3i Infrastructure (3IN) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 3.53%
• Average Volume (3M): 932.14K
• Price to Earnings (P/E): 3.2
• Beta (1Y): 0.57
• Revenue Growth: 13.92%
• EPS Growth: 29.82%
• Country: UK
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.28
• Shares Outstanding: 922,350,000
• 10 Day Avg. Volume: 776,752
• 30 Day Avg. Volume: 932,136
• PEG Ratio: -1.68
• Price to Book (P/B): 0.82
• Price to Sales (P/S): 7.98
• P/FCF Ratio: 7.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £435.00
• Price Target Upside: 29.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: 382.00 p ▲(14.03% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is driven primarily by strong financial quality (high profitability and low leverage) tempered by material cash flow/earnings volatility. Valuation is supportive with a low P/E and solid dividend yield, while technicals and recent company updates are generally positive.

Positive Factors

Low and improving leverage

Low, falling leverage (debt-to-equity ~0.07 in 2025) and equity growth (~£3.56B) provide durable financial flexibility. That reduces refinancing risk, supports dividend distributions and capital recycling, and enables opportunistic investment without stressing the capital structure over the medium term.

High and sustainable margins

Very high reported gross/net margins (~90%+) point to robust earnings power from portfolio holdings (regulated/contracted cashflows). Such structural margin strength supports persistent distributable cash and helps the company absorb cyclical headwinds while maintaining long-term income generation for shareholders.

Diversified, income-oriented portfolio and aligned management

Exposure across regulated utilities, PPP/social infrastructure and transport yields contract- or regulation-backed revenues that are structurally recurring. Dividend targets and director purchases indicate manager alignment and active stewardship, supporting stable income and durable portfolio value creation.

Negative Factors

Volatile cash generation

Operating and free cash flow have swung materially (deeply negative in 2022–2023, then strong in 2025). Such volatility undermines predictability of dividend coverage and reinvestment capacity, complicates budgeting and heightens sensitivity to one-off timing or valuation events over the medium term.

Unstable operating metrics (EBITDA swings)

EBITDA has experienced unusual swings and even turned negative in 2022–2023 despite high reported EBIT/net income, suggesting non‑cash or valuation-driven distortions. This makes operating profitability unreliable for forecasting and complicates assessment of true asset performance over a multi-quarter horizon.

Asset value sensitivity and moderating returns

ROE has moderated and asset valuations remain sensitive to market/discount rate moves. Even with modest leverage, NAV and reported returns can swing with valuation cycles, introducing capital volatility that can weigh on long-term return predictability and dividend policy stability.

3i Infrastructure Business Overview & Revenue Model

Company Description

3i Infrastructure plc is an investment firm specializing in infrastructure investments. The firm invests in early stage assets, mature assets, middle markets, mid venture, acquisitions, and projects and privatizations undergoing a period of operational ramp-up. It may invest in junior or mezzanine debt in infrastructure businesses or assets. The firm primarily invests in core infrastructure companies and assets with a focus on the utilities, transportation, energies, social infrastructure and adjacent sectors; primary PPP with a focus on greenfield projects in education, transport, healthcare; public sector accommodation sectors and low-risk energy projects with a focus on wind, solar, offshore transmission in developed markets; and mid-market economic infrastructure with a focus on low-risk energy projects. It primarily invests in unquoted companies, but may also invest in listed companies. The firm seeks to invest across the world, but with an initial focus on Europe, North America, Asia, the United Kingdom. It seeks to invest more than £50 million ($69.33 million) for an individual investment. The firm typically invests between £5 million ($6.93 million) and £50 million ($69.33 million) in primary PPP sector and £50 million and £250 million ($346.66 million) in low-risk energy projects in mid-market economic infrastructure. The firm seeks board representation in its portfolio companies and in cases where it acquires a majority equity interest in a business, that interest may also be a controlling interest. It primarily exits its investments between 20 to 30 years. 3i Infrastructure plc was founded on January 16, 2007 and is based in St. Helier, Channel Islands with an additional office in London, United Kingdom.

