GCP Infrastructure Investments (GCP) H2 2025 earnings summary

Executive summary

• Mature, diversified UK infrastructure debt portfolio with 47 investments valued at £859m as of 30 September 2025, focused on public-sector backed cash flows and capital preservation.

• 15 consecutive years of dividends, with a 7.0 pence per share dividend for the year and a total NAV return of 185.2% since IPO.

• Ongoing capital recycling strategy, with significant disposals and a focus on reducing leverage and rebalancing the portfolio.

Financial highlights

• Net assets of £848.7m and NAV per share of 101.40p at 30 September 2025, down from 105.22p the previous year.

• Total income for the year was £33.7m, with operating profit before finance costs of £22.6m and profit for the period of £18.4m.

• Dividend coverage was 0.96x on accruals and 1.04x on adjusted cash basis.

• Downward valuation movements of £66.0m, mainly due to discount rate increases, lower electricity price forecasts, and asset-specific revaluations.

Outlook and guidance

• Near-term focus on capital reallocation, reducing leverage, and share buybacks.

• Pipeline of c.£250m in potential disposals, targeting exits from supported living and merchant electricity price exposure.

• Dividend yield at current trading levels is approximately 9.9%.