Infratil Independent Valuation Update - 30 September 2025
13/11/2025 08:30 NZDT, MKTUPDTE
Independent valuations were completed for five of Infratil’s portfolio companies as at 30 September. The CDC valuation was previously released on 7 October 2025. The table below show four company updates with the 30 September amounts reflecting the midpoint of the latest valuations. The valuation methodologies remain consistent with the prior period valuations and key movements for the company valuations are summarised in the attached.
Longroad Energy: The 30 September 2025 independent valuation of Infratil’s investment in Longroad Energy shows a US$133 million increase in the valuation over the three months since the 30 June 2025 valuation. Infratil’s 37.7% share is now valued at US$1,315 million.
– The increase in valuation was primarily driven by Milford Solar 2 (395MW) and Big Creek (533MW) moving into the ‘under construction’ phase, increases in expected power demand supporting updated energy price forecasts for both operating and planned projects, and increases in the development margin for the long-term pipeline from US$125/kW to US$145/kW.
– Discount rates applied across the valuation have also decreased, driven by reductions in the risk-free rate, asset beta, and specific risk premia. In the June 2025 valuation, the asset beta increased from 0.86 to 1.06 due to increased market volatility, with the valuer also adding an additional 50bps of specific risk premia to reflect heightened regulatory uncertainty — particularly related to tariffs and the One Big Beautiful Bill Act (‘OBBBA’). Over the September quarter, regulatory risk has moderated, supported by increased confidence and clarity on the outlook following the release of Treasury guidance on the OBBBA. As a result, the valuer has reduced the additional specific risk premia, and part of the prior beta uplift has been reversed as at 30 September 2025.
Galileo: The 30 September 2025 independent valuation of Infratil's investment in Galileo shows a €2 million increase in the valuation over the three months since the 30 June 2025 valuation. Infratil’s 38.0% share is now valued at €170 million.
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The step-up in valuation during the quarter reflect the pipeline advancement of five onshore wind projects with planning or permit applications submitted, and the revaluation of several French projects previously valued at cost. These increases were largely offset by a combination of decreases including the write-down of certain assets, valuations for asset sales, and capacity reductions applied to certain wind projects.
RHCNZ: The September valuation was undertaken by a new independent valuer, in line with policy requirements to periodically rotate valuers. The latest valuation assesses Infratil’s 52.7% interest in RHCNZ at NZ$618 million, compared to NZ$689 million in March.
– The decrease in valuation since March reflects a range of factors, including RHCNZ shareholders receiving a total of $40m in distributions over the period, the rebasing of the operating performance over the forecast period reflecting recent service mix and costs, the new valuer’s reduction of the terminal growth rate by 0.60% and a higher discount rate of 11.75% (31 March 2025: 11.60%). Additionally, there was a revision of long-term EBITDA margins to ~35% after FY30 which led to a decrease in asset specific risk premium of 1.27% by the new valuer.
– During the period, RHCNZ also completed a refinancing to extend the term with a more favourable fee structure that partially offset the decrease in the valuation.
Portfolio Companies (NZ$ Millions)
30 Sept 2025
30 June 2025
Movement
Longroad Energy
2,273.3
1,953.8
319.5
Galileo
344.0
326.6
17.4
Mint Renewables
35.4
30.3
5.1
RHCNZ
618.0
689.3
(71.3)