RM Infrastructure Income PLC GBPLSE: RMII

RM Infrastructure Income PLC GBP: NAV and Portfolio Update

· Issued by RM Infrastructure Income PLC GBP via RNS

Summary by 6ix AI

RM Infrastructure Income Plc, a trust winding down its secured loan portfolio, said its net asset value (NAV) was 71.96 pence per Ordinary Share as at September 30, 2026, after a net movement of -1.37 pence in the third quarter of 2026. NAV total return (including any distributions) was -1.87% for the quarter, -8.56% over twelve months and 25.28% since inception.

Key details

  • The -1.37 pence movement was made up of net interest income of -0.02p, a change in portfolio valuations of -0.84p and other items of -0.52p per share. The other items were mainly the reversal of earlier recognised accruals no longer considered appropriate, plus foreign exchange moves.
  • The -0.84 pence came from a lower valuation of Property #1, a 77-bed purpose-built student accommodation asset in Glasgow city centre with weaker occupancy than in historic periods. The company adopted a more conservative valuation informed by the implied valuations of comparable UK-listed student accommodation property companies.
  • Net interest income was negative mainly because the company holds back recognising income on several payment-in-kind loans (loans where interest is added to the balance rather than paid in cash), due to uncertainty over the amount and timing of payment.
  • As at September 30, 2026, the invested portfolio had a market value of circa £34 million, invested in, or secured over, 3 properties and 3 trading businesses. Loan Ref #52 was repaid in full at par during the period.
  • After the period ended, the refinancing of the hotel property securing investments Ref #99 and Ref #66 was completed, giving recoveries of £4 million, a 19% uplift (approximately £650k or 1.1 pence per Ordinary Share) on their carrying values as at September 30, 2026.

What’s still pending

  • The gain from the hotel refinancing will be reflected in the company's December 2026 NAV.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/nav-and-portfolio-update

RM Infrastructure Income PLC
02 November 2026
 

RM Infrastructure Income Plc

("RMII" or the "Company")

LEI: 213800RBRIYICC2QC958
  NAV and Portfolio Update

The Company's NAV % Total Return for the quarter was -1.87%. The NAV % Total Return over the last twelve months was -8.56% and inception to date (ITD) 25.28%. The NAV as at 30th September 2026 was 71.96 pence per Ordinary Share. A breakdown of the -1.37 pence per Ordinary Share in the third quarter of 2026 is provided below:

Summary for September 2026 (pence per share)

Net interest income

-0.02p

Change in portfolio valuations

-0.84p

Other

-0.52p

Net NAV Movement

-1.37p

The negative net interest income for the period of -0.02 pence per Ordinary Share primarily reflects the fact that the Company continues to apply a revenue recognition policy whereby several of the payment-in-kind loans, against which the portfolio is now biased towards, the income is provisioned  due to the uncertainty around quantum and timing of payment.

As at 30th September 2026, the Company's invested portfolio had an aggregate market value of circa £34 million. This is invested across and / or secured over 3 properties and 3 trading businesses.

During the period, investment loan Ref #52 was repaid in full at par. Also the Company revised downwards its valuation assessment for Property #1 (as detailed in the Portfolio Statistics section), a 77-bed purpose-built student accommodation asset located in Glasgow city centre. The asset has continued to experience weaker occupancy than historic periods, reflecting broader headwinds affecting the local student accommodation market. In light of these conditions, the Company has reassessed the underlying property valuation, adopting a more conservative valuation informed by the implied valuations of comparable UK-listed, PBSA-focused property companies. This reassessment resulted in a negative NAV impact of -0.84 pence per Ordinary Share during the period.

Post period end, the refinancing of the hotel property securing investments Ref #99 and Ref #66 was successfully completed, resulting in aggregate recoveries of £4 million for RMII, representing a 19% uplift (approximately £650k or 1.1 pence per Ordinary Share) relative to the respective carrying values as at 30 September 2026. This will be reflected in the Company's December 2026 NAV. The successful completion of this refinancing represents a favourable outcome for the Company, delivering recoveries materially above the previously reported valuations whilst further enhancing liquidity for any future tender offer.

Other adjustments during the period resulted in a reduction in NAV of 0.52 pence per Ordinary Share, principally attributable to the reversal of previously recognised accrual balances that are no longer considered appropriate, together with foreign exchange mark to market moves.

END

For further information, please contact:

RM Capital Markets Limited - Investment Manager

James Robson

Thomas Le Grix De La Salle

Tel: 0131 603 7060

FundRock Management Company (Guernsey) Limited - AIFM

Chris Hickling

Ben Snook

Tel: 01481 737600

NCM Fund Services Limited - Administrator and Company Secretary

Shona Darling

Tel: 0333 188 9168

Singer Capital Markers Advisory LLP - Financial Adviser and Broker

James Maxwell

James Fischer

Tel: 020 7496 3000

About RM Infrastructure Income

RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments.

On 20 December 2023, shareholders approved the implementation of the Managed Wind-down of the Company. Accordingly, the Company's investment objective was restated as follows: "The Company aims to conduct an orderly realisation of the assets of the Company, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value."

For more information, please see

https://rm-funds.co.uk/rm-infrastructure-income/
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