**Summary**
3i Infrastructure PLC released a pre-close update on September 30, 2025, highlighting strong performance across its portfolio for the period from April 1 to September 29, 2025. Key points include
1. **Portfolio Performance** The company is on track to exceed its return target for the half year, driven by the outstanding performance of its largest investment, TCR, and overall portfolio earnings growth. TCR, in particular, has outperformed expectations due to higher rental margins, cost efficiencies, and global expansion.
2. **Financial Highlights** Total income and non-income cash increased by 18% year-on-year to £122 million. The company is also on track to meet its FY26 dividend target of 13.45 pence per share, a 6.3% increase from FY25.
3. **Investment Pipeline** The investment manager is developing a robust pipeline of new opportunities but remains disciplined on pricing. The intention is to repay the Revolving Credit Facility (RCF) with proceeds from the next realization.
4. **Portfolio Updates**
**TCR** Expanded globally, electrified its fleet, and attracted interest from larger infrastructure funds.
**Infinis** Progressed in solar and battery development with 230MW under construction.
**ESVAGT** Faces short-term delays in SOV deliveries but sees a strong pipeline in offshore wind.
**FLAG** Acquired a fibre pair from Google, enhancing its transpacific connectivity and revenue opportunities.
**Ionisos** Grew revenues but faced short-term headwinds from maintenance and market overcapacity.
**SRL** Recovery remains cautious with slight declines in equipment hire days.
5. **Balance Sheet** As of September 29, 2025, the company has £360 million drawn on its £900 million RCF, a cash balance of £13 million, and a net debt position of £347 million.
6. **Outlook** The company remains focused on sustainable, long-term returns and responsible investment in infrastructure, with a positive outlook for its portfolio’s growth prospects.
The update underscores 3i Infrastructure’s strong position and strategic focus on delivering value to shareholders while navigating market dynamics.