Third Quarter Trading Update

LEI: 213800T8RBBWZQ7FTF84

24 March 2025

CORDIANT DIGITAL INFRASTRUCTURE LIMITED

THIRD QUARTER TRADING UPDATE

Cordiant Digital Infrastructure Limited (the "Company"), the operationally focused, specialist digital infrastructure investor, managed by Cordiant Capital Inc ("Cordiant", or the "Investment Manager"), is pleased to provide a third quarter ("Q3") update for the financial year ending 31 March 2025[1] on the operating performance of platform companies in the portfolio, balance sheet, dividend coverage and market outlook.

The Company continues to implement its "Buy, Build & Grow" model of increasing the cash flow-generating asset bases of its diversified platform companies to drive the value of these businesses. The Company invests in "Core Plus" digital infrastructure assets and seeks to construct a balanced, diversified portfolio. The Company's NAV total return target of 9% per annum comprises capital growth and a progressive dividend fully supported by free cash flows generated by its portfolio.

Highlights

· Aggregate portfolio company EBITDA for the nine months to 31 December 2024[2] increased by 13.6% to £115.6 million on the prior comparable period on a constant currency, pro forma basis[3], driven by contributions from contract wins, recent bolt-on acquisitions, cost control and the beneficial effects of contractual and other price escalators on revenue.

· Aggregate portfolio company revenue increased 9.6% to £241.9 million during the nine months to 31 December 2024 on the prior comparable period on a constant currency, pro forma basis2.

· The dividend target for the financial year to 31 March 2025 of 4.2p, confirmed at the time of the Company's interim results in November 2024, is 4.8x covered by EBITDA and 1.8x covered by free cash flow after Company-level costs, net finance costs, taxation and maintenance capital expenditure (collectively "Adjusted Funds from Operations" or "AFFO")[4].

· Significant progress has been made on key portfolio initiatives since the interim results released in November 2024:

o  The Company completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV and the linked acquisition by DCU Invest NV of Datacenter United Brussels NV, the former owner of the data centre business of Proximus Group. The transactions create a leading data centre platform in Belgium ("DCU") with circa 13MW of capacity and substantial expansion opportunities. This was acquired at an attractive EV/EBITDA multiple of 13.3x.

o  Speed Fibre entered into an agreement to acquire BT Communications Ireland Limited ("BTCIL"), the wholesale and enterprise business unit of BT Ireland, for an enterprise value of €22 million, less than half of continuing revenue. The transaction represents a significant step in the Company's strategy to build scale in key digital markets such as Ireland. BTCIL's capabilities complement Speed Fibre's existing operations and are expected to enhance Speed Fibre's ability to support the growing connectivity needs of Irish businesses and Ireland's most important data centre complex.

o  Emitel completed a further bolt-on acquisition in the towers sector involving the operator of 48 sites in Poland, which provides mobile network operator ("MNO") hosting services and analogue and digital radio emissions. This acquisition has the potential to be highly accretive with significant operating cost synergies.

o  CRA has continued to grow its highly successful data centre and cloud business, signing the first customer for the newly opened edge data centre in Cukrák, outside Prague, in the form of the world's largest independent gaming cloud provider. Expansion of a data centre at one of CRA's broadcast towers in the Prague Žižkov district has started and is expected to increase data centre capacity by 1.3MW. Positive progress has also been made on the development of CRA's flagship 26MW data centre project DC Zbraslav, with the receipt from the relevant authorities of the formal zoning permit in December 2024 and the sewage building permit in March 2025. Initial discussions are being held with potential anchor tenants for the facility.

o  CRA has begun monetising a land bank which it has recently identified, including sites of former broadcast infrastructure facilities which have potential alternative use value, providing an additional meaningful source of cash generation for the business to fund new growth projects.

o  Both CRA and Emitel have signed significant contract extensions for FM radio with the public national broadcasters of the Czech Republic and Poland respectively and, following the award of national digital audio broadcasting ("DAB+") licenses, continue to expand and commercialise DAB+ networks under valuable long-term contracts.

· As a result of the DCU and BT Ireland[5] acquisitions, the portfolio revenue mix has diversified further such that the largest segment (now backbone fibre) accounts for 37% of total pro forma revenue[6]. The portfolio's largest country exposure, Poland, accounts for 33% of total pro forma revenue.

