HICL Infrastructure PLC (HICL:LSE) delivered a robust set of interim results, highlighting strong operating performance, disciplined portfolio rotation, and sustained cash generation that reinforces its progressive dividend policy and long-term growth strategy. Over the six months to 30 September, the Group recorded a 2.9p uplift in NAV per share to 156p, driven by a 7% EBITDA increase across growth assets and solid cash generation from yield assets, contributing to a 10.3% annualised portfolio return. Strategic disposals remained a key value creator, with £225m of UK PPP asset sales completed at March valuation levels—exceeding the FY26 target ahead of schedule and bringing total realisations to over £730m in two years at an average 7% premium to NAV. This recycling approach continues to enhance portfolio resilience, reduce lifecycle exposure, and fund accretive reinvestment including share buybacks and growth capex. Dividend cash cover improved to 1.1x (or above 1.5x when adjusting for growth reinvestment), supporting reaffirmed dividend guidance of 8.35p for FY26 and 8.5p for FY27. The diversified portfolio—spanning regulated utilities, digital infrastructure, energy transmission, transport concessions, and PPP assets—remains positioned at the low end of the risk spectrum, with 84% of debt fully amortising and limited refinancing risk. Core assets such as Affinity Water, TNT transmission, 40 South towers and Altitude fibre reported strong operational progress and EBITDA growth, while HS1 and A63 continued steady demand recovery. Management reiterated the strategic benefits of the proposed TRIG combination, including enhanced scale, a stronger platform for long-term NAV growth, increased cash cover, and the potential for a share re-rating as the market converges around core and energy-transition infrastructure.