HICL Infrastructure PLC · LSE:HICL
HICL Infrastructure — Investor Day (July 2026)
108 slides from HICL Infrastructure's investor day presentation, July 2026
Slide 1: Delivery through change
Delivery through change HICL Capital Markets Seminar July 2026 hicl.com | 1
Slide 2: Important information (1/2)
Important information (1/2) This document contains information provided solely as an update on the financial condition, results of operations and business of HICL Infrastructure PLC (“HICL” or the “Company”). Nothing in this document or in any accompanying management discussion of this document cons
Slide 3: Important information (2/2)
Important information (2/2) The information communicated in this document contains certain statements that are or may be forward looking. These statements typically contain words such as "expects" and "anticipates" and words of similar import. By their nature forward-looking statements involve risk
Slide 4: Opening remarks
Opening remarks Edward Hunt hicl.com | 4
Slide 5: Our simple proposition
Our simple proposition Active Investment Management Sustainable discipline total return by InfraRed Critical infrastructure hicl.com | 5
Slide 6: Positioned for the next years of infrastructure investment
Positioned for the next 20 years of infrastructure investment Proven delivery model underpins long-term track record of outperformance 8.5% NAV return since IPO Resilient portfolio positioned for growth in ~50% 10%+ a higher-rate world Growth asset investments Significant market evolution; opportuni
Slide 7: Speakers and Agenda
Speakers and Agenda InfraRed Speakers Agenda 1:00pm Opening remarks 1:10pm Infrastructure in a changed world 1:25pm Building on success 1:45pm Growth in practice Edward Hunt Mark Tiner Ross Gurney-Read Gianluca Minella HICL Lead Manager HICL CFO Director, HICL FM InfraRed Head of Research 2:30pm Bre
Slide 8: Infrastructure in a changed world
Infrastructure in a changed world Gianluca Minella hicl.com | 8
Slide 9: A 'higher for longer' macro backdrop is reshaping the investment landscape
A ‘higher for longer’ macro backdrop is reshaping the investment landscape Economic Policy Uncertainty Index1 Global Commodities Price Index (x)2 UK, 10-Year Government Bond Yields3 700 250 6.0 600 200 5.0 500 4.0 150 400 3.0 300 100 2.0 200 50 100 1.0 0 0 0.0 2006 2007 2008 2009 2010 2011 2012 2013
Slide 10: Infrastructure investment is increasingly driven by structural growth trends
Infrastructure investment is increasingly driven by structural growth trends Projected Infrastructure Investment Needs by 2040, ($106tn.)1 Demand Growth Boosts Infrastructure Investment2 Global Data Centre Power Demand (GW) Global Electricity Demand Index (2024=100) $36tn $28tn $16tn 180 130 Transpo
Slide 11: The mid-market has become central to infrastructure growth and investment
The mid-market has become central to infrastructure growth and investment Infrastructure Market in 2015 (Deal Volume)1 Infrastructure Market in 2024 (Deal Volume)1 1000 1000 Mid-Market Mid-Market 900 900 800 Water, $10 800 DataCentres, $1 Number of Transactions (x) Number of Transactions (x) Airport
Slide 12: Infrastructure is evolving beyond traditional core
Infrastructure is evolving beyond traditional core Infrastructure Assets Under Management, by Strategy ($bn.)1 Core Infrastructure Is Evolving 1600 Core Core Plus Value Add Static Core Evolving Core 1400 1200 Bottleneck to demand growth Supporting capacity expansion 1000 $ bn. 800 600 Maintenance ca
Slide 13: Building on success
Building on success Ross Gurney-Read hicl.com | 13
Slide 14: Sustained outperformance over 20 years
Sustained outperformance over 20 years NAV p/s and cumulative dividends since IPO > 350 300 8.5% net 7.8% gross Total NAV return Average WADR 250 p.a. since IPO since IPO 200 150 100 50 0 IPO FY09 FY12 FY15 FY18 FY21 FY24 NAV per Share (p) Cumulative Dividends (p) – Changing market conditions have i
Slide 15: Active management driving NAV progression
Active management driving NAV progression NAV / share Movement – IPO (March 2006) to March 2026 350p ▲15.7 300p ▲39.7 ▲155.7 NAV in pence per share 250p 200p 160.2 150p ▼(149.3) 100p 98.4 50p 0p IPO NAV Budgeted Earnings Portfolio Macro Dividends March 26 NAV outperformance declared Past performance
Slide 16: Multiple drivers of outperformance since IPO
Multiple drivers of outperformance since IPO Portfolio outperformance full breakdown - IPO (March 2006) to March 2026 Other Construction 2.0p 5.0p Share issuance and Growth asset buybacks outperformance 10.7p 5.9p PPP cost efficiencies Accretive sales 4.1p 12.1p Past performance is not a reliable in
Slide 17: Driving outperformance through the life of an asset
Driving outperformance through the life of an asset Asset valuation-related outperformance breakdown Core asset-level value creation levers: – HICL drives asset valuation outperformance through four core levers: Construction 1 5.0p Construct – Construct Initial construction and capex to achieve plan
Slide 18: 5p of outperformance delivered by deep construction expertise
Construct 5p of outperformance delivered by deep construction expertise Track record since IPO M80 Motorway Bradford BSF Phase 2 PSBP North East Batch 18 Irish Primary Care Colchester Garrison N17/18 Road Assets delivered across five A9 Road countries and five sectors Stoke Mandeville Hospital Dutch
Slide 19: Case study: Blankenburg Tunnel
Construct Case study: Blankenburg Tunnel Asset background Construction process and outcome Delivery challenged by Covid-19, supply chain disruption and Ukraine-driven cost inflation 4km Tunnel link in Rotterdam, supporting Europe’s largest port Impacts resolved through effective stakeholder mana
Slide 20: 6p of outperformance from targeted expansion of growth assets
Expand 6p of outperformance from targeted expansion of growth assets Key growth asset expansion driver examples Expected future value drivers1 9% Operational FY26 year-on-year increase in combined growth asset delivery Network rollout and Asset utilisation EBITDA, underpinning portfolio earnings gro
Slide 21: Case study: Affinity Water
Expand Case study: Affinity Water AMP 7 (2020-25) vs AMP 6 (2015-20) AMP 8 (2025-2030) Plan1 – Acquired in 2017 as HICL’s first regulated asset 19% Leakage reduction £2.3bn – Initial regulatory review (PR19) more challenging than Total investment anticipated, impacting valuation – Active asset manag
Slide 22: 4p of outperformance through PPP cost management
Operate 4p of outperformance through PPP cost management Key value preservation drivers Expected future value drivers1 Operational delivery 99% 18% of portfolio to be handed back over next 10 years, releasing capital for reinvestment 2026 asset availability Legacy defect resolution Cost efficiencies
Slide 23: Case study: Covid-19
Operate Case study: Covid-19 Hospital PPP contract variations – Rapid operational response: Ensured assets remained aligned to changing demand to mitigate 29 New intensive care beds at Pinderfields Hospital after ward reconfiguration broader service disruption risk – Enhanced key stakeholder relatio
Slide 24: 12p of outperformance through selective disposals
Divest 12p of outperformance through selective disposals Number of disposals in each year and cumulative disposal proceeds over time Track record since IPO 10 2.0 35 A63 Motorway 21% Premium to NAV Cumulative total disposal proceeds (£bn) 8 1.6 Asset sales No. of disposals 6 Northwest Parkway 1.2 >£
Slide 25: Case study: two strong disposals
Divest Case study: two strong disposals A63 Motorway £311m – A63 value enhancement: FY26 proceeds Rollout of electronic toll tags to improve traffic flow Toll road Maintenance cost reviews lowered operational expenditure 14.2% 21% 41% 2.2p Holding period IRR Disposal premium Holding period revenue N
