Macquarie Korea Infrastructure (A088980) Q4 2025 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.

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

• Approved total distribution of KRW 182.0 billion (KRW 380 per share) for 2H 2025, to be paid on 27 February 2026 to shareholders of record as of 31 December 2025.

• Revenue (excluding valuation gains/losses) rose 3.1% year-over-year to KRW 435.4 billion; net income (excluding valuation gains/losses) increased 5.0% to KRW 365.4 billion, driven by higher dividend income and lower interest expenses.

• Traffic volume across 123 operating toll road assets decreased by 0.2% year-over-year, impacted by new competing roads.

Financial highlights

• 2025 revenue (excluding valuation gains/losses): KRW 435.4 billion (+3.1% YoY); net income: KRW 365.4 billion (+5.0% YoY).

• 4Q 2025 revenue and net income (excluding valuation gains/losses) declined 10.3% and 14.1% YoY, respectively, due to lower dividend income and higher expenses.

• Dividend distribution for 2H 2025: KRW 380/share, totaling KRW 182.0 billion, paid in Feb 2026.

• Weighted average interest rate on debt: 3.8%, with average maturity of 2 years; gearing at 26.9%.

• Revenue (including valuation gains/losses): KRW 2,026.2 billion (+380% YoY); net income (including valuation gains/losses): KRW 1,956.2 billion (+462% YoY), reflecting a change in fair value determination method.

Outlook and guidance

• Hanam Data Center ramp-up is ongoing, with full contracted rent revenue expected after mid-2027.

• External asset valuations will be conducted annually from 2025, reflecting regulatory changes.

• Distribution guidance for 2H 2025 was met.