Investec view: The NAV at 30 September 2024 was 374.7p/share, an uplift of 3.4% over the first half of the year and a total return of 5.1% over the period. The portfolio continues to perform well, particularly the larger assets, which continue to see strong earnings momentum. The weighted average discount rate remained unchanged at 11.3%. The company remains on track to deliver its FY25 target dividend of 12.65p/share, which is 6.3% higher than the previous year and expected to be fully covered by net income. There was outperformance at a number of portfolio companies, particularly Tampnet, Valorem and Future Biogas, whilst its largest investments TCR and ESVAGT both had strong first halves. All investments except SRL (-3.3% asset return) and DNS:NET (0%) delivered a positive total return over the period. SRL performed below expectations in H1 due to a challenging market backdrop, given budget constraints at UK Local Authorities. DNS:NET is demonstrating some early momentum in its FTTH rollout, although the valuation has remained unchanged in recognition of the challenges experienced to date. The €309m of net proceeds for the realisation of its stake in Valorem represents a 31% increase to the September 2023 carrying value (15% to March 2024 carrying value), which is the valuation prior to the commencement of the sales process. Together with the syndication of a stake in Future Biogas at a 15% uplift to its March 2024 valuation (announced in October 2024), this further demonstrates the resilient demand from private market investors for high-quality infrastructure assets. 3IN has constructed an impressive track record of value creation through sourcing attractive opportunities, active asset management, and successfully managing exit processes. The company is currently trading at a c.10% discount to its most recent NAV and we calculate that this implies a steady-state return of 12.3% at the current share price. We reiterate our Buy recommendation. Balance Sheet: At 30 September 2024, the company had drawn £595m on its £900m RCF, which equates to c.17% of NAV. The company expects to receive net proceeds of €309m (£256m at current FX) in respect of the sale of the investment in Valorem in Q1 2025, which would reduce drawn amounts on the RCF to £339m or 9.8% of NAV. The company would also have pro forma available funds of £562m. Continued overleaf