3i Infrastructure: Confident update

Research evidence excerpt

3i Infrastructure: Confident update

Equity Research

European Investment Companies

2 July 2026

3i Infrastructure

Confident update

First LookThe short trading update highlights a positive start to FY2027

(most notably for Infinis and Tampnet) and should be

reassuring for overall returns post-TCR. The plc balance sheet 3IN.L/3IN LN OVERWEIGHT European Investment

Companieshas de-risked materially following the TCR disposal and is NEUTRAL

Price Target GBp 440

well-placed to capitalise on growth capex opportunities. Price (01-Jul-26) GBp 376

Potential Upside/Downside +17.0%

Source: Bloomberg, Barclays Research

Confident trading update: Today's short trading update highlights a positive start to FY2027

with most portfolio companies trading in line or ahead of management expectations. Infinis

(solar capacity expansion) and Tampnet (contract momentum, debt refinancing) have been European Investment Companies

flagged as standout performers in the period. Conor Finn, CFA

+44 (0)20 7116 6066

•• Tampnet (10% of portfolio): Tampnet performed strongly in 2025 (+14.6% return) and the conor.finn@barclays.com

business has gained further new business with two additional contracts for both subsea fibre Barclays, UK

and 5G connectivity for deepwater developments in the US Gulf. The business has also

completed a £450m refinancing in the period.

•• Infinis (12% of portfolio): The company's pipeline of solar projects continues to accelerates.

274MW of solar capacity is under construction and 230MW of consented capacity has been

added to the future development pipeline. At 3IN's recent CMD, management gave indicative

guidance of ~£85m of EBITDA in FY2026 (March period end), compared to £75m in FY2025.

•• Lefdal: The €300m investment in Lefdal Mine Datacenter is due to complete in the summer.