· The Company and its portfolio companies collectively have no material debt maturities before June 2029, meaning that there is no short- or medium-term refinancing risk in the portfolio.

· As at 31 December 2024, the Company had total available liquidity of £211.7 million, pro forma for the DCU and BTCIL acquisitions. This comprised total available cash at Company and portfolio company level of £78.3 million, and total undrawn facilities of £133.5 million.

· Gross drawn debt, on a full look-through basis, was £655.1 million, resulting in aggregate net debt of £576.8 million. The Company's leverage is 4.0x on an aggregated net debt divided by LTM 31 December 2024 EBITDA basis, including Company-level costs, and 37.8% on a net debt divided by gross asset value ("GAV") basis[7]. By way of comparison, many companies operating in the digital infrastructure sector have leverage ratios in the 6-7x range.

· Steven Marshall, Executive Chairman and Co-Head of Cordiant Digital Infrastructure Management, made further purchases of shares, taking his aggregate direct holding to 11.7 million shares as at the date of this trading update. The Directors, Steven Marshall, the Investment Manager and employees of the Investment Manager now in total own 2.0% of the Company's ordinary shares as at the date of this trading update, compared to 1.8% as reported in the interim results in November 2024.

· Since IPO, the Investment Manager's fee continues to be based on market capitalisation (as opposed to NAV), ensuring even closer alignment between the Investment Manager and the Company.

Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, said:

"The Board continues to be encouraged by the Company's progress in the four years since its IPO. Operational performance across the portfolio is strong and we continue to see the results of the Investment Manager's hands-on expertise coming through in revenue and EBITDA growth. We remain disappointed with the share price performance, as we believe the discount to NAV at which the Company trades is not warranted by the Company's performance. We remain confident that the Company's progress and achievements will be better reflected as current market conditions improve."

Steven Marshall and Benn Mikula, Co-Heads of Cordiant Digital Infrastructure Management, said:

"The diversified portfolio of assets we have assembled at a comparatively low entry multiple to EBITDA continues to perform well operationally. Under our management, the portfolio has grown revenues and EBITDA from the existing asset base, and we have judiciously deployed cash into bolt-on acquisitions and growth capital expenditure which are highly accretive. We continue to execute our Buy, Build & Grow model to deliver a larger, more diversified digital infrastructure platform, capital growth and a progressive dividend over time."

Capital Markets Day

The Company will be hosting a Capital Markets Day for institutional investors and analysts on Tuesday 25 March 2025. The event will take place between 12:30pm and 6:30pm at the offices of Deutsche Numis, 45 Gresham Street, London, EC2V 7BF. To register your interest in attending, please contact Ali AlQahtani at Celicourt via [email protected].

Capital Allocation

The Board and Investment Manager continue to consider the differing viewpoints of shareholders on capital allocation and have maintained a multi-pronged approach to allocating the Company's available capital. In addition to pursuing a progressive dividend policy, due to the limited dry powder currently available to it, the Company has been prioritising its resources and those of its portfolio companies on bolt-on acquisitions and growth capital expenditure with above-target IRRs.

Emitel recently completed two bolt-on acquisitions in Poland and the Company recently announced the acquisition of BT Ireland by Speed Fibre. The Board and Investment Manager believe that these acquisitions - supporting strong European communications tower and fibre platforms - will deliver strong returns and valuable synergies with the existing businesses.

The Board and the Investment Manager were pleased to complete the linked acquisitions of the DCU data centre businesses in Belgium, which the Company was able to do by working in partnership with TINC, a Belgium-based infrastructure investor, to create a leading data centre platform in a core EU country.

Finally, the Company continues to progress a range of opportunities in growth capital expenditure within the portfolio which have the potential to deliver highly accretive returns. Notable examples include: the development of new data centres in the Czech Republic, including a 26MW facility on the outskirts of Prague; new mobile towers under a build-to-suit (BTS) programme with MNOs in Poland; and the expansion of DAB+ radio networks in the Czech Republic and Poland.

Dividend Cover

The Company's dividend policy continues to be based on the underlying principle that the dividend must be covered by free cash flow generated by the portfolio and be sustainable in future periods. The Company also remains committed to a progressive dividend policy.

