REG - Cordiant Digital Inf - Interim Report to 30 September 2025
25/11/2025 07:00
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RNS Number : 8094I Cordiant Digital Infrastructure Ltd 25 November 2025
25 November 2025
LEI: 213800T8RBBWZQ7FTF84
Cordiant Digital Infrastructure Limited
Interim report for the six months ended 30 September 2025
Strong operating performance underpins another set of solid results
Cordiant Digital Infrastructure Limited (the Company), the operationally
focused, specialist Digital Infrastructure investor, managed by Cordiant
Capital Inc (the Investment Manager), is pleased to announce its unaudited
interim results for the six months to 30 September 2025.
Highlights:
- Robust portfolio EBITDA growth for the six-month period, increasing 6.5% over
the prior equivalent period to £81.6 million and revenue increasing 7.0% to
£168.8 million, on a pro forma(( 1 )), constant currency basis, driven by
contributions from contract wins and new orders, disciplined cost control,
impact of inflation-linked revenues, and the addition of Datacenter United
(DCU) to the portfolio in February 2025.
- NAV per share increased to 140.0p at 30 September 2025 (31 March 2025: 129.6p
or 127.4p ex-dividend), largely driven by portfolio EBITDA growth, strong free
cash flow generation, appreciation of the Polish zloty and Czech koruna, and a
small (3bps) reduction in the weighted average discount rate. Based on the 20
November 2025 closing share price, there was a discount of 31.4% to the NAV as
of 30 September 2025.
- Total return for the six-month period of 10.0% of opening ex-dividend NAV
(5.6% excluding foreign exchange movements), ahead of the 9% annual target.
- Share price total return over the period, assuming dividends reinvested, of
14.7%.
- This strong financial performance has been delivered alongside significant
operational progress, including:
o advancing accretive growth capex projects such as Prague Gateway and
the Žižkov data centre expansion;
o new contract wins and product development;
o raising new financing facilities for DCU; and
o completion in September of Speed Fibre's acquisition of BT Ireland's
wholesale and enterprise business to create the leading Irish alternative
wholesale fibre network provider.
- Across the portfolio, initiatives in AI-ready infrastructure and 5G broadcast
trials continued, reinforcing the Company's strategy to capture emerging
opportunities in digital connectivity.
- 1.3 million additional shares acquired by the Company's directors and the
Investment Manager's team since 31 March 2025, including 0.9 million shares
acquired by Steven Marshall, Chairman of Cordiant Digital Infrastructure
Management, the Investment Manager's digital investment arm. Total ownership
of insiders is now at 2.2%.
- Management fees for the six-months ended 30 September 2025, calculated on
market capitalisation, represented 0.67% of NAV on an annualised basis.
Outlook
The Company and its portfolio companies are well placed to benefit from the
structural tailwinds driving demand for Digital Infrastructure, evidenced by
robust revenue and EBITDA growth and strong operational progress during the
period. The underlying strengths of the Company and its portfolio, the growth
in the sector and the attractiveness of the Company's core markets together
lead the Board to look forward to the remaining financial year with
confidence.
Commenting, Shonaid Jemmett-Page,Chairman of Cordiant Digital Infrastructure
Limited, said:
"I am pleased to report another period of positive performance by the Company
for the six months ended 30 September 2025, driven by the continued progress
of our portfolio companies, which delivered strong cash flows and robust
earnings growth. We maintained our focus on disciplined investment across the
existing portfolio, ensuring efficient capex deployment, and we continue to
pursue highly accretive bolt-on acquisitions. The Board remains disappointed
with the persistent share price discount to NAV, which we continue to
attribute primarily to broader macroeconomic factors that are reflected across
the financial markets, rather than being specific to the Company. The Board
believes the valuation gap remains unwarranted considering the Company's
ongoing performance and strong prospects. The Company is well placed to
continue its proven capital allocation strategy in support of shareholder
returns through its Buy, Build & Grow model."
Interim Report and results webcast for analysts
The 2025 Interim Report will be available to download at
cordiantdigitaltrust.com/investors/results-centre/ from 25 November 2025.
The Company will be hosting an analyst meeting at 10.00am GMT at the offices
of Investec, 30 Gresham Street, London, EC2V 7QN. For those wishing to
attend, please contact Ali AlQahtani at Celicourt via CDI@celicourt.uk.
For further information, please visit www.cordiantdigitaltrust.com or contact:
Cordiant Capital, Inc. +44 (0) 20 3814 5939
Investment Manager CordiantDigitalTrust@cordiantcap.com
(mailto:CordiantDigitalTrust@cordiantcap.com)
Stephen Foss, Managing Director
Aztec Financial Services (Guernsey) Limited +44 (0) 1481 74 9700
Company Secretary and Administrator cord@aztecgroup.co.uk (mailto:cord@aztecgroup.co.uk)
Chris Copperwaite/Laura Dunning
Investec Bank plc +44 (0) 20 7597 4000
Joint Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis (Corporate Finance)
Deutsche Numis +44 (0) 20 7260 1000
Joint Corporate Broker
Hugh Jonathan/George Shiel
Celicourt +44 (0)20 7770 6424
PR Advisor CDI@celicourt.uk (mailto:CDI@celicourt.uk)
Philip Dennis/Ali AlQahtani/Charles Denley-Myerson
Notes to editors:
About the Company
Cordiant Digital Infrastructure Limited (the Company) primarily invests in
the core infrastructure of the digital economy: data centres; fibre-optic
networks; telecommunications and broadcast towers - in Europe and North
America. Further details about the Company can be found on its website
at www.cordiantdigitaltrust.com (http://www.cordiantdigitaltrust.com/) .
The Company is a sector-focused specialist owner and operator of Digital
Infrastructure, listed on the London Stock Exchange under the ticker CORD. In
total, the Company has successfully raised £795 million in equity, along with
a €375 million debt package, comprising a €200 million Eurobond and €175
million of capex and revolving facilities, deploying capital into six
acquisitions: CRA, Hudson, Emitel, Speed Fibre, Belgian Tower Company and
Datacentre United, which together offer stable, often index-linked income and
the opportunity for growth, in line with the Company's Buy, Build & Grow
model.
About the Investment Manager
Cordiant Capital Inc (the Investment Manager) is a specialist global
infrastructure and real assets manager with a sector-led approach to providing
growth capital solutions to promising mid-sized companies in Europe, North
America and selected global markets. Since its relaunch in 2016, the
Investment Manager, a partner-owned and partner-run firm, has developed a
track record of exceeding mandated investment targets for its clients.
The Investment Manager focuses on the next generation of infrastructure and
real assets (digital infrastructure, energy transition infrastructure and the
agriculture value chain); sectors characterised by growth tailwinds and
technological dynamism. It also applies a strong sustainability and ESG
overlay to its investment activities.
With a mix of managed funds offering both value-add and core strategies in
equity and direct lending, the Investment Manager's sector investment teams
(combining experienced industry executives with traditional private capital
investors) work with investee companies to develop innovative, tailored
financing solutions backed by a comprehensive understanding of the sector and
demonstrated operating capabilities. In this way, it aims to provide value to
investors seeking to complement existing infrastructure equity and
infrastructure debt allocations.
The Investment Manager's Digital Infrastructure team, Cordiant Digital
Infrastructure Management, was co-founded by Steven Marshall, formerly
President at American Towers Corporation (NYSE: AMT), who chairs all the major
portfolio companies. The team consists of 20 professionals, who bring
considerable hands‑on investing and operating expertise to its investment
approach. This investment strategy can be summarised as acquiring and
expanding cash-flowing Digital Infrastructure platforms across Europe and in
North America.
Chairman's statement
I am pleased to present the Interim Report for Cordiant Digital Infrastructure
Limited (the Company) for the six months to 30 September 2025.
Introduction
The Company delivered another strong set of financial results for the six
months ended 30 September 2025, achieving a total return for the period of
10.0% on the ex-dividend opening NAV, or 5.6% when excluding the impact of
FX. On an annualised basis, both figures are well ahead of the 9% annual
target. NAV per share increased to 140.0p at 30 September 2025
(31 March 2025: 129.6p, or 127.4p ex-dividend).
This strong financial performance has been delivered alongside significant
operational progress, including: advancing accretive growth capex
opportunities; new contracts; product development; and raising new financing
facilities for the Company's newest digital infrastructure platform, DCU.
The Company also oversaw completion in September of Speed Fibre's acquisition
of BT Ireland's wholesale and enterprise business.
Portfolio performance
On a constant currency, pro forma basis, aggregate portfolio company EBITDA in
the period increased by 6.5% to £81.6 million, driven by: contract wins,
disciplined cost control, inflation‑linked price escalators, and the
addition of DCU to the portfolio in February 2025. Revenue increased by 7.0%
to £168.8 million, on the same basis(1).
The robust performance of our portfolio has continued to be a key driver of
the Company's results, with portfolio companies tracking to budget
year-to-date. For further information about each of our portfolio companies
see below.
Investment strategy and capital allocation
The Investment Manager has a Core Plus strategy that aims to generate a stable
and reliable annual dividend, while also continuing to invest in the asset
base of the Company's portfolio companies to drive higher revenues and
increase NAV. The Company is implementing this approach through its Buy,
Build & Grow model.
Since its IPO in 2021, the Company has sought out high‑quality,
cash-generating mid-market assets that we viewed as attractive investment
opportunities. Our disciplined approach has resulted in a strongly performing
portfolio acquired for an EV/EBITDA multiple of approximately 10.3x, which is
predominantly supported by blue‑chip customers and capable of generating
strong cash flows, often through long-term, index‑linked contracts.
The Board and Investment Manager have continued to consider the different
views of shareholders on capital allocation and during the period maintained a
balanced approach to allocating the Company's available capital. In addition
to pursuing a progressive dividend policy, we have prioritised the Company's
resources and those of its portfolio companies to continue focusing on
bolt‑on acquisitions and growth capex with above‑target IRRs.
The Company was pleased to be recognised at this year's Investment Week
Awards, winning Infrastructure Investment Company of the Year. The award
highlights the strength of our investment strategy and the quality of the
portfolio, focused on essential digital infrastructure supporting data growth,
connectivity and cloud adoption.
The portfolio delivered strong operational progress, advancing strategic
initiatives across all platforms. CRA commenced construction of its flagship
26MW Prague Gateway data centre, positioning the business as a future leader
in AI‑ready infrastructure. It also completed the 1.3MW expansion of the
Žižkov data centre site and entered the third phase of 5G broadcast trials,
reinforcing CRA's role in next‑generation connectivity.
Speed Fibre strengthened its position in Ireland with the BT Ireland
acquisition, adding 3,400km of fibre and approximately 400 enterprise
customers. Integration is progressing well, with synergies expected to
enhance operational efficiency.
Emitel continued to execute its growth strategy, securing an order for the
first batch of towers under its long-term build‑to‑suit agreement with
Orange Poland and completing integration of EM Cast, a recently acquired
business from TDF providing mobile network hosting and radio transmission
services.
DCU secured €120 million in senior financing to support expansion and
returned capital to the Company through loan repayments. Importantly, the
syndication of a 10.1% stake in DCU marked the first time the Company has
syndicated an investment to another investor(2), supporting portfolio
diversification and strengthening capital flexibility.
Across the portfolio, initiatives in AI-ready infrastructure and 5G broadcast
trials continued, reinforcing the Company's strategy to capture emerging
opportunities in digital connectivity.
Following transactions in the period, the consolidated net gearing of the
group, as of 30 September 2025 was 40.9%, with no debt maturities before June
2029.
Share price performance
Although there has been a narrowing of the gap, the Board remains disappointed
with the continuing discount to NAV considering the Company's strong financial
performance and operational progress. We continue to view the causes of this
as being predominately macroeconomic factors, which are being felt across the
market, rather than being specific to the Company. Based on the 20 November
2025 closing share price, there was a discount of 31.4% to the NAV as of 30
September 2025.
The Board and the Investment Manager have remained focused on optimising
portfolio performance, while engaging with shareholders on the drivers of
value within the portfolio and continuing to explore actions to reduce the
discount. My Board colleagues and I met with several shareholders on a
bilateral basis during the period to listen to their views, discuss capital
market challenges facing the Company and the sector, and to explain our
approach to these challenges.
The Board and the Investment Manager continued constructive engagement with
the UK Government and the FCA on the cost disclosure regime and are encouraged
by the progress achieved so far. We look forward to the outcome of the FCA's
consultations and remain hopeful that further steps will help remove remaining
barriers for investors and support greater appeal across the sector.
Dividend
The Company's dividend policy continues to be based on the underlying
principles that the dividend must be covered by free cash flow generated by
the portfolio and be sustainable in future periods. The Company monitors
dividend cover using an AFFO metric calculated over a 12-month period. AFFO is
calculated as normalised EBITDA less net finance costs, tax paid and
maintenance capital expenditure.
In June 2025, the Board approved an increase in the targeted annual dividend
to 4.35p with the payment of the second interim dividend of 2.25p per share in
July 2025 resulting in an annual dividend for the last financial year of
4.35p. In November 2025, the Board declared a first interim dividend of
2.175p (50% of the 4.35p target for the full year) to shareholders on the
register as at the record date of 5 December 2025, to be paid on
22 December 2025.
For the 12 months to 30 September 2025, the 4.35p dividend was approximately
4.8x covered by EBITDA and 1.7x by AFFO.
Principal risks and uncertainties
There have been several high-profile cyber attacks in recent months, and it
appears that the incidence and severity of such attacks is increasing. The
operational and financial consequences of such events can be significant.
Accordingly, we have recognised the relevance of these dangers and have
updated our principal risks to reflect them. Further details of the Company's
risks are set out below.
Sustainability
The Board and the Investment Manager remain committed to responsible and
sustainable management practices, aligned with industry standards, to support
the growth and expansion of portfolio companies. This commitment is reflected
in the portfolio's strong ESG performance. Highlights during the
period include Speed Fibre achieving a perfect GRESB rating and CRA
developing one of the most advanced data centres in Central Europe, expected
to be entirely powered by renewable electricity and incorporating
cutting-edge energy‑efficiency technologies, underscoring leadership in
sustainable digital infrastructure.
Together, these activities underpin the Company's commitment to responsible
growth and long-term value creation through sustainable investment practices.
Further details on the Company's sustainability framework and
climate‑related disclosures are set out below, and in the Responsible
Investment Report 2025, available at www.cordiantdigitaltrust.com.
Governance
The Board receives regular updates on Company and portfolio performance from
the Investment Manager and the Company's other advisors. We provide active and
objective oversight of those activities, and periodically seek to meet local
management of portfolio companies to gain direct insight into various
initiatives that are being progressed. In November 2025, I met with
shareholders and analysts at an investor relations event, where senior
executives from portfolio companies provided operational updates on their
businesses and strategic priorities.
