HICL Infrastructure : 2025 Interim Results Presentation

HICL Infrastructure PLC Interim Results Presentation

19 November 2025

Important information

For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this information

By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:

This document contains information provided solely as an update on the financial condition, results of operations and business of HICL Infrastructure PLC. This document has not been approved by a person authorised under the Financial Services and Markets Act 2000 ("FSMA") for the purposes of section 21 FSMA. The contents of this document are not a financial promotion and none of the contents of this document constitute an invitation or inducement to engage in investment activity. If and to the extent that this document or any of its contents are deemed to be a financial promotion, HICL ("HICL" meaning HICL Infrastructure Company Limited prior to 31 March 2019 and HICL Infrastructure PLC from 1 April 2019 onwards) is relying on the exemption provided by Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 in respect of section 21 FSMA. The recipients of this presentation should not engage in any behaviour in relation to financial instruments which would or might amount to an offence under the Market Abuse Regulation (EU) No. 596/2014.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither HICL, nor any of HICL's advisers or representatives, including its investment manager, InfraRed Capital Partners Limited, shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither HICL nor any other person is under an obligation to keep current the information contained in this document.

This document has not been approved by the UK Financial Conduct Authority or any other regulator. This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of HICL.

The publication and distribution of this document may be restricted by law in certain jurisdictions and therefore persons into whose possession this document comes or who attend the presentation should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction. In particular, this document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) or to entities in Canada, Australia or Japan. The securities of HICL have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except to certain persons in offshore jurisdictions in reliance on Regulation

S. Neither these slides nor any copy of them may be taken or transmitted into or distributed in Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws. In EU member states, HICL's shares will only be offered to the extent that HICL: (i) is permitted to be marketed into the relevant EEA jurisdiction; or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a professional investor).

An investment in HICL will involve certain risks. This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations and business of HICL and its corporate subsidiaries. These forward-looking statements represent HICL's expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. HICL's targeted returns are based on assumptions which HICL considers reasonable. However, there is no assurance that all or any assumptions will be justified, and HICL's returns may be correspondingly reduced. In particular, there is no assurance that HICL will achieve its distribution and IRR targets (which for the avoidance of doubt are targets only and not profit forecasts). There can be no assurance that HICL will achieve comparable results to those contained in this document, that any targets will be met or that HICL will be able to implement its investment strategy. Additional detailed information concerning important factors that could cause actual results to differ materially is available in HICL's Interim Report for the six months ended 30 September 2025 available from HICL's website. Unless otherwise stated, the facts contained herein are accurate as at 30 September 2025.

Past performance is not a reliable indicator of future returns. Capital and income at risk.

Front cover image: Blankenburg, Netherlands hicl.com | 2

Interim Results Highlights & Investment Proposition

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HICL at a glance

1.

Core

positioning

Active

2.

management

3.

Established

pedigree

• Essential infrastructure

• Inflation protection

• Lower end of risk spectrum

• Hands-on approach

• Active asset rotation

• Driving outperformance

  • Specialist management

  • 19-year track record

  • Global capability

Blankenburg Tunnel (The Netherlands)

London St. Pancras High Speed (UK)

Altitude Infra (France)

Past performance is not a reliable indicator of future returns. Capital and income at risk

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Key themes in the year

Asset divestment target achieved

c.£225m

Portfolio sale announced in August

>£200m

FY26 divestment target met

>£730m

Divestments announced over past 24 months at strong valuations

Robust NAV growth

+2.9p

NAV growth in the period

10.3%

Annualised underlying return1

+7%

Growth assets EBITDA period-on-period

Cash cover on track for FY target

1.10x

6M cash cover ratio

6.1p

6M earnings per share

8.35pps / 8.50pps

FY26 / FY27 dividend guidance maintained2

Past performance is not a reliable indicator of future returns. Capital and income at risk

1. Before the impact of macroeconomic assumptions 2. 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.

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