HICL Infrastructure PLC · LSE:HICL
HICL Infrastructure — FY2026 Earnings Presentation
49 slides from HICL Infrastructure's earnings presentation, May 27, 2026
Slide 1: HICL Infrastructure PLC Annual Results Presentation
HICL Infrastructure PLC Annual Results Presentation 27 May 2026 20260526-5513892
Slide 2: Important information
Important information For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this information By attending the meeting where this presentation is made, or by reading the presentation slides, you agr
Slide 3: Annual Results Highlights & Investment Proposition
Annual Results Highlights & Investment Proposition hicl.com | 3 20260526-5513892
Slide 4: HICL at a glance
HICL at a glance 1. 2. 3. Core Active Established positioning management pedigree ▪ Essential infrastructure ▪ Hands-on approach ▪ HICL’s 20-yr track record ▪ Inflation protection ▪ Active asset rotation ▪ Specialist management ▪ High barriers to entry ▪ Driving outperformance ▪ Global capability Af
Slide 5: HICL track record: NAV return, dividends, investments and divestments
20 years of HICL NAV Return Dividends paid NAV growth 20 8.5% p.a. Investments 149p Divestments 60p Weighted avg. life Years £1.5bn 34yrs £4bn Past performance is not a reliable indicator of future results. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. hicl.com | 5 Perform
Slide 6: Delivery in FY26
Delivery in FY26 Expected return Asset divestment Dividend cover significantly exceeded target exceeded target achieved 10.3% £536m 2.38x / 1.10x Total NAV return1 Portfolio sales announced4 Cash cover incl. disposals / excl. disposals 12.2% >£1bn 1.59x Underlying portfolio return2 Divestments over
Slide 7: Growth in asset values and operational performance driving NAV growth
Growth in asset values and operational performance driving NAV growth 160.2p 13.1% NAV per share Total Shareholder Return 31 March 2025: 153.1p 31 March 2025: (4.5%) 1.03% / 0.90%1 8.5% / 10.0% Operating expense ratio / Weighted average discount rate Pro forma Operating expense ratio / Share Price i
Slide 8: Balanced portfolio construction drives long-term total returns
Balanced portfolio construction drives long-term total returns Yield investments Growth investments 500 Cash generative Shorter duration Earnings generative Longer duration 4.0 c.11% 12yrs £272m +9% +6% 59yrs 10-yr cash yield1 Weighted 2026 EBITDA2 Y-o-Y 10-yr CAGR Weighted 400 remaining life remain
Slide 9: Financial Performance
Financial Performance hicl.com | 9 20260526-5513892
Slide 10: NAV per share increase attributable to strong underlying performance
NAV per share increase attributable to strong underlying performance 180.0 p Steady-state NAV growth Macroeconomic and discount rate changes OER / pro forma OER1 1.0p 0.8p 1.03% / 0.90% 170.0 p ▼(3.1) 3.7 3.7 ▲0.0 ▲0.8 Fund borrowing %2 160.0 p ▲12.5 ▼(8.4) ▲1.6 7.1% 150.0 p 162.5 159.4 159.4 160.2
Slide 11: Disciplined focus on maximising shareholder value
Disciplined focus on maximising shareholder value £3,400m ▲51.8 ▼(527.8) Future commitments 3,227.1 ▲333.3 3,209.3 £3,200m £3,000m ▲20.3 ▲2.5 2,876.0 ▲323.5 - ▲1.8 £2,800m ▼(223.2) £2,600m 3,114.2 2,527.9 3,091.9 £2,400m 2,758.6 £2,200m 2,413.0 Income Statement Revenue 12.2% 0% 0.1% 0.8% £2,000m 2 3
Slide 12: Good underlying cash generation supporting dividend guidance
Good underlying cash generation supporting dividend guidance £303m Yielders Total FY26 operational Growers 53% of Portfolio value cashflow 47% of Portfolio value Cash source / use FY26 (£m) Cash source / use FY26 (£m) Operational cashflows 686 EBITDA 272 Debt service & tax (421) Debt service & tax (
Slide 13: Earnings cover and capital allocation
Earnings cover and capital allocation 1.59x 1.10x 1.66x FFO Dividend Cover Dividend Cash Cover Earnings Cover = Total cash generatio n befo re capital = Funds f ro m o peratio ns less g row th = Total return / dividends allocatio n decisio ns / dividends capex / dividends Ref lects the distributable
Slide 14: Track record of highly selective divestments
Track record of highly selective divestments Disposal activity over the year 1 Proceeds received from assets across various sectors A63 Motorway PPP sub-portfolio Education Transport c.£311m proceeds c.£225m proceeds Health 21% premium to carrying value In line with carrying value Key disposal metri
Slide 15: Inherently defensive portfolio with limited refinancing exposure
Inherently defensive portfolio with limited refinancing exposure Average gearing HICL’s inflation correlation …the portfolio is relatively HICL’s portfolio gearing1 65% of assets with refinancing risk2 46% provides an offset to adverse insensitive to other discount rate movements… economic assumptio
Slide 16: Portfolio Performance
Portfolio Performance hicl.com | 16 20260526-5513892
Slide 17: HICL's core infrastructure focus
