3i Infrastructure (3IN) H2 2026 earnings summary

Executive summary

• Achieved a total return of 8.5% on opening NAV, within the 8%-10% target range, despite challenging market conditions.

• NAV per share increased to 405.2p, with consistent annual NAV growth averaging 13% per annum over the last decade.

• Largest-ever exit with the sale of TCR at a 50% premium to carrying value, generating significant cash proceeds.

• Made five new acquisitions, including a major investment in Lefdal Mine Datacenter, diversifying into digital infrastructure.

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

Financial highlights

• NAV at year-end was GBP 3.7 billion, or GBP 4.052 per share, up from GBP 3.5 billion at the start of the year.

• Dividend per share for FY26 was 13.45p, fully covered by net income; FY27 target raised by 6.3% to 14.30p.

• Proforma net cash position of GBP 201 million after TCR sale and LMD investment.

• Portfolio value at March was GBP 4.3 billion.

• Portfolio EBITDA margin at 43% and cash conversion at 86%, with 11% EBITDA CAGR over the last three years.

Outlook and guidance

• Liquidity position transformed, with pro forma net cash of around GBP 200 million after transactions complete.

• No significant new investments expected in the next few months; focus on consolidating recent bolt-ons and business plans.

• Dividend target for FY27 increased by 6.3% to 14.30p per share, reflecting confidence in future cash flows.

• Portfolio well-positioned for further upside, with new investments and no further exposure to DNS:NET.