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Strong foundations for sustainable growth
Cordiant Digital Infrastructure Limited
Annual Report
for the year ended 31 March 2026
About this report
For more online, visit
www.cordiantdigitaltrust.com
To view our interactive online Annual Report, ortodownload all
orportions of the full report, please scan the QR code below or
visit our website: www.cordiantdigitaltrust.com/investors
Introduction 1-7
About us 1
Highlights 2
Celebrating five years 4
Global trends shaping the next five years 6
Strategic report 8-57
The Strategic report includes an overview of our strategy and
business model, the principal risks we face and information
about our performance. It also details our approach to ESG and
stakeholder engagement.
Governance 58-77
The Governance report contains details about the activities of
theBoard and its committees during the year.
Financial statements 78-107
Our financial statements include: the independent auditor’s
report; financial statements which have been prepared in
accordance with IFRS as issued by the IASB, the Statement of
Recommended Practice issued by the Association of Investment
Companies (the AIC SORP) andthe Companies(Guernsey) Law
2008 (asamended); and related commentary and notes to the
financial statements.
Additional information 108-126
Directors and general information 110
Glossary of capitalised definedterms 111
Alternative performance measures (APMs) 112
Investment policy 113
Sustainable Finance Disclosure Regulation (SFDR) 115
SFDR – Principal adverse impacts 124
Cautionary statement 126
Cover: Klet’ Transmitter,
Chlum, Czech Republic.
Winner 2025
Investment Week’s Investment
Company of the Year Awards
Infrastructure Investment
Company of the Year
AIC Shareholder
CommunicationAwards
Joint winner of the Best reports
and accounts:
Alternatives category
Entering the FTSE 250
The Company celebrated
admission to the FCA’s Official
List on 30 April 2026, enabling
inclusion in the FTSE 250 index
(announced on 3 June 2026), to
be effective from 22 June 2026
About us
Cordiant Digital Infrastructure
Limited 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. The Investment
Manager’s strategy is to increase net asset value for investors
through buying high-quality digital infrastructure platforms,
building additional asset capacity and growing the revenues
andcash flows of those assets through active management
under the Company’s Buy, Build & Grow model.
Cordiant Digital Infrastructure Limited Annual Report 2026
1
Strategic report Governance Financial statements Additional informationIntroduction
Highlights
Creating shareholder
value through operational
performance
£1,117.9 m
NAV
(2025: £992.5m)
1.7x
Dividend covered by adjusted
funds from operations (AFFO)
2
(2025: 1.7x)
2.3%
Dividend increase on the prior
year to 4.45p per share
(2025: 3.6% increase to
4.35ppershare)
146.0p
NAV per ordinary share
(2025: 129.6p)
24.6%
Total shareholder return
for theyear, assuming
dividendsreinvested
(2025: 43.1%)
16.3%
Total return for the period on
ex-dividend opening net asset
value (NAV)
(2025: 11.6%)
or 12.3% before theimpact of FX
(2025:11.9%)
7.8%
Adjusted portfolio EBITDA growth
over the prior year, earned on
9.9% revenue growth
1
£952.1m
Total contracted revenue across
the portfolio for the remaining life
of contracts at 31 March 2026
3
The Company uses alternative performance measures
(APMs) in addition to IFRS measures to assess and
describe its performance. Further information on the
APMs used in this document and how they are calculated
is given on page 112.
1
Refer to footnotes under Figure 1 in the Investment Manager’s report regarding the composition of pro forma revenue
and EBITDA and associated adjustments.
2
See calculation and discussion on page 29.
3
Contracted revenue for DCU is pro-rated for the Company’s economic stake of 37.4%. Czech National Bank target
inflation rates applied only on contracts with automatic indexation clauses for CRA’s contracted revenue portion.
Allother figures are in real terms.
Cordiant Digital Infrastructure Limited Annual Report 2026
2
Strategic report Governance Financial statements Additional informationIntroduction
146.0
129.6
120.1
113.4
106.3
98.1
Mar 2026Mar 2025Mar 2024Mar 2023Mar 2022IPO
4.6x
4.5x
4.5x
3.9x
40.1%
40.3%
38.9%
30.0%
Mar 2026Mar 2025Mar 2024Mar 2023
4.45p
4
Mar 2026Mar 2025Mar 2024Mar 2023
1.00p
2.00p
Mar 2022
3.00p
4.00p
4.00p
4.20p
3.00p
3.50p
4.35p
5.1x
Announced
Mar 2026
Mar 2025Mar 2024Mar 2023
3.4x
1.5x
4.4x
1.6x
4.6x
1.7x 1.7x
394.6
Mar 2026
2
Mar 2025Mar 2024Mar 2023
200.4
105.0
304.7
142.1
324.1
153.9
174.9
Building value through
consistent growth
sinceIPO
14.0% annualised NAV total return since IPO
3
Dividend increases for every financial year since IPO
Gearing has remained comfortably below 50% since IPO Dividend consistently well covered by portfolio cash flows
Highlights continued
IPO plan
Paid
Announced
4
2.275p to be paid on30 July 2026.
EBITDA cover
Adjusted funds from
operations (AFFO) cover
7
7
AFFO calculated at average
foreignexchange rates for the last
twelve months using normalised
EBITDA less fund-level costs,
netfinance costs, tax paid,
mandatory debt repayments and
maintenance capex.
Gearing
5
—Net leverage
6
5
Gearing measured as net
borrowings (loans from banks
and other institutions net of cash)
dividedby grossasset value. The
Company’s gearing limit, calculated
on a look-through basis, is 50% as
set out in its investment policy.
6
Net leverage is calculated as net
borrowings divided by aggregate
LTM recurring EBITDA, net of
Company-level expenses.
NAV per share (pence)
3
14.0% assumes additive
reinvestment of dividends
and is annualised as a simple
arithmetic average. On a
compound annualisation basis
with multiplicative reinvestment
ofdividends, the equivalent figure
is 11.3%. This is ahead of the
Company’s annual total return
targetof 9.0%.
Consistent revenue and EBITDA expansion across portfolio
1
1
Revenue and EBITDA are stated
on an LTM basis. DCU figures are
pro-rated in line with the Company’s
37.4% economic interest.
2
Figures for the year to 31March2026
include those of the BT Ireland
business acquired by Speed Fibre
in September 2025.
Revenue (£m)
EBITDA (£m)
Cordiant Digital Infrastructure Limited Annual Report 2026
3
Strategic report Governance Financial statements Additional informationIntroduction
2021-22
£795m equity raised
at and since IPO
UK’s first listed digital
infrastructure investment
company in February 2021.
2022
Hudson acquired in
New York – £56m
60 Hudson Street; one of the
world’s most interconnected
data centres.
2023
Major digital TV
broadcast contract
won in Poland
Emitel secured a contract to
operate Poland’s MUX-6 for
the national broadcaster; now
operator of all six national
digital TV multiplexes.
2023
Speed Fibre
acquired in Ireland –
£55m
Now Ireland’s largest
alternative open-access
wholesale fibre network
(after the BT Ireland
acquisition in 2025).
2022-24
>€1bn debt raised or
refinanced since IPO
Internally arranged by the
Investment Manager across
the holding company level,
CRA and Emitel. Nomaturities
across the groupuntil
June 2029.
2024
Belgian Tower
Company acquired
– £5m
Colocation tower operator
in Belgium; theCompany’s
fifth country.
Buy, Build & Grow
successfully executed
since IPO
Key milestones 2021-2026
Celebrating five years
2021
CRA acquired in
Czech Republic –
£306m
Largest independent,
multi-asset operator of digital
infrastructure, including
towers, data centres, fibre and
IoT networks.
2022
Emitel acquired in
Poland – £353m
Poland’s national broadcast
infrastructure operator and
leading independent mobile
tower operator; the Company’s
largest platform.
2023
T-Mobile 15-year
tower contract
renewal
Long-term renewal; major
mobile operator on CRA’s
Czech tower network.
2023
DAB+ digital radio
milestones
CRA wins nationwide
commercial DAB+ Network
B at CTU auction. Emitel
wins national DAB+ tender,
extending coverage to 88%
ofPolish households.
2023
American Tower
Poland acquired by
Emitel – 65 towers
Accelerating the expansion
of Emitel’s leading
independent mobile tower
portfolio in Poland.
2024
Cloud4com and
DCLužice acquired
byCR A
Cloud services and data
centre bolt-on, enabling
CRA to become the leading
independent cloud provider
inthe Czech Republic.
Cordiant Digital Infrastructure Limited Annual Report 2026
4
Strategic report Governance Financial statements Additional informationIntroduction
Celebrating five years continued
2024-25
Additional tower
bolt-ons in Poland
RTTS (nine sites) and EM Cast
(48sites from TDF) acquired
by Emitel, further expanding
its tower platform. Polish Radio
FM contract also renewed.
2025
DCU acquired in
Belgium – £77m
14 data centres, c.13MW.
Belgium’s leading
colocation platform.
2025
First syndication by
the Company
€20m stake in DCU syndicated
by the Company which retains
a 37.4% economic stake,
chairof the company's board
and co-control rights.
2025
BT Ireland assets
acquired by
SpeedFibre
BT Ireland’s wholesale
fibre and B2B connectivity
arm; creating the leading
alternative wholesale network
provider in Ireland.
2025-26
Full DAB+ utilisation
at CRA and IPTV/OTT
expansion
DAB+ network fully
commercialised – eight of Czech
Republic’s top ten stations now
on CRA’s network. IPTV/OTT
and radio streaming bolt-ons.
2026
First colocation
data centre acquired
in Poland
Emitel acquires a 2MW
facility with expansion
potential, marking its entrance
into an important and
growing segment.
2024
Digital TV broadcast
contracts won in
Poland
Two new TV channels launch
on MUX-8 under ten-year,
index-linked contracts, filling
available capacity.
2025
Orange Poland
build-to-suit deal
Orange as anchor tenant
on hundreds of new mobile
towers to be built to support
5G rollout. Emitel’s tower
portfolio expected to expand to
1,000+ sites.
2025
New debt facilities
forDCU – €120m
Long-term senior facilities
secured; supports expansion
plans in Belgium and
other markets.
2025
Infrastructure
Investment Company
of the Year
Investment Week’s Investment
Company of the Year Awards.
Also joint winner of AIC’s
Best reports and accounts:
Alternatives category.
2025-26
Prague Gateway
groundworks
complete
CRA’s flagship data centre with
up to 26MW of available power
ready for the main construction
phase. Žižkov data centre
alsoexpanded by 1.3MW.
2026
FCA Official List and
FTSE 250 inclusion
Admitted to the Official List
on 30 April 2026. FTSE 250
index inclusion announced
on3June2026 and to be
effective from 22 June 2026.
73.3%
NAV total return
to 31March 2026
(sinceIPO), assuming
dividends reinvested
10.4%
Annual dividend
growth over
fouryears
51.7%
Shareholder total
return to 17June2026
(since IPO), assuming
dividends reinvested
Cordiant Digital Infrastructure Limited Annual Report 2026
5
Strategic report Governance Financial statements Additional informationIntroduction
Global trends shaping the next five years
Digital infrastructure
is entering a new
period of evolution
andexpansion
AI is transforming how data centres are
designed and operated. The training and
deployment of AI models are driving a surge
in compute-intensive workloads, accelerating
data volumes and increasing demand for
processing power, much of which is being met
by hyperscale infrastructure. At the same time,
AI is reshaping data centre architecture as
latency requirements and the need for localised
processing drive demand for emerging models
such as edge data centres, GPU-as-a-service
platforms that provide flexible access to
compute, and higher rack densities that improve
efficiency and throughput. The Company’s
assets are well positioned to benefit directly
from this structural shift, both now and over
the long-term.
AI is rewriting the rules of
the digital infrastructure
system design
Change within the digital
world is creating new
markets and opportunities
for the Company.
Change within the digital world is creating new
markets and opportunities for the Company.
Today, the digital infrastructure landscape
is being reshaped by rapid technology
development, geopolitical fragmentation,
macroeconomic growth and the demands
of the energy transition. Together they are
creating new markets, new use cases and new
opportunities for operators and investors.
The Company's strategy has delivered
above-target returns and remains as relevant
as ever in this changing landscape. It is based
on buying high-quality, mid-market assets,
with strong competitive moats, strategically
investing in building those assets through
active management, and growing returns for
investors and other stakeholders.
Compute, storage and bandwidth are part of an
interconnected system in which demand for all
three is accelerating simultaneously. As data
volumes (the foundation of digital infrastructure)
grow rapidly due to technological changes and
increased adoption, particularly AI, the need
to store, process, and transmit that data also
increases. This dynamic is self-reinforcing, as
the generation and use of data creates even
more data that must be managed at speed
and scale to support billions of devices and
endpoints worldwide. As a result, building
and maintaining the required infrastructure
depends on meeting rapidly expanding and
interconnected demand across compute,
storage, and bandwidth.
The three core drivers:
compute power,
storage and bandwidth
Cordiant Digital Infrastructure Limited Annual Report 2026
6
Strategic report Governance Financial statements Additional informationIntroduction
Sustainability is increasingly a differentiator and
demand driver for digital infrastructure assets.
Regulation, sustainability ambitions, and rising
scrutiny from tenants, investors and lenders
are all shaping demand for greener assets.
Themain drivers of sustainability are clean
energy sourcing and operational efficiency,
often assessed by power usage effectiveness
(PUE) in data centres. However, focus is now
being turned to other key environmental and
social considerations, including water usage
and community impact.
As an Article 8 fund, which promotes
environmental and social characteristics
under the EU Sustainable Finance Disclosure
Regulation, responsible investment is integrated
throughout the Company’s investment strategy
and is reflected in the environmental credentials
of the assets acquired and the strategies in
place to continually improve the environmental
performance of its portfolio.
Sustainability an
increasing requirement
In line with the wider digital world, the process
of how we receive media content is changing,
resulting in the convergence of broadcast and
5G, and creating new demands on infrastructure.
This is most evident in the development of
5G broadcast, which offers advantages to
both consumers and content providers. For
consumers it provides a streaming-equivalent
experience to mobile devices without consuming
individual data allowances, while offering
content providers lower distribution costs and
the same commercial capabilities, including
advert insertion. From both the user’s and
provider’s perspective 5G broadcast is also
more reliable, less susceptible to interruption
and carries a lower environmental footprint than
conventional streaming.
Several of the Company’s portfolio companies
are actively trialling 5G broadcast technology as
part of a wider European consortium, positioning
these platforms at the leading edge of this
transition and potential commercialisation.
The broadcast and 5G
worlds are merging
andit’s reshaping how
we watch and listen
Geopolitical fragmentation is driving a powerful
new imperative: data sovereignty. Governments
and regulators are increasingly mandating
that data is stored and processed within their
own jurisdictions, ensuring ongoing access
and security. Legislation such as GDPR in
Europe and the Cloud Act in the US have led
to governments treating digital infrastructure
as a matter of strategic sovereignty. The result
is durable, structurally protected demand for
regional and national infrastructure providers.
These events are being reflected in the surge of
public and private investment in new localised
digital infrastructure.
For the Company, this trend is additive. It
compounds the existing need for capacity,
particularly in Europe, which is already being
driven by the growth of data and the adoption
ofAI and other transformative technologies.
Digital security by
design: therace to
build national digital
infrastructure
Global trends shaping the next five years continued
Every major trend in digital infrastructure,
including AI, data centres, 5G backhaul,
sovereign cloud and edge computing,
ultimatelydepends on fibre. Fibre networks
are the carriageway on which the entire digital
economy moves. They are the physical layer
that carries the exponentially growing volumes
of data and underpin and connect every
other part of the ecosystem. As data demand
intensifies, the case for fibre has never been
stronger. The continued rollout and increase in
capacity of fibre networks across Europe and
beyond represents a durable infrastructure
investment opportunity, combining long-term
contracted revenues with assets that are both
difficult to replicate and increasingly strategic.
The new motorway:
fibre is at the
pulse ofthe digital
infrastructure age
Cordiant Digital Infrastructure Limited Annual Report 2026
7
Strategic report Governance Financial statements Additional informationIntroduction
Strategic report
The strategic report includes
an overview of our strategy
and business model, the
principal risks we face
and information about our
performance. It also details
our approach to ESG and
stakeholder engagement.
STRATEG Y
DRIVEN
The Company achieved another strong
performance in the year, driven by the quality
oftheportfolio we haveconstructed.
Shonaid Jemmett-Page
Chairman
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
8
Klet’ Transmitter, Chlum,
Czech Republic.
Strategic report 8-57
Who we are 10
What we do 12
Our business model 14
Chairman’s statement 16
Financial KPIs 18
Investment Manager’s Report 20
Review of portfolio companies 30
Emitel Poland 32
CRA Czech Republic 34
Speed Fibre Ireland 36
Datacenter United (DCU) Belgium 38
Hudson New York 40
Belgian Tower Company (BTC) Belgium 41
Environmental, social and governance (ESG) 42
Section 172 statement 48
Stakeholder engagement 49
Risk management 52
Principal risks and uncertainties 54
Longer term viability statement 56
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
9
#3
#2
#4
#1
#6#5
#1
Poland 1. Emitel
#2
Czech Republic 2. CRA
#3
Ireland 3. Speed Fibre
#4
#6
Belgium 4. Datacenter United (DCU)
6. Belgian Tower Company (BTC)
#5
US 5. Hudson
Cordiant Digital Infrastructure Limited (the
Company) is a UK-listed investment company
incorporated in Guernsey, that is the owner and
operator of digital infrastructure assets across
Europe and in North America.
The Company’s investing strategy can be
summarised as acquiring and expanding
cash-flow generating digital infrastructure
platforms through growing managed assets,
growth capital expenditure and bolt-on
acquisitions across Europe (including the UK
and Switzerland), NorthAmerica, Australia and
New Zealand.
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 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 higher profits 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.
The Company has appointed Cordiant Capital
Inc. as its Investment Manager. The Investment
Manager’s digital infrastructure group consists
of 21 professionals combining active investing
and operating experience, integrating both
perspectives into its investment approach.
We are a sector-focused,
specialist owner and operator
of digital infrastructure assets,
one of the fastest growing
infrastructuresectors
Who we are
Geographic context
Bringing considerable
active investing
andoperatingexpertise
toourinvestment
approach.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
10
Who we are continued
Read more on pages
32 and 33.
Read more on pages
34 and 35.
Read more on pages
36 and 37.
Read more on pages
38 and 39.
Read more on page 40.
Read more on page 41.
#1
Multi-asset platform
Poland
Acquired November 2022
The leading independent
digital broadcasting and
telecommunications
infrastructure operator in
Poland, providing access to
TVand radio signal for nearly
the entire population and
hosting telecommunications
equipment for mobile
networkoperators.
#2
Multi-asset platform
Czech Republic
Acquired April 2021
The leading independent
digital infrastructure platform
in the Czech Republic,
holdingthe national
broadcast licence, operating
telecommunications sites for
mobile network operators
anddeveloping a significant
data centre and cloud
servicespresence.
#3
Fibre infrastructure platform
Ireland
Acquired October 2023
The leading alternative
open access backbone
fibre network provider
in Ireland with fibre and
wireless backhaul across the
country as well as providing
connection and services to
business and retailcustomers.
#4
Data centre platform (37.4%)
Belgium
Acquired February 2025
A leading data centre
business in Belgium, in which
the Company has a 37.4%
economic (50% voting)
interestand which is the
result of the completion of
twointerlinked transactions.
#5
Interconnect data centre
New York
Acquired January 2022
An interconnect data centre
operating in the most
interconnected facility in one
ofthe most interconnected
cities on the planet.
#6
Broadcast and
colocationservices
Belgium
Acquired January 2024
A provider of colocation and
site hosting services, with
11active communications
towersin Belgium and
a participant in trials of
5Gbroadcast technology.
Emitel CRA Speed Fibre Datacenter United (DCU) Hudson Belgian Tower Company (BTC)
Portfolio companies
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
11
1
2
3
4
5
6
1
2
3
4
5
Digital Realty
Colt
Pfizer
European Commission
AT&T
VerizonAmazon
Three
Vodafone
T-Mobile
O2
Orange
Diversified portfolio client base, including
We have constructed
a high-quality,
diversified digital
infrastructure portfolio
that is wellpositioned to
generate further growth
What we do
% %
Revenue by segment Revenue by country
The Company creates value from investing in the critical digital
infrastructure of today's world, including data centres and cloud
services, mobile & broadcast towers andfibre-opticnetworks.
TheCompany primarily seeks to investingrowth platforms in the
middle market.
The Company's strategy is focused on Core Plus assets (see
page 14) and is designed to grow NAV for investors through
buying high-quality digital infrastructure assets, building
additional infrastructure and growing the revenuesandcash
flows of those assets through active management under a
Buy,Build & Grow model.
Since its IPO in 2021, the Company has constructed
a well-diversified portfolio of six companies, located
in five jurisdictions, that includes 24 data centres,
1,440 communications towers,14,272km of
fibre-opticnetworksand156,690IoTsensors.
1. Backbone fibre-optic networks 30%
2. Digital TV infrastructure 30%
3. Data centres and cloud 14%
4. Mobile towers 13%
5. Digital radio infrastructure 11%
6. IoT/Smart cities 2%
Total 100%
1. Poland 37%
2. Czech Republic 28%
3. Ireland 26%
4. US 5%
5. Belgium 4%
Total 100%
Revenue by segment represents an estimated split. Some services operate across more than one sub-category and, in some cases, the allocation represents
a simplification. Figures relate to the latest available full financial year of revenue for each portfolio company, ending on 31March2026 for CRA, Hudson
and BTC;31December2025 for Emitel, DCU and SpeedFibre. Revenue for the recently acquired wholesale fibre and B2B connectivity arm of BT Ireland by
SpeedFibre only covers the period 1 September 2025 to 31 December 2025.
Cordiant Digital Infrastructure Limited Annual Report 2026
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What we do continued
Digital TV infrastructure
Revenue
30%
Digital radio infrastructure
Revenue
11%
Mobile towers
Revenue
13%
Data centres and cloud
Revenue
14%
Backbone fibre-optic networks
Revenue
30%
1,440
Communications towers
14,272km
of fibre-optic network
Backbone fibre-optic networks
Themedium and technology
associated with the
transmission of information
as light pulses through
a glass or plastic fibre.
A fibre-optic network is
used for long-distance and
high-performance data
networking. It is also commonly
used in telecommunication
services such as the internet,
television andtelephones.
Fibre-optic networks consist
of five main elements:
international connectivity
(subsea and cross-border
links), long-haul terrestrial
(national backbone) networks,
metro networks, local loops,
and last mile/access networks.
Digital terrestrial TV
broadcasting canbe in the
form of HD (high definition)
and ultra high definition
(UHD) channelquality and is
supported by HbbTV (hybrid
broadcast broadband TV)
and IPTV (internet protocol
television) offerings.
Terrestrial radio is
also transmitted via
communications towers,
utilising similar infrastructure
as for digital terrestrial TV,
and uses both analogue
(FM) and the latest digital
audio broadcasting (DAB+)
technology.
Mobile towers are
cellular-enabled mobile device
sites where antennas and
electronic communications
equipment are placed,
typically onaradio mast,
tower, or other raisedstructure.
Distributed antenna
systems(DAS) – where
a network of antennas
connected to a common
source isdistributed
throughout a buildingoran
area to improve network
performance.
Data centres
Physical facilities that
enterprises and specialist
cloud providers use to run their
business-critical applications
and store data. These are now
fundamental to almost every
industry around the world and
are an enabler for all current
digital communications. They
are also vital for technology
evolution such as artificial
intelligence and 5G.
Cloud computing
The outsourced on-demand
delivery of computing power
and associated services
overthe internet to offer faster
innovation, flexible resources,
and economies ofscale.
Broadcast antennas are placed on towers, which are typically
very tall and owned by the platform company, for the purposes
of broadcasting content from content originators, through a
multiplex which sorts and prepares the signal, to homes and
businesses equipped with aerial receptors.
24
data centres
43.8MW
of utility power capacity
2
Diversified portfolio asset mix
1
IoT/Smart cities
Revenue
2%
IoT/Smart cities
Use connected sensors
embedded in urban
infrastructure to monitor
and manage city services,
including water networks,
street lighting, and
transportation, in real time.
These sensors collect
actionable data transmitted
via communication networks
to cloud-based platforms
for analysis, enabling
smarter decision-making,
reduced operational costs,
and improved services for
residents.
156,690
IoT Sensors
1
At 31 March 2026.
2
29MW of IT power capacity.
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The Company invests in digital infrastructure
businesses and increases NAV by expanding
revenues and increasing margins.
Our business model – how we create value through our investment strategy
The Company invests
under a Buy, Build & Grow
model, with a strong
capitaldiscipline.
The Company seeks to acquire cash-generative businesses
in themid-market and, following acquisition, drive growth and
operational improvement.
Buy, Build & Grow
Mid-market focus
With an emphasis on applying growth capital to boost the
internalrate of return (IRR) and multiple on invested capital.
Disciplined buying
Emphasis on disciplined approach to acquisitions (with the
aim of achieving below-average blended entry multiples) and
operational improvements.
Multi-disciplinary senior team
Seasoned industry executives work alongside experienced
privateequity and corporate finance professionals, all with deep
sectorexperience.
Sourcing investment opportunities
Proven ability to source proprietary investment opportunities.
Sustainability
Fully integrated into investment process.
Build value in the medium and longer term
Diversification
Secure greater portfolio diversification through geographical
spread and balanced subsector allocation.
Specialist experience
Specialist experience across mobile towers, data centres and
fibre: the core building blocks of the internet.
Operational improvements
Continuously producing tangible and measurable operational
improvements led by in-house sector specialists.
An active approach to building value
‘Core’ strategies involve investment in mature assets. ‘Core Plus’
and ‘Value Add’ strategies seek to buy assets where the revenue
frontier can be expanded significantly through the sale or lease
of more space on existing under-utilised assets and/or the sale
or lease of space on newly built infrastructure. These strategies
also look to increase cash flows by bringing best practice to bear,
something particularly true in the middle market, and spreading
fixed costs over a larger revenue base.
The Company operates a Core Plus approach through its Buy,
Build & Grow model. Executing a Core Plus strategy requires
a high degree of operational knowledge and experience.
TheInvestment Manager’s digital team has strength in depth in
both numbers and capability. Of 11 managing director-level staff,
six have held senior roles in industry and the other five are from
the private capital industry while benefiting from long experience
in the sector.
This enables us to bring best practice to portfolio companies,
which are mid-sized platforms, and to support them in their
growthtrajectory.
Our focus on sustainability
Sorting, processing and moving data around theworld currently
accounts for more than 3% of global electricityconsumption.
The Company and the Investment Manager recognise the
needto:
— reduce the carbon footprint of the digital economy, with a
particular focus on:
— enabling efficient network design e.g. supporting the
integration of 5G and broadcast;
— integrating renewable energy where possible;
— improving energy efficiency at the network component
level e.g.moreefficient data centres.
— reduce the carbon footprint of society, through enhanced
communications and connectivity, such as the application
oftechnologies to develop more sustainable cities; and
Cordiant Digital Infrastructure Limited Annual Report 2026
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14
8,000
6,000
4,000
2,000
0
Moderate
Aggressive
Disruptive
Global telecom bandwidth demand is projected to increase at a CAGR of
18%-27% from 2023 to 2033 to reach 3,280-6,641 EB per month.
Source: Nokia
6,641
4,525
3,280
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
The Investment Manager is one of the most
experienced and well-resourced digital
infrastructure investment teams in the market.
The digital infrastructure market is forecast
togrow strongly over the coming decade.
Global network traffic is projected to grow
5xto9x through to 2033.
Operational insight
— Sector expertise and insight bring big-company best
practiceto mid-sized platforms to better enable growth
andprofit.
— Depth of experience stands out in the market, enabling
betterbuying, better management and organic growth at
platform companies.
M&A and debt restructuring
— Prudent approach to debt management to ensure a
conservative portfolio debt structure and a strong liquidity
position for the Company.
— The Company, through the capabilities and experience of
theInvestment Manager’s team, typically leads its own M&A
and debt financingprocesses.
Unique and diversified
— Unique and profitable asset base acquired through
attractively priced acquisitions as a function of geography and
deal complexity.
— Diversified portfolio combining strong cash flows from
national digital networks with substantial growth opportunities
in key market segments (such as interconnect data centres,
managed private cloud, mobile towers) and emerging areas
with increased demand (such as edge data, fibre, IoT/utility
and DAS).
Value-add by experienced team
— Experienced manager, with a senior team combining industry
operating executives and digital private equity experience.
— Balanced team with experience across all digital subsectors
and disciplines, including more than $90 billion of private
equity and transaction experience.
— Operating expertise driving portfolio platforms in realising
their full potential, supporting platforms’ management with a
hands-on approach.
Focused sustainability agenda combined with a practical approach
— Integrating the consideration of sustainability risks,
and opportunities, into decision making throughout the
investmentprocess.
— Promoting environmental and social characteristics within
the digital infrastructure sector, as an Article 8 Sustainable
Finance Disclosure Regulation (SFDR) product.
— better connect underserved businesses and households to
the digital economy, supporting enhanced opportunity and
economic activity.
Portfolio construction and diversification
The Company initially acquired two platforms: CRA in
April2021and Emitel in November 2022, offering, in varying
mixes, mobile and broadcast towers, fibre-optic networks,
utility sensors and data centres. These platforms are located in
growtheconomies in Central Europe. Hudson, an interconnect
data centre located inNewYork, was acquired as a strategic
asset in January 2022.
Subsequently, valuations corrected in some parts of the
digitalinfrastructure middle market, leading to attractive
opportunities to diversify by asset segment and geography.
SpeedFibre, a leading fibre infrastructure platform in Ireland
acquired in 2023, and expanded in 2025 with the acquisition of
theassets of BT Ireland, is a clear example of this trend.
Further acquisition opportunities will continue to be considered
in the context of the Company’s approach to capital allocation.
The acquisition of DCU, a data centre business in Belgium,
inFebruary 2025 provided furtherdiversification by asset
segment and geography and was achieved working in
partnership with others.
Deleveraging and disruption have increased the volume
ofpotential transactions in the mid-market
There are opportunities to deploy capital strategically in
accordance with our capital allocation priorities.
Origination
— Proven ability to source proprietary deals.
— Strong pipeline of acquisition opportunities at the portfolio
company level.
— Future portfolio development is targeted on continuing to
diversify both geographically and by subsector across
Europe, North America, Australia and New Zealand.
Disciplined approach to pricing
— Price: emphasis on disciplined buying (below-average
blended entry multiples).
— Growth: the Company seeks attractive entry prices and
growth potential.
— Terms: the Company remains disciplined regarding
transaction terms.
Hagai Shilo
Managing Director,
Cordiant Digital Infrastructure
Management
Our business model continued
Cordiant Digital Infrastructure Limited Annual Report 2026
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15
Introduction
The Company delivered strong operational and financial
performance in the year to 31 March 2026. On an adjusted
basis, excluding the impact of DCU (acquired in February
2025), aggregate EBITDA and revenue for the most recent
financial years of the portfolio companies increased by
7.8% and 9.9%respectively on a constant currency basis.
1
Portfoliocompany EBITDA and revenue, including DCU,
totalled£171.5 million and £367.6 million respectively. Growth
was driven by contract wins, the benefit of contractual price
escalators, disciplined cost management, and the impact
ofacquisitions.
NAV per share increased to 146.0p at 31 March 2026
(31March2025: 129.6p, or 127.4p ex-dividend), generating
a total return of 16.3% on the ex-dividend opening NAV, or
12.3% excluding the impact of FX. Value creation during the
year reflected both underlying operational performance and
valuationdevelopments. Following receipt of the zoning permit
in 2025, successful progress on groundworks, and a growing
pipeline of prospective customers, the development land value
of Prague Gateway was included in the CRA valuation for the
first time. In addition, the market value of all real estate assets
intended to be sold by CRA was recognised. Together, these
contributed to NAV growth.
The Company delivered important strategic progress during
the year, including continued deployment of growth capital
expenditure, advancement of key development projects,
ongoing integration of acquisitions and optimisation of the
capitalstructure. The successful migration of the Company’s
listing to the Official List of the FCA on 30 April 2026 represents
afurther milestone in its evolution.
The move to the Official List broadens the potential investor base
and the Company’s inclusion in the FTSE 250 index will increase
visibility among investors and supports demand for the shares
through index-tracking funds, improving liquidity. TheBoard
believes these developments, combined with the Investment
Manager’s team’s consistent and disciplined execution of the
Company’s strategy, strengthen the Company’s positioning
within the listed infrastructure sector and provide a more robust
platform for long-term growth.
Investment strategy and capital allocation
The Investment Manager continues to implement its Core Plus
strategy, targeting stable and predictable income alongside
capitalgrowth through active asset management. This is
delivered through the Company’s Buy, Build & Grow model
–acquiring high-quality platforms, investing in expansion and
enhancing operational performance.
The Board maintains a balanced approach to capital allocation,
focusing on delivering attractive risk-adjusted returns while
recognising the current market environment. Capital has
been directed towards bolt-on acquisitions, growth capital
expenditureinitiatives and disciplined balance sheet
management, while continuing to support a progressive
dividend policy.
The Company was pleased to be recognised at the 2025
Investment Week Awards, winning Infrastructure Investment
Company of the Year. The award highlights the strength of our
investment strategy and the quality of the portfolio, focused
on essential digital infrastructure supporting data growth,
connectivity and cloud adoption.
A central focus during the year has been the progression of
Prague Gateway, a flagship data centre development by CRA
with up to 26MW of available power. Completion of groundworks
was achieved and construction of the core, shell and first module
is set to begin imminently, andits inclusion in the valuation has
been an important contributor to NAV growth in the period.
The Board expects this project to be a key driver of future value
creation as it moves through subsequent phases of development
andcommercialisation.
During the year, portfolio companies completed several
value-accretive acquisitions, including CRA expanding its
presence in IPTV/OTT services and Emitel’s entry into the
datacentre sector. The Company also supported a broad
programme of organic investment, including data centre
expansion, the building of new mobile towers, and other
upgrades across the portfolio. Speed Fibre continued
Chairman’s statement
Five years of value
creation and a strong
platform for future growth
I am pleased to present the Annual Report for the
Companyforthe year ended 31 March 2026.
Shonaid Jemmett-Page
Chairman,
Cordiant Digital InfrastructureLimited
1
Refer to footnotes under Figure 1 in the Investment Manager’s report regarding
the composition of pro forma revenue and EBITDA and associatedadjustments.
Cordiant Digital Infrastructure Limited Annual Report 2026
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16
to integratethe BT Ireland acquisition, completed in
September2025, with integrationprogressing well and early
synergies beginning to emerge. DCU raised new debt facilities
and progressed its expansion strategy, while Hudson advanced
development of newcapacity to support future growth.
The Company also benefited from the syndication of a minority
stake in DCU, demonstrating the Company’s ability to raise
additional external funding to support diversification and the
attractiveness of its assets to third-party capital.
Share price performance
The Board was encouraged by the total shareholder return of
24.6%delivered during the financial year and notes the continued
strong momentum in the share price since year end, with the
shares up 22.7% at 17 June 2026. The Board considers this a
positive development. However, notwithstanding this recent
performance, the Board remains dissatisfied with the persistent
discount to NAV, which it does not believe reflects the Company’s
strong financial and operational delivery, and considers there
remains scope for further share price progression to more
fully recognise the Company’s underlying performance. As in
prior periods, we believe this reflects broader macroeconomic
factors affecting the investment company sector rather than
Company-specific issues.
At 17 June 2026, the discount to 31 March 2026 NAV was
approximately 14.7%.
The Board expects that the Company’s move to the Official List
and its forthcoming inclusion in the FTSE 250 index will, over time,
support improved share liquidity, broaden the shareholder base
and contribute to narrowing this discount.
The Board and the Investment Manager remain focused on
addressing the discount through continued delivery of strong
underlying performance and disciplined capital allocation,
while maintaining proactive engagement with shareholders
andpolicymakers.
Dividend
The Company follows a progressive dividend policy, aiming
to pay dividends from portfolio free cash flow in a way that
is sustainable over time. Dividend cover is measured using
a twelve-month consolidated AFFO metric, calculated as
normalised EBITDA minus finance costs, tax, mandatory debt
repayments and maintenance capital expenditure.
In June 2025, the Board approved an increase in the targeted
annual dividend to 4.35p with the payment of the second interim
dividend of 2.25p per share in July 2025. In November2025, the
Board declared a dividend of 50% of the 4.35p target of 2.175p,
which was paid in December 2025.
In June 2026, in line with the Company’s progressive dividend
policy and reflecting Company performance and planned
capital expenditure, the Board approved a further increase
inthe dividend target of 2.3% to 4.45p, with 2.275p to be
paid on30July2026 to shareholders as at the record date
of 3 July 2026.
For the twelve months to 31 March 2026, the 4.45p dividend
wasapproximately 5.1x covered by EBITDA and 1.7x by AFFO.
Sustainability
As a long-term investor, the Company places sustainability at
the heart of its strategy, with a continued focus on reducing
environmental impact across its portfolio. Over the past year,
this has resulted in a 13% reduction in Scope 1 and Scope 2
greenhouse gas emissions, increased energy efficiency and
decarbonisation efforts, and growth in renewable energy usage
to 81% of total consumption. Progress has also been supported
by ongoing net zero analysis, alignment with science-based
targets, and investment in energy-efficient technologies.
The responsible investment approach remains focused
on integrating ESG and climate considerations throughout
the investment lifecycle to support risk management and
long-termvalue creation. Additional information, including our
voluntary climate-related financial disclosures, is provided
inourstandalone Responsible Investment Report, available
atwww.cordiantdigitaltrust.com.
Governance
The Board receives regular updates on Company and portfolio
performance from the Investment Manager and the Company’s
other advisors. We provide active and objective oversight of
thoseactivities, and periodically seek to meet local management
of portfolio companies to gain direct insight into various
initiativesthat are being progressed. In May 2026, the Board
attended a series of site visits and meetings hosted by Emitel
in Kraków, Poland, enabling the Board to develop further its
understanding of the day-to-day operations of the business and
receive an update on Emitel’s long-term strategy directly from
local management.
During the year, the Investment Manager again demonstrated to
shareholders the benefits of its extensive, senior-level experience
in: managing and operating world-class digital infrastructure
businesses; arranging debt facilities in-house without using a
debt advisor to raise growth financing for DCU; and overseeing
completion of the strategic BT Ireland acquisition. TheInvestment
Manager charges a relatively low level of management fee,
based on market capitalisation and not NAV, unlike some of the
Company’s peers.
Outlook
Demand for digital infrastructure remains underpinned by
structural growth drivers, including increasing data consumption,
cloud adoption, the rapid advancement of AI, and continued
investment in connectivity networks.
Near-term performance is expected to reflect recent customer
churn and project phasing, with new business anticipated
to support momentum as the year progresses. The Board is
confident that the strength and diversification of the portfolio,
the resilience of its cash flows and the breadth of its growth
opportunities position the Company well to continue delivering
attractive returns over the long term.
The Company has consistently delivered on its stated objectives,
achieving total NAV growth of 14.0%
2
per annum since inception,
demonstrating both the effectiveness of the investment
strategy and disciplined execution. Looking ahead, we remain
confident in the Company’s positioning, supported by FTSE
250 index inclusion. We believe continued operation will enable
shareholders to benefit from further value creation and sustained
long-term returns. Accordingly, the Board recommends that
shareholders vote in favour of the continuation of the Company
atthe forthcoming Annual General Meeting.
Shonaid Jemmett-Page
Chairman
18 June 2026
Chairman’s statement continued
2
14.0% assumes additive reinvestment of dividends and is annualised as
a simple arithmetic average. On a compound annualisation basis with
multiplicative reinvestment of dividends, the equivalent figure is 11.3%.
Thisisahead of the Company’s annual total return target of 9.0%.
Cordiant Digital Infrastructure Limited Annual Report 2026
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120.1p
2024
129.6p
2025
146.0p
2026
11.2%
2024
12.6%
2025
16.8%
2026
4.2p
2024
4.35p
2025
4.45p
2026
9.7%
2024
11.7%
2025
16.4%
2026
-17.1%
2024
43.1%
2025
24.6%
2026
Financial KPIs
All of the measures below are APMs and are defined on page 112.
Net asset value per share
The NAV per share is a
measure of our success in
adding value to the portfolio.
It is calculated by dividing
the net asset value of the
Company at 31March2026
by the number of shares in
issue. Thetarget NAV per
share is based on 9.0% per
annum total return accruing
since inception, reduced by
the 17.7p of dividends paid to
shareholders to date.
Total return from investments
The increase in the fair value
of our investments and the
returns received from them,
taken together, measure the
success of our Buy, Build &
Grow model and our ability to
deliver returns to shareholders.
The target is an unlevered
return, and the performance is
presented before the effect of
leverage is taken into account.
Growth in EBITDA of
underlying investments
1
The adjusted EBITDA of
our underlying investments
measures their ability both to
fund their own growth and to
provide investment returns to
the Company in support of our
returns to shareholders.
The target is for aggregate
EBITDAof the underlying
investments to grow year
on year, as measured on a
constant currency basis.
1
Refer to footnotes under Figure 1
inthe Investment Manager’s report
regarding the composition of
proforma revenue and EBITDA and
associated adjustments.
Full-year dividend
The dividend paid to
shareholders in respect of the
year measures the extent to
which we are able to deliver an
income stream to investors.
Thefirst dividend of
2.175 pence was paid
on 22December2025,
and a second dividend
of 2.275pence has been
announced for payment on
30July 2026.
NAV total return
The total increase in NAV
per share over the reporting
period, with dividends
reinvested at the prevailing
ex-dividend NAV. This is
a measure of our ability to
consistently generate returns
for shareholders over a
sustained period of time.
Total shareholder return
The total shareholder return
over the reporting period,
calculated assuming that
dividends are immediately
reinvested at the prevailing
share price, measures our
ability to deliver attractive
returns to investors,
with acombination of
share pricegrowth and a
progressive dividend.