During the six-month period, the Investment Manager again demonstrated the
benefits to shareholders of its extensive, senior-level experience in:
managing and operating world‑class Digital Infrastructure businesses;
arranging debt facilities in‑house without using an investment bank to raise
growth financing for DCU; and overseeing completion of the strategic BT
Ireland acquisition. These outcomes were achieved at a relatively low level of
management fee, based on market capitalisation and not NAV, unlike most of the
Company's peers.
Outlook
The year has continued to be marked by considerable global uncertainty.
Nevertheless, the Company and its portfolio remain well positioned to benefit
from sustained demand for digital infrastructure. The underlying strengths of
our business model, the resilience of our portfolio companies and the
structural growth in the sector, combined with the attractiveness of our core
markets, give the Board confidence as we look ahead to the remainder of the
financial year.
1. Figures are based on the first six months of each portfolio
company's financial year. Emitel, Speed Fibre, and DCU have calendar year
ends. Excludes the BT Ireland unit (acquired in September 2025) but includes
DCU (acquired in February 2025), pro‑rated for the Company's 37.4% stake.
Excluding DCU, EBITDA and revenue growth were 4.8% and 4% respectively. BTC
figures are excluded to remove the impact of discontinued broadcast operations
following an expected contract expiry earlier this year.
2. The stake was syndicated to a Western European institutional
investor via a fund-of-one managed by the Investment Manager.
Investment Manager's report
Introduction
The Company delivered strong results in the six months to 30 September 2025,
supported by robust operating performance and FX tailwinds. NAV per share
increased by 12.7p (£97.0 million) from ex-dividend opening NAV to 140.0p
(£1.07 billion), reflecting a total return of 10.0%.
NAV growth was driven by successful implementation of the Company's Buy, Build
& Grow model: the purchase of good-quality platforms at attractive prices
and making subsequent bolt-on acquisitions; building new assets at
construction cost from which new revenues can be earned; and growing
existing revenues using the operational and financing expertise of the
Investment Manager.
During the period, the portfolio benefited from the appreciation of the Czech
koruna and Polish zloty against Sterling. Excluding the impact of FX, the
total return for the period was 5.6%.
Capital allocation
The Investment Manager and Board continue to engage with shareholders to
discuss the issue of capital allocation and the discount on the Company's
share price to NAV. We have continued with a multi‑pronged strategy that
recognises the current limits on the availability of capital and seeks to
provide a balanced approach.
The Company paid one dividend during the period: the second interim dividend
relating to the year ended 31 March 2025, of 2.25p per share or £17.2
million, paid on 30 July 2025. This brought the total dividend for the year
ended 31 March 2025 to 4.35p per share, in line with the Company's progressive
dividend policy and representing an increase of 3.6% compared to the previous
year. For the year ending 31 March 2026, the targeted annual dividend remains
at 4.35p and a first interim dividend of 2.175p per share has been declared,
being half of the targeted annual dividend. This level of dividend remains
well covered (1.7x) by AFFO.
A range of bolt-on acquisition opportunities are being pursued by portfolio
companies with support from the Investment Manager, to expand and complement
existing asset bases and service offerings. These transactions are typically
highly IRR-accretive due to the potential for significant operational and
financial synergies.
In addition, the Company, leveraging the operational expertise of the
Investment Manager, is supporting investments in growth‑oriented capital
expenditure projects at the portfolio level. Examples include expanding data
centre capacity, constructing new mobile towers, and enhancing the coverage,
quality and capability of digital TV and radio broadcast networks.
At 30 September 2025, the portfolio was valued using a DCF methodology at a
valuation equivalent to 10.9x LTM EBITDA(1). Recent transactions involving
mobile tower assets and data centres in other markets have occurred at
multiples around or exceeding 20x EBITDA. While broadcast infrastructure
assets typically attract lower valuation multiples, the Company's broadcast
assets are delivering growth rates comparable to mobile tower businesses and
benefit from favourable escalation rates and a broader customer base.
The Investment Manager considers that there is no easy answer to resolve the
Company's share price discount to NAV, but that continued strong operational
performance, value‑creating capital expenditure, maintaining acquisition
price discipline, investor engagement and significant alignment of interests
should all be recognised when macroeconomic issues affecting equity markets,
and especially the investment company sector, abate.
Since 31 March 2025, the Directors and the Investment Manager's team have
made further purchases of the Company's shares, acquiring in total
1.3 million more shares to bring the combined total to 16.6 million shares.
This includes Steven Marshall, Executive Chairman of Cordiant Digital
Infrastructure Management, who acquired a further 0.9 million shares,
bringing his total personal holding to 13.8 million shares. At the date of
this report, the Directors, the Investment Manager and its team owned 2.2% of
the ordinary issued share capital of the Company.
The Investment Manager's fee continues to be based on market capitalisation
as opposed to NAV, ensuring even closer alignment between the Investment
Manager and the Company's shareholders.
A share buyback programme was initiated in February 2023, with £20 million
approved by the Board, and 7.8 million shares have been acquired to date at
an average price of 75.0p, crystallising a NAV gain of 0.4p per share. The
buyback programme is not subject to a set cut-off date.
Activity during the period
The portfolio continued to deliver strong operational progress during the
period, with significant milestones achieved across data centre development,
integration of bolt-on acquisitions and tower growth. The portfolio companies
made notable strides in next-generation technologies, including AI-ready
infrastructure and 5G broadcast trials, positioning the Company to capture
emerging opportunities in digital connectivity and cloud services. These
developments reinforce the Investment Manager's confidence in the portfolio's
ability to generate sustainable growth and attractive returns.
In July 2025, CRA commenced groundworks for its flagship 26MW Prague Gateway
data centre, marking a major milestone in its strategy to become a leading
AI-ready infrastructure provider in Central Europe. The project has attracted
attention at the EU level, with the Czech government nominating Prague Gateway
as a potential European AI Gigafactory site. CRA has also launched
GPU‑as‑a‑service from its existing facilities, reinforcing its focus on
next‑generation technologies. During the period, CRA completed the 1.3MW
data centre expansion at its Žižkov tower site, and is now ready for full
commercial deployment. In October, CRA entered the third phase of its
5G broadcast trials in Prague, testing handset compatibility and network
performance in the 700 MHz band, positioning the company for future hybrid
terrestrial-mobile distribution models.
Emitel continued to execute its growth strategy, securing an order for the
first batch of towers under its long-term build‑to‑suit agreement with
Orange Poland. This programme is expected to expand Emitel's nationwide tower
portfolio from 772 sites to well over 1,000 in the coming years. The company
also completed the integration of EM Cast, enhancing its capabilities in
mobile network hosting and radio emissions. Operational progress included
migration of MUX8 to DVB-T2/HEVC, scheduled for completion in early 2026,
enabling higher‑resolution broadcasting.
On 1 September 2025, Speed Fibre completed the acquisition of BT Ireland's
assets, adding a 3,400km fibre network and approximately 400 enterprise and
government customers. Integration is progressing well, with synergies expected
to strengthen Speed Fibre's position as a leading provider of wholesale and
B2B connectivity in Ireland. The company remains focused on operational
efficiency and cost optimisation to enhance margins and deliver scalable
connectivity solutions.
Following its acquisition in February 2025, DCU secured a €120 million
senior financing package in September, providing resources for expansion and
refinancing part of the acquisition debt. DCU used part of the proceeds to
return €15 million to the Company by way of repayment of shareholder loans,
and a 10.1% stake in DCU was syndicated to a Western European institutional
investor via a fund-of-one managed by the Investment Manager. Proceeds of
these transactions supported a reduction in net debt for the group.
Hudson delivered a promising six-month sales performance, supported by new
customer wins and expanded commitments from existing clients. Cross-connect
revenue more than doubled year-on-year, and capacity utilisation on the sixth
floor increased by 22%. Construction of two new data halls, adding 2MW of
power capacity, is underway and expected to complete in the first half of
2026. These halls can support high-density workloads of up to 40kW per rack,
reflecting growing demand for AI and other compute-intensive applications.
Nearly 20% of the new capacity has been presold, supporting Hudson's path
to profitability.
Financial highlights
During the six months ended 30 September 2025, the Company recorded a net
profit of £97.0 million, representing a 10.0% return on the opening
ex-dividend NAV (30 September 2024 profit: £49.0 million). This equates to
12.7p per share (30 September 2024: 6.4p per share). At 30 September 2025,
NAV stood at £1.07 billion, or 140.0p per share, compared to £992.5 million,
or 129.6p per share, at 31 March 2025. The opening ex-dividend NAV for the
period was £975.3 million, or 127.4p per share.
Application of IFRS
The Company only holds Hudson directly. Emitel, CRA, Speed Fibre, DCU and BTC
are all held through its wholly‑owned subsidiary, Cordiant Digital Holdings
UK Limited (CDH UK). The borrower of the Company's fund-level facilities is
also CDH UK. Consequently, under the application of IFRS 10 and the
classification of the Company as an investment entity, the Company's
investment in CDH UK is recorded as a single investment that encompasses
underlying exposure to Emitel, CRA, Speed Fibre, DCU, BTC and the holding
company debt facilities. The underlying elements of the overall value movement
attributable to foreign exchange movements and value movement and income from
each portfolio company are identified in Table 3. The Company's profit and
NAV under this approach are the same as shown in the unaudited condensed IFRS
Statement of Financial Position and the Statement of Comprehensive Income.
Table 1 shows the reconciliation of Table 3 to the IFRS Statement of
Comprehensive Income. Table 2 shows the underlying components of the IFRS
Statement of Financial Position.
Table 1: Reconciliation of Statement of Comprehensive Income to Table 3
£m Accrued income Total unrealised value movement Net foreign exchange movement Intercompany balances Fund expenses Interest expense IFRS P&L
Movement in fair value of investments 16.7 53.0 50.1 (18.9) (0.6) (10.6) 89.7
Management fee income 0.7 - - - - - 0.7
Dividend income - - - 18.9 - - 18.9
Interest income - - - - - - -
Other expenses - - - - (4.4) - (4.4)
Investment acquisition costs - - - - - - -
Foreign exchange movements on working capital - - (8.0) - - - (8.0)
Finance income 0.2 - - - - - 0.2
Finance expense - - - - - - -
17.6 53.0 42.1 - (5.0) (10.6) 97.0
Please refer to the Annual Report for the Company for the year ended 31 March
2025 for the equivalent table for the prior financial year.
Table 2: Underlying components of Statement of Financial Position
£m Emitel CRA Speed Fibre DCU Hudson BTC Total fair
value of
investments
Investments 607.4 484.9 111.5 52.9 42.6 6.8 1,306.1
Receivables - - - - - - -
Cash - - - - - - -
Payables - - - - - - -
Loans and borrowings - - - - - - -
607.4 484.9 111.5 52.9 42.6 6.8 1,306.1
£m Cash Inter-company Other assets and liabilities Holding company debt IFRS total
balances
Investments 14.3 162.0 4.7 (268.2) 1,219.0
Receivables - 1.2 9.2 - 10.5
Cash 7.2 - - - 7.2
Payables - - (1.1) - (1.1)
Loans and borrowings - (163.3) - - (163.3)
21.5 - 12.9 (268.2) 1,072.3
Please refer to the Annual Report for the Company for the year ended 31 March
2025 for the equivalent table for the previous reporting date.
Financial performance in the period
This section, including valuation, foreign exchange, costs and gearing, refers
to the figures in Table 2 and Table 3 on the non‑IFRS basis.
Table 3: NAV bridge for the period to 30 September 2025
£m
Opening NAV as at 1 April 2025 992.5
Dividend paid July 2025 (17.2)
Opening ex-dividend NAV 975.3
Accrued income 17.6
Value movement 53.0
FX movement 42.1
Fund expenses (5.0)
Interest expenses (10.6)
Closing NAV as at 30 September 2025 1,072.3
Valuation
The Investment Manager prepares semi-annual valuations according to the IPEV
Guidelines and IFRS 13. These valuations are reviewed and challenged by the
Board. The Board also employs an expert valuations group at a Big 4 accounting
firm to carry out independent valuations of the portfolio companies at
each valuation date.
The Investment Manager and Board are aware of the scepticism that some private
asset valuations elicit and so take great care to maintain a rigorous process,
using market information from reputable third-party sources wherever possible.
DCF is the primary methodology of valuation, as noted in the Company's
IPO prospectus. The BT Ireland unit, now part of Speed Fibre, is valued at
the price of the recent investment, as the transaction closed only a month
before the balance sheet date. The Investment Manager is confident that the
quality of earnings included in the DCF models, and the actual cash generation
of the assets, demonstrate the qualities of the portfolio, notwithstanding
volatility in the market‑observable inputs used every six months to
construct the WACC used for each valuation as a discount rate.
Table 4 shows the movement in the Company's average WACC over time, weighted
for the investments held at each reporting date. Between 31 March 2025 and 30
September 2025, the average WACC reduced marginally by 3bps.
Table 4: Weighted average discount rates over time
31 Mar 2022 8.05%
30 Sep 2022 8.52%
31 Mar 2023 9.60%
30 Sep 2023 9.78%
31 Mar 2024 9.60%
30 Sep 2024 9.50%
31 Mar 2025 9.32%
30 Sep 2025 9.29%
Table 5 shows the breakdown of the WACC at 30 September 2025
and at 31 March 2025.
Table 5: Weighted average cost of capital at 30 September 2025
Range low point Range high point Weighted average mid-point
Cost of equity 10.5% 12.7% 11.2%
Cost of debt 5.0% 7.5% 6.6%
WACC 8.3% 10.8% 9.3%
Weighted average cost of capital at 31 March 2025
Range low point Range high point Weighted average mid-point
Cost of equity 10.3% 12.9% 11.1%
Cost of debt 5.0% 7.6% 6.6%
WACC 8.3% 11.1% 9.3%
The largest unrealised value movements in the period before the impact of FX
were observed on Emitel (+£21 million) and CRA (+£25 million). In the
period, Emitel also made cash distributions of £24.8 million, while CRA
returned £2.1 million in cash to the Company. The return for the period was
primarily driven by successful execution of business plans by both platforms
being reflected in the roll‑forward of the DCF model, with both companies
performing in line with their budgets for the year. CRA's value increase
benefited slightly from a small decrease in its WACC and Emitel's WACC
remained unchanged. Even though CRA has made good progress on the development
of the 26MW Prague Gateway data centre, a conservative position has been
maintained and the future potential cash flows from this project are not yet
included in the DCF valuation model. The Investment Manager will keep this
position under review as the project advances.
Speed Fibre saw a modest increase in equity value before the impact of FX of
£4.6 million largely due to the roll forward of the DCF model. The BT Ireland
acquisition has been recognised at cost in the valuation.
DCU, the newest Digital Infrastructure platform to the portfolio, recorded a
£0.4 million increase following several strategic developments plus accrued
shareholder loan interest of £0.4m.
