Infratil (IFT.NZ) FY25 Result: CDC deferral and higher One NZ cost drive FY26 downgrade, but FY27 growth intact; Neutral

28 May 2025 | 10:19PM AEST Infratil (IFT.NZ) Neutral FY25 Result: CDC deferral and higher One NZ cost drive FY26 downgrade, but FY27 growth intact; Neutral | | | IFT reported a softer than expected FY25 result with Proportionate EBITDAF -4% vs. GSe, and FY26 guidance of NZ $1,000-1,050mn was -3%/-5% vs GSe/VAe (adj. for Manawa Energy). Key positives: (1) IFT announced it will monetize NZ$ 1bn of assets that are unlikely to scale under the current ownership model over the medium term, with capital to be reinve ...