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3i Infrastructure (3IN) investor relations material
3i Infrastructure H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Nov, 2025
Executive summary
Achieved a 7.4% total return on opening NAV for H1 2025, nearly meeting the annual target of 8–10% per annum, with NAV per share rising to 407.9p and portfolio value reaching £4.1bn as of 30 September 2025.
Interim dividend of 6.725p per share announced, supporting the FY26 target dividend of 13.45p, a 6.3% increase year-over-year, with dividend per share growing every year since inception.
Portfolio performance was led by TCR, with strong earnings growth across most holdings and robust contributions from SVACT, Flag, and Oystercatcher.
Focuses on controlling stakes in private infrastructure businesses, targeting core-plus returns and active management to drive value.
Operates in sectors supported by long-term megatrends such as energy transition, digitalization, and demographic change.
Financial highlights
Total portfolio return of £294m in H1 2025, with total income and non-income cash up 18% year-over-year to £121m.
Portfolio value increased to £4,085m from £3,790m at 31 March 2025, with a 7.8% portfolio return before costs.
NAV per share reached 407.9p, and earnings per share for the period were 28.0p, up from 18.3p year-over-year.
Ongoing charges ratio improved to 1.51% (from 1.60% in the prior year period); management fees were £25m, with no performance fee accrued.
Net debt stood at £344m, with total liquidity of £556m and available credit facilities.
Outlook and guidance
On track to deliver or exceed FY26 dividend and annual return targets, fully covered by net income.
Building a strong pipeline of new investment opportunities and pursuing value-accretive capex across the portfolio.
Confident in long-term growth potential, with portfolio expected to deliver results ahead of return target for the year.
Rationale for TCR's strategic review
ESVAGT: South Korea JV valuation impact?
Impact of 94% hedged debt on portfolio risk?
Post-TCR sale, how will portfolio diversity evolve
How does 3iN's active ownership model differentiate
Detail SRL's path to profitability amid market headwinds
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Next 3i Infrastructure earnings date
H2 20267 May, 2026
Next 3i Infrastructure earnings date
H2 20267 May, 2026
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Frequently asked questions
3i Infrastructure plc is a Jersey-incorporated open-ended investment company and an approved UK Investment Trust listed on the London Stock Exchange that invests for the long term in unquoted infrastructure projects. The Company’s purpose is to invest responsibly in infrastructure and to maximise the value of its investments through best-in-class management and expert governance, while minimising illiquidity and transaction costs.
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