HICL Infrastructure PLC

Latest Results (01.07.2026):

HICL Infrastructure PLC — results for Q4 2026 (year to 31 March 2026): the Annual Results presentation (27 May 2026) shows NAV per share rising to 160.2p (from 153.1p), delivering a 13.1% total shareholder return for the year. Management attributes the improvement to strong underlying portfolio performance, active disposals and continued cash generation, while maintaining liquidity and disciplined capital allocation.

NAV and returns

NAV per share at 31 March 2026: 160.2p (31 March 2025: 153.1p). Reported total shareholder return 13.1%. The slides show a total NAV return metric (FY26) of c.10.3% and an underlying portfolio return reported at c.12.2%.

Dividends and cover

Distributions supported by strong cashflows: Funds From Operations (FFO) dividend cover reported at 1.59x, earnings cover 1.66x. The presentation shows distributable cash and dividends of £161m and indicates dividend cash cover including disposals of 2.38x (1.10x excluding disposals).

Liquidity and balance sheet

Available liquidity at 31 March 2026 comprised c.£87.7m cash, c.£333.3m of disposal proceeds held outside the corporate group and c.£394.8m of undrawn RCF less £117.4m of investment commitments. Net debt reported around £159.4m. The company noted completed refinancings on certain assets to extend maturities and improve funding visibility.

Disposals and capital recycling

Active divestment programme: the year’s asset sales generated c.£536m of proceeds and the slides note an average premium to carrying value of ~11%. The presentation also references over £1bn of portfolio sales announced, using disposals to support distributions, buybacks and reinvestment.

Operational performance — key assets

Affinity Water: EBITDA ahead of forecast, shareholder distributions resumed, OFWAT “top performer” recognition and a regulatory settlement implying an allowed RoE of 9.6%; refinancing completed to extend maturities. London St. Pancras High Speed: EBITDA ahead of forecast, international bookings up ~4%, and progress on fleet governance and operator access; HICL increased its Cross London Trains stake to c.13.13%.

Costs, fee structure and sensitivities

Pro forma Operating Expense Ratio reported at c.0.90% (presentation contrasts this with prior OER around 1.03%/1.10%). The slides include sensitivity analysis for discount rate, inflation and other macro variables and state the portfolio is inherently defensive with limited refinancing exposure across most assets.

Outlook and governance

HICL emphasises continued focus on active asset rotation, disciplined capital allocation and delivering long‑term, inflation‑linked infrastructure returns. The board reiterates FY28 dividend guidance themes (no specific FY28 quantum in the slides) and reminds investors that targets are not guarantees and are subject to market, regulatory and operational risks.