3i Infrastructure PLC · LSE:3IN
3i Infrastructure — FY2026 Earnings Presentation
40 slides from 3i Infrastructure's earnings presentation, May 12, 2026
Slide 1: 3i Infrastructure
3i Infrastructure growth 12 May 2026 : An eye
Slide 2: Important information
Important information This disclaimer (and any non-contractual obligations arising out of or in connection with it) is governed by English law and applies to these materials and to their presentation and webcast on behalf of 3i Infrastructure plc (together the “Presentation”). The sole purpose of th
Slide 3: Important information (cont.) - US Persons
Important information (cont.) - US Persons The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons into whose possession this Presentation comes are required to inform themselves about and to observe any such restrictions. Terms used in this disclaimer (inclu
Slide 4: Richard Laing
3i Infrastructure ple oP Richard Laing Chair
Slide 5: Targets delivered
Targets delivered Continued NAV and dividend growth Consistent delivery of our target return of 8-10% per annum 8.5% Total return on opening NAV Compounding value growth in real terms 405.2p NAV per share Strong liquidity following the sale of TCR and investment in LMD £201m Proforma net cash Delive
Slide 6: A decade of consistent value creation
A decade of consistent value creation Sustained NAV and dividend growth Dividend and NAV pence per share growth since 2015 • Consistent growth in NAV per share and dividends • Disciplined capital allocation and active portfolio management 13% 6.4% 2 3 Net annualised return1 p.a. dividend growth 1 An
Slide 7: Planned Chair succession
Planned Chair succession Continuity of leadership • Andrew Sykes will join the Board as Chair-Designate in July 2026 • Succeeding the current Chair on 1 January 2027 • Extensive chair, investment trust and infrastructure experience Andrew Sykes Chair-Designate 7
Slide 8: Bernardo Sottomayor
Bernardo Sottomayor Managing Partner and Head of European Infrastructure, 3i Investments plc
Slide 9: A very active year
A very active year What we set out to do and what we delivered What we set out to do Crystallise exceptional value, selling the right asset at the right time Invest selectively through our platform businesses Build a pipeline to diversify the portfolio 9
Slide 10: A very active year
A very active year What we set out to do and what we delivered What we set out to do What we delivered TCR exit: largest in the Company’s Crystallise exceptional value, selling history, with proceeds c.50% above the right asset at the right time start-of-year valuation Invest selectively through our
Slide 11: A very active year
A very active year What we set out to do and what we delivered What we set out to do What we delivered TCR exit: largest in the Company’s Crystallise exceptional value, selling history, with proceeds c.50% above the right asset at the right time start-of-year valuation Invest selectively through our
Slide 12: A very active year
A very active year What we set out to do and what we delivered What we set out to do What we delivered TCR exit: largest in the Company’s Crystallise exceptional value, selling history, with proceeds c.50% above the right asset at the right time start-of-year valuation Invest selectively through our
Slide 13: DNS:NET
DNS:NET Lender sentiment to German fibre damaged for the long-term • Attracted a sector-leading management team and recalibrated business plan • Unable to raise additional debt due to lending appetite for German fibre roll-outs materially worsening in late 2025 • Disciplined capital allocation appro
Slide 14: Target returns delivered
Target returns delivered Despite our only material write-off since inception Written down to zero 14
Slide 15: A high quality and diversified portfolio
A high quality and diversified portfolio Underpinned by long-term megatrends Megatrends Investment themes Renewable energy generation Energy transition Electrification / energy transition Automation and digital operations and demand for compute Digitalisation Increasing connectivity and demand for b
Slide 16: Lefdal Mine Datacenter Campus
Lefdal Mine Datacenter Campus New digital infrastructure investment Contracted and installed capacity evolution (MW) • Mission-critical underground data centre • 1.1 power usage effectiveness with industry-leading fjord-based cooling efficiency • Current 80MW capacity fully contracted to customers:
Slide 17: Joulz
Joulz Scaling Joulz through disciplined bolt-on investments EBITDA growth following acquisitions +70% • Bolt-on acquisitions from Centrica and Engie to broaden geographic footprint and service offering • Strengthened exposure to energy transition-driven demand across commercial and industrial custom
Slide 18: TCR exit
TCR exit Reinforces exceptional track record of value creation Uplift on realisation c. 50% Expected realised proceeds €1.1bn • Largest exit the Company has ever made Gross realised IRR 20% • Repositioned into the leading global Ground Support Equipment leasing platform through active asset manageme
Slide 19: Consistently realising assets at a premium
Consistently realising assets at a premium Delivering realised proceeds materially above carrying values 3.5x 21% +76% Combined MOIC Combined IRR 19
Slide 20: Growth through capex
