Title: 242268741.pdf URL Source: https://documentscdn.financialexpress.net/Literature/BAC07855D210667D9BE133B8208DE38E/242268741.pdf Number of Pages: 3 Markdown Content: Total return 3m 1y 3y 5y 10 y Since launch GCP Infra (share price) - 0.2 % 11.9 % 12.7 % 6.7 % 27.3% 113.7% GCP Infra ( net asset value) 1.7 % 5.0 % 8. 9% 37.7% 81.5% 191 .9% Total return Year to 31 Mar 26 Year to 31 Mar 25 Year to 31 Mar 24 Year to 31 Mar 23 Year to 31 Mar 22 GCP Infra (share price) 11.9 % 8.1 % - 6.8 % - 17.5 % 14.8 % GCP Infra (net asset value) 5.0 % 1.5 % 2.2 % 5.8 % 19.4% Company Overview IPO date 22 July 2010 SEDOL B6173J1 Registered number 105775 Ticke r GCP Expected dividend Mar/Jun/Sep/Dec Financial year end 30 September Ordinary share c lass Shares in issue 826 .8m Shares in treasury 58.0 m Share pr ice 72.60p Market cap £600 .3m NAV per share 10 0 .26p NAV £828 .9m Share price discount to NAV 27.6% Ordinary share class NAV Investment s £85 0 .6m Cash £9.7m Borrowings - £27.0m Current net liabilities - £4.4 m NAV £828 .9m Div idend information Dividend paid/declared 1 7.00p Dividend yield on share price 2 9.6% Cumulative performance to 3 1 March 202 6 # QUARTERLY FACTSHEET # 31 MARCH 202 6 ## OVERVIEW GCP Infra is a Jersey - incorporated, closed ended investment company and FTSE 250 constituent , its shares are traded on the main market of the London Stock Exchange. The Company’s objective is to provide shareholders with regular, sustained, long term distributions and to preserve capital over the long term by generating exposure primarily to UK infrastructure debt and related and/or similar assets which provide regular and predict able long term cashflows. GCP Infra primarily targets investments in infrastructure projects with long term, public sector - backed, availability - based revenues. Where possible, investments are structured to benefit from partial inflation - protection. ## PERFORMANCE Share price, NAV, and dividend (pence per share) Source: Bloomberg. Basis: Percentage growth, total return with net income reinvested. Past performance is not a guide to future performance. > 1 Based on dividends paid/declared in the twelve - month period to 3 1 March 202 6. > 2 Based on closing share price at 31 March 202 6. The Investment Adviser’s ESG credentials : Annual performance to 3 1 March 202 6 5p 6p 7p 8p 9p 10p 11p 12p 50p 60p 70p 80p 90p 100p 110p 120p 130p 140p Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 > Dividend > Share price/NAV Share price NAV Annual dividend QUARTERLY FACTSHEET # 31 MARCH 202 6 Loan Cashflow type Project type % of total assets Cardale PFI Investments 3 Unitary charge PFI/PPP 14.6% Gravis Solar 1 ROC/PPA/FiT Commercial solar 9. 1% GCP Programme Funding S10 Lease income Supported living 5.7% GCP Programme Funding S 14 ROC/RHI/Merchant Biomass 5. 6% GCP Bridge Holdings ROC/Lease/PPA Various 5. 2% GCP Biomass 2 ROC/PPA Biomass 4. 8% GCP Social Housing 1 B Notes Lease income Supported living 4. 4% Gravis Asset Holdings H ROC/PPA Onshore wind 4.0 % GCP Green Energy 1 ROC/FiT/Merchant Onshore wind /Commercial Solar 3. 7% GCP Rooftop Solar Finance FiT Rooftop solar 3. 6% > 3 The Cardale loan is secured on a cross - collateralised basis against 18 individual operational PFI projects Number of holdings Principal value of holding s Annualised yield Average life Partially inflation protected # 47 £903.4m 8.0% 11yrs 49.4 % The Company GCP Infrastructure Investments Ltd IFC 5 St. Helier Jersey JE1 1ST www.gcpinfra.co.uk Directors Andrew Didham (Chairman) Heather Bestwick Ian Brown Dawn Crichard Steven Wilderspin Alex Yew Investment Adviser and AIFM 4 Gravis Capital Management Ltd 24 Savile Row London W1S 2ES Telephone: 020 3405 8500 Philip Kent – CEO philip.kent@graviscapital.com Robyn MacHugh – Associate Director robyn.mac hugh @graviscapital.com Cameron Gardner – Director, Head of Distribution cameron.gardner@graviscapital.com Auditor of the Company KPMG Audit Limited Company Secretary Apex Financial Services (Alternative Funds) Limited Corporate Broker Canaccord Genuity Limited RBC Capital Markets Valuation Agent Forvis Mazars LLP > Resource use, 1% ## INVESTMENT PORTFOLIO – 10 LARGEST INVESTMENTS ## INVESTMENT PORTFOLIO ## INVESTMENT PORTFOLIO - ANALYSIS Portfolio by sector and income Portfolio by annualised yield Portfolio by average life (years) 15% 16% 69% >20 10-20 <10 > 4 Alternative Investment Fund Manager 4% 33% 63% >10% 8-10% <8% > PPP , 28% > Renewables , 57% > SH, 15% > Healthcare , 10% > Education , 7% > Waste (PPP) ,4% > Leisure ,3% > Housing (PPP) ,2% > Justice ,1% > Energy efficiency ,1% > Solar (commercial) , > 15% > Biomass ,11% > Wind (onshore) ,10% > Solar (rooftop) ,10% > Anaerobic digestion ,5% > Hydro ,2% > Gas peaking ,1% > Electric vehicles ,1% > Geothermal ,1% > Supported Living , > 15% > PPP , 28% > Renewables , 57% > SH ,15% > Unitary Charge , 23% > Gate fee (contracted) ,2% > ROC ,1% > Electricity (fixed / > floor) ,1% > Lease income ,1% > ROC , 20% > Electricity (merchant) ,15% > FiT ,15% > Electricity (fixed / > floor) ,3% > RHI ,1% > Pay per mile ,1% > Embedded benefits, 1% > Other ,1% > Lease income ,15% # QUARTERLY FACTSHEET # 31 MARCH 202 6 Portfolio update At 3 1 March 202 6, the Company was exposed to a diversified, partially inflation protected, portfolio