MACQUARIE INFRASTRUCTURE AND REAL ASSETS CORE LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future (which has been taken as at least 12 months from the date of approval of the financial statements). No material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern have been identified by the Directors. The Company therefore continues to adopt the going concern basis in preparing its financial statements.”

Group structure

1. MACQUARIE INFRASTRUCTURE AND REAL ASSETS CORE LIMITED · parent
   1. MAM Ashita EMEA HoldCo S.à r.l. 100% · Luxembourg · Luxembourg-based holding company through which interests in an underlying Netherlands-based data centre asset are held by the MGL.

Significant events

• “On 28 June 2024, company's wholly owned subsidiary MAM Ashita EMEA Holdco S.a.r.l. (Ashita HoldCo) sold 100% of the shares it held in MAM Ashita Bidco to Denwa Holdings Limited (Buyer). Subsequently, on 18 March 2025, considering Ashita HoldCo is no longer required, it has been dissolved by way of a turbo liquidation.”
• “In June 2024, the Company acquired a new subsidiary MGECO SC 2 S.a.r.l. which further invested in MGECO SC 3 S.a.r.l. to make an investment in Hydro Rein AS by acquiring up to 49.9% of its share capital. This acquisition was done with an intent to hold it for short term and then transfer it to MGECO SC 1 S.à r.l. Accordingly, the investment in MGECO SC 2 S.a.r.I. has been transferred to MGECO SC 1 S.à r.l. with effect from 18 March 2025.”
• “On 11 December 2024, the Directors approved a purchase up to EUR 30 million of unlisted notes issued by Project GTR PIlc (the "Notes") benefitting from rental income provided by a commercial ground lease ("CGL") structure. As of March 2025, only EUR 22.7 million has been drawn.”
• “On 13 December 2024 and 27 March 2025, the company subscribed for a total commitment of USD 200 million (equivalent to GBP 155 million) to Macquarie Global Infrastructure Fund SCSP (MGIF).”
• “In June 2025, the Company approved an investment via its newly established subsidiary, Cornerstone Operations Holding Company Limited, to purchase student accommodation businesses to be held for short term.”
• “On 26 September 2025, the Directors approved a recapitalisation of the Company for an amount of GBP 20 million via issuance of shares to its parent, Macquarie Infrastructure and Real Assets Investments Limited ("MIRAIL").”
• “On 28 October 2025, the Directors approved the formation of a new subsidiary "TPC Germany1 S.a.r.l" to be incorporated under the laws of the Grand Duchy of Luxembourg. The company would subscribe to 100% of the share capital amounting to EUR 12,000, represented by 12,000 shares having a nominal value of EUR 1 each.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +14.6%

  £11,010,364 → £12,617,057

• Employees

  —

  Not reported

• Operating profit

  +49,297.3%

  -£12,851 → £6,322,344

• Profit before tax

  +180.6%

  -£2,545,975 → £2,052,205

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers