REG - GCP Infra Inv Ltd - Disposals, NAV and dividend declaration

GCP Infrastructure InvestmentsAnnouncement

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RNS Number : 1537R  GCP Infrastructure Investments Ltd  02 February 2026

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

 

Disposals, net asset value and dividend declaration

2 February 2026

Disposals and expected prepayment

The Company is pleased to announce that certain borrowers to whom the Company
has extended loans have exchanged contracts for the disposal of properties
that are leased to registered providers for the provision of supported social
housing. The proceeds of such disposals, if completed, will repay £47.5
million of loans and, after considering deferred amounts, will generate day
one cash proceeds of £43 million. This is materially in line with the
valuation of such investments incorporated into the Company's net asset value
as at both 30 September 2025 and 31 December 2025. Completion is subject to
finalisation of the purchaser's lending arrangements which is expected prior
to 31 March 2026.

Net Asset Value

GCP Infra announces that at close of business on 31 December 2025, the
unaudited net asset value ("NAV") per ordinary share of the Company was 100.27
pence (30 September 2025: 101.40 pence), a decrease of 1.13 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 were updated for the Office for Budget Responsibility's
(OBR) latest projections, released with the government's Autumn Budget. These
saw higher levels of inflation persisting for longer compared to the previous
forecast and resulted in a 0.17 pence per ordinary share uplift.

Last week the government announced that, following consultation last year, it
will be amending the indexation applied to the renewable obligation buy out
price and feed-in-tariffs to be based on CPI from April 2026. The impact of
this, in line the Company's previous disclosures, is a reduction in net asset
value per ordinary share of 0.53 pence. The net of these factors is a
reduction in valuation of 0.36 pence per ordinary share.

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 0.53 pence per ordinary share,
net of hedging. Actual generation across the renewable energy portfolio
increased NAV per ordinary share by 0.14 pence, and the valuation effect of
unwinding discount rates, project specific updates across the whole portfolio,
and other movements led to a net decrease of 0.23 pence per ordinary share.

The Company has, following independent advice, continued to assess the level
of curtailment and constraint for two onshore wind projects in Northern
Ireland that participate in the Irish Single Electricity Market. This has
resulted in a negative movement of 0.21 pence per ordinary share.

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

 NAV analysis (pence per share)                              NAV     Change
 30 September 2025                                           101.40
 Q4 2025 power price forecasts (net of hedging)                      (0.53)
 Actual generation                                                   0.14
 Discount rate unwind, project specific and other movements          (0.23)
 Northern Irish wind asset curtailment forecast                      (0.21)
 OBR inflation forecasts, updates to ROC and FiT indexation          (0.36)
 Share buyback accretion to NAV                                      0.06
 31 December 2025                                            100.27

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 31 December 2025, the Company had £24 million (30
September 2025: £20 million) outstanding under its revolving credit
arrangements, representing a net debt position of c. £14 million (30
September 2025: c. £8 million) which compares to the Company's unaudited NAV
of £838 million (30 September 2025: £849 million).

Further supporting the capital allocation policy, the Company bought back
1,735,000 ordinary shares in the quarter, contributing a 0.06 pence per
ordinary share increase to NAV at 31 December 2025. In aggregate, the Company
has purchased c. £24 million of shares since announcing the capital
allocation policy.

The Company continues to progress transactions to dispose of at least £150
million of assets in those sectors targeted in the capital allocation policy.
Such transactions would enable the Company to complete the capital allocation
policy objectives of returning at least £50 million to shareholders and
reducing the Company's outstanding debt to nil. On completion, the above
announced expected disposals and repayment will take the running total of
disposals and cash proceeds under the policy to c. £128 million, and the
revolving credit facility is expected to be repaid in full. Further
announcements will be made in due course.

Dividend

GCP Infra is pleased to announce a dividend of 1.75 pence per ordinary share
for the period from 1 October 2025 to 31 December 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 13 March 2026 to holders of ordinary shares recorded
on the register as at the close of business on 13 February 2026.

Expected timetable:

 Shares quoted ex-dividend  12 February 2026
 Record date for dividend   13 February 2026
 Dividend payment date      13 March 2026

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) .

Capital markets day

The Company will be hosting a capital markets day on Wednesday 25 February
from 12pm to 2pm for shareholders and analysts. Those interested in attending
the event either in person, or virtually, should e-mail
gcpinfra@graviscapital.com (mailto:gcpinfra@graviscapital.com) for further
information and to register.

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

 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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