Investec view: 3i Infrastructure (3iN) published a pre-close update which outlined strong portfolio performance in the first six months of the year, to 30 September 2025, underpinned by significance outperformance at its largest asset, TCR. The announcement outlined that 3iN is on track to exceed its return target for the half year (the company targets an annual return of 8-10% p.a.). The weighted average portfolio discount rate at 31 March 2025 was 11.3%, and our eNAV at 30 September 2025 is c.400p/share, which accounts for the unwind of the discount rate (net of costs) and dividends paid. The company continues to trade on a material discount (c.11%) and we estimate that the steady state return at the current share price is c.12.5%. We reiterate our Buy recommendation. TCR: Strong portfolio performance has been driven by outperformance at TCR, its largest asset, reflecting higher rental margins and cost efficiencies. TCR has continued to expand its global footprint and the strategic focus on electrifying the fleet has been a catalyst for further leasing penetration. Management outlined that following several years of outperformance and consolidating its position as a market-leading global platform with a sustainable, well-defined growth outlook, TCR is now attracting increasing interest from larger private infrastructure funds. Further, various press articles earlier this year (Bloomberg - TCR) suggested that TCR was being prepared for sale. Portfolio performance: Elsewhere in the portfolio, Infinis continues to perform ahead of expectations and has made good progress on solar and battery development. ESVAGT management continues to see a robust pipeline of offshore wind Service Operating Vessels in the coming years, although delays in the delivery of its SOVs under construction due to operational challenges at the shipyards, will impact short-term profitability. FLAG has invested $70m to acquire a fibre pair on the transpacific ECHO system from Google which will provide revenue opportunities on this key route as well as synergies with FLAG's existing routes. FLAG continues to see strong demand for subsea fibre connectivity, driven by hyperscaler growth and AI workloads. Ionisos delivered revenue growth on the back of price increases and stronger industrial cross-linking demand, though this was partly offset by unplanned maintenance and short-term overcapacity in parts of the market. The long-term outlook for the sector remains positive. Management remains cautious on the speed of recovery at SRL, however, other portfolio companies are performing broadly in line with business plans. Balance sheet: The £900m RCF was £360m drawn at 30 September 2025. 3iN has a cash balance of £13m, and therefore net debt of £347m (c.9.4% of eNAV).