Third Quarter Trading Update
Summary by AI BETAClose X
LEI: 213800T8RBBWZQ7FTF84
4 March 2026
CORDIANT DIGITAL INFRASTRUCTURE LIMITED
THIRD QUARTER TRADING UPDATE
Cordiant Digital Infrastructure Limited (CORD or the Company), the largest specialist operator of and investor in digital infrastructure on the London Stock Exchange (LSE), is pleased to provide its third quarter (Q3) trading update for the financial year ending 31 March 2026.[1]
Intention to migrate listing to the Official List
The Company is pleased to announce its intention to migrate the Company's ordinary shares from the Specialist Fund Segment to the Closed-ended Investment Funds category of the Official List of the Financial Conduct Authority (FCA) on the LSE's Main Market for listed securities (Migration). The Migration is expected to enhance the Company's market profile and liquidity, support eligibility for inclusion in the FTSE UK Index Series (which comprises the FTSE 250) and improve accessibility for retail investors. The Migration will require the Company to seek shareholder approval to amend its articles of incorporation and clarify its investment policy at a general meeting to be convened for the purpose (General Meeting) and will be subject to the Company meeting the relevant eligibility criteria and approval from the FCA. The Company intends to convene the General Meeting in April 2026.
Financial highlights for the nine months to 31 December 2025
|
Portfolio revenue |
£262.9 million[2] |
|
Portfolio revenue growth (constant currency basis[3]) over prior comparable period |
8.9% |
|
Portfolio EBITDA[4] |
£125.1 million2 |
|
Portfolio EBITDA growth (constant currency basis) over prior comparable period |
7.1% |
|
Adjusted funds from operations (AFFO) dividend cover on target dividend of 4.35p per share |
1.8x[5] |
|
Total available liquidity, comprising cash and undrawn debt facilities |
£240.8 million |
|
Consolidated gearing (total net debt to GAV)[6] |
40.7% |
|
Consolidated net leverage (total net debt to total annualised EBITDA after Company-level costs) |
4.7x |
|
Insider ownership (of the Directors, the Investment Manager and the Investment Manager's Digital Infrastructure team) |
17.5 million shares (2.3%) |
|
LTM investment management fees as a % of 30 September 2025 NAV |
0.6% |
|
· |
EBITDA growth driven by contributions from contract wins, cost control, the beneficial effects of contractual and other price escalators on revenue, and the addition of Datacenter United ("DCU") to the portfolio in February 2025. [7] |
|
· |
CRA expects to generate at least CZK340 million (£12.3 million) in cash through optimisation of its real estate portfolio and disposal of redundant assets this financial year. |
|
· |
The Company has engaged a third‑party expert to conduct a formal valuation of the Prague Gateway data centre development, the outcome of which is expected to be incorporated into the 31 March 2026 NAV. |
|
· |
Ample liquidity available to fund highly accretive growth capex and bolt-on acquisitions. |
|
· |
Consolidated net leverage and gearing remain prudent and slightly improved on 30 September 2025, with over 70% of outstanding debt either fixed rate or hedged with interest rate swaps. |
|
· |
Despite recent energy market volatility linked to the Middle East conflict, both CRA and Emitel have hedged nearly all their energy requirements for this calendar year and secured roughly half of next year's needs. The Company's data centre assets are also well insulated from power price movements, as customer-related electricity expenses are typically passed through to customers, resulting in no material exposure to rising energy prices. |
|
· |
The Directors, Steven Marshall and other members of the Investment Manager's Digital Infrastructure team (Cordiant Digital Infrastructure Management) made further purchases of shares totalling 1.4 million since the publication of the Company's interim results in November 2025. Cordiant Capital Inc (Cordiant Capital or the Investment Manager) sold 0.6 million shares in the period.[8] Insiders (including the Directors) now own 17.5 million or 2.3% of the Company's ordinary shares as at the date of this trading update. At 31 January 2025, Steven Marshall was the 17th largest shareholder of the Company. |
|
· |
Since IPO, the Investment Manager's fee continues to be based on market capitalisation (as opposed to NAV) and is not subject to a floor, ensuring close alignment between management and the Company.
|
Operational highlights
Significant progress has been made on key portfolio initiatives since the interim results released in November 2025:
|
· |
Groundworks for Prague Gateway have been substantially completed with advanced negotiations ongoing with potential contractors for the main construction phase. |
|
· |
Acquisition of nangu.TV by CRA was completed in December 2025, enhancing CRA's capabilities in IPTV/OTT streaming technology. |
|
· |
New contracts were signed and renewed by Emitel in radio broadcasting and the internet of things (IoT) space. |
|
· |
Emitel is actively pursuing bolt-on acquisitions in the data centre space to complement existing digital infrastructure offerings. |
Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, said:
The Board is pleased with the continued operational momentum across the portfolio and the disciplined execution demonstrated by the Investment Manager's Digital Infrastructure experts. As we progress towards our proposed Migration to the Official List on the LSE, we believe the Company is entering an important new phase. Inclusion in the Official List has the potential to broaden our shareholder base, improve trading liquidity, and support eligibility for major equity indices. Combined with the underlying strength of our assets, this step reflects our confidence in the long-term opportunities ahead and our commitment to delivering value for all shareholders.
Steven Marshall, executive chairman of Cordiant Digital Infrastructure Management, said:
It is clear how far the portfolio has evolved in the five years since the Company's IPO. Through disciplined capital deployment, selective bolt‑on acquisitions, and a consistent Buy, Build & Grow strategy, we have transformed a collection of high-quality digital infrastructure assets into diversified, scalable operating platforms. The progress we continue to deliver, from revenue and EBITDA growth to expanding capabilities across data centres, fibre and communications towers, reinforces the strength of our long‑term approach. As we look ahead, our focus remains on driving operational excellence, capturing strategic growth opportunities, and creating sustained value for shareholders.
Dividend cover
As at 31 December 2025, the target dividend of 4.35p is 1.8x covered by AFFO.
|
|
12 months to 31 December 2025* (unaudited) £m |
12 months to 31 March 2025* £m |
|
Revenue |
364.4 |
324.1 |
|
|
|
|
|
Portfolio company aggregate EBITDA |
168.1 |
153.9 |
|
Dividend covered by EBITDA |
5x |
4.6x |
|
Company-specific costs |
(12.1) |
(10.2) |
|
Net finance costs |
(49.4) |
(40.3) |
|
Net taxation and other items |
(26.8) |
(27.9) |
|
Adjusted free cash flow before all capital expenditure** |
79.8 |
75.4 |
|
|
|
|
|
Maintenance capital expenditure |
(18.2) |
(17.1) |
|
Adjusted funds from operations*** |
61.6 |
58.3 |
|
|
|
|
|
Dividend at 4.35 pence per share |
(33.3) |
(33.3) |
|
|
|
|
|
Dividend cover**** |
1.8x |
1.7x |
|
|
|
|
* At average foreign exchange rates for the period.
** During the 12 months to 31 December 2025, aggregate growth capital expenditure of £39.0 million (31 March 2025: £29.0 million) was invested across the portfolio.
*** Adjusted funds from operations comprises EBITDA less Company-specific costs, aggregate net finance costs, taxation payments, other costs, and maintenance capital expenditure.
**** Calculation excludes PLN24.1 million (£5.0 million) of repayment of Emitel term debt on 31 December 2025. If included, AFFO at 31 December 2025 would have been 1.7x.
Company-specific costs have increased since 31 March 2025 mainly due to a higher average share price increasing investment management fees which are linked to market capitalisation. An increase in net finance costs mainly reflects the higher average all-in interest rates of the Company-level and CRA facilities since those were refinanced in the previous financial year and drawdowns on debt facilities to fund the DCU and BT Ireland acquisitions.
Capital allocation
The Company's balanced, multi-pronged approach to capital allocation aims to maximise overall returns to shareholders, while recognising current limits on capital availability. The Board continues to prioritise its progressive dividend policy, which exceeds that set out at the time of the IPO and is made possible by the operating performance of the underlying portfolio companies. CORD has also been allocating its resources and those of its portfolio companies to bolt-on acquisitions and growth capital expenditure with above-target IRRs, to support growth, as well as ongoing operations.
Balance sheet at 31 December 2025
The group's balance sheet remains well capitalised with no debt facilities maturing before June 2029. Consolidated gearing at 31 December 2025 was 40.7%, well below the limit of 50% set in the IPO prospectus.
