Macquarie Korea Infrastructure Fund · KRX:088980
Macquarie Korea Infrastructure Fund — H1 2026 Earnings Presentation
29 slides from Macquarie Korea Infrastructure Fund's earnings presentation, Jul 29, 2026
Slide 1: Macquarie Korea Infrastructure Fund Investor Presentation 1H 2026
Macquarie Korea Infrastructure Fund Investor Presentation 1H 2026 1
Slide 2: Important notice
Important notice Disclaimer This presentation and the information contained herein do not constitute any offer, solicitation, or advertisement of the securities of Macquarie Korea Infrastructure Fund (“MKIF”) and does not constitute ‘solicitation’ as defined under the Financial Investment Services a
Slide 3: Contents
Contents 1 MKIF Overview 4 A Leading Infrastructure Fund in Korea 5 Fund History 6 Business Structure 7 Portfolio Summary 8 Concession/Operation Period 9 Financial Position 10 Distribution 11 2 1H 2026 Performance 12 Summary of Financial & Operating Results 13 Summary of Key Transactions and Issues
Slide 4: MKIF Overview
© macauarie O1 MKIF Overview
Slide 5: A Leading Infrastructure Fund in Korea
A Leading Infrastructure Fund in Korea Established in 2002 / Listed on the Korea Exchange in 2006. Market capitalization of KRW ~4.9 trillion1. Invests in infrastructure businesses in Korea as defined under the Act on Public Private Partnerships in Infrastructure2 (“PPP Act”) of Korea. Deliv
Slide 6: Fund History
Fund History (As at 30 June 2026) Mandate Portfolio Market Capitalisation Establishment / Listing Infrastructure 13 roads, 1 port, 1 rail, KRW 4.9 trillion 2002 / 2006 businesses in Korea 3 city gas, 1 digital (KOSPI Top 107) MKIF History1 2002 ~ 2006 2006 ~ 2009 2007 ~ 2017 ~ Establishment and IPO
Slide 7: Business Structure
Business Structure Underlying Project Companies (As at 30 June 2026) MKIF Shareholding Kwangju Beltway Investment Co., Ltd. 100% MKIF is a holding company of 19 infrastructure project companies. New Airport Hiway Co., Ltd. 24.1% Active management of the underlying project companies1. Soojungsan
Slide 8: Portfolio Summary
Portfolio Summary1 (As at 30 June 2026) KRW 3.0 trillion invested across 19 infrastructure assets in Korea in the form of equity (30%), subordinated debt (69%) and senior debt (1%). Toll Roads (54%) Port (9%) Rail (3%) City Gas (20%) Digital (14%) Dongbuk Light Rail Transit (DBR) Seoul-Chuncheon H
Slide 9: Concession/Operation Period
Concession/Operation Period (As at 30 June 2026) MKIF invests in 19 project companies, of which 15 are public-private partnership investments with a fixed concession period defined under respective concession agreement with competent authority, while the remaining 4 are going-concern businesses. C
Slide 10: Financial Position
Financial Position (As at 30 June 2026) MKIF debt is capped at 100%1 of its share capital under the PPP Act, with a current legal debt limit of KRW 3,297.2 billion. Of the legal debt limit of KRW 3,297.2 billion, MKIF has committed KRW 989.1 billion of debt, of which KRW 460.1 billion is outstan
Slide 11: Distribution
Distribution Distribution is paid semi-annually (record dates are 30 June and 31 December). Distribution floor is higher of taxable income or distributable accounting income to maintain tax exempt status. 2026 first half distribution of KRW 350 per share1 (total amount of KRW 167.6 billion) wi
Slide 12: 1H 2026 Performance
© macauarie 02 1H 2026 Performance
Slide 13: Summary of Financial & Operating Results
Summary of Financial & Operating Results MKIF Revenue and Net Income (P15) • MKIF recorded revenue of KRW 260.0 billion and net income of KRW 225.0 billion for 1H 2026 (the “Period”). Revenue and net income decreased by 6.1% and 7.6% respectively compared with the previous corresponding period (“pcp
Slide 14: Summary of Key Transactions and Issues
Summary of Key Transactions and Issues Amendment to the Act on Public-Private Partnerships in Infrastructure • On 19 February 2026, the Act on Public-Private Partnerships in Infrastructure (the “PPP Act”) was amended, and on 14 April 2026, the Enforcement Decree of the PPP Act was also amended (coll
Slide 15: Financial Results (Cumulative)
Financial Results (Cumulative)1 1H 2026 revenue and net income decreased by 6.1% and 7.6% respectively compared with the pcp. The decrease in revenue and net income was mainly due to lower dividend income. (Unit: KRW million) 1H 2026 1H 2025 % Change Revenue 260,021 276,905 (6.1%) Interest incom
Slide 16: Financial Results (Quarterly)
