Cordiant Digital Infrastructure (CORD) CMD 2025 summary

Corporate governance and board structure

• Board actively oversees investment manager, capital allocation, and risk management, ensuring long-term value for shareholders.

• Board comprises experienced, independent directors with backgrounds in finance, telecoms, and private equity.

• Structured committees and regular meetings support integrity of financial statements, valuations, and succession planning.

• Active engagement with shareholders through RNS, quarterly reporting, and site visits.

Strategic vision and business model

• Focused on Buy, Build & Grow strategy, targeting digital infrastructure in UK, Europe, and North America.

• Core Plus approach aims for >9% annual return, including >4% cash pay, with strong year-on-year EBITDA growth.

• Portfolio diversified across towers, fibre, data centres, and IoT, with blue-chip, long-term contracted customers.

• Progressive dividend policy, with dividend guidance consistently ahead of IPO plan.

• Recent acquisitions (e.g., DCU, Proximus DCs, BT Ireland) have expanded scale and revenue mix.

Financial performance and capital allocation

• Net asset value at £952.4m and revenue of £321.8m for 12 months to Dec 2024; EBITDA at £153.3m.

• YTD Q3 FY25 revenue and EBITDA grew 9.6% and 13.6% respectively vs prior period.

• Dividend covered 4.8x by EBITDA and 1.8x by AFFO; annualised NAV total return of 11% since IPO.

• Capital allocation balanced between new platforms, bolt-ons, growth capex, and progressive dividends.

• £211.7m in available liquidity, with no material debt maturities until June 2029.