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HICL Infrastructure
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
Announced proposed combination with TRIG to form the UK's largest listed infrastructure investment company with net assets over £5.3bn, subject to shareholder approval.
Achieved strong operational and financial performance in H1 2025, with robust NAV growth and strategic disposals exceeding targets.
Portfolio rotation reduced exposure to short-duration PPP and healthcare assets, supporting long-term value creation.
Maintained focus on sustainable NAV growth, reinvestment into longer-duration, earnings-generating assets, and covered dividend expectations.
Over £730m of disposals completed in the last 24 months at strong valuations, supporting portfolio flexibility.
Financial highlights
NAV per share increased by 2.9p to 156.0p as at 30 September 2025 (March 2025: 153.1p), with annualised underlying portfolio return of 10.3%.
Earnings per share rose to 6.1p (prior period: 2.2p), and total investment income for the six months was £145.8m.
Dividend cash cover improved to 1.10x (March 2025: 1.07x), supporting covered dividend targets of 8.35p for FY26 and 8.50p for FY27.
Over £730m of disposals in the last 24 months, including £225m of UK PPP asset sales in H1 FY26, exceeding disposal targets.
Share buyback programme contributed 0.9p NAV accretion, with £60m of shares repurchased in H1 2025.
Outlook and guidance
On track to deliver covered dividend targets for FY26 (8.35p) and FY27 (8.50p), with surplus cashflow for reinvestment.
Share price implies a long-term annual expected portfolio return of 9.6–9.7% net of costs over a weighted average asset life of 32 years.
Focus remains on disciplined capital allocation, further disposals, and selective new investments.
Infrastructure megatrends such as decarbonisation, digitalisation, and demographic change underpin long-term growth prospects.
Well-positioned to capitalize on opportunities from pricing dislocation between public and private markets.
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
HICL Infrastructure
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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