GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — GCP Infrastructure Investments — Investor Meets Company (July 2026)
40 slides from GCP Asset Backed Income Fund's conference presentation, Jul 29, 2026
Slide 1: GCP Infrastructure Investments Limited
GCP INFRASTRUCTURE INVESTMENTS LIMITED Investor Meets Company Investor Update 29 th July 2026 Authorised and regulated by the Financial Conduct Authority
Slide 2: Important Notice
IMPORTANT NOTICE Warning This presentation (the "Presentation") has been prepared by Gravis Capital Management No undertaking, representation, warranty or other assurance, express or implied, is made or Limited (the "Investment Adviser“ or “Gravis”) and is for information purposes only . given by or
Slide 3: Gravis Overview
GRAVIS OVERVIEW Assets under Team of investment Majority owned by ORIX management professionals Corporation Ltd c.£2bn* across six strategies 50 staff and directors in Global backing from ORIX, an spanning public and private investment management, experienced partner with markets focusing on portfol
Slide 4: What is Infrastructure?
WHAT IS INFRASTRUCTURE? Toll roads Airports Railways Power stations Bridges Solar Onshore Wind Waste to Energy Healthcare Education 4
Slide 5: Infrastructure Has Defensive Risk and Return Characteristics
INFRASTRUCTURE HAS DEFENSIVE RISK AND RETURN CHARACTERISTICS Essential High barriers High upfront Inflation Critical Hard services to entry and capex protection Assets, supported by monopolistic supports and low Limited real, physical market reliable and correlation to Obsolescence assets positions
Slide 6: Introduction to GCP Infrastructure Investments Limited
INTRODUCTION TO GCP INFRASTRUCTURE INVESTMENTS LIMITED 6
Slide 7: GCP Infrastructure Investments Limited
GCP INFRASTRUCTURE INVESTMENTS LIMITED Invests in UK infrastructure that benefits from public - sector backed cash flows , with a focus on debt . Initial Offering Constituent of Market Cap Net Asset Value Investments - the FTSE 250 - - - 22 July 2010 since July 2015 £629 m £796m £810m Note(s) : As a
Slide 8: GCP Infrastructure Investments Limited - Objectives
GCP INFRASTRUCTURE INVESTMENTS LIMITED - OBJECTIVES The Company primarily invests in UK infrastructure debt and/or similar assets to meet the following key objectives. Income Diversification Capital preservation ESG Pays an attractive risk - Diversified across a Has a focus on capital Social infrast
Slide 9: Debt: Capital Structure Protection
DEBT: CAPITAL STRUCTURE PROTECTION Debt benefits from increased predictability of income vs. equity and is more protected in the capital structure should projec ts face difficulties. Example senior debt investment cashflows Capital structure in debt financing Uses of net project cash flow - First pr
Slide 10: Portfolio Overview
PORTFOLIO OVERVIEW £810m Portfolio valuation A mature, diverse and operational portfolio of UK infrastructure projects that is well positioned to benefit from the macro trends of population dynamics, decarbonisation and energy security. Investments 47 Portfolio by sector (%) Healthcare Supported Liv
Slide 11: Portfolio Overview (cont.)
