GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — GCP Infrastructure Investments — Investor Presentation (June 2025)
33 slides from GCP Asset Backed Income Fund's investor presentation, Jun 30, 2025
Slide 1: Investor Update Webinar 30 June 2025
: — Investor Update Webinar ~ 30 June 2025 . oe 2 ey pes Seo Authorised and regulated by the Financial Conduct Authority "4.
Slide 2: Important Notice
IMPORTANT NOTICE Warning This presentation (the "Presentation") has been prepared by Gravis Capital Management Limited (the "Investment Adviser" or “Gravis") andis for information purposes only. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdictio
Slide 3: Presenters
PRESENTERS Philip Kent 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 has 20-years
Slide 4: Introduction, Capital allocation, Portfolio, Market update, Outlook
Introduction Capital allocation Portfolio Market update Outlook and Conclusion
Slide 5: Introduction
INTRODUCTION Gravis
Slide 6: GCP Infrastructure Investments Limited
GCP INFRASTRUCTURE INVESTMENTS LIMITED Invests in UK infrastructure that benefits from public-sector backed cash flows, with a focus on debt. Initial Offering Net Asset Value Investments Constituent of Market Cap the FTSE 250 since July 2015 £623m £903m 22 July 2010 £864m Note(s): Asat 30 June 2026
Slide 7: GCP Infrastructure Investments Limited - Objectives
GCP INFRASTRUCTURE INVESTMENTS LIMITED - OBJECTIVES The Company primarily invests in UK infrastructure debt and/or similar assets to meet the following key objectives. £ Income Pays an attractive risk- adjusted income and has done for 15 years Diversification Diversified across a range of different
Slide 8: Link to further information on GCP website
Link to further information on GCP website
Slide 9: 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 Listed
Slide 10: Capital Allocation
CAPITAL ALLOCATION Gravis
Slide 11: Capital Allocation - Objectives
CAPITAL ALLOCATION — OBJECTIVES The Company has progressed against the objectives for the use of the disposal proceeds. £ Demonstrate NAV | Reduce leverage SS Minimum £50m capital return A A Portfolio rebalancing Note(s):130 June 2025 * 31 December 2023030 July 2025 24.9m shares repurchased GCP INFR
Slide 12: Capital Allocation - Disposals
CAPITAL ALLOCATION - DISPOSALS Progress has been made with capital recycling in a market that has been challenging for disposals. Blackcraig Wind Farm (April 2024) - £31 million - 8.1% Net IRR - 1.3xMOIC! Rooftop Solar (October 2024) - £7million - Realised at NAV Onshore Wind Disposal (January 2025)
Slide 13: 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 Supported Living Portfolio of c. 55 properties to be disposed of Disposal of a portfolio 33 supported
Slide 14: Portfolio
PORTFOLIO Gravis
Slide 15: Loan Payments
LOAN PAYMENTS The Company expects c. £240m to be repaid over the next c. 4 years on a scheduled basis, providing the opportunity for a ‘re-set’. Gravis has historically been able to exceed scheduled turnover of the portfolio through proactive refinances / disposals. Forecast loan cash flows (undisco
Slide 16: 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 Healthcare Supported Living Biomass (domestic) Agriculture / Resource
Slide 17: 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 Concentration (top 20 - 45%) 7 population dynamics, decarbonisation and energy security. Portfolio by income type ( Lease income Electricit
Slide 18: NAV Bridge - June 2025
NAV BRIDGE - JUNE 2025 The NAV movement was driven by updates to forecast electricity prices and actual renewable energy generation. Negative impact of updates to forecast electricity prices driven by both lower futures forecast in the short term and updated third-party power price forecasts @ Small
Slide 19: Market Update
MARKET UPDATE Gravis
Slide 20: Link to article with Gravis' thoughts
• • • • • • • • • • • • • • • • • Link to article with Gravis’ thoughts
Slide 21: Electricity Price Backdrop
