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Listed investor Infratil enjoyed good returns again from its major digital assets, data centre operator CDC and telco One NZ, during the first half of its 2025 financial year.
CDC’s EBITDA for the half to the end of 30 September was A$159 million, up A$36 million, or 29 per cent, from the previous half, Infratil told shareholders today.
Growth was driven by the commissioning of the company’s first Melbourne data centre in June and higher utilisation across existing facilities.
“CDC continues to experience significant growth in demand, driving an expansion of its development pipeline,” Infratil CEO Jason Boyes said.
Boyes described One NZ’s performance as “in line with expectations” and noted a number of strategic priorities were on track.
One NZ, which is facing charges laid today by telco regulator the Commerce Commission, reported EBITDA for the period of NZ$304 million, an increase of $25 million or nine per cent from the prior period.
“Growth was driven by consumer mobile and a strong focus on cost management, with the benefits now flowing through from action taken on cost in the previous financial year,” Boyes said.
Mobile average revenue per user increased to $33.80 from $32.45 while operating costs reduced by $14 million year-on-year.
EBITDA margin continued to expand increasing to 32 per cent up from 29 per cent, partially reflecting fewer low margin handset sales.
Boyes said Infratil retained significant liquidity to support further internal and external investment.
“In June, we secured additional capital through a well-supported $1.275 billion equity raise to bolster our liquidity, enhance our investment capacity, and support growth across the portfolio,” he said.
A significant portion of the capital raised was earmarked for CDC, alongside other investment across the portfolio.
“Recent comparable transactions in the data centre, diagnostic imaging, and airport sectors all support, or point to potential upside in the current valuations of our portfolio companies,” Boyes said.