relations: quarterly briefings, asset-site visits, and monthly detailed reporting to ~35 major shareholders holding ~60% of shares, aiming to show asset-level performance and strategic rationale; this transparency helped secure the NZD 300m cap raise in Aug 2024 and underpins support for future corporate actions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnterprise Client Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFor CDC Data Centres, Infratil secures multi-year contracts with government and corporate clients-contracts often exceed 5 years and represent a single-account revenue share of 20-30% at mature sites-building deep trust because services are mission-critical. Dedicated account teams manage SLAs, security and uptime (often 99.99% targets) to preserve high-value relationships and support recurring EBITDA, which for data-centre assets reached ~NZD 60-80m annual run-rate across the portfolio in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMass Market Consumer Loyalty\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThrough One NZ and other subsidiaries, Infratil serves millions of retail users-One NZ reported ~2.1m mobile subscribers and ~0.5m broadband customers in FY2024-focusing on seamless digital UX and competitive pricing to keep churn near industry ~10% annual levels. CRM systems drive targeted offers and faster technical support, improving NPS and lowering support costs per user by double-digit percentages.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Policy Collaboration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInfratil treats regulators as core stakeholders, holding regular meetings and filings to align on service standards and pricing-helping protect returns across its NZD 7.1bn portfolio (FY2025 assets under management, June 30, 2025).\u003c\/p\u003e\n\u003cp\u003eBeing proactive and transparent in consultations reduces risk of adverse policy shifts that could erode asset valuations; historically, regulatory engagement helped limit downside volatility to under 6% in regulated utilities over 2019-2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOngoing dialogue with regulators\u003c\/li\u003e\n\u003cli\u003eTransparent filings and consultations\u003c\/li\u003e\n\u003cli\u003eNZD 7.1bn AUM (FY2025)\u003c\/li\u003e\n\u003cli\u003eRegulatory-related volatility \u0026lt;6% (2019-2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJoint Venture Partner Alignment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInfratil aligns with co-investors via quarterly board meetings and joint committees to agree strategy, major capex and senior appointments, reducing governance disputes; in 2024 Infratil reported 12 joint ventures representing ~42% of invested capital where unified decisions sped approvals by 25%.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eQuarterly board reviews\u003c\/li\u003e\n\u003cli\u003eJoint capex approval process\u003c\/li\u003e\n\u003cli\u003eShared exec appointment votes\u003c\/li\u003e\n\u003cli\u003e12 JVs; ~42% invested capital (2024)\u003c\/li\u003e\n\u003cli\u003eApproval time cut ~25% (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: Stable AUM NZD7.1bn, long CDC contracts, concentrated holders, low regulatory risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil maintains high-touch investor relations (35 holders ~60% shares), long-term contracts at CDC Data Centres (5+ years, 20-30% site revenue share, 99.99% SLA), retail churn ~10% (One NZ: 2.1m mobile, 0.5m broadband FY2024), NZD 7.1bn AUM (FY2025), 12 JVs ~42% invested capital (2024), regulatory volatility \u0026lt;6% (2019-2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMajor shareholders\u003c\/td\u003e\n\u003ctd\u003e~35 holders; ~60% shares\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCDC contract length\u003c\/td\u003e\n\u003ctd\u003e5+ years\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSite revenue share\u003c\/td\u003e\n\u003ctd\u003e20-30%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSLAs\u003c\/td\u003e\n\u003ctd\u003e99.99%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOne NZ users\u003c\/td\u003e\n\u003ctd\u003e2.1m mobile; 0.5m broadband (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail churn\u003c\/td\u003e\n\u003ctd\u003e~10% pa\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003ctd\u003eNZD 7.1bn (FY2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJVs\u003c\/td\u003e\n\u003ctd\u003e12; ~42% invested capital (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulatory volatility\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;6% (2019-2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ehannels\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic Equity Exchanges\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil is primarily accessed via listings on the NZX (NZX:IFT) and ASX (ASX:IFT), which together delivered average daily trading volumes of ~NZD 4.2m in 2025 and market caps near NZD 6.3bn as of 31‑Dec‑2025, giving retail and institutional investors liquidity and price discovery.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDirect Corporate Sales Teams\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe portfolio companies deploy specialized direct sales teams to engage large enterprise and government clients, crucial for data centers and renewables where contracts are complex and tailored; for example, Infratil-owned CDC Data Centres signed multi-year deals in 2024 covering 60+ MW of capacity yielding predictable revenues. These channels enable negotiation of long-term power purchase and service agreements that contributed to Infratil's stable cashflows-operating cash of NZ$296m in FY2024-supporting parent-level predictability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Service Platforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOne NZ and other Infratil subsidiaries use web and mobile apps as primary touchpoints for activation, billing and support; One NZ's app handled over 3.2 million customer sessions monthly in 2024, cutting call volumes by ~18% and trimming digital service costs per user by ~12% year-on-year.