Digital 9 Infrastructure (DGI9) H1 2024 earnings summary

Executive summary

• NAV fell 41% to £403m (46.59p/share) as of 30 June 2024, driven by portfolio revaluation, financing costs, and Verne Global sale fees.

• Shareholders approved a Managed Wind-Down in March 2024, with asset sales underway to maximize value and return capital.

• The Verne Global sale completed in March 2024, generating £347m in proceeds, most of which repaid RCF debt.

• The Board is focused on asset sales, RCF repayment, cost management, and shareholder engagement during the wind-down.

Financial highlights

• IFRS NAV: £403m (46.59p/share) at 30 June 2024 vs £686m (79.33p/share) at 31 Dec 2023.

• Pre-tax loss: £283m for H1 2024 vs £57m loss in H1 2023.

• Earnings per share: (32.73)p for H1 2024 vs (6.63)p for H1 2023.

• Annualised total return (NAV): (71.7)% for H1 2024 vs (11.2)% for H1 2023.

• No dividends declared or paid in H1 2024.

Outlook and guidance

• Asset sales for Aqua Comms, EMIC-1, SeaEdge UK1, and Elio Networks are in progress; Arqiva sale requires further consideration.

• RCF (£53m outstanding) matures March 2025; repayment or refinancing depends on asset sale progress.

• No new investments planned except where necessary to facilitate sales or meet obligations.

• Capital returns to shareholders prioritized after RCF repayment; no further dividends expected.