London · Delayed Price · Currency is GBP · Price in GBX Hydrogen Capital Growth Earnings Call Transcripts
Fiscal Year 2025
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NAV per share remained stable, with portfolio revenues up 21% year-over-year and strong operational progress in key holdings. The sector outlook is positive, driven by policy support and a projected 15-fold increase in green hydrogen supply by 2027. Ongoing cost reductions and strategic focus aim to address the share price discount.
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NAV per share fell to just over 90 pence due to the HH2E write-down, but portfolio revenues grew 11% year-over-year. The advisor’s sale to Cordiant is expected to reduce costs and enhance market access, while the fund remains focused on revenue-generating hydrogen assets and shareholder alignment.
Fiscal Year 2024
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The combination of the investment advisor with Cordiant Capital creates a larger, more capable platform focused on clean hydrogen, aiming to accelerate market access, enhance capital access, and leverage cross-sector expertise. The transaction involves no share price impact and is expected to complete in early 2025.
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NAV per share remained stable year-over-year, with portfolio revenues up 19% to £75 million and improved liquidity following asset sales. Major contracts and funding rounds boosted key holdings, while policy support in the UK and Germany strengthens the outlook for hydrogen investments.
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NAV per share rose 0.6% YTD, with strong portfolio revenue growth and €670 million in third-party investments. The fund remains on track for disposals and expects continued growth as the hydrogen sector matures, despite a persistent share price discount to NAV.