Hudson recognised an uplift in valuation of £1.4 million, driven by the roll
forward of the DCF model but offset by a higher WACC. The Investment Manager
is optimistic about the long‑term prospects of Hudson, supporting the
company with capital injections to build new data halls. The carrying value at
the year end was £42.6 million, 3% of the total value of underlying
investments.
Table 6: Bridge table breakdown of unrealised value movement
Unrealised value movement £m
Emitel 21.0
CRA 25.0
Speed Fibre 4.6
DCU 0.4
Hudson 1.4
BTC 0.5
Total unrealised value movement 53.0
Foreign exchange
The Company recognised a foreign exchange gain in the year of £42.1 million.
This aggregate number comprises a gain of £30.8 million on Czech koruna, a
gain of £14.1 million on Polish zloty, and combined net losses of
£2.8 million on US dollars and Euros. FX gains on Euro‑denominated
investments were offset by appreciation in the value of the Company's
Euro‑denominated holding company debt. While the Investment Manager
typically hedges cash distributions from the portfolio companies through
forward contracts, no balance sheet hedging has been undertaken to date. The
cost of doing so using forward contracts, which are considered to be the
lowest cost approach, continues to be disproportionate to the benefit, such
that the aggregate cost of hedging would over several years consume the gain
being protected. The Investment Manager and Board have kept the Company's
hedging strategy under regular review given the volatility in
foreign exchange rates and movement in forward points in the Company's
respective currency pairs. The Company is a long‑term investor in the
portfolio and currently does not seek to manage balance sheet foreign exchange
exposure from reporting period to reporting period.
Table 7: Bridge table breakdown of unrealised foreign exchange movement
Unrealised foreign exchange movement £m
Emitel 14.1
CRA 30.8
Speed Fibre 4.8
DCU 4.0
Hudson (1.3)
BTC 0.3
Other FX including debt and working capital (10.6)
Total unrealised FX movement 42.1
Costs
In the six-month period, the Company and its intermediate holding subsidiaries
incurred £5.0 million of operating costs, including investment management
fees of £3.4 million (30 September 2024: £2.9 million). These have
increased from the prior comparable period as management fees are calculated
on the basis of the Company's market capitalisation, which has increased since
31 March 2025 as the share price has risen. On an annualised
basis, management fees represent 0.67% of the average of opening and closing
NAV. Other costs of £1.5 million relate to administrative and other running
costs and directors' fees. The ongoing costs ratio, calculated in accordance
with the guidelines published by the AIC, is 0.96% per annum (30 September
2024: 1.0%).
In addition, there were £10.6 million of costs relating to the Company's
holding company debt facilities. As at period end, £268.2 million of the
holding company debt facilities were drawn. The costs included interest,
commitment fees, agency fees and amortised transaction costs.
Gearing and liquidity
The Investment Manager takes a prudent approach to the use of gearing and has
the expertise internally to arrange debt facilities, and so does
not typically use third-party intermediaries for this purpose, providing
meaningful cost savings to the Company and its portfolio companies.
At 30 September 2025, there were five sets of debt facilities in
the Company's group at: Emitel, CRA, Speed Fibre, DCU and facilities at
Cordiant Digital Holdings UK Limited, a wholly‑owned subsidiary of the
Company.
Consolidated gearing across the group, as measured by net debt as a percentage
of gross asset value, was 40.9% (31 March 2025: 40.3%). As measured by
net debt to LTM EBITDA (including Company-level costs), consolidated group
net leverage is 4.8x(2) (31 March 2025: 4.5x). Net leverage has increased
from 31 March 2025 partly due to recent appreciation of the currencies in
which the group's debt is denominated. Both Emitel and CRA have individual net
leverage ratios of less than 2.9x, lower than other digital infrastructure
platforms that might be viewed as comparators of either business.
70% of drawn debt is currently on a fixed-interest basis, with the remainder
floating, none of which is inflation-linked. The weighted average margin
across all facilities is 3.0%, which the Investment Manager considers to
represent good value. There are no debt maturities in the group before June
2029. The group has benefited by having no exposure to Sterling‑denominated
debt which has been significantly more expensive than Euro‑denominated debt,
the latter representing 56.4% of all debt outstanding in the group.
Euro-denominated debt also provides a currency hedge for the Company's
Euro‑denominated investments.
Total gross debt at the Company, subsidiary and platform level was equivalent
to £826.9 million, an increase of £72.4 million since 31 March 2025
reflecting depreciation of Sterling(3); drawdowns of senior facilities at the
portfolio company level to finance growth investments; and drawdowns under the
holding company facilities to finance the BT Ireland acquisition, offset by a
€19 million repayment of the RCF from proceeds of the syndication of DCU.
Since the period end, a further €14 million has been repaid by the Company
utilising the net proceeds of the DCU refinancing.
Aggregate cash balances at the Company, subsidiary and platform level were
equivalent to £84.0 million. Including undrawn debt facilities, total
liquidity across the group was equivalent to £234.7 million.
Dividend coverage
The Company's progressive dividend policy is ahead of the schedule laid out in
the IPO prospectus. The dividend remains well covered by AFFO, which seeks to
track whether the portfolio generates sufficient earnings less
fund‑level costs, finance costs, tax and maintenance capex to cover the
dividend. AFFO remains stable at 1.7x. The dividend is covered 4.8x by
aggregate portfolio company EBITDA. Table 8 shows the calculation of AFFO for
the 12 months to 30 September 2025.
Table 8: Calculation of adjusted funds from operations (AFFO)
Twelve months to Twelve months to
30 September 2025(1)
£m 31 March 2025(1)
£m
Portfolio company revenues 343.2 324.1
Portfolio company normalised EBITDA 160.9 153.9
Dividend coverage, EBITDA basis 4.8x 4.6x
Net Company-specific costs (10.9) (10.2)
Net finance costs (46.6) (40.3)
Net taxation, other (27.6) (27.9)
Free cash flow before all capital expenditure 75.7 75.4
Maintenance capital expenditure(2) (17.7) (17.1)
Adjusted funds from operations 58.0 58.3
Dividend at 4.35p per share (33.3) (33.3)
Dividend cover 1.7x 1.7x
1. At average FX rates for the period. Figures exclude financials of
the recently acquired business of BT Ireland and include those of DCU in 2025.
2. Aggregate growth capex of £38.0 million was invested in the 12
months to 30 September 2025 across the portfolio and £29.0 million in the 12
months to 31 March 2025.
Investee company performance
Aggregate portfolio company EBITDA for the period increased 6.5% over the
prior equivalent period, on a pro forma, constant currency basis, to £81.6
million, driven by contributions from contract wins, cost control, the
beneficial effects of inflation and other price escalators on revenue, and the
addition of DCU to the portfolio in February 2025. Aggregate portfolio
company revenue increased 7.0% to £168.8 million, on the same basis.(4)
Within the last twelve months to 30 September 2025, across the portfolio
companies, £38.0 million was invested in growth capital expenditure on key
strategic initiatives highlighted in this report and £17.7 million was
invested in maintenance capital expenditure including investment in
IT and enterprise resource planning systems
and infrastructure modernisation.
The portfolio is well diversified across asset classes,
comprising 1,442 communications towers, 23 data centres,
and 15,180 kilometres of fibre optic networks. Backbone fibre remains the
largest revenue contributor, representing 34% of total pro forma revenue,
followed by digital TV infrastructure at 30%. Data centres, cloud services,
and mobile towers collectively account for approximately 25%, while digital
radio infrastructure, including both DAB+ and FM transmission, contributes
11%. Poland continues to be the portfolio's largest geographic exposure,
generating 37% of revenue and benefiting from its position as the
fastest-growing major European economy, evident from the appreciation of the
Polish zloty.
The Investment Manager's team
Leveraging the significant strength of the Investment Manager's existing
Digital Infrastructure team reflects the continued commitment to supporting
platform companies in achieving their growth ambitions, along with being able
to source and deliver investment opportunities that are in line with target
returns. Unlike many of its peers in this market, the Cordiant Digital
Infrastructure Management team possesses deep, senior‑level experience of
managing and operating world-class Digital Infrastructure businesses. This is
combined with private equity executives having decades of experience advising
and investing in the sector, making for a unique marriage of capabilities.
Environmental, social and governance highlights
During the first half of 2025, the Investment Manager remained actively
engaged with portfolio companies on matters such as climate risk management,
energy efficiency, sustainability, data quality and corporate governance. No
material ESG incidents were identified during the period.
ESG considerations have been incorporated into the engagement strategy for the
Company's newest investment, DCU, through an environmental and social action
plan, guiding the company in addressing material sustainability priorities.
For the broader portfolio, progress has been evident in energy efficiency
improvements and continued high-quality availability of sustainability data.
Notable achievements include Speed Fibre's perfect GRESB score of 100/100,
Emitel obtaining the ISO 50001 certification for its energy management
system, and CRA beginning construction of the Prague Gateway data centre, a
26MW facility designed to operate on 100% renewable electricity and
incorporating cutting-edge energy‑efficient technologies.
In the months ahead, the Investment Manager will continue to build on these
initiatives, supporting portfolio companies as they advance their net zero
transition pathways. These efforts contribute to the Company's commitment to
responsible investment and resilient value creation.
Market
Demand for Digital Infrastructure remains exceptionally strong, fuelled by
structural drivers such as cloud adoption, 5G rollout, and the accelerating
integration of AI into enterprise workflows. Generative AI is now in
large‑scale deployment, creating unprecedented requirements for compute,
storage, and connectivity. According to Bain & Company, AI workloads are
expected to represent nearly half of all computational demand by 2030, with
global data centre capacity projected to grow at a 13-20% annual rate over the
next five years.
This shift is not limited to hyperscalers. Enterprises across sectors are
scaling inference workloads, which require distributed, low-latency
infrastructure. Edge computing and colocation facilities-such as those
operated by the Company's portfolio - are increasingly critical for enabling
real-time AI applications in sectors like telecom, media, and industrial IoT.
The Company's assets, spanning mobile towers, broadcast networks, edge data
centres and fibre optic networks, are strategically positioned to benefit from
these trends. They provide essential connectivity and capacity for AI-enabled
services while maintaining resilience against macroeconomic pressures,
including tariff-related cost volatility.
Outlook
The Investment Manager remains highly confident in the quality of the
portfolio and the strength of its underlying cash flows. The assets have been
acquired at what is considered an attractive entry point, balancing value with
significant growth potential. Robust internally generated cash flows, combined
with available debt facilities, provide the Company with the flexibility to
sustain dividend payments, fund essential maintenance, and pursue platform
expansion opportunities.
Delivering the targeted 9% shareholder return, through a combination of income
and capital appreciation, continues to be a central focus. To achieve this,
the Investment Manager has built a deep pool of Digital Infrastructure
specialists with the expertise required to optimise performance and unlock
value from Core Plus assets.
With strong results since inception and continued positive momentum through
the period to 30 September 2025, the Company is well positioned to meet its
objectives for the year ending 31 March 2026. The Investment Manager
approaches the remainder of the year, and the future beyond, with
confidence, supported by a resilient portfolio and clear growth pathways.
1. The multiple at 30 September 2025, if using the same FX rates as
for the 31 March 2025 reporting period, would be 10.5x. LTM EBITDA includes
annualised EBITDA of DCU (added February 2025) and the newly acquired BT
Ireland business (added September 2025).
2. Net leverage at 30 September 2025 if using the same FX rates for
the 31 March 2025 reporting period would be 4.4x. LTM EBITDA includes
annualised EBITDA of DCU (added February 2025) and the newly acquired BT
Ireland business (added September 2025).
3. Depreciation of Sterling contributed an increase of approximately
£21 million in total gross debt.
4. Figures are based on the first six months of each portfolio
company's financial year. Emitel, Speed Fibre, and DCU have calendar year
ends. Includes DCU (acquired in February 2025), pro rated for the Company's
37.4% stake. Excluding DCU, EBITDA and revenue growth were 4.8% and 4%
respectively. BTC figures are excluded to remove the impact of discontinued
broadcast operations following an expected contract expiry earlier this year.
Emitel multi-asset platform Poland (acquired November 2022)
Emitel £m
Original cost 353.0
Value at 1 April 2025 581.4
Interest accrued on shareholder loan in the period 0.1
Repayment by Emitel of shareholder loan principal and accrued interest in the (9.1)
period
Unrealised value gain in the period 21.0
Unrealised foreign exchange gain in the period 14.1
Value at 30 September 2025 607.4
Total distributions paid by Emitel to the Company in the period, comprising 24.8
£9.1m of shareholder loan interest and principal repayments and £15.7m in
dividends.
Financial performance
Emitel had a very good start to the year. For the six months to 30 June 2025
of its financial year to 31 December 2025, revenue increased by 8.8% to PLN
347.5 million (£69.2 million at average FX rates for the period) and EBITDA
increased by 8.1% to PLN 235.9 million (£47.0 million at average FX rates
for the period). This performance reflected good organic growth across its
main segments.
Overall revenue growth was supported by inflation-linked price increases as
2024 inflation of 3.6% passed through to 2025 revenues; approximately 88% of
Emitel's revenues have full or partial inflation-linked contracts.
Telecoms infrastructure revenue grew 11.6% year to date 30 June 2025 against
the prior year and was driven by the impacts of continued growth in
build‑to‑suit provision for MNOs and recent bolt-on acquisitions.
The aggregate amount of debt drawn at 30 September 2025 was
PLN 1,396 million (£286 million). Emitel is 2.6x leveraged, as measured by
net debt divided by LTM EBITDA at 30 September 2025, which is viewed as
conservative compared with other tower businesses. Emitel's debt facilities
do not mature until September 2030.
Of the interest payable on the third-party bank debt at 30 September 2025,
88.9% was fixed rate and 11.1% floating rate.
Emitel continues to be strongly cash generative and in the period returned
cash of PLN 125.4 million (£24.8 million) to the Company.
Cash balances decreased to PLN 189 million (£39 million) over the period,
due to cash returns to the Company, growth capex, and timing variations in
collection of receivables. Emitel also had PLN 150.5 million
(£ 30.8 million) of undrawn debt facilities available.
Operations
Emitel's contracted orderbook remains strong at more than PLN 2.5 billion
(more than £512 million), with contracts extending out as far as 2044. The
weighted average contract length in TV broadcasting is five years, two years
in radio broadcasting and 11 years in telecom infrastructure services.
The company received an order for the first batch of mobile towers to be
delivered under the new build-to-suit agreement signed with Orange Poland in
April 2025, under which Emitel will construct hundreds of new
telecommunications towers over the next few years. Orange Poland has committed
to pay a recurring fee under a long-term contract for each site built based on
industry-standard terms. Emitel can sell the remaining space on each tower to
other operators to increase the profitability of each site. Emitel is now
expected to grow its nationwide tower portfolio to well over 1,000 sites
from the 772 sites it had at 30 September 2025.
Emitel has experienced recent success in the IoT space, winning multiple
projects, including a tender to deliver smart water meters in southern
Poland.
