Infratil Directors Alison Gerry and Anne Urlwin Increase Holdings via Dividend Reinvestment Plan at NZ$14.70 per Share

Dividend Reinvestment Plan Enables Director Share Acquisitions at Infratil

The director share purchases disclosed on 16 July 2026 resulted from Infratil’s dividend reinvestment plan, which allows eligible shareholders, including directors, to reinvest dividends into new ordinary shares instead of receiving cash payments. The allotment date was 29 June 2026, with shares issued at NZ$14.70 each, consistent for all participants. This plan is an integral part of Infratil’s capital management strategy and is available to shareholders who opt to reinvest dividends.

Both directors’ acquisitions were direct outcomes of reinvesting dividends rather than open-market purchases. The dividend reinvestment plan allotments occur periodically aligned with dividend payments, and directors participate under the same terms as other shareholders. The company did not disclose the total number of participants or aggregate shares issued in this allotment round.

Alison Gerry’s Shareholding Post 29 June 2026 Allotment

Prior to the dividend reinvestment plan allotment, Alison Gerry held 55,684.46 ordinary shares. After acquiring 340 shares at NZ$14.70 each (total NZ$4,999.41), her holding increased to 56,024.46 shares. These shares are registered under Sharesies Nominee Limited, acting as custodian for Gerry, a common arrangement for investors using retail investment platforms, with Gerry as the beneficial owner.

Gerry serves as a non-executive director. Her last relevant interest disclosure was on 4 June 2026, approximately six weeks before this update. The nature of her interest is beneficial ownership, with no other relevant interests such as bonds disclosed. The disclosure was certified by Brendan Kevany, Company Secretary, and signed on 16 July 2026.

Anne Urlwin’s Share Acquisition via Clifton Creek Limited and Bond Holdings

Anne June Urlwin’s share acquisition differs structurally; her relevant interest is through Clifton Creek Limited (company number 1151619), where she holds directorship and controls 20% or more of voting rights. Clifton Creek Limited is the registered holder and beneficial owner of the Infratil shares disclosed. Before the 29 June allotment, Clifton Creek held 33,364 shares; after acquiring 208 shares at NZ$14.70 each (total NZ$3,058.37), holdings rose to 33,572 shares.

Urlwin’s previous disclosure was dated 23 December 2025, marking this as her first update in about seven months. Besides ordinary shares, the disclosure details Clifton Creek’s holdings in several Infratil infrastructure bond series: 49,000 units of IFT370 bonds (6.16%, maturing 16 June 2032), 57,000 units of IFT340 bonds (7.08%, maturing 15 March 2031), 56,000 units of IFT330 bonds (6.9%, maturing 31 July 2029), and 50,000 units of IFT350 bonds (7.06%, maturing 17 December 2031). These bond holdings remained unchanged in this disclosure.

Overview of Infratil’s Infrastructure Bond Portfolio via Urlwin’s Disclosure

The disclosure underscores Urlwin’s equity and fixed-income interests through Clifton Creek Limited. Infratil has multiple listed infrastructure bond series on the NZX, with Clifton Creek holding significant units across four series, each with distinct coupon rates and maturities. Although the bond holdings were not altered in this event, their inclusion ensures full transparency of Urlwin’s relevant interests as mandated by the Financial Markets Conduct Act 2013. The market value of these bonds was not disclosed.

Infratil’s Business Model and Shareholder Value Creation

Headquartered in New Zealand, Infratil Limited invests in infrastructure assets spanning energy, digital infrastructure, and social infrastructure across New Zealand, Australia, the United States, and other markets. Its portfolio includes renewable energy, airports, healthcare, and data centers, focusing on essential, long-term infrastructure. Dual-listed on NZX and ASX, Infratil generates revenue through dividends, distributions, and capital gains from its portfolio companies.

The dividend reinvestment plan aligns with Infratil’s strategy to offer shareholders flexible participation options. Infrastructure assets typically yield predictable cash flows supporting dividends, making such plans common in the sector. This disclosure did not include updated financial guidance or strategic commentary, reflecting its nature as a routine regulatory filing.

Regulatory Requirements for Director Interest Disclosures in New Zealand

These disclosures comply with Sections 297(2) and 298(2) of the Financial Markets Conduct Act 2013, which require directors and senior managers to report changes in their relevant interests in listed company financial products within specified timeframes. Relevant interests may arise from direct ownership, custodial arrangements, or control over entities holding shares, as with Urlwin’s interest via Clifton Creek Limited.

The rules promote transparency by informing investors of shareholding changes by insiders, whether acquisitions occur on-market, off-market, or via dividend reinvestment plans. The disclosures were filed with NZX Limited on 16 July 2026 and certified by Company Secretary Brendan Kevany. No closed-period trading or prior clearance was indicated.

Investor Implications of Director Participation in Infratil’s Dividend Reinvestment Plan

Director participation in dividend reinvestment plans is often viewed as a positive signal of confidence in the company’s long-term prospects, as it reflects a choice to reinvest returns rather than take cash. Both Alison Gerry and Anne Urlwin opted to reinvest dividends at NZ$14.70 per share on 29 June 2026. Although the amounts are modest relative to Infratil’s size, these transactions may interest investors monitoring insider activity.

However, investors should understand that such participation does not constitute earnings guidance or strategic updates. These share acquisitions were automatic results of prior dividend reinvestment plan elections and priced according to plan terms, not director discretion. For investment decisions, investors should rely on Infratil’s official financial results and forward-looking statements rather than solely on director interest disclosures.

Risks Relevant to Infratil’s Infrastructure Investment Model

As a listed infrastructure investor, Infratil faces risks including sensitivity to interest rate fluctuations affecting valuations of long-duration assets. Elevated interest rates can pressure portfolio valuations and net asset value per share. Regulatory changes in operating jurisdictions may impact returns, especially in regulated utilities and energy sectors.

Infratil’s international diversification exposes it to currency risk, as foreign exchange movements can affect returns from assets outside New Zealand. Operational and financial performance depends on portfolio companies in sectors such as digital infrastructure and renewable energy, which face competitive, technological, and policy risks. Investors should consult Infratil’s annual reports and investor materials for comprehensive risk assessments. The director interest disclosures do not provide new risk information or material updates.