GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — GCP Infrastructure Investments — Investor Day (2025)
20 slides from GCP Asset Backed Income Fund's investor day presentation, Mar 5, 2025
Slide 1: Update on GCP Infrastructure Investments Limited
UPDATE ON GCP INFRASTRUCTURE INVESTMENTS LIMITED Gravis
Slide 2: Presenters
PRESENTERS Philip Kent Director, 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 ha
Slide 3: An Active Calendar of GCP Shareholder Engagement
AN ACTIVE CALENDAR OF GCP SHAREHOLDER ENGAGEMENT © anh i i 2"d Annual Capital 114 shareholder 38 prospect meetings & Markets Day meetings 7 external events 2 Asset 12 Gravis Quarterly site visits newsletters factsheets Note(s): Calendar year 2024 GCP INFRA 6 webinars hosted KO Perception study Best-
Slide 4: Capital Allocation — Objectives
CAPITAL ALLOCATION — OBJECTIVES The Company has progressed against the objectives for the use of the disposal proceeds. Disposals on average around £ Demonstrate NAV NAV Debt reduced from Reduce leverage £104m to £57m! Share buybacks commenced, 3.1m purchased FY25 to date Minimum £50m capital return
Slide 5: 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 Realisation Pipeline Wind Farm Solar Disposal - Supported Living (April 2024) (October 2024) (January 2025) - Waste-wood Biomass - Solar -
Slide 6: 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 Portfolio of c. 80 properties to be refinanced Portfolio of c. 55 properties to be disposed of Suppor
Slide 7: Onshore Wind Disposal
ONSHORE WIND DISPOSAL * On30 January 2025, the Company disposed of its interest in the Pates Hill and Milton Keynes Wind Farms. The Company originally invested in 2017, part of a wider portfolio of five assets with c. 7OMW total capacity. * The projects each had seven Vestas V80 2.0MW turbines, bene
Slide 8: Rooftop Solar Disposal
GCP INFRA ROOFTOP SOLAR DISPOSAL + In October the Company disposed of its interest in a portfolio of domestic rooftop solar assets, with generating capacity of c. 8.3MW installed across rooftops with six UK housing associations. Original investment was made in 2018 as part of a wider c. 130MW portfo
Slide 9: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT Returns requirements for new investment has increased significantly in recent months. Any investment decisions must be weighed against the investment opportunity offered by buying back shares and the benefits of repaying the RCF. Company investment level thi During FY2
Slide 10: 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 Healthoare Supported Living Biomass (domestic) Agriculture / Resource
Slide 11: 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 12: 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 electricity prices. Executing on this will have significant changes to the underlying portfolio characteristics. Indicat
Slide 13: The Company refinanced its revolving credit facilities (RCF)
* The Company refinanced its revolving credit facilities (RCF) ahead of the facility’s expiry at the end of March 2024, reducing total commitments £150m from £190m. + Supportive group of four lenders; Lloyds Bank, Mizuho Bank, Allied Irish Bank, and Clydesdale Bank (trading as Virgin Money) continue
Slide 14: Initial investments
Initial investments Subordinated debt in PPP / PFI Early mover lending to solar, wind, biomass, anaerobic digestion and supported social housing GIB acquisition @ c. £150m of assets acquired as part of GIB purchase by Macquarie 7 pps dividend target established in May 2020 Return of IPO subscription
Slide 15: Gravis Lending History
GRAVIS LENDING HISTORY Gravis has a 14-year history of lending in the infrastructure and asset-backed sectors. Annualised loss ratio - @ f Maturity of 2-40yrs F;i-4 IRR of 10.1% on exit 0.41% for relevant assets* (Significantly lower than unsecured HY bonds [2.11%])** £2.8bn invested em Social Infra
Slide 16: Gravis Team
GRAVIS TEAM Lead Fund Advisers Phil Kent. 0 Investment Bianca McMillan Robyn MacHugh Wy Portfolio Management Phil Kent. Finance Chloe Marlow Will Parry-Jon Paul White Roopali Parmar iernan Risk Legal & Operations Distribution/ Investor Relations & Marketing GCP INFRA
Slide 17: Systems and Controls
SYSTEMS AND CONTROLS * Gravis has developed proprietary systems for the management of the Company’s investments and pipeline + Engaged and active portfolio management - reporting, site visits, lender's advisers * Processes and control framework audited by Deloitte annually + Independent valuation ag
Slide 18: Responsible Investment: Impact
RESPONSIBLE INVESTMENT: IMPACT ree -1,649 “1,320 GWH (ieee £202.8m Hospital beds provided! uty Renewable energy exported by Investment in supported living w/% 40 -©- portfolio assets! projects since IPO Healthcare facilities in portfolio! 488,842 905 Equivalent homes powered by portfolio assets! Soc
Slide 19: Commonality of Historic Challenges
COMMONALITY OF HISTORIC CHALLENGES Technical risks and legislative interventions have accounted for the majority of the Company’s historic challenges. *enewaoee “oer | verterelacements Wind (onshore) Wind (offshore) Biomass — — Hydro. Other PPP PFI Other Social Housing | Medium impact | | High impac
Slide 20: 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 List