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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.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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