3i Infrastructure (3IN) H2 2025 earnings summary

Executive summary

• Achieved a total return of 10.1% for the year, exceeding the long-term target range of 8-10%.

• NAV per share rose to GBP 3.862 (386.2p), with NAV per share up 27% over three years and reduced net debt.

• Dividend per share increased by 6.3% to GBP 0.1265 (12.65p), with a new target of GBP 0.1345 (13.45p) for the next year.

• Portfolio is diversified across energy transition, digitalisation, and essential infrastructure, with controlling holdings in most assets.

• Demonstrated a repeatable strategy focused on de-risking, accretive growth capex, and premium exits.

Financial highlights

• Portfolio value at 31 March 2025: £3.8bn, with £432m total portfolio return in the year.

• Net debt reduced to GBP 256 million, less than 7% of portfolio value.

• Dividend per share for FY25: 12.65p; target for FY26: 13.45p.

• 13% year-over-year EBITDA growth and 16% EBITDA CAGR over the last three years.

• Realized proceeds from the Valorem exit were EUR 310 million, with a gross IRR of 21% and a 3.6x money multiple.

Outlook and guidance

• Dividend per share target for the new year set at GBP 0.1345 (13.45p), up 6.3%.

• Aims to maintain a total return of 8-10% per annum over the medium term.

• Continued focus on value-accretive CapEx, selective asset realizations, and share buybacks.

• Portfolio positioned to benefit from megatrends in energy transition, digitalisation, and urbanisation.

• No significant refinancing requirements expected in the next three years.