ELECTRICITY PRICE BACKDROP Valuations continue to be subject to considerable variability dependent on the assumptions made. External Consultant Forecasts - Q2 2025 Wholesale Electricity Price (£/MWh) 2025 2030 2035 2040 2045 Consultant forecasts remain a material driver of valuation. Source(s):ICE,
Slide 22: Clean Energy Industries Sector Plan
CLEAN ENERGY INDUSTRIES SECTOR PLAN The Plan outlines a strategic framework to scale up the UK’s industrial capacity to deliver net zero, focusing on supporting frontier industries with various catalytic public and private investment initiatives Great British Energy (GBE) + £700m for GBR to scale UK
Slide 23: Onshore Wind Taskforce Strategy
ONSHORE WIND TASKFORCE STRATEGY UK government'’s first specific strategy for onshore wind, aiming to rapidly scale up deployment to support energy security, net zero, and reduce energy bills 78 — os hk Ee ee 44 of A 1 T 14.8 ( ) 14.8GW 27-29 GW onshore wind onshore wind inGB Current Committed / Gap
Slide 24: Clean Power 2030 Action Plan
CLEAN POWER 2030 ACTION PLAN The Action Plan aims to deliver a near-zero-carbon electricity system by 2030 through ambitious renewable targets, grid reforms, and major private and public investment. Clean Power Production | 1 Clean Power Production | ae , ! 1 1 Emission Intensity 1 >= 100% 1 4 >= 95
Slide 25: An Active Quarter
AN ACTIVE QUARTER 15 shareholder 5 prospect 3 external events 1 webinar Asset meetings meetings presenting to c.185 hosted site visit people RE > Interim results 3 Gravis Quarterly 3° party published newsletters factsheet partnerships Note(s): Calendar Q2 2025 GCP INFRA 24
Slide 26: Evermore waste-wood biomass plant
Wholly owned by Evero, the plant is one of the largest renewable waste-wood-to- energy projects in Northern Ireland. Evermore is eligible to receive 2.0x ROCs/MWh exported until 2035. The plant started commercial operations in August 2015. Strong and reliable operations, the plant has been achieving
Slide 27: Regular, Sustained, Long-Term Income
REGULAR, SUSTAINED, LONG-TERM INCOME GCP Infra has consistently paid a strong dividend to shareholders since IPO, regardless of market conditions, with availability-based infrastructure not as sensitive to GDP or wider macro-environment. At current trading levels this represents a c. 9.1% dividend y
Slide 28: Attractive Valuation Levels, Recent Discount Narrowing
ATTRACTIVE VALUATION LEVELS, RECENT DISCOUNT NARROWING GCP Infra continues to trade at a significant discount to prevailing NAV, representing an attractive entry point. Steadily performing portfolio benefitting from subsidy-backed cashflows and a significant element of inflation protection. GCPIIL S
Slide 29: Portfolio continues to operate well
Portfolio continues to operate well, diversification has served to mitigate risks. Continued focus on capital reallocation strategy - reducing leverage, buying back shares and rebalancing risk. Improving landscape of investment opportunities based on policy developments. Whilst the discount has narr
Slide 30: Issued by Gravis Capital Management, authorised and regulated by the FCA
ISSUED BY GRAVIS CAPITAL MANAGEMENT, AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (UK). GCP INFRASTRUCTURE INVESTMENTS LTD IS REGULATED BY THE JERSEY FINANCIAL SERVICES CCONMISSION. PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. THE VALUE OF THE INVESTMENT AND THE INCOME DERIV
Slide 31: Contact Information
Gravis Capital Management Limited 24 Savile Row London WIS 2ES www.graviscapital.com CONTACT INFORMATION Philip Kent philip.kent@graviscapital.com 020 3405 8512 Cameron Gardner cameron.gardner@graviscapital.com 020 3405 8555 Max Gilbert max.gilbert@graviscapital.com 020 3405 8515 Craig Jenkins craig
Slide 32: Investment Ideas for the Long Run
Gravis INVESTMENT IDEAS FOR THE LONG RUN
Slide 33: Dividend Coverage - Quarter
DIVIDEND COVERAGE - QUARTER Dividends were covered 0.97x during the quarter based on interest accrued less fund operating and financing costs nd coverage based on the alternative performance metric (quarter ending 30 June 2025) 18.1 27 Full year analysis to be provided —“y 14.8 in annual results due
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