As at 31 December 2024, the target dividend of 4.2p continues to be 1.8x covered by AFFO and 4.8x by aggregate portfolio company EBITDA. The free cash flow generated by the portfolio amply covers the 4.2p dividend. The table below shows aggregate financial information for the portfolio and the Company for the 12 months to 31 December 2024:

* At average foreign exchange rates for the period and on a pro forma basis, assuming portfolio companies were owned for the whole 12-month period

** Aggregate growth capital expenditure of £30.8 million was invested during the 12 month period across the portfolio

*** Adjusted Funds from Operations comprises EBITDA less Company-specific costs, aggregate net finance costs, taxation payments and maintenance capital expenditure

An increase in net finance costs since September 2024, reflecting the higher average all-in interest rates of the Company-level and CRA facilities since those were refinanced, and higher tax and other cash flows, has been offset by increased EBITDA generated by the portfolio and a slight reduction in Company-specific costs.

Portfolio Financial Update

The Company's portfolio as at 31 December 2024 consisted of two diversified digital infrastructure platforms, CRA in the Czech Republic and Emitel in Poland; a fibre business, Speed Fibre in Ireland; a standalone data centre, Hudson Interxchange in the USA; and, a discrete tower colocation business, Belgian Tower Company (formerly Norkring België) in Belgium.

These assets together generated aggregate revenues of £241.9 million in the nine months to 31 December 2024, an increase of 9.6% on the prior comparable period, on a pro forma, constant currency basis. The EBITDA of the portfolio was £115.6 million for the same period, an increase of 13.6% on a pro forma, constant currency basis. The increase in EBITDA was driven by strong performance at CRA, Emitel and Speed Fibre.

As a result of the DCU and BT Ireland[8] acquisitions, the portfolio revenue mix has diversified further, such that the largest segment (now backbone fibre) accounts for 37% of total pro forma revenue[9]. TV broadcast revenue, formerly the largest revenue generating sub-sector in the portfolio, accounts for 28% of total pro forma revenue. The portfolio's largest country exposure, Poland, accounts for 33% of total pro forma revenue. Poland's economy has been a standout performer in Europe driven by strong household consumption which is expected to continue into 2025. The tables below present the revenue breakdown of the portfolio on a sub-sector and geographic basis, pro forma for the DCU and BT Ireland acquisitions.

The Company had total liquidity equivalent to £211.7 million at 31 December 2024, pro forma for the DCU and BT Ireland acquisitions announced on 25 October 2024 and 5 February 2025 respectively. Total liquidity comprised £6.5 million of cash held at the Company level, £71.8 million held at the portfolio company level and £133.5 million in undrawn credit facilities.

In aggregate, the Company and its portfolio companies had gross drawn debt equivalent to £655.1 million at 31 December 2024, and therefore net debt of £576.8 million. This resulted in gearing as at 31 December 2024 of 4.0x measured as net debt divided by LTM EBITDA (including Company-level costs) or 37.8% measured as net debt divided by GAV[10].

76% of total drawn debt is on a fixed interest basis, with the remainder at floating interest; none is inflation-linked. The weighted average margin on outstanding debt is 2.86%.

The Company and its portfolio companies have no material debt maturities until June 2029. DCU, which entered the portfolio after 31 December 2024, has approximately €10.5 million (£8.7 million) of bank debt outstanding, maturing in three separate tranches between March 2028 and December 2031.

Update on Portfolio Companies

Emitel

Emitel is the largest operator of digital terrestrial television ("DTT") in Poland as well as IPTV platforms, the leading provider of radio broadcast services and a leading provider of network neutral mobile towers. The company has a 31 December financial year end and for the nine months to 30 September 2024, revenue increased 10.1% to PLN486.3 million (£96.2 million) over the prior comparable period and EBITDA increased 16.3% to PLN332.0 million (£65.7 million) over the prior comparable period.

This strong performance was primarily due to higher TV broadcasting revenue from new contracts signed earlier in the year for MUX 8. There was good growth in radio broadcasting revenue through the annualisation effect of new business secured in 2023 and the launch of new emissions mainly relating to the expansion of DAB+ coverage. The performance in TV and radio broadcasting also reflected the effect of inflation in Poland during 2023 feeding through into index-linked revenues from January 2024 onwards.

