HICL Infrastructure PLC · LSE:HICL
HICL Infrastructure — H1 FY2026 Earnings Presentation
49 slides from HICL Infrastructure's earnings presentation, Nov 19, 2025
Slide 1: HICL Infrastructure PLC Interim Results Presentation
HICL Infrastructure PLC Interim Results Presentation 19 November 2025
Slide 2: Important information
Important information For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this information By attending the meeting where this presentation is made, or by reading the presentation slides, you agr
Slide 3: Interim Results Highlights & Investment Proposition
Interim Results Highlights & Investment Proposition hicl.com | 3
Slide 4: HICL at a glance
HICL at a glance 1. 2. 3. Core Active Established positioning management pedigree ▪ Essential infrastructure ▪ Hands-on approach ▪ Specialist management ▪ Inflation protection ▪ Active asset rotation ▪ 19-year track record ▪ Lower end of risk spectrum ▪ Driving outperformance ▪ Global capability Bla
Slide 5: Key themes in the year
Key themes in the year Asset divestment Robust NAV Cash cover on track target achieved growth for FY target c.£225m +2.9p 1.10x Portfolio sale announced in August NAV growth in the period 6M cash cover ratio >£200m 10.3% 6.1p 6M earnings per share FY26 divestment target met Annualised underlying ret
Slide 6: Strong underlying performance driving NAV growth
Strong underlying performance driving NAV growth 156.0p 9.5% NAV per share Annualised Total Shareholder Return 31 March 2025: 153.1p 30 September 2024: 3.1% £131m 8.4% / 10.0% 6M Growth assets EBITDA Weighted average discount rate / Share Price implied net return1 30 September 2024: £123m 31 March 2
Slide 7: Balanced portfolio construction drives long-term total returns
Balanced portfolio construction drives long-term total returns Yield investments Growth investments Cash generative Shorter duration Earnings generative Longer duration 500 4.0 c.11% 13yrs £131m +7% +6% 50yrs 10-yr cash yield Weighted YTD Period-on- 10-yr CAGR Weighted remaining life EBITDA1 period
Slide 8: Financial Performance
Financial Performance hicl.com | 8
Slide 9: Portfolio sale of UK PPP assets extends strong track record of accretive disposals
Portfolio sale of UK PPP assets extends strong track record of accretive disposals UK PPP assets sold Meets FY26 Continues portfolio disposal target rotation 50% Equity Interest in c.£225m total consideration in Supports HICL’s strategy to rotate into UK Hospitals excess of FY26 disposal target long
Slide 10: NAV per share increase attributable to strong underlying performance
NAV per share increase attributable to strong underlying performance 175.0 p Value Enhancement OER2 / Proforma OER3 170.0 p 0.5p from inflation correlation 0.5p from net asset-specific enhancements 1.04% / 1.00% 165.0 p ▲0.9 ▼(1.5) ▲1.0 ▲0.1 ▲0.4 ▼(4.2) 160.0 p ▲6.2 Fund borrowing %4 155.0 p 8.0% 15
Slide 11: Inherently defensive portfolio with limited refinancing exposure
Inherently defensive portfolio with limited refinancing exposure Average gearing HICL’s inflation correlation …the portfolio is relatively HICL’s portfolio gearing1 65% of assets with refinancing risk2 50% provides an offset to adverse insensitive to other discount rate movements… economic assumptio
Slide 12: Good underlying cash generation supporting dividend guidance
Good underlying cash generation supporting dividend guidance Yield Growth 50% of Portfolio value 50% of Portfolio value Operational cashflows 358 EBITDA 131 Debt service & tax (214) HY 2026 Portfolio Debt service & tax (80) Lifecycle Costs (88) cashflows Capex (50) Reserve movements1 30 Funding move
Slide 13: Dividend cash cover of 1.10x supports sustainable NAV growth
Dividend cash cover of 1.10x supports sustainable NAV growth Dividend cover continues positive trend Dividend cash cover increased 1.10x As at 30 September 25 1.1x Dividend cash cover 1.0x Dividend cover 0.9x provides free cash 1.1x plus 0.8x for reinvestment medium term 0.7x 0.6x Dividend growth 8.