Emitel continues to progress the migration of MUX8 to the DVB-T2/HEVC
broadcasting standard, scheduled to complete in early 2026, which will enable
it to deliver more channels and at higher resolution (HD/UHD).
The operational integration of EM Cast, a recently acquired infrastructure
business providing mobile network operator hosting services and analogue and
digital radio emissions, has completed and investments, as assumed in the
business case, are ongoing to upgrade the assets.
In July 2025, Emitel, in cooperation with Telewizja Puls, began a test
broadcast in Warsaw using 5G broadcast technology. Emitel is part of the
broader European initiative, the 5G Broadcast Strategic Task Force (5BSTF),
which has outlined a roadmap for 5G broadcast across multiple European
markets, aiming for commercial readiness by around 2027. The technology makes
it possible to broadcast content directly on mobile devices, which means a new
distribution channel for broadcasters, potentially a broader reach in the
future, and an opportunity to make energy savings through reduced reliance on
individual IP streaming.
Emitel is also actively exploring bolt-on acquisition opportunities in the
data centre sector to expand its Digital Infrastructure footprint and enhance
its service offering, with discussions with potential targets ongoing.
Outlook
The growth in demand for modern Digital Infrastructure in Poland, the
sixth-largest EU economy, is being fuelled by rapid economic expansion driven
by strong household consumption, increased government spending, and
significant contributions from EU funds. In the second quarter of 2025,
Poland's economy grew by 3.4% year-on-year, according to preliminary data.
Economists expect growth for the full year 2025 to be around 3.3%. World Bank
commentary has suggested that Poland could surpass the UK in income per capita
this decade.
CRA multi-asset platform Czech Republic (acquired April 2021)
CRA £m
Original cost 305.9
Value at 1 April 2025 429.0
Unrealised value gain in the period 25.0
Unrealised foreign exchange gain in the period 30.8
Value at 30 September 2025 484.9
Financial performance
CRA met its financial budget for the six months to 30 September 2025 and has
made excellent progress across a range of operational initiatives. Due to
anticipated seasonal fluctuations in growth and the timing of new contracts,
revenue for the period decreased slightly by 1.3% compared to the prior
comparable period, totalling CZK 1.4 billion (£48.5 million at average FX
rates for the period). EBITDA also slightly decreased by 1.2%(1) to
CZK 0.7 billion (£24.2 million at average FX rates for the period).
Digital TV and radio broadcasting delivered combined revenue growth of 2.4%,
supported by inflation-linked pricing and customer growth. Over the summer,
CRA strengthened the content offering of the DTT platform with the launch of
LooLoo Kids TV.
CRA also saw continued demand for its existing data centre capacity
year-on-year, as measured in racks occupied (+17% ) and power (+4%). This
partly reflected the completion of DC Cukrák, together with robust demand
dynamics from new and existing customers.
Cash balances decreased to CZK 92 million (£3.3 million) at 30 September
2025 from CZK 537 million at 31 March 2025. Strong cash generation in the
period was offset by the Cloud4com earnout consideration, long-term
incentive plan payments to senior management for meeting business plan
targets, as well as data centre capex.
At 30 September 2025, third-party debt outstanding totalled CZK 4.1 billion
(£147.3 million). During the period, CRA utilised CZK 200 million of its
RCF for working capital purposes. As measured as a multiple of EBITDA, CRA's
net debt is under 2.9x LTM 30 September 2025 EBITDA. 50% of the
floating-rate interest payable under the term loan is hedged at an average
all‑in rate of c.5.6% until August 2030.
CRA continues to pursue a monetisation programme to unlock value from its real
estate portfolio; and is currently in active discussions with a number of
parties for the sale of specific sites no longer required for operations.
Operations
The entire capacity of CRA's commercial DAB+ radio network, which was expanded
earlier in the year to cover 83.4% of the Czech population, was fully utilised
in the period, up from 73% capacity utilisation as reported in the annual
results. The project exceeded budget expectations on both revenue and cost
efficiency, with an expected IRR of approximately 17%, reinforcing the
Company's commitment to high-return growth initiatives. CRA expects to deliver
further transmitters for Czech Radio in the near future.
CRA was also pleased to win a tender by the public broadcaster to provide
cloud services for the online distribution of Czech Radio's content,
demonstrating its deep ongoing relationship with the customer and CRA's strong
reputation in this area.
CRA continues to focus on growing its data centre and cloud business. The
1.3MW expansion of a data centre at one of CRA's broadcast towers in the
Prague Žižkov district was completed in the period and the newly added
capacity is ready for commercialisation.
Development of the new 26MW state‑of‑the‑art data centre Prague Gateway
continues. Groundworks for the site commenced in July 2025, and are expected
to complete by early 2026. Prague Gateway was recently nominated by the Czech
government as a potential European AI Gigafactory, an EU‑level initiative to
establish five large-scale AI infrastructure centres on the continent. Support
from the Czech government signals a vote of confidence in CRA's capability to
be a leader in the digital future of the Czech Republic. CRA has already
started providing GPU‑as‑a‑service, underscoring the company's focus on
AI and next-generation technologies, with the offering being provided through
its own data centres.
In October 2025, CRA launched the third phase of its 5G broadcast trials in
Prague, focused on testing handset compatibility and network performance in
the 700 MHz band. This development aligns with broader European 5G broadcast
initiatives, positioning CRA alongside peers such as Emitel in preparing for
next-generation hybrid terrestrial‑mobile distribution models and potential
new revenue opportunities as commercial rollout approaches later this decade.
There is no update on the complex dispute relating to the valuation of a
purported former shareholding in a predecessor entity to CRA since the
publication of the Company's last trading update released on
18 September 2025.
Outlook
Parliamentary elections were held in October 2025 in the Czech Republic, with
ANO emerging as the largest party and attempting to form a coalition
government. ANO has publicly reaffirmed the Czech Republic's membership of
both the EU and NATO.
The government has indicated its continued support for DTT as an important
platform for public television distribution, while also recognising the
growing role of OTT services, an area in which CRA is actively investing.
It likewise supports the continued use of FM and DAB+ as main distribution
technologies for public radio broadcasting.
1. EBITDA growth for the seven months to 31 October 2025 was 1.3%
Speed Fibre fibre infrastructure platform Ireland (acquired October 2023)
Speed Fibre £m
Original cost* 55.0(2)
Value at 1 April 2025 87.3
Further investment by the Company in the period for the BT Ireland 14.7
acquisition
Unrealised value gain in the period 4.6
Unrealised foreign exchange gain in the period 4.8
Value at 30 September 2025 111.5
2. Net of €4.0 million (£3.4 million) of accrued deferred
consideration that was no longer required to be paid, and reported net of
£25.5 million vendor loan note.
Financial performance in the period
In the first half of its financial year ending 31 December 2025, Speed
Fibre's revenues increased by 2.1% to €44.3 million
(£37.3 million at average FX rates for the period) and EBITDA increased
by 1.7% to €12.5 million (£10.5 million at average FX rates
for the period).
The increase in EBITDA was driven by higher revenues from fibre and wireless
sales including one-off installation fees and effective cost control during
the period. Speed Fibre continues to operate in a soft trading environment
for fibre-optic services in Ireland.
At 30 September 2025, Speed Fibre had €14.5 million of cash
(£12.7 million) and gross debt of €124.2 million (£108.4 million)
comprising a term loan of €100 million and drawn RCF of €24.2 million,
both due for repayment in June 2029.
The interest on Speed Fibre's term loan is 85% fixed and the interest on the
RCF is all floating rate.
Operations
During the 2025 year, Speed Fibre continued to add capacity and connect new
customers. The company continues its efforts to manage and reduce costs and
optimise network efficiency and service delivery.
In 2025, Speed Fibre deployed €8.4 million (£7.1 million) of growth capex
to further build out its fibre network and connect new customers.
On 1 September 2025, the Company completed the acquisition of the arm of BT
Ireland which provides wholesale fibre and B2B connectivity to c.400
customers in the telecoms, enterprise and government sectors in Ireland across
a 3,400km network of owned and operated fibre. This acquisition enhances
Speed Fibre's ability to deliver advanced connectivity solutions through the
integration of complementary capabilities and domestic customer base. The
transaction was funded by a mixture of Speed Fibre's own financial resources
and a drawdown on the Company's holding company credit facilities. Integration
work has progressed smoothly to date, and the company is working to realise
significant synergies from the combination of the two businesses.
Outlook
Despite the soft trading environment for fibre services, demand for digital
infrastructure in Ireland continues to accelerate generally, driven by the
expansion of data-intensive sectors such as financial services,
pharmaceuticals, and technology. Sustained growth is expected across fixed
broadband, cloud computing, enterprise connectivity, AI workloads, and mobile
data usage - all contributing to rising data centre capacity requirements and
greater power demand. As these trends reshape Ireland's digital landscape,
Speed Fibre is well positioned to meet the growing need for high‑capacity
fibre networks that enable scalable, low-latency connectivity across the
country.
DCU data centre business Belgium (acquired February 2025)
DCU £m
Original cost 76.9
Value at 1 April 2025 77.6
Interest accrued on shareholder loan in the period 0.4
Syndication of a 10.1% stake in DCU to another investor (17.2)
Repayment of shareholder loans from a senior bank refinancing (12.4)
Unrealised value gain in the period 0.4
Unrealised foreign exchange gain in the year 4.0
Value at 30 September 2025 52.9
Financial performance
Revenue for the newly combined data centre group for the six months ended
30 September 2025 was €20.6 million (£17.7 million at average FX rates
for the period), while EBITDA reached €6.6 million (£5.7 million at
average FX rates for the period).
In July 2025, the Company successfully syndicated part of its stake in DCU to
a Western European institutional investor via a fund managed by the Investment
Manager, generating €20 million, which was used to partially prepay the
fund's RCF. Following this transaction, the Company's economic
interest in DCU stands at 37.4%, while governance and voting rights remain
unchanged. Cordiant continues to manage the collective 47.5% economic (50%
voting) interest in DCU.
In September 2025, DCU secured a five‑year senior financing package of
€120 million, maturing in September 2030. The structure includes:
€50 million drawn term loan (refinancing €10 million of existing senior
debt and repaying €40 million of shareholder loans); €50 million undrawn
capex facility for expansion; and €20 million revolving credit
and ancillary facilities for working capital. The facilities carry an
opening margin of 2.25% over Euribor. Following the
repayment of shareholder loans, the Company received an additional
€15 million cash distribution.
At 30 September 2025, DCU held cash balances of €4.8 million (£4.2
million), with net debt to LTM EBITDA at 3.7x.
Operations
As of 30 September 2025, DCU had a contracted colocation order book of
approximately €93.5 million(3) (£82 million) across its top 30 customers.
This includes Proximus, which anchors the portfolio with an
inflation‑linked, 10-year contract and two five-year extension options.
Other customers include blue-chip corporates and government bodies such as
Pfizer, Telenet, Atos, and the European Commission.
The management team has been strengthened during the year and a growing
commercial pipeline supports continued momentum into the second half.
Following the new financing, DCU is well capitalised to execute on its
strategic ambitions - focused on organic growth initiatives to increase
available IT capacity in the portfolio which could comprise expansion via
brownfield or greenfield opportunities, and/or PUE reduction at current
facilities.
Outlook
Belgium is emerging as a key European market for edge and colocation services,
supported by rising IT outsourcing demand from enterprises and growing data
needs from critical institutions such as the EU and NATO. DCU's sales pipeline
remains robust, and the company is actively evaluating multiple opportunities
to expand its data centre portfolio through both organic development and
strategic acquisitions.
3. This excludes the extension options for Proximus and only accounts
for the initial 10-year period.
Hudson interconnect data centre New York (acquired January 2022)
Hudson £m
Original cost 55.8
Value at 1 April 2025 36.2
Further investment by the Company in the period 6.3
Unrealised value gain in the period 1.4
Unrealised foreign exchange loss in the period (1.3)
Value at 30 September 2025 42.6
Financial performance
During the period, Hudson saw revenue increase by 5.5% to $12.0 million
(£8.9 million at average FX rates for the period). EBITDA loss reduced by
14.2% to $(1.9)million (loss of £(1.4)million at average FX rates for the
period). The reduced loss was a result of new business wins, cost control and
operational improvements implemented by the interim CEO and the team at
Hudson.
At 30 September 2025, the business had cash of $6.5 million (£4.9 million)
and was supported by a capital injection of $8.5 million (£6.3 million) from
the Company to help ongoing expansion.
The business continued to receive orders from both existing customers
expanding their footprint in the data centre and new customers. Key contract
wins included expansion from existing IT providers such as NYI and the
entrance of new customers such as HEG/Velia, a 50kW customer. Cross-connect
revenue has more than doubled year on year.
Capacity utilisation of the sixth floor has increased by 22% to 653kW of
power. In total, space utilisation remains at 64% of the fifth and sixth
floors. The fifth floor remains fully occupied by the anchor tenant, Digital
Realty Trust.
Operations
Construction of two new data halls to increase power capacity by 2MW continues
and the new space is expected to be available in the first half of 2026. A
subset of these two data halls will have the capability to service
high-density power requirements of up to 40kW per rack. This is being driven
by the customer demand that the team has generated during the past year. The
Company expects to earn a high rate of return on this new investment.
Nearly 20% of the IT capacity has already been presold, helping Hudson to
achieve its best six months of new sales since its acquisition in 2022.
Additional temporary capacity is being made available to service customers
while the data hall expansion is ongoing.
Outlook
Completion of the new data halls and full commercialisation is expected to
support Hudson's path to profitability. Management continues to explore
various strategic initiatives to optimise the value of the asset.
BTC colocation services Belgium (acquired January 2024)
BTC £m
Original cost 5.2
Value at 1 April 2025 6.0
Unrealised value gain in the period 0.5
Unrealised foreign exchange gain in the period 0.3
Value at 30 September 2025 6.8
BTC operates 15 communication towers in Belgium and is at the forefront of 5G
broadcast innovation. In November, BTC, in collaboration with Media Broadcast
and Rohde & Schwarz, managed the technical setup for a major showcase
event in Brussels hosted by Broadcast Networks Europe. Leading operators such
as TDF, Rai Way, BP, CRA, and Emitel attended. The live demonstration featured
content broadcast via a BTC antenna from the Finance Tower in central
Brussels. This initiative underscores BTC's role in advancing next-generation
broadcast services and safeguarding the future of UHF spectrum.
5G broadcast expands the scope of broadcast networks by enabling new services
- greater reach for advertisers, improved TV experiences on the move, and
critical applications such as emergency alerts and navigation services.
It also offers a spectrum-efficient, low-emission alternative to conventional
streaming, using up to ten times less energy and leveraging existing
infrastructure for cost-effective deployment.
BTC remains strongly cash generative, with €1.7 million (£1.4 million) in
cash at 30 September 2025 and a dividend of €0.6 million (£0.5 million)
paid during the period.
