HICL INFRASTRUCTURE PLC - Annual Results for the year ended 31 March 2026

HICL Infrastructure PLC reported a strong set of annual financial results, highlighting resilient company performance, active portfolio management, and long-term growth potential across its diversified core infrastructure portfolio. The infrastructure investment company delivered a 10.3% total NAV return for FY2026, supported by a 12.2% underlying portfolio return, EBITDA growth of 9% across its growth assets, and £536 million of accretive asset sales completed at an average 11% premium to NAV. HICL also achieved a 13.1% total shareholder return and increased NAV per share to 160.2p, underpinned by disciplined capital allocation, selective asset rotation, and a sector-leading share buyback programme. Operational cash generation remained robust, with dividend cash cover of 1.10x excluding disposals and funds from operations covering the dividend 1.59x, supporting new dividend guidance of 8.65p for FY2028. The portfolio continues to benefit from inflation-linked revenues, long-term contracted cash flows, and exposure to structural growth trends including energy transition, digital infrastructure, AI-driven power demand, transport connectivity, and utilities investment. Management highlighted a strong infrastructure investment pipeline, a disciplined growth strategy, and continued focus on enhancing shareholder returns through active management, portfolio recycling, and targeted growth capex. With over £100 trillion of global infrastructure investment required by 2040, HICL believes it is well positioned to capitalise on long-term infrastructure megatrends while maintaining attractive income yields, stable cash flows, and sustainable NAV growth for investors.