Contents
Interim Highlights 1
Chair's Statement 2
The Investment Portfolio - Top 10 Assets 4
Investment Manager's Report 5
Operational Highlights 9
Valuation of the Portfolio 12
Key Performance Indicators 17
Financial Review 18
Directors' Statement of Responsibilities 24
Independent Review Report to
HICL Infrastructure PLC 25
Condensed Unaudited Statement
of Comprehensive Income 26
Condensed Unaudited Statement
of Financial Position 27
Condensed Unaudited Statement
of Changes in Shareholders' Equity 28
Condensed Unaudited
Cash Flow Statement 29
Notes to the Condensed
Unaudited Financial Statements 30
Directors & Advisers 36
Front cover image: Blankenburg Tunnel, The Netherlands
References are made throughout to Alternative Performance Measures ("APMs"). These are provided alongside IFRS measures to provide additional information to shareholders. A full reconciliation of the APMs used is disclosed on page 20
HICL Interim Report 2025 1
Interim Highlights
For the six months ended 30 September 2025
Strategic progress on active portfolio management:Pleasing cash generation & dividend cover:
on disposals, supported by pleasing inflation-linked cash generation across HICL's core PPP assets reinforcing confidence in HICL's FY26 target.
Sustainable valuation growth:
Summary Financial Results
(On an investment basis)
For the six months to | 30 September 2025 | 30 September 2024 |
Income | £145.8m | £71.7m |
Total Return | £119.5m | £45.0m |
Earnings per share ("EPS") | 6.1p | 2.2p |
Target dividend per share for the year | 8.35p | 8.25p |
Net Asset Value | 30 September 2025 | 31 March 2025 |
NAV per share | 156.0p | 153.1p |
Interim dividend | 2.09p | 2.07p |
NAV per share after deducting interim dividend | 153.9p | 151.0p |
HICL Infrastructure PLC and its subsidiaries is defined as either HICL or the Group throughout the report. HICL Infrastructure PLC, the Company only, is defined as the Company throughout the report
For discussion purposes only. The information above is based on hypothetical assumptions that may not occur and represent the views solely of InfraRed. Investors should not rely upon the targeted/ hypothetical information in making an investment decision. Targeted /Hypothetical returns are aspirational in nature and should not be relied upon when making an investment decision. There can be no assurance or guarantee that the targets or assumptions underlying the hypothetical information, or any of the economics presented, can, or will be, achieved. Upon request, InfraRed will provide the criteria and assumptions upon which we based such targeted/hypothetical information
Defined as the return on the portfolio that includes the unwind of the discount rate and portfolio performance (before adjusting macroeconomic assumptions)
Refer to the Glossary provided in the Annual Report 2025 for definitions
2 HICL Interim Report 2025
Chair's Statement
HICL has delivered a strong performance in the first half of the year, building on its proven track record of strategic portfolio rotation, amid a volatile market backdrop. The Group has achieved underlying NAV growth, while exceeding the targeted asset disposals for the FY26, ahead of schedule and at robust valuations, enabling continued returns to shareholders.
On 17 November 2025, the Board was pleased to announce the proposed combination of HICL with TRIG Ltd to create the UK's largest listed infrastructure
investment company with net assets in excess of £5.3bn. The combination represents a unique opportunity to capture the key megatrends shaping the infrastructure market today, which increasingly straddle both core infrastructure and the energy transition. The Combined Company will have the scale, portfolio diversification and balance sheet strength to better access a broader range of global opportunities and deliver sustainable long-
term value for shareholders. The combination is to be implemented through the reconstruction and voluntary winding up of TRIG, with TRIG assets transferred to HICL in exchange for the issue of new HICL shares and cash. For further details, please see the announcement published on 17 November 2025 by Regulatory Information Service by the Company. The remainder
of the Group's interim report is prepared on an entirely standalone basis.
The Board and Investment Manager were pleased
to announce the signing of c.£225m of asset disposals in the first half of the financial year, ahead of the stated target by 31 March 2026. This milestone, achieved
for a total consideration in line with HICL's 31 March 2025 valuation, brings total signed disposals in the past 24 months to more than £730m, reinforcing the Company's active approach to portfolio construction and the credibility of HICL's valuation process and assumptions, across a range of asset types.
The disposal marks further progress in HICL's active portfolio rotation strategy, reducing exposure to short-duration PPP assets and lifecycle risk, while lowering the Group's exposure to healthcare assets.
This supports HICL's ongoing objective to deliver sustainable NAV growth through reinvestment into longer-duration, earnings-generating assets with the potential
to increase their valuation over time. Underlying earnings continue to comfortably cover dividend expectations, and we seek to enhance this further through ongoing asset outperformance.
HICL's growth assets delivered operational performance in line with expectations, driven by a strong aggregate EBITDA uplift versus the same period in 2024, with notable contributions from Affinity Water, Fortysouth, and Altitude Infra. Following completion of disposals signed in the period, yield assets will represent 50% of the Directors' Valuation (31 March 2025: 55%) and continue to provide a stable complement to growth assets within the portfolio.
Dividend cash cover ratio of 1.10x has been delivered for the six-month period, enabling the Board to reaffirm its progressive dividend guidance of 8.35p per share for FY26 and 8.50p per share for FY27. In the first half of the financial year, the Group repurchased £60m of shares, demonstrating the commitment to supporting shareholder returns.
