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Cordiant Digital Infrastructure Limited (CORD) investor relations material

Cordiant Digital Infrastructure Limited H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Jun, 2025

Executive summary

  • Achieved 11.6% NAV total return and 9.3% portfolio company EBITDA growth year-over-year, with a 3.6% dividend increase and NAV per share rising to 129.6p.

  • Portfolio expanded through acquisitions, now comprising 22 data centres, 11,778 km of fibre, and 1,446 towers, with significant increases in capacity and coverage.

  • Strong cash generation supported a 1.7x dividend cover by adjusted funds from operations and robust balance sheet with no refinancing needs until mid-2029.

  • Growth capex and bolt-on acquisitions drove efficient capital use, recurring EBITDA growth, and enhanced terminal value.

  • Highly diversified asset base with long-term, inflation-linked contracts and blue-chip customers.

Financial highlights

  • 11.6% annualised NAV total return since IPO, with consistent NAV and dividend growth each year.

  • Gearing remained below 50%, with net debt to GAV at 40.3% and net debt/EBITDA at 2.45x, well below peer average.

  • Portfolio company EBITDA cover at 4.6x and adjusted funds from operations cover at 1.7x for the year.

  • Emitel delivered 10.7% revenue and 13.3% EBITDA growth; CRA achieved 13.9% revenue and 10.2% EBITDA growth.

  • Aggregate growth capex of £29.0m invested, with £3.2m in bolt-on acquisitions.

Outlook and guidance

  • Confident outlook for continued growth, supported by a robust balance sheet, diversified portfolio, and new acquisitions.

  • No refinancing required until mid-2029, with ample liquidity to fund further expansion.

  • Portfolio positioned to benefit from digital infrastructure tailwinds and inflation-linked revenue streams.

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Frequently asked questions

Cordiant Digital Infrastructure Limited is an investment company focused on owning and operating digital infrastructure assets. It targets investments in key infrastructure components that are essential for the functioning of the digital economy, including data centers, fiber optic networks, and mobile towers. The company is headquartered in Guernsey, and its shares are listed on the London Stock Exchange.

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