Cordiant Digital Infrastructure Limited · LSE:CORD
Cordiant Digital Infrastructure — FY2025 Earnings Presentation
40 slides from Cordiant Digital Infrastructure's earnings presentation, June 2025
Slide 1: Annual Results Presentation
Cordiant Digital Infrastructure Limited Annual Results Presentation FOR THE 12 MONTHS TO 31 MARCH 2025 Strictly private & confidential cordiantdigitaltrust.com
Slide 2: Disclaimer
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation has been issued by and is the sole responsibili
Slide 3: Agenda | Contents
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Agenda | Contents HIGHLIGHTS | page 4 Steven Marshall FINANCIALS | page 8 Executive Chairman, Cordiant Digital Infrastructure PORTFOLIO UPDATE | page 18 MARKET CONTEXT | page 24 Andrew Ewe, CFA ESG & IMPACT | page 27 Chief Fi
Slide 4: Highlights | Strong operating performance underpins strong results
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Highlights | Strong operating performance underpins strong results CORD is an operationally focused, specialist digital infrastructure investor CORD applies a Core Plus investment strategy, by investing in high-quality digita
Slide 5: Highlights | Diversified portfolio of assets benefiting from strong digital tailwinds
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Highlights | Diversified portfolio of assets benefiting from strong digital tailwinds Towers, fibre and internet Towers, data centres, Fibre-optic Data centres New York interconnect Colocation towers of things (IoT) fibre and
Slide 6: Highlights | Buy, Build & Grow driving attractive financial metrics
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Highlights | Buy, Build & Grow driving attractive financial metrics Solid financial metrics – dividend comfortably covered 1.7x 8.8x 7.7% 43.1% 2% 0.6% Dividend covered Implied market Portfolio company Total Insider Managemen
Slide 7: Highlights | Growth capex and bolt-on acquisitions represent a highly efficient use of capital
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Highlights | Growth capex and bolt-on acquisitions represent a highly efficient use of capital 1 2 3 Construction at cost price and Build scale and improves market Grow recurring EBITDA and build synergies support high return
Slide 8: Financials
FINANCIALS Strictly private & confidential cordiantdigitaltrust.com 8
Slide 9: Financials | Consistent growth in NAV and dividends since IPO
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Consistent growth in NAV and dividends since IPO 11.6% annualised NAV total return since IPO1 Dividend increases for every financial year since IPO ("%#$ ("&'$ ("##$ $)!#& &"'#$ ed Paid Paid nc &"##$ &"##$ ou $)%
Slide 10: Financials | Financial year to March 2025 NAV bridge - portfolio
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Financial year to 31 March 2025 NAV bridge - portfolio Strong operating performance and a 28bps reduction in average WACC to 9.32%, driving NAV growth Figures in £m 125.2 )$#*% $#+% * '$+&, ,!#$- * )"$'&, !"#$% O
Slide 11: Financials | Value bridge - Emitel
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Financial year to 31 March 2025 value bridge - Emitel Robust cash generation enabling £34.5m of distributions1 to CORD in the year Revenue growth of 10.7% Figures in £m )!#*% '#(% !&'#(% !!D#$% )(#'% ''#(% )*%+,%
Slide 12: Financials | Value bridge - CRA
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Financial year to 31 March 2025 value bridge - CRA Strong financial performance supported by reduction in discount rate Revenue growth of 13.9% Figures in £m &'#(% (#$!& !"#$% +!$,- *%$#& ($)& )*%+,%-./01$1" )*%+
Slide 13: Financials | Value bridge – Speed Fibre
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Financial year to 31 March 2025 value bridge – Speed Fibre Vendor loan note repaid and valuation stable Revenue growth of 1.1% Figures in £m (#'% !!D!# !$D%# ()#)% '#*% "#!% +-#., +'#*, &'#()#*+,-./.% &'#()#*+,-.
Slide 14: Financials | Value bridge - Hudson
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Financial year to 31 March 2025 value bridge - Hudson Prudent write-down assumed but financial budget achieved Revenue growth of 2.9% Figures in £m '#!% !"#$% !&#'% $#!% ()#*+ ($#'+ (,#,+ ()%*+%,-./0'01 ()%*+%,-.
Slide 15: Financials | Dividend increase supported by strong cash generation
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Dividend increase supported by strong cash generation Adjusted funds from operations dividend cover Growth capex split 12 months to 12 months to Digital TV infrastructure, £0.3m 31-Mar-2025 31-Mar-2024 Other, £1.
