Digital 9 Infrastr. - Results for the half year ended 30 June 2025
26/09/2025 07:00
RNS Number : 9155A
Digital 9 Infrastructure PLC
26 September 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
26 September 2025
DIGITAL 9 INFRASTRUCTURE PLC
("D9" or the "Company" and, together with its subsidiaries, the "Group")
Results for the half year ended 30 June 2025
The Board of Digital 9 Infrastructure plc (the "Board") announces the Company's unaudited results for the half year ended 30 June 2025.
Eric Sanderson, Chair of D9, said: "With the first phase of the wind-down largely complete, the Company's financial position is now stabilised. We have a platform to maximise shareholder value over time, following the full repayment of the RCF and completion of the Aqua Comms sale expected by the end of the year. With value-enhancing initiatives underway at Elio Networks and key decisions in relation to contract renewals regarding Arqiva's DTT business to take place in 2027, significant value remains to be unlocked. The Board and Investment Manager continue to seek opportunities to maximise value for shareholders."
Highlights
· Strong progress made towards the wind-down of the Company with the disposal of SeaEdge UK1 in June (£10.3 million net consideration), the completion of the EMIC-1 divestment in May ($43.0 million net consideration) and the announcement of the Aqua Comms divestment in January ($44.5 million net consideration including completion account adjustments and adverse foreign exchange movements as of June 2025).
· Full repayment of the Group's Revolving Credit Facility ("RCF"), which stood at £53 million as of December 2024, using divestment proceeds from SeaEdge UK1 and EMIC-1 alongside working capital surpluses in June 2025.
· First capital returns to shareholders expected in early 2026, following the expected completion of the Aqua Comms divestment which remains subject to multi-jurisdictional regulatory approvals. The quantum of capital returns is subject to final Aqua Comms proceeds and the Company's future working capital requirements.
· The Prior Year Adjustment ("PYA") Review, which was announced in the 31 December 2024 annual results, was concluded by the independent expert in the period. This has resulted in a downwards adjustment to the 31 December 2023 valuation of £111.5 million.
· Robust operational performance from remaining operating assets Elio Networks and Arqiva in the first half of 2025. We continue to expect sale processes for these assets to commence in 2027 to maximise potential value for D9's shareholders.
· Net Asset Value ("NAV") of £283.1 million (or 32.7 pence per share) as of 30 June 2025, compared with £297.3 million (34.4 pence per share) as of 31 December 2024.
· The 1.7p decline in the NAV of the Company over the last six months was primarily driven by a 0.7p fair value movement in Aqua Comms due to updates to the completion accounts and adverse foreign exchange movements, 0.5p due to the write-down of Verne Global Earn-Out to £Nil, and other fund operating costs in the D9 Group, offset by 0.4p business plan out-performance at Elio Networks.
· Aggregate revenues for the Investee Companies during the period amounted to £379 million, 6% higher than the same six-month period to 30 June 2024 (£357 million). The increase was largely attributable to the ramping up of water metering contracts at Arqiva.
· EBITDA over the period decreased by 3% to £166 million, mainly due to a changing business mix at Arqiva.
| As at | 30 June 2025 | 31 December 2024 | 30 June 2024 |
| IFRS NAV | £283m | £297m | £403m |
| IFRS NAV per share | 32.7p | 34.4p | 46.6p |
| IFRS Investment Valuation | £279m | £286m | £384m |
| Total Portfolio Value1 | £280m | £331m | £424m |
| Aggregate Group debt1 | £191m | £238m | £233m |
| Group Cash (unrestricted)1 | £4.0m | £17.7m | £23.9m |
| For the period | Six months to 30 June 2025 | Twelve months to 31 December 2024 | Six months to 30 June 2024 (Restated) |
| Earnings per share | (1.7p) | (45.0p) | (19.8p) |
| Ongoing Charges Ratio (annualised)1 | 1.90% | 1.82% | 1.63% |
| Dividends paid per share | - | - | - |
| Total return (based on NAV)1 | (4.7%) | (48.3%) | (29.8%) |
| For the period | Six months to 30 June 2025 | Six months to 30 June 2024 | Year-on-year change % |
| Consolidated Portfolio Revenue | £378.8m | £356.9m | 6% |
| Aqua Comms2 | £16.6m | £16.0m | 4% |
| Arqiva | £358.1m | £336.2m | 7% |
| Elio Networks | £4.1m | £4.1m | - |
| Consolidated Portfolio EBITDA | £165.6m | £170.2m | (3%) |
| Aqua Comms2 | £6.5m | £3.6m | 82% |
| Arqiva | £157.0m | £164.0m | (4%) |
| Elio Networks | £2.0m | £2.2m | (9%) |
| Digital 9 Infrastructure plc Eric Sanderson | via FTI Consulting |
| InfraRed Capital Partners Limited James O'Halloran Mohammed Zaheer | +44 (0) 207 484 1751 |
| J.P. Morgan Cazenove (Corporate Broker) William Simmonds Jérémie Birnbaum | +44 (0) 20 7742 4000 |
| Panmure Liberum Limited (Financial Adviser to the Company) Chris Clarke Darren Vickers | +44 (0) 203 100 2222 |
| FTI Consulting (Communications Adviser) Mitch Barltrop Maxime Lopes | dgi9@fticonsulting.com +44 (0) 7807 296 032 +44 (0) 7890 896 777 |