Infratil Independent Valuation Update - 30 June 2025

Infratil Independent Valuation Update - 30 June 2025 A number of Infratil's investments have independent valuations completed as at 30 June, with those results summarised below. The valuations for Longroad Energy, Galileo, Mint Renewables and Qscan below reflect the midpoint of the 30 June independent valuations. The CDC valuation and key assumptions were released on 4 July 2025. Key valuation methodologies underpinning the three new independent valuations are summarised in the attached document and remain consistent with the 31 March 2025 valuations. The 30 June 2025 independent valuation of Infratil’s investment in Longroad Energy shows a US$27 million decline in the valuation over the three months since the 31 March 2025 valuation. This implies that Infratil’s 37.7% share is now valued at US$1,182 million, down from US$1,209 million at the end of March 2025. The decline in valuation is primarily driven by an increase in discount rates, reflecting both higher base rates and adjustments by the independent valuer to account for increased uncertainty arising from tariffs and the One Big Beautiful Bill. These factors outweighed the positive impact of projects reaching operation (Sun Streams 4 — 677MW and Serrano — 434MW) and the acquisition of two late-stage development projects. The 30 June 2025 independent valuation of Infratil's investment in Galileo shows a €4 million decline in the valuation over the three months since the 31 March 2025 valuation. This implies that Infratil’s 38.0% share is now valued at between €129.2 million and €207.7 million (with a midpoint of €168.4 million), reduced from €143.7 million to €201.1 million (with a midpoint of €172.4 million) at the end of March 2025. The decrease in valuation is primarily due to an increase in the discount applied to earlier-stage development assets. Under the transaction multiples methodology, the value of a project is determined by applying a multiple and discounting that multiple to reflect the stage of development. The increase in the discount applied was a result of softening demand for early stage development projects. This impact was partially offset by shareholder capital injections of €26.5 million (Infratil’s share: €10.1 million) during the period, and by progress made on certain projects within Galileo’s development pipeline. The 30 June 2025 independent valuation of Infratil’s investment in Qscan shows a A$12 million increase in the valuation over the three months since the 31 March 2025 valuation. This implies that Infratil’s 57.2% investment in Qscan is now valued at between A$406 million to A$449 million (with a midpoint of A$426 million), up from A$394 million to A$436 million (with a midpoint of A$414 million) at the end of March 2025. The increase in valuation since March is primarily driven by the cash flow roll-forward (reflecting the benefit of larger future cash flows now being closer in time), along with the contribution from the acquisition of two clinics. This was partially offset by minor adjustments to operating assumptions for certain hospital contracts. Portfolio Company Independent Valuation - June 2025 (NZ$ Millions) Longroad Energy $1,953.8 million (March 2025: $2,111.9 million) Galileo $326.6 million (March 2025: $326.0 million) Mint Renewables $30.3 million (March 2025: $22.8 million) Qscan Group $460.2 million (March 2025: $454.5 million)