Highlights

  • HICL announces interim results for the six months to 30 September 2025, including progress on strategic disposals and dividend coverage.
  • A proposed combination with TRIG aims to create the UK’s largest listed infrastructure investment company with net assets exceeding £5.3bn.
  • Net asset value (NAV) per share increased to 156.0p, supported by performance across growth and yield assets.

HICL Infrastructure PLC (LSE:HICL) has published its interim results for the six months ending 30 September 2025, detailing progress across portfolio activity, dividend coverage, and long-term strategic initiatives. The period included the announcement of a proposed combination with The Renewables Infrastructure Group (TRIG), alongside continued active portfolio management and improved net asset value per share.

Proposed Combination with TRIG Announced

During the reporting period, HICL confirmed a proposed combination with The Renewables Infrastructure Group (TRIG). If completed, the merger would form the UK’s largest listed infrastructure investment company with net assets exceeding £5.3bn. Further details were outlined in an announcement released on 17 November 2025.

Progress on Portfolio Management

HICL continued to advance its approach to active portfolio management. The Company completed the sale of seven UK PPP assets at levels consistent with the valuation recorded on 31 March 2025. Over the last 24 months, total announced disposals surpassed £730m.

Funds generated from these transactions have been directed towards share buybacks and existing investment commitments. This capital deployment approach supports portfolio optimisation and contributes to the Company’s long-term ambitions. The Board highlighted that disciplined asset rotation remains central to positioning the portfolio for future growth opportunities.

Cash Generation and Dividend Position

HICL reported dividend cash cover of 1.10x as at 30 September 2025, compared with 1.07x in March. This figure excludes profits from disposals and was supported by inflation-linked cash flows from the core PPP portfolio. The Company reiterated it is on track to achieve its dividend target of 8.35p per share for the year ending 31 March 2026, with a further target of 8.50p per share set for the year ending 31 March 2027.

Increase in NAV and Portfolio Performance

Net asset value (NAV) per share increased by 2.9p during the period, rising to 156.0p from 153.1p in March 2025. The portfolio delivered an annualised underlying return of 10.3%, compared with 5.5% in the prior year period.

Growth assets made a notable contribution to NAV progression, supporting the Company’s strategy to increase exposure to assets with longer operating lives and capital appreciation potential. Yield assets, which represent around half of the portfolio following recent disposals, produced steady operational results, aided by the continuation of higher historic inflation feeding into cash inflows.

During the six-month period, HICL repurchased 50.3 million shares under its expanded £150m buyback programme, adding 0.9p of NAV accretion.

HICL shares were trading at GBX 110.01 per share during the trading session on 19 November 2025.