Infratil posts $142m profit, plans major CDC spend
Thursday, 13 November 2025
Infratil lifted its first-half profit to September 30 and announced the sale of Fortysouth and legacy property assets, as the infrastructure investor repositioned its portfolio for growth.
The Wellington-based company made a profit of $142.05 million, up from $124.45m a year ago.
It has entered into a conditional agreement to sell its 20% shareholding in Fortysouth to InfraRed Capital Partners and Pantheon for more than $200m, conditional on Overseas Investment Office approval.
Chief executive Jason Boyes said Fortysouth was a relatively small position in the portfolio.
Infratil had navigated through the noise of the market and regulatory challenges that faced its digital and renewables businesses earlier this year, Boyes said.
CDC and Longroad were building strong earnings momentum on the back of rising demand, he said. CDC recently announced 140MW of new contracts, while Longroad Energy reached financial close on 925MW of fresh projects
Longroad Energy earnings grew more than 2.5 times as it increased its total operational solar-battery-wind fleet to 3.5GW, with another 1.6GW under construction.
“Our focus is on simplifying our current portfolio and reinvesting in areas with strong thematic drivers, to position Infratil for continued growth and shareholder returns,” Boyes said.
Total asset value grew by $735m to just over $19 billion over the half year. Increases in CDC’s property valuations and the sale of Manawa Energy resulted in a net parent surplus of $606m, compared with $247m a year ago.
A property related to Infratil’s past bus company investment in Auckland had also been sold for $55m.
The sales meant Infratil was over halfway to its medium-term target of $1b of divestments, Boyes said.
The company expected to invest another A$250m (NZ$288m) in CDC during the next six months, to accelerate its construction programme to meet the surging demand for capacity in Australia.
In Asia, Gurīn Energy was awaiting a decision on the export licence for Project Vanda, one of the largest solar-plus-battery projects in the world that would deliver solar energy from Indonesia to Singapore.
Despite the weak New Zealand economy, Infratil’s New Zealand businesses had been largely resilient, Boyce said.
Wellington Airport reported 4% ebitdaf growth. International passengers were up 7% from the same period last year, while domestic passengers declined 5%.
One NZ increased revenue by $14m from HY25 with positive trading momentum as it headed into the peak summer trading period. Revenues have lifted through a mix of pricing and service initiatives, including the One Wallet loyalty programme and SpaceX text services.
Shareholders would be paid a partially imputed interim dividend of 7.25 cents per share on December 16.