Figures in £ millions unless otherwise stated
|
|
Drawn debt |
Maturity year |
Cash |
Net debt |
Net leverage |
Undrawn debt |
Total liquidity |
|
Emitel |
290.5 |
2030 |
54.9 |
235.7 |
2.4x |
24.0 |
78.9 |
|
CRA |
153.7 |
2030 |
10.3 |
143.4 |
2.8x |
28.9 |
39.2 |
|
Speed Fibre |
108.3 |
2029 |
12.3 |
95.9 |
4.2x |
5.1 |
17.4 |
|
Hudson |
- |
- |
6.7 |
(6.7) |
- |
- |
6.7 |
|
DCU (37.4%)[9] |
17.1 |
2030 |
0.7 |
16.4 |
3.8x |
22.0 |
22.7 |
|
BTC |
- |
- |
1.1 |
(1.1) |
- |
- |
1.1 |
|
CORD[10] |
255.0 |
2029 |
3.5 |
251.5 |
per below |
71.3 |
74.8 |
|
Total |
824.7 |
|
89.5 |
735.2 |
4.7x[11] |
151.3 |
240.8 |
Portfolio companies
Emitel: multi-asset platform, Poland
|
|
PLN millions |
GBP millions |
|
||
|
|
9 months to 30 Sep 2025 |
9 months to 30 Sep 2024 |
9 months to 30 Sep 2025 |
9 months to 30 Sep 2024 |
% change |
|
Revenue |
519.9 |
486.3 |
104.4 |
97.6 |
6.9% |
|
EBITDA |
354.2 |
332.0 |
71.1 |
66.6 |
6.7% |
Note: Emitel has a 31 December financial year end.
Emitel delivered robust operational and financial performance in the period, supported by growth across its core business lines. Revenue expansion was driven by new television and radio broadcasting agreements signed in 2024, continued scaling of the mobile towers division, and the benefit of inflation‑linked price escalators across contracted services.
Telecom infrastructure revenue increased by 7.4% year‑over‑year, reflecting sustained demand for tower capacity and the build‑to‑suit programme with Orange Poland. Emitel continues to evaluate both organic developments and select inorganic opportunities to accelerate the expansion of its national tower footprint.
The broadcasting segment also saw new sales. New and renewed radio contracts included a tender win with Polskie Radio, covering 42 emissions and representing a total contract value of PLN15.3 million (£3.2 million), alongside a renewal with a regional broadcaster that delivered a 5.2% uplift in monthly recurring revenue. The company is progressing new commercial opportunities in its IoT portfolio, evidenced by the award of a contract to design and implement a smart parking system for an international airport in Poland.
In parallel, Emitel is actively exploring bolt‑on acquisitions in the data centre segment, with ongoing discussions aimed at expanding its digital infrastructure platform and enhancing its ability to meet rising demand for connectivity, colocation, and edge‑compute services.
CRA: multi-asset platform, Czech Republic
|
|
CZK millions |
GBP millions |
|
||
|
|
9 months to 31 Dec 2025 |
9 months to 31 Dec 2024 |
9 months to 31 Dec 2025 |
9 months to 31 Dec 2024 |
% change |
|
Revenue |
2,132.3 |
2,142.8 |
75.1 |
75.4 |
-0.5% |
|
EBITDA |
1,065.1 |
1,050.0 |
37.5 |
37.0 |
1.4% |
|
EBITDA after asset sales |
1,081.5 |
1,050.0 |
38.1 |
37.0 |
3.0% |
CRA has delivered solid operational performance year‑to‑date, with revenue growth in both broadcasting and OTT services. Although total revenue declined marginally by 0.5%, this was driven primarily by not realising budgeted one‑off revenue in CRA's security business. CRA is actively pursuing measures to recover this shortfall by the end of the financial year. Despite the temporary revenue impact, EBITDA increased by 1.4% versus the prior comparable period, supported by effective cost control.
Groundworks and sewerage installation for CRA's 26MW, state‑of‑the‑art Prague Gateway data centre have now been substantially completed, at a total cost of CZK157 million (£5.5 million). CRA continues to engage with prospective anchor tenants for the facility and is in advanced negotiations with potential contractors to deliver the main construction phase of the project, expected to begin no later than the summer of 2026. As at 30 September 2025, nil value was ascribed to the Prague Gateway asset.[12] The Company has engaged an independent expert to conduct a formal valuation of the Prague Gateway asset, the outcome of which is expected to be incorporated into the 31 March 2026 NAV. Whilst CRA and the Company could collectively fund the first phase of construction with reinvested free cash flow and available debt facilities, additional options such as minority equity funding are being evaluated.