Slide 26: Positioned for the next phase of growth
Positioned for the next phase of growth Built a strong core Proved ability to grow and realise value Enhanced total return resilience 100+ essential assets with benefitting Outperformance through construction, Total return supported by a balance of from core infrastructure characteristics oper
Slide 27: A proven model for long-term value creation
A proven model for long-term value creation Construct, expand, operate, divest 01 02 03 Two decades of Construct, There is scope to NAV growth expand, operate further increase underpinned by and divest exposure to active asset value created long-term growth across the full opportunities management
Slide 28: Growth in practice
Growth in practice Mark Tiner, Adam Stephens, Nick Clarke & Robert Sinclair hicl.com | 28
Slide 29: A substantially expanded infrastructure investment opportunity
A substantially expanded infrastructure investment opportunity Global infrastructure transaction value over time across key HICL sectors1 1000bn 13% CAGR Total deal value (USD) 800bn over the last 20 years 600bn 400bn 200bn 0bn 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20
Slide 30: HICL's portfolio composition: FY06 vs FY26
HICL’s portfolio composition: FY06 vs FY26 HICL’s geography split over time HICL’s sector split over time HICL’s revenue type split over time FY06 FY26 FY06 FY26 FY06 FY26 UK Social Contracted Europe Transport Regulated North America Electricity & Water Demand-based Australia & New Zealand Communica
Slide 31: Deliberate portfolio repositioning to support long-term returns
Deliberate portfolio repositioning to support long-term returns Asset mix over time 100% 90% 80% 70% PPP assets at IPO: 60% 100% of portfolio 50% 40% HICL agrees to acquire its first non-PPP asset: A63 30% Motorway toll road Non-PPP assets today: 20% c.50% of portfolio 10% 0% FY06 FY07 FY08 FY09 FY1
Slide 32: PPP-only portfolio implied structural decline
PPP-only portfolio implied structural decline Illustrative projected distributions and Portfolio Value over time – 2016 forecast 500 5.0 2016 Consistent portfolio 400 projection value decline over time 4.0 Portfolio Value (£bn) Distributions (£m) 300 3.0 200 2.0 100 1.0 0 0.0 2027 2028 2029 2030 203
Slide 33: Growth assets reshape the trajectory, stabilising long-term value
Growth assets reshape the trajectory, stabilising long-term value Illustrative projected distributions and Portfolio Value over time – 2026 forecast 500 5.0 2026 Portfolio value largely 400 projection 4.0 maintained over time Portfolio Value (£bn) Distributions (£m) 300 3.0 200 2.0 100 1.0 0 0.0 202
Slide 34: Reinvestment of surplus cash expands cashflow and NAV
Reinvestment of surplus cash expands cashflow and NAV Illustrative projected distributions and Portfolio Value over time – 2026 forecast – assuming reinvestment of distributions at 8.5% IRR 500 Materially improved 5.0 2026 valuation trajectory 400 projection 4.0 Portfolio Value (£bn) Distributions (
Slide 35: Growth assets now drive an increasing share of returns
Growth assets now drive an increasing share of returns Portfolio return over time – track record of outperformance – As yield asset contributions reduce, growth asset returns 14.00% provide a clear offset 12.00% – Growth assets supported 10.00% performance during periods of PPP valuation pressure (e
Slide 36: Growth asset portfolio outperforming initial expectations
Growth asset portfolio outperforming initial expectations Where did we begin? What have we been doing? Where are we now? £1,550m £257m c.140-150bps Total investment to date Total growth capex – last 3Y Increase in expected holding period IRR 13 10% 1.7x Growth investments1 Average EBITDA growth – la
Slide 37: Growth strategy translating into realised portfolio outcomes