Target
130.5p
based on target 9% NAV total
return per annum
Target
10.2%
per annum
Target
Positive
annual
Target
4.35p
for the year
Target
9.0%
per annum
Target
9.0%
per annum
Performance
146.0p
Performance
16.8%
for the year
Performance
7.8%
annual
Performance
4.45p
for the year
Performance
16.4%
for the year
(73.3% inception to date)
Performance
24.6%
for the year
(23.7% inception to date)
Net asset value per share
Target 130.5p
Total return from investments
Target 10.2%
EBITDA
Target Positive
Full-year dividend
Target 4.35p
NAV total return
Target 9.0%
Total shareholder return
Target 9.0%
7.2%
2024
9.3%
2025
7.8%
2026
Cordiant Digital Infrastructure Limited Annual Report 2026
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Balance of the Board
This measures our ability to bring
together a wide range of perspectives
and experiences withadiversity of
business skills,sector experience,
geographical background and
gender to the benefit of the
Companyand its activities.
Increasing connectivity
This measures the coverage in
our countries of operation and our
portfolio companies’ success in
their respective service provision
to the benefit of their respective
communities.
Operational health and safety
The number of operational health
and safety incidents measures
the success of our underlying
investments in upholding health,
safety and wellbeing standards
andpractices for our portfolio
companies’ employees and others.
Sustainability management
Sustainability management measures
our success in implementing our
responsible investment strategy
withits focus on promoting climate
change mitigation. Our focus is
on increasing the percentage of
renewable energy used by our
portfolio companies.
Digital divide (coverage of remote
and rural areas)
2
The digital divide metric measures
how critical our investments’
underlying assets are in enabling
access to digital services, particularly
in remote and rural areas where
digital infrastructure networks are
typically sparser.
Target
40/60
women/men based on FCA target
from April2022
Target
N/A
Target number of incidents
Zero
Target % of electricity from
renewable sources
100%
Target coverage of remote and
ruralareas
N/A
Performance FY2026 Performance FY2026 Performance
1
FY2026 Performance FY2026 Performance FY2026
50/50
(FY2025: 50/50)
ca.99.7%
(FY2025: ca.98%)
Emitel coverage of area
of Poland
ca.99.0%
(FY2025: ca.99%)
CRA coverage of area
of Czech Republic
1
Emitel
(FY2025: 1)
2
CRA (FY2025: 1)
2
DCU
0
Speed Fibre (FY2025: 0)
0
Hudson (FY2025: 0)
0
BTC (FY2025: 0)
86%
(FY2025: 79%)
Total % of electricity consumed
coming from renewable sources
81%
(FY2025: 73%)
Total % of energy consumed
(including electricity and fuel) coming
from renewable sources
90%
(FY2025: 90%)
Emitel & CRA
Note: sustainability data for the portfolio
companies has been prepared on a calendar
year basis, covering the period 1 January
2025 to 31 December 2025. An exception
applies to CRA, which initiated a transition
during the reporting period to align ESG
disclosures with its financial reporting cycle.
1
All operational health and safety incidents
were non lethal.
2
Remote area is considered a location at
a distance of more than 10km from the
nearest town/village; rural is considered a
location in the vicinity of a village with up to
10,000inhabitants.
Non-financial measures
Cordiant Digital Infrastructure Limited Annual Report 2026
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19
Investment Manager’s report
Buy
BT Ireland
Acquisition of BT Ireland’s wholesale fibre
and B2B connectivity arm completed in
September2025 by Speed Fibre to create
theleading alternative wholesale network
provider in Ireland.
Bolt-on acquisitions
Emitel entered the data centre market through
the acquisition in March 2026 of a Tier III
colocation facility near Warsaw, secured under
asale‑and‑leaseback arrangement with a
global IT services provider as anchor tenant,
with2MWof capacity.
CRA completed two acquisitions to expand its
digital infrastructure and content distribution
capabilities: nangu.TV (IPTV/OTT platform
provider) and Play.cz (radio streaming platform
and DAB+ operator).
Build
Data centres
CRA completed the groundworks for its
flagshipTier III+ Prague Gateway facility and
is set to begin construction of the core, shell
and first module. The company also expanded
existing capacity, including a 1.3MW extension
at its Prague Žižkov site.
Hudson’s 2MW data hall expansion is nearing
completion with nearly 20% of the new capacity
already pre‑sold.
Communications towers
Emitel received initial orders for mobile towers
to be delivered under the new build‑to‑suit
arrangement signed with Orange Poland in
April2025.
CRA fully commercialised a new DAB+ network
and added further radio transmitters to enhance
coverage for the Czech public broadcaster.
Grow
7.8%
Adjusted portfolio EBITDA growth for the year,
earned from 9.9% revenue growth.
New contracts
Emitel’s new contracts included Polskie Radio,
renewals with regional radio broadcasters,
smart cities projects, and a drone monitoring
infrastructure tender.
CRA secured a cloud services contract with
Czech Radio and initial customer uptake for its
GPU‑as‑a‑service offering.
5G broadcast
Three portfolio companies are conducting 5G
broadcast trials, leveraging existing infrastructure
to deliver TV‑like content efficiently to mobile
devices. This technology could unlock new
revenue streams and drive portfolio growth.
Investment Manager’s report
A bright future with strong
growth prospects
We are pleased with the operational performance delivered
by the portfolio over the past five years. The Company
benefits from a portfolio of high‑quality digital infrastructure
assets, supporting blue‑chip and government customers
through long‑term contracts in growing markets. Our core
businesses are leaders in their respective markets and
continue to expand their infrastructure coverage, both through
the construction of additional assets and bolt‑on acquisitions
that further strengthen their customer offering.
2.3%
The percentage of the Company’s shares
owned by the Investment Manager, its staff
and the Directors of the Company at the date
of this report, including 15.3million shares
held by StevenMarshall, demonstrating strong
alignment with shareholders’ interests.
Steven Marshall
Co‑founder, Executive Chairman and Managing Partner,
Cordiant Digital Infrastructure Management
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
20
Introduction
The Company delivered strong financial results in the year to
31 March 2026, driven by robust operating performance of
the portfolio and other value‑accretive activities. Pro forma
adjusted portfolio EBITDA increased by 7.8% year on year, while
adjusted portfolio revenue increased by 9.9%. NAV per share
increased from 127.4p (ex‑dividend) at 31 March 2025 to 146.0p
at 31March2026, driving a total return of 16.3% on ex‑dividend
opening NAV(31March2025: 11.6%). In the year, the portfolio
benefited from the appreciation of the Czech koruna and Polish
zloty against sterling. Excluding the impact of FX, the total return
for the period was 12.3% (31 March 2025: 11.9%).
Earnings and NAV growth were driven by successful
implementation of the Company’s Buy, Build & Grow model:
the purchase of good‑quality platforms at attractive prices and
making subsequent bolt‑on acquisitions; building new assets at
construction cost from which new revenues can be earned; and
growing existing revenues using the operational and financing
expertise of the Investment Manager’s team.
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 pursue a 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.
The Company paid two dividends during the period: the second
interim dividend relating to the year ended 31 March 2025, of
2.25p per share or £17.2 million, paid on 30 July 2025; and the
first interim dividend relating to the year ended 31March2026,
of2.175p per share or £16.7 million, which was paid on
22December 2025.
The Company remains committed to its progressive dividend
policy, and has allocated capital to a 2.3% increase in dividend
from 4.35p per year to 4.45p per year, to take effect from the
second interim dividend expected to be paid in July 2026. This
level of dividend remains well covered (1.7x) by AFFO, being
portfolio recurring EBITDA less fund‑level costs, net finance
costs, tax, mandatory debt repayments and maintenance capex.
Investment Manager’s report continued
Figure 1: Headline financial performance based on financial year end of portfolio
companies on a constant currency basis
1
31 March
2026
£m
31 March
2025
£m
Change
£m
Change
%
Portfolio revenue 36 7.6 326.0 41.6 12.8%
Portfolio EBITDA 171.5 156.7 14.8 9.4%
Adjusted portfolio revenue
2
353.0 321.1 31.9 9.9%
Adjusted portfolio EBITDA
2
169.0 156.8 12.2 7.8%
1
CRA, Hudson and BTC have 31 March financial year ends. Emitel, Speed Fibre and DCU
have 31December year ends. All EBITDA figures exclude profits from asset disposals
at CRA. Portfoliorevenue and EBITDA include the contribution from the BT Ireland
tuck‑underacquisitionby Speed Fibre in September 2025. Some revenue relating to the former
BTIreland business may be discontinued in2026/27.
2
Portfolio revenue and EBITDA have been adjusted to enhance comparability across periods
by excluding the contribution from DCU, acquired in February 2025, and BTC, reflecting the
discontinuation of certain broadcast operations in Belgium in early 2025 (a known and expected
event at the time of acquiring BTC). Adjusted portfolio EBITDA incorporates IRU‑related
adjustments associated with Speed Fibre. Excludingthe BT Ireland acquisition, adjusted portfolio
EBITDA would have grown by 6.8%.
Figure 2: NAV movements for the year
Year ended 31 March 2026 Year ended 31 March 2025
£m p/share %
3
£m p/share %
3
Opening NAV 992.5 129.6 920.7 120.1
Final dividend in respect of the prior year (17.2) (2.3) (16.9) (2.2)
Ex‑dividend opening NAV 975.3 127.4 903.8 117.9
Net profit for the period 159.3 20.8 16.3 105.2 13.7 11.6
Interim dividend in respect of the current year (16.7) (2.2) (16.1) (2.1)
Net shares issued/buybacks – – (0.4) 0.0
Closing NAV 1,117. 9 146.0 992.5 129.6
3
On ex‑dividend opening NAV.
About the Investment Manager
Cordiant Capital, the Investment Manager appointed
by theCompany, is a sector specialist investor focused
on middlemarket ‘Infrastructure 2.0’ platforms in digital
infrastructure, energy transition infrastructure and the
agriculturevalue chain.
The Investment Manager’s digital infrastructure team,
CordiantDigital Infrastructure Management, or CDIM, was
co‑founded by Steven Marshall, who chairs all the major
portfoliocompanies. The team consists of 21 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, NorthAmerica,
Australia and New Zealand.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
21
Several bolt‑on acquisitions were undertaken by portfolio
companies with support from the Investment Manager’s team
to expand and complement existing asset bases and service
offerings, including CRA’s acquisition of nangu.TV to expand its
presence in the OTT/IPTV space and Emitel’s acquisition of a
colocation data centre near Warsaw, marking Emitel’s entrance to
the sector. Further tuck‑under acquisitions are being explored by
portfolio companies, and these transactions are typically highly
IRR‑accretive due to the potential for significant operational and
financial synergies.
In addition, the Company, leveraging the operational expertise
of the Investment Manager, is supporting investments in
growth‑oriented capital expenditure projects at the portfolio
level,such as adding data centre capacity and constructing
newmobile towers.
The Investment Manager considers that there is no easy answer
to resolve the Company’s share price discount to NAV, but that
continued strong operational performance, value‑creating capital
expenditure, maintaining acquisition price discipline, investor
engagement and significant alignment of interests should all be
recognised if issues affecting the investment company sector
abate. The Investment Manager is encouraged by the positive
market reaction that followed the Company’s migration to the
Official List and pending inclusion in the FTSE 250 index.
Alignment of interests
Since 18 June 2025, the Directors and the Investment Manager’s
team have made further purchases of the Company’sshares,
acquiring in total 2.9 million more shares to bring the combined
total to 17.4 million shares. Thisincludes StevenMarshall,
Executive Chairman of Cordiant Digital Infrastructure
Management, who acquired a further 2.4millionshares, bringing
his total personal holding to 15.3 million shares. At the date of
this report, the Directors, the Investment Manager and its team
owned 2.3% of the ordinary issued share capital of the Company.
Cordiant Capital sold 0.9million shares in the period
4
.
The Investment Manager’s fee continues to be based on
market capitalisation as opposed to NAV, ensuring even
closeralignmentbetween the Investment Manager’s team and
the Company’s shareholders.
Activity during the period
The portfolio delivered strong operational progress in the
year, with significant milestones achieved across data centre
development, execution and integration of bolt‑on acquisitions,
and asset growth. The portfolio companies made notable
strides in next‑generation technologies, including AI‑ready
infrastructure and 5G broadcast trials, positioning the Company
to capture emerging opportunities in digital connectivity and
cloud services. These developments reinforce the Investment
Manager’s confidence in the portfolio’s ability to generate
sustainable growth and attractive returns.
At CRA, Prague Gateway was a key operational focus during
theyear, with groundworks and sewerage installation completed
and the project about to move into the main construction phase.
Phase I is expected to deliver the core and shell together with
an initial 4MW IT module, supporting CRA’s ambition to build a
scalable, high‑specification data centre campus in Prague. CRA
also continued to develop its customer pipeline and progress the
carve‑out of its data centre and cloud activities into a separate
Investment Manager’s report continued
Figure 3: Summary of insider ownership
18 June 2026 18 June 2025 Change
Number of
shares owned
thousands
% of shares
outstanding
Number of
shares owned
thousands
% of shares
outstanding
Number of
shares owned
thousands
Increase/
(decrease)
%
Steven Marshall 15,328.0 2.0% 12,890.2 1.7% 2,4 37.8 18.9%
Other members of CDIM 980.7 0.1% 717.5 0.1% 263.2 36.7%
Cordiant Capital Inc. and its shareholders 560.6 0.1% 1,410.6 0.2% (850.0) (60.3)%
The Board of Directors 495.7 0.1% 345.0 0.0% 150.7 43.7%
Total 17,365.0 2.3% 15,363.3 2.0% 2,001.7 13.0%
Katya Gorbatiouk (Head of Investment
Funds, London Stock Exchange)
with Steven Marshall and Shonaid
Jemmett‑Page at the market
opening ceremony on 30 April 2026
celebratingthe Company’s admission
tothe Official List of the FCA.
4
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 in the
financial year ended 31 March 2026.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
22
subsidiary, while exploring partnership and funding options to
support future expansion.
Elsewhere, CRA expanded existing data centre capacity,
entered the GPU‑as‑a‑service market with initial demand
secured, and won a public broadcaster cloud services tender.
In radio broadcasting, its commercial DAB+ network reached
full utilisation. The acquisitions of nangu.TV and Play.cz also
strengthened CRA’s capabilities in IPTV, OTT and radio streaming,
supporting its strategy to build an integrated multi‑platform digital
media infrastructure business.
Emitel expanded across key segments, entering the colocation
data centre market through a Tier III facility acquisition near
Warsaw, growing its mobile tower portfolio, and advancing
distributed antenna systems projects. Radio broadcasting
was supported by new and renewed contracts, including
a tender winwith Polskie Radio. In smart cities and IoT, the
company delivered remote water meter reading and smart
parking projects, was appointed by the Warsaw municipality
for a majorcity lights management programme (subject to an
appeal lodged by a competitor in the tender), and won a Polish
Air Navigation Services Agency (PANSA) tender to provide
drone monitoring infrastructure across 114 sites, with scope to
expandfurther.
On 1 September 2025, Speed Fibre completed the acquisition
of BT Ireland’s assets, adding a 3,400km fibre network and
approximately 400 enterprise and government customers.
Integration is progressing well, with synergies expected to
strengthen Speed Fibre’s position as a leading provider of
wholesale and B2B connectivity in Ireland. Integration work has
progressed smoothly to date, and the company is working to realise
significant synergies from the combination of the two businesses,
with meaningful annual cost savings already achieved to date.
Following its acquisition in February 2025, DCU secured
a €120million senior financing package in September,
providingresources for expansion and refinancing part
of theacquisition debt. DCU used part of the proceeds to
return €15million to the Company by way of repayment of
shareholderloans, and a 10.1%stake in DCU was syndicated to a
Western European institutional investor via a fund‑of‑one managed
by the Investment Manager. Proceeds of these transactions
were used to repay the RCF at the holding company level. DCU is
progressing a phased investment programme across the platform,
focused on capacityexpansion,higher‑density readiness, cooling
upgrades and site modernisation.
While still facing challenges, Hudson delivered a promising year
of sales performance, supported by new customer wins and
expanded commitments from existing clients. Cross‑connect
revenue continued to increase year‑on‑year, and capacity
utilisation on the sixth floor increased by 46.4%. Construction of
two new data halls, adding 2MW of power capacity, made good
progress and is expected to complete imminently. These halls
can support high‑density workloads of up to 40kW per rack,
reflecting growing demand for AI and other compute‑intensive
applications. Nearly 20% of the new capacity has been presold.
NAV highlights
For the year ended 31 March 2026, the Company recorded
net profit of £159.3 million, representing a 16.3% return on the
opening ex‑dividend NAV (31 March 2025 profit: £105.2 million,
representing an 11.6% return). This equates to 20.8p per share
(31 March 2025: 13.7p per share). At 31 March 2026, NAV stood
at £1.12 billion, or 146.0p per share, compared to £992.5 million,
or 129.6p per share, at 31 March 2025. The opening ex‑dividend
NAV for the period was £975.3 million, or 127.4p per share.
Investment Manager’s report continued
Prague Gateway data centre
development groundworks.
Andrew Ewe, CFA
Chief Financial Officer
Cordiant Digital Infrastructure
Management
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
23
Application of IFRS
The Company only holds Hudson directly. Emitel, CRA,
SpeedFibre, DCU and BTC are all held through the Company’s
wholly owned subsidiary, Cordiant Digital Holdings UK
Limited (CDH UK). The borrower of the Company’s holding
company‑leveldebt facilities is CDH UK. Under the application
ofIFRS 10 and the classification of the Company as an
investmententity, the Company’s investment in CDH UK is
recorded as a single investment that encompasses underlying
exposure to Emitel, CRA, Speed Fibre, DCU, BTC and the
holdingcompany credit facilities. The underlying elements of
the overall value movement attributable to foreign exchange
movements and value movement and income from each portfolio
company are identified in Figure5. The Company’s profit and
NAV under this approach are the same as shown in the audited
IFRS Statement of Comprehensive Income and the Statement of
Financial Position.
Figure 5 shows the reconciliation of Figure 4 to the IFRS Statement
of Comprehensive Income. Figure 8 shows the underlying
components of the IFRS Statement of Financial Position.
NAV performance in the period
This section, including valuation, foreign exchange, costs and
gearing, refers to the figures in Figure 5 and Figure 8 on the
non‑IFRS basis.
Investment Manager’s report continued
Figure 5: Reconciliation of Statement of Comprehensive Income to Figure 4
Year ended 31 March 2026 (£m)
Accrued
income
Value
movement
Net FX
movement
Intercompany
balances
Fund
expenses
Interest
expense
IFRS
P&L
Movement in fair value of investments 16.8 135.3 47.6 (35.5) (0.8) (21.6) 141.8
Unrealised foreign exchange gains – – (0.6) – – – (0.6)
Management fee income 1.3 – – – – – 1.3
Dividend income – – – 35.5 – – 35.5
Other expenses – – – – (10.4) – (10.4)
Investment acquisition costs – – – – (0.6) – (0.6)
FX movements on working capital & loans – – (8.1) – – – (8 .1)
Finance income 0.4 – – – – – 0.4
Finance expense – – – – – – –
18.5 135.3 38.9 – (11.8) (21.6) 159.3
Year ended 31 March 2025 (£m)
Movement in fair value of investments 9.9 125.2 (4.6) (21.6) (0.4) (18.3) 90.2
Unrealised foreign exchange gains – – (1.1) – – – (1.1)
Management fee income – – – 0.8 – – 0.8
Dividend income – – – 24.6 – – 24.6
Other expenses – – – – (8.6)
– (8.6)
Investment acquisition costs – – – – (1.2) – (1.2)
FX movements on working capital & loans – – 2.9 – – – 2.9
Finance income 1.3 – 0.1 – – – 1.4
Finance expense – – – (3.8) – – (3.8)
11.2 125.2 (2.6) – (10.2) (18.3) 105.2
129.6p
992.5
(17.2)
127.4p
975.3
18.5
38.9
(11.8)
(21.6)
(16.7)
146.0p
1,117.9
135.3
NAV at
1 Apr il 2025
Dividend paid July
2025
Opening
ex-dividend NAV
Accrued income Value movementFX movementFund expenses Interest expenses Interim dividend
paid
NAV at
31 March 2026
Figure 4: NAV bridge for the year to 31 March 2026
£m
Mandeep Mundae
General Counsel
Cordiant Digital Infrastructure
Management
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
24
Emitel CRASpeed Fibre
65.7
67.5
9.4
DCUHudsonBTC Othe
rT
otal
unrealised
value
movement
2.7
(11.6)
0.4
1.2 135.3
Figure 8: Underlying components of Statement of Financial Position
Year ended 31 March 2026 (£m)
Emitel CRA
Speed
Fibre DCU Hudson BTC
Total fair value
of investments Cash
Intercompany
balances
Other assets
and liabilities
Holding
company debt
IFRS
Total
Investments 623.0 524.2 116.3 55.1 36.7 6.7 1,361.9 0.4 176.2 5.8 (267.5) 1,276.8
Receivables – – – – – – – – 1.4 9.2 – 10.6
Cash – – – – – – – 10.0 – – – 10.0
Payables – – – – – – – – (0.3) (1.8) – (2 .1)
Loans and borrowings – – – – – – – – (17 7.4) – – (17 7.4)
623.0 524.2 116.3 5 5.1 36.7 6.7 1,361.9 10.5 – 13.1 (267.5) 1,117.9
Year ended 31 March 2025 (£m)
Investments 581.4 429.0 87.3 77.6 36.2 6.0 1,217.6 1.3 146.1 4.9 (245.3) 1,124.7
Receivables – – – – – – – – 1.5 9.3 – 10.8
Cash – – – – – – – 6.1 –
– – 6.1
Payables – – – – – – – – – (1.5) – (1.5)
Loans and borrowings – – – – – – – – (147.6) – – (147.6)
581.4 429.0 87.3 77.6 36.2 6.0 1, 217.6 7.4 – 12.8 (245.3) 992.5
Investment Manager’s report continued
Other FX including
debt and working
capital
Total unrealised
FX movement
Emitel CRASpeed FibreDCU Hudson BTC
12.8
27.7
4.8
4.0
(0.6)
0.3
(10.1)
38.9
Figure 6: Breakdown of unrealised value movement in the year Figure 7: Breakdown of unrealised foreign exchange movement in the year
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
25
31 March
2022
30 September
2022
31 March
2023
30 September
2023
31 March
2024
30 September
2024
31 March
2025
30 September
2025
31 March
2026
9.60%
9.50%
9.29%
9.31%
9.32%
8.05%
8.52%
9.60%
9.78%
Valuation
The Investment Manager prepares semi‑annual valuations
according to the IPEV Guidelines and IFRS 13. These valuations
are reviewed and challenged by the Board. The Board also
engages an expert valuations team from a Big Four accounting
firm to carry out independent valuations of the portfolio
companies at each valuation date.
The Investment Manager and Board are aware of the scepticism
that some private asset valuations elicit and so take great care
to maintain a rigorous process, using market information from
reputable third‑party sources wherever possible. DCF is the
primary methodology of valuation, as noted in the Company’s
IPO prospectus. The Investment Manager is confident that the
quality of earnings included in the DCF models, and the actual
cash generation of the assets, demonstrate the qualities of the
portfolio, notwithstanding volatility in the market‑observable
inputs used every six months to construct the WACC used for
each valuation as a discount rate.
Figure 9 shows the movement in the Company’s average
WACC over time, weighted for the investments held at each
reporting date. Between 31 March 2025 and 31 March 2026, the
average WACC decreased marginally by one basis point. The
WACCs of Emitel, CRA and Speed Fibre remained unchanged
from 31March2025, while Hudson’s increased, offset by the
inclusionof DCU in the mix which brought the average down
from31 March 2025.
Figure 6 provides a breakdown of the unrealised value
movements in the year excluding the impact of FX. Most of the
unrealised value gains in the year were driven by CRA and Emitel.
Emitel’s unrealised value gain was driven by the roll forward
of the DCF model, supported by outperformance this year
relative to the business plan assumed in the valuation, with cash
distributions totalling £53.1million. Emitel’s total return in the year
in local currency terms was 13.8%.
CRA’s return was supported by successful execution of its
business plan being reflected in the roll forward of the DCF model.
In addition, the development land value of Prague Gateway,as
assessed by a third‑party valuation advisor, togetherwith the
market value of CRA’s real estate assets intended to be sold, were
included in CRA’s NAV for a total of £54.7 million. CRA’sincrease
in equity value was 14.8% in local currency terms.
In the year, €17 million was injected into Speed Fibre to support
the acquisition and integration of the BT Ireland business. In local
currency terms, Speed Fibre’s NAV, adjusting for the impact of
the additional capital invested, increased by 9.4%, supported by
roll‑forward of the DCF model and some early benefits of the BT
Ireland acquisition being reflected in the valuation.
DCU, the newest digital infrastructure platform to the portfolio,
recorded a £2.7 million increase in fair value (excluding FX) plus
accrued shareholder loan interest of £0.6 million following several
strategic developments.
Hudson, representing 2.7% of the total fair value of investments,
continues to be an underperforming asset. Capitalinjections to
support the construction of new data halls and operating losses
were largely offset by an increase in the discount rate which
negatively impacted Hudson’s NAV. The Investment Manager
believes that the opening and commercialisation of the new data
halls should be value accretive over time, while it works on several
strategic initiatives to optimise thevalue of the asset.
The valuation of BTC, the smallest portfolio company, was
supported by robust cash generation in the year.
Figure 10: Weighted average cost of capital
31 March 2026
Range
low point
Range
high point
Weighted
average mid
point
Cost of equity 10.7% 13.5% 11.5%
Cost of debt 5.0% 8.0% 6.8%
WACC 8.3% 11.0% 9.3%
31 March 2025
Cost of equity 10.3% 12.9% 11.1%
Cost of debt 5.0% 7.6% 6.6%
WACC 8.3% 11.1% 9.3%
Figure 9: Weighted average discount rates over time
Investment Manager’s report continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
26
At 31 March 2026, the portfolio’s GAV was equivalent to
10.7xLTMportfolio EBITDA (before Company‑level costs).
Recent transactions involving mobiletower assets and
data centres in other markets have occurred at multiples
significantlyexceeding this number.
Foreign exchange
The Company recognised a net foreign exchange gain in
the yearof £38.9 million due to appreciation of the Czech
koruna andthe Polish zloty against sterling, offset by a
small loss on the US dollar. FX gains on euro‑denominated
investments were offsetby appreciation in the value of the
Company’s euro‑denominated holding company debt.
Whilethe Companytypically hedges cash distributions from
the portfolio companies through forward contracts, no balance
sheet hedginghas been undertaken to date. The cost of doing
this continues to be disproportionate to the benefit, such
that the aggregate cost of hedging would over several years
consume thegain being protected. The Investment Manager
and Boardhave kept the Company’s hedging strategy under
regular review given the volatility in foreign exchange rates
and movement in forward points in the Company’s respective
currency pairs. TheCompany is a long‑term investor in the
portfolio and currentlydoes not seek to manage balance
sheetforeign exchange exposure from reporting period to
reporting period.
Costs
Figure 11 provides a summary of the operating costs incurred
by the Company and its intermediate holding subsidiaries.
Management fees for the year represented 0.68% of NAV
and have increased on last year as management fees,
payable monthly, are calculated on the Company’s average
market capitalisation in each month. Market capitalisation
increased overthe course of the year as the share price has
risen. Theongoing costs ratio, calculated in accordance
with the guidelines published by the AIC, is 0.99% per
annum. Non‑recurring costs largely include fees relating to
the Company’s migration to the Official List of the FCA and
brokendeal costs.
In addition, there were £21.6 million of costs relating to the
Company’s holding company debt facilities. These costs
included interest, commitment fees, agency fees and
amortisedtransaction costs.
Financial gearing and liquidity
At the date of this report, there were five sets of debt facilities in
the Company’s group: four at the platform company level and one
at the holding company level.
Consolidated gearing across the group, as measured by net
borrowings (loans from banks and other institutions) to GAV, was
40.1% (31 March 2025: 40.3%). As measured by net borrowings to
LTM EBITDA (factoring Company‑level and intermediate holding
subsidiaries’ costs), consolidated group net leverage was 4.6x
(31 March 2025: 4.5x). Both Emitel and CRA retain individual net
leverage ratios comfortably less than 3x, lower than other digital
infrastructure platforms that may be viewed as comparators of
either business.
71.4% of drawn debt is currently on a fixed‑interest basis through
fixed rated coupons or interest rate swaps, with the remainder
floating, none of which is inflation‑linked. The weighted average
margin across all facilities remains at approximately 3% above
the relevant interbank or swap rates. There are no debt maturities
in the group before June 2029. The group has benefited by
having no exposure to sterling‑denominated debt which has
been significantly more expensive than euro‑denominated debt,
Investment Manager’s report continued
Figure 11: Summary of Company-level operating costs
Year ended 31 March 2026 Year ended 31 March 2025
£m
The
Company
Intermediate
holding
companies Total % of NAV
5
The
Company
Intermediate
holding
companies Total % of NAV
5
Management fees 7.2 – 7. 2 0.68% 6.1 – 6.1 0.63%
Directors’ fees 0.2 – 0.2 0.02% 0.2 – 0.2 0.02%
Audit fees 0.2 0.2 0.4 0.04% 0.2 0.2 0.4 0.04%
Other recurring costs 2.2 0.4 2.5 0.25% 2.0 0.3 2.3 0. 24%
Recurring operatingcosts 9.8 0.6 10.4 0.99% 8.5 0.5 9.0 0.94%
Non‑recurring costs 1.2 0.2 1.4 0 .13% 1.4 (0.1) 1. 2 0 .13 %
Total operating costs 11.0 0.8 11. 8 1.12 % 9.9 0.4 10.2 1.07%
5
Average of the opening and closing NAV for the period.
Stephen Foss
Managing Director
Cordiant Digital Infrastructure
Management
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
27
the latter representing 56.4% of all debt outstanding in the group.
Euro‑denominated debt also provides a currency hedge for the
Company’s euro‑denominated investments.
Total external net borrowings in the group have increased by
£77.1million since 31March2025 reflecting: depreciation of
sterling; drawdownsof senior facilities at the portfolio company
level to finance growth investments; and drawdowns under
the holding company facilities, mainly to finance the BT Ireland
acquisition. In the year, the RCF at CDH UK was fully repaid through
the net proceeds of the DCU syndication and the net proceeds of
the DCUsenior refinancing.
Aggregate cash balances at the Company, subsidiary and
platform level were equivalent to £74.3 million. Including
undrawndebt facilities, total liquidity across the group was
equivalent to £220.2 million.
Dividend coverage
The Company’s dividend remains covered by AFFO,
which represents the portfolio’s recurring free cash flow
before growth‑related investments and net working capital
movements. The AFFO dividend cover ratio has remained
consistent year‑on‑year at 1.7x based on the new dividend
target announced. Growth in EBITDA has been offset mainly
by higherfinancing expenses due to debt drawn to fund new
investments. Figure 14 shows the calculation of AFFO for the
twelvemonths to 31March2026.
Investee company performance
Adjusted portfolio EBITDA for the year increased 7.8% over the
prior year, on a pro forma, constant currency basis, driven by
contributions from contract wins, cost control, the beneficial
effects of inflation and other price escalators on revenue,
andtheacquisition of BT Ireland’s assets in September 2025.
Adjusted portfolio revenue increased 9.9% on the same basis.
8
Over the financial year, across the portfolio companies,
£49.4million was invested in growth capital expenditure on
key strategic initiatives highlighted in this report, with nearly
half of this amount relating to data centres, and £20.0 million
was invested in maintenance capital expenditure including
investment in IT and enterprise resource planning systems and
infrastructure modernisation.
The portfolio is well diversified across asset classes, comprising
1,440 communications towers, 24 data centres, and 14,272km
of fibre‑optic networks. Backbone fibre represents the largest
revenue contributor, representing 30% of total pro forma revenue,
along with digital TV infrastructure also at 30%. Data centres, cloud
services, and mobile towers collectively account forapproximately
27%, while digital radio infrastructure, including both DAB+ and
FM transmission, contributes 11%. Poland continues to be the
portfolio’s largest geographic exposure, generating 37% of revenue
and benefiting from its position as one of the fastest‑growing
major European economies, evident from theappreciation of the
Polishzloty.
The Investment Manager’s digital infrastructure team
The Investment Manager’s experienced team is committed to
supporting the Company’s platform companies in achieving their
growth ambitions, as well as sourcing and delivering investment
opportunities aligned with target returns. This commitment is
further demonstrated by the recent addition of three experienced
professionals to the team, enhancing capacity and supporting
Investment Manager’s report continued
Figure 12: Group consolidated external borrowings and liquidity position at 31 March 2026
Currency of
borrowings
Gross
borrowings
£m
Maturity
year
Cash
£m
Undrawn
debt
£m
Total
liquidity
£m
Emitel PLN & EUR 287. 2 2030 41.8 25.2 67.0
CRA CZK 142.6 2030 10.4 35.7 46.1
Speed Fibre EUR 108.9 2029 5.2 5 .1 10.3
Hudson n/a – n/a 3.3 – 3.3
DCU (37.4%)
6
EUR 17. 0 2030 0.6 18.6 19 .1
BTC n/a – n/a 2.5 – 2.5
The Company
7
EUR 2 6 7. 5 2029 10.5 61.4 71.9
Total 823.3 74.3 145.9 220.2
6
Figures pro‑rated for the 37.4% stake in DCU held by the Company.
7
Together with its intermediate holding subsidiaries.
Figure 13: Group consolidated gearing ratio at 31 March 2026
31 March
2026
£m
Percentage
of GAV
%
31 March
2025
£m
Percentage
of GAV
%
Total cash 74.3 82.5
Total gross borrowings 823.3 754.5
Total net borrowings 74 9.1 4 0.1% 672.0 40.3%
NAV 1,117. 9 992.5
GAV 1, 8 67.0 1,664.5
8
Refer to footnotes under Figure 1 on page 21 regarding the composition of
proforma revenue and EBITDA and associatedadjustments.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
28
the next phase of growth. The team possesses deep, senior‑level
experience of managing and operating world‑class digital
infrastructure businesses. This is complemented by private
equity executives with decades of experience advising and
investing in the sector, creating a unique and highly differentiated
combination of capabilities.
Environmental, social and governance highlights
The Investment Manager’s focus during the year was the
reduction of the portfolio’s climate impact, translating into
a 13%reduction in Scope 1 and Scope 2 greenhouse gas
emissions and an increase in renewable energy procurement
(inclusive of electricity and fuel consumption), matching 81% of
total energy consumption. Progress has been supported by targeted
investments in energy efficiency, infrastructure optimisation, and
notable achievements across the portfolio, including Speed Fibre’s
strong ESG performance recognised by a 100/100 GRESB score.
The Investment Manager continues to support portfolio
companies in strengthening their transition approaches,
including improving data quality, formalising decarbonisation
pathways where appropriate, and enhancing disclosure in line
with evolving regulatory expectations.
Market
Demand for digital infrastructure continues to be underpinned by
powerful structural growth drivers, with increasing data creation
and compute requirements across industries. Cloud adoption,
hyperscale data centres, AI and machine learning workloads,
edge computing and the continued rollout of advanced
connectivity networks are creating a non‑cyclical expansion in
demand for secure, resilient and scalable infrastructure.
The rise in enterprise adoption of AI is accelerating this trend, as
organisations increasingly require high‑performance compute,
low‑latency connectivity and reliable local infrastructure to
support AI‑enabled applications and workflows. At the same time,
the increasing need for data sovereignty is driving demand for
local data processing, storage and movement, with governments
taking a more active role in shaping the digital ecosystem as AI
becomes more embedded in economies and public services.
Power availability, energy efficiency, carbon reduction and speed
of delivery are also becoming central strategic considerations,
particularly as customers seek to meet end‑user demand within
shorter timeframes. These factors are shaping asset selection,
partnership models and investment decisions across the sector. The
Company’s assets, spanning mobile towers, broadcast networks,
edge data centres and fibre optic networks, are well positioned to
support these long‑term trends, providing essential connectivity,
capacity and resilience across the digital infrastructure value chain.
Outlook
The Investment Manager remains confident in the quality of
the portfolio and the strength of its underlying cash flows. The
assets have been acquired at what are considered attractive
entry points, balancing value with significant growth potential.
Robust internally generated cash flows, combined with available
debt facilities, provide the Company with the flexibility to sustain
dividendpayments, fund essential maintenance, and pursue
platform expansion opportunities.
Delivering the targeted 9% shareholder return, through a
combination of income and capital appreciation, continues to
beacentral focus. To achieve this, the Investment Manager
has built a deep pool of digital infrastructure specialists with the
expertise required to optimise performance and unlock value
fromCorePlus assets.
With strong performance since IPO and a successful year ended
31March 2026, the Company remains well positioned to deliver on
its objectives. While performance in the first half of the new financial
year is expected to reflect recent customer churn and the phasing
of new business, the Investment Manager is confident that these
factors will not alter the Company’s medium‑ to long‑term trajectory.
The Investment Manager is encouraged by the number of growth
prospects being pursued by the platform companies which should
bring value accretion to the portfolio over time.
The portfolio’s contracted order book remains healthy, with
approximately £952.1 million of revenue contracted across the portfolio
at 31 March 2026, with contracts extending out as far as2044.
Despite recent energy market volatility linked to the Middle East
conflict, both CRA and Emitel have hedged nearly all their energy
requirements for the current calendar year and more than 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.
In short, the Investment Manager approaches the future with
confidence, supported by a resilient portfolio, clear growth
pathways and a compelling medium‑ to long‑term outlook.
Investment Manager’s report continued
Figure 14: Calculation of adjusted funds from operations (AFFO)
Twelve months to
31 March 2026
9
£m
Twelve months to
31 March 2025
9
£m
Portfolio revenues
10
394.6 324.1
Portfolio normalised EBITDA
10
174.9 153.9
Dividend coverage, EBITDAbasis 5.1x 4.6x
Net Company‑specific costs (11.8) (10.2)
Net finance costs (52.2) (40.3)
Net taxation, other (28.7) (27.9)
Mandatory debt repayments (4.9) –
Free cash flow before all capex 77. 3 75.4
Maintenance capex
11
(20.0) (17.1)
Adjusted funds from operations 57.3 58.3
Dividend at 4.45p and 4.35p per share respectively (3 4.1) (33.3)
Dividend cover 1.7x 1.7x
9
At average FX rates for the period.
10
Aggregate portfolio revenues and EBITDA in this table differ from the headline figures detailed in Figure 1, as Figure 1 is based on the most recent financial year
of each portfolio company (some of which have 31 December year ends), whereas this table reflects the last twelve months to 31 March.
11
Aggregate growth capex of £49.4 million was invested in the 12 months to31 March 2026 across the portfolio and£29.0million in the 12monthsto
31March2025.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
29
Review of portfolio
companies
The portfolio of assets has
been acquired at what
the InvestmentManager
believes to be attractive
prices,withoutsacrificing
growth potential.
BUILDING
ON OUR
STRENGTHS
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
30
749.1 1,867.0 100.0%1,117.9
Total
245.5
132.1
103.7
16.5
(3.3)
(2.5)
257.1
868.5
656.3
220.0
71.6
33.4
4.2
13.1
46.5%
35.2%
11.8%
3.8%
1.8%
0.2%
0.7%
623.0
524.2
116.3
55.1
36.7
6.7
(244.0)
NAV (£m) Net borrowings (£m) GAV (£m) Percentage of GAV
Emitel
See pages 32 to 33
CRA
See pages 34 to 35
Speed Fibre
See pages 36 to 37
DCU (37.4%)
1
See pages 38 to 39
Hudson
See page 40
BTC
See page 41
Other assets and liabilities
including CDH UK debt
GAV breakdown of portfolio
1
Figures pro-rated for CORD’s 37.4%
economic stake in DCU.
Ostrava-Hošťálkovice
TV and radio transmitter,
CzechRepublic.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
31
689
657
594
548
31 Dec 202531 Dec 202431 Dec 202331 Dec 2022
Revenue PLN (m)
472
437
384
368
31 Dec 202531 Dec 202431 Dec 202331 Dec 2022
EBITDA PLN (m)
Financial performance
Emitel delivered robust performance in its
financial year ended 31 December 2025,
underpinned by growth across its core business
segments. Revenue expansion was supported
by TV and radio broadcast agreements secured
in 2024, continued scaling of the mobile towers
division, and the benefit of inflation-linked
price escalators within contracted services.
Telecom infrastructure revenue increased by
5.6% year-on-year, reflecting sustained demand
Emitel
Multi-asset platform
Poland
(acquired November 2022)
www.emi tel.pl
for tower capacity and steady progress on the
build-to-suit programme with Orange Poland.
The MNO tenancy ratio on Emitel’s sites is
approximately 1.81x, with the total tenancy ratio,
including public sector customers, being 2.37x.
Emitel’s net leverage ratio, as reported to its
senior lenders, was 2.76x as of 31March2026.
Emitel repaid PLN 24.1m (£4.9 million) of term
debt on 31 December 2025. In the 12 monthsto
31 March 2026 Emitel returned cash of
PLN260.0 million (£53.1million) to the Company
and its intermediate holding companies.
Operations
Emitel’s contracted order book remains
strong at PLN 2.5 billion (£505.9 million), with
contracts extending out as far as 2044. The
weighted average remaining contract length
in TV broadcasting is four years, two years in
radio broadcasting and 11 years in telecom
infrastructure services.
Maciej Pilipczuk
Chief Executive Officer,
Emitel S.A.
Review of portfolio companies continued
Emitel overview PLN millions GBP
1
millions
12 months to
31 December
2025
12 months to
31 December
2024
12 months to
31 December
2025
12 months to
31 December
2024 % change
2
Revenue 688.7 6 57.4 139.4 133.1 4.8%
EBITDA 472.0 437.4 95.5 88.5 7.9%
31 March
2026
31 March
2025
31 March
2026
31 March
2025
Gross borrowings 1,407.5 1,365.0 287. 2 273.0
Cash 204.8 224.4 41.8 44.9
Undrawn debt 123.5 174.5 25.2 34.9
1
Revenue and EBITDA calculated on a constant currency basis.
2
Percentage movements are calculated using local currency (PLN) figures.
£353.0m
Original cost
£581.4m
Value at 1 April 2025
£65.7m
Unrealised value gain in the period
£623.0m
Value at 31 March 2026
£12.8m
Unrealised foreign exchange gain in the period
£0.1m
Interest accrued on shareholder loan
in theperiod
£(37.0)m
Repayment of shareholder loan principal and
accrued interest, and reduction in share capital
£5 3.1m
Distributions paid by Emitel to the Company,
comprising £37.0m in shareholder loan
repayment and share capital reductions, and
£16.1m in dividends and management fees
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
32
Emitel continued
At the end of March 2026, Emitel entered the
colocation data centre market through the
acquisition of a Tier III colocation facility under a
sale and leaseback arrangement with a global IT
infrastructure services provider as anchor tenant.