Slide 14: Portfolio Performance
Portfolio Performance hicl.com | 14
Slide 15: HICL's core infrastructure focus
HICL’s core infrastructure focus 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 Essential assets Socia
Slide 16: Highly diversified portfolio
Highly diversified portfolio A highly diversified portfolio across sectors, revenue types, and geographies Contracted Revenues Communications Accommodation Demand-based Revenues Affinity Water 12.4% Regulated Revenues Education Remaining Investments 10% 9% 45.8% A63 Motorway 8.4% Transport 9% Electr
Slide 17: Operational update – regulated assets
Operational update – regulated assets Affinity Water Texas Nevada Transmission (12.4% of portfolio) (5.5% of portfolio) ∆ Significant EBITDA growth1 in line with assumption and ∆ Operational performance as expected, with 100% availability and underpinned by revenue performance EBITDA broadly in line
Slide 18: Operational update – demand-based assets
Operational update – demand-based assets A63 Motorway London St. Pancras High Speed (“LSPH”)4 (8.4% of portfolio) (5.2% of portfolio) ∆ Light vehicle and heavy goods vehicle (“HGV”) traffic up 2%1; ∆ Eurostar paths up 3%1 and domestic services continue to benefit EBITDA broadly in line with assumpti
Slide 19: Operational update – digital assets
Operational update – digital assets Fortysouth Altitude Infra (6.8% of portfolio) (3.5% of portfolio) ∆ Strong EBITDA growth2 exceeding assumption; tower ∆ Fibre network rollout >97% complete; 59% penetration; strong deployment programme tracking to plan with 190 now delivered EBITDA growth2, margin
Slide 20: Operational update – PPP assets
Operational update – PPP assets PPP assets PPP portfolio sensitivities (51.6% of portfolio) September 2025 ∆ Operational performance broadly in line with expectations, supported by contracted, inflation-linked revenue streams Discount Rate +/- 0.5% (2.6) 2.7 ∆ Over 99% availability achieved over H1
Slide 21: Outlook
Outlook hicl.com | 21
Slide 22: Infrastructure megatrends to continue to provide investment opportunities
Infrastructure megatrends to continue to provide investment opportunities Core infrastructure transaction volumes1 remain resilient across HICL’s main sectors and key geographies… 160 160 Volume of Transactions Volume of Transactions 140 120 120 100 80 80 60 40 40 20 0 0 Accommodation Communication
Slide 23: Long-term, self-sustaining model
Long-term, self-sustaining model Driven by active management Dividend cover increased to 1.10x Surplus cashflow and significant capex delivery providing confidence in achieving FY26 target Well-established track record Achieved FY26 asset disposal target Asset rotation £1bn+ completed ahead of sched
Slide 24: Creating the UK's premier listed infrastructure investment company
Significant scale Net assets exceeding £5.25bn Enhanced growth strategy Creating the UK’s premier Aligned with infrastructure megatrends listed infrastructure Compelling total return profile Targeting 10%+ p.a. alongside a progressive dividend investment company Capital flexibility Balance sheet boo
Slide 25: Appendix I: Company Information
Appendix I Company Information
Slide 26: HICL's Vision
HICL’s Vision 39% of portfolio Developing strong social foundations 39% of portfolio connecting communities 22% of portfolio supporting sustainable modern economies By value based on the Directors’ Valuation of £3,053.8m at 30 September 2025 hicl.com | 26
Slide 27: Board of Directors I
Board of Directors I Non-executive Directors with a broad range of relevant experience and qualifications Mike Bane Frances Davies Rita Akushie Chair Senior Independent Director / Audit Committee Chair Remuneration Chair Mike Bane has been a Guernsey resident for over Frances Davies has more than 30
Slide 28: Board of Directors II
Board of Directors II Non-executive Directors with a broad range of relevant experience and qualifications Liz Barber Martin Pugh Graham Sutherland Risk Committee Chair Director Director1 Liz Barber was previously at Kelda Group (Yorkshire Martin Pugh has over 35 years in the infrastructure Graham S
Slide 29: Investment Manager
Investment Manager Senior InfraRed team, experienced in making and managing infrastructure investments HICL’s Investment Committee HICL’s Senior Leadership HICL’s Investment Committee is the principal executive decision making body for HICL within InfraRed and is comprised of: Edward Hunt Jack Paris
Slide 30: Appendix II: The Investment Manager
Appendix II The Investment Manager
Slide 31: InfraRed Capital Partners - Established infrastructure manager with international reach
InfraRed Capital Partners - Established infrastructure manager with international reach Germany1 London New York Madrid Seoul KEY - InfraRed Office - InfraRed Managed Investments Sydney II InfraRed III IV VI infrastructure InfraRed InfraRed Infrastructure Fund III V InfraRed I Fund II Environmental
Slide 32: InfraRed Capital Partners – Mid-market specialist driving financial performance
