25 March 2026

HICL Infrastructure PLC

"HICL" or "the Company" and, together with its subsidiaries, "the Group", the London-listed infrastructure investment company managed by InfraRed Capital Partners Limited ("InfraRed" or the "Investment Manager").

Disposal of HICL's A63 Motorway investment

Mike Bane, HICL Chair, said:

"This disposal demonstrates once again the quality of HICL's portfolio and our proven ability to generate value through disciplined asset rotation in all market conditions. We have completed over £1 billion of disposals since 1 April 2023 at a weighted average premium of 11%; this underscores HICL's active approach to asset rotation to create long-term shareholder value. Looking forward, the Board sees significant opportunity to invest the proceeds into currently available investment opportunities, where these enhance HICL's strategic priorities and the expected returns exceed the hurdle set by share buybacks."

Edward Hunt, Head of Core Infrastructure Funds at InfraRed said:

"The A63 illustrates InfraRed's ability to originate, build, de‑risk, manage and ultimately realise assets at highly attractive valuations, leveraging expertise across its investment platform. This long‑term stewardship of the A63 has delivered a highly valuable outcome for HICL and reinforces our confidence in the opportunity to reinvest capital accretively and build long-term value for shareholders."

The Board is pleased to announce that HICL has agreed to dispose of its 24.0% shareholding in Atlandes S.A., the portfolio company which owns the A63 Motorway in France, to the majority shareholder for a gross consideration of c.£311m.

HICL worked together with other minority shareholders to enable the majority shareholder to acquire 100% ownership of Atlandes S.A. This disposal represents a 21% premium to the valuation as at 30 September 2025 and will deliver 2.2p of NAV outperformance post tax and transaction costs and an annualised holding period return (IRR) in excess of HICL's weighted average discount rate.

The A63 divestment is accretive to HICL's key portfolio metrics of expected return; yield; inflation correlation; and asset life. It also reduces HICL's portfolio exposure to lifecycle risk and political uncertainty in France.

InfraRed's involvement with the A63 Motorway concession spans the full lifecycle of the asset. The Investment Manager developed the asset from its greenfield stage through an InfraRed managed private fund, guiding the asset through development, construction and subsequent ramp-up. Building on this foundation, HICL completed its first investment in the A63 in 2017 and increased its shareholding through incremental investments in 2018 and most recently in 2024 - in each case on attractive terms.

Across this 9-year ownership period, InfraRed has actively managed the asset through multiple market cycles, working closely with A63's experienced management team, to enhance operational performance and resilience, including through the Covid-19 pandemic. This long-term, proactive stewardship positioned the asset for a strongly accretive realisation, consistent with HICL's disciplined approach to capital rotation.

This disposal provides additional capacity to redeploy capital into attractive investment opportunities, which continue to progress HICL's return and growth profile. The Investment Manager is actively pursuing an exclusive investment position as well as a number of live opportunities where expected returns exceed the benchmark return available from share buybacks. At the same time, the transaction increases the Company's flexibility to adjust the current pace of share buybacks where appropriate in response to movements in the share price discount to NAV.

Completion of the transaction is not subject to any consents and is expected to occur later today. As at 31 March 2026, the Company expects to have a cash balance of c.£90m¹, and no drawings under its Revolving Credit Facility, with c.£336m¹ of proceeds from recent disposals held in the underlying HICL group. Of this cash balance, c.£66m will be allocated to fund the existing equity commitments to the Blankenburg tunnel and the B247, due in September and December 2026 respectively.

1.     Disposal proceeds received in Euros are translated into Sterling at the rate prevailing on 24 March 2026. This may differ from the eventual rate used to convert the proceeds.

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HICL Infrastructure PLC

HICL Infrastructure PLC ("HICL") is a leading long-term investor in infrastructure assets, with a diversified portfolio of predominantly operational investments generating stable, inflation-linked cashflows. Since becoming the first infrastructure investment company to be listed on the London Stock Exchange, HICL has established a strong track record of investing in essential assets that support the delivery of public services and long‑term value creation.

The Company's investment strategy is focused on delivering a total return for shareholders consisting of sustainable dividend growth and long‑term NAV accretion, enabled by highly visible cashflows, long asset lives and active portfolio management. HICL's portfolio is positioned towards the lower end of the infrastructure risk spectrum and is underpinned by disciplined capital allocation, strong cash generation and a self‑funding model.

Further details can be found on the HICL website www.hicl.com.

Investment Manager (InfraRed Capital Partners)

The Investment Manager to HICL is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in infrastructure projects since 1997. InfraRed is a leading international investment manager, operating worldwide from offices in London, New York, Miami, Seoul, Madrid, Frankfurt and Sydney and managing equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 100 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website www.ircp.com.