Finance & ownership
Infratil
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Infratil invests in infrastructure platforms including CDC Data Centres and Kao Data. Its FY2026 report lists a 49.7% CDC interest and a 54.7% Kao investment. The Kao arrangement expressly does not provide unilateral accounting control, so the percentage should not be described as sole control of the platform.
Earnings and disclosures
Latest verified results: Fiscal year ended March 31, 2026 · Released 2026-05-26
Next results: 2026-11-18 · HY27 interim results.
The company scheduled interim results for November 18, 2026, with an 11 a.m. New Zealand time briefing.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For FY2026, ended March 31, CDC contributed NZ$220.4 million of proportionate EBITDAF and Kao NZ$5.8 million. These are proportionate platform measures, not revenue or cash distributions from an individual campus. They also differ from the headline group earnings measure.
Delivery and commitments
Kao announced a ten-year, 22 MW hosting arrangement with Nebius at Harlow. The contracted amount is distinct from the 17.6 MW specification of the KLON-03 building. CDC’s subsequent plans included A$3.8–4.2 billion of FY2027 capital expenditure, alongside significant operating and construction capacity.
kaodata.com ↗ · company-announcements.afr.com · 2026-05-26 ↗
Costs, funding and dependencies
Investment returns depend on development funding, power, customer acceptance and utilization. Contracted capacity can precede invoicing: CDC had 220 MW invoiced at its year end, while later contracted capacity exceeded 1 GW. Those measures describe different stages of the business.
infratil.com ↗ · company-announcements.afr.com · 2026-05-26 ↗
What to watch next
Follow leased capacity into invoiced services and compare construction spending with platform cash generation. For Harlow, seek phase-specific commissioning and customer acceptance before treating the full hosting contract as live load or parent-level income.
kaodata.com ↗ · company-announcements.afr.com · 2026-05-26 ↗
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Kao Data Harlow AI campus / KLON-03
54.7% investor in Kao Data, the Harlow campus developer/operator.
The 54.7% interest does not confer unilateral accounting control. Kao-wide earnings and the 22 MW hosting contract are not allocations to the KLON-03 building alone.
company-announcements.afr.com · 2026-05-26 ↗ · kaodata.com ↗
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.