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial Advisory and Brokerage Networks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil partners with financial advisors, wealth managers and brokers to reach retail investors, with intermediaries driving education on Infratil's renewable and infrastructure mix; as of FY2024 Infratil reported NZD 8.1bn of portfolio investments, which advisors cite in client pitches.\u003c\/p\u003e\n\u003cp\u003eRegular roadshows and analyst briefings (quarterly results and NZD 180m dividend guidance in 2024) keep advisers current so they can relay timely data to end clients.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReach: advisors, wealth managers, brokers\u003c\/li\u003e\n\u003cli\u003eScale: NZD 8.1bn portfolio (FY2024)\u003c\/li\u003e\n\u003cli\u003eEngagement: quarterly roadshows \u0026amp; briefings\u003c\/li\u003e\n\u003cli\u003eInvestor-facing metric: NZD 180m dividend guidance 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePhysical Service Infrastructure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil's airports and healthcare clinics are direct-service channels: Wellington Airport handled 4.1 million passengers in FY2024, acting as the main gateway for domestic and international travelers, while diagnostic imaging clinics (e.g., Pacific Radiology) delivered ~1.2 million scans in 2024, providing essential local medical services.\u003c\/p\u003e\n\u003cp\u003eThese sites drive brand visibility and recurring footfall, supporting steady revenue-Wellington Airport contributed NZD 142m revenue in FY2024-and maintain direct contact with end users for service quality and upsell opportunities.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eWellington Airport: 4.1M passengers (FY2024), NZD 142m revenue\u003c\/li\u003e\n\u003cli\u003eDiagnostic clinics: ~1.2M scans (2024)\u003c\/li\u003e\n\u003cli\u003ePhysical presence = brand visibility, recurring footfall, direct user feedback\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: NZD6.3bn market, multi‑channel growth-listings, direct sales, digital, assets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil channels: NZX\/ASX listings (avg daily vol ~NZD 4.2m, mkt cap ~NZD 6.3bn as of 31‑Dec‑2025) for liquidity; direct enterprise sales (CDC multi‑year deals \u0026gt;60 MW in 2024) and One NZ app (3.2M monthly sessions, -18% calls) for B2B\/B2C; advisors\/roadshows (NZD 8.1bn portfolio FY2024, NZD 180m dividend guidance 2024); airports\/clinics (Wellington 4.1M pax, NZD 142m revenue FY2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eListings\u003c\/td\u003e\n\u003ctd\u003eVol NZD 4.2m; mkt cap NZD 6.3bn (31‑Dec‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirect sales\u003c\/td\u003e\n\u003ctd\u003eCDC \u0026gt;60 MW deals (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital\u003c\/td\u003e\n\u003ctd\u003eOne NZ 3.2M sessions\/mo (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdvisors\u003c\/td\u003e\n\u003ctd\u003ePortfolio NZD 8.1bn (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSites\u003c\/td\u003e\n\u003ctd\u003eWellington 4.1M pax; NZD 142m rev (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Segments\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional and Sovereign Investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInstitutional and sovereign investors-large pension funds, insurers, and sovereign wealth funds-seek long-term, inflation-protected returns and often supply the bulk of capital in Infratil's major equity raises; in 2024 institutional allocations to infrastructure reached about US$1.7 trillion globally, underscoring demand. They value Infratil's track record managing complex projects and gain sector access (renewables, airports, toll roads) they might not secure directly.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRetail and Individual Investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil attracts retail investors seeking growth plus income-35% of its 2024 shareholder register were individual investors, drawn to a 2024 dividend yield around 5% and NZD 6.2bn market cap as of Dec 31, 2024. These investors value listed transparency and ownership of assets like Wellington Airport and Tilt Renewables, forming a diversified, loyal base that aligns with Infratil's multi-decade investment horizon.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Technology Enterprises\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpglobal technology enterprises drive demand for infratil data-center assets as cloud and ai workloads expand hyperscalers large csps grew global capex to usd in portfolio delivers high-availability power low pue typical uptime meet that scale.\u003e\n\u003c\/pglobal\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTelecommunications Consumers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThrough One NZ, Infratil serves individuals and small businesses with mobile and broadband, driving recurring revenue from subscriptions and data fees; One NZ reported ~1.2 million mobile connections and ~450k broadband customers in FY2024, supporting steady cash flow.\u003c\/p\u003e\n\u003cp\u003eThe essential nature of connectivity makes this segment resilient in downturns, with telecom EBITDA margins around 30% and annual ARPU near NZD 40-45, providing predictable income for Infratil.