3i Infrastructure plc - Q1 Performance update

04 Jul 2024

3i Infrastructure plc - Q1 Performance update

Portfolio performing well, seeing continued growth

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 our portfolio companies and their stakeholders.

This statement relates to the period from 1 April 2024 to 30 June 2024 (the 'Period').

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of European Infrastructure, 3i Investments plc, Investment Manager of the Company, commented:

"We are pleased with our start to the year. Our well-established portfolio continues to perform well and we see attractive opportunities to invest in our platform businesses to extend our track record of strong returns."

Highlights

• During the Period:
  
  • TCR continued to outperform and has won notable new contracts, including a large contract with Aviapartner in the Netherlands, which maintains good momentum in that market following completion of the previously announced acquisition of KES.
  • Tampnet has had a robust start to the year, delivering EBITDA growth ahead of expectations whilst building on its attractive business development pipeline across each of its business lines.
  • ESVAGT continued its strong performance. In April 2024, ESVAGT closed a further €200 million committed debt facility at attractive rates, providing additional capital in support of its fast-growing offshore wind vessel pipeline.
  • DNS:NET: Whilst it remains relatively early to evaluate DNS:NET's performance against the revised management plan, we are pleased with the progress that management is making.
  • Our other portfolio companies are performing broadly in line with expectations set at March '24.
• Income in line with expectations: Total income and non-income cash in the Period was £49 million.
• Final FY24 dividend payment and FY25 target: Payment of the final dividend for FY24 of 5.95 pence per share is due to be made on 12 July 2024. The Company is on track to deliver the FY25 dividend target of 12.65 pence per share, up 6.3% from FY24, which is expected to be covered by net income.
• Balance Sheet: At 30 June 2024, the Company had available liquidity of £347 million, including a cash balance of £63 million, and undrawn commitments of £284 million available under its £900 million Revolving Credit Facility. Subject to approval at the Company's AGM on 4 July 2024, this cash balance will be reduced by the payment of the final dividend of £55 million on 12 July 2024.
  
  

-Ends-

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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 April 2024 to 30 June 2024 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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