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HICL Infrastructure (HICL) investor relations material
HICL Infrastructure H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Nov, 2025
Executive summary
Achieved strong interim and H1 2025 performance, with robust NAV growth of 2.9p per share to 156p, supported by strategic portfolio rotation and exceeding targeted asset disposals ahead of schedule at strong valuations.
Announced proposed combination with TRIG, aiming to expedite growth, enhance scale, and create the UK's largest listed infrastructure investment company, subject to shareholder approval.
Maintained FY26 and FY27 dividend guidance at 8.35p and 8.5p per share, supported by a dividend cash cover of 1.10x.
Continued focus on sustainable NAV growth, reinvestment into longer-duration, earnings-generating assets, and maintaining covered dividend expectations.
Over £730 million of disposals in the last 24 months at strong valuations, supporting portfolio rotation and capital flexibility.
Financial highlights
NAV per share increased by 2.9p to 156.0p as at 30 September 2025, with annualised underlying portfolio return of 10.3% and annualised total shareholder return of 9.5%.
Six-month total investment income reached £145.8m, with earnings per share of 6.1p, up from 2.2p in the prior period.
Growth assets EBITDA increased 7% period-on-period to £131m, with strong contributions from Affinity Water, Fortysouth, and Altitude Infra.
Dividend cash cover improved to 1.10x, supporting the covered dividend target of 8.35p per share for FY26.
Share buyback program contributed 0.9p NAV accretion in the period; 116 million shares repurchased at an average price of 118.8p.
Outlook and guidance
Reaffirmed target dividend of 8.35p per share for FY26 and 8.50p for FY27, with continued focus on sustainable NAV growth and surplus cashflow for reinvestment.
Market activity expected to increase as valuations stabilize and institutional interest in core infrastructure grows.
Infrastructure megatrends, such as decarbonization, digitalization, and demographic change, expected to drive future investment opportunities.
Well-positioned to capitalize on opportunities from pricing dislocation between public and private markets.
Proposed TRIG combination expected to enhance growth, scale, and re-rating potential.
How does TRIG combination advance HICL's strategy?
Recent disposals: impact on portfolio risk profile
New management fee: how does it enhance efficiency?
How TRIG assets enhance HICL's growth profile
Future asset rotation strategy and capital use
Justify stable discount rate amid bond yield rises
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Next HICL Infrastructure earnings date
H2 202620 May, 2026
Next HICL Infrastructure earnings date
H2 202620 May, 2026
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Frequently asked questions
HICL Infrastructure PLC is a UK-based closed-ended investment company that focuses on investing in infrastructure projects across the United Kingdom, Eurozone, North America, and New Zealand. The company's investment strategy is centered on delivering sustainable income and capital growth through a diversified portfolio of core infrastructure investments. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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