Macquarie Korea Infrastructure (A088980) Q1 2026 earnings summary

Executive summary

• Established in 2002 and listed in 2006, the fund manages KRW 5.4 trillion in market capitalization and invests in 19 infrastructure assets across Korea, including toll roads, ports, rail, city gas, and digital infrastructure.

• 1Q 2026 revenue was KRW 189.3 billion (down 4.9% YoY) and net income KRW 171.8 billion (down 6.0% YoY), mainly due to lower dividend income.

• Delivered a 6.8% distribution yield in 2025 and maintains a credit rating of AAO (Stable).

• Toll road assets saw a 1.8% increase in weighted average traffic volume YoY; some assets experienced declines due to new competing roads.

• City gas businesses experienced slight declines in sales volume and revenue, but EBITDA increased across all operators due to cost controls and improved yields.

Financial highlights

• 1Q 2026 revenue: KRW 189.3 billion (down 4.9% YoY); net income: KRW 171.8 billion (down 6.0% YoY).

• Dividend income fell due to the absence of a one-off dividend from a corporate dissolution and lower dividends from Soojungsan Investment.

• BNCT container port handled 0.66 million TEUs (down 4.3% YoY); revenue up 0.4% to KRW 39.5 billion, EBITDA down 1.4% to KRW 16.6 billion.

• HY, SRB, and CNCITY city gas operators saw EBITDA increases of 10.0%, 12.9%, and 6.3% respectively, despite lower sales volumes and revenues.

• Hanam Data Center revenue up 78.7% YoY to KRW 11.9 billion, EBITDA up 150.8% to KRW 5.6 billion.

Outlook and guidance

• The fund plans to optimize its capital strategy following amendments to the PPP Act, which increased its statutory borrowing limit from 30% to 100% of paid-in capital.

• Full contracted rent revenue from the Hanam Data Center is expected after operational ramp-up completes in mid-2027.