Macquarie Korea Infrastructure (088980) investor relations material

Executive summary

• Established in 2002 and listed in 2006, the fund manages KRW 4.9 trillion in market capitalization and invests in 19 infrastructure assets across Korea, including roads, ports, rail, city gas, and digital infrastructure.

• Approved interim cash distribution of KRW 167.6 billion (KRW 350 per share) for 1H 2026, to be paid on 28 August 2026 to shareholders on record as of 30 June 2026.

• Delivered a 6.8% distribution yield in 2025 and maintains a credit rating of AAO (Stable).

• The fund is managed by Macquarie Korea Asset Management and is structured as a holding company with active management of project companies.

• Weighted average traffic volume for 12 toll road assets increased by 0.5% over the prior year period.

Financial highlights

• 1H 2026 revenue was KRW 260.0 billion and net income KRW 225.0 billion, down 6.1% and 7.6% year-over-year, mainly due to lower dividend income and absence of one-off gains from 2025.

• 2026 first half distribution set at KRW 350 per share (KRW 167.6 billion total), payable August 28, 2026.

• 1H 2026 EPS: KRW 470 (down 7.6% YoY).

• Proportionately consolidated cash balance: KRW 422.9 billion; gearing ratio: 26.9%.

• Dividend income fell due to the absence of a one-off gain from Baekyang Tunnel and lower Soojungsan Investment dividends.

Outlook and guidance

• Following amendments to the PPP Act, the statutory borrowing limit increased from 30% to 100% of share capital, enabling greater financial flexibility for future investments.

• The fund plans to optimize its capital strategy considering future investment size, financial soundness, and market conditions.

• Interim distribution guidance for 1H 2026 was met.

• GDI expects to generate full contracted rent revenue after operational ramp-up completes in mid-2027.