3i Infrastructure PLC · LSE:3IN
3i Infrastructure — H1 FY2026 Earnings Presentation
32 slides from 3i Infrastructure's earnings presentation, Nov 13, 2025
Slide 1: Results for the six months to 30 September 2025
Results for the six months to 30 September 2025
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: A compelling equity story that continues to deliver strong growth
A compelling equity story that continues to deliver strong growth We provide public investors with a liquid exposure to a diversified portfolio of private infrastructure businesses Well invested, Proven and Controlling diversified repeatable stakes portfolio strategy Our objectives To provide shareh
Slide 5: Clearly defined and differentiated investment universe
Clearly defined and differentiated investment universe Return Our investment focus Buyouts High-quality assets with strong market positions in European markets Core-plus Supported by long-term growth trends Core / PPPs Potential to outperform with asset management approach Risk 5
Slide 6: Performance ahead of target in H1
Performance ahead of target in H1 Expect to exceed our target return of 8-10% per annum 7.4% H1 total return on opening NAV Continued strong value growth in real terms 407.9p NAV per share Total income and non-income cash, 18% higher than HY25 £121m 6.725p On track to deliver FY26 dividend target, 6
Slide 7: Performance ahead of target in the long-term
Performance ahead of target in the long-term £294m total portfolio return in H1 Asset contributions in H1 £171m £27m £22m £20m £18m £14m £11m £11m £8m £7m £-15m 7
Slide 8: Portfolio performance
Portfolio performance Portfolio value £4.1bn Portfolio return 7.8% 6 months to September 2025 Energy transition Digitalisation Renewing essential infrastructure Demographic change Note: All numbers are as at 30 September 2025 8
Slide 9: Implementing our proven and repeatable strategy
Implementing our proven and repeatable strategy De-risk and Accretive growth Define white space and enhance infrastructure capex prepare for exit characteristics Clear strategy at acquisition Prioritise accretive Identify and demonstrate to strengthen downside opportunities that generate white space
Slide 10: De-risk and enhance infrastructure characteristics
De-risk and enhance infrastructure characteristics Ownership 83% Date invested September 2015 and February 2022 Case study: Management team HQ Esbjerg, Denmark Countries Denmark, Norway and UK Currency DKK Megatrend Energy Transition Contracted revenues 2020 2025 • Acceleration of transition to wind
Slide 11: Accretive growth capex
Accretive growth capex Ownership 98% Date invested September 2022 Case study: Management team HQ UK Countries Global Currency USD Megatrend Digitalisation Network expansion • Strong performance - increasing demand for data driven workloads continues to feed FLAG's customer pipeline • Further acquisi
Slide 12: Define white space and prepare for exit
Define white space and prepare for exit Ownership 71%1. Date invested July 2016 and October 2022 Case study: Management team HQ Brussels, Belgium Countries Over 20 countries Currency EUR Megatrend Renewing essential infrastructure • Delivered plan from 2022 reinvestment - meaningful presence establi
Slide 13: Looking forward
Looking forward Track record Continue to generate returns in excess of target Invest through Pursue value accretive capex investment portfolio through the portfolio New investment Building strong pipeline of investment opportunities 13
Slide 14: Other portfolio highlights
30 3) Infrastructure plc Other portfolio highlights
Slide 15: Infinis portfolio company update
Ownership 100% Date invested December 2016 Management team HQ Northampton, UK Countries UK Currency GBP Megatrend Energy Transition • Continued good progress on pipeline - 275MW Solar and Battery capacity under construction, with a further 410MW consented • Refinancing - completed £391m debt raise,
Slide 16: Tampnet portfolio company update
Ownership 45% (+45% 3i-managed co-investors) Date invested March 2019 Management team HQ Stavanger, Norway Countries Norway, UK, US and Canada Currency NOK Operated Fibre Capacity (Kms) Megatrend Digitalisation • Growing demand in core business - AI and digitalisation continue to increase existing c
Slide 17: Joulz portfolio company update
