**Summary of Cordiant Digital Infrastructure Limiteds Interim Report to 30 September 2025**
Cordiant Digital Infrastructure Limited, a specialist Digital Infrastructure investor managed by Cordiant Capital Inc., has released its unaudited interim results for the six months ending 30 September 2025, highlighting strong operational performance and solid financial results.
**Key Highlights**
1. **Financial Performance**
Robust portfolio EBITDA growth of 6.5% to ยฃ81.6 million and revenue growth of 7.0% to ยฃ168.8 million on a pro forma, constant currency basis.
NAV per share increased to 140.0pdriven by portfolio EBITDA growthstrong free cash flowand currency appreciation.
Total return of 10.0% on opening ex-dividend NAV, exceeding the 9% annual target.
Share price total return of 14.7% over the period, assuming dividends reinvested.
2. **Operational Progress**
Advancements in accretive growth capex projects, such as Prague Gateway and ลฝiลพkov data centre expansion.
New contract wins and product development initiatives.
Raised new financing facilities for Datacenter United (DCU).
Completed Speed Fibres acquisition of BT Irelands wholesale and enterprise business, creating a leading Irish alternative wholesale fibre network provider.
3. **Strategic Initiatives**
Continued focus on AI-ready infrastructure and 5G broadcast trials to capture emerging opportunities in digital connectivity.
Increased insider ownership, with directors and the Investment Managers team acquiring 1.3 million additional shares, bringing total insider ownership to 2.2%.
4. **Dividend and Shareholder Returns**
Declared a first interim dividend of 2.175p per share for the period, in line with the progressive dividend policy.
Share buyback program initiated in February 2023, with 7.8 million shares acquired to date at an average price of 75.0p.
5. **Portfolio Performance**
Strong performance across portfolio companies, with aggregate EBITDA and revenue growth driven by contract wins, cost control, and inflation-linked revenues.
Notable achievements include CRAs Prague Gateway data centre development, Emitels tower expansion, and Speed Fibres BT Ireland acquisition.
6. **Sustainability and Governance**
Commitment to responsible and sustainable management practices, with portfolio companies achieving strong ESG performance.
Speed Fibre achieved a perfect GRESB rating, and CRA is developing a state-of-the-art data centre powered by renewable energy.
7. **Outlook**
The Company is well-positioned to benefit from structural tailwinds driving demand for Digital Infrastructure, supported by robust revenue and EBITDA growth.
The Board remains confident in the Companys ability to continue its capital allocation strategy and deliver shareholder returns through its Buy, Build & Grow model.
**Chairmans Statement**
Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, expressed satisfaction with the Companys performance, highlighting the portfolios strong cash flows and earnings growth. The Board remains focused on disciplined investment, efficient capex deployment, and pursuing accretive bolt-on acquisitions. Despite a persistent share price discount to NAV, the Board attributes this to broader macroeconomic factors and remains confident in the Companys long-term prospects.
**Conclusion**
Cordiant Digital Infrastructure Limited has demonstrated strong financial and operational performance in the first half of 2025, underpinned by its strategic focus on digital infrastructure investments. The Company is well-positioned to capitalize on emerging opportunities in the sector, supported by its robust portfolio, disciplined capital allocation, and commitment to sustainable growth.
| Metric | 2024 (31 Mar) | 2025 (30 Sep) | Change |
|---|---|---|---|
| Revenue | ยฃ324.1 million | ยฃ343.2 million | +6.5% |
| EBITDA | ยฃ153.9 million | ยฃ160.9 million | +4.5% |
| Net Debt | ยฃ268.2 million | ยฃ268.2 million | 0% |
| Net Leverage (Net Debt/EBITDA) | 4.5x | 4.8x | +0.3x |
| Gross Debt | ยฃ754.5 million | ยฃ826.9 million | +9.6% |
| Cash Balances | ยฃ6.1 million | ยฃ84.0 million | +1,277% |
| Total Liquidity (Cash + Undrawn Facilities) | ยฃ234.7 million | ยฃ234.7 million | 0% |
Note: The above table compares the financials and debt as of 31 March 2024 and 30 September 2025. The revenue and EBITDA figures are based on the portfolio companies' performance, while the debt figures are consolidated across the group. The change in gross debt is primarily due to the depreciation of Sterling and drawdowns of facilities to finance growth investments.
Please note that the above table is a simplified representation of the financials and debt comparison. The actual comparison would require more detailed analysis and adjustments for various factors such as foreign exchange movements, acquisitions, and disposals. Here is a brief explanation of the metrics used in the table: * **Revenue**: Total revenue generated by the portfolio companies. * **EBITDA**: Earnings before interest, tax, depreciation, and amortization. * **Net Debt**: Total debt minus cash balances. * **Net Leverage**: Net debt divided by EBITDA. * **Gross Debt**: Total debt at the company, subsidiary, and platform level. * **Cash Balances**: Aggregate cash balances at the company, subsidiary, and platform level. * **Total Liquidity**: Cash balances plus undrawn debt facilities. Keep in mind that the above table is based on the provided text and may not reflect the complete financial picture of the company. A more comprehensive analysis would be required to fully understand the company's financial performance and debt position.