Emitel continued to show growth in telecom infrastructure revenues from mobile towers, with an increase of 12.1% year-on-year, due to higher rental revenues following development of the build-to-suit programme with MNOs, as well as the acquisitions in 2023 of American Tower Corporation's Polish portfolio, ATC Polska, and the mobile towers of RTTS in June 2024. As of 31 December 2024, Emitel operated 762 sites and continues to explore multiple opportunities, both organic and inorganic, to expand its mobile tower portfolio.

Overall, costs were largely flat for the three quarters compared to the prior comparable period, showing disciplined cost control during a period of high inflation. This focus on costs is illustrated by Emitel's management of the company's energy costs, which had been hedged at low price levels for the year.

The cash balance at 31 December 2024 was PLN229 million (£44 million), and third-party bank debt was PLN1,357 million (£263 million) at the same date. Emitel has executed interest rate swaps fixing 76.4% of the total interest on the drawn facilities to date.

In November 2024, Emitel acquired PSN Infrastruktura, subsequently renamed to EM Cast, from TDF, the French operator of broadcast and telecommunications infrastructure. EM Cast operates 48 sites, including 11 owned tower sites, providing analogue and digital radio emissions and MNO hosting services. Emitel and the Investment Manager believe that this acquisition has the potential to be highly accretive with significant operating cost synergies. The deal was funded using Emitel's own cash resources.

In March 2025, Emitel and EM Cast were pleased to renew existing contractual arrangements with Polskie Radio covering 157 emissions with a monthly fee increase of more than 7%, acquiring one additional emission from a competitor in the process. The new contract is for a term of 40 months and commences at the end of May 2025, and exceeds PLN100 million (£19.4 million) in value before the application of indexation.

CRA

CRA is a diversified digital infrastructure company, operating mobile towers, a broadcast network, data centres, a fibre network and Internet of Things networks serving utilities. The company has had a strong financial year so far, with revenues for the nine month period to 31 December 2024 increasing to CZK2,142.8 million (£72.0 million), up 18.0% on the prior comparable period, and EBITDA increasing to CZK1,050.0 million (£35.3 million), up 14.9% over the same period.

This strong growth was primarily driven by the acquisitions of Cloud4com and DC Lužice in January 2024 and organic growth. These acquisitions have exceeded expectations in the period of ownership to date. Excluding the effects of these acquisitions, revenue grew 8.7% and EBITDA grew 4.9% over the same period. CRA expects to pay the agreed earnout of CZK485 million (£15.9 million), relating to the acquisitions in the first half of the next financial year.

The increase in revenue and EBITDA also reflected a strong performance across all CRA's business lines. In broadcast, growth was primarily driven by higher inflation indexation feeding through compared to last year and some additional new customer TV channels. Organic data centre and cloud earnings also continue to grow strongly. Effective cost control, particularly personnel and energy costs, contributed favourably to EBITDA performance.

CRA's cash balance was CZK346 million (£11.4 million) as at 31 December 2024, and third-party bank debt outstanding was CZK3.9 billion (£128.1 million). CRA has CZK1.1 billion (£36.1 million) of undrawn revolving credit facilities available to finance new investments. New interest rate hedging for the full tenor of CRA's term debt has been implemented, fixing 50% of the loan's interest at an average all-in rate of circa 5.6% until August 2030.

In March 2025, CRA was particularly pleased to have extended its contract with the public broadcaster, Czech Radio, to 31 October 2033. This contract covers four nationwide FM radio stations. CRA is also progressing well with its construction of DAB+ radio networks in the Czech Republic. It recently signed and launched six radio stations of the Radio United media group and is in the process of securing further contracts with other customers.

CRA also saw continued demand for its existing data centre capacity, as measured in racks occupied (+17%) and power utilised (+24%), at 31 December 2024 compared to a year earlier. This reflected the acquisition of DC Lužice and the completion of DC Cukrák, together with robust demand dynamics from new and existing customers seeking capacity at the existing edge facilities.