Growth strategy translating into realised portfolio outcomes September 2015 – Extended asset lives and Key portfolio metric March 20261 (pre-Growth asset integration) higher NAV base underpin long-term value creation and visibility Portfolio life (years) 21 34 – Increased inflation linkage 2050 NAV
Slide 38: HICL Capital Markets Day: Adam Stephens, CFO
HICL Capital Markets Day Adam Stephens, CFO
Slide 39: About Affinity Water
About Affinity Water 965Ml/d Daily amount of drinking water supplied 91 39 Number of water treatment works 4.1m 6.4% 1,552 Number of customers Of England and Wales Number of employees population served
Slide 40: Investment case for Affinity Water
Investment case for Affinity Water Investment case for Affinity Water Largest water-only company (WoC)1, with lower regulatory and environmental risk than WaSCs. Strong Final Determination – with significant investment in assets with 30% growth to an RCV of £2.6bn in 2030.2 Upper quartile operationa
Slide 41: FY26 financial highlights – growing value
FY26 financial highlights – growing value FY26 financial highlights – growing value Growing Improved Biggest ever revenue PBIT margin investment year £438m £75m £209m +20% YoY +127% YoY +11% YoY Improved Dividend Improved financial regulatory return paid resilience 13.5% £34.5m 69.1% 8.4% AMP7 avera
Slide 42: A strong performer on water measures
A strong performer on water measures
Slide 43: Our focus areas for AMP 8
Our focus areas for AMP 8 Service Excellence Service Excellence Long-term resilience Long Term Resilience Protecting our environment Protecting our Environment Demand Management Demand Management
Slide 44: A capital structure primed for growth and already delivering value
A capital structure primed for growth and already delivering value A capital structure primed for growth and Sector-leading already delivering value credit ratings Credit spreads 190 Private Peer Affinity Water Listed Peer 1 Listed Peer 2 170 A3 Basis Points spread 150 (stable) 130 110 90 20 Jan 20
Slide 45: Managing through increased volatility
Managing through increased volatility Managing through increased volatility Evident climate Regulatory reform impacts programme • UK ill prepared for water resilience risks – • Water regulation/policy heavily ’Climate Change Committee report' politicised since 2017 • Heat spikes come more quickly an
Slide 46: Capital Delivery – growing investment programme
Capital Delivery – growing investment programme Capital Delivery – growing investment programme Net CAPEX £m AMP8 £1.2bn AMP7 £0.8bn FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Increase network resilience Installing 400k smart meters 260km of mains replacements
Slide 47: How we are managing shareholder value
How we are managing shareholder value How we are managing shareholder value Efficient Base return Financing Outcomes investment Cost of Equity, set at the + Embedded debt + Outcome Delivery + Opex, Capex, Base and Incentives price review New debt Enhancement (ODIs) Other Return on income = Regulated
Slide 48: Regulated Return
Regulated Return RCV growth 9.2% to £2.1Bn @ March 26
Slide 49: HICL Capital Markets Day: Nick Clarke - CEO
HICL Capital Markets Day Nick Clarke - CEO
Slide 50: Fortysouth
yynosAj04 i — A - Fortysouth™
Slide 51: Kia ora
Kia ora Rotorua, Bay of Plenty 51
Slide 52: Fundamentals
Fundamentals • 1700 towers • 98% coverage • 90% of revenue from anchor tenant • 10% y-o-y EBITDA growth Aoraki Mt Cook, Southern Alps
Slide 53: Best locations
est locations One NZ Average Signal (dBm) 20.0 100.0 60.0 +1200 499 “1400 200 -105.08 2Degrees Average Signal (dBm) 200 100.0 60.0 “1200 40.9 140.0 200 -108.05 Spark Average Signal (dm) age Technology, LINZ [Eagle Technology, LINZ, StatsNZ, NIA, Natural Eat, © OpenStree!Map contnbutor Powerediby Est
Slide 54: Hobbiton, Matamata
