Market cap
$15.1b
End-of-day close multiplied by current shares on issue.
IFT · NZX
Infratil is an NZX-listed transport & infrastructure / infrastructure investment company with FY21 - HY26 of published result briefings.
Snapshot
HY26, released 13 November 2025
| 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.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$15.1b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
28.33x
Recent market cap compared with trailing earnings.
EPS
0.53
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
22.64x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
1.82x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
1.4%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Infratil's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| 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
|
| 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
|
| 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
|
| 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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
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
This briefing cannot assess share-price valuation against the $1.07 NTA per share without market data not supplied here.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 13 November 2025
Headline result is distorted by portfolio divestments and a discontinued operation; operational EBITDAF rose only 7% to $514m and OCF fell 64.9%.
FY25 · Released 28 May 2025
The June 2024 One NZ consolidation distorts headline comparability while proportionate EBITDAF of $986m sits near the top of $960–1,000m guidance.
HY25 · Released 14 November 2024
Underlying proportionate EBITDAF rose 7%, while operating cash conversion fell from 41.6% to 18.4% as capex stepped up 25.9%.
FY24 · Released 21 May 2024
Headline growth reflects a transformed asset base and a zero effective tax rate, while operating profit weakened and leverage stepped up sharply.
HY24 · Released 16 November 2023
Continuing-operations net parent surplus of NZ$1,215.1m and 45% Proportionate EBITDAF growth tell the real underlying story.
HY23 · Released 15 November 2022
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.
FY22 · Released 19 May 2022
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.
HY22 · Released 12 November 2021
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.
FY21 · Released 19 May 2021
The NZ$350m acquisition price from the Pacific Radiology Group acquisition is result context, not the main operating signal.
Get the next Infratil result briefing and five-year history updates by email.