REG - 3i Infrastructure - 3i Infrastructure plc - Performance update

3i InfrastructureAnnouncement

02/02/2026 07:00

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RNS Number : 2701R  3i Infrastructure PLC  02 February 2026

 

2 February 2026

 

3i Infrastructure plc - Q3 Performance update

 

 

 

3i Infrastructure plc ('3iN' or the 'Company') is an investment company whose
purpose is to invest responsibly in infrastructure, delivering long-term
sustainable returns to shareholders and having a positive influence on its
portfolio companies and their stakeholders.

 

This statement relates to the period from 1 October 2025 to 30 January 2026
(the 'Period').

 

Bernardo Sottomayor, Managing Partner and Head of European Infrastructure, 3i
Investments plc, Investment Manager of the Company, commented:

 

"The 3iN diversified portfolio enjoyed another strong Period apart from the
developments at DNS:NET. TCR continues to perform well and the strategic
review is progressing according to plan. I am also pleased that we have signed
a number of bolt-on acquisitions at Joulz and ESVAGT, in both cases adding
immediate incremental earnings to our portfolio. The material impact of the
worsening finance environment around the fibre roll-out sector in Germany and
consequently on our investment in DNS:NET is a disappointing outlier."

 

 

 

Portfolio overview:

 

-    ESVAGT took delivery of the world's first dual-fuel powered Service
Operations Vessel ('SOV'), able to use e-methanol as well as conventional
fuel, to be deployed at the Hornsea 2 wind farm. ESVAGT also completed the
acquisition of two operational SOVs from Edda Wind operating under long-term
contracts with Vestas and Ocean Breeze. The Company invested €23 million to
support this acquisition, which opens a new route to grow the fleet and
accelerate the transition away from Oil and Gas services. These milestones
take our fleet to twelve SOVs with three more in construction.

 

-    During the Period, Joulz signed agreements to acquire two businesses,
with both transactions expected to complete in Q1 2026. These strategic
acquisitions will increase Joulz's EBITDA by c.70%, add heat capabilities to
the company's energy solutions portfolio, and provide it with a scale position
in two new European countries. This accelerates Joulz's strategy to expand
into other attractive geographies and adjacent segments. 3iN is expected to
contribute up to €107 million of new equity to Joulz to fund these
acquisitions alongside Joulz's own resources. We will provide further
disclosure on these transactions once they both complete.

 

-    TCR continues to perform well, winning a number of new contracts with
existing and new customers. To support this sustained growth trajectory, we
closed an increase in its revolving credit facility of €100 million from its
existing lender group in December 2025. The strategic review is progressing
according to plan.

 

-    DNS:NET continues to perform to plan operationally. However, in the
weeks since we published our interim results, we have seen a material
worsening of the lending appetite for German fibre roll-out businesses. The
main trigger of this deterioration was news in December of a significant
restructuring of the debt at the largest altnet rolling out fibre across
Germany. DNS:NET is an outlier in the portfolio as the only business we have
that is executing an early stage infrastructure roll-out plan which is highly
dependent on the continuing provision of the right mix of new equity and debt
funding. Given this, we have reassessed the investment case in light of the
lack of availability of financing for the continued roll-out of the DNS:NET
fibre-to-the-home network. Assuming no further debt can be raised to support
the continuation of the roll out, we now expect that the value of the existing
equity in the company is likely to be written down to zero in our next
valuation of the portfolio at the March 2026 year end. The most recent 3iN
valuation of DNS:NET at 30 September 2025 of £212 million represented 23p per
share, or 5.6% of net asset value.

 

-    SRL has seen a continuation of the challenges flagged at the
half-year. We are focused on actively managing the asset and remain cautious
on the speed of recovery.

 

-    Our other portfolio companies are performing broadly in line with or
above expectations set at September 2025.

 

-    In addition to the bolt-ons signed in the Period, the Investment
Manager's team is progressing a number of attractive near term investment
opportunities, but remains disciplined on pricing and timing. Our intention
remains to repay the Revolving Credit Facility ('RCF') with sales proceeds
from the next realisation.

 

-    The Investment Manager held a Capital Markets Event on 26 January
2026. Elie Hanna, CEO of Tampnet, and Bruce Heppenstall, CEO of Infinis,
provided a detailed overview and update of each business. The Investment
Manager also provided an update on ESVAGT. Recordings of the presentations are
available on the 3iN website.

 

 

Financial highlights:

 

-    Income and non-income cash: Total income and non-income cash in the
three months to 31 December 2025 was £53 million.

 

-    FY26 dividend target: The Company remains on track to deliver the FY26
dividend target of 13.45 pence per share, up 6.3% from FY25. We continue to
expect the dividend to be covered by net income.

 

Balance Sheet: At 30 January 2026, drawings on the Company's £900 million
multi-currency RCF are £504 million. The Company has a cash balance of
£4 million, leaving a net debt position of £500 million after funding
approximately half of the Joulz bolt-on commitments described above.

 

 

Ends

 

 

For information, please contact:

 

 Thomas Fodor           Shareholder enquiries  +44 20 7975 3469
 Kathryn van der Kroft  Media enquiries        +44 20 7975 3021

 

 

 

 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment
company, an approved UK Investment Trust, listed on the London Stock Exchange
and regulated by the Jersey Financial Services Commission. The Company's
purpose is to invest responsibly in infrastructure, delivering

long-term sustainable returns to shareholders and having a positive influence
on its portfolio companies and their stakeholders.

 

3i Investments plc, a wholly owned subsidiary of 3i Group plc, is authorised
and regulated in the UK by the Financial Conduct Authority and is the
investment manager of 3i Infrastructure plc.

 

This press release is not for distribution (directly or indirectly) in or to
the United States, Canada, Australia, or Japan and is not an offer of
securities for sale in or into the United States, Canada, Australia or
Japan.  Securities may not be offered or sold in the United States absent
registration under the U.S. Securities Act of 1933, as amended (the
'Securities Act'), or an exemption from registration under the Securities Act.
Any public offering to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer or selling security holder and
will contain detailed information about 3i Group plc, 3i Infrastructure plc
and management, as applicable, as well as financial statements.  No public
offering in the United States is currently contemplated.

 

This statement aims to give an indication of material events and transactions
that have taken place in the period from 1 October 2025 to 30 January 2026 and
their impact on the financial position of 3i Infrastructure plc. These
indications reflect the Board's current view. They are subject to a number of
risks and uncertainties and could change. Factors which could cause or
contribute to changes include, but are not limited to, general economic and
market conditions and specific factors affecting the financial prospects or
performance of individual investments within the portfolio of 3i
Infrastructure plc.

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