PORTFOLIO OVERVIEW (CONT.) A mature, diverse and operational portfolio of UK infrastructure projects that is well positioned to benefit from the macro trends of population dynamics, decarbonisation and energy security . Portfolio by income type (%) Concentration (top 20 – 43%) Lease income Rooftop s
Slide 12: Loan Payments
LOAN PAYMENTS The Company has received aggregate repayments since IPO of c. £1bn and expects c. £200m to be repaid over the next c. 4 years on a scheduled basis, providing the opportunity for a ‘re - set’. Forecast loan cash flows (undiscounted, no re - investment) 260 Interest Cumulative 1,100 • Av
Slide 13: Case Study: FCC Environment – Energy-from-Waste
CASE STUDY: FCC ENVIRONMENT – ENERGY- FROM- WASTE • Acquired the UK Green Investment Bank’s loan portfolio as 190,000 part of the Macquarie privatisation in 2017. Tonnes of waste incinerated p.a. • PPP contract with Gloucestershire County Council. • The plant generates electricity sufficient to powe
Slide 14: Strategic Update
STRATEGIC UPDATE Gravis
Slide 15: Capital Allocation
CAPITAL ALLOCATION The Company has progressed against the objectives for the use of the disposal proceeds . Demonstrate NAV Reduce leverage Minimum £50m capital Portfolio rebalancing return 92m share buybacks Disposals and Disposals of c.£181m since inception of the realisations focused in No amount
Slide 16: Capital Allocation Framework in Action
CAPITAL ALLOCATION FRAMEWORK IN ACTION Continued recycling of assets in target sectors to trade out of ‘legacy’ portfolio and £130m current pipeline of forward - looking disposals / refinances take value opportunities where they exist. Return of capital when trading at a discount to NAV of 15% or gr
Slide 17: Capital Allocation – Disposal Track Record
CAPITAL ALLOCATION – DISPOSAL TRACK RECORD Completion of original capital allocation objective with disposals in excess of £150m. Blackcraig Rooftop Onshore Wind Solar Supported Living Solar Refinance Anaerobic Onshore Wind Wind Farm Solar Disposal (July 2025) (February 2026) (June 2026) Digestion D
Slide 18: Solar Refinance
SOLAR REFINANCE • Announced 30 th June 2026 • Introduction of third - party senior debt financing from Commonwealth Bank of Australia to 120MW portfolio of 21 ground - mounted solar PV projects • Loan to enterprise value of c. 38% • Loan tenor over the remaining ROC / FiT accreditation • Reduces the
Slide 19: Anaerobic Digestion Disposal
ANAEROBIC DIGESTION DISPOSAL • Announced 8 th July 2026 • Sale of an anaerobic digestion plant in Northern Ireland by one the Company’s borrowers announced • All proceeds from the sale used to prepay the debt balance owed by the borrower to the Company • Disposal in line with the valuation at 31 Mar
Slide 20: Onshore Wind Disposal
ONSHORE WIND DISPOSAL • Announced 20 th July 2026 • Sale of two operational onshore wind projects, Winscales Moor and Burton Wold, with total generating capacity of c. 26.5MW announced • Disposal at a c.13% premium to the valuation of the projects at 31 March 2026 • Day one proceeds of £10.3m with a
Slide 21: Disposal Process and Pipeline Stage
DISPOSAL PROCESS AND PIPELINE STAGE GCP maintains a pipeline at various stages of this process, representing an additional £130m of realisation opportunities . Financial Close Solar AD sale Onshore refinance (£3m) wind (£11m) (£40m) Identify Information Legal External disposal pack Non - Binding Con
Slide 22: Why Now for UK Infrastructure?
WHY NOW FOR UK INFRASTRUCTURE? 22
Slide 23: Attractive Yields on Offer
ATTRACTIVE YIELDS ON OFFER The material discounts on which public infrastructure companies trade mean yields can be accessed at attractive levels 12 Month Dividend Yield (%) 12 10 8 6 4 2 0 UK Equities UK Gilts £ Corporate Bonds £ Corporate Bonds ex. GBP-hedged HY Listed PE UK REITS IA Infrastructur
Slide 24: Journey Since IPO
JOURNEY SINCE IPO GCP Infra continues to trade at a discount to prevailing NAV, representing an attractive entry point . Steadily performing portfolio benefitting from subsidy - backed cashflows and a significant element of inflation protection . GCPIIL Share Price / NAV – Since IPO Share price NAV
Slide 25: Peer Group Universe – A Diverse Landscape
PEER GROUP UNIVERSE – A DIVERSE LANDSCAPE GCP Infrastructure Investments provides exposure to a diversified portfolio which is differentiated from its peers, with a re pos itioning expected over time. Infrastructure Infrastructure Private Demand Debt Equity Equity Based Risk Economic Listed economic
