BBGI Global Infrastructure (BBGI) H2 2024 earnings summary

Executive summary

• Board recommended an all-cash offer by BCI at 147.5p per share, reduced to 143.3p after a 4.2p dividend, representing a 21.1% premium to the prior closing price and 3.4% premium to NAV as of 31 Dec 2024.

• Persistent discount to NAV and limited access to equity capital markets have constrained new acquisitions and portfolio growth.

• Portfolio consists of 56 globally diversified, operational, availability-style infrastructure assets with a weighted average remaining life of 22.2 years and 99.9% asset availability.

• Focus on social infrastructure, ESG integration, and stable, inflation-linked cash flows.

• FY 2024 dividend increased 6% to 8.4p per share, with a 2% target increase to 8.57p for 2025; cash dividend cover at 1.37x.

Financial highlights

• NAV per share at 31 Dec 2024: 142.7p (down from 147.8p in 2023); FY 2024 NAV total return: +2.1% (vs. +3.8% in 2023).

• FY 2024 profit: £26.2m (2023: £40.3m); basic EPS 3.7p (2023: 5.6p).

• Net cash position: £27.4m; no drawings under the revolving credit facility (RCF).

• Ongoing charges: 0.92% (2023: 0.93%); annualised NAV total return since IPO: 8.1%.

• Portfolio value at 31 Dec 2024: £992.5m (down from £1,047.1m in 2023).

Outlook and guidance

• Infrastructure investment outlook remains attractive, driven by digitalisation, decarbonisation, demographics, and renewal of ageing assets.

• Capital access constraints and macroeconomic headwinds continue to limit acquisition opportunities and accelerate portfolio life decline.

• Dividend target for 2025 set at 8.57p per share; progressive dividend policy with twice-yearly payments.

• If BCI offer is accepted, delisting from LSE will occur; otherwise, focus remains on disciplined capital allocation and accretive growth.