Slide 16: Financials | Robust balance sheet with liquidity to fund growth
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Robust balance sheet with liquidity to fund growth Conservative credit metrics June 2.45x 3.0% 40.3% 73% 55.7% 2029 Net debt to GAV Interest covered by FCF before Weighted average margin of drawn debt is of drawn
Slide 17: Financials | Well diversified revenue mix with linkage to inflation
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Financials | Well diversified revenue mix with linkage to inflation Revenue by Revenue by Revenue with subsector at geography at inflation-linked 31 March 20251 31 March 20251 escalators2 Backbone fibre 34% Poland 35% Digital
Slide 18: Portfolio Update
PORTFOLIO UPDATE Strictly private & confidential cordiantdigitaltrust.com 18
Slide 19: Portfolio update | Emitel
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Portfolio update | Emitel New contracts and bolt-on acquisitions driving growth Mobile towers experiencing significant growth • Contracted orderbook of over £600m equivalent, with long-term Telecom infrastructure revenue in P
Slide 20: Portfolio update | CRA
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Portfolio update | CRA Data centres and cloud benefiting from sector tailwinds Cloud4com significantly exceeding expectations • Contracted orderbook of over £230m (over £420m when including contracts likely to renew) equivale
Slide 21: Portfolio update | Speed Fibre
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Portfolio update | Speed Fibre New contracts supporting EBITDA growth BTCIL deal to create a leading competitor to the incumbent • Continued to add capacity and connect new customers, reduce Irish Fibre costs and optimise net
Slide 22: Portfolio update | Hudson
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Portfolio update | Hudson New sales, cost control and operational improvements Investment in two new data halls to meet customer demand • Received orders from both existing customers and new • Adds additional 2MW of power on
Slide 23: Portfolio update | Datacenter United & Belgian Tower Company
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Portfolio update | Datacenter United & Belgian Tower Company €93.2m acquisition completed on 28 February 2025 • Investment represents a 47.5% economic (50% voting) interest in a newly • Operates nine active communications tow
Slide 24: Market Context
MARKET CONTEXT Strictly private & confidential cordiantdigitaltrust.com 24
Slide 25: Market context | CORD's portfolio EV/EBITDA multiple is attractive relative to peers
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Market context | CORD’s portfolio EV/EBITDA multiple is attractive relative to peers1 ./0123&4225&6725682& 9:& ,"#)%& ,$#)%& ,(#-%& ,!#!%& ,,#,%& !+#!%& !)#)%& !*#(%& !"#$%& !"#(%& '#'%& !D#$%#%&'E)*+ED,E 32'D,#%&20D*,'D# =79
Slide 26: Market context | AI a key driver of growth for data centre capacity
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Market context | AI a key (but not only) driver of growth for data centre capacity Estimated global data centre capacity Demand for advanced-AI capacity,1 demand,1 gigawatts % of total data centre capacity demand 250 100 200
Slide 27: ESG & Impact
ESG & IMPACT Strictly private & confidential cordiantdigitaltrust.com 27
Slide 28: ESG & impact | Continued improvement towards reaching our sustainability targets
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS ESG & impact | Continued improvement towards reaching our sustainability targets CORD’s responsible investment strategy is aimed at minimising energy consumption and the carbon footprint of Digital Infrastructure, as well as
Slide 29: ESG & impact | Portfolio overview
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS ESG & impact | Portfolio overview In 2025, Emitel expanded its renewable energy production capacity In 2025, the Company completed the merger of Datacenter by 26%, maintained the ISO 14001 and worked on the ISO 50001 United a
Slide 30: Conclusion
CONCLUSION Strictly private & confidential cordiantdigitaltrust.com 30
Slide 31: Conclusion | We look forward to the year ahead with confidence
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Conclusion | We look forward to the year ahead with confidence 1 2 3 9.3% portfolio Strong performance with Dividend covered 1.7x by company EBITDA 11.6% total return for the adjusted funds from growth over the prior year on
Slide 32: Appendix
APPENDIX Strictly private & confidential cordiantdigitaltrust.com 32
Slide 33: Appendix | 1 October 2024 to 31 March 2025 NAV bridge
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Appendix | 1 October 2024 to 31 March 2025 NAV bridge Figures in £m $#$% "&#(% )*#*+ #'$'& !"#$% $&#'% +"$"&, 50.6 +!$-&, 129.6p Other value !"#$%&' !E)* !+,&&- !1%2&0 !34%5' #%$%& movement .$/0& +)-$)&, !!#$"& -$%& Net debt
Slide 34: Appendix | Returns model
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Appendix | Returns model !"#$%&'$()$*"+%&$ 4++506$%0#7'%$ ,'#-".$%"$/0#1&$ #'%5#+$,'#$ )2)3 ,#"8,'1%58 9'%5#+$,'#$088'%$ :;< :;< !D#$%& 'E)E* + ,-. '')/* + 01%%234#56% 7)E* + 8,9 ':):* ;<2=F? +/')7* + GA, 'B)B* ="%06$,"#%F"6-
Slide 35: Appendix | Statement of comprehensive income (audited)
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Appendix | Statement of comprehensive income (audited) IFRS Statement of Accrued Total Net foreign Intercompany Fund Interest Total Comprehensive Income income unrealised exchange balances expenses expense value translation F
Slide 36: Appendix | Statement of financial position (audited)
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Appendix | Statement of financial position (audited) IFRS Statement of Emitel CRA Speed DCU Hudson BTC Cash Inter Other Holding Total Financial Position Fibre company assets and company balances liabilities debt As at 31 Marc
Slide 37: Appendix | Cordiant Capital at a glance
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Appendix | Cordiant Capital at a glance An Institutional Manager Strong proprietary True sector specialists in digital Serving large insurance companies (including SIFIs), deal flow infrastructure pension plans, private banki
Slide 38: Cordiant Capital Investment Manager | Senior Digital Infrastructure team
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Cordiant Capital Investment Manager | Senior Digital Infrastructure team 1 Depth of experience stands out in the market, enabling better buying Steven Marshall Jean-Francois Sauvé Hagai Shilo David Kippen Executive Chairman,
Slide 39: Cordiant Digital Infrastructure Limited | Independent Board of Directors
C O R D I A N T D I G I T A L I N F R A S T R U C T U R E | ANNUAL RESULTS Cordiant Digital Infrastructure Limited | Independent Board of Directors Shonaid Jemmett-Page, FCA Marten Pieters Chairman Non-executive Director • 29 years senior international telecoms sector experience • 20 years at KPMG,
Slide 40: Thank You
THANK YOU If you have any queries, please do not hesitate to get in touch INVESTMENT MANAGER Cordiant Capital Inc., Suite 2800, 1002 Sherbrooke, St. W, Montreal, QC, H3A 3L6. Canada +1 (0) 514-286-1142 CordiantDigitalTrust@cordiantcap.com MEDIA / PR Philip Dennis / Ali AlQahtani / Charles Denley-Mye
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