3i Infrastructure (LSE:3IN) said it remains on track to deliver its target return, with the majority of portfolio companies matching or beating expected returns in the six months to 30 September.
The company completed its previously announced sale of TCR and its acquisition of the Lefdal Mine Datacenter platform (LMD) during the period, with new third-party capital investing alongside it in LMD. 3i now manages 90% of LMD's equity.
The TCR sale, completed 17 June, generated €1.1bn of proceeds at a money multiple of roughly 3.5x and a gross annual IRR of about 19%, and was used to repay the group's revolving credit facility in full.
Total income and non-income cash for the period reached £195m, ahead of expectations, including a £92m non-income cash distribution from portfolio company Joulz.
The company held £267m of cash and an undrawn £900m revolving credit facility at 29 September, giving it up to £1.2bn of available liquidity.
Portfolio companies raised a combined €1.1bn of debt on improved terms during the period, led by refinancings at Joulz and Tampnet, while Infinis secured an additional capex facility and acquired three ready-to-build solar projects in Northamptonshire, adding 220MW to its pipeline.
FLAG secured significant customer commitments across its network and Joulz signed its largest microgrid project to date.
"We had a productive first half of the financial year," said Bernardo Sottomayor, managing partner and head of European infrastructure at 3i Investments, the company's investment manager, adding that the group remains on track to deliver its target return and dividend for FY27.
3i Infrastructure reiterated its FY27 dividend target of 14.30p per share, up 6.3% on FY26's 13.45p total, and said it expects the payout to be fully covered by net income.
Not all portfolio companies matched that momentum: SRL performed in line with expectations under a new turnaround programme but the company said it remains cautious on the short-term outlook given past underperformance, while Ionisos saw lower demand growth than expected despite completing its Henriville X-ray facility.