HICL’s core infrastructure focus HICL invests in core infrastructure assets with highly defensive qualities, attractive in volatile markets Cash Flow Quality Stable revenues Less operational complexity Market Positioning Defensive positioning High barriers to entry Criticality Essential assets Socia
Slide 18: Highly diversified portfolio
Highly diversified portfolio A highly diversified portfolio across sectors, revenue types, and geographies Contracted Revenues Communications Accommodation Demand-based Revenues Affinity Water 13.6% Regulated Revenues Education 9% 12% Fortysouth 8.0% Transport 10% Electricity 34.2 years Texas Nevada
Slide 19: Operational update – regulated assets
Operational update – regulated assets Affinity Water Texas Nevada Transmission (“TNT”) Water-only Electricity utility UK 13.6% of portfolio transmission US 6.1% of portfolio ∆ EBITDA ahead of forecast, underpinned by revenue performance and ∆ EBITDA in line with forecast and operational performance
Slide 20: Operational update – transport assets
Operational update – transport assets London St. Pancras High Speed (“LSPH”)1 Cross London Trains (“XLT”) High-speed Rolling stock rail UK 5.5% of portfolio leasing UK 4.8% of portfolio ∆ EBITDA ahead of forecast, underpinned by 4% growth in international train ∆ Additional 6.65% interest acquired,
Slide 21: Operational update – digital assets
Operational update – digital assets Fortysouth Altitude Infra Telecoms New Fibre towers Zealand 8.0% of portfolio networks France 3.8% of portfolio ∆ EBITDA in line with forecast, underpinned by availability-based, ∆ EBITDA below forecast due to slower-than-anticipated customer take-up in inflation-
Slide 22: Operational update – PPP assets
Operational update – PPP assets PPP assets PPP portfolio sensitivities Social and March 2026 transport 57.3% of portfolio UK EU Canada Discount Rate +/- 0.5% (2.6) 2.7 ∆ Operational performance generally as expected, with cash distributions underpinned by contracted, availability-based revenue strea
Slide 23: Case study – HICL's business model in action
Case study – HICL’s business model in action A63 Motorway disposal Accretive Value Value 1 investment 2 enhancement 3 preservation ∆ InfraRed managed the asset through construction and early operations ∆ Initial 13.8% stake acquired by HICL for €87m in 2017, followed by accretive incremental purchas
Slide 24: Outlook
Outlook hicl.com | 24 20260526-5513892
Slide 25: The infrastructure supercycle: vast scale and scope
The infrastructure supercycle: vast scale and scope $100tn+ Global infrastructure investment required by 2040¹ The digitalisation, energy transition, and demographic megatrends are self reinforcing, expanding the infrastructure opportunity across every sector HICL invests in. Digitalisation Energy D
Slide 26: The infrastructure supercycle: evolving investment opportunity
The infrastructure supercycle: evolving investment opportunity 1 2 3 4 Private sector role will grow in Sectors are increasingly Opportunity set is expanding; Core infrastructure procurement and funding interconnected new sectors maturing return dynamics are shifting Broader sponsor landscape, Diver
Slide 27: InfraRed is actively engaged in the market for HICL
InfraRed is actively engaged in the market for HICL By sector By geography Shortlisted pipeline Opportunities reviewed Q1 26 4 live opportunities 8 identified targets £2,620m equity ■ Utilities 35% ■ Transport 25% ■ Europe 50% ■ UK 40% Screened 80+ ■ Digital 25% ■ Other 15% ■ Other 10% Opportunities
Slide 28: Built for the infrastructure supercycle
Built for the infrastructure supercycle 01 02 03 04 G E N E R AT I O N A L DIVERSIFIED POSITIONING FOR R E A DY TO OPPORTUNITY EXPOSURE THE FUTURE EXECUTE c.$100tn 7 c.£600m Disciplined Investment opportunity1 Sectors 5yr capex on growth assets capital allocation 3 4 10-12%+ Specialist high-quality
Slide 29: Appendix I: Company Information
Appendix I Company Information 20260526-5513892
Slide 30: HICL's Vision
HICL’s Vision 41% of portfolio Developing strong social foundations 34% of portfolio connecting communities 25% of portfolio supporting sustainable modern economies By value based on the Directors’ Valuation (Excluding Disposal Proceeds) of £2,876.0m at 31 March 2026. hicl.com | 30 20260526-5513892
Slide 31: Board of Directors I
Board of Directors I Non-executive Directors with a broad range of relevant experience and qualifications Mike Bane Frances Davies Rita Akushie Chair Senior Independent Director / Audit Committee Chair Remuneration Chair Mike Bane has been a Guernsey resident for over 25 Frances Davies has more than
Slide 32: Board of Directors II
Board of Directors II Non-executive Directors with a broad range of relevant experience and qualifications Liz Barber Martin Pugh Graham Sutherland Risk Committee Chair Director Director1 Liz Barber was previously at Kelda Group (Yorkshire Martin Pugh has over 35 years in the infrastructure Graham S
