Digital 9 Infrastructure (DGI9) H1 2025 earnings summary

Executive summary

• Completed disposals of EMIC-1 and SeaEdge UK1 enabled full repayment of the Group's RCF, a key priority in the Managed Wind-Down strategy.

• Divestment of Aqua Comms is agreed and pending regulatory approval, with completion expected by year-end and proceeds to be returned to shareholders in early 2026.

• Remaining assets, Arqiva and Elio Networks, performed in line with expectations; divestment of these is postponed to maximize value.

• Recovery of a $2.8 million loss from a 2023 external fraud event contributed positively.

• Independent review led to a £111.5 million prior year adjustment, correcting overstatements in 2023 asset valuations.

Financial highlights

• NAV per share decreased to 32.7p at 30 June 2025 from 34.4p at 31 December 2024, mainly due to write-downs and adverse FX movements.

• Total return for the six months to 30 June 2025 was -4.7%; total shareholder return was -48.2%, driven by share price decline after Aqua Comms sale.

• Loss per share for the period was 1.7p, compared to a restated 19.8p loss per share in the prior year.

• Portfolio value at 30 June 2025 was £279.5 million, down £7.9 million from 31 December 2024 after disposals.

• Aggregate Investee Company revenue rose 6% year-over-year to £378.8 million; EBITDA margin declined to 44%.

Outlook and guidance

• Initial capital return to shareholders is planned for early 2026, post-Aqua Comms completion.

• Divestment of Arqiva and Elio Networks is expected post-2027, after key contract renewals and value optimization.

• Managed Wind-Down targeted for completion by 2028.