3i Infrastructure (3IN) H1 2026 earnings summary

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.