Financial performanceAs at 30 September 2025, HICL's NAV was 156.0p (March 2025: 153.1p), with earnings per share of 6.1p (March 2025: 2.3p) and an annualised portfolio return of 10.3%1 (30 September 2024: 5.5%) in excess of the 8.4% weighted average discount rate.
Beyond the unwind of the discount rate, the 2.9p NAV increase was primarily attributable to operational
outperformance from growth assets, an uplift in actual inflation and higher inflation expectations improving future cash generation within the portfolio, and 0.9p of accretion from share buybacks executed in the six-month period.
HICL's growth assets delivered a robust contribution
to financial performance, with an annualised underlying return of 13.2% over the period and aggregate EBITDA across these portfolio companies 7% higher than the same period for FY25, while advancing disciplined capital expenditure plans to support long-term value creation.
Furthermore, favourable regulatory outcomes received for Affinity Water and Texas Nevada Transmission ("TNT") positively influenced the valuations of these businesses.
Defined as the return on the portfolio that includes the unwind of the discount rate and portfolio performance (before adjusting macroeconomic assumptions)
HICL Interim Report 2025 3
Chair's Statement continuedHICL's yield assets generally continued to perform well, delivering an underlying annualised return of 7.6%, with PPPs maintaining over 99% asset availability. An upward adjustment to the asset-specific discount rate and a cash flow provision was made at one UK healthcare project to reflect greater risk of performance deductions and detracting from performance. The Group remains focused on maintaining high standards of facility
condition for HICL's clients and end users across its asset base. Active portfolio management approach continues to mitigate lifecycle risk, which has reduced from 48%
to 37% of gross portfolio value over the past 24 months as a result of asset disposals.
Further detail on the factors affecting the valuation is set out in the Valuation of the Portfolio section from page 12 of the report.
From 1 July, in line with prior guidance, the Board and Investment Manager implemented a revised
management fee structure, now based 50% on market capitalisation and 50% on NAV, replacing the previous adjusted Gross Asset Value ("GAV") based calculation. This change, effective for half of the six-month period, has resulted in a 12% reduction in the proforma (assuming the revised fee was charged for the full year) annualised Operating Expense Ratio ("OER") to 1.00% as at 30 September 2025 (30 September 2024: 1.10%).
Capital allocationHICL's capital allocation strategy remains clear and is being executed effectively; seeking to prioritise the most accretive use of capital, with a benchmark set by the return achievable through share repurchases.
Accordingly, buybacks continued at a steady pace, with
£60m deployed during the period under the expanded
£150m programme, and contributing 0.9p of NAV accretion since 31 March 2025.
Looking ahead, the persistent pricing dislocation between public and private markets is expected to present further opportunities to enhance portfolio construction, longevity of shareholder returns and growth through selective asset rotation. HICL remains well-positioned to capitalise on these opportunities, supported by a strong balance sheet and disciplined investment framework.
The Board and Investment Manager will continue to assess further disposals and new selective investments on an opportunistic basis, with due consideration to both the economic merit relative to further share buybacks, and the need to continue to progress HICL's strategy.
Dividend guidanceThe Board reaffirms its commitment to delivering the target dividend of 8.35p per share for the financial year ending 31 March 2026 and reiterates guidance of 8.50p per share for the year ending 31 March 2027.
Dividend cash cover increased to 1.10x for the six-month period (31 March 2025: 1.07x), which reflects the pleasing cash generation from HICL's yield assets and the positive impact of a higher inflationary environment, in line with guidance for the FY26.
OutlookAs at 30 September 2025, the Company's share price implies a long-term annual expected portfolio return of 9.6%1 net of costs, over a weighted average asset life of 32 years. The Board believes this presents a compelling opportunity for investors to access HICL's high-quality portfolio at premium risk-adjusted returns.
Together with the Investment Manager, we remain focused on addressing the share price discount.
In addition to the strategic capital allocation initiatives outlined above and diligent execution of active asset management across the portfolio, we are proactively engaged in industry-wide efforts to improve cost disclosure and to advocate for the inclusion of investment companies within key infrastructure indices.
Valuations for high-quality core infrastructure assets in private markets remain robust and transaction volumes are resilient. HICL continues to actively assess new opportunities across sectors and geographies where these advance the Company's strategy to deliver
long-term shareholder returns. Primarily, this will focus on proprietary pipeline through existing investments and relationships across the InfraRed2 group, noting that more broadly, the continuation, and indeed acceleration, of key infrastructure megatrends is reshaping and expanding infrastructure demand and the investment opportunity. With a strong balance sheet and ample liquidity, the Group is well-positioned to capitalise on these opportunities.
In the face of a reshaped macroeconomic environment, HICL is not standing still; we are evolving, adapting, and positioning the Group to thrive in a changing infrastructure landscape, delivering sustainable value for our shareholders today and into the future.
Mike Bane Chair18 November 2025
Based on discount rate, less operating expense ratio, adjusted to reflect the share price discount to the NAV using published discount rate sensitivities
The Investment Manager of HICL Infrastructure Plc, InfraRed Capital Partners Limited ("InfraRed")
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HICL Infrastructure plc published this content on November 19, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 19, 2025 at 07:23 UTC.