The site, located on the outskirts of Warsaw within
a key logistics and infrastructure corridor, carries
approximately 2MW in capacity, with further
expansion potential. This transaction broadens
Emitel’s service offering and establishes a
platform for future growth; the company is
integrating the asset into its wider operations and
intends to scale its presence in the Polish data
centre market through targeted growth capex
and selective bolt-on acquisitions.
Emitel continues to expand its mobile tower
portfolio and in the year received orders for the
first batches of sites to be delivered under the
build-to-suit agreement signed with Orange
Poland in April 2025. Emitel also completed the
integration of PSN Infrastruktura, which contributes
12 operational towers to the portfolio and 11 sites
in development. At 31March2026, Emitel’s tower
portfolio stood at 774 sites; through the build-to-
suit programme and further bolt-on acquisitions,
Emitel expects to grow its portfolio to over 1,000
sites over the next few years.
Emitel is progressing expansion of its distributed
antenna systems offering, delivering additional
projects in 2025 across public buildings, retail
and warehouse facilities, which supported
revenue growth in this segment. Demand for this
type of infrastructure is increasing from mobile
operators as well as public, commercial and
office property owners, and the company is
actively pursuing further projects in this space.
Radio broadcasting continued to grow in the year.
Renewed contracts included a tender win with
Polskie Radio for 42 emissions, with a 39-month
term commencing in July 2026 and a total contract
value of PLN 15.3 million (£3.1million). Emitel also
renewed two contracts with regional broadcasters.
Combined, these three contracts will deliver a
9.5% uplift in their monthly recurring revenue.
In TV broadcasting, capacity on MUX-8 became
available at the end of 2025, and Emitel is working
with the regulator to bring new programming
projects to market to utilise this space. Subject to
a commercial agreement with customers, MUX-8
is ready to adopt the DVB-T2/HEVC broadcasting
standard, enabling increased capacity and
higher-resolution output (HD/UHD). In addition,
Emitel is monitoring the possible introduction of
MUX-5 and is actively participating in consultations
announced by the regulator while awaiting the
announcement of a competition for the operator
of this potential new multiplex to bring additional
HD/UHD channel capacity to the market.
Emitel further developed its hybrid terrestrial
television (HbbTV) service in cooperation
with leading broadcasters to bring additional
functionality to the broadcast product. The
company also continued to develop existing
IPTV/OTT services by increasing the number of
services provided under existing agreements.
Emitel continues to test 5G broadcast
technology within the scope of currently
implemented functionalities defined by the
3GPP standard. These tests cover radio
coverage performance and mobility in urban
environments, as well as smartphone reception
capabilities, including the ability to receive
5G content and seamlessly switch to Wi-Fi
networks. The trials also evaluate the potential
of5G broadcast for emergency warning
systems. Results from tests conducted in
collaboration with broadcasters TV Puls and
TVP World confirm the technology’s strong
potential for commercial deployment once the
full set of standard-defined functionalities is
supported by receiving devices.
Emitel is advancing new commercial
opportunities in IoT and smart cities, delivering
additional projects for local governments and
other customers, including solutions for remote
water meter reading and smart parking. At the
beginning of April 2026, Emitel won a tender
by the Warsaw municipality to deliver a major
city lights management programme, subject to
overcoming an appeal lodged by a competitor
in the tender process. Given the rapid
development of the IoT and smart cities market,
Emitel expects to expand its market share and
grow revenues from this business line.
Finally, Emitel secured a contract with the
PolishAir Navigation Services Agency
(PANSA) to provide drone monitoring
infrastructure across114 sites, expanding its
footprint in a business segment with significant
opportunities for growth.
Outlook
Demand for modern digital infrastructure in
Poland continues to be supported by resilient
macroeconomic fundamentals and sustained
public and private investment. According to
Statistics Poland (GUS), real GDP grew by 3.6%
year-on-year in 2025, and the country surpassed
the US$1 trillion nominal GDP threshold. The
European Commission forecasts real GDP
growth of 3.5% in 2026, supported by EU-funded
investment, with inflation moderating to 2.9%.
While Emitel’s outlook is supported by
favourable market conditions, performance in
the near term is expected to be impacted by
unutilised capacity on MUX-8, which is currently
being marketed, with management remaining
confident in the outlook for digital broadcast
in Poland. The company remains focused
on delivering a number of strategic projects
to support future growth. These initiatives,
including the potential rollout of MUX-5,
development of an emergency warning system,
executing the build-to-suit tower programme,
integrating and growing the data centre
business, and scaling of smart city solutions,
are expected to drive both organic growth
and diversification of the business over time.
Successful delivery of these initiatives should
strengthen the group’s long-term positioning
and provide a foundation for an acceleration in
growth in the medium term.
Ślęża Radio & Television Tower,
Sobótka,Poland.
Helen Grover
Chief Human Resources Officer,
Cordiant Digital Infrastructure Management
Review of portfolio companies continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
33
2,935
2,854
2,505
2,264
31 Mar 202631 Mar 202531 Mar 202431 Mar 2023
Revenue CZK (m)
1,478
1,394
1,264
1,162
31 Mar 202631 Mar 202531 Mar 202431 Mar 2023
EBITDA CZK (m)
Financial performance
CRA delivered modest year-on-year revenue
growth, supported by broadcasting, data
centres and OTT services, partly offset by
expected churn of a cloud customer and lower
than budgeted one-off cyber security revenue.
EBITDA grew faster than revenue, reflecting
cost discipline and the fact that the shortfall
was concentrated in lower margin cyber
security revenue, which had limited impact
onprofitability.
During the year, CRA generated
CZK169.7million (£6.0 million) of cash
proceeds from optimisation of its real estate
portfolio and the disposal of redundant
assets. After year end, the sale of Ještěd
tower completed for a consideration of
CZK181.0million (£6.5 million). Additional
assetdisposals are being pursued and could
provide further cash flow in the year ending
31March 2027. The market value of these
assets was included in the valuation of CRA
at31March 2026. Following these proceeds,
CRA fully repaid its revolving credit facility
after the year end. At 31March2026, CRA’s
net leverage ratio, as reported to its senior
lenders, was 2.7x.
In September 2025, CRA paid a cash
distribution of CZK 62 million (£2.2 million)
to the Company.
CRA
Multi-asset platform
Czech Republic
(acquired April 2021)
www.cra.cz
Review of portfolio companies continued
CRA overview CZK millions GBP
1
millions
12 months to
31 March
2026
12 months to
31 March
2025
12 months to
31 March
2026
12 months to
31 March
2025 % change
3
Revenue 2,935.2 2,854.0 103.7 100.8 2.8%
EBITDA 1,47 7.5 1,393.6 52.2 49.2 6.0%
EBITDA after asset sales
2
1,6 47. 2 1,422.2 58.2 50.3 15.8%
31 March
2026
31 March
2025
31 March
2026
31 March
2025
Gross borrowings
3,999.0 3,899.0 142.6 130.9
Cash 292.4 537.4 10.4 18.0
Undrawn debt 1,001.0 1,100.0 35.7 36.9
1
Revenue and EBITDA calculated on a constant currency basis.
2
EBITDA has been adjusted to reflect cash proceeds received rather than accounting profit recognised on disposal.
3
Percentage movements are calculated using local currency (CZK) figures.
Miloš Mastník
Chief Executive Officer,
ČeskéRadiokomunikace
£305.9m
Original cost
£429.0m
Value at 1 April 2025
£67.5 m
Unrealised value gain in the period
£524.2m
Value at 31 March 2026
£ 27.7m
Unrealised foreign exchange gain in the period
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
34
Operations
CRA’s contracted order book remains healthy
at CZK 7.2 billion (£256.7 million), with contracts
extending out as far as 2038. This figure
excludes contracts likely to renew and inflation
is applied only on contracts with automatic
indexation clauses.
CRA continued to develop its data centre and
cloud business during the year. Groundworks
and sewerage installation for the Prague
Gateway development completed at a cost of
CZK 157 million (£5.6 million), and the project
is moving into the main construction phase
following the selection of a general contractor.
Phase I comprises delivery of the core and shell
together with an initial 4MW IT module, with
construction expected to take up to24 months
at an estimated cost of less than CZK2.0billion
(£71.3 million). The site has access to 26MW
of power, of which 22MW is supported by
fully duplicated infrastructure on a 2N basis,
supporting a multi-stage campus with 17.3MW
expected to be available to customers once fully
built. The facility is being developed to Tier III+
standards, targeting an average PUE of 1.25
and up to 100% renewable electricity sourcing.
CRA is developing a pipeline of prospective
Prague Gateway customers, including
enterprise, government and larger-scale
requirements, supporting the objective of
securing an anchor tenant ahead of delivery of
the first data hall. In parallel, CRA is progressing
a carve-out of its data centre and cloud activities
into a separate subsidiary encompassing
both the existing operations and the Prague
Gateway project. While CRA and the Company
jointly retain the capacity to fund Phase I, the
Investment Manager is exploring syndication
of a minority stake in the data centre and cloud
business to support construction and preserve
capital for other initiatives. The development
land of Prague Gateway was independently
valued and included in the valuation of CRA at
31March2026 following meaningful progress on
the project. CRA also remains engaged with the
EU regarding the potential designation of Prague
Gateway as a European AI Gigafactory, which,
if secured, could support further expansion and
potential public funding.
Elsewhere, CRA completed the 1.3MW
expansion of a data centre at one of its
broadcast towers in Prague Žižkov and is in
discussions with potential tenants regarding
the new capacity. CRA also entered the
GPU-as-a-service market, with Nvidia DGX
Blackwell capacity installed at DC Lužice
and initial demand contracted. Management
expects this service to offer attractive payback
periods and EBITDA margins. In addition,
CRAwon a tender from the public broadcaster
to provide cloud services for the online
distribution of Czech Radio content.
In broadcast, CRA’s commercial DAB+ radio
network, which was expanded earlier in the
year to cover 83.4% of the Czech population,
reached full utilisation during the period,
compared with 73% utilisation reported in last
year’s annual results. The project performed
ahead of budget on both revenue and cost
efficiency and is expected to deliver an IRR
of approximately 17%. CRA also expects to
deploy additional transmitters for Czech Radio
in the future.
In December 2025, CRA acquired nangu.TV, a
Czech developer of IPTV and OTT multimedia
platforms whose technology supports regional
services including Slovak Orange TV. The
transaction expands CRA’s capabilities in
TV and streaming distribution, broadens its
product offering across integrated IPTV and
OTT solutions, and is expected to create
commercial synergies across the broadcast
and connectivity portfolio.
CRA also completed the acquisition of
Play.cz in April 2026, adding a Czech radio
streaming platform and DAB+ network
operator to its portfolio. The transaction adds
streaming technology, software capabilities
and an established customer base, including
distribution for more than 90 radio stations, while
increasing digital radio capacity and coverage.
Together with the acquisition of nangu.TV,
Play.cz supports CRA’s strategy of building
an integrated multi-platform digital media
infrastructure business.
The appeal process in the long-running
disputerelating to the valuation of a family’s
purported former shareholding in a predecessor
entity to CRA remains ongoing. The file is
with theCourt of Appeal and there has been
no further substantive update since the
Company’sthird quarter trading update
published in March 2026.
Outlook
Growth in the new financial year is expected
to reflect the phasing of certain projects and
the progressive uptake of new capacity,
and may not be evenly distributed across
reporting periods.
In broadcasting, CRA’s near-term priorities
are to integrate nangu.TV and Play.cz,
expandOTT distribution, and develop hybrid
DTT/OTT services and audience measurement
capabilities. Over the medium-term, CRA
continues to evaluate next-generation delivery
technologies, including 5G broadcast
and public-sector use cases such as
emergency messaging.
In data centres and cloud, near-term priorities
are to monetise existing capacity, scale
GPU-as-a-service and secure anchor demand
for Prague Gateway. Over the medium- to
long-term, CRA is pursuing opportunities to
leverage its tower and telecoms assets for new
contracts with mobile network operators and
the public sector, while selectively building
higher-value capabilities in cyber security and
IoT with a continued focus on profitability.
From left to right:
Mezivrat TV Tower, Czech Republic.
Prague Gateway visual.
www.praguegateway.com
CRA continued
Review of portfolio companies continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
35
107.4
79.5
78.6
75.7
31 Dec 202531 Dec 202431 Dec 202331 Dec 2022
Revenue EUR (m)
28.1
25.8
24.0
23.3
31 Dec 202531 Dec 202431 Dec 202331 Dec 2022
Adjusted EBITDA EUR (m)
Review of portfolio companies continued
Speed Fibre overview EUR millions GBP
1
millions
12 months to
31 December
2025
12 months to
31 December
2024
12 months to
31 December
2025
12 months to
31 December
2024 % change
3
Revenue 107. 4 79.5 91.8 67.9 3 5.1%
EBITDA 26.3 24.7 22.5 21.1 6.5%
Adjusted EBITDA
2
28.1 25.8 24.0 22.0 8.9%
31 March
2026
31 March
2025
31 March
2026
31 March
2025
Gross borrowings 124.2 119.2 108.9 99.8
Cash 6.0 8.3 5.2 7.0
Undrawn debt 5.8 10.8 5.1 9.0
1
Revenue and EBITDA calculated on a constant currency basis.
2
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.
3
Percentage movements are calculated using local currency (EUR) figures.
Speed Fibre
Fibre infrastructure platform
Ireland
(acquired October 2023)
www.speedfibregroup.ie
Financial performance
Speed Fibre’s revenue and EBITDA growth in its
financial year ended 31 December 2025 were
supported by the acquisition of BT Ireland’s
wholesale fibre and B2B connectivity arm, now
operating as Enet Communications Limited
(ECL), on 1 September 2025. Excluding the ECL
acquisition, the Speed Fibre business delivered
positive recurring revenue growth, although
total revenue and EBITDA growth were broadly
flat in the year. This reflected the expected
roll-off of certain project revenue, in addition to
customer churn offsetting new sales, and some
delays in service delivery.
The ECL acquisition was signed in
February2025 based on a headline enterprise
value of €22 million (£18.3 million). The equity
value and therefore cash consideration paid on
1September 2025 were lower, at €16.3million
(£14.1 million), due to initial customary
transaction purchase price adjustments.
Thepurchase price for the transaction is subject
to a further ongoing completion accounts
review and could impact the final total cash
consideration paid.
The ECL business operates at a lower EBITDA
margin than Speed Fibre, reflecting a greater
proportion of lower margin services within
ECL’s product mix. Speed Fibre’s management
is actively reviewing the combined portfolio,
including the potential rationalisation of
Peter McCarthy
Chief Executive Officer,
Speed Fibre Group
£55.0m
1
Original cost
£14.7m
Further investment by the Company in
theperiod for the BT Ireland acquisition
£9.4m
Unrealised value gain in the period
£4.8m
Unrealised foreign exchange
gain i
n the period
£116.3m
Value at 31 March 2026
1
Net of €4.0 million (£3.4 million) of accrued deferred
consideration that was no longer required to be paid,
andreported net of £25.5 million vendor loan note.
£87.3m
Value at 1 April 2025
Cordiant Digital Infrastructure Limited Annual Report 2026
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Review of portfolio companies continued
lower-margin products, to support improved
profitability over the medium term. The revenue
mix of Speed Fibre generally continues to shift
toward higher growth data connectivity and
platform services, while legacy voice services
are progressively being discontinued.
Speed Fibre continued to benefit from cash
receipts associated with indefeasible rights
of use (IRU) contracts, which are a recurring
feature of the commercial model. These
contracts typically involve upfront cash
payments and are reflected in adjusted EBITDA
to better align reported earnings with underlying
cash generation. Sales of these IRU contracts,
typically with large multinational corporations
operating in Ireland, do not have a material
impact on Speed Fibre’s ability to make available
spare capacity on its network to other customers
looking to lease capacity. The group maintains
an active pipeline of IRU opportunities,
supported by demand from hyperscalers and
carrier core network deployments, with several
multi-year projects identified.
Despite incurring extraordinary expenses on
restructuring and integration relating to ECL,
thebusiness remains well capitalised with
sufficient cash on hand and access to an RCF,
ofwhich €5.8 million (£5.1 million) was undrawn
at 31 March 2026. Speed Fibre’s debtfacilities,
which incur a margin of 2.5%p.a., are due
for repayment in June 2029. Theinterest on
SpeedFibre’s term loan is 85% fixed until
maturity through an interest rate swap priced
at 1.74% (excluding the loan margin) and
the interest payable on the RCF is floating
rate based on Euribor. At 31 March 2026,
SpeedFibre’s net leverage ratio as reported
to its senior lenders was 4.08x, with ample
financial covenant headroom.
In March 2026, Speed Fibre distributed
€0.53million (£0.46 million) of cash
to the Company.
Operations
During 2025, Speed Fibre continued to
add capacity and connect new customers.
At 31 March 2026, Speed Fibre had total
contracted revenue of €108.9 million
(£95.5million) outstanding, calculated on
a real basis. Operational focus remains on
cost discipline, service delivery efficiency,
and automation, alongside ongoing network
optimisation programmes.
On 1 September 2025, the Company
completedthe acquisition of the arm of BT
Ireland, now named ECL, which provides
wholesale fibre and B2B connectivity to
customers in the telecoms, enterprise and
government sectors in Ireland across a
c.3,400km network of owned and operated
fibre,the replacement value of which today would
be significantly more than the ECL purchase
price. This acquisition enhances Speed Fibre’s
ability to deliver advanced connectivity solutions
through the integration of complementary
capabilities and a domestic customer base.
With the purchase of ECL, the combined
Speed Fibre business now has c.110 wholesale
customers, c.7,500 business customers through
the enterprise services division Magnet+, and a
fibre network of c.9,937km (owned or operated).
Integration work has progressed smoothly to
date, and the company is working to realise
synergies from the combination of the two
businesses, with approximately €6.0million
(£5.2 million) of annual cost savings achieved to
date. Aside from refining the combined group’s
product suite to support improved profitability,
key areas of focus include integration of service
delivery functions, rationalisation of product
offerings, consolidation of property and
infrastructure, and optimisation of headcount
and support functions. These initiatives are
expected to deliver sustained operating
efficiencies and margin improvements as
integration progresses further into the current
financial year.
Outlook
While trading conditions in the Irish fibre
market have remained subdued in recent
periods, the long-term demand outlook for
digital infrastructure remains supportive.
Growth is underpinned by ongoing expansion
in data-intensive sectors such as technology,
financial services and pharmaceuticals,
alongside steady increases in demand for
cloud computing, enterprise connectivity,
AI workloads and mobile data usage. These
trends are expected to contribute to continued
growth in data traffic, data centre capacity
requirements, and the need for high-capacity,
low-latency fibre networks across Ireland.
Against this backdrop, Speed Fibre is
reasonably well positioned to participate in
future growth opportunities. Management
remains measured in its outlook for the year
ahead, supported by a developing commercial
pipeline and incremental benefits from
integration and operational efficiency initiatives.
Speed Fibre continued
David Kippen
Managing Director,
Cordiant Digital Infrastructure Management
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Review of portfolio companies continued
Datacenter United (DCU)
Data centre business
Belgium
(acquired February 2025)
www.datacentreunited.com
Friso Haringsma
Chief Executive Officer,
Datacenter United
Financial performance
For its first financial year ended
31December2025, revenue for the newly
combined data centre group was €36.1million
(£30.9 million at average FX rates for the
year), while EBITDA reached €11.3 million
(£9.7million at average FX rates for the
period). As the merger between DCU and
Proximus’ data centre operations (now DCU
Brussels) completed at the end of February
2025, these figures do not reflect a full year
offinancial performance for the combined
group. Proformarevenue and EBITDA,
reflecting a full12months of operation to
31December2025, were €41.3million
(£35.3million) and €13.2million (£11.4 million),
respectively.
In July 2025, the Company successfully
syndicated part of its stake in DCU to a
Western European institutional investor via a
fund managed by the Investment Manager,
generating €20 million. The proceeds were
usedto prepay part of CDH UK’s RCF.
Following this transaction, the Company’s
economic interest in DCU stands at 37.4%,
while governance and voting rights remain
unchanged. The Investment Manager
continues to manage the collective interest
in DCU alongside TINC, the Belgian
infrastructureinvestor, each holding a 47.5%
economic interest and 50% of the voting
rightsinthe share capital of DCU, while
DCU’s CEO, Friso Haringsma, holds a 5.0%
non-votingeconomic interest.
In September 2025, DCU secured a five-year
senior financing package of €120 million,
maturing in September 2030. The structure
comprises a €50 million drawn term loan,
whichrefinanced €10 million of existing senior
debt and repaid €40 million of shareholder
loans; a €50 million capex facility for growth
investments; and €20 million of revolving
credit and ancillary facilities for working
capital and other purposes. Based on current
net leverage, the facilities carry a margin of
2.25% over Euribor. €55million of debt has
been hedged forfour years at a swap rate of
2.42%, providingan all-in fixed rate of 4.67%
based onthe current margin. Following the
repaymentof shareholder loans, the Company
received an additional €15million cash
distribution, which was used to further prepay
CDH UK’s RCF.
At 31 March 2026, DCU held cash of €1.7million
(£1.5 million), and had unutilised credit facilities
totalling €56.5 million (£49.6 million), with net
leverage of 3.9x.
Operations
At 31 March 2026, DCU had a contracted
colocation order book of approximately
€83.4million (£73.2 million) across its top
30customers. This includes Proximus, which
anchors the portfolio under an inflation-linked
10-year contract with two five-year extension
options. Other customers include blue-chip
corporate institutions such as Pfizer,
Telenet and Atos.
£76.7m
1
Original cost
£77.4m
1
Value at 1 April 2025
£0.6m
Interest accrued on shareholder loan
in the period
£(17. 2)m
Syndication of a 10.1% stake in DCU to
anotherinvestor
£(12.4)m
Repayment of shareholder loans from a senior
bank refinancing
£2.7m
Unrealised value gain in the period
£4.0m
Unrealised foreign exchange gain in the period
£5 5.1m
Value at 31 March 2026
1
Net of €0.31 million (£0.27 million) post-closing reduction
to the purchase consideration.
Integration of the original DCU business and
DCU Brussels progressed well during the year,
with investments in the management team and
enhancements to the commercial platform that
strengthened pipeline management, customer
segmentation and sales execution. The group is
actively advancing growth opportunities across
its portfolio while carefully managing renewals
and customer retention.
DCU is progressing a phased investment
programme across the platform, focused
on capacity expansion, higher-density
readiness, cooling upgrades and site
modernisation. InAntwerp, the group secured
an additional 17MW of power, providing
a strong foundationfor future capacity
expansion. Further projects in Machelen,
Ghent, Oostkampand Evere are intended to
increase sellable capacity, improve efficiency
and support future customer demand. A key
strategic priority is enabling higher-density
and AI-ready deployments through targeted
upgrades to cooling, power and white space
at core sites.
Operationally, the platform has continued to
perform well, supported by strong uptime,
resilience testing and ongoing infrastructure
improvements. In parallel, DCU is advancing
health, safety and compliance upgrades
across sites, alongside energy and
sustainability initiatives including renewable
sourcing, progressive hedging and continued
PUE reduction.
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Review of portfolio companies continued
DCU continued
Outlook
Belgium continues to emerge as an attractive
market for colocation and edge infrastructure,
supported by structural growth in enterprise
outsourcing, digital sovereignty requirements
and increasing demand for higher-density
compute. As DCU has access to significant
permitted power capacity at a time when power
supply across the market remains constrained,
the platform should benefit from additional
lease-up over time.
DCU is actively progressing a selective
pipeline of organic and inorganic expansion
opportunities, while looking to enhance its
capability to support higher-density and
AI-driven workloads. Growth is being pursued
in a disciplined manner, with capital allocation
focused on projects offering strong demand
visibility and scalable returns.
Right: DC Flanders, Antwerp, Belgium.
Below: DCO, Oostkamp, Belgium.
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Review of portfolio companies continued
Financial performance
Hudson saw annual revenue increase by 5.6%
to $24.2million (£18.1 million at average FXrates
for the period). EBITDA loss reduced by 8.0%
to $(3.8) million (loss of (£2.8) million at average
FX rates for the year). The reduced loss was a
result of new business wins, cost control and
operational improvements implemented by the
interim CEO and the team at Hudson.
At 31 March 2026, the business had
cash of $4.4million (£3.3million) and was
supported by capital injections of $17.0million
(£12.7million) in the year from the Company to
help ongoing expansion and offset negative
operating cash flow.
The business continued to receive orders
from both existing customers expanding
their footprint in the data centre and new
customers. Key contract wins included one
witha technology company and expansion
fromthree existing customers leading to the
saleof all available capacity. Focus is now on
selling the capacity from the new data halls
under construction. Cross-connect revenue
continuedto grow and performed ahead
of the budget.
Capacity utilisation of the sixth floor has
increased by 46.4% to 783kW of power since
31March2025. In total, space utilisation
increased to 70% of the fifth and sixth floors.
Thefifth floor remains fully occupied by the
anchor tenant, Digital Realty Trust.
Operations
Construction of two new data halls to increase
power capacity by 2MW is nearing completion
and the new space is expected to be available
to customers shortly. A subset of these two
data halls will have the capability to service
high-density power requirements of up to 40kW
per rack. This is being driven by the customer
demand that the team has generated recently.
The Company expects to earn a high rate of
return on this new investment.
Nearly 20% of the IT capacity has already been
presold, helping Hudson to achieve its best
financial year of new sales since its acquisition
by the Company in 2022. Additional temporary
capacity of 120kW was made available to serve
growing demand whilst the data hall expansion
is ongoing and was fully sold out to an existing
customer before the end of the financial year.
Only very limited capacity is now available until
the new data halls come online.
Hudson continues to utilise its position as a
highly connected, carrier-dense hub in New
York, providing resilient infrastructure and
consistently high service levels to customers.
Outlook
While completion of the new data halls and
full commercialisation is expected to support
Hudson’s path to profitability, potential churn
ofone customer due to a strategic decision to
exit the market may impact revenue growth
in the short term. However, the last two years
of management performance, consistently
meeting the annual budget, provides some
encouragement for the new year ahead.
Management continues to explore various
strategic initiatives to optimise the value
of the asset.
Hudson
Interconnect data centre
New York
(acquired January 2022)
www.hudsonix.com
Atul Roy
Interim Chief Executive Officer,
Hudson
60 Hudson Street, New York.
£55.8m
Original cost
£36.2m
Value at 1 April 2025
£12.6m
Further investment by the Company
in the period
£(11.6)m
Unrealised value loss in the period
£(0.6)m
Unrealised foreign exchange
loss in the period
£36.7m
Value at 31 March 2026
Cordiant Digital Infrastructure Limited Annual Report 2026
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Review of portfolio companies continued
Belgian Tower Company
(BTC)
Colocation services
Belgium
(acquired January 2024)
BTC operates 11 communication towers in
Belgium and is at the forefront of 5G broadcast
innovation. BTC, alongside Emitel and CRA,
continue 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.
In November 2025, BTC, in collaboration with
Media Broadcast and Rohde & Schwarz,
managed the technical setup for a major
showcase event in Brussels hosted by
Broadcast Networks Europe. Leading
operatorssuch as TDF, Rai Way, BP, CRA,
andEmitel attended. The live demonstration
featured content broadcast via a BTC
antenna from the Finance Tower in central
Brussels. Thisinitiative underscores BTC’s
role in advancing next-generation broadcast
servicesand safeguarding the future of
UHF spectrum.
During the 2026 Winter Olympics, Italian
operator Rai and the European Broadcasting
Union initiated 5G broadcast trials as a
large-scale, real-world evaluation of reception,
service robustness and user experience of
the technology.
5G broadcast expands the scope of broadcast
networks by enabling new services – greater
reach for advertisers, improved TV experiences
on the move, and critical applications such as
emergency alerts and navigation services.
Italso offers a spectrum-efficient, low-emission
alternative to conventional streaming, using up
to 10 times less energy and leveraging existing
infrastructure for cost-effective deployment.
BTC remains strongly cash generative,
with €2.8million (£2.5 million) in cash at
31March2026 and a dividend of €0.6million
(£0.5 million) paid in the year ended
31March2026. A cash distribution of
€0.8million(£0.7 million) is expected to be
paidby July 2026. Including this expected
distribution, BTCwill have returned €1.4million
(£1.2 million) in cash to the Company
since acquisition, representing 23.2% of
theacquisition cost.
Bart Bosmans
Chief Executive Officer,
Belgian Tower Company
Kevin Moroney
Head of Broadcast Infrastructure,
Cordiant Digital Infrastructure Management
Sint-Pieters-Leeuw Transmission
Tower, Sint-Pieters-Leeuw, Belgium.
£5.2m
Original cost
£6.0m
Value at 1 April 2025
£0.4m
Unrealised value gain in the period
£0.3m
Unrealised foreign exchange
gain in the period
£6.7m
Value at 31 March 2026
£0.5m
Dividend paid by BTC to the
Company in the year
Cordiant Digital Infrastructure Limited Annual Report 2026
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41
Environmental, social and
governance (ESG)
UNLOCKING
POTENTIAL
As active owners, we believe that embedding
sustainability into strategy and operations is
essential to long‑term resilience and value
creation across our portfolio.
Sian Hill
Audit Committee Chairman
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
42
42.9
FY2025: 57.6
GHG emission intensity
Scope 1 and 2
1
(tCO
2
e/£m
revenue)
Notes:
Sustainability data for the portfolio companies has been
prepared on a calendar year basis, covering the period
from 1 January 2025 to 31 December 2025. An exception
applies to CRA, which initiated a transition during
the reporting period to align ESG disclosures with its
financial reporting cycle.
The ESG information presented in this ESG section
reflect aggregated KPIs from Emitel, CRA, Speed
Fibre, DCU, Hudson,and BTC. Due to the timing of its
acquisition, collection of SFG sustainability data is not
inclusive of information on BT Ireland.
1
Previous year’s figures as presented here have not been
restated to include DCU data. The portfolio companies’
GHG emissions are attributedto the Company using
the PCAF’s Global GHGAccounting and Reporting
Standard for the Financial Industry. In cases where
the Company does not hold all of the equity, the equity
shareapproach is used, unless stated otherwise.
Forthefull ESG data reporting methodology, please
seethe Company’s Responsible Investment Report.
15,853
FY2025: 18,166
Scope 1 and 2 GHG emissions
(tCO
2
e)
81%
FY2025: 73%
Renewable energy (including
electricity and fuel) consumption
100%
Portfolio companies with a
sustainability policy or an ESMS
67%
Portfolio companies that
published a Sustainability Report
4,017MWh
FY2025: 3,128MWh
Renewable energy produced
Cordiant Digital Infrastructure Limited Annual Report 2026
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43
Building resilient
businesses
The Company continued to engage with and support its
portfolio companies on sustainability throughout the year,
witha focus on delivering practical climate-related outcomes.
We believe that recognising the opportunities associated
withenhanced sustainabilitywill strengthen their businesses
and better position themfor long-term success.
Sian Hill
Audit Committee Chairman
Environmental, social and governance (ESG)
Introduction and highlights
Digital infrastructure continues to play a
critical role in the global economy, connecting
individuals, businesses and governments, while
supporting the achievement of three-quarters
of the UN’s Sustainable Development Goals
(SDGs). Growth in data usage, cloud computing
and AI is driving higher demand for both digital
assets and energy resources. The Company
has strengthened its focus on responsibly
managing this growth, through improved
operational efficiency and increased reliance
onrenewable energy.
Rising international tensions add complexity
tothe implementation of sustainability
actions. Disruptions to supply chains and
trade flows canincrease emissions and
delaythe transitionto lower-carbon systems.
Against this backdrop, the Company directs
its efforts toward actions within its control,
including monitoring regulatory developments
and prioritising innovative initiatives that
deliver measurable improvements in
environmental performance. Examples
include the modernisation of broadcasting
and telecommunications platforms with
the latest high-bandwidth transmission
standards, allowing our portfoliocompanies
to host significant data volumes while
continuously aiming to reducetheenergy
intensity of each byte. This transition
from legacy hardware to a multi-purpose
infrastructure allows for the emergence of
an array of low-powerconnectivity solutions
that are essential for thetransition to a
low-carbon economy.
Complementing its portfolio of terrestrial
networks, the Companycontinues to develop
the high-specification colocation data centres
required to process increasing volumes of
data.By housing intensive computational
workloads in a multi-tenant environment, our
portfolio companies look to optimise their
operations, with precision cooling techniques
and adoption of renewable power, helping to
ensure that digitalisation of the economy aligns
with climate objectives.
In 2026, the portfolio companies’ sustainability
performance wasmarked by several notable
achievements. DCU secured Science Based
Targets initiative approval for its emissions
reduction targets, reinforcing its commitment to
decarbonisation.
Speed Fibre achieved a 100/100 GRESB score,
demonstrating leading ESG performance and
Emitel was also recognised externally as an
industry leader for its implementation of heat
recovery and free cooling systems.
Progress in improving energy efficiency
andreducing emissions across the portfolio is
evidenced by:
— GHG intensity (Scope 1 and 2) reduction
to 42.9 tCO
2
e/£m revenue, down from
57.6tCO
2
e/£m revenue in FY2025; and
— renewable electricity coverage increased
to86%, a thirdconsecutive year ofgrowth.
By leveraging the Investment Manager’s
technical expertise and risk management
framework, the Company aims to continue
strengthening its market position, while ensuring
that its investments support digital infrastructure
that remains accessible and sustainable over
the long term.
Investment framework: three guidingprinciples
Responsible investment is central to the
Company’s investment strategy and our
approach focuses on three guiding principles,
with an emphasis onclimate-related risks and
opportunities. These principles reflect the
unique challenges of the digital infrastructure
sector. First, the Company seeks to reduce
thecarbon footprint of the operations of
its portfolio companies. It aims to improve
networkdesign and promote investments
in lower-emissions technologies. A central
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44
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Cordiant Digital Infrastructure Limited Annual Report 2026
SDG alignment – climate focus
Sustainability overview
Positive external impacts
Specific SDG targets Our actions
9.1
9.4
9.c
The Company promotes updating and developing digital infrastructure
to make it more resilient, promoting inclusive and sustainable
industrialisation and fostering innovation.
Positive internal impacts
Specific SDG targets Our actions
7.2
7.3
The Company aims for portfolio companies to adopt energy efficient
measures and practices and targets the increased adoption of
renewableenergy sources into the energy supplymix.
13.1
13.2
In addition to the measures to reduce GHG emissions, the Company
andthe Investment Manager support portfolio companies in
measuring GHG emissions and, where needed, seeks to implement
adaptation measures.
Environmental, social and governance (ESG) continued
element of the Company’s strategy has always
been the use of renewable energy where
possible and the portfolio companies have
continued to increase their use of renewable
energy over the years. A second area of
focus is the advancement of connectivity and
investment in technologies, such as the use of
broadcast in the roll out of 5G, that allow for the
development of more sustainable societies.
Finally, the Company promotes access to
economic opportunities for all businesses
andhouseholds through improving reliable
digital accessibility.
Material sustainability risk and
opportunityconsiderations
The Company considers investments where
active engagement can support the generation
of positive impact aligned with selected
SDGs. At all stages of the investment process
and portfolio management, the Investment
Manager integrates an assessment of material
ESG-related risks and opportunities and
appliesan impact lens to evaluate and manage
risks andopportunities.
A three linchpin approach is applied to current
and prospectiveinvestments:
1) Screening – identification of sustainability
gaps and risks;
2) Management – constructive engagement
with investee companies when ESG risks,
opportunities and impact performance
require it; and
3) Tracking – data capture, ongoing monitoring
and annual reporting.
During the year, the Investment Manager
made significant progress in strengthening
its assessment of ESG risks through greater
use of quantitative analysis. This approach
enables the clearer identification of material
sustainability risks and opportunities and
supports their explicit integration into
investment decision-making, ensuring that
ESG considerations are embedded alongside
financial and operational factors.
Active and collaborative engagement
The Company views active engagement not
only as a tool for risk mitigation, but also as a
vitallong-term value driver. The Investment
Manager functions as a strategic operational
partner, engaging regularly with portfolio
companies on material matters including
sustainability, regulatory evolution, and
exposure to transition and physical climate
risks. This engagement is structured within the
ESG principles and standards developed by
the Investment Manager, ensuring consistent
alignment across the portfolio. Leveraging
the experience of the Investment Manager’s
dedicated ESG and Impact Team, bespoke
action plans are implemented, when needed,
to capitalise on opportunities and mitigate
riskswhile also improving the climate
performance of the portfolio companies
and aligning to industrial best practices
and standards.
Strategic priorities
During the year, the Company’s strategic
priorities were centred on enhancing
the resilience of its portfolio, addressing
decarbonisation risks and opportunities
and responding to an evolving regulatory
environment. The Company is also proud to
see that our portfolio companies continued to
be essential actors of positive change within
their communities.
Climate accountability
The Investment Manager shapes its
engagement with portfolio companies around
climate-related considerations and since
joiningthe Net Zero Asset Managers Initiative
in 2024, carbon neutrality of operations has
been one of its priorities. In response to the
opportunities from initiating decarbonisation
actions, portfolio companies have also
begunformalising their strategies to the
degreethat reflects theirrespective maturities.
During the year, Scope 1 and 2 GHG
emissions decreased by 13% and renewable
electricity consumption increased by 28%.
TheCompany’s most recent acquisition, DCU,
was the first portfolio company to celebrate
the approval of its net zerotargets by SBTi,
marking its formal commitment to reduce
its Scope 1 and 2 emissions by 46.2% by
2031 from a 2024 baseyear, and to measure
and reduce its Scope 3 emissions. Forthe
Company’s broadcasting assets, energy
efficiency meant ‘doingmorewith less.’
Portfolio companies reduced energy use by
upgrading to high-efficiency transmitters,
implementing technologies such as heat reuse,
and enhancing maintenance schedules with
the latest innovations, ensuring national-scale
broadcast and telecommunications coverage
isdelivered more efficiently.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
45
Environmental, social and governance (ESG) continued
Resilient digitalisation
The Investment Manager promotes portfolio
resilience through a combination of risk
management and operational measures.
Hedging strategies help mitigate the impact of
energy price volatility and supply disruptions,
while regular maintenance programmes
reduce exposure to climate-related physical
hazards. Ongoing monitoring / adaptation
to evolving regulatory requirements at the
portfolio company level further strengthens
theportfolio’s resilience.
Building community
The Company’s commitment to sustainability
is fundamentally a commitment to people,
anchored in the belief that resilient
infrastructure is built upon an engaged
workforce. Portfolio companies, supported
by the Investment Manager’s guidance,
strive to create best-in-class environments,
fostering operational excellence and
employee wellbeing.
In 2026, Speed Fibre was again named a top
employer in Ireland and demonstrated its
community focus through a volunteer week
supporting the Mid-West School for the Deaf.
Similarly, Emitel earned its seventh consecutive
Top Employer certification in Poland, which
confirms Emitel’s consistent approach to
organisational management and its long-term
investment in employee development,
particularlyregarding competence
development, and initiatives supporting
well-being. Complementing these efforts,
CRA focused on the regional talent pipeline by
hosting student internships and educational
events on the role of AI in infrastructure.
Regulatory updates
Climate-related financial disclosures
The reporting landscape has shifted toward a
global baseline established by the International
Sustainability Standards Board (ISSB), with the
UK supporting the adoption of the UK-specific
versions of IFRS S1 and IFRS S2. As of early
2026, the Government is aiming to publish
the finalised versions of these standards for
voluntary use, with the FCA concurrently
planning to consult on amendments to the
UK Listing Rules for listed companies. The
ISSB standards build on and consolidate
the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD),
integrating its four pillars – governance,
strategy, risk management, and metrics and
targets – into a broader and more standardised
reporting framework.
The Company and Investment Manager
support the TCFD recommendations and have
chosen to voluntarily disclose against and
implement, where reasonably practicable, its
recommendations. Disclosure, consistent with
TCFD recommendations, will be published in
the Responsible Investment Report, available
on the Company’s website. This was done
to provide greater contexttothe disclosure
and the Company’s responsible investment
strategy. The disclosure within thereport is
based on limited available information and
should not be regarded as fully aligned with the
recommendations of TCFD.
Additionally, the Company and the Investment
Manager supportthe objectives of the Taskforce
on Nature-related Financial Disclosures (TNFD)
and a TNFD disclosure will also be provided in
the Responsible Investment Report.
Sustainable Finance Disclosure
Regulation (SFDR)
The Company has been designated as an
Article 8 financial product under SFDR,
reflecting its promotion of environmental and
social characteristics both in its investment
processes and its engagement with portfolio
companies, alongside adherence to good
governance standards. A particular focus is
placed on the reduction of negative climate
impact, namely through the integration of
renewable energy andpromotion of energy
Responsible investing approach framed by internationally recognised standards
UN Principles for Responsible Investment (PRI) Adopted best practice
In 2008, the Investment Manager became a signatory of the UNPRI
– committing to both implementing a global standard for managing
investments with sustainability in mind and working towards
contributing to a more sustainable financial system. In 2026,
theInvestment Manager also became a member of the Institutional
Investors Group on Climate Change (IIGCC), gaining access to
investor collaboration, climate-risk methodologies, and net-zero
implementation tools that are increasingly relevant for infrastructure
investors. The Investment Manager also joined the United Nations
Global Compact, reinforcing commitments to internationally
recognised principles on human rights, labour, environment and
anti-corruption.
In 2026, for the Infrastructure module which exclusively
encompasses the activities of the Company, the Investment
Manager, was ranked in the second-highest performance tier.
Portfolio energy consumption, renewable energy use and GHG emissions
Asset
Energy
consumption
1
(MWh)
Renewable
energy
%
Scope 1
(tCO
2
e)
Scope 2
(tCO
2
e)
GHG emissions
intensity
(Scope 1 & 2)
(tCO
2
e/£m
revenue)
Emitel 92,004 94% 1,652
V
82
V
12.4
CRA 51,186 88% 1,107
V
754
V
17.9
Speed Fibre 4,19 8 74% 154
V
33
V
2.0
DCU 25,404 82% 93
E
3,616
E
320.4
Hudson 18,465 0% 9
E
8,161
E
452.4
BTC 1,347 0% 31
E
162
E
54.0
Total FY2026 192,604 81% 3,046 12,808 42.9
Total FY2025 166,607 73% 3,092 15,074 57.6
Sustainability data is reported on a calendar-year basis (1 January to 31 December 2025), except for CRA, which
beganaligning ESG reporting with its financial reporting cycle with a 31 March 2026 year end. In cases where the
Company does not hold all the equity, the equity share approach is used unless stated otherwise.
