An eye for growth
Annual report and accounts 2026
We invest in resilient businesses that combine strong downside protection with exciting
growth prospects. Our controlling stakes allow us to drive value creation strategies. We
have repeatedly sold these stakes above holding value, delivering superior returns to
shareholders.
An eye for growth.
Performance
01
We successfully realised our largest investment and reinvested capital in a promising new company.
An active year
Consistent delivery against our target NAV return of 8% to 10% per annum.
An excellent track record
Consistent growth in NAV per share and dividend over the last 10 years.
2016
161.0p
NAV per share
13% annualised return
2026
405.2p
NAV per share
2017
7.55p
per share
6.6% p.a.
2027
14.3p
per share
Our portfolio
02
High-quality, diverse and differentiated portfolio.
Megatrends shape the world around us and are a key driver of our investment decision making.
Megatrends
Open link to discover our portfolio
- Energy transition
- Demographic change
- Digitalisation
- Other critical infrastructure
- Renewing essential infrastructure
Value creation
03
Investment characteristics
- Asset-intensive business.
- An acceptable element of demand or market risk.
- Asset bases that are hard to replicate.
- Provide essential services.
- Good visibility of future cash flows.
- Opportunities for further growth.
- Established market position.
- Sustainability.
- Investment Manager’s team
- 3i Group’s network
- Controlling stakes
- Reputation and brand
- Robust policies and procedures
- Efficient balance sheet
How we create value
Our value creation approach is driven by disciplined investment, active ownership, targeted growth and timely realisation and recycling of capital.
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Financials & Strategy
04
We delivered our target return and improved our liquidity position to fund new investments.
A strategy that drives performance
Sustainability
05
Our vision for investing responsibly
We support portfolio companies to turn their sustainability ambition into practical progress and long-term value creation.
Our strategic sustainability focus areas
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Considerations of the potential impacts of climate change and the transition to a low-carbon economy remain key focus areas for the Investment Manager and its engagement strategy. In FY26, the Sustainability team engaged with portfolio companies on setting science-based targets, assessment of climate risk, and nature.
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Against an evolving landscape of macro trends and regulations, developing an approach to emerging themes is key. The Investment Manager has continued to prioritise engagement with portfolio companies regarding governance, oversight and preparedness for future challenges.
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The health and safety of 3i Infrastructure portfolio companies’ employees, and of those affected by their activities, remains the Investment Manager’s highest priority. During the year, focused attention from portfolio company boards has supported continuous improvement in safety culture and strengthened oversight of the higher-risk activities inherent in an infrastructure portfolio.
Downloads
06
Realisation
Realising exceptional value
On 5 March 2026, we announced the sale of our 71% stake in TCR, the largest independent lessor of airport ground support equipment ('GSE'). The transaction is expected to generate net proceeds of approximately €1,140 million, representing an uplift of around 50% to the last valuation prior to the start of the exit process.
Download PDF to read moreThis successful realisation highlights the strength of our investment strategy.
Digitalisation
A unique data centre with highly efficient operations and growth potential.
Lefdal Mine Datacenter ('LMD') is a large-scale, underground data centre located on the west coast of Norway, developed within a repurposed mine. The facility provides critical infrastructure including power, cooling and connectivity, enabling customers to operate high-performance computing workloads. It benefits from access to low-cost hydroelectric power and a unique fjord-based cooling system, delivering industry-leading energy efficiency.
Download PDF to read moreLMD is a scalable, energy-efficient data centre platform in a high-growth market.