InfraRed Capital Partners – Mid-market specialist driving financial performance Longevity One team Investment portfolio 25 years 160+ 240+ Investing in infrastructure Partners and staff across six Current investments making regional offices an impact on societies1 (inc. 30+ in-house asset managers)
Slide 33: InfraRed Capital Partners - Strong platform driving two complementary strategies
InfraRed Capital Partners - Strong platform driving two complementary strategies Value-add Core (unlisted) (listed / unlisted) International Complete Strategy Strategy reputation combined LP solutions Exit driven with local developer relationships across risk-return spectrum Buy & hold Exits / Deals
Slide 34: Appendix III: The Investment Portfolio
Appendix III The Investment Portfolio
Slide 35: HICL's Top Assets
HICL’s Top 10 Assets Sector: Electricity & Water Affinity Water (UK) % of portfolio: 12.4% (March 2025: 10.8%) 1 Affinity Water Limited is the largest water-only supplier in the UK by revenue and population served covering an area of 4,515 square kilometres. HICL holding: 33.2% Concession life remai
Slide 36: HICL's Top Assets II
HICL’s Top 10 Assets II Altitude Infra (France) Sector: Communications Altitude Infra holds a controlling position in the largest independent wholesale fibre network % of portfolio: 3.5% (March 2025: 2.9%) 6 in France and is the sole provider of Fibre-to-the-home (FTTH) in its 27 subsidised Public I
Slide 37: Portfolio Diversification
Portfolio Diversification HICL’s Portfolio, as at 30 September 20251 REVENUE TYPE GEOGRAPHIC LOCATION ▲ Contracted Revenues 60% ▲ UK 63% ▲ Demand-based Revenues 14% ▲ Europe (exc UK) 23% ▲ Regulated Revenues 26% ▲ North America 7% ▲ Australia / New Zealand 7% INVESTMENT STATUS SECTOR ▲ Fully operati
Slide 38: Track record of highly selective divestments
Track record of highly selective divestments Disposal track record: 34 >£1bn 9.8p Asset disposals Total proceeds since NAV outperformance since IPO IPO since IPO Disposal methodology: Result in an overall positive impact on HICL accretion metrics; Disposal process only Improve sector or geographic d
Slide 39: Sustainability highlights
Sustainability highlights Operating in a sustainable and responsible manner is central to HICL’s business model Environment Communities ▲ Initial analysis to better understand natural resource-related risks ▲ Nine initiatives run by HICL portfolio companies recognised as Gold and dependencies, drawi
Slide 40: Appendix IV: Valuation assumptions and metrics
Appendix IV Valuation assumptions and metrics
Slide 41: Disciplined focus on maximising shareholder value
Disciplined focus on maximising shareholder value Future commitments £3,300m 3,227.1 ▼(216.8) £3,100m ▲14.3 3,053.8 ▲138.8 - ▲1.8 ▲2.6 ▼(114.0) 2,896.3 £2,900m 3,114.2 £2,700m 2,938.3 Income Statement Revenue 2,783.4 5.0% 0% 0.1% 0.5% £2,500m 31 March 2025 Divestments Cash Rebased Return Change in C
Slide 42: Key Valuation Assumptions
Key Valuation Assumptions 30 September 2025 31 March 2025 Discount Rate Weighted Average 8.4% 8.4% UK (RPI2 & RPIx2) 4.00% p.a. to March 2026 3.00% p.a. to March 2026, 3.25% p.a. to March 2030, 2.50% p.a. thereafter 3.25% p.a. to March 2030, 2.50% p.a. thereafter UK (CPI/CPIH)3 3.25% p.a. to March 2
Slide 43: Weighted average discount rate of 8.4%
Weighted average discount rate of 8.4% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep 06 06 07 07 08 08 09 09 10 10 11 1
Slide 44: Appendix V: Summary financial statements
Appendix V Summary financial statements
Slide 45: Summary Income Statement and Balance Sheet
Summary Income Statement and Balance Sheet Income Statement Six months to 30 September 2025 Six months to 30 September 2024 Investment Basis1 £m £m Total investment income 145.8 71.7 Fund expenses (17.4) (18.0) Finance costs (8.9) (8.7) Total return 119.5 45.0 Earnings per share 6.1p 2.2p Operating
Slide 46: Summary Cash Flow
Summary Cash Flow Figures presented on an Investment Basis Six month to 30 September 2025 Six months to 30 September 2024 £m £m Opening net (debt) (102.2) (303.9) Net cash flow before capital movements 90.5 89.8 Investment disposal proceeds - 221.6 Movement in payables - 0.4 Shares repurchased (60.0
Slide 47: End Notes
End Notes THIS PRESENTATION IS NOT FOR PUBLICATION, RELEASE, DISCLOSURE OR DISTRIBUTION, AND WILL NOT OTHERWISE BE MADE AVAILABLE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY RESIDENT THEREOF OR ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE SUCH DISTRIBU
Slide 48: End Notes
End Notes No representation or warranty, express or implied, is or will be made by or on behalf of the Company or TRIG in relation to, and no responsibility is or will be accepted by the Company, TRIG, InfraRed, Investec Bank plc, Goldman Sachs International, BNP Paribas or any of (as applicable) th
Slide 49: End Notes
End Notes This presentation may include target returns for the Company and TRIG, including NAV total return targets and proposed dividend policies (the "target returns"). The target returns are in all cases targets and are not forecasts or projections. Target returns are based on InfraRed’s beliefs
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