CRA's newest edge data centre at Cukrák, outside Prague, has just signed its first tenant being the world's largest independent gaming cloud provider, Boosteroid, supporting the gaming service's expansion in the Czech Republic. Due to demand for additional data centre capacity in the country, expansion of DC10 at one of CRA's broadcast towers in the Prague Žižkov district, has started. It is expected that it will open before the end of 2025 and increase CRA's data centre capacity by 1.3MW at a cost of CZK200 million (£7 million).

Development of the 26MW flagship data centre at Zbraslav continues following receipt from the relevant authorities of the formal zoning permit in December 2024 and the sewage building permit in March 2025. Preparatory ground works are expected to begin shortly and CRA is currently undertaking a procurement process to select a general contractor for the main construction phase. In parallel, initial discussions are being held with potential anchor tenants for the facility. Prior to receiving the zoning permit, CRA received and subsequently rejected an unsolicited non-binding expression of interest from a European data centre operator to acquire the entire development. In line with its prudent approach to valuation, other than the development costs of the project, the Company has not yet included in its valuation the potential positive effect that this new data centre could bring to CRA.

In the current financial year, CRA has so far received to date circa CZK32 million (£1.1 million) in proceeds relating to the sale of redundant land, which have contributed positively to free cash flow. In collaboration with a prominent real estate advisor, CRA has identified further plots of land in its portfolio no longer required for the business which could have considerable alternative use value and could yield cash proceeds to the business in the future if sold, many multiples of the amount already received. CRA's land bank includes sites of old broadcast infrastructure that could be repurposed for residential, industrial and/or commercial uses.

CRA continues to respond to a complex long-running dispute relating to the valuation of a family's purported former shareholding in a predecessor entity to CRA arising out of a statutory minority squeeze-out process in 2005. In February 2025, a first instance ruling against CRA was delivered by the Prague Municipal Court. CRA has since appealed multiple aspects of the judgment, which suspends its effect until the appeal is decided. The judgment established a revised valuation for the shares and thus that CRA should pay an additional amount for the plaintiff's transferred shares, together with interest and costs (to be determined). CRA's and the Company's view, supported by external counsel, continues to be that the judgment is flawed, and that CRA has strong arguments in relation to the valuation as well as significant substantive and procedural matters. Further updates will be made when there are material developments in the dispute.

Speed Fibre

Speed Fibre is a leading open access backbone fibre network provider in Ireland. Speed Fibre's business comprises two principal units: Enet, a provider of backbone fibre in Ireland, which generates approximately two thirds of revenues, and Magnet Plus, operator of Ireland's largest connectivity network, providing connection and service to approximately 10,000 business and retail customers in Ireland, which generates the remaining third of revenues.

Speed Fibre's revenues for the nine month period[11] increased 3.7% to €65.1 million (£55.5 million), and EBITDA increased 4.8% to €18.4 million (£15.6 million) over the same period last year. The increase in EBITDA was driven by higher recurring revenues from fibre and wireless sales and effective cost control during the period.

Speed Fibre had a cash balance of €13.3 million (£11.0 million) at 31 December 2024 and gross debt of €119.2 million (£98.7 million) at the same date. The gross debt is made up of a term loan of €100.0 million (£82.8 million) and a drawn RCF of €19.2 million (£15.9 million), both due for repayment in 2029. The interest on the term loan is 85% fixed and the RCF interest is floating rate.

In November 2024, Enet was pleased to agree a 20-year IRU (indefeasible right of use) worth €4.5 million (£3.7 million) which will be used by a large international enterprise business. This covers the build of new, and the lease of existing, duct infrastructure totalling 15.4km in Dublin. The new build element of the contract delivers a new Enet route with opportunities for incremental revenue and cost savings relating to connectivity to businesses and mobile towers along the route. The new contract also cements a major partnership involving this global business and opens the door for future opportunities involving a global business.

In February 2025, Speed Fibre entered into an agreement to acquire BT Communications Ireland Limited ("BTCIL"), the wholesale and enterprise business unit of BT Ireland, for an enterprise value of €22 million. BTCIL provides wholesale fibre and B2B connectivity to circa 600 customers in the telecoms, enterprise and government sectors across Ireland across a circa 3,400 km network of managed fibre.

