CDC Independent Valuation - 30 June 2025

Friday 4th July 2025

The 30 June 2025 independent valuation of Infratil’s investment in CDC shows an increase of A$148 million over the three months since the 31 March 2025 valuation.

The increase reflects the completion of the Transaction announced in February 2025, with Infratil acquiring a 1.58% stake in CDC for A$220 million (including typical completion adjustments), increasing its shareholding from 48.17% in March 2025 to 49.76% in June 2025. This was slightly offset by a 1% decline in the assessed equity valuation of CDC on a 100% basis from A$13,701 million in March 2025 to A$13,560 million as at 30 June 2025.

Infratil’s 49.76% investment in CDC is now valued at between A$6,208 million to A$7,363 million (with a midpoint of A$6,748 million), compared with A$6,066 million to A$7,208 million (with a midpoint of A$6,600 million) based on Infratil’s 48.17% shareholding at the end of March 2025.

The growth forecast underpinning CDC’s build capacity to FY2034 remains consistent with the March 2025 update. During the period CDC commenced additional construction in Melbourne and Canberra, increasing capacity under construction to 453MW. CDC also increased operational capacity by 54MW in Auckland, to reach a portfolio total of 372MW. With the progression of these developments, CDC continues to demonstrate its strong track record of delivering projects on time and to budget.

Region Status Build Capacity (MW) to FY34, as at 31 March 2025 Build Capacity (MW) to FY34, as at 30 June 2025

Canberra Operating 117 117

Sydney Operating 123 123

Melbourne Operating 34 34

Auckland Operating 44 98

Total Operating Capacity 318 372

Canberra Under Construction 39 58

Sydney Under Construction 168 168

Melbourne Under Construction 121 226

Auckland Under Construction 54 0

Total Under Construction Capacity 382 453

Canberra Future Build 93 73

Sydney Future Build 869 869

Melbourne Future Build 630 525

Australian Expansion Future Build 36 36

Auckland Future Build 126 126

Total Future Build Capacity 1,754 1,629

Total Capacity 2,454 2,454

The primary valuation methodology applied by the independent valuer at 30 June 2025 was a Discounted Cash Flow (‘DCF’) approach. This represents an adjustment from the Historical Transaction approach adopted as the primary methodology in March 2025, albeit in line with the primary valuation methodology from prior quarters and widely adopted as the preferred valuation methodology for assets of this nature. The valuer performed various market calibration and multiple cross checks in support of the primary approach.

The blended cost of equity used in the valuation remains unchanged from the implied discount rate of 11.05% (rounded) assessed in March 2025. A 10 basis point increase in the risk-free rate from 3.9% to 4.0% was offset by a slight reduction in the asset-specific risk premium, reflecting the progress of certain sites through the development pipeline as highlighted above.

The decline in the total equity valuation primarily reflects an increase in the valuer’s assessment of the future base rate curve, leading to increased future interest costs and a resulting reduction in valuation, as well as minor movements in other operating assumptions. In line with prior communication, Infratil expects to commit a further A$250 million within the next 12 months to continue to fund the development pipeline.

CDC Independent Valuation – 30 June 2025

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