3i Infrastructure PLC (3IN), the London Stock Exchange-listed closed-ended investment trust managed by 3i Investments plc, has reported a total return of £166 million for the six months to 30 September 2026, representing a 4.5% return on opening net asset value. Total income and non-income cash rose 61% to £195 million compared with £121 million in the same period last year. The board has declared an interim dividend of 7.15 pence per share, maintaining its trajectory towards the full-year FY27 dividend target of 14.30 pence per share — a 6.3% increase on the prior year — which it expects to be fully covered by net income.

Key Points

  • 3i Infrastructure PLC (3IN), a Jersey-incorporated UK-approved investment trust listed on the London Stock Exchange
  • Total return of £166m for the six months to 30 September 2026, equating to a 4.5% return on opening NAV, in line with the annual target of 8%–10%
  • NAV per share rose to 416.4p (from 405.2p at 31 March 2026); interim dividend of 7.15p per share payable 11 January 2027; up to £1.2bn of available liquidity disclosed
  • Investors may be watching progress on the full-year dividend target, the integration of August's Lefdal Mine Datacenter investment, and the resolution of short-term challenges at SRL and Ionisos

NAV Growth and Portfolio Return Driven by Double-Digit Underlying EBITDA Increase

The company's net asset value rose to £3,841 million at 30 September 2026, up from £3,737 million at 31 March 2026, with NAV per share increasing to 416.4 pence. The portfolio, valued at £3,558 million following the June completion of the TCR disposal, delivered a total portfolio return of £201 million for the half. Underlying portfolio company EBITDA grew by over 12% for the twelve months to June 2026. FLAG delivered the strongest individual asset return at 14.0% for the period, while Infinis returned 5.8% and Future Biogas 6.2%. Ionisos and SRL both recorded 0% portfolio returns, reflecting company-specific challenges being addressed by recently appointed chief executives.

3iN Invests £96m in Future Biogas Acquisition and Adds Lefdal Mine Datacenter to Portfolio

During the period, 3i Infrastructure completed two notable portfolio developments. In August, the company invested in the Lefdal Mine Datacenter platform in Norway, described in the announcement as benefiting from fully contracted revenues and significant future expansion opportunities, providing digital infrastructure diversification. Subsequently, in October — after the period end — Future Biogas acquired the remaining 49% stake in six anaerobic digestion plants from Foresight Environmental Infrastructure Ltd, with 3iN investing £96 million to part-fund the transaction. The acquisition opens organic growth opportunities including the Vulcan PRS project near Doncaster, five plant expansion projects and three consented development sites.

7.15p Interim Dividend Declared, Payable January 2027, Designated as Interest Distribution

The board has announced an interim dividend of 7.15 pence per share, up from 6.725 pence in the equivalent FY26 period. The dividend is scheduled for payment on 11 January 2027 to shareholders on the register on 27 November 2026, with an ex-dividend date of 26 November 2026. The full interim dividend has been designated as an interest distribution for UK tax purposes, as permitted under the company's investment trust status. The board stated the full-year FY27 dividend target of 14.30 pence per share is expected to be fully covered by net income, defined as total income and non-income cash less operating costs.

Chair Richard Laing to Step Down in January 2027 as Andrew Sykes Appointed Chair Designate

The announcement confirmed a planned leadership transition at board level. Andrew Sykes joined as an independent non-executive director and Chair Designate on 23 July 2026, following shareholder approval of all resolutions at the Annual General Meeting held on 2 July 2026. Sykes will succeed Richard Laing as chair with effect from 1 January 2027, when Laing will step down from the board. Separately, following a competitive audit tender process conducted in accordance with the Financial Reporting Council Minimum Standard, the board approved the continued appointment of Deloitte LLP as external auditor, subject to shareholder approval at the 2027 AGM.