The acquisition is expected to enhance Speed Fibre's ability to deliver advanced connectivity solutions through the integration of BTCIL's complementary capabilities and domestic customer base. By combining resources, Speed Fibre expects to achieve greater operational efficiencies and deliver a broader range of connectivity products and services for customers across Ireland.

BTCIL generated core adjusted revenues of €57.6 million in the 12 months ending 30 September 2024. Pro forma core adjusted[12] revenues for the combined Speed Fibre and BTCIL group would have been €144.8 million in the same 12-month period.

The regulatory approval process for the transaction has commenced and the deal is expected to close later in 2025. The acquisition is expected to be financed by a combination of Speed Fibre's existing cash resources, its senior revolving credit facility and cash from the Company.

Hudson Interxchange

Hudson Interxchange is a data centre business located in 60 Hudson Street, New York, one of the most interconnected buildings in the world, and home to c.300 telecommunications carriers. Revenues for the nine months to 31 December 2024 increased by 2.1% to $17.2 million (£13.4 million), with sales continuing to grow. As a result, there is now limited ready for sale space and power available for new customers. Work on expanding the data centre through up to two new data halls for up to 2MW in capacity is progressing. Completion of the project, if approved by the Company, is expected to take place towards the end of 2025. Management is in early discussions with potential new customers to take capacity in the new data halls.

Costs and cash flow are a particular focus for management, which has reduced the EBITDA loss to $(3.2) million (£(2.5) million) for the nine months period, a 10.6% improvement on the prior comparable period. This reduction in EBITDA loss has been supported by a combination of more efficient supply chain management and cost control. Hudson has $4.2 million (£3.4 million) of cash and remains debt-free.

During this period, the business received new orders from existing customers which are expanding their footprint in the data centre. Management continues to explore options to take the business forward, including M&A, technological improvements, and engaging with various stakeholders to increase the value of the asset.

Belgian Tower Company (formerly Norkring België)

Norkring België, acquired in January 2024, has been renamed to Belgian Tower Company ("BTCY") to better reflect the nature of its business. As of 31 December 2024, BTCY operated 25 communication and broadcast towers in Belgium and has been conducting 5G broadcast trials as part of a consortium, which is expected to provide it with the ability to offer additional services to broadcast and mobile operator customers. The trials support and supplement similar trials that are under way in the Czech Republic and Poland involving the Company's other portfolio companies, CRA and Emitel.

BTCY is a cash generative business, and the Company expects it to deliver an attractive payback period. At 31 December 2024, BTCY had €2.0 million (£1.6 million) in cash on balance sheet and is expected to distribute a significant amount of this to the Company over the coming year.

BTCY is in discussions with leading mobile handset manufacturers to align product release plans with the roll-out of 5G broadcast technology to ensure smooth compatibility. BTCY also recently commenced discussions with a large European commercial broadcaster regarding a trial for 5G broadcast covering the broadcaster's headquarters.

Datacenter United (DCU)

The acquisition by the Company of a 47.5% economic (50% voting) interest in DCU Invest NV and the linked acquisition by DCU Invest NV of Datacenter United Brussels NV, the former owner of the data centre business of Proximus Group, closed in February 2025. The transactions create a business ("Datacenter United" or "DCU") consisting of 13 data centres across 11 locations in Belgium with circa 13MW of IT capacity.

Following closing of the two transactions, TINC, the Belgian infrastructure investor, continues to hold 47.5% of the economic (50% voting) interest in the share capital of DCU, and DCU's chief executive officer, Friso Haringsma, holds a 5.0% (non-voting) interest. The Investment Manager is continuing to explore investment alongside the Company by a separate Cordiant-managed fund.

The combined group, on a pro forma basis, generated revenues of circa €40.3 million and had EBITDA of €15.1 million in 2023. There is outstanding gross debt of circa €10.5 million. The combined group has a capacity expansion potential of an additional 11.1MW, most of which could be built across the existing 11 locations.

A long-term inflation-linked master services agreement has commenced between Proximus and DCU for 10 years with two five-year extension option periods. Proximus, as a direct customer, uses 37% of the combined group's IT power capacity. Other customers across the combined group include a mix of blue-chip corporates and government bodies, including Pfizer, Atos, Telenet and the European Commission.

The Investment Manager will contribute its expertise in data centres to help drive the performance of the combined group.

