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CDC INDEPENDENT VALUATION 30 SEPTEMBER 2026
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• CDC’s independent valuation was broadly flat with a mid-point valuation of A$18.5 billion at 30 September 2026. • Continued progress in customer contracting and the development of CDC’s capacity pipeline was offset by the macroeconomic impact of a material increase in the forward yield curve, resulting in higher assumed interest costs over the forecast period. – The valuation decreased by A$78 million from 30 June 2026 to A$18.45 billion, reflecting the mid-point of the assessed valuation range of A$17.4 billion to A$19.6 billion. – Infratil’s 49.69% interest in CDC is valued at A$9,168 million, down A$45 million from A$9,213 million at 30 June 2026, which reflected Infratil’s interest of 49.72%. • The key drivers of the movement in the independent valuation this quarter were: – Contracted capacity increased to 1.1 GW with a further 70 MW contracted, acceleration of the build programme at various locations, and a 240 MW increase in CDC’s total reported pipeline to 4.2 GW. – These positive cash flow movements were offset by a material increase in the forward yield curve, which drove forecast debt servicing costs within the cash flows, and resulted in higher assumed interest costs over the forecast period. • The independent valuer assessed that the cost of equity increased from 12.45% to 12.58% during the quarter, driven by: – An increase in the forecast long-term gearing ratio. – The risk-free rate used in the discount rate is a long-term benchmark and was unchanged at 4.25%. – This was partly offset by a minor decrease in the asset-specific risk premium associated with continued progress in constructionand development activity. • Net debt increased by A$1,161 million over the quarter. Separately, CDC raised A$1.7 billion in debt, including A$700 million in Australian Medium- Term Notes and A$1 billion through a US Private Placement. CDC Independent Valuation Update – 30 September 2026 1
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Valuation Methodology 30 September 2026 30 June 2026 Primary valuation methodology DCF using FCFE (with a cross check to market multiples and precedent transactions) DCF using FCFE (with a cross check to market multiples and precedent transactions) Terminal year 2055 2055 Enterprise value A$25,587 million A$24,504 million Equity value A$18,450 million A$18,528 million Equity value (Infratil share) A$9,168 million (49.69%) A$9,213 million (49.72%) Net debt Including accrued Management Share payments A$7,137 million A$5,976 million Key valuation assumptions Risk free rate 4.25% 4.25% Asset beta 0.575 0.575 Cost of equity (blended rate) Reflects the assessed risk of the spectrum of CDC’s portfolio, from operating data centres with contracted revenues through to development projects without contracted revenues. 12.58% (+0.13%) 12.45% Long term EBITDA margin 83% (2055) 83% (2055) Capex Valuation assumes no development beyond 2040 Valuation assumes no development beyond 2040 Independent Valuation Assumptions 2
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460 550 550 400 810 810 1,740 2,580 2,820 0 1,000 2,000 3,000 4,000 Mar-26 Jun-26 Sep-26 CDC Capacity Pipeline (MW), rounded1 Operating Under construction Future build • Leasable operating and under construction capacity remained unchanged this quarter as development continued across multiple sites. • Australian future build capacity increased by 240MW to 2.7GW, reflecting continued expansion of CDC’s longer-term pipeline to meet strong customer demand. • CDC is exploring a number of potential projects in Australia and New Zealand which may be included in the pipeline in the future, subject to progress against project milestones. CDC Development Pipeline Notes: (1) Leasable capacity to FY40, rounded to the nearest 10MW. 3 Leasable Capacity Pipeline by Region, rounded1 (MW) September 2026 June 2026 Operating capacity ACT 120 120 NSW 220 220 VIC 130 130 NZ 80 80 Total 550 550 Under construction capacity ACT - - NSW 560 560 VIC 230 230 Other AUS 20 20 NZ - - Total 810 810 Future build capacity AUS 2,730 2,490 NZ 90 90 Total 2,820 2,580 Total Capacity Pipeline 4,180 3,940 2,600 3,940 4,180