Infratil (NZX:IFT)

Snapshot

Latest metrics

HY26, released 13 November 2025

← Swipe to view more

IFT latest metrics
Metric	Value	Change
Revenue	$1.5b	↓ -14.4%
Operating profit	$662.4m	↑ +385.6%
NPAT	$605.7m	↑ +385.4%
Operating cash flow	$32.7m	↓ -64.9%
OCF / Operating profit %	4.9%	↓ -63.4pp
Net debt	$5.8b	↑ +36.8%
Net debt / Operating profit	8.82x	↓ -71.8%
ROE %	7.3%	↑ +9.9pp
DPS	7.3c	— Flat
Payout ratio vs NPAT %	11.7%	—

Source: latest published briefing (HY26, released 13 November 2025). Change compares against the prior equivalent period: HY25, released 14 November 2024.

Chat

Ask about IFT

Ask follow-up questions about Infratil's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about IFT

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Longitudinal view

Performance over time

The latest period is shown first.

← Swipe to view more

IFT metric history
Metric	HY266 MONTHS13 November 2025	FY2512 MONTHS28 May 2025	HY256 MONTHS14 November 2024	FY2412 MONTHS21 May 2024	HY246 MONTHS16 November 2023	HY236 MONTHS15 November 2022	FY2212 MONTHS19 May 2022	HY226 MONTHS12 November 2021	FY2112 MONTHS19 May 2021	Trend
Revenue	$1.5b	$3.3b	$1.7b	$3b	$1.3b	$604.4m	$858.9m	$541.1m	$1.1b	Chart
Revenue growth %	-14.4%Outside range low revenue growth. -14.4%; 4-period range -6.4% to 112.9%. Revenue growth: -14.4%, below normal range; 4-period mean 37.9%, range -6.4%-112.9%.	11.7%	33.3%	151.3%	112.9%Unprecedented high revenue growth. 112.9%; 4-period range -14.4% to 33.3%. Revenue growth: 112.9%, unprecedented high; 4-period mean 6.0%, range -14.4%-33.3%.	11.7%	-18.9%	-6.4%	n/m	Chart HY24 Revenue growth %: Unprecedented high revenue growth. 112.9%; 4-period range -14.4% to 33.3%. Revenue growth: 112.9%, unprecedented high; 4-period mean 6.0%, range -14.4%-33.3%. HY26 Revenue growth %: Outside range low revenue growth. -14.4%; 4-period range -6.4% to 112.9%. Revenue growth: -14.4%, below normal range; 4-period mean 37.9%, range -6.4%-112.9%.
Operating profit	$662.4m	$397m	$136.4m	$363m	$0.3m	$325.5m	$205.8m	$251.3m	$71.3m	Chart
Operating profit margin %	45.1%	11.9%	8.0%	12.1%	0.0%	53.9%	24.0%	46.4%	6.7%	Chart
PBT	$327.7m	-$212.1m	-$128.6m	$938.6m	$1.3m	$297.9m	$128.5m	$194.5m	-$91.8m	Chart
PBT growth %	—	—	—	55.4%	-99.6%	53.2%	—	214.2%	—	Chart
NPAT	$605.7m	-$286.3m	-$212.2m	$854m	$1.2m	$350.5m	$1.2b	$1.1b	-$49.2m	Chart
NPAT growth %	—	—	—	32.8%	-99.7%	-67.6%	—	n/m	—	Chart
Operating cash flow	$32.7m	$386.4m	$93.1m	$457.8m	$166.4m	-$234.6m	$82.8m	-$17.4m	$91.4m	Chart
OCF / Operating profit %	4.9%	97.3%	68.3%	126.1%	n/m	-72.1%	40.2%	-6.9%	128.2%	Chart
FCF pre-lease	-$217.5m	-$71.9m	-$114.8m	$21.3m	$1.3m	-$286.5m	-$32.8m	-$55.1m	-$368.4m	Chart
DPS	7.3c	13.3c	7.3c	13.0c	7.0c	6.8c	12.0c	6.5c	11.5c	Chart
Payout ratio vs NPAT %	11.7%	—	—	19.5%	5.0%	13.9%	11.4%	—	—	Chart
Annual payout ratio vs EPS %	—	—	—	19.5%	—	—	11.4%	—	—	Chart
ROE %	7.3%	-3.5%	-2.6%Outside range low roe. -2.6%; 3-period range 6.1% to 14.7%. ROE: -2.6%, below normal range; 3-period mean 9.4%, range 6.1%-14.7%.	11.4%	14.7%Outside range high roe. 14.7%; 3-period range -2.6% to 7.3%. ROE: 14.7%, above normal range; 3-period mean 3.6%, range -2.6%-7.3%.	6.1%	22.7%	22.3%	-1.2%	Chart HY24 ROE %: Outside range high roe. 14.7%; 3-period range -2.6% to 7.3%. ROE: 14.7%, above normal range; 3-period mean 3.6%, range -2.6%-7.3%. HY25 ROE %: Outside range low roe. -2.6%; 3-period range 6.1% to 14.7%. ROE: -2.6%, below normal range; 3-period mean 9.4%, range 6.1%-14.7%.
Net debt	$5.8b	-$288.2m	$4.3b	$5.5b	$2.8b	$2.7b	$2.6b	-$424.3m	$876.5m	Chart
Net debt / Operating profit	8.82x	-0.73x	31.28x	15.07x	9,137.75x	8.41x	12.52x	-1.69x	12.29x	Chart
Debtor days	—	—	—	8	—	—	—	—	—	—
Inventory days	6	0	4	0	8Outside range high inventory days. 8d; 3-period range 1d to 6d. Inventory days: 8.1 days, above normal range; 3-period mean 3.5 days, range 0.7 days-5.9 days.	2	1	1Outside range low inventory days. 1d; 3-period range 4d to 8d. Inventory days: 0.7 days, below normal range; 3-period mean 5.9 days, range 3.9 days-8.1 days.	0	Chart HY24 Inventory days: Outside range high inventory days. 8d; 3-period range 1d to 6d. Inventory days: 8.1 days, above normal range; 3-period mean 3.5 days, range 0.7 days-5.9 days.
Total assets	$16.8b	$17.2b	$16.1b	$16.1b	$16b	$10.2b	$9.9b	$9.2b	$9.5b	Chart

Reference: annolyse.ai/companies/ift

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

Loading chart...

