Results for the six months to 30 September 2025
Our high-quality portfolio has continued to deliver strong performance during the first half of our financial year, exceeding half of our target return of 8-10% per annum. Total income and non-income cash increased by 18% compared with the same period last year, and we remain on course to achieve the FY26 dividend target of
13.45 pence per share. This represents a 6.3% increase on the previous year and is expected to be fully covered by net income.
Performance highlights
| £258m Total return for the period (30 September 2024: £169m) | 7.4% Total return on opening net asset value (‘NAV’) (30 September 2024: 5.1%) | Strong growth in NAV ahead of target |
| £3,762m NAV (31 March 2025: £3,562m) | 407.9p NAV per share (31 March 2025: 386.2p) | |
| £121m Total income and non-income cash (30 September 2024: £103m) | Good level of income and non-income cash to support the dividend | |
| 6.725p Interim dividend per share (FY25 interim dividend:6.325p per share) | On track to deliver the FY26 dividend target, 6.3% higher than FY25 |
Richard Laing, Chair of 3i Infrastructure plc (‘3i Infrastructure’, ‘3iN’ or the ‘Company’)
“We are encouraged by the strong performance of the portfolio since the beginning of this financial year. Our portfolio return is ahead of our target driven by the strong performance of TCR, and continued earnings growth across the portfolio as a whole. We are on track to deliver our FY26 dividend target, which is a 6.3% increase on last year’s dividend.”
Performance
The Company generated a total return of 7.4% on opening NAV for the first half of the year, exceeding half of our target return of 8% to 10% per annum (30 September 2024: 5.1%). The NAV per share increased to 407.9 pence (31 March 2025: 386.2 pence). The portfolio overall is performing ahead of expectations.
Interim dividend
The Board is announcing an interim dividend of 6.725 pence per share, scheduled to be paid on 12 January 2026 to holders of ordinary shares on the register on 21 November 2025. The ex-dividend date will be 20 November 2025.
As an investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes. The Board is designating 5.83 pence of the 6.725 pence interim dividend payable as an interest distribution.
Corporate governance
The Company’s Annual General Meeting (‘AGM’) was held on 3 July 2025. All resolutions were approved by shareholders, including the election of all Directors to the Board. Doug Bannister did not seek re-election as Director at the AGM and, accordingly, he ceased to be a Director of the Company at the conclusion of the AGM. I would like to extend my sincere thanks to Doug for his dedicated service and his valuable contribution over the past 10 years.