REG - Digital 9 Infrastr. - Disclosure of Indicative Valuation of Arqiva

Digital 9 InfrastructureAnnouncement

11/02/2026 07:00

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RNS Number : 4984S  Digital 9 Infrastructure PLC  11 February 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

11 February 2026

 

DIGITAL 9 INFRASTRUCTURE PLC

 

("D9" or the "Company" and, together with its subsidiaries, the "Group")

 

Disclosure of Indicative Valuation of Arqiva

 

The Company today provides an update on the likely valuation outcome for its
investment in Arqiva as at 31 December 2025. The year-end valuation and
external audit processes are ongoing.

Based on the work undertaken to date on the valuation of Arqiva, informed by
Arqiva management's draft revised long-term management information, the Board
and Investment Manager's assessment is that the indicative valuation of the
Group's equity interest in Arqiva is expected to fall below the value of the
Vendor Loan Note ("VLN"). The highly leveraged structure of the Company's
investment, means that the valuation is very sensitive to changes in
underlying assumptions.

This assessment also reflects relevant third‑party transaction data, notably
the divestment by Macquarie Asset Management announced on 26 November 2025,
which took place at an implied valuation below the VLN.

As a result of the above factors, the Company expects to recognise a valuation
of nil for Arqiva in its 31 December 2025 net asset value.

The updated long‑term planning exercise at Arqiva remains ongoing, and the
final valuation will be subject to the conclusion of the Company's independent
valuation review, external audit processes and Board approval.

As set out in previous shareholder communications, the Group's investment in
Arqiva is a highly leveraged position and is therefore very sensitive to key
valuation assumptions regarding operating performance, long‑term
broadcasting contract renewals, DCMS policy outcomes, and the optimisation of
Arqiva's capital structure. This has always resulted in a wide range of
potential valuation outcomes for D9. Within this framework, a nil valuation
had been identified as a plausible downside scenario, and the deterioration in
the draft long-term plan assumptions now places greater weight on this
outcome. Notwithstanding this, there remains a credible pathway to value in
certain scenarios, and D9 will continue to work actively with Arqiva's
management on initiatives aimed at outperforming the business plan, supporting
capital‑structure optimisation, and progressing opportunities that may
enhance valuation over time.

Arqiva remains exposed to several binary events, including government policy
and regulatory decisions, capital-structure optimisation, and broader market
developments, any of which may materially influence medium‑term equity
value.

The Company expects to provide a further update, including the full 31
December 2025 NAV, upon completion of its year‑end valuation and audit
processes.

 

ENDS.

 

 

Notes to Editors

 

Capitalised terms used but not defined in this announcement shall have the
same meaning as given in prior announcements of the Company.

 

Contacts

 

 Digital 9 Infrastructure plc                                                                                                via FTI

                                                                                                                           Consulting
 Eric
 Sanderson
 InfraRed Capital Partners Limited                                                                                           +44 (0) 207 484 1751

 James O'Halloran

 Mohammed Zaheer
 Panmure Liberum Limited (Financial Adviser to the Company)                                                                  +44 (0) 203 100 2222

 Chris Clarke

 Darren Vickers
 J.P. Morgan Cazenove (Corporate Broker)                                                                                     +44 (0) 20 7742 4000

 William Simmonds

 Jérémie Birnbaum
 FTI Consulting (Communications Adviser)                                                                                     dgi9@fticonsulting.com (mailto:dgi9@fticonsulting.com)

 Mitch Barltrop                                                                                                              +44 (0) 7807 296 032

 Maxime Lopes                                                                                                                +44 (0) 7890 896 777

 

LEI Code: 213800OQLX64UNS38U92

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Uloma Adighibe of Hanway Advisory Limited, the
Delegated Company Secretary.

 

About Digital 9 Infrastructure plc

 

Digital 9 Infrastructure plc (DGI9) is an investment trust listed on the
London Stock Exchange and a constituent of the FTSE All-Share, with the ticker
DGI9. The Company's investment objective is to undertake a Managed wind-down
of the Company and realise all existing assets in the Company's portfolio in
an orderly manner. For more information, please
visit www.d9infrastructure.com (http://www.d9infrastructure.com/) .

 

About InfraRed Capital Partners (Investment Manager to D9 appointed to effect
the wind-down)

 

InfraRed was appointed in an advisory position on 11 October 2024 and AIFM on
11 December 2024 to effect the Managed Wind-Down of D9.

 

InfraRed manages US$13bn of equity capital for investors around the globe, in
listed and private funds across both core and value-add strategies. InfraRed
combines a global reach, operating worldwide from offices in London, Madrid,
New York, Sydney and Seoul, with deep sector expertise from a team of more
than 160 people. InfraRed is part of SLC Management, the institutional
alternatives and traditional asset management business of Sun Life, and
benefits from its scale and global platform.

 

Further details can be found on InfraRed's website www.ircp.com
(http://www.ircp.com/) .

 

 

 

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