Results for the six months to 30 September 2026
Our high-quality diversified portfolio continued to deliver strong earnings growth during the first half of our financial year and we are on track to meet our target return of 8% to 10% for the year. Total income and non-income cash increased by 61% compared with the same period last year. We remain on course to achieve the FY27 dividend target of 14.30 pence per share, a 6.3% increase on the previous year. The dividend is expected to be fully covered by net income.
Performance highlights
| £166m Total return for the period (30 September 2025: £258m) | 4.5% Total return on openingnet asset value (‘NAV’) (30 September 2025: 7.4%) | Continued growth in NAV underpinned by strong earnings growth in the portfolio |
| £3,841m NAV (31 March 2026: £3,737m) | 416.4p NAV per share (31 March 2026: 405.2p) | |
| £195m Total income andnon-income cash (30 September 2025: £121m) | Increased level of income and non-income cash supporting the dividend | |
| 7.15p Interim dividend per share (FY26 interim dividend: 6.725p) | On track to deliver the FY27 dividend target, 6.3% higherthan FY26 |
Richard Laing, Chair of 3i Infrastructure plc (‘3i Infrastructure’, ‘3iN’ or the ‘Company’)
“We have a high-quality, diversified portfolio aligned with a range of supportive long-term megatrends, which continues to deliver strong earnings growth. We are on track to deliver our FY27 dividend target, which is a 6.3% increase on last year’s dividend. We have up to £1.2 billion of available liquidity to support the continued growth in our portfolio companies and pursue attractive new investment opportunities as they arise.”
Performance
The Company generated a total return on opening NAV of 4.5% for the first half of the year, in line with our target return of 8% to 10% per annum (30 September 2025: 7.4%). The NAV per share increased to 416.4 pence (31 March 2026: 405.2 pence). The portfolio overall is performing well, delivering another year of strong double-digit underlying EBITDA growth for the twelve months to June 2026.
Interim dividend
The Board is announcing an interim dividend of 7.15 pence per share, scheduled to be paid on 11 January 2027 to holders of ordinary shares on the register on 27 November 2026. The ex-dividend date will be 26 November 2026.
As an investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes. The full 7.15 pence interim dividend has been designated as an interest distribution.
Corporate governance
The Company’s Annual General Meeting (‘AGM’) was held on 2 July 2026. All resolutions were approved by shareholders, including the re-election of all Directors to the Board. On 23 July 2026, Andrew Sykes joined the Board as an independent non-executive Director and Chair Designate. Andrew will succeed Richard Laing as Chair of the Board with effect from 1 January 2027, when Richard will step down from the Board.
Audit tender result
Following the conclusion of a competitive audit tender process led by the Audit and Risk Committee, the Board has approved the continued appointment of Deloitte LLP as the Company’s external auditor, subject to shareholder approval at the 2027 AGM. The comprehensive audit tender process followed the Financial Reporting Council Minimum Standard.