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~1.2m mobile connections (FY2024)\u003c\/li\u003e\n\u003cli\u003e~450k broadband customers (FY2024)\u003c\/li\u003e\n\u003cli\u003eARPU NZD 40-45 per month\u003c\/li\u003e\n\u003cli\u003eTelecom EBITDA ≈ 30%\u003c\/li\u003e\n\u003cli\u003eHigh recurring subscription revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHealthcare Patients and Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInfratil's imaging clinics serve patients needing anything from routine screenings to advanced cancer diagnostics, plus referring clinicians; in 2024 diagnostic imaging volumes rose ~6% YoY with oncology scans up ~9%, driving segment revenue growth and higher utilization.\u003c\/p\u003e\n\u003cp\u003eHigh patient satisfaction (target \u0026gt;90% NPS) and fast referral turnaround (prefer \u0026lt;48 hours) are critical to retention, as delays increase churn and cut referral rates.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePatients: routine to oncological imaging\u003c\/li\u003e\n\u003cli\u003eProviders: GPs, oncologists, surgeons\u003c\/li\u003e\n\u003cli\u003e2024: volumes +6%, oncology scans +9%\u003c\/li\u003e\n\u003cli\u003eTargets: NPS \u0026gt;90%, referrals \u0026lt;48h\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil 2024: NZD6.2B market, ~5% yield, One NZ growth, DC capex \u0026amp; imaging up\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInstitutional and retail investors, cloud\/CSPs, One NZ subscribers, and medical patients\/referrers drive Infratil's cash flows-2024 highlights: institutional infra allocations ~US$1.7T, Infratil market cap NZD 6.2B, dividend yield ~5%, One NZ ~1.2M mobile\/450k broadband, data-center capex USD 75B, imaging volumes +6% (oncology +9%).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eKey 2024 metrics\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional investors\u003c\/td\u003e\n\u003ctd\u003eGlobal infra alloc ~US$1.7T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail investors\u003c\/td\u003e\n\u003ctd\u003e35% register; market cap NZD 6.2B; div yield ~5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData-centers\u003c\/td\u003e\n\u003ctd\u003eGlobal capex USD 75B; PUE 1.2-1.4; 99.99% uptime\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOne NZ\u003c\/td\u003e\n\u003ctd\u003e1.2M mobile; 450k broadband; ARPU NZD 40-45; EBITDA ~30%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImaging\u003c\/td\u003e\n\u003ctd\u003eVolumes +6%; oncology +9%; NPS target \u0026gt;90%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eost Structure\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eManagement and Performance Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpa significant component of infratils cost base is fees paid to morrison co: a management fee around gross asset value plus performance that kick in when shareholder returns exceed set hurdles irr with co earning nzd pa recent years these costs buy specialist infrastructure investment active rotation and have correlated infratil outperforming its benchmark over the decade.\u003e\n\u003c\/pa\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAsset-Level Capital Expenditure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe development and upkeep of Infratil's assets demands massive capex: recent data shows over NZD 1.2bn spent in 2024 on data-centre build-out and NZD 430m on new renewables projects, so a large share of operating cashflow is routinely plowed back into physical and tech upgrades to sustain capacity and future growth.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDebt Servicing and Financing Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil uses both corporate and project-level debt to lever returns; at 30 Sep 2025 net debt was NZD 2.8 billion, so interest and refinancing fees are a material ongoing cost. Changes in global rates-AUD\/NZD 3‑year swap rising from ~1.25% in 2021 to ~4.0% in 2025-have raised servicing costs and can materially alter project IRRs and new investment viability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperational and Maintenance Expenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperational and maintenance costs for Infratil's airports, telco and healthcare assets run materially high-labour, utilities and repairs typically consume 15-25% of revenue; for example Wellington Airport reported NZ$112m opex in FY24. Management targets efficiency gains and capex-light upgrades to protect EBITDA and free cash flow.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLabour, utilities, repairs = 15-25% revenue\u003c\/li\u003e\n\u003cli\u003eWellington Airport opex NZ$112m FY24\u003c\/li\u003e\n\u003cli\u003eFocus: efficiency, capex-light upgrades, margin protection\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Compliance Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInfratil, owner of regulated utilities and renewables, faces sizable compliance bills-legal, environmental monitoring, and financial reporting-running into tens of millions annually; Infratil reported NZD 24m of administration and compliance-related expenses in FY2024 contributing to maintaining operating licences and ESG disclosures.\u003c\/p\u003e\n\u003cp\u003eThese costs include meeting mandatory ESG reporting (NZX\/ASX\/CSRD-aligned) and lengthy regulatory reviews for grid and energy projects, essential for reputation and continued operation.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNZD 24m compliance\/Admin expenses in FY2024\u003c\/li\u003e\n\u003cli\u003eESG disclosure costs rising post-2023 CSRD moves\u003c\/li\u003e\n\u003cli\u003eRegulatory reviews add months to project timelines\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: Rising fees, NZD1.63bn capex \u0026amp; NZD2.8bn debt squeeze margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpinfratil main costs: morrison co fees gav performance pa in capex nzd centres net debt sep raising interest costs opex revenue airport fy24 compliance fy24.