of 47 investments, with an unaudited valuation of £ 85 0 .6 million. The portfolio had a principal value of £ 90 3.4 million with a weighted average annualised yield of 8.0 % and an average life of 11 years. NAV movements At 3 1 March 202 6, the unaudited net asset value per ordinary share of the Company was 10 0 .26 pence (3 1 Dec ember 202 5: 10 0 .27 pence), a dec rease of 0 .0 1 pence per ordinary share. Inflation forecasts have been updated for the Office for Budget Responsibility's (OBR) latest projections, released with the government's Spring Budget. These saw lower levels of forecast inflation compared to the previous forecast, but do not incorporate the expected impacts on inflation of the Iran – US/Israel conflict. This has resulted in a reduction in valuation of 0.23 pence per ordinary share. Updates to forecast electricity prices, driven by higher futures prices in the short - term, offset by lower medium and long - term forecasts from the Company's third - party power price consultant, resulted in a net increase of 0.57 pence per ordinary share, in cluding the impact of hedging arrangements. Actual generation across the renewable energy portfolio, net of the valuation effect of unwinding discount rates and project specific updates across the whole portfolio led to a net decrease of 0.61 pence per ord inary share. No discount rate changes were proposed by Forvis Mazars, the Company’s independent valuation agent, in the period. A summary of the constituent movements in the quarterly net asset value per ordinary share is shown below. Net asset value analysis (pence per share) NAV Change 31 Dec ember 202 5 10 0. 27 Q1 2026 power price forecasts (net of hedging) 0. 57 Actual generation net of discount rate unwind and project specific updates (0. 23) OBR inflation forecasts (0. 61) Share buyback accretion to NAV 0. 26 31 March 202 6 10 0 .26 C apital allocation At 3 1 March 202 6, the Company had £ 27.0 million (3 1 Dec ember 2025: £ 24.0 million) outstanding under its revolving credit arrangements, representing a net debt position of c. £17.0 million (3 1 Dec ember 2025: c. £14 .0 million) . The Company bought back 8,479 ,70 0 ordinary shares in the quarter, contributing a 0. 26 pence per ordinary share increase to NAV. The Company previously announced that certain borrowers to whom the Company has extended loans have exchanged contracts for the disposal of properties that are leased to registered providers for the provision of supported social housing , with the proceeds of such disposals set to repay c. £4 3.0 million of loans , and completion expected in the coming weeks . A refinance of c. £40 million of loans extended to a portfolio of operational solar projects is also targeting completion in the coming weeks. Investment portfolio GCP Infra's shareholders can access granular detail on all the Company's underlying assets via the Investor Portal , Carapace . To request access, please email carapace@gravsicapital.com . ESG indicators # 57% Portfolio by value contributing to green economy 8 # 43% Portfolio by value that benefits end users within society 8 # 50% Board gender and ethnic diversity 8 # 1, 579 Hospital beds provided by portfolio 5 # 49 Schools in portfolio 6 # 40 Healthcare facilities in portfolio 6 # 28,333 School places provided by portfolio 6 # 1, 434 GWh Renewable energy exported by portfolio assets 5 # £2.0bn Total investment in infrastructure projects since IPO 7 # 531 ,027 Equivalent homes powered by portfolio assets 5 # 12% SPVs reporting energy conservation strategie s 6 This Investor Report is provided for information purposes only and should not be relied on by any person in making an investm ent decision. Investors must read the Company’s latest Prospectus (“Prospectus”) and Key Information Document before making a decision to invest. The Company’s key risks are explained in the Prospectus. Prospective investors should carefully evaluate the merits and ris ks of investing in the Company and ensure they have sufficient resources to bear any losses. Past performance is not a reliable indicator of future performance, and investors may not get back the original amount invest ed. The share price may be different to the net asset value and the value of the shares will fluctuate. Whilst it is the intention to achieve the investment objectives of the investment product, there can be no assurance that the objectives will be met. Any forecast, projection or target is indicative only and not guar anteed in any way, and any views expressed are those of Gravis Cap ital Management Ltd (“G CM ”). G CM has used all reasonable endeavours to ensure the accuracy of information contained in this Investor Report, but it cannot guarantee the reliability, completeness or accuracy of such content. This Investor Report is a financial promotion and is not intende d to be investment advice. It is issued and approved solely for the purpose of section 21(2)(b) of the Financial Services and M arkets Act 2000 (as amended) by G CM which is authorised and regulated by the Financial Conduct Au thority. G CM is registered in England (No: 10471852). Registered Office is 24 Savile Row, London, W1S 2ES. ## COMPANY UPDATE > 5 Year to 30 June 202 5 > 6 At 30 June 202 5 > 7 At 3 0 September 202 5 > 8 At 3 1 March 202 6