Risk management
Principal risks and uncertainties
1. The capital markets may remain effectively closed to the Company for a
significant period. As a consequence, the Company may be unable to raise new
capital and it may therefore be unable to progress investment opportunities.
How we mitigate risk
The Company has acquired a portfolio of cash‑generating assets with
significant organic growth prospects, which together are capable of
providing returns meeting the investment objective without further
acquisitions. The Investment Manager also continues to consider potential
alternative sources of capital, including debt and coinvestment.
How the risk is changing
Many investment trust companies listed on the London Stock Exchange, including
the Company, continue to trade at a substantial discount to NAV. The gradual
improvement noted in the 2025 Annual Report has continued, but it remains
impossible to predict whether or when market conditions may improve
sufficiently for new equity issuance to be undertaken.
Movement in the period - Level
2. There is a risk that, even when the capital markets are open, insufficient
numbers of investors are prepared to invest new capital, or that investors
are unwilling to invest sufficient new capital, to enable the Company to
achieve its investment objectives.
How we mitigate risk
The Company has established a track record of successful investments, which
together are capable of providing returns meeting the investment objective
without further acquisitions. The Investment Manager has deep sector
knowledge and investment expertise and is well-known and respected in the
market.
How the risk is changing
The continuing poor conditions and discounts to NAV in the equity market for
investment trusts may indicate a lack of available capital for investment or
lack of appetite for investment in the investment trust sector. The narrowing
of the discount over the last 18 months may indicate an increase in capital
becoming available, but it is impossible to predict whether that apparent
trend may continue.
Movement in the period - Level
3. The Company may lose investment opportunities if it does not match
investment prices, structures and terms offered by competing bidders.
Conversely, the Company may experience decreased rates of return and increased
risk of loss if it matches investment prices, structures and terms offered by
competitors.
How we mitigate risk
The Investment Manager operates a prudent and disciplined investment strategy,
participating in transaction processes only where it can be competitive
without compromising its investment objectives.
How the risk is changing
The Investment Manager has been able to identify and pursue bilateral
opportunities rather than auction processes, where competition for those
assets has been a less significant factor. However, there can be no guarantee
that suitable further bilateral opportunities will arise. In addition, current
equity market conditions and the consequent limitations on the Company's
ability to access capital markets may mean that it continues to be unable to
pursue certain investment opportunities.
Movement in the period - Level
4. There can be no guarantee or assurance the Company will achieve its
investment objectives, which are indicative targets only. Investments may fail
to deliver the projected earnings, cash flows and/or capital growth expected
at the time of acquisition, and valuations may be affected by foreign exchange
fluctuations. The actual rate of return may be materially lower than the
targeted rate of return.
How we mitigate risk
The Investment Manager performs a rigorous due diligence process with internal
specialists and expert professional advisors in fields relevant to the
proposed investment before any investment is made. The Investment Manager also
carries out a regular review of the investment environment and benchmarks
target and actual returns against the industry and competitors.
How the risk is changing
The results of our investments to date continue to be materially in line with
our projections at the time of their acquisition and the target return for the
Company, and their aggregate fair value has increased, contributing to NAV
total return of 62.4% since the Company's IPO in 2021. This demonstrates the
Investment Manager's ability to manage the investments to deliver returns
and growth.
Movement in the period - Level
5. Actual results of portfolio investments may vary from the projections,
which may have a material adverse effect on NAV.
How we mitigate risk
The Investment Manager provides the Board with at least quarterly updates of
portfolio investment performance and detail around any material variation
from budget and forecast returns.
How the risk is changing
The results of our investments to date continue to be materially in line with
our projections at the time of their acquisition and with their budgets for
the current year. This demonstrates the quality of the Investment Manager's
projections and its ability to manage the investments to deliver the expected
results.
Movement in the period - Level
6. The Company invests in unlisted Digital Infrastructure assets, and such
investments are illiquid. There is a risk that it may be difficult for the
Company to sell the Digital Infrastructure assets and the price achieved on
any realisation may be at a discount to the prevailing valuation of the
relevant Digital Infrastructure asset.
How we mitigate risk
The Investment Manager has considerable experience across relevant digital
infrastructure sectors, and senior members of the team have had leadership
roles in over $80 billion of relevant transactions. The Company seeks a
diversified range of investments so that exposure to temporary poor conditions
in any one market is limited.
How the risk is changing
The Company is still in its relative infancy and, as a vehicle with permanent
capital, is not likely to be seeking a full divestment of any asset for some
time. The Company's prudent leverage position, as regards both the quantum
and terms of its debt, mean that the risk of a forced divestment is very low.
Exposure to divestment risk is limited in the short to medium term.
Movement in the period - Level
7. The Company may invest in Digital Infrastructure assets which are in
construction or construction‑ready or otherwise require significant future
capital expenditure. Digital Infrastructure assets which have significant
capital expenditure requirements may be exposed to cost overruns, construction
delay, failure to meet technical requirements or construction defects.
How we mitigate risk
The Investment Manager has significant experience of managing construction
risks arising from Digital Infrastructure assets and will also engage third
parties where appropriate to oversee such construction.
How the risk is changing
In pursuance of the Company's Buy, Build & Grow model, it will undertake
significant capital construction projects. This risk has been low to date, and
remains low, but will increase as capital investment increases. In particular,
the Prague Gateway project being undertaken by CRA, and on a smaller scale the
data halls being constructed by Hudson, will involve some construction risk.
Movement in the period - Higher
8. The Company operates in markets in Europe and North America which are
affected by global events. Supply chain disruption may be caused by conflicts
(e.g. in Ukraine), political change (e.g. the rise of political populism),
trade barriers, climate change and public health crises.
How we mitigate risk
The Company has acquired a geographically diverse portfolio of assets in
various segments of the Digital Infrastructure market, and will continue to
seek further diversification, reducing the impact of specific events on the
Company as a whole.
How the risk is changing
Policy uncertainty, as measured by the Global Economic Policy Uncertainty
index, has decreased significantly since its peak in April, but remains high.
Financial market volatility has remained generally lower than in recent
years.
Movement in the period - Lower
9. The Company and its investee companies, in common with most businesses,
face a diverse array of cyber threats, including ransomware, phishing and
supply chain attacks. Cyber incidents can have severe financial and
reputational consequences.
How we mitigate risk
The Investment Manager and each portfolio company has an IT function whose
remit specifically includes cybersecurity. The nature of the portfolio
companies' business is such that there is significant in-house experience and
expertise in the field of cybersecurity, and cybersecurity is a standing
agenda item for the board of each portfolio company.
How the risk is changing
The incidence of cyber attacks appears to be on the increase, with several
high-profile cases of cyber incidents in the news recently causing major
companies significant disruption and cost.
Movement in the period - New
Statement of Directors' responsibilities
The Directors are responsible for preparing this Interim Report in accordance
with the Disclosure Guidance and Transparency Rules of the UK's Financial
Conduct Authority.
In preparing the unaudited condensed set of interim financial statements
included within the Interim Report, the Directors are required to:
- prepare and present the condensed set of interim financial statements in
accordance with IAS 34 Interim Financial Reporting issued by the International
Accounting Standards Board (IASB) and the DTRs;
- ensure the condensed set of interim financial statements has adequate
disclosures;
- select and apply appropriate accounting policies; and
- make accounting estimates that are reasonable in the circumstances.
The Directors are responsible for designing, implementing and maintaining such
internal controls as they determine are necessary to enable the preparation of
the condensed set of interim financial statements that is free from material
misstatement whether due to fraud or error.
On behalf of the Board
Shonaid Jemmett-Page
Chairman
25 November 2025
Condensed Statement of Financial Position
As at 30 September 2025 (unaudited)
Note As at As at
30 September 2025
31 March 2025
£'000
£'000
Non-current assets
Investments at fair value through profit or loss 6 1,219,025 1,124,695
1,219,025 1,124,695
Current assets
Receivables 8 10,494 10,795
Cash and cash equivalents 7,153 6,137
17,647 16,932
Current liabilities
Loans and borrowings 9 (163,254) (147,591)
Accrued expenses and other creditors (1,081) (1,517)
(164,335) (149,108)
Net current liabilities (146,688) (132,176)
Net assets 1,072,337 992,519
Equity
Share capital 10 774,214 774,214
Retained earnings - Revenue 15,212 (162)
Retained earnings - Capital 282,911 218,467
Total equity 1,072,337 992,519
Number of shares in issue
Ordinary shares 10 765,715,477 765,715,477
765,715,477 765,715,477
Net asset value per ordinary share (pence) 13 140.04 129.62
The unaudited condensed interim financial statements were approved and
authorised for issue by the Board on 24 November 2025 and signed on their
behalf by:
Shonaid
Jemmett-Page
Sian Hill
Chairman
Director
The accompanying notes form an integral part of these unaudited condensed
interim financial statements.
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2025 (unaudited)
For the six months ended For the six months ended
30 September 2025 30 September 2024
Note Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Movement in fair value of investments held at fair value through profit or 6 - 89,722 89,722 - 54,155 54,155
loss
Management fee income 666 - 666 - - -
Dividend income 18,867 - 18,867 - - -
19,533 89,722 109,255 - 54,155 54,155
Operating expenses
Investment acquisition costs - - - - (1,327) (1,327)
Other expenses 4 (4,396) - (4,396) (3,951) - (3,951)
(4,396) - (4,396) (3,951) (1,327) (5,278)
Operating profit 15,137 89,722 104,859 (3,951) 52,828 48,877
Foreign exchange movements on working capital - (8,049) (8,049) - 2,886 2,886
Finance income 237 - 237 1,077 - 1,077
Finance expense - - - (3,826) - (3,826)
Profit for the period before tax 15,374 81,673 97,047 (6,700) 55,714 49,014
Tax charge 5 - - - - - -
Profit for the period after tax 15,374 81,673 97,047 (6,700) 55,714 49,014
Total comprehensive income for the period 15,374 81,673 97,047 (6,700) 55,714 49,014
Weighted average number of shares
Basic - Ordinary Shares 13 765,715,477 765,715,477 765,715,477 766,009,708 766,009,708 766,009,708
Diluted - Ordinary Shares 13 765,715,477 765,715,477 765,715,477 766,009,708 766,009,708 766,009,708
Earnings per share
Basic - earnings (pence) from continuing operations 13 2.01 10.67 12.67 (0.87) 7.27 6.40
Diluted - earnings (pence) from continuing operations 13 2.01 10.67 12.67 (0.87) 7.27 6.40
The accompanying notes form an integral part of these unaudited condensed
interim financial statements.
Condensed Statement of Changes in Equity
For the six months ended 30 September 2025 (unaudited)
Note Share capital Retained earnings-Revenue Retained earnings-Capital Total equity
£'000
£'000
£'000
£'000
Opening net assets attributable to shareholders at 1 April 2024 774,656 (14,538) 160,542 920,660
Shares repurchased in the period 10 (442) - - (442)
Dividends paid during the period 14 - - (16,858) (16,858)
Profit and total comprehensive income for the period - (6,700) 55,714 49,014
Closing net assets attributable to shareholders at 30 September 2024 774,214 (21,238) 199,398 952,374
Note Share capital Retained earnings-Revenue Retained earnings-Capital Total equity
£'000
£'000
£'000
£'000
Opening net assets attributable to shareholders at I October 2024 774,214 (21,238) 199,398 952,374
Shares repurchased in the period 10 - - - -
Dividends paid during the period 14 - - (16,081) (16,081)
Profit and total comprehensive income for the period - 21,076 35,150 56,226
Closing net assets attributable to shareholders at 31 March 2025 774,214 (162) 218,467 992,519
Note Share capital Retained earnings-Revenue Retained earnings-Capital Total equity
£'000
£'000
£'000
£'000
Opening net assets attributable to shareholders at 1 April 2025 774,214 (162) 218,467 992,519
Shares repurchased in the period 10 - - - -
Dividends paid in the period 14 - - (17,229) (17,229)
Profit and total comprehensive income for the period - 15,374 81,673 97,047
Closing net assets attributable to shareholders as at 30 September 2025 774,214 15,212 282,911 1,072,337
The accompanying notes form an integral part of these unaudited condensed
interim financial statements.
Condensed Statement of Cash Flows
For the six months ended 30 September 2025 (unaudited)
Note For the six For the six
months ended
months ended
30 September 2025 30 September 2024
£'000 £'000
Operating activities
Operating profit for the period 104,859 48,877
Adjustments to operating activities
Net gain on investments at fair value through profit or loss 6 (89,722) (54,155)
Dividend income (18,867) -
Reclassification of investment to investment management fees receivable 1,674 -
Decrease in receivables 301 8,281
(Decrease)/Increase in payables (436) (2,016)
Net cash flows used in operating activities (2,191) 987
Cash flows used in investing activities
Investment additions 6 (6,281) (27,733)
Finance income 243 502
Dividend income 18,867 -
Net cash flows used in investing activities 12,829 (27,231)
Cash flows (used in)/generated from financing activities
Shares repurchased 10 - (442)
Loan drawn down 9 7,628 155,554
Loan repaid 9 - (155,554)
Finance costs paid - (3,425)
Bank interest received 5 11 79
Dividends paid 14 (17,229) (16,858)
Net cash flows (used in)/generated from financing activities (9,589) (20,646)
(Decrease)/increase in cash and cash equivalents during the period 1,049 (46,890)
Cash and cash equivalents at the beginning of the period 6,137 60,085
Exchange translation movement (33) 389
Cash and cash equivalents at the end of the period 7,153 13,584
The accompanying notes form an integral part of these unaudited condensed
interim financial statements.
Notes to the interim financial statements
1. General information
Cordiant Digital Infrastructure Limited (the Company; LSE ticker: CORD) was
incorporated and registered in Guernsey on 4 January 2021 with registered
number 68630 as a non-cellular company limited by shares and is governed in
accordance with the provisions of the Companies (Guernsey) Law 2008. The
registered office address is East Wing, Trafalgar Court, Les Banques, St Peter
Port, Guernsey GY1 3PP. The Company's ordinary shares were admitted to
trading on the Specialist Fund Segment of the London Stock Exchange on
16 February 2021 and its C Shares on 10 June 2021. On 20 January 2022,
all C Shares were converted to ordinary shares. A second issuance of
ordinary shares took place on 25 January 2022. Note 10 gives more
information on share capital.
2. Material accounting policies
The material accounting policies applied in the preparation of these financial
statements are set out below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with IFRS as issued
by the IASB, the Statement of Recommended Practice issued by the Association
of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law
2008.
The financial statements have been prepared on an historical cost basis as
modified for the measurement of certain financial instruments at fair value
through profit or loss. They are presented in pounds sterling, which is the
currency of the primary economic environment in which the Company operates,
and are rounded to the nearest thousand, unless otherwise stated.
The material accounting policies are set out below.
Going concern
The financial statements have been prepared on a going concern basis. As at 30
September 2025, the Company had net current liabilities of £146.7 million.