Market Overview

The Company's portfolio is concentrated in highly rated Western and Central European economies which all experienced relatively healthy GDP growth in 2024. According to official estimates, Poland (+2.9%), Ireland (+1.2%), Belgium (+1%), and the Czech Republic (+1.1%) outperformed the estimated EU average GDP growth for 2024 of 0.9%[13]. Poland has been a standout performer in Europe driven by strong household consumption which is expected to continue into 2025. The Polish currency (PLN) has performed well to date and Poland is benefiting from injection of EU funds which should support investment and increased domestic production.

Whilst there has been continued volatility in the interest rate markets, the Company has benefited by prudently implementing interest rate hedges over time for its debt facilities in the portfolio. Importantly, the Company is not exposed to GBP-denominated debt, which has been considerably more expensive than EUR-denominated debt in recent times.

Demand for digital infrastructure services remains robust, driven by multi-year trends towards the digitisation of the economy, continued growth in mobile data services and the advent of new technologies such as generative artificial intelligence (AI).

Recent AI developments demonstrate that AI is now shifting from predominantly training stages to a phase where more use cases will be created and adopted. DeepSeek has highlighted that AI training and its costs may have reached an inflection point and are now becoming cheaper and easier to train. This breakthrough will enable an increase in developers' uptake and consequently will increase the number of use cases. While training AI large language models requires highly concentrated, AI-specific data centres, different types of data centres are required to enable end use cases. Colocation, interconnect, and edge data centres, such as those operated by the Company's portfolio companies, cater to this later stage of the value chain, most importantly, catering to the adoption by the end customer/user.

For further information, please visit www.cordiantdigitaltrust.com or contact:

Notes to Editors:

About the Company

Cordiant Digital Infrastructure Limited primarily invests in the core infrastructure of the digital economy: data centres; fibre-optic networks; telecommunications and broadcast towers - in Europe and North America. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.

The Company is a sector-focused specialist owner and operator of Digital Infrastructure, listed on the London Stock Exchange under the ticker CORD. In total, the Company has successfully raised £795 million in equity, along with a €375 million debt package comprising a €200 million Eurobond and €175 million of committed capex and revolving facilities, deploying capital into six acquisitions: CRA, Hudson Interxchange, Emitel, Speed Fibre, Belgian Tower Company and Datacenter United, which together offer stable, often index-linked income, and the opportunity for growth, in line with the Company's Buy, Build & Grow model.

About the Investment Manager

Cordiant Capital Inc is a specialist global infrastructure and real assets manager with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and selected global markets. Since the firm's relaunch in 2016, Cordiant, a partner-owned and partner-run firm, has developed a track record of exceeding mandated investment targets for its clients.

Cordiant focuses on the next generation of infrastructure and real assets: sectors (digital infrastructure, energy transition infrastructure and the agriculture value chain) characterised by growth tailwinds and technological dynamism. It also applies a strong sustainability and ESG overlay to its investment activities.

With a mix of managed funds offering both value-add and core strategies in equity and direct lending, Cordiant's sector investment teams (combining experienced industry executives with traditional private capital investors) work with investee companies to develop innovative, tailored financing solutions backed by a comprehensive understanding of the sector and demonstrated operating capabilities. In this way, Cordiant aims to provide value to investors seeking to complement existing infrastructure equity and infrastructure debt allocations.

Cautionary Statement

This announcement aims to provide an update of developments that have taken place since the release of the Company's interim results to 30 September 2024 in November 2024 and the resulting financial position of the Company and the Company's portfolio companies. The financial position of the Company and the Company's portfolio companies are subject to a number of risks and uncertainties and could change from that described in this announcement. Factors which could cause or contribute to such changes include, but are not limited to; general geopolitical, economic and market conditions, including interest rates, inflation rates and rates of foreign exchange, as well as specific factors affecting the financial and operational performance and prospects of the Company and the Company's portfolio companies.

This announcement contains forward looking statements, including, without limitation, statements containing the words "believes", "estimates", "anticipates", "expects'", "intends", "may", "might", "will" or "should" or, in each case, their negative or other variations or similar expressions. Such forward looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievement of the Company and/or the Company's portfolio companies to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements speak only as at the date of this announcement.