3i Infrastructure : Half-yearly report 2022

Interim dividend

The Board is announcing an interim dividend of 5.575 pence per share, scheduled to be paid on 12 January 2023 to holders of ordinary shares on the register on 25 November 2022. The ex-dividend date will be 24 November 2022. As an investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes. The Board is designating 5.4 pence of the 5.575 pence interim dividend as an interest distribution.

Corporate governance

The Company's Annual General Meeting was held on 6 July 2022. All resolutions were approved by shareholders, including the re-election of the existing Directors to the Board. In September, we were delighted to welcome Stephanie Hazell as a non-executive Director. Stephanie brings broad strategic experience in the infrastructure sector from her previous roles at National Grid, Orange and Virgin Group.

Richard Laing

Chair

Notes

This report contains Alternative Performance Measures ('APMs'), which are financial measures not defined in International Financial Reporting Standards ('IFRS'). These include Total return on opening NAV, NAV per share, Total income and non-income cash and Total portfolio return percentage. More information relating to APMs, including why we use them and the relevant definitions, can be found in the Financial review section and in the Company's Annual report and accounts 2022. The Total return for the period is the total comprehensive income for the period under IFRS.

For further information regarding the announcement of the results for 3i Infrastructure plc, please visit www.3i-infrastructure.com. The analyst presentation will be made available on this website.

Notes to editors

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 impact on our 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 acts as Investment Manager to 3i Infrastructure plc.

This statement has been prepared solely to provide information to shareholders. It should not be relied on by any other party or for any other purpose. It and the Company's Half-yearly report may contain statements about the future, including certain statements about the future outlook for 3i Infrastructure plc. These are not guarantees of future performance and will not be updated. Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

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 or in any other jurisdiction. 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, 3i India Infrastructure Fund and the Investment Manager, as applicable, as well as financial statements. No public offering in the United States is currently contemplated.

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3i Infrastructure plc Half-yearly report 2022

Review from the Managing Partners

3i Infrastructure's excellent performance during the period has demonstrated, once again, that this is a high quality and diversified portfolio, with proven resilience, that is structurally positioned to deliver growth in real terms throughout the economic cycle.

During the period, the portfolio exceeded its target returns, driven by exposure to selected megatrends. These megatrends continue to provide long-term tailwinds to our investment cases.

As a result of our active management, the portfolio has no near-term refinancing exposure and over 85% of long-term debt is effectively fixed rate.

Additionally, the portfolio has continued to demonstrate its positive value correlation to both inflation and power prices.

Extending the maturity of the Company's £900 million Revolving Credit Facility ('RCF') to November 2025 provides sufficient flexibility to manage investment and divestment activity.

Portfolio review

In October 2022, 3i Infrastructure completed the acquisition of its co-investor's 48% stake in TCR. The final acquisition price was £338 million. We made this acquisition because we believe TCR is well positioned in the post-pandemic environment and is experiencing increasing demand for its full service rental model. During the period, TCR's revenues increased as utilisation and traffic continued to recover and management signed a number of new contracts and contract extensions.

ESVAGT continues to benefit from growth in offshore wind markets. The new Service Operation Vessel ('SOV') contract wins achieved under our ownership have materially improved the quality and longevity of earnings and reduced volatility. ESVAGT's legacy Emergency Rescue and Response Vessel ('ERRV') fleet achieved strong results during the period due to higher day rates and utilisation, driven by the increased focus on security of energy supply in Europe. In June, we syndicated c.17% of our stake in ESVAGT. This transaction helps the Company to maintain a balanced portfolio and provides useful additional liquidity, whilst retaining full governance of the asset.

Infinis had a strong first half driven by outperformance in its renewable generation assets and solar development pipeline. During the period, Infinis was awarded its first 15-year,CPI-linked CfD contracts for two new solar sites and the development of its pipeline of solar and battery operations is on track. The business now has 147MW of fully consented sites with a further 189MW in the planning process. 39MW of new planning consents were received in the period.

Tampnet is benefitting from accelerating demand for offshore connectivity. During the period, Tampnet's business plan was updated to reflect its growth trajectory. Its customers continue to upgrade their long-term bandwidth requirements and invest in digital infrastructure to decrease costs, improve operations and extend asset life. Additionally, Tampnet's management team has identified new initiatives to capture customers beyond operating oil and gas platforms (e.g. wind farms, carbon capture projects and deepsea fish farms) which may provide further upside beyond our current valuation.

