Cordiant Digital Infrastructure Limited · LSE:CORD
Cordiant Digital Infrastructure — H1 FY2026 Earnings Presentation
36 slides from Cordiant Digital Infrastructure's earnings presentation, November 2025
Slide 1: Interim Results Presentation
C O R D I A N T D I G I TA L I N F R A ST R U CT U R E L I M I T E D Interim Results Presentation FOR THE SIX MONTHS TO 30 SEPTEMBER 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 | INTERIM 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 responsibil
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 | INTERIM RESULTS Agenda | Contents HIGHLIGHTS | page 4 Steven Marshall FINANCIALS | page 8 Executive Chairman, Cordiant Digital Infrastructure PORTFOLIO UPDATE | page 17 MARKET CONTEXT | page 22 Andrew Ewe, CFA ESG & IMPACT | page 25 Chief F
Slide 4: Highlights | Strong operating performance underpins another solid set of 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 | INTERIM RESULTS Highlights | Strong operating performance underpins another solid set of results CORD is an operationally focused, specialist digital infrastructure investor CORD applies a Core Plus investment strategy, by investing in high
Slide 5: Highlights | Diversified portfolio of assets benefiting from 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 | INTERIM RESULTS Highlights | Diversified portfolio of assets benefiting from digital tailwinds Towers, fibre and internet Towers, data centres, Fibre-optic Data centres New York interconnect Colocation towers of things (IoT) fibre and IoT n
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 | INTERIM RESULTS Highlights | Buy, Build & Grow driving attractive financial metrics Solid financial metrics – dividend comfortably covered 1.7x 8.9x £954.8m 14.7% 2.2% 0.67% Dividend covered Implied market Total contracted Total Insider Ann
Slide 7: Highlights | Growth catalysts
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 | INTERIM RESULTS Highlights | Growth catalysts 1 2 3 Multiples arbitrage on mobile towers 26MW Prague Gateway data centre BT Ireland synergies portfolio Irish Fibre Business Expanded Network in Numbers 10,000 km of fibre 16.2x 20.5x 93 8.9x
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 | INTERIM RESULTS Financials | Consistent growth in NAV and dividends since IPO 13.5% annualised NAV total return since IPO1 Dividend increases for every financial year since IPO 4.20p 4.35p 4.35p 140.0 4.00p 4.00p Paid 3.50p Paid Paid et 129
Slide 10: Financials | April 2025 to September 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 | INTERIM RESULTS Financials | 1 April 2025 to 30 September 2025 NAV bridge Strong operating performance and FX tailwinds driving NAV growth Figures in £m 42.1 (5.0 ) 140.0p 4.6 2.3 25.0 (10.6 ) 1,072.3 21.0 53.0 53.0 2.2 Discount rate Emitel
Slide 11: Financials | Value bridge – Emitel and 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 | INTERIM RESULTS Financials | 1 April 2025 to 30 September 2025 value bridge – Emitel and CRA Robust cash generation enabling £24.8m of distributions1 to Strong progress on strategic initiatives supported by FX tailwinds CORD in the period F
Slide 12: Financials | Value bridge – Speed Fibre and DCU
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 | INTERIM RESULTS Financials | 1 April 2025 to 30 September 2025 value bridge – Speed Fibre and DCU Addition of BT Ireland’s wholesale fibre and B2B connectivity arm Successful syndication of a 10.1% stake in DCU Figures in £m Figures in £m 4
Slide 13: Financials | Value bridge – Hudson and BTC
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 | INTERIM RESULTS Financials | 1 April 2025 to 30 September 2025 value bridge – Hudson and BTC Capital injection from CORD to help ongoing expansion Remains strongly cash generative with a £0.5m dividend paid to CORD in the period Figures in
Slide 14: Financials | Dividend 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 | INTERIM RESULTS Financials | Dividend supported by strong cash generation Adjusted funds from operations dividend cover Growth capex split Other, £1.7m 12 months to 12 months to 30-Sep-2025 31-Mar-2025 Digital TV infrastructure, £2.2m (unau
Slide 15: 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 | INTERIM RESULTS Financials | Robust balance sheet with liquidity to fund growth Conservative credit metrics June 2.2x 3.0% 40.9% 70% 56.4% 2029 Net debt to GAV Interest covered by FCF before Weighted average margin of drawn debt is of drawn
Slide 16: 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 | INTERIM RESULTS Financials | Well diversified revenue mix with linkage to inflation Revenue by Revenue by subsector at geography at Revenue with inflation-linked 30 September 30 September 20251 20251 escalators2 Backbone fibre-optic network
Slide 17: Portfolio Update