Slide 26: Why Now? Highlights and Tailwinds
WHY NOW? HIGHLIGHTS AND TAILWINDS As the headwinds of the past two years abate, and government policy support improves, GCP Infrastructure is well placed to be nef it. Attractive entry Sustained, long - term Undrawn revolving 17% point 1 9% quarterly income 1 credit facility Discount to NAV Yield on
Slide 27: Conclusion
CONCLUSION Gravis
Slide 28: Carapace
CARAPACE Maximising transparency, providing our shareholders with a portal to view and monitor GCP Infrastructure’s investments . Gravis’ proprietary investment management system has been developed to include an investor portal, providing market - leading disclosure on the Company’s investment and a
Slide 29: Conclusion
CONCLUSION • Continuing to progress the capital recycling strategy in accordance with the framework set out at the Capital Markets Day; • Portfolio continues to perform in line with expectations: well diversified, operational and valued conservatively; • Recent disposals at or above NAV; • 15- year
Slide 30: Appendix
APPENDIX Gravis
Slide 31: Presenters
PRESENTERS Philip Kent Matteo Quatraro Cameron Gardner CEO Director, Head of Portfolio Director, Head of Distribution Phil joined Gravis in 2015 and serves as the Matteo is Director at Gravis working on the Cameron is a Director, and Head of CEO. Phil is actively involved in the equity positions in
Slide 32: NAV Bridge – June 2026
NAV BRIDGE – JUNE 2026 The NAV movement was primarily driven by a sector - wide increase to the discount rates applicable to the PFI / PPP portfolio and across some specific sub - sectors in the renewables portfolio and lower electricity price forecasts in the short - to - medium term 100.26 0.11 Th
Slide 33: Electricity Price Backdrop
ELECTRICITY PRICE BACKDROP Valuations continue to be subject to considerable variability dependent on the assumptions made. External Consultant Forecasts – Q1 2026 (GB market) Valuation forward curve (GB market) AFRY AFRY - baseload Baseload 140 31/12/2025 Aurora - baseload Aurora Wind capture 130 3
Slide 34: Forecast Cash Flows and Duration
200 260 240 60 220 40 80 20 0 100 160 140 180 120 31/12/2026 Cash flow (£’m) Data as at 30 June 2026 31/12/2027 31/12/2028 PPP - Interest 31/12/2029 PPP - Repayment 31/12/2030 Renewables - Interest 31/12/2031 years Social Housing - Interest Renewables - Repayment 31/12/2032 Social Housing - Repaymen
Slide 35: Capital Allocation Policy – Resulting Indicative Portfolio
CAPITAL ALLOCATION POLICY – RESULTING INDICATIVE PORTFOLIO The Company has highlighted its intention to materially exit the Supported Living sector and reduce exposure to merchant elec tri city prices. Executing on this will have significant changes to the underlying portfolio characteristics. Indic
Slide 36: Inflation Protection in GCP Infrastructure
INFLATION PROTECTION IN GCP INFRASTRUCTURE Infrastructure exposure offers investors a degree of inflation protection. Type of How does it work? Portfolio investments protection Coupon • The interest rate charged for the loan is directly linked to the base rate. Social housing portfolio (16% indexati
Slide 37: Investment Sectors – Risk and Return Summary
INVESTMENT SECTORS – RISK AND RETURN SUMMARY Sectors and risk profiles that deliver all - in returns, on average, of c. 9 – 10%, representing a spread of c. 450 – 600 bps. Spread (bps) 1,300 Senior spread range Width of bar reflects estimated sector size - £1bn 1,200 Mezz / development spread range
Slide 38: Responsible Investment: Impact
RESPONSIBLE INVESTMENT: IMPACT c.1,579 1,434 GWH £253.8m Hospital beds provided 1 Renewable energy exported by Investment in supported living portfolio assets 1 projects since IPO3 40 Healthcare facilities in portfolio 1 531,027 905 Equivalent homes powered by Social housing units in the portfolio 3
Slide 39: Contact Information
Contact Information Philip Kent Robyn MacHugh philip.kent@graviscapital.com robyn.machugh@graviscapital.com 020 3405 8512 020 3405 8519 Cameron Gardner Craig Jenkins cameron.gardner@graviscapital.com craig.jenkins@graviscapital.com 020 3405 8555 020 3405 8558 Gravis Capital Management Limited 24 Sav
Slide 40: Investment Ideas for the Long Run
INVESTMENT IDEAS FOR THE LONG RUN
GCP Infrastructure Investments — Investor Meets Company (July 2026) on 6ix