Andrew Didham, Chairman of GCP Infra, commented:

This year marks the Company’s 15th anniversary since IPO and I would like to take this opportunity to thank shareholders for their ongoing support. During this time, the Company has delivered a total NAV return of 185.2% and has achieved the objectives set out at IPO of generating income, preserving capital and diversifying across a range of asset classes.

The Company continues to pay a stable and sustained dividend, underpinned by an operational and diverse portfolio of UK infrastructure assets, paying a dividend of 7.0 pence per share in line with the target for the 2025 financial year. I am pleased to confirm that the same target1 is reaffirmed for the forthcoming financial year.

The objectives of the capital allocation plan have progressed, albeit slower than hoped or anticipated. The Company has generated total disposal and cash proceeds of c.£80 million from the realisation of various renewables assets, and portfolio equity exposure has been materially reduced. Leverage has been reduced from £104 million at the time of the announcement of the plan to £20 million at 30 September 2025 and furthermore, £35.6 million has been returned to shareholders through the buyback programme. The Investment Adviser is actively progressing transactions that, if completed, would materially complete the objectives set out in this plan.

Following publication of this annual report, and completion of the capital allocation plan, the Company intends to engage with shareholders early in 2026 to propose a future strategy for the recycling and use of capital.

1.The dividend target set out above is a target only and not a profit forecast or estimate and there can be no assurance that it will be met.

GCP current dividend yield 9.9%.

If you have a dividend re-investment plan, it’s your duty to check the fcast for next year and if the fcast dividend is paid.