3i Infrastructure says on track for annual target, boosted by TCR

3i Infrastructure PLC on Tuesday said it was pleased with its overall performance as it expects its portfolio companies to remain resilient to effects of the war in the Middle East.

Giving an update for the six months to March 30, the Jersey-based infrastructure investor said it is on track to meet its full-year return target, ‘driven by the exceptional sale outcome achieved for TCR, and ongoing earnings growth across the portfolio as a whole in the last 12 months.’

TCR is the largest independent lessor of airport ground support equipment, according to 3i Infrastructure.

3i agreed to sell its 71% stake in TCR in March for expected net proceeds of €1.14 billion once the deal completes in the third quarter, a roughly 50% uplift to the pre-sale valuation at March 31, 2025.

Bernardo Sottomayor, managing partner & head of European Infrastructure at the company’s investment manager 3i Investments PLC, said: ‘We are pleased with the company’s performance overall. During the period, we signed another very successful exit, of TCR, generating a 50% premium to the carrying value pre-sale process and delivering a 19% per annum return over our 10-year investment period. Almost concurrently, we reinvested part of the expected proceeds in an exceptionally attractive new investment in the Lefdal Mine Datacenter campus.’

The firm expects its portfolio companies to remain resilient to the effects of the war in the Middle East, noting that the portfolio is positively correlated with inflation, and that the vast majority of the companies’ debt is fixed-rate or hedged, with little debt maturing in the next three years.

3i Infrastructure said it is on track to deliver its financial year 2026 dividend target of 13.45 pence per share, up 6.3% from 12.65p for financial 2025.

3i Infrastructure shares were up 1.3% at 330.19p each on Tuesday morning in London.

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