Infratil (IFT) AGM 2024 summary

Opening remarks and agenda

• Meeting marked 30 years as a listed infrastructure fund, emphasizing value creation and innovation in renewables, data centers, and healthcare.

• Both in-person and online participation were available, with clear instructions for virtual attendees and press presence noted.

• Directors, management, and auditors were introduced, highlighting board committee roles and business representatives present.

• Notice of meeting and prior minutes were confirmed as read and accurate.

• Commitment to disciplined execution and enhanced disclosure practices was outlined.

Financial performance review

• Thirty-year track record of 18.8% annual returns after taxes and fees was celebrated, with a 21.7% after-tax return for FY2024 and a 10-year annual return of 22.0%.

• FY24 operating performance exceeded guidance, with strong results from CDC, Wellington Airport, and One NZ.

• $2.2 billion deployed across the portfolio, including $1.8 billion to acquire full ownership of One NZ, and $1.7 billion in CapEx by portfolio companies.

• Equity raise was oversubscribed, driven by CDC data center demand and growth opportunities, raising NZ$1,275 million since the annual result.

• Dividend growth has been modest, balancing reinvestment and shareholder returns.

Board and executive committee updates

• Board comprises Peter Springford, Andrew Clark, Jason Boyes, Alison Gerry, Anne Urlwin, Kirsty Mactaggart, and Paul Gough.

• Board composition, skills, and succession planning were discussed, emphasizing a mix of tenures and expertise.

• Re-election of Paul Gough and Jason Boyes as directors was proposed and supported, with both addressing their qualifications and commitment.

• CFO transition from Philippa Harford to Andy Carroll was noted, highlighting continued investment in management capability.