CRA has made positive progress on optimising its real estate portfolio and selling redundant assets and is expected to generate at least CZK340 million (£12.3 million) in cash for the company in the current financial year. Further such asset sales are being pursued and are likely to contribute to free cash flow in the next financial year.
In December 2025, CRA further strengthened its position in advanced television and streaming technologies through the acquisition of nangu.TV, a leading Czech developer of IPTV and OTT multimedia platforms whose solutions underpin major regional services including Slovak Orange TV. The transaction expands CRA's capabilities in next‑generation content delivery, enhances its product offering across integrated streaming and IPTV solutions, and introduces meaningful commercial synergies across CRA's broadcast and connectivity portfolio. By adding nangu.TV's proven technology, customer base, and specialist engineering talent, CRA is well positioned to capitalise on rising demand for modern TV services in the Czech Republic and the broader Central European market.
The court file for the long-running complex dispute relating to the valuation of a family's purported former shareholding in a predecessor entity to CRA was physically moved to the appeals court in December 2025 and the appeal process continues. There is no other update on this case since the publication of the Company's interim report in November 2025.
Speed Fibre: wholesale fibre infrastructure platform, Ireland
|
|
EUR millions |
GBP millions (constant currency) |
|
||
|
|
9 months to 30 Sep 2025 |
9 months to 30 Sep 2024 |
9 months to 30 Sep 2025 |
9 months to 30 Sep 2024 |
% change |
|
Revenue |
72.6 |
65.3 |
61.8 |
55.5 |
11.3% |
|
EBITDA |
18.8 |
18.4 |
16.0 |
15.6 |
2.6% |
|
Adjusted EBITDA[13] |
19.1 |
17.2 |
16.3 |
14.7 |
11.0% |
Note: Speed Fibre has a 31 December financial year end. Financials include that of ECL from 1 September 2025 and include certain revenue items of ECL that may be discontinued.
Speed Fibre is continuing to integrate the recently acquired wholesale fibre and B2B connectivity business of BT Ireland, now operating as Enet Communications Limited (ECL). Integration efforts remain focused on delivering operating cost efficiencies and refining the combined group's product suite to support improved long‑term profitability. Revenue and EBITDA growth in the period were driven primarily by one‑off revenue items and the contribution of ECL, while higher‑than‑normal churn tempered recurring revenue performance. Speed Fibre benefited from IRU cash receipts during the period, which supported growth in adjusted (cash‑based) EBITDA. Although sales conditions in its core markets have been soft in recent years, management is cautiously optimistic for the year ahead and is actively developing a stronger commercial pipeline than previously observed.
Datacenter United (DCU) (37.4% economic stake): data centre platform, Belgium
Revenue and EBITDA for DCU were €25.7 million (£22.2 million) and €7.9 million (£6.8 million) respectively for the nine months to 30 September 2025.[14] DCU is targeting significant new colocation sales in 2026 and is working toward increasing overall data centre capacity, including high-density capacity, having recently secured an additional 17MW in Antwerp, to be built over the next three years. Power is becoming increasingly scarce in many regions due to rapid data centre expansion, making it essential to secure capacity well in advance of growth. The group is reviewing opportunities to improve the power usage effectiveness (PUE) of some facilities through cooling systems upgrades. The business had drawn debt facilities of €52.5 million (£45.8 million), undrawn debt facilities of €67.5 million (£58.8 million) and €2.2 million (£1.9 million) of cash at 31 December 2025.
Hudson Interchange (Hudson): interconnect data centre, New York
Revenue for Hudson for the nine months to 31 December 2025 increased by 5.7% over the prior comparable period to $18.1 million (£13.6 million). Construction of two new data halls to increase power capacity by 2MW is progressing to plan and new space is expected to be available for sale from Q1 of the next financial year. Hudson is so far achieving its best year of new sales since its acquisition by the Company in 2022. Additional temporary capacity of 120kW was made available to serve growing demand and is now fully sold out to an existing customer whilst the data hall expansion is ongoing. The EBITDA loss decreased to $(2.7) million (£(2.0) million) for the quarter, a 17.2% improvement on the prior comparable period. Management continues to explore various strategic initiatives to optimise the value of the asset.