The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

From PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpoint

The release confirms proportionate operational EBITDAF of $986m, towards the upper end of $960–1,000m guidance. No FY26 quantitative target appears in the supplied excerpts, so the forward read hangs on whether a first full year of consolidated One NZ can absorb continued Manawa weakness and the renewable development losses at Gurīn Energy (-$34.5m) and Mint Renewables (-$13.9m).

The shape data shows HY25 NPAT of -$212.2m became FY25 NPAT of -$286.3m, implying a -$74.1m second half. Second-half operating cash flow of $293.3m did most of the year's work, consistent with working-capital normalisation rather than margin expansion.

Open questions

Open questions from FY25

What share of the PBT swing is acquisition-related fair-value movements, derivative revaluations, or financing items that proportionate EBITDAF strips out?
Why did Manawa Energy's segment result fall to $61.3m from $123.8m on broadly flat revenue, and how should investors size the FY26 baseline?
How is the 20.5c full-year dividend being funded given pre-lease FCF of -$71.9m and a -172.4% FCF payout ratio?
What contribution and capex profile does management expect from a first full year of consolidated One NZ in FY26?
When do Gurīn Energy and Mint Renewables transition from development losses ($48.4m combined) to positive earnings contribution?

This briefing cannot assess share-price valuation against the $1.07 NTA per share without market data not supplied here.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 13 November 2025

NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%

Headline result is distorted by portfolio divestments and a discontinued operation; operational EBITDAF rose only 7% to $514m and OCF fell 64.9%.

Read briefing

FY25 · Released 28 May 2025

PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpoint

The June 2024 One NZ consolidation distorts headline comparability while proportionate EBITDAF of $986m sits near the top of $960–1,000m guidance.

Read briefing

HY25 · Released 14 November 2024

Revenue +33.3% but NPAT swung -118.1% against HY24 one-off gain

Underlying proportionate EBITDAF rose 7%, while operating cash conversion fell from 41.6% to 18.4% as capex stepped up 25.9%.

Read briefing

FY24 · Released 21 May 2024

PBT up 55.4% but operating profit fell 47.9% on portfolio reshape

Headline growth reflects a transformed asset base and a zero effective tax rate, while operating profit weakened and leverage stepped up sharply.

Read briefing

HY24 · Released 16 November 2023

One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposal

Continuing-operations net parent surplus of NZ$1,215.1m and 45% Proportionate EBITDAF growth tell the real underlying story.

Read briefing

HY23 · Released 15 November 2022

Pre-lease FCF hit unprecedented -NZ$286.5m as cash conversion collapsed

PBT rose 53.2% and the margin was a record, but operating cash outflow widened to -NZ$234.6m and the lifted dividend is uncovered by cash.

Read briefing

FY22 · Released 19 May 2022

Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m

A NZ$1.1b after-tax gain from discontinued operations dominates headline NPAT, so PBT recovering from a NZ$91.8m loss is the cleaner operating read.

Read briefing

HY22 · Released 12 November 2021

Tilt sale delivered NZ$993.9m gain; continuing PBT up 214.2%

The 3,787.1% NPAT jump is a disposal accounting outcome, not an operating result, and FY22 Proportionate EBITDAF guidance was trimmed at the top end.

Read briefing

FY21 · Released 19 May 2021

Pacific Radiology Group acquisition adds context to Infratil's result

The NZ$350m acquisition price from the Pacific Radiology Group acquisition is result context, not the main operating signal.

Read briefing

Related insights

Compare this company

The latest IFT metrics also appear in these cross-company views.

Insight

Cash conversion quality

This result converted 6.4% of EBITDA to operating cash flow, -12.0pp versus the prior comparable period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 30.6pp, with a distortion flag in the result.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 11.36x, +0.72x versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 11.7%.

Open insight

Infratil (IFT)

Latest metrics

Ask about IFT

Ask about IFT

Sign in to chat

Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%

PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpoint

Revenue +33.3% but NPAT swung -118.1% against HY24 one-off gain

PBT up 55.4% but operating profit fell 47.9% on portfolio reshape

One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposal

Pre-lease FCF hit unprecedented -NZ$286.5m as cash conversion collapsed

Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m

Tilt sale delivered NZ$993.9m gain; continuing PBT up 214.2%

Pacific Radiology Group acquisition adds context to Infratil's result

Compare this company

Get notified when IFT publishes

Infratil (IFT)

Latest metrics

Ask about IFT

Ask about IFT

Sign in to chat

Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%

PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpoint

Revenue +33.3% but NPAT swung -118.1% against HY24 one-off gain

PBT up 55.4% but operating profit fell 47.9% on portfolio reshape

One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposal

Pre-lease FCF hit unprecedented -NZ$286.5m as cash conversion collapsed

Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m

Tilt sale delivered NZ$993.9m gain; continuing PBT up 214.2%

Pacific Radiology Group acquisition adds context to Infratil's result

Compare this company

Get notified when IFT publishes