Cordiant Digital Infrastructure (CORD) H2 2025 earnings summary

Executive summary

• Achieved 11.6% NAV total return and 9.3% portfolio company EBITDA growth year-over-year, with a 3.6% dividend increase and NAV per share rising to 129.6p.

• Portfolio expanded through acquisitions, now comprising 22 data centres, 11,778 km of fibre, and 1,446 towers, with significant increases in capacity and coverage.

• Strong cash generation supported a 1.7x dividend cover by adjusted funds from operations and robust balance sheet with no refinancing needs until mid-2029.

• Growth capex and bolt-on acquisitions drove efficient capital use, recurring EBITDA growth, and enhanced terminal value.

• Highly diversified asset base with long-term, inflation-linked contracts and blue-chip customers.

Financial highlights

• 11.6% annualised NAV total return since IPO, with consistent NAV and dividend growth each year.

• Gearing remained below 50%, with net debt to GAV at 40.3% and net debt/EBITDA at 2.45x, well below peer average.

• Portfolio company EBITDA cover at 4.6x and adjusted funds from operations cover at 1.7x for the year.

• Emitel delivered 10.7% revenue and 13.3% EBITDA growth; CRA achieved 13.9% revenue and 10.2% EBITDA growth.

• Aggregate growth capex of £29.0m invested, with £3.2m in bolt-on acquisitions.

Outlook and guidance

• Confident outlook for continued growth, supported by a robust balance sheet, diversified portfolio, and new acquisitions.

• No refinancing required until mid-2029, with ample liquidity to fund further expansion.

• Portfolio positioned to benefit from digital infrastructure tailwinds and inflation-linked revenue streams.