1
Total energy includes electricity and fuel consumption.
2
The portfolio companies’ GHG emissions are attributed to the Company using PCAF’s Global GHG Accounting and
Reporting Standard for the FinancialIndustry. Scope 2 emissions are market based.
V
Emissions presented for a portfolio company have been verified by a third party.
E
Emissions presented for a portfolio company have been estimated.
Cordiant Digital Infrastructure Limited Annual Report 2026
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46
Environmental, social and governance (ESG) continued
efficient operations. The Company’s periodic
disclosure and a voluntary disclosure of the
principal adverse impact indicators can be
found in this annual report.
Sustainable Disclosure Regulation (SDR)
The Company continues to prioritise high-level
transparency by monitoring the rapid evolution of
the UK’s sustainable finance framework.
As the Company is domiciled in Guernsey, at
the time of this report it is not in scope of the
FCA’s investment labelling and disclosure
requirements. The Investment Manager will
continueto monitor the FCA’s approach to SDR
and its future applicability to the Company.
While not currently in scope, theCompany, the
Board and the Investment Manager support
the FCA’s efforts to enhance sustainability
transparency and combat greenwashing.
Corporate Sustainability Reporting
Directive (CSRD)
The Investment Manager continues to monitor
the transposition into national law by EU
Member States of the EU’s CSRD, including
the changes introduced through the Omnibus
Directive. While the Company’s portfolio
companies are not directly in scope under the
revised thresholds, some have begun aligning
their reporting with the European Sustainability
Reporting Standards (ESRS) as a matter of best
practice, thus enhancing transparency and
consistency across the portfolio.
Responsible Investment Report
The Company publishes a standalone annual
Responsible Investment Report for the period.
This report provides detailed information
on the integration of responsible investment
practicesacross portfolio companies and
in theinvestment process. This report is
availableon the Company’s website:
www.cordiantdigitaltrust.com.
TCFD disclosure summary
Pillar Recommended disclosure The Company’s approach
Governance
a) Describe the Board’s oversight of
climate-related risks and opportunities
The Board has ultimate responsibility for overseeing
climate-related risks and opportunities and sustainability strategy,
supported by the Audit Committee and Investment Manager.
b) Describe management’s role in assessing
and managing climate-related risks and
opportunities
The Investment Manager identifies, assesses and manages
climate risks across the investment lifecycle, supported by the
ESG & Impact Team and Sustainability Committee.
For further details, please see the Responsible Investment Report
2026, TCFD – Governance
Strategy
a) Describe the climate-related risks and
opportunities identified over the short,
medium and long term
The Company identifies key physical and transition risks (e.g.
energy access, extreme weather, regulation) across digital
infrastructure assets, primarily assessed over the short term.
b) Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy and financial planning
Climate risks and opportunities are integrated into investment
decisions and asset management, impacting costs (e.g. energy),
growth constraints and capital allocation.
c) Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios
Scenario analysis based on NGFS pathways (Net Zero 2050,
Current Policies, Below 2°C) is used to assess portfolio resilience.
For further details, please see the Responsible Investment Report
2026, TCFD – Strategy
Risk management
a) Describe the organisation’s processes for
identifying and assessing climate-related
risks
Climate risks are identified through ESG due diligence, screening
processes and proprietary tools applied to investments.
b) Describe the organisation’s processes for
managing climate-related risks
Risks are managed through monitoring, engagement with portfolio
companies and implementation of mitigation and action plans.
c) Describe how processes are integrated into
overall risk management
Climate risks are embedded within the overall risk management
framework and inform investment and reporting processes.
For further details, please see the Responsible Investment Report
2026, TCFD – Risk Management
Metrics and targets
a) Disclose the metrics used to assess
climate-related risks and opportunities
Key metrics include Scope 1 and 2 GHG emissions, energy
consumption, renewable energy share and PUE.
b) Disclose Scope 1, Scope 2 and, where
appropriate, Scope 3 GHG emissions and
related risks
Scope 1 and 2 emissions are disclosed; Scope 3 data collection
is underway but not yet fully reported.
c) Describe targets used to manage
climate-related risks and opportunities and
performance against targets
Targets focus on increasing renewable energy use, reducing
emissions intensity and improving energy efficiency, supporting
a net zero ambition.
For further details, please see the Responsible Investment Report
2026, TCFD – Metrics & Targets
Cordiant Digital Infrastructure Limited Annual Report 2026
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47
Section 172 statement
The Company’s impact on stakeholders and the long-term
consequences of any decision are taken into consideration by
the Board when making that decision. Decision-making is guided
by the Company’s purpose: to generate attractive risk-adjusted
returns in a sustainable and responsible manner taking into
account our stakeholders. In performing their duties during
the year, the Directors have had regard to the matters set out in
section 172(1)(a)-(f) of the Companies Act 2006. The following
disclosures set this out and form the directors’ statement required
under section 414CZA of the Act. While Section 172 applies
directly to UK domiciled companies, the AIC Code requires
that the matters set out in Section 172 are reported on by all
companies that are subject to the Code, irrespective of domicile.
Shareholders
The environment
Investment Manager
Service providers
Communities
Governments and regulatory bodies
Key decisions in the year to 31 March 2026
Decision Stakeholders considered as part of decisionmaking:
Capital allocation
During the year, the Board, working with the Investment Manager,
has continued to consider the different views of shareholders on
capital allocation and has sought to maintain a balanced approach
to allocating the Company’s available capital. In addition to pursuing
a progressive dividend policy, due to the limited capital currently
available to it, the Company has prioritised its resources and those of its
portfolio companies to focus on bolt-on acquisitions and growth capital
expenditure with above-target IRRs.
Dividend policy
The Board has remained committed to the Company’s progressive
dividend policy. In June2026, it resolved to increase the Company’s
target to 4.45p per share and approved a second interim dividend for the
year ended 31March2026 of 2.275p per share. In November 2025, the
Board resolved to pay an interim dividend of 2.175p.
Deployment of capital through acquisition
In September 2025, Speed Fibre completed its acquisition of the assets
of BT Ireland which provide wholesale fibre and B2B connectivity to
c.400 customers in the telecoms, enterprise and government sectors
in Ireland across a c.3,400km network of owned and operated fibre.
This addition to the Speed Fibre platform represents a significant step
in the Company’s strategy to build platforms at scale in line with its Buy,
Build & Grow model. Updates about the transaction were released
through RNSannouncements and presentations made to institutional
shareholders and analysts.
Syndication of holding in DCU
During the year, the Board determined that it would take active steps to
prudently manage the Company’s balance sheet and syndicated part
of the Company’s investment in DCU to a Western European institutional
investor. The investor acquired a €20 million economic interest. The
Company’s key governance and voting rights with respect to DCU were
not diluted by the transaction. The proceeds of the syndication were used
to partially repay the Company’s outstanding revolving credit facility.
Reporting on environmental, social and governance matters
The Board has continued to keep the reporting of its ESG-related
obligations and related initiatives under review during the year so as to
maintain compliance with the Company’s obligations, while also seeking
to limit duplication or unnecessarily lengthy disclosure where possible.
In particular, the Board approved the allocation of reporting between this
annual report and the Responsible Investment Report.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
48
Stakeholder engagement
Key stakeholders identified
The Company’s objective of delivering long-term, sustainable
value, is supported by constructive engagement with its
key stakeholders. The Board recognises the importance of
understanding stakeholder interests and ensures these are
takeninto consideration in the decision-making process.
The Company has identified its key stakeholders as those
below. As a closed ended investment trust, the Company has no
employees and the Board has delegated many of its activities to
the Investment Manager and other service providers.
Shareholders – the Directors regularly engage with the
Company’s shareholders. The Chairman offers to meet
shareholders on matters such as the Company’s financial results,
strategy and governance and the other non-executive directors
are also available to meet with shareholders as appropriate,
including at the AGM. The Board is regularly briefed on and
considers feedback received from shareholders and analysts.
The Company’s website is also regularly updated and contains
comprehensive information on its activities for shareholders
and other stakeholders. Representatives from the Investment
Manager, including senior executives and members of the
ESG team, engage directly with investors throughout the
year to maintain and improve relationships. In addition, there
are opportunities for investors and analysts to meet with the
management of the portfolio companies.
The environment – the demand for connectivity and data is
continuing to grow, increasing the need for digital infrastructure.
While digital infrastructure brings sustainability benefits by
bridging the digital divide and providing efficient methods of
delivering large volumes of data to large populations, the Board
and the Investment Manager are aware of the impact of the digital
sector on the environment, particularly from data centre assets.
The Company seeks to mitigate its environmental impact and that
of its portfolio companies by promoting a sustainable approach
at the network, asset and operational level, manifested through
an objective of integrating increasing amounts of renewable
energy in portfolio companies’ consumption, actively looking to
reduce pollution in any form, evaluating the exposure to physical
risk and building resilient practices to ensure risk mitigation, etc.
Investment Manager – the Board engages with the Investment
Manager and other service providers in an open and constructive
manner. As a closed ended investment trust, the Company has
no employees and the Board has delegated many of its activities
to the Investment Manager in accordance with the Investment
Management Agreement. There is regular formal and informal
engagement between the Investment Manager and the Board
and with individual directors as necessary. The performance of
the Investment Manager is considered at least annually by the
Management Engagement Committee and reported to the Board.
Service providers – as it has with the Investment Manager, the
Company has delegated to or relies on external service providers
in order to carry on its business activities. These include the
Company Secretary and Administrator, its corporate brokers
and other professional advisors and consultants. As with the
Investment Manager there is the opportunity to engage with
these parties during the period. The performance of certain key
advisors is also considered by the Management Engagement
Committee at least annually and reported to the Board.
Communities – the Company takes responsible investment
seriously. Generating positive community and societal impact
through investment has been a central pillar of the Company’s
and Investment Manager’s approach. The Company also
considers the communities directly impacted by its portfolio
companies’ activities and the expectations of these communities
for resilient connectivity are integrated in the Company’s
strategy. Further information on the positive impact created
through the Company’s activities can be found in the Company’s
Responsible Investment Report, which will be available on the
Company’s website.
Government and regulatory agencies – the Company undertakes
its activities with the aim of being in full compliance with all
relevant laws and regulations. The legal, compliance and
investment professionals within the Investment Manager and the
Company’s other service providers ensure as far as practicable
that appropriate working relationships are maintained with
governmental bodies and regulators in the geographies that
have jurisdiction over the Company and its portfolio companies.
The Investment Manager is also a member of and/or signatory to
a number of internationally recognised alliances and initiatives,
to help further the engagement of the financial industry towards
sustainability and improve the frameworks and guidance for
non-financial disclosures. Its engagement is described within the
ESG section of the report on pages 44 and 45.
Value creation
through engagement
Constructive engagement with key stakeholders
underpins the Company’s commitment to delivering
long-term sustainable value creation.
Shonaid Jemmett-Page
Chairman
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
49
Stakeholder engagement continued
We strive to create value for our stakeholders and their interests have influenced decision making by the Board.
Shareholders The environment Investment Manager
What is important
tothe m
— The Company’s share price and its NAV
— Meeting and, where possible, exceeding our
announced objective of a total return of 9% over
the longer term
— Meeting shareholder ESG requirements for their
investee companies
— Regular and transparent disclosure together with
other engagement where appropriate
— Climate change and the associated
meteorological effects
— An energy transition to a cleaner, more accessible
andefficient model that is still reliable
— Protecting biodiversity
— Encourage, follow and improve the adoption of global
non-financial disclosure standards, to accelerate the
transition towards sustainability in the financial sector
— Support the decarbonisation of digital infrastructure
— Alignment with the Board on the Company’s
purposeand the strategy for its delivery
— Regular feedback from the Board on the Investment
Manager’s activities andperformance
Ways we are
engaging
— The release of annual and interim reports, Q1and
Q3trading updates
— Investor and analyst presentations post reporting
andfollowing material transactions
— RNS announcements
— Capital markets days
— Meetings between Board members and/or
representatives of the Investment Manager and
investors to discuss the share price, performance,
strategy and ESG matters
— Regularly update the Company’s website, factsheet
and required documentation
— Engagement with the media as a means to provide
information on the sector and the Company’s
activities and publishes White Papers, to assist with
investor education
— Engaging throughout the period with portfolio
companies on environmental management, particularly
on climate-related considerations, i.e. renewable
energy, energy efficiency and site repurposing
— Working with portfolio companies to formalise net-zero
strategies and obtain industry-standard approvals,
such as from the Science Based Targets initiative (SBTi)
— Encourage portfolio companies to adopt internationally
recognised frameworks for the assessment of their
climate strategy
— Annual monitoring of sustainability KPIs, performance,
and implementation of ESG action plans,
where appropriate
— Assess exposure to and management of
environmental risks
— Each year the Management Engagement
Committee receives a report on the performance
of the Investment Manager, which is prepared
by the Administrator and includes input from the
Company’sbrokers, following which feedback is
provided to the Investment Manager
Example outcomes
— During the year the Chairman, Senior Independent
Director and other Directorsmet shareholders
through this or other initiatives
— In November 2025 the Company hosted an investor
breakfast with presentations from several portfolio
company CEOs with the opportunity for investors to
ask questions directly to the portfolio companies
— Presentations for shareholders and/or analysts
were held following the release of the Company’s
regular reporting
— Where appropriate, the Company, has released both
RNS and RNS Reach announcements to provide
additional disclosure of non-material matters to
marketparticipants
— The Investment Manager assessed each portfolio
company’s decarbonisation potential, and engaged
with them on environmental initiatives (renewable
energy procurement, energy efficiency measures
implementation). DCU developed decarbonisation
targets that were approved by SBTi
— Engaged with portfolio companies on renewable
energy procurement, energy-management practices
and long-term transition planning, supporting
the shift toward a cleaner, reliable and more
efficient energy mode
— Portfolio companies advanced energy-efficiency
initiatives, including network modernisation,
optimisation of equipment and reuse or repurposing
of existing infrastructure sites, helping to reduce
GHGemissions intensity
— Following consideration by the Management
Engagement Committee, the Investment
Manager also attends the relevant item at
Nomination Committee to discuss Investment
Manager succession
— At the request of the Chairman, the Investment
Manager participates in the Board’s annual internal
evaluation exercise
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
50
Stakeholder engagement continued
We strive to create value for our stakeholders and their interests have influenced decision making by the Board.
Service providers Communities Regulatory bodies and government
What is important
tothe m
— Clear and timely instructions
— Prompt and considered feedback onperformance
— Payment for services in accordance with the
individual service provider’s terms and conditions
of engagement
— Bridge the digital divide and create positive impacts
within the communities served by the portfolio
companies by ensuring reliable access to information,
provided through sustainable digital infrastructure
— Avoid, and where possible mitigate, all
negative impacts associated with operations to
surrounding communities
— Compliance with our legal and regulatoryobligations
— Where appropriate early engagement with the relevant
regulator in order to allow for consultation and time for
the regulator to consider the matter and respond
— Participation in public consultations or other dialogue
inrelation to proposed changes to legislation to provide
a market perspective
Ways we are
engaging
— Each year the Management Engagement Committee
receives feedback on the performance of the
Company’s key advisors, following which feedback is
provided to that advisor as appropriate
— Encourage the portfolio companies to assess the
impact of their strategy on their main stakeholders, via
elements such as health and safety at work, developing
good places to work, giving back to communities, etc.
— Portfolio companies follow local regulatory laws in
regards to activities that may impact surrounding
local communities
— The Company and the Investment Manager engage
directly through communication with governmental
bodies and regulators and also via industry bodies,
such as the AIC
— In undertaking its activities, where necessary
the Company seeks assistance from the relevant
professional advisor, normally its external counsel,
as to the application of the relevant law or regulation.
This in turn may require the advisor to discuss the
matter with the applicable regulator
Example outcomes
— A tender process for the appointment of the
Company’s external auditor was run during the
year, resulting in the Board’s recommendation to
appoint BDO LLP (UK), subject to shareholder
approval at the AGM
— An engagement with one service provider was
terminated during the year due to concerns over the
creditworthiness of that service provider
The portfolio companies are active participants in
their communities, to which they give back through
community outreach programs, sponsorship of cultural,
sporting and educational projects and charitable
activities. For example:
— In 2025, CRA welcomed 40 students specialising in
telecommunications, data networks, and electrical
engineering to the Cukrák broadcasting tower for a
professional excursion, offering hands-on insight into
broadcasting technologies, data centre operations,
and critical infrastructure systems
— Emitel concluded a strategic partnership with the
Łazarski Aviation Academy, one of Poland’s leading
private universities, specialising in drone traffic
administration. Emitel contributes to curriculum
development, provides mentoring, and engages top
graduates in practical projects, including those linked
to its Drone Labs initiative and its ambition to become
Poland’s national U-Space operator
— Speed Fibre contributed hands-on volunteering and
financial support to community organisations such as
Down Syndrome Limerick and Hugh’s House Dublin,
helping to improve facilities that serve families, children
and individuals facing significant challenges
— The Company and the Investment Manager have
both participated in the broader marketengagement
on the UK’s cost disclosure regime, including
responses directly and via the AIC and the
London Stock Exchange to the consultations by
HMTreasury and the FCA. The approval by the
FCA of admission to the Closed-ended Investment
Fund category of the Official List followed extensive
consultation with the FCA
— The Company’s advisors regularly liaise with the
London Stock Exchange in relation to dividend
payments and, in early 2026, the cancellation of
outstanding subscription shares
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
51
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Risk
management
process
Risk management
Risk identification, monitoring and review
Under the FCA’s Disclosure Guidance and Transparency Rules,
the Directors are required to identify those material risks to
whichthe Company is exposed and take appropriate steps to
mitigate those risks.
The Company maintains a comprehensive risk matrix,
describingthe significant risks that have been identified and
that could affect the Company’s operations and those of its
subsidiaries and investments.
The risk matrix is maintained by the Investment Manager and
is reviewed quarterly by the Audit Committee. It is updated
whenever a new risk is identified or when the assessment of a
previously identified risk changes.
Initial risk assessment
Every risk that is identified is considered by the Investment
Manager and by the Directors, with specialist third party
advice where necessary. That assessment is both qualitative
and quantitative, considering the nature of the risk and the
likelihood of it crystallising, together with the financial, legal,
reputational and/or operational consequences if it does.
Foreachrisk, a two-part score is assigned, assessing the
likelihood and impact on a scale of 1 (low) to 5 (high). This initial
assessment is before any risk mitigation activity.
Risk management and mitigation
The Board ensures that, to the extent practicable, effective
controls are in place to manage and mitigate the risks that have
been identified. It also ensures that a satisfactory compliance
regime exists to ensure all applicable local and international laws
and regulatory obligations are met.
Whenever a new risk is identified, following the assessment and
scoring described above, the Audit Committee considers how
best to manage the new risk. For risks whose scoring changes
as a result of a review, the Audit Committee considers whether
any previously identified mitigating factors remain appropriate
and sufficient, or whether additional controls and/or actions
arenecessary.
There are several options for managing risks once identified.
Some risks are likely to have minimal impact and the Company
may choose simply to accept them. Some risks can be shared
with or transferred to other parties, such as by purchasing
insurance. Some risks can be avoided altogether by declining
toparticipate in the process which gives rise to the risk, for
example by declining to make an offer for an asset where
insufficient information is available to allow a properly informed
assessment of the returns available from it. Most risks, though,
are managed by identifying mitigating factors already in place
or additional actions which can be taken, either to minimise the
probability of the risk materialising or to minimise any impact,
orboth.
Post-mitigation reassessment
Having considered the options for managing risks, and having
put in place appropriate risk mitigation measures, the risks
are reassessed using the same two-part scoring system as
before to determine a post-mitigation score. This reassessment
enables the Directors to measure the effectiveness of the risk
management measures put in place, and to identify any areas
where further measures may be required.
Economic and political risks
The Company operates in international markets, and is thus
exposed to global risks including both direct and indirect
effects. Risks with direct impact include variations in rates of
interest, inflation and foreign currencies. Global events such
as political instability, international conflicts, climate change
and public health issues can also have an impact, by affecting
supply chains, customer confidence, economic growth and the
availability of skilled labour.
Business specific risks
The Company’s assets consist primarily of investments in
digital infrastructure assets, with a predominant focus on data
centres, mobile telecommunications/broadcast towers and
fibre-optic network assets. Its principal risks are therefore
related to marketconditions in the digital infrastructure sector in
general, but also the particular circumstances of the businesses
in which it is invested and the countries and markets in which
those businesses operate. The Investment Manager seeks to
mitigate these risks through active asset management initiatives
and carrying out due diligence on potential targets before entering
intoany investments.
Risk management process
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Strategic report Governance Financial statements Additional informationIntroduction
52
12345
2
3
6
4
5
7
5
4
3
2
1
1
Likelihood
Impact
8
9
+
10
+
8
Investment valuation
The Company’s business model, and many of the specific
principal risks identified and shown in the table, relate to the
Investment Manager’s ability to value a business appropriately.
This is relevant at several stages in acquiring and managing
an investment:
— at the initial stage of considering whether a particular target
is an attractive investment prospect, and therefore whether
to apply resources to pursuing it;
— at the offer stage, in considering at what level to submit a bid,
setting that level high enough to be attractive to the seller
but not so high as to dilute the returns that may potentially be
achieved by the Company from the asset;
— after acquisition, in considering the performance of an
investment in delivering the Company’s target returns and
whether the investment should be retained or whether a
disposal could achieve greater shareholder value;
— when a disposal is contemplated, in determining what price
should be sought for the asset; and
— at each financial reporting date, in determining the value
at which the investment should be recognised in the
Company’sfinancial statements.
The Investment Manager has extensive expertise in valuing
businesses at all stages of making, holding and disposing of
investments. It has formed an Investment Committee, consisting
of senior members of the Investment Manager’s team, which
meets whenever significant decisions are required involving
making, holding or disposing of investments or in respect of
the valuation of them. That Investment Committee informs and
makes recommendations to the Board, and the Board has the
opportunity to ask questions and seek further information.
TheCompany has also appointed a third party valuations expert,
which carries out independent valuations at each half-year
financial reporting date. The key areas of risk faced by the
Company are summarised on pages 54 and 55.
Principal risks heat map
1 Capital markets remaining
closed to the Company
2 Insufficient capital
being available
3 Competition for assets
resulting in decreased
returns
4 Failure to achieve
investment objectives
5 Actual results being
below projections
6 Illiquidity of investments
7 Construction risk
8 Global market disruption
9 Cyber security
+
10 Key person
+
+
New risk since the Company’s
Annual Report 2025
Risk management continued
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Principal risks and uncertainties
The risk How we mitigate risk How the risk is changing Movement in the year
1. The capital markets may remain effectively closed
to the Company for a significant period. As a
consequence, the Company may be unable to
raise new capital and it may therefore be unable to
progress investment opportunities.
The Company has acquired a portfolio of
cash-generating assets with significant organicgrowth
prospects, which together arecapable of providing
returns meeting the investment objective without further
acquisitions. The Investment Manager alsocontinues
to consider potential alternativesources of capital,
including debt and coinvestment.
Many investment trust companies listed on the London
Stock Exchange, including the Company, continue
to trade at a substantial discount to NAV. The gradual
improvement noted in the Company’s Annual Report
2025 has continued, but it remains impossible to predict
whether or when market conditions may improve
sufficiently for new equity issuance to be undertaken.
Level
2. There is a risk that, even when the capitalmarkets
are open, insufficient numbers of investors are
prepared to investnew capital, or that investors are
unwilling to invest sufficient new capital, to enable
the Company to achieve its investment objectives.
The Company has established a five-year track record
of successful investments, which together are capable
of providing returns meeting the investment objective
without further acquisitions. The Investment Manager
has deepsector knowledge and investment expertise
and is well-known and respected inthe market.
Although conditions in the equity market for investment
trusts are still poor, potentially indicating alack of
available capital for investment or lack of appetite for
investment in the investment trust sector, the move to
the Official List should help make the Company more
attractive to a wider range of investors.
Lower
3. The Company may lose investment opportunities if
it does not match investment prices, structures and
terms offered by competing bidders. Conversely, the
Company may experience decreased rates of return
and increased risk of loss if it matches investment
prices, structures and terms offered by competitors.
The Investment Manager operates a prudent and
disciplined investment strategy, participating in
transaction processes only where it can be competitive
without compromising its investment objectives.
The Investment Manager has been able to identify
and pursue bilateral opportunities rather than auction
processes, where competition for those assets has
been a less significant factor. However, there can be no
guarantee that suitable further bilateral opportunities will
arise. In addition, current equity market conditions and
the consequent limitations on the Company’s ability to
access capital markets may mean that it continues to be
unable to pursue certain investment opportunities.
Level
4. There can be no guarantee or assurance the
Company will achieve its investment objectives,
which are indicative targets only. Investments may
fail to deliver the projected earnings, cash flows
and/or capital growth expected at the time of
acquisition, and valuations may be affected by
foreign exchange fluctuations. The actual rate of
return may be materially lower than the targeted
rateof return.
The Investment Manager performs a rigorous due
diligence process with internal specialists and expert
professional advisors in fields relevant to the proposed
investment before any investment is made. The
Investment Manager also carries out a regular review of
theinvestment environment and benchmarks target and
actual returns against the industry and competitors.
The results of our investments to date continue to be
materially in line with our projections at the time of their
acquisition and the target return for the Company, and
their aggregate fair value has increased, contributing
to NAV total return of 73.3% (assuming dividends
reinvested) since the Company’s IPO in 2021. This
demonstrates the Investment Manager’s ability to
manage the investments to deliver returns andgrowth.
Level
5. Actual results of portfolio investments may vary
from the projections, which may have a material
adverse effect on NAV.
Senior members of the Investment Manager’s team
work closely with the local management teams of the
portfolio companies. The Investment Manager provides
the Board with at least quarterly updates of portfolio
investment performance and detail around anymaterial
variation from budget and forecastreturns.
The results of our investments to date continue to be
materially in line with our projections at the time of
their acquisition and with their budgets for the current
year. This demonstrates the quality of the Investment
Manager’s projections and its ability to manage the
investments to deliver the expected results.
Level
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Principal risks and uncertainties continued
The risk How we mitigate risk How the risk is changing Movement in the year
6. The Company invests in unlisted digital
infrastructure assets, and such investments are
illiquid. There is a risk that it may be difficult for the
Company to sell the digital infrastructure assets
and the price achieved on any realisation may be at
a discount to the prevailing valuation of the relevant
digital infrastructure asset.
The Investment Manager has considerable experience
across relevant digital infrastructure sectors, and senior
members of the team have had leadership roles in over
$80billion of relevant transactions. The Company seeks
a diversified range of investments so that exposure to
temporary poor conditions in any one market is limited.
The Company is a longer-term investor and is not
currently seeking a full divestment of any asset.
TheCompany’s prudent leverage position, as regards
boththe quantum and terms of its debt, mean that the
risk of a forced divestment is very low. Exposure to
divestment risk is limited in the short to medium term.
Level
7. The Company may invest in digital infrastructure
assets which are in construction or
construction-ready or otherwise require significant
future capitalexpenditure. Digital infrastructure
assets which have significant capital expenditure
requirements may be exposed to cost overruns,
construction delay, failure to meet technical
requirements or construction defects.
The Investment Manager has significant experience
of managing construction risks arising from digital
infrastructure assets and will also engage third parties
where appropriate to oversee such construction.
In pursuance of the Company’s Buy, Build & Grow
model, it will undertake significant capital construction
projects. This risk has been low to date, and remains
low, but will continue to increase as capital investment
increases. In particular, the Prague Gateway project
being undertaken by CRA, and on a smaller scale the
data halls being constructed by Hudson, will involve
some construction risk.
Higher
8. The Company operates in markets in Europe and
North America which are affected by global events.
Supply chain disruption may be caused by conflicts
(e.g. in Ukraine), political change (e.g. the rise of
political populism), trade barriers, climate change
and public health crises.
The Company has acquired a geographically diverse
portfolio of assets in various segments of the digital
infrastructure market, and will continue to seek further
diversification, reducingthe impact of specific events
onthe Company as a whole.
Policy uncertainty, as measured by the Global Economic
Policy Uncertainty index, has decreased significantly
since its peak in April 2025, but remains high compared
to a longer-term average. Financial marketvolatility as
measured by the VIX (equity) and MOVE (debt) indices
has decreased somewhat and is now broadly in line with
longer-term averages.
Lower
9. The Company and its portfolio companies, in
common with most businesses, face a diverse array
of cyber threats, including ransomware, phishing
and supply chain attacks. Cyber incidents can have
severe financial and reputational consequences.
The Investment Manager and each portfolio company
has an IT function whose remit specifically includes
cybersecurity. The nature of the portfolio companies’
business is such that there is significant in-house
experience and expertise in the field of cybersecurity,
and cybersecurity is a standing agenda item for the
board of each portfolio company.
The incidence of cyber attacks appears to be on the
increase, with several high-profile cases of cyber
incidents in the news recently causing major companies
significant disruption and cost.
New
10. The Company is dependent on key personnel within
the Investment Manager to make and manage
investments, and could be adversely affected if
those individuals left or were incapacitated.
The Investment Manager regularly considers succession
planning, and discusses this with the Company’s
Management Engagement Committee. TheInvestment
Manager has one of the largest specialistdigital
infrastructure teams in the market and so has
considerable strength in depth. The investment process
is well understood and documented, and investment
decisions are made by an investment committee and
theBoard, not by an individual.
The Investment Manager has a dedicated, specialist
digital infrastructure team, with strength in depth. The
senior leadership team has remained almost unchanged
over the Company’s five-year history.
New
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55
Longer term viability statement
As required by the AIC Code, the Directors have assessed the
prospects of the Company over a longer period than required
by the going concern provision. Given the long-term investment
intentions of the Company, and the fact that its investee
companies’ income is generated under multi-year contracts,
the Board chose to conduct a review for a period of five years to
31 March 2031. On a rolling basis, the Directors will evaluate the
outcome of the investments and the Company’s financial position
as a whole.
While an unprecedented and long-term decline in the global
digital infrastructure market could threaten the Company’s
performance, it would not necessarily threaten its viability.
In support of this viability statement, the Directors have taken into
account all of the principal risks and their mitigation as identified
in the Principal risks and uncertainties section on pages 54 and
55, the nature of the Company’s business, including: the cash
reserves; the availability of undrawn borrowing facilities; the
potential of its portfolio of investments to generate future income
and capital proceeds; and the ability of the Directors to minimise
the level of cash outflows if necessary. Themost relevant potential
impacts of the identified principal risks and uncertainties on
viability were determined to be the following:
— The ability of the Company to make investments in order
to generate returns to shareholders may be limited by
competition for assets and the availability of capital;
— The ability of the Company to achieve target returns will
depend on the Investment Manager’s ability to identify,
acquire and manage suitable investments in accordance
withthe investment policy; and
— The ability of the Company to achieve target returns from
investments may be affected by disruptions to the global
economy, causing erosion of revenues and/or margins.
On at least an annual basis, the Board reviews threats to the
Company’s viability utilising the risk matrix and updates it as
required due to recent developments and/or changes in the
global market. The Board relies on periodic reports provided by
the Investment Manager and the Administrator regarding risks
faced by the Company. When required, experts are utilised to
gather relevant and necessary information, regarding market,
tax, legal and other factors.
The Investment Manager considers the future cash
requirementsof the Company before acquiring or funding
portfolio companies. Furthermore, the Board receives regular
updates from the Investment Manager on the Company’s
cash position, which allows the Board to maintain its fiduciary
responsibility to the shareholders and, if required, limit funding
forexisting commitments.
The Board considered the Company’s viability over the
five-yearperiod, based on a working capital model prepared
bythe Investment Manager. The working capital model
forecastskey cash flow drivers such as capital deployment
rate,investment returns, finance costs and operating expenses.
In connection with the preparation of the working capital model,
no equity capital raises or asset realisations were assumed to
occur during the five-year period. In addition, the Board has
reviewed credit market availability and it has assumed that the
only fund-level debt raised is the refinancing of the debt facilities
in the Company’s financing subsidiary before its maturity in
July2029.
Based on the above procedures and the existing internal
controlsof the Company, the Investment Manager and the
Administrator, the Board has concluded there is a reasonable
expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the
five-yearperiod of the assessment.
The strategic report was approved by the Board and signed on
behalf of the Board by:
Shonaid Jemmett-Page
Chairman
18 June 2026
Cordiant Digital Infrastructure Limited
Registered in Guernsey No.68630
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
56
Černá Hora transmitter, Jánské
Lázné, CzechRepublic.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
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Acting on behalf of our shareholders
LONG-TERM
SUCCESS
Governance
The Board is collectively
responsible for the long‑term
success of the Company
and its foremost principle
is to act in the interests of
shareholders.
Cordiant Digital Infrastructure Limited Annual Report 2026
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Buková Hora,
CzechRepublic.
Governance 58-77
Board of Directors 60
Corporate Governance report 62
Audit Committee report 71
Directors’ report 74
Statement of Directors’ responsibilities 77
Strategic report Governance Financial statements Additional informationIntroduction
59
Cordiant Digital Infrastructure Limited Annual Report 2026
Board of Directors
Shonaid Jemmett-Page is an experienced
non-executive director in the energy and
financial sectors. Mrs Jemmett‑Page spent the
first 20 years of her career at KPMG in London
and Tokyo, rising to the position of Partner,
Financial Services. In 2001, she moved to
Unilever, where she was Senior Vice President,
Finance and Information for Asia, based in
Singapore, before returning to the UK as
Finance Director for Unilever’s globalnon‑food
business. In 2009, Mrs Jemmett‑Page joined
CDC Group as Chief Operating Officer, a
position she held until 2012.
Since then, she has focused on non‑executive
appointments and is currently chairman of
the board and of the nomination committee
at ClearBank Ltd. She is also a non‑executive
director of Aviva Plc and a non‑executive
Director of QinetiQ Group plc, as well as
chairman of the audit committee. Until April 2023
she was a non‑executive director of Greencoat
UK Wind Plc. Within the past five years she
has also held roles as a non‑executivedirector
of Caledonia Investments plc, at MSAmlin
plc where she served as chairman and was
also the chairman of the remuneration and
nominations committees and a member of the
risk & solvency committee, and until March 2020
she served as non‑executive chairman and then
non‑executive director of MSAmlin Insurance
SE (a Belgian subsidiary of MSAmlin plc). She is
also the examiner of the UK branch of an Indian
children’s cancer charity.
Sian Hill is a chartered accountant with
experience principally within the financial
services sector. Mrs Hill began her career
practicing audit for KPMG in 1984, moving to
specialise in tax in 1990. In 1996 she became
a tax partner in KPMG’s financial services
group, working with a range of financial
institutions, including major listed banking
groups, international insurance and reinsurance
groups and intermediaries and investment
managers. She advised on a wide range of
projects including mergers and acquisitions,
disposals and reorganisations and provided
the tax input to the statutory audit of a number
of financial services groups. From 1999 until
2003, and again from 2008 until 2010, Mrs Hill
also served as Head of KPMG’s UK Financial
Services Tax group. From 2003 until 2006 she
served as Head and Co‑Head respectively
of both KPMG’s UK M&A Tax and European
M&A Tax groups and was a member of KPMG’s
Global M&A Tax Steering Group. Mrs Hill also
led KPMG’s response to Brexit for the insurance
sector, helping clients formulate and implement
their response to Brexit from early 2016 until her
retirement from KPMG in 2018.
Since 2019 Mrs Hill has held a number of
roles as a non‑executive director. She is
chairman of the audit committee of Yealand
Fund Services Limited, is a member of the
audit and remuneration committees of Suffolk
Building Society and is the senior independent
director, chairman of the audit committee and
a member of the remuneration committee of
Apollo Syndicate Management Limited. Since
2014 she has served as a trustee of the UK
children’s mental health charity Place2Be and
chaired the finance and audit committee until
May 2025. Until August 2022, Mrs Hill also held
the position of non‑executive director of Yealand
Administration Limited.
Shonaid Jemmett-Page FCA
Chairman
Sian Hill FCA
Senior Independent Director and Chairman of Audit Committee
Cordiant Digital Infrastructure Limited Annual Report 2026
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60
Marten Pieters is an executive with extensive
international experience in the telecoms
sector. From 1978 to 1984, Mr Pieters held
company secretarial roles at Smilde Holding
B.V., rising to Corporate Director of Finance
and Strategic Planning in 1984 where he was
responsible for various budgeting, financial
reporting, policy, legal and fiscal matters.
In1988 Mr Pieters joined Fano Fine Food
Salades B.V. as CEO, where he was responsible
for management restructuring, overseeing
several corporate acquisitions.
Mr Pieters moved into telecoms in 1989
serving in various directorship positions,
including as Managing Director for Telecom
District Groningen from 1993 until 1995 and
as Vice President of International Operations
for PTT Telecom B.V. from 1995 until 1998.
Between 1998 and 2003 Mr Pieters went
on to hold various other positions within the
KPN Group, the Dutch landline and mobile
telecommunications company, including
Executive Vice President, where he was
responsible for branch offices in Europe
and the US, and later becoming a member
of KPN’s Executive Management Board and
CEO of the Division KPN Business Solutions,
overseeing the operation of network solutions
and equipment. During this time he sat on
various other international supervisory boards,
including the board of directors of Cesky
Telecom, Eircom Ireland, Euroweb Corp,
KPNQwest, and notably as chairman of the
supervisory board of Xantic, a worldwide
working provider of software solutions and
satellite services. From 2003 to 2007 Mr Pieters
served as CEO of Celtel International B.V., a
company operating mobile telephone licences
in African countries, and from 2009 until 2015
he served as Managing Director and CEO of
Vodafone in India.
Mr Pieters has held other board memberships
including Vodacom Group S.A., Vodafone
India Ltd and Indus Towers Ltd. He is
currently a member of the supervisory
board for Althio B.V. (previously Open Tower
Company B.V.), theDutch telecom tower
operator, and a member of the supervisory
board of FC Space B.V., a Dutch business
investing in global satellite IoT solutions. He
is a non‑executive director of Investment
Fund for Health in AfricaB.V. and of Stichting
Social Investor Foundation for Africa, and a
former non‑executive director of Tawal Towers
SaudiArabia, a telecom tower operator and
subsidiary of Saudi Telecom Company.
Simon Pitcher has around 25 years’ experience
in international private equity. Mr Pitcher is
a chartered accountant, spending the first
six years of his career at PwC in London. In
2000, he moved to MetLife Investments where
he wasin a team responsible for making and
monitoring over US$1 billion of mezzanine
and private equity investments throughout
Europe. In 2003, he left MetLife to become a
founder member of Hermes Private Equity, a
UKfocused mid‑market buyout fund, where
heremained until 2007.
From 2007 to 2009 Mr Pitcher was a Director at
Blackwood Capital Partners (BCP), based in
Sydney, Australia. Whilst at BCP, a mid‑market
buyout fund with c.AUS$100 million under
management, Mr Pitcher’s role covered
all aspects of investment‑related activity,
includingholding portfolio board positions,
investor reporting and assisting with the
fund’s financial reporting and compliance
requirements. In 2009, Mr Pitcher returned
to London, joining Standard Bank Private
Equity, aUS$800million global emerging
markets private equity business, as Director,
where heremained until 2011. During his
time at Standard Bank, Mr Pitcher was
particularly focused on its sub‑Saharan African
investments, performing a senior deal execution
role working closely with local teams.
In 2012 Mr Pitcher joined J Rothschild Capital
Management (JRCM), investment manager of
RIT Capital Partners, a UK listed investment trust
founded by Lord Rothschild, where he remains
Global Head of Direct Private Investments. His
role encompasses deal execution, portfolio
management and asset realisation across
diverse sectors and geographies. Mr Pitcher
has held several non‑executive board positions
representing JRCM, including six years at
Helios Towers, aleading African telecom tower
infrastructure company, prior to its London IPO.
Until November 2024, Mr Pitcher also held the
position of non‑executive director of Infinity
SDC, a UK data centre owner and operator,
aposition he had held since 2013.
Marten Pieters
Non‑Executive Director
Simon Pitcher ACA
Non‑Executive Director
Board of Directors continued
Cordiant Digital Infrastructure Limited Annual Report 2026
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61
Long-term sustainable
performance
The Board recognises the importance of the Company’s
governance to its long-term, sustainable performance.
TheBoard continues to monitor the Company’s governance,
including the Board’s duties and responsibilities, on an
ongoing basis.
Shonaid Jemmett-Page FCA
Chairman
Corporate Governance report
The AIC Code and the AIC Guide are available on the AIC’s
website, www.theaic.co.uk. The UK Code is available on the
FRC’swebsite, www.frc.org.uk.
The AIC Code, as explained by the AIC Guide, addresses all of the
principles set out in the UK Code, as well as setting out additional
principles and recommendations on issues that are of specific
relevance to investment companies such as the Company. The
Board considers that, as the AIC Code has been specifically
designed to reflect the characteristics of the investment company
sector, reporting against the principles and recommendations
of the AIC Code, by reference to the AIC Guide, provides better
information to shareholders compared to reporting against the
UK Code alone.
The Company has complied with the recommendations of the
AIC Code and the relevant provisions of the UK Code, except as
set out below.
The UK Code includes provisions relating to:
— the role of the chief executive;
— executive directors’ remuneration; and
— the need for an internal audit function.
For the reasons set out in the AIC Guide, as explained in the UK
Code, the Board considers that the above provisions are not
currently relevant to the Company, being an externally managed
investment company, which delegates substantially all of its
day-to-day functions to third parties.
The Company does not have a chief executive or any executive
directors and has not established a separate remuneration
committee. The Board is satisfied that any relevant issues that
arise can be properly considered either by the Board or by the
appropriate committee.
The Company has no employees or internal operations and
therefore has not reported further in respect of these provisions.
The need for an internal audit function is discussed in the Audit
Committee Report.