How the Company Makes Money

3i Infrastructure makes money by owning equity and other interests in infrastructure companies and projects and receiving cash flows generated by those underlying assets. Its earnings and shareholder returns are driven mainly by: (1) Distributions and dividends from portfolio companies: Many infrastructure assets generate recurring, contract-based or regulated revenues (e.g., user fees, availability-based payments, or allowed returns under regulatory frameworks). After operating costs, debt service, and required capital expenditure at the asset level, portfolio companies can distribute cash to shareholders such as 3IN, typically as dividends or other shareholder distributions. (2) Interest and other income on shareholder financing: Where 3IN provides loans or shareholder debt to portfolio entities (or holds debt-like instruments), it can earn interest income in addition to, or instead of, dividends. If specifics of the instruments used in every investment are not available, return null. (3) Capital gains on realizations and valuation uplifts: 3IN can generate profits when it sells an investment for more than its carrying value, and it may also benefit from increases in the fair value of its holdings (which can support NAV growth even before assets are sold). Valuation changes are influenced by operating performance of the assets, inflation linkage where applicable, changes in discount rates, and market transaction multiples for comparable infrastructure assets. (4) Recycling capital into new investments: Proceeds from disposals and surplus cash can be reinvested into new infrastructure opportunities, aiming to compound returns over time. Key factors that contribute to earnings include the stability and predictability of infrastructure cash flows, the inflation and/or contract indexation present in many infrastructure revenue frameworks, the use of long-term debt within portfolio assets (which can enhance equity returns but adds interest-rate and refinancing sensitivity), and active asset management by the investment manager. Significant partnerships or specific counterparty arrangements are investment-by-investment and are not comprehensively available here: null.

3i Infrastructure Financial Statement Overview

Summary

Strong profitability and a low, improving leverage profile support quality and resilience. The main drag is volatility—choppy revenue history, unusual EBITDA swings, and historically inconsistent operating/free cash flow despite a strong 2025 cash year.

Income Statement

Profitability is exceptionally strong, with gross and net margins consistently near ~90%+ in recent years, indicating high earnings power relative to reported revenue. Revenue has grown meaningfully in the latest year (2025 annual revenue growth of ~23.9%), but the top line has been choppy over the prior periods (small declines in 2024 and 2023). A notable weakness is the volatility in EBITDA, which turned negative in 2022–2023 despite very high reported EBIT and net income, suggesting non-cash items or valuation-related swings can materially distort operating profitability measures year-to-year.

Balance Sheet

Leverage is low and improving, with debt-to-equity declining to ~0.07 in 2025 from ~0.15–0.16 in 2023–2024, which supports financial flexibility. Equity has grown over time (to ~£3.56B in 2025), and returns on equity have remained solid (~9%–15% over the period). The key watch-out is that returns have moderated from the highs (ROE down versus 2022–2023), and asset values in this business can be sensitive to market/valuation movements even when balance sheet leverage is modest.

Cash Flow

Cash generation improved sharply in 2025, with operating cash flow and free cash flow rising to ~£376M and very strong free cash flow growth versus the prior year. However, cash flows have been materially volatile, including deeply negative operating/free cash flow in 2022 and 2023, which introduces uncertainty around consistency of cash conversion. While free cash flow has matched net income in the provided data (free cash flow to net income at 1.0), the large swings in operating cash flow remain the primary weakness.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	363.00M	368.00M	386.00M	413.00M	412.00M	210.00M
Gross Profit	290.00M	338.00M	354.00M	399.00M	412.00M	220.00M
EBITDA	443.00M	333.00M	347.00M	-27.00M	-12.00M	22.00M
Net Income	422.00M	333.00M	347.00M	394.00M	404.00M	206.00M
Balance Sheet
Total Assets	4.15B	3.88B	3.93B	3.71B	3.02B	2.42B
Cash, Cash Equivalents and Short-Term Investments	6.00M	4.00M	5.00M	5.00M	17.00M	462.00M
Total Debt	350.00M	260.00M	510.00M	501.00M	231.00M	0.00
Total Liabilities	387.00M	316.00M	590.00M	606.00M	316.00M	25.00M
Stockholders Equity	3.76B	3.56B	3.34B	3.10B	2.70B	2.39B
Cash Flow
Free Cash Flow	386.00M	376.00M	118.00M	-259.00M	-578.00M	136.00M
Operating Cash Flow	386.00M	376.00M	118.00M	-259.00M	-578.00M	136.00M
Investing Cash Flow	1.00M	0.00	120.00M	-303.00M	-601.00M	105.00M
Financing Cash Flow	-390.00M	-379.00M	-118.00M	257.00M	135.00M	-87.00M