PORTFOLIO UPDATE Strictly private & confidential cordiantdigitaltrust.com 17
Slide 18: 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 | INTERIM RESULTS Portfolio update | Emitel Continued growth in mobile towers and exploring Total number of PoPs in the Polish market set to increase 1, (’000) data centre opportunities 37.8 • Contracted revenue of over £523m equivalent, with
Slide 19: 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 | INTERIM RESULTS Portfolio update | CRA Stable core business with attractive high growth opportunities • Contracted revenue of over £285m equivalent (over £462m when including contracts likely to renew), with long-term Providing an Networks
Slide 20: Portfolio update | Speed Fibre & DCU
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 | INTERIM RESULTS Portfolio update | Speed Fibre & DCU • Acquisition of BT Ireland’s wholesale fibre and B2B • Contracted colocation order book of approximately €93.5m connectivity arm (c.400 customers, c.3,400km fibre network) across its top
Slide 21: Portfolio update | Hudson & BTC
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 | INTERIM RESULTS Portfolio update | Hudson & BTC • Orders from existing customers expanding footprint and new • Operates 15 towers in Belgium and leads 5G broadcast customers development • Key wins: NYI expansion and new 50kW customer HEG/Ve
Slide 22: Market Context
MARKET CONTEXT Strictly private & confidential cordiantdigitaltrust.com 22
Slide 23: 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 | INTERIM RESULTS Market context | AI a key (but not only) driver of growth for data centre capacity Global data centre capacity forecast (gigawatts) Global data center capacity by compute type (gigawatts) “AI demand is expected to spur 13% t
Slide 24: Market context | Portfolio companies present in attractive EU economies
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 | INTERIM RESULTS Market context | CORD’s major portfolio companies are present in attractive EU economies GDP YoY growth Q3 20251 Unemployment Q3 20252 5.9% 10.5% 4.7% 4.6% 3.0% 2.9% 3.7% 2.7% 1.6% 1.3% Poland Czech Republic Ireland EU avera
Slide 25: ESG & Impact
ESG & IMPACT Strictly private & confidential cordiantdigitaltrust.com 25
Slide 26: ESG & impact | Portfolio updates
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 | INTERIM RESULTS ESG & impact | Portfolio updates Emitel has obtained the ISO 50001:2018 certification, confirming that its energy management system complies with international standards DCU is a signatory of the Climate Neutral Data Centre
Slide 27: Conclusion
CONCLUSION Strictly private & confidential cordiantdigitaltrust.com 27
Slide 28: Conclusion | We look forward to the rest of the year 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 | INTERIM RESULTS Conclusion | We look forward to the rest of the year ahead with confidence 1 2 3 6.5% portfolio Strong performance with Dividend covered 1.7x by company EBITDA 10.0% total return for the adjusted funds from growth over the p
Slide 29: Appendix
APPENDIX Strictly private & confidential cordiantdigitaltrust.com 29
Slide 30: 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 | INTERIM RESULTS Appendix | Returns model Annual total return target achieved in 6 months For the six month Annual target period to 30 return per September 2025 prospectus Return per asset (%) (%) Emitel 8.9% - CRA 13.0% - Speed Fibre 10.6%
Slide 31: Appendix | Statement of comprehensive income (unaudited)
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 | INTERIM RESULTS Appendix | Statement of comprehensive income (unaudited) IFRS Statement of Accrued Total Net foreign Intercompany Fund Interest Total Comprehensive Income income unrealised exchange balances expenses expense value translatio
Slide 32: Appendix | Statement of financial position (unaudited)
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 | INTERIM RESULTS Appendix | Statement of financial position (unaudited) IFRS Statement of Emitel CRA Speed DCU Hudson BTC Total fair value Cash Inter Other Holding Total Financial Position Fibre of investments company assets and company bala
Slide 33: 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 | INTERIM RESULTS Appendix | Cordiant Capital at a glance An Institutional Manager Substantial True sector experience in digital proprietary infrastructure Serving large insurance companies (including SIFIs), pension plans, private banking pl
Slide 34: 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 | INTERIM 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 35: 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 | INTERIM 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 36: 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-Myer
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