Cordiant Digital Infrastructure (CORD) H1 2026 earnings summary

Executive summary

• Achieved a 10% NAV total return for the period, with NAV per share rising to 140.0p, 6.5% portfolio company EBITDA growth, and 7% revenue growth, supported by strong operating performance and diversified assets.

• Portfolio expanded with the acquisition and integration of BT Ireland’s wholesale fibre and B2B arm, and continued synergy realization across assets.

• Major operational progress included data centre capacity expansion, new financing for DCU, and ongoing buy-build-and-grow strategy delivering resilient cash flows.

• Dividend coverage remains robust at 1.7x adjusted funds from operations and 4.8x by EBITDA, with consistent increases since IPO.

• Balance sheet remains strong, with no debt maturities until June 2029 and pro forma liquidity of £234.7m.

Financial highlights

• NAV per share increased to 140.0p from 129.6p at the start of the period, with NAV rising to £1.07bn.

• Annualized NAV total return since IPO is 13.5%.

• Interim dividend of 2.175p per share announced, with a full-year target of 4.35p, and total shareholder return for the period at 14.7%.

• Portfolio company contracted revenue for the remaining life of contracts reached £954.8m.

• Gearing stable at 40.9% of gross asset value; net leverage at 4.8x EBITDA.

Outlook and guidance

• Confident outlook for continued revenue and EBITDA growth, supported by inflation-linked contracts, new investments, and strong cash flows.

• Prague Gateway data centre development and BT Ireland integration are key growth catalysts.

• Management remains focused on prudent gearing, capital allocation, and a progressive dividend policy.