Best locations Hobbiton, Matamata 54
Slide 55: More capacity on towers
More capacity on towers • New tower design makes colocation easy • Tenancy ratio increased 1.26x to 1.40x with sales to date • Customers on long term contracts Wanaka, Otago 55
Slide 56: wUINOSA}IO4
wUINOSA}IO4
Slide 57: Best customer experience
Best customer experience 57 Raglan, Waikato
Slide 58: There is only one word for New Zealand… EPIC
"There is only one word for New Zealand… EPIC" – Bear Grylls • Mobile data – 14% forecast five-year CAGR 58 Fox Glacier, West Coast
Slide 59: HICL Capital Markets Day: Robert Sinclair
2 July 2026 HICL Capital Markets Day Robert Sinclair CEO London St. Pancras Highspeed
Slide 60: London aviation market – the most competitive in the world
LONDON AVIATION MARKET – THE MOST COMPETITIVE IN THE WORLD London St. Pancras Highspeed
Slide 61: London aviation market – the most competitive in the world
LONDON AVIATION MARKET – THE MOST COMPETITIVE IN THE WORLD London St. Pancras Highspeed
Slide 62: Immense potential for modal shift and rail growth
IMMENSE POTENTIAL FOR MODAL SHIFT AND RAIL GROWTH • Underlying economic growth • Climate conscious travellers • City centre to city centre • Appetite for longer journeys • Onboard experience • Competition • Improved customer service Source: Steer • Lower fares …UK/EU PASSENGER VOLUMES COULD TRIPLE B
Slide 63: Eurostar: a fleet order to serve ambitious plans
EUROSTAR: A FLEET ORDER TO SERVE AMBITIOUS PLANS EST. CAPACITY: ~30M PAX/YEAR (2030) PLANNED FLEET: 30 units of Alstom Horizon double decker trains (543 seats per unit/ 1,086 seats in double configuration) Plus 20 options Current fleet of 25 cross-Channel trains (8 expected to be retired) SERVICE ST
Slide 64: Virgin poised to order trains
VIRGIN POISED TO ORDER TRAINS EST. CAPACITY: 6M PAX/YEAR PLANNED FLEET: 12 units of Alstom Avelia Stream trains (500 seats per unit) SERVICE START: 2030 STATED AMBITIONS DESTINATIONS: London, Paris, Brussels, Amsterdam, CDG Airport London St. Pancras Highspeed
Slide 65: Trenitalia also moving at pace
TRENITALIA ALSO MOVING AT PACE - PAN EUROPEAN STRATEGY EST. CAPACITY: “The goal is to see the Frecciarossa through the 4M PAX/YEAR Channel Tunnel as early as 2028-2029” PLANNED FLEET: STEFANO DONNARUMMA 12 units of Hitachi Frecciarossa 1000 trains (500 CEO FS GROUP, 16 FEBRUARY 2026 seats per unit)
Slide 66: Potential new destinations
POTENTIAL NEW DESTINATIONS Large air-travel markets, strong rail substitutability and clear willingness to shift mode and take longer journeys by train, underpinning demand for new London–Europe routes, reinforced by European examples where new city connections rapidly took share from air. Demand fo
Slide 67: Governments & rail ecosystem collaborating to drive growth
GOVERNMENTS & RAIL ECOSYSTEM COLLABORATING TO DRIVE GROWTH Meeting between LSPH and SNCF re Gare du Meeting of the HS1 Sub Committee APPG in Meeting of the UK / German Task Force on Nord expansion plans Parliament International Rail Services All Infrastructure Managers are moving in the same directi
Slide 68: LSPH proactively addressing barriers
LSPH PROACTIVELY ADDRESSING BARRIERS New Services New Destination New Intermediate New Rolling Stock Maximum Incentive Incentive Station Incentive Incentive Incentive Year 1 30% 20% 10% 15% 50% Year 2 20% 15% 7.5% 10% 40% Year 3 10% 10% 5% 5% 30% London St. Pancras Highspeed
Slide 69: In conclusion
IN CONCLUSION • International rail demand between the UK and Europe is enormous – fundamentals are strong • The current market is severely constrained with only one operator and a fleet of 25 Channel compatible trains • Competition will drive modal shift and market growth…quickly • But, barriers to
Slide 70: Growth assets transform target returns