The Directors have assessed the Company's financial position, including its
access to group support and funding arrangements, and have a reasonable
expectation that the Company has adequate resources to meet its liabilities as
they fall due for at least the next 12 months.
While the ongoing conflicts and political changes in different parts of the
world during the period have created some supply chain disruption and market
volatility, this did not have a material direct effect on the results of the
business. The Directors are satisfied that the resulting macroeconomic
environment is not likely to significantly restrict business activity.
The Directors have reviewed different scenarios and stress testing of the cash
flow forecasts prepared by the Investment Manager to understand the resilience
of the Company's cash flows to adverse scenarios.
The Directors and Investment Manager are actively monitoring these risks and
their potential effect on the Company and its underlying investments. In
particular, they have considered the following specific key potential impacts:
- increased volatility in the fair value of investments;
- disruptions to business activities of the underlying investments; and
- recoverability of income and principal and allowance for expected credit
losses.
In considering the key potential impacts above on the Company and its
underlying investments, the Investment Manager has assessed these with
reference to the mitigation measures in place. Based on this assessment, the
Directors do not consider that the effects of the above risks have created a
material uncertainty over the assessment of the Company as a going concern.
As further detailed in note 6 to the financial statements, the Board uses a
third-party valuation provider to perform a reasonableness assessment of the
Investment Manager's valuation of the underlying investments. Additionally,
the Investment Manager and Directors have considered the cash flow forecast to
determine the term over which the Company can remain viable given its current
resources. On the basis of this review and, after careful consideration and
making due enquiries, the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for at
least the period from 25 November 2025 to 23 November 2026, being the period
of assessment considered by the Directors. Accordingly, they continue to adopt
the going concern basis in preparing the financial statements.
Accounting for subsidiaries
The Directors have concluded that the Company has all the elements of control
as prescribed by IFRS 10 'Consolidated Financial Statements' in relation to
all its subsidiaries and that the Company satisfies the three essential
criteria to be regarded as an Investment Entity as defined in IFRS 10. The
three essential criteria are that the entity must:
- obtain funds from one or more investors for the purpose of providing these
investors with professional investment management services;
- commit to its investors that its business purpose is to invest its funds
solely for returns from capital appreciation, investment income or both; and
- measure and evaluate the performance of substantially all of its investments
on a fair value basis.
In satisfying the second essential criterion, the notion of an investment time
frame is critical and an Investment Entity should have an exit strategy for
the realisation of its investments. The Board has approved a divestment
strategy under which the Investment Manager will, within two years from
acquisition of an investment and at least annually thereafter, undertake a
review of the current condition and future prospects of the investment. If the
Investment Manager concludes that:
- the future prospects for an investment are insufficiently strong to meet the
Company's rate of return targets; or
- the value that could be realised by an immediate disposal would outweigh the
value of retaining the investment; or
- it would be more advantageous to realise capital for investment elsewhere than
to continue to hold the investment
then the Investment Manager will take appropriate steps to dispose of the
investment
Also as set out in IFRS 10, further consideration should be given to the
typical characteristics of an Investment Entity, which are that:
- it should have more than one investment, to diversify the risk portfolio and
maximise returns;
- it should have multiple investors, who pool their funds to maximise investment
opportunities;
- it should have investors that are not related parties of the entity; and
- it should have ownership interests in the form of equity or similar interests.
The Directors are of the opinion that the Company meets the essential criteria
and typical characteristics of an Investment Entity. Therefore, subsidiaries
are not consolidated but are measured at fair value through profit or loss, in
accordance with IFRS 9 'Financial Instruments'. Fair value is measured in
accordance with IFRS 13 'Fair Value Measurement'.
Financial instruments
Financial instruments
In accordance with IFRS 9, financial assets and financial liabilities are
recognised in the Statement of Financial Position when the Company becomes a
party to the contractual provisions of the instrument.
Financial assets
The classification of financial assets at initial recognition depends on the
purpose for which the financial asset was acquired and its characteristics.
All purchases of financial assets are recorded at the date on which the
Company became party to the contractual requirements of the financial asset.
The Company's financial assets principally comprise investments held at fair
value through profit or loss, cash and cash equivalents, and trade
receivables.
Financial assets are recognised at the date of purchase or the date on which
the Company became party to the contractual requirements of the asset.
Financial assets are initially recognised at cost, being the fair value of
consideration given. Transaction costs of financial assets at fair value
through profit or loss are recognised in the Statement of Comprehensive Income
when incurred.
A financial asset is derecognised (in whole or in part) either:
- when the Company has transferred substantially all the risks and rewards of
ownership; or
- when it has neither transferred nor retained substantially all the risks and
rewards and when it no longer has control over the assets or a portion of the
asset; or
- when the contractual right to receive cash flow has expired.
Investments held at fair value through profit or loss
Investments are measured at fair value through profit or loss. Gains or losses
resulting from the movement in fair value are recognised in the Statement of
Comprehensive Income at each interim and annual valuation point, 30 September
and 31 March respectively.
The loans provided to subsidiaries are held at fair value through profit or
loss as they form part of a managed portfolio of assets whose performance is
evaluated on a fair value basis. The fair values of these loans are not
currently considered to be materially different from their principal amount
plus accrued interest. Any gain or loss on the loan investment is recognised
in profit or loss.
Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Fair value is calculated on an
unlevered, discounted cash flow basis in accordance with IFRS 13.
When available, the Company measures fair value using the quoted price in an
active market. A market is regarded as 'active' if transactions for the asset
or liability take place with sufficient frequency and volume to provide
pricing information on an ongoing basis. If there is no quoted price in an
active market, then the Company uses valuation techniques that maximise the
use of relevant observable inputs and minimise the use of unobservable inputs.
The chosen valuation technique incorporates all of the factors that market
participants would take into account when pricing a transaction.
Valuation process
The Investment Manager is responsible for proposing the valuation of the
assets held by the Company, and the Directors are responsible for reviewing
the Company's valuation policy and approving the valuations at 31 March and 30
September each year.
The Investment Manager derives the key assumptions of the valuations of the
assets proposed to the Board and performs sensitivity analysis on them.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other
short-term highly liquid investments with an original maturity of three months
or less that are readily convertible to a known amount of cash and are subject
to an insignificant risk of changes in value.
Cash collateral
Cash collateral is classified as a financial asset at amortised cost. It is
measured at amortised cost. Cash collateral is recorded based on agreements
entered into with an entity without notable history of default causing
expected credit loss to be immaterial and therefore not recorded.
Financial liabilities
Financial liabilities are classified according to the substance of the
contractual agreements entered into and are recorded on the date on which the
Company becomes party to the contractual requirements of the financial
liability.
The Company's financial liabilities measured at amortised cost include trade
and other payables, intercompany loans and other short-term monetary
liabilities which are initially recognised at fair value and subsequently
measured at amortised cost using the effective interest rate method.
A financial liability is derecognised, in whole or in part, when the Company
has extinguished its contractual obligations, or it expires or is cancelled.
Any gain or loss on derecognition is taken to the Statement of Comprehensive
Income.
Equity
Financial instruments issued by the Company are treated as equity if the
holder has only a residual interest in the assets of the Company after the
deduction of all liabilities. The Company's ordinary shares and Subscription
Shares are classified as equity.
Share issue costs directly attributable to the issue of ordinary shares are
shown in equity as a deduction from share capital. When shares recognised as
equity are repurchased, the amount of the consideration paid, which includes
directly attributable costs, is recognised as a deduction from equity.
Dividends
Dividends payable are recognised as distributions in the financial statements
when the Company's obligation to make payment has been established.
Revenue recognition
Dividend income is recognised when the Company's entitlement to receive
payment is established. Other income is accounted for on an accruals basis
using the effective interest rate method.
Expenses
Expenses are recognised on an accruals basis in the Statement of Comprehensive
Income in the period in which they are incurred.
Taxation
The Company has met the conditions in section 1158 Corporation Tax Act 2010
and the Investment Trust (Approved Company) (Tax) Regulations 2011 for each
period to date, and it is the intention of the Directors to conduct the
affairs of the Company so that it continues to satisfy those conditions and
continues to be approved by HMRC as an investment trust.
In respect of each accounting period for which the Company is approved by HMRC
as an investment trust, the Company will be exempt from UK corporation tax on
its chargeable gains and its capital profits from creditor loan relationships.
The Company will, however, be subject to UK corporation tax on its income
(currently at a rate of 25%).
In principle, the Company will be liable to UK corporation tax on its dividend
income. However, there are broad-ranging exemptions from this charge which
would be expected to be applicable in respect of most of the dividends the
Company may receive.
A company that is an approved investment trust in respect of an accounting
period is able to take advantage of modified UK tax treatment in respect of
its 'qualifying interest income' for an accounting period. It is expected that
the Company will have material amounts of qualifying interest income and that
it may, therefore, decide to designate some or all of the dividends paid in
respect of a given accounting period as interest distributions.
To the extent that the Company receives income from, or realises amounts on
the disposal of, investments in foreign countries it may be subject to foreign
withholding or other taxation in those jurisdictions. To the extent it relates
to income, this foreign tax may, to the extent not relievable under a double
tax treaty, be able to be treated as an expense for UK corporation tax
purposes, or it may be treated as a credit against UK corporation tax up to
certain limits and subject to certain conditions.
Current tax is the expected tax payable on the taxable income for the period,
using tax rates that have been enacted or substantively enacted at the
reporting date. Deferred tax is the tax expected to be payable or recoverable
on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used
in the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited to the Statement of Comprehensive Income except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with directly in equity.
Deferred tax assets and liabilities are offset when: there is a legally
enforceable right to set off tax assets against tax liabilities; they relate
to income taxes levied by the same taxation authority; and the Company intends
to settle its current tax assets and liabilities on a net basis. Deferred tax
assets and liabilities are not discounted.
Foreign currencies
The functional currency of the Company is the pound sterling, reflecting the
primary economic environment in which it operates. The Company has chosen
pounds sterling as its presentation currency for financial reporting purposes.
Foreign currency transactions during the period, including purchases and sales
of investments, income and expenses are translated into pounds sterling at the
rate of exchange prevailing on the date of the transaction.
Monetary assets and liabilities denominated in currencies other than pounds
sterling are retranslated at the rate of exchange ruling at the reporting
date. Non-monetary items that are measured in terms of historical cost in a
currency other than pounds sterling are translated using the exchange rates
at the dates of the initial transactions and are not subsequently
retranslated.
Non-monetary items measured at fair value in a currency other than pounds
sterling are translated using the exchange rates at the date as at which the
fair value was determined. Foreign currency gains and losses on financial
instruments classified as at fair value through profit or loss are included in
profit or loss in the Statement of Comprehensive Income as part of the change
in fair value of investments.
Foreign currency gains and losses on other financial instruments are included
in profit or loss in the Statement of Comprehensive Income as a finance
income or expense.
Segmental reporting
The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been
identified as the Board as a whole. The key measure of performance used by the
Directors to assess the Company's performance and to allocate resources is the
Company's NAV, as calculated under IFRS as issued by the IASB, and therefore
no reconciliation is required between the measure of profit or loss used by
the Board and that contained in the Annual Report.
For management purposes, the Company is organised into one main operating
segment, which invests in Digital Infrastructure assets.
Due to the Company's nature, it has no customers.
New standards, amendments and interpretations issued and effective for the
financial period beginning 1 April 2025
The Board has considered new standards and amendments that are mandatorily
effective for financial periods starting from 1 January 2025, which includes
the Company's current financial period starting 1 April 2025, and these have
not had a significant impact on the financial statements.
New standards, amendments and interpretations issued but not yet effective
The following standards, amendments and interpretations have been issued but
are not yet effective. These are not mandatory for the reporting period ended
30 September 2025 and have not been adopted early by the Company. None of
these is expected to have a material impact on the Company's financial
statements in the current or future reporting periods or on foreseeable future
transactions.
- Lack of Exchangeability - Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates, effective from 1 January 2025;
- Annual Improvements to IFRS Accounting Standards, effective from 1 January
2026:
Amendments to: (i) IFRS 1 First-time Adoption of International Financial
Reporting Standards (ii) IFRS 7 Financial Instruments: Disclosures and its
accompanying Guidance on Implementing IFRS 7 (iii) IFRS 9 Financial
Instruments (iv) IFRS 10 Consolidated Financial Statements (v)
IAS 7 Statement of Cash flows; and
- IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1
January 2027.
IFRS 18 will impact the presentation and disclosure of income and expense
items in the Financial Statements but there is not expected to be any impact
on the financial position or performance figures.
3. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income,
and expenses.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The key estimates made by
the Company are disclosed in note 6.
The resulting accounting estimates will, by definition, seldom equal the
related actual results. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any future periods
affected.
Judgements
In the process of applying the Company's accounting policies, management has
made the following judgements, which have the most significant effect on the
amounts recognised in the financial statements:
Assessment as an Investment Entity
In the judgement of the Directors, the Company qualifies as an Investment
Entity under IFRS 10 and therefore its subsidiary entities have not been
consolidated in the preparation of the financial statements. Further details
of the impact of this accounting policy are included in note 7.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a
significant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities within the period ended 30 September 2025 is
included in note 6 and relates to the determination of fair value of
investments with significant unobservable inputs.
Climate change
In preparing the financial statements, the Directors have considered the
impact of climate change, particularly in the context of the climate change
risks identified in the ESG report section of the Strategic report.
In preparing the financial statements, the Directors have considered the
medium- and longer‑term cash flow impacts of climate change on a number of
key estimates within the financial statements, including:
- the estimates of future cash flows used in assessments of the fair value of
investments; and
- the estimates of future profitability used in the assessment of distributable
income.
These considerations did not have a material impact on the financial reporting
judgements and estimates in the current period. This reflects the conclusion
that climate change is not expected to have a significant impact on the
Company's short- or medium-term cash flows including those considered in the
going concern and viability assessments.
4. Other expenses
Other expenses in the Statement of Comprehensive Income comprises:
For the six months ended For the six months ended
30 September 2025
30 September 2024
£'000
£'000
Management fees 3,445 2,969
Legal and professional fees 262 427
Directors' fees 118 93
Fees payable to the statutory auditor 109 97
Other expenses 462 365
4,396 3,951
5. Finance income
Finance income in the Statement of Comprehensive Income comprises:
For the six months ended For the six months ended
30 September 2025
30 September 2024
£'000
£'000
Bank interest received 11 79
Interest on fixed term deposits 226 855
Other income - 143
237 1,077
6. Investments at fair value through profit or loss
As at 30 September 2025 Loans Equity Total
£'000
£'000
£'000
Opening balance 12,635 1,112,060 1,124,695
Additions 6,281 - 6,281
Reclassification of investment to investment management fees receivable - (1,673) (1,673)
Net (losses)/gains on investments (409) 90,131 89,722
18,507 1,200,518 1,219,025
As at 31 March 2025 Loans Equity Total
£'000
£'000
£'000
Opening balance 9,444 996,493 1,005,937
Additions 3,442 26,186 29,628
Reclassification of investment to investment management fees receivable - - -
Net (losses)/gains on investments (251) 89,381 89,130
12,635 1,112,060 1,124,695
As at 30 September 2025, the equity value of Company's investment in its
subsidiary Cordiant Digital Holdings UK Limited (CDH UK) was £1,176.2 million
(31 March 2025: £1,088.5 million). CDH UK is the holding company for all of
the Company's investments with the exception of Hudson Interexchange (Hudson),
which is held directly.