Slide 33: Investment Manager
Investment Manager Senior InfraRed team, experienced in making and managing infrastructure investments HICL’s Investment Committee HICL’s Senior Leadership HICL’s Investment Committee is the principal executive decision making body for HICL within InfraRed and is comprised of: Edward Hunt Jack Paris
Slide 34: Appendix II: The Investment Manager
Appendix II The Investment Manager 20260526-5513892
Slide 35: InfraRed Capital Partners – Investment Manager
InfraRed Capital Partners – Investment Manager Over 25 years’ pedigree in infrastructure Frankfurt London New York Madrid Seoul Miami KEY - InfraRed Office Sydney II II InfraRed III IV VI VII infrastructure InfraRed InfraRed Infrastructure Fund III V InfraRed InfraRed I Fund II Environmental Fund In
Slide 36: InfraRed Capital Partners – Mid-market specialist
InfraRed Capital Partners – Mid-market specialist driving financial performance Longevity One team Investment portfolio 25 years 160+ 240+ Investing in infrastructure Partners and staff across Current investments making seven regional offices an impact on societies1 (inc. 30+ in-house asset managers
Slide 37: InfraRed Capital Partners – Two complementary strategies
InfraRed Capital Partners - Strong platform driving two complementary strategies Value-add Core (unlisted) (listed / unlisted) International Complete Strategy Strategy reputation combined LP solutions Exit driven with local developer relationships across risk-return spectrum Buy & hold Exits / Deals
Slide 38: Appendix III: The Investment Portfolio
Appendix III The Investment Portfolio 20260526-5513892
Slide 39: HICL's Top Assets
HICL’s Top 10 Assets Sector: Electricity & Water Affinity Water (UK) % of portfolio: 13.6% (March 2025: 10.8%) 1 Affinity Water Limited is the largest water-only supplier in the UK by revenue and population served covering an area of 4,515 square kilometres. HICL holding: 33.2% Concession life remai
Slide 40: HICL's Top Assets II
HICL’s Top 10 Assets II Altitude Infra (France) Sector: Communications Altitude Infra holds a controlling position in the largest independent wholesale fibre network % of portfolio: 3.8% (March 2025: 2.9%) 6 in France and is the sole provider of Fibre-to-the-home (FTTH) in its 27 subsidised Public I
Slide 41: Portfolio Diversification
Portfolio Diversification HICL’s Portfolio, as at 31 March 20261 REVENUE TYPE GEOGRAPHIC LOCATION ▲ Contracted Revenues 65% ▲ UK 68% ▲ Demand-based Revenues 6% ▲ Europe (exc UK) 16% ▲ Regulated Revenues 29% ▲ North America 8% ▲ Australia / New Zealand 8% INVESTMENT STATUS SECTOR ▲ Fully operational
Slide 42: Sustainability highlights
Sustainability highlights HICL’s sustainability strategy delivers positive societal outcomes while supporting long-term shareholder value Climate and nature Communities and people Governance and integrity ▲ The percentage of HICL’s portfolio by ▲ Six initiatives run by HICL portfolio ▲ The Board und
Slide 43: Appendix IV: Valuation assumptions and metrics
Appendix IV Valuation assumptions and metrics 20260526-5513892
Slide 44: Key Valuation Assumptions
Key Valuation Assumptions 31 March 2026 31 March 2025 Discount Rate Weighted Average 8.5% 8.4% UK (RPI2 & RPIx2) 3.50% p.a. to March 2028 3.00% p.a. to March 2026, 3.25% p.a. to March 2030, 2.50% p.a. thereafter 3.25% p.a. to March 2030, 2.50% p.a. thereafter UK (CPI/CPIH)3 2.75% p.a. to March 2028,
Slide 45: Weighted average discount rate of 8.5%
Weighted average discount rate of 8.5% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 06 06 07 07 08 08 09 09 10 10
Slide 46: Appendix V: Summary financial statements and cashflows
Appendix V Summary financial statements and cashflows 20260526-5513892
Slide 47: Summary Income Statement and Balance Sheet
Summary Income Statement and Balance Sheet Income Statement Twelve months to 31 March 2026 Twelve months to 31 March 2025 Investment Basis1 £m £m Total investment income 323.9 71.7 Fund expenses incl. tax (39.4) (35.4) Finance costs (16.6) (15.7) Total return 266.6 45.9 Earnings per share 13.8p 2.3p
Slide 48: Summary Cash Flow
Summary Cash Flow Figures presented on an Investment Basis Twelve months to 31 March 2026 Twelve months to 31 March 2025 £m £m Opening net (debt) (102.2) (303.9) Net cash flow before capital movements 90.5 177.3 Cost of new investments (49.9) - Investment disposal proceeds 164.6 230.0 Shares repurch
Slide 49: Sources and uses of cash for the year to 31 March 2026
Sources and uses of cash for the year to 31 March 2026 Cash generated covers returns to shareholders, investment in the portfolio with liquidity available for deployment Fund expenses £56m Operating Cashf low Dividend cover Dividend £161m £357m 1.1x Grow th capex £79m Investm ent co m m itm ents £16