Belgian Tower Company (BTC): colocation tower portfolio, Belgium
BTC, alongside Emitel and CRA, continues to collaborate with other broadcast infrastructure operators across the world to advance initiatives that aim to introduce 5G broadcasting technology to enhance live content delivery to mobile devices and improve network resilience. During the 2026 Winter Olympics, Italian operator Rai and the European Broadcasting Union conducted 5G broadcast trials as a largescale, real-world evaluation of reception, service robustness and user experience of the technology. Subject to any growth projects, BTC expects to pay another distribution out of free cash flow to the Company in the next financial year.
Economic update
The Company's portfolio is focused on highly rated economies in Western and Central Europe, most of which are expected to have outperformed EU average GDP growth in 2025. Poland and Ireland are expected to have been among the fastest-growing economies last year. Poland has surpassed $1 trillion in GDP, driven by diversified sectors, rising domestic demand, and maturing capital markets.
Real GDP growth and inflation for economies relevant to the Company's portfolio, 2025[15]
|
Country |
Real GDP Growth |
Inflation |
|
Poland |
3.2% |
3.4% |
|
Czech Republic |
2.4% |
2.3% |
|
Ireland |
10.7% |
1.9% |
|
Belgium |
1.0% |
2.8% |
|
EU average |
1.1% |
2.1% |
|
United States |
2.2% |
2.6% |
Sector outlook
Demand for digital infrastructure services remains robust, driven by long‑term structural trends reshaping the global economy. Rapid digitisation, surging mobile data consumption, and the widespread adoption of generative AI are accelerating requirements for connectivity, data storage, and high‑performance compute. At the same time, rising data sovereignty and localisation requirements are reshaping where and how data must be stored, increasing demand for compliant, in‑market infrastructure. AI‑driven workloads are also pushing power and cooling systems to their limits, prompting operators to adopt advanced liquid‑cooling technologies and diversify into hybrid and renewable energy solutions. Meanwhile, the expansion of edge infrastructure and the use of modular, prefabricated builds are enabling capacity to be deployed faster and closer to end users. Against this backdrop, the Company's portfolio is well positioned to meet growing demand for scalable, resilient, energy‑efficient and jurisdiction‑compliant digital infrastructure, supporting attractive opportunities for growth and value creation over the medium to long term.
For further information, please visit www.cordiantdigitaltrust.com or contact:
|
Cordiant Capital Inc. Investment Manager
|
+44 (0)20 3814 5939
|
|
Cordiant Digital Infrastructure Management LLP Investment Manager's Digital Infrastructure team Stephen Foss, Managing Director
|
|
|
Aztec Financial Services (Guernsey) Limited Company Secretary and Administrator Chris Copperwaite/Magdala Mullegadoo
|
+44 (0) 1481 74 9700
|
|
Investec Bank plc Joint Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance)
|
+44 (0) 20 7597 4000 |
|
Deutsche Numis Joint Corporate Broker Hugh Jonathan/George Shiel
|
+44 (0) 20 7260 1000 |
|
Celicourt Public Relations Advisor Philip Dennis/Charles Denley-Myerson
|
+44 (0)20 7770 6424 |
Notes to Editors:
About the Company
Cordiant Digital Infrastructure Limited primarily invests in the core infrastructure of the digital economy: data centres; fibre-optic networks; telecommunications and broadcast towers - in Europe and North America. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.
The Company is a sector-focused specialist owner and operator of Digital Infrastructure, listed on the London Stock Exchange under the ticker CORD. In total, the Company has successfully raised £795 million in equity, along with a €375 million debt package, comprising a €200 million Eurobond and €175 million of committed capex and revolving facilities, deploying capital into six acquisitions: CRA, Hudson, Emitel, Speed Fibre, Belgian Tower Company and Datacentre United, which together offer stable, often index-linked income, and the opportunity for growth, in line with the Company's Buy, Build & Grow model.
About the Investment Manager
Cordiant Capital Inc (Cordiant) is a specialist global infrastructure and real assets manager with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and selected global markets. Since the firm's relaunch in 2016, Cordiant, a partner-owned and partner-run firm, has developed a track record of exceeding mandated investment targets for its clients.
Cordiant focuses on the next generation of infrastructure and real assets; sectors (digital infrastructure, energy transition infrastructure and the agriculture value chain) characterised by growth tailwinds and technological dynamism. It also applies a strong sustainability and ESG overlay to its investment activities.
