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GCP Infrastructure Investments Limited (GCP) investor relations material

GCP Infrastructure Investments Limited H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary12 Jun, 2025

Executive summary

  • Net assets declined to £871.7m at 31 March 2025 from £933.9m a year earlier, reflecting repayments and portfolio revaluations.

  • Profit for the period was £0.4m, down from £9.9m year-over-year, mainly due to reduced loan interest from solar assets.

  • Dividends of 3.5p per share were paid for the six months, in line with the annual 7.0p target, representing a 9.8% yield on period-end share price.

  • No new loans were advanced; £13.1m was provided to existing borrowers, and £44.4m was received in repayments, including from two renewable asset disposals.

  • Shares traded at a 30.3% discount to NAV, with total shareholder return at -5.3% for the period.

Financial highlights

  • Total income was £8.5m, down from £19.9m year-over-year; operating income included £34.4m loan interest and £25.8m net valuation losses.

  • NAV per share fell to 102.28p from 107.62p year-over-year.

  • Cash and cash equivalents were stable at £11.8m.

  • Adjusted earnings cover was 0.9x, and IFRS earnings cover was 0.01x for the period.

  • Aggregate downward revaluations since IPO (annualised) increased to 0.46%.

Outlook and guidance

  • The company remains committed to £150m of disposals, aiming to return £50m to shareholders and reduce leverage.

  • Board expects UK interest rate cuts in 2025 to support share price re-rating.

  • Dividend target of 7.0p per share for the year ending 30 September 2025 is maintained.

  • Further asset realisations are planned, with a pipeline of up to £200m in disposals under consideration.

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Frequently asked questions

GCP Infrastructure Investments Limited is an investment company primarily focused on opportunities within the UK's infrastructure sector. Its investment strategy centers on assets that deliver essential services to the public and private sectors, including but not limited to, projects in education, healthcare, housing, and renewable energy. The company aims to provide investors with regular, sustainable dividends while preserving capital. Its portfolio may comprise investments in projects with long-term, public sector-backed revenues, including Private Finance Initiative (PFI), Public-Private Partnership (PPP) projects, and other infrastructure projects in the UK. The company is headquartered in St. Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.

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