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Investing.com -- HICL Infrastructure PLC (LON:HICL) on Wednesday reported solid financial performance for the six months ended September 30, 2025, while announcing plans to combine with The Renewables Infrastructure Group (TRIG) to create the UK’s largest listed infrastructure investment company.
The company’s net asset value (NAV) per share increased by 2.9p to 156.0p, delivering an annualized underlying portfolio return of 10.3%. Dividend cash cover improved to 1.10x from 1.07x in March, supporting HICL’s target dividend of 8.35p per share for fiscal year 2026.
HICL completed strategic disposals of seven UK PPP assets at valuations in line with its March 2025 assessment, bringing total disposals over 24 months to more than £730 million.
These transactions reduced exposure to short-duration assets and lifecycle risk while providing capital for share buybacks and investment commitments.
The company repurchased 50.3 million shares under its expanded £150 million buyback program, generating 0.9p of NAV accretion during the period.
Growth assets performed strongly, with Affinity Water and Texas Nevada Transmission benefiting from favorable regulatory outcomes. The company’s yield assets maintained over 99% asset availability, though one UK healthcare project required an upward adjustment to its discount rate.
"HICL’s ability to deliver on its strategy amid a challenging macroeconomic backdrop has been ably demonstrated in the period," said Mike Bane, Chair of HICL. "With increasing dividend cash cover, NAV accretion and strong operational performance, the Company is well positioned to deliver a compelling value proposition for shareholders."
The proposed combination with TRIG, announced on November 17, would create an infrastructure investment company with net assets exceeding £5.3 billion.
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