3i Infrastructure (3IN) H2 2026 earnings summary

Executive summary

• Achieved a total return of 8.5% on opening NAV, in line with the 8%-10% per annum target range.

• NAV per share at year-end was 405.2 pence, reflecting continued growth and a fully covered FY26 dividend, with a 6.3% higher target for FY27.

• Largest-ever exit completed with the sale of TCR at a 50% premium to carrying value, generating proceeds approximately 50% above start-of-year valuation.

• Portfolio rebalanced with greater exposure to growth opportunities and strong liquidity post major transactions.

• Five new acquisitions made, including entry into the data center sector with Lefdal Mine Datacenter.

Financial highlights

• Dividend per share for FY26 was GBP 0.1345 (13.45p), fully covered by net income; FY27 target set at GBP 0.143 (14.30p), up 6.3%.

• Portfolio value at March was GBP 4.3 billion.

• EBITDA for the portfolio grew at a compounded rate of 11% per annum over the last three years; average EBITDA margin is 43%.

• Cash conversion rate around 86% on average.

• Growth CapEx of GBP 490 million in 2025, largely self-funded by portfolio companies.

Outlook and guidance

• Target dividend for FY 2027 increased by 6.3% to 14.30p per share.

• Portfolio well-balanced post recent investment and divestment activity, with significant upside potential from new investments and flexibility for capital allocation.

• Liquidity position transformed, providing flexibility for future capital allocation.

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

• Strong start to FY27 with portfolio positioned for further growth.