GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — GCP Infrastructure Investments — Investor Presentation (November 2025)
25 slides from GCP Asset Backed Income Fund's investor presentation, November 2025
Slide 1: Authorised and regulated by the Financial Conduct Authority
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 Limited (the "Investment Adviser" or “Gravis") andis for information purposes only. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdictio
Slide 3: Presenters
PRESENTERS Philip Kent CEO Phil joined Gravis in 2015 and serves as the CEO. Phil is actively involved in the management of Gravis' direct infrastructure and real asset investments, and has led investments across a range of energy, renewable and social infrastructure asset classes. Phil has 20-years
Slide 4: Introduction, Capital allocation, Portfolio, Market update, Outlook
Introduction Capital allocation Portfolio Market update Outlook and Conclusion
Slide 5: Introduction
INTRODUCTION Gravis
Slide 6: 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 Net Asset Value Investments Constituent of Market Cap the FTSE 250 since July 2015 £607m £859m 22 July 2010 £849m Note(s): Asat 30 September
Slide 7: 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 Pays an attractive risk- adjusted income and has done for 15 years Diversification Diversified across a range of different
Slide 8: 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 repositioning expected over time. ' Infrastructure Infrastructure Private Demand } Debt ' Equity Equity Based 1 . . ' Economic f Listed
Slide 9: Capital Allocation
CAPITAL ALLOCATION Gravis
Slide 10: Capital Allocation — Objectives
CAPITAL ALLOCATION — OBJECTIVES The Company has progressed against the objectives for the use of the disposal proceeds. Demonstrate NAV Disposals of c.£80m on average at ~ NAV Net debt reduced to £8m' Reduce leverage from £104m over programme S 8.9m shares bought back during Minimum £50m capital ret
Slide 11: Capital Allocation — Future Disposal Opportunities
CAPITAL ALLOCATION — FUTURE DISPOSAL OPPORTUNITIES Further pipeline of disposal opportunities, focusing on exiting supported living exposures and reducing merchant electricity price exposure. Assets Solar Solar project expansion (development extension & existing operating asset) Refinancing of a por
Slide 12: Portfolio
PORTFOLIO Gravis
Slide 13: Loan Payments
LOAN PAYMENTS The Company expects c. £245m to be repaid over the next c. 4 years on a scheduled basis, providing the opportunity for a ‘re-set’. Gravis has historically been able to exceed scheduled turnover of the portfolio through proactive refinances / disposals. Forecast loan cash flows (undisco
Slide 14: Portfolio Overview
PORTFOLIO OVERVIEW Amature, 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 sector Healthcare Supported Living Education Resource Use Geothermal Electric
Slide 15: 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 (' Portfolio by annualised yield Concentration (top 20 -
Slide 16: NAV Bridge - September 2025
NAV BRIDGE - SEPTEMBER 2025 The NAV movement was driven by a sector-wide increase to the discount rates applicable to the renewables portfolio and an updated assessment of the level of curtailment and constraint for two onshore wind farms in Northern Ireland. The Company’s independent valuation | ag
Slide 17: Market Update
MARKET UPDATE Gravis
Slide 18: Electricity Price Backdrop
ELECTRICITY PRICE BACKDROP Valuations continue to be subject to considerable variability dependent on the assumptions made. External Consultant Forecasts - Q3 5 Valuation forward curve (GB market) 31/03/2025 z 90 —30/06/2025 = 30/09/2025 < 10/11/2025 a = 3 a H 8 a 2 = 8 2 o = 55 50 2025 2030 2035 20
Slide 19: Renewable Subsidy Indexation
RENEWABLE SUBSIDY INDEXATION The Department for Energy Security and Net Zero published a consultation on 31 October 2025 regarding potential changes to the indexation methodology applied to feed-in-tariffs and the buy-out price under the Renewables Obligation. - Atemporary freeze in the feed-in-tari
Slide 20: Regular, Sustained, Long-Term Income
REGULAR, SUSTAINED, LONG-TERM INCOME GCP Infra has consistently paid a strong dividend to shareholders since IPO, regardless of market conditions, with availability-based infrastructure not as sensitive to GDP or wider macro-environment. At current trading levels this represents a c. 9.5% dividend y
Slide 21: Attractive Valuation Levels, Recent Discount Narrowing
ATTRACTIVE VALUATION LEVELS, RECENT DISCOUNT NARROWING GCP Infra continues to trade at a significant 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 S
Slide 22: Introducing Carapace for GCP Infra
INTRODUCING CARAPACE FOR GCP INFRA Maximising transparency, providing our shareholders with a portal to view and monitor GCP Infra’s investments. Carapace is our investm janagement tool, built in house over the past 8 years, used across our direct business GCP Infrastructure Investments Limited itie
Slide 23: Portfolio continues to operate well
Portfolio continues to operate well, diversification has served to mitigate risks. Continued focus on capital reallocation strategy - reducing leverage, buying back shares and rebalancing risk. Improving landscape of investment opportunities based on policy developments. Whilst the discount has narr
Slide 24: Contact Information
Gravis Capital Management Limited 24 Savile Row London WIS 2ES www.graviscapital.com CONTACT INFORMATION Philip Kent philip.kent@graviscapital.com 020 3405 8512 Cameron Gardner cameron.gardner@graviscapital.com 020 3405 8555 Robyn MacHugh robyn.machugh@graviscapital.com 020 3405 8519 Craig Jenkins c
Slide 25: Gravis
Gravis INVESTMENT IDEAS FOR THE LONG RUN
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