Financial Results (Quarterly)1 2Q 2026 revenue and net income decreased by 9.1% and 12.5% respectively compared with the pcp. The decrease in revenue and net income was mainly due to lower dividend income. (Unit: KRW million) 2Q 2026 2Q 2025 % Change Revenue 70,677 77,740 (9.1%) Interest income
Slide 17: Statement of Financial Position
Statement of Financial Position1 (Unit: KRW million) 30 June 2026 31 December 2025 Assets Change in Investment Invested Assets 4,588,555 4,624,689 (Unit: KRW million) Cash & deposits 18,493 24,885 Project Company Item 2026 Loans 2,408,426 2,439,151 CNEC Subordinated Debt (18,225) Equity securities 2
Slide 18: Toll Roads Performance
Toll Roads Performance Highlights for 1H 2026 include: − Traffic volumes for most toll road assets declined in 2Q 2026 due to a sharp increase in oil prices, driven by disruptions to oil transportation through the Strait of Hormuz following the outbreak of conflict in the Middle East in February 2
Slide 19: Container Port Performance
Container Port Performance BNCT 1H 2026 Performance BNCT Historical Results Change Change (KRW bn) (TEU mil) 1H 2026 1H 2025 2Q 2026 2Q 2025 over pcp over pcp 200 3.0 2.69 2.72 2.68 2.64 Volume 180 1.31 1.35 (2.5%) 0.66 0.66 (0.6%) 2.48 (TEU million) 167.0 2.35 159.6 2.5 160 2.22 2.2 152.6 155.3 145
Slide 20: Busan Port
Busan Port1 Busan Port is comprised of Busan New Port (the “New Port”) and Busan North Port (the “North Port”). Busan Port handled 25.4 million TEUs of container volume in 2025, of which the New Port handled 76% or 19.4 million TEUs. Busan Port Highlights Historical Performance of the New Port (
Slide 21: City Gas Business Performance
City Gas Business Performance Change Change HY 1H 2026 Performance 1H 2026 1H 2025 over pcp 2Q 2026 2Q 2025 over pcp ● Sales volume decreased by 2.1% over pcp to 453 million m3. Volume (million m3) 453 463 (2.1%) 148 153 (3.3%) Revenue (KRW billion)1 409.5 434.2 (5.7%) 139.4 144.1 (3.3%) ● Revenue d
Slide 22: Appendix
© macauarie A Appendix
Slide 23: Management Fee
Management Fee (As at 30 June 2026) Management Fee (calculated and paid quarterly) Management fee calculation2: (NIV + C3) x 0.85% x (N/365) - NIV (net investment value): Volume-weighted average market capitalization for MKIF’s outstanding shares MKIF during the quarter; If MKIF is in a net cash p
Slide 24: MKIF Distribution History
MKIF Distribution History1 (KRW / share) 1,000 900 800 770 775 750 760 760 720 700 700 622 582 600 540 390 390 380 380 380 513 360 350 500 480 464 440 312 420 418 390 400 400 352 290 344 330 303 260 220 254 300 220 160 225 200 184 165 200 380 385 380 380 350 360 370 350 310 230 230 250 100 200 220 2
Slide 25: Performance of the Project Companies in Operation
Performance of the Project Companies in Operation1 (Unit: KRW mil) 2025 2024 Adjusted Adjusted Net debt to Adjusted Adjusted Net debt to Asset Adjusted Adjusted Project Company operating OPEX Net debt3,4 EBITDA adjusted operating OPEX Net debt3,4 EBITDA adjusted Abbreviation EBITDA2 EBITDA2 revenue2
Slide 26: MKIF Investment Details
MKIF Investment Details1 (As at 30 June 2026) (Unit: KRW bn) Project Company Asset Name Asset Abbreviation Equity Ownership (%) Subordinated Debt Senior Debt Total Kwangju Beltway Investment Co., Ltd. Gwangju 2nd Beltway Section 1 KBICL 33.1 100% 41.52 - 74.6 New Airport Hiway Co., Ltd. Incheon Inte
Slide 27: Government Support Payment Provisions
Government Support Payment Provisions1 (As at 30 June 2026) (Unit : year, %) Remaining Revenue Revenue Competent Concession Remaining Support Payment Asset Support Payment Guarantee Cap Remarks Authority Term Concession Term Duration Duration Threshold2 Threshold2,3 Competent authority provides Gwan
Slide 28: Macquarie Group and MAM Real Assets
Macquarie Group and MAM Real Assets MAM Real Assets is a division under Macquarie Asset Management (MAM) within Macquarie Group and has over 32 years of track record in global infrastructure investment and management. MKAM is an entity within MAM Real Assets that has focused on investment and manage
Slide 29: Notice on Sustainability
Notice on Sustainability Our vision MKAM, as an affiliate of the Macquarie Group (Macquarie) and in a capacity as a manager and corporate director of MKIF, has adopted ESG framework that Macquarie Asset Management (MAM) applies to its fund management activities to the extent possible. As an active m
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