Macquarie Korea Infrastructure (A088980) Q3 2025 earnings summary

Executive summary

• Revenue for 3Q 2025 was KRW 77.5 billion (+4.2% YoY); net income was KRW 60.0 billion (+9.9% YoY), driven by higher interest income and lower interest expense.

• The fund invests in 19 infrastructure assets across Korea, including toll roads, ports, rail, city gas, and digital infrastructure, with a market capitalization of KRW ~5.5 trillion as of 30 September 2025.

• Weighted average traffic volume across toll road assets decreased 0.8% YoY in 3Q 2025 due to new competing roads.

• BNCT container port handled 0.62 million TEUs (-8.4% YoY); EBITDA down 23.8% due to global trade uncertainty and one-off equipment costs.

• City gas businesses showed mixed results: HY and CNCITY saw lower sales volumes, while SRB increased sales volume and EBITDA.

Financial highlights

• 3Q 2025 revenue: KRW 77.5 billion (+4.2% YoY); net income: KRW 60.0 billion (+9.9% YoY).

• For the nine months ended 30 September 2025, revenue rose 6.8% and net income 10.0% over the prior year period.

• 2025 first half distribution was KRW 380 per share (KRW 182.0 billion total), paid on 29 August 2025.

• Weighted average interest rate on debt is 3.8% with an average maturity of 2.2 years; gearing at 27.3%.

• Expenses fell 11.7% YoY in the quarter, mainly from lower interest expense.

Outlook and guidance

• Hanam Data Center signed rent agreements for 99% of target IT load; full contracted rent revenue expected after ramp-up completes in mid-2027.