The Board
The Company is led and controlled by a board of directors,
which is collectively responsible for the long-term success
oftheCompany. The Board does so by creating and
preservingvalue and its foremost principle is to act in the
interests of shareholders.
This Corporate Governance report forms part of the Directors’
report as set out on pages 58 to 77. The Board operates under
a framework for corporate governance which is appropriate for
an investment company. For the year ended 31 March 2026, the
Company’s shares were listed on the Specialist Fund Segment
of the LSE and were not admitted to the Official List. Following
the year end, on 30 April 2026, the Company’s ordinary shares
were admitted to the closed-ended investment funds category of
the Official List and to trading on the Main Market of the LSE. The
Company confirms that it will comply with the provisions of the
Listing Rules applicable to closed-ended investment companies.
The Company is a member of the AIC. From the date of its
admission to the LSE, the Company has complied with the
principles of good governance contained in the AIC Code.
TheAIC Code is endorsed by the FRC and GFSC and by
reportingin accordance with the AIC Code the Company is
meeting its applicable obligations under the UK Code and the
GFSC Finance Sector Code of Corporate Governance 2021.
Cordiant Digital Infrastructure Limited Annual Report 2026
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Corporate Governance report continued
The Chairman of the Board is independent and was appointed
in accordance with the Company’s Articles of Incorporation.
Shonaid Jemmett-Page is considered to be independent
because she:
— has no current or historical employment with the
Investment Manager;
— has no current directorships or partnerships in any other
investment funds managed by the Investment Manager; and
— is not an executive of a self-managed company or
an ex-employee who has left the executive team of a
self-managed company within the last five years.
The Board meets at least four times a year for regular, scheduled
meetings. Should the nature of the activity of the Company
require it, additional or ad hoc meetings may be held, sometimes
at short notice. The number of regular scheduled and additional
or ad hoc meetings are set out on page 67. At each meeting, the
Board follows a formal agenda that covers the business to be
discussed. The primary focus at Board meetings is a review of
investment performance and associated matters such as investor
relations, peer group information, industry issues, principal and
emerging risks and uncertainties, in particular those identified
in the Strategic report on pages 52 to 55. The Board is supplied
The Company believes that the composition of the Board is a
fundamental driver of its success, as the Board must provide
strong and effective leadership of the Company. The current
Board was selected, as their biographies illustrate, to bring a
breadth of knowledge, skills and business experience to the
Company. The Directors provide independent challenge and
review, bringing wide experience, specific expertise and a
freshobjective perspective.
As at the date of this report, the Board consists of four
non-executive directors, all of whom are independent of the
Investment Manager. All of the Directors were appointed on
26January 2021 and have served throughout the period
to date. The AIC Code requires that directors be subject to
annual election by shareholders and the Directors comply
with this requirement. Accordingly, all of the Directors will offer
themselvesfor re-election at the forthcoming AGM. Having
considered each Director’s effectiveness, demonstration
of commitment to the role, length of service, attendance at
meetingsand contribution to the Board’s deliberations, the
Boardhas approved the nomination for re-election of all of
the Directors.
in a timely manner with information by the Investment Manager,
the Administrator and other advisors, in a form and of a quality to
enable it to discharge its duties.
Culture
The Company’s culture is influenced by that of the Investment
Manager, with a focus on long lasting relationships with a diverse
investor base and other stakeholders, sustainable investment
excellence, and a world class team demonstrating extensive
industry knowledge. The Board will continue to monitor the
Company’s culture through continued engagement with
shareholders and other stakeholders.
Diversity
The Board monitors developments in corporate governance
to ensure the Company remains aligned with best practice,
including with respect to diversity. The Directors acknowledges
the importance of diversity, including but not limited to gender,
for the effective operation of the Board, and are committed to
supporting diversity in the boardroom. It is the Board’s ongoing
aspiration to have a well-diversified representation amongst
its members. The Board also values diversity of business skills
and experience because directors with diverse skills sets,
capabilities and experience gained from different sectors and
geographical backgrounds enhance the Board by bringing a
wide range of perspectives to the Company.
The Nomination Committee and the Board are mindful of the
recommendations of the Hampton Alexander Review on gender
diversity (the Board’s composition has been at least 50% female
since its launch in 2021), the Parker Review on ethnic diversity
and the requirements of the FCA’s policy statement on diversity
and inclusion on company boards and executive management.
The Company is not currently required to formally comply with
these recommendations due its listing on the Specialist Fund
Segment of the LSE for the year ended 31 March 2026. However,
following admission of the Company’s ordinary shares to the
Closed-ended Investment Fund category of the Official List
and to trading on the main market of the LSE on 30April2026,
the Nomination Committee will reassess its position in relation
to ethnic diversity as part of succession planning in order
to comply with the recommendations as a matter of good
corporate governance.
As at the Company’s year end of 31 March 2026, the composition
of the Board is aligned with the following frameworks and the
ethnic diversity of the Board will continue to be considered during
Gender identity and ethnic background reporting as at 31 March 2026:
Number of
Board
members
Percentage
of the Board
Number of
senior
positions
on the Board
Gender identity
Women 2 50% 2
Men 2 50% 0
Ethnic background
White British or other White (including minority-white groups) 4 100% 2
Asian/Asian British 0 0% 0
Other ethnic group 0 0% 0
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Strategic report Governance Financial statements Additional informationIntroduction
63
In addition to the above, the Investment Manager has a diverse
employee base and continues to dedicate recruitment resources
to developing diversity across all positions and levels.
Board tenure and re-election
As the Company was incorporated on 4 January 2021 and the
current Directors were all appointed on 26 January 2021, there
are no matters to be considered by the Board with respect
to length of tenure. In accordance with the AIC Code, in the
event that any Director, including the Chairman, shall have
been in office (or on re-election would have been at the end
of that term ofoffice) for more than nine years, the Company
will consider further whether there is a risk that such a Director
might reasonably be deemed to have lost their independence
as a result of this length of service. However, the Board may
nonetheless consider individual Directors to remain independent
and in any such case will provide a clear explanation in future
annual reports as to its reasoning. The Board will continue
to consider its composition and succession planning on an
ongoing basis.
Directors’ remuneration
The table above shows the remuneration received by each
Director during the period. The Board considers at least
annuallythe level of the Director’s fees in accordance with
the AIC Code.
Remuneration policy
Due to the size of the Company and the Board, there is not a
separate remuneration committee. Discussions regarding
Directors’ remuneration are undertaken by the Nomination
Committee, with recommendations considered and, ifthought
appropriate, approved by the Board.
During the year, each Director received a fixed fee per annum
of £50,000, other than the Chairman who receives an annual fee
of £75,000 and the Chair of the Audit Committee who receives
an annual fee of £60,000. In addition, the Directors are entitled
to additional fees if the Company raises further equity capital
in circumstances where a new prospectus is required. If these
requirements are met, each Director is entitled to an additional
fee of £5,000and the Chairman an additional £10,000. It is not
considered appropriate that Directors’ remuneration should be
performancerelated and none of the Directors are eligible for
future recruitment processes undertaken by the Company:
— at least 40% of the individuals on the Board are women; and
— at least one of the following senior positions on the Board is
held by a woman:
— the Chair; or
— the Senior Independent Director.
The Company has no employees and therefore does not
haveachief executive or chief financial officer. There have
been no changes to the Board that have occurred between
31March2026 and the signing of this Annual Report that
haveaffected the Company’s ability to meet one or more of
theabove targets.
The data shown in the tables above reflects the gender and
ethnicbackground of the Board, which was collected on
the basisof self-reporting by the individuals concerned.
The questions asked were ‘Which of the Parker Review
ethnicity categories do you consider yourself to fall within?’
and ‘Whatisthe gender with which you identify?’. Due to
the Company’s status as an investment trust, there are only
non-executive Directors and therefore there is no information
reportable regarding an executive management team.
Remuneration policy
The table below shows all remuneration earned by each individual Director during the period:
Total paid
in the year to
March 2026
£
Total paid
in the year to
March 2025
£
Shonaid Jemmett-Page (Chairman) 75,000 60,000
Sian Hill (Audit Committee Chair) 60,000 45,000
Marten Pieters (Non-Executive Director) 50,000 40,000
Simon Pitcher (Non-Executive Director) 50,000 40,000
Total 235,000 185,000
Directors’ Remuneration
Following its review, and having consulted with a number of institutional investors, the Nomination
Committee has proposed and the Board has, subject to shareholders’ approval, agreed to
implement an inflationary increase to the Directors’ base case remuneration:
2026
Remuneration
£
2027
Remuneration
£
Percentage
increase
%
Shonaid Jemmett-Page (Chairman) 75,000 7 7, 4 0 0 3.2
Sian Hill (Audit Committee Chair) 60,000 61,920 3.2
Marten Pieters (Non-Executive Director) 50,000 51,600 3.2
Simon Pitcher (Non-Executive Director) 50,000 51,600 3.2
Total 235,000 242,520 3.2
Corporate Governance report continued
Cordiant Digital Infrastructure Limited Annual Report 2026
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Cordiant Digital TSR since IPO FTSE All-Share TSR
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
200
180
160
140
120
100
80
60
Feb 22
Apr 22
Apr 24
Jun 24
Aug 24
Oct 24
Dec 24
Jun 25
Aug 25
Oct 25
Dec 25
Feb 26
Apr 26
Feb 25
Apr 25
Jun 22
Aug 22
Oct 22
Dec 22
Feb 23
Feb 24
Apr 23
Jun 23
Aug 23
Oct 23
Dec 23
pension benefits, share options, long term incentive schemes
or other benefits in respect of their services as non-executive
directors of the Company.
During the year the Nomination Committee, with assistance from
the Investment Manager and the Administrator, reviewed the level
of the Director’s remuneration for the year ended 31 March 2027.
The review of the Director’s remuneration considered:
— the share price, evolution of the portfolio and financial
performance of the Company;
— market remuneration levels, including inter alia with reference
to the infrastructure investment company peer group, to
attract and retain high-calibre directors;
— the time commitment required to appropriately perform each
Director’s role and their responsibilities in respect of the
Company; and
— the fair and equitable treatment of the Directors.
The maximum annual limit of aggregate fees payable to the
Directors was set at the time of the Company’s incorporation
on 4 January 2021 at £500,000 per annum. The Board may
grant special remuneration to any Director who performs any
specialorextra services to, or at the request of, the Company.
The Articles of Incorporation provide that all Directors at the
dateof the notice convening each AGM shall retire from office
andeach Director may offer themselves for re-election, in
accordance with corporate governance best practice.
A Director’s appointment may at any time be terminated
by and at the discretion of either party upon written notice.
ADirector’s appointment will automatically end without any
rightto compensation whatsoever if they are not re-elected
by theshareholders. A Director’s appointment may also be
terminated with immediate effect and without compensation
incertain other circumstances. Being non-executive
directors,none of the Directors has a service contract
with the Company.
Directors’ interests
Directors who held office during the period and had interests
in the ordinary shares of the Company as at 31 March 2026 are
given in the table above. There were no changes to the interests
of each Director as at the date of this report.
Payments for loss of office and/or payments to former directors
No payments for loss of office, nor payments to former directors
were made during the period under review.
Company performance
The graph above illustrates the total shareholder return of the
Company from admission to the LSE to 31 March 2026. This
is mapped against the FTSE-All Share index. This index has
been chosen as it is considered to be the most appropriate
benchmark against which to assess the relative performance
of the Company.
Relative importance of spend on pay
The remuneration of the Directors with respect to the year
totalled £235,000 (31 March 2025: £185,000) in comparison to
distributions paid or declared to shareholders with respect to the
year of £33.9 million (31 March 2025: £33.3 million).
Company performance
Source: Bloomberg (February 2021 = 100)
Cordiant Digital TSR since IPO FTSE All-Share TSR
Directors’ interests
Ordinary
shares each
held at
31 March 2026
Shonaid Jemmett-Page 108,651
Sian Hill 92,711
Marten Pieters 160,625
Simon Pitcher 90,000
Ordinary
shares each
held at
18 June 2026
Shonaid Jemmett-Page 132,404
Sian Hill 102,711
Marten Pieters 160,625
Simon Pitcher 100,000
Corporate Governance report continued
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Corporate Governance report continued
to ensure compliance with the DTRs, the Listing Rules and
the AIC Code.
The Company has adopted a share dealing code for the Board
and seeks to ensure compliance with the relevant provisions
by the Directors and, to the extent appropriate, the relevant
personnel of the Investment Manager and other third-party
service providers where required, as if they are also subject to
theshare dealing code.
The Board’s responsibilities for the Annual Report are set out
in the Directors’ responsibilities statement. The Board has
responsibility for ensuring that the Company keeps proper
accounting records, which disclose with reasonable accuracy
at any time the financial position of the Company at that time
and which enable it to ensure that the financial statements are
properly prepared and comply with applicable regulations.
It is the Board’s responsibility to present a fair, balanced and
understandable Annual Report, which provides the information
necessary for shareholders to assess the position and
performance, strategy and business model of the Company.
Thisresponsibility extends to the half-yearly financial reports
andother price-sensitive market announcements.
The Company maintains directors’ and officers’ liability insurance
for the Directors on an ongoing basis.
Committees of the Board
To operate efficiently and enable appropriate oversight and
consideration over relevant matters, the Board delegates
certainresponsibilities to committees of the Board. Each
such committee of the Board has written terms of reference,
approvedby the Board, summarising its objectives, remit
and powers, which are available on the Company’s website
and reviewed on an annual basis. All committee members
are provided with appropriate induction on joining their
respective committees, aswell as ongoing access to training.
Minutes of allmeetings ofthe committees are made available
to all Directorsand feedback from each of the committees is
providedto the Board by the respective committee Chair at
the next Board meeting. The Chairof each committee attends
the AGM to answer any questions from shareholders on their
committee’s activities.
The Board and its committees are supplied with regular,
comprehensive and timely information in a form and of a
qualitythat enables them to discharge their duties effectively.
All Directors are able to make further enquiries of the Investment
Manager whenever necessary and have access to the services
of the Administrator.
The Board believes each of its committees has an appropriate
composition and blend of skills, experience, independence
and diversity of backgrounds to discharge their duties and
responsibilities effectively. The Board keeps membership of its
committees under review to ensure that an acceptable balance
is maintained, and that the collective skills and experience of its
members continue to be refreshed. It is satisfied that all Directors
have sufficient time to devote to their roles and that undue
reliance is not placed on any individual.
Audit Committee
The Audit Committee’s role and activities are contained in the
Audit Committee report on pages 71 to 73.
Nomination Committee
The Nomination Committee meets at least once a year pursuant
to its terms of reference. The Nomination Committee is chaired
by Shonaid Jemmett-Page and also consists of Sian Hill and
Marten Pieters.
The Nomination Committee has reviewed the composition,
structure and diversity of the Board, succession planning,
the independence of the Directors and whether each of the
Directors has sufficient time available to discharge their duties
effectively. The Nomination Committee and the Board confirm
that they believe that the Board has an appropriate mix of
skills and backgrounds and was selected with that in mind,
that all theDirectors should be considered as independent in
accordance with the provisions of the AIC Code, that no one
individual or small group dominates decision making and that
noDirector is considered ‘overboarded’ or unable to discharge
their duties effectively.
If required, the Nomination Committee may be convened for
the purpose of considering the appointment of additional
Directors. The Nomination Committee recognises the continuing
importance of planning for the future and ensuring that
succession plans are in place. In considering appointments to
the Board, the Nomination Committee will take into account the
ongoing requirements of the Company and evaluate the balance
of skills, experience, independence, and knowledge of each
candidate. Appointments will be made on merit and against
objective criteria with the aim of bringing new skills and different
Duties and responsibilities
The Board has overall responsibility for the Company’s activities,
including reviewing its investment activity, financial position and
performance, business conduct and policies. The Directors also
review and supervise the Company’s delegates and service
providers, including the Investment Manager.
The Directors may delegate certain functions to other parties.
In particular, the Directors have delegated responsibility for
management of the Company’s portfolio of investments to the
Investment Manager.
The Board retains direct responsibility for certain matters,
including (but not limited to):
— approving the Company’s long-term objectives and any
decisions of a strategic nature including any change in
investment objectives, policy and restrictions, in particular
those which may need to be submitted to shareholders
for approval;
— reviewing the performance of the Company in light of the
Company’s strategy, objectives and budgets, ensuring that
any necessary corrective action is taken;
— appointing, overall supervision and removal of key service
providers and any material amendments to the agreements
or contractual arrangements with any key delegates or
service providers;
— approving half-yearly distributions and the Company’s
distribution policy;
— approving any non-ordinary course transactions and
transactions with related parties for the purposes of the
Company’s voluntary compliance with the applicable
sectionsof the Listing Rules;
— reviewing the Company’s valuation policy;
— reviewing the Company’s corporate governance;
— approving any actual or potential conflicts of interest; and
— deciding whether information relating to the Company and
its activities meets the definition of inside information and
whether the Company should announce immediately or
whether it is permissible to delay announcement.
The Directors have access to the advice and services of the
Administrator, which is responsible to the Board for ensuring
thatBoard procedures are followed and that the Company
complies with applicable laws and regulations, including
in relation to its admission to the LSE. Where necessary, in
carryingout their duties, the Directors may seek independent
professional advice at the expense of the Company, including
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66
Corporate Governance report continued
Directors’ attendance at Board and Committee meetings
One of the key criteria, the Company uses when selecting directors is their confirmation prior to their appointment that they will be able to allocate sufficient time to the Company to discharge their
responsibilities in a timely and effective manner.
The number of Board meetings attended in the year to 31 March 2026 by each Director is set out below:
Board meetings
(min 4)
Audit Committee
meetings
(min 2)
Nomination Committee
meetings
(min 1)
Management Engagement
Committee meetings
(min 1)
Tenure
as at 31 March 2026
Director A B A B A B A B
Shonaid Jemmett-Page 4 4 –
1
–
1
2 2 1 1 5 years and 2 months
Sian Hill 4 4 4 4 2 2 1 1 5 years and 2 months
Marten Pieters 4 4 4 4 2 2 1 1 5 years and 2 months
Simon Pitcher 4 4 4 4 –
2
–
2
–
2
–
2
5 years and 2 months
1
As Chairman of the Board, Shonaid is not a member of the Audit Committee.
2
Simon is not a member of the Nomination Committee or the Management Engagement Committee.
Column A: Indicates the number of meetings held during the period.
Column B: Indicates the number of meetings attended by the Director during the period.
From time to time the Board constitutes ad hoc committees in order to perform certain of its functions. The quorum for these ad hoc committees is likely to vary depending on a number of factors including
the nature of the delegation to the committee.
The number of additional ad hoc Board meetings and Committee meetings of the Board for the period to 31 March 2026 and attendance by each Director is set out below:
Ad hoc
Board meetings
Ad hoc
Board Committee meetings
Director A B A B
Shonaid Jemmett-Page 2 2 3 2
Sian Hill 2 2 3 3
Marten Pieters 2 2 3 3
Simon Pitcher 2 2 3 2
Column A: Indicates the number of meetings held during the period.
Column B: Indicates the number of meetings attended by the Director during the period.
Directors are encouraged when they are unable to attend a meeting to provide the Chairman with their views and comments on matters to be discussed in advance. In addition to their meeting
commitments, the Directors also liaise with the Investment Manager whenever required and there is regular contact outside the Board meeting schedule.
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Corporate Governance report continued
theSenior Independent Director. The Board believes that the
current mix of skills, experience, knowledge and tenure of the
Directors is appropriate to the requirements of the Company.
During June 2026, the Nomination Committee conducted an
internal evaluation of the Board as a whole, individual directors,
the Chairman and the Audit Committee. The process was in the
form of performance appraisals, questionnaires and discussion
to determine effectiveness and performance in various areas,
as well as the Directors’ continued independence and tenure,
and was facilitated by the Administrator. The process confirmed
that the Board and its Committees operate effectively with an
appropriate level of balance and challenge.
New Directors receive an induction on joining the Board and
the Board and individual Directors regularly meet with senior
representatives of the Investment Manager both formally and
informally to ensure that they remain up to date on relevant issues.
All members of the Board are members of professional bodies
and/or serve on other boards, which contribute to their keeping
abreast of the latest technical and wider developments in their
areas of expertise.
The Board receives presentations from the Investment Manager,
the Company’s brokers and other advisors on matters relevant to
the Company’s business. The Board will continue to assess the
training needs of Directors on an annual basis.
Internal control and financial reporting
The Directors acknowledge that they are responsible for
establishing and maintaining the Company’s system of internal
control and reviewing its effectiveness. Internal control systems
are designed to manage rather than eliminate the risk of failure
to achieve business objectives and can only provide reasonable
but not absolute assurance against material misstatements
or loss. However, the Board’s objective is to ensure that the
Company has appropriate systems in place for the identification
and management of risks. The Directors carry out a robust
assessment of the principal and emerging risks facing the
Company, including those that would threaten its business model,
future position and performance, solvency or liquidity. As set out in
the Audit Committee report, the risks of the Company are outlined
in a risk matrix which is reviewed quarterly. All material changes to
the risk ratings during the quarter are considered, along with any
action or proposed action, to ensure that procedures are in place
with the intention of identifying, mitigating and minimising the
impact of risks should they crystallise.
The key procedures which have been established to provide
internal control are that:
— the Board has delegated the day-to-day operations of the
Company to the Administrator and Investment Manager;
however, it retains accountability for all of those functions
it delegates;
— the Board clearly defines the duties and responsibilities of
the Company’s advisors and consultants. Appointments of
advisors and consultants are made by the Board after due
and careful consideration. The Board monitors the ongoing
performance of these appointments and will continue to do so
through the Management Engagement Committee;
— the Board monitors the actions of the Investment Manager
at its regular Board meetings and is given frequent updates
on developments arising from the operations and strategic
direction of the underlying investee companies; and
— the Administrator provides administration and company
secretarial services to the Company. The Administrator
maintains a system of internal control on which it regularly
reports to the Board.
Internal controls over financial reporting are designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
reporting purposes. The Administrator and Investment Manager
both operate risk-controlled frameworks on an ongoing basis
within a regulated environment. The Administrator formally
reports to the Board quarterly through a compliance report and
holds the International Standard on Assurance Engagements
(ISAE) 3402 Type II certification. The certification dates to
October 2025, with the period up to 31 March 2026 being
covered by a bridging letter that states no material changes in
the internal control environment have been noted. This entails
an independent rigorous examination and testing of its controls
and processes. The Investment Manager formally reports to
the Board quarterly and on an ad-hoc basis as required. No
weaknesses or failings within the Administrator or Investment
Manager have been identified.
The systems of control referred to above are designed to
ensure effectiveness and efficient operation, internal control
and compliance with laws and regulations. In establishing the
systems of internal control, regard is paid to the materiality of
relevant risks, the likelihood of costs being incurred and costs of
control. It follows therefore that the systems of internal control can
only provide reasonable but not absolute assurance against the
risk of material misstatement or loss. This process has been in
perspectives to the Board while taking into account the existing
balance of knowledge, experience and diversity. Care will also
betaken to ensure that candidates have sufficient time to fulfil
their Board and, where relevant, committee responsibilities.
The Board believes that the terms of reference of the Nomination
Committee ensure that it operates in a rigorous and transparent
manner. The Board also believes that diversity of experience and
approach, including gender diversity, among Board members is
of great importance and it is the Company’s policy to give careful
consideration to issues of Board balance and diversity when
making new appointments.
Accordingly, the Board recommends that shareholders vote in
favour of the re-election of all Directors at the upcoming AGM
of the Company.
Management Engagement Committee
The Management Engagement Committee is chaired by Shonaid
Jemmett-Page and also consists of Sian Hill and Marten Pieters.
Itmeets at least once a year pursuant to its terms of reference.
The Committee provides a formal mechanism for the review of
the performance of the Investment Manager and the Company’s
other advisors and service providers. It carries out this review
through consideration of a number of objective and subjective
criteria and through a review of the terms and conditions of the
advisors’ appointments with the aim of evaluating performance,
identifying any weaknesses and ensuring value for money
for the Company. During the year, the Committee formally
reviewed the performance of the Investment Manager and its
service providers.
Remuneration Committee
The AIC Code recommends that companies appoint a
Remuneration Committee; however, the Board has not deemed
this necessary as, being wholly comprised of non-executive
directors, the Board considers these matters upon
recommendation received from the Nomination Committee.
Board performance and evaluation
In accordance with Principle 7 of the AIC Code, the Board
is required to undertake a formal and rigorous evaluation of
its performance on an annual basis. This evaluation of the
performance of the Board, the Audit Committee, individual
Directors and the Chairman is carried out by the Nomination
Committee, with the evaluation of the Chairman being led by
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Corporate Governance report continued
place for the period under review and up to the date of approval
of this Annual Report. It is reviewed by the Board and is in
accordance with the FRC’s internal control publication: Guidance
on Risk Management, Internal Control and Related Financial and
Business Reporting.
Investment Management Agreement
The Investment Manager has been appointed as the sole
investment manager of the Company. The Investment Manager
is a sector-focused investor in global infrastructure and real
assets, managing infrastructure private equity, infrastructure
private credit and real assets partnerships and managed
accounts. The Investment Manager has particular experience
and expertise in digital infrastructure with a dedicated sector
team concentrated in London.
Pursuant to the Investment Management Agreement, the
Investment Manager has been delegated responsibility for and
discretion over investing and managing the Company’s assets,
subject to, and in accordance with, the Company’s investment
policy. A summary of fees paid to the Investment Manager is
provided in note 13 to the financial statements.
Under the terms of the Investment Management Agreement,
the Investment Manager is entitled to an annual management
fee, together with reimbursement of certain expenses
reasonably incurred by it in the performance of its duties.
From31March2024 the Investment Manager is also entitled
toreceive a performance fee if certain targets are met.
In accordance with Listing Rule 11.7.2(2)R and having formally
appraised the performance and resources of the Investment
Manager, in the opinion of the Directors, the continuing
appointment of the Investment Manager on the terms set out in
the Investment Management Agreement is in the interests of the
shareholders as a whole. As noted on page 68, the Management
Engagement Committee reviewed the performance of the
Investment Manager and reported on this to the Board. The
Board concluded the performance of the Investment Manager
was positive, based on its successful deployment of all of the
equity capital raised by the Company, the returns achieved in
the period on the assets acquired and the hands on operational
involvement of the Investment Manager’s team.
Relations with shareholders
The Company formally communicates with shareholders
in a number of ways. Regulatory news releases are issued
through the London Stock Exchange’s Regulatory News
Service, as is required under the Company’s regulatory
obligations, in response to routine reporting obligations or
to provide shareholders with updates. An Interim Report is
published eachyear reporting on Company performance to
30Septemberand the annual report is published following
the end of the financial year, both of which are available on
theCompany’s website. In addition, the Company’s website
contains comprehensive information, including Company
notifications, share information, financial reports, investment
objectives and policy, investor contacts and information on
the Board and corporate governance. Shareholders and
otherinterested parties can subscribe to email news updates
byregistering on the website www.cordiantdigitaltrust.com.
The Chairman, either alone or together with the Senior
Independent Director, met with a number of institutional
shareholders following the release of the results for the periods
to31 March and 30 September 2025 and at other times during
the year. The mattersraised at those meetings were relayed to
the Board andtothe Investment Manager and other advisers
where appropriate.
The Directors and Investment Manager receive both formal
and informal feedback from analysts and investors, which
is presented to the Board by the Investment Manager and
the Company’s brokers. The Administrator also receives
informal information requests and feedback via queries
submitted through a Company dedicated mailbox and these
are addressedby the Board, the Investment Manager or the
Administrator, where applicable.
Other stakeholders
The wider stakeholders of the Company include its shareholders,
the environment, the Investment Manager, service providers,
communities, governmental and regulatory bodies. The Board
recognises and values these stakeholders. Further information
about the Company’s stakeholders and engagement with them
isset out on pages 48 to 49.
Going concern
The Company’s cash balance at 31 March 2026 was £10.0million.
This is not sufficient to cover its existing current liabilities of
£179.5 million. Current liabilities include loans and borrowings of
£177.4 million which represents amounts due to Cordiant Digital
Holdings UK Limited, the borrower under the fund-level debt
facilities, which fall due by way of bullet repayment in July2029.
Cordiant Digital Holdings UK Limited is a wholly owned direct
subsidiary of the Company, and the Board does not expect
that this liability of £177.4 million will be required to be repaid to
Cordiant Digital Holdings UK Limited before the debt facilities are
repaid or refinanced.
Without this intercompany loan, the cash balance is sufficient
to cover remaining liabilities of £2.1 million. The Company has
undrawn borrowing facilities of €70 million and expects to
receive a distribution from Emitel in July 2026, which together
will be sufficient to cover the proposed second interim dividend
of £17.4million for the year ended 31March2026, and any
foreseeable expenses for at least, but not limited to, 12 months
from the issuance of the financial statements.
The Board has also reviewed alternative scenarios and stress
testing of the cash flow forecast performed by the Investment
Manager and concluded that the going concern basis is
appropriate for the preparation of the financial statements.
The most significant cash requirements arise when the Company
makes investments and is required to meet the purchase
considerations for these. The exact amount and timing of these
are sometimes difficult to predict.
The Company’s cash balance is comprised of cash held on
deposit with substantial global financial institutions with strong
credit ratings, and the risk of default by the counterparties is
considered extremely low. Due to this the Directors believe there
is no material going concern risk. The major cash outflows of
the Company are expected to be the payment of dividends and
expenses and the acquisition of new assets. The Company is
closed-ended and there is no requirement for the Company to
redeem shares.
While inflation, high interest rates and market volatility during
the year have affected the way in which the Company’s investee
companies’ businesses are conducted, these did not have
a material direct effect on the results of the business from a
going concern perspective. The Directors are satisfied that the
macroeconomic environment is not likely to significantly restrict
business activity.
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Corporate Governance report continued
uncertainties that would affect this conclusion. Accordingly,
they continue to adopt the going concern basis in preparing the
financial statements.
Shonaid Jemmett-Page
Chairman
18 June 2026
The Directors and Investment Manager are actively monitoring
these risks and their potential effect on the Company and its
underlying investments. In particular, they have considered the
following specific key potential impacts:
— increased volatility in the fair value of investments;
— disruptions to business activities of the
underlying investments;
— recoverability of income and principal and allowance for
expected credit losses; and
— the Company’s ability to raise capital during the current
market conditions.
In considering the above key potential impacts of market
volatilityon the Company and its underlying investments, the
Investment Manager has assessed these with reference to the
mitigation measures in place. Based on this assessment, the
Directors do not consider that the effects of market volatility
have created a material uncertainty over the assessment of the
Company as a going concern.
As further detailed in note 6 to the financial statements, the
Board uses a third-party valuation provider to perform a
reasonableness assessment of the Investment Manager’s
valuation of the underlying investments. Additionally, the
Investment Manager and Directors have considered the cash
flow forecast to determine the term over which the Company
canremain viable given its current resources.
The Company is subject to a continuation vote at five-yearly
intervals, the first of which will be put to the AGM in July
2026. A vote against continuation would require the Board
to bring forward proposals for the reconstruction or winding
up of the Company. While there can be no certainty that the
continuation vote will be passed, there are a number of strong
reasons to believe that it will. Based on the strong performance
of the Company to date, consistent feedback from market
participants including brokers, analysts and shareholders, and
the overwhelming vote at the Company’s general meeting in
April infavour of moving to the closed-ended investment funds
category of the Official List, the directors are confident that the
vote will be passed.
On the basis of this review, and after making due enquiries, the
Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for
at least the period to 30 September 2027, being the period of
assessment covered by the Directors and there are no material
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70
Fostering integrity
andobjectivity
The Committee’s role is to supervise the financial reporting,
risk management, control environment and audit process
oftheCompany.
Sian Hill
Audit Committee Chairman
— report to the Board on the appropriateness of the Company’s
accounting policies and practices;
— consider the ongoing assessment of the Company as a going
concern and the assessment of its longer term viability;
— review and challenge the valuations of the Company’s
investments prepared by the Investment Manager, and
provide a recommendation to the Board on the valuation of
those investments;
— oversee the relationship with the external auditor, including
agreeing its remuneration and terms of engagement, reviewing
its reporting, monitoring its independence, objectivity and
effectiveness, ensuring that any non-audit services are
appropriately considered, and making recommendations to
the Board on its appointment, reappointment or removal, for
this to put to the shareholders in general meeting;
— monitor and consider annually whether there is a need for the
Company to have its own internal audit function;
— keep under review the effectiveness of the Company’s internal
controls, including financial controls and risk management
systems (including review and consideration of the Company’s
risk matrix);
— review and consider the UK Code, the AIC Code, and the AIC
Guidance on Audit Committees; and
— report to the Board on how it has discharged its
responsibilities.
The Audit Committee is aware that certain sections of the Annual
Report are not subject to formal statutory audit, including the
Chairman’s statement, the Investment Manager’s report and
certain disclosures relating to Directors’ remuneration. All
information in these sections, as well as that in the audited
sections, is reviewed by the Audit Committee.
The Audit Committee is required to report its findings to the
Board, identifying any matters on which it considers that action
or improvement is needed, and make recommendations on the
steps to be taken.
The external auditor was invited to attend the Audit Committee
meetings at which the Annual Report was considered. They
have the opportunity to meet with the Committee without
representatives of the Investment Manager or Administrator
being present at least once per year.
The Audit Committee, chaired by Sian Hill, operates within
clearly defined terms of reference, which are available from the
Company’s website, and include all matters indicated by DTR
Rule 7.1, the AIC Code and the UK Code. Its other members
are Marten Pieters and Simon Pitcher. Members of the Audit
Committee are independent of the Company’s external auditor
and Investment Manager. The Audit Committee meets no less
than twice a year, and at such other times as the Audit Committee
Chairman requires. The Committee meets the external auditor at
least once a year.
The Committee members have considerable financial and
business experience, and the Board has determined that the
membership as a whole has sufficient recent and relevant sector
and financial experience to discharge its responsibilities and that
at least one member has competence in accounting or auditing.
Responsibilities
The main duties of the Audit Committee are to:
— monitor the integrity of the Company’s financial
statements andregulatory announcements relating to
its financial performance and review significant financial
reporting judgements;
Audit Committee report
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The Audit Committee met on 12 June 2026 to review the results of
the audit and to consider the Annual Report for the period ended
31 March 2026, which the Board approved on 18 June 2026.
Significant areas of judgement considered
The Audit Committee has determined that a key risk of
misstatement of the Company’s financial statements relates to
the valuation of its investments at fair value through profit or loss,
in the context of the judgements necessary to evaluate market
values of the underlying investments. There is also an inherent
risk of management override as the Investment Manager’s fees
are dependent on the performance of the Company’s NAV
and share price. The first performance fee calculation date
was 31March2024 and subsequent calculation dates are on
31Marcheach year thereafter. The Investment Manager is
responsible for calculating the NAV with the assistance of the
Administrator, prior to approval by the Board.
The Audit Committee reviews, considers and, if thought
appropriate, recommends for the purposes of the Company’s
financial statements, valuations prepared by the Investment
Manager in respect of the investments.
As outlined in note 6 to the financial statements, the total carrying
value of the investments at fair value through profit or lossat
31March2026 was £1,277 million.
The Audit Committee has satisfied itself that the key estimates
andassumptions used in the valuation models for investee
companies are appropriate and that the investments have
beenfairly valued.
The valuation process and methodology were discussed with
the Investment Manager and with the external auditor at the
AuditCommittee meeting held on 12 June 2026. Due to the
illiquid and subjective nature of the Company’s investments, the
Investment Manager uses an independent third-party valuation
expert to perform an independent valuation, which is used
to assess the reasonableness of the Investment Manager’s
half-yearly valuations of the underlying investments. The
independent valuation expert provides a detailed valuation
reportto the Company at each period end.
Accounting for subsidiaries
The Directors have concluded that the Company has all the
elements of control as prescribed by IFRS 10 ‘Consolidated
Financial Statements’ in relation to all its subsidiaries and that
Financial reporting
The primary role of the Audit Committee in relation to financial
reporting is to review with the Administrator, the Investment
Manager and the external auditor and report to the Board on
the appropriateness of the Annual Report and Interim Report,
concentrating on, among other matters:
— the quality and acceptability of accounting policies
and practices;
— the clarity of the disclosures and compliance with financial
reporting standards and relevant financial and governance
reporting requirements;
— material areas in which significant judgements have been
applied or where there has been discussion with the external
auditor including going concern and viability statement;
— whether the Annual Report, taken as a whole, is fair, balanced
and understandable and provides the information necessary
for shareholders to assess the Company’s position and
performance, business model and strategy; and
— any correspondence from regulators in relation to
financial reporting.
To aid its review, the Audit Committee considers reports from the
Administrator and the Investment Manager and also reports from
the external auditor on the outcome of its annual audit.
Meetings
During the year ended 31 March 2026, the Audit Committee met
four times formally and there was ongoing liaison and discussion
between the external auditor and the Audit Committee Chair with
regards to the audit approach and the identified risks.
The matters discussed at those meetings include:
— review of the terms of reference of the Audit Committee for
approval by the Board;
— review of the accounting policies and format of the
financial statements;
— review of significant areas of financial judgement;
— review and approval of the audit plan of the external auditor;
— discussion and approval of the fee for the external audit;
— detailed review of the valuations of the Company’s investment
portfolio and recommendation for approval by the Board;
— detailed review of the Interim Report and half-yearly portfolio
valuations, and recommendation for approval by the Board;
— assessment of the independence of the external auditor;
— assessment of the effectiveness of the external
audit process; and
— review of the Company’s key risks and internal controls.
theCompany satisfies the three essential criteria to be regarded
as an investment entity as defined in IFRS 10, IFRS 12 ‘Disclosure
of Interests in Other Entities’ and IAS 27 ‘Consolidated and
Separate Financial Statements. The three essential criteria, and
how the Company has satisfied these are outlined in note 2.
Management fee
The Investment Manager receives from the Company an annual
management fee, based on the average market capitalisation of
the Company, calculated and paid monthly in arrears using the
average market capitalisation for each LSE trading day for the
relevant month. The management fee has been payable since
30 April 2021, being the date on which more than 75% of the IPO
proceeds were deployed in investment activities.
The annual management fee is calculated on the following basis:
— 1.00% of the average market capitalisation up to £500 million;
— 0.90% of the average market capitalisation between
£500million and £1 billion; and
— 0.80% of the average market capitalisation in excess of £1 billion.
Risk management
The Board is accountable for carrying out a robust assessment
ofthe principal and emerging risks facing the Company,
including those threatening its business model, future position
and performance, solvency and liquidity. On behalf of the
Board, the Audit Committee reviews the effectiveness of the
Company’s risk management processes. The Company’s risk
assessment process and the way in which significant business
risks are managed is a key area of focus for the Audit Committee.
The workof the Audit Committee was driven primarily by the
Company’s assessment of its principal risks and uncertainties
as set out in the Strategic report. The Audit Committee receives
reports from the Investment Manager and Administrator on the
Company’s risk evaluation process and reviews changes to
significant risks identified.
Internal audit
The Audit Committee considers at least once a year whether
or not there is a need for an internal audit function. Currently,
the Audit Committee does not consider there to be a need for
an internal audit function, given that the Company does not
have executive directors and employees, and all outsourced
functions are with parties who have their own internal controls
and procedures.
Audit Committee report continued
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The Audit Committee reviews the scope and results of the audit,
its cost effectiveness and the independence and objectivity
of the external auditor, with particular regard to the level of any
non-audit fees. During the year BDO LLP provided non-audit
services to a value of £75,000 in relation to the preparation of
the Financial Position and Prospects Procedures Memorandum
and associated documents for the purpose of the transfer of
the Company’s shares from the Specialist Fund Segment to the
Closed Ended Investment Funds section of the London Stock
Exchange. Notwithstanding these non-audit services provided
by its associated firm, the Audit Committee considers BDO
Limited to be independent of the Company and that there is
no threat to the objectivity and independence of the conduct
of the audit.
To further safeguard the objectivity and independence of
the external auditor from becoming compromised, the Audit
Committee are aware of the FRC’s Ethical Standard 2019 which
precludes BDO Limited from providing certain services such as
valuation work or the provision of accounting services and also
sets a presumption that BDO Limited should only be engaged
for non-audit services where they are best placed to provide
those services, for example the interim review and reporting
accountant services. The Ethical Standard also imposes a
cap on fees to be charged by a company’s external auditor for
non-audit services at 70% of the average statutory audit fees for
the previous three years.
To fulfil its responsibility regarding the independence of the
external auditor, the Audit Committee considers:
— discussions with or reports from the external auditor
describing its arrangements to identify, report and manage
any conflicts of interest; and
— the extent of non-audit services provided by the
external auditor.
To assess the effectiveness of the external auditor, the
Committeereviews:
— the external auditor’s fulfilment of the agreed audit plan and
variations from it;
— discussions or reports highlighting the major issues that
aroseduring the course of the audit; and
— feedback from other service providers evaluating the
performance of the audit team.
The statutory audit fee for the year ended 31March2026
is £ 217,50 0.
The Audit Committee is satisfied with BDO Limited’s
effectivenessand independence as external auditor having
considered the degree of diligence and professional
scepticismdemonstrated.
On behalf of the Audit Committee
Sian Hill
Audit Committee Chairman
18 June 2026
External audit
BDO Limited, the Guernsey member firm of the global BDO
network (“BDO”), has been the Company’s external auditor since
the Company’s incorporation.
The external auditor is required by regulation to rotate the audit
partner every five years. There are no contractual obligations
restricting the choice of external auditor and the Company’s
policy is to putthe audit services contract out to tender at least
every ten years. In Q4 2025, the Audit Committee invited four
audit firms to take part in an audit tender process, including
the incumbent auditor. The tender process was overseen by
the Chairman of the Audit Committee, with input from other
members of the Committee, and taking full account of the
views of relevant staff of the Investment Manager, Cordiant
Capital Inc. Following a detailed review of the submitted tender
documents and discussions with each of the four firms, the Audit
Committee agreed to recommend to the Board that BDO should
be reappointed as the Company’s external auditor, commencing
with the financial year ending 31 March 2027.
The current responsible individual from BDO Limited is due to
rotate at the conclusion of the 31 March 2026 audit. Following this,
a successor has been identified from within the BDO network.
Accordingly, it is proposed that BDO LLP, the UK member firm of
BDO, be appointed as auditor of the Company for the year ending
31 March 2027. BDO Limited will continue to provide support in
respect of Guernsey regulatory and legal matters as required.
