3i Infrastructure (3IN) Status update summary

Portfolio activity, performance, and exits

• Achieved a significant exit from TCR, generating €1.1 billion–€1,140 million in proceeds, a 50% uplift to prior valuation, 19% IRR over 10 years, and a 3.5x money multiple.

• Realized three major exits in the past three years, including Attero, Valorem, and TCR, totaling £1.5 billion in proceeds and a 41% average uplift to pre-sale valuations.

• TCR expanded globally, doubling fleet size and electrifying over 40% of its fleet.

• Completed strategic bolt-on acquisitions for Joulz, ESVAGT, and Future Biogas, expanding geographic reach, product offerings, and EBITDA.

• Infinis, Tampnet, FLAG, and ADS delivered strong or stable performance, with ongoing growth initiatives.

New investments and acquisitions

• Committed €300 million to acquire a majority stake in Lefdal Mine Datacenter, a highly efficient, renewable-powered facility in Norway with 80 MW fully let capacity and 10-year availability-based contracts.

• Joulz completed two bolt-on acquisitions, including CBS and Engie's C&I solar rooftop business, increasing EBITDA by about 70%.

• ESVAGT acquired two wind-farm SOVs from EDDA WIND, boosting annual EBITDA by €10 million.

• Future Biogas acquired Burton Agnes Renewables plant, expanding its portfolio to ten plants.

Financial guidance, capital allocation, and balance sheet

• On track to deliver the annual return target of 8%-10%, likely at the lower end, and to pay a full-year dividend of £0.1345 per share, up 6.3% year-on-year, with new targets to be set at the next results announcement.

• Pro forma net cash position of approximately £200–£201 million after repaying the revolving credit facility and completing recent investments.

• Proceeds from TCR sale used to repay RCF, fund growth in Joulz, ESVAGT, Future Biogas, and invest in LMD.

• RCF extended to June 2029, providing strong liquidity visibility.

• Disciplined capital allocation maintained amid market volatility, prioritizing debt repayment, portfolio growth, and new investments.