Digital 9 Infrastructure PLC announced its final results for the full year ended 31 December 2025, highlighting progress in its managed wind-down strategy. Key points include
**Material Disposals**Completed three significant disposals (EMIC-1, SeaEdge UK1, and Aqua Comms) generating ยฃ76.7 million, enabling full repayment of the revolving credit facility (RCF) and strengthening liquidity.
**Post-Year-End Settlement**Agreed to an early ยฃ10 million settlement of the Verne Global earn-out, increasing certainty for capital returns.
**Compulsory Redemption**Approved a compulsory redemption of shares equivalent to 3.5 pence per share, expected by end of April 2026.
**Net Asset Value (NAV)**NAV per share decreased to 9.3 pence (from 34.4 pence in 2024) due to disposals, revaluations, and updated assumptions.
**Portfolio Simplification**Portfolio now comprises two assets: Arqiva and Elio Networks, focusing on maximising value and orderly capital return.
**Arqiva and Elio Performance**Arqiva performed broadly in line with expectations, while Elio Networks delivered strong revenue and EBITDA growth.
**Valuation Adjustments**Arqivas valuation was reassessed to nil equity value due to leverage and updated assumptions.
**Liquidity Position**Ended the year with a positive net cash position, reducing financial risk and providing flexibility for further capital returns.
**Future Focus**Emphasis on managing Arqiva and Elio to maximise value and support orderly capital return to shareholders.
The company remains committed to its managed wind-down strategy, aiming to balance value maximisation with timely capital returns to shareholders.
Here is the comparison of financials and debt year on year presented as an HTML table:
**Key Observations:** - **Revenue Growth:** Revenue increased by 5% year-on-year, primarily driven by inflation indexation and contracted metering programs in Arqiva.
- **EBITDA Decline:** EBITDA decreased by 5%, reflecting ongoing margin pressure in Arqiva's DTT capacity business and a shift towards lower-margin utilities activities.
- **NAV Reduction:** Net Asset Value (NAV) significantly decreased by 73% due to a substantial write-down of the Arqiva investment and other valuation adjustments.
- **Debt Repayment:** The Revolving Credit Facility (RCF) was fully repaid and canceled, resulting in a net cash position in 2025.
- **Cash Position:** Cash and cash equivalents decreased significantly, primarily due to debt repayment and asset disposals. This table provides a concise comparison of key financial metrics and debt position between 2024 and 2025, highlighting the significant changes and trends in Digital 9 Infrastructure PLC's financials.