Cordiant Digital Infrastructure (LON: CORD), a FTSE 250 investor in data centres, communications towers and fibre networks across Europe, North America, Australia and New Zealand, said quarterly portfolio revenue rose 20.2% but flagged a growing gap between its growth ambitions and available funding. The trading update, covering the three months to 30 June 2026, was published via RNS this morning.
Shares fell 2.37% to 123.5p, having opened at 125p and traded between 122.5p and 125p, down from Tuesday’s close of 126.5p. Portfolio EBITDA rose just 2.0% on a constant-currency basis to £43.6 million, which management described as expected phasing rather than a shortfall.
Demand from artificial intelligence customers is converting into contracts, even though AI still represents under 1% of quarterly revenue. Its Czech platform, CRA, has signed six GPU-as-a-service deals, renting out computing power mainly for AI workloads, worth £6.5 million of committed annual revenue, while Hudson, its New York data centre, secured a five-year AI cloud contract and Belgian platform DCU signed a new contract at its Machelen site.
Construction has now begun on Cordiant’s Prague Gateway data centre, under a contract with builder Skanska worth up to £74 million for the first phase, and the company is bidding for the site to be designated an EU AI Gigafactory, a scheme backing large-scale AI computing facilities. Alongside other costed and uncosted projects, Cordiant said its total investment pipeline could exceed £1 billion.
Steven Marshall, Executive Chairman of investment manager Cordiant Digital Infrastructure Management, said the group’s strategy was working but funding was now the priority.
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.
Steven Marshall, Executive Chairman, Cordiant Digital Infrastructure Management
Cordiant said gearing stood at 39.8%, below its 50% prospectus limit, with net leverage of 4.5x and liquidity of £193.3 million. Its 4.45p dividend remains 1.6 times covered by cash flow, though that cover has slipped from 1.7x due to higher scheduled debt repayments at its Polish tower business, Emitel. The company said it was evaluating funding options, including new debt or minority equity stakes, to bridge the gap between its pipeline and its resources.