With a mix of managed funds offering both value-add and core strategies in equity and direct lending, Cordiant's sector investment teams (combining experienced industry executives with traditional private capital investors) work with investee companies to develop innovative, tailored financing solutions backed by a comprehensive understanding of the sector and demonstrated operating capabilities. In this way, Cordiant aims to provide value to investors seeking to complement existing infrastructure equity and infrastructure debt allocations.
The Investment Manager's Digital Infrastructure team (Cordiant Digital Infrastructure Management) was co-founded by Steven Marshall, formerly President at American Towers Corporation (NYSE: AMT), who chairs all the major portfolio companies. The team consists of 22 professionals, who bring considerable hands‑on investing and operating expertise to its investment approach. This investing strategy can be summarised as acquiring and expanding cash-flowing Digital Infrastructure platforms across Europe and in North America.
Cautionary Statement
This announcement aims to provide an update of developments that have taken place since the release of the Company's interim results to 30 September 2025 in November 2025 and the resulting financial position of the Company and the Company's portfolio companies. The financial position of the Company and the Company's portfolio companies are subject to a number of risks and uncertainties and could change from that described in this announcement. Factors which could cause or contribute to such changes include, but are not limited to: general geopolitical, economic and market conditions, including interest rates, inflation rates and rates of foreign exchange, as well as specific factors affecting the financial and operational performance and prospects of the Company and the Company's portfolio companies.
This announcement contains forward looking statements, including, without limitation, statements containing the words "believes", "estimates", "anticipates", "expects'", "intends", "may", "might", "will" or "should" or, in each case, their negative or other variations or similar expressions. Such forward looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievement of the Company and/or the Company's portfolio companies to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements speak only as at the date of this announcement.
[1] All numbers shown throughout this trading update are estimates and are unaudited.
[2] Revenue and EBITDA for Emitel, Datacenter United (DCU) and Speed Fibre are for the nine months to 30 September 2025, as these companies have a 31 December year end. All other entities are for the nine months to 31 December 2025. In line with the interim results, Belgian Tower Company is excluded from nine-month revenue and EBITDA to remove the impact of discontinued broadcast operations following an expected contract expiry in early 2025. By excluding the impact of DCU which entered the portfolio on 28 February 2025, revenue and EBITDA growth would be 5.5% and 5.0% respectively.
[3] Constant currency using 2025 FX rates.
[4] EBITDA is before asset sales at CRA and before IRU adjustments at Speed Fibre.
[5] AFFO calculated over the 12 months ending 31 December 2025.
[6] Total net debt as of 31 December 2025 and GAV based on 30 September 2025 NAV.
[7] Excluding the impact of DCU entering the portfolio on 28 February 2025, revenue and EBITDA growth was 5.5% and 5.0% respectively.
[8] Most of the shares originally bought by Cordiant Capital were acquired through the mandatory share purchase arrangement under the original Investment Management Agreement and transferred to Cordiant Capital's ownership from Cordiant Digital Infrastructure Management LLP earlier in the current financial year.
[9] Figures pro-rated for CORD's 37.4% stake in DCU.
[10] Includes intermediate holding company subsidiaries.
[11] Consolidated net leverage after Company-level operating costs.
[12] The Company values its assets on 30 September and 31 March each year.
[13] Cash receipts from indefeasible rights of use (IRU) contracts have been a regular and recurring feature of Speed Fibre's commercial model. The business actively pursues multi‑year capacity and dark‑fibre IRUs as part of its standard go‑to‑market strategy, and, in practice, closes multiple IRU wins within most reporting periods. These contracts commonly include upfront consideration (in full or in staged milestones near contract inception), which is material and recurring at the portfolio level. Recognising these cash flows in the period received within IRU‑adjusted EBITDA therefore provides a clearer view of the period's cash earnings and the operating cash conversion associated with core fibre sales activity.
[14] No meaningful prior year comparable figures are available for DCU as it is a newly formed group which in February 2025 simultaneously acquired the Belgian data centre business of Proximus (through a carve-out process) and entered the Company's portfolio.
[15] Figures represent forecast estimates for real GDP growth and consumer price inflation for 2025 based on projections from international institutions such as the European Commission, IMF, and OECD. Actual outcomes may differ as macroeconomic forecasts are periodically revised.
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