REG - GCP Infra Inv Ltd - Net asset value and disposals

GCP Infrastructure InvestmentsAnnouncement

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RNS Number : 8222A  GCP Infrastructure Investments Ltd  17 April 2026

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

 

Net asset value and disposals

17 April 2026

Net Asset Value

GCP Infra announces that at close of business on 31 March 2026, the unaudited
net asset value ("NAV") per ordinary share of the Company was 100.26 pence (31
December 2025: 100.27 pence), a decrease of 0.01 pence per ordinary share. The
NAV takes into account cash, other assets, accrued liabilities and expenses
and leverage of the Company attributable to the ordinary share class.

Inflation forecasts have been updated for the Office for Budget
Responsibility's (OBR) latest projections, released with the government's
Spring Budget. These saw lower levels of forecast inflation compared to the
previous forecast, but do not incorporate the expected impacts on inflation of
the Iran-US/Israel conflict. This has resulted in a reduction in valuation of
0.23 pence per ordinary share.

Updates to forecast electricity prices, driven by higher futures prices in the
short-term, offset by lower medium and long-term forecasts from the Company's
third-party power price consultant, resulted in a net increase of 0.57 pence
per ordinary share, including the impact of hedging arrangements. Actual
generation across the renewable energy portfolio, net of the valuation effect
of unwinding discount rates and project specific updates across the whole
portfolio led to a net decrease of 0.61 pence per ordinary share. No discount
rate changes were proposed by Forvis Mazars, the Company's independent
valuation agent, in the period.

A summary of the constituent movements in the quarterly NAV per ordinary share
is shown below.

 NAV analysis (pence per share)                                              NAV     Change
 31 December 2025                                                            100.27
 Q1 2026 power price forecasts (net of hedging)                                      0.57
 OBR inflation forecasts                                                             (0.23)
 Actual generation net of discount rate unwind and project specific updates          (0.61)
 Share buyback accretion to NAV                                                      0.26
 31 March 2026                                                               100.26

Capital allocation

The Company set out an update to its capital allocation policy as part of the
capital markets day in February. The slides and a recording are available on
the Company's website. This set out: (i) that accelerated return of capital
through disposals and refinancing would continue to occur; and (ii) a
framework for the use of the Company's available capital that is a function of
the relationship between the Company's share price and net asset value per
share.

As part of this a pipeline of ongoing disposals, and the status of such
disposals, was set out. This included the repayment of c. £43m of loans,
secured against a portfolio of supported social housing assets, as part of the
sale of such portfolio by the relevant borrowers which exchanged in late
January and was announced by the Company, with completion expected in the
coming weeks. Further, this pipeline included the refinance of c. £40m of
loans extended to a portfolio of operational solar projects which is also
progressing and completion is targeted in early May. A wider pipeline of
disposals continues to be progressed.

At 31 March 2026, the Company had £27 million (31 December 2025: £24
million) outstanding under its revolving credit arrangements, representing a
net debt position of c. £17 million (31 December 2025: c. £14 million) which
compares to the Company's unaudited NAV of £829 million (31 December 2025:
£838 million).

Further supporting the capital allocation policy, the Company bought back
8,479,700 ordinary shares in the quarter, contributing a 0.26 pence per
ordinary share increase to NAV at 31 March 2026. In aggregate, the Company has
purchased c. £30 million of shares since announcing the capital allocation
policy.

Portfolio

The Company's portfolio continues to perform materially in line with the
Company's expectations. The Company's mature, diverse and operational
portfolio provides defensive access to stable and predictable income. It is
the view of the Investment Adviser that the long-term and structural demand
for infrastructure, and particularly infrastructure debt, offers investors an
attractive exposure to an asset class whose performance is not correlated to
wider markets and benefits from long-term and partially inflation protected
income.

The Company is pleased with the uptake by shareholders of its recently
published investor portal (the "Portal"), providing shareholders with granular
information on the Company's investment portfolio. The Portal has been updated
to incorporate the latest quarterly valuation. Any shareholder who would like
access to the Portal should e-mail carapace@graviscapital.com
(mailto:carapace@graviscapital.com) .

For further information please contact:

 Gravis Capital Management Limited  +44 (0)20 3405 8500

 Philip Kent

 Robyn MacHugh

 Cameron Gardner

 RBC Capital Markets                +44 (0)20 7653 4000

 Matthew Coakes

 Elizabeth Evans

 Sahil Suleman

 Canaccord Genuity Limited          +44 (0)20 7523 8000

 Edward Gibson-Watt

 Stuart Andrews

 Elizabeth Halley-Stott

 Burson Buchanan                    +44 (0)20 7466 5000

 Helen Tarbet

 Nick Croysdill

 Henry Wilson

Notes to the Editor

About GCP Infra

GCP Infra is a closed-ended investment company and FTSE-250 constituent. Its
shares are traded on the main market of the London Stock Exchange. The
Company's objective is to provide shareholders with regular, sustained,
long-term dividends and to preserve capital over the long term by generating
exposure to UK infrastructure debt and related and/or similar assets.

The Company primarily targets investments in infrastructure projects with long
term, public sector-backed, availability-based revenues. Where possible,
investments are structured to benefit from partial inflation protection. GCP
Infra is advised by Gravis Capital Management Limited.

GCP Infra has been awarded with the London Stock Exchange's Green Economy
Mark in recognition of its contribution to positive environmental outcomes.

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