Digital 9 Infrastructure (DGI9) H2 2025 earnings summary

Executive summary

• 2025 was marked by portfolio simplification, managed wind-down, and a focus on balance sheet stabilization, with three major disposals completed and a fourth after year-end, enabling full repayment and cancellation of the RCF and initiating capital returns to shareholders via compulsory redemption.

• Focus shifted to optimizing Elio Networks and Arqiva for future sales, with disciplined value protection and execution.

Financial highlights

• Net asset value (NAV) as of 31 December 2025 was GBP 80.2 million (GBP 0.093/9.3p per share), down from GBP 297.3 million (34.4p) at end-2024.

• Portfolio value of remaining assets at year-end was GBP 47.2 million, comprising Elio and Verne.

• GBP 86 million in divestments completed during 2025, with GBP 76 million from EMIC-1, SeaEdge, and Aqua Comms, and GBP 10 million from Verne post year-end.

• Cash position at year-end was GBP 33 million, reflecting proceeds from disposals and deleveraging.

• Loss per share for 2025 was (25.1)p, reflecting NAV movement due to disposals and valuation adjustments.

Outlook and guidance

• The next phase of wind-down focuses on maximizing value from Elio Networks and Arqiva, with sales targeted within 36 months.

• Elio's M&A strategy is underway, supported by a new EUR 30 million senior debt package, targeting incremental acquisitions in Q2/Q3 2026.

• Arqiva's value realization and exit timing depend on policy outcomes and market conditions, with potential upside from improved broadcast policy.