On 28 February 2025, the Company's indirect subsidiary Cordiant Digital
Holdings Six Limited (CDH6) completed the acquisition of a 47.5% economic (50%
voting) interest in DCU Invest NV. Concurrently, DCU Invest NV acquired the
entire share capital of Datacenter United Brussels NV, the data centre
business of Proximus Group, for a total consideration of £60.1 million
(€72.3 million). CDH6 also provided a shareholder loan of €30 million to
DCU Invest NV, which was partially exchanged for 500,735 Class A shares valued
at €1.5 million. During the six months ended 30 September 2025, Cordiant Co
Invest SMA 1 SCSp, a fund-of-one managed by the Investment Manager and
investing funds on behalf of a Western European institutional investor,
subscribed for €14 million of shares in CDH6, acquiring an effective 21.2%
interest in CDH6 while also acquiring €6 million of the shareholder loan
previously payable to Cordiant Digital Holdings Five Limited (CDH5). As a
result, CDH5's ownership of CDH6 reduced to 78.8% and the Company's effective
economic interest in DCU decreased to 37.4% (being 78.8% of 47.5%), while
CDH6's equity stake in DCU remained unchanged. As at 30 September 2025, the
fair value of the Company's indirect investment in DCU, including the
shareholder loan, was £52.9 million (31 March 2025: £77.6 million).
As at 30 September 2025, the equity investment in CDIL Data Centre USA LLC,
the legal entity operating as Hudson, was valued at £24.1 million (31 March
2025: £23.6 million) and the loan investment in Hudson at £18.5 million (31
March 2025: £12.6 million). Investment additions of £6.3 million during the
period ended 30 September 2025 relate to further loans made to Hudson. The
total investment in Hudson was valued at £42.6 million (31 March 2025: £36.2
million).
The fair value of the Company's equity investment in CRA held through its
indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 30
September 2025 was £484.9 million (31 March 2025: £429.0 million).
The Emitel loan investment was fully repaid in the period ended 30 September
2025 including principal and interest (31 March 2025: £9.6 million). The
Company's equity investment in Emitel was valued at £606.8 million (31 March
2025: £571.8 million), resulting in a total indirect investment at fair value
of £607.4 million as at 30 September 2025 (31 March 2025: £581.4 million).
The Company, through CDH UK, holds an investment in Belgian Tower Company
(BTC), formerly Norkring N.V., at a cost of £5.4 million. The fair value of
the Company's indirect investment in BTC as at 30 September 2025 was £6.8
million (31 March 2025: £5.9 million).
Fair value measurements
IFRS 13 requires disclosure of fair value measurement by level. The level of
fair value hierarchy within the financial assets or financial liabilities is
determined on the basis of the lowest level input that is significant to the
fair value measurement. Financial assets and financial liabilities are
classified in their entirety into only one of the following three levels:
- Level 1 - quoted prices (unadjusted) in active markets for identical assets or
liabilities;
- Level 2 - inputs other than quoted prices included within Level 1 that are
observable for the assets or liabilities, either directly (i.e. as prices) or
indirectly (i.e. derived from prices); and
- Level 3 - inputs for assets or liabilities that are not based on observable
market data (unobservable inputs).
The determination of what constitutes 'observable' requires significant
judgement by the Company. The Directors consider observable data to be market
data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market.
The Company's investments have been classified within Level 3 as the
investments are not traded and contain unobservable inputs. The valuations
have been carried out by the Investment Manager. In order to obtain assurance
in respect of the valuations carried out by the Investment Manager, the
Company has engaged a third-party valuations expert to carry out an
independent assessment of the unobservable inputs and of the forecast cash
flows of the Company's investments.
During the period ended 30 September 2025, there were no transfers of
investments at fair value through profit or loss from or to Level 3 (31 March
2025: nil).
The Company's investments in CRA, Hudson, Speed Fibre, Emitel, DCU and BTC
have been valued using a DCF methodology. This involves forecasting the
entity's future cash flows, taking into account the terms of existing
contracts, expected rates of contract renewal and targeted new contracts, and
the economic and geopolitical environment. These cash flows are discounted at
the entity's estimated weighted average cost of capital (WACC). This method
also requires estimating a terminal value, being the value of the investment
at the end of the period for which cash flows can be forecast with reasonable
accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031
for Speed Fibre, December 2035 for DCU, March 2037 for Hudson and March 2032
for BTC. The terminal value is calculated using an assumed terminal growth
rate (TGR) into perpetuity based on anticipated industry trends and long-term
inflation rates. For Speed Fibre, the existing business has been valued using
the DCF methodology as described above, while ECL, now part of Speed Fibre,
has been valued at cost as part of the overall Speed Fibre valuation.
Both the Investment Manager and the third-party valuation expert use a
combination of other valuation techniques to verify the reasonableness of the
DCF valuations, as recommended in the International Private Equity and Venture
Capital (IPEV) Valuation Guidelines:
- earnings multiple: applying a multiple, derived largely from comparable listed
entities in the market, to the forecast EBITDA of the entity to calculate an
enterprise value, and then deducting the fair value of any debt in the entity;
- DCF with multiple: calculating a DCF valuation of the cash flows of the entity
to the end of the period for which cash flows can be forecast with reasonable
accuracy, and then applying a multiple to EBITDA at the end of that period to
estimate a terminal value; and
- dividend yield: forecasting the entity's capacity to pay dividends in the
future and applying an equity yield to that forecast dividend, based on
comparable listed entities in the market.
The DCF valuations derived by the Investment Manager and those derived by the
third-party valuation expert were not materially different from each other,
and the other valuation techniques used provided assurance that the DCF
valuations are reasonable.
7. Unconsolidated subsidiaries
The following table shows the subsidiaries of the Company. As the Company
qualifies as an Investment Entity as referred to in note 3, these
subsidiaries have not been consolidated in the preparation of the financial
statements:
Investment Place of business Ownership interest Ownership interest
at 30 September 2025
at 31 March 2025
Held directly
Cordiant Digital Holdings UK Limited United Kingdom 100% 100%
CDIL Data Centre USA LLC USA 100% 100%
Held indirectly
Cordiant Digital Holdings One Limited United Kingdom 100% 100%
Cordiant Digital Holdings Two Limited United Kingdom 100% 100%
Cordiant Digital Holdings Three Limited United Kingdom 100% 100%
Cordiant Digital Holdings Four Limited United Kingdom 100% 100%
Cordiant Digital Holdings Five Limited United Kingdom 100% 100%
Cordiant Digital Holdings Six Limited United Kingdom 78.8% 100%
Cordiant Digital Holdings Ireland Ireland 100% 100%
Communications Investments Holdings s.r.o. Czech Republic 100% 100%
České Radiokomunikace a.s. (Czechia) Czech Republic 100% 100%
Czech Digital Group, a.s Czech Republic 100% 100%
CRA PRAGUE GATEWAY DC a.s. Czech Republic 100% 100%
CRA Services s.r.o. Czech Republic 100% 100%
Cloud4com s.r.o. Czech Republic 100% 100%
Datové centrum Lužice s.r.o. Czech Republic 100% 100%
Emitel S.A. Poland 100% 100%
RTTS sp. z o. o. Poland 100% 100%
Allford Investments sp. z o. o. Poland 100% 100%
EM Properties sp. z o. o. Poland 100% 100%
EM Projects sp. z o. o. Poland 100% 100%
Hubb Investments sp. z o. o. Poland 100% 100%
Magnet Networks Limited Ireland 100% 100%
Belgian Tower Company N.V Belgium 100% 100%
Speed Fibre DAC Ireland 100% 100%
Speed Fibre 2 Holdings Limited Ireland 100% 100%
Speed Fibre Intermediate Holdings Limited Ireland 100% 100%
Speed Fibre Borrower Limited Ireland 100% 100%
Speed Fibre Financing Limited Ireland 100% 100%
Airspeed Networks Limited Isle of Man 100% 100%
Speed Fibre Group Limited Ireland 100% 100%
Airspeed Communications Limited Ireland 100% 100%
E-Nasc Éireann Teoranta Ireland 100% 100%
Enet Telecommunications Networks Limited Ireland 100% 100%
Enet Communications Limited(1) Ireland 100% 0%
DataCenter United Belgium 37.4% 47.5%
Antwerp DataCenter BV Belgium 37.4% 47.5%
Antwerp DC BV Belgium 37.4% 47.5%
DATAZONE BV Belgium 37.4% 47.5%
DC Star NV Belgium 37.4% 47.5%
Digiscape BV Belgium 37.4% 47.5%
Brussels DC NV Belgium 37.4% 47.5%
DCU Invest NV Belgium 37.4% 47.5%
1. Previously named BT Communications Ireland Limited, which was renamed
following acquisition.
The amounts invested in the Company's unconsolidated subsidiaries during the
period and their carrying value at 30 September 2025 are as outlined in note
6.
There are certain restrictions on the ability of the Company's unconsolidated
subsidiaries to transfer funds to the Company in the form of cash dividends or
repayment of loans. In accordance with the documentation relating to various
third party loans to those subsidiaries, such cash movements may be subject to
limitations on amounts and timing, and satisfaction of certain covenants. The
Directors do not consider that these restrictions are likely to have a
significant effect on the ability of the Company's subsidiaries to transfer
funds to the Company.
During the year, the Investment Manager received immaterial fees from Emitel,
CRA and CDH UK for advisory services rendered.
Subsidiaries held in the Czech Republic, Ireland, Belgium and Poland are cash
generative, and do not need the financial support of the Company. The
subsidiary based in the US will receive the financial support of the Company
for a period of at least 12 months from the publication of this report.
8. Trade and other receivables
As at 30 September 2025 As at 31 March 2025
£'000
£'000
Cash collateral 8,428 8,755
Management fee income 1,083 -
Other debtors 760 1,891
Amounts receivable from related parties 162 68
Prepayments 61 81
10,494 10,795
Cash collateral relates to one security deposit held in money market accounts.
An amount of USD 11.3 million (£8.4 million) relates to collateral for a
letter of credit relating to the lease of the building occupied by Hudson, and
during the period ended 30 September 2025, the cash collateral generated
interest at a rate of 4.05% per annum (31 March 2025: 4.8% per annum).
9. Loan and borrowings
As at 30 September 2025 As at 31 March 2025
£'000
£'000
Opening balance 147,591 157,629
Drawdown of principal during the period 7,628 155,554
Capitalised interest - 4,701
Repayment of principal during the period - (166,399)
Realised exchange gain - (2,075)
Unrealised exchange (loss)/gain 8,034 (1,819)
163,254 147,591
On 29 July 2024, the Company fully settled its €191.8 million loan and
related interest previously owed to CDH Two through €1.8 million of its own
cash reserves and a new intercompany loan of €190.0 million with CDH UK. CDH
UK financed this loan by accessing its financing facility of up to €375.0
million, arranged with an international syndicate of banks and infrastructure
debt funds.
The intercompany liability to CDH UK is interest‑free, repayable on demand,
and subject to specified repayment dates. It was initially recognised at
€190.0 million. During the period ended 30 September 2025, an additional and
separate loan of €9 million was issued and drawn down. As at 30 September
2025, the total outstanding balance of these loans was €186.1 million
(£163.2 million) (31 March 2025: €177.1 million (£147.6 million)), with no
interest accrued or payable.
10. Share capital
Subject to any special rights, restrictions, or prohibitions regarding voting
for the time being attached to any shares, holders of ordinary shares have the
right to receive notice of and to attend, speak and vote at general meetings
of the Company and each holder being present in person or by proxy shall upon
a show of hands have one vote and upon a poll shall have one vote in respect
of each ordinary share that they hold.
Holders of ordinary shares are entitled to receive and participate in any
dividends or distributions of the Company in relation to assets of the Company
that are available for dividend or distribution. On a winding-up of the
Company, the surplus assets of the Company available for distribution to the
holders of ordinary shares (after payment of all other debts and liabilities
of the Company attributable to the ordinary shares) shall be divided amongst
the holders of ordinary shares pro rata according to their respective holdings
of ordinary shares.
Ordinary shares
30 September 2025 £'000 31 March 2025 £'000
Number of shares Number of shares
Issued and fully paid 773,559,707 780,100 773,559,707 780,100
Shares held in treasury (7,844,230) (5,886) (7,269,230) (5,444)
Outstanding shares at period/year end 765,715,477 774,214 766,290,477 774,656
Holders of ordinary shares are entitled to all dividends paid by the Company
on the ordinary shares and, on a winding up, provided the Company has
satisfied all of its liabilities, ordinary shareholders are entitled to all of
the surplus assets of the Company attributable to the ordinary shares.
Subscription shares carry no right to any dividends paid by the Company and
have no voting rights.
No subscription shares have been exercised between 31 March 2025 and the
date of this report, the last date they can be exercised is 28 February 2026.
Treasury shares
30 September 2025 31 March 2025
Number of shares Number of shares
Opening balance 7,844,230 7,269,230
Shares repurchased during the period/year - 575,000
Closing balance at period/year end 7,844,230 7,844,230
The Company has not undertaken any market buybacks during the period ended
30 September 2025.
Subscription shareholders have no right to any dividends paid by the Company
and have no voting rights.
11. Audit fees
Other operating expenses include fees payable to the Company's auditor, which
amounted to £109,000 for period ended 30 September 2025 in respect of the
audit of the statutory financial statements for the year ending 31 March 2026
(30 September 2024: £97,000). No fees were incurred for other audit-related
or non-audit services in either period/year. At 30 September 2025, there were
no audit fees from the year ended 31 March 2025 remaining unpaid.
12. Management and performance fees
Under the Investment Management Agreement, the Investment Manager is entitled
to receive an annual management fee and a performance fee, plus any applicable
VAT, in addition to the reimbursement of reasonable expenses incurred by it in
the performance of its duties.
Management fee
The Investment Manager receives from the Company an annual management fee,
based on the average market capitalisation of the Company, calculated using
the closing market capitalisation for each LSE trading day for the relevant
month, and paid monthly in arrears. The management fee has been payable since
30 April 2021, being the date on which more than 75% of the IPO proceeds
were deployed in investment activities.
The annual management fee is calculated on the following basis:
― 1.00% of the average market capitalisation up to £500 million;
― 0.90% of the average market capitalisation between £500 million and
£1 billion; and
― 0.80% of the average market capitalisation in excess of £1 billion.
