GCP Infrastructure Investments (GCP) H1 2026 earnings summary

Executive summary

• NAV at 31 March 2026 was £829 million, with a market cap of £600 million at period end and £630 million currently.

• Portfolio is primarily invested in renewables (57–60%), social housing (15%), and PPP/PFI sectors (28%), with 47 investments valued at £850.6 million.

• Dividend target of £0.07 per share reaffirmed, with £0.035 per share paid in the period.

• Profits for the period were £17 million, materially higher than the prior period due to fewer negative revaluations.

• No new investments made; £8.7 million advanced to existing borrowers and £17.6 million in loan repayments.

Financial highlights

• Net assets at 31 March 2026 were £828.9 million, down from £848.7 million at 30 September 2025.

• Total income for the period was £24.2 million, generating £17 million profit.

• Dividend coverage was 0.97x, with £29.2 million dividends paid and £28.4 million adjusted earnings.

• Total shareholder return for the period was 5%; NAV total return since IPO is 192%.

• 10.2 million shares repurchased, returning £7.6 million to shareholders; over £50 million returned via buybacks to date.

Outlook and guidance

• Ongoing pipeline of £200 million in disposals, with £100 million expected to complete by mid-July.

• Dividend target of £0.07 per share maintained.

• Continued focus on recycling capital, reducing exposure to supported living and merchant electricity prices, and maintaining NAV above £750 million.

• Capital returned from disposals will be used for buybacks or new investments, depending on share price discount to NAV.

• Further updates on disposals anticipated in coming weeks.