Cordiant Digital Infrastructure Limited (LSE: CORD) Interim Results H1 2025
Cordiant Digital Infrastructure Limited (CORD) delivered an excellent first half, with strong and consistent operational performance across all platforms.
These results reflect disciplined execution, high-quality assets, and robust demand for digital infrastructure. The period generated significant value for shareholders, supported by both financial and operational momentum.
NAV Total Return: 10.0% on ex-dividend opening NAV
Total Shareholder Return: 14.7% with dividends reinvested
NAV per Share: 140.0p (up from 129.6p at 31 March 2025)
Interim Dividend: 2.175p per share (progressive policy)
Dividend Cover (AFFO): 1.7x
Portfolio EBITDA Growth: 6.5% YoY
Portfolio Revenue Growth: 7.0% YoY
Total Contracted Revenue: £954.8m
Buy, Build & Grow
The “Buy, Build & Grow” model continues to drive value creation across the portfolio. In H1, CORD executed meaningfully across all three pillars:
Speed Fibre completed the acquisition of BT Ireland’s wholesale fibre and B2B connectivity business, adding:
3,400km of high-quality fibre
~400 enterprise and government customers
Expanding platform capacity to capture long-term demand.
CRA (Czech Republic) began groundworks for the 26MW Prague Gateway AI-ready data centre and completed a 1.3MW expansion at DC Žižkov.
Emitel (Poland) received the first tower order from its new build-to-suit agreement with Orange Poland, supporting future scale to well over 1,000 sites.
Strong organic growth through commercial momentum and innovation.
CRA fully commercialised its new DAB+ radio network and secured a major cloud services contract with Czech Radio.
Speed Fibre is progressing the integration of BT Ireland smoothly, unlocking operational and financial synergies.
BTC, CRA, and Emitel advanced trials of 5G broadcast, opening future revenue opportunities in content delivery.
Across the portfolio, the assets were acquired at a blended entry multiple of 10.3x EBITDA, reflecting disciplined capital deployment.
Emitel Poland
First tower order under the new BTS agreement with Orange Poland.
Won a tender to deploy IoT smart water meters in southern Poland.
CRA Czech Republic
Moving ahead with the flagship 26MW Prague Gateway data centre.
Recognised by the Czech government as a potential European AI Gigafactory site.
Speed Fibre Ireland
Transformational acquisition of BT Ireland’s wholesale fibre network.
Integration on track with significant synergy potential.
Datacenter United Belgium
Completed a €120m senior financing package for expansion.
CORD syndicated a 10.1% stake, demonstrating institutional demand and enhancing capital flexibility.
Hudson IX USA
Best six-month sales performance since acquisition.
Two new data halls under construction (2MW total); ~20% pre-sold.
Belgium Tower Company
Leading 5G broadcast trials, including a major demonstration in Brussels.
CORD is positioned at the heart of long-term digital trends:
Global IT power demand by 13–20% annually through 2030. The 26MW Prague Gateway project is designed for this growth.
Core markets—Poland, Czech Republic, Ireland—offer strong GDP growth and rising digital demand.
CORD trades at an implied 8.9x EV/EBITDA, significantly below Public tower companies at 16.2x
This represents a clear valuation arbitrage opportunity for investors.
With a diversified portfolio, disciplined financial management, and exposure to powerful digital and AI-driven growth trends, CORD is well positioned for the remainder of the financial year and beyond.