Growth through capex Delivering accretive returns £419m 43% Total growth capex invested in 2025 EBITDA Margin Largely self-funded 11% 86% EBITDA CAGR Cash conversion2 Over the last 3 years1 1 Aggregate portfolio EBITDA for all assets in the portfolio as at 31 December from 2022-25 proforma for the a
Slide 21: ESVAGT
ESVAGT Scaling a leading SOV platform Total number of ESVAGT SOVs • Operational Service Operating Vessel ('SOV') fleet grown by a third • Edda Wind SOVs acquired with immediate EBITDA uplift and a growth pathway added • Financial impact from delayed SOV delivery and use of alternative front-runner v
Slide 22: Infinis
Infinis Transformation driving improved performance EBITDA FY20 - FY26 • EBITDA ahead of September 2025 expectations +25% • Higher forecast exported power from Captured Methane • Solar and battery projects brought 20MW online during the year and further 280MW in construction • Business transformatio
Slide 23: Tampnet & FLAG
Tampnet & FLAG Strong performance from essential digital infrastructure • EBITDA outperformed expectations driven by • Performing well, continued strong demand for increased offshore activity and despite subsea fibre capacity challenging UK North Sea market • Acquired new capacity on IAX/IEX cable s
Slide 24: Ionisos
Ionisos Revenue growth supported by structural demand • Revenue up 7% year-on-year, despite delays to French X-Ray and German EO plant expansions • Long-term outlook positive, supported by resilient demand in medical/pharma sterilisation • New CEO appointed in April 2026 to drive operational improve
Slide 25: Future Biogas, SRL & Oystercatcher
Future Biogas, SRL & Oystercatcher Further diversification and overall contribution to value growth • Record revenues driven by high • Outperformed expectations with • Performed below expectations as contract renewal rates and longer higher gas volumes and yields market activity continues to be teno
Slide 26: James Dawes
James Dawes CFO, Infrastructure, 3i Investments plc
Slide 27: Diversified portfolio
Diversified portfolio Well diversified across a range of underlying risks Diversified across underlying risk-factors Limited power price exposure Range of customers and Geographically diverse Variety of demand drivers industries Low technology risk Strong lender support Limited GDP exposure Limited
Slide 28: Consistent NAV growth versus peers
Consistent NAV growth versus peers How diversification has played out in practice 3i Infrastructure plc Peers Note: Charts show NAV Total Return rebased to 100 at 1 May 2021, including all dividends paid during the Period. Sourced from Bloomberg. 28
Slide 29: Limited direct exposure to Middle East developments
Limited direct exposure to Middle East developments Portfolio impacts are indirect and mitigated by contractual and sector characteristics Defensive portfolio characteristics • Limited direct operating or geographic exposure to the Middle East • Any impact expected to be indirect, primarily through
Slide 30: NAV progression
NAV progression FY26 growth driven by capital return and income 379.9pps 13.8pps 23.6pps 3.1pps (8.5)pps 411.9pps (6.7)pps 405.2pps £m 1 1 Net of final dividend for the prior year of £58m 30
Slide 31: Discount rate movement
Discount rate movement Consistent approach to discount rates 3iN weighted average discount rate progression 31
Slide 32: Portfolio company leverage
Portfolio company leverage No material debt requiring refinancing in the short term 3 refinancings in the year Actively extending tenor of portfolio debt 34% average LTV1 4.8% weighted average cost of drawn long-term debt 92% of drawn long-term debt is fixed or hedged 2 32 1Loan to Value (“LTV”) is
Slide 33: Strong liquidity after fully repaying RCF
Strong liquidity after fully repaying RCF Flexible funding model supports capital allocation priorities Net debt £(531)m Net debt as % of portfolio value: (12)% Available credit facilities (RCF) TCR proceeds £994m Expected net proceeds €1.1bn £1,200m including accordion LMD investment £(262)m Maturi
Slide 34: Flexible funding model
Flexible funding model Balance sheet managed to be symmetrical around zero cash/(debt) 9 year average net cash of £16m 1 34 1 Proforma to include TCR proceeds less LMD investment Note: Year-end net cash divided by the portfolio value as per IFRS Balance Sheet
Slide 35: Looking forward
Looking forward Rebalanced portfolio with greater exposure to growth opportunities Well balanced portfolio A new investment with significant upside potential Flexibility to make right capital allocation decisions Strong start to FY27 35
Slide 36: Appendix
30 3) Infrastructure plc Appendix
Slide 37: Proven and repeatable strategy
Proven and repeatable strategy Consistently achieving a premium at exit 38% Uplift on realisation1 £4.4bn Realised proceeds2 25% Gross realised IRR2 3.3x Gross realised MOIC2 1 Average uplift on realisation 2 Includes cash income received during 3iN's hold period 37
Slide 38: Sensitivities to total return
Sensitivities to total return Note: Figures show the impact on portfolio value under these different scenarios 38
Slide 39: Portfolio summary
Portfolio summary 31 March 2026 (£m) Directors’ Allocated Underlying valuation Accrued Foreign Directors’ foreign portfolio Portfolio total 31 March Investment in Divestment in income Value exchange valuation exchange income in the return Portfolio assets 2025 the year the year movement movement tra
Slide 40: 3i Infrastructure plc
3) Infrastructure plc