Highlights

• 3i Infrastructure delivered a £166m total return over six months, equal to 4.5% of opening NAV.

• Net asset value climbed to £3,841m, or 416.4p per share, at the end of September 2026.

• The board declared a 7.15p Interim Dividend and kept its 14.30p full-year FY27 target unchanged.

• Total Liquidity stood near £1.17bn, combining £269m of cash with an undrawn £900m Credit facility.

3i Infrastructure (LSE:3IN) reported a total return of £166m for the six months to 30 September 2026, equal to 4.5% of opening net asset value. The FTSE 250 Investment company lifted NAV to £3,841m, or 416.4p per share. Cash generation, a covered dividend and a large liquidity cushion are the other pillars that have put the infrastructure specialist back on the radar of UK stock market investors.

What 3i Infrastructure reported for the half-year

Total income and non-income cash reached £195m in the period, compared with £122m a year earlier, helped by a £92m non-income distribution from Joulz.

Underlying portfolio EBITDA grew 12.3% year on year, pointing to operating progress across the holdings.

The portfolio was valued at £3,558m at the period end, a figure that reflects the completed sale of TCR.

Dividend target and income cover

An interim dividend of 7.15p per share was declared, and the company (LSE:3IN) expects it to be fully covered by net income.

The full-year FY27 dividend target remains 14.30p per share, an increase of 6.3% on the 13.45p paid for the previous year. On a simple calculation, the 7.15p interim equals exactly half of that 14.30p goal.

For a listed infrastructure vehicle, a progressive payout backed by recurring income is central to the investment case, which explains why the cover statement draws attention.

The TCR exit and portfolio activity

Back in March 2026 the company agreed to sell its 71% stake in TCR, an airport ground support equipment lessor, at roughly a 22% premium to the 30 September 2025 valuation. That deal has since completed, freeing Capital for redeployment.

During the half, the company also made a new investment in the Lefdal Mine Datacenter platform, while Infinis added three ready-to-build solar projects totalling 220 megawatts to its pipeline.

In its September pre-close update, the manager said: "We had a productive first half of the financial year," a comment attributed to Bernardo Sottomayor, Managing Partner and Head of European Infrastructure at 3i Investments.

Liquidity, costs and points to watch

Cash of £269m and an undrawn £900m revolving credit Facility gave total liquidity of about £1.17bn, with no borrowings drawn at the period end.

The ongoing charges ratio was 1.32%.

Not every holding is firing on all cylinders. The September update flagged that SRL remains in a turnaround phase and that Ionisos has seen weaker Demand growth. Valuation assumptions such as discount rates, the timing of further realisations and the deployment of TCR proceeds are other variables investors may track.

Where the half-year leaves the infrastructure trust

With NAV growth, rising cash receipts and a sizeable undrawn facility, the company enters the second half with flexibility to back existing portfolio companies or fund new opportunities. Full-year delivery against its FY27 dividend and return targets will be the next checkpoint for 3i Infrastructure (LSE:3IN), with double-digit portfolio EBITDA growth giving the manager an operational backdrop to point to.