Under Guernsey company law, the appointment of the external
auditor is subject to shareholder approval at the AGM and the
Board will recommend the appointment of BDO LLP for the year
ending 31 March 2027 at the 2026 AGM. The Audit Committee
continues to monitor the performance of the external auditor on
an annual basis and considers its independence and objectivity,
taking account of appropriate guidelines. In addition, the
Committee Chair continues to maintain regular contact with
the lead audit partner outside the formal Committee meeting
schedule, not only to discuss formal agenda items for upcoming
meetings, but also to review any other significant matters.
Audit Committee report continued
Fees payable to the Company’s auditor for the year
are asfollows:
For the
year ended
31 March 2026
£’000
Fees to the Company’s auditor for audit of the
statutory financial statements 218
218
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Directors’ report
On 16 February 2021, the Company’s ordinary shares were
admitted to the Specialist Fund Segment of the Main Market of
the London Stock Exchange. The Company successfully raised
gross proceeds of £370 million at IPO, and a further £200 million
gross proceeds through the placing of new ordinary shares in
January 2022. £185 million gross proceeds were raised from the
issue of C shares in June 2021 with all of the C Shares converting
into ordinary shares on 20 January 2022. A further £40 million
was raised through the exercise of Subscription Shares. On
30April2026, the Company’s ordinary shares were admitted to
the Closed-ended Investment Fund category of the Official List
ofthe FCA and to trading on the main market of the LSE.
As at 31 March 2026, the Company’s issued share
capital comprised 773,559,707 ordinary shares, of which
7,841,542ordinary shares were held in treasury. The subscription
shares issued by the Company, were redeemed and cancelled
for nil consideration with effect from 5:00 pm on 2 March 2026.
The total issued share capital with voting rights as at
31March2026 was 765,718,165 ordinary shares and this
figure may be used by shareholders as the denominator
for thecalculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the FCA’s Disclosure Guidance and
Transparency Rules.
Ordinary shareholders are entitled to all distributions paid by
the Company and, on a winding up, provided the Company has
satisfied all of its liabilities, ordinary shareholders are entitled
to all of the surplus assets of the Company attributable to the
ordinary shares. Ordinary shareholders are also entitled to
attendand vote at all general meetings of the Company and,
onapoll, to one vote for each ordinary share held.
Authority to buy back shares
The current authority of the Company to make market purchases
of up to 114,780,750 ordinary shares (being 14.99% of the issued
ordinary share capital as at the date of the 2025 AGM held on
25July2025, the date the resolution was passed) is due to expire
at the conclusion of the 2026 AGM. At the 2026 AGM, the Board
will seek to renew this authority.
Along with most other companies in the investment trust sector,
the Company’s shares traded at a discount to NAV throughout the
year, largely as a result of macroeconomic factors. In February
2023 the Board approved a discretionary programme of share
buybacks of up to £20 million, of which £5.9 million had been
used by 31 March 2026. The buyback programme is not subject
to a set cut-off date.
The making and timing of any buybacks is at the absolute
discretion of the Board. Ordinary shares will only be repurchased
at a price which, after related costs, represents a discount to
the net asset value per ordinary share and where the Directors
believe such purchases will enhance shareholder value. Such
purchases will also only be made in accordance with the Listing
Rules, which amongst other requirements provide that the
price to be paid must not be more than 5% above the average
of the middle market quotations for the ordinary shares for the
five business days before the shares are purchased unless
previously advised to shareholders.
The Company did not undertake any share buybacks
during the year.
The Directors present their Annual Report and audited financial
statements for the Company for the year ended 31 March 2026.
The Corporate Governance report on pages 58 to 73 forms part
of this report.
Details of the Directors who held office during the period and as
at the date of this report are provided on pages 60 and 61.
Capital structure
The Company is an externally managed closed-ended
investment company and its principal activity is to invest in
digitalinfrastructure assets.
The Company was incorporated in Guernsey under Company
Law on 4 January 2021 as a non-cellular company limited by
shares with an indefinite life. It is domiciled in Guernsey and
is taxresident in the UK. The Company is registered with the
GFSCas a registered closed-ended collective investment
scheme pursuant to the Protection of Investors (Bailiwick of
Guernsey) Law 2020 and the Registered Collective Investment
Scheme Rules and Guidance 2021.
The Directors present their Annual Report and audited
financial statements for the Company for the year ended
31March2026.
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Directors’ report continued
trust. In particular, the Company generally must not retain in
respect of any accounting period an amount which is greater than
15% of its eligible investment income and must distribute by way
of dividend an amount required to comply with this requirement
not later than 12 months following the end of the accounting
period in which the income arises.
AIFMD disclosures
The Directors have considered the impact of AIFMD on the
Company and its operations. The Company is a non-EU
domiciled Alternative Investment Fund and the Investment
Manager has been appointed as the Company’s non-EU AIFM.
As the Company is managed by a non-EU AIFM, only a limited
number of provisions of AIFMD apply.
Report on remuneration and quantitative remuneration disclosure
Under the AIFMD, the Company is required to make disclosures
relating to remuneration of staff working for the Investment
Manager for the year to 31 March 2026.
Amount of remuneration paid
The Investment Manager paid the following remuneration to
staff in respect of the financial year ending on 31 March 2026 in
relation to work on the Company.
31 March 2026
£’000
Fixed remuneration 1,576
Variable remuneration 1,040
Total remuneration 2,616
Number of beneficiaries 15
The amount of the aggregate remuneration paid (or to be
paid) by the Investment Manager to its partners which has
been attributed to the Company in respect of the financial year
endingon 31March 2026 was £2.1 million (2025: £2.2 million).
The amount of the total remuneration paid by the Investment
Manager to members of its staff whose actions have a material
impact on the risk profile of the Company and which has been
attributed to the Company in respect of the financial year ending
on 31March2026 was £2.6 million (2025: £2.6 million).
Leverage
The Company’s long-term gearing is expected to be between
20% and 35% of gross asset value and shall not exceed a
maximum of 50% of gross asset value, calculated at the time of
Modern Slavery Act
In accordance with section 54(1) of the Modern Slavery Act
2015, the Company’s Modern Slavery Statement is reviewed and
approved by the Board on an annual basis and published on the
Company’s website.
Significant interests
Significant shareholdings in the Company as at 31 March 2026
are detailed below.
Ordinary shares
held %
Schroder Investment Management 6.55
Asset Value Investors 6.40
Evelyn Partners (Retail) 6.38
Rathbones 5.73
TrinityBridge 5.04
Charles Stanley 4.42
W1M 3.80
Killik, stockbrokers 3.25
Nottinghamshire County Council 3.02
In addition, the Company also provides the same information as
at 31 May 2026, being the most current information available.
Ordinary shares
held %
Schroder Investment Management 6.51
Evelyn Partners (Retail) 6.38
Asset Value Investors 5.65
Rathbones 5.49
TrinityBridge 5.11
Charles Stanley 4.58
W1M 3.80
Killik, stockbrokers 3.17
Nottinghamshire County Council 3.02
Investment trust status
On 5 May 2021, HMRC approved the Company’s application to
be an approved investment trust for the purposes of section 1158
of the Corporation Tax Act 2010, as amended, and the Investment
Trust (Approved Company) (Tax) Regulations 2011, subject to
continuing to meet the relevant conditions. The Directors intend
at all times to conduct the affairs of the Company so as to enable it
to meet those conditions and continue to qualify as an investment
drawdown. The use of borrowings and leverage has attendant
risks and can, in certain circumstances, substantially increase
the adverse impact to which the Company’s investment portfolio
may be subject. For the purposes of this disclosure, leverage
is any method by which the Company’s exposure is increased,
whether through borrowing of cash or securities, or leverage
embedded in foreign exchange forward contracts or by any other
means. AIFMD requires that each leverage ratio be expressed
as the ratio between a Company’s exposure and its net asset
value, and prescribes two required methodologies, the gross
methodology and the commitment methodology (as set out in
AIFMD Level 2 Implementation Guidance), for calculating such
exposure. Using the methodologies prescribed under AIFMD,
the leverage of the Company is detailed in the table below:
Commitment
leverage as at
31 March 2026
Gross leverage
as at
31 March 2026
Leverage ratio 15.9% 15.9%
Other risk disclosures
The risk disclosures relating to risk framework and risk profile of
the Company are set out in note 16 on pages 103 to 106 and Risk
management on pages 52 to 55.
Pre-investment disclosures
AIFMD requires certain information to be made available to
investors in an AIF before they invest and requires that material
changes to this information be disclosed in the Annual Report
of the AIF. There have been no material changes (other than
those reflected in these financial statements) to this information
requiring disclosure.
Business review and diversity
A business review is contained in the Investment Manager’s
report on pages 20 to 47 and the Company’s policy on diversity is
contained in the Corporate Governance report on pages 63 to 64.
Directors’ indemnity
Directors’ and Officers’ liability insurance cover is in place in
respect of the Directors. The Company’s Articles of Incorporation
provide, subject to the provisions of the relevant Guernsey
legislation, an indemnity for Directors in respect of costs which
they may incur relating to the defence of any proceedings brought
against them arising out of their positions as Directors, in which
they are acquitted or judgement is given in their favour by the court.
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Directors’ report continued
Subsequent events
There have been no significant subsequent events, other than
those disclosed in note 19 to the financial statements.
Strategic report
A review of the business and future outlook and the principal and
emerging risks and uncertainties of the Company are disclosed
in the Strategic report on pages 52 to 56.
Prompt payment
The Board recognises that relationships with suppliers are
enhanced by prompt payment and the Administrator, in
conjunction with the Investment Manager, has procedures
in place to ensure all payments are processed within the
contractual terms agreed with the individual suppliers.
Whistleblowing
The Board has considered arrangements by which staff of the
Investment Manager or Administrator may, in confidence, raise
concerns within their respective organisations about possible
improprieties in matters of financial reporting or other matters.
Ithas concluded that adequate arrangements are in place for
the proportionate and independent investigation of such matters
and, where necessary, for appropriate follow-up action to be
taken within their organisation.
Going concern
As set out on pages 69 to 70, the Directors have a reasonable
expectation that the Company has adequate resources to
continue in operational existence for at least the period to 30
September 2027, being the period of assessment covered
by the Directors. Accordingly, the Company continues to
adopt the going concern basis of accounting in preparing the
financial statements.
By order of the Board
Shonaid Jemmett-Page
Chairman
18 June 2026
Except for the indemnity provisions in the Company’s Articles
ofIncorporation and in the Directors’ letters of appointment,
thereare no qualifying third-party indemnity provisions in force.
Risks and risk management
The Company is exposed to financial risks such as price
risk, interest rate risk, credit risk and liquidity risk and the
managementand monitoring of these risks is detailed in note16
to the financial statements.
Independent auditor
The Directors will propose the appointment of BDO LLP
asthe Company’s auditor for the year ending 31 March 2027
and resolutions concerning this and the remuneration of the
Company’s auditor will be proposed atthe AGM.
At the time that this report was approved, so far as each of the
Directors is aware:
— there is no relevant audit information of which the current
auditor, BDO Limited, is unaware; and
— they have taken all the steps they ought to have taken to
makethemselves aware of any audit information and to
establish that the auditor is aware of that information.
Annual Report
As disclosed in the Audit Committee report on pages 71
to 73, the Audit Committee has given due consideration
that the AnnualReport, taken as a whole, is fair, balanced
and understandable. Therefore, the Board is of the opinion
that the Annual Report provides the information necessary
for shareholders to assess the position and performance,
strategyand business model of the Company.
The Board recommends that the Annual Report, the
Directors’ report and the Independent Auditor’s report for
the period ended31 March 2026 are received and adopted
by the shareholders and a resolution concerning this will be
proposed at the AGM.
Dividends
With respect to the six months ended 31 March 2026, the
Boardhas declared a dividend of £16.7 million, equivalent
to 2.175p per share, as disclosed in note 15 to the financial
statements. This brings the total distribution declared with
respect to the period ended 31 March 2026 to 4.45p per share.
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Statement of Directors’ responsibilities
Website publication
The Directors are responsible for ensuring the Annual Report and
the financial statements are made available on a website. The
financial statements are published on the Company’s website at
www.cordiantdigitaltrust.com in accordance with legislation in
the UK governing the preparation and dissemination of financial
statements, which may vary from legislation in other jurisdictions.
The maintenance and integrity of the Company’s website is the
responsibility of the Directors. The Directors’ responsibilities
also extend to the ongoing integrity of the financial statements
contained therein. Legislation in Guernsey governing the
preparation and dissemination of the financial statements may
differ from legislation in other jurisdictions.
Directors’ responsibilities pursuant to DTR4
Each of the Directors, whose names are set out on pages 60 and
61, confirms to the best of their knowledge and belief that:
— the Company’s financial statements have been prepared in
accordance with IFRS, as issued by IASB, and give a true and
fair view of the assets, liabilities, financial position and profit
and loss of the Company; and
— the Annual Report includes a fair review of the development
and performance of the business and the financial position of
the Company, together with a description of the principal and
emerging risks and uncertainties that they face.
Fair, balanced and understandable
The Directors are responsible for preparing the Annual Report
in accordance with applicable law and regulations. Having
taken advice from the Audit Committee, the Directors consider
the Annual Report, taken as a whole, is fair, balanced and
understandable and that it provides the information necessary
for shareholders to assess the Company’s position and
performance, business model and strategy.
On behalf of the Board
Shonaid Jemmett-Page
Chairman
18 June 2026
Company Law requires the Directors to prepare financial
statements for each financial year and the Directors have elected
to prepare the Company’s financial statements in accordance
with IFRS, as issued by IASB. Under Company Law, the Directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss for the Company for
that year, are in accordance with IFRS and comply with any
enactment for the time being in force.
In preparing these financial statements, the Directors
are required to:
— select suitable accounting policies and apply them
consistently;
— make accounting estimates that are reasonable and prudent;
— prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
— present information in a manner that is relevant, reliable,
comparable and understandable; and
— state whether or not applicable accounting standards have
been followed, subject to any material departures disclosed
and explained in the financial statements.
The Directors confirm that they have complied with the above
requirements in preparing the financial statements. The Directors
are responsible for keeping adequate accounting records that
are sufficient to show and explain the Company’s transactions
and disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the
financial statements comply with Company Law.
They are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for ensuring that the Annual
Report, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to
assess the Company’s position and performance, business
model and strategy.
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Financial statements
Our financial statements
include: the independent
auditor’s report; financial
statements which have been
prepared in accordance
with IFRS as issued by the
IASB, the Statement of
Recommended Practice
issued by the Association
of Investment Companies
(the AIC SORP) andthe
Companies(Guernsey) Law
2008 (asamended); and
related commentary and notes
to the financial statements.
STRENGTH
IN DEPTH
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Financial statements 78-107
Independent Auditor’s Report to the Members of
Cordiant Digital Infrastructure Limited 80
Statement of Financial Position 86
Statement of Comprehensive Income 87
Statement of Changes in Equity 88
Statement of Cash Flows 89
Notes to the financial statements 90
Pradĕd TV Tower,
Czech Republic.
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Independent Auditor’s Report of BDO Limited to the Members of Cordiant Digital Infrastructure Limited
Opinion on the financial statements
In our opinion, the financial statements of Cordiant Digital Infrastructure Limited (“the Company”):
— give a true and fair view of the state of the Company’s affairs as at 31 March 2026 and of its profit
and cash flows for the year then ended;
— the Company financial statements have been properly prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the IASB; and
— the financial statements have been properly prepared in accordance with the requirements of
the Companies (Guernsey) Law, 2008.
We have audited the financial statements of the Company for the year ended 31 March 2026 which
comprise of the Statement of Financial Position, the Statement of Comprehensive Income, the
Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements,
including a summary of the material accounting policy information.
The financial reporting framework that has been applied in their preparation is applicable law and
IFRS as issued by the IASB.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK))
and applicable law. Our responsibilities under those standards are further described in the
Auditor’sresponsibilities for the audit of the financial statements section of our report. We believe that
the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
asapplied to listed entities, and we have fulfilled our other ethical responsibilities in accordance
withthese requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern
basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of
the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of
accounting included:
— Obtaining the paper prepared by the Directors in respect of going concern and discussing, and
also challenging, this with both the Company’s Directors and management;
— Reviewing and challenging the Directors’ cash flow forecasts and their stress tests of future
income and expenditure;
— Agreeing the projected cash flows from the underlying investments to the valuation models used
to perform the investment valuation audit procedures as detailed within the Key Audit Matters
section below;
— Obtaining and reviewing the future commitments of the Company and checking they have been
appropriately incorporated into the forecast; and
— Reviewing the minutes of the Board Meetings and the Company’s RNS (Regulatory News
Services) announcements and the compliance reports for any indicators of concerns in respect
of going concern.
— We have reviewed the Board’s assessment of the possible results of the continuation vote at
the forthcoming AGM, including their expectation that shareholders will vote to continue the
Company. In doing so, we considered the basis for this expectation, including the outcome of the
recent shareholder vote in respect of the Company’s transition to the Main Market of the London
Stock Exchange, which was passed with a high level of support, together with other evidence of
shareholder sentiment and engagement.
— We also considered whether there were any indicators that would suggest this expectation may
not be achieved and evaluated the potential implications for the Company’s ability to continue as
a going concern.
Based on the work we have performed, we have not identified any material uncertainties
relating toevents or conditions that, individually or collectively, may cast significant doubt on
the Company’sability to continue as a going concern for a period of at least twelve months from
when the financial statements are authorised for issue. However, because not all future events
or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to
continue as a going concern.
In relation to the Company’s reporting on how it has applied the UK Corporate Governance Code,
we have nothing material to add or draw attention to in relation to the Directors’ statement in the
financial statements about whether the Directors considered it appropriate to adopt the going
concern basis of accounting in preparing the financial statements.
Our responsibilities and the responsibilities of the Directors with respect to going concern are
described in the relevant sections of this report.
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Overview
Key audit matters 2026 2025
Valuation of Investments
Materiality Company financial statements as a whole
£22.4m (2025: £19.8m) based on 2% (2025: 2%) of Net Assets
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company and its environment,
theapplicable financial reporting framework and the Company’s system of internal control.
Weidentified and assessed the risks of material misstatement of the Company financial
statements.We then applied professional judgement to focus our audit procedures on the areas
that posed the greatest risks to the Company financial statements. We continually assessed risks
throughout our audit, revising the risks where necessary, with the aim of reducing the Company
riskof material misstatement to an acceptable level, in order to provide a basis for our opinion.
In designing our overall audit approach, we determined materiality and assessed the risk of
materialmisstatement in the financial statements.
This assessment took into account the likelihood, nature and potential magnitude of any
misstatement. As part of this risk assessment, we considered the Company’s interaction with the
Manager and the Company’s Administrators. We considered the control environment in place
at theManager and the Company’s Administrators to the extent that it was relevant to our audit.
Following this assessment, we applied professional judgement to determine the extent of testing
required over each balance in the financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) that we identified, including those
which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit,
and directing the efforts of the engagement team. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
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Key audit matter How the scope of our audit addressed the key audit matter
Valuation of investments
(Refer to Notes 2 and 6 to the
financial statements)
The investment portfolio consists of six unlisted investments.
100% of the investment portfolio consist of loan and equity
investments. As the loans are an integral part of the investment,
they are included as part of the overall investment valuation.
The valuation of investment portfolio is calculated using
discounted cash flow models. This is highly subjective
accounting estimate where there is an inherent risk of bias
arisingfrom the investment valuations being prepared by the
investment manager.
There is a fraud risk due to high level of estimation uncertainty
regarding judgemental inputs such as discount rate, inflation,
revenue projections and terminal growth rate.
There is risk of error in the model integrity, classification of
investments as loan vs equity, calculation of unrealised gains
due to complexity in the valuation models regarding accuracy
ofcontractual inputs.
Management also utilised a third-party valuer to perform a
reasonableness assessment of the valuation of the underlying
investments.
There is a risk that the Investment Manager does not accurately
consider the net assets of the underlying portfolio companies into
the valuation process and thereby resulting the valuation to be
inaccurate.
For these reasons and the materiality of the balance in relation to
the financial statements as a whole, we consider this to be a key
audit matter.
In respect of discounted cash flow models, our procedures included:
— we utilised our internal valuation experts to independently assess the appropriateness of the
valuation methodology and the key inputs into the valuation such as discount rate, inflation,
terminal growth rate and tax rates, by reference to available market and industry data.
— For the cashflow forecast we obtained a detailed understanding of the cashflow forecasts,
challenged management and obtained support for the key inputs that drove the valuation.
— Used spreadsheet analysis tools to assess the integrity of the valuation models and track
changes to inputs or structure from the valuation model used in the prior year.
— We challenged the appropriateness of the selection and application of key assumptions in the
model including the discount rate, inflation, terminal growth rate and revenue projections applied
by benchmarking to available industry data and consulting with our internal valuations experts.
— For each of the key assumptions in the valuation models, we also considered whether alternative
reasonable assumptions could have been applied. We considered each assumption in
isolation as well as in conjunction with other assumptions and the valuation as a whole. Where
appropriate, we sensitised the valuation where other reasonable alternative assumptions could
have been applied.
— We reviewed the corporation tax workings within the valuation model and considered
whetherthese had been modelled accurately in the context of current corporation tax
legislationand rates.
— We agreed cash and other net assets to bank statements and investee company
managementaccounts.
— We considered the accuracy of forecasting by comparing previous forecasts to actual results
and challenged the reasons for significant variances and whether these have been adequately
factored into future modelling.
— We obtained management’s third-party expert valuations and assessed whether this supported
management’s calculation of fair value at period end and:-
— We reviewed the report for any factors that would indicate that the fair value calculated by
management is inappropriate.
— We assessed the independence, objectivity and expertise of management’s expert.
— We compared the valuation range derived by management and their expert with our
independently developed expectation.
For loan investments, including additions, we agreed them to loan agreements and verified the
relevant terms of the loan, we recalculated the closing value of the loan and tested the movement in
the loan balance during the year
Key observations
Based on our procedures performed we found the valuation estimates and judgements were within
an acceptable range.
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Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating
the effect of misstatements. We consider materiality to be the magnitude by which misstatements,
including omissions, could influence the economic decisions of reasonable users that are taken on
the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed
materiality, we use a lower materiality level, performance materiality, to determine the extent
of testing needed. Importantly, misstatements below these levels will not necessarily be
evaluatedasimmaterial as we also take account of the nature of identified misstatements, and
the particular circumstances of their occurrence, when evaluating their effect on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as
awhole and performance materiality as follows:
Company Financial Statements
2026 2025
Materiality £22.4m £19.8m
Basis for determining
materiality
2% of Net Assets
Rationale for the
benchmark applied
Net assets are considered to be the benchmark of most interest
to the users of the financial statements in understanding the
financial position of the Company as an investor in digital
infrastructure assets.
Performance materiality £16.8m £14.8m
Basis for determining
performance materiality
75% of Materiality
Rationale for the percentage
applied for performance
materiality
This was determined using our professional judgement and took
into account the complexity and our accumulated knowledge of
the engagement.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in
excess of £1,117,000 (2025: £990,000). We also agreed to report differences below this threshold
that, in our view, warranted reporting on qualitative grounds.
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Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report other than the financial statements and our auditor’s
report thereon. Our opinion on the financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon. Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or
ourknowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
The UK Listing Rules sourcebook requires us to review the Directors’ statement in relation to going
concern, longer-term viability and that part of the Corporate Governance Statement relating to
theCompany’s compliance with the provisions of the UK Corporate Governance Code specified
forour review.
Based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the Corporate Governance Statement is materially consistent with the financial
statements, or our knowledge obtained during the audit.
Going concern and
longer-term viability
— The Directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and any
material uncertainties identified set out on pages 69 to 70;
— The Directors’ explanation as to their assessment of the
Company’s prospects, the period this assessment covers and
why the period is appropriate set out on page 56; and
— The Directors’ statement on whether they have a reasonable
expectation that the company will be able to continue in
operation and meet its liabilities set out on page 56.
Other Code provisions
— Directors’ statement on fair, balanced and understandable set
out on page 77;
— Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 72;
— The section of the annual report that describes the review of
effectiveness of risk management and internal control systems
set out on page 72; and
— The section describing the work of the audit committee set out
on pages 71 to 73 .
Other Companies (Guernsey) Law, 2008 reporting
We have nothing to report in respect of the following matters where the Companies (Guernsey) Law,
2008 requires us to report to you if, in our opinion:
— proper accounting records have not been kept by the Company; or
— the financial statements are not in agreement with the accounting records; or
— we have failed to obtain all the information and explanations which, to the best of our knowledge
and belief, are necessary for the purposes of our audit.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the Directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
However, the primary responsibility for the prevention and detection of fraud rests with both those
charged with governance of the Company and management.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material misstatements
in respect of irregularities, including fraud. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
— Our understanding of the Company and the industry in which it operates;
— Discussion with management and those charged with governance; and
— Obtaining an understanding of the Company’s policies and procedures regarding compliance
with laws and regulations.
we considered the significant laws and regulations to be IFRS and the Companies (Guernsey)
Law,2008.
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The Company is also subject to laws and regulations where the consequence of non-compliance
could have a material effect on the amount or disclosures in the financial statements, for example
through the imposition of fines or litigation. We identified such laws and regulations to be The
Protection of Investors (Bailiwick of Guernsey) Law, 2020.
Audit procedures performed by the engagement team to respond to the risks identified included:
— Discussion with and enquiry of management and those charged with governance concerning
known or suspected instances of non-compliance with laws and regulations and fraud;
— Obtaining an understanding of the internal control environment in place to prevent and
detectirregularities;
— Reading minutes of meetings of those charged with governance, correspondence with
the Guernsey Financial Services Commission, internal compliance reports, complaint
registers andbreach registers to identify and consider any known or suspected instances of
non-compliance with laws and regulations;
— Agreement of the financial statement disclosures to underlying supporting documentation; and
— Review of legal expenditure accounts to understand the nature of the expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud.
Our risk assessment procedures included:
— Enquiry with management, Audit Committee and those charged with governance regarding
anyknown or suspected instances of fraud;
— Obtaining an understanding of the Company’s policies and procedures relating to:
— Detecting and responding to the risks of fraud; and
— Internal controls established to mitigate risks related to fraud.
— Reading minutes of meetings of those charged with governance, correspondence with the
Guernsey Financial Services Commission, internal compliance reports, complaint registers
andbreach registers to identify and consider any known or suspected instances of fraud;
— Discussion amongst the engagement team as to how and where fraud might occur in the
financial statements; and
— Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be
management override of controls and the valuation of unquoted investments.
Our procedures in respect of the above included those detailed in the key audit matters above
andalso:
— Discussing amongst the engagement team the risks of fraud;
— Reviewing unadjusted audit difference for indication of bias or deliberate misstatement;
— Testing all post year-end journals which have been posted after year-end but relate to the
year-end values by agreeing them to supporting evidence, and evaluating whether there was
evidence of bias by the Investment Manager and Directors that represented a risk of material
misstatement due to fraud; and
— A review of estimates and judgments applied by Management in the consolidated financial
statements to assess their appropriateness and the existence of any systematic bias.
We also communicated relevant identified laws and regulations and potential fraud risks to
all engagement team members who were all deemed to have appropriate competence and
capabilities and remained alert to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of not detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in
the audit procedures performed and the further removed non-compliance with laws and regulations
is from the events and transactions reflected in the financial statements, the less likely we are to
become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website
at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The engagement director on the audit resulting in this independent auditor’s opinion is Justin Hallett.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Section 262
of the Companies (Guernsey) Law, 2008. Our audit work has been undertaken so that we might
state to the Company’s members those matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Justin Hallett
For and on behalf of BDO Limited
Chartered Accountants and Recognised Auditor
Second Floor
Plaza House
Admiral Park
St Peter Port
Guernsey
18 June 2026
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Statement of Financial Position
As at 31 March 2026
The financial statements on pages 86 to 107 were approved and authorised for issue by the Board of Directors on 18 June 2026 and signed on their behalf by:
Shonaid Jemmett-Page Sian Hill
Chairman Director
The accompanying notes on pages 90 to 107 form an integral part of these financial statements.
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Statement of Comprehensive Income
Year ended 31 March 2026
Year ended 31 March 2026
Year ended 31 March 2025
Revenue
Capital
Total
Revenue
Capital
Total
Note
£’000
£’000
£’000
£’000
£’000
£’000
Movement in fair value of investments held at fair value through profit or loss
6
–
141,748
141,748
–
90, 190
90, 190
Unrealised foreign exchange losses on investments6
–
(551)
( 5 5 1)
–
(1, 0 6 0)
( 1 , 0 6 0)
Management fee income
1, 3 2 4
–
1 , 3 2 4
8 0 1
–
8 0 1
Dividend income
35,533
–
3 5,53 3
24,601
–
24,6 01
36, 857
141,197
178,054
25,4 02
89, 1 30
1 1 4,532
Operating expenses
Management fees
(7, 2 2 8)
–
( 7, 2 2 8)
(6 ,0 5 6)
–
( 6 , 0 5 6)
Other expenses
4
(3 ,1 7 7)
–
( 3 ,1 7 7 )
(2 , 5 9 5)
–
(2,595)
Investment acquisition costs
–
(628)
(6 28)
–
(1 , 2 1 2)
( 1 , 2 1 2)
(1 0,405)
(62 8)
 (11,033)
( 8 , 6 5 1)
( 1 , 2 1 2)
( 9 , 8 6 3)
Operating profit
26,452
140 ,569
167,02116,751
87 ,918
104,6 69
Foreign exchange movements on working capital and loans
(4 7)
(8 , 0 9 2)
(8 ,1 3 9)
–
2 , 9 4 6
2,9 46
Finance income
5
4 2 7
–
4 2 7
1 , 4 3 0
–
1, 4 3 0
Finance expense
–
–
–
(3 , 8 0 5)
–
(3 , 8 0 5)
Profit for the year before tax
26,8 32
132,477159,309
1 4,376
90,864
105,240
Tax charge
12
–
–
–
–
–
–
Profit for the year after tax
26,8 32
132,477
159,309
14,37 6
90,864105,24 0
Total comprehensive income for the year
26,8 32
132,477
159,309
1 4,376
90,864
105,240
Weighted average number of shares
Basic – Ordinary Shares
14
765, 7 1 5,698
765,7 1 5,69 8
765,7 1 5,698
765,862,189
765,862,189765,862,189
Diluted – Ordinary Shares
14
765, 7 1 5,698
7 65,7 1 5,69 8
765,7 1 5,698
765,862,189
765,862,189765,862,189
Earnings per share
Basic – Earnings (pence) from continuing operations
14
3 . 5 0
1 7. 3 1
2 0 . 8 1
1. 8 8
11 . 8 6
1 3 . 74
Diluted – Earnings (pence) from continuing operations
14
3 . 5 0
1 7. 3 1
2 0 . 8 1
1. 8 8
11 . 8 6
1 3 . 74
The accompanying notes on pages 90 to 107 form an integral part of these financial statements.
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Statement of Changes in Equity
Year ended 31 March 2026
Retained
Retained
earnings/(losses)
earnings
Share capital
– Revenue
– Capital
Total equity
Note
£’000
£’000
£’000
£’000
Opening net assets attributable to shareholders at 1 April 2024
774,656
(1 4 ,538)
160,542920 ,660
Shares repurchased in the year
(4 4 2)
–
–
(4 4 2)
Distributions paid in the year
15
–
–
(3 2 , 9 3 9)
(3 2,939)
Profit and total comprehensive income for the year
–
14,376
90,864
105,24 0
Closing net assets attributable to shareholders at 31 March 2025
77 4,21 4
(162)
218,467
9 92,5 1 9
Retained
Retained
earnings/(losses)
earnings
Share capital
– Revenue
– Capital
Total equity
£’000
£’000
£’000
£’000
Opening net assets attributable to shareholders at 1 April 2025
774,214
(162)
218,467
9 92,5 1 9
Share issued during the year
4
–
–
4
Distributions paid in the year
15
–
–
(3 3 , 8 8 3)
(33,883)
Profit and total comprehensive income for the year
–
26,832
132,477
159,309
Closing net assets attributable to shareholders at 31 March 2026
77 4,218
26,670
3 1 7, 0 6 1
1 ,1 1 7, 9 4 9
The accompanying notes on pages 90 to 107 form an integral part of these financial statements.
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Statement of Cash Flows
Year ended 31 March 2026
Year ended
Year ended
31 March 2026
31 March 2025
Note
£’000
£’000
Operating activities
Operating profit for the year
167,021
104,669
Adjustments to operating activities
Net gain on investments at fair value through profit or loss
6
(1 4 1 , 74 8)
(90 , 1 90)
Unrealised foreign exchange loss on investment
5 5 1
1, 0 6 0
Management Fee income
–
(8 01)
Dividend income
(3 5 , 5 3 3)
(2 4 , 6 0 1)
Decrease in receivables
1 , 6 7 6
5 , 5 2 0
Increase in payables
5 7 8
3 5 9
Net cash flows used in operating activities
(7, 4 5 5)
(3, 9 8 4)
Cash flows generated from/(used in) investing activities
Investment additions
6
(1 2 , 6 0 7)
(2 9 , 6 2 8)
Finance income
444
1 , 6 1 6
Dividend income35,53324,601
Net cash flows generated from/(used in) investing activities23,370(3 , 411)
Cash flows used in financing activities
Shares issued/(repurchased)
10
4
(4 4 2)
Loan drawn down
9
21,664
–
Loan repaid
9
(3)
(1 0 , 8 2 8)
Finance costs paid
–
(1 , 5 0 0)
Dividends paid
15
(3 3 , 8 8 3)
(3 2 , 9 3 9)
Net cash flows used in financing activities
(12,218)
( 4 5 , 7 0 9)
Increase/(decrease) in cash and cash equivalents during the year
3 , 6 9 7
(5 3 ,1 0 4)
Cash and cash equivalents at the beginning of the year
6 ,1 3 7
60,0 85
Exchange translation movement
2 0 4
(844)
Cash and cash equivalents at the end of the year
10,038
6, 1 37
The accompanying notes on pages 90 to 107 form an integral part of these financial statements.
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Notes to the financial statements
1. General information
Cordiant Digital Infrastructure Limited (the Company; LSE ticker: CORD) was incorporated and
registered in Guernsey on 4 January 2021 with registered number 68630 as a non-cellular company
limited by shares and is governed in accordance with the provisions of the Companies (Guernsey)
Law 2008. The registered office address is East Wing, Trafalgar Court, Les Banques, St Peter Port,
Guernsey GY1 3PP . The Company’s ordinary shares were admitted to trading on the Specialist Fund
Segment of the London Stock Exchange on 16 February 2021 and its C Shares on 10 June 2021.
On 20 January 2022, all C Shares were converted to ordinary shares. A second issuance of
ordinary shares took place on 25 January 2022. Note 10 gives more information on share capital.
Following shareholder approval, with effect from 30 April 2026, the Company’s ordinary shares
were transferred from the Specialist Fund Segment to the Closed Ended Investment Funds category
of the Official List of the LSE. Furthermore, with effect from 22 June 2026 the Company’s ordinary
shares are expected to be included in the FTSE 250.
2. Material accounting policies
The material accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with IFRS as issued by the IASB and
the Companies (Guernsey) Law 2008. They also comply with the Statement of Recommended
Practice issued by the Association of Investment Companies (the AIC SORP) except in respect of the
disclosure in note 7 of turnover, pre-tax profit/loss and net assets of unquoted investments. The AIC
SORP recommends disclosure of this information from the last audited accounts for each investment,
but as the audits of those investments for the current year are not yet complete and the last available
audited information would be 12-18 months out of date, more recent unaudited management
information is provided instead in order to provide more relevant information to the user.
The financial statements have been prepared on an historical cost basis as modified for the
measurement of certain financial instruments at fair value through profit or loss. They are presented
in pounds sterling, which is the currency of the primary economic environment in which the
Company operates, and are rounded to the nearest thousand, unless otherwise stated.
The material accounting policies are set out below.
Going concern
The financial statements have been prepared on a going concern basis. As at 31 March 2026, the
Company had net current liabilities of £158.9 million. The Directors have assessed the Company’s
financial position, including its access to group support and funding arrangements, and have a
reasonable expectation that the Company has adequate resources to meet its liabilities as they fall
due for at least the next 12 months.
While the ongoing conflicts and political changes in different parts of the world during the year
have created some supply chain disruption and market volatility, this did not have a material direct
effect on the results of the business. The Directors are satisfied that the resulting macroeconomic
environment is not likely significantly to restrict business activity.
The Directors have reviewed different scenarios and stress testing of the cash flow forecasts
prepared by the Investment Manager to understand the resilience of the Company’s cash flows to
adverse scenarios.
The Directors and Investment Manager are actively monitoring these risks and their potential effect
on the Company and its underlying investments. In particular, they have considered the following
specific key potential impacts:
— increased volatility in the fair value of investments
— disruptions to business activities of the underlying investments;
— recoverability of income and principal and allowance for expected credit losses; and
— the Company’s ability to raise capital during the current market conditions.
In considering the key potential impacts above on the Company and its underlying investments,
the Investment Manager has assessed these with reference to the mitigation measures in place.
Based on this assessment, the Directors do not consider that the effects of the above risks have
created a material uncertainty over the assessment of the Company as a going concern.
As further detailed in note 6 to the financial statements, the Board uses a third-party valuation
provider to perform a reasonableness assessment of the Investment Manager’s valuation of the
underlying investments. Additionally, the Investment Manager and Directors have considered the
cash flow forecast to determine the term over which the Company can remain viable given its current
resources.
The Company is subject to a continuation vote at five-yearly intervals, the first of which will be put
to the AGM in July 2026. A vote against continuation would require the Board to bring forward
proposals for the reconstruction or winding up of the Company. While there can be no certainty
that the continuation vote will be passed, there are a number of strong reasons to believe that it
will. Based on the strong performance of the Company to date, consistent feedback from market
participants including brokers, analysts and shareholders, and the overwhelming vote at the
Company’s general meeting in April in favour of moving to the Official List and joining the FTSE-250,
the directors are confident that the vote will be passed.
On the basis of this review, and after careful consideration and making due enquiries, the Directors
have a reasonable expectation that the Company has adequate resources to continue in operational
existence for at least the period to 30 September 2027, being the period of assessment covered by
the Directors, and there are no material uncertainties that would affect this conclusion. Accordingly,
they continue to adopt the going concern basis in preparing the financial statements.
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Accounting for subsidiaries
The Directors have concluded that the Company has all the elements of control as prescribed by
IFRS 10 ‘Consolidated Financial Statements’ in relation to all its subsidiaries and that the Company
satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10.
The three essential criteria are that the entity must:
— obtain funds from one or more investors for the purpose of providing these investors with
professional investment management services;
— commit to its investors that its business purpose is to invest its funds solely for returns from capital
appreciation, investment income or both; and
— measure and evaluate the performance of substantially all of its investments on a fair value basis.
In satisfying the second essential criterion, the notion of an investment time frame is critical and
an Investment Entity should have an exit strategy for the realisation of its investments. The Board
has approved a divestment strategy under which the Investment Manager will, within two years
from acquisition of an investment and at least annually thereafter, undertake a review of the current
condition and future prospects of the investment. If the Investment Manager concludes that:
— the future prospects for an investment are insufficiently strong to meet the Company’s rate of
return targets; or
— the value that could be realised by an immediate disposal would outweigh the value of retaining
the investment; or
— it would be more advantageous to realise capital for investment elsewhere than to continue to
hold the investment
then the Investment Manager will take appropriate steps to dispose of the investment.
Also as set out in IFRS 10, further consideration should be given to the typical characteristics of
an Investment Entity, which are that:
— it should have more than one investment, to diversify the risk portfolio and maximise returns;
— it should have multiple investors, who pool their funds to maximise investment opportunities;
— it should have investors that are not related parties of the entity; and
— it should have ownership interests in the form of equity or similar interests.
The Directors are of the opinion that the Company meets the essential criteria and typical
characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value
through profit or loss, in accordance with IFRS 9 ‘Financial Instruments’. Fair value is measured
in accordance with IFRS 13 ‘Fair Value Measurement’.
Financial instruments
In accordance with IFRS 9, financial assets and financial liabilities are recognised in the
Statement of Financial Position when the Company becomes a party to the contractual provisions
of the instrument.
Financial assets
The classification of financial assets at initial recognition depends on the purpose for which the
financial asset was acquired and its characteristics. All purchases of financial assets are recorded at
the date on which the Company became party to the contractual requirements of the financial asset.
The Company’s financial assets principally comprise investments held at fair value through profit or
loss, cash and cash equivalents, and trade receivables.
Financial assets are recognised at the date of purchase or the date on which the Company became
party to the contractual requirements of the asset. Financial assets are initially recognised at cost,
being the fair value of consideration given. Transaction costs of financial assets at fair value through
profit or loss are recognised in the Statement of Comprehensive Income as incurred.
A financial asset is derecognised (in whole or in part) either:
— when the Company has transferred substantially all the risks and rewards of ownership; or
— when it has neither transferred nor retained substantially all the risks and rewards and when it no
longer has control over the asset or a portion of the asset; or
— when the contractual right to receive cash flow has expired.
Investments held at fair value through profit or loss
Investments are measured at fair value through profit or loss. Gains or losses resulting from the
movement in fair value are recognised in the Statement of Comprehensive Income at each interim
and annual valuation point, 30 September and 31 March respectively.
The loans provided to subsidiaries are held at fair value through profit or loss as they form part of
a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans
are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan
investment is recognised in profit or loss.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. Fair value is
calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13.
When available, the Company measures fair value using the quoted price in an active market. A market
is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. If there is no quoted price in an active
market, then the Company uses valuation techniques that maximise the use of relevant observable
inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all
of the factors that market participants would take into account when pricing a transaction.
2. Material accounting policies continued
Notes to the financial statements continued
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Valuation process
The Investment Manager is responsible for proposing the valuation of the assets held by the
Company, and the Directors are responsible for reviewing the Company’s valuation policy and
approving the valuations at 31 March and 30 September each year.
The Investment Manager derives the key assumptions upon which the asset valuations proposed to
the Board are made and performs sensitivity analysis on them. The results of this sensitivity analysis
are included in note 6.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term
highly liquid investments with an original maturity of three months or less that are readily convertible
to a known amount of cash and are subject to an insignificant risk of changes in value.
