3i Infrastructure PLC provided a mid-year performance update for the period from October 1, 2025 to March 30, 2026, reporting that the portfolio is positioned to achieve the firm s full-year return target of 8-10%.
Portfolio movers and performance highlights
The update named a number of portfolio companies driving results. FLAG delivered strong performance during the period, with demand for subsea connectivity described as supported by AI workloads. Infinis reported EBITDA ahead of the expectations set in September 2025. Future Biogas also performed well and is noted as potentially benefiting from higher gas prices.
Joulz completed two bolt-on acquisitions in the period, which increased its EBITDA by approximately 70% and represent a notable step in the business s strategy to expand into new EU markets. Tampnet performed in line with expectations and is continuing to secure new fibre connection contracts in additional geographies.
Not all holdings met expectations. SRL performed below forecast and the company has initiated a management transition, having recruited a new CEO and CFO, and launched a review of its cost base. Ionisos came in slightly below expectations after delays to two growth projects. ESVAGT was affected by a delay in the delivery of a new build SOV.
Financing and cash position
3i Infrastructure has taken steps to extend its financing flexibility. It exercised a 00 million accordion on its revolving credit facility to bridge proceeds from the sale of TCR, and extended the base 00 million facility by one year to June 2029. Drawings on the combined .2 billion facility stood at 44 million.
Following receipt of the proceeds from the TCR sale and the new investment in Lefdal Mine Datacenter, the company said its pro-forma net cash position is approximately 01 million.
Dividend outlook
The company reaffirmed a FY26 dividend target of 13.45 pence per share and stated it expects this dividend to be fully covered despite a write down related to DNS:NET.
This update outlines where specific portfolio companies are driving returns, where operational or delivery issues have constrained performance, and how financing moves have been used to manage liquidity through the period.