3i Infrastructure Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 335.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:3IN, the sentiment is Negative. The current price of 335 is below the 20-day moving average (MA) of 348.05, below the 50-day MA of 355.78, and below the 200-day MA of 352.26, indicating a bearish trend. The MACD of -3.57 indicates Positive momentum. The RSI at 34.81 is Neutral, neither overbought nor oversold. The STOCH value of 28.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:3IN.

3i Infrastructure Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3IN	78 Outperform	―	3.23	11.52%	3.53%	13.92%	29.82%
CLDN	76 Outperform	£1.70B	―	2.22%	2.40%	64.34%	77.61%
FSG	73 Outperform	£411.24M	7.48	44.99%	5.73%	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GSF	65 Neutral	£270.73M	-1.21	-6.58%	8.18%	-9.72%	-25.25%
SIGC	47 Neutral	―	-5.44	-25.87%	1.43%	―	―
RNEW	44 Neutral	―	-1.48	-47.36%	3.45%	―	―

3i Infrastructure Corporate Events

3i Infrastructure to Invest €300m in Norwegian Data Centre Campus

3i Infrastructure plc has agreed to invest about €300 million for a majority stake in Lefdal Mine Datacenter, a Norwegian data centre campus with 37 MW in operation and a further 43 MW contracted and under construction. The asset benefits from long-term inflation-linked contracts, low-cost Norwegian power, and energy-efficient underground and seawater cooling technology, with significant capacity still available for future expansion.

The deal, part of a wider roughly €400 million transaction that also includes a small portfolio of operating renewable assets, will be funded from proceeds of the recently announced TCR realisation and the company’s expanded revolving credit facility. Management expects the acquisition to diversify 3i Infrastructure’s portfolio into a new subsector, provide downside protection and earnings growth, and be clearly accretive to the company’s target return, with completion anticipated in summer 2026.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £430.00 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure to Sell TCR Stake for €1.14bn and Recycle Capital Into New Deals

3i Infrastructure plc has agreed to sell its 71% stake in TCR, the largest independent lessor of airport ground support equipment, in a deal expected to generate net proceeds of about €1.14 billion, a 22% uplift on its September 2025 valuation and around 50% above the March 2025 valuation. Under 3i Infrastructure’s ownership since 2016, TCR expanded from 100 airports in 11 countries to 237 airports in 24 countries, more than doubled its fleet, completed six bolt-on acquisitions and electrified over 40% of its equipment, underscoring a value-creation track record that supports the company’s investment strategy.

The company plans to use the sale proceeds to repay all drawings on its £900 million revolving credit facility, which currently stands at €626 million, and to finance further investments in existing portfolio businesses and potential new acquisitions. Management highlighted the premium achieved on the exit as evidence of latent value in the portfolio, while recent bolt-on investments of €131 million in ESVAGT and Joulz demonstrate an ongoing deployment pipeline that could reinforce 3i Infrastructure’s position in the European infrastructure investment market.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £430.00 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure’s James Dawes to Feature on QuotedData Investment Companies Webinar

QuotedData’s weekly investment companies show will feature 3i Infrastructure finance chief James Dawes as the special guest on 6 February 2026, when he will be interviewed by James Carthew alongside sector commentary from analyst Andrew McHattie. The live webinar, which reviews key news and events in the listed investment companies sector and offers investors a chance to ask questions, underscores ongoing market interest in infrastructure investment vehicles such as 3i Infrastructure and forms part of QuotedData’s efforts to provide research, data and engagement opportunities for London-listed funds.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £430.00 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure Warns of DNS:NET Write-Down Amid Otherwise Solid Q3 Portfolio Performance