Cash collateral
Cash collateral is classified as a financial asset at amortised cost. It is measured at amortised cost.
Cash collateral is recorded based on agreements entered into with an entity without notable history
of default causing expected credit loss to be immaterial and therefore not recorded.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual agreements
entered into and are recorded on the date on which the Company becomes party to the contractual
requirements of the financial liability.
The Company’s financial liabilities measured at amortised cost include trade and other payables,
intercompany loans and other short-term monetary liabilities which are initially recognised at fair
value and subsequently measured at amortised cost using the effective interest rate method.
A financial liability is derecognised, in whole or in part, when the Company has extinguished its
contractual obligations, or it expires or is cancelled. Any gain or loss on derecognition is taken to the
Statement of Comprehensive Income.
Equity
Financial instruments issued by the Company are treated as equity if the holder has only a residual
interest in the assets of the Company after the deduction of all liabilities. The Company’s ordinary
shares are classified as equity.
Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a
deduction from share capital. When shares recognised as equity are repurchased, the amount of
the consideration paid, which includes directly attributable costs, is recognised as a deduction
from equity. The Company can distribute dividends from capital reserves in line with Guernsey law.
Dividends
Dividends payable are recognised as distributions in the financial statements when the Company’s
obligation to make payment has been established.
Revenue recognition
Dividend income is recognised when the Company’s entitlement to receive payment is established.
Other income is accounted for on an accruals basis using the effective interest rate method.
Expenses
Expenses are recognised on an accruals basis in the Statement of Comprehensive Income in the
period in which they are incurred.
Taxation
The Company has met the conditions in section 1158 Corporation Tax Act 2010 and the Investment
Trust (Approved Company) (Tax) Regulations 2011 for each period to date, and it is the intention of
the Directors to conduct the affairs of the Company so that it continues to satisfy those conditions
and continues to be approved by HMRC as an investment trust.
In respect of each accounting period for which the Company is approved by HMRC as an
investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and
its capital profits from creditor loan relationships. The Company will, however, be subject to UK
corporation tax on its income (currently at a rate of 25%).
In principle, the Company will be liable to UK corporation tax on its dividend income. However,
there are broad-ranging exemptions from this charge which would be expected to be applicable in
respect of most of the dividends the Company may receive.
A company that is an approved investment trust in respect of an accounting period is able to
take advantage of modified UK tax treatment in respect of its ‘qualifying interest income’ for an
accounting period. It is expected that the Company will have material amounts of qualifying interest
income and that it may, therefore, decide to designate some or all of the dividends paid in respect of
a given accounting period as interest distributions.
To the extent that the Company receives income from, or realises amounts on the disposal of,
investments in foreign countries it may be subject to foreign withholding or other taxation in those
jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under
a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be
treated as a credit against UK corporation tax up to certain limits and subject to certain conditions.
Current tax is the expected tax payable on the taxable income for the period, using tax rates that
have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected
to be payable or recoverable on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
2. Material accounting policies continued
Notes to the financial statements continued
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Deferred tax assets and liabilities are not recognised if the temporary differences arise from
goodwill or from the initial recognition of other assets and liabilities in a transaction that is not a
business combination and that affects neither the taxable profit nor the accounting profit. Deferred
tax assets and liabilities are recognised for taxable temporary differences arising on investments,
except where the Company is able to control the timing of the reversal of the difference and it is
probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is
calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income
except when it relates to items charged or credited directly to equity, in which case the deferred tax
is also dealt with directly in equity.
Deferred tax assets and liabilities are offset when: there is a legally enforceable right to set off tax
assets against tax liabilities; they relate to income taxes levied by the same taxation authority; and
the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets
and liabilities are not discounted.
Foreign currencies
The functional currency of the Company is the pound sterling, reflecting the primary economic
environment in which it operates. The Company has chosen pounds sterling as its presentation
currency for financial reporting purposes.
Foreign currency transactions during the year, including purchases and sales of investments,
income and expenses are translated into pounds sterling at the rate of exchange prevailing on the
date of the transaction.
Monetary assets and liabilities denominated in currencies other than pounds sterling are
retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are
measured in terms of historical cost in a currency other than pounds sterling are translated using the
exchange rates at the dates of the initial transactions and are not subsequently retranslated.
Non-monetary items measured at fair value in a currency other than pounds sterling are translated
using the exchange rates at the date as at which the fair value was determined. Foreign currency
gains and losses on financial instruments classified as at fair value through profit or loss are
included in profit or loss in the Statement of Comprehensive Income as part of the change in fair
value of investments.
Foreign currency gains and losses on other financial instruments are included in profit or loss in the
Statement of Comprehensive Income as a finance income or expense.
Segmental reporting
The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board as a whole. The key
measure of performance used by the Directors to assess the Company’s performance and to
allocate resources is the Company’s NAV, as calculated under IFRS as issued by the IASB, and
therefore no reconciliation is required between the measure of profit or loss used by the Board and
that contained in the Annual Report.
For management purposes, the Company is organised into one main operating segment, which
invests in digital infrastructure assets.
Due to the Company’s nature, it has no customers.
New standards, amendments and interpretations issued and effective for the financial period
beginning 1 April 2025
The Board has considered new standards and amendments that are mandatorily effective for
accounting periods beginning on or after 1 January 2025 and has not identified any with material
impact on the financial statements.
New standards, amendments and interpretations issued but not yet effective
There are a number of new standards, amendments to standards and interpretations which are
not yet mandatory for the 31 March 2026 reporting period and have not been adopted early by
the Company.
— Annual Improvements to IFRS Accounting Standards, effective for accounting periods
beginning on or after 1 January 2026- Amendments to: (i) IFRS 1 First-time Adoption of
International Financial Reporting Standards (ii) IFRS 7 Financial Instruments: Disclosures and its
accompanying Guidance on Implementing IFRS 7 (iii) IFRS 9 Financial Instruments (iv) IFRS 10
Consolidated Financial Statements (v) IAS 7 Statement of Cash flows; and
— IFRS 18 Presentation and Disclosure in Financial Statements, effective for accounting periods
beginning on or after 1 January 2027
IFRS 18 will impact the presentation and disclosure of income and expense items in the
Financial Statements but there is not expected to be any impact on the financial position or
performance figures.
2. Material accounting policies continued
Notes to the financial statements continued
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3. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The key estimates made by the Company are disclosed in note 6.
The resulting accounting estimates will, by definition, seldom equal the related actual results.
Revisions to accounting estimates are recognised in the period in which the estimate is revised
and in any future periods affected.
Judgements
In the process of applying the Company’s accounting policies, management has made the
following judgements, which have the most significant effect on the amounts recognised in the
financial statements:
Assessment as an Investment Entity
In the judgement of the Directors, the Company qualifies as an Investment Entity under IFRS 10
and therefore its subsidiary entities have not been consolidated in the preparation of the financial
statements. Further details of the impact of this accounting policy are included in note 7.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting
in a material adjustment to the carrying amounts of assets and liabilities within the year ended
31 March 2026 is included in note 6 and relates to the determination of fair value of investments with
significant unobservable inputs.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change,
particularly in the context of the climate change risks identified in the ESG report section of the
Strategic report.
In preparing the financial statements, the Directors have considered the medium- and longer-term
cash flow impacts of climate change on a number of key estimates within the financial statements,
including:
— the estimates of future cash flows used in assessments of the fair value of investments; and
— the estimates of future profitability used in the assessment of distributable income.
These considerations did not have a material impact on the financial reporting judgements and
estimates in the current year. This reflects the conclusion that climate change is not expected to
have a significant impact on the Company’s short- or medium-term cash flows including those
considered in the going concern and viability assessments.
4. Other expenses
Other expenses in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2026
31 March 2025
£'000
£'000
Legal and professional fees
53
1,156
Directors’ fees
235
185
Fees payable to the statutory auditor
218
218
Other expenses
2,671
1,036
3,17 7
2,595
5. Finance income
Finance income in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2026
31 March 2025
£'000
£'000
Bank interest received
41
130
Interest on money market fund deposits¹
386
1,157
Other income
–
143
427
1,4 3 0
¹ During the year ended 31 March 2026 the Company invested surplus cash in GBP, EUR and USD money market
funds provided by JP Morgan. The average balance during the year was £3.06 million and the average interest rate
was 3%.
During the prior year ended 31 March 2025, the Company entered into one foreign exchange
forward contract which remained outstanding on 31 March 2025. That contract had an immaterial
mark to market value at that date and matured on 9 July 2025. During the year ended 31 March 2026,
the Company entered into one foreign exchange forward contract which matured on 24 March 2026;
it had no derivative contracts outstanding at the year end.
Notes to the financial statements continued
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6. Investments at fair value through profit or loss
For the year ended 31 March 2026
For the year ended 31 March 2025
Loans
Equity
Total
Loans
Equity
Total
£'000
£'000
£'000
£'000
£'000
£'000
Opening balance
12,635
1,112,060
1,124,695
9,444
996,493
1,005,937
Additions
12,607
–
12,607
3,442
26,186
29,628
Payment of management fees previously capitalised
–
(1,674)
(1,674)
–
–
–
Net gains on investments including fx movement
(15)
141,212
141,197
(251)
89,381
89,130
25,227
1,251,598
1,276,825
12,635
1,112,060
1,124,695
During the year ended 31 March 2026, the Company did not subscribe for any additional ordinary shares (31 March 2025: 20.0 million for cash consideration of £26.2 million) in its subsidiary Cordiant
Digital Holdings UK Limited (CDH UK).
In the prior year on 2 March 2025, the Company’s indirect subsidiary, Cordiant Digital Holdings Six Limited (CDH6), completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest
NV. Concurrently, DCU Invest NV acquired the entire share capital of Datacenter United Brussels NV, the data centre business of Proximus Group, for a total consideration of £60.1 million (€72.3 million).
Additionally, CDH6 provided a shareholder loan of €30 million to DCU Invest NV, €1.5 million of which was exchanged for shares on 27 February 2025. On 27 July 2025, a co-investor subscribed for new
shares in CDH6 resulting in the co-investor having a 21.2% equity interest in CDH6, and reducing the Company’s indirect economic interest in DCU from 47.5% to 37.4%. In September 2025, DCU raised
third party debt and used part of the proceeds to repay £15.9 million (€18.2 million) of the shareholder loan. The remaining balance of €10.3 million (£8.5 million) of the loan was exchanged for additional
shares on 27 February 2026. As at 31 March 2026, the total fair value of the Company’s indirect 37.4% investment in DCU Invest NV was £55.1 million (31 March 2025: £77.6 million).
During the year ended 31 March 2026, the Company made loan advances to Hudson Interxchange (Hudson) amounting to £12.6 million (31 March 2025: £3.4 million). As at 31 March 2026, the loan
investment in Hudson amounted to £25.2 million (31 March 2025: £12.6 million). As at 31 March 2026, the equity investment in CDIL Data Centre USA LLC, the legal entity operating as Hudson, was valued
at £11.5 million (31 March 2025: £23.6 million). The total investment in Hudson was valued at £36.7 million (31 March 2025: £36.2 million).
The fair value of the Company’s equity investment in České Radiokomunikace a.s. (CRA) held through its indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 31 March 2026 was
£524.2 million (31 March 2025: £429.0 million).
On 9 October 2025 Emitel redeemed 925,333 shares held by the Company’s subsidiary Cordiant Digital Holdings One Limited (CDH One) and on 17 March 2026 an additional 705,816 shares were
redeemed. The proceeds of these redemptions were £15.3 million and £12.2 million respectively. The fair value of the Company’s equity investment in Emitel as at 31 March 2026 was £623.0 million
(31 March 2025: £581.4 million). Emitel remains a 100% indirect subsidiary of the Company.
During the year ended 31 March 2026, the Company through its subsidiary, Cordiant Digital Holdings Ireland Limited (CDHI), made an additional investment in Speed Fibre amounting to €17 million
(31 March 2025: €1.8 million). The fair value of the Company’s indirect investment in Speed Fibre as at 31 March 2026 was £116.3 million (31 March 2025: £87.3 million).
The fair value of the Company’s indirect investment in Belgian Tower Company (BTC), held through CDH UK, as at 31 March 2026 was £6.7 million (31 March 2025: £6.0 million).
Notes to the financial statements continued
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95
The table below details all gains on investments through profit or loss.
For the year ended 31 March 2026
For the year ended 31 March 2025
Loans
Equity
Total
Loans
Equity
Total
£'000
£'000
£'000
£'000
£'000
£'000
Movement in fair value of investments
–
141,74
8
141,748
–
90,190
90,190
Unrealised foreign exchange loss on investment
(15)
(536)
(551)
(251)
(809)
(1,060)
(15)
141,212
141,197
(251)
89,381
89,130
Fair value measurements
IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is
significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels:
— Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
— Level 2 – inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
— Level 3 – inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The determination of what constitutes ‘observable’ requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed
or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The Company’s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager.
In order to obtain assurance in respect of the valuations carried out by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the
unobservable inputs and of the forecast cash flows of the Company’s investments.
During the year ended 31 March 2026, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2025: nil).
Each of the Company’s investments has been valued using a DCF methodology. This involves forecasting the entity’s future cash flows, taking into account the terms of existing contracts, expected rates
of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity’s estimated weighted average cost of capital (WACC).
This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2033 for
CRA, December 2032 for Emitel, December 2033 for Speed Fibre, March 2040 for Hudson, December 2035 for DCU and March 2033 for BTC. The terminal value is calculated using an assumed terminal
growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates.
In forming a view on the valuations, the Directors have considered the potential impact of an ongoing legal dispute within one of the portfolio companies.
The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company’s portfolio of reasonably possible alternative
investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
6. Investments at fair value through profit or loss continued
Notes to the financial statements continued
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31 March 2026
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (£m)
valuation (£m)
by 1% (£m)
valuation (£m)
WACC
8.80%-10.45%
1,140
(222)
1,652
290
TGR
0.00%-3.00%
1,558
196
1,212
(150)
31 March 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (£m)
valuation (£m)
by 1% (£m)
valuation (£m)
WACC
9.00%-10.13%
948
(270)
1,391
173
TGR
1.25%-2.40%
1,308
91
1,011
(206)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt
and equity markets affecting general market returns; and political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which
they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure.
Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International
Private Equity and Venture Capital (IPEV) Valuation Guidelines:
— earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value
of any debt in the entity;
— DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to
EBITDA at the end of that period to estimate a terminal value; and
— dividend yield: forecasting the entity’s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market.
The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used
provided assurance that the DCF valuations are reasonable.
6. Investments at fair value through profit or loss continued
Notes to the financial statements continued
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7. Unconsolidated subsidiaries
The following table shows the subsidiaries and associates of the Company. As the Company
qualifies as an Investment Entity as referred to in note 3, its subsidiaries have not been consolidated
in the preparation of the financial statements:
Ownership
Ownership
Place of
interest at
interest at
Investment
business
31 March 2026
31 March 2025
Held directly
Cordiant Digital Holdings UK Limited
United Kingdom
100%
100%
CDIL Data Centre USA LLC
USA
100%
100%
Held indirectly
Cordiant Digital Holdings One Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Two Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Three Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Five Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Six Limited
United Kingdom
78.8%
100%
Cordiant Digital Holdings Ireland
Ireland
100%
100%
Communications Investments Holdings s.r.o.
Czech Republic
100%
100%
České Radiokomunikace a.s.
Czech Republic
100%
100%
Czech Digital Group, a.s.
Czech Republic
100%
100%
CRA Prague Gateway DC
Czech Republic
100%
0%
CRA Services s.r.o.
Czech Republic
100%
0%
nangu.TV a.s.
Czech Republic
100%
0%
Cloud4com s.r.o.
Czech Republic
100%
100%
Datové centrum Lužice s.r.o.
Czech Republic
100%
100%
Emitel S.A.
Poland
100%
100%
RTTS sp. z o. o.
Poland
100%
100%
Allford Investments sp. z o. o.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hubb Investments sp. z o. o.
Poland
100%
100%
Magnet Networks Limited
Ireland
100%
100%
Belgian Tower Company N.V
Belgium
100%
100%
Speed Fibre DAC
Ireland
100%
100%
Speed Fibre 2 Holdings Limited
Ireland
100%
100%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
100%
Speed Fibre Borrower Limited
Ireland
100%
100%
Speed Fibre Financing Limited
Ireland
100%
100%
Airspeed Networks Limited
Isle of Man
100%
100%
Speed Fibre Group Limited
Ireland
100%
100%
Airspeed Communications Limited
Ireland
100%
100%
E-Nasc Éireann Teoranta
Ireland
100%
100%
Enet Telecommunications Networks Limited
Ireland
100%
100%
Enet Communications Limited
Ireland
100%
0%
Datacenter United Brussels NV
Belgium
37.4%
47.5%
Antwerp DataCenter BV
Belgium
37.4%
47.5%
Antwerp DC BV
Belgium
37.4%
47.5%
DATAZONE BV
Belgium
37.4%
47.5%
DC Star NV
Belgium
37.4%
47.5%
Digiscape BV
Belgium
37.4%
47.5%
Brussels DC NV
Belgium
37.4%
47.5%
DCU Invest NV
Belgium
37.4%
47.5%
The following additional information is provided in relation to unquoted investments. The AIC SORP
recommends disclosure of information from the last audited accounts for each investment, but
as the audits of those investments for the current year are not yet complete and the last available
audited information would be at least 12 months out of date, more recent unaudited management
information is provided instead.
Pre-tax
Net assets/
Turnover profit/(loss) (liabilities)
£m £m £m
Emitel
1
139.4
45.1
247.5
CRA
2
102.7
7
4.6
167.8
Speed Fibre
3
91.8
(24.2)
(135.0)
Hudson
4
18.1
(9.4)
12.9
BTC
5
3.6
(0.3)
2.8
DCU
6
30.9
(10.0)
76.3
1
Management information for the 12 months ended 31 December 2025, IFRS basis.
2
Management information for the 12 months ended 31 March 2026, IFRS basis.
3
Management information for the 12 months ended 31 December 2025, FRS 102 basis.
4
Management information for the 12 months ended 31 March 2026, US GAAP basis.
5
Management information for the 12 months ended 31 March 2026, Belgian GAAP basis.
6
Audited accounts for the 12 months ended 31 December 2025, Belgian GAAP basis.
7
This figure differs from the revenue figure on page 34 due to the inclusion of other operating income.
The amounts invested in the Company’s unconsolidated subsidiaries during the year and their
carrying value at 31 March 2026 are as outlined in note 6.
There are certain restrictions on the ability of the Company’s unconsolidated subsidiaries to transfer
funds to the Company in the form of cash dividends or repayment of loans. In accordance with the
documentation relating to various third-party loans to those subsidiaries, such cash movements
may be subject to limitations on amounts and timing, and satisfaction of certain covenants. The
Directors do not consider that these restrictions are likely to have a significant effect on the ability of
the Company’s subsidiaries to transfer funds to the Company.
During the year, the Investment Manager received immaterial fees from the Company’s
unconsolidated subsidiaries for the provision of services directly to those entities.
Subsidiaries held in the Czech Republic, Ireland, Belgium and Poland are cash generative, and
do not need the financial support of the Company. The subsidiary based in the US will receive
the financial support of the Company for a period of at least 12 months from the publication of
this report.
Notes to the financial statements continued
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8. Trade and other receivables
As at
As at
31 March 2026
31 March 2025
£'000
£'000
Cash collateral
8,556
8,755
Other debtors
564
1,891
Amounts receivable from related parties
1,440
68
Prepayments
57
81
10,
617
10,795
Cash collateral relates to one security deposit held in money market accounts. An amount of
USD 11.3 million (£8.6 million) relates to collateral for a letter of credit relating to the lease of the
building occupied by Hudson, and during the year ended 31 March 2026, the cash collateral
generated interest at a rate of 3.8% per annum (31 March 2025: 4.8% per annum).
9. Loans and borrowings
As at
As at
31 March 2026
31 March 2025
£'000
£'000
Opening balance
147,591
157,629
Drawdown of principal during the year
21,6
64
155,554
Capitalised interest
–
4,701
Repayment of principal during the year
(3)
(166,399)
Movement in exchange gains
8,188
(3,894)
17
7,4 4 0
147,
5 91
On 29 July 2024, the Company fully settled its €191.8 million loan and related interest previously
owed to CDH Two through €1.8 million of its own cash reserves and a new intercompany loan of
€190.0 million with CDH UK. CDH UK financed this loan by accessing its financing facility of up to
€375.0 million, arranged with an international syndicate of banks and infrastructure debt funds.
The loan issue of €190.0 million was settled directly between CDH UK and CDH Two; consequently,
the statement of cash flows remains unaffected.
During the year additional drawdowns totalling £21.7 million were made from CDH UK. As
at 31 March 2026, the outstanding balance with CDH UK was an equivalent of £177.4 million
(31 March 2025: £147.6 million), with no interest accrued or payable. The intercompany liability
to CDH UK is interest-free, unsecured and repayable on demand.
10. Share capital
Subject to any special rights, restrictions, or prohibitions regarding voting for the time being
attached to any shares, holders of ordinary shares have the right to receive notice of and to attend,
speak and vote at general meetings of the Company and each holder being present in person or
by proxy shall upon a show of hands have one vote and upon a poll shall have one vote in respect of
each ordinary share that they hold.
Holders of ordinary shares are entitled to receive and participate in any dividends or distributions
of the Company in relation to assets of the Company that are available for dividend or distribution.
On a winding-up of the Company, the surplus assets of the Company available for distribution
to the holders of ordinary shares (after payment of all other debts and liabilities of the Company
attributable to the ordinary shares) shall be divided amongst the holders of ordinary shares pro rata
according to their respective holdings of ordinary shares.
31 March 2026
31 March 2025
Ordinary shares
Number of shares
£’000
Number of shares
£’000
Issued and fully paid
773,559,707
780,104
773,559,707
780,10 0
Shares held in treasury
(7,841,542)
(5,886)
(7,844,230)
(5,886)
Outstanding shares at year end
765,718,165
774,218
765,715,477
774,214
Holders of ordinary shares are entitled to all dividends paid by the Company on the ordinary shares
and, on a winding up, provided the Company has satisfied all of its liabilities, ordinary shareholders
are entitled to all of the surplus assets of the Company attributable to the ordinary shares.
The final date to exercise any subscription shares has now passed. 2,688 subscription shares
were exercised during the year at a subscription price of 136.135p, and 2,688 ordinary shares were
issued out of treasury to satisfy the exercise. All remaining subscription shares have been cancelled
for nil value.
31 March 2026
31 March 2025
Treasury shares
Number of shares
Number of shares
Opening balance
7,844,230
7,269,230
Shares issued or repurchased during the year
(2,688)
575,000
Closing balance at year end
7,8 41,5 42
7,8 4 4, 23 0
The Company has not undertaken any market buybacks during the year (31 March 2025: 575,000).
The movements are shown in the table above.
Notes to the financial statements continued
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11. Audit fees
Other operating expenses include fees payable to the Company’s auditor, which amounted to
£217,500 for the audit of the statutory financial statements for the year ended 31 March 2026
(31 March 2025: £217,500). No non-audit fees were paid to BDO Limited, the Company’s auditor;
however, non-audit fees totalling £75,000 were paid to BDO LLP, the UK member firm of the BDO
network, in connection with the transfer of the Company’s shares from the Specialist Fund Segment
to the Closed-Ended Investment Funds category of the Official List of the LSE.
At 31 March 2026, there were no audit fees from the year ended 31 March 2025 remaining unpaid.
12. Taxation
a) Analysis of the tax charge for the year
Year ended
Year ended
31 March 2026
31 March 2025
Corporation tax
£’000
£’000
Taxation for the year (see note 12b)
–
–
b) Factors affecting the tax charge for the year
The tax assessed for the year ended 31 March 2026 is lower than the Company’s applicable rate of
corporation tax for that year of 25%. The factors affecting the tax charge for the year are as follows:
Year ended
Year ended
31 March 2026
31 March 2025
£’000
£’000
Profit on ordinary activities before tax
159,309
105,240
Profit before tax multiplied by rate of corporation tax in the UK of
25% (2025: 25%)
39,827
26,310
Effects of:
Net investment returns not subject to corporation tax
(33,264)
(23,019)
Non-deductible expenses
239
397
Amounts taxable in different periods
–
–
Surrender of expenses to other group companies
–
620
Dividends not subject to corporation tax
(8,883)
(6,150)
Current year management expenses not utilised
2,081
1,842
Total tax for the year (see note 12a)
–
–
c) Deferred taxation
The Company has an unrecognised deferred tax asset of £6,568,000 (Prior year: £3,955,000)
based on a main rate of corporation tax of 25%, in respect of excess management expenses of
£20,059,000 and non-trading loan relationship deficits of £6,215,000 (Prior year: £11,821,000 and
£4,000,000 respectively). There is also a carried forward CIR restriction amount of £12,967,000
which has not been recognised as a deferred tax asset as it is not expected to be re-activated in
the future.
It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these
expenses and therefore no deferred tax asset has been recognised.
Due to the Company’s status as an investment trust and the intention to continue to meet the
conditions required to retain that status, the Company has not provided for tax on any capital gains
or losses arising on the revaluation of investments.
Notes to the financial statements continued
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13. Management and performance fees
Under the Investment Management Agreement, the Investment Manager is entitled to receive
an annual management fee and a performance fee, plus any applicable VAT, in addition to the
reimbursement of reasonable expenses incurred by it in the performance of its duties.
Management fee
The Investment Manager receives from the Company an annual management fee, based on the
average market capitalisation of the Company, calculated using the closing market capitalisation
for each LSE trading day for the relevant month, and paid monthly in arrears. The management fee
has been payable since 30 April 2021, being the date on which more than 75% of the IPO proceeds
were deployed in investment activities.
The annual management fee is calculated on the following basis:
— 1.00% of the average market capitalisation up to £500 million;
— 0.90% of the average market capitalisation between £500 million and £1 billion; and
— 0.80% of the average market capitalisation in excess of £1 billion.
For the year ended 31 March 2026, the Investment Manager has charged management fees
of £7.2 million (31 March 2025: £6.1 million) to the Company, with £0.8 million (31 March 2025:
£0.5 million) owed at year end.
Performance fee
The Investment Manager may in addition receive a performance fee on each performance fee
calculation date, dependent on the performance of the Company’s NAV and share price. The first
performance fee calculation date was 31 March 2024 and subsequent calculation dates are on
31 March each year thereafter. The fee is equal to 12.5% of the excess return over the target of 9%
for the NAV return or share price return, whichever is the lower, multiplied by the time-weighted
average number of ordinary shares in issue (excluding any ordinary shares held in treasury) during
the relevant period.
Any performance fee is to be satisfied as follows:
— as to 50% in cash; and
— as to the remaining 50% of the performance fee, subject to certain exceptions and the relevant
regulatory and tax requirements:
a) if the average trading price, calculated over the 20 trading days immediately preceding
the performance fee calculation date, is equal to or higher than the last reported NAV per
ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the
Company will issue to the Investment Manager such number of new ordinary shares (credited
as fully paid) as is equal to the performance fee investment amount divided by the average
trading price (rounded down to the nearest whole number of ordinary shares); or
b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted
to reflect any dividends reflected in the average trading price) then the Company shall (on
behalf of, and as agent for, the Investment Manager) apply the performance fee investment
amount in making market purchases of ordinary shares, provided any such ordinary shares
are purchased at prices below the last reported NAV per ordinary share.
Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above
arrangements will, subject to usual exceptions, be subject to a lock-up of 36 months from the date of
subscription or purchase.
For the year ended 31 March 2026, no performance fee is due to the Investment Manager
(31 March 2025: £nil) and no amount has been accrued as the share price performance hurdle has
not been met.
Notes to the financial statements continued
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14. Earnings per share and net asset value per share
Ordinary shares
Year ended 31 March 2026
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class – £’000
159,309
159,309
Weighted average number of shares in issue
765,715,698
765,715,698
Earnings per share from continuing operations in the year (pence)
20.81
20.81
Ordinary shares
Year ended 31 March 2025
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class – £’000
105,240
105,240
Weighted average number of shares in issue
765,862,189
765,862,189
Earnings per share from continuing operations
in the year (pence)
13.74
13.74
As at 31 March 2026, there were nil (31 March 2025: 6,434,884) Subscription Shares in issue.
During the year ended 31 March 2026, 2,688 (31 March 2025: nil) Subscription Shares were exercised
with all remaining Subscription Shares in issue being cancelled.
Year ended
Year ended
31 March 2026
31 March 2025
Weighted average number of shares used in
basic earnings per share
765,715,698
76
5,862,189
Weighted average number of shares used in
diluted earnings per share
765,715,698
76
5,862,189
Net asset value – £’000
1,117,9 49
992,519
Number of ordinary shares issued
765,718,165
765,715,477
Net asset value per share (pence)
14 6 .0 0
12 9.62
15. Dividends declared and paid with respect to the year/period
Dividend per
ordinary share
Total dividend
Dividends paid during the year ended 31 March 2025
pence
£’000
Second interim dividend in respect of the period ended
31 March 2024
2.200
16,859
Interim dividend in respect of the period
ended 31 March 2025
2.10 0
16,080
32,939
Dividend per
ordinary share
Total dividend
Dividend declared
pence
£'000
Second interim dividend in respect of the year ended
31 March 2026
2.275
17,
420
Dividend per
ordinary share
Total dividend
Dividends paid during the year ended 31 March 2026
pence
£'000
Second interim dividend in respect of the year ended
31 March 2025
2.250
17,
229
Interim dividend in respect of the year ended
31 March 2026
2 .1 7 5
16,654
33,883
On 18 June 2026, the Board approved a second interim dividend of 2.275 pence per share in
respect of the period from 1 April 2025 to 31 March 2026, bringing the total dividend for the year
to 4.45 pence per share. The record date for this dividend is 3 July 2026 and the payment date is
30 July 2026.
Notes to the financial statements continued
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16. Financial risk management
Financial risk management objectives
The Company’s investing activities intentionally expose it to various types of risks that are
associated with the underlying investments. The Company makes the investment in order to
generate returns in accordance with its investment policy and objectives.
The most important types of financial risks to which the Company is exposed are market risk
(including price, interest rate and foreign currency risk), liquidity risk and credit risk. The Board of
Directors has overall responsibility for the determination of the Company’s risk management and
sets policy to manage that risk at an acceptable level to achieve those objectives. The policy and
process for measuring and mitigating each of the main risks are described below.
The Investment Manager and the Administrator provide advice to the Company which allows
it to monitor and manage financial risks relating to its operations through internal risk reports
which analyse exposures by degree and magnitude of risks. The Investment Manager and the
Administrator report to the Board on a quarterly basis.
Categories of financial instruments
For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion
that their carrying value approximates to their fair value.
31 March 2026
31 March 2025
£'000
£'000
Financial assets
Financial assets at fair value through profit or loss:
– Investments
1,276,825
1,124,695
Other financial assets at amortised cost:
– Cash and cash equivalents
10,038
6,137
– Trade and other receivables
10,560
10,719
Financial liabilities
Financial liabilities at amortised cost:
– Loans and borrowings
(177, 4 40)
(147,591)
– Accrued expenses and other creditors
(2,091)
(1,517)
Fair value hierarchy
The table below analyses financial instruments measured at fair value at the reporting date by the
level in fair value hierarchy into which the fair value measurement is categorised. The amounts are
based on the values recognised in the Statement of Financial Position. All fair value measurements
below are recurring.
Level 1
Level 2
Level 3
Total
As at 31 March 2026
£'000
£'000
£'000
£'000
Financial assets
Financial assets at fair value
through profit or loss:
– Investments
–
–
1,276,825
1,276,825
–
–
1,276,825
1,276,825
Level 1
Level 2
Level 3
Total
As at 31 March 2025
£'000
£'000
£'000
£'000
Financial assets
Financial assets at fair value
through profit or loss:
– Investments
–
–
1,124,695
1,124,695
–
–
1,124,695
1,124,695
Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going concern while
maximising the capital return to shareholders. The capital structure of the Company consists of
issued share capital and retained earnings, as stated in the Statement of Financial Position.
In order to maintain or adjust the capital structure, the Company may issue new shares. There are no
external capital requirements imposed on the Company.
The Company’s investment policy is set out under the Additional information section on pages
113 and 114.
Notes to the financial statements continued
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Market risk
Market risk includes price risk, foreign currency risk and interest rate risk.
Price risk
The underlying investments held present a potential risk of loss of capital to the Company. As
outlined in note 6, investments are in the form of shareholder loans and equity with protective
provisions in place. Price risk arises from uncertainty about future prices of underlying financial
investments held by the Company. As at 31 March 2026, the fair value of investments, excluding
cash and cash equivalents, was £1,276.8 million (31 March 2025: £1,124.7 million) and a 5%
increase/ (decrease) in the price of investments with all other variables held constant would result
in a change to the fair value of investments of +/- £63.8 million (31 March 2025: £56.1 million).
Please refer to note 6 for quantitative information about the fair value measurements of the
Company’s Level 3 investments.
The Company is exposed to a variety of risks which may have an impact on the carrying value of its
investments. The risk factors are set out below.
Not actively traded
The Company’s investments are not generally traded in an active market but are indirectly exposed
to market price risk arising from uncertainties about future values of the investments held. The
investments of the Company vary as to geographic distribution of operations and size, all of which
may impact the susceptibility of their valuation to uncertainty.
Concentration
The Company invests in the digital infrastructure sector. While the Company is subject to the
investment and diversification restrictions in its investment policy, within those limits material
concentrations of investments may arise. As at 31 March 2026, the Company held two direct
investments comprising a loan and equity investment in Hudson and an equity investment in CDH
UK. Through CDH UK and its subsidiaries, the Company held five indirect investments in Emitel,
CRA, Speed Fibre, BTC and DCU Invest NV. Emitel and CRA are classified as significant holdings,
representing approximately 48.8% and 41.0% of the Company’s investments held at fair value,
respectively.
Although the investments are in the same industry, each individual underlying data centre, mobile
telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a
separate digital infrastructure asset. This risk is managed through careful selection of investments
within the specified limits of the Company’s investment policy.
Each of these investment restrictions is calculated and applied as at the time of investment and
non-compliance resulting from changes in the price or value of assets following investment is not
considered a breach of the investment restrictions.
Foreign currency risk
The Company invests in financial instruments and enters into transactions that are denominated
in currencies other than its functional currency, primarily in Polish zloty, Czech koruna, Euros and
US dollars.
The Company’s currency risk is managed by the Investment Manager in accordance with the
policies and procedures in place.
The Company also has exposure to foreign currency risk due to the payment of some expenses in
Polish zloty, Czech koruna, Euros, US dollars and Canadian dollars. Consequently, the Company
is exposed to risks that the exchange rate of its currency relative to other foreign currencies may
change in a manner that has an adverse effect on the value of that portion of the Company’s assets
or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency
risk at the underlying investment level is captured within price risk.
16. Financial risk management continued
Notes to the financial statements continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
104
The following table sets out, in pounds sterling, the Company’s total exposure to foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities. Of the total exposure
set out below, the Company’s direct foreign exchange exposure is £56.3 million (31 March 2025: £36.5 million).
As at 31 March 2026
USD
CZK
CAD
EUR
GBP
PLN
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Non-current assets
Financial assets at fair value through profit or loss
36,683
523,830
–
93,708
–
622,604
1,276,825
Total non-current assets
36,683
523,830
–
93,708
–
622,604
1,276,825
Current assets
Receivables
8,556
357
–
195
694
815
10,617
Cash and cash equivalents
130
–
–
9,541
367
–
10,038
Total current assets
8,686
357
–
9,736
1,061
815
20,655
Current liabilities
Loans and borrowings
–
–
–
(177,19 0)
(250)
–
(177, 4 4 0)
Accrued expenses and other creditors
(31)
–
–
–
(2,060)
–
(2,091)
Total current liabilities
(31)
–
–
(17 7,19 0)
(2,310)
–
(179,531)
Total net assets
45,338
524,187
–
(73,746)
(1,249)
623,419
1,117,9 49
As at 31 March 2025
USD
CZK
CAD
EUR
GBP
PLN
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Non-current assets
Financial assets at fair value through profit or loss
36,240
428,639
–
78,384
–
581,432
1,124,695
Total non-current assets
36,240
428,639
–
78,384
–
581,432
1,124,695
Current assets
Receivables
8,755
402
–
538
701
399
10,795
Cash and cash equivalents
259
–
1
–
5,877
–
6,137
Total current assets
9,014
402
1
538
6,578
399
16,932
Current liabilities
Loans and borrowings
–
–
–
(147,591)
–
–
(147, 5 91)
Accrued expenses and other creditors
(29)
–
–
(198)
(1,290)
–
(1,517)
Total current liabilities
(29)
–
–
(147,78 9)
(1,290)
–
(149,10 8)
Total net assets
45,225
429,041
1
(68,867)
5,288
581,831
992,519
16. Financial risk management continued
Notes to the financial statements continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
105
The table below sets out the effect on the net assets of a reasonably possible weakening of the
pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2026.
The analysis assumes that all other variables remain constant.
As at
As at
31 March 2026
31 March 2
025
Effect of increase in pounds sterling
£'000
£'000
USD
2, 26 7
2,261
CZK
26,209
21,4
52
PLN
3
1,171
29,
092
EUR
(3,687)
(3,443)
A strengthening of the pound against the above currencies would have resulted in an equal but
opposite effect to the amounts shown above.
Interest rate risk
The Company’s exposure to interest rate risk relates to the Company’s cash and cash equivalents
and intercompany loans and borrowings. The Company is subject to risk due to fluctuations in the
prevailing levels of market interest rates.
As at 31 March 2026, the cash balance held by the Company was £10.0 million (31 March 2025:
£6.1 million). A 1% increase/(decrease) in interest rates with all other variables held constant would
result in a change to interest received of +/- £0.10 million (31 March 2025: +/- £0.06 million) per annum.
As at 31 March 2026, the intercompany loans and borrowings balance held by the Company
was £177.4 million (31 March 2025: £147.6 million). A 1% increase/(decrease) in interest rates with
all other variables held constant would result in a change to interest payable of +/- £1.8 million
(31 March 2025: £1.5 million). This effect at the Company level would be offset by an equal and
opposite change in the investments as the loan is with a 100% owned subsidiary (note 17).
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the Board of Directors.
Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations
on time or at a reasonable price. The Company’s policy and the Investment Manager’s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stress conditions, without incurring unacceptable losses
or risking damage to the Company’s reputation. The Company’s liabilities are made up of estimated
accruals and trade creditors which are due to be settled within three months of the year end.
The Company’s liquidity risk arises principally from the fact that there is no liquid market for its
investments and it may not be able to realise their full value on a timely basis. The Company will
maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which
may be invested on a temporary basis in line with the cash management policy as agreed by the
Directors from time to time.
The Company adopts a prudent approach to liquidity management and through the preparation of
budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company.
Financial assets mainly consist of cash and cash equivalents, cash collateral recorded within trade
and other receivables and investments at fair value through profit or loss. The Company’s risk on
liquid funds is managed by only depositing monies with institutions with a short-term credit rating of
A1/P-1 – A1/F1 or equivalent. Cash collateral is recorded as a financial asset at amortised cost due to
contractual restrictions that limit its immediate availability and its risk is managed through rigorous
counterparty due diligence.
The table below shows the material cash balances, including those held as cash collateral, and the
credit ratings for the counterparties used by the Company at the year-end date:
Credit ratings:
31 March 2026
31 March 2025
Location
£'000
£'000
Royal Bank of Scotland International
Guernsey
1,325
1,110
JP Morgan
UK
8,685
5,000
Investec Bank Plc
UK
28
27
Royal Bank of Scotland International (long term)
Guernsey
8,5 5 6
8,755
S&P
Moody’s
Fitch
Royal Bank of Scotland International
A-1
P-1
F1+
JP Morgan
AAAm
Aaa-mf
AAAmmf
Investec Bank Plc
Not rated
P-1
F2
Royal Bank of Scotland International (long term)
A
A1/A2
AA-
The Company’s maximum exposure to loss of capital at the year/period end is shown below:
Carrying value and maximum exposure
31 March 2026
31 March 2025
£'000
£'000
Financial assets (including cash and equivalents but not
prepayments)
20,598
16,846
Gearing
As at the date of these financial statements the Company had gearing of 15.9%
(31 March 2025: 14.9%) calculated as loans and borrowings divided by net assets.
16. Financial risk management continued
Notes to the financial statements continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
106
17. Related party transactions
Directors
The Company has four non-executive Directors, each of whom is considered to be independent.
Directors’ fees for the year ended 31 March 2026 amounted to £235,000 (31 March 2025: £185,000),
of which £nil (31 March 2025: £nil) was outstanding at the year end.
The shares held by the Directors at 31 March 2026 are shown in the table below:
Ordinary
Ordinary
shares held at
shares held at
31 March 2026
31 March 2025
Shonaid Jemmett-Page
108,651
88,719
Sian Hill
92,711
77,5 00
Marten Pieters
160,625
103,125
Simon Pitcher
90,000
63,125
Investment Manager
During the 12 months ended 31 March 2026, the Investment Manager did not make any open market
purchases of shares (31 March 2025: 659,559 shares at an average price of 82.7 pence per share).
In addition, management fees of £7.2 million (31 March 2025: £6.1 million) were charged to the
Company during the year, with £0.8 million (31 March 2025: £0.5 million) outstanding at year end.
Investment
The Company has provided additional funding of £12.6 million (USD 17.0 million) as a loan to its
subsidiary, CDIL Data Centre USA LLC during the year ended 31 March 2026. The balance of the
loan investment at 31 March 2026 was £25.2 million (31 March 2025: £12.6 million).
Company subsidiaries
During the year ended 31 March 2026, the Company charged management fees amounting
to £1.3 million (31 March 2025: £0.8 million) related to management services provided to
underlying investments. The Company was charged management fees amounting to £0.25 million
(31 March 2025: nil) by CDH UK related to management services provided in relation to the debt
facility held at that level.
18. Ultimate controlling party
In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no
ultimate controlling party.
19. Subsequent events
The Directors acquired shares in the Company, post year end as shown below:
— Shonaid Jemmett-Page acquired 23,753 shares on 13 April 2026.
— Sian Hill acquired 10,000 shares on 13 April 2026.
— Simon Pitcher acquired 10,000 shares on 27 April 2026.