\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024\/2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMorrison \u0026amp; Co fees\u003c\/td\u003e\n\u003ctd\u003e0.8-1.0% GAV; NZD 45-60m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex\u003c\/td\u003e\n\u003ctd\u003eNZD 1.63bn (1.2bn+430m)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt\u003c\/td\u003e\n\u003ctd\u003eNZD 2.8bn (30 Sep 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWellington Airport opex\u003c\/td\u003e\n\u003ctd\u003eNZD 112m FY24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance\/Admin\u003c\/td\u003e\n\u003ctd\u003eNZD 24m FY24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/pinfratil\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eevenue Streams\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDividends and Distributions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInfratil receives regular cash distributions from profitable subsidiaries like One NZ and Wellington Airport-these paid NZD 145m in aggregate distributions to Infratil in FY2024-then uses those flows to pay its own dividends or reinvest in growth. These distributions, driven by operational cashflow from telecoms, airports and renewables, supply the liquidity for corporate costs and shareholder payouts.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital Gains from Asset Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eA major part of Infratil's model is realizing capital gains from strategic sales of mature or non-core assets-e.g., the 2021 sale of Wellington Airport stake and subsequent 2023 divestments that delivered combined proceeds exceeding NZD 1.2 billion-reflecting years of active value creation. These one-off gains are recycled into new investments, restarting the value-creation cycle and funding ~40-60% of new equity deployments in recent transactions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnterprise Service Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCDC Data Centres (Infratil) earns recurring revenue from long-term contracts with corporates and governments for colocation and cloud connectivity; as of FY2024 CDC reported \u0026gt;NZD 120m in contracted backlog and \u0026gt;90% occupancy, underpinning steady cash flows.\u003c\/p\u003e\n\u003cp\u003eContracts include inflation-linked price escalators, which plus high client switching costs - multiyear SLAs and complex migrations - give Infratil predictable, low-volatility revenue.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsumer Subscription Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOne NZ, Infratil's telco arm, delivers stable monthly subscription cash from ~2.1 million mobile and 520,000 broadband subscribers (2025 YTD), giving predictable recurring revenue that offsets lumpy divestment gains and underpins operational cash flow.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~2.1m mobile subscribers\u003c\/li\u003e\n\u003cli\u003e~520k broadband subscribers\u003c\/li\u003e\n\u003cli\u003ePredictable monthly ARPU supports OCF\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulated Infrastructure Tariffs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpassets like wellington airport generate regulated revenue via charges to airlines and passengers from commercial property leases in reported nzd aeronautical retail with tariffs set allow a fair return on invested capital under kiwirail frameworks.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDefensive, transparent cashflows\u003c\/li\u003e\n\u003cli\u003eTied to regional passenger growth (Wellington pax ~5.2m in 2024)\u003c\/li\u003e\n\u003cli\u003eTariffs set by formal regulation ensuring return on capital\u003c\/li\u003e\n\u003cli\u003eSupplemented by commercial lease income\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/passets\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfratil: Stable NZD cash distributions, telco growth, DC backlog \u0026amp; \u0026gt;NZD1.2bn gains\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInfratil earns recurring cash distributions (NZD 145m to parent in FY2024), subscription and contract revenue (One NZ ~2.1m mobile, 520k broadband; CDC backlog \u0026gt;NZD 120m, \u0026gt;90% occupancy), regulated airport receipts (Wellington aeronautical \u0026amp; retail NZD 178m in 2024) plus capital gains from strategic asset sales (2021-2023 proceeds \u0026gt;NZD 1.2bn).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eStream\u003c\/th\u003e\n\u003cth\u003eKey 2024-25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDistributions\u003c\/td\u003e\n\u003ctd\u003eNZD 145m (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTelco\u003c\/td\u003e\n\u003ctd\u003e~2.1m mobile; 520k broadband (2025 YTD)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData centres\u003c\/td\u003e\n\u003ctd\u003eBacklog \u0026gt;NZD 120m; \u0026gt;90% occ.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAirport\u003c\/td\u003e\n\u003ctd\u003eNZD 178m aero+retail (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital gains\u003c\/td\u003e\n\u003ctd\u003eProceeds \u0026gt;NZD 1.2bn (2021-23)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"VRIO Analysis","offers":[{"title":"Default Title","offer_id":57514915791180,"sku":"infratil-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1056\/0356\/3852\/files\/infratil-canvas-business-model.webp?v=1778631359","url":"https:\/\/vrio-analysis.com\/products\/infratil-business-model-canvas","provider":"VRIO Analysis","version":"1.0","type":"link"}