Cordiant Digital Infrastructure (LSE:CORD), the FTSE 250 investor in and operator of digital infrastructure, said AI-driven demand is converting into contracted revenue across its portfolio in its first-quarter trading update for the year ending 31 March 2027.
Portfolio revenue reached £106.6 million and portfolio EBITDA £43.6 million for the three months to 30 June, with the target dividend of 4.45p covered 5.2 times by EBITDA and 1.6 times by adjusted funds from operations (AFFO) after scheduled debt repayments over the 12 months to that date.
CRA signed six GPU-as-a-service contracts worth approximately £6.5 million of committed annual revenue, Hudson secured a five-year 1.8MW deal with an AI cloud provider, and DCU signed a 3MW contract in Belgium, though AI-related revenue remains under 1% of the portfolio total.
Construction has begun on the first phase of the Prague Gateway data centre, costing up to £74 million, following the EPC contract signed with Skanska in August, with letters of intent covering up to 15MW already signed.
The company said costed growth capital expenditure opportunities, committed and uncommitted, total at least £410 million, potentially exceeding £1 billion including the EU AI Gigafactory bid and further data centre expansion, and is evaluating funding options.
"Demand for what our platforms offer currently exceeds the capital available to meet it, and securing the funding to pursue these high-return investments is our central priority", said Steven Marshall, Executive Chairman of Cordiant Digital Infrastructure Management.
Consolidated gearing stood at 39.8% at 30 June, against an IPO prospectus limit of 50%, with net leverage at 4.5 times EBITDA and no debt facilities maturing before June 2029.