Apart from dividend declaration, as disclosed in Note 15, there were no other significant events
following the reporting period ending 31 March 2026.
Notes to the financial statements continued
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
107
Additional information
A CLOSER
LOOK
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
108
Śleza Radio & Television Tower,
Sobótka, Poland.
Additional information 108-126
Directors and general information 110
Glossary of capitalised defined terms 111
Alternative performance measures (APMs) 112
Investment policy 113
Sustainable Finance Disclosure Regulation (SFDR) 115
SFDR – Principal adverse impacts 124
Cautionary statement 126
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
109
Directors and general information
Directors
(all appointed 26 January 2021)
Shonaid Jemmett-Page
Chairman
Sian Hill
Audit Committee Chairman and
Senior Independent Director
Marten Pieters
Simon Pitcher
All independent and of the registered office
opposite.
Website www.cordiantdigitaltrust.com
ISIN (ordinary shares) GG00BMC7TM77
Ticker (ordinary shares) CORD
SEDOL (ordinary shares) BMC7TM7
Registered Company Number 68630
Registered office
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP
Investment manager
Cordiant Capital Inc.
28th Floor
Bank of Nova Scotia Tower
1002 Sherbrooke Street West
Montreal
QC H3A 3L6
Company secretary and administrator
Aztec Financial Services
(Guernsey) Limited
East Wing
Trafalgar Court
Les Banques
Guernsey
GY1 3PP
Auditor
BDO Limited
PO Box 180
Place du Pre
Rue du Pre
St Peter Port
Guernsey
GY1 3LL
Legal advisors to the Company
Gowling WLG (UK) LLP
4 More London Riverside
London
SE1 2AU
Carey Olsen (Guernsey) LLP
Carey House
Les Banques
St Peter Port
Guernsey
GY1 4BZ
Registrar
Computershare Investor Services
(Guernsey) Limited
1st Floor Tudor House
Le Bordage
St Peter Port
Guernsey
GY1 1DB
Brokers
Investec Bank plc
30 Gresham Street
London
EC2V 7QP
Deutsche Numis
45 Gresham Street
London
EC2V 7BF
Receiving agent
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6AH
Principal banker and custodian
The Royal Bank of Scotland
International Limited
Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey
GY1 4BQ
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
110
Strategic report Governance Financial statements Additional informationIntroduction
110
Glossary of capitalised defined terms
Administrator means Aztec Financial Services
(Guernsey) Limited.
AFFO means adjusted funds from operations.
AIC means the Association of
InvestmentCompanies.
AIC Code means the AIC Code of
CorporateGovernance.
AIC SORP means the AIC Statement of
Recommended Practice.
Board means the board of Directors of
theCompany.
Belgian Tower Company or BTC means
BelgianTower Company NV, formerly
NorkringBelgië NV.
CAD means Canadian dollars.
Company means Cordiant Digital
Infrastructure Limited.
Company’s Annual Report 2025 means the
Company’s annual report for the year ended
31March 2025.
Companies Law means the Companies
(Guernsey) Law 2008 (as amended).
Company’s Prospectus means the prospectus
issued by the Company on 29 January 2021 in
relation to its IPO.
CRA means České Radiokomunikace a.s.
C Shares means C shares of no par value
each in the capital of the Company issued
pursuant to the Company’s placing
programmeas an alternative to the issue of
ordinary shares.
CZK means Czech koruna.
DAB+ means digital audio broadcasting
plus, an advanced digital radio standard
that provides higher audio quality and more
efficientspectrum use compared to traditional
FM broadcasting.
DCF means discounted cash flow.
Datacenter United or DCU means DC Invest NV.
DCU Brussels means DCU Brussels NV.
Directors means the directors of the Company.
DTRs means the Disclosure Guidance and
Transparency Rules issued by the FCA.
DTT means digital terrestrial television.
DVB-T2 means digital video broadcasting –
second generation terrestrial.
EBITDA means earnings before interest,
taxation, depreciation and amortisation.
ECL means Enet Communications Limited,
formerly BT Communications Ireland Limited.
EEA means the European Economic Area.
Emitel means Emitel S.A.
ESG means environmental, social
andgovernance.
EUR means euro.
FCA means the UK Financial Conduct Authority.
FX means foreign exchange.
GFSC means the Guernsey Financial
ServicesCommission.
GPU means graphics processing unit, a
specialised processor designed to accelerate
graphics rendering and parallel computing
tasks, widely used in artificial intelligence and
high-performance computing.
HEVC means high efficiency video coding.
Hudson means Hudson Interxchange
(previously operating under the name DataGryd
Datacenters and a trading name of CDIL Data
Centre USA LLC).
IAS means International Accounting Standards
as issued by the Board of the International
Accounting Standards Committee.
IASB means the International Accounting
Standards Board.
IFRS means the International Financial
Reporting Standards, being the
principles-based accounting standards,
interpretations and the framework by that
name issued by the International Accounting
Standards Board.
Interim Report means the Company’s half
yearly report and unaudited condensed interim
financial statements for the six-month period
ended 30September 2025.
Investment Manager means Cordiant
Capital Inc.
IoT means the Internet of Things.
IPEV Valuation Guidelines means
InternationalPrivate Equity and Venture Capital
Valuation Guidelines.
IPO means the initial public offering of shares
bythe Company to the public.
IPTV (internet protocol television) means
television content delivered through internet
protocol networks.
Listing Rules means the listing rules published
by the FCA.
LSE means the London Stock Exchange.
MUX means multiplex, a system that combines
multiple digital TV or radio channels into a single
signal for transmission over one frequency.
NAV or net asset value means the value of
the assets of the Company less its liabilities
as calculated in accordance with the
Company’s valuation policy and expressed
in pounds sterling.
OTT (over-the-top) means internet delivered
media content, bypassing traditional cable or
satellite providers.
PLN means Polish zloty.
RCF means revolving credit facility.
SDG means Sustainable Development Goal.
Speed Fibre means Speed Fibre Designated
Activity Company.
Subscription Shares means redeemable
subscription shares of no par value each
in the Company, issued on the basis of one
Subscription Share for every eight ordinary
shares subscribed for in the IPO.
TCFD means Task Force on Climate-related
Financial Disclosures.
tCO
2
e means metric tonne of carbon dioxide
equivalent
UK or United Kingdom means the United
Kingdom of Great Britain and Northern Ireland.
US or United States means the United States of
America, its territories and possessions, anystate
of the United States and the District ofColumbia.
USD means United States dollars.
WACC means weighted average cost of capital.
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
111
Alternative performance measures (APMs)
APM Formula Calculation
Net asset value per share Net assets at the calculation date
Number of shares outstanding at the calculation date
1,117,9 45k
× 100p =
765,718,165
146.00p
Total return from investments Increase in fair value of investments + net income
frominvestments
Time weighted cost of investments
201.3 million
= 16.8%
1,197.9 million
Growth in EBITDA of underlying investments EBITDA of portfolio companies for their last full year ending
on or before the Company reporting date
EBITDA of portfolio companies for their equivalent prior period
169.0 million
– 1
= 7.8%
156.8 million
Full-year dividend The sum of the dividends per share paid in respect of the year,
normally paid in December within the year and in July following
the year end
2.175p (December 2025) + 2.275p (July 2026) = 4.45p
Total shareholder return The overall increase/(decrease) in the value of a shareholding
over the year, assuming that all dividends paid during the year
were immediately reinvested in the Company’s shares
Obtained from Bloomberg, an independent third-party information provider
Adjusted funds from operations (AFFO) Portfolio company normalised EBITDA less Company costs, net
finance costs, net taxation and maintenance capital expenditure
See figure 14 on page 29
Total return for the year on ex-div opening NAV Profit for the year
Opening NAV – second interim dividend for the prior year
159,309,000
= 16.3%
992,519,000 - 17,229,000
{[
146.0 +
(
2.25 ×
146.0
)
127.3 5
+
(
2.175 ×
146.0
137.825
)
]
÷ 129.6
}
– 1 = 16.4%
NAV total return The index of NAV per share, with dividends reinvested at
prevailing ex-div NAV
{[
NAV
close
+
(
Div
Jul
×
NAV
close
)
NAV
open
– Div
Jul
+
(
Div
Dec
×
NAV
close
)
NAV
Sep
– Div
Dec
]
÷ NAV
open
}
– 1
Cordiant Digital Infrastructure Limited Annual Report 2026
Strategic report Governance Financial statements Additional informationIntroduction
112
Investment policy
The Company invests principally in operating
digital infrastructure assets, being physical
infrastructure resources that are necessary
to enable the storage and transmission of
data by telecommunications operators,
corporations, governments and individuals.
These predominantly consist of data centres,
mobile telecommunications/broadcast towers
and fibre-optic networks, in-building systems
and, as appropriate, the land under such
infrastructure (“Digital Infrastructure Assets”).
The Company primarily seeks to invest in the
UK, the EEA, the United States of America and
Canada, but may also invest in Switzerland,
Australia and New Zealand.
The Company owns or develops operating,
cash flow generating Digital Infrastructure
Assets through operating businesses which
generally have their own management teams
(“Platforms”). Such assets are owned with a
view to generating returns through:
(a) contracted escalators,
(b) increasing the tenanted use of such
DigitalInfrastructure Assets;
(c) adding additional capacity to such
DigitalInfrastructure Assets;
(d) driving operational improvements; and
(e) achieving operational synergies with other
Digital Infrastructure Assets already held
within the portfolio.
The Company will invest and manage its
assetswith the objective of spreading
risk. Thisis principally achieved through
thefollowing:
(i) investing in a range of Platforms;
(ii) investing in a range of individual Digital
Infrastructure Assets;
(iii) investing in a range of Digital Infrastructure
Asset sub-sectors;
(iv) achieving a geographic spread across the
underlying Digital Infrastructure Assets;
(v) gaining exposure at the Platform level to
a range of different underlying lessees,
counterparties and customers;
(iv) contracting at the Platform level with a
rangeof different project developers and
service providers.
Investments in Platforms or individual
DigitalInfrastructure Assets are made
principally through equity, or through
structureshaving equity-like characteristics
and control features (such as convertible
instruments or structured debt) and typically
entail 100 per cent. ownership or majority
control by the Company (either directly or
indirectly). The Company, together with its
direct and indirect subsidiaries(together
the “Group”) may, however, enter into joint
venture arrangements alongside one or
more co-investors where the Investment
Manager, inconsultation with the Board,
believes it is in theGroup’s best interests
to do so (such as where an investment
opportunity is too large forthe resources of
the Group on its own, toshare risk or where
a joint venture arrangement will optimise
returns for theCompany). In the case of such
co-investments, the Group will target retaining
acontrol position, where this is possible, or,
where this is not possible, will have strong
minority investor protections, governance
rightsand board representation.
The Company expects the number of Platforms
in its portfolio to vary between 4 and 12 at any
one time.
Investment restrictions
The Company maintains the following
investment restrictions (which will be measured
at the time of investment):
— no single Platform will exceed 35 per cent. of
Gross Asset Value*;
— no more than 15 per cent. of Gross Asset
Value will be invested, in aggregate, in
Platforms located in countries outside the
United Kingdom, the EEA, the United States
of America, Canada, Switzerland, Australia
and New Zealand;
— the maximum exposure to Digital
Infrastructure Assets in development
(i.e.before contracts or permits are in place)
will not exceed, in aggregate, 10 per cent.
ofGross Asset Value; and
— the maximum exposure to Digital
Infrastructure Assets in the development and
construction will not exceed, in aggregate,
30 per cent. of Gross Asset Value.
The Group will not be required to dispose of
any investment or to rebalance its portfolio as a
result of a change in the respective valuations of
its investments and non-compliance resulting
from changes in the price or value of assets
following investment will not be considered a
breach of the investment restrictions.
Each individual underlying data centre,
mobile telecommunications/broadcast tower
or segment of a fibre optic network held
within the portfolio will constitute a separate
Digital Infrastructure Asset for the purposes
of the above investment restrictions and the
investment policy generally.
It is expected that the Company will
predominantly invest in unquoted Platforms
and Digital Infrastructure Assets. However,
in exceptional circumstances, the Company
may also invest in listed entities owning Digital
Infrastructure Assets; and may maintain this
investment if such entities subsequently cease
to be listed, provided that the Investment
Manager considers that such an investment
is (and continues to be) consistent with
the Company’s investment objective. In
circumstances where the Company invests in
listed entities, the investment restrictions set
out above will not apply to the investment in
the listed entity and instead, no single listed
investment will account for more than 20 per
cent of Gross Asset Value. The Company will,
in any case, invest no more than 10 per cent.
of its total gross assets in other investment
companies or investment trusts which are listed
on the Official List.
In addition, in circumstances in which the Group
does not wholly-own a Platform, the investment
restrictions set out above will be applied pro rata
by reference to the proportionate value of the
Group’s interest in such investment.
Gearing
The Group may employ gearing for working
capital purposes, to finance acquisitions
or,over the longer term, to enhance returns
toinvestors.
Gearing may be employed either at the level of
the Company, at the level of any intermediate
wholly owned subsidiary of the Company or,
on a non-recourse basis to the Company, at
the individual Platform level (including any
Platform’s subsidiaries or individual Digital
Infrastructure Assets), and any limits set
out in this Investment Policy shall apply on a
look-through basis. The Group’s long-term
gearing is expected to be between 20 per cent.
and 35 per cent. of Gross Asset Value and shall
not exceed a maximum of 50 per cent. of Gross
Asset Value, calculated at the time of drawdown.
* This investment restriction will not apply to the
Company’s investment in either CRA or Emitel.
However,any future investment by the Company
into either of CRA or Emitel, whilst such Platform
individually represents in excess of 35% of Gross
Asset Value (measured at the time of such proposed
further investment), will only occur in exceptional
circumstances, where the Company’s independent
Board and the Investment Manager consider such
further investment to be in the best interests of
shareholders.
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In addition to such long-term gearing,
the Company may also use gearing on a
short-termbasis, principally to finance the
acquisition of assets provided that:
(i) this short-term gearing shall not exceed
30per cent. of Net Asset Value calculated
atthe time of drawdown, and
(ii) it is intended to refinance such short-term
borrowings at the earliest appropriate
opportunity.
The use and structure of gearing will be
determined by, inter alia, the cash flow profile
of each investment, the diversification of the
overall asset portfolio and the availability of
financing on attractive terms.
Debt may be secured with or without a
charge over some or all of the Group’s assets,
depending on the optimal structure for the
Group and having consideration to key metrics
including lender diversity, cost of debt, debt
type and maturity profiles. Intra-group debt
between the Company and subsidiaries will not
be included in the definition of borrowings for
these purposes.
There will be no operation of a common
treasuryfunction between the Company and
any Platforms, nor cross-financing between
thePlatforms.
Hedging and Derivatives
The Group may borrow in currencies other
thanSterling as part of its currency hedging
strategy. Derivatives will not be used for
investment purposes.
The Group may enter into hedging contracts
(in particular, in respect of inflation, interest
rate or currency hedging) and other derivative
contracts for the purposes of efficient portfolio
management. No hedging transactions will be
undertaken for speculative purposes.
Cash management
The Company may hold cash on deposit for
working capital purposes and while awaiting
investment and, as well as cash deposits, may
invest in cash equivalent investments, which
may include government issued treasury bills,
money market collective investment schemes,
other money market instruments andshort-term
investments in money market type funds
(“Cashand Cash Equivalents”). There is no
restriction on the amount of Cash and Cash
Equivalents that the Company may hold and
there may be times when it is appropriate for
theCompany to have a significant Cash and
Cash Equivalents position.
Changes to and compliance with the
investment policy
Any material change to the Company’s
investment policy set out above will require the
approval of the FCA and Shareholders by way
ofan ordinary resolution at a general meeting.
In the event of a breach of the investment
guidelines and/or the investment restrictions
set out above, the Investment Manager shall
inform the Board as soon as practicable upon
becoming aware of that breach. If the Board
considers the breach to be material, notification
will be made through an announcement via a
Regulatory Information Service.
Investment policy continued
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SFDR periodic disclosure
Product name: Cordiant Digital Infrastructure Limited
Legal entity identifier: 213800T8RBBWZQ7FTF84
Sustainable investment means an investment
in an economic activity that contributes to an
environmental or social objective, provided
that the investment does not significantly
harm any environmental or social objective
and that the investee companies follow good
governancepractices.
The EU Taxonomy is a classification system laid
down in Regulation (EU) 2020/852, establishing
a list of environmentally sustainable economic
activities. That Regulation does not lay
down a list of socially sustainable economic
activities. Sustainable investments with an
environmental objective might be aligned with
the Taxonomyornot.
Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes
No
It made sustainable investments with an environmental objective:
%
in economic activities that qualify as environmentally sustainable
under the EU Taxonomy
in economic activities that do not qualify as environmentally
sustainable under the EU Taxonomy
It made sustainable investments with a social objective:
%
It promoted Environmental/Social (E/S) characteristics and
while it did not have as its objective a sustainable investment, it had a
proportion of % of sustainable investments
with an environmental objective in economic activities that
qualify as environmentally sustainable under the EU Taxonomy
with an environmental objective in economic activities that do not
qualify as environmentally sustainable under the EU Taxonomy
with a social objective
It promoted E/S characteristics, but did not make any sustainable
investments
Sustainable Finance Disclosure Regulation (SFDR) – periodic disclosure
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Sustainable Finance Disclosure Regulation (SFDR) – periodic disclosure continued
SFDR periodic disclosure Environmental and/or social characteristics
To what extent were the environmental and/or social characteristics promoted by this financial product met?
The Company principally invests in operating Digital Infrastructure assets, mainly focusing on data centres, mobile telecommunications/
broadcast towers and fibre-optic network assets, in Europe and North America. In the future, the Company may also invest in Switzerland,
Australia and New Zealand
Digital Infrastructure–the physical building blocks of digital communication, data access, and the digital world–underpin modern society.
Assets that have enabled technological evolution and an increasingly interconnected society are integral to the digital functioning of the world,
and this sector and its sub-sectors have been identified as central to facilitating the attainment of three quarters of the UN’s SDGs.
The Company recognises that the Digital Infrastructure sector has an environmental burden. Through the Buy, Build & Grow approach of the
Investment Manager, the Company seeks to promote the socioeconomic benefits of the Digital Infrastructure and technology it enables, while
addressing climate considerations. The Company, supported by the Investment Manager’s investment strategy, engagement and approach to
responsible investment, seeks to promote environmental and social outcomes in line with the following Guiding Principles:
1. Reduce the carbon footprint of the digital economy, predominantly focusing on:
a. Enabling efficient network design (e.g. supporting the integration of 5G and broadcast);
b. Integrating renewable energy, where possible; and
c. Implementing energy efficiency measures at the network component level (e.g. repurposing existing facilities; more efficient data centres).
2. Reduce the carbon footprint of society, through enhanced communications and connectivity, such as the application of technologies to
develop more sustainable cities.
3. Better connect businesses and households to the digital economy, supporting enhanced opportunity and economic activity.
The Company, with the support of the Investment Manager, continued the implementation of its responsible investment strategy, in line with its
responsible investment policy. The investment focus is on businesses that display robust environmental and social processes or with which
progress can be made to promote more responsible operations. The Company is focused on improving the climate credentials of portfolio
companies, with emphasis placed on energy sources and consumption. The existing portfolio assets have continued to make progress in
procuring renewable energy, where possible, in addition to continuing the monitoring and implementation of sustainability practices.
As of 31 March 2026, the Company’s portfolio consisted of six assets across the sub-sectors of the Digital Infrastructure sector. The
Company’sportfolio promotes internet access, digital media access and digital connectivity by providing connectivity and broadcasting
coverage across the United States, Poland, Czech Republic, Ireland and Belgium, in addition to providing data hosting infrastructure to
criticaland growing markets.
Portfolio asset base
43.8MW
of utility power capacity
24
data centres
1,440
telecommunications towers
14,272km
of fibre-optic network
c.156,690
active IoT sensors
1
29MW of IT power capacity
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SFDR periodic disclosure Environmental and/or social characteristics
Sustainability indicators measure
how the environmental or social
characteristics promoted by the
financial product are attained.
How did the sustainability indicators perform?
All portfolio companies as of the end of the period provided sustainability-related information through questionnaires to the Company.
Sustainability indicator Units FY2026 FY2025
Portfolio companies reporting GHG emissions
% 100 100
Portfolio GHG emissions (scope 1 & 2 emissions)
Metric tonnes tCO
2
e 15,853 18,16 6
Percentage of renewable energy in portfolio companies’ energy consumption
% 81 73
Percentage of electricity from renewable sources in portfolio companies’
electricity consumption % 86 79
Area coverage of towers held by portfolio companies
km
2
402,973 402,973
Renewable energy produced
MWh 4,017 3,128
Design power usage effectiveness (PUE)
Ratio 1.43 1.43
Total length of portfolio companies’ fibre-optic network (owned and leased)
km 14,272 11,778
Note: Sustainability data for the portfolio companies has been prepared on a calendar year basis, covering the period from 1 January 2025 to 31 December 2025. An
exception applies to CRA, which initiated a transition during the reporting period to align ESG disclosures with its financial reporting cycle. The portfolio companies’ GHG
emissions are attributed to the Company using the PCAF’s Global GHG Accounting and Reporting Standard for the Financial Industry, which are different from the SFDR
Regulatory Technical Standards used for the calculation of the principle adverse impacts disclosed on page 124. For DCU, actual PUE has been used as a proxy for design
PUE. ESG information relative to Speed Fibre is not inclusive of BT Ireland, as the acquisition was completed recently and the associated ESG data is still in the process of
being consolidated. In cases where the Company does not hold all of the equity, the equity share approach is used, unless stated otherwise.
...and compared to previous periods?
The Company continued the implementation of its responsible investment strategy, undertaken by the Investment Manager in collaboration
with the portfolio companies, promoting positive environmental characteristics. Notably, progress was made in increasing the portfolio’s use of
renewable electricity, increasing to 86% from 79% registered in the previous year. This, amongst other factors, contributed to a 26% reduction
in the Company’s GHG emissions intensity. In addition, initiatives to produce on-site renewable energy have continued to expand.
What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment
contribute to such objectives?
Not applicable. The Company and Investment Manager promote environmental and social characteristics but do not commit to making
sustainable investments.
How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social
sustainable investment objective?
Not applicable. The Company and Investment Manager promote environmental and social characteristics but do not commit to making
sustainable investments. However, the Company, through the implementation of its responsible investment policy, ESG risk screening,
ESGaction plans and ongoing engagement with portfolio companies, seeks to not cause significant harm.
The EU Taxonomy sets out a ‘do no significant harm’ principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is
accompanied by specific Union criteria.
The do no significant harm principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable
economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable
economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Sustainable Finance Disclosure Regulation (SFDR) – periodic disclosure continued
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SFDR periodic disclosure Environmental and/or social characteristics
Principal adverse impacts are the
most significant negative impacts of
investment decisions on sustainability
factors relating to environmental,
social and employee matters, respect
for human rights, anti-corruption and
anti-bribery matters.
How did this financial product consider principal adverse impacts on sustainability factors?
The Company and the Investment Manager did not consider principal adverse impacts on sustainability factors as defined by the SFDR
during the period. Operating in the middle market, the Company invests in a market segment where some assets and prospective investments
are not yet of the size, internal capacity and/or awareness to develop sustainability reporting practices, thus limiting the ability to consider
sustainability indicators prior to investment.
The Company and the Investment Manager recognise the importance of the impacts covered by the PAIs and include the indicators in
the annual monitoring process. In addition, the Investment Manager engages with portfolio companies on improving and expanding
sustainability-related monitoring and disclosure.
The Company and the Investment Manager did identify and consider material ESG risks as part of the investment decision-making, for
investments made during the period.
The list includes the investments
constituting the greatest proportion of
investments of the financial product
during the reference period which is:
1 April 2025 – 31 March 2026
What were the top investments of this financial product?
Largest investments Sector % of assets Country
Emitel Multi-asset platform 45.9% Poland
CRA Multi-asset platform 38.3% Czech Republic
Speed Fibre Fibre infrastructure platform 8.5% Ireland
DCU Data centre 4.1% Belgium
Hudson Data centre 2.7% United States
BTC Broadcast and colocation centre 0.5% Belgium
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SFDR periodic disclosure Environmental and/or social characteristics
Asset allocation describes the share of
investments in specific assets.
What was the proportion of sustainability-related investments?
The proportion of sustainability-related investments of the Company was 0% for the period. The Company promotes environmental
and social characteristics but does not commit to making sustainable investments and no investments have been identified as
sustainability-relatedinvestments.
What was the asset allocation?
100% of the portfolio’s underlying investments at the end of the period promoted environmental and/or social characteristics, where the
portfolio company aligned with the Guiding Principles for the Digital Infrastructure sector and had the Investment Manager’s ESG procedures
applied (ESG due diligence and/or ESG engagement). The Company may hold cash and cash equivalents and use hedging and derivatives
for the purposes of efficient portfolio and risk management. These transactions and the holding of cash reserves are not considered to be
investments by the Company.
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics,
nor are qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
— The sub-category #1A Sustainable covers environmentally and socially sustainable investments.
— The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not
qualify as sustainable investments.
Investments
#1 Aligned with E/S characteristics #1B Other E/S characteristics
#2 Other
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SFDR periodic disclosure Environmental and/or social characteristics
In which economic sectors were the investments made?
All of the investments made by the Company are in the digital infrastructure sector, predominantly comprising broadcast and
telecommunications towers, data centres and fibre networks.
Company defined sector
% Assets
As at 31 March 2026
Multi-asset platform 84.2%
Data centre 8.5%
Fibre infrastructure platform 6.8%
Broadcast and colocation services 0.5%
Economic sector (ISIC)
6190 (Other telecommunications) 93.2%
6311 (Data processing and hosting) 6.8%
To comply with the EU Taxonomy, the
criteria for fossil gas include limitations
on emissions and switching to fully
renewable power or low-carbon fuels
by the end of 2035. For nuclear energy,
the criteria include comprehensive
safety and waste management rules.
Enabling activities directly enable
other activities to make a substantial
contribution to an environmental
objective.
Transitional activities are activities
for which low-carbon alternatives are
not yet available and among others
have greenhouse gas emission
levels corresponding to the best
performance.
To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy?
The Company’s investment mandate focuses on private equity investments in mid-market companies in Europe and North America. In the
future, the Company may also invest in Switzerland, Australia and New Zealand. As a result, investee companies are not typically of the stage or
size, nor do they have the capacity to meet or implement the criteria for Taxonomy-alignment, although most of the Company’s investments are
made in Taxonomy eligible activities (data processing, hosting and related activities, programming and broadcasting activities). Furthermore,
the Company seeks to promote environmental and social characteristics but has not committed to making sustainable investments and did not
identify any investments as sustainable investments. As such the extent to which the sustainable investments with an environmental objective
made by the Company that are aligned with the EU Taxonomy was 0%.
Did the financial product invest in fossil gas and/or nuclear energy related activities complying with the EU Taxonomy*?
Yes
In fossil gas
In nuclear energy
No
The Company does not invest in fossil fuel or nuclear energy related activities.
*Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (climate change mitigation) and do
not significantly harm any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that
comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
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SFDR periodic disclosure Environmental and/or social characteristics
Taxonomy-aligned activities are
expressed as a share of:
— turnover reflecting the share of
revenue from green activities of
investee companies.
— capital expenditure (CapEx)
showing the green investments
made by investee companies, e.g.
for a transition to a green economy.
— operational expenditure (OpEx)
reflecting green operational
activities of investee companies.
What was the share of investments made in transitional and enabling activities?
Not applicable, please see ‘To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy?’
for the reasoning for no Taxonomy-alignment with the Company’s portfolio companies. As a result, the share of investments in transitional
activities was 0%, while the share of investments in enabling activities was 0%.
How did the percentage of investments that were aligned with the EU Taxonomy compare with previous reference periods?
The percentage of investments aligned with the EU Taxonomy has not changed since the previous reference period. In both periods the
percentage of investments aligned with the EU Taxonomy was 0%.
are sustainable investments with
an environmental objective that do
not take into account the criteria for
environmentally sustainable economic
activities under Regulation (EU)
2020/852.
What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy?
Not applicable. The share of sustainable investments of the Company was 0% for the period. The Company promotes environmental and social
characteristics but does not commit to making sustainable investments and no investments have been identified as sustainable investments.
As such, the share of the Company’s investments made that are sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy was 0%.
The graphs below show in green the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate
methodology to determine the taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the
investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to
the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including sovereign bonds* 2. Taxonomy-alignment of investments excluding sovereign bonds*
Taxonomy-alignment: Fossil gas
Taxonomy-aligned: Nuclear
Taxonomy-aligned: (no gas and nuclear)
Non Taxonomy-aligned
Taxonomy-alignment: Fossil gas
Taxonomy-aligned: Nuclear
Taxonomy-aligned: (no gas and nuclear)
Non Taxonomy-aligned
This graph represents 100% of the total investments.
0% 50% 100%
0%
Turnover 0% 100%
0%
CapEx 0% 100%
0%
OpEx 0% 100%
0% 50% 100%
0%
Turnover 0% 100%
0%
CapEx 0% 100%
0%
OpEx 0% 100%
*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.
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SFDR periodic disclosure Environmental and/or social characteristics
What was the share of socially sustainable investments?
Not applicable. The share of sustainable investments of the Company was 0% for the period. The Company promotes environmental and social
characteristics but does not commit to making sustainable investments and no investments have been identified as sustainable investments.
The share of socially sustainable investments was 0%.
What investments were included under ‘other’, what was their purpose and were there any minimum environmental or social safeguards?
The Company may hold cash and cash equivalents and use hedging and derivatives for the purpose of efficient portfolio and risk management.
However, these transactions will not be used for investment purposes and no cash equivalent, hedging and/or derivative transactions will be
undertaken for speculative purposes.
What actions have been taken to meet the environmental and/or social characteristics during the reference period?
The Company and Investment Manager, recognising the balance required to promote the socioeconomic benefits and needs for Digital
Infrastructure, continued to focus on promoting improved climate-related performance of portfolio companies.
— Emitel purchased certified renewable electricity equivalent to 100% of its consumption. It further enhanced its environmental strengths
through a major energy-efficiency upgrade of an existing broadcasting facility, embedding sustainability directly into core operations.
Actions included a full renovation of ventilation, air-conditioning and control systems, the introduction of automated controls and seasonal
free-cooling and improved integration between HVAC systems, resulting in cooling and ventilation energy consumption. As a result of these
actions, Emitel’s Scope 1 and 2 GHG emissions decreased by 79% compared to the previous year.
— CRA advanced its environmental objectives through the development of the Prague Gateway data centre, designed as a next-generation,
energy-efficient facility, targeting a PUE of 1.25, deploying high-efficiency cooling systems, free-cooling solutions and advanced airflow
management to reduce energy consumption and emissions.
— Speed Fibre purchased renewable electricity during the year resulting in 92% of its electricity consumption being covered by renewable
sources. It also strengthened its environmental and social characteristics by achieving a perfect 100/100 score according to the 2025
GRESB Infrastructure benchmark, ranking first among European fibre peers, reflecting the systematic embedding of ESG into business
strategy and decision making. Governance and accountability were reinforced through robust internal ESG oversight, compliance with ISO
9001 and ISO 14001 standards and enhanced data monitoring and disclosure. Social characteristics were addressed through a focus on
network reliability, digital inclusion, workplace practices and recognition for diversity and workplace excellence, alongside strengthened
supplier engagement and responsible value chain management.
— Datacenter United (DCU) initiated multiple actions to meet its environmental goals, notably by obtaining Science Based Targets initiative
(SBTi) approval for its net-zero objectives aligned with the 1.5°C pathway and committing to a 46.2% reduction in Scope 1 and 2 emissions
by 2031, while also addressing Scope 3 emissions. The company covered 82% of the consumption of electricity resulting from its operations
by renewable electricity through PPAs and Guarantees of Origin. DCU further improved energy efficiency by deploying liquid cooling, high
efficiency chillers and optimised thermal management systems, with the aim of improving its PUE throughout the asset base. Additional
measures included extending hardware lifecycles, investing ESG linked financing in solar installations and waste heat recovery and
upgrading power distribution systems to minimise energy losses and enhance operational sustainability.
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SFDR periodic disclosure Environmental and/or social characteristics
Reference benchmarks are indexes to
measure whether the financial product
attains the environmental or social
characteristics that they promote.
The promotion of renewable energy adoption seeks to target the largest source of the Company’s financed emissions, purchased electricity
(Scope 2 GHG emissions) and promotes alignment to climate change mitigation. Throughout the portfolio, renewable electricity consumption
increased by 28%, supporting a net 13% decrease in the reported Scope 1 and 2 GHG emissions, noting that prior-year figures do not reflect
the inclusion of DCU.
In addition, the Company is committed to ensuring that its investments contribute to the creation of a responsible digital economy and has been
involved in the development and testing of a 5G broadcast technology through Emitel and BTC, which would leverage DTT infrastructure to
deliver faster data transfer, using less resources.
Responsible investment forms a central pillar of the Company’s and Investment Manager’s investment approach, focused on implementing
effective risk management and promoting more sustainable outcomes and practices in portfolio companies. During the reference period, the
Company and Investment Manager continued to apply their ESG and impact lens framework and considered environmental and social risks,
risk mitigants and opportunities.
— Investments were screened for key material risks and opportunities. For each material consideration identified, the Investment Manager
evaluated risks and mitigation measures. This ESG and impact analysis allowed the Investment Manager to identify both negative and
positive gaps in prospective companies’ sustainability practices and risks. In light of the growing integration of financial and sustainability
reporting, the Investment Manager updated its evaluation frameworks to incorporate more quantitative assessments of sustainability risks
and opportunities when reviewing potential investments.
— The Investment Manager also engaged with portfolio companies to address identified gaps and promote improved practices. This included
the implementation of ESG Action Plans across portfolio companies and holding at least quarterly calls to monitor the progress against
these action plans.
Reference benchmarks are indexes to
measure whether the financial product
attains the environmental or social
characteristics that they promote.
How did this financial product perform compared to the reference benchmark?
Not applicable. No index was designated as a reference benchmark for the purpose of meeting the environmental and/or social characteristics
promoted by this financial product.
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SFDR – Principal adverse impacts
The Company did not formally consider the principal adverse impact on sustainability factors as defined by the SFDR during the period. Operating in the middle market, the Company invests in a market
segment where some assets and prospective investments are not yet of the size, internal capacity and/or awareness to develop sustainability reporting practices, thus limiting the ability to consider
sustainability indicators prior to investment.
The Company and the Investment Manager recognise the importance of the impacts within the principal adverse impacts (PAIs) and includes the indicators in its annual monitoring process. On this basis
the Company has undertaken to voluntarily report the PAI indicators in line with the SFDR, on a reasonable efforts basis. To support this, the Investment Manager has engaged with portfolio companies on
improving and expanding sustainability-related monitoring and disclosure.
Adverse sustainability indicator
Metric Unit FY2026 FY2025
Climate and other environment-related indicators
Greenhouse gas emissions 1. GHG Emissions Scope 1 GHG emissions Metric tonnes tCO
2
e 2,327 2,260
Scope 2 GHG emissions Metric tonnes tCO
2
e 11,820 13,502
Scope 3 GHG emissions Metric tonnes tCO
2
e – –
Total GHG emissions
1
Metric tonnes tCO
2
e 14,147 15,762
2. Carbon footprint Carbon footprint Metric tonnes
tCO
2
e/€m invested
8.3 11.5
3. GHG intensity of investee companies GHG intensity of investee companies Metric tonnes
tCO
2
e/€m of revenue
32.8 44.5
4. Exposure to companies active in the fossil
fuelsector
Share of investments in companies active in the fossil
fuelsector
% – –
5. Share of non-renewable energy consumption
and production
Share of non-renewable energy consumption and
non-renewable energy production of investee companies
from non-renewable energy sources compared to
renewable energy sources, expressedas a percentage of
total energy sources
% 14 20
6. Energy consumption intensity per high impact
climate sector
Energy consumption in GWh per million EUR of revenue of
investee companies, per high impact climate sector
GWh/ €m of revenue – –
Biodiversity
7. Activities negatively affecting
biodiversity-sensitive areas
Share of investments in investee companies with sites/
operations located in or near to biodiversity-sensitive areas
where activities of those investee companies negatively
affect those areas
% – –
Water 8. Emissions to water Tonnes of emissions to water generated by investee
companies per million EUR invested, expressed as a
weighted average
Metric tonnes
(t)/€m invested
0.0 0.0
Waste 9. Hazardous waste and radioactive waste ratio Tonnes of hazardous waste and radioactive waste
generated by investee companies per million EURinvested,
expressed as a weighted average
Metric tonnes
(t)/€m invested
0.0 0.0
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Adverse sustainability indicator Metric Unit FY2026 FY2025
Indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters
Social and employee matters
10. Violations of UN Global Compact principles and
Organisationfor Economic Cooperation and Development
(OECD) Guidelines for Multinational Enterprises
Share of investments in investee companies that have
been involved in violations of the UNGC principles or
OECD Guidelines for Multinational Enterprises
% – –
11. Lack of processes and compliance mechanisms to monitor
compliance with UN Global Compact principles and OECD
Guidelines for Multinational Enterprises
Share of investments in investee companies
without policies to monitor compliance with
the UNGC principles or OECD Guidelines for
Multinational Enterprises or grievance /complaints
handling mechanisms to address violations of
the UNGC principles or OECD Guidelines for
MultinationalEnterprises
% – –
12. Unadjusted gender pay gap Average unadjusted gender pay gap of investee
companies
% 11.7 13
13. Board gender diversity
2
Average ratio of female to male board members in
investee companies, expressed as a percentage of all
board members
% 100 100
14. Exposure to controversial weapons (anti-personnel mines,
cluster munitions, chemical weapons and biologicalweapons)
Share of investments in investee companies involved
in the manufacture or selling of controversialweapons
% – –
Notes: Sustainability data for the portfolio companies has been prepared on a calendar year basis, covering the period from 1 January 2025 to 31 December 2025. An exception applies to CRA, which initiated a transition during the reporting
period to align ESG disclosures with its financial reporting cycle. This information excludes ESG data relating to BT Ireland, as the ESG data of the recently acquired entity is still in the process of consolidation. The PAI indicators reported have
been calculated in accordance with the SFDR Regulatory Technical Standards. Indicators for this reason, may be reported with different values from the rest of the report. In cases where the Company does not hold all of the equity, the equity
share approach is used, unless stated otherwise.
1
Scope 3 emissions have not been reported or included in emission calculations within the report due to partial data. In accordance with the SFDR RTS methodology for the calculation of financed GHG emissions, emissions are attributed based
on an attribution factor reflecting the Company’s share of exposure to the underlying investee. In certain cases, this factor may exceed 1 due to valuation dynamics. To avoid any potential overstatement of attributable emissions, the attribution
factor applied in the calculations has been capped at a maximum of 1.
2
The board gender diversity indicator has been calculated according to the latest Final Report on draft Regulatory Technical Standards on the review of PAI and financial product disclosures in the SFDR Delegated Regulation, dated
4December2023. The RTS mandates that for each portfolio company, the “management and supervisory bodies gender diversity shall be calculated in accordance with the following formula: (current value of investment / current value of all
investments x number of male board members in investee company / total board members in investee company). Many stakeholders suggested the calculation and proposed description should be clearer. Namely, the calculation provided
in the formula requires male board members / total board members, which is not the ratio being asked for in the proposed description of this PAI ‘Average ratio of female to male management and supervisory board members in investee
companies, expressed as a percentage of all board members. Due to this reason, we consider it is important to highlight that the gender diversity levels reported here reflect the presence of no women on the boards of the portfolio companies.
SFDR – Principal adverse impacts continued
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Strategic report Governance Financial statements Additional informationIntroduction
125
Cautionary statement
This document may include statements that
are, or may be deemed to be, ‘forward-looking
statements’. These forward-looking statements
can be identified by the use of forward-looking
terms or expressions, including ‘believes’,
‘estimates’, ‘anticipates’, ‘expects’, ‘intends’,
‘may’, ‘plans’, ‘projects’, ‘will’, ‘explore’ or
‘should’ or, in each case, their negative or other
variations or comparable terminology or by
discussions of strategy, plans, objectives,
goals, future events or intentions. These
forward-looking statements include all
matters that are not historical facts. They may
appear in a number of places throughout this
document and may include, but are not limited
to, statements regarding the intentions, beliefs
or current expectations of the Company, the
Directors and/or the Investment Manager
concerning, amongst other things, the
investment objectives and investment policy,
financing strategies, investment performance,
results of operations, financial condition,
liquidity, prospects and distribution policy of the
Company and the markets in which it invests.
By their nature, forward-looking statements
involve risks and uncertainties because
they relate to future events and depend on
circumstances that may or may not occur in
the future. Forward-looking statements are
not guarantees of future performance. The
Company’s actual investment performance,
results of operations, financial condition,
liquidity, distribution policy and the
development of its financing strategies may
differ materially from the impression created
by,or described in or suggested by, the
forward-looking statements contained in this
document. Further, this document may include
target figures for future financial periods.
Any such figures are targets only and are not
forecasts. Nothing in this document should
be construed as a profit forecast or a profit
estimate. In addition, even if actual investment
performance, results of operations, financial
condition, liquidity, distribution policy and
the development of its financing strategies,
are consistent with any forward-looking
statements contained in this document, those
results or developments may not be indicative
of results or developments in subsequent
periods. A number of factors could cause
results and developments of the Company
to differ materially from those expressed or
implied by the forward-looking statements
including, without limitation, general economic
and business conditions, industry trends,
inflation and interest rates, the availability and
cost of energy, competition, changes in law
or regulation, changes in taxation regimes,
the availability and cost of capital, currency
fluctuations, changes in its business strategy
and political and economic uncertainty. Any
forward-looking statements herein speak only
atthe date of this document.
As a result, you are cautioned not to place
any reliance on any such forward-looking
statements and neither the Company nor any
other person accepts responsibility for the
accuracy of such statements. Subject to their
legal and regulatory obligations, the Company,
the Directors and the Investment Manager
expressly disclaim any obligations to update or
revise any forward-looking statement contained
herein to reflect any change in expectations
with regard thereto or any change in events,
conditions or circumstances on which any
statement is based.
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Cordiant Digital Infrastructure Limited
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP
www.cordiantdigitaltrust.com