Title: URL Source: https://is.gd/CZeWGl Markdown Content: 1 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited # Investor Factsheet # Cordiant Digital Infrastructure Limited # LSE: CORD | March 2025 Cordiant Digital Infrastructure Limited c o r d i a n t d i g i t a l t r u s t . c o m c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited 2 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited KEY FACTS & STATISTICS: INVESTING IN: Cordiant Digital Infrastructure Limited MARKET CAP: ## £652.4m as at 21/03/25 SHARE PRICE: ## 85.2p as at 21/03/25 SHARES IN ISSUE: ## 765,715,477 FY25 DIVIDEND TARGET ## 4.2p (2.1p paid 20/12/24) LISTING: ## LSE / SFS PORTFOLIO REVENUE GROWTH: ## 9.6% for the nine months to 31/12/2024 PORTFOLIO NET LEVERAGE ## 4.0x as at 31/12/2024 PORTFOLIO EBITDA GROWTH: ## 13.6% for the nine months to 31/12/2024 PORTFOLIO NET DEBT / GAV: ## 38% as at 31/12/2024 SHARE PRICE 52 WK. HIGH: # 93.0p as at 17/12/2024 SHARE PRICE 52 WK. LOW: # 62.6p as at 26/03/2024 NAV (PER ORDINARY SHARE): ## 124.4p as at 30/09/24 TOTAL RETURN: ## 5.4% for the six months to 30/09/24 NET ASSETS: ## £952.4m as at 30/09/24 TICKER - LN: ## CORD Cordiant Digital Infrastructure Limited (CORD or the Company), a UK-listed investment company, is a sector-focused, specialist owner and operator of assets in one of the fastest growing infrastructure sectors. The Company’s Core Plus investment approach is focused on generating long-term value and growth by leveraging the Investment Manager’s sector expertise and operational experience. We have built a diversified portfolio of assets with high growth potential, investing in data centres, communications towers and fibre-optic networks across Europe and in North America. The Company seeks to generate an attractive total return of at least 9% per annum over the longer term, comprising a combination of capital growth and dividend yield. The Investment Manager’s strategy is to increase net asset value for investors though buying high-quality Digital Infrastructure platforms, building additional asset capacity and growing the revenues and cash flows of those assets through active management. Fibre-optic networks The routing from data centres to mobile towers, businesses and homes Data centres & cloud Where the data (Netflix, Zoom, Facebook, Google, LinkedIn) lives Communications towers Enabling the data to reach your TV or smartphone DIVIDEND COVERED (as at 31/12/2024) : ## 4.8x by EBITDA 1.8x by AFFO 3 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited MARKET OPPORTUNITY: Digital Infrastructure enables modern communication networks, which have assumed a central place in the day-to-day activities of society, government and business. It is commonly described as consisting of the communications towers, data centres, fibre-optic networks and Internet of Things (IoT) sensors that constitute the physical layer of the internet. In many cases, these assets can be shared by customers, potentially resulting in greater coverage and improved returns for operators. Contracts are typically long term, benefit from inflation escalators and are often with blue-chip counterparties. Digital Infrastructure has been estimated by McKinsey Global Institute as being one of the top three categories of infrastructure capital spending globally. It benefits from growth rates above those of the economy as a whole. Digital infrastructure | 3 rd largest infrastructure category & fastest growing Airports #7 Ports #6 Railroads #5 Water infrastructure #4 > Digital infrastructure #3 > Roads #2 Power infrastructure* #1 $0.1 $0.1 $0.4 $0.5 $0.6 > $0.9 $1.1 Average annual capex need, 2017-35, USD trillion 1 GROW | Increase revenues and cash flows BUILD | Provide capital and expertise to expand platforms INVESTMENT STRATEGY – BUY, BUILD & GROW: CORD invests using a Buy, Build & Grow model, with a strong capital discipline, achieving 39.8% NAV total return from inception to 30-Sep-24. CORD seeks to acquire cash- generative platforms (generally of medium size) and then to expand and improve them. This is made possible by the Investment Manager’s team, which is one of the most experienced and well resourced Digital Infrastructure investment teams in the market. This approach emphasises applying growth capital to boost the internal rate of return (IRR) and multiple on invested capital through disciplined investment (at below average blended entry multiples). CORD generates tangible and measurable operational improvements post acquisition, led by the Investment Manager’s in-house sector specialists, working together with the portfolio company management teams. BUY | Identify mid-market platforms with growth potential DELIVERING LONG TERM SUSTAINABLE GROWTH FOR ALL STAKEHOLDERS > *Fossil fuel & renewables | 1. McKinsey, JP Morgan & Cordiant estimates of market growth 2021 4 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited PORTFOLIO: £795m of equity raised and deployed, €375m fund-level debt package raised Mid-size platforms – cash generative with opportunities for growth Income generated from long-term contracts with predominantly ‘blue-chip’ counterparties Value created through BUY, BUILD AND GROW model Diversified portfolio, through asset class mix, client base and geographies, across Europe and in North America Aggregate portfolio EBITDA increased 13.6% for the nine-months to 31-Dec-24, on the prior comparable period > 1Reported net of £25.5m Vendor Loan Note. £558.5M (30/09/24) £403.3M (30/09/24) £81.6M (30/09/24) £40.8M (30/09/24) £5.6M (30/09/24) ACQUIRED: £305.9M - EV/EBITDA MULTIPLE OF 10.7X • Leading independent digital infrastructure platform in the Czech Republic • Operates mobile towers, broadcast, private cloud and data centres, >3,780 km of fibre, and a sensor network for utilities • Strong market fundamentals – buoyant demand for digital services with favourable country GDP per capita and public finances ACQUIRED: £55.0M 1 - EV/EBITDA MULTIPLE OF 8.3X • A leading open access fibre infrastructure provider in Ireland • Includes subsidiaries Enet, with >6,530 km of fibre (88 Irish metro networks), and Magnet Plus, serving major tech companies • Wholesale contracts with global blue-chip customers • 5-star rating from GRESB for ESG ACQUIRED: £5.2M (formerly known as Norkring) • Operator of 25 towers, one DAB licence, and one DTT licence in Flanders and Brussels • Provides essential services to media companies, telecoms providers and mobile operators • Conducting pioneering 5G broadcast triable to enable additional