Cordiant Digital Infrastructure (CORD) H2 2026 earnings summary

Executive summary

• Revenue grew by 9.9% and EBITDA by 7.8% year-over-year, with NAV per share rising to GBP 1.46 and a 16.3% total return for the period.

• Achieved a 25% total shareholder return over the last 12 months and a 14% annualized NAV total return since IPO, outperforming the 9% target.

• Dividend increased by 2.3% to 4.45p per share, covered 1.7x by adjusted funds from operations.

• Included in the FTSE 250 Index and recognized as Infrastructure Investment Company of the Year.

• Portfolio consists of six operating companies across towers, fiber, and data centers, with nearly GBP 1 billion in contracted revenues extending to 2044.

Financial highlights

• NAV per share rose to 146.0p from 127.4p, with a 14.0% annualized NAV total return since IPO.

• Revenues nearly doubled and EBITDA increased from GBP 105 million to GBP 175 million over four years.

• Dividend coverage stands at 1.7x by Adjusted Funds From Operation, with portfolio company normalized EBITDA providing 5.1x coverage.

• Gearing at 40% of Gross Asset Value, net leverage at 4.6x, with no debt maturities until 2029.

• Fund expenses under 1% of NAV, with a 0.68% annualized management fee.

Outlook and guidance

• Expect revenue growth to moderate in the next 12 months due to some customer churn.

• Strategic initiatives like Prague Gateway and new data halls in New York expected to drive stepwise revenue and profitability increases.

• Targeting a 9% total shareholder return, supported by a robust pipeline of growth opportunities.

• Focused on scaling data center capacity, expanding mobile towers, and integrating recent acquisitions.

• Progressive dividend policy to continue, with robust coverage anticipated.