REG - GCP Infra Inv Ltd - Net asset value and dividend declaration

GCP Infrastructure InvestmentsAnnouncement

25/07/2025 07:00

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RNS Number : 4462S  GCP Infrastructure Investments Ltd  25 July 2025

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

 

Net asset value and dividend declaration

 

25 July 2025

Net Asset Value

GCP Infra announces that at close of business on 30 June 2025, the unaudited
net asset value ("NAV") per ordinary share of the Company was 102.14 pence (31
March 2025: 102.28 pence), a decrease of 0.14 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.

Mazars, the Company's independent valuation agent, did not make any changes to
discount rates in the quarter. The weighted average discount rate used by the
Company to value its investment portfolio decreased to 8.33% at 30 June 2025
(31 March 2025: 8.36%) as a result of principal and interest payments across
the portfolio.

Updates to forecast electricity prices, driven both by lower futures forecast
in the short-term and the latest forecast from the Company's third-party power
price consultant, resulted in a reduction of 0.34 pence per ordinary share,
net of hedging. Actual generation across the renewable energy portfolio and
the valuation effect of its unwinding discount rates led to an increase of
0.49 pence per ordinary share.

The Company's board of directors (the "Board") is pleased to announce that the
Company has agreed settlement terms relating to the ongoing contractual claim
under investment documentation relating to the audits of the accreditation of
a portfolio of solar projects under the Renewables Obligation. The terms of
the settlement are confidential however the impact of the settlement was
materially in line with the valuation assumptions the Company has adopted and
therefore the net asset value. The proceeds of the settlement, which have been
received by the Company post period-end, will be used in line with the
Company's capital allocation policy to prepay the Company's outstanding RCF
balance. Net debt following such prepayment will be c. £10 million.

A summary of the constituent movements in the quarterly net asset value per
ordinary share is shown below.

 NAV analysis (pence per share)                  NAV     Change
 31 March 2025                                   102.28
 Q2 2025 power price forecasts (net of hedging)          (0.34)
 Actual generation net of discount rate unwind           0.49
 Other net movements                                     (0.51)
 Share buyback accretion to NAV                          0.22
 30 June 2025                                    102.14

Capital allocation

The Board reconfirms its commitment to the Company's capital allocation policy
set out in the 2024 Annual Report and Accounts, continuing to prioritise
repayment of leverage, as well as reducing equity-like exposures and exposures
in certain sectors, whilst also facilitating the return of £50 million of
capital to shareholders. At 30 June 2025, the Company had £43 million (31
March 2025: £41 million) outstanding under its revolving credit arrangements,
representing a net debt position of £36 million (31 March 2025: £29 million)
which compares to the Company's unaudited NAV of £864 million (31 March 2025:
£872 million).

Further supporting the capital allocation policy, the Company bought back
6,321,854 ordinary shares in the quarter, contributing a 0.22 pence per
ordinary share increase to NAV.

Dividend

GCP Infra is pleased to announce a dividend of 1.75 pence per ordinary share
for the period from 1 April 2025 to 30 June 2025. This is in line with the
Company's annual dividend target of 7.00 pence per ordinary share. The
dividend will be paid on 3 September 2025 to holders of ordinary shares
recorded on the register as at the close of business on 8 August 2025.

  Expected timetable:

 Shares quoted ex-dividend  7 August 2025
 Record date for dividend   8 August 2025
 Dividend payment date      3 September 2025

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.

For further information please contact:

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

 Philip Kent

 Max Gilbert

 Cameron Gardner

 RBC Capital Markets                +44 (0)20 7653 4000

 Matthew Coakes

 Elizabeth Evans

 Stifel Nicolaus Europe Limited     +44 (0)20 7710 7600

 Edward Gibson-Watt

 Jonathan Wilkes-Green

 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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