Ann: Infratil Full Year Results for the year ended 31 March 2024, page-15

One thing that is still being worked through is the Console Connect investment - it was noted in the annual report to still be on track for settlement by end of 2024 calendar year. Very keen to see some more specific numbers on the business when it all settles, in the past I compared Console Connect's operating model to Megaport on the ASX, Artista Networks on the NYSE, both of which have had massive runs in the last year, however without much data from Console Connect it's hard to see where we sit just yet. It's quite hard to find any credible market share data online as well for providers in this space, Console Connect doesn't feature on some 'top network-as-a-service' lists yet it boasts 17% global internet traffic.

Considering Infratil released the initial news of the investment which included 80% ownership for US $160m in July 2023, it's fair to say they've had some capital appreciation from the investment already (given it all goes ahead) if we go off public market valuations of these sort of businesses - (1 year charts for Megaport and Artista below).

Initial investment news release: https://infratil.com/news/strategic-investment-in-console-connect/

Below excerpt from the report of the CEO in the latest Annual Report.