Ownership 99% Date invested April 2019 Management team HQ Delft, Netherlands Countries Netherlands Currency EUR Grid congestion status in the Netherlands Megatrend Energy Transition • Performance in line with expectations - long-term contracts deliver predictable, recurring cash flows, and completio
Slide 18: Ionisos portfolio company update
Ownership 96% Date invested September 2019 Management team HQ Civrieux, France Countries France, Spain, Germany, Estonia Currency EUR Megatrend Demographic change CAGR 7.9% • Some operational delays - slower ramp up than expected at new facilities in Germany and France • Supportive underlying market
Slide 19: DNS:NET portfolio company update
Ownership 64% Date invested June 2021 Management team HQ Berlin, Germany Countries Germany Homes Connected & Homes Passed Ready Currency EUR Activated (000s) for Service (000s) Megatrend Digitalisation +145% • New phase of roll-out on track - construction advancing in line with +156% plans • Densifi
Slide 20: Oystercatcher
Oystercatcher Ownership 45% Date invested August 2007 Management team HQ Singapore Countries Singapore Currency SGD Megatrend Other critical infrastructure Strong value growth and yield • High-quality terminal performing strongly - Singapore storage market backdrop remains supportive, with limited u
Slide 21: SRL portfolio company update
Ownership 92% Date invested December 2021 Management team HQ Cheshire, UK Countries UK Currency GBP Megatrend Renewing essential infrastructure • Challenging market environment persists - slow recovery in local authority spending and higher minimum wage • Remain cautious on near-term outlook - marke
Slide 22: Future Biogas portfolio company update
Ownership 72% (+22% 3i-managed co-investors) Date invested February 2023 Management team HQ Guildford, UK Countries UK Currency GBP Megatrend Energy transition • Performed ahead of expectations - driven by higher exported volumes and higher gas yields from feedstock across its owned Anaerobic Digest
Slide 23: Appendix
30 3) Infrastructure plc Appendix
Slide 24: Portfolio summary
Portfolio summary 30 September 2025 (£m) Directors’ Allocated Underlying Portfolio Directors’ Accrued Foreign valuation 30 foreign portfolio total return valuation 31 Investment Divestment income Value exchange September exchange income in in the Portfolio assets March 2025 in the period in the peri
Slide 25: Capital allocation
Capital allocation Repay RCF Proceeds from future realisations to be used to repay RCF Invest through Modest equity requirements to pursue value accretive portfolio capex through the portfolio New investment New portfolio company or share buyback if compelling 25
Slide 26: Flexible funding model
Flexible funding model Leverage / Five refinancings in last 12 Portfolio Refinancing months, raising £1.2bn Available liquidity £556m Debt Existing RCF Drawn in euros All in cost of debt c.3.3% £326m Syndication / Equity raised alongside 3iN Co-Investment since 2022 26
Slide 27: Portfolio company leverage
Portfolio company leverage No material amounts of debt requiring refinancing in the short term Conservative approach to gearing: Actively extending tenor 35% average LTV1 of portfolio debt Portfolio weighted average cost of drawn long-term debt of 4.8% 94% of drawn long-term debt is fixed or hedged
Slide 28: Sensitivities to total return
Sensitivities to total return Note: Figures show the impact on portfolio value under these different scenarios 28
Slide 29: Discount rate movement
Discount rate movement Approach to setting discount rate remains consistent 3iN Weighted Average Discount Rate1 2% CPI Long-term inflation assumption for UK and Europe 1. Weighted Average Discount Rate excludes two close-ended funds, in 2007 and 2012, which the Manager does not consider relevant in
Slide 30: The dividend has grown every year since IPO
The dividend has grown every year since IPO Special dividends Ordinary dividends FY26 dividend target 6.5% p.a.1 4.8%p.a.1 6.4% 6.5% 6.6% 6.7% 6.7% 6.3% 6.3% (pence per share) 1. Annualised growth rate in ordinary dividends to FY18, and from FY19 to HY26 30
Slide 31: Proven and repeatable strategy
Proven and repeatable strategy Consistently achieving a premium at exit 37% Uplift on realisation1 £3.3bn Realised proceeds2 25% Gross realised IRR2 3.2x Gross realised MOIC2 Current 3iN portfolio 1 Average uplift on realisation is the weighted-average premium to the previous reported valuation 2 In
Slide 32: 3i Infrastructure plc
3) Infrastructure plc