3i Infrastructure reported a strong third-quarter performance across most of its diversified infrastructure portfolio, driven by continued growth at TCR, strategic bolt-on acquisitions at ESVAGT and Joulz, and generally solid trading at its other holdings, while confirming it remains on track to meet its increased FY26 dividend target of 13.45 pence per share. However, the company flagged a significant setback at German fibre operator DNS:NET, where a sharply deteriorating financing environment for fibre roll-out in Germany has led 3i Infrastructure to reassess the investment and anticipate writing down the £212 million equity value of DNS:NET to zero at the March 2026 year-end valuation, underscoring both the risks embedded in early-stage, debt-dependent roll-out assets and the resilience of the wider portfolio and balance sheet, which includes a £500 million net debt position after funding part of Joulz’s expansion.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure Flags DNS:NET Write-Down as Core Portfolio Supports Dividend Growth

3i Infrastructure reported a largely robust third quarter performance, underpinned by strong trading at portfolio companies such as TCR, Joulz and ESVAGT, while confirming it remains on track to deliver its FY26 dividend target of 13.45 pence per share, a 6.3% increase year on year and expected to be covered by net income. The group highlighted growth initiatives including ESVAGT’s delivery of the world’s first dual-fuel e-methanol capable service operations vessel and its acquisition of two additional SOVs, Joulz’s two planned acquisitions that should lift EBITDA by about 70% and expand its geographic and product scope, and TCR’s new contract wins and enlarged credit facility, but also warned that its £212 million investment in German fibre operator DNS:NET is likely to be written down to zero amid a sharp deterioration in financing conditions for fibre roll-out in Germany. While most other holdings are trading in line with or ahead of expectations, management acknowledged ongoing challenges at traffic management firm SRL and a net debt position of £500 million after partially funding Joulz’s bolt-ons, with plans to repay the group’s revolving credit facility from proceeds of the next disposal.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure Warns of DNS:NET Write-Down but Sticks to Higher Dividend Target

3i Infrastructure reported a broadly robust third quarter, highlighting strong performance across most of its diversified portfolio alongside continued progress on strategic initiatives. ESVAGT expanded and modernised its fleet with the delivery of the world’s first dual-fuel e-methanol-capable service operations vessel and the acquisition of two additional SOVs, while Joulz signed two acquisitions expected to boost its EBITDA by about 70% and extend its presence into two new European markets, backed by up to €107 million of new equity from 3iN. Ground-handling equipment specialist TCR continued to win new contracts and secured a €100 million increase in its revolving credit facility, and most other portfolio companies are trading at or above expectations. However, the company flagged a sharp deterioration in financing conditions for German fibre roll-out businesses, prompting a reassessment of its early-stage DNS:NET investment, which it now expects to write down to zero by the March 2026 year-end, removing an asset that previously represented 5.6% of net asset value. Despite this setback and ongoing challenges at SRL, 3i Infrastructure generated £53 million of income and non-income cash in the three months to 31 December 2025, remains on track to deliver a 6.3% higher FY26 dividend of 13.45 pence per share covered by net income, and continues to manage its £500 million net debt position with a view to repaying its revolving credit facility from future realisations.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure Adds Deutsche Numis as Joint Corporate Broker

3i Infrastructure plc has appointed Deutsche Bank AG, London Branch, trading as Deutsche Numis, as a joint corporate broker alongside existing broker RBC Capital Markets, effective 28 January 2026. The move broadens the company’s broking support in the equity markets, potentially enhancing its investor outreach, market visibility and capital markets access as it continues to pursue its strategy of responsible infrastructure investment and sustainable returns for shareholders.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.

3i Infrastructure Confirms Compliance With UK Listing Rule on Fund Investments

3i Infrastructure plc has reported that, as of the last business day of December 2025, it held no investments in listed closed-ended investment funds that lack a stated policy to cap their own investments in other listed closed-ended funds at 15% of total assets. The disclosure, made in line with UK Listing Rule 11.7.8R, underlines the company’s adherence to regulatory requirements and signals a cautious approach to avoiding complex fund-of-funds exposures that could increase structural and liquidity risks for shareholders.

The most recent analyst rating on (GB:3IN) stock is a Buy with a £426.00 price target. To see the full list of analyst forecasts on 3i Infrastructure stock, see the GB:3IN Stock Forecast page.