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RM Infrastructure IncomeAnnouncement

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RNS Number : 9391V  RM Infrastructure Income PLC  10 March 2026

 RM Infrastructure Income Plc

 ("RMII" or the "Company")

 LEI: 213800RBRIYICC2QC958

 NAV Performance

The Company's NAV % Total Return for the quarter was -4.28%. The NAV % Total
 Return over the last twelve months was -9.72% and inception to date (ITD)
 31.14%.

 The NAV as at 31(st) December 2025 was 75.32 pence per Ordinary Share. This
 negative NAV return of -3.37 pence per share in the final quarter of 2025 was
 primarily driven by the mark down of investment loan Ref #76 (further details
 provided below). This was partially offset by a positive net interest income
 for the quarter of 0.647 pence per share.

Summary for December 2025 (pence per share)
 Net interest income             +0.647p
 Change in portfolio valuations  -3.738p
 Other                           -0.281p
 Net NAV Movement                -3.372p

 

 Portfolio Update

 As at 31(st) December 2025, the Company's invested portfolio had an aggregate
 market value of circa £38 million across 18 investments, versus an aggregate
 nominal outstanding balance of circa £56 million, or an aggregate mark of
 circa 68%.

 Over the reporting period, good progress has been made with the new management
 team of Energie Fitness on (1) stabilising the business, and (2) identifying
 growth initiatives. Post consulting with RMII's largest shareholders, the
 Company will provide up to £3m of new capital to the Energie Fitness
 business. This capital will be predominantly used to acquire operational and
 performing network clubs. In addition to other internal value enhancement
 measures being conducted, we believe these acquisitions will significantly
 accelerate EBITDA growth and therefore enterprise value, providing the Company
 with better visibility and certainty on its exit, both in terms of timing and
 recovery value. Although the above-mentioned injection of capital is expected
 to safeguard the value of the Energie Fitness business against which our
 investment(s) are to be recovered, we felt prudent to recognise a mark down
 for investment loan Ref #76 until the above growth journey delivers tangible
 results - something we expect to see over the course of 2026 and will report
 back to Shareholders as and when progress is being made.

 Further, Q4 2025 was active in terms of repayments with RM Funds successfully
 completing on two material loan repayments at par;

 ·      Investment loan Ref #88, the Company's largest outstanding loan
 returning circa £15m of capital, and

 ·      Investment loan Ref #15 returning £5m.

 In aggregate, these two substantial repayments contributed towards building
 cash balances of circa £21.5m as at period end. As announced by the Company
 on the 2(nd) of March 2026, this has enabled the Company to conduct a further
 return of capital to shareholders via a tender offer of circa £13m. Further
 announcements in that regards will be made before the end of March 2026.

 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
 Dave Taylor
 Tel: 01481 737600

 Apex Listed Companies Services (UK) Ltd - Administrator and Company Secretary
 Grace Goudar
 Tel: +44 20 4534 0665

 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/

 

Portfolio Update

As at 31(st) December 2025, the Company's invested portfolio had an aggregate
market value of circa £38 million across 18 investments, versus an aggregate
nominal outstanding balance of circa £56 million, or an aggregate mark of
circa 68%.

Over the reporting period, good progress has been made with the new management
team of Energie Fitness on (1) stabilising the business, and (2) identifying
growth initiatives. Post consulting with RMII's largest shareholders, the
Company will provide up to £3m of new capital to the Energie Fitness
business. This capital will be predominantly used to acquire operational and
performing network clubs. In addition to other internal value enhancement
measures being conducted, we believe these acquisitions will significantly
accelerate EBITDA growth and therefore enterprise value, providing the Company
with better visibility and certainty on its exit, both in terms of timing and
recovery value. Although the above-mentioned injection of capital is expected
to safeguard the value of the Energie Fitness business against which our
investment(s) are to be recovered, we felt prudent to recognise a mark down
for investment loan Ref #76 until the above growth journey delivers tangible
results - something we expect to see over the course of 2026 and will report
back to Shareholders as and when progress is being made.

Further, Q4 2025 was active in terms of repayments with RM Funds successfully
completing on two material loan repayments at par;

·      Investment loan Ref #88, the Company's largest outstanding loan
returning circa £15m of capital, and

·      Investment loan Ref #15 returning £5m.

In aggregate, these two substantial repayments contributed towards building
cash balances of circa £21.5m as at period end. As announced by the Company
on the 2(nd) of March 2026, this has enabled the Company to conduct a further
return of capital to shareholders via a tender offer of circa £13m. Further
announcements in that regards will be made before the end of March 2026.

 

 

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

Dave Taylor

Tel: 01481 737600

 

Apex Listed Companies Services (UK) Ltd - Administrator and Company Secretary

Grace Goudar

Tel: +44 20 4534 0665

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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