Growth assets transform target returns Turning PPP run-off into lasting NAV growth 01 02 03 Drive long-term Greater levers Reinvestment of value & for active surplus cash offset PPP management & drives further decline outperformance NAV expansion There can be no assurance that targets will be met or
Slide 71: Break
MAN Infrastructure Break
Slide 72: Continued strategic evolution
Continued strategic evolution Edward Hunt hicl.com | 72
Slide 73: The key enablers from here
The key enablers from here The market is Macro-economic HICL is evolving rapidly backdrop means repositioned to and is supporting investors require take advantage of growth higher returns the opportunity hicl.com | 73
Slide 74: Repositioned portfolio delivering growth
Repositioned portfolio delivering growth IPO 2016 2026 Social Significant portfolio evolution delivered infrastructure allocation 78% 86% 41% Non-PPP Repositioned into growth and rate-resilient assets allocation 0% 6% 47% 2035 forecast Set up for sustained NAV growth EPS1 3.0p 5.3p 13.1p Available W
Slide 75: HICL's strategic objectives – track record of significant progress
HICL’s strategic objectives – track record of significant progress 1 3 Grow net asset value Build a diversified portfolio 160.2p +63% 6 4 3 FY 26 NAV since IPO 8.5% Geographies Sectors Revenue types FY26 WADR 8.5% 100bps +5 +2 +2 NAV total return above target NAV since IPO since IPO since IPO since
Slide 76: HICL's strategic objectives – an evolved approach to reach 10%+ returns
HICL’s strategic objectives – an evolved approach to reach 10%+ returns 1 10%+ 3 Grow net asset value Build a diversified portfolio Target WADR Target NAV growth > Further diversify the income growth asset base NAV contribution 10%+ WADR target drives capital growth ⁓ 5% Manage political risk throug
Slide 77: Prerequisites to deliver this next phase
Prerequisites to deliver this next phase 1 Strategic agility 2 Balance sheet power Ability to evolve portfolio composition toward higher-growth Scaled, high-quality asset base with ample sectors and opportunities as the asset class liquidity to provide resilience and continues to mature capital allo
Slide 78: InfraRed: Deep heritage investing across the infrastructure spectrum
InfraRed: Deep heritage investing across the infrastructure spectrum $13bn+ 25+ • Strategy launched 1997 Equity under Years of investment Value-add • 7th generation fund management experience • 75+ exits • Strategy launched 2025 Core+ • 2 dedicated vehicles 7 offices 240+ • Strategy launched 2006 16
Slide 79: The infrastructure supercycle: the market opportunity supports our objectives
The infrastructure supercycle: the market opportunity supports our objectives Total investment needed by sector 2025–2040 $100tn+ Global infrastructure investment required by 2040¹ M80 Motorway, UK Texas Nevada Transmission, USA Transport Energy & Utilities $36tn $28tn Digital Energy Demographic tra
Slide 80: The infrastructure supercycle: vast scale and scope
The infrastructure supercycle: vast scale and scope 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, Diversification across s
Slide 81: The infrastructure supercycle: vast scale and scope
The infrastructure supercycle: vast scale and scope 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, Diversification across s
Slide 82: Portfolio construction opportunity
Portfolio construction opportunity Portfolio segment Asset Characteristics Example Outlook for Portfolio Construction Operational projects with Diminishing pipeline lowest risk / return Acquisitions on an opportunistic basis Concessions / PPPs Regular disposals to improve portfolio constru
Slide 83: Portfolio construction opportunity
Portfolio construction opportunity Portfolio segment Asset Characteristics Example Outlook for Portfolio Construction Operational projects with Diminishing pipeline lowest risk / return Acquisitions on an opportunistic basis Concessions / PPPs Regular disposals to improve portfolio constru