capabilities across its network • Owner of the Sint-Pieters-Leeuw tower, Belgium’s tallest freestanding structure and hub for TV, radio, and data networks ACQUIRED: £76.4M (47.5% OF COMBINED GROUP) - EV/EBITDA MULTIPLE OF 13.3X • Creation of a leading DC platform through a 50/50 partnership with TINC, combining Datacenter United and Proximus’ data centre assets • Innovative 2-in-1 deal led by the Investment Manager • Blue-chip tenant base, including Proximus with a 10+5+5 year MSA ACQUIRED: £55.8M • Operates at 60 Hudson Street, New York – one of the most densely connected internet facilities globally • Occupies c.290,000sqft • Customers are typically blue-chip carriers, Internet companies, media firms and SaaS providers • Contracted space is at a premium price, under long-term leases, across multiple customers ACQUIRED: £353.0M - EV/EBITDA MULTIPLE OF 9.4X • Multi-asset digital infrastructure business based in Poland, which has one of the highest data consumption growth rates in Europe • Network of >760 communications towers, a fibre-optic network and a nationwide ‘Internet of Things’ sensor network, serving utilities • Growth driven by new broadcast contracts, build-to-suit contracts for mobile towers and DAB+ network contracts • 5-star rating from GRESB for ESG 5 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited RESPONSIBLE INVESTMENT: Digital Infrastructure is a core part of the UN SDGs and investment in digital infrastructure assets has a central role to play on the transition to a low-carbon economy with sustainable cities. While the digital infrastructure sector can be mapped against a number of the UN SDGs, CORD has chosen to focus on the following: > 1 Pro forma for the Datacenter United and BT Communications Ireland Limited acquisitions (subject to regulatory approvals) THE INVESTMENT MANAGER: Cordiant Capital, the Investment Manager appointed by CORD, is a sector-specialist investor focused on middle-market ‘Infrastructure 2.0’ platforms, with significant expertise and experience in digital infrastructure. With offices in Montreal, London, Luxembourg and São Paulo, Cordiant Capital manages approximately $4 billion of funds. Once digital infrastructure assets are acquired, CORD’s Investment Manager aims to work with operating companies to collectively reduce carbon emissions, support social integration and strong governance. Specific activities relating to the environment and sustainability revolve around three interconnected initiatives: Improving the efficiency of electrical consumption; Integrating renewable energy where possible; and Enhancing the efficient network design to reduce energy consumption. Improve the efficiency of electrical consumption Integrate renewable energy Enhance efficient network design to reduce energy consumption 28 % > TV broadcast infrastructure 10 % > Radio broadcast infrastructure 11 % > Mobile towers 37 % > Backbone fibre-optic > networks 14 % > Data centres and cloud 6% > Belgium 5% > USA 33 % > Poland 25 % > Czech Republic 32 % > Ireland Revenue Diversification by Sub-sector 1 Revenue Diversification by Geography 16 | c o r d i a n t d i g i t a l t r u s t . c o m Cordiant Digital Infrastructure Limited Cordiant Digital Infrastructure Limited c o r d i a n t d i g i t a l t r u s t . c o m c o r d i a n t d i g i t a l t r u s t . c o m For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this document. This document has been issued by and is the sole responsibility of Cordiant Digital Infrastructure Limited (‘CORD’). This document contains information provided solely as an update on the financial condition, results of operations and business of CORD. This document has not been approved by a person authorised under the Financial Services Markets Act 2000 (‘FSMA’) for the purposes of section 21 of FSMA. The contents of this document are not a financial promotion and none of the contents of this document constitute an invitation or inducement to engage in investment activity. If and to the extent that this document or any of its contents are deemed to be a financial promotion, CORD is relying on the exemption provided by Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 in respect of section 21 of FSMA. Neither CORD, its investment manager, Cordiant Capital Inc., nor any of their respective affiliates, directors, officers, employees, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Nothing in this paragraph, however, shall exclude any liability for fraud. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither CORD nor any other person is under an obligation to keep current the information contained in this document. This document has not been approved by the UK Financial Conduct Authority or any other regulator. This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of CORD. The publication and distribution of this document may be restricted by law in certain jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction. In particular, this document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933 as amended (the ‘Securities Act’)) or to entities in Canada, Australia or Japan. CORD’s securities have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except to certain persons in offshore jurisdictions in reliance on Regulation S. Neither this document nor any copy of it may be taken or transmitted into or distributed in Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws. This document may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CORD and its portfolio companies. These forward-looking statements represent CORD’s expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. There can be no assurance that CORD will achieve comparable results to those contained in this document, that any targets will be met or that CORD will be able to implement its investment strategy. Additional detailed information concerning important factors that could cause actual results to differ materially are described in CORD’s Annual Report for the financial year ended 31 March 2024, available on CORD’s website at www.cordiantdigitaltrust.com. It is important to remember that past performance is not a reliable indicator of future results. Furthermore, the value of any investment or the income deriving from it may go down as well as up and you may not get back the full amount invested. There is no guarantee that a dividend and/or return target will be met. MEDIA AND IR ENQUIRIES Philip Dennis / Charles Denley-Myerson / Ali AlQahtani | CDI@celicourt.uk Cordiant Digital Infrastructure Limited