HICL Infrastructure PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
This announcement contains Inside Information
The Board of HICL Infrastructure PLC (“HICL”, or the “Company”) announces Interim Results for the Company for the six months ended 30 September 2025. The Interim Report is available at the following link: https://www.hicl.com/investors/reports-publications/
Highlights
For the six months ended 30 September 2025
Proposed combination of HICL and TRIG:
- This week, HICL announced a proposed combination with The Renewables Infrastructure Group (TRIG) to create the UK’s largest listed infrastructure investment company with net assets in excess of £5.3bn. Please see the RNS announcement published on 17 November 2025 for further information.
Strategic progress on active portfolio management:
- Portfolio sale of seven UK PPP assets in line with HICL’s1 31 March 2025 valuation.
- Total announced disposals over the past 24 months are over £730m, reinforcing HICL’s active approach to portfolio construction and the credibility of its valuation.
- Proceeds from strategic disposals continue to be deployed to support buybacks and existing investment commitments, reinforcing HICL’s capital allocation discipline and positioning for long-term value creation.
Good cash generation & dividend cover:
- Dividend cash cover increased to 1.10x as at 30 September 2025, up from 1.07x in March, excluding profits on disposals, supported by good inflation-linked cash generation across HICL’s core PPP assets reinforcing confidence in HICL’s FY26 target.
- The Company remains on track to deliver its covered dividend target of 8.35p per share for the year to 31 March 2026 and reiterates its target of 8.50p per share for the year to 31 March 20272.
Sustainable valuation growth:
- HICL’s NAV per share increased by 2.9p to 156.0p as at 30 September 2025 (March 2025: 153.1p), with an annualised underlying return of 10.3% from the portfolio3 (30 September 2024: 5.5%).
- Performance from HICL’s growth assets4 was strong over the six-month period, contributing to NAV accretion and reinforcing the strategy to rotate into assets with a longer asset life and with capital growth potential.
- HICL’s yield assets, representing 50% of the portfolio following announced disposals, delivered robust operational performance, with higher historic inflation feeding through into cash receipts. This supported dividend cover and helped to mitigate asset-specific challenges in a small subset of this portfolio segment.
- Over the period to 30 September 2025, 50.3m shares were repurchased under the expanded £150m buyback programme, generating 0.9p of NAV accretion.
1 HICL Infrastructure PLC and its subsidiaries is defined as either HICL or the Group throughout the Report. HICL Infrastructure PLC, the Company only, is defined as the Company throughout the Report
2 For discussion purposes only. The information above is based on hypothetical assumptions that may not occur and represent the views solely of InfraRed. Investors should not rely upon the targeted/hypothetical information in making an investment decision. Targeted /Hypothetical returns are aspirational in nature and should not be relied upon when making an investment decision. There can be no assurance or guarantee that the targets or assumptions underlying the hypothetical information or any of the economics presented can or will be achieved. Upon request, InfraRed will provide the criteria and assumptions upon which we based such targeted/hypothetical information
3 Defined as the return on the portfolio that includes the unwind of the discount rate and portfolio performance (before adjusting macroeconomic assumptions)
4 Refer to the Glossary provided in the Annual Report 2025 for definitions
Mike Bane, Chair of HICL, said:
“HICL’s ability to deliver on its strategy amid a challenging macroeconomic backdrop has been ably demonstrated in the period. With increasing dividend cash cover, NAV accretion and strong operational performance, the Company is well positioned to deliver a compelling value proposition for shareholders.”
Edward Hunt, Head of Core Infrastructure Funds at InfraRed Capital Partners, HICL’s Investment Manager, added:
“Taking an active approach to portfolio rotation underlines the Company’s valuation and supports our ongoing objective to deliver sustainable NAV growth. This has been proven in the first half of the year with the disposal of seven UK PPP assets at NAV, enhancing key portfolio metrics and providing capital for accretive reinvestment.”
Summary Financial Results (On an investment basis)
| For the six months to | 30 September 2025 | 30 September 2024 |
| Income | £145.8m | £71.7m |
| Total Return | £119.5m | £45.0m |
| Earnings / (loss) per share | 6.1p | 2.2p |
| Target dividend per share for the financial year to 31 March | 8.35p | 8.25p |
| Net Asset Value | 30 September 2025 | 31 March 2025 |
| NAV per share | 156.0p | 153.1p |
| Interim Dividend | 2.09p | 2.07p |
| NAV per share after deducting interim dividend | 153.9p | 151.0p |