3i Infrastructure (3IN) H1 2027 earnings summary

Executive summary

• H1 total return was £166m, or 4.5% of opening NAV; NAV per share rose to 416.4p from 405.2p at 31 March 2026.

• Portfolio return was £201m, supported by 12.3% like-for-like EBITDA growth in the 12 months to June 2026.

• Total income and non-income cash increased 61% YoY to £195m; the FY27 dividend target is 14.30p per share, up 6.3%.

Financial highlights

• NAV was £3,841m at 30 September 2026; portfolio assets were £3,558m after TCR’s sale, versus £4,285m at 31 March 2026.

• Total income was £103m and non-income cash receipts were £92m, including a £92m Joulz distribution.

• Portfolio value gains were £74m, led by FLAG, Infinis and Joulz; total portfolio return was £201m including income and allocated FX hedging.

• Total comprehensive income was £166m versus £258m in H1 FY26; EPS was 18.0p versus 28.0p.

• Total shareholder return exceeded 20% over six months; the share price ended September at a 5% discount to NAV.

Outlook and guidance

• On track for the FY27 total return target of 8%–10% p.a. and dividend target of 14.30p per share, expected to be fully covered by net income.

• Interim dividend of 7.15p per share is payable 11 January 2027; ex-dividend date is 26 November.

• Priorities include value-accretive portfolio capex, returns above target and developing a pipeline of new investments; capital recycling is expected to continue.

• Infinis targets 274MW of solar capacity in operation in 2027; ESVAGT expects an active SOV tender pipeline from next year.