Slide 84: Portfolio construction opportunity
Portfolio construction opportunity Portfolio segment Asset Characteristics Example Outlook for Portfolio Construction Operational projects with Diminishing pipeline lowest risk / return Acquisitions on an opportunistic basis Concessions / PPPs Regular disposals to improve portfolio constru
Slide 85: Complementary portfolio allocations
Complementary portfolio allocations Portfolio segment Target Return Cash Yield Strategy Exit approach Allocation Buy & hold to Today Target 7-9% 8-12% Routine maturity 53% 40-50% Yielders Buy, expand & Today Target 9-11% 3-7% hold to Opportunistic 47% 40-50% Growers maturity Buy, build & Target 12+%
Slide 86: Example asset universe: grounded in established infrastructure
Example asset universe: grounded in established infrastructure Portfolio segment Energy & utilities Digital Transport Social Sold Expired 2018 2021 Yielders Aquasure PPP, Australia Connect Telecoms PPP, UK M17/M18 Road PPP, Ireland Breda Court PPP, Netherlands Sold 2023 Growers Affinity Water, UK Fo
Slide 87: HICL's core infrastructure framework remains central
HICL’s core infrastructure framework remains central 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 Es
Slide 88: Defining the risk scope of enhancers
Defining the risk scope of enhancers HICL invests in core infrastructure assets with highly defensive qualities, attractive in volatile markets Yielders Growers Enhancers Contracted / availability-based Contracted, regulated or demand Contracted + some commercial Cash Flow Quality Sovereign counterp
Slide 89: Defining the risk scope of enhancers
Defining the risk scope of enhancers HICL invests in core infrastructure assets with highly defensive qualities, attractive in volatile markets Yielders Growers Enhancers Out of scope Contracted / availability-based Contracted, regulated or demand Contracted + some commercial Predominantly merchant
Slide 90: This approach plays to our strengths
This approach plays to our strengths… HICL has a robust, HICL’s disposal track InfraRed has well diversified and record is sector- consistently delivered growing portfolio leading value through active management hicl.com | 90
Slide 91: Delivering the next phase of returns: 10%+
Delivering the next phase of returns: 10%+ 1 Construct 10%+ Opportunities for further outperformance 4 2 Divest Reinvestment for growth Use of leverage Expand 3 Disposals above NAV Asset rotation Operate Reinvesting at 10%+ Outperforming base case returns assumptions Asset value Strong tra
Slide 92: Achieving our strategic ambition: a roadmap
Achieving our strategic ambition: a roadmap Cashflow surplus Capital redeployment Current disposal proceeds Evolved portfolio mix Enhancer build-out and exit Further divestments There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will
Slide 93: Strategy execution
Strategy execution Mark Tiner hicl.com | 93
Slide 94: Achieving our strategic ambition: a road map
Achieving our strategic ambition: a road map Cashflow surplus Surplus cashflows, above the dividend, become available for reinvestment Capital redeployment Capital redeployed into a blend of grower Current disposal proceeds and enhancer assets Evolved portfolio mix Portfolio remains predominantly yi
Slide 95: Starting from the base case: reinvestment sustains long-term growth
Starting from the base case: reinvestment sustains long-term growth Projected distributions and Portfolio Valuation over time assuming reinvestment of surplus cash at current portfolio WADR (illustrative) 600 9.0 8.0 500 7.0 Portfolio value (£bn) 400 6.0 Distributions (£m) 5.0 300 4.0 200 3.0 2.0 10
Slide 96: Yielder disposals drive a modest reduction in distributions
Yielder disposals drive a modest reduction in distributions Projected distributions and Portfolio Value over time following selective disposal of mature yielders (illustrative) 600 9.0 Cash generation removed through 8.0 500 yielder disposals 7.0 Portfolio Valuation (£b) 400 6.0 Distributions (£m) 5
Slide 97: Evolved strategy rebalances towards greater capital growth
Evolved strategy rebalances towards greater capital growth Projected distributions and Portfolio Valuation over time assuming redeployment of capital into enhancer assets (2) (illustrative) Higher enhancer returns drive stronger 600 NAV growth and long-term distributions 9.0 8.0 500 7.0 Portfolio Va
Slide 98: Portfolio Valuation could double vs the current base case
Portfolio Valuation could double vs the current base case Portfolio Valuation over time assuming redeployment of capital into enhancer assets (illustrative) 9.0 8.0 c. £4bn increased valuation by 2050 7.0 Portfolio Valuation (£bn) under the Evolved Strategy 6.0 +£4bn 5.0 4.0 3.0 2.0 1.0 0.0 2027 202
Slide 99: Exposure to enhancer investments to be provided at a measured rate
Exposure to enhancer investments to be provided at a measured rate Evolving portfolio mix and valuation over time (illustrative) 100% 9.0 90% 8.0 80% 7.0 Portfolio Valuation (£bn) Portfolio valuation share 70% Enhancer exposure increases over time 6.0 60% 5.0 50% 4.0 40% 3.0 30% Portfolio value grow
Slide 100: Evolved strategy vs. steady state: income and accelerated capital growth
Evolved strategy vs. steady state: income and accelerated capital growth Steady state Evolved strategy Key metric Effect of evolving 4-6 8-12 4-6 8-12 years years years years WADR 8.6% 8.6% 10.0%+ 10.0%+ ▲ Higher (2026: 8.5%) NAV (pps) 168.0p 179.0p 178.0p 212.0p ▲ Higher (2026: 160.2p) Dividend pol
Slide 101: Significant scope to outperform our enhanced strategy assumptions
Significant scope to outperform our enhanced strategy assumptions PPP disposals at the No new debt No new equity weighted average yield No NAV premium on No assumed operational No opportunistic and PPP asset sales outperformance accretive asset sales hicl.com | 101
Slide 102: Our 5-year plan to achieve our objectives
Our 5-year plan to achieve our objectives Objectives Sources & Uses – 5 year outlook (rounded estimates) NAV growth > income growth £1.6bn £1.6bn Maintain progressive Sources Uses dividend policy £1.0bn Net cash generation £0.7bn Investments & buybacks £0.3bn Disposals completed £0.8bn Dividends Fur
Slide 103: Continuing to evolve HICL
Continuing to evolve HICL Selectively embracing higher returning assets to materially enhance the investment proposition 01 02 03 Selectively introduce Target return rises Capital value higher return assets from 8.5% to 10%+, potentially doubles - to improve growth total-return led £8bn by 2050 and
Slide 104: Concluding remarks
Concluding remarks Edward Hunt hicl.com | 104
Slide 105: Summary of strategic evolution
Summary of strategic evolution What's changing? Why are we doing it? What is the outcome? WADR 8.5% 10%+ Increases HICL’s total return while maintaining a progressive dividend Higher returns, 2028 dividend 8.65p 8.65p guidance stronger NAV growth 2050 and unchanged portfolio £4.5bn £8bn value Allows
Slide 106: Positioned for the next years of infrastructure investment
Positioned for the next 20 years of infrastructure investment Proven delivery model underpins long-term track record of outperformance 8.5% NAV return since IPO Resilient portfolio positioned for growth in ~50% 10%+ a higher-rate world Growth asset investments Significant market evolution; opportuni
Slide 107: An investment proposition fit for the future
An investment proposition fit for the future Higher total Attractive Self-funded return driven by dividend and business plan greater capital progressive with disciplined growth policy maintained capital allocation There can be no assurance that targets will be met or that the Company will make any d
Slide 108: Q&A
MAN Infrastructure Q&A