3i Infrastructure (3IN) H2 2024 earnings summary

Executive summary

• Total return on opening NAV was 11.4% in FY24, exceeding the 8–10% medium-term target; NAV per share reached 362.3p.

• The portfolio comprised 12 companies with a closing value of £3.8bn at 31 March 2024.

• More than £400m of growth capex was reinvested in the portfolio, supporting earnings-driven value creation.

Financial highlights

• FY24 dividend was 11.90p per share, fully covered; FY25 target is 12.65p, up 6.3%.

• Portfolio companies’ EBITDA grew 8% including energy companies and 16% excluding them, using the stated ownership-weighted basis for the 12 months to 31 December 2023.

• Portfolio total return was £460m in FY24.

Outlook and guidance

• Medium-term objectives remain a total return of 8–10% p.a. and a progressive annual dividend per share.

• FY25 dividend target is 12.65p per share, 6.3% above FY24.

• TCR sees further leasing growth from new equipment types and geographies; ESVAGT expects North Sea and US tenders over the next 12 months.

• Tampnet is pursuing new fibre projects and opportunities in offshore wind and carbon capture; GCX is evaluating capacity and edge data-centre growth.