In this webinar, Phil Kent, Robyn MacHugh and Cameron Gardner provide an update on GCP Infrastructure Investments Limited, following the announcement of the Company’s NAV as at 30 September 2025. The webinar includes an update on the capital allocation policy progression, a portfolio update and commentary regarding recent market developments and sector outlook.

You can watch the webinar replay here:

• As a reminder, GCP Infrastructure Investments Limited (“GCP” or the “Company”) is a FTSE 250, LSE listed investment trust with a focus on UK infrastructure debt and assets that benefit from public sector backed revenues.
• The Company IPO took place in 2010 and this marks its fifteenth anniversary year.
• Market capitalisation is £607 million and Net Assets are almost £850 million.
• Income remains the primary focus, with the Company achieving its seven pence dividend target which was set in 2020.
• Investing across 17 different sectors, diversification is at the heart of the strategy.
• The Company focuses on debt, with capital preservation a key objective. The downward aggregate revaluations annualised since IPO is only 0.51% per year, which compares very well to similarly rated Moody’s data of c. 2%. This shows strong underwriting quality and investment discipline over the Company’s 15-year track record.
• Focus on availability-based cash flows, making them more resilient through market cycles.
• The entire portfolio has core environmental or social impact. Detailed impact factors, which are verified by a third party, will be published in December with the Company’s annual report.

• The capital allocation programme remains the team’s key focus with the aim of addressing the share price discount to NAV. The goal was accelerating the turnover of £150 million. This is beyond the natural amortisation of loans.
• Since announcing the capital allocation policy in December 2023, we have recycled £80 million of assets through disposals at or around NAV.
• The other key objective was to de-leverage the Company. Outstanding debt was £104 million when the policy began, and today net debt stands substantially reduced at £8 million.
• Further supporting the capital allocation policy, the Company bought back c.9 million shares during the quarter. In aggregate, since announcing the capital allocation policy, the Company has repurchased c.£25 million of shares; around half of the Company’s £50 million target with this buyback programme ongoing.
• Portfolio resilience will be at the core of our strategy moving forward as we aim to reduce equity-like exposures and are exit the supported social housing sector. We expect to finish most of this programme this year, and potentially into early next year.

• The portfolio is expected to generate £245 million of principal receipts over the next four years, assuming no re-investment and no capital allocation proceeds. Total cash flow strongly covers the dividend.
• The portfolio value sits at £859 million with 47 loans across a highly diversified range of sub-sectors. PPP assets account for 28% of the portfolio, supported living is 15%. Renewable energy assets make up 57%.
• The portfolio currently yields 8% and around 49% of loans have some form of inflation protection.
• The Company now has a 0% construction exposure.
• The weighted average life of loans is 11.
• During the quarter, the unaudited NAV per share dropped by 0.74 pence. The discount rate increased by 25 basis points. This affected the renewables portfolio valuation. Curtailment of Northern Irish wind farms also impacted NAV. Higher electricity price forecasts offset some negative movements. Share buybacks during the period were accretive to NAV. Full details for the quarter can be found in the RNS here.

• The government launched a consultation regarding the re-indexation of the ROC and FIT schemes. Option one proposes moving from RPI to CPI next April which we forecast will have a negative NAV impact of 0.46 pence. Option two suggests largely flat subsidy payments until the 2030s with this option carrying a negative impact of 1.19 pence per share.
• Gravis views this proposal as damaging to UK investor confidence. The ROC scheme previously attracted over £100 billion investment, and we believe these positive economic benefits should be acknowledged. Gravis and the Company will submit its strong objections to the proposed changes and ask for clarity on post-subsidy support.

• The portfolio continues to operate well, benefiting from strong sector diversification.
• The capital allocation policy remains our primary focus.
• The Company maintains an active potential disposal pipeline of £250 million. We will be looking to engage with shareholders in the coming months regarding the potential deployment of this capital.
• We have developed a new investor portal called Carapace to evolve our transparency and disclosure, which will provide shareholders with granular detail on underlying assets.

Important Information

This article has been prepared by Gravis Capital Management Limited (the "Investment Adviser“ or “Gravis”) and is for information purposes only. It is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients of this article outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction and are treated as having represented that they are able to receive this article without contravention of any law or regulation in the jurisdiction in which they reside or conduct business.

This article should not be considered as a recommendation, invitation or inducement that any investor should subscribe for, dispose of or purchase any such securities or enter into any other transaction in the GCP Infrastructure Investments Ltd (the “Company”) or any other fund affiliated with Gravis.  The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities.

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, the Investment Adviser or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this article and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise. In addition, neither the Company or the Investment Adviser undertake any obligation to update or to correct any inaccuracies which may become apparent. The information in this article is subject to updating, completion, revision, further verification and amendment without notice.

Past performance is no guarantee of future performance.

Gravis Capital Management Ltd is authorised and regulated by the Financial Conduct Authority; registered in England and Wales No: 10471852 and its principal place of business is 24 Savile Row, London W1S 2ES.