3i Infrastructure "on track" for year after "productive" first half

3i Infrastructure PLC on Wednesday said its portfolio companies are performing well, and that it expects to meet its full-year return and dividend targets.

The Jersey-registered closed-ended infrastructure investment company, reflecting on the six months from April 1 to September 30, said it is on track to deliver its target return for the full year ending March 31.

3i Infrastructure's target return is 8% to 10% per annum, and it reported a plus 8.5% return on opening net asset value, net of the prior year's final dividend, for the year ended March 31, 2026.

The firm said its portfolio has shown continued growth momentum across the board. It noted that Joulz has signed "its largest microgrid project to date," as well as delivering a "strong commercial performance"; FLAG has secured "significant customer commitments across its network" as it "continues to benefit from strong demand for international connectivity services"; and Infinis has acquired three ready-to-build solar projects, adding 220 megawatts to its renewable energy pipeline.

"We had a productive first half of the financial year," commented Bernardo Sottomayor, managing partner & head of European infrastructure at investment manager 3i Investments PLC. "The majority of our portfolio companies are performing in line with or ahead of expectations and continue to make good progress against their growth plans."

3i Infrastructure also said it is on track to deliver its full-year dividend target of 14.30p per share, which would be up 6.3% from 13.45p for the prior year. It expects this "to be fully covered by net income".

Also, for the half-year ended September 30, 3i Infrastructure said its income and non-income cash totalled £195 million. This included a £92 million non-income cash distribution from Joulz.

The company's cash balance was £267 million as of September 29, and it has an undrawn revolving credit facility of £900 million, leaving it with up to £1.2 billion of available liquidity.

"We remain active in managing and evolving the portfolio, completing the sale of TCR and our new investment in the Lefdal Mine Datacenter platform, alongside a number of refinancing and growth initiatives across our portfolio companies," Sottomayor added. "As a result, the company remains on track to deliver its target return and dividend target for FY27."

The company added that it "is well positioned to support the continued growth of its portfolio companies and pursue attractive new investment opportunities as they arise."

Shares in 3i Infrastructure were up 1.3% at 395.09p each around midday on Wednesday in London.

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