Joulz continues to see growth in new orders, including for integrated energy transition solutions that have been enabled by the bolt-on acquisitions completed in recent years. The company's long-term contracts are directly linked to inflation. During the period, the company experienced some delays in completing new installations, primarily due to key hardware suppliers struggling to keep up with rising demand. However, the company has now contracted with additional suppliers which should add capacity over the coming months.

Ionisos performed ahead of expectations in the period due to strong volume growth, notably in the medical and pharma segments. We are working with the management team to increase capacity to meet strongly increasing demand through growth initiatives. In July 2022, the new plant in Kleve, Germany, received approval from the local authorities and operations are due to start in early 2023.

Oystercatcher experienced some pressure on contract renewal rates during the period as a consequence of market backwardation. However, our positive medium-term outlook remains unchanged given the terminal is one of the leading gasoline blending facilities in Singapore and the wider region. The terminal recently signed a contract with Neste to blend and store sustainable aviation fuel which should position it well for this growth market, and is considering options to upgrade its fuel oil tanks to store gasoline, sustainable aviation fuel or biofuels.

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SRL performed broadly in line with expectations during the period. Its management team completed a pricing strategy review which resulted in a rise in average hire prices. Prices are expected to continue to rise with inflation in the future.

DNS:NET experienced delays in the roll out of its network in the Berlin region caused by slow authority approvals and a shortage of contractor capacity. This timing impact is reflected in the revised valuation. Our medium-termroll-out targets for DNS:NET are maintained.

Valorem performed ahead of expectations, benefitting from exiting feed-in tariffs on some of its older French wind assets and replacing them with short-term power purchase agreements at improved rates. The outlook in France for renewable developers remains positive, particularly due to recent issues experienced by the French nuclear power sector. New legislation in France aimed at shortening the development cycle of projects and making new areas eligible for development is expected to be introduced, which will benefit Valorem.

Attero outperformed our expectations in the period due to inflation-linked gate fees, new contracts signed with favourable gate fees, and renewable power sales. Additionally, the company is currently updating its long-term business plan and has identified a number of attractive potential growth opportunities, including developing large solar farms on its extensive estate and expanding its current operations in biogas and recycling.

Our newest asset, GCX, a leading global data communications service provider and owner of the world's largest private subsea fibre optic network, is performing well and in line with expectations.

The portfolio is analysed below.

*Excludes commitment to acquire the additional stake in TCR

Investment and divestment activity

In May 2022, the Company completed the syndication of c.17% of its stake in ESVAGT to 3i Aura L.P., a newly- established vehicle managed by 3i Investments plc and funded by three institutional investors.

In June 2022, the Company completed the sale of the European projects portfolio for £106 million.

In September 2022, we completed the acquisition of c.100% stake in GCX for £318 million.

In October 2022, we completed a further investment in TCR, acquiring the 48% stake owned by funds managed by DWS for £338 million. This transaction was announced on 14 June 2022. We expect to syndicate a portion of this investment in TCR during the second half of the year.

Sustainability

Our portfolio companies continue to develop and implement their sustainability strategies. We are making progress on actions identified in our Environmental, Social and Governance assessments. As part of this, we are working with our portfolio companies to identify the potential for reducing their greenhouse gas emissions. We are also continuing to develop our approach to climate-related scenario analysis.

In addition, the energy transition is the most prevalent megatrend in our portfolio (42% of portfolio value) and remains an important investment theme for the Company.

The sustainability section of our Annual report and accounts 2023 will include a review of our progress on sustainability, including further progress in implementing the recommendations of the TCFD.

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Outlook

The market for infrastructure investments remains competitive, with significant fund-raising activity amongst our private market competitors and strong demand for quality infrastructure assets. Our strategy of identifying resilient companies, positioned to benefit from structural megatrends, provides a proven and solid foundation from which to continue to deliver value growth in real terms across the economic cycle.

We are focused on continuing to deliver outstanding performance, and are confident we have the portfolio and team to allow us to do so.

Scott Moseley and Bernardo Sottomayor

Managing Partners and Co-Heads of European Infrastructure 3i Investments plc

7 November 2022

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