GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — GCP Infrastructure Investments — Investor Presentation (December 2025)
25 slides from GCP Asset Backed Income Fund's investor presentation, December 2025
Slide 1: GCP Infrastructure Investments Limited Investor Update Webinar
GCP INFRASTRUCTURE INVESTMENTS LIMITED Investor Update Webinar 31 December 2025 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: Presenters
PRESENTERS Philip Kent Robyn MacHugh Cameron Gardner CEO Associate Director Director, Head of Distribution Phil joined Gravis in 2015 and serves as the Robyn is an associate director at Gravis. She Cameron is a Director, and Head of CEO. Phil is actively involved in the joined Gravis in 2019. Distri
Slide 4: Agenda
AGENDA Introduction Strategic Update Portfolio Conclusion 4
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 Constituent of Market Cap Net Asset Value Investments - the FTSE 250 - - - 22 July 2010 since July 2015 £621m £838 m £85 4m Note(s) : As
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 Diversification Capital preservation ESG Pays an attractive risk - Diversified across a Has a focus on capital Social infrast
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 re pos itioning expected over time. Infrastructure Infrastructure Private Demand Debt Equity Equity Based Risk Economic Listed economic
Slide 9: Strategic Update
STRATEGIC UPDATE Gravis
Slide 10: 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 49.5m share buybacks Disposals and Net debt reduced to since inception of the realisations focused in £14m1 fr
Slide 11: Capital Allocation – Disposals
CAPITAL ALLOCATION – DISPOSALS Progress has been made with capital recycling in a market that has been challenging for disposals . Blackcraig Rooftop Onshore Wind Solar Supported Living Realisation Pipeline Wind Farm Solar Disposal (July 2025 ) (February 2026) - Solar (April 2024) (October 2024) (Ja
Slide 12: Capital Allocation – Future Disposal Opportunities
CAPITAL ALLOCATION – FUTURE DISPOSAL OPPORTUNITIES The Company has a short - term pipeline of c.£50m of potential realisation opportunities and a further pipeline of future disposals. Near - term (Q1/2) pipeline Solar refinance Refinancing of a portfolio of ground Solar disposal Disposal of operatio
Slide 13: 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 14: Portfolio
PORTFOLIO Gravis
Slide 15: Loan Payments
LOAN PAYMENTS The Company has received aggregate repayments since IPO of c. £1bn and expects c. £240m 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 th e portfolio through proac
Slide 16: Portfolio Overview
PORTFOLIO OVERVIEW £854m 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 17: 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 18: NAV Bridge – December 2025
NAV BRIDGE – DECEMBER 2025 The NAV movement was driven by the government’s announced that, following consultation last year, it will be amending the indexation applied to the renewable obligation buy out price and feed - in- tariffs to be based on CPI from April 2026 . Negative impact of the amendme
Slide 19: Electricity Price Backdrop
ELECTRICITY PRICE BACKDROP Valuations continue to be subject to considerable variability dependent on the assumptions made. External Consultant Forecasts – Q4 2025 (GB market) Valuation forward curve (GB market) AFRY Baseload 90 30/06/2025 Aurora Wind capture 30/09/2025 Wholesale Electricity Price (
Slide 20: Conclusion
CONCLUSION Gravis
Slide 21: 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 22: Conclusion
CONCLUSION • Continuing to progress the capital recycling strategy in a market that has been challenging for disposals. Will exceed the £150m of capital recycling in the next 3 –6 months. • Period of shareholder engagement ahead of the capital markets day scheduled for the 25 th February. • Portfoli
Slide 23: Q&A
Q&A Gravis 23
Slide 24: 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 25: Investment Ideas for the Long Run
INVESTMENT IDEAS FOR THE LONG RUN
GCP Infrastructure Investments — Investor Presentation (December 2025) on 6ix