Under the previous arrangement, the Investment Manager was required to apply
an amount equal to 10% of the annual management fee to purchase or subscribe
for ordinary shares in the Company, either through new issuance or market
purchases, depending on the trading price relative to NAV. Following the
amendment and restatement of the Investment Management Agreement on
18 August 2025, this requirement has been removed. The Investment Manager is
no longer required to reinvest any portion of the management fee into shares.
However, it must maintain at all times the same number of shares as it would
have been required to hold if the previous reinvestment requirement had
remained in place.
For the period ended 30 September 2025, the Investment Manager has charged
management fees of £3.4 million (30 September 2024: £2.9 million) to the
Company, with £0.7 million (31 March 2025: £0.5 million) owed at
period/year end.
Performance fee
The Investment Manager may in addition receive a performance fee on each
performance fee calculation date, dependent on the performance of the
Company's NAV and share price. The first performance fee calculation date was
31 March 2024 and subsequent calculation dates are on 31 March each year
thereafter. The fee is equal to 12.5% of the excess return over the target of
9% for the NAV return or share price return, whichever is the lower,
multiplied by the time-weighted average number of ordinary shares in issue
(excluding any ordinary shares held in treasury) during the relevant period.
Any performance fee is to be satisfied as follows:
- as to 50% in cash; and
- as to the remaining 50% of the performance fee, subject to certain exceptions
and the relevant regulatory and tax requirements:
a) if the average trading price, calculated over the 20 trading days immediately
preceding the performance fee calculation date, is equal to or higher than the
last reported NAV per ordinary share (as adjusted to reflect any dividends
reflected in the average trading price) the Company will issue to the
Investment Manager such number of new ordinary shares (credited as fully paid)
as is equal to the performance fee investment amount divided by the average
trading price (rounded down to the nearest whole number of ordinary shares);
b) if the average trading price is lower than the last reported NAV per ordinary
share (as adjusted to reflect any dividends reflected in the average trading
price) then the Company shall (on behalf of, and as agent for, the Investment
Manager) apply the performance fee investment amount in making market
purchases of ordinary shares, provided any such ordinary shares are purchased
at prices below the last reported NAV per ordinary share..
Any ordinary shares subscribed or purchased by the Investment Manager pursuant
to the above arrangements will, subject to usual exceptions, be subject to a
lock-up of 36 months from the date of subscription or purchase.
For the period ended 30 September 2025, no performance fee is due to the
Investment Manager (31 March 2025: £nil) and no amount has been accrued as
the share price performance hurdle has not been met.
13. Earnings per share and net asset value per share
For the six-months ended 30 September 2025
Basic Diluted
Allocated profit attributable to this share class - £'000 97,047 97,047
Weighted average number of shares in issue 765,715,477 765,715,477
Earnings per share from continuing operations in the period (pence) 12.67 12.67
For the six-months ended 30 September 2024
Basic Diluted
Allocated profit attributable to this share class - £'000 49,014 49,014
Weighted average number of shares in issue 766,009,708 766,009,708
Earnings per share from continuing operations in the year (pence) 6.40 6.40
As at 30 September 2025, there were 6,434,884 (31 March 2025: 6,434,884)
Subscription Shares in issue. During the period ended 30 September 2025, nil
(30 September 2024: nil) Subscription Shares were exercised.
As at As at
30 September 2025
31 March 2025
Weighted average number of shares used in basic earnings per share 765,715,477 765,862,189
Weighted average number of shares used in diluted earnings per share 765,715,477 765,862,189
Net asset value - £'000 1,072,337 992,519
Number of ordinary shares issued 765,715,477 765,715,477
Net asset value per share (pence) 140.04 129.62
14. Dividends declared and paid with respect to the year/period
Dividends paid during the period ended 30 September 2025 Dividend Total dividend
per ordinary share
£'000
pence
Second interim dividend in respect of the period ended 31 March 2025 2.25 17,229
Dividends paid during the period ended 30 September 2024 Dividend Total dividend
per ordinary share
£'000
pence
Second interim dividend in respect of the period ended 31 March 2024 2.20 16,858
On 24 November 2025, the Board approved the first interim dividend of 2.175
pence per share with respect to the six months ended 30 September 2025. The
record date for this dividend is 5 December 2025 and the payment date is 22
December 2025.
15. Related party transactions
Directors
The Company has four non-executive Directors, each of whom is considered to be
independent. Directors' fees for the period ended 30 September 2025 amounted
to £117,500 (30 September 2024: £92,500), of which £nil (31 March 2025:
£nil) was outstanding at the period/year end.
The shares held by the Directors at 30 September 2025 are shown in the table
below:
Ordinary shares held at Ordinary shares held at
30 September 2025
31 March 2025
Shonaid Jemmett-Page 108,651 88,719
Sian Hill 92,711 77,500
Marten Pieters 140,625 103,125
Simon Pitcher 90,000 63,125
Investment Manager
The Investment Manager charged management fees of £3.4 million (30 September
2024: £2.9 million) to the Company during the period, with £0.7 million (31
March 2025: £0.5 million) outstanding at period end.
Investment
The Company has provided additional funding of £6.3 million (USD 8.5 million)
as a loan to its subsidiary, CDIL Data Centre USA LLC during the period ended
30 September 2025. The balance of the loan investment at 30 September 2025 was
£18.5 million (31 March 2025: £12.6 million).
Company subsidiaries
At 31 March 2025, the CDH UK loan principal was £147.6 million with no
interest accrued or due. During the period, an additional and separate loan of
€9 million (£7.6 million) was made. As at 30 September 2025, the total
outstanding balance of these loans was £163.2 million
(31 March 2025: £146.7 million), with no interest accrued or payable.
During the period ended 30 September 2025, the Company charged management fees
amounting to £0.7 million (30 September 2024: £nil) for services provided to
CRA, Emitel, Speed Fibre and BTC.
16. Ultimate controlling party
In the opinion of the Board, on the basis of the shareholdings advised to
them, the Company has no ultimate controlling party.
17. Subsequent events
Apart from dividend declaration, as disclosed in Note 14, there were no other
significant events following the reporting period ending 30 September 2025.
Glossary of capitalised defined terms
Administrator means Aztec Financial Services (Guernsey) Limited
AFFO means adjusted funds from operations
AIC means the Association of Investment Companies
AIC Code means the AIC Code of Corporate Governance
AIC SORP means the AIC Statement of Recommended Practice
Board means the board of Directors of the Company
Belgian Tower Company or BTC means Belgian Tower Company NV, formerly Norkring
België NV.
BTCIL means BT Communications Ireland Limited now Enet Communications Limited
or ECL
CIH means Communications Investments Holdings s.r.o.
Company means Cordiant Digital Infrastructure Limited
Company's Annual Report 2025 means the Company's annual report for the year
ended 31 March 2025
Companies Law means the Companies (Guernsey) Law 2008 (as amended)
Company's Prospectus means the prospectus issued by the Company on 29 January
2021 in relation to its IPO
Cordiant Digital Infrastructure Management or CDIM means the Investment
Manager's Digital Infrastructure team.
CRA means České Radiokomunikace s.a.
C Shares means C shares of no par value each in the capital of the Company
issued pursuant to the Company's placing programme as an alternative to the
issue of ordinary shares
DAB+ means digital audio broadcasting plus, an advanced digital radio standard
that provides higher audio quality and more efficient spectrum use compared to
traditional FM broadcasting
DCF means discounted cash flow
Datacentre United or DCU means DC Invest NV.
DCU Brussels means DCU Brussels NV.
Digital Infrastructure means the physical infrastructure resources that are
necessary to enable the storage and transmission of data by telecommunications
operators, corporations, governments and individuals. These predominantly
consist of mobile telecommunications/broadcast towers, data centres, fibre
optic networks, in-building systems and, as appropriate, the land under such
infrastructure. Digital Infrastructure assets do not include switching and
routing equipment, servers and other storage devices or radio transmission
equipment or software
Directors means the directors of the Company
DTRs means the Disclosure Guidance and Transparency Rules issued by the FCA
DTT means digital terrestrial television
DVB-T2 means Digital Video Broadcasting - Second Generation Terrestrial
EBITDA means earnings before interest, taxation, depreciation and amortisation
ECL means Enet Communications Limited, formerly BTCIL
EEA means the European Economic Area
Emitel means Emitel S.A.
ESG means environmental, social and governance
EV means enterprise value
FCA means the UK Financial Conduct Authority
FX means foreign exchange.
GPU means graphics processing unit, a specialised processor designed to
accelerate graphics rendering and parallel computing tasks, widely used in
artificial intelligence and high‑performance computing
GFSC means the Guernsey Financial Services Commission
HEVC means high efficiency video coding
Hudson means Hudson Interxchange (previously operating under the name DataGryd
Datacenters a trading name of CDIL Data Centre USA LLC)
IAS means international accounting standards as issued by the Board of the
International Accounting Standards Committee
IASB means International Accounting Standards Board
IFRS means the International Financial Reporting Standards, being the
principles-based accounting standards, interpretations and the framework by
that name issued by the International Accounting Standards Board
Interim Report means the Company's half yearly report and unaudited condensed
interim financial statements for the six-month period ended 30 September 2025
Investment Entity means an entity whose business purpose is to make
investments for capital appreciation, investment income, or both.
Investment Manager means Cordiant Capital Inc.
IoT means the Internet of Things
IPEV Valuation Guidelines means the International Private Equity and Venture
Capital Valuation Guidelines
IPO means the initial public offering of shares by a company to the public
Listing Rules means the listing rules published by the FCA.
LSE means the London Stock Exchange
MUX means multiplex, a system that combines multiple digital TV or radio
channels into a single signal for transmission over one frequency
NAV or net asset value means the value of the assets of the Company less its
liabilities as calculated in accordance with the Company's valuation policy
and expressed in pounds sterling
PUE means power usage effectiveness, an industry metric for measuring the
energy efficiency of a data centre, calculated as the ratio of total facility
energy to IT equipment energy
RCF means revolving credit facility
Speed Fibre means Speed Fibre Designated Activity Company
Subscription Shares means redeemable subscription shares of no par value each
in the Company, issued on the basis of one Subscription Share for every eight
ordinary shares subscribed for in the IPO
TCFD means Task Force on Climate-related Financial Disclosures
UK or United Kingdom means the United Kingdom of Great Britain and Northern
Ireland
US or United States means the United States of America, its territories and
possessions, any state of the United States and the District of Columbia
USD means United States dollars.
WACC means weighted average cost of capital.
Directors and general information
Directors (all appointed 26 January 2021)
Shonaid Jemmett-Page Chairman
Sian Hill Audit Committee Chairman and Senior Independent Director
Marten Pieters
Simon Pitcher
All independent and of the registered office below.
Website www.cordiantdigitaltrust.com
ISIN (ordinary shares) GG00BMC7TM77
Ticker (ordinary shares) CORD
SEDOL (ordinary shares) BMC7TM7
Registered Company Number 68630
Registered office Legal advisors to the Company
East Wing Gowling WLG (UK) LLP
Trafalgar Court 4 More London Riverside
Les Banques London
St Peter Port SE1 2AU
Guernsey
GY1 3PP
Investment manager Carey Olsen (Guernsey) LLP
Cordiant Capital Inc. Carey House
28th Floor Les Banques
Bank of Nova Scotia Tower St Peter Port
1002 Sherbrooke Street West Guernsey
Montreal GY1 4BZ
QC H3A 3L6
Company secretary and administrator Registrar
Aztec Financial Services (Guernsey) Limited Computershare Investor Services (Guernsey) Limited
East Wing 1st Floor Tudor House
Trafalgar Court Le Bordage
Les Banques St Peter Port
Guernsey Guernsey
GY1 3PP GY1 1DB
Auditor Brokers
BDO Limited Investec Bank plc
PO Box 180 30 Gresham Street
Place du Pre London
Rue du Pre EC2V 7QP
St Peter Port
Guernsey
GY1 3LL
Principal banker and custodian Deutsche Numis
The Royal Bank of Scotland International Limited 45 Gresham Street
Royal Bank Place London
1 Glategny Esplanade EC2V 7BF
St Peter Port
Guernsey
GY1 4BQ
Receiving agent
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6AH
Cautionary Statement
This document may include statements that are, or may be deemed to be,
'forward-looking statements'. These forward-looking statements can be
identified by the use of forward‑looking terms or expressions, including
'believes', 'estimates', 'anticipates', 'expects', 'intends', 'may', 'plans',
'projects', 'will', 'explore' or 'should' or, in each case, their negative or
other variations or comparable terminology or by discussions of strategy,
plans, objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They may appear
in a number of places throughout this document and may include, but are not
limited to, statements regarding the intentions, beliefs or current
expectations of the Company, the Directors and/or the Investment Manager
concerning, amongst other things, the investment objectives and investment
policy, financing strategies, investment performance, results of operations,
financial condition, liquidity, prospects and distribution policy of the
Company and the markets in which it invests.
By their nature, forward-looking statements involve risks and uncertainties
because they relate to future events and depend on circumstances that may or
may not occur in the future. Forward‑looking statements are not guarantees
of future performance. The Company's actual investment performance, results of
operations, financial condition, liquidity, distribution policy and the
development of its financing strategies may differ materially from the
impression created by, or described in or suggested by, the forward-looking
statements contained in this document. Further, this document may include
target figures for future financial periods.
Any such figures are targets only and are not forecasts. Nothing in this
document should be construed as a profit forecast or a profit estimate. In
addition, even if actual investment performance, results of operations,
financial condition, liquidity, distribution policy and the development of its
financing strategies, are consistent with any forward-looking statements
contained in this document, those results or developments may not be
indicative of results or developments in subsequent periods. A number of
factors could cause results and developments of the Company to differ
materially from those expressed or implied by the forward‑looking statements
including, without limitation, general economic and business conditions,
industry trends, inflation and interest rates, the availability and cost of
energy, competition, changes in law or regulation, changes in taxation
regimes, the availability and cost of capital, currency fluctuations, changes
in its business strategy, political and economic uncertainty. Any
forward-looking statements herein speak only at the date of this document.
As a result, you are cautioned not to place any reliance on any such
forward-looking statements and neither the Company nor any other person
accepts responsibility for the accuracy of such statements. Subject to their
legal and regulatory obligations, the Company, the Directors and the
Investment Manager expressly disclaim any obligations to update or revise any
forward‑looking statement contained herein to reflect any change in
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based.
1 Figures are based on the first six months of each portfolio company's
financial year. Emitel, Speed Fibre, and DCU have calendar year ends. Excludes
the BT Ireland unit (acquired in September 2025) but includes DCU (added
February 2025), pro‑rated for the Company's 37.4% stake. Excluding DCU,
EBITDA and revenue growth were 4.8% and 4% respectively. Belgian Tower Company
(BTC) figures are excluded to